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Stock Analyst Note

Shares in Web Travel have risen more than 20% since July 28, 2026, when it provided a reassuring trading update and earnings guidance for the first six months of fiscal 2027. We assess whether the surge is justified and put it in context amid various uncertainties swirling around the group.
Brian Han
Stock Analyst Note

Web Travel's fiscal 2026 underlying EBITDA grew 23% to AUD 148 million, driven by a 20% surge in total transaction volume, or TTV, to AUD 5.8 billion, while revenue was up 20% to AUD 394 million. The group offset weakness in the Middle East with growth in the Americas and Europe.
Brian Han
Company Report

We put Web Travel Group under review on Feb. 6, 2026, in response to the announcement that the Spanish Tax Agency has commenced an audit of Web Travel Group's Spanish subsidiary. Management is silent on what triggered the audit, the quantum of taxes being scrutinized, and the scope of the audit. We will soon update our fair value estimate and give our opinion about the value of the shares, even if management does not provide a timely update.
Brian Han
Stock Analyst Note

Web Travel's fiscal 2026 first-half underlying EBITDA grew 17% year on year to AUD 82 million. The 20% rise in revenue to AUD 205 million in the six months to September 2025 was partly offset by previously flagged investment in hotel-contracting resources and higher overheads.
Brian Han
Stock Analyst Note

Web Travel's fiscal 2026 first-half bookings and total transaction value met management's guidance, up 18% to 5.1 million and 22% to AUD 3.2 billion, respectively. Growth by region was also as expected, with a flat result in the Middle East and Africa, the only, but unsurprising, drag.
Brian Han
Stock Analyst Note

Web Travel's fiscal 2025 underlying EBITDA fell 13% to AUD 121 million, near the top of the AUD 117 million-AUD 122 million guidance. Total transaction value is up 37% in fiscal 2026 to-date, with management projecting "record EBITDA" and reiterating its long-term TTV target.
Brian Han
Company Report

Web Travel Group demerged its B2C units in September 2024, and is now a pure global online B2B accommodation bookings provider.
Brian Han
Stock Analyst Note

Since demerging the retail consumer unit Webjet in late September 2024, shares in Web Travel Group are down 40%. Ahead of the fiscal 2025 full-year results release on May 28, 2025, the company is guiding to an underlying EBITDA guidance of AUD 117 million-AUD 122 million.
Brian Han
Stock Analyst Note

Web Travel’s fiscal 2025 first-half performance provided more a relief than any surprises. The surprise was already delivered last month when a preview of the result and outlook torpedoed fiscal 2025 full-year consensus underlying EBITDA estimate to AUD 114 million, from AUD 190 million-plus prior (we were at AUD 182 million)
Brian Han
Stock Analyst Note

Web Travel's trading update for the first half of fiscal 2025, which ended September 2024, is weak. Revenue/total transaction value is projected to be 6.4% for WebBeds. This is down from management's guidance of around 7% given less than two months ago, and a far cry from the 8.3% achieved in first half fiscal 2024. The impact is magnified at the earnings level, with first-half EBITDA margins likely to be 44%. This is a big fall from the 50% level indicated at the Annual General Meeting in August and far below the 52.3% achieved a year ago.
Brian Han

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