HBX Group International (HBX) Q3 2026 TU earnings summary

Executive summary

• Leadership transition announced, with CEO Nicolas Huss retiring and CFO Brendan Brennan appointed interim CEO effective 1 October 2026, ensuring continuity in strategy and execution.

• Q3 performance was strong despite external volatility, with agility and customer focus driving results.

• Total Transaction Value (TTV) rose 12% year-over-year to €2.4bn in Q3 2026, driven by resilient leisure travel demand and targeted commercial actions.

• Strategic priorities advanced in accommodation growth, ecosystem expansion, AI deployment, and key partnership expansion.

• Operating model changes from the previous year enabled faster response to market shifts and disruptions.

Financial highlights

• Q3 2026 TTV grew 12% year-over-year at constant currency to €2.4bn; revenue reached €177m, down 3% at constant currency.

• Take rate contracted by 1.1 percentage points to 7.3% year-over-year, reflecting deliberate mix changes and commercial actions.

• Excluding Middle East disruption, TTV growth would have been 16% and revenue growth +1% at constant currency.

• Year-to-date TTV up 15%, revenue broadly flat; nine-month TTV: €6.2bn (+12%), revenue: €486m (-3%).

• Q3 take rate decline was smaller than in Q2.

Outlook and guidance

• FY26 guidance narrowed: TTV growth 13%-15%, revenue -2% to 2%, with a 3 percentage point headwind from the Middle East crisis.

• Adjusted EBITDA guidance unchanged at -5% to -2%; operating free cash flow conversion expected at 90%-100%.

• Full-year Middle East conflict impact now estimated at -3ppt, improved from previous -4ppt estimate.

• Medium-term ambitions unchanged, with progress expected in 2027, including full-year consolidation of recent acquisitions and normalization of cost base.

• Encouraging booking momentum and improving trends in previously disrupted corridors reinforce confidence in full-year delivery.