HBX Group’s Growth Fails to Offset Margin Pressure at Hotelbeds

HBX Group, the world’s largest independent hotel wholesaler and owner of the Hotelbeds brand, is confronting a harsh reality: expanding volume no longer translates into stronger earnings. The company projects it will handle more than EUR 1 billion in extra travel this year on a constant-currency basis, but that larger business is expected to yield no more revenue and less adjusted EBITDA than it posted in the previous year.

Shares in HBX have fallen nearly a third since the company’s initial public offering in February 2025, when they were priced at EUR 11.50. The stock decline reflects investor concerns over the group’s ability to maintain margins despite its dominant position in the bed bank segment.

When asked what changed from its original plan, HBX pointed to shifting take-rate dynamics — the fees it earns for booking hotel inventory. “The main change versus our original assumptions has been the greater impact of take-rate dynamics,” the company said.

The results underscore a broader shift in the hotel distribution market. HBX is not losing demand; it is capturing growth. But it is getting far less from that growth than it initially anticipated, suggesting that even a market leader cannot escape pricing pressure and changing commission structures.