HBX Group Posts Strong Full-Year Results and Accelerates Growth With Major Partnerships and Tech Expansion

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HBX Group International plc has released its Full Year 2025 results, highlighting a period of strategic progress, operational strength, and transformative milestones. The Group, known across global travel markets for its extensive ecosystem of platforms, partnerships, and technology-enabled services, has reported steady financial growth despite a backdrop of market volatility. The announcement reflects a year marked by expanding product capabilities, key commercial agreements, technological investment, and strengthened financial positioning following a significant public listing in Spain.

Financial Performance Demonstrates Strong Momentum

The Group reported a Total Transaction Value of €8.2 billion, representing an 8 percent increase year over year at constant currency. Revenue reached €720 million, marking a 5 percent rise driven not only by sustained demand but also by the introduction of new products and the expansion of strategic partnerships across multiple regions. The growth reflected a combination of higher customer engagement, increased travel activity, and the successful execution of its commercial initiatives.

Adjusted EBITDA increased by 10 percent to €431 million, delivering a 60 percent margin and demonstrating the company’s operational efficiency. Strong cost discipline, optimized internal structures, and a refined operating framework all contributed to these enhanced results. The Group emphasized that its financial strength was reinforced by strong cash generation, reflected by a cash conversion rate of 101 percent. This performance further supported the reduction of financial leverage to 1.5 times adjusted net debt to adjusted EBITDA, highlighting the Group’s ongoing efforts to create long-term value and maintain financial stability.

Listing in Spain Marks a Transformational Milestone

A significant moment for HBX Group occurred in February when the company was officially listed on the Spanish Stock Exchanges. This milestone followed a successful offering that generated gross proceeds of €725 million for the Company. The listing not only strengthened the financial position of the Group but also expanded its visibility among global investors, reinforcing confidence in its growth trajectory.

The listing marked the beginning of a new chapter, supported by a modernized operating structure designed to enhance performance and agility. This evolving structure has been aimed at creating a more customer-centric business model capable of responding efficiently to fast-changing travel sector dynamics.

Achievements in Products, Partnerships, and Technology

FY 2025 was described as a successful year for HBX Group’s product evolution and partnership expansion. Several key developments shaped the Group’s strategic direction.

One major advancement was the launch of the Luxurist, a service offering designed to connect and curate luxury travel and exclusive experiences. The initiative expanded the Group’s presence in high-value travel segments and contributed to positioning HBX Group as a prominent player in premium travel markets.

The Group also secured a preferential agreement with Despegar, resulting in immediate improvements in distribution within a fast-growing region. This collaboration strengthened HBX Group’s market penetration and expanded its footprint across Latin America.

Additionally, an agreement with Minor hotels across the MEAPAC region added more than 180 properties to the Group’s portfolio, with the potential to integrate an additional 300 properties. Such partnerships have deepened HBX Group’s global reach and enhanced its offering across multiple regions.

Product innovation continued with the launch of the Turkish Airlines holidays offering, developed in collaboration with PerfectStay. This product enables travelers to access packaged holidays across more than 60 countries. Another important collaboration came through Getaways by Southwest Airlines, which partnered with HBX Group to allow customers to bundle hotels with flight bookings in more than 30 countries. Both agreements demonstrate the Group’s efforts to create seamless travel experiences through integrated platforms.

Supplementing these initiatives, transfer services were launched on Nemo, a travel technology platform based in Argentina. This rollout enhanced HBX Group’s mobility solutions and supported its mission of building a comprehensive travel ecosystem.

Technology Investments Strengthen Global Platform

Technology continues to serve as the backbone of HBX Group’s operations. During FY 2025, the Group invested an amount equivalent to 12 percent of its revenue into technology development. These investments enabled further enhancements to its cloud-native infrastructure, which delivered more than 99.9 percent platform uptime during the year. Peak daily search volumes reached 7.8 billion, illustrating both the scale and resilience of the Group’s systems.

The robust technology foundation allows HBX Group to support its extensive portfolio of travel partners while ensuring seamless user experiences across booking engines, distribution platforms, and service tools. These advancements also help provide scalability and long-term stability as travel demand continues to evolve.

Performance Strength Despite Market Volatility

HBX Group delivered solid growth even as the broader travel and leisure sector experienced instability. The Group’s TTV of €8.2 billion significantly outperformed the overall market, which grew at approximately 4 percent during the same period. Growth was particularly strong in the first half of the year. However, the second half saw increased economic and political uncertainty that contributed to more variable trading conditions.

Revenue performance remained resilient at €720 million, although take rate declined by 0.2 percentage points to 8.8 percent due to mix changes and targeted commercial adjustments. These actions were taken to maintain competitiveness in a challenging environment.

Forward-Looking Guidance for FY 26E

HBX Group has introduced guidance for FY 26E, outlining expectations for continued growth at constant currency. The Group anticipates TTV growth in the range of 12 to 18 percent, revenue growth of 2 to 7 percent, adjusted EBITDA growth also between 2 and 7 percent, and operating free cash flow conversion approaching 100 percent.

These projections reflect confidence in the Group’s enhanced operating structure, stabilized market conditions, and evolving customer-focused strategy.

Conclusion

HBX Group has entered FY 26 with momentum, supported by strong financial performance, transformative business developments, and reinforced operational capabilities. The Group’s continued investment in technology, expansion of global partnerships, and success across multiple travel segments position it for sustainable growth in an evolving industry.