Webjet Group (WJL) H1 2025 earnings summary

Executive summary

• The group completed its demerger from WEB Travel Group on 30 September 2024, now operating independently with a focus on online travel marketplaces in Australia, New Zealand, and global car/motorhome rentals.

• Main divisions are Webjet OTA (online travel agency) and GoSee (vehicle rentals), with Trip Ninja as a technology subsidiary.

• Strategic priorities include brand refresh, loyalty, customer acquisition, international share growth, and operational excellence, with progress in member programs and cost-saving initiatives.

• Underlying financial results for the six months ended 30 September 2024 were in line with prior trading updates, despite challenging macroeconomic conditions.

Financial highlights

• Underlying EBITDA for the half was $19.4 million, up 1% year-over-year; underlying NPAT was $9.2 million, up 2%.

• Revenue for the half was $72.0 million, down 1% year-over-year; revenue/TTV margin improved to 9.6%.

• Net cash position of $100.7 million as of 30 September 2024, up from $57.4 million in March 2024, with no debt.

• EPS at 2.3 cents, unchanged year-over-year; effective tax rate at 30.7%.

• No interim dividend declared; dividends anticipated from FY26.

Outlook and guidance

• FY25 underlying EBITDA expected to be broadly in line with FY24; strategy update planned for March 2025.

• Positive trading in the first seven weeks of the second half, with TTV and bookings slightly up.

• Macroeconomic environment remains challenging, especially for domestic travel.

• Full benefit of GoSee cost savings to be realized in FY26; restructuring expected to deliver $1 million savings in 2H25 and $4 million annualized.

• Brand refresh and increased marketing planned for 2025/2026.