LONDON, Nov. 26, 2025 /PRNewswire/ -- HBX Group International plc (HBX Group, the Company, the Group, HBX.SM) announces its Full Year 2025 results.
- Total Transaction Value (TTV) up 8% YoY to €8.2bn, and Revenue of €720m, up 5% YoY at constant currency with additional growth from new products and partnerships
- Adjusted EBITDA up 10% to €431m and 60% margin reflecting strong operational efficiency
- Strong cash generation with 101% cash conversion, supporting financial leverage reduction to 1.5x Adj. net debt/ Adj. EBITDA
- Milestone listing on the Spanish Stock Exchanges in February, raising €725 million and significantly strengthening our financial position
- FY '26E guidance introduced: constant currency TTV growth 12-18%, revenue 2-7%, adjusted EBITDA 2-7%, and operating free cash flow cash conversion of c.100%
Financial performance summary1 | 12 months ended 30 Sept 2025 | 12 months ended 30 Sept 2024 | Change constant currency2 | Change | |
Total Transaction Value (TTV) (€m) | 8,178 | 7,667 | +8 % | +7 % | |
Revenue (€m) | 720 | 693 | +5 % | +4 % | |
Adjusted EBITDA (€m) | 431 | 397 | +10 % | +9 % | |
margin (%) | 59.9 | 57.3 | +2.7pts | +2.6pts | |
Loss after tax (€m) | (70) | (24) | +200 % | +192 % | |
Adjusted earnings (€m) | 258 | 176 | +48 % | +47 % | |
Operating free cash flow (€m) | 437 | 465 | -5 % | -6 % | |
cash conversion (last 12 months) (%) | 101 | 117 | -16pts | -16pts | |
30 Sept 2025 | 30 Sept 2024 | Change | |||
Net debt (€m) | 397 | 1,071 | -63 % | ||
Adjusted net debt (€m) | 639 | 1,285 | -50 % | ||
Adj net debt/ Adj EBITDA | 1.48x | 3.24x | -1.76x |
FY '25 performance summary
A successful year for products, partnerships and technology
Significant commercial progress in FY '25 included:
- The launch of the Luxurist and expansion in key new markets, connecting and curating Luxury travel and experiences
- A preferential agreement signed with Despegar which had a significant and immediate impact on the Group's distribution in this fast-growing region
- An agreement with Minor hotels in MEAPAC which added over 180 properties with the potential to add a further 300 properties.
- Turkish Airlines holidays product launched, in partnership with PerfectStay, offering package holidays in + 60 countries
- Getaways by Southwest Airlines partnered with HBX Group enabling travellers to bundle hotels with flight bookings in + 30 countries
- Transfer services launched on Nemo, a travel tech platform in Argentina
HBX Group's cloud-native technology is robust and scalable with>99.9% platform up-time and peak daily search volumes of 7.8bn in FY '25. Total technology investment was equivalent to 12% of revenue in the year.
Solid growth despite market volatility
Group TTV was €8.2bn, up 8% on the prior year at constant currency, significantly outperforming the market which grew c.4% in the same period(3). Growth was stronger in the first half of the year. In the second half of the fiscal year, increased economic and political uncertainty led to a deterioration in consumer sentiment and significantly more volatile travel and leisure trading patterns.
Group revenue of €720m was up 5% on the prior year at constant currency. Take rate, the percentage of TTV that converts to revenue, was 8.8%, 0.2ppts lower than FY '24 as a result of changes in mix and commercial actions to remain competitive in a more challenging trading environment.
A milestone year for HBX Group
On 13 February 2025, HBX Group began trading as a listed company on the Spanish Stock Exchanges. The offering generated gross proceeds of €725 million for the Company.
We are looking forward to the future with confidence. The volatile macroeconomic environment prevalent in the second half of FY '25 has started to ease, with signs of more stable trading conditions since the start of FY '26. Our new operating structure is empowering our performance, strengthening our execution, creating a more customer-focused business that will be even more efficient and agile.
For the full press release and disclaimer applicable to this information, please visit www.investors.hbxgroup.com
1 See financial statements for definitions of specific financial terms and KPIs, including any Alternative Performance Measures (APMs)
2 Constant currency changes exclude the impact of foreign exchange rate fluctuations by translating current year results at the exchange rates used in the prior year.
3 Market growth estimate according to HBX Group internal market model (based on Euromonitor, Phocuswright, travel companies broker reports, expert interviews & mgmt. estimates)
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SOURCE HBX Group
