WEB Travel Group (WEB) H1 2026 earnings summary

Executive summary

• Achieved world-class growth in H1 FY2026/1H26, with TTV up 22% to $3.17bn and revenue up 20% to $204.6m, driven by organic growth across all regions, especially the Americas.

• EBITDA increased 21% to $94.0m, with underlying EBITDA at $81.7m and margin at 45.9%.

• Completed demerger of Webjet Group Limited, now focused on B2B WebBeds, distributing hotel and ground travel inventory to over 50,000 travel buyers.

• Cash position strengthened to $481.1m after a $150m share buyback in 2H25.

• Maintained market-leading TTV growth rates and margins, with a focus on customer and supply diversification.

Financial highlights

• Bookings rose 18% to 5.07 million, TTV up 22% to $3.17bn, and revenue up 20% to $204.6m.

• Underlying EBITDA up $81.7m after corporate costs of $12.3m; NPAT at $48.6m; cash up circa $120m year-over-year.

• CapEx at $18.6m, in line with expectations; expenses up 19% due to CPI, bonus reintroduction, and hotel contracting investment.

• Net profit after tax from continuing operations was $26.9m, down 28% year-over-year; gain on demerger was $184m.

• Total available liquidity at period end was $698.9m, including undrawn facilities.

Outlook and guidance

• Reaffirmed EBITDA margin guidance of 44%-47%, currently at 45.9%; TTV margin expected at least 6.5% for FY2026 and FY2027.

• FY26 EBITDA guidance of $147–$155m, up 22–29% over FY25; expense growth forecast in high single digits, CapEx to remain in line with FY25.

• Cash conversion expected at approximately 100% for the full year.

• Targeting $10bn TTV by FY2030 and circa 50% EBITDA margin in FY2027.

• Management expects continued growth in TTV and revenue, supported by global reach and technology investments.