Webjet Group (WJL) H1 2025 earnings summary

Executive summary

• Demerger from WEB Travel Group completed on 30 September 2024, with financials now reported independently and predecessor accounting for comparability.

• The group operates through Webjet OTA (leading in Australia/NZ), GoSee (Airport Rentals, Motorhome Republic), and Trip Ninja (technology), focusing on online travel marketplaces and vehicle rentals.

• Strategic priorities include brand refresh, loyalty, customer acquisition, revenue optimisation, international share growth, and operational excellence.

• Underlying financial results for the half were in line with prior updates, despite challenging macroeconomic conditions.

Financial highlights

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

• Revenue for the half reached $72.0m (up from $66.4m YoY); revenue margin improved to 9.6%.

• Net cash position of $100.7m as of 30 September 2024, with no debt and access to a $20m revolving credit facility.

• No interim dividend declared; dividends anticipated from FY26.

• Total bookings and TTV both declined 8% year-over-year, reflecting subdued domestic travel demand.

Outlook and guidance

• FY25 underlying EBITDA expected to be broadly in line with FY24; positioned for accelerated growth in FY26 and beyond.

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

• Full benefit of GoSee cost savings to be realized in FY26; brand refresh and increased marketing planned for 2025/2026.

• Management expects meaningful operating expense savings from GoSee restructuring to materialize in the second half of FY25.