HomeToGo : Half yearly fcial & audit reports / ltd reviews - Half yearly financial report - EN

Half-Year Report

H1/2022

HomeToGo delivers exceptionally strong IFRS Revenues growth in Q2/2022 and improved profitability

During the second quarter of 2022, overall performance remained very robust, continuing the outstanding growth seen in Q1/2022 and comparably against an already strong Q2/2021. Amid the broad-based recovery in travel demand and demonstrated resilience, a strong European business, and continued shift to onsite, the end of Q2/2022 showcased:

• Outstanding IFRS Revenues growth of 83.4% year-over-year to EUR 37.6 million driven by an accelerated onsite business (+258.1% year-over-year) and further decreasing cancellations but yet still above pre-pandemic levels.
• Subscriptions & Services closed Q2/2022 with EUR 4.9 million IFRS Revenues, growing 115.4% year- over-year including a particularly strong contribution from Smoobu.
• Continued Booking Revenues growth of 10.4% year-over-year to EUR 46.3 million in the second quarter of 2022, fueled by a strong onsite performance.
• Significantly improved profitability, as measured by Adjusted EBITDA, given beneficial developments along all major cost lines, in particular in marketing and sales costs, compared to the period a year prior. Generated an Adjusted EBITDA of EUR (6.4) million and an Adjusted EBITDA margin of (17.1)% (prior-year period: EUR (17.5) million or a margin of (85.2)%), improving by 68.1 percentage points year-over-year.
• Increase in our cash position by EUR 3.6 million on the back of a positive operating cash flow of about EUR 4.2 million and a positive investing cash flow of EUR 1.4 million reflecting the acquisition of the remaining 81%-stakes in SECRA as of June 1, 2022 and the consolidation of cash acquired from e- domizil as well as SECRA.

Reiterating our FY/2022 outlook: We reiterate the full-year outlook for 2022: Based on strong half-year performance and unchanged expectations for the second half of the year, the Group therefore, confirms its full- year guidance for 2022 as updated in May 2022. IFRS Revenues growth of 40% to 50% to EUR 133 million - EUR 143 million. Adjusted EBITDA is expected to be in the range of EUR (22) million to EUR (32) million, corresponding to a margin of (15)% to (24)%.

Key drivers of our Q2/2022 financial performance include:

• Strong onsite business (where the complete transaction from discovery to payment happens on HomeToGo domains without the user being referred to a third party supplier website), with onsite Booking Revenues share accelerating to 56.8% in Q2/2022, increasing by 4.0 percentage points year- over-year from 52.8%. In absolute terms, onsite Booking Revenues grew by 12.2% year-over-year to EUR 23.5 million.
• Take Rate increased to 9.6% in Q2/2022 (+1.0 percentage points year-over-year) owing mainly to an increased onsite share in the business mix.

Q2/2022 business highlights:

• Becoming the go-to destination for our travelers: We continued to grow our customer base and organic visits, reflecting our ongoing efforts in brand building. Additionally, we are increasingly building deeper relationships with travelers amidst our effort to deliver on the experience, observing an increase in Booking Revenues from Returning Visitors.1
• Subscriptions & Services closed Q2/2022 with EUR 4.9 million IFRS Revenues, growing 115.4% year-on- year, with a particular strong contribution from Smoobu.
• Acquisition of the majority 81%-stake in SECRA resulting in first-time consolidation as of June 1, 2022, in line with our strategy of continuing to scale our Subscriptions & Services business. This added a profitable vacation rental travel tech and software provider to our portfolio, further accelerating HomeToGo's growth to become the alternative accommodation industry's operating system.
• Our cash position of EUR 187.3 million including cash and cash equivalents and other short-term highly liquid financial assets at the end of Q2/2022 remains robust, enabling further growth of our business.

• Returning Visitor: Clearly identifiable user, e.g. via cookie or login, returning to one of the HomeToGo Group's websites. Hence, the user had at least one lifetime visit before; data excl. Agriturismo, AMIVAC, e-domizil, EscapadaRural and SECRA.

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HomeToGo at a Glance

KPIs	Q2/2022		Q2/2021		y/y Change		H1/2022		H1/2021		y/y Change
Gross Booking Value(1) (EUR	463,788		481,568		(3.7)%		923,601		927,918		(0.5)%
thousands)
GBV CPA	314,822		381,528		(17.5)%		656,724	775,667		(15.3)%
GBV (estimated)	148,966		100,040		48.9%		266,877	152,251		75.3%
Bookings (#)	301,106		320,406		(6.0)%		588,561		589,248		(0.1)%
CPA Onsite	232,599		195,195		19.2%		429,068		267,266		60.5%
CPA Offsite	68,507		125,211		(45.3)%		159,493		321,982		(50.5)%
CPA Basket Size(2) (EUR)	1,046		1,191		(12.2)%		1,116		1,316		(15.2)%
Take Rate(3)	9.61%		8.59%		+1pp		9.3%		7.9%		+1pp
Booking Revenues(4) (EUR	46,340		41,968		10.4%		89,287		74,007		20.6%
thousands)
CPA Onsite	23,545		20,980		12.2%		45,206		29,022		55.8%
CPA Offsite	7,810		12,696		(38.5)%		17,949	33,474		(46.4)%
CPC + CPL	10,103		6,041		67.2%		18,054	7,724		133.8%
Subscriptions & Services	4,883		2,250		117.1%		8,078	3,787		113.3%
Booking Revenues onsite share(5)	56.8%		52.8%		+4ppt		55.7%		41.0%		+15pp
Cancellations (EUR thousands)	(6,158)		(9,094)		32.3%		(12,589)		(16,246)		22.5%
Cancellation Rate	13.3%		21.7%		+8pp		14.1%		22.0%		+8pp
IFRS Revenues(6) (EUR thousands)	37,638		20,522		83.4%		56,502		30,032		88.1%
CPA Onsite	17,246		4,817		258.1%		20,942		5,519		279.4%
CPA Offsite	5,437		7,803		(30.3)%		9,533		13,408		(28.9)%
CPC + CPL	10,061		5,630		78.7%		17,938		7,296		145.9%
Subscriptions & Services	4,894		2,271		115.4%		8,089		3,809		112.4%
Adjusted EBITDA(7) (EUR thousands)	(6,431)	(17,486)		63.2%		(28,749)		(33,407)		13.9%
Adjusted EBITDA margin	(17.1)%		(85.2)%		+68pp		(50.9)%		(111.2)%		+60pp
adjusted one-off items(8)	391		1,356		71.2%	1,166	1,517		23.2%
Net loss	(18,722)		(38,655)		51.6%		(48,949)	(62,460)		21.6%
Cash & cash equivalents + other
highly liquid short-term financial	187,341		252,910		(25.9)%
assets (EUR thousands)(9)(10)
Equity (EUR thousands)(9)	268,406	300,687		(10.7)%
Equity ratio(9)	70.7%		82.3%		(12)pp
Employees (end of period)(9)	625		417		49.9%

1. Gross Booking Value ("GBV") is the gross EUR value of bookings on our platform in a reporting period (including all components of the booking amount except for VAT). GBV is recorded at the time of booking and is not adjusted for cancellations or any other alterations after booking. For CPA transactions, GBV includes the booking volume as reported by the Partner. For CPC, GBV is estimated by multiplying the total click value with the expected conversion rate. The total click value is the duration of the search multiplied by the price per night of the clicked offer. This total click value is multiplied by the average conversion rate of that micro conversion source for CPA Partners in the respective month.
2. CPA basket size is defined as CPA Gross Booking Value per booking before cancellations
3. Take Rate is defined as Booking Revenues divided by Gross Booking Value (excl. Subscriptions & Services)
4. Booking Revenues is a non-IFRS operating metric to measure performance, which we define as the net Euro value generated by transactions on our platform in a period (CPA, CPC, CPL, etc.) before cancellations. Booking Revenues do not correspond to, and should not be considered as an alternative or substitute for, IFRS Revenues recognized in accordance with IFRS
5. Booking Revenues net of Subscriptions & Services
6. CPA IFRS Revenues recognized on check-in date. Only this metric is shown by IFRS Revenues Recognition Date (check-in date for Bookings); all other metrics are by performance/booking date; quarterly figures are unaudited
7. Earnings before (i) income taxes; (ii) finance income, finance expenses; (iii) depreciation and amortization; adjusted for expenses for share-based compensation and one-off items.
8. One-offitems relate to one-time and therefore non-recurring gains and expenses outside the normal course of operational business
9. As of June 30, 2022, and December 31, 2021, respectively
10. Includes restricted cash and cash equivalents of EUR 7.2 million as of June 30, 2022 (comparative period: nil).

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Content

Interim Group Management Report

1.1. Background to the Group	5
1.2. Report on Economic Position	5
1.3. Subsequent Events	11
1.4. Risk and Opportunity Report	11
1.5. Outlook	11

Interim Consolidated Financial Statements

2.1. Consolidated Statements of Comprehensive Income	14
2.2. Consolidated Statements of Financial Position	15
2.3. Consolidated Statements of Changes in Equity	16
2.4. Consolidated Statements of Cash Flows	17
2.5. Condensed Notes to the Consolidated Financial Statements	18
2.6. Responsibility Statement by the Management Board	36

Service

3.1. Glossary	37
3.2. Financial Calendar	38
3.3. Imprint	38

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Interim Group Management Report

1.1. Background to the Group

HomeToGo SE (hereinafter referred to as "Company") is a publicly listed European stock corporation with registered offices in Luxembourg. HomeToGo SE, Luxembourg, is the parent of the HomeToGo Group (hereinafter referred to as "HomeToGo" or the "Group"). The statements made in the combined management report for the financial year 2021 on the business model, the Group structure, the strategy and objectives of the Group, the management system, research, and development, as well as sustainability in the HomeToGo Group, still apply at the time this interim report was issued for publication.

1.2. Report on Economic Position

1.2.1 Macroeconomic and Sector-specific Environment

During the first six months of 2022, the macroeconomic landscape was characterized by significant uncertainty, with tightening monetary policy amid the highest inflation rates since the 1970s, persistent supply chain frictions, particularly in China, and repercussions from the Russian invasion of Ukraine. As a consequence, major supranational organizations such as the IMF and World Bank notably revised their forecasts since the beginning of the year. For instance, the World Bank now predicts global growth at 2.9% year-on-year in 2022 (previously: 4.1% January 2022 forecast). The most recent macroeconomic indicators are pointing to a continued slowdown in economic activity - IHS Markit June 2022 Purchasing Manager Indices (PMI) saw broad- based declines across countries and sectors. Importantly, the forward-looking components - including manufacturing orders and business expectations - have dropped sharply, pointing to a further slowdown ahead. Yet, PMIs are still holding up above the 50-points mark, indicating a majority of businesses observed an expansion in activity compared to the previous month, though momentum is slowing.

Although the world economy is showing signs of subdued growth momentum, the direction in which the different sectors of the economies are heading is noticeably different. The composition of demand is changing, as Covid-19 is no longer center-stage and consumers normalize service spending at the expense of staying-at- home categories towards travel and experiences. This is evidenced in recent commentaries by the Federal Association of E-Commerce and Mail Order Germany e.V. (bevh), which says that revenues from all e- commerce with goods fell by 6.7% from the beginning of April to mid-May compared to the same period last year. The decline in sales hit all product groups except for everyday necessities such as groceries, drugstores, pet food, and travel.

The travel sector is especially benefiting from pent-up demand after two years of subdued travel demand with Covid-19-related travel restrictions in place, particularly hurting international cross-border travel. With no major travel restrictions, the industry is set to catch up to pre-pandemic booking levels with robust summer 2022 booking demand, according to travel industry analytics and news site, Skift. According to proprietary survey data of UBS Investment Bank, traveling demand in terms of bookings for alternative accommodation reached a new all-time high in June 2022, exceeding the prior high from June 2021. In addition, according to research by the Mastercard Economics Institute, air travel is strongly recovering, with the credit card firm expecting 1.5 billion additional people globally are expected to fly in 2022, compared with last year, with Europe recording the biggest increase with about 550 million additional travelers. Both research reports are indicating a persisting and broad-based recovery in the travel industry.

1.2.2 Financial Performance of the Group

During the second quarter of 2022, overall performance remained very robust, continuing the outstanding growth seen in Q1/2022 despite much stronger comparatives in Q2/2021. Booking Revenues and IFRS Revenues grew by 10.4% and 83.4%, respectively. Growth in Booking Revenues and IFRS Revenues have been enabled by a continued robust recovery in travel demand in general and an ongoing shift of travelers preferring

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