HomeToGo (HTG) Q4 2025 earnings summary

Executive summary

• Achieved record statutory IFRS revenues of €255.5M in FY25 (+20.3% YoY) and pro forma revenues of €394.3M, nearly doubling business scale since 2023, driven by B2B pivot and Interhome integration.

• Adjusted EBITDA reached €13.2M (statutory, +2.7% YoY) and €42.0M (pro forma, +27.7% YoY), both exceeding guidance, with profitability led by B2B and Interhome.

• B2B segment (HomeToGo_PRO) now represents 63% of group revenues, with over 70% recurring or repeat, enhancing predictability and resilience.

• Marketplace segment prioritized profitability over top-line growth, with adjusted EBITDA surging from €2.9M to €15.8M and margin rising to 10.4%.

• Interhome integration ahead of schedule, with €5M in annualized cost synergies realized and up to €30M total synergy/value creation potential identified.

Financial highlights

• FY25 IFRS revenues reached €255.5M (+20.3% YoY); Q4/25 IFRS revenues at €54.2M (+52.4% YoY); group booking revenues for the year grew 28% to €333.6M.

• HomeToGo_PRO IFRS revenues climbed 64.1% YoY to €114.9M; Q4 saw nearly 175% growth.

• Marketplace on-site bookings grew 8% to nearly €125M, while advertising revenues declined 10% to €66M due to reduced marketing spend.

• Adjusted EBITDA for the group improved to €13.2M; marketplace adjusted EBITDA quintupled to €15.8M.

• Pro forma adjusted EBITDA margin expanded every year since 2023, reaching €42M in 2025 (+27% YoY).

Outlook and guidance

• FY26 guidance targets IFRS revenues of €400–410M (>55% YoY growth) and adjusted EBITDA of €45–47M (>240% YoY growth), considering macro risks and FX volatility.

• Five strategic priorities for 2026: complete Interhome synergies, targeted M&A, brand harmonization, operational excellence in marketplace, and AI leadership.

• Macro risks (Middle East conflict, oil prices, FX volatility, especially CHF/EUR) acknowledged as potential headwinds, but direct exposure limited.