HomeToGo-Operational progress becomes visible-05/13/2026

Research evidence excerpt

HomeToGo-Operational progress becomes visible-05/13/2026

ription revenue growth of 24% YoY to EUR 6.9m and

the first realised integration synergies.

• The Marketplace segment reported a EUR 2.7m (+11.8% YoY) improvement in adjusted EBITDA to EUR ‑20.1m, even as IFRS revenues

declined, as advertising revenues fell by 33% YoY to EUR 9.0m following a 20% reduction in marketing spend, while booking revenues

were broadly stable and the booking revenue backlog increased by 1% YoY to a record EUR 75.4m for a first quarter.

• Working capital developments were a key credit positive, with operating cash flow turning positive at EUR 2.6m compared with an outflow

of EUR ‑10.8m in Q1 2025, driven by a EUR 33.2m inflow from net working capital as earlier cash collection through HomeToGo Payments,

improved receivables management and structurally advance customer payments at Interhome more than offset seasonal effects.

• Cash flow from investing activities amounted to EUR ‑23.5m in Q1 2026, mainly reflecting the EUR ‑10.9m payment of the first tranche of

deferred Interhome consideration, the EUR 9.8m funding of an escrow account for the second tranche due in Q1 2027, and EUR ‑2.7m

of capitalised software development, while other investment spending remained limited.

• M&A activity remained clearly focused on small bolt‑on transactions in HTG_PRO, with three acquisitions completed in Switzerland, Italy

and Spain involving around 200 units under management at approximately 1x EBITDA multiples, resulting in only immaterial contributions

to 2026 EBITDA and no impact on guidance.

• Management reiterated full‑year 2026 guidance of IFRS revenues of EUR 400–410m and adjusted EBITDA of EUR 45–47m, explicitly