DAVY VIEW

Hostelworld has reported FY25 numbers this morning. With most of the headline numbers pre-reported, the key focus is on FY26. The better momentum in H225 has continued into the early part of FY26 with revenue growth improving to 12% in Q126, helped by strong commission rates, some positive geographic mix impacts and the timing of Easter. The company reiterated that it is confident in achieving low-double-digit revenue growth in FY26 with aEBITDA margins above 20%, broadly in line with our expectations.