Web Travel Group upgrades 1H27 guidance on stronger bookings and margins
Web Travel Group (ASX: WEB) has upgraded its earnings guidance for the six months to 30 September 2026 (1H27), citing faster booking velocity and improved trading margins. In an announcement dated 26 August 2026, the Company now expects Group Underlying EBITDA (including corporate costs) of between AUD$85 and 89 million, up from prior guidance of $80–86 million.
The revision signals that trading across the first half is running ahead of the Company’s earlier expectations. For investors, an upgrade of this nature points to stronger operational momentum within the WebBeds business.
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What’s driving the upgrade
The upgrade reflects a combination of accelerating revenue growth and expanding margins within WebBeds. The Company revised the following operational metrics:
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WebBeds 1H27 TTV margin is now expected to be at least 6.7% (previously circa 6.7%), up from 6.5% in 1H26
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WebBeds 1H27 Revenue (in EUR functional currency) is now expected to be up 14–16% on 1H26 (previously guided to be up 11–15%)
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WebBeds 1H27 EBITDA growth (in EUR functional currency) is expected to exceed revenue growth, reflecting continued operating leverage
According to the Company, 1H27 is on track to be the third consecutive six-month period in which TTV margins have improved over the prior corresponding period.
Web Travel Group FY26 results established the foundation for the current trajectory, with WebBeds delivering $1 billion of incremental TTV at an improved margin and EBITDA expanding 23% to $148.4 million as expense growth lagged revenue growth.
Regionally, management noted the Americas continues to see extremely strong growth, while the performance of Europe, MEA and APAC improved in the second quarter.
Fact vs. impact snapshot
The table below compares the previous and upgraded guidance across the Company’s key disclosed metrics.
| Metric | Previous Guidance | Upgraded Guidance | 1H26 Comparative |
|---|---|---|---|
| Group Underlying EBITDA (AUD) | $80–86m | $85–89m | — |
| WebBeds Revenue growth (EUR) | +11–15% | +14–16% | — |
| WebBeds TTV margin | circa 6.7% | at least 6.7% | 6.5% |
Management commentary
Managing Director John Guscic attributed the upgrade to stronger booking activity and margin gains during the period.
John Guscic, Managing Director
“The decision to upgrade guidance is due to the increased velocity of bookings and improved margins in trading. The Americas continues to see extremely strong growth. The performance of Europe, MEA and APAC have improved in the second quarter.”
Guscic added that the demonstrable operating leverage is a direct result of the optimisation initiatives and investments the Company made in FY26, which are delivering earlier than expected.
Understanding the numbers: TTV, TTV margin and operating leverage
For investors less familiar with the metrics behind the upgrade, three terms help explain why the EBITDA revision outpaces the revenue story.
TTV (Total Transaction Value) is defined by the Company as Total Transaction Value.
TTV margin is revenue expressed as a percentage of TTV. A rising margin means the Company earns more revenue from each dollar of bookings processed.
Operating leverage occurs when EBITDA grows faster than revenue. In practice, this means a greater share of each additional dollar of revenue flows through to earnings.
A margin lifting from 6.5% towards 6.7% or higher, while revenue growth accelerates to 14–16%, reflects the operating leverage the Company has highlighted.
What comes next
The Company is expected to release its 1H27 results on Wednesday, 25 November 2026, which will serve as the key confirmation point for the upgraded guidance.
WEB’s $90 million share buy-back, announced in July 2026 alongside the original 1H27 EBITDA guidance of $80-86 million, reflected the Board’s view that the share price was not keeping pace with the Company’s earnings trajectory and cash generation capacity.
Further information on FY27 trading is set out in Web Travel Group’s 2026 AGM Managing Director’s Presentation.
For reference, the Company defines 1H27 as the six months ending 30 September 2026, and FY27 as the 12 months ending 31 March 2027. The upcoming November results release will allow investors to assess whether trading has landed within the revised guidance range.
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