Australia · Delayed Price · Currency is AUD Web Travel Group Earnings Call Transcripts
Fiscal Year 2026
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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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Bookings and TTV grew strongly year-over-year, but revenue and EBITDA declined due to margin pressures and supply mix. The business is targeting record EBITDA in FY 2026, with margin improvement and continued investment in direct contracting and technology, aiming for 50% EBITDA margin by FY 2027.
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First half 2025 saw strong TTV and booking growth, but revenue margins declined due to increased customer incentives, supply mix, and market events. EBITDA margin fell to 45.5%, with guidance for margins to stabilize at 6.5% 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.