Rising demand and operational improvements at HBX contrast with another year of negative earnings, keeping profitability uncertain
Nov 28, 2025
HBX Group’s full-year 2025 results show encouraging signs of travel demand and operational efficiency, but the company ultimately closed the year with a €70 million net loss. Total transaction value rose to €8.18 billion and revenue reached €720 million, supported by new products and broader global reach. Adjusted EBITDA margins approached 60%, and the company significantly reduced debt following its IPO. Still, the inability to convert these gains into positive net income signals that HBX’s financial recovery is not yet stable. For hoteliers, this means momentum is building — but long-term reliability depends on whether HBX can turn scale and cash flow into sustained profitability.
Key takeaways
- Stronger booking volumes: HBX’s TTV rose 8% year-over-year, signalling solid global travel demand and increased distribution flow for hotel partners.
- Revenue growth supports platform continuity: With €720 million in revenue, HBX demonstrates resilience in its core marketplace operations.
- Operational efficiency improved: Adjusted EBITDA reached €431 million with a nearly 60% margin, indicating stronger underlying performance.
- Debt levels sharply reduced: Net debt fell from €1.07 billion to €397 million after the IPO — a positive stability signal for hotel partners.
- But net profitability remains negative: Despite operational gains, HBX ended the year with a €70 million loss, showing that top-line growth has not yet translated into a sustainable bottom line.
- Stronger adjusted profit base: Adjusted earnings of €258 million suggest the core business is healthier once one-off items are removed.
- Broader product and market expansion: New partnerships, enhanced packages, and luxury segments may provide hotels with more and better-diversified demand sources.
- Recovery still fragile: Until consistent profitability is demonstrated, hoteliers should view HBX as improving — but not yet financially secure.
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