Hotelbeds' Scale Fails to Shield Margins as Take-Rate Pressures Mount

HBX Group, the parent of Hotelbeds, expects to handle over €1 billion more travel volume this year yet projects flat revenue and lower adjusted EBITDA than last year. The company attributes the shortfall to greater-than-anticipated pressure on its take rates, despite continued demand growth. Shares have fallen nearly a third since their February 2025 IPO, signaling that scale alone no longer guarantees profitability in the wholesale hotel distribution market.