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HomeToGo signs agreement to acquire Interhome: a transformative deal that pro-forma adds ∼55% to its 2024 IFRS Revenues and triples Adjusted EBITDA, leading to significant positive Free Cash Flow

• HomeToGo Group’s acquisition of Interhome, Europe’s second largest vacation rental management company, would mark its most significant transaction ever
• On a pro-forma combined basis, HomeToGo Group’s IFRS Revenues in FY/24e would be expected to amount to over €330M and Adjusted EBITDA in FY/24e to over €30M
• HomeToGo Group has agreed to a purchase price of around CHF 150M, plus deferred payments of up to CHF 85M. The transaction is expected to be financed through a combination of a capital increase of the Company’s equity, a senior debt facility and available net cash
• With Interhome on board, HomeToGo Group is positioned to become Europe’s leading vacation rental platform

Luxembourg, 12 February 2025 - HomeToGo SE (Frankfurt Stock Exchange: HTG), the SaaS-enabled marketplace with the world’s largest selection of vacation rentals, today announced it has signed a binding agreement to acquire Europe’s second largest vacation rental management company, Interhome, from Migros, Switzerland’s largest retail company. The purchase price amounts to CHF 150M (approximately €160M), plus deferred payments of up to CHF 85M (approximately €90M), which may become due in tranches until 2029 and are expected to be paid out of ordinary financing activities. In this same transaction, DERTOUR Group, a renowned international tourism group, has signed binding agreements to acquire the other entities in Hotelplan Group.

Following consummation of this landmark deal, HomeToGo management expects the total Group’s IFRS Revenues for FY/24e to reach more than €330M on a pro-forma combined basis. Interhome would become part of HomeToGo's Software and tech-enabled Service Solutions segment, HomeToGo_PRO. As a result, HomeToGo_PRO, including Interhome, would contribute more than 55% of HomeToGo Group’s total IFRS Revenues for FY/24e on a pro-forma basis. HomeToGo Group’s pro-forma Adjusted EBITDA for FY/24e would ca. triple to more than €30M, doubling the Group’s Adjusted EBITDA margin to around 10% for FY/24e and leading to a significant positive Free Cash Flow. Looking ahead, by integrating into HomeToGo’s centralized platform and SaaS ecosystem, management is targeting a mid and high double digit million Euro pro-forma Adjusted EBITDA for the Group in the short and medium term, respectively.

Deal financials

HomeToGo agreed to a purchase price of CHF 150M, plus deferred payments of up to CHF 85M, making this the most significant transaction in HomeToGo Group’s history. The deal is expected to be financed through a combination of (i) a capital increase of the Company’s equity share capital against cash targeting proceeds of approximately €85M, (ii) a €75M senior debt facility for which a financing agreement is in place, subject to customary closing conditions and completion of the capital increase, and (iii) available net cash. Closing of the transaction is subject to customary regulatory approvals for both the acquisition of Interhome by HomeToGo Group and the takeover of the other entities in Hotelplan Group by DERTOUR Group, as well as other customary conditions, and is expected to take place in H1/25 with subsequent consolidation by HomeToGo SE.

Deal rationale

This deal would mark a transformative shift for HomeToGo, favorably positioning the Group to become the leading European vacation rental platform. With this transaction, HomeToGo_PRO, the Company’s B2B segment, will become its largest revenue stream, contributing more than 55% of the Group’s total IFRS Revenues on a pro-forma combined basis for FY/24e. Interhome and HomeToGo both present  complementary and unique strengths, which would be combined to leverage significant growth and profitability potential, such as further growing the homeowner base, increasing marketing efficiency, and leveraging HomeToGo’s state of the art technology solutions to enhance the returns for the company and homeowners, while also improving the guest experience. 

Interhome, founded in 1965, would bring a strong portfolio of approximately 40,000 high-quality vacation rentals across 20 countries, which are largely under exclusive management. The Company offers a strong brand recognition alongside an excellent reputation and trust with both travelers and owners. With Interhome as part of HomeToGo Group, HomeToGo will be positioned to further serve the needs of homeowners and travelers by expanding its portfolio of Software and tech-enabled Service Solutions across the host-to-guest value chain in its HomeToGo_PRO B2B segment.

In parallel, by joining HomeToGo Group, Interhome will leverage HomeToGo’s industry-leading software and technology solutions to transform into a truly tech-enabled vacation rental management company. This would empower Interhome to further focus on developing and scaling solutions for its homeowner base to unleash future growth. This includes parts of HomeToGo's AI-powered Marketplace technology, which perfectly caters to the current market where travel preferences skew towards personalized experiences and features technology solutions that are highly customized to the vacation rental industry, like HomeToGo Payments. Gaining access to these technology solutions would help property owners optimize their returns and occupancy rates while enhancing the guest experience.

Prior to this transaction, HomeToGo and Interhome have shared a trusting and successful partnership that started more than 10 years ago since HomeToGo’s founding. With this deal, Interhome will continue to operate independently as a well-established Swiss company with first-class service and 60 years of experience. Interhome’s existing management team is expected to stay in place, and all Interhome employees would be taken over as part of this transaction.  

Dr. Patrick Andrae, Co-Founder & CEO of HomeToGo: “We are thrilled to welcome Interhome to HomeToGo Group. This deal is an exciting and unique opportunity to propel our combined companies to the next level of growth and profitability. As Europe’s second largest vacation rental management company, Interhome is poised to strategically scale our HomeToGo_PRO B2B segment - which is set to account for the majority of our Group’s IFRS Revenues and would substantially boost our overall profitability and Free Cash Flow. Using our renowned technology, we plan to unlock Interhome’s full potential and transform this already successful company into a truly tech-enabled business, maximizing returns for homeowners and enhancing the guest experience. Together, we plan to establish Europe’s leading vacation rental platform.”

Michel Gruber, Chairman of the Hotelplan Group Board of Directors: "We are very pleased to have found HomeToGo as the new owner for Interhome, our vacation rental management company. With their strong position, HomeToGo is well-equipped to continue driving the successful development of Interhome.”

Conference Call

HomeToGo will host a conference call on the acquisition for its analysts and investors at 8:00 am CET on 13 February 2025. The presentation will be held via a live audio webcast, hosted at https://www.webcast-eqs.com/hometogo-202502. Interested participants can register in advance for the conference call - with the opportunity to take part in the Q&A session - at the following address: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=5430364&linkSecurityString=d024a8d9c

About HomeToGo Group

HomeToGo was founded in 2014 with a vision to make incredible homes easily accessible to everyone. HomeToGo has since grown to become the SaaS-enabled marketplace with the world’s largest selection of vacation rentals.

With 15M+ vacation rental offers across thousands of trusted partners, HomeToGo’s AI-powered B2C Marketplace seamlessly connects travelers with the perfect home for any trip. HomeToGo_PRO, the company’s B2B segment, offers innovative Software & Service Solutions for everyone who wants to be successful within vacation rentals, with a special focus on SaaS for hosts.

While HomeToGo SE's registered office is located in Luxembourg, HomeToGo GmbH is headquartered in Berlin, Germany. HomeToGo operates localized apps and websites in more than 30 countries. HomeToGo SE is listed on the Frankfurt Stock Exchange under the stock ticker “HTG” (ISIN LU2290523658). For more information visit: www.hometogo.com/about

About Interhome

Interhome’s portfolio comprises roughly 40,000 holiday homes in over 20 countries. The holiday home specialist offers property owners and guests an extensive service package. This is made possible by over 120 local Interhome service offices and a Europe-wide network of local partners. Interhome also ensures optimum occupancy and returns for owners with customised services such as international marketing and distribution as well as service and maintenance work on the holiday properties. Interhome is part of the Hotelplan Group based in Glattbrugg (CH). www.interhome.com

Media Contact
Caroline Burns
press@hometogo.com

Investor Relations Contact
Sebastian Grabert, CFA
+49 157 501 63731
IR@hometogo.com

Important Notice
This announcement may not be published, distributed or transmitted, directly or indirectly, in the United States of America (including its territories and possessions) ("United States" or "U.S."), Canada, Japan or Australia or any other jurisdiction where such announcement could be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons who are in possession of this document or other information referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Luxembourg, Germany, the United States of America or in any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer in any jurisdiction.

The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. For purposes of U.S. law, the securities referred to herein are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States, only to certain non-U.S. investors pursuant to Regulation S. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. The offer and sale of the securities referred to herein has not been and will not be registered under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of the securities.

In member states of the European Economic Area ("EEA"), any offer of the securities referred to herein will only be made to qualified investors or pursuant to another exemption under Regulation (EU) 2017/1129 (Prospectus Regulation) from the requirement to publish a prospectus for offers of securities. HomeToGo has not authorized, nor does it authorize, the making of any offer of securities in circumstances in which an obligation arises for HomeToGo or any other person to publish or supplement a prospectus for such offer.

In the United Kingdom, this announcement is directed at and/or for distribution only to persons who (i) who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) are high net worth entities falling within article 49(2)(a) to (d) of the Order; or (iii) other persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons"). This announcement is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This announcement has been prepared on the basis that any offer of the securities referred to herein in the United Kingdom will only be made pursuant to an exemption under Section 86 of the Financial Services and Markets Act 2000 from the requirement to publish a prospectus for offers of securities. HomeToGo has not authorized, nor does it authorize, the making of any offer of securities in circumstances in which an obligation arises for HomeToGo or any other person to publish or supplement a prospectus for such offer.

Forward-Looking Statements
Certain statements contained in this announcement may constitute “forward-looking statements” that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by HomeToGo SE that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither HomeToGo SE nor any of its affiliates assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this announcement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Pursuant to EU product governance requirements, the shares have been subject to a product approval process, under which each distributor has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II. Any distributor subsequently offering the shares is responsible for undertaking its own target market assessment in respect of the shares and determining appropriate distribution channels.

Use of Non-IFRS Performance Measures
This release includes certain financial measures not presented in accordance with IFRS, which may exclude items that are significant in understanding and assessing the Company's financial results. These measures should not be considered in isolation or as an alternative to measures of profitability, liquidity or performance under IFRS. Regarding the alternative performance measures Adjusted EBITDA and Free Cash Flow, the Company refers to the corresponding definitions published on its IR website under IR resources (http://ir.hometogo.de/).