Hostelworld Group Plc: 1H trading update - First look

研报英文原文证据摘录

Hostelworld Group Plc: 1H trading update - First look

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Hostelworld Group 9 July 2026

Results

Europe Plc

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 8 Jul 2026 (GBP) 111.00

HSW.L HSW LN LSE HSW

Price Target (GBP) 215.00

Leisure & Hotels

52-week range (GBP) 141.50 - 95.40

Travel Services

1H trading update - First look

Valuation & Risks

Tim Barrett

Highlights Research Analyst

Overall, the statement identifies strong revenue momentum through the period, +44-20-7541-1559

albeit with a temporary drag from the conflict in the Middle East. Net revenues grew

Richard Stuber

by 1% to €52.2m and management estimates a negative impact of some 3ppt from Research Analyst

disrupted long-haul travel to Asia and Oceania during the conflict. +44-20-754-54617

Sonu Churiwal

n Net transactions grew by 1% to 3.8m, boosted by the introduction of third-

party inventory and social passes broadening the addressable market. Research Associate

n The majority of growth was from the 11% growth in revenue per

transaction. This increased from €13.4 to €14.9.

n HSW's effective commission rate increased from 15.8% to 17.7%,

reflecting the increased adoption of the Elevate market monetisation tool.

Q1 and Q2 were broadly similar on this measure.

n EBITDA grew by 11% to €8.2m.

In terms of detail, direct marketing as a percentage of revenue reduced to 49%,

compared to 51% in 1H25 and the guidance range of 45-50%. The EBITDA margin

was 16% (unchanged), suggesting slight inflation in other cost categories,

particularly labour costs. The latter was driven by investments in product/tech, as

well as the consolidation of OccasionGenius.

The business remains cash generative, with net cash of €2.5m vs a year-end net