HomeToGo statutory revenue rose 20.3% to €255.5M in 2025

Updated 15 October 2026. After a source check by the standards desk, 1 sentence was removed because no source confirmed its specifics. Corrections log.

On March 19, 2026, HomeToGo SE reported that its statutory IFRS revenues reached €255.5M for the full year 2025, an increase of 20.3% year over year following the acquisition and partial-year consolidation of vacation rental manager Interhome. Pro-forma revenue, calculated as if Interhome had been owned for the entirety of 2025, totaled €394.3M, representing a 2.9% rise compared to the prior year.

The Luxembourg-registered vacation rental operator posted statutory adjusted EBITDA of €13.2M, beating its internal guidance by 20.0% and rising 2.7% above 2024 results. Pro-forma adjusted EBITDA reached €42.0M, which was 5.0% higher than guided and up 27.7% year over year, while statutory net results absorbed €60.2M in one-time, non-cash impairment charges linked to a strategic reallocation of capital away from the consumer marketplace.

What the data shows

HomeToGo’s audited financial results for the twelve months ended December 31, 2025, showed a widening operational split between its legacy consumer search platform and its business-to-business property operations. Statutory results included the consolidation of Interhome starting from 28 August 2025, which added late-season operating volume but also introduced post-summer seasonal overhead into the second half of the year.

For the fourth quarter of 2025, group IFRS revenues rose 56.2% year over year to €54.2M, establishing a quarterly revenue record for the company. However, group adjusted EBITDA for the quarter registered an operating loss of €(8.8)M, compared to an adjusted EBITDA loss of €(4.0)M in Q4/24. The company attributed that wider fourth-quarter deficit directly to Interhome’s historical year-end seasonality, which carries high fixed operating costs through Europe’s shoulder months.

Across the full year, the company’s operating divisions diverged in volume and margin:

• HomeToGo_PRO, which houses B2B software and property management services, generated €114.9M in statutory IFRS revenues, an increase of 64.1% year over year. The unit recorded a statutory adjusted EBITDA loss of €(2.6)M due to the late-August timing of the Interhome consolidation. On a pro-forma basis across all twelve months, HomeToGo_PRO produced €253.7M in revenue and €26.2M in adjusted EBITDA.
• During the fourth quarter alone, HomeToGo_PRO generated €33.9M in revenue, up 174.8% year over year, while posting an adjusted EBITDA loss of €(14.6)M.
• HomeToGo Marketplace, the consumer-facing booking engine, recorded full-year statutory IFRS revenues of €151.7M, remaining largely flat year over year. Adjusted EBITDA inside the marketplace rose to €15.8M, more than five times the €2.9M reported in FY/24.
• In the fourth quarter, Marketplace revenue rose 5.9% year over year to €24.4M despite cutbacks in paid acquisition. Marketplace adjusted EBITDA moved from a loss of €(3.3)M in Q4/24 to positive €5.8M in Q4/25.
• The marketplace Onsite Take Rate climbed to 13.7%, an expansion of 0.9pp compared to the prior year.

How it was measured

The figures were compiled by HomeToGo SE under International Financial Reporting Standards and audited by Ernst & Young, confirming preliminary figures originally released in February 2026. The statutory metrics reflect Interhome’s financial performance only from the closing date of 28 August 2025 through 31 December 2025.

To provide comparative baseline figures, HomeToGo calculated pro-forma metrics under the operational assumption that Interhome had been consolidated into group accounts from 1 January 2025. Non-IFRS metrics such as Adjusted EBITDA and Booking Revenues were defined in the investor relations resources published on the company’s website. The group noted that Adjusted EBITDA strips out one-time restructuring costs, share-based compensation, and asset write-downs.

The company also took total non-cash impairments of €60.2M against its statutory balance sheet for 2025. Following a strategy revision announced in October 2025 that shifted investment priority toward HomeToGo_PRO, management booked a €54.3M goodwill impairment on the B2C Marketplace reporting unit. An additional impairment of €5.6M was recorded during the restructuring of subsidiary e-domizil, after contracts and customer relationships were migrated onto the central Interhome operating platform.

The rebalancing toward PRO and Interhome

The annual report showed that HomeToGo’s revenue engine shifted heavily toward direct property operations and software solutions. Pro-forma figures reveal that HomeToGo_PRO accounted for €253.7M of the group’s total €394.3M in pro-forma sales during 2025, representing nearly two-thirds of the business by top-line volume. The segment’s €26.2M pro-forma adjusted EBITDA also contributed the majority of the group’s €42.0M pro-forma operating profit.

Interhome added tens of thousands of managed vacation rental units across key European leisure markets, transforming HomeToGo from a pure meta-search aggregator into an inventory holder and ground operator. That operational pivot explains the impairment charge taken against the consumer marketplace: goodwill accumulated from earlier consumer acquisitions was written down to match the reduced capital allocation to the marketplace.

“2025 was a landmark year as we repositioned our business around HomeToGo_PRO, establishing a new center of gravity and unlocking a new level of scale. We exceeded our profitability targets on both a statutory and a pro-forma basis and realized Interhome synergies ahead of schedule, demonstrating strong operational discipline.”

The integration plan outlined by co-founder and chief executive Dr. Patrick Andrae and chief financial officer Sebastian Bielski identified five operational priorities for 2026. These included capturing the remainder of €10M in targeted annualized short-term cost synergies from Interhome, executing selective B2B software and property management acquisitions under an existing €200M bond framework, standardizing subsidiary brands under the HomeToGo Originals umbrella, optimizing marketing efficiency, and continuing software deployments in artificial intelligence.

Marketplace efficiency and onsite conversion

While the B2B wing took on physical inventory and operational scale, the Marketplace division altered its customer acquisition approach. Throughout 2025, and specifically in the fourth quarter, HomeToGo reduced direct marketing expenditures. By trimming pay-per-click bidding and acquisition spend, the consumer marketplace posted full-year revenue of €151.7M, holding ground against prior periods while generating €15.8M in segment adjusted EBITDA.

Driving that margin gain was the Onsite Take Rate, which reached 13.7% for the year, an increase of 0.9pp. The take-rate metric tracks the transaction commission HomeToGo captures when a traveler completes a booking directly on the platform rather than clicking out to an external partner site. As onsite bookings made up a larger proportion of total marketplace volume, gross revenue retention improved even as overall search volume was kept disciplined.

Cash reserves and debt restructuring

HomeToGo closed 2025 with €91.6M in cash and cash equivalents, representing an increase of 29.3% compared to the cash balance held at the 2024 reporting date.

To stabilize its liabilities following the Interhome purchase, the company issued a €105M Senior Secured Nordic Bond in February 2026. Management stated that proceeds from the bond transaction were used to replace fast-amortizing short-term debt facilities. HomeToGo projected that retiring that debt would unlock approximately €84M in operational cash flow across 2026 and 2027 by eliminating near-term principal amortization requirements.

For the 2026 fiscal year, HomeToGo issued statutory guidance calling for IFRS revenues between €400M and €410M, representing growth of more than 55% over 2025 statutory revenue of €255.5M. The group guided full-year statutory adjusted EBITDA to between €45M and €47M, an expected expansion of more than 240% over the €13.2M recorded in 2025. That outlook incorporated full twelve-month consolidation of Interhome alongside initial operational synergies.

What to take from it

HomeToGo’s 2025 annual figures offer clear reference points for short-term rental operators and property investors monitoring platform consolidation across Europe.

• Distinguish between statutory revenue leaps and pro-forma organic trends when assessing acquired property portfolios. HomeToGo’s statutory revenue rose 20.3% in 2025, but its pro-forma revenue grew just 2.9%.
• Monitor take-rate trajectories on distribution channels. HomeToGo’s onsite take rate rose 0.9pp to 13.7%, showing that European booking aggregators continue to extract higher monetization per transaction through on-platform checkouts.
• Factor seasonal operational overhead into property management software valuations. Off-season operating expenses generated a fourth-quarter adjusted EBITDA loss of €(14.6)M in HomeToGo_PRO, illustrating how holding ground operations alters quarterly cash requirements compared to pure software platforms.
• Watch debt repayment schedules. Replacing amortizing acquisition loans with a €105M Nordic bond freed up €84M in liquidity across 2026 and 2027, highlighting how capital structure decisions influence working capital in capital-intensive rental operations.