1x EBITDA

STR Unpacked · Aug 19, 2026 · 2m · transcript

A booking platform just told the market what your management business is worth. 🇩🇪

HomeToGo reported H1 2026 this morning. The headline figures are good:

➡️ IFRS revenues €160.1M, up 71.8% YoY (from €93.2M)

➡️ Free cash flow €48.2M, versus minus €5.0M in H1 2025

➡️ Adjusted EBITDA improved 26.6% YoY, accelerating to +58.6% in Q2 alone

➡️ FY26 guidance reaffirmed: €400M to €410M revenue

But the strategic news is further down the release.

HomeToGo's B2B arm now carries ~66% of group revenue, and revenues there rose 250.5% to €105.2M. That arm owns Interhome (bought from Hotelplan in August…