Preliminary results for the year ended 31 Dec 2025
26/03/2026 07:00
RNS Number : 1702Y
Hostelworld Group PLC
26 March 2026
LEI:213800OC94PF2D675H41
Hostelworld Group plc ("Hostelworld" or the "Group" or the "Company")
Preliminary results for the year ended 31 December 2025
H2 2025 revenue acceleration continuing into 2026; FY 2025 adjusted EBITDA in line with consensus
26 March 2026: Hostelworld is pleased to announce its preliminary results for the year ended 31 December 2025.
Key highlights
Accelerating revenue and improved marketing efficiency
· Revenue Acceleration: Full-year Net Revenue of €93.8m (+2% YoY), with a significant step-up in H2 where generated revenue rose 7%, demonstrating the strengthening trajectory entering 2026.
· Improved Marketing Efficiency: H2 direct marketing costs fell to 45% of revenue, down from 48% in H2 2024, reflecting the growing benefit of our social network.
· Adjusted EBITDA in line with consensus: Full-year adjusted EBITDA of €19.9m, representing a margin of 21%.
Social Travel Platform expansion on track
· Social Network Engagement: Social community reached 3.4m members with member messaging growing 81% YoY, social members book approximately twice as frequently as non-members.
· Marketplace Monetisation: Successfully launched Elevate, driving H2 effective commission rates to 16.7%, up from 15.4% in H2 2024, a proven and growing revenue driver.
· Inventory Expansion: Launched budget accommodation via a third-party inventory supplier, initially in 50 destinations and subsequently expanded across 18,000 destinations, extending our offering well beyond hostels, with broader platform and language rollout underway in 2026.
· Social Network Monetisation: Launched Social Passes in November 2025, creating a new subscription revenue stream and opening the platform to travellers who do not book accommodation.
Financial highlights
· Generated revenue¹ rose 3% year-on-year to €93.8m (2024: €91.5m).
· Full-year net bookings reached 7.0m, up 1% year-on-year (2024: 6.9m).
· Net Average Booking Value increased 2% year-on-year to €13.43 (2024: €13.21). The effective commission rate rose from 15.3% in 2024 to 16.2% in 2025, driven by Elevate.
· Net revenue totalled €93.8m, a 2% increase year-on-year (2024: €92.0m), after accounting for deferred revenue and other ancillary income streams.
· Direct marketing as a percentage of revenue¹ was 48% for the full year (2024: 46%), with H2 improving to 45%.
· Operating costs² totalled €25.8m, stable at 27% of revenue¹, reflecting continued investment in development resources.
· Adjusted EBITDA €19.9m, down 9% year-on-year (2024: €21.8m), in line with market consensus.
· Adjusted profit after tax €15.0m, down 14% year-on-year (2024: €17.4m).
· Adjusted EPS 11.91 cent, down 15% year-on-year (2024: 13.97 cent).
Disciplined capital allocation
· Closing cash position of €12.2m and net debt of €1.6m.
· Total dividend of 2.40 € cent per share. A final dividend of 1.58 € cent per share will be paid in May 2026, following an interim dividend of 0.82 € cent per share paid in September 2025.
· The Group continues to execute its £5m share buy-back programme, with £3.9m worth of shares purchased to 31 December 2025 and will have substantially completed by end of Q1 2026.
1 Gross revenue less cancellations
2 Operating costs exclude paid marketing costs and credit card fees, and below Adjusted EBITDA items relating to exceptional items, depreciation, amortisation and share option charges
Gary Morrison, Chief Executive Officer, commented:
"2025 was a year of two distinct halves for Hostelworld. While the year began against a softer trading backdrop, I am very pleased with the significant momentum we built throughout the second half, delivering 7% revenue growth in H2 and full-year adjusted EBITDA in line with market consensus.
This performance was underpinned by the disciplined delivery of the strategic milestones we set out at our 2025 Capital Markets Day. A key highlight was the successful launch of 'Elevate', our marketplace monetisation tool, which increased our commission rate to 16.7% in H2. Alongside the acquisition of OccasionGenius Inc, the launch of Social Passes, and the initial rollout of budget accommodation (3PI) across 50 destinations, we have fundamentally strengthened our platform's value proposition and made meaningful progress towards our Vision: to be the world's leading Social Travel Platform.
The numbers behind our Social Travel Platform are significant. Messaging volumes grew 81% year on year. Social Members book twice as frequently as non-members. Every booking, every message and every connection adds to a proprietary data set spanning 3.4-million-social members, 16 million chat messages and 17 million social member bookings. This growing data set underpins our AI powered matching and discovery capabilities and the planned integration of OccasionGenius Inc in Q2 2026 will add a further proprietary layer, comprising a structured, global dataset of events across 750 cities, updated daily, deepening our data advantage further.
AI-powered recommendations are already improving how our members connect, discover and book in our Apps, and as the network grows it generates richer data, which drives better matching, which attracts more members. This compounding dynamic contributed to a meaningful improvement in marketing efficiency in the second half, with direct marketing costs falling to 45% of revenue in H2 2025, down from 48% in H2 2024, and is accelerating our transition from a transactional booking engine to a data-led social travel platform uniquely positioned to benefit from the shift towards AI-powered travel discovery."
Outlook
"The Group enters 2026 with an expanded platform, a resilient balance sheet, and encouraging early momentum. Q1 trading has been positive, with the Group on track to deliver ~3% bookings growth and >12% revenue growth for the quarter, versus Q1 2025, supported by a commission rate of 17.7% and direct marketing costs of less than 50% of revenue, all consistent with our CMD guidance ranges.
The new capabilities delivered in 2025, budget accommodation, Social Passes and the OccasionGenius Inc acquisition, will contribute to Q1 results and will scale throughout the year. The Board remains confident in the Group's ability to deliver low double-digit revenue growth in 2026 and 2027, in line with the targets set out at the April 2025 Capital Markets Day, with an adjusted EBITDA margin greater than 20% and adjusted free cash flow conversion of approximately 70%.
The Group is mindful of the evolving situation in the Middle East and its potential broader impact on global travel patterns and airline pricing. We are seeing some softness in bookings to Asia and Oceania, offset by stronger demand in Europe and North America, supported in part by the timing of Easter this year. While it is too early to draw firm conclusions from these early trends, to date there has been no material effect on revenues. Our current outlook assumes no material impact on bookings and is subject to there being no further escalation in the region which would further disrupt air travel. We will continue to monitor the situation closely and update shareholders should the position change.
Looking further ahead, the Group is well positioned to benefit from the structural shift towards AI-powered travel discovery. Our proprietary social dataset, spanning member profiles, chat messages, bookings and, from Q2 2026, OccasionGenius Inc event data, provides a compounding data advantage that strengthens our platform's relevance to the next generation of travellers. I remain confident in our strategy and in the team's ability to execute our roadmap and deliver sustainable, long-term value for our shareholders."
Analyst Presentation: A presentation will be made to analysts today at 9.00am, a copy of which will be available on our Group website: http://www.hostelworldgroup.com. If you would like to dial into the presentation, join directly via webcast link provided below.
Webcast Link: https://brrmedia.news/HSW_FY
For further information please contact:
Hostelworld Group plc Corporate@hostelworld.com
Gary Morrison, Chief Executive Officer
Caroline Sherry, Chief Financial Officer
David Brady, Head of Commercial Finance
Sodali & Co hostelworld@sodali.com
Eavan Gannon +44 (0) 20 7250 1446
About Hostelworld
Hostelworld Group plc is a ground-breaking social network-powered Online Travel Agent ("OTA") with a clear mission to help travellers find people to hang out with. Our mission is founded on the insight that most travellers go hostelling to meet other people. Our platform connects travellers through a range of social features, including city and hostel chat rooms, AI-powered recommendations, and event discovery, facilitating real-world interactions before, during and after their trips.
Hostelworld's vision is to be the world's leading social travel platform. Since launching its social network in 2022, the Group has welcomed over 3.4 million social members, with engagement growing faster than stays booked. Messaging volumes grew 81% year-on-year in 2025, and social members book approximately twice as frequently as non-members, demonstrating the platform's utility and its contribution to customer lifetime value.
Our proprietary dataset, spanning over 3.4 million social members, 16 million chat messages and 17 million bookings since launch, strengthens our ability to understand traveller behaviour, personalise experiences, and build network effects that differentiate Hostelworld from generalist OTAs. This data asset, which is exclusively ours and compounds in value as our community grows, underpins our AI-powered matching and recommendation capabilities.
Founded in 1999 and headquartered in Ireland, Hostelworld is a recognised brand with around 270 employees, hostel and accommodation partners across more than 180 countries, and a growing suite of products including budget accommodation and Social Passes that extend the platform well beyond the traditional hostelling category.
Hostelworld has a long-standing commitment to improving the sustainability of the hostelling industry. The Group has introduced a hostel-specific Staircase to Sustainability framework, accredited by the Global Sustainable Tourism Council, which helps partners adopt more sustainable practices while giving travellers clearer information for decision-making. Customers can choose to offset trip emissions, and for the fifth consecutive year the Group has retained the 'Taking Climate Action' label from South Pole.
Disclaimer
This announcement contains forward‐looking statements. These statements relate to the future prospects, developments and business strategies of Hostelworld. Forward‐looking statements are identified by the use of such terms as "believe", "could", "envisage", "estimate", "potential", "intend", "may", "plan", "will" or variations or similar expressions, or the negative thereof. Any forward‐looking statements contained in this announcement are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Hostelworld's actual results may vary materially from those expected, estimated or projected. Any forward‐looking statements speak only as at the date of this announcement. Except as required by law, Hostelworld undertakes no obligation to publicly release any update or revisions to any forward‐looking statements contained in this announcement to reflect any change in events, conditions or circumstances on which any such statements are based after the time they are made.
Chair's Statement: Carl G. Shepherd, Interim Chair
"2025 was a year of renewed momentum for Hostelworld - one in which we strengthened our strategy, invested with discipline, and leveraged AI to enhance personalisation and shape the future of social travel."
AI played an increasingly important role in 2025, enhancing personalisation across our platform and helping travellers connect more meaningfully. From AI-driven recommendations to smarter social interactions, these innovations strengthened our community and improved the travel experience, while positioning Hostelworld to harness the transformative potential of AI responsibly in the years ahead.
It has been my privilege to serve as Interim Chair following Ulrik Bengtsson's departure in September 2025, and to support the Company through a period of Chair transition and strategic acceleration. On behalf of the Board, I would like to extend our sincere thanks to Ulrik for his service and leadership as Chair and as a Non‑Executive Director.
Having served on the Board as a Non-Executive Director since 2017, I have seen Hostelworld navigate multiple phases of reinvention: from the Group's early days as a public company, through the strategic reset led by Gary Morrison and the management team , to the resilience demonstrated through the COVID‑19 pandemic, when the entire travel industry's priority shifted from progress to survival. These experiences have left the organisation with a resilient, start‑up mindset that remains one of its greatest strengths. This mindset continues to drive our strategic execution, enabling us to build a global community of adventurous travellers who value unique experiences and the enduring human connections that define our brand.
Operating Environment and Strategic Context
Travel markets remained dynamic in 2025, with shifting customer expectations, rapid digital evolution, and heightened demand for personalised and community‑led experiences. Against this backdrop, Hostelworld continued to execute its strategy with purpose and clarity.
As the Group emerged from COVID-19 and the industry experienced a rapid return to normal trading, Hostelworld created an entirely new travel category: social travel. This proposition is centred on helping travellers find people to hang out with and finding unique experiences in their chosen destination, creating a differentiated and defensible position in a market where connection, experiences and community increasingly shape decision‑making. Throughout 2025, this strategy continued to prove its relevance and long‑term growth potential.
At our Capital Markets Day market, management set out a clear roadmap to scale our social strategy and accelerate growth by strengthening our platform, expanding our addressable market, and broadening how travellers can connect before and during their trips. Hostelworld's position at the convergence of travel and shared experiences gives the Company a distinct role, particularly for younger and solo travellers seeking connection and community while travelling. During the year, the Company made strong progress against the milestones set out in April, with performance in 2025 reinforcing the Board's confidence in the strategic direction of the business.
Strategic Progress
· Strengthening Our Platform
During the year, we continued to strengthen the product experience, prioritising earlier and more meaningful engagement with customers. Our ongoing investment in the higher‑margin Hostelworld app is underpinned by new features that allow travellers to connect before, during and after their trips by using and sharing the Group's Travel Plans product, which launched in March 2025, and delivering personalised, AI‑driven recommendations to customers on people to meet and communities to join.
AI will clearly play a significant role in reshaping travel discovery and planning, and the Board believes Hostelworld is well-positioned to benefit from this evolution. Given the age profile of our core customers (18-34 years), who are at the forefront of AI adoption in everyday life, we will continue to invest in responsible AI capabilities that enhance personalisation while reinforcing the fundamental value of human connection.
· Expanding Our Market Reach
Two major product launches broadened our market access:
Social Passes, launched in November 2025, provides time-bound paid access to our community and social features to travellers who may not have booked accommodation through Hostelworld.
Third‑Party Inventory (3PI), launched initially across 50 destinations in December 2025, provides customers with access to a wider accommodation offering, enabling us to serve customers wherever they choose to travel, most importantly in those destinations where there are few, if any, operating hostels.
· Integrating OccasionGenius Inc.
The acquisition of OccasionGenius Inc., a US based event discovery platform, will significantly enhance our social travel ecosystem by integrating real time event discovery into the Hostelworld experience. This product will enrich the social experience by enabling travellers to discover activities and travel-worthy events that deepen engagement and foster connection beyond accommodation. This initiative complements our social strategy and strengthens our differentiated position in the travel market.
These initiatives and continued product innovation represent important building blocks for the Company's next phase of growth. Our strategy is firmly focused on enabling a global community of travellers to connect, supporting sustainable growth and long‑term value creation for shareholders, as we continue to pursue our ambition of becoming the world's leading social travel platform.
Our People
Our people are at the heart of everything we do, and attracting and retaining highly talented staff is essential to achieving the Company's goals. In 2025, we achieved our highest ever employee engagement scores, reflecting a motivated and committed team. We were also proud to be awarded the 'Investors in Diversity Gold' accreditation, placing the Company among just 34 organisations in Ireland and making it the first within the travel sector to achieve this recognition. This external recognition confirms that our people strategy is aligned with best practice and reflects strong performance across governance, inclusive leadership, workforce representation and employee engagement.
Capital Structure and Shareholder Returns
We remain focused on delivering growth and long‑term sustainable value for shareholders, underpinned by a strong balance sheet and disciplined capital allocation. In 2025, we maintained a careful approach to capital allocation, balancing reinvestment in the business with returns to shareholders.
During the year, we introduced a dividend and commenced a £5 million share buyback programme, reflecting confidence in our strategy, operational performance and growth outlook. These returns were balanced with continued reinvestment in technology, product development, and strategic initiatives such as the OccasionGenius Inc. acquisition. OccasionGenius Inc. was acquired for an agreed purchase price of $12.0 million, fully funded by a new €10.3 million, 3-year term loan facility with Allied Irish Banks, plc, at an interest rate of 2.0% over EURIBOR.
At the end of 2025, the Group had a closing cash position of €12.2 million (2024: €8.2 million) and a net debt position of €1.6 million (2024: net cash €2.0 million). We continue to hold an interest-free warehoused debt facility with the Irish Revenue Commissioners. This liability will be paid in full by April 2027, in accordance with the terms of the agreed payment plan.
Building on the Board's decision to reinstate a progressive dividend policy, we declared an interim dividend of 0.82 € cent per share for the first half of 2025. This interim dividend was paid to shareholders on the register as of the applicable record date, 19 September 2025. Subject to shareholder approval at the 2026 AGM, the Board intends to pay a final dividend of 1.58 € cent per share, which will be paid in May 2026.
In June 2025, the Company announced the commencement of a £5 million share buyback programme, authorised under the general share repurchase authority granted by shareholders at the 2025 AGM on 7 May 2025. The programme is designed to reduce the Company's share capital, with all repurchased shares cancelled. As at year‑end 2025, the Company had repurchased and cancelled 3.1 million shares at a total cost of £3.9 million, with buyback activity continuing in early 2026 in line with the programme parameters.
The Board is confident that our approach to capital allocation positions Hostelworld for sustainable growth while maintaining flexibility to pursue opportunities that strengthen our competitive advantage.
Sustainability
We recognise our responsibility to minimise environmental impact and promote responsible travel, and the Board remains committed to ensuring key ESG principles are fully reflected in how the business is run.
Our Staircase to Sustainability ("S2S") framework helps hostels demonstrate and communicate their sustainability credentials to customers with clarity and transparency. A fifth of our hostels now carry an S2S badge, which is accredited by the Global Sustainable Tourism Council ("GSTC"). We continue to champion responsible travel and remain the only OTA represented on the GSTC's advisory group for Small and Medium Enterprises.
We also take responsibility for emissions arising from our own operations. In line with Science Based Targets initiative criteria, the Company has established reduction targets, referenced to the baseline years in which they were first set. Scope 1 and Scope 2 emissions have reduced by 95% since the establishment of a 2019 baseline. Scope 3 emissions, excluding hostel emissions, have reduced by 37% since the establishment of a 2023 baseline.
For the fifth consecutive year we retained the South Pole 'Taking Climate Action' label. This independent recognition reflects our continued commitment to the robust measurement, management, and reduction of our carbon footprint. Further details on our sustainability strategy, performance, and targets are set out in the Sustainability Report to the Annual Report.
Board Changes
In September 2025, Ulrik Bengtsson stepped down as Non‑Executive Chair, having previously announced his intention to do so in March 2025. I assumed the role of Interim Chair while the Board continued its comprehensive process to appoint a permanent successor, resulting in the appointment, on 30 January 2026, of Marieke Bax as a Non‑Executive Director and member of both the Remuneration and Nomination Committees. Marieke will assume the roles of Chair and Chair of the Nomination Committee with effect from 31 March 2026. We extend a warm welcome to Marieke and look forward to benefiting from her experience, insight and leadership, as we continue to execute our strategy and build on the company's positive momentum. Full details of the Board changes that occurred during the reporting period and in the period prior to the date of signing of this annual report are set out in the Nomination Committee Report within the Annual Report.
Conclusion
2025 saw Hostelworld strengthen its platform and scale its social travel proposition, focusing on deeper customer engagement, broader product relevance, and long‑term differentiation within the travel market. The progress made this year reinforces the Board's confidence in the company's long‑term direction and growth prospects.
As we look toward 2026, we will continue to invest with discipline to enhance the business for the benefit of all stakeholders. While the full financial contribution of our new features will build over time, they represent meaningful platform enhancements and provide a strong foundation for future growth. Our focus remains on building the world's leading social travel platform and empowering a global community of travellers to connect, explore, and create unforgettable memories together.
On behalf of the Board, I would like to extend my sincere thanks to Gary Morrison and the management team for their leadership, and to all our colleagues for their dedication and contribution during the year. I also extend our appreciation to our partners, customers and shareholders for their continued confidence and support.
Carl G. Shepherd
Interim Chair
25 March 2026
Chief Executive's Review: Gary Morrison
"In 2025, we delivered every commitment we made at our Capital Markets Day, strengthening our social platform, launching new revenue streams, and embedding AI across our business, laying the foundations for the next phase of Hostelworld's growth."
2025 was a year of two distinct halves - a softer start followed by meaningful acceleration, with H2 delivering 7% revenue growth and a significant improvement in marketing efficiency. More importantly, it was the year in which we laid the strategic foundations for our next phase of growth. We delivered every milestone we committed to at our Capital Markets Day: the rollout of Elevate, driving higher commission rates; the acquisition of OccasionGenius Inc.; the launch of Social Passes; and the initial rollout of budget accommodation. Underpinning all of this is a social platform that is growing in both scale and intelligence, with member messaging up 81% year-on-year, and AI-powered recommendations increasingly driving how our 3.4 million members connect, discover and book. Together, these advances are moving Hostelworld from a transactional booking engine to a data-led social travel platform, and they provide a strong foundation for the growth we are targeting in 2026 and beyond.
Trading and Financial Performance
Overall, 2025 was a year of strategic execution and significant operational progress, with a notably stronger performance in the second half of the year. For the full year, we delivered net revenue of €93.8 million (2024: €92.0 million), representing a 2% year-over-year increase (2024: 1% decline). This growth was underpinned by 7.0 million net bookings (2024: 6.9 million) and a 2% rise in Average Booking Value (ABV) to €13.43 (2024: €13.21). Our full-year adjusted EBITDA reached €19.9 million (2024: €21.8 million), in line with market consensus and reflecting an EBITDA margin of approximately 21% (2024: 24%).
Financial momentum accelerated in the second half of 2025, during which generated revenue rose by 7% year-over-year. This strength was driven by improved marketing efficiency, with direct marketing costs as a percentage of generated revenue falling to 45% in the second half (down from 48% in H2 2024), and the successful rollout of our marketplace monetisation tool, 'Elevate'. This tool enhanced our effective commission rate, which increased to 16.7% in the second half compared to 15.4% in the prior year period.
We closed the year with a resilient balance sheet, including a closing cash position of €12.2 million (2024: €8.2 million) and net debt of €1.6 million (2024: net cash €2.0 million). This financial stability allowed us to continue our £5 million share buy-back programme and reinstate the progressive dividend, with an interim payment made in September 2025.
Executing our Growth Strategy
Throughout 2025, we continued to implement our distinctive social network growth strategy in line with our mission to help travellers find people to hang out with. Our social platform uses booking data to create hostel and city-based chat rooms and enables private messaging in our iOS and Android apps. Travellers with overlapping stay dates can connect seven days before check-in and for one day after check-out, with city chats organised around themes such as walking tours and food.
Building on this, we began extending social discovery into the pre-booking phase, allowing travellers to connect earlier in their journey. Engagement across the network accelerated meaningfully, driven in part by the first wave of AI-powered recommendations that improve the relevance of the people, conversations and content surfaced to each member. The more our members interact, the richer the data we generate, and the better our recommendations become, creating a self-reinforcing cycle that is increasingly visible in our growth metrics.
· Social Membership: By December, the social community reached 3.4 million members.
· Engagement: Unique Chat Users grew 18% year-over-year, Messages between members grew 81% year-over-year and the number of messages sent per unique chat user grew 53% year-over-year.[1]
· Customer Value: These customers remain highly valuable, booking approximately twice as often and being three times more likely to use the app in the first 91 days than non-members.
· App Role[2]: 63% of total net bednights were sold via our app (2024: 60%).
Key social features shipped in 2025 included Travel Plans, launched in May, which lets travellers share future trips and meet others before booking. Early results show Travel Plans driving a measurable uplift in engagement and bookings for cohorts who interacted with the feature. We also shipped the first wave of AI-powered recommendations across social, improving how we suggest people to meet and conversations to join.
In October 2025, we acquired OccasionGenius Inc. (OG), a US-based B2B events discovery platform, for an agreed purchase price of $12.0 million. OG accelerates our strategy by bringing a structured, global dataset of events that we are integrating across the Hostelworld platform, leveraging AI-driven curation to surface the most relevant experiences to each traveller, to inspire travel and improve conversion. In November 2025, we introduced Social Passes, providing time-bound paid access to our social network for non-booking travellers, broadening our addressable market.
In December 2025, we launched the integration of Third-Party Inventory (3PI) within our platform, initially focused on English language iOS app users across a limited number of destinations. This extends our offer beyond hostels so customers can stay with us even when hostel options are limited. Customers who book this inventory are automatically connected to our social network in their destination, accessing city chats and core social features. Early indications are positive, with engagement and conversion strongest on searches with fewer direct Hostelworld results.
Taken together, these developments mark a significant evolution in what Hostelworld is. We enter 2026 not simply as a hostel OTA, but as a social travel platform with three areas of revenues, a materially larger addressable market, and a proprietary dataset spanning 3.4-million-social members, 16 million chat messages and 17 million bookings, that no competitor can replicate. This data is the foundation of our AI strategy: as the network grows, it generates richer signal, which powers better matching, which attracts more members, compounding our advantage over time. It also positions us well for the broader shift we are seeing in how travellers discover and plan trips - increasingly through AI-powered tools that favour platforms with deep, structured, social data over those that offer price comparison alone.
Expanding our Inventory Coverage
In 2025, we continued to grow our directly contracted hostel inventory. Ongoing enhancements to our onboarding experience, combined with an expanded activation team, drove a 28% year-over-year increase in activation rates, enabling our directly contracted inventory to reach its highest level since the pre-COVID period. Complementing this, the December launch of Third-Party Inventory extends our reach beyond directly contracted hostels, giving customers access to a broader range of accommodation options in destinations where our hostel coverage is limited.
The Linkups platform continues to give hostels a dedicated way to promote in-house events. In 2025, we focused on quality and scale, streamlining creation and management on our platform. Engagement proved resilient, with around 70,000 live Linkups per month in the second half of the year and strong customer interest in hostel-hosted events. We sharpened the proposition by concentrating on these hostel-hosted events, giving our partners a more visible way to bring guests together.
Investing in our Platform
In the first half of 2025, we completed our core services modernisation programme as planned. We now have a flexible microservices-based architecture with application-level on-demand scaling and integrated off-the-shelf services from our cloud provider. Overall, this multi-year effort has delivered significant benefits, including improved monitoring, faster service speeds, and reduced error rates.
Leveraging our cloud-native architecture enabled us to hit our 2025 goal of transitioning our infrastructure to production infrastructure as code. This has helped eliminate single points of failure and improved scalability while reducing hosting costs. Our cloud-native technology stack also provides the foundation for our AI capabilities, enabling the recommendation engine that powers social matching, the curation layer that will surface OccasionGenius Inc. events to members, and the operational intelligence tools we are embedding across the business in 2026.
Progressing our ESG Agenda
During 2025 we continued to build on the foundations established through collaboration with Bureau Veritas and the Global Sustainable Tourism Council ("GSTC"). With the Staircase to Sustainability ("S2S") framework fully operational, our focus was promoting self-assessment to our hostel partners.
· Adoption: These efforts delivered a 24% year-over-year increase in badge adoption, with 20% of all hostels now carrying an S2S badge.
· Commercial Performance: Badged hostels now over-index on conversion and regularly over-index on price per night.
· Sector Leadership: Hostelworld remains the only OTA represented on the GSTC advisory group for Small and Medium Enterprises.
We continue to focus on reducing our own environmental impact, working towards reduction targets set in line with the Corporate Net Zero Standard. I am pleased to report that for the fifth consecutive year we retained the South Pole 'Taking Climate Action' label.
Employees, Partners, and Communities
2025 marked a significant step in our journey to become a truly Remote First organisation. We invested in impactful events like Connections Week, reinforcing our sense of belonging. These efforts resonated with our people, as reflected in our highest-ever engagement scores, placing us ahead of our peer group.
For our hostel partners, we prioritised face-to-face engagement, hosting major conferences in Tokyo (May) and Seville (September). In total, the Global Markets team visited 50 locations during 2025 to gather direct feedback to inform future product and platform development.
Our commitment to inclusion was recognised with Investors in Diversity Gold accreditation, making Hostelworld the first travel company in Ireland to achieve this standard. We also deepened our partnership with Teen-Turn, providing mentorship for young women in STEM and reinforcing our commitment to building a more diverse pipeline of future talent.
Summary
2025 demonstrated both the resilience of our business model and the focused execution of our team. While the year began against a softer backdrop, the second half delivered 7% revenue growth, significantly improved marketing efficiency, and full-year adjusted EBITDA of €19.9 million in line with market consensus.
Equally important was what we delivered. Every strategic milestone we committed to at our Capital Markets Day was delivered: Elevate, OccasionGenius Inc., Social Passes and budget accommodation; and together they have transformed the platform. We now have three areas of revenue where there was one, a materially larger addressable market, and a proprietary social dataset that grows more valuable as our community expands. AI-powered recommendations are already strengthening engagement and will increasingly underpin how we match travellers, surface events and drive bookings.
We enter 2026 with an expanded set of capabilities, a resilient balance sheet, and a clear roadmap. I thank our employees for their commitment and our shareholders for their continued support.
Gary Morrison
Chief Executive Officer
25 March 2026
Chief Financial Officer's Review: Caroline Sherry
"2025 marked a year of execution against our strategy, combining revenue growth, targeted investment and a renewed focus on shareholder returns."
Financial Highlights
| Net Bookings 2025 7.0m, 2024 6.9m | Generated Revenue* 2025 €93.8m, 2024 €91.5m | Net Revenue 2025 €93.8m, 2024 €92.0m |
| Net Average Booking Value ("ABV")* 2025 €13.43, 2024 €13.21 | Direct Marketing as a % of Generated Revenue* 2025 48%, 2024 46% | Administration Expenses 2025 €75.9m, 2024 €71.8m |
| Profit for the Year 2025 €7.0m, 2024 €9.1m | Basic EPS 2025 5.63 cent, 2024 7.28 cent | Dividend per Share* 2025 2.40 cent, 2024 Nil |
| Adjusted EBITDA* 2025 €19.9m, 2024 €21.8m | Adjusted EBITDA Margin* 2025 21%, 2024 24% | |
| Adjusted Profit after Tax* 2025 €15.0m, 2024 €17.4m | Adjusted EPS* 2025 11.91 cent, 2024 13.97 cent | |
| Cash 2025 €12.2m, 2024 €8.2m | Net (Debt)/Cash* 2025 (€1.6m), 2024 €2.0m | Cash Conversion* 2025 51%, 2024 66% |
| Strategic and External Risk | Technological, Cyber and Data Risk | Financial Risk | Operational and Regulatory Risk | |
| Any external risks outside of the Group's control impacting our business. | The systems we use to power our business, and the data we hold. | Integrity of reporting and viability of the Group. | The processes and people we use to power the Hostelworld model. | |
| Increased level of risk | · Macroeconomic Conditions · Impact of Uncontrollable Events | · Artificial Intelligence | ||
| Unchanged level of risk | · Competition · Execution of Strategy | · Data Security · Cyber Security · Platform Evolution and Innovation · Marketing Optimisation | · Tax | · People · Brand and Reputation · Third-party Reliance · Climate Change and Sustainability · Regulation · Business Continuity |
| 2025 | Except | 2025 | 2024 | ||
| Total | Total | ||||
| Notes | €m | €m | €m | €m | |
| Revenue | 2 | 93.8 | - | 93.8 | 92.0 |
| Operating expenses | 3 | (84.1) | (1.3) | (85.4) | (80.9) |
| Other income | - | - | - | 1.3 | |
| Impairment of investment in associate | - | - | - | (1.2) | |
| Share of results of associate | - | - | - | 0.1 | |
| Operating profit | 9.7 | (1.3) | 8.4 | 11.3 | |
| Finance income | 0.1 | - | 0.1 | 0.1 | |
| Finance costs | (0.1) | - | (0.1) | (0.3) | |
| Profit before tax | 9.7 | (1.3) | 8.4 | 11.1 | |
| Tax charge | 6 | (1.4) | - | (1.4) | (2.0) |
| Profit for the year | 8.3 | (1.3) | 7.0 | 9.1 | |
| Basic earnings per share (euro cent) | 5.63 | 7.28 | |||
| Diluted earnings per share (euro cent) | 5.44 | 7.01 |
| 2025 | 2024 | |
| €m | €m | |
| Profit for the year | 7.0 | 9.1 |
| Items that may be reclassified subsequently to profit or loss: | ||
| Nil | - | - |
| Total comprehensive income for the year | 7.0 | 9.1 |
| 2025 | 2024 | ||
| Notes | €m | €m | |
| Non-current assets | |||
| Intangible assets | 71.5 | 63.5 | |
| Property, plant and equipment | 1.2 | 0.5 | |
| Deferred tax assets | 6 | 13.7 | 13.8 |
| 86.4 | 77.8 | ||
| Current assets | |||
| Trade and other receivables | 9 | 4.2 | 4.5 |
| Corporation tax | 0.1 | - | |
| Cash and cash equivalents | 12.2 | 8.2 | |
| 16.5 | 12.7 | ||
| Total assets | 102.9 | 90.5 | |
| Issued capital and reserves | |||
| Share capital and share premium | 10 | 1.2 | 1.3 |
| Share premium | 10 | 14.4 | 14.4 |
| Other reserves | 2.4 | 3.0 | |
| Retained earnings | 55.1 | 51.4 | |
| Total equity | 73.1 | 70.1 | |
| Non-current liabilities | |||
| Non-current debt | |||
| Debt warehoused | 11 | 0.8 | 3.5 |
| Borrowings | 13 | 9.2 | - |
| Lease liabilities | 0.5 | - | |
| Deferred tax liability | 8 | 1.2 | - |
| 11.7 | 3.5 | ||
| Current liabilities | |||
| Current debt | |||
| Debt warehoused | 11 | 2.7 | 2.7 |
| Borrowings | 13 | 1.1 | - |
| Trade and other payables | |||
| Trade payables | 12 | 3.7 | 4.1 |
| Deferred revenue | 12 | 3.2 | 3.5 |
| Accruals and other payables | 12 | 6.7 | 6.0 |
| Lease liabilities | 0.4 | 0.3 | |
| Corporation tax | 6 | 0.3 | 0.3 |
| 18.1 | 16.9 | ||
| Total liabilities | 29.8 | 20.4 | |
| Total equity and liabilities | 102.9 | 90.5 |
| Share Capital | Share Premium | Treasury Shares | Retained Earnings | Other Reserves | Total | |||
| €m | €m | €m | €m | €m | €m | |||
| Balance at 01 January 2024 | 1.3 | 14.4 | - | 40.6 | 2.9 | 59.2 | ||
| Issue of shares | - | - | - | - | - | - | ||
| Total comprehensive income | - | - | - | 9.1 | - | 9.1 | ||
| Credit to equity for equity settled share-based payments | - | - | - | - | 1.8 | 1.8 | ||
| Transfer of exercise, vesting or expiry of warrants | - | - | - | 1.7 | (1.7) | - | ||
| Transfer of exercised and expired share-based awards | ||||||||
| Balance at 31 December 2024 | 1.3 | 14.4 | - | 51.4 | 3.0 | 70.1 | ||
| Total comprehensive income | - | - | - | 7.0 | - | 7.0 | ||
| Credit to equity for equity settled share- based payments | - | - | - | - | 1.5 | 1.5 | ||
| Transfer of exercised and expired share-based awards | - | - | - | 2.2 | (2.2) | - | ||
| Purchase of own shares - share buyback | - | - | (4.5) | - | - | (4.5) | ||
| Cancellation of own shares - share buyback | (0.1) | - | 4.5 | (4.5) | 0.1 | - | ||
| Dividend paid | - | - | - | (1.0) | - | (1.0) | ||
| Balance at 31 December 2025 | 1.2 | 14.4 | - | 55.1 | 2.4 | 73.1 | ||
| Notes | 2025 | 2024 | |
| €m | €m | ||
| Cash flows from operating activities | |||
| Profit for the year | 7.0 | 9.1 | |
| Tax charge | 1.4 | 2.0 | |
| Profit before tax | 8.4 | 11.1 | |
| Amortisation and depreciation | 9.5 | 9.1 | |
| Share of results of associate | - | (0.1) | |
| Impairment of investment in associate | - | 1.2 | |
| Non-cash movements in provisions | - | (1.3) | |
| Financial income | (0.1) | (0.1) | |
| Finance expense | 0.1 | 0.3 | |
| Employee equity settled share-based payment expense | 1.5 | 1.8 | |
| Changes in working capital items: | |||
| Decrease in trade and other payables | (0.9) | (0.2) | |
| Decrease/(Increase) in trade and other receivables | 0.3 | (1.2) | |
| Cash generated from operations | 18.8 | 20.6 | |
| Interest paid (including lease interest) | - | (0.3) | |
| Interest received | 0.1 | 0.1 | |
| Income tax paid | (0.3) | (0.1) | |
| Net cash generated from operating activities | 18.6 | 20.3 | |
| Cash flows from investing activities | |||
| Acquisition / development of intangible assets | (7.6) | (5.5) | |
| Payment for acquisition of subsidiary, net of cash acquired | 8 | (8.3) | - |
| Purchases of property, plant and equipment | (0.2) | (0.1) | |
| Net cash used in investing activities | (16.1) | (5.6) | |
| Net cash from/(used in) financing activities | |||
| Drawdown of borrowings | 13 | 10.3 | - |
| Transaction costs relating to borrowings | 13 | (0.1) | - |
| Repayment of borrowings | 13 | - | (10.3) |
| Repayment of warehoused debt | 11 | (2.7) | (3.2) |
| Purchase of own shares - share buyback | 10 | (4.5) | - |
| Dividend paid | 14 | (1.0) | - |
| Repayments of obligations under lease liabilities | (0.5) | (0.5) | |
| Net cash from/(used in) financing activities | 1.5 | (14.0) | |
| Net increase in cash and cash equivalents | 4.0 | 0.7 | |
| Cash and cash equivalents at the beginning of the year | 8.2 | 7.5 | |
| Cash and cash equivalents at the end of the year | 12.2 | 8.2 |
| 2025 | 2024 | |
| €m | €m | |
| Europe | 49.9 | 51.6 |
| Americas | 16.9 | 17.0 |
| Asia, Africa and Oceania | 27.0 | 23.4 |
| Total | 93.8 | 92.0 |
| 2025 | 2024 | |
| €m | €m | |
| Technology and data processing fees | 92.2 | 90.0 |
| Provision of event data services (OG) | 0.2 | - |
| Advertising revenue and ancillary services | 1.4 | 2.0 |
| Total | 93.8 | 92.0 |
| 2025 | 2024 | |
| €m | €m | |
| Total non-current assets | 86.4 | 77.8 |
| Analysed as: | ||
| Ireland | 75.9 | 77.7 |
| USA | 10.4 | - |
| Portugal | 0.1 | 0.1 |
| 2025 | 2024 | ||
| Notes | €m | €m | |
| Marketing expenses - direct | 45.3 | 42.5 | |
| Marketing expenses - brand | 1.0 | 0.8 | |
| Staff costs | 19.1 | 19.0 | |
| Credit card and other processing fees | 2.8 | 2.9 | |
| Platform operating costs | 3.5 | 3.2 | |
| External contractor costs | 2.3 | 1.7 | |
| Exceptional items | 4 | 1.3 | - |
| FX loss | - | 0.1 | |
| Other administrative costs | 0.6 | 1.6 | |
| Total administrative expenses | 75.9 | 71.8 | |
| Depreciation of tangible fixed assets | 0.5 | 0.6 | |
| Amortisation of intangible fixed assets | 9.0 | 8.5 | |
| Total | 85.4 | 80.9 |
| 2025 | 2024 | |
| €m | €m | |
| Acquisition and integration costs | 1.3 | - |
| Total | 1.3 | - |
| 2025 | 2024 | |
| Average number of persons employed: | ||
| Sales and enabling | 103 | 94 |
| Technical | 157 | 134 |
| Total | 260 | 228 |
| 2025 | 2024 | ||
| €m | €m | ||
| Staff costs comprise: | |||
| Wages and salaries | 19.1 | 17.7 | |
| Social security costs | 2.7 | 2.2 | |
| Pensions costs | 0.6 | 0.5 | |
| Other benefits | 0.7 | 0.5 | |
| Share option charge | 1.5 | 1.8 | |
| Capitalised development labour | (5.5) | (3.7) | |
| Total | 19.1 | 19.0 |
| 2025 | 2024 | ||
| €m | €m | ||
| Current year charge | 0.3 | 0.3 | |
| Origination and reversal of temporary differences | 1.1 | 1.7 | |
| Total tax charge for the year | 1.4 | 2.0 |
| Intangible Assets €m | Losses and Interest Relief €m | Total Deferred Tax Asset €m | Intangible assets acquired in a business combination €m | Total Deferred Tax Liability €m | |
| At 01 January 2024 | 10.0 | 5.5 | 15.5 | - | - |
| Charge to income statement | (1.3) | (0.4) | (1.7) | - | - |
| At 01 January 2024 | 8.7 | 5.1 | 13.8 | - | - |
| Initial recognition on business combination | - | 1.0 | 1.0 | (1.2) | (1.2) |
| Charge to income statement | (0.8) | (0.3) | (1.1) | - | - |
| At 31 December 2025 | 7.9 | 5.8 | 13.7 | (1.2) | (1.2) |
| €m | ||
| Agreed purchase price | 10.3 | |
| Employer retention arrangement | (0.7) | |
| Closing Adjustments | (0.3) | |
| Total purchase consideration | 9.3 |
| €m | ||
| Cash paid | 8.5 | |
| Add: provision for holdback of proceeds | 0.8 | |
| Total purchase consideration | 9.3 | |
| Less: fair value of net assets acquired | (7.2) | |
| Goodwill | 2.1 |
| €m | ||
| Intangible assets - Technology | 6.2 | |
| Intangible assets - Customer contracts | 0.5 | |
| Intangible assets - Trade name | 0.6 | |
| Cash and cash equivalents | 0.2 | |
| Trade and other receivables | 0.1 | |
| Deferred tax asset | 1.0 | |
| Accruals and other payables | (0.2) | |
| Deferred tax liability | (1.2) | |
| Fair value of net assets acquired | 7.2 |
| 2025 | 2024 | |||
| €m | €m | |||
| Amounts falling due within one year | ||||
| Trade receivables | 0.5 | 1.2 | ||
| Prepayments and other receivables | 2.1 | 1.8 | ||
| Value added tax | 1.6 | 1.5 | ||
| Total | 4.2 | 4.5 | ||
| No of shares of €0.01 each | Ordinary shares | Share premium | Total | |
| (thousands) | €m | €m | €m | |
| At 31 December 2024 | 124,990 | 1.3 | 14.4 | 15.7 |
| Share issue - RSU | 2,288 | - | - | - |
| Cancellation of own shares - share buyback | (3,062) | (0.1) | - | (0.1) |
| At 31 December 2025 | 124,216 | 1.2 | 14.4 | 15.6 |
| 2025 | 2024 | |
| €m | €m | |
| Opening balance | 6.2 | 9.6 |
| Repayments made | (2.7) | (3.2) |
| Finance costs (unwind)/costs | - | (0.2) |
| Closing balance | 3.5 | 6.2 |
| 2025 | 2024 | |
| €m | €m | |
| Non-current liability | 0.8 | 3.5 |
| Current liability | 2.7 | 2.7 |
| Total | 3.5 | 6.2 |
| Notes | 2025 | 2024 | |
| €m | €m | ||
| Trade payables | 3.7 | 4.1 | |
| Accruals and other payables | 5.0 | 5.2 | |
| Customer provisions | 0.1 | 0.1 | |
| Holdback provision | 8 | 0.9 | - |
| Deferred revenue | 3.2 | 3.5 | |
| Payroll taxes (non-warehoused) | 0.7 | 0.7 | |
| Total | 13.6 | 13.6 |
| 2025 | 2024 | |
| €m | €m | |
| Opening balance | - | 10.2 |
| Drawdown | 10.3 | - |
| Repayments | - | (10.3) |
| Transaction costs | (0.1) | - |
| Finance costs | 0.1 | 0.4 |
| Finance interest paid | - | (0.3) |
| Total | 10.3 | - |
| 2025 | 2024 | |
| €m | €m | |
| Interim 2025 dividend of 0.82 € cent per share (paid 19 September 2025) | 1.0 | - |
| Total | 1.0 | - |
| APM | Closest IFRS Measure | Definition/Purpose | Reconciliation/ Calculation | |||
| Adjusted EBITDA | Operating profit | Earnings before interest, tax, depreciation, amortisation, share-based payment expenses, other income, impairment of associate, results of associates, and items classified by management as exceptional. Adjusted EBITDA excludes non-trading items to provide a clearer view of baseline operating profitability. | See note (a) | |||
| Adjusted EBITDA Margin | No direct equivalent | Adjusted EBITDA as a percentage of net revenue, providing insight into the Group's ability to convert revenue into operating profit by removing items which do not impact underlying trading performance. | See note (a) | |||
| Adjusted Profit after Tax ("PAT") | Profit after tax |
| See note (b) | |||
| Adjusted Earnings per Share ("EPS") | Basic earnings per share | Adjusted PAT divided by the weighted average number of shares. Reflects underlying profitability per above explanation. Adjusted EPS is a metric included in the Executive Director and Senior Management remuneration for the current and prior year LTIP plan being struck. | See note (b) | |||
| Dividend per Share | No direct equivalent | Total dividends declared in respect of the financial year divided by the weighted average number of ordinary shares in issue during the year (excluding shares held in treasury, where applicable). The Board uses Dividend per Share to communicate returns to shareholders. | See note (c) | |||
| Adjusted Free Cashflow ("FCF") | Net cash from operating activities | Cash generated from operations adjusted for capital expenditure, intangible investments, lease payments, exceptional cash items, and other items impacting cash flow which do not relate to core trading activity. Measure used by group management and external readers, including investors, to assess the amount of cash the Group is generating from its trade and assess cash available for debt repayment, dividends, share repurchases, and acquisitions. | See note (d) | |||
| Adjusted FCF Conversion | No direct equivalent | Adjusted free cash flow divided by Adjusted EBITDA. As above, adjusted free cash flow conversion is a measure which group management and external readers including investors can use to measure the Group's ability to convert Adjusted EBITDA into free cash flow. | See note (d) | |||
| Net (Debt)/Cash | Total borrowings and cash and cash equivalents | Total debt (including warehoused and external borrowings) less cash and cash equivalents. Used to monitor leverage and liquidity which assists in management's assessment of financial stability and strategic decision making. | See note (e) | |||
| Market Capitalisation | No direct equivalent | Number of shares in issue multiplied by share price. Market capitalisation is the markets assessment of the value of a Company. Market capitalisation is used by the Group's management as a factor in considering if there is any impairment to the Group or Company Balance Sheet. | See note (f) | |||
| Net Average Booking Value ("ABV") | No direct equivalent | Net ABV represents the average value paid by a customer for a net booking calculated as generated revenue divided by total net bookings. | See note (g) | |||
| Direct Marketing Costs as a % of Generated Revenue | No direct equivalent | Direct marketing costs as a percentage of generated revenue is an APM which looks at the efficiency of marketing spend relative to revenue from booking. This APM is used by the Group's management to identify how efficient the Groups marketing channels are. | See note (h) | |||
| Net Margin | Operating profit | Net margin is an APM which is calculated by deducting direct costs from generated revenue. Direct costs are comprised of direct marketing costs and credit card and other processing fees. Provides insight into trading profitability before overheads and other operating expenses. | See note (i) | |||
| 2025 €'m | 2024 €'m | |
| Operating profit | 8.4 | 11.3 |
| Depreciation | 0.5 | 0.6 |
| Amortisation of development costs | 4.9 | 3.6 |
| Amortisation of acquired intangible assets | 4.1 | 4.9 |
| Tax credit | (0.8) | (0.2) |
| Other income | - | (1.3) |
| Impairment of investment in associate | - | 1.2 |
| Share of result of associate | - | (0.1) |
| Exceptional items | 1.3 | - |
| Share based payment expense | 1.5 | 1.8 |
| Adjusted EBITDA | 19.9 | 21.8 |
| 2025 €'m | 2024 €'m | |
| Adjusted EBITDA | 19.9 | 21.8 |
| Net revenue | 93.8 | 92.0 |
| Adjusted EBITDA margin % | 21% | 24% |
| 2025 €'m | 2024 €'m | |
| Profit for the year | 7.0 | 9.1 |
| Exceptional items | 1.3 | - |
| Amortisation of acquired intangible assets | 4.1 | 4.9 |
| Share based payment expense | 1.5 | 1.8 |
| Deferred tax | 1.1 | 1.7 |
| Other income | - | (1.3) |
| Impairment of investment in associate | - | 1.2 |
| Adjusted PAT | 15.0 | 17.4 |
| 2025 | 2024 | |
| Adjusted profit after tax (€'m) | 15.0 | 17.4 |
| Weighted average shares in issue ('m) (note 10 to financial statements) | 125.4 | 124.5 |
| Adjusted EPS (cent) | 11.91 | 13.97 |
| 2025 €'m | 2024 €'m | |
| Interim Dividend (€'m) | 1.0 | - |
| Final Dividend (€'m) | 2.0 | - |
| Total dividend (€'m) | 3.0 | - |
| Weighted average shares in issue ('m) | 125.4 | - |
| Dividend per share (cent) | 2.40 | - |
| 2025 €'m | 2024 €'m | |
| Opening Cash | 8.2 | 7.5 |
| Closing Cash | 12.2 | 8.2 |
| Net increase in cash and cash equivalents | 4.0 | 0.7 |
| Add back | ||
| Repayment of debt warehoused | 2.7 | 3.2 |
| Repayment of borrowings | - | 10.3 |
| Proceeds from borrowings | (10.3) | - |
| Transaction costs capitalised | 0.1 | - |
| Repurchase of own shares - share buyback | 4.5 | |
| Payment for acquisition of subsidiary | 8.3 | - |
| Exceptional items | 0.8 | 0.2 |
| Adjusted FCF | 10.1 | 14.4 |
| 2025 €'m | 2024 €'m | |
| Adjusted FCF | 10.1 | 14.4 |
| Adjusted EBITDA | 19.9 | 21.8 |
| Adjusted FCF conversion % | 51% | 66% |
| 2025 €'000 | 2024 €'000 | |
| Adjusted FCF | 10.1 | 14.4 |
| Exceptional items | (0.8) | (0.2) |
| Lease liability payments | 0.5 | 0.5 |
| Acquisition/capitalisation of intangible assets | 7.6 | 5.5 |
| Purchases of property, plant and equipment | 0.2 | 0.1 |
| Dividend paid | 1.0 | - |
| Net cash from operating activities | 18.6 | 20.3 |
| 2025 €'m | 2024 €'m | |
| Cash and cash equivalents | 12.2 | 8.2 |
| Borrowings | (10.3) | - |
| Debt warehoused | (3.5) | (6.2) |
| Net (debt)/cash | (1.6) | 2.0 |
| 2025 | 2024 | |
| Share price (€ cent per share) | 1.43 | 1.63 |
| Ordinary shares in issue ('m) | 124.2 | 125.0 |
| Market capitalisation (€'m) | 177.9 | 203.5 |
| 2025 €'m | 2024 €'m | |
| Gross revenue | 106.8 | 105.0 |
| Cancellations | (13.0) | (13.5) |
| Generated revenue | 93.8 | 91.5 |
| Deferred revenue movement | (0.3) | 0.2 |
| Refunds, chargebacks and cost of discounts and vouchers | (1.3) | (1.5) |
| Other revenue | 0.2 | 0.3 |
| Advertising income (featured listings) | 1.4 | 2.0 |
| Volume incentive rebates | - | (0.5) |
| Net revenue | 93.8 | 92.0 |
| 2025 | 2024 | |
| Generated revenue (€'m) | 93.8 | 91.5 |
| Net bookings (#'m) | 7.0 | 6.9 |
| Net ABV generated (€) | 13.43 | 13.21 |
| 2025 €'m | 2024 €'m | |
| Direct marketing costs | 45.3 | 42.5 |
| Generated revenue | 93.8 | 91.5 |
| Direct marketing costs as a % of generated revenue | 48% | 46% |
| 2025 €'m | 2024 €'m | |
| Net revenue | 93.8 | 92.0 |
| Direct marketing costs | (45.3) | (42.5) |
| Credit card and other processing fees | (2.8) | (2.9) |
| Net margin | 45.7 | 46.6 |
| 2025 €'m | 2024 €'m | |
| Net margin | 45.7 | 46.6 |
| Other operating costs | (37.3) | (35.5) |
| Other income | - | 1.3 |
| Share of result of associate | - | 0.1 |
| Impairment in investment of associate | - | (1.2) |
| Operating profit | 8.4 | 11.3 |