Helloworld Travel Limited (HLO) has reported underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) of $30.5 million for the first half of FY26, a 12.1 per cent rise on the same period last year, as wholesale growth and improving margins offset softer airfare conditions across Australia and New Zealand.
Total transaction value (TTV) for the six months to December 31, 2025, came in at $2.1 billion, up 1.8 per cent year-on-year. That modest headline figure masks a stronger underlying shift: the group’s revenue margin climbed to 5.1 per cent, up from 4.6 per cent in the prior half.
Reported net profit after tax attributable to shareholders came in at $30.6 million, up 166 per cent, although that figure includes a one-off $20.3 million fair value gain from the full acquisition of MTA Mobile Travel Agents last October. Strip that out, and the result still reflects a business growing earnings at double-digit rates.
“Helloworld Travel Limited delivered a solid performance in the first half, underpinned by continued investment in the business,” Helloworld Travel Limited CEO Andrew Burnes AO said. “We progressed the expansion of our retail networks, our technology offering and wholesale product range, while further strengthening our core capabilities in air ticketing and consolidation.”
Where is the growth coming from?
Wholesale is the standout. Helloworld reports wholesale TTV up 23 per cent in Australia and 19 per cent in New Zealand. The group’s hotel booking platform, ReadyRooms, which lists more than 300,000 properties at last count, continues to expand, while VIVA Gold, launched last year, is gaining traction in the luxury segment.
Cruises held firm despite lower domestic ship capacity, with Luxury cruising growing 17 per cent on the prior period.
On the retail side, Express Travel Group bookings rose 8 per cent, and Helloworld says it now counts more than 2,600 agencies and brokers and 10,000 travel professionals across its networks in Australia and New Zealand.
What’s happening with airfares and volumes?
Average international airfares fell by around 8 per cent in Australia and 4 per cent in New Zealand, while domestic fares dipped by 1 per cent and 9 per cent, respectively. Helloworld says lower fares are helping to stimulate demand, but the declining ticket prices weigh on TTV even as volumes hold or grow.
Air consolidation tickets rose 10 per cent across the group’s 154 airline partnerships, while air TTV on a booked basis grew 5 per cent. New Zealand volumes, however, declined 8 per cent amid tougher economic conditions across the Tasman.
What’s driving the inbound numbers?
Inbound travel delivered a notable lift, with UK visitor numbers up 37 per cent, boosted in part by the 2025-26 Ashes series. Helloworld also reported growth from Germany and Italy. Land sales, covering accommodation, car hire and other non-air add-ons, grew across both Australia and New Zealand as travellers opted for higher-value packaged experiences.
What does the outlook look like?
Helloworld reaffirmed its full-year underlying EBITDA guidance of $64 million to $72 million, which at the midpoint of $68 million would represent 12 per cent growth on FY25’s $60.6 million.
Forward air sales for the second half of FY26 are up 14 per cent in Australia and 9 per cent in New Zealand compared to this time last year, while January 2026 TTV rose 11.6 per cent on the prior corresponding period. Helloworld says leisure demand, both inbound and outbound, remains firm, and its recent acquisitions of MTA and Gilpin Corporate Travel are already contributing to earnings.
Directors declared a fully franked interim dividend of 5.0 cents per share, down from 8.0 cents in the prior half. The company did not explain the reduction, though HLO’s cash position fell to $67.7 million from $108.8 million a year earlier after funding the MTA and Gilpin Corporate Travel acquisitions.
“Across Helloworld’s agency and broker networks, we have 10,000-plus travel professionals and 2,600 agencies and brokers,” Burnes said. “Looking ahead, forward bookings remain strong throughout the remainder of FY26 and well into FY27.”
KARRYON UNPACKS: The takeaway from Helloworld’s half-year is that wholesale is firing, particularly in cruise and luxury, and the forward bookings pipeline into FY27 looks healthy. The 14 per cent jump in Australian forward air sales and strong inbound numbers suggest agents with cruise, wholesale and inbound exposure are well positioned heading into peak second-half trading.
