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Investing.com -- HBX Group reported a softer finish to the year, with fourth-quarter revenue and transaction trends coming in below expectations as macro pressures and competitive dynamics weighed on performance.
Shares in the company plunged more than 6% in Madrid trading.
The Spanish travel technology firm’s revenue fell 1% in the quarter to €219 million, missing the €229 million consensus estimate and landing at the bottom of the company’s guidance range.
Revenue was down 1% year-over-year and constant-currency total transaction value (TTV) growth slowed to 4%, implying a take rate of 8.3%, down from 8.7% a year earlier.
For the full year, HBX delivered 8% TTV growth and a 5% increase in revenue, while adjusted EBITDA reached €431 million, exactly in line with guidance. Operating free cash flow was a standout at €437 million, with 101% conversion, and adjusted net debt ended at €639 million.
Regionally, Spain revenues grew 3% in Q4, while the rest of Europe declined 7%. The U.S. returned to growth at 10% after a weak Q3, but MEAPAC contracted 8%. Management highlighted ongoing softness in Mobility & Experiences, with low single-digit (LSD) TTV growth for the year as attach rates and average transaction values deteriorated.
Looking ahead, HBX introduced full-year 2026 (FY26) guidance that points to a slower revenue trajectory than consensus anticipated. The company expects 12–18% TTV growth, 2–7% revenue growth, and 2–7% EBITDA growth (€440–461 million).
UBS analysts note that this implies a lower take rate and sits below the market’s 7% revenue and 7% EBITDA expectations.
"At IPO, a mid-term ambition of low-double-digit volume growth and high-single-digit revenue growth had been set, albeit we believe the market had not expected this to be the basis for the FY26 outlook. That medium-term ambition was reiterated with results," UBS analysts led by Michael Briest wrote.
They also highlighted that current trading has stabilised, with HBX on track for double-digit TTV growth and mid-single-digit revenue growth in the first quarter.
UBS said it expects shares to underperform following the results and guidance.