Morning Comment Germany - Today’s research focus: HomeToGo-06/15/2026

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Morning Comment Germany - Today’s research focus: HomeToGo-06/15/2026

Morning Comment Germany

15 JUN 2026

Today’s research focus: HomeToGo

• HomeToGo – Buy, EUR 2.50 (sponsored research): HomeToGo has undergone a fundamental transformation. The Interhome

acquisition has repositioned the group from a loss-making B2C marketplace into a vertically integrated vacation rental platform where the

majority of revenues are now recurring and B2B-derived - a shift the current valuation does not yet reflect. HTG is the only operator with

the scale and network to consolidate Europe's deeply fragmented vacation rental management market, where the top three players hold

barely 10% combined share. With a more than threefold adjusted EBITDA inflection expected in 2026 and a structural negative working

capital position that turns growth into cash, we initiate with a Buy and a target price of EUR 2.50. Link to report

Please see Morning Update for relevant share prices and market data

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