Before embarking on a new chapter in its leadership, HBX Group sought to provide a clear picture of its business performance. The technology company, specializing in B2B solutions for the tourism sector and headquartered in Mallorca, has announced the retirement of its CEO, Nicolas Huss, while presenting its third-quarter results, which show sustained business growth and an improvement in its full-year financial forecasts.
The Board of Directors has approved Huss’s departure; he will leave his position and resign his seat on the board on September 30, after five years at the helm of the company. On an interim basis, current Chief Financial Officer Brendan Brennan will assume the role of interim Chief Executive Officer effective October 1, while the group completes a search process to appoint a new CEO.
The succession comes after a period marked by the company’s transformation. Since joining the company in 2021, Huss has led the company’s recovery from the pandemic, driven a far-reaching strategic restructuring, and completed the path to HBX Group’s IPO by 2025. The Board of Directors has already begun the search for a permanent successor, for which it will be advised by the executive search firm Egon Zehnder and will evaluate both internal and external candidates. The goal is to announce the appointment before the Annual General Meeting scheduled for February 2027.
The leadership change comes at a time when the company is operating at full capacity. In the third quarter of fiscal year 2026, which ended on June 30, HBX Group increased its total transaction volume (TTV) by 12% to €2,418 million on a constant currency basis. Revenue, however, fell by 3% to €177 million, as a result of the strategic decision to prioritize transaction volume growth over unit revenue and the impact of geopolitical instability in the Middle East.
The company estimates that the conflict in the region reduced TTV growth by four percentage points during the quarter. Without this effect, transactions would have increased by 16 percent and revenue would have recorded a slight increase of 1 percent. For the first nine months of the fiscal year as a whole, the group achieved a transaction volume of €6.188 billion, a 15 percent increase, while revenues stood at €486 million, virtually unchanged from the previous year, down 1 percent.
Europe, the driving force behind business
By market, Europe continued to be the main driver of the business, with a 10 percent increase in TTV to €1,324 million, driven by domestic tourism demand and the flow of British travelers to Mediterranean destinations. The strongest growth, however, came from the Americas, where transaction volume increased by 22 percent to 721 million, driven by strong travel demand to North America linked to the Soccer World Cup. In contrast, in the Middle East, Africa, and the Asia-Pacific region, growth was limited to 2 percent, affected by geopolitical tensions, although the company states it has detected signs of recovery at the end of the quarter.
In light of recent events, HBX Group has revised its full-year forecast upwards. The company now expects transaction volume to increase by 13% to 15%, compared to the previous range of 11% to 15%. while the revenue forecast has improved to an interval of between -2 percent and 0 percent, compared to the previous range of between -4 percent and +1 percent. In addition, it has reduced the estimated impact of the conflict in the Middle East on the annual figures from 4 percent to 3 percent.
The company has also maintained its dividend policy for shareholders after its IPO. During the quarter, it distributed almost 38 million euros, which includes its first dividend — 18 million euros, equivalent to 7.5 cents per share — and the repurchase of shares worth about 20 million euros, as part of the 100-million-euro program approved by the group. This is in addition to the acquisition of the tech company Bridgify, a move that strengthens its artificial intelligence capabilities and expands its range of tourism experiences.
The leadership change, therefore, comes at a time when HBX Group is entering a new phase of growth as a publicly traded company, with a roadmap focused on international expansion, investment in technology, and the consolidation of its position as one of the leading technology providers for the global tourism industry.
