WEB Travel Group FY26 Results Update

Goldman Sachs maintains a Buy rating on WEB Travel Group following FY26 results that met guidance, driven by confidence in North American growth and direct contracting margins.

Key Takeaways

• 1.FY26 EBITDA of A$148m was in line with management guidance of A$147-155m.
• 2.Confidence is increasing in the 6.5%+ revenue margin guidance for FY27, supported by direct contracting in North America.
• 3.North American (NA) market share gains continue, with early FY27 trading updates showing booking growth consistent with last year's rate.

Table of Contents

• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (A$ mn)
• Balance Sheet (A$ mn)
• Cash Flow (A$ mn)
• Earnings change summary
• Valuation Summary
• Price Target Risks and Methodology - WEB Travel Group
• Disclosure Appendix

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