Australia · Delayed Price · Currency is AUD Web Travel Group Earnings Call Transcripts
Fiscal Year 2026
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Delivered 20% TTV and revenue growth, 24% EBITDA growth, and improved margins, driven by strong Americas and Europe performance, AI-driven conversion, and direct contracting. Maintained robust liquidity and capital efficiency, while navigating geopolitical and FX headwinds.
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A Spanish subsidiary tax audit prompted a sharp share price reaction, but business fundamentals and financial guidance remain unchanged. Strong bookings growth, robust cash position, and ongoing market share gains are expected, with no operational impact from the audit.
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Delivered record revenue and EBITDA in H1 FY2026, with TTV up 22% and strong growth across all regions. Guidance for FY2026 and FY2027 reaffirmed, targeting stable margins and continued expansion, supported by robust liquidity and operational efficiency.
Fiscal Year 2025
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The AGM highlighted a challenging FY25 with margin pressures despite strong booking growth, a completed demerger, and board renewal. Strategic focus is on margin recovery, direct supply growth, and achieving $10B TTV by FY30. Dividend decisions will follow the 2026 convertible note event.
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Underlying EBITDA reached AUD 120.6 million and NPAT AUD 79.2 million, with TTV up 22% year-over-year. Despite flat revenue and margin pressures, strong bookings and operational efficiency support a positive outlook, targeting record EBITDA and 44%-47% margins in FY 2026.
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First half 2025 saw strong TTV and booking growth, but revenue margin declined to 6.6% due to increased customer incentives and supply/geographic mix, resulting in EBITDA down 11% year-over-year. Guidance is for stabilized margins, AUD 5 billion TTV in FY 2025, and a return to 50% EBITDA margin in FY 2026.
Fiscal Year 2024
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A change in accounting standard for supplier payments led to a trading halt and retrospective restatement, resulting in a non-cash adjustment with negligible impact on earnings and margins. The process was prompted by enhanced SAP insights and auditor review.
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Shareholders considered and voted on the demerger of B2C operations, a company name change, and a new performance rights grant. The meeting detailed the rationale, structure, and future plans for both resulting entities, with voting results to be released post-meeting.
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Record financial results were reported, with strong growth in bookings, revenue, and EBITDA. Plans for a major demerger and continued investment in technology were outlined, while dividend payments remain deferred until 2026. Key risks include market disruptions and margin pressures.