A booking platform just told the market what your management business is worth. 🇩🇪
HomeToGo reported H1 2026 this morning. The headline figures are good:
➡️ IFRS revenues €160.1M, up 71.8% YoY (from €93.2M)
➡️ Free cash flow €48.2M, versus minus €5.0M in H1 2025
➡️ Adjusted EBITDA improved 26.6% YoY, accelerating to +58.6% in Q2 alone
➡️ FY26 guidance reaffirmed: €400M to €410M revenue
But the strategic news is further down the release.
HomeToGo's B2B arm now carries ~66% of group revenue, and revenues there rose 250.5% to €105.2M. That arm owns Interhome (bought from Hotelplan in August 2025), Smoobu (host-facing PMS) and Kraushaar.
This morning it launched HomeToGo Originals, a new umbrella brand over Interhome and Kraushaar, spanning 20+ countries. The company describes it as a scalable, plug-and-play brand for integrating future property management acquisitions.
Now pair that with the Q1 disclosure in May:
➡️ Contract portfolios acquired from three local agencies in Spain, Italy and Switzerland
➡️ ~200 units under management between them
➡️ Acquired at a multiple of ~1x EBITDA
Three things follow for European operators.
1️⃣ Your distribution partner is becoming your competitor on the supply side, with a consumer brand attached.
2️⃣ ~1x EBITDA is now a visible reference point for small agency books. Whether or not you think that is fair, it is the anchor a buyer will open with.
3️⃣ Scale is being assembled through bolt-ons, not one big deal. That means the acquirer is looking at portfolios the size of yours.
If someone approached you tomorrow, would you know what your management contracts are actually worth?
Full episode link in comments
