HBX Group International PLC (HBX.MC): Q3 sales +5% vs company c‘sus. New FY26 sales guide midpoint +50bps vs c‘sus, but EBITDA guide unchanged. CEO Huss to retire.

Research evidence excerpt

HBX Group International PLC (HBX.MC): Q3 sales +5% vs company c‘sus. New FY26 sales guide midpoint +50bps vs c‘sus, but EBITDA guide unchanged. CEO Huss to retire.

gaining and direct distribution power; hotel groups are increasingly focused on driving

direct online demand to their own websites and could cease to supply HBX with the same level of access to room supply in the

future. Suppliers also consistently look for ways to decrease their costs and increase control over distribution. Any change in

commission rates payable could significantly impact margins. (4) Competitor risk – HBX faces significant competition from

companies that operate as a distribution network and consolidate demand and supply for segments within the travel industry.

In the future, they may also face competition from players that are currently focused on the B2C industry, GDS, or other B2B

distributors. Suppliers may also choose not to list on external platforms and instead rely on their own online platforms and

change their sales and marketing models through technology and infrastructure investments. In the leisure space, there could

be increased competition for leisure demand from vacation rental marketplaces. (5) Technology risk – HBX depends on

proprietary technology for critical functions of its business. Failure to properly maintain or promptly upgrade this technology

may result in disruptions to or lower quality of its services. Any significant disruption in service on their platform could damage

its reputation and result in a loss of customers. Technology of competitors, suppliers, and distributors also presents risks to

HBX. There is the potential for new technology (including AI tools) to change the way people book and supply travel, which

could impact HBX’s revenue streams.