Annual Report 2025 EN

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

HomeToGo SE, Luxembourg — CONSOLIDATED FINANCIAL STATEMENTS


Table of Content	Page

Combined Management Report	##	22 - Other financial assets (current and non-current)	90
1. Background to the Group	30	23 - Other assets (current and non-current)	90
1.1. General	30	24 - Shareholders’ equity	91
1.2. Business Model	30	25 - Borrowings	93
1.3. Group Structure	31	27 - Provisions (current and non-current)	95
1.4. Management System	31	29 - Other financial liabilities (current and non-current)	99
1.5. Research & Development	33	30 - Other liabilities (current and non-current)	100
2. Report on Economic Position	34	31 - Deferred taxes	100
2.1. Macroeconomic and Sector-specific Environment	34	32 - Share-based payments	101
2.2. Business Development	35	33 - Related party transactions	104
2.3. Results of Operations, Financial Position and Net Assets	37	34 - Auditor's fees	105
2.4. Employees	43	35 - Financial instruments	105
3. Statutory Results of Operations and Financial Position of the Company	43	36 - Financial risk management	108
4. Risk and Opportunity Report	44	37 - Subsequent events after the reporting period	112
4.1. Risk and Opportunity Management System	44	Responsibility Statement of the Management Board	113
4.2. Illustration of Risks	45	Independent auditor’s report	114
4.3. Illustration of Opportunities	50
5. Significant Events after the Reporting Period	50	Annual Accounts	120
6. Outlook	51	Profit and Loss Account	121
Consolidated Financial Statements	52	Balance Sheet	124
Consolidated Statements of Profit or Loss and Other Comprehensive Income	53	Notes to the Annual Accounts	128
Consolidated Statements of Financial Position	54	1. General	128
Consolidated Statements of Changes in Equity	55	2. Summary of significant accounting policies	128
Consolidated Statements of Cash Flows	56	3. Financial assets	100
Notes to the Consolidated Financial Statements	57	4. Own shares	102
1 - Corporate information	57	5. Capital and reserves	103
2 - Basis of preparation	57	6. Creditors	106
3 - Scope of consolidation	58	7. Other external expenses	106
4 - Summary of material accounting policies	59	8. Other operating expenses	107
5 - New and revised standards and amendments	69	9. Other interest and similar expenses	107
7 - Critical accounting judgments, key estimates and assumptions	72	10. Staff	107
8 - Segment and geographic information	74	11. Emoluments granted to the members of the Management and Supervisory Board and commitments in respect of retirement pensions for former members of those bodies	107
9 - IFRS Revenues	76	12. Advances and loans granted to the members of the Management and Supervisory Board	107
10 - Cost of revenues	77	13. Off balance sheet commitments	108
11 - Product development and operations	77	14. Subsequent events	108
12 - Marketing and sales	78	Responsibility Statement of the Management Board	138
13 - General and administrative	78	Independent auditor’s report	139
14 - Other income and expenses	78


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HomeToGo SE

Combined Management Report for Financial Year 2025

1. Background to the Group

1.1. General

HomeToGo SE, Luxembourg is a public European company (Société Européenne)

that is listed on the Frankfurt Stock Exchange, having its registered office at 9, rue

de Bitbourg, L-1273 Luxembourg, Luxembourg, and registered with the

Luxembourg Trade and Companies Register (Registre de Commerce et des

Sociétés de Luxembourg) under number B249273.

This Management Report comprises both the Group Management Report and the

Management Report of HomeToGo SE. Herein, we report on the business

performance as well as the situation and expected development of the

HomeToGo Group (hereafter also referred to as "HomeToGo" or "Group") and

HomeToGo SE (hereafter also referred to as "Company").

1.2. Business Model

The HomeToGo Group operates as Europe’s leading vacation rental group,

uniquely combining innovative B2B software and tech-enabled service solutions

with the world’s most comprehensive marketplace for vacation rentals. By

integrating its two complementary segments - HomeToGo_PRO and the

HomeToGo Marketplace - the Group connects millions of travelers with thousands

of inventory suppliers across the globe.

Following the landmark acquisition of HHD AG, Glattbrugg, Switzerland

("Interhome") in 2025, HomeToGo has significantly expanded its footprint in the

property management space, offering a B2B2C value proposition that covers the

entire vacation rental value chain. As of year-end 2025, the Group’s portfolio

comprises millions of accommodation offers provided by thousands of online

travel agencies, tour operators, property managers, and other inventory suppliers

(“partners”) worldwide. The Group’s multi-brand strategy leverages the strong

market presence of its main brand, HomeToGo, alongside established specialized

brands such as Interhome, Agriturismo, AMIVAC, atraveo, Casamundo,

EscapadaRural, the GetAway Group (Kurz Mal Weg and Kurzurlaub), and Kraushaar

Ferienwohnungen.

The central pillar of the Group’s strategy is the HomeToGo_PRO segment. This

B2B-focused business provides full-service property management as well as

sophisticated Software-as-a-Service (SaaS) and tech-enabled service solutions to

the supply side with more than 70,000 paid accounts and an inventory of more

than 200,000 properties. The solutions enable partners to centrally manage listings,

optimize pricing through AI-driven automation, and synchronize inventory across

multiple global platforms. Following the acquisition of Interhome the Group has

strategically shifted its focus toward the HomeToGo_PRO segment. With the

inclusion of Interhome, HomeToGo_PRO has evolved into a major revenue driver,

significantly increasing the Group’s scale and profitability while providing deep

operational expertise in managing the full guest and homeowner experience. This

segment represents a high-growth pillar of the business, enabling deeper

diversification and creating significant synergies across the Group’s ecosystem.

Consequently, the Marketplace segment will prioritize sustainable profitability and

margin expansion over ambitious volume growth.

The HomeToGo Marketplace continues to serve as the global entry point for

vacation rentals, utilizing AI technology to offer personalized search results and a

seamless booking experience. Through its Onsite solution, travelers can book

accommodations directly on the HomeToGo platform, which ensures high

conversion rates for partners and a frictionless journey for users. Operating

through localized websites and apps in more than 30 countries, the Marketplace

provides the Group with unmatched global reach and the world’s largest selection

of homes in the vacation rental space.


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1.3. Group Structure

The Group comprises the parent entity, HomeToGo SE, domiciled in Luxembourg

and serving as holding entity, and its main operating subsidiaries in Germany, Italy,

Spain, Switzerland, Lithuania and the U.S. As of December 31, 2025, HomeToGo SE

had direct or indirect shareholdings in 31 companies, which belong to the Group

and which are all fully consolidated.

On August 28, 2025 HomeToGo closed the acquisition of HHD AG and its

subsidiaries (in the following also referred to as "Interhome"). The Group further

acquired the remaining 25%-stakes in Kraushaar Ferienwohnungen GmbH and

timwork GmbH from the minority shareholders in September 2025.

Effective from July 5, 2025, Adrialin d.o.o. was liquidated ultimately leading to its

deconsolidation. SMN Verwaltungs GmbH merged with HomeToGo GmbH

effective from October 1, 2025, and ceased to exist. Effective from December 1,

2025, e-domizil AG was merged into HHD AG and ceased to exist.

1.4. Management System

The governing bodies of the Group are the Management Board, the Supervisory

Board and the Shareholders’ Meeting of HomeToGo SE. Detailed information on

the composition of the Management and Supervisory Board can be found on the

Investor Relations section of the Company's website: https://ir.hometogo.de/

websites/hometogo/English/5000/corporate-governance.html.

The Management Board monitors and controls the Group’s development through

a regular reporting that informs on current developments in the operating

business in the form of absolute and relative key figures.

HomeToGo's core financial key performance indicators (KPIs) for the management

of the Group are Booking Revenues, IFRS Revenues and Adjusted EBITDA.

Besides IFRS Revenues, the Management Board uses the non-GAAP KPIs Booking

Revenues and Adjusted EBITDA as Management believes that they enhance

investors' ability to evaluate and assess the underlying financial performance of the

Group's operations and the related key strategic business drivers. They are

additional core metrics used by the Management Board internally to support

operating decisions, including those related to evaluating performance, analyzing

operating expenses, performing strategic planning and annual budgeting. These

additional core metrics should not be considered as a substitute for measures of

financial performance, financial position or cash flows reported in accordance with

IFRS Accounting Standards.

Booking Revenues is used in addition to IFRS Revenues as it allows the

Management Board to measure performance of the Group from booking-related

activities as soon as bookings and clicks are made by the traveler, compared to

IFRS Revenues where revenues from booking-related activities are only recognized

at check-in date of the traveler which can be several months up to one year later.

To complement the view, revenues from all non-booking-related activities are

considered in Booking Revenues as well, but without any difference in revenue

recognition compared to IFRS. Thus, Booking Revenues provide the best view to

forecast the development of our IFRS Revenues and at the same time better

match to the corresponding marketing expenses.

Adjusted EBITDA is used as an additional metric to Net Income to assess the

Group's performance as it better presents the sustainable operational

performance of the business and thus provides a useful measure for period-to-

period comparisons.


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Definitions for HomeToGo Group's three core metrics are outlined in the following table:


Booking Revenues and Booking Revenues Backlog*	Booking Revenues is a non-GAAP operating metric to measure performance that is defined as the net Euro value of bookings before cancellations generated by transactions on the HomeToGo platforms in a reporting period. Booking Revenues do not correspond to, and should not be considered as alternative or substitute for IFRS Revenues recognized in accordance with IFRS. Contrary to IFRS Revenues, Booking Revenues are recorded at the point in time when the booking is made. Non-booking-related revenues are considered without any difference in revenue recognition in Booking Revenues compared to IFRS to complement the view. Booking Revenues Backlog comprises Booking Revenues before cancellation generated in the reporting period or prior with IFRS Revenues recognition based on check-in date in the following financial year. Please find the reconciliation to IFRS Revenues as the closest GAAP measure under 2.2. Business Development.
IFRS Revenues	Revenues according to IFRS accounting policies. IFRS Revenues from booking-related activities are recognized on check-in date. Revenues from non- booking-related activities are recognized when services are provided (click or referral date). IFRS Revenues from Subscriptions are recognized over time.
Adjusted EBITDA*	Net income (loss) before (i) income taxes; (ii) finance income, finance expenses; (iii) depreciation and amortization; adjusted for (iv) impairments (v) expenses for share-based compensation and (vi) one-off items. One-off items relate to one-time and therefore non-recurring expenses and income outside the normal course of operational business. Among others those would include for example income and expenses from business combinations and other merger & acquisition (M&A) activities, litigation, restructuring, government grants, and other items that are not recurring on a regular basis and thus impede comparison of the underlying operational performance between financial periods.
* unaudited

In addition to the above, HomeToGo uses a range of further KPIs - both financial

and non-financial - to support its business. These further KPIs are a function of our

core financial KPI Booking Revenues. Thus, the Management Board uses these

historical KPIs to further assess operating performance and as a basis for strategic

planning. The Management Board believes that such KPIs will also be used by

investors and analysts in addition to the three core financial metrics described

above to assess the performance of HomeToGo.


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Overview of HomeToGo Group's further financial KPIs (non-GAAP):


Gross Booking Value (GBV)*	GBV is the gross EUR value of bookings on our platform in a reporting period (as reported by our Partners). GBV is recorded at the time of booking and is not adjusted for cancellations or any other alterations after booking. For Onsite and Volume-based transactions, GBV includes the booking volume as tracked in the booking confirmation to the traveler. For transactions reported under Advertising, the GBV is partially provided by the supplier of the property, otherwise it is estimated. For Subscriptions, GBV is estimated. as well. The estimations are based on traffic or inquiry volumes, expected conversion rates, tracked duration of stay and tracked price per night. While the product of the two latter ones describe the basket size.
Onsite Take Rate*	Onsite Take Rate is the margin realized on the gross booking amount on the Marketplace and is defined as Booking Revenues from Booking (Onsite) divided by GBV from Booking (Onsite).
Onsite Booking Revenues and Onsite Share*	Bookings (Onsite) Revenues from Booking (Onsite) occur when the complete traveler booking journey is entirely completed on a HomeToGo Marketplace website. Onsite Share is defined as the ratio of Booking Revenues from Bookings (Onsite) to Booking Revenues from the Marketplace segment that measures the penetration of our Partner base with our onsite booking product.
Free Cash Flow (FCF)*	Free Cash Flow is defined as net cash from operating activities added by net interest result and deducted by capital expenditures defined as net investment into PPE as well as into intangibles and internally-generated intangible assets.
Cancellation Rate*	Cancellation Rate reflects the share of Booking Revenues that are cancelled subsequently, however, before being recognized as IFRS Revenues. This metric is monitored continuously and used for forecasting and budget planning.
* unaudited

Our non-financial KPIs are defined as follows:


Bookings*	Bookings represent the number of bookings generated by travelers using the Marketplace and services of HomeToGo_PRO.
Bookings Basket Size*	Booking Basket Size is defined as Gross Booking Value per booking before cancellations. It comprises Onsite bookings and bookings on external websites of Advertising and HomeToGo_PRO services. The Booking Basket Size is the product of the average daily rate and average length of stay.
* unaudited

1.5. Research & Development

As a technology company, HomeToGo undertakes development in view of

optimizing the search intelligence, software solutions provided to its Partners and

users of SaaS products and develops self-used IT modules. The technical platform,

on the basis of which the Group’s websites and apps are operated, is an important

differentiating factor compared to competitors, being continuously further

developed in line with the requirements of the market and the expectations of the

users. In-house and external experts engage with the continuous development of

the platform. Our R&D work aims at achieving innovations that support a more

convenient booking experience for our customers. Furthermore, we aim at

ensuring our market leadership as the marketplace with the world's largest

selection of alternative accommodation. In this regard, the Lithuanian subsidiaries,

UAB HomeToGo Technologies and UAB HomeToGo Technologies Vilnius, play a

major role in performing most of the development services for the HomeToGo

Group. In addition further R&D hubs in Germany, Poland and Vietnam support the

overall effort.

Over the past year, HomeToGo further added functionalities and products to

improve the booking and user experience of its platforms and led additional

initiatives to increase the efficiency of its internal processes.

The Group’s direct R&D cost in 2025 amounted to EUR 26.9 million (2024: EUR 25.7

million), resulting in R&D expenses in relation to HomeToGo’s IFRS Revenues of 11%

(2024: 12%). The capitalization ratio amounts to 40% (2024: 35%) and amortization

¹¹ International Monetary Fund (January 2026): World Economic Outlook Update

¹² International Monetary Fund (January 2026): World Economic Outlook Update

¹³ International Monetary Fund (January 2026): World Economic Outlook Update

¹⁴ International Monetary Fund (January 2026) / Deutsche Bundesbank (January 2026)

¹⁵ World Travel & Tourism Council (2025): Economic Impact Research


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allocatable to capitalized development expenses amounted to EUR 4.9 million

(2024: EUR 4.0 million).

HomeToGo SE as an individual entity and pure financial holding does not conduct

any operations related to research and development.

2. Report on Economic Position

2.1. Macroeconomic and Sector-specific Environment

Economic Growth in 2025

Global economic growth in 2025 remained resilient despite initial concerns, with a

growth rate of 3.3%, matching the performance of the previous year. This steady

pace occurred against a backdrop of cooling inflation and the beginning of a

gradual easing in monetary policy by major central banks. While growth remains

below the historical average of 3.8% (2000–2019), the "soft landing" scenario largely

materialized in key markets, providing a more stable environment for discretionary

consumer spending. ¹¹

Inflation continued its downward trajectory throughout 2025, falling to a global

average of 4.1% (down from 5.8% in 2024). This normalization, driven by stabilized

energy prices and resolved supply chain issues, allowed central banks - including

the ECB and the Federal Reserve - to implement several interest rate cuts during

the second half of the year. This shift has begun to alleviate the cost-of-living

pressures that previously dampened consumer sentiment in Europe and North

America. ¹²

Global Growth Projections

For 2026, global real GDP is projected to maintain its momentum at 3.3%. Growth is

expected to be increasingly broad-based, with the Eurozone finally emerging from

a period of stagnation. The Eurozone's GDP is forecasted to expand by 1.3% in

2026, supported by recovering domestic demand and lower borrowing costs. ¹³

Germany, while showing signs of rebound, continues to face a more complex

recovery path. Following the technical recession in 2024, the German economy

grew by a modest 0.3% in 2025. For 2026, growth is projected to grow to 1.1%.

However, structural challenges - including high energy costs, labor shortages and

an aging demographic - remain persistent headwinds. Despite these domestic

pressures, Germany's export-oriented sectors and a rebounding travel industry

have contributed to a cautiously optimistic outlook for the coming year. ¹⁴

Travel and Tourism Industry

The travel and tourism sector has once again proven its remarkable resilience,

acting as a primary driver of global economic recovery in 2025. Even as broader

economic growth remained moderate, travel demand continued to outperform,

signaling a permanent shift in consumer priorities toward experiential spending. In

particular, the vacation rental industry continued to gain market share over

traditional hotels, fueled by the demand for privacy, space and "workation"

flexibility.

The industry's global GDP contribution reached a new milestone of USD 11.7 trillion

in 2025, representing approximately 10% of global GDP. This growth was

supported by the full recovery of international travel routes and a robust domestic

tourism market in Europe and North America. Despite localized geopolitical

tensions, more than 150 countries have now surpassed their pre-pandemic tourism

records. ¹⁵

Looking ahead, the outlook remains exceptionally strong. The World Travel &

Tourism Council forecasts that by 2035, the sector will contribute nearly USD 16.5

trillion to the global economy. The continued integration of AI-powered

personalization and the expansion of tech-enabled property management services

are expected to be key catalysts for this long-term expansion.

¹⁶ Equity ratio is calculated total shareholder's equity that excludes non-controlling interests divided by total assets


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2.2. Business Development


(IN EUR THOUSANDS)	Q4/2025	Q4/2024	change	2025	2024	change
HomeToGo Group
Booking Revenues*	106,936	49,873	114.4%	333,597	259,707	28.5%
Intercompany Consolidation*	-4,760	-1,691	181.4%	-12,751	-9,221	38.3%
IFRS Revenues	54,227	34,716	56.2%	255,475	212,278	20.3%
Intercompany Consolidation	-4,130	-708	483.6%	-11,066	-8,997	23.0%
Adjusted EBITDA*	-8,845	-3,996	(121.3%)	13,171	12,821	2.7%
Adjusted one-off items*	6,261	5,388	16.2%	11,170	10,604	5.3%
Adjusted EBITDA margin*	(16.3%)	(11.5%)	(4.8pp)	5.2%	6.0%	(0.9pp)
GBV*	502,010	401,147	25.1%	2,233,636	2,135,695	4.6%
Bookings (#)*	409,709	341,093	20.1%	1,840,577	1,805,411	1.9%
Intercompany Consolidation*	-54,190	-12,707	326.5%	-83,927	-79,890	5.1%
Net profit/(loss)	-86,464	-20,938	313.0%	-97,857	-28,080	248.5%
Free Cash Flow (FCF)*	-14,878	942	(1679.2%)	-44,254	-10,283	(330.4%)
Equity (EUR thousands)				230,806	234,371	(1.5%)
Equity ratio ¹⁶				37.4%	61.6%	(24.1pp)
Cash and cash equivalents- other highly liquid short- term financial assets (EUR thousands)				91,553	82,680	10.7%
Employees (end of period)				1536	795	93.2%


(IN EUR THOUSANDS)	Q4/2025	Q4/2024	change	2025	2024	change
HomeToGo Marketplace
Booking Revenues*	36,292	32,644	11.2%	191,111	189,756	0.7%
Booking (Onsite)*	28,303	21,782	29.9%	124,914	116,112	7.6%
Advertising*	7,990	10,862	(26.4%)	66,197	73,644	(10.1%)
IFRS Revenues	24,431	23,078	5.9%	151,661	151,274	0.3%
Booking (Onsite)	17,266	14,332	20.5%	93,323	89,054	4.8%
Advertising	7,165	8,746	(18.1%)	58,338	62,219	(6.2%)
Adjusted EBITDA*	5,802	-3,308	n.m.	15,787	2,933	438.3%
Adjusted EBITDA margin*	23.7%	(14.3%)	+38.1pp	10.4%	1.9%	+8.5pp
Onsite Take Rate*	14.7%	12.5%	2.1%	13.7%	12.7%	0.9%
Booking Revenues Backlog*	119,490	46,820	155.2%	119,490	46,820	155.2%
Bookings (#)*	252,575	261,716	(3.5%)	1,343,683	1,475,279	(8.9%)
Booking (Onsite)*	209,781	209,476	0.1%	984,479	1,053,793	(6.6%)
Advertising*	42,794	52,240	(18.1%)	359,204	421,486	(14.8%)
Cancellation Rate*	17.0%	15.2%	(1.8pp)	17.2%	17.3%	—pp


(IN EUR THOUSANDS)	Q4/2025	Q4/2024	change	2025	2024	change
HomeToGo_PRO
Booking Revenues*	75,403	18,920	298.5%	155,237	79,171	96.1%
Subscriptions*	7,205	5,462	31.9%	26,246	22,178	18.3%
Volume-based*	68,198	13,458	406.8%	128,991	56,994	126.3%
IFRS Revenues	33,926	12,345	174.8%	114,880	70,001	64.1%
Subscriptions	6,910	5,745	20.3%	25,946	25,577	1.4%
Volume-based	27,016	6,600	309.3%	88,933	44,424	100.2%
Adjusted EBITDA*	-14,647	-689	(2027.2%)	-2,616	9,889	n.m.
Adjusted EBITDA margin*	(43.2%)	(5.6%)	(37.6pp)	(2.3%)	14.1%	(16.4pp)
Bookings (#)*	211,324	92,084	129.5%	580,821	410,022	41.7%
Volume-based*	211,324	92,084	129.5%	580,821	410,022	41.7%

* unaudited


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HomeToGo's performance in financial year 2025 was strongly impacted by the

acquisition of Interhome, Europe’s second-largest vacation rental management

company. In addition to HomeToGo's strong underlying performance on the

Marketplace the overall growth of the Group was strongly driven by the first-time

consolidation of Interhome. The acquisition was closed on August 28, 2025 which

means that Interhome contributed to the Group's IFRS Revenues only from this

date onwards while the major part of the summer travel season with check-ins in

the summer months, relevant for the revenue recognition, had already passed by

before the closing date. Due to the seasonality patterns in the business of

Interhome that are similar to HomeToGo, the timing of the closing of the

acquisition led to a lower performance of the PRO segment which almost offset

the strong performance of the Marketplace segment, Despite the macroeconomic

environment, the Group demonstrated its resilience and successfully scaled its

operations.

In 2025, Gross Booking Value (GBV) increased by 4.6% YoY, rising from EUR 2,135.7

million in 2024 to EUR 2,233.6 million. This growth reflects a stable demand for

vacation rentals and the Group's ability to capture high-value bookings across its

expanded brand portfolio.

Booking Revenues grew significantly, up by 28.5% YoY to EUR 333.6 million. This

robust performance was primarily driven by the successful first-time consolidation

of Interhome (starting from August 28, 2025), which contributed a high volume of

professional inventory and accelerated the Group’s scaling. In addition to the

inorganic growth, the Group achieved a notable expansion of the Onsite Take Rate

by 0.9pp compared to the previous year, reaching 13.7% for 2025 highlighting the

Group's focus on profitability over growth in the Marketplace segment. This was

fueled by a higher share of bookings handled through HomeToGo Payments and

an optimized partner mix. Furthermore, the average Booking Basket Size increased

by 5.7% from EUR 970 in 2024 to EUR 1,025 in 2025.

The overall Onsite Share increased to 65% (+4pp YoY). Cancellation rates saw a

slight decrease compared to the prior year.

IFRS Revenues increased by 20.3% YoY to EUR 255.5 million in 2025, landing

broadly in line with the updated guidance of c. EUR 260 million for the financial

year 2025. This growth was characterized by a fundamental shift in the Group's

revenue composition:

• The B2B segment, HomeToGo_PRO, recorded a strong 64.1% YoY increase,

generating EUR 114.9 million in IFRS Revenues and contributing ca. 45% of the

Group's total IFRS Revenues. This surge was primarily driven by the addition of

Interhome’s property management services and the continued expansion of

HomeToGo_PRO's SaaS solutions for property managers and semi-professional

hosts.

• The Marketplace segment achieved a slight 0.3% increase in IFRS Revenues,

reaching EUR 151.7 million. This performance is particularly noteworthy as it was

achieved despite the intentional and significant reduction in Marketing

expenditures as part of HomeToGo’s strategic shift towards the more profitable

B2B business, as communicated in October 2025.

The following table presents the reconciliation from GBV over the Onsite Take

Rate to IFRS Revenues:


RECONCILIATION GROSS BOOKING VALUE (GBV) to IFRS REVENUES IN EUR THOUSANDS, EXCEPT FOR ONSITE TAKE RATE THAT IS PRESENTED IN PERCENT	2025	2024
Marketplace GBV*	1,643,981	1,726,459
t/o GBV from Booking (Onsite)*	915,113	912,998
x Onsite Take rate (in %)	13.7%	12.7%
Booking Revenues Booking (Onsite)*	124,914	116,112
Booking Revenues Advertising*	66,197	73,644
Booking Revenues HomeToGo_PRO*	155,237	79,171
Booking Revenues*	333,597	259,707
Cancellations*	(63,000)	(37,903)
Booking with check-in in different reporting period*	(15,123)	(9,526)
IFRS Revenues	255,475	212,278
* unaudited


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2.3. Results of Operations, Financial Position and Net Assets

The statements made on the net assets, financial position and results of operations

of the HomeToGo Group are based on the values and comparative figures of the

consolidated financial statements for the financial year 2025, which have been

prepared in accordance with the IFRS Accounting Standards as adopted by the EU.

More detailed explanations on the accounting and valuation methods applied can

be found in the notes to the consolidated financial statements 2025.

a) Results of operations

Compared to the previous fiscal year, the Group's operating result has developed

as shown in the following table:


SHORTENED STATEMENTS OF PROFIT or LOSS
(IN EUR THOUSANDS)	2025	2024	change
IFRS Revenues	255,475	212,278	20%
Cost of revenues	(37,874)	(13,062)	190%
Gross profit	217,601	199,215	9%
Product development and operations	(41,585)	(40,723)	2%
Marketing and sales	(164,219)	(142,121)	16%
General and administrative	(106,970)	(46,285)	131%
Other expenses	(3,449)	(1,284)	169%
Other income	2,924	1,506	94%
Loss from operations	(95,699)	(29,692)	222%

The following sections outline the development of individual income and expense

items:


BREAKDOWN OF IFRS REVENUES BY ACTIVITY AREAS
(IN EUR THOUSANDS)	2025	2024	change
HomeToGo Marketplace	151,661	151,274	—%
thereof:
Booking (Onsite)	93,323	89,054	5%
Advertising	58,338	62,219	(6%)
HomeToGo_PRO	114,880	70,001	64%
thereof:
Subscriptions	25,946	25,577	1%
Volume-based	88,933	44,424	100%
Intercompany	(11,066)	(8,997)	23%
Total	255,475	212,278	20%

The Group’s total IFRS Revenues increased significantly by more than EUR 43.2

million to EUR 255.5 million, landing broadly in line with the updated guidance of c.

EUR 260 million for the financial year 2025. The overall increase in the IFRS

Revenues, especially Volume-based, is mainly driven by the landmark acquisition

of Interhome.

The major portion of the IFRS Revenues in 2025 was still generated from

HomeToGo Marketplace segment which generated a slight increase from EUR

151.3 million in 2024 to EUR 151.7 million in 2025. This balance of power between the

Group's segments is expected to switch in 2026 as HomeToGo_PRO has become

the new center of gravity. The Group already saw a substantial increase in the IFRS

Revenues of HomeToGo_PRO segment, which increased by +64% to EUR 114.9

million in 2025 (2024: EUR 70.0 million) resulting from the acquisition of Interhome,

besides strong contributions from Kraushaar and Smoobu. The increase was

softened by the fact that the Interhome acquisition was consummated on August

28, 2025 which means that Interhome contributed to the Group's IFRS Revenues

only from this date onwards while the major part of the summer travel season with

check-ins in the summer months, relevant for the revenue recognition, had already

passed by before the closing date. Interhome offers vacation rental property

management services, including among other cleaning and laundry services.

¹⁷ As a part of the IFRS conversion for Interhome, it was assessed that the expenses related to vacation rental management and payment provider services are better presented in cost of revenues. Hence, a change in

presentation was made for these costs in 2025. The prior-year period expenses for vacation rental property management services amounting to EUR 2.6 million in 2024 were presented under product development and

operations. The prior-year period expenses for payment provider services amounting to EUR 0.8 million in 2024 were presented under general and administrative

¹⁸ Adjusted for expenses for depreciation, amortization, impairments, share-based payment and one-offs.

¹⁹ Adjusted for expenses for depreciation, amortization, impairments, share-based payment and one-offs.

²⁰ Booking Revenues before cancellation generated in 2025 or prior with IFRS Revenues recognition based on check-in date in 2026


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information


BREAKDOWN OF EXPENSES BY FUNCTIONAL AREAS
(IN EUR THOUSANDS)	2025	2024	change
Cost of revenues	37,874	13,062	(190%)
Product development and operations	41,585	40,723	(2%)
Marketing and sales	164,219	142,121	(16%)
General and administrative	106,970	46,285	(131%)
Other expenses	3,449	1,284	(169%)
Total	354,098	243,476	(45%)

Cost of revenues significantly increased by EUR 24.8 million or 190.0% from EUR 13.1

million in 2024 to EUR 37.9 million in 2025. The increase is mainly attributable to the

first-time consolidation of Interhome and includes new expense areas related to

Interhome's specific business model in generating revenues such as external costs

for cleaning, laundry and other property management services that amount to a

total of EUR 15.1 million in 2025 (2024: EUR 0.0 million). Further, personnel-related

expenses incurred for the conduction of cleaning and laundry services as part of

Interhome's business model lead to a further increase of EUR 6.4 million in the cost

of revenues. The increase in depreciation and amortization expenses derives from

fair value step-ups in the amount of EUR 2.8 million as a part of the PPA for

Interhome acquisition in August 2025. Further, the Group incurred expenses for

payment provider services that amount to EUR 2.7 million and therefore reflects

the strong progress in the adoption of the HomeToGo Payment product by our

partners in the marketplace business ¹⁷. The adjusted gross profit margin ¹⁸ declined

by -8.8 percentage points from 97.8% in 2024 to 89.0% in 2025.

The slight increase in expenses for product development and operations by

EUR 0.9 million to EUR 41.6 million in 2025 (2024: EUR 40.7 million) mainly results

from higher personnel expenses (2025: EUR 24.0 million, 2024: EUR 20.6 million) as

well as higher expenses pertaining to external IT support (2025: EUR 4.2 million,

2024: EUR 2.6 million) mainly due to the increased scope of consolidation. These

increasing effects are partially offset by a decrease in software and development

expenses (2025: EUR 4.3 million, 2024: EUR 6.3 million), license expenses (2025:

EUR 3.5 million, 2024: EUR 3.8 million) and other expenses (2025: EUR 0.9 million,

2024: EUR 2.9 million). The respective adjusted cost ratio to IFRS Revenues

improved by 2.6 percentage points to 14.4% (2024: 17.1%).

Marketing and sales expenses increased by 15.5% from EUR 142.1 million in 2024 to

EUR 164.2 million in 2025. The increases relate mainly to an increase in

performance marketing of EUR 8.4 million, an increase in personnel-related

expenses of EUR 5.2 million, and an increase in depreciation and amortization of

EUR 2.1 million. They were mainly driven by the increased scope of consolidation

due to the acquisition of Interhome. Depreciation and amortization expenses also

include impairment losses recorded for intangible assets in the total amount of

EUR 5.6 million following the restructuring of e-domizil at the end of 2025 that

included a partial transfer of customer relationships onto Interhome. The Group's

marketing efficiency improved which is reflected in the lower marketing and sales

adjusted cost ratio ¹⁹ of 56.9%, which improved by 5.2 percentage points during

2025 compared to the prior year period from 62.2%. The Booking Revenues

Backlog ²⁰ of EUR 119.5 million as of December 31, 2025 increased by 155.2%

compared to the prior year. Those IFRS Revenues from bookings in the backlog will

be realized, unless cancelled, based on their check-in date in 2026 or beyond

without requiring any additional marketing expenses.

General and administrative expenses increased by 131.1% (2025: EUR 107.0 million,

2024: EUR 46.3 million). The significant increase is attributed to the impairment loss

in the amount of EUR 54.6 million that was recorded in 2025 mainly for the

determined impairment of the goodwill of EUR 54.3 million allocated to the

Marketplace segment. The impairment resulted from a strategic reallocation of

resources from the Marketplace segment to the HomeToGo_PRO segment

following the acquisition of Interhome, which had a significant impact on the

business plan of the Marketplace, in particular a decrease in the expected growth

rate. Personnel-related expenses, license expenses, consulting expenses as well as

²¹ Adjusted for expenses for share-based compensation, depreciation, amortization and one-off items


HomeToGo / Annual Report 2025	Combined Management Report \|	39

Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

expenses related to third-party services increased in total by 12.2% or EUR 4.0

million to EUR 36.8 million in 2025 as a result of the Interhome acquisition. The

increase in general and administrative expenses can be further attributed to the

increase in the total expected credit loss from EUR 1.4 million in 2024 to EUR 2.2

million in 2025. The general and administrative adjusted cost ratio ²¹ in proportion to

IFRS Revenues improved from 13.5% in 2024 by 0.7 percentage points to 12.7% in

2025 highlighting Group’s commitment to cost discipline, coupled with realized

synergies from the Interhome acquisition having driven economies of scale.

Other expenses increased by EUR 2.2 million to EUR 3.4 million in 2025 compared

to EUR 1.3 million in 2024. The increase mainly stems from higher foreign exchange

losses of EUR 1.2 million in 2025 as a result of the appreciation of the EUR against

USD during 2025 because of the macro economic situation compared to foreign

exchange losses of EUR 0.2 million in 2024. Other expenses further increased by

EUR 0.4 million compared to prior year due to additional other taxes and public

fees in countries operated by Interhome.

In 2025, the Group incurred a consolidated net loss in the amount of EUR 97.9

million compared to the net loss of EUR 28.1 million in 2024, reflecting an increase

of EUR 69.8 million. The increase in net loss mainly resulted from the

aforementioned goodwill impairment of EUR 54.6 million in the Marketplace

segment, the recorded impairments on intangible assets of EUR 5.6 million as part

of the restructuring of e-domizil as well as the additional amortization of EUR 3.6

million for the fair value step-ups derived from the preliminary purchase price

allocation for the acquisition of Interhome. Further, the increase in the net loss can

be attributed to the timing of the closing of the acquisition of Interhome which

happened after the end of the high season leading to a negative impact of the

acquisition on the Group's income statement.

In order to assess the operating performance of the business, HomeToGo's

management uses Adjusted EBITDA as an additional metric to Net Income as it

better presents the sustainable operational performance of the business.

HomeToGo recorded an Adjusted EBITDA of EUR 13.2 million in 2025 compared to

EUR 12.8 million in 2024, surpassing the updated guidance of c. EUR 11 million for

the financial year 2025. The improvement of the Adjusted EBITDA is mainly due to

the strong performance of the HomeToGo Marketplace segment resulting from a

further improved marketing efficiency of the Group and the conscious decision by

the Management Board to prioritize profitability over growth. Overall, we assess

the development of the Group’s result of operations favorably. The reconciliation

of the Group's Adjusted EBITDA is shown in the following table:

²² Includes restricted cash and cash equivalents of EUR 6.7 million as of December 31, 2025 (2024: EUR 2.4 million).


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information


RECONCILIATION TO ADJUSTED EBITDA IN EUR THOUSANDS	2025	2024
Loss from operations	(95,699)	(29,692)
Depreciation and amortization	23,431	19,896
thereof recognized in Cost of Revenues	9,387	8,351
thereof recognized in Product development and operations	1,257	909
thereof recognized in General and administrative	999	942
thereof recognized in Marketing and sales	11,788	9,694
Impairment losses on PPE and intangible assets	61,077	—
thereof recognized in Cost of Revenues	396	—
thereof recognized in General and administrative	54,618	—
thereof recognized in Marketing and sales	6,064	—
EBITDA	(11,191)	(9,796)
Share-based compensation expenses	13,192	12,013
thereof recognized in:
Product development and operations	3,445	3,568
Marketing and sales	968	478
General and administrative	8,780	7,967
One-off items*	11,170	10,604
thereof one-off items recognized in general and administrative	10,005	8,791
Mergers and acquisitions	4,734	5,038
Litigation	521	135
Reorganization & restructuring	3,647	1,969
Arrangements for contingent payments with service condition	—	1,548
Legacy tax risks	660	—
Nordic Bond Issuance	247	—
Other	196	100
thereof one-off items recognized in other income	1,165	1,814
Amortization of fair value step down on vouchers and advance payments received	1,165	1814
Adjusted EBITDA*	13,171	12,821
Adjusted EBITDA margin*	5.2%	6.0%
* unaudited

b) Financial position

The following table provides an overview of the Group’s financial development:


(IN EUR THOUSANDS)	2025	2024⁽¹⁾ Adjusted
Cash and cash equivalents at the beginning of the year	70,790	108,953
Cash flow from operating activities	(31,198)	166
Cash flow from investing activities	(93,825)	(27,022)
Cash flow from financing activities	146,577	(11,352)
Foreign currency effects	(792)	45
Cash and cash equivalents at the end of the year ²²	91,553	70,790

⁽¹⁾ Interest received as well as interest and other finance costs paid were reclassed from operating activities

to investing and financing activities respectively.

As of December 31, 2025, the Group has cash and cash equivalents in the amount

of EUR 91.6 million (2024: EUR 70.8 million).

The Group recorded a cash outflow from operating activities of EUR (31.2) million in

2025 in comparison to the cash inflow of EUR 0.2 million in 2024. The change by

EUR (31.4) million in the cash flow from operating activities is mainly resulting from

the timing of the closing of the Interhome acquisition. The entity was acquired on

August 28, 2025 and as a part of the first-time consolidation the Group acquired a

significant amount of trade payables in relation to payments which travelers had

made to Interhome as part of their bookings in early 2025 and which had to be

paid to the hosts once the check- in took place. The above payments to hosts

were made after the closing of the acquisition leading to a negative impact on the

cash flow from operating activities for 2025 while the corresponding cash inflow

from prior payments of the travelers was mainly reflected as a part of the acquired

cash in the amount of EUR 80.9 million which is presented in the cash flow from

investing activities.

The Group recorded a cash outflow of EUR (93.8) million from investing activities in

2025 in comparison to the cash outflow of EUR (27.0) million in 2024. The cash flow

from investing activities include the net payments for the acquisition of Interhome

in the amount of EUR (76.0) million. The cash outflow for the consideration paid

amounted to EUR (156.9) million and is presented net of the acquired cash of EUR


HomeToGo / Annual Report 2025	Combined Management Report \|	41

Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

80.9 million. Cash outflow from investing activities also includes payments for the

deferred consideration (vendor loan) in the amount of EUR (14.0) million related to

the acquisition of GetAway group in 2024 as well as payments made for the

acquisition of the remaining minority-stakes in Kraushaar and timwork in the

amount of EUR (2.8) million. Cash outflows also include payments made for

internally generated software in the amount of EUR (10.6) million in 2025 (2024:

EUR (9.0) million).

Cash flow from financing activities amounted to an inflow of EUR 146.6 million in

2025 as compared to cash outflows of EUR (11.4) million in 2024. Cash inflows

mainly include the EUR 82.5 million net proceeds from the capital increase that was

carried out during the first quarter of 2025 and EUR 75.0 million from the draw

down of the loan, both related to the acquisition financing of Interhome. The total

cash inflows are partially offset by the outflows from repayment of loans in the

amount of EUR (0.1) million (2024: EUR (4.9) million) as well as payments for

principal portion of lease liabilities in the amount of EUR (2.2) million (2024: EUR

(1.0) million)

The following table provides an overview of the outstanding loans within the

Group as of December 31, 2025:


DEBTOR	LOAN AMOUNT (IN EUR THOUSANDS)	PAYOUT DATE	MATURITY	NOMINAL INTEREST RATE	CARRYING AMOUNT (IN EUR THOUSANDS)
HomeToGo GmbH	75,000	August 2025	March 2026 - December 2027	3-month EURIBOR+5.75%	72,374
Total	75,000				72,374

The following table provides an overview on the outstanding loans within the

Group for the comparative period as of December 31, 2024:


DEBTOR	LOAN AMOUNT (IN EUR THOUSANDS)	PAYOUT DATE	MATURITY	NOMINAL INTEREST RATE	CARRYING AMOUNT (IN EUR THOUSANDS)
Feries S.r.l.	400	August 2020	August 2025	1.50%	77
Escapada Rural S.L.	300	May 2020	April 2025	1.55%	26
Adrialin d.o.o	100	February 2022	September 2027	0.25%	75
Total	800				178


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

In our opinion, HomeToGo Group’s financial position can be stated as sound. The

Group has been able to meet its payment obligations at any time. Liquidity

shortages have neither occurred nor are such shortages foreseeable for the future.

c) Net Assets


(IN EUR THOUSANDS)	Dec. 31, 2025		Dec. 31, 2024		change
Non-current assets	483,507	78%	265,089	70%	+218,418	82%
Current assets	132,847	22%	115,677	30%	+17,170	+15%
Total assets	616,354	100%	380,765	100%	+235,589	+62%

Equity	265,796	43%	267,223	70%	(1,427)	(1%)
Non-current liabilities	172,730	28%	39,908	10%	+132,822	+333%
Current liabilities	177,828	29%	73,635	19%	+104,194	142%
Total equity and liabilities	616,354	100%	380,765	100%	+235,589	+62%

The main non-current assets are composed of intangible assets in the amount of

EUR 425.4 million (2024: EUR 241.5 million) and property, plant and equipment in

the amount of EUR 43.0 million (2024: EUR 12.4 million). The increase in intangible

assets mainly results from the acquisition of Interhome in August 2025, which

included increases in goodwill of EUR 185.5 million, trademarks and domains of EUR

31.2 million, software and licenses of EUR 19.4 million, customer relationships of

EUR 13.5 million and order backlog of EUR 3.7 million. An offsetting effect resulted

from the aforementioned impairment of EUR 54.6 million for the goodwill on the

Marketplace segment. Property, plant and equipment increased due to the

additional right-of-use assets of EUR 14.4 million, leasehold improvements and

other equipment of EUR 10.1 million and land and building of EUR 8.2 million that

were acquired through Interhome. Furthermore, non-current other financial assets

include a call option on non-controlling interests, valued at EUR 7.8 million at the

end of 2025 compared to EUR 8.3 million at the end of 2024, which was initially

recognized as part of the acquisition of GetAway Travel (formerly: Kurz Mal Weg)

and Kurzurlaub at the beginning of 2024.

Current assets at the end of December 31, 2025, have increased compared to

December 31, 2024, mainly due to an increase of cash and cash equivalents from

EUR 70.8 million as of December 31, 2024 to EUR 91.6 million as of December 31,

2025. Refer to the foregoing section b) Financial position for details on the

significant effects leading to the increase of the Group's cash position. Trade and

other receivables increased from EUR 18.1 million December 31, 2024 to EUR 24.3

million as of December 31, 2025 following the acquisition of Interhome. An

opposing effect derives from the decrease in other financial assets resulting from

the sale of the investment in money market funds in 2025 amounting to EUR 11.9

million.

As of December 31, 2025, the Group’s equity amounts to EUR 265.8 million (2024:

EUR 267.2 million) which includes non-controlling portion of EUR 35.0 million.

Non-current liabilities increased to EUR 172.7 million as of December 31, 2025

compared to EUR 39.9 million in the prior year mainly due to increase in other

financial liabilities from EUR 18.9 million in 2024 to EUR 89.1 million in 2025, which is

attributable to the non-current portion of the deferred consideration related to the

Interhome acquisition in the amount of EUR 67.8 million at the end of 2025.

Additionally, borrowings (non-current) increased by EUR 49.3 million, which was

driven by the draw down of the loan facility in relation to the financing of the

acquisition of Interhome. Furthermore, non-current lease liabilities significantly

increased by EUR 9.8 million to EUR 21.4 million (2024: EUR 11.5 million). This effect

was partially offset by the acquisition of the remaining 25%-stake in Kraushaar and

timwork, which reduced the put-option liability towards non-controlling interests

by EUR 5.2 million.

Current liabilities amount to EUR 177.8 million as of December 31, 2025 compared

to EUR 73.6 million as of the prior year. This was primarily driven by the acquisition

of Interhome which had a strong impact on the working capital structure of the

Group resulting in an increase especially of other liabilities including contract

liabilities by EUR 40.9 million to EUR 63.4 million December 31, 2025 as well as an

increase in trade payables increased by EUR 27.5 million to EUR 45.6 million

December 31, 2025. The current portion of borrowings related to the loan facility

described above resulted in an increase of borrowings of EUR 22.9 million.

Furthermore, income tax liabilities increased by EUR 16.5 million to EUR 21.3 million,

mainly driven by the consolidation of Interhome (contributing EUR 12.5 million as of

December 31, 2025). Other financial liabilities decreased by EUR (4.5) million to EUR

22.3 million as of December 31, 2025 which derives from the following significant

opposing effects: Decrease in the amount of EUR 13.8 million for the repayment of


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

the vendor loans for the acquisition of GetAway group in 2024, an increase of EUR

10.7 million resulting from the recognition of the current portion of the deferred

consideration in relation to the Interhome acquisition, a decrease in traveler

advance payments owed in the amount of EUR 6.9 million as of December 31, 2025

in the comparison to the prior year (2024: EUR 11.0 million) and an increase in lease

liabilities by EUR 3.7 million to EUR 4.5 million resulting mainly from the acquisition

of Interhome.

Even though in 2025 current liabilities exceed current assets compared to financial

year 2024, taking into account the proceeds of issuance of the new bond, partially

used to refinance the loan issued for acquisition of Interhome, the Group further

improved its financial positions, allowing to consider as well for further acquisition.

Refer to 5. Significant Events after the Reporting Period) for further information on

the new bond.

d) Overall statement

The Management Board views the business development in 2025 as positive.

HomeToGo made significant progress in further improving profitability and

growing significantly at the same time. The rapidly growing HomeToGo_PRO

segment accounted for more than 45% of the Group's IFRS Revenues by the end

of 2025. The Booking Revenues from repeat customers grew by more than 33%,

representing a key driver in enhancing long-term profitability. Furthermore, the

Group's Onsite Take Rate reached a new annual record of 13.7%, a 0.9pp increase

compared to 2024.

HomeToGo recorded strong top-line growth, with both the Marketplace and

HomeToGo_PRO segments achieving mid-double-digit percentage increases in

IFRS Revenue. At the same time, profitability improved significantly, with Adjusted

EBITDA increasing by EUR 0.4 million compared to the previous year.

HomeToGo delivered on all elements of its updated financial guidance, with

Booking Revenues and Adjusted EBITDA significantly exceeding expectations. This

performance reflects the scalability of HomeToGo’s business model, the

effectiveness of its profitability-focused strategy, and the continued strong

demand for vacation rentals.

2.4. Employees

As of December 31, 2025 the Group had employed 1,536 employees (2024: 795),

representing an increase of 93% compared to the prior year as a result of the

acquisition of Interhome during the reporting period.

3. Statutory Results of Operations and Financial

Position of the Company

The purpose of HomeToGo SE is the creation, holding, development and

realization of its investment in HomeToGo GmbH. Due to its sole purpose as a

financial holding entity, the Company is subject to the same price, credit and cash

flow risks as the Group as a whole. Refer to 4.2. Illustration of Risks for an

assessment of risks the Company is exposed to.

Results of Operations

As a pure financial holding, the Company did not generate any Revenues and

material income during the financial year 2025. The loss of EUR 253.5 million in

2025 (2024: EUR 52.0 million) resulted mainly from a further permanent value

adjustment of the investment in HomeToGo GmbH in the amount of EUR 244.0

million (2024: EUR 44.8 million). Other expenses contain mainly consulting and

audit expenses amounting to EUR 2.8 million (2024: EUR 1.9 million), costs for other

external services amounting to EUR 1.4 million (2024: EUR 1.8 million) and insurance

expenses amounting to EUR 0.3 million (2024: EUR 0.3 million). Non recurring

expenses amounting to EUR 2.6 million are related to the capital increase in 2025

and are not capitalized according to Luxembourg GAAP.

Financial Position

As of December 31, 2025, the Company had cash and cash equivalents of

EUR 0.3 million compared to EUR 0.8 million in the previous year. The Company

was always able to meet its payment obligations. No liquidity shortfalls have

occurred or are foreseeable in the future.


HomeToGo / Annual Report 2025	Combined Management Report \|	44

Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

Net Assets


(IN EUR THOUSANDS)	Dec. 31, 2025		Dec. 31, 2024		2025 vs. 2024
Non-current assets	350,697	98%	515,675	97%	(164,978)	(32%)
Current assets	7,740	2%	14,467	3%	(6,726)	(46%)
Total assets	358,437	100%	530,142	100%	(171,705)	(32%)

Equity	354,506	99%	522,992	99%	(168,487)	(32%)
Current liabilities	3,931	1%	7,149	1%	(3,218)	(45%)
Total equity and liabilities	358,437	100%	530,142	100%	(171,705)	(32%)

Non-current assets are composed of the Company's investment in HomeToGo

GmbH. As part of the capital increase with net proceeds of EUR 82.5 million the

Company contributed EUR 76.5 million into HomeToGo GmbH which increase the

investment book value correspondingly. The overall decrease during the fiscal year

is the result of the aforementioned impairment in the amount of EUR 244.0 million

(2024: EUR 44.8 million) of the investment in HomeToGo GmbH.

Current assets comprise treasury shares with a value in the amount of EUR 4.7

million (2024: EUR 13.2 million) and cash and cash equivalents of EUR 0.3 million

(2024: EUR 0.8 million).

During the financial year 2025, 2,210,340 Class A Shares were transferred to

beneficiaries of share-based compensation programs of the Group (2024: 684,450

Class A shares). Furthermore, 1,526,225 Class A Shares were transferred as part of

the consideration for the acquisition of the remaining 25%-stakes in Kraushaar

Ferienwohnungen GmbH and timwork GmbH.

4. Risk and Opportunity Report

As an international company, HomeToGo has exposure to macroeconomic, sector-

specific, and company-specific risks and opportunities. This risk and opportunity

report provides an overview of the implemented risk and opportunity manage-

ment system and presents the risks and opportunities considered material for

HomeToGo.

4.1. Risk and Opportunity Management System

The Management Board of HomeToGo SE assumes overall responsibility for the

development and operation of an effective risk and opportunity management

system (RMS) for HomeToGo. The RMS consists of the following elements:

Risk and Opportunity Objectives

The objective of the RMS is to create the necessary transparency about risks and

opportunities for decision makers, to foster the risk and opportunity culture, and to

create a common understanding of risks and opportunities throughout the

company.

Risk and Opportunity Identification and Monitoring

Using multiple instruments, such as workshops and self-assessments, the

identification and assessment of risks and opportunities is carried out by both the

risk and opportunity owners during day-to-day operations and the CFO on a

quarterly basis.

Risk and Opportunity Assessment

All risks and opportunities identified are evaluated with regard to their probability

of occurrence and their potential impact based on a one-year time horizon. The

identified single risks and opportunities are finally aggregated. The probability of

occurrence represents the possibility that a specific impact for a risk or an oppor-

tunity may materialize within the next three to 60 months and beyond. The impact

assessment is conducted on a quantitative scale that refers to the potential

financial impact. The material risks and opportunities are described in the next

section of this report.

Risk and Opportunity Control

Risk and opportunity owners are charged with developing and implementing

effective risk mitigating and opportunity supporting measures within their

responsibility area. Depending on the type, characteristics, and assessment of the

risks, different risk strategies are applied by the risk owners to reduce the risk,

considering costs and effectiveness. Risk strategies can be risk avoidance,

reduction, transfer to a third party, or acceptance.


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

Risk and Opportunity Management Improvements and Reporting

The respective risk owner reports on the overall risk and opportunity situation to

the senior management, the Management Board, and the Supervisory Board on a

quarterly basis.

4.2. Illustration of Risks

Overall assessment of risks

Overall, the Management Board identified no risks that might threaten the

Company’s and the Group’s ability to continue as a going concern and, from

today’s perspective, no such risks are recognizable for the foreseeable future.

Cybersecurity and IT risks

We operate websites and apps with which we collect, maintain, transmit, and store

information about our users, Partners, and others, including personal information,

as well as other confidential and proprietary information, including information

related to intellectual property. We also employ third-party service providers that

store, process, and transmit proprietary, personal, and confidential information on

our behalf. Furthermore, we rely on encryption and authentication technology

licensed from third parties to securely transmit confidential and sensitive

information. While we have a cyber risk management team in place and take

extensive steps to protect the security, integrity, and confidentiality of sensitive

and confidential information (e.g., password policies and firewalls), our security

practices may be insufficient enabling third parties to potentially breach our

systems (e.g., through Trojans, spyware, ransomware or other malware attacks, or

breaches by our employees or third-party service providers), which may result in

unauthorized use or disclosure of information. Such attacks might lead to

blackmail attempts, forcing us to pay substantial amounts to release our captured

data or resulting in the unauthorized release of such data. Given that techniques

used in those attacks change frequently and often are not recognized until

launched against a target, it may be impossible to completely secure our systems.

In addition, technical advances and continued expansion and increased

complexity of our IT infrastructure could increase the likelihood of security

breaches. The operation of our business requires a number of licenses and other

(usage) rights, e.g., in connection with integrating content into our platform. In the

future, we may require additional licenses (e.g., if legal environments change, or

we provide additional services). There is, however, no guarantee that we will be

able to obtain all required licenses or other (usage) rights or that we will manage to

comply with all requirements imposed on us thereunder. If we fail to obtain and

maintain such licenses or rights, we may not be able to conduct our business as

intended, which may adversely affect our growth and profitability. Service outages

might occur by loss of domains of HomeToGo Group brands due to overlooked

renewals that could result in a loss of Booking and IFRS Revenues.

To mitigate these risks, we continuously review and strengthen our IT security

strategy and take an increasing number of technical measures and organizational

policies to protect against unauthorized access to our systems and data. We use

advanced server solutions scalable by specialized third-party providers and recruit

experts in order to ensure system integrity and safety and reduce IT risks to an

acceptable level. We constantly review required renewals of all HomeToGo Group

domains to ensure the timely renewal of the domain ownership. Furthermore, we

are centralizing procedures and responsibilities across the HomeToGo Group to

support these measures.

Over the course of 2025, we have refined our secure development lifecycle to

ensure that vulnerability management and the protection of sensitive credentials

are integrated into the software engineering workflow. We successfully deployed

a next-generation cloud security platform which provides deep, continuous

visibility into our multi-cloud environments, enabling the automated detection of

misconfigurations and anomalous behavior. This scanning capability allows for a

more granular and proactive approach to cloud governance, ensuring that our

data and services remain protected against modern, cloud-native attack vectors.

To maintain a strong defense against an evolving threat landscape, we have also

expanded the capabilities monitoring logs from our systems and endpoints where

we have improved our speed and accuracy in identifying and responding to

potential threats. By refining our internal processes and monitoring tools, we have

enhanced our ability to detect, isolate, and stop suspicious activity before it can

impact our business.

Product risks

Our listing products bear the risk that fraudulent homeowners might post fake or

not as described offers on our platforms. Travelers would arrive to find no vacation

home or not as described vacation home resulting in frustration and customer

complaints that could damage the reputation of HomeToGo or one of our other

brands leading to lower Booking and IFRS Revenues. To mitigate this risk we are


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constantly reviewing our fraud detection processes to initiate preemptive

detection of potentially fraudulent hosts. We have integrated a third party vendor

that is able to detect and block fraudulent accounts and listings creation. Further,

we are using know your customer (KYC) verification flows before paying out funds

to Partners.

For our payment services we rely on a payment service provider (PSP) who then

facilitates our one-off or pay later transactions. For inbound payments, we pay

these third parties interchange fees and other processing and gateway fees to

help facilitate payments from travelers to Partners. As a result, if we are unable to

maintain our relationships with these third parties on favorable terms or if these

fees are increased for any reason, our profit margin, business, and results of

operations could be harmed. Additionally, if these third parties experience service

disruptions or if they cease operations, travelers and Partners could have difficulty

making or receiving payments, which could adversely impact our reputation,

business, and results of operations.

Legislative and regulatory risks

HomeToGo is subject to numerous laws and regulations, particularly on data

protection, artificial intelligence, competition, consumer protection, online

commerce, platform regulation, as well as short-term rentals at the EU, national

and local levels. This includes, in particular, the General Data Protection Regulation

(GDPR) and extends to local legal frameworks such as the German

Telekommunikation-Digitale-Dienste-Datenschutz-Gesetz (TDDDG), the German

Gesetz gegen den unlauteren Wettbewerb (UWG) and the German Plattformen-

Steuertransparenzgesetz (PStTG), in addition to travel-related regulations for

platforms offering short-term rentals.

On the digital environment as such, the evolving regulatory framework for the use

of cookies and similar technologies in many jurisdictions may impair a convenient

online service for our users and performance on our platforms, potentially leading

to limitations for our business and digital marketing techniques.

Responsible and confidential handling of customer data is key to our business. To

mitigate risks of potential violations, our legal team continuously monitors data

protection requirements and developments in interpretations, supports in

implementing corresponding measures and processes, including cybersecurity

advancements, and provides advice. Continuous training and awareness measures

promote GDPR compliance, which goes hand in hand with close cooperation and

alignment with responsible teams for adequate protection of personal data of

customers, partners, and employees. Furthermore, HomeToGo proactively

addresses the requirements of the EU AI Act. Our legal and tech/IT security teams

collaborate closely to implement corresponding policies and governance

frameworks to ensure the compliant and secure use of artificial intelligence across

our operations. Appropriate processes are reviewed, updated and implemented

with due care, also seeking advice from external legal counsels and data

protection officer(s) to ensure correct interpretation of changing legal

requirements and timely incident response. Incident management is closely

coordinated with the expanded IT Security team.

Evolving platform and consumer protection regulations are reviewed by our legal

team and incorporated into the HomeToGo product and technical environment as

well as business operations to ensure transparency for users and hosts.

In addition, short-term rental regulations on federal, regional and municipality

levels impact the display of our offerings and are considered in operational

business processes and product configurations. While these regulations are

currently fragmented, the upcoming EU-wide harmonization under the EU Short-

term Rental Regulation is expected to apply in 2026, aimed at standardizing data

collection and sharing. To remain up to date with interpretations and travel-related

regulations, HomeToGo is engaged in industry associations, such as the Deutscher

Ferienhausverband e.V. (DFV) and the European Holiday Home Association (EHHA),

and actively advocates for balanced regulatory frameworks.

Legislative and regulatory authorities may expand the scope of application of laws

or enact new laws or regulations on data privacy, short-term rentals, or platform

regulation. For instance, the EU Digital Services Act (DSA) regulates online

platforms with rules on transparency and compliance; while HomeToGo has

assessed and implemented many of these requirements, certain elements remain

in the ongoing implementation process to ensure full alignment with evolving

standards. Additionally, the EU Directive 2021/514 (DAC7, Directive of

Administrative Cooperation in the field of taxation in the EU) and German

Plattformen-Steuertransparenzgesetz (PStTG) have introduced reporting

obligations regarding income realized by sellers. HomeToGo has implemented the

necessary operational processes to ensure timely reporting compliance across the


HomeToGo / Annual Report 2025	Combined Management Report \|	47

Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

relevant EU jurisdictions. Any failure to comply with dynamically changing

regulatory provisions could result in administrative or civil legal proceedings, harm

to our business and reputation, or significant fines.

Marketing risks

Another risk factor is the reachable efficiency and effectiveness of marketing

expenses. There is a risk of increased user acquisition costs as competition with

direct and indirect competitors in online marketing channels is intensifying.

Furthermore, there is a risk of losing organic search traffic and revenue due to

Google updates and an increasing visibility of Google owned products.

Additionally, there is the risk associated with the challenge of building a strong

user base for the App. This entails not only attracting new users but also retaining

them, which is crucial for lowering overall marketing costs. Moreover, the evolving

landscape of organic search, especially with the integration of AI into search

engines and changing user search behaviors, poses an additional risk of further

disruptions. HomeToGo counters these challenges with investments in the brands

of the HomeToGo Group, which are geared to the main brand, HomeToGo, and

with investments into inbound channels. For example, through PR, Social Media,

targeted CRM campaigns and / or TV and outdoor advertising in order to increase

the efficiency of the marketing measures and to reduce the dependency on

individual online marketing channels. We perform long-term focused search

engine optimization (SEO) in line with Google guidelines and focus on high-quality

content. Further, we monitor competition for strategic investments or

partnerships.

Partner risks

Our business depends on our Partners maintaining their offers on our platform and

engaging in practices that encourage users to book those offers. If Partners do not

establish or maintain a sufficient number of offers and availability for their

properties, the number of nights booked declines for a particular period, or the

price charged by Partners declines, our revenue would decline and our business,

results of operations, and financial condition would be materially adversely

affected. While we plan to continue to invest in our Partners and in tools to assist

Partners, these investments may not be successful in growing our Partners and

offers on our platform. In addition, Partners may not establish or maintain offers if

we cannot attract prospective users to our platform and generate bookings from a

large number of users. While HomeToGo has experienced only a limited number

of contract terminations by Partners in the past, Partners have from time to time

taken their inventory temporarily off its websites, e.g., for technical reasons. Since

our key Partners, in particular OTAs, typically operate their own platforms and/or

also use the services of other platforms, we face the risk that a key Partner may

decide to suspend or terminate its partnership with us. Such decisions can be

based on factors that are beyond our control. For example, a key Partner may

decide to reduce spending on services from us due to a challenging economic

environment or other factors, both internal and external, relating to its business.

These factors, among others, may include corporate restructuring, pricing

pressure, changes to an outsourcing strategy, or switching to another platform.

Furthermore, our reliance on certain key Partners for a significant portion of our

revenue may give these Partners a certain degree of pricing leverage against us

when negotiating contracts and terms of service. The loss of all or a portion of our

business with, or the failure to retain a significant amount of business with, any of

our key Partners could have a material adverse effect on our business, financial

condition and results of operations.

Growth Risk

With a focus on the Group's future profitability, there is a risk that measures aimed

at further realizing cost efficiencies could have an unexpected constraining impact

on the growth of the Group's business.

Inflation Risk

Our financial performance is subject to global macroeconomic conditions being

impacted by high inflation rates and a rapid rise in interest rates as a reaction by

central banks. High inflation might impact our business model negatively as the

consumers' real discretionary income might shrink. Higher interest rates set by

central banks as a countermeasure to normalize inflation rates will impact the

global economy with adverse effects on consumers' ability to travel. Higher

interest rates will lead to higher costs of capital, used as discount rates in our

impairment test models. Higher discount rates would reduce valuations, absent

any offsetting adjustments to cash flow projections, for example due to inflation.

This would be an impairment trigger and could result in an impairment. We are

carefully monitoring our cost spending and might be able to pass part of

increasing prices on to market participants.

Liquidity and default risks

Due to the continuing (net) loss situation, there is generally a medium-term

liquidity risk. Furthermore, a default risk exists in respect of our Partners’


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receivables, which might also adversely affect liquidity. Given the size of our

Partners (partly listed companies), we regard a default of large Partners as unlikely

whereas there remains a remote risk given contractions in the economic

environment at the time of the publication of the combined management report.

A slightly higher default risk arises from small and non-professionalized Partners,

which is treated through consistent follow-up care. Overall, this refers to a minor

volume and does not adversely affect HomeToGo’s further existence. The Group

has strong liquidity resources at its disposal and an effective liquidity management.

Foreign currency risks

We offer our Partners and users integrated payments in more than 28 currencies

and a considerable portion of our business is conducted in foreign currencies.

Therefore, we are exposed to a certain currency risk. Due to the non-existence of a

natural hedge (low cost base in USD, but high IFRS Revenues denominated in

USD), we actively manage our long USD positions by opportunistically converting

them into our main cost currency (EUR).

Acquisitions risks

HomeToGo has acquired multiple businesses since 2018 and we will continue to

regularly evaluate potential acquisitions. On August 28, 2025, HomeToGo acquired

the Interhome Group, which resulted in taking on significant debt to finance the

acquisition. Acquisitions financed by loans may increase indebtedness and may

result in restrictions on our business. Additionally, HTG is exposed to increased

use of available cash to make interest and principal repayments. Alternatively,

HomeToGo may finance acquisitions by issuing equity or convertible debt

securities, which could result in further dilution to our existing stockholders. We

may enter into negotiations for acquisitions that are not ultimately consummated.

Those negotiations could result in diversion of management time and significant

out-of-pocket costs. If we fail to evaluate and execute acquisitions successfully,

our business, results of operations, and financial condition could be materially

adversely affected.

In addition, we may not be successful in integrating acquisitions or the businesses

we acquire may not perform as well as we expected. While our acquisitions to date

have not caused major disruptions in our business, any future failure to manage

and successfully integrate acquired businesses could materially adversely affect

our business, results of operations, and financial condition.

ESG risks

Detailed information on the Group’s ESG risks and mitigation strategies can be

found in the ‘Sustainability Statement’ section of this Annual Report.

In light of the updated European Commission thresholds for the Corporate

Sustainability Reporting Directive (CSRD), the Group has meticulously adjusted its

reporting for the FY/25 to comply with the Non-Financial Reporting Directive

(NFRD). This transition has been managed with great care to ensure that the rigors

of our sustainability governance remain uncompromised. While our formal

obligations have shifted, we continue to base our entire disclosure framework on

the robust outcomes of our Double Materiality Assessment (DMA) and the

specialized ESG Strategy derived from it. To maintain a high standard of

transparency and future-proof our reporting, we have chosen to continue to

voluntarily adopt specific European Sustainability Reporting Standards (ESRS)

within our Sustainability Statement. This approach ensures that our identification

and mitigation of ESG risks remain comprehensive, data-driven, and aligned with

the long-term interests of our stakeholders, regardless of the change in regulatory

classification.

We acknowledge that any gap between our ESG performance and the increasing

expectations of regulators, investors, travelers, and employees poses a

reputational risk. Furthermore, failure to maintain robust corporate governance

while adhering to complex and dynamic reporting guidelines could result in

regulatory or financial consequences. As sustainable stewardship becomes central

to global business, an inadequate ESG track record or related controversies could

prompt business partners to disassociate from our platform or lead travelers to

favor more environmentally and socially responsible alternatives. To mitigate these

risks and maintain our high standards, we continue to leverage our ESG Focus

Group - comprising leads from Finance, Legal, Communications, P&O, Data

Security and Compliance - reporting directly to our CFO and CEO. Having

previously built the infrastructure for full CSRD readiness with the support of

external experts and specialized software, we remain anchored in the results of

our DMA. This ensures our ESG strategy and disclosures remain comprehensive,

data-driven, and aligned with the long-term interests of all stakeholders.

We recognize the following risks among ESG pillars Environmental, Social and

Governance:


HomeToGo / Annual Report 2025	Combined Management Report \|	49

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Environmental risks

HomeToGo recognizes that evolving climate protection efforts and shifting

consumer demands present inherent risks to the travel industry. While we

previously noted trends such as "flight shaming," we now observe that the primary

environmental risks in 2025 are driven by the increasing frequency of extreme

weather events and natural disasters. These phenomena can lead to regional

inaccessibility and respective travel cancellations. To mitigate these physical

climate risks, we continuously diversify our inventory, prioritizing destinations

resilient to extreme weather and maintaining a robust "locations of concern" policy.

This framework allows us to immediately suspend marketing activities in affected

areas and deploy our specialized Customer Experience teams to provide quick

solutions for travelers. We also remain vigilant regarding global health

developments or future pandemics that could trigger renewed travel restrictions

or fatigue.

From a regulatory and operational perspective, the transition to a low-carbon

economy may necessitate increased investments in advanced technologies and

green infrastructure. While HomeToGo is not in a high-risk manufacturing industry

- thereby minimizing the likelihood of direct pollution-related litigation - we remain

committed to reducing our operational footprint. Our offices and cloud servers are

predominantly powered by renewable energy, and we maintain an eco-friendly

business travel approach, waste-reduction and hardware-recycling protocols. We

remain focused on enhancing our consumer product with a mission to better

support climate-conscious travelers. By integrating features like carbon offsetting

and highlighting green amenities within our listings, we aim to make sustainable

choices more accessible.

Social risks

HomeToGo’s growth is fundamentally built on the expertise of our people. Within

our Social pillar, we prioritize four material areas: Our Own Workforce, Workers in

the Value Chain, Affected Communities, and Consumers. We are dedicated to

fostering an inclusive environment where our team thrives through diverse

leadership, competitive compensation, and continuous professional development.

Among the greatest risks to our competitiveness are the potential loss of critical

expertise due to a global shortage of skilled labor, macroeconomic changes, and

the lack of a compelling work-life balance. We recognize that any failure to

maintain an environment of high satisfaction and low turnover - where team

members feel empowered and engaged - can lead to a brain drain that

undermines our innovation and speed.

Beyond our internal workforce, we strive to collaborate responsibly with travel

destinations to respect local communities and human rights. However, this

objective is challenged by the inherent difficulty of overseeing compliance across

the full depth of our value chain. Despite the implementation of our Supplier Code

of Conduct (SCoC), limited transparency into third-party operations poses a

persistent risk to our ability to fully mitigate ethical or human rights violations.

Finally, as a digital marketplace, we remain vulnerable to sophisticated cyber-

attacks. We prioritize data privacy and cybersecurity to ensure our AI-driven

innovations provide a safe experience; nonetheless, the risk of ransom demands or

unauthorized data exposure remains a constant threat. Such events could

compromise the trust of our hosts, guests, and partners, which is essential to the

whole Group's integrity.

Governance risks

Our corporate culture serves as the backbone of HomeToGo’s governance

framework, guiding daily operations through our eight Leadership Principles and a

robust Code of Conduct. While these standards are designed to ensure integrity

and accountability across the Group, we recognize that their effectiveness

depends entirely on consistent employee engagement. Any failure to monitor

evolving regulatory frameworks or ensure 100% annual compliance - including

mandatory training and formal policy acknowledgment - could expose the Group

to litigation, substantial fines, or administrative orders.

We identify critical risks within our organizational health where uncompelling

cultural aspects or high-pressure environments could drive a "regrettable loss

rate." Such a brain drain would result in immediate operational distress and the loss

of specialized expertise necessary to drive our sophisticated marketplace.

Furthermore, a culture marked by limited growth opportunities or a lack of

diversity can increase absenteeism and turnover.

We see a risk in maintaining an engaging, flexible culture across a global, remote-

first workforce, as it requires constant attention to ensure employee well-being

and independence are not compromised. By proactively supporting our team

through economic volatility and maintaining a fair, secure workplace, we safeguard

the talent and innovative power essential to our market positioning.

²³ Deloitte Corporate Travel Study, 2023; Euromonitor International, 2023


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4.3. Illustration of Opportunities

HomeToGo operates in a massive and traditionally fragmented global vacation

rental market, which presents a unique opportunity for digital orchestration and

value creation. While the sector has historically lacked transparency and

professionalization, HomeToGo is leading its digital transformation. By integrating

our two complementary segments - the HomeToGo Marketplace and

HomeToGo_PRO - we have created a vacation rental powerhouse. Following the

landmark acquisition of Interhome, we now offer a fully integrated B2B2C

ecosystem that solves pain points for both travelers and suppliers. We observe five

key market trends that reinforce our strategic direction.

First, the ongoing shift towards tech-enabled professionalization. While the

vacation rental market remains highly fragmented there is a massive move towards

professional property management. HomeToGo_PRO captures this opportunity by

providing sophisticated SaaS and service solutions. With the addition of

Interhome’s 60 years of expertise, we are not just a listing platform but a critical

infrastructure provider, managing the end-to-end guest and homeowner

experience for over 250,000 properties.

Second, AI-driven hyper-personalization as a conversion catalyst. Traditional search

is being replaced by AI-powered discovery. Our investments in proprietary AI

technology allow us to offer tailored search results and automated guest

communication, significantly increasing conversion rates and brand loyalty. By

leveraging AI across both our Marketplace and B2B tools (e.g., dynamic pricing),

we enhance returns for homeowners while providing a frictionless experience for

travelers.

Third, the convergence of living and traveling. The trend towards hybrid work and

"workations" has stabilized at a level significantly higher than pre-pandemic times.

This shift drives demand for longer stays and high-quality, professional inventory.

Our expanded portfolio of managed homes is uniquely positioned to capture this

high-value demand, resulting in increased average booking basket sizes and

higher take rates.

Fourth, significant synergy potential through value chain integration. The

integration of Interhome has already demonstrated rapid synergy realization, with

over EUR 5 million in annualized cost savings achieved within the first five months

post-closing. The opportunity lies in the virtuous cycle of our B2B2C model:

HomeToGo_PRO secures exclusive, high-quality supply, which is then prioritized

on the HomeToGo Marketplace. This vertical integration allows us to capture a

significantly higher share of the total booking value compared to a traditional

commission-only model.

Lastly, the sustained consumer shift from hotels to vacation rentals. Travelers

increasingly prioritize the space, privacy and unique character of vacation homes

over traditional hotel stays. This structural shift is supported by increasing online

penetration; by 2027, it is expected that 75% of vacation rental revenues will be

generated online. ²³ As the leading orchestrator in this space, HomeToGo is

positioned to capture this flow as the preferred global entry point for the

experience economy.

In conclusion, we anticipate that the vacation rental industry will continue to

expand as it undergoes a massive professionalization phase. HomeToGo’s

transition towards a B2B-led growth strategy, supported by the scale and

operational depth of Interhome, enables us to maintain a superior growth

trajectory and redefine profitability within the sector.

5. Significant Events after the Reporting Period

Issuance of Nordic Bond

On February 24, 2026 HomeToGo SE successfully placed a new senior secured

floating rate bond with an initial issue volume of EUR 101.0 million and a five-year

maturity (ISIN: NO0013697268) (the “Bond”). The Bond carries an interest rate of

three-month EURIBOR plus a margin of 7.75% p.a. and was issued under a total

framework of up to EUR 200.0 million. As part of the initial issuance, HomeToGo SE

subscribed to 8,000 of its own bonds with a nominal value of EUR 1,000 each,

totaling EUR 8.0 million. These bonds are held by the Company as treasury bonds

to provide future financial flexibility.


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The net proceeds from the initial Bond issue were primarily used to refinance the

existing EUR 75.0 million bank loan, and will further be used to finance the deferred

purchase price payments related to the Interhome acquisition of c. EUR 22.0

million due in 2026 and 2027.

6. Outlook

The 2026 financial year has started on a highly promising note, characterized by

significant tailwinds and good visibility for the financial year. Following a

transformative 2025, HomeToGo enters the new year with a record year-end

Booking Revenues Backlog of EUR 119.5 million, representing a robust 9.6% year-

over-year increase. This momentum is driven by strong performance across the

entire Group, with Interhome contributing EUR 69.9 million (+12.7% YoY) and the

standalone business providing EUR 49.6 million (+5.6% YoY). On a sector-wide

basis, the vacation rental market continues to demonstrate remarkable resilience.

The structural shift from traditional hotels to alternative accommodations remains

a key driver. This trend is further amplified by the increasing professionalization of

the industry; while the market remains fragmented, there is a massive move

toward tech-enabled property management following the Interhome acquisition.

A cornerstone of our 2026 strategy is the continued evolution of our B2B2C

"Powerhouse" model. We are leveraging our proprietary AI technology to drive

hyper-personalization in the Marketplace segment while simultaneously scaling

our HomeToGo_PRO software and service solutions. The rapid execution of the

Interhome integration has already yielded significant results, with more than EUR 5

million in annualized cost savings realized within the first five months post-closing.

We are well on track to reach our short-term cost synergy target of EUR 10 million

in annualized savings. Our financial foundation for 2026 has been further fortified

by the successful issuance of a EUR 101.0 million Senior Secured Nordic Bond in

February 2026. By replacing a restrictive bank loan with this flexible five-year

instrument, we have eliminated near-term refinancing risks and unlocked

approximately EUR 84.0 million in cash flow over the 2026 and 2027 period. This

"strategic firepower" provides us with the liquidity to invest aggressively in high-

ROI organic growth and pursue additional value-accretive M&A opportunities

within our EUR 200.0 million bond framework.

We continue to monitor the geopolitical environment closely, especially the

ongoing conflict in the Middle East. HomeToGo’s financial guidance for 2026 takes

into account the macroeconomic uncertainty and potentially negative global

economic consequences stemming from this conflict. Furthermore, our outlook

also considers the heightened volatility in foreign exchange markets - particularly

the CHF/EUR exchange rate, which has become the Group’s primary currency pair

following the integration of Interhome.

For the 2026 financial year, the HomeToGo Group expects to maintain its

trajectory of profitable growth. IFRS Revenues are projected to grow by more than

55%, reaching a range of EUR 400.0 to 410.0 million. Driven by ongoing cost

control, realized synergies from the Interhome acquisition, and enhanced

marketing efficiency, we aim to increase Group Adjusted EBITDA to between EUR

45.0 and 47.0 million (representing growth of >240% YoY).


Luxembourg, March 18, 2026
Management Board of HomeToGo SE

HomeToGo SE

Société européenne

Annual Accounts as of December 31, 2023

Registered office: 9, rue de Bitbourg

L - 1273 Luxembourg

R.C.S. Luxembourg: B249273


Profit and Loss Account	122
Balance Sheet	124
Notes to the Annual Accounts	128
Responsibility Statement of the Management Board	138
Independent auditor’s report	139

Table of Contents


	Page
Annual Accounts	120
Profit and Loss Account	121
Balance Sheet	124
Notes to the Annual Accounts	128
1. General	128
2. Summary of significant accounting policies	128
3. Financial assets	103
4. Own shares	104
5. Capital and reserves	105
6. Creditors	108


7. Other external expenses	108
8. Other operating expenses	109
9. Other interest and similar expenses	109
10. Staff	109
11. Emoluments granted to the members of the Management and Supervisory Board and commitments in respect of retirement pensions for former members of those bodies	109
12. Advances and loans granted to the members of the Management and Supervisory Board	109
13. Off balance sheet commitments	110
14. Subsequent events	110
Responsibility Statement of the Management Board	138
Independent auditor’s report	139


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Profit and Loss Account


(IN EUR)		NOTE		CURRENT YEAR		PREVIOUS YEAR
1. Net turnover	1701		701		704
2. Variation in stocks of finished goods and in work in progress	1703		703		704
3. Work performed by the undertaking for its own purposes and capitalised	1705		705		706
4. Other operating income	1713		713	255,721	714	103,379
5. Raw materials and consumables and other external expenses	1671		671	(4,719,572)	672	(4,433,124)
a) Raw materials and consumables	1601		601		602
b) Other external expenses	1603	7	603	(4,719,572)	604	(4,433,124)
6. Staff costs	1605		605		606
a) Wages and salaries	1607		607		608
b) Social security costs	1609		609		610
i) relating to pensions	1653		653		654
ii) other social security costs	1655		655		656
c) Other staff costs	1613		613		614
7. Value adjustments	1657		657		658
a) in respect of formation expenses and of tangible and intangible fixed assets	1659		659		660
b) in respect of current assets	1661		661		662
8. Other operating expenses	1621	8	621	(2,870,969)	622	(559,406)
9. Income from participating interests	1715		715		716
a) derived from affiliated undertakings	1717		717		718
b) other income from participating interests	1719		719		720
10. Income from other investments and loans forming part of the fixed assets	1721		721	189,365	722	—
a) derived from affiliated undertakings	1723		723		724
b) other income not included under a)	1725		725	189,365	726	—
11. Other interest receivable and similar income	1727		727	267,528	728	5,635
a) derived from affiliated undertakings	1729		729		730
b) other income not included under a)	1731		731	267,528	732	5,635
12. Share of profit or loss of undertakings accounted for under the equity method	1663		663		664


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(IN EUR)		NOTE		CURRENT YEAR		PREVIOUS YEAR
13. Value adjustments in respect of financial assets and of investments held as current assets	1665	3,4	665	(245,052,173)	666	(46,842,095)
14. Interest payable and similar expenses	1627	9	627	(1,556,474)	628	(306,150)
a) concerning affiliated undertakings	1629		629	(88,183)	630	(116,000)
b) other interest and similar expenses	1631		631	(1,468,291)	632	(190,150)
15. Tax on profit or loss	1635		635		636
16. Profit or loss after taxation	1667		667	(253,486,574)	668	(52,031,760)
17. Other taxes not shown under items 1 to 16	1637		637	—	638	(8,945)
18. Profit or loss for the financial year	1669		669	(253,486,574)	670	(52,040,705)


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Balance Sheet


(IN EUR)		NOTE		CURRENT YEAR		PREVIOUS YEAR
A. Subscribed capital unpaid	1101		101		102
I. Subscribed capital not called	1103		103		104
II. Subscribed capital called but unpaid	1105		105		106
B. Formation expenses	1111		107		108
C. Fixed assets	1109		109	350,697,173	110	515,675,342
I. Intangible Assets	1111		111		112
1. Costs of development	1113		113		114
2. Concessions, patents, licences, trade marks and similar rights and assets, if they were	1115		115		116
a) acquired for valuable consideration and need not be shown under C.I.3	1117		117		118
b) created by the undertaking itself	1119		119		120
3. Goodwill, to the extent that it was acquired for valuable consideration	1121		121		122
4. Payments on account and intangible assets under development	1123		123		124
II. Tangible assets	1125		125		126
1. Land and buildings	1127		127		128
2. Plant and machinery	1129		129		130
3. Other fixtures and fittings, tools and equipment	1131		131		132
4. Payments on account and tangible assets in the course of construction	1133		133		134
III. Financial assets	1135	3	135	350,697,173	136	515,675,342
1. Shares in affiliated undertakings	1137		137	350,697,173	138	515,675,342
2. Loans to affiliated undertakings	1139		139		140
3. Participating interests	1141		141		142
4. Loans to undertakings with which the undertaking is linked by virtue of participating interests	1143		143		144
5. Investments held as fixed assets	1145		145		146
6. Other loans	1147		147	—	148	—
D. Current assets	1151		151	7,348,378	766	14,049,408
I. Stocks	1153		153		154
1. Raw materials and consumables	1155		155		156
2. Work in progress	1157		157		158
3. Finished goods and goods for resale	1159		159		160


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(IN EUR)		NOTE		CURRENT YEAR		PREVIOUS YEAR
4. Payments on account	1161		161		162
II. Debtors	1163		163	2,310,363	164	106,947
1. Trade debtors	1165		165	—	166	—
a) becoming due and payable within one year	1167		167	—	168
b) becoming due and payable after more than one year	1169		169		170
2. Amounts owed by affiliated undertakings	1171		171	2,297,103	172	93,687
a) becoming due and payable within one year	1173		173	2,297,103	174	93,687
b) becoming due and payable after more than one year	1175		175		176
3. Amounts owed by undertakings with which the undertaking is linked by virtue of participating interests	1177		177		178
a) becoming due and payable within one year	1179		179		180
b) becoming due and payable after more than one year	1181		181		182
4. Other debtors	1183		183	13,260	184	13,260
a) becoming due and payable within one year	1185		185	10,260	186	10,260
b) becoming due and payable after more than one year	1187		187	3,000	188	3,000
III. Investments	1189		189	4,732,317	190	13,178,027
1 Shares in affiliated undertakings	1191		191		192
2. Own shares	1209	4	209	4,732,317	210	13,178,027
3 Other investments	1195		195		196
IV. Cash at bank and in hand	1197		197	305,699	198	764,434
E. Prepayments	1199		199	391,672	200	417,093
Total (Assets)			201	358,437,223	202	530,141,842


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(IN EUR)		NOTE		CURRENT YEAR		PREVIOUS YEAR
A. Capital and reserves	1301	5	301	354,505,912	302	522,992,486
I. Subscribed capital	1303		303	3,461,068	304	2,441,068
II. Share premium account	1305		305	1,181,245,857	306	1,097,265,857
III. Revaluation reserve	1307		307	—	308	—
IV. Reserves	1309		309	112,195,410	310	112,195,410
1. Legal reserve	1311		311	—	312	—
2. Reserve for own shares	1313		313	4,732,317	314	13,178,027
3. Reserves provided for by the articles of association	1315		315	280,065	316	280,065
4. Other reserves, including the fair value reserve	1429		429	107,183,029	430	98,737,319
a) other available reserves	1431		431	97,960,131	432	89,514,421
b) other non available reserves	1433		433	9,222,898	434	9,222,898
V. Profit or loss brought forward	1319		319	(688,909,850)	320	(636,869,145)
VI. Profit or loss for the financial year	1321		321	(253,486,574)	322	(52,040,705)
VII. Interim dividends	1323		323		324
VIII. Capital investment subsidies	1325		325		326
B. Provisions	1331		331		332
1. Provisions for pensions and similar obligations	1333		333		334
2. Provisions for taxation	1335		335		336
3. Other provisions	1337		337		338
C. Creditors	1435	6	435	3,931,311	436	7,149,356
1. Debenture loans	1437		437		438
a) Convertible loans	1439		439		440
i) becoming due and payable within one year	1441		441		442
ii) becoming due and payable after more than one year	1443		443		444
b) Non convertible loans	1445		445		446
i) becoming due and payable within one year	1447		447		448
ii) becoming due and payable after more than one year	1449		449		450
2. Amounts owed to credit institutions	1355		355		356
a) becoming due and payable within one year	1357		357		358
b) becoming due and payable after more than one year	1359		359		360
3. Payments received on account of orders in so far as they are not shown separately as deductions from stocks	1361		361		362


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(IN EUR)		NOTE		CURRENT YEAR		PREVIOUS YEAR
a) becoming due and payable within one year	1363		363		364
b) becoming due and payable after more than one year	1365		365		366
4. Trade creditors	1367		367	3,265,186	368	2,749,886
a) becoming due and payable within one year	1369		369	3,265,186	370	2,749,886
b) becoming due and payable after more than one year	1371		371		372
5. Bills of exchange payable	1373		373		374
a) becoming due and payable within one year	1375		375		376
b) becoming due and payable after more than one year	1377		377		378
6. Amounts owed to affiliated undertakings	1379		379	666,125	380	4,399,471
a) becoming due and payable within one year	1381		381	666,125	382	699,471
b) becoming due and payable after more than one year	1383		383		384	3,700,000
7. Amounts owed to undertakings with which the undertaking is linked by virtue of participating interests	1385		385		386
a) becoming due and payable within one year	1387		387		388
b) becoming due and payable after more than one year	1389		389		390
8. Other creditors	1451		451	—	452	—
a) Tax authorities	1393		393	—	394	—
b) Social security authorities	1395		395		396
c) Other creditors	1397		397	—		—
i) becoming due and payable within one year	1399		399	—	400	—
ii) becoming due and payable after more than one year	1401		401		402
D. Deferred income	1403		403		404
Total (CAPITAL, RESERVES AND LIABILITIES)			405	358,437,223	406	530,141,842


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Notes to the Annual Accounts

for the year ended December 31, 2025 (Expressed in EUR)

1. General

HomeToGo SE (formerly known as Lakestar SPAC I SE) was incorporated in

Luxembourg as a société européenne (“SE”) on November 26, 2020, subject to the

Luxembourg law of August 10, 1915 on commercial companies for an unlimited

period of time. The Company has its registered office at 9, rue de Bitbourg, L-1273

Luxembourg. The Company is registered with the “Registre de Commerce et des

Sociétés” (“RCS”) in Luxembourg under the number B249273 on December 4,

2020. The Company is a listed entity with its Class A Shares traded in the regulated

market of Frankfurt Stock Exchange under the symbol "HTG" since February 22,

2023. Likewise, the Company’s Class A Warrants are also traded on the open

market of the Frankfurt Stock Exchange under the symbol “HTGW”.

The Company's purpose is the creation, holding, development and realization of a

portfolio, consisting of interests and rights of any kind and of any other form of

investment in entities in the Grand Duchy of Luxembourg and in foreign entities,

whether such entities exist or are to be created, especially by way of subscription,

by purchase, sale, or exchange of securities of any kind whatsoever, such as equity

instruments, debt instruments as well as the administration and control of such

portfolio.

The Company may further grant any form of security for the performance of any

obligations of the Company or of any entity in which it holds a direct or indirect

interest or right of any kind or in which the Company has invested in any other

manner or which forms part of the same group of the entities as the Company and

lend funds or otherwise assist any entity in which it holds a direct or indirect

interest or right of any kind or in which the Company has invested in any other

manner or which forms part of the same group of companies as the Company.

The Company may borrow in any form and may issue any kind of notes, bonds and

debentures and generally issue any debt, equity and/or hybrid securities in

accordance with Luxembourg law.

The Company may carry out any commercial, industrial, financial, real estate or

intellectual property activities which it considers useful for the accomplishment of

these purposes.

The Company’s financial year runs from January 1 to December 31.

The Company also prepares consolidated financial statements which are publish-

ed under International Financial Reporting Standards as adopted by the European

Union.

2. Summary of significant accounting policies

2.1. Basis of preparation

These annual accounts have been prepared in conformity with applicable legal

and statutory requirements in Luxembourg under the historical cost convention

and on a going concern basis.

The accounting and valuation methods are determined and implemented by the

Management Board, apart from the regulations of the law of December 19, 2002.

The preparation of these annual accounts requires the use of certain critical

accounting estimates. It also requires the Management Board to exercise

significant judgment in the process of applying the accounting policies. Changes

in assumptions may have a significant impact on the annual accounts in the period

in which the assumptions changed. The Management Board believes that the

under-lying assumptions are appropriate and that the annual accounts therefore

present fairly the financial position and results.

The Company makes estimates and assumptions that affect the reported amounts

of assets and liabilities in the next financial year. Estimates and judgments are

continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under

the circumstances.


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2.2. Significant Accounting Policies

The following are the significant accounting policies and valuation rules adopted

by the Company in the preparation of these annual accounts.

2.2.1 Foreign Currency Translation

The Company maintains its books and records in Euro (“EUR”). The balance sheet

and the profit and loss account are expressed in EUR.

Translation of foreign currency transactions

Foreign currency transactions are translated into EUR using the exchange rates

prevailing at the dates of the transactions.

Translation of foreign currency balances as at the balance sheet date

• Financial assets denominated in currencies other than EUR are translated at the

historical exchange rates;

• Other assets denominated in currencies other than EUR are translated at the

lower between the exchange rate prevailing at the balance sheet date and

historical exchange rate;

• Creditors denominated in currencies other than EUR are translated at the higher

between the exchange rate prevailing at the balance sheet date and historical

exchange rate; and

• Cash at bank and in hand denominated in currencies other than EUR are

translated at the exchange rates prevailing at the balance sheet date.

As a result, realized exchange gains and losses and unrealized exchange losses are

recorded in the profit and loss account. Unrealized exchange gains are only

recognized if they arise from cash at bank and in hand.

2.2.2 Financial assets

Shares in affiliated undertakings are valued at acquisition cost including the

expenses incidental thereto.

In case of durable decline in value according to the opinion of the Management

Board, impairments are made in respect of shares in affiliated undertaking so that

these are valued at the lower figure to be attributed at the balance sheet date.

Impairment are measured based on the difference between the estimated value,

based on discounted cash flow model, and the carrying amount of the shares in

affiliated undertakings. key assumptions used in the estimated value include

forecast revenue growth, margin development, terminal growth rate and discount

rate,

These impairments are reversed if the reasons for which the value adjustments

were made ceased to apply.

2.2.3 Cash at bank and in hand

Cash at bank and in hand comprise cash at banks and on hand and short-term

highly liquid deposits with a maturity of three months or less, that are readily

convertible to a known amount of cash and subject to an insignificant risk of

changes in value.

2.2.4 Debtors

Debtors are recorded at their nominal value. These are subject to value

adjustments where their recovery is compromised. These value adjustments are

not continued if the reasons for which the value adjustments were made ceased

to apply.

2.2.5 Own shares

Own shares are presented as assets and are initially measured at acquisition cost.

Cost is determined using the weighted average method. Own shares are

subsequently remeasured at the lower of cost or market value. They are subject to

value adjustments where their recovery is compromised. These value adjustments

are reversed when the reasons for which the value adjustments were made have

ceased to apply.

In accordance with Luxembourg law, a non-distributable reserve for own shares is

created under capital and reserves section and an amount from the share

premium is allocated to the reserve for own shares to equal to the value of the

own shares.

2.2.6 Prepayments

Prepayments include expenditure items incurred during the financial year but

relating to a subsequent financial year.


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2.2.7 Provisions for taxation

Provisions are intended to cover losses or debts which originate in the financial

year under review or in the previous financial year, the nature of which is clearly

defined and which, at the date of the balance sheet, are either likely to be incurred

or certain to be incurred but uncertain as to their amount or the date they will

arise.

Provisions for taxation

Provisions for taxation corresponding to the tax liability estimated by the Company

for the financial years for which the tax return has not yet been filed are recorded

under the caption “Creditors becoming due and payable within one year”. The

advance payments are shown in the assets of the balance sheet under the

“Debtors becoming due and payable within one year” item.

2.2.8 Creditors

Creditors are recorded at their reimbursement value.

2.2.9 Operating income and expenses

Income and expenses are accounted for on an accrual basis.

2.2.10 Income tax

The Company is subject to income taxes in Luxembourg.

²⁸ The company contributed EUR 79.064.058 to HomeToGo GmbH, thereof EUR 76.500.000 to finance the acquisition of Interhome.

²⁹ Preliminary and unaudited, before recording of profit and loss absorption from subsidiaries.


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3. Financial assets

Movements in financial assets during the financial year are as follows:


(IN EUR)	SHARE IN AFFILIATED UNDERTAKINGS	TOTAL
Gross book value – opening balance	1,092,958,530	1,092,958,530
Additions for the year	79,064,058²⁸	79,064,058
Gross book value – closing balance	1,172,022,588	1,172,022,588

Accumulated value adjustment – opening balance	(577,283,188)	(577,283,188)
Allocation of value adjustments for the year	(244,042,227)	(244,042,227)
Accumulated value adjustment – closing balance	(821,325,415)	(821,325,415)

Net book value – opening balance	515,675,342	515,675,342
Net book value – closing balance	350,697,173	350,697,173

Shares in affiliated undertakings in which the Company holds at least 20% share capital are as follows:


NAME OF UNDERTAKINGS	REGISTERED OFFICE	OWNERSHIP %/ CONTRIBUTION	COST OF ACQUISITION (IN EUR)	LAST BALANCE SHEET DATE	NET EQUITY AS AT 31.12.2025 (IN EUR) ²⁹	PROFIT/(LOSS) AS AT 31.12.2025 (IN EUR)³
HomeToGo GmbH	Pappelallee 78/79, 10437 Berlin, Germany	100%	1,172,022,587.59	31.12.2025	236,685,168.00	(55,157,694.05)

The Management Board identified a permanent value adjustment within financial

assets for the year ended December 31, 2025. Therefore, an adjustment

impairment of the financial assets amounting to EUR (244,042,227) has been

recognized.


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4. Own shares

As at December 31, 2025, the Company has EUR 4,732,317 in treasury shares

represented by 2,885,559 class A shares (2024: EUR 13,178,027, 6,622,124 class A

shares). The following table shows the transactions with the own shares during

2025:


	Transaction Type	Class A Shares	Cost (in EUR)
Beginning balance		6,622,124	47,523,901
April 2025	Share settlement	(613,946)	(4,406,005)
May 2025	Share settlement	(101,907)	(785,348)
August 2025	Share settlement	(250,624)	(1,956,159)
September 2025	Share settlement	(1,884,110)	(15,191,289)
November 2025	Share settlement	(1,191)	(13,216)
December 2025	Share settlement	(884,787)	(9,820,671)
Ending balance		2,885,559	15,351,212

An impairment of the own shares amounting to EUR 1,009,946 has been

recognized as of December 31, 2025.

The market price as of December 31, 2025, amounted to EUR 1.64 (EUR 1.99 as of

December 31, 2024).

The movements in own shares during the financial year are as follows:


	YEAR ENDED DECEMBER 31,
(in EUR)	2025	2024
Acquisition cost – Opening balance	47,523,901	77,500,048
Buyback of the year	—	4,648,048
Disposals of the year	(26,815,587)	(34,624,196)
Acquisition cost – Closing balance	20,708,313	47,523,901

Accumulated value adj – Opening balance	(34,345,874)	(58,239,545)
Disposals of the year	19,379,823	25,974,391
Value adjustment of the year	(1,009,946)	(2,080,720)
Accumulated value adj – Closing balance	(15,975,997)	(34,345,874)

Net book value – Opening balance	13,178,027	19,260,504
Net book value - Closing balance	4,732,317	13,178,027

³⁰ The proceeds of the capital increase was used to finance acquisition of Interhome and transferred to Hometogo GmbH.


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5. Capital and reserves

Movements during the year are as follows:


(IN EUR)	SUBSCRIBED CAPITAL	SHARE PREMIUM ACCOUNT	RESERVE FOR OWN SHARES	OTHER RESERVES AVAILABLE FOR DISTRIBUTION	RESERVES PROVIDED FOR BY THE ARTICLES OF ASSOCIATION	OTHER NON- AVAILABLE RESERVES	PROFIT OR LOSS BROUGHT FORWARD	PROFIT OR LOSS FOR THE FINANCIAL YEAR	TOTAL
Opening balance	2,441,068	1,097,265,857	13,178,027	89,514,421	280,065	9,222,898	(636,869,145)	(52,040,705)	522,992,486
Issuance of new shares ³⁰	1,020,000	83,980,000	—	—	—	—	—	—	85,000,000
Other movements*	—	—	(8,445,710)	8,445,710	—	—	—	—	—
Allocation of previous year’s results to profit or loss brought forward	—	—	—	—	—	—	(52,040,705)	52,040,705	—
Results for the financial year	—	—	—	—	—	—	—	(253,486,574)	(253,486,574)
Closing balance	3,461,068	1,181,245,857	4,732,317	97,960,131	280,065	9,222,898	(688,909,850)	(253,486,574)	354,505,912

*Reserve for own shares was aligned to the value of own shares, following movements occurred during the period (refer to note 4 Own shares and note 3 Financial assets


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Subscribed Capital and Share premium

As at December 31, 2025, the subscribed capital of the Company amounts to

EUR 3,461,068.45 represented by 175,680,649 Class A Shares, 2,291,667 Class B2

Shares and 2,291,666 Class B3 Shares, without nominal value. On February 13, 2025

the Company issued 53,125,000 new redeemable class A shares at EUR 1.60 per

share. Following the capital increase, HomeToGo SE’s share capital increased from

EUR 2,441,068.45 to EUR 3,461,068.45. The authorized capital, excluding the issued

share capital, is set at EUR 8,811,571.55 consisting of 458,996,018 Class A Shares.

Class A shares

Class A shares are listed in the Frankfurt Stock Exchange and has an International

Securities Identification Numbers of LU2290524383.

Share premium

Due to the capital increase from February 13, 2025 the share premium increased by

EUR 83,980,000.

Legal reserve

In accordance with Luxembourg law, the Company is required to allocate a

minimum of 5% of its net profits for each financial year to a legal reserve. This

requirement ceases to be necessary once the balance on the legal reserve reaches

10% of the subscribed capital. The legal reserve is not available for distribution to

the shareholders.

Reserves for own shares

The Company has purchased its own shares as shown in the balance sheet as Own

shares (note 4). Accordingly, the Company has provided a non-distributable

reserve in accordance with the Luxembourg law for an amount equivalent to the

carrying value of the Own Shares.

The movements occurred in own shares and are detailed in note 4. Own shares.

Reserves provided for by the articles of association - Warrant reserve

Under Article 31, the Management Board will create a reserve for class A and B

warrants issued by the Company. The funds to pay for shares from these warrants

will come from share premiums and other company reserves. The Board can use

these funds to pay for class A shares at any time. However, if the Company can't

secure a Business Combination in time, the reserve may be used to redeem class A

shares if no other reserves are enough. The reserve can't be distributed or

converted until all class A and B warrants are exercised, redeemed or expire. Once

that happens, it becomes a distributable reserve. On February 15, 2021, the

Management Board resolved to allocated EUR 280,065 to the warrant reserve.

Other reserves available for distribution

During the year, the amount of other reserves available for distribution:

Increase for an amount of EUR 7,435,764 due to the share settlements.

Increase for an amount of EUR 1,009,946 related to the value adjustment of the own

shares.

Other reserves

Other reserves refer to the Class A and B Warrants.

Class A Warrants

On February 19, 2021, the Company issued 9,166,666 class A warrants together with

the redeemable class A shares (together, as “unit”) for EUR 10.00 per unit, for a

total amount of EUR 9,166,666.

As at 31 December 2025, the value of the other reserves related to class A warrants

is EUR 91,666.66 and no movements occurred during the year.

Class B Warrants

On February 18, 2021, the Company issued 5,333,333 class B warrants at a price of

EUR 1.50 per warrant, for a total amount of EUR 7,999,999.

On February 19, 2021, the Company issued 260,000 redeemable class B1 shares

together with 86,666 class B warrants, for an aggregate price of EUR 2,600,000

(“Additional Sponsor Subscription”).

As at December 31, 2025, the value of the other reserves related to all class B

warrants is EUR 9,131,231.23 and no movements occurred during the year.


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6. Creditors

Creditors becoming due and payable within one year are composed of the

following:


	YEAR ENDED DECEMBER 31,
(IN EUR)	2025	2024
Trade creditors and accruals	2,944,218	2,749,886
Other creditors	320,968	—
- Payable to tax authorities	—	—
- Payable to directors	320,968	—
Payable to related party	666,125	699,471
Total	3,931,311	3,449,356

As at December 31, 2025, the payable to related party is composed of service costs

and management fees recharged by HomeToGo GmbH.

7. Other external expenses

Other external expenses are composed of:


(IN EUR)	2025	2024
Accounting and administration fees	1,307,466	1,786,194
Consulting, advisory fees and other professional fees	1,378,956	832,596
Audit fees	1,399,911	1,101,680
Other insurance	317,266	326,418
Other miscellaneous external charges	221,084	319,254
Rent	23,567	23,213
Legal fees	42,000	22,051
Bank fees	19,996	11,866
Travel expenses	9,326	9,853
Total	4,719,572	4,433,124

The total audit fees paid are as follows:


(in EUR)	2025	2024
Statutory audit of the annual accounts	1,399,911	830,297
Total	1,399,911	830,297


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8. Other operating expenses

Other operating expenses are composed of:


(IN EUR)	2025	2024
Supervisory board fees	264,507	434,359
Other miscellaneous external charges	2,606,462	125,046
Total	2,870,969	559,405

9. Other interest and similar expenses

Other interest and similar expenses are composed of:


(IN EUR)	2025	2024
loss on disposal of own shares	1,468,291	190,150
interests expenses intercompany	88,183	116,000
Total	1,556,474	306,150

During 2025, the Company recognized a total net loss related to the reissuance of

own shares. The Company reissued the own shares for lower price than the cost.

This difference is recognized as a loss in the profit and loss statement.

10. Staff

The Company did not employ any staff during the financial year ended on

December 31, 2025 (2024: nil).

11. Emoluments granted to the members of the

Management and Supervisory Board and

commitments in respect of retirement pensions

for former members of those bodies

The Company accrued a total remuneration of EUR 320,968.00 to members of its

Supervisory Board during the financial year ended on December 31, 2025 (2024:

EUR 434,359.00). The Company did not grant any emoluments and has no

commitments in respect of retirement pensions to members of its Management

Board during the financial year ended on December 31, 2025 (2024: nil).

12. Advances and loans granted to the members

of the Management and Supervisory Board

The Company did not grant any advances or loans to members of its Management

Board and Supervisory Board during the financial year ended on December 31,

2025 (2024: nil).

13. Off balance sheet commitments

The Company is an original guarantor of the HomeToGo GmbH facility agreement

of EUR 75.0 million. The guarantee constitutes an off‑balance‑sheet financial

guarantee, representing the Company’s maximum exposure under this

commitment. The guarantee is unsecured, and no collateral or pledge has been

granted. This loan is subject to covenants. All covenants were fulfilled as per

December 31, 2025


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14. Subsequent events

Issuance of Nordic Bond and new intercompany loan

On February 24, 2026 HomeToGo SE successfully placed a new senior secured

floating rate bond with an initial issue volume of EUR 101.0 million and a five-year

maturity (ISIN: NO0013697268) (the “Bond”). The Bond carries an interest rate of

three-month EURIBOR plus a margin of 7.75% p.a. and was issued under a total

framework of up to EUR 200.0 million. As part of the initial issuance, HomeToGo SE

subscribed to 8,000 of its own bonds with a nominal value of EUR 1,000 each,

totaling EUR 8.0 million. These bonds are held by the Company as treasury bonds

to provide future financial flexibility.

On March 9, 2026 HomeToGo SE entered into a subordinated intercompany loan

agreement with its wholly owned subsidiary HomeToGo GmbH, providing for a

loan facility of up to EUR 90.0 million to pass on the proceeds from the Bond. The

loan bears variable interest at three‑month EURIBOR plus a margin of 8.0% p.a., has

a maturity date of March 9, 2031, is unsecured and contractually subordinated. The

first tranche of EUR 75.0 million was paid on March 10, 2026 and was used to

refinance the existing external bank facility of HomeToGo GmbH. The proceeds

from the initial Bond will further be used to finance the deferred purchase price

payments related to the Interhome acquisition of c. EUR 22 million due in 2026 and

2027.

This transaction represents a non‑adjusting subsequent event and has no impact

on the Company’s balance sheet as of December 31, 2025.

Letter of comfort

On March 17, 2026, HomeToGo SE has granted a letter of comfort to HomeToGo

GmbH. The Company hereby undertakes vis-à-vis its subsidiary to ensure that

HomeToGo GmbH is at all times in a position to duly and punctually fulfil all of its

obligations and liabilities as they fall due.


Luxembourg, March 18, 2026
Management Board of HomeToGo SE



Dr. Patrick Andrae			Wolfgang Heigl
Co-Founder & CEO			Co-Founder & CSO



Valentin Gruber			Sebastian Bielski
COO			CFO


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

Responsibility Statement

of the Management Board

We, Dr. Patrick Andrae, Wolfgang Heigl, Valentin Gruber and Sebastian Bielski

assure, to the best of our knowledge that the annual accounts which have been

prepared in accordance with the legal requirements and generally accepted

accounting principles applicable in the Grand Duchy of Luxembourg, give a true

and fair view of the assets, liabilities, financial position and profit or loss of

HomeToGo SE and that the combined management report includes a fair review

of the development and performance of the business and the position of

HomeToGo SE, together with a description of the material risks and opportunities

associated with the expected development of the Company.


Luxembourg, March 18, 2026
Management Board of HomeToGo SE



Dr. Patrick Andrae			Wolfgang Heigl
Co-Founder & CEO			Co-Founder & CSO



Valentin Gruber			Sebastian Bielski
COO			CFO


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Company Combined Management Report Consolidated Financial Statements Annual Accounts Sustainability Statement Other Information

Independent auditor’s report

To the Shareholders of

HomeToGo SE

19, rue de Bitbourg

L-1273 Luxembourg

Report on the audit of the annual accounts

Opinion

We have audited the annual accounts of HomeToGo SE (the “Company”), which

comprise the balance sheet as at December 31, 2025, and the profit and loss

account for the year then ended, and the notes to the annual accounts, including a

summary of significant accounting policies.

In our opinion, the accompanying annual accounts give a true and fair view of the

financial position of the Company as at 31 December 2025, and of the results of its

operations for the year then ended in accordance with Luxembourg legal and

regulatory requirements relating to the preparation and presentation of the

financial statements.

Basis for opinion

We conducted our audit in accordance with EU Regulation N° 537/2014, the Law of

23 July 2016 on the audit profession (“Law of 23 July 2016”) and with International

Standards on Auditing (“ISAs”) as adopted for Luxembourg by the “Commission de

Surveillance du Secteur Financier” (“CSSF”). Our responsibilities under the EU

Regulation Nº 537/2014, the Law of 23 July 2016 and ISAs as adopted for

Luxembourg by the CSSF are further described in the “Responsibilities of the

“réviseur d’entreprises agréé” for the audit of the financial statements” section of

our report. We are also independent of the Company in accordance with the

International Code of Ethics for Professional Accountants, including International

Independence Standards, issued by the International Ethics Standards Board for

Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together

with the ethical requirements that are relevant to our audit of the annual accounts,

and have fulfilled our other ethical responsibilities under those ethical

requirements. We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of

most significance in our audit of the financial statements of the current period.

These matters were addressed in the context of the audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide

a separate opinion on these matters.

Description

As of December 31, 2025, the shares in affiliated undertakings amounted to 350

million euros and represents 98% of the total assets of the balance sheet and an

impairment of 244 million euros was recognized. As detailed in Notes of the annual

accounts, the shares in affiliated undertakings are valued at acquisition cost

including the expenses incidental thereto and value adjustments are made in case

of a durable depreciation in value. An analysis is performed at year end by the

Management Board in order to assess whether a durable depreciation exists on

the shares in affiliated undertakings.


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Value adjustments are measured and recorded based on the difference between

the estimated value, according to discount cash flow model, and the carrying

amount of the shares in affiliated undertakings.

Due to the size of the balance, historical impairment, impairment of the period and

judgment included, we considered this area to be a key audit matter.

Response

Our audit procedures over the impairment of the shares in affiliated undertakings

included amongst other:

• We assessed the adequacy of the accounting policies determined by the

Management Board, as described in the notes of the financial statements, to

determine the value adjustments to be recorded on shares in the affiliated

undertakings.

• We inspected the valuation model prepared by the Management Board with

the support of their specialists for the determination of the value of the shares

in the affiliated undertakings.

• We analysed the methods and assumptions retained by Management Board in

the valuation model with the support of our specialists. We evaluated key

assumptions used in the impairment assessment, including forecast revenue

growth, margin development, terminal growth rate and discount rate, by

comparing them to historical performance, external market data and our

understanding of the business.

Other information

The Management Board is responsible for the other information. The other

information comprises the information included in the consolidated management

report and the corporate governance statement but does not include the annual

accounts and our report of “réviseur d’entreprises agréé” thereon.

Our opinion on the annual accounts does not cover the other information and we

do not express any form of assurance conclusion thereon.

In connection with our audit of the annual accounts, our responsibility is to read

the other information and, in doing so, consider whether the other information is

materially inconsistent with the annual accounts financial statements or our

knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material

misstatement of this other information, we are required to report this fact. We

have nothing to report in this regard.

Responsibilities of the Management Board and those charged

with governance for the annual accounts

The Management Board is responsible for the preparation and fair presentation of

the annual accounts in accordance with Luxembourg legal and regulatory

requirements relating to the preparation and presentation of the annual, and for

such internal control as the Management Board determines is necessary to enable

the preparation of annual accounts that are free from material misstatement,

whether due to fraud or error.

The Management Board is also responsible for presenting the annual accounts in

compliance with the requirements set out in the Delegated Regulation 2019/815 on

European Single Electronic Format, as amended (“ESEF Regulation”).

In preparing the annual accounts, the Management Board is responsible for

assessing the Company’s ability to continue as a going concern, disclosing, as

applicable, matters related to going concern and using the going concern basis of

accounting unless the Management Board either intends to liquidate the

Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s

financial reporting process.

Responsibilities of the “réviseur d’entreprises agréé” for the

audit of the annual accounts

The objectives of our audit are to obtain reasonable assurance about whether the

annual accounts as a whole are free from material misstatement, whether due to

fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a

guarantee that an audit conducted in accordance with EU Regulation N° 537/2014,

the Law of 23 July 2016 and with the ISAs as adopted for Luxembourg by the CSSF

will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate,


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they could reasonably be expected to influence the economic decisions of users

taken on the basis of these annual accounts.

As part of an audit in accordance with EU Regulation N° 537/2014, the Law of 23

July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise

professional judgment and maintain professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the annual accounts,

whether due to fraud or error, design and perform audit procedures responsive

to those risks, and obtain audit evidence that is sufficient and appropriate to

provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional omissions, misrepresentations,

or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are appropriate in the circumstances, but not for

the purpose of expressing an opinion on the effectiveness of the Company’s

internal control.

• Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by the

Management Board.

• Conclude on the appropriateness of Management Board use of the going

concern basis of accounting and, based on the audit evidence obtained,

whether a material uncertainty exists related to events or conditions that may

cast significant doubt on the Company’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are required to draw

attention in our report of the “réviseur d’entreprises agréé” to the related

disclosures in the annual accounts or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit evidence obtained

up to the date of our report of the “réviseur d’entreprises agréé”. However,

future events or conditions may cause the Company to cease to continue as a

going concern.

• Evaluate the overall presentation, structure and content of the annual accounts,

including the disclosures, and whether the annual accounts represent the

underlying transactions and events in a manner that achieves fair presentation.

• Assess whether the annual accounts have been prepared, in all material

respects, in compliance with the requirements laid down in the ESEF Regulation.

We communicate with those charged with governance regarding, among other

matters, the planned scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during our

audit.

We also provide those charged with governance with a statement that we have

complied with relevant ethical requirements regarding independence, and

communicate to them all relationships and other matters that may reasonably be

thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we

determine those matters that were of most significance in the audit of the annual

accounts of the current period and are therefore the key audit matters. We

describe these matters in our report unless law or regulation precludes public

disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “réviseur d’entreprises agréé” by the General Meeting

of the Shareholders on 27 May 2025 and the duration of our uninterrupted

engagement, including previous renewals and reappointments, is 6 years.

The consolidated management report is consistent with the annual accounts and

has been prepared in accordance with applicable legal requirements.

The corporate governance statement, included in the consolidated management

report, is the responsibility of the Management Board. The information required by

article 68ter paragraph (1) letters c) and d) of the law of 19 December 2002 on the

commercial and companies register and on the accounting records and annual

accounts of undertakings, as amended, is consistent with the annual accounts and

has been prepared in accordance with applicable legal requirements.

We have checked the compliance of the annual financial statements of the

Company as at December 31, 2025 with relevant statutory requirements set out in