htg-2024-12-31-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)	147
1. Background to the Group	83	23 - Other assets (current and non-current)	147
1.1. General	83	24 - Shareholders’ equity	148
1.2. Business Model	83	25 - Borrowings	150
1.3. Group Structure	84	26 - Provisions (current and non-current)	151
1.4. Management System	85	27 - Other financial liabilities (current and non-current)	151
1.5. Research & Development	87	28 - Other liabilities (current and non-current)	152
2. Report on Economic Position	88	29 - Deferred taxes	153
2.1. Macroeconomic and Sector-specific Environment	88	30 - Share-based payments	154
2.2. Business Development	89	31 - Related party transactions	156
2.3. Results of Operations, Financial Position and Net Assets	91	32 - Auditor's fees	157
2.4. Employees	97	33 - Financial instruments	157
3. Statutory Results of Operations and Financial Position of the Company	97	34 - Financial risk management	161
4. Risk and Opportunity Report	98	35 - Subsequent events after the reporting period	164
4.1. Risk and Opportunity Management System	98	Responsibility Statement of the Management Board	165
4.2. Illustration of Risks	99	Independent auditor’s report	166
4.3. Illustration of Opportunities	105
5. Significant Events after the Reporting Period	106	Annual Accounts	171
6. Outlook	106	Profit and Loss Account	172
Consolidated Financial Statements	108	Balance Sheet	175
Consolidated Statements of Profit or Loss and Other Comprehensive Income	109	Notes to the Annual Accounts	179
Consolidated Statements of Financial Position	110	1. General	179
Consolidated Statements of Changes in Equity	111	2. Summary of significant accounting policies	179
Consolidated Statements of Cash Flows	112	3. Financial assets	100
Notes to the Consolidated Financial Statements	113	4. Own shares	102
1 - Corporate information	113	5. Capital and reserves	103
2 - Basis of preparation	113	6. Creditors	106
3 - Scope of consolidation	114	7. Other external expenses	106
4 - Summary of material accounting policies	115	8. Other operating expenses	107
5 - New and revised standards	125	9. Other interest and similar expenses	107
7 - Critical accounting judgments, key estimates and assumptions	131	10. Staff	107
8 - Segment and geographic information	133	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	135	12. Advances and loans granted to the members of the Management and Supervisory Board	107
10 - Cost of revenues	136	13. Off balance sheet commitments	108
11 - Product development and operations	136	14. Subsequent events	108
12 - Marketing and sales	136	Responsibility Statement of the Management Board	189
13 - General and administrative	136	Independent auditor’s report	190
14 - Other income and expenses	137


HomeToGo / Annual Report 2024	Combined Management Report \|	83

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

HomeToGo SE

Combined Management Report for Financial Year 2024

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 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 an international, Software-as-a-Service ("SaaS")-

enabled marketplace for vacation rentals, which connects millions of users in their

search for a place to stay with thousands of inventory suppliers across the globe,

resulting in the world’s most comprehensive inventory coverage in the vacation

rental space. At the time of the report, the portfolio of HomeToGo comprises more

than 20 million (2023: 15 million) aggregated accommodation offers provided by

more than 78,000 (2023: 60,000) online travel agencies, tour operators, property

managers and other inventory suppliers (“Partners”) worldwide.

HomeToGo operates its business through local websites and apps in more than 30

countries. Besides the main brand HomeToGo, the national and international

market appearance is carried out through its HomeToGo Group brands including

Agriturismo.it, AMIVAC, atraveo, Casamundo, CaseVacanza.it, e-domizil,

EscapadaRural, GetAway Group GmbH (including the brands Kurz Mal Weg and

Kurzurlaub), Kraushaar Ferienwohnungen, Tripping.com, and Wimdu. The

HomeToGo Marketplace integrates a vast inventory in one platform and enables

users to book accommodations from diverse partners, either on the Partners’

external websites or directly on the HomeToGo platform. Furthermore, the Group

offers Software & Services for the supply side under its HomeToGo_PRO segment

for (semi-)professional agencies and hosts, which enables them to centrally control

their listings and coordinate their actions across multiple platforms. HomeToGo

also effectively improves the quality and synchronization of the existing inventory

for its Partners, in particular online travel agencies ("OTAs") and property

managers, and grant them access to technology services and qualified demand

that otherwise would not be easily available to them.

As an online marketplace, HomeToGo sees itself as an entry opportunity in the

search for a vacation rental. With its Onsite solution, there is an option to directly

book with the connected Partners via HomeToGo. The use of the platform is

thereby free of charge for travelers. Instead, HomeToGo receives a commission

from the connected booking partner or host for every successful referral of a

booking or for the generation of a query, respectively.


HomeToGo / Annual Report 2024	Combined Management Report \|	84

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

1.3. Group Structure

HomeToGo Group is managed by its ultimate parent company HomeToGo SE and

is operated under two segments namely HomeToGo Marketplace and

HomeToGo_PRO. The new two segment reporting structure was implemented in

Q1/2024.

The Marketplace segment comprises of the formerly reported revenue activities of

CPA Onsite, CPA Offsite and CPC. The new segment now includes Booking

(Onsite) which reflects our Onsite product making it one of the core strategic

pillars of the new Marketplace segment. It will continue to remain an individually

reported revenue stream along with the related performance indicator Onsite

Take Rate. With the introduction of the segment reporting, the former CPA Offsite

and CPC business have been aggregated as Advertising business.

HomeToGo_PRO focuses on value-enhancing services for B2B customers, offering

innovative Software & Services Solutions including Subscriptions for the whole

travel market with a special focus on SaaS for the supply-side of vacation rentals.

The segment focuses on hosts, homeowners and property managers and provides

assistance in managing and listing their vacation rentals on trusted booking

platforms including the HomeToGo Marketplace. The Subscriptions business

driven by our SaaS company Smoobu is shown as a separate revenue line. Volume-

based revenues reflects the whole Volume-based service offering of HomeToGo

to the aforementioned customer groups. The latter activities were already part of

the Subscriptions & Services business of companies such as SECRA but was also

partially reported as part of CPA Onsite in the past.

The re-classification of Volume-based services under HomeToGo_PRO illustrates

best the economic and strategic steering of those revenue sources. Furthermore,

it allows to highlight the business of the HomeToGo_PRO segment that is being

served on the HomeToGo Marketplace. These transactions being reported as

inter-segment in the consolidated financial statements.

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, 2024, HomeToGo SE

had direct or indirect shareholdings in 20 companies, which belong to the Group

and from which all are fully consolidated.

In January 2024, HomeToGo Group acquired a controlling stake in KMW Reisen

GmbH, Kurzurlaub SHCB GmbH, and Super Urlaub GmbH through the acquisition

vehicle GetAway Group GmbH (formerly Takeoff Travel GmbH) that was founded

for this purpose already at the end of financial year 2023. Furthermore, the Group

acquired Kraushaar Ferienwohnungen GmbH and timwork GmbH in the same

month.

Effective from January 1, 2024, Atraveo GmbH was merged onto e-domizil GmbH

and ceased to exist. Travel Center Fehmarn GmbH was merged onto Kraushaar

Ferienwohnungen GmbH effective from 1st March 2024 and ceased to exist.


HomeToGo / Annual Report 2024	Combined Management Report \|	85

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


SUBSIDIARIES AND INVESTMENTS	FUNCTION	LOCATION	SHARE IN CAPITAL 2024	SHARE IN CAPITAL 2023
HomeToGo GmbH	operational	Berlin, Germany	100%	100%
Casamundo GmbH	operational	Berlin, Germany	100%	100%
Smoobu GmbH	operational	Berlin, Germany	100%	100%
e-domizil GmbH	operational	Frankfurt, Germany	100%	100%
SECRA Bookings GmbH	operational	Sierksdorf, Germany	100%	100%
SMN Verwaltungs-GmbH	holding	Berlin, Germany	100%	100%
GetAway Group GmbH	holding	Schwerin, Germany	51%	100%
KMW Reisen GmbH	operational	Leipzig, Germany	51%	n/a
Super Urlaub GmbH	operational	Schwerin, Germany	51%	n/a
Kurzurlaub SHCB GmbH	operational	Vienna, Austria	51%	n/a
timwork GmbH	operational	Grube, Germany	75%	n/a
Kraushaar Ferienwohnungen GmbH	operational	Hamburg, Germany	75%	n/a
e-domizil AG	operational	Zurich, Switzerland	100%	100%
Feries S.r.l.	operational	Milan, Italy	100%	100%
Escapada Rural S.L.	operational	Barcelona, Spain	100%	100%
AMIVAC SAS	operational	Paris, France	100%	100%
Adrialin d.o.o.	operational	Rijeka, Croatia	100%	100%
UAB HomeToGo Technologies	engineering	Kaunas, Lithuania	100%	100%
UAB HomeToGo Technologies Vilnius	engineering	Vilnius, Lithuania	100%	100%
HomeToGo International, Inc.	sales	Wilmington, Delaware, USA	100%	100%

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 website of the Company: 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.

The Supervisory Board receives the same regular reporting. Significant items and

their changes are explained and discussed in regular meetings between the

Management Board and the Supervisory Board.

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 continuing 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.

The Booking Revenues is used in addition to IFRS Revenues as it allows to measure

performance as soon as bookings and clicks are made by the traveler. Revenues

from Subscription & Services are considered without any difference in revenue

recognition for Booking Revenues as under IFRS to complement the view. 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.


HomeToGo / Annual Report 2024	Combined Management Report \|	86

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

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

Group's performance as it better presents the sustainable operational per-

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

comparisons.

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 (CPA, CPC, CPL and Subscriptions & Services). 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. Revenues from Subscription & Services are considered without any difference in revenue recognition for Booking Revenues as under 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) expenses for share-based compensation and (v) 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 for 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.


HomeToGo / Annual Report 2024	Combined Management Report \|	87

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

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. Booking (Onsite) is largely comparable to former CPA Onsite. 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 expenses in 2024 amounted to EUR 25.7 million (2023:

EUR 16.5 million), resulting in R&D expenses in relation to HomeToGo’s IFRS

Revenues of 12% (2023: 10%). The capitalization ratio amounts to 35% (2023: 41%)

17 International Monetary Fund (2025): World Economic Outlook - Update

18 UBS Global Economics & Markets Outlook 2025-2026

19 International Monetary Fund (2025): World Economic Outlook - Update

20 World Travel & Tourism Council (2024): Travel & Tourism set to Break All Records in 2024


HomeToGo / Annual Report 2024	Combined Management Report \|	88

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

and amortization allocatable to capitalized development expenses amounted to

EUR 4.0 million (2023: EUR 2.4 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 2024

Global economic growth in 2024 remained muted, with a projected 3.3% for 2025,

falling below the historical average of 3.7%. 17 This slowdown reflects the ongoing

effects of elevated inflation and high interest rates resulting from the monetary

policy tightening initiated in 2023. This dampening effect has been particularly

pronounced in Germany, which officially entered a technical recession in 2024. 18

While inflation remains elevated in key markets, it has gradually eased throughout

the year as commodity prices declined and global supply chain disruptions abated.

However, tight oil supply in early 2024 led to sporadic price spikes, underscoring

persistent inflationary risks. A more significant normalization of inflation is

anticipated in 2025, with projections forecasting a decline to around 4.2% in 2025

and 3.5% in 2026, which could foster a more stable price environment and

potentially support consumer spending. 19

Global Growth Projections

According to the UBS Global Economics and Market Outlook for 2024–25, global

real GDP is projected to grow by 2.9% in 2025, primarily driven by Asia and EMEA.

The Eurozone's GDP is expected to expand by 0.9% in the same period.

Germany is forecasted to remain the slowest-growing major economy in the

Eurozone, with GDP projected to increase by just 0.6% in 2025. While growth is

expected to gain momentum due to further declines in inflation, potential U.S.

tariffs on German exports and fiscal tightening pose significant headwinds to

economic recovery. In addition to cyclical challenges, Germany faces significant

structural headwinds that contribute to its persistent underperformance

compared to other European economies. An aging population, high energy costs,

and increasing competition from China are key factors limiting long-term growth

potential.

Travel and Tourism Industry

Despite ongoing macroeconomic uncertainty, the travel and tourism sector has

demonstrated remarkable resilience. While the post-pandemic travel surge has

slowed, driven in part by rising travel costs and ongoing cost-of-living pressures,

demand remains strong. Many online travel agencies continue to report stable or

increasing bookings, reflecting that travel remains a key discretionary spending

priority for a significant segment of consumers.

The industry's global GDP contribution is projected to exceed $11.1 trillion. This

marks a significant milestone, adding $770 billion over its previous peak and

solidifying its role as a major economic force, responsible for generating one in

every ten dollars worldwide. Despite challenges such as economic uncertainties

and geopolitical tensions, the industry continues to demonstrate resilience, with

more than 140 countries outperforming previous records.

Looking ahead, the World Travel & Tourism Council forecasts even greater

expansion over the next decade. By 2034, Travel and Tourism is expected to

contribute $16 trillion to the global economy, making up 11.4% of global GDP. 20


HomeToGo / Annual Report 2024	Combined Management Report \|	89

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

2.2. Business Development


(IN EUR THOUSANDS)	Q4/2024	Q4/2023	change	2024	2023	change
HomeToGo Group
Booking Revenues*	49,873	29,263	70.4%	259,707	190,096	36.6%
Intercompany Consolidation	-1,691	-1,267	33.4%	-9,221	-7,955	15.9%
IFRS Revenues	34,716	23,904	45.2%	212,278	162,033	31.0%
Intercompany Consolidation	-708	-678	4.4%	-8,997	-6,672	34.8%
Adjusted EBITDA*	-3,996	-2,896	(38.0%)	12,821	1,791	615.7%
Adjusted one-off items	5,388	1,945	177.1%	10,604	4,681	126.5%
Adjusted EBITDA margin*	(11.5%)	(12.1%)	+0.6pp	6.0%	1.1%	+4.9pp
GBV*	401,147	238,339	68.3%	2,135,695	1,683,741	26.8%
Bookings (#)*	341,093	211,318	61.4%	1,805,411	1,186,608	52.1%
Intercompany Consolidation	-12,707	-10,978	15.7%	-79,890	-74,407	7.4%
Net profit/(loss)	-20,938	-9,561	119.0%	-28,080	-28,281	(0.7%)
Free Cash Flow (FCF)	942	4,620	(79.6%)	-10,283	-17,900	42.6%
Equity (EUR thousands)				234,371	250,121	(6.3%)
Equity ratio				61.6%	77.2%	(15.7pp)
Cash and cash equivalents- other highly liquid short- term financial assets (EUR thousands)				82,680	140,277	(41.1%)
Employees (end of period)				795	664	19.7%


(IN EUR THOUSANDS)	Q4/2024	Q4/2023	change	2024	2023	change
HomeToGo Marketplace
Booking Revenues*	32,644	17,529	86.2%	189,756	139,941	35.6%
Booking (Onsite)*	21,782	8,352	160.8%	116,112	69,893	66.1%
Advertising	10,862	9,177	18.4%	73,644	70,048	5.1%
IFRS Revenues	23,078	13,830	66.9%	151,274	112,632	34.3%
Booking (Onsite)*	14,332	5,456	162.7%	89,054	53,399	66.8%
Advertising	8,746	8,374	4.4%	62,219	59,233	5.0%
Adjusted EBITDA*	-3,308	-554	(497.1%)	2,933	132	2116.3%
Adjusted EBITDA margin*	(14.3%)	(4.0%)	(10.3pp)	1.9%	0.1%	+1.8pp
Onsite Take Rate*	12.5%	9.8%	2.8%	12.7%	11.2%	1.6%
Booking Revenues Backlog**	46,820	37,532	24.7%	46,820	37,532	24.7%
Bookings (#)	261,716	177,687	47.3%	1,475,279	1,009,630	46.1%
Booking (Onsite)*	209,476	76,560	173.6%	1,053,793	606,471	73.8%
Advertising	52,240	101,127	(48.3%)	421,486	403,159	4.5%
Cancellation Rate*	15.2%	11.3%	(4.0pp)	17.3%	16.9%	(0.3pp)


(IN EUR THOUSANDS)	Q4/2024	Q4/2023	change	2024	2023	change
HomeToGo_PRO
Booking Revenues*	18,920	13,001	45.5%	79,171	58,109	36.2%
Subscriptions	5,462	5,700	(4.2%)	22,178	20,557	7.9%
Volume-based	13,458	7,301	84.3%	56,994	37,552	51.8%
IFRS Revenues	12,345	10,352	19.3%	70,001	56,073	24.8%
Subscriptions	5,745	5,684	1.1%	25,577	20,472	24.9%
Volume-based	6,600	4,668	41.4%	44,424	35,602	24.8%
Adjusted EBITDA*	-689	-2,343	70.6%	9,889	1,659	496.2%
Adjusted EBITDA margin*	(5.6%)	(22.6%)	17.1pp	14.1%	3.0%	11.2pp
Bookings (#)	92,084	44,609	106.4%	410,022	251,385	63.1%
Volume-based	92,084	44,609	106.4%	410,022	251,385	63.1%

* unaudited

** Bookings Revenues Backlog figure for the comparative period is as of January 1, 2024 amounting to 37.5

and incl. acquisitions closed in January 2024


HomeToGo / Annual Report 2024	Combined Management Report \|	90

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

HomeToGo delivered solid business performance in 2024 despite ongoing

macroeconomic and geopolitical challenges impacting consumer spending

throughout the year.

In 2024, Gross Booking Value (GBV) increased by 26.8% YoY, rising from

EUR 1,683.7 million in 2023 to EUR 2,135.7 million.

Booking Revenues grew even more significantly, up by 36.6% YoY to EUR 259.7

million, also surpassing the 2024 financial guidance. This robust performance was

primarily driven by strong growth in the DACH region within our Booking (Onsite)

business under the Marketplace segment. In addition to solid organic growth, this

increase also reflects the first-time consolidation of Kurz Mal Weg and Kurzurlaub,

two acquisitions focusing on domestic short-trip offerings, which were completed

in early January 2024. Additionally, the Onsite Take Rate expanded notably by

1.6pp compared to the previous year, reaching 12.7% for FY/24. Furthermore, the

average Booking Basket Size increased by 2.9% from EUR 1,120 in 2023 to EUR 1,152

in 2024.

The overall Onsite Share increased to 61% (+11pp YoY) mainly due to the acquisition

of the thematic short-trips business. Cancellation rates saw a slight increase

compared to the prior year.

IFRS Revenues increased by 31.0% YoY to EUR 212.3 million in 2024, reflecting

continued strong demand for travel, particularly within the vacation rental sector.

• The Marketplace segment achieved a strong 34.3% increase in IFRS Revenues,

reaching EUR 151.3 million, supported by the integration of the aforementioned

short-trip acquisitions.

• The B2B segment HomeToGo_PRO recorded a notable 24.8% YoY increase,

generating EUR 70.0 million in IFRS Revenues and contributing over 30% of the

Group's total IFRS Revenues.

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	2024	2023
Marketplace GBV*	1,726,459	1,430,265
t/o GBV from Booking (Onsite)*	912,998	625,576
x Booking (Onsite) Take rate (in %)	12.7%	11.2%
Booking Revenues Booking (Onsite)*	116,112	69,893
Booking Revenues Advertising*	73,644	70,048
Booking Revenues HomeToGo_PRO*	79,171	58,109
Booking Revenues*	259,707	190,096
Cancellations*	(37,903)	(27,556)
Booking with check-in in different reporting period*	(9,526)	(507)
IFRS Revenues	212,278	162,033
* unaudited

On the supply side, the Group has been managing more than 78,000 partners

(2023 60,000). The Group continues to leverage its technical expertise for its

Partners by building new solutions around its marketplace model to help Partners

thrive across the entire vacation rental ecosystem. For example, HomeToGo

launched Travel Agency Hub by HomeToGo_PRO Doppelgänger - a powerful solu-

tion delivering the same intuitive experience as the HomeToGo B2C Marketplace,

but enhanced with exclusive features tailored to travel agencies. With a single

allowing them to offer customers an expanded selection of accommodations


HomeToGo / Annual Report 2024	Combined Management Report \|	91

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

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 2024, which have been

prepared in accordance with the International Financial Reporting Standards (IFRS)

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 2024.

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)	2024	2023	2024 vs. 2023
IFRS Revenues	212,278	162,033	31%
Cost of Revenues	(13,062)	(9,105)	(43%)
Gross profit	199,215	152,928	30%
Product development and operations	(40,723)	(35,546)	(15%)
Marketing and sales	(142,121)	(113,392)	(25%)
General and administrative	(46,285)	(36,344)	(27%)
Other expenses	(1,284)	(1,050)	(22%)
Other income	1,506	2,062	(27%)
Loss from operations	(29,692)	(31,342)	5%

The following sections outline the development of individual income and expense

items:


BREAKDOWN OF IFRS REVENUES BY ACTIVITY AREAS
(IN EUR THOUSANDS)	2024	2023	2024 vs. 2023
HomeToGo Marketplace	151,274	112,632	34%
thereof:
Booking (Onsite)	89,054	53,399	67%
Advertising	62,219	59,233	5%
HomeToGo_PRO	70,001	56,073	25%
thereof:
Subscriptions	25,577	20,472	25%
Volume-based	44,424	35,602
Intercompany	(8,997)	(6,672)
Total	212,278	162,033	31%

In the financial year 2024, the Group implemented its new segment reporting

structure and the above presentation has been updated accordingly to present

the IFRS revenues for the two reportable segments HomeToGo Marketplace and

HomeToGo_PRO. The Group’s total IFRS Revenues increased significantly by more

than EUR 50.2 million to EUR 212.3 million. The overall increase in the IFRS Revenues

can be attributed to the increased scope of consolidation of the Group as well as

organic growth. The major portion of the IFRS Revenues was generated from

HomeToGo Marketplace. However, the Group saw a substantial increase in the

HomeToGo_PRO segment which increased by +25% to EUR 70.0 million in 2024

(2023: EUR 56.1 million).

21 Adjusted for expenses for depreciation, amortization.

22 Booking Revenues before cancellation generated in 2023 or prior with IFRS Revenues recognition based on check-in date in 2024. The backlog figure is as of January 1, 2024 and includes acquisitions closed in

January 2024.

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


HomeToGo / Annual Report 2024	Combined Management Report \|	92

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


BREAKDOWN OF EXPENSES BY FUNCTIONAL AREAS
(IN EUR THOUSANDS)	2024	2023	2024 vs. 2023
Cost of revenues	13,062	9,105	(43%)
Product development and operations	40,723	35,546	(15%)
Marketing and sales	142,121	113,392	(25%)
General and administrative	46,285	36,344	(27%)
Other expenses	1,284	1,050	(22%)
Total	243,476	195,436	(25%)

A significant portion of the Group's 2024 expenses is explained by expenses for

performance marketing within our Marketing and sales function and expenses for

share-based compensation. The reconciliation to Adjusted EBITDA below provides

a general overview of the impact of share-based compensation on the different

cost functions.

Cost of revenues increased by EUR 4.0 million or 43.5% from EUR 9.1 million in 2023

to EUR 13.1 million in 2024 due to the increase in depreciation and amortization

charges resulting from the amortization in the amount of EUR 2.4 million of the

order backlog of booking revenues that was acquired as part of the business

combinations in January 2024. Further, the Group incurred higher expenses for

hosting and domain services of EUR 3.5 million compared to prior year EUR 3.2

resulting from an increased scope of consolidation. The adjusted gross profit

margin 21 improved by 0.4 percentage points from 97.4% in 2023 to 97.8% in 2024.

The increase in expenses for product development and operations by EUR 5.2

million to EUR 40.7 million in 2024 (2023: EUR 35.5 million) mainly results from

higher personnel expenses due to the increased scope of consolidation (2024:

EUR 20.6 million, 2023: EUR 15.8 million). Product development and operations also

includes expenses pertaining to external services for the supply side in the amount

of EUR 2.6 million in 2024 and can be attributed to one of the subsidiaries acquired

in January 2024. The respective cost ratio to IFRS Revenues decreased by 0.9

percentage points as a result of the above mentioned cost effects.

Marketing and sales expenses increased by 25.3% from EUR 113.4 million in 2023 to

EUR 142.1 million in 2024. The increases relates mainly to an increase in

performance marketing of EUR 22.5 million, an increase in personnel-related

expenses of EUR 2.9 million, and an increase in depreciation and amortization of

EUR 4.1 million. These increases were mainly driven by the acquisitions in the year.

The Group's marketing efficiency improved which is reflected in the lower

marketing and sales cost ratio of 62.2%, which improved by 4.1 percentage points

during 2024 compared to the prior year period from 66.2%. The Booking Revenues

Backlog 22 of EUR 46.8 million as of December 31, 2024 increased by 24.7%

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 2025 or beyond

without requiring any additional marketing expenses.

General and administrative expenses increased by 27.4% (2024: EUR 46.3 million,

2023: EUR 36.3 million) can be attributed to higher personnel-related expenses due

to the increased scope of consolidation during the reporting period, as well as

significantly higher consulting expenses due to the higher expenses for M&A in

relation to the planned acquisition of Interhome. Regarding the planned

acquisition of Interhome please refer to our disclosure in note 35 - Subsequent

events after the reporting period of the notes to the consolidated financial state-

ments. The respective cost ratio 23 in proportion to IFRS Revenues increased from

12.4% in 2023 by 1.0 percentage points to 13.5% in 2024.

Other expenses mainly include expenses recognized from currency valuation and

exchange rate differences. Other expenses increased to EUR 1.3 million in 2024

from EUR 1.0 million in 2023.

In 2024, the Group incurred a consolidated net loss in the amount of EUR 28.1

million compared to the 2023 net loss of EUR 28.3 million, reflecting an increase of

EUR 0.2 million. Compared to the Adjusted EBITDA, the development of net loss

during the reporting period is impacted by higher expenses for depreciation and

amortization resulting from identified intangible asset recognized as part of busi-

ness combinations as well as higher expenses related to M&A activity.


HomeToGo / Annual Report 2024	Combined Management Report \|	93

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

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 12.8 million in 2024 compared to

EUR 1.8 million in 2023. The strong improvement of the Adjusted EBITDA as well as

the Adjusted EBITDA margin that increased significantly from 1.1% in 2023 to 6.0%

in 2024 is mainly due to the strong performance of the HomeToGo PRO segment,

an improved marketing efficiency of the Group, and economies of scale resulting

from the increased scope of consolidation. 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:


RECONCILIATION TO ADJUSTED EBITDA IN EUR THOUSANDS	2024	2023
Loss from operations	(29,692)	(31,342)
Depreciation and amortization	19,896	12,013
thereof recognized in Cost of Revenues	8,351	4,847
thereof recognized in Product development and operations	909	1,008
thereof recognized in General and administrative	942	608
thereof recognized in Marketing and sales	9,694	5,549
EBITDA	(9,796)	(19,329)
Share-based compensation expenses	12,013	16,439
thereof recognized in:
Product development and operations	3,568	5,342
Marketing and sales	478	544
General and administrative	7,967	10,553
One-off items*	10,604	4,681
thereof one-off items recognized in general and administrative	8,791	5,036
Mergers and acquisitions	5,038	1,389
Litigation	135	115
Reorganization & restructuring	1,969	1,866
Arrangements for contingent payments with service condition	1,548	1,548
Other	100	117
thereof one-off items recognized in other income	1,814	(354)
Income from release of provisions	—	(117)
Income from government grants	—	(237)
Amortization of fair value step down on vouchers and advance payments received	1,814	—
Adjusted EBITDA*	12,821	1,791
Adjusted EBITDA margin*	6.0%	1.1%
* unaudited

24 Includes restricted cash and cash equivalents of EUR 2.4 million as of December 31, 2024 (2023: EUR 0.5 million).


HomeToGo / Annual Report 2024	Combined Management Report \|	94

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

b) Financial position

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


(IN EUR THOUSANDS)	2024	2023
Cash and cash equivalents at the beginning of the year	108,953	112,050
Cash flow from operating activities	939	(10,115)
Cash flow from investing activities	(28,580)	12,861
Cash flow from financing activities	(10,566)	(5,642)
Foreign currency effects	45	(202)
Cash and cash equivalents at the end of the year 24	70,790	108,953

As of December 31, 2024, the Group has cash and cash equivalents in the amount

of EUR 70.8 million (2023: EUR 109.0 million).

The cash inflow recorded of EUR 0.9 million from operating activities in 2024

improved by 11.1 in comparison to the cash outflow of EUR 10.1 in 2023. The

improvement is mainly due to the improved performance reflected in the increase

of the Adjusted EBITDA and the increase in the scope of consolidation.

The Group recorded a cash outflow of EUR 28.6 million from investing activities in

2024 in comparison to the cash inflow of EUR 12.9 million in 2023. The cash flow

from investing activities include the net payments for the acquisition of

subsidiaries in the amount of EUR 37.6 million (2023: EUR 0.1 million) and payments

for internally generated intangible assets in the amount of EUR 9.0 million (2023:

EUR 6.6 million). This was partly offset by the proceeds from the sale of a portion of

the Group's investments in a short-term money market fund in the amount of

EUR 20.0 million (2023: EUR 20.0 million) resulting in an overall cash outflow in the

reporting period and cash inflow in prior year respectively.

The 2024 cash outflow from financing activities consists of repayments of

borrowings in the amount of EUR 4.9 million (2023: EUR 4.3 million) and payments

for the principal portion of lease liabilities in the amount of EUR 1.0 million (2023:

EUR 1.1 million). Cash outflows from financing activities also include payments in

relation to the share buyback program and the public tender offer of the Group in

the amount of EUR 4.6 million (2023: EUR 0.3 million).


HomeToGo / Annual Report 2024	Combined Management Report \|	95

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

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

Group 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

The loan with debtor HomeToGo GmbH was paid back ahead of schedule in December 2024.

The Group received a vendor loan in the amount of EUR 14.0 million as a part of the

acquisition of KMW Reisen and Super Urlaub GmbH, representing a deferred

consideration. The payment of this amount has been deferred until December 31,

2025. Refer to note 6 - Business Combinations of the consolidated financial

statements for further information.

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

Group for the comparative period as of December 31, 2023:


DEBTOR	LOAN AMOUNT (IN EUR THOUSANDS)	PAYOUT DATE	MATURITY	NOMINAL INTEREST RATE	CARRYING AMOUNT (IN EUR THOUSANDS)
HomeToGo GmbH	10,000	February 2021	September 2025	2.12%	4,139
Feries S.r.l.	400	August 2020	August 2025	1.50%	178
Escapada Rural S.L.	300	May 2020	April 2025	1.55%	102
Adrialin d.o.o	100	February 2022	September 2027	0.25%	93
Total	10,800				4,513

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


HomeToGo / Annual Report 2024	Combined Management Report \|	96

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

c) Net Assets


(IN EUR THOUSANDS)	Dec. 31, 2024		Dec. 31, 2023		2024 vs. 2023
Non-current assets	265,089	70%	159,862	49%	+105,227	66%
Current assets	115,677	30%	164,091	51%	(48,414)	(30%)
Total assets	380,765	100%	323,953	100%	+56,812	+18%

Equity	267,223	70%	250,121	77%	+17,102	+7%
Non-current liabilities	39,908	10%	22,346	7%	+17,562	+79%
Current liabilities	73,635	19%	51,486	16%	+22,149	43%
Total equity and liabilities	380,765	100%	323,953	100%	+56,812	+18%

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

EUR 241.5 million (2023: EUR 140.3 million) and property, plant and equipment in

the amount of EUR 12.4 million (2023: EUR 13.8 million). The increase in intangible

assets mainly results from the acquisitions at the beginning of 2024, which in-

cluded increases in goodwill, trademarks and domains, software and licenses, cus-

tomer relationships and order backlog. Furthermore, non-current financial assets

include a call option on non-controlling interests, valued at EUR 8.3 million at the

end of 2024, which was initially recognized as part of the acquisition of Kurz Mal

Weg and Kurzurlaub at the beginning of 2024.

Current assets at the end of December 31, 2024, have decreased compared to

December 31, 2023, mainly due to a reduction of the Group's cash position from

EUR 109.0 million as of December 31, 2023 to EUR 70.8 million as of December 31,

2024. This stems from payments made in relation to acquisitions during 2024.

As of December 31, 2024, the Group’s equity amounts to EUR 267.2 million (2023:

EUR 250.1 million) which includes non-controlling portion of EUR 32.9 million.

Non-current liabilities increased to EUR 39.9 million as of December 31, 2024

compared to EUR 22.3 million in the prior year mainly due to increase in other

financial liabilities from EUR 12.2 million in 2023 to EUR 18.9 million in 2024. The

increase is mainly driven by a put option in the amount of EUR 5.2 million at the

end of 2024.

Current liabilities amount to EUR 73.6 million as of December 31, 2024 compared to

EUR 51.5 million as of the prior year. The increase is mainly driven by other financial

liabilities (current) of EUR 13.3 million and trade payables in the amount of EUR 9.2

million. Trade payables increased due to the increased scope of consolidation. The

increase in other financial liabilities (current) is due to a deferred consideration in

the form of vendor loans from the sellers of Kurz Mal Weg and Kurzurlaub in the

amount of EUR 13.8 million, an increase in traveler advance payments owed in the

amount of EUR 11.0 million as of December 31, 2024 in the comparison to the prior

year (2023: EUR 3.9 million) and offset by a payment related to an earn out for the

acquisition of SECRA amounting to EUR 2.5 million and a payment in connection to

a purchase price adjustment relating to the business combination with e-domizil in

the amount of EUR 5.9 million during the reporting period. A part of the amount of

traveler advance payments as a portion of cash and cash equivalents with an

amount of EUR 2.4 million as of December 31, 2024 (2023: EUR 0.5 million) is

subject to contractual restrictions and not available for general use by the Group.

The increase in travelers advance payments and restricted cash in 2024 is mainly

due to the acquisitions made during the year.

d) Overall statement

The Management Board views the business development in 2024 as positive.

HomeToGo made significant progress in further improving profitability and

growing significantly at the same time. The highly profitable and rapidly growing

HomeToGo_PRO segment accounted for more than 30% of the Group's IFRS

Revenues by the end of 2024. 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 12.7%,

a 1.6pp increase compared to 2023.

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 11.0 million compared to the previous year and negative

Free Cash Flow nearly halving.


HomeToGo / Annual Report 2024	Combined Management Report \|	97

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

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, 2024 the Group had employed 795 employees (2023: 664),

representing an increase of 20% compared to the prior year as a result of

acquisitions of new entities at the beginning of 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 2024. The loss of EUR 52.0 million in 2024

(2023: EUR 276.8 million) resulted mainly from a further permanent value

adjustment of the investment in HomeToGo GmbH in the amount of EUR 44.8 mil-

lion (2023: EUR 258.2 million). Other external expenses contain mainly consulting

and audit expenses amounting to EUR 1.9 million (2023: EUR 1.8 million), costs for

external services amounting to EUR 1.8 million (2023: EUR 0.9 million) and insurance

expenses amounting to EUR 0.3 million (2023: EUR 0.6 million).

Financial Position

As of December 31, 2024, the Company had cash and cash equivalents of

EUR 0.8 million compared to EUR 1.3 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.

Net Assets


(IN EUR THOUSANDS)	Dec. 31, 2024		Dec. 31, 2023		2024 vs. 2023
Non-current assets	515,675	97%	555,435	96%	(39,760)	(7%)
Current assets	14,467	3%	21,781	4%	(7,315)	(34%)
Total assets	530,142	100%	577,217	100%	(47,075)	(8%)

Equity	522,992	99%	575,033	100%	(52,041)	(9%)
Current liabilities	7,149	1%	2,184	—%	4,966	227%
Total equity and liabilities	530,142	100%	577,217	100%	(47,075)	(8%)

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

GmbH. The decrease during the fiscal year is the result of the aforementioned

impairment in the amount of EUR 44.8 million (2023: EUR 274.4 million) of the

investment in HomeToGo GmbH.

Current assets comprise treasury shares in the amount of EUR 13.2 million (2023:

EUR 19.3 million) and cash and cash equivalents of EUR 0.8 million (2023:

EUR 1.3 million).

During the financial year 2024, 684,450 Class A Shares were transferred to

beneficiaries of share-based compensation programs of the Group (2023: 339,406

Class A shares). Furthermore, 2,509,200 Class A Shares were transferred as part of

the consideration for the acquisition of Kurz Mal Weg und Kurzurlaub as well as

307,000 Class A Shares as part of the consideration for the acquisition of Kraushaar

Ferienwohnungen.

On September 13, 2023, the Management Board of HomeToGo SE with the

consent of the Supervisory Board approved a share buyback program with a

volume of up to EUR 10 million. Under the program, up to 5.7 million shares of the

Company could be repurchased in the period between September 13, 2023 and

December 31, 2024. In accordance with the authorization provided by the

shareholders' meeting, the Management board set an initial price limit of EUR 3.16

per share to be repurchased (excluding ancillary costs), but reserves the right to

review this limit, depending on, amongst others, market circumstances and the

development of the buybacks. Until December 31, 2024, the Company has bought


HomeToGo / Annual Report 2024	Combined Management Report \|	98

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

back 2,400,654 of shares with an average price of EUR 2.05. The share buyback

program was completed at the end of 2024.

HomeToGo SE offered on April 12, 2024 with the approval of the Supervisory Board

and on the basis of the authorization granted by the Annual General Meeting on

24 May 2022, a tender offer to the shareholders for a total of 1.249.991 Class A

shares (corresponding to up to 1.0% of the Company’s share capital). In the public

share tender offer, the Company offered to all HomeToGo Class A shareholders to

purchase from them Class A shares against payment of a purchase price in the

range of EUR 2.00 to EUR 2.40 per share up to an aggregate volume of EUR 2.5

million (“Maximum Offer Volume”). The final purchase price for the Class A shares

was determined following expiry of the acceptance period as the lowest price per

share within the given price range at which the Company can, based on the

tenders received, purchase the Maximum Offer Volume. HomeToGo shareholders

were invited to tender all or part of their Class A shares specifying either (i) a

minimum price within the given price range or (ii) their acceptance of the share

buyback offer at the final purchase price as determined after the expiry of the

acceptance period. The shares bought back may be used for all of the purposes

permitted under the authorization granted by the Annual General Meeting of 24

May 2022.

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 CFO of HomeToGo SE has implemented the

RMS that 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. In order to comply with the assessment methodology presented by the

ESRS, HomeToGo has made small adjustments to its existing categories in FY/24.

The ESRS require a long-term view of more than 60 months, which we have

therefore incorporated into our methodology to ensure compliance with the DMA

process required by the CSRD. The RMS is now aligned with the Impact, Risk &

Opportunities analysis which was conducted as part of HomeToGo's Double

Materiality Assessment in FY/24.

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.


HomeToGo / Annual Report 2024	Combined Management Report \|	99

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 an ongoing 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 2024, we have continued our focus on cybersecurity topics

and have implemented a number of additional measures to bolster our proactive

defense mechanisms against such threats. We have deployed automated security

scanning at platform level, in order to enhance visibility of risks, enabling the

resolution of vulnerabilities at rapid pace. Beyond this, we have also introduced

code-level automated security vulnerability assessments, enabling our engineering

workforce to gain visibility, and remedy security risks before reaching our

production plane. Existing measures that we had put into place previously have

been enhanced over the year, including improvements to our coverage and

implementations of anti-malware, anti-virus and advanced messaging security

solutions. We have augmented our identity solutions for employees, adding layers

of protection to their everyday use of tooling. Further to this we have also rolled

out Cyber Security Awareness Training to employees to encourage and educate

on vigilance and specific techniques to spot, and avoid cybersecurity related risks.

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


HomeToGo / Annual Report 2024	Combined Management Report \|	100

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

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, competition, consumer protection, online commerce, platform

regulation, ESG regulation and climate protection rules as well as short-term

rentals on the EU, national and local levels. This includes, in particular, the General

Data Protection Regulation (GDPR) and extends to local legal frameworks and

changes pertaining to the German Telekommunikation-Digitale-Dienste-

Datenschutz-Gesetz (TDDDG), the German Gesetz gegen den unlauteren

Wettbewerb (UWG) as well as the German Plattformen-Steuertransparenzgesetz

(PStTG), besides 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 that may lead 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. Mandatory training and a regular focus group

raise awareness for GDPR compliance, which goes hand in hand with close

cooperation and alignment with responsible teams for adequate protection of

personal data of customers as well as partners and employees. Appropriate

processes are reviewed, updated and implemented with due care, also seeking

advice from external (foreign) legal counsels and the external 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 seeking advice from external legal counsel, if required, and incorporated in

the HomeToGo product and technical environment as well as business operations

to ensure transparency for users and hosts with corresponding texts and features.

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. Those short-term rental

regulations are enacted worldwide with the intention to control and restrict the

renting of private accommodations. Such law implementations may result in

higher legal costs and necessary resources depending on the individual market

and jurisdiction. 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), the European Holiday Home Association (EHHA) as

well as other associations and actively advocated the EU-wide harmonization of

the regulation on short-term renting.

Legislative and regulatory authorities or other policy-making organizations in other

countries where we operate may expand the scope of application of laws and

regulations in force, enact new laws or regulations or issue revised rules or

guidelines on data privacy, short-term rentals, consumer protection or overall

online commerce, respectively platform regulation. For instance, the EU Directive

2021/514 (DAC7, Directive of Administrative Cooperation in the field of taxation in

the EU) with the consecutive national laws like the German Plattformen-

Steuertransparenzgesetz (PStTG) came into force resulting in reporting

obligations - on the income realized by sellers offering certain services - applicable

to the digital economy. In 2024, the EU Digital Services Act (DSA) further regulates


HomeToGo / Annual Report 2024	Combined Management Report \|	101

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

online platforms more generally with more exhaustive additional rules in particular

on transparency and further compliance measures. The new tax reporting

obligations of platform operators under PStTG in conjunction with DAC7 were

assessed in detail for HomeToGo’s different business models and in their

applicable jurisdiction in the different EU countries, appropriate operational

business processes were developed and delivery prepared in due time.

Furthermore, obligations under DSA are scoped and an implementation project

launched for timely compliance with these recent requirements in the digital

ecosystem. Any failure to comply with dynamically changing data protection or

other regulatory provisions and interpretations could result in administrative or civil

legal proceedings, harm to our business, operations and reputation or even in

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


HomeToGo / Annual Report 2024	Combined Management Report \|	102

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

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’

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. Most recently, HTG entered into an

agreement to acquire the Interhome business. We may expend significant cash or

incur substantial debt to finance such acquisitions, which indebtedness could

result in restrictions on our business and significant use of available cash to make

payments of interest and principal. In addition, we 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

ESG continues to persist as a major global trend and companies have a

responsibility to report on and advance their ESG activities. While 2023

represented a pivotal shift in ESG disclosure practices in Europe, with the adoption

of the CSRD and the publication of Set 1 of the ESRS, the regulatory landscape

remains in flux, with some of the non-financial reporting legislation still to be

transposed into national laws across the EU and adopted by certain countries. In

light of this evolving environment, HomeToGo recognizes the need to maintain an

agile and proactive approach to the collection, disclosure and reporting of non-

financial information. Overall, we recognize we will need to continue investing

significant effort and resources to make additional progress on our ESG initiatives

and reporting, whilst continuing to comply with the changing regulations and

policies, specifically in terms of how we measure and report comprehensive ESG

data. There is a risk that if our ESG practices do not meet regulatory requirements

or investor, traveler or employee expectations, our reputation could be negatively

impacted. Similarly, failure to maintain a sound corporate governance while

complying with additional reporting guidelines, could result in regulatory

punishment that could negatively impact our business. As sustainable stewardship

becomes an increasingly integral aspect of business operations, an inadequate

ESG performance, emerging ESG-related controversies, or a weak sustainability

track record could not only damage HomeToGo’s reputation but also prompt

business partners to disassociate from the platform, potentially withdrawing their

accommodations from the marketplace. Likewise, a lack of strong sustainability

performance could damage travelers' relationship to us, making them less inclined

to book on HomeToGo’s Marketplace in favor of more environmentally and socially

responsible alternatives.


HomeToGo / Annual Report 2024	Combined Management Report \|	103

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

In order to make effective progress towards the CSRD standards, we have further

enhanced our ESG Focus Group, consisting of the Leads from Finance, Legal,

Communications, P&O and Compliance, among others, supported by our Chief

Financial Officer, as well as a reporting line to our CEO and were prepared to be

fully compliant to CSRD standards for FY/24. In order to ensure the readiness we

used the help of external consultancy and software support to tackle the evolving

regulatory requirements.

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

Governance:

Environmental risks

There are potential risks inherent in climate protection efforts, reflected in

regulatory changes and consumer demand. The overarching need to travel less to

protect the planet could affect customers' willingness to book multiple vacations

per year and/or long-distance travel. In addition, stakeholder concerns, as well as

negative press about sustainable travel trends such as flight- or ‘workation’

“shaming”, could negatively impact a customer’s willingness to travel. The

increasing pressure to use sustainable modes of transportation may make it more

difficult for some of our inventory to be accessible, and hence less attractive to

book. With increasing repercussions caused by the severity of climate change, the

inaccessibility of certain regions throughout the year due to extreme weather

conditions,natural disasters might make it more difficult or even impossible to

travel to relevant destinations.

In response to the potential challenges posed by climate change in certain areas of

the world, we are constantly diversifying our inventory and placing a strong focus

on travel destinations that are largely resilient to extreme weather conditions and

natural disasters. Additionally, we are working on integrating additional sustainable

options into our product and offer a carbon offsetting feature to our travelers.

Globally, a return of Covid-19 or other pandemics may lead to new forms of travel

restrictions or travel fatigue. Moreover, we are closely monitoring global health and

political situations, extreme weather events to swiftly adapt to changing travel

restrictions and implement robust safety protocols when needed. As both our

core offering and demand are concentrated in parts of the world that are not

currently exposed to significant physical climate risk events, we consider the

impact on our bottom line to be marginal. To offset the residual risk, we will

continue to diversify our offering and focus our marketing on accessible

destinations. We have introduced an official policy for ‘locations of concern’, which

gives us guidance on how to react in the event of a physical climate risk. We

actively monitor such ‘locations of concern’, which we close for marketing

activities in the event of a natural disaster or other calamity in a destination. Our

highly flexible and adaptable booking policies, our experienced communication

strategies and our highly skilled Customer Experience support team provide

reassurance and quick solutions in the face of any unforeseen circumstances.

Environmental practices such as improper disposal of hazardous and non-

hazardous waste or reliance on fossil fuels could contribute to such pollution,

potentially exposing HomeToGo to legal actions, regulatory penalties, and harm to

its public image. If the requirements to transition to a low-carbon economy

increases, HomeToGo may be faced with the need to make significant

investments. These necessities may result in higher liquidity requirements, driven

by expenditures such as the adoption of low-emission advanced technologies, the

expansion of renewable energy and clean mobility solutions, and the

implementation of systems and processes to comply with reporting and disclosure

requirements. Although HomeToGo could be exposed to litigation, fines and

reputational damage due to air, water or land pollution arising from its own

operations or its value chain, our company is not located in a manufacturing or

high-risk industry, which minimizes the likelihood of such risks. To counteract and

prevent such exposures, HomeToGo's offices are primarily powered by green

electricity, our servers are powered by clean energy (AWS), and our work waste is

separated and recycled whenever possible, and our outsourced tech waste is

donated and reused.

Social risks

Our employees’ expertise and commitment are important factors for our

successful development and depend on our ability to recruit, train, motivate and

retain highly qualified employees and, at the same time, promote our corporate

culture. Changes in the macro-economic landscape may impact the stability of

HomeToGo's social climate, e.g. the ability to retain and attract top talent in a

competitive and ever-evolving environment. A risk factor is the shortage of skilled

labor (“Fachkräftemangel”) which continues to prevail in Germany and other

countries, which may pose a risk to retain key employees and attract additional top


HomeToGo / Annual Report 2024	Combined Management Report \|	104

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

talent and qualified staff, e.g., in the field of software developers. The loss of skilled

personnel, high employee turnover, or persistent challenges in filling vacancies

with qualified candidates could hinder our ability to remain competitive. This may

result in the loss of critical expertise or the potential transfer of valuable know-how

to competitors. Additionally, a negative corporate culture—characterized by

factors such as limited educational opportunities, discrimination, lack of diversity in

leadership roles and therefore underrepresentation of certain groups-could result

in higher employee turnover. Lastly, employees feeling overworked, driven by staff

shortages or a high-pressure corporate environment, can lead to absenteeism in

the short, medium, and long term, including sick leave due to physical or mental

health issues, or preventable workplace accidents. This can result in the loss of

critical knowledge.

As HomeToGo has announced its product vision to build a fully AI-enabled

marketplace, the competition for skilled professionals in the field of Artificial

Intelligence, Chat-GPT integrations and other Large Language Model Applications

has intensified, giving rise to a new "war of talent" for HomeToGo, as the Company

is not just looking to sustain but also to enhance its capabilities and continued

innovation power in the realm of AI-driven solutions.

Additionally, we note a tendency for the younger generation to seek a "purpose-

driven" work environment and increasingly look for jobs in sustainability-related

industries (e.g. NGOs and social ventures). We see it as an important task to

monitor the mental and physical well-being of our employees who may suffer from

the difficult global times we are experiencing, such as the on-going war in Ukraine,

the Israel/Palestine conflict, the rising inflation and a prevailing threat of recession

or other factors.

In addition, we see a risk in ensuring that employees are treated equally and fairly,

regardless of gender, ethnicity, culture, sexual orientation and other factors. Semi-

annual performance reviews are used to minimize this risk. In order to attract and

retain qualified staff, we offer competitive compensation packages with long-term

incentive models and other employer benefits, which serve the professional and

health promotion of our employees. Furthermore, we invest in our corporate cul-

ture and the development and further training of our employees. Maintaining an

engaging culture in the face of increasing remote working and a global employee

and office base requires special care and attention, while continuing to ensure a

high degree of flexibility and independence for our workforce.

Governance risks

We see a risk in maintaining sound corporate governance while complying with

additional reporting requirements in an ever-changing regulatory environment.

Such laws may lead to significantly higher legal costs and resources depending on

individual markets and jurisdictions. If we are not able to react in time or do not

assess and comply with any new regulations, we could be subject to significant

fines, litigation, administrative orders or even criminal charges, having a material

adverse effect on our business, results of operations, and financial condition. This

also involves compliance violations such as attempted bribery, anti-competitive

behavior and tax structuring. It is important to ensure that the business is

organized in such a way that accounting, treasury and financial operations are

satisfactorily controlled in all respects and that the risks inherent in the business

are identified, defined, measured, monitored and controlled at all times in

accordance with all relevant external and internal reporting frameworks.

As our global footprint grows, we closely monitor any risks related to corruption,

although we do not consider them to be a material threat to our current business

or financial performance as we maintain close and trusting relationships with our

partners and, to the best of our knowledge, have not experienced any corruption-

related matters since HomeToGo's inception. HomeToGo has no intention to

engage in any kind of anticompetitive conduct, and has also established official

policies on anti-corruption, conflict of interests and antitrust.

HomeToGo's listing platform carries the risk of fraudulent third-party individuals

posting deceptive or fabricated offers. This could lead to travelers arriving to find

no accommodation or one that does not match the description, resulting in

frustration and complaints that could damage HomeToGo's reputation. There is a

risk that the information provided by partners and travelers during their inter-

actions with us may not be handled responsibly and securely. If HomeToGo is

unable to maintain its reputation due to inadequate data security systems, a loss of

reputation could be expected. Successful hacker attacks could also lead to

blackmail, forcing HomeToGo to pay a ransom. This would also result in the

unauthorized publication of sensitive data or high costs. Regarding its own

operations, inefficiencies and poor culture can create various risks for HomeToGo

25 Statista Vacation Rentals: Market data & analysis, 2023

26 Google market trend data

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

28 Google market trend data


HomeToGo / Annual Report 2024	Combined Management Report \|	105

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

due to a lack of due diligence (e.g., reduced productivity, data breaches). If

HomeToGo does not maintain a high level of transparency and diligence, i.e. due

to an inadequate whistleblower system, inefficiencies and poor culture may not be

identified and addressed in a timely manner. To mitigate all of this, HomeToGo has

an extensive cyber and data protection program in place, which is constantly

being evolved and further rolled out across the Group entities. We also have an

established data protection guideline.

We proactively monitor matters along our supply chain by complementing our

standard partner contracts with compliance standards that we both incorporate

for ourselves and expect from business partners. We recognize that limited

transparency down the full depth of our supply chain may pose difficulties to

enforce adequate compliance with protection from human rights-related risks

along the supply chain. In August of 2023, HomeToGo established a Supplier Code

of Conduct (SCoC) that emphasizes our commitment to upholding human rights

in our supply chains, expecting suppliers to adhere to ethical business practices

and comply with laws. We will review this procedure to increase its visibility and

acknowledgement as well as to improve the access to the reporting mechanism

outlined in the SCoC via the HomeToGo Speak-Up system for our supplier and its

employees.

4.3. Illustration of Opportunities

HomeToGo is operating in a huge yet highly fragmented global vacation rental

market. This brings both a lack of professionalism but also an enormous potential

for creating additional value with it. As one of the very few sectors worldwide,

HomeToGo's sector has not been fully digitalized. This makes it difficult for

consumers to have a holistic and transparent overview. But also on the supply side,

there is a significant lack of access to the right demand, technology, data and

standards. HomeToGo tackles all these issues by offering the world's largest

marketplace for vacation rentals where consumers can choose among more than

20 million offers. On the other hand, we offer Software & Service Solutions incl.

Subscriptions for the entire B2B market under one umbrella and solving the pain

points for our largest partners like Online Travel Agencies and Property Managers

to the private host. In general, we observe five underlying market trends which

favor our strategic direction.

First, online sales channels are increasingly dominating the global travel industry's

revenue. We not only see a large market growth of the entire accommodation

industry, we also expect to see a further online penetration, especially in the vaca-

tion rental space. By 2027, approx. 75% of revenues in the vacation rental market

will happen online. 25

Second, younger generations which become increasingly important for us as a

customer segment have a very strong preference to book their vacation on mobile

devices. 84% of the 18- to 35-year olds search on mobile first, but only 49% actually

book via mobile. 26 We expect this gap to close to the upper end in the coming

years by making sure that we develop services exactly in the way our customers

prefer to consume them and continuously innovating our platform by investing

significant resources, we make sure to offer attractive services also for those client

segments.

Third, work-from-home and workation are here to stay. The average work-from-

home days per week is stabilizing at around three times higher than before the

pandemic. 27 The possibility for higher share of hybrid work triggers a sustained

higher future level of workation-related travel expenditures.

Fourth, we see a high potential from first time vacation rental travelers. Up to 37%

of guests are staying for the first time ever in a vacation rental. 28 Despite the fact

that vacation rentals where already the fastest growing vertical in travel prior to the

pandemic, there are still millions of people who book a vacation rental for the first

time. These first time bookers in Vacation Rentals offer a huge potential to grow

our business.

Lastly, the vacation rental market is highly fragmented. More than 95% of

properties are privately owned. Many of these smaller actors are also unprofes-

sional in their digital offer. HomeToGo is here to solve these pain points for the

industry and to lead the ongoing massive digital transformation in the industry.


HomeToGo / Annual Report 2024	Combined Management Report \|	106

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

All in all, we anticipate that the vacation rental industry will continue to expand

significantly because of several observable trends in the traveler preferences away

from traditional hotel and resort reservations and more towards vacation homes. In

order to maintain its previous growth trajectory in a sustained manner, HomeToGo

will offer its customers and users a fully integrated product portfolio with tailored

products and software-based solutions in these new market fields as a result of the

growing digitization of this privately and semi-professionally operated tourism

sector segment.

5. Significant Events after the Reporting Period

Following the reporting period ending December 31, 2024, HomeToGo has

entered into a definitive agreement for the acquisition of Interhome and

completed a capital increase to finance the transaction.

Acquisition of Interhome

On February 12, 2025, HomeToGo signed a definitive Share Purchase Agreement

with Migros Beteiligungen AG, Rüschlikon, Switzerland, for the acquisition of 100%

of the shares in HHD AG, Glattbrugg, Switzerland ('Interhome'). HHD AG and its

subsidiaries are also known under the brand Interhome. Interhome is Europe’s

second largest vacation rental management company.

The estimated total purchase price amounts up to CHF 235.0 million

(EUR 250.0 million), including an upfront cash payment at closing of

CHF 150.0 million (EUR 160.0 million) and deferred payments of up to CHF 85.0

million (EUR 90.0 million), which may become due in tranches based on certain

conditions until 2029.

The transaction will be financed through:

• A capital increase with gross proceeds of EUR 85.0 million that was completed

on February 13, 2025 (see further information below);

• A EUR 75.0 million senior debt facility, for which a financing agreement has been

secured;

• Available net cash.

The transaction is subject to regulatory approvals and other customary closing

conditions and is expected to be completed in first half of 2025, followed by

consolidation within HomeToGo Group. Interhome would become part of

HomeToGo's Software and tech-enabled Service Solutions segment,

HomeToGo_PRO.

Capital Increase

On February 13, 2025, HomeToGo successfully completed a cash capital increase,

raising EUR 85.0 million in gross proceeds through the issuance of 53.1 million new

redeemable Class A shares at EUR 1.60 per share. The placement was conducted

through an accelerated bookbuilding offering.

Following the capital increase, HomeToGo SE’s share capital increased from

EUR 2,441,068.45 to EUR 3,461,068.45.

6. Outlook

2025 has started on a promising note, with January bookings driven by strong

consumer travel demand across HomeToGo’s key domains and geographic

markets. While the early start of the year has followed the strong 2024 with a

record EUR 46.8 million year-end Booking Revenues Backlog (+24.7% YoY), the

demand pattern in February became overcast especially in HomeToGo’s core

DACH market, not least because of the German elections causing a wait-and-see

attitude on the consumer side. The demand in March of 2025, however, has

almost compensated for the temporary softening in February, so that the overall

booking momentum has returned to expected levels.

On a sector-wide basis, the short term vacation rental market continues to exhibit

a positive growth trajectory. According to a market research study published by

Grand View Research (2024), the global short-term vacation rental market was

valued at approximately USD 135.0 billion in 2024 and is expected to grow at a

compounded annual growth rate (CAGR) of around 11.4% between 2025 and 2030.

The shift towards remote work continues to significantly influence travel

behaviors. Studies from Deloitte and Euromonitor International in 2023 highlighted

that the average number of work-from-home days per week has tripled compared


HomeToGo / Annual Report 2024	Combined Management Report \|	107

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

to pre-pandemic levels. This change has led to increased interest in "workation"

stays, with related travel expenditures doubling relative to pre-pandemic figures.

The online travel industry is also experiencing substantial growth. Statista reports

that the online travel market size worldwide was estimated at USD 600.0 billion in

2023 and is expected to grow steadily in the coming years. In 2023, online sales

channels generated approximately two-thirds of the global travel and tourism

market's revenue, underscoring the increasing dominance of online platforms in

the industry.

These insights underscore the rapid expansion of both the online travel business

and the alternative accommodation sector.

In the near term, HomeToGo plans to continue its growth strategy by expanding

operations in Europe and North America. We continue to leverage our technology-

driven solutions aiming to attract new customers by providing access to

exceptional homes. A cornerstone of our strategy in the Marketplace segment is to

replicate our successful marketing strategies from the DACH region to stimulate

repeat demand and brand loyalty on a global scale.

The acquisition of Interhome reflects a major step towards becoming the leading,

vertically integrated vacation rental technology company in Europe. Interhome will

foster our B2B focused HomeToGo_PRO segment and allow us to accelerate our

path to sustainable profitability and Free Cash Flow generation.

In terms of guidance for the financial year 2025, the HomeToGo Group, including

the effects of the Interhome acquisition with an assumed consolidation as of June

1, 2025, expects to grow Booking Revenues by more than 35% to more than EUR

350.0 million. IFRS Revenues are expected to grow by more than 40% to more than

EUR 300.0 million. Besides the further expected economies of scale and improved

efficiency of our marketing activity, we envisage the first synergy effects on the

back of the Interhome acquisition to allow us to improve Group Adjusted EBITDA

to more than EUR 35.0 million (+>170% YoY). We further introduce guidance for

positive Free Cash Flow for the financial year 2025.


Luxembourg, March 26, 2025
Management Board of HomeToGo SE



Dr. Patrick Andrae			Wolfgang Heigl
Co-Founder & CEO			Co-Founder & CSO



Valentin Gruber			Steffen Schneider
COO			CFO

HomeToGo SE

Consolidated

Financial Statements

for the Financial Year

2024

Registered office: 9, rue de Bitbourg

L - 1273 Luxembourg

R.C.S. Luxembourg: B249273


Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Years Ended December 31	109
Consolidated Statements of Financial Position as of December 31	110
Consolidated Statements of Changes in Equity for the Years Ended December 31	111
Consolidated Statements of Cash Flows for the Years Ended December 31	112
Notes to the Consolidated Financial Statements	113
Responsibility Statement of the Management Board	165
Independent auditor’s report	166


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	109

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

Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Years Ended December 31


(IN EUR THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)	NOTE	2024	2023
IFRS Revenues	9	212,278	162,033
Cost of Revenues	10	(13,062)	(9,105)
Gross profit		199,215	152,928
Product development and operations	11	(40,723)	(35,546)
Marketing and sales	12	(142,121)	(113,392)
General and administrative	13	(46,285)	(36,344)
Other expenses	14	(1,284)	(1,050)
Other income	14	1,506	2,062
Loss from operations		(29,692)	(31,342)
Finance income		6,662	4,066
Finance expenses		(4,385)	(800)
Financial result, net	15	2,278	3,267
Loss before tax		(27,414)	(28,075)
Income taxes	16	(665)	(206)
Net loss		(28,080)	(28,281)
Other comprehensive income / (loss)		379	(775)
Total comprehensive loss		(27,700)	(29,056)
Basic and diluted earnings (loss) per share	17	(0.26)	(0.25)
Weighted average ordinary shares outstanding (basic and diluted)		116,651,236	114,761,982

Net income / (loss) attributable to:
Shareholders of HomeToGo SE		(30,796)	(28,281)
Non-controlling interests		2,717	—

Total comprehensive income / (loss) attributable to:
Shareholders of HomeToGo SE		(30,417)	(29,056)
Non-controlling interests		2,717	—

The accompanying notes are an integral part of these consolidated financial statements.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	110

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

Consolidated Statements of Financial Position as of December 31


(IN EUR THOUSANDS)	NOTE	2024	2023
Assets
Non-current assets
Intangible assets and goodwill	19	241,522	140,283
Property, plant and equipment	20	12,377	13,777
Income tax receivables (non-current)		113	108
Other financial assets (non-current)	22	10,708	5,467
Other assets (non-current)	23	169	228
Deferred tax assets		200	—
Total non-current assets		265,089	159,862
Current assets
Trade and other receivables (current)	21	18,143	13,515
Income tax receivables (current)		4,112	1,767
Other financial assets (current)	22	16,381	33,567
Other assets (current)	23	6,251	6,290
Cash and cash equivalents		70,790	108,953
Total current assets		115,677	164,091
Total assets		380,765	323,953


(IN EUR THOUSANDS)	NOTE	2024	2023
Equity and liabilities
Equity
Issued Capital		2,441	2,441
Capital reserves		528,002	523,991
Foreign currency translation reserve		(637)	(1,015)
Share-based payments reserve		106,815	96,159
Retained Earnings		(402,250)	(371,456)
Total shareholder´s equity	24	234,371	250,121
Non-controlling interests		32,852	—
Total equity		267,223	250,121
Borrowings (non-current)	25	68	1,730
Other financial liabilities (non-current)	27, 35	18,926	12,194
Provisions (non-current)	26	550	539
Other liabilities (non-current)	28	886	1,016
Income tax liabilities (non-current)		—	106
Deferred tax liabilities	29	19,477	6,761
Non-current liabilities		39,908	22,346
Borrowings (current)	25	109	2,783
Trade payables (current)		18,107	8,875
Other financial liabilities (current)	27	26,809	13,550
Provisions (current)	26	1,340	2,338
Other liabilities (current)	28	22,474	20,903
Income tax liabilities (current)		4,796	3,037
Current liabilities		73,635	51,486
Total liabilities		113,543	73,833
Total shareholder´s equity and liabilities		380,765	323,953


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	111

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

Consolidated Statements of Changes in Equity for the Years Ended December 31


(IN EUR THOUSANDS)	NOTE	SUBSCRIBED CAPITAL	CAPITAL RESERVES	OWN SHARES	RETAINED EARNINGS	FOREIGN CURRENCY TRANS- LATION RESERVE	SHARE-BASED PAYMENTS RESERVE	EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF HOMETOGO	NON- CONTROLLING INTEREST	TOTAL EQUITY
As of Jan 1, 2023		2,441	599,646	(80,615)	(343,175)	(240)	85,638	263,696	—	263,696
Net loss		—	—	—	(28,281)	—	—	(28,281)	—	(28,281)
Other comprehensive loss		—	—	—	—	(775)	—	(775)	—	(775)
Total comprehensive loss		—	—	—	(28,281)	(775)	—	(29,056)	—	(29,056)
Buyback of treasury shares	24	—		(279)	—	—	—	(279)	—	(279)
Share-based compensation		—	1,851	3,388	—	—	10,522	15,760	—	15,760
As of Dec 31, 2023		2,441	601,497	(77,506)	(371,456)	(1,016)	96,160	250,121	—	250,121

As of Jan 1, 2024		2,441	601,497	(77,506)	(371,456)	(1,016)	96,160	250,121	—	250,121
Net loss		—	—	—	(30,796)	—	—	(30,796)	2,717	(28,080)
Other comprehensive loss		—	—	—	—	379	—	379	—	379
Total comprehensive loss		—	—	—	(30,796)	379	—	(30,417)	2,717	(27,700)
Non-controlling interest from business combinations		—	—	—	—	—	—	—	30,135	30,135
Transfer of treasury shares as consideration for business combinations - net of transaction costs and tax		—	(20,953)	27,880	—	—	—	6,928	—	6,928
Buyback of treasury shares	24	—	—	(4,648)	—	—	—	(4,648)	—	(4,648)
Share-based compensation		—	(5,054)	6,786	—	—	10,655	12,387	—	12,387
As of Dec 31, 2024		2,441	575,490	(47,488)	(402,250)	(637)	106,815	234,371	32,852	267,223

The accompanying notes are an integral part of these consolidated financial statements.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	112

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

Consolidated Statements of Cash Flows for the Years Ended December 31


(IN EUR THOUSANDS)	Note	2024	2023
Loss before income tax		(27,414)	(28,075)
Adjustments for:
Depreciation and amortization		19,896	12,013
Non-cash employee benefits expense - share-based payments	30	12,013	17,988
VSOP - Exercise tax settlement charge		(637)	(384)
VSOP - Cash paid to beneficiaries		(20)	(55)
Finance costs - net	15	(2,278)	(3,267)
Net exchange differences		(242)	(7)
Change in operating assets and liabilities
(Increase) / Decrease in trade and other receivables		(486)	714
(Increase) / Decrease in other financial assets	22	2,202	57
(Increase) / Decrease in other assets	23	3,092	(2,513)
Increase / (Decrease) in trade and other payables		7,183	(3,789)
Increase / (Decrease) in other financial liabilities	27	1,115	(3,056)
Increase / (Decrease) in other liabilities	28	(6,440)	718
Increase / (Decrease) in provisions	26	(2,462)	697
Cash generated from operations		5,522	(8,960)
Net interest result		773	532
Income taxes (paid)		(5,355)	(1,687)
Net cash used in operating activities		939	(10,115)


(IN EUR THOUSANDS)	Note	2024	2023
Proceeds from / (Payments for) financial assets at fair value through profit and loss	22	20,000	20,000
Payment for acquisition of subsidiaries, net of cash acquired	6	(37,573)	114
Sale/Purchase of Investments		(558)	—
Payments for property, plant and equipment	20	(502)	(250)
Proceeds from sale of property, plant and equipment		257	(2)
Payments for purchased intangible assets	19	(1,215)	(425)
Payments for internally generated intangible assets	19	(8,990)	(6,576)
Net cash used in investing activities		(28,580)	12,861
Repayments of borrowings	25	(4,887)	(4,260)
Payments for own shares/ shares buyback		(4,648)	(279)
Principal elements of lease payments		(1,031)	(1,103)
Net cash provided by financing activities		(10,566)	(5,642)
Net increase (decrease) in cash and cash equivalents		(38,207)	(2,896)
Cash and cash equivalents at the beginning of the period		108,953	112,050
Effects of exchange rate changes on cash and cash equivalents		45	(202)
Cash and cash equivalents at the end of the period		70,790	108,953

The accompanying notes are an integral part of these consolidated financial statements.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	113

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

HomeToGo SE, Luxembourg

Notes to the Consolidated Financial Statements

(Amounts in EUR thousands, except stated otherwise)

1 - Corporate information

The HomeToGo Group (“HomeToGo” or “Group”), comprises the parent entity

HomeToGo SE ("HomeToGo SE"), Luxembourg, Luxembourg (the “Company”),

and its direct and indirect subsidiaries. The Company is registered in the commer-

cial register of the Registre de commerce et des sociétés in Luxembourg under

number B249273. The Company’s address is Rue de Bitbourg 9, 1273, Luxembourg,

Luxembourg.

HomeToGo Group seamlessly connects travelers with more than 20 million aggre-

gated accommodation offers provided by over 78,000 online travel agencies, tour

operators, property managers and other inventory suppliers (“Partners”) globally,

across the HomeToGo Marketplace and HomeToGo_PRO B2B segment.

The HomeToGo Marketplace matches, on a B2C basis, supply and demand with

more than 20 million offers from over 18,000 trusted partners. HomeToGo oper-

ates its business through localized websites and apps in 32 countries. The

Marketplace seamlessly integrates a vast inventory in one simple search and

enables users to book accommodations from diverse Partners, either on the

Partner’s external accommodation websites or directly on the HomeToGo

Marketplace platform.

HomeToGo_PRO provides B2B Software & Service Solutions for the Supply side

with more than 60,000 paid accounts and an inventory of more than 210K vacation

rentals.

The consolidated financial statements of HomeToGo were authorized for issue by

the Management Board on March 26, 2025.

2 - Basis of preparation

The accompanying consolidated financial statements have been prepared in

accordance with IFRS Accounting Standards and the interpretations issued by the

IFRS Interpretations Committee (“IFRIC”) as adopted by and to be applied in the

European Union.

The consolidated financial statements have been prepared on a historical cost

basis, unless otherwise stated. The consolidated financial statements are pre-

sented in Euro (“EUR”), which is the functional currency of the Company and all

subsidiaries of HomeToGo. HomeToGo’s financial year ends December 31. All

intercompany transactions are eliminated during the preparation of the con-

solidated financial statements. All values are rounded to the nearest thousand,

except when otherwise indicated. Due to rounding, differences may arise when

individual amounts or percentages are added together.

The consolidated financial statements are prepared under the assumption that the

Group will continue as a going concern. Management believes that HomeToGo

has adequate resources to continue operations for the foreseeable future.

The official version of the accounts is the ESEF version available at the Officially

Appointed Mechanism (OAM) of Luxembourg under https://www.luxse.com/

issuer-services-overview/oam.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	114

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

3 - Scope of consolidation

The consolidated financial statements include the balances and results of the

Company and its wholly-owned subsidiaries. Subsidiaries are entities directly or

indirectly controlled by the Company. The Company controls an entity when it is

exposed to, or has the right to, variable returns from its involvement with the entity

and has the ability to affect those returns through its power over the entity.

Subsidiaries are consolidated from the date on which control commences until the

date on which control ceases.

Besides the Company, the following subsidiaries are included in the scope of

consolidation as of December 31, 2024:


SUBSIDIARIES AND INVESTMENTS	LOCATION	PERCENTAGE OF OWNERSHIP
HomeToGo GmbH	Berlin, Germany	100%
Casamundo GmbH	Berlin, Germany	100%
Smoobu GmbH	Berlin, Germany	100%
e-domizil GmbH	Frankfurt, Germany	100%
SECRA Bookings GmbH	Sierksdorf, Germany	100%
SMN Verwaltungs-GmbH	Berlin, Germany	100%
GetAway Group GmbH	Schwerin, Germany	100%
KMW Reisen GmbH	Leipzig, Germany	51%
Super Urlaub GmbH	Schwerin, Germany	51%
Kurzurlaub SHCB GmbH	Vienna, Austria	51%
timwork GmbH	Grube, Germany	75%
Kraushaar Ferienwohnungen GmbH	Hamburg, Germany	75%
e-domizil AG	Zurich, Switzerland	100%
Feries S.r.l.	Milan, Italy	100%
Escapada Rural S.L.	Barcelona, Spain	100%
AMIVAC SAS	Paris, France	100%
Adrialin d.o.o.	Rijeka, Croatia	100%
UAB HomeToGo Technologies	Kaunas, Lithuania	100%
UAB HomeToGo Technologies Vilnius	Vilnius, Lithuania	100%
HomeToGo International, Inc.	Wilmington, Delaware, USA	100%

HomeToGo closed the acquisition of KMW Reisen GmbH, Super Urlaub GmbH and

Kurzurlaub SHCB GmbH in January 2024. The Group further acquired timwork

GmbH and Kraushaar Ferienwohnungen GmbH in January 2024.

Effective from January 1, 2024, Atraveo GmbH was merged onto e-domizil GmbH

and ceased to exist. Travel Center Fehmarn GmbH was merged with Kraushaar

Ferienwohnungen GmbH effective from March 1, 2024 and ceased to exist.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	115

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

There are non-controlling interests applicable to the GetAway Group GmbH,

which is the controlling entity of Super Urlaub GmbH, KMW Reisen GmbH and

Kurzurlaub SHCB GmbH that together contribute non-current asset and current

assets to the Group, on a pre-consolidated basis, in the amount of EUR 124.6

million and EUR 29.5 million, respectively as well as non-current liabilities and

current liabilities in the amount of EUR 100.8 million and EUR 11.6, respectively. EUR

2,717 million of the Group's net income is attributable to non-controlling interests.

In accordance with provisions of section 264 paragraph 3 of German Commercial

Code (Handelsgesetzbuch), Casamundo GmbH, e-domizil GmbH, SECRA

Bookings GmbH, Smoobu GmbH and SMN Verwaltungs GmbH are exempt from

the requirement to prepare notes to the financial statements and a management

report (where applicable) as set out in German GAAP as well as to publish their

financial statements and management reports (where applicable).

4 - Summary of material accounting policies

a) Current versus non-current classification

HomeToGo classifies assets and liabilities by maturity. They are classified as

current in the consolidated statement of financial position if they mature or are

otherwise settled or realized within one year. Deferred tax assets and liabilities are

consistently presented as non-current in the consolidated statement of financial

position.

b) Foreign currency translation

HomeToGo’s consolidated financial statements are presented in Euro. For each

entity, the Group determines the functional currency and items included in the

financial statements of each entity are measured using that functional currency.

Functional currency is defined as the currency of the primary economic

environment in which each entity operates.

Any transactions denominated in foreign currencies are translated at the exchange

rates prevailing on the date of transaction. Balance sheet items denominated in

foreign currencies are translated at the closing rate for each reporting period, with

resulting translation differences recognized within the consolidated statement of

profit or loss and comprehensive income.

The results and financial position of foreign operations (none of which has the

currency of a hyperinflationary economy) that have a functional currency different

from the presentation currency are translated into the reporting currency as

follows:

• assets and liabilities for each balance sheet presented are translated at the

closing rate at the date of that balance sheet

• income and expenses for each statement of profit or loss and statement of

comprehensive income are translated at average exchange rates (unless this is

not a reasonable approximation of the cumulative effect of the rates prevailing

on the transaction dates, in which case income and expenses are translated at

the dates of the transactions), and

• all resulting exchange differences are recognized in other comprehensive

income.

On consolidation, exchange differences arising from the translation of any net

investment in foreign entities, and of borrowings are recognized in other

comprehensive income. When a foreign operation is sold or any borrowings

forming part of the net investment are repaid, the associated exchange

differences are reclassified to profit or loss, as part of the gain or loss on sale.

c) Profit or loss structure

HomeToGo presents its expenses by function. See Note 10 and the following

paragraph for further explanations about the content in the different profit or loss

line items.

d) Revenue recognition

HomeToGo applies IFRS 15 Revenue from Contracts with customers. The standard

establishes principles for reporting information to users of financial statements,

about the nature, amount, timing and uncertainty of revenue and cash flows

arising from an entity’s contracts with customers. Management applies the five-

step model according to IFRS 15 when determining the timing and amount of

revenue recognition.

HomeToGo operates a marketplace for alternative accommodations that connects

millions of travelers searching for a perfect place to stay with thousands of


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	116

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

inventory suppliers across the globe. HomeToGo generates revenue through the

following main revenue activities:

• Booking (Onsite): Revenues from Booking (Onsite) occur when the traveler

booking journey is entirely completed on a HomeToGo Marketplace website.

HomeToGo receives a percentage-based commission for successful onsite

booking referrals, which facilitate a stay. Depending on the contractual terms

with the respective partner, the revenue for HomeToGo is either calculated as

percentage of the commission or as percentage of the booking value (also

called revenue share).

• Advertising: Revenues from Advertising comprise all activities when the

travelers (booking) journey is not entirely completed on a HomeToGo

Marketplace website. Generally, HomeToGo receives a fixed commission based

on every successful offsite booking, referral click or referral inquiry (lead).

• Subscriptions: Revenues from Subscriptions result from Software as a Service

("SaaS") and online advertising services for direct suppliers of vacation rentals

who can use these over a determined period - irrespective of the amount of

bookings. Accordingly, the related revenues are recognized over time.

• Volume-based: Volume-based revenues are consumption-based usage fees for

software, property management services and other services resulting mainly

from the amount of bookings and services to the direct provider of the vacation

rental or other third party.

HomeToGo is acting as an agent for Booking (Onsite), Advertising and Volume-

based revenues. The Company considers its Partners, in particular online travel

agencies (“OTAs”), or the rental property owners and managers to be its

customers. Only the contracts and the specific bookings taken together would

constitute a contract under IFRS 15. Typically, these bookings are cancellable at

any time. The contracts with the OTA partners stipulate that HomeToGo only

earns a commission for bookings that facilitate a stay. Furthermore, for the majority

of contracts the payment claim of HomeToGo only comes into existence once the

check-in of the traveler has occurred. HomeToGo also engages in a multitude of

post-booking activities that facilitate the check-in (hence the stay of the traveler),

e.g. customer support for the traveler. These activities are not distinct from each

other and are not separate performance obligations. It is therefore management’s

judgement to define the single performance obligation of the Group’s Booking

(Onsite) as well as booking-related transactions from Advertising and Volume-

based as ‘successful booking’ which facilitates a stay. Therefore, the related

revenues are recognized at the same point in time as the check-in date of the

traveler when HomeToGo’s performance obligation is satisfied. Payments received

from Partners for bookings where check-in has not occurred yet are recognized as

contract liabilities.

For Advertising transactions that are not booking related, HomeToGo receives a

fixed commission based on every successful inquiry or referral click. As opposed to

booking-related transactions in Booking (Onsite), Advertising and Volume-based,

each click or inquiry initiated by the traveler through the HomeToGo platform with

referral to the partner website is considered a distinct promised service.

HomeToGo has an enforceable payment claim based on the monthly click volume

and is not subject to cancellation or similar risks. Therefore, the ‘simple referral’

meets the criteria of a performance obligation which is satisfied at a point in time

i.e. with the click through the partner website. HomeToGo recognizes the revenue

at the corresponding click date.

In HomeToGo’s subscription contracts, property managers or owners mainly pay in

advance for SaaS and online advertising services related to the listing of their

properties for rent over a fixed period, which is usually one year. As the

performance obligation is the SaaS or listing service and is provided to the

property manager/owner over time of use (SaaS) or the life of the listing period,

the Subscriptions & Services IFRS Revenues are recognized on a straight-line basis

over the time of use (SaaS) or listing period respectively. Amounts received as

prepayment are recognized as contract liabilities.

Variable consideration might occur in the form of performance-based bonuses

with respect to revenue based on bonus agreements that can be agreed for

Booking (Onsite), Advertising and Volume-based transactions. HomeToGo

includes variable consideration estimated in the transaction price only to the

extent that it is highly probable that a significant reversal in the amount of

cumulative revenue recognized will not occur when the uncertainty associated

with the variable consideration is subsequently resolved.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	117

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

e) Intangible assets and goodwill

Following initial recognition, intangible assets are carried at cost less any

accumulated amortization and accumulated impairment losses, if any. The useful

life of intangible assets is assessed as either finite or indefinite. Refer to Note 19 -

Intangible assets and goodwill for further details regarding the carrying amount of

HomeToGo’s intangible asset balances.

Intangible assets with a finite useful life

Intangible assets with a finite useful life consist of licenses, trademarks and

domains, customer relationships, order backlog and internally generated software.

In accordance with IAS 38, development costs that are directly attributable to the

design, coding and testing of identifiable software modules controlled by the

Group are recognized as intangible assets where the following criteria are met: 1) It

is technically feasible to complete the software so that it will be available for use, 2)

management intends to complete the software and use or sell it, 3) there is an

ability to use or sell the software, 4) it can be demonstrated how the software will

generate probable future economic benefits, 5) adequate technical, financial and

other resources to complete the development and to use or sell the software are

available, 6) and the expenditure attributable to the software during its

development can be reliably measured. Directly attributable costs that are capital-

ized as part of the software include employee costs and other directly attributable

costs. Software maintenance costs are recognized as an expense incurred.

Intangible assets with a finite life are amortized over their estimated useful life on a

straight-line basis and assessed for impairment whenever there is an indication

that the intangible asset may be impaired. The amortization period and the

amortization method of intangible assets with a finite useful life are reviewed at

least annually, with any changes treated as changes in accounting estimates.

Changes in the expected useful life or the expected pattern of consumption of

the assets’ future economic benefits are considered when assessing the amortiz-

ation method and useful life of the asset.

The estimated useful lives are as follows:


ASSET TYPE	ESTIMATED USEFUL LIFE
Software and licenses	3 to 5 years
Trademarks	3 to 15 years
Customer relationship	up to 10 years
Order backlog	1 year
Internally generated software	3 to 7 years
Goodwill	indefinite

Intangible assets and goodwill

HomeToGo’s goodwill originated from the acquisitions of subsidiaries and is

included in intangible assets and goodwill. Goodwill represents the difference

between the purchase price and the net identifiable assets acquired at fair value.

Goodwill is not subject to amortization but tested annually for impairment, or more

frequently if events or changes in circumstances indicate that they might be

impaired. Refer to accounting policy on business combination and goodwill in

section p).

f) Property, plant and equipment

Property, plant and equipment is stated at historical cost, net of accumulated

depreciation and accumulated impairment losses, if any. Historical cost includes

any expenditures that are directly attributable to the acquisition of the asset,

including costs incurred to prepare the asset for its intended use.

Property, plant and equipment is depreciated on a straight-line basis over each

asset’s expected useful life. Depreciation methods, useful lives and residual values

are reviewed at least annually and adjusted prospectively, if appropriate.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	118

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

HomeToGo applies the following useful lives when estimating depreciation of

property and equipment:


ASSET TYPE	ESTIMATED USEFUL LIFE
Leasehold improvements	2 to 15 years
Other equipment and office equipment	2 to 13 years

Leasehold improvements are amortized over the shorter of the underlying lease or

the expected useful life of the asset.

All repair and maintenance costs are expensed when incurred.

HomeToGo assesses property, plant and equipment for impairment whenever

there is an indication of potential impairment.

g) Leases

The determination of whether an arrangement is, or contains, a lease is based on

the substance of the arrangement at inception. The arrangement is, or contains, a

lease if fulfillment of the arrangement is dependent on the use of a specific asset

or assets and the arrangement conveys a right to use the asset or assets, even if

that right is not explicitly specified in an arrangement. HomeToGo assesses at the

inception of the contract whether the contract is or contains a lease.

HomeToGo identified leases of real estate and company cars. Lease terms are

negotiated on an individual basis and may contain a range of different terms and

conditions. Lease contracts may be negotiated for fixed period or include

extension options.

To determine the lease terms, all facts and circumstances which offer economic

incentives to exercise extension options are included. If it is reasonably certain that

a lease term will be extended, the related extension option is included. The lease

terms include fixed payments as well as variable payments that depend on an

index or rate.

Management of HomeToGo reviews the contractual and current market con-

ditions individually when determining whether an extension option is reasonably

certain to be exercised.

The lease liability is measured at the date of commencement of the lease as the

present value of the expected lease payments. To determine the present value,

HomeToGo discounts the remaining lease payments with the incremental

borrowing rate of the lessee. The incremental borrowing rate is the interest rate

that HomeToGo would have to pay to borrow over a similar term, and with a similar

security, the funds necessary to obtain an asset of a similar value to the right-of-

use asset as the underlying lease agreement in a similar economic environment.

Right-of-use assets are measured at cost at the date of commencement of the

lease. The cost is comprised of the initial lease liability measurement and any lease

payments made before the commencement date, less any lease incentives

received and estimated cost of dismantling and removing the underlying asset

incurred by the lessee.

Right-of-use assets are presented in the balance sheet as part of property, plant

and equipment. The useful life of right-of-use assets with reference to real estate

and car leasing amounts to up to 15 and 3 years.

After the commencement date, HomeToGo measures right-of-use assets at cost

less accumulated depreciation and any accumulated impairment losses.

For subsequent measurement, the carrying amount of the lease liability is

increased to reflect the interest on the lease liability and reduced to reflect the

lease payments made. The finance expenses associated with the lease term are

recognized in the consolidated statement of profit or loss and other

comprehensive income over the lease term.

No impairment losses have been identified on HomeToGo’s right-of-use assets in

2024 and 2023.

HomeToGo elected to apply an exemption for low value leases and short-term

leases in accordance with IFRS 16. Low value leases are leases with contract

amounts below EUR 5 thousand. Short-term leases relate to lease agreements with

a lease term of less than 12 months. Lease payments associated with low value

leases and short-term leases are expensed on a straight-line basis over the lease

term. Accordingly, no right-of-use assets or lease liabilities are recognized for low

value and short-term leases.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	119

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

h) Impairment of non-financial assets

HomeToGo assesses whether an asset may be impaired at each reporting date. If

any indication of impairment exists, or when annual impairment testing for such an

asset is required, HomeToGo estimates the asset’s recoverable amount. An asset’s

recoverable amount is the higher of an asset’s or cash generating unit's (CGU) fair

value less costs of disposal or its value in use. The recoverable amount is

determined for an individual asset, unless the asset does not generate cash inflows

that are largely independent of those from other assets or groups of assets. When

the carrying amount of an asset or CGU exceeds its recoverable amount, the asset

is considered impaired and written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their

present value using a discount rate that reflects current market assessments of the

time value of money and the risks specific to the asset. HomeToGo does not use

the fair value less costs of disposal method when assessing the recoverable

amount of its non-financial assets.

HomeToGo bases its impairment calculation on detailed budgets and forecasted

cash flows. Impairment losses are recognized in the consolidated statement of

profit or loss and other comprehensive income in expense categories consistent

with the function of the impaired asset.

For assets excluding goodwill, an assessment is made at each reporting date to

determine whether there is an indication that previously recognized impairment

losses no longer exist or has decreased. If such indication exists, HomeToGo

estimates the asset’s or CGU’s recoverable amount.

Financial instruments - Initial recognition and subsequent events

A financial instrument is any contract that gives rise to a financial asset of one

entity and a financial liability or equity instrument of another entity.

Financial assets

INITIAL RECOGNITION AND MEASUREMENT

Financial assets are classified, at initial recognition, as subsequently measured at

amortized cost, fair value through other comprehensive income (OCI), and fair

value through profit or loss.

The classification of financial assets at initial recognition depends on the financial

asset’s contractual cash flow characteristics and HomeToGo’s business model for

managing them. With the exception of trade receivables that do not contain a

significant financing component or for which the Group has applied the practical

expedient, HomeToGo initially measures a financial asset at its fair value plus, in the

case of a financial asset not at fair value through profit or loss, transaction costs.

Trade receivables that do not contain a significant financing component or for

which HomeToGo has applied the practical expedient are measured at the

transaction price.

In order for a financial asset to be classified and measured at amortized cost or fair

value through OCI, it needs to give rise to cash flows that are ‘solely payments of

principal and interest (SPPI)’ on the principal amount outstanding. This assessment

is referred to as the SPPI test and is performed at an instrument level. Financial

assets with cash flows that are not SPPI are classified and measured at fair value

through profit or loss, irrespective of the business model.

HomeToGo’s business model for managing financial assets refers to how it

manages its financial assets in order to generate cash flows. The business model

determines whether cash flows will result from collecting contractual cash flows,

selling the financial assets, or both. Financial assets classified and measured at

amortized cost are held within a business model with the objective to hold

financial assets in order to collect contractual cash flows while financial assets

classified and measured at fair value through OCI are held within a business model

with the objective of both holding to collect contractual cash flows and selling.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four

categories:

• Financial assets at amortized cost (debt instruments)

• Financial assets at fair value through OCI with recycling of cumulative gains and

losses (debt instruments)

• Financial assets designated at fair value through OCI with no recycling of

cumulative gains and losses upon derecognition (equity instruments)

• Financial assets at fair value through profit or loss (equity instruments, money

market funds)


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	120

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

FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)

Financial assets at amortized cost are subsequently measured using the effective

interest (EIR) method and are subject to impairment. Gains and losses are

recognized in profit or loss when the asset is derecognized, modified or impaired.

In the case of a financial asset not at fair value through profit or loss (FVTPL),

financial assets are measured at amortized cost and include trade and other

receivables and other financial assets.

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (EQUITY

INSTRUMENTS)

The group subsequently measures all equity investments at fair value. Changes in

the fair value of financial assets at FVTPL, in particular to investments in money

market funds, are recognized in profit or loss in the period in which it arises.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group

of similar financial assets) is derecognized (i.e., removed from HomeToGo’s

consolidated statement of financial position) when:

• The rights to receive cash flows from the asset have expired

• HomeToGo has transferred its rights to receive cash flows from the asset or has

assumed an obligation to pay the received cash flows in full without material

delay to a third party under a ‘pass-through’ arrangement; and either (a)

HomeToGo has transferred substantially all the risks and rewards of the asset, or

(b) HomeToGo has neither transferred nor retained substantially all the risks and

rewards of the asset, but has transferred control of the asset.

When HomeToGo has transferred its rights to receive cash flows from an asset or

has entered into a pass-through arrangement, it evaluates if, and to what extent, it

has retained the risks and rewards of ownership. When it has neither transferred

nor retained substantially all of the risks and rewards of the asset, nor transferred

control of the asset, HomeToGo continues to recognize the transferred asset to

the extent of its continuing involvement. In that case, HomeToGo also recognizes

an associated liability. The transferred asset and the associated liability are

measured on a basis that reflects the rights and obligations that HomeToGo has

retained.

Continuing involvement that takes the form of a guarantee over the transferred

asset is measured at the lower of the original carrying amount of the asset and the

maximum amount of consideration that HomeToGo could be required to repay.

Impairment

HomeToGo recognizes an allowance for expected credit losses (ECLs) for all debt

instruments not held at fair value through profit or loss, if the exposure is material,

which is presented under General and administrative expenses. For trade

receivables, HomeToGo applies a simplified approach in calculating ECLs.

Therefore, HomeToGo does not track changes in credit risk, but instead recog-

nizes a loss allowance based on lifetime ECLs at each reporting date if the

exposure is material. HomeToGo has established a provision matrix that is based

on its historical credit loss experience, adjusted for forward-looking factors specific

to the debtors and the economic environment.

The Group considers a financial asset in default when contractual payments are

365 days past due. However, in certain cases, HomeToGo may also consider a

financial asset to be in default when internal or external information indicates that

HomeToGo is unlikely to receive the outstanding contractual amounts in full be-

fore taking into account any credit enhancements held by HomeToGo. A financial

asset is written off when there is no reasonable expectation of recovering the

contractual cash flows.

HomeToGo holds trade receivables from contracts with partners of EUR 17.9 mil-

lion as of December 31, 2024 and EUR 13.1 million as of December 31, 2023. These

have been impaired by EUR 4.2 million, 2023: EUR 3.6 million.

Financial liabilities

INITIAL RECOGNITION AND MEASUREMENT

Financial liabilities are classified, at initial recognition, either as financial liabilities at

fair value through profit or loss or as financial liabilities at amortized cost.

All financial liabilities are recognized initially at fair value and, in the case of loans

and borrowings and other payables, net of directly attributable transaction costs.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	121

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

HomeToGo’s financial liabilities include trade and other payables, as well as loans

and borrowings including bank overdrafts as well as financial liabilities from

warrants.

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two

categories:

• Financial liabilities at fair value through profit or loss

• Financial liabilities at amortized cost

FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial liabilities at fair value through profit or loss include financial liabilities held

for trading and financial liabilities designated upon initial recognition as at fair value

through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the

purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognized in the statement of

profit or loss. The Group has classified the Class A Warrants and Class B Warrants

as financial liabilities as at fair value through profit or loss.

FINANCIAL LIABILITIES AT AMORTIZED COST

This is the category in accounting for loans and borrowings, except for Class A and

Class B Warrants described above. After initial recognition, interest-bearing loans

and borrowings are subsequently measured at amortized cost using the effective

interest rate (EIR) method. Gains and losses are recognized in profit or loss when

the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on

acquisition and fees or costs that are an integral part of the EIR. The EIR

amortization is included as finance costs in the statement of profit or loss.

Derecognition

A financial liability is derecognized when the obligation under the liability is

discharged or cancelled or expires. When an existing financial liability is replaced

by another from the same lender on substantially different terms, or the terms of

an existing liability are substantially modified, such an exchange or modification is

treated as the derecognition of the original liability and the recognition of a new

liability. The difference in the respective carrying amounts is recognized in the

statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in

the consolidated statement of financial position if there is a currently enforceable

legal right to offset the recognized amounts and there is an intention to settle on a

net basis, to realize the assets and settle the liabilities simultaneously.

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants as of the

measurement date in the principal or, in its absence, the most advantageous mar-

ket to which HomeToGo has access at that date. The fair value of a liability reflects

its non-performance risk.

HomeToGo measures the fair value of an instrument using the quoted price in an

active market for that instrument, if such price is available. A market is regarded as

‘‘active’’ if transactions for the asset or liability take place with sufficient frequency

and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then HomeToGo uses valuation

techniques that maximize the use of relevant observable inputs and minimize the

use of unobservable inputs. The chosen valuation technique incorporates all fac-

tors that market participants would take into account in pricing a transaction.

In determining the appropriate fair value measurement for financial assets and

liabilities, the Group involves an independent external valuation expert, who uses

appropriate valuation techniques.

Based on the input parameters used for measuring the fair values are assigned to

one of the following levels of the fair value hierarchy for purposes of disclosure:

• Level 1: Quoted (unadjusted) market prices in active markets for identical assets

and liabilities,


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	122

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

• Level 2: Inputs other than quoted prices included within level 1 that are

observable for the asset or liability, either directly (that is, as prices) or indirectly

(that is, derived from prices), and

• Level 3: Inputs for the asset or liability that are not based on observable market

data (that is, unobservable inputs).

i) Treasury Shares

Treasury shares of HomeToGo SE are recognized with their acquisition costs paid

to repurchase its own shares. They result from the redemption process as part of

the de-SPAC transaction on September 21, 2021 as well as from share buyback. All

shares redeemed during the redemption process were Class A Shares. The

acquisition costs for the own shares are deducted from equity. Management may

use treasury shares to settle share-based payment obligations, service warrant

exercises and as part of consideration in case of business combinations. No gain or

loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the

own shares.

j) Provisions

HomeToGo recognizes provisions when it has a present obligation, legal or

constructive, as a result of a past event, it is probable that an outflow of resources

embodying economic benefits will be required to settle the obligation and a

reliable estimate can be made of the amount of the obligation. Provisions are

measured at the present value of management´s best estimate of the expenditure

required to settle the present obligation at the end of the reporting period. The

increase in provision due to the passage of time and unwinding of the discount

rate is recognized as finance expenses.

k) Income taxes

Current income taxes

Current income tax is the expected tax payable or receivable based on the taxable

income or loss for the period and the tax laws that have been enacted or

substantively enacted as of the reporting date. Management periodically evaluates

positions taken in tax returns with respect to situations in which applicable tax

regulation is subject to interpretation. It establishes provisions where appropriate

based on amounts expected to be paid to the tax authorities. In case of

uncertainties related to income taxes, they are accounted for in accordance with

IFRIC 23 and IAS 12 based on the best estimate of those uncertainties.

HomeToGo establishes tax liabilities based on expected tax payments. Liabilities

for trade taxes, corporate taxes and similar taxes on income are determined based

on the taxable income of the consolidated entities less any prepayments made.

Calculation of tax liabilities is based on the recent tax rates applicable in the tax

jurisdiction of HomeToGo.

Deferred taxes

Deferred taxes are recognized on temporary differences between the carrying

amounts of assets and liabilities in the financial statements and the corresponding

tax bases used in the computation of taxable income and are accounted for using

the balance sheet-liability method.

Deferred tax liabilities are generally recognized for all taxable temporary differ-

ences and deferred tax assets are recognized to the extent that it is probable that

taxable income will be available against which deductible temporary differences

can be utilized.

However, deferred tax liabilities are not recognized if the temporary difference

arises from goodwill. Furthermore, deferred tax assets and deferred tax liabilities

are not recognized if the temporary difference arises from the initial recognition

(other than in a business combination) of other assets and liabilities in a transaction

that affects neither taxable income, nor the accounting profit, unless the trans-

actions give rise to equal taxable and deductible temporary differences such as

right-of-use assets and lease liabilities.

Current and deferred tax is charged or credited in the consolidated statement of

profit or loss and other comprehensive income, except when it relates to items

charged or credited directly to equity, in which case the current or deferred tax is

also recognized directly in equity.

Deferred tax assets and liabilities are calculated using tax rates expected to be in

place in the period of realization of the associated asset or liability, based on tax

rates and tax laws that have been enacted or substantively enacted by the end of

the reporting period in the respective jurisdiction.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	123

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

The carrying amount of deferred tax assets is reviewed at each reporting date and

reduced to the extent that it is no longer probable that sufficient taxable income

will be available to allow all or part of the asset to be recovered.

I) Earnings (Loss) per share

HomeToGo presents earnings (loss) per share data for its ordinary shares. Basic

earnings (loss) per share is calculated by dividing the net income of the period

attributable to the owners of the Company by the weighted average number of

ordinary shares outstanding during the period. HomeToGo only issued ordinary

shares according to IAS 33 because all share classes are subject to the same divid-

end entitlement with regard to the earnings for the period. The potential ordinary

shares were not taken into account, because the effect on loss per share would

have been antidilutive. The weighted average number of shares is calculated from

the number of shares in circulation at the beginning of the period adjusted by the

number of shares issued during the period and multiplied by a time-weighting

factor. The time-weighting factor reflects the ratio of the number of days on which

shares were issued and the total number of days of the period.

m) Segment reporting

An operating segment is a component of HomeToGo that engages in business

activities from which it may earn Revenues and incur expenses and for which

discrete financial information is available and used by the Chief Operating Decision

Maker (“CODM”) to make decisions about resource allocation and to review

operating results of HomeToGo. HomeToGo identified the Management Board of

the Company as the CODM and operates under two operating segments

HomeToGo Marketplace and HomeToGo_PRO. Refer to additional details in Note 8

- Segment and geographic information.

n) Share-based compensation and other employee benefits

The Group granted remuneration in the form of share-based payments, whereby

management and employees render services as consideration for equity

instruments of the Group (equity-settled transactions).

The measurement of equity-settled transactions is determined by the fair value at

the date when the grant is made using an appropriate valuation model in

accordance with IFRS 2. Costs are recognized within profit or loss together with a

corresponding increase in equity (share-based payment reserves), over the period

in which the service and, where applicable, the performance conditions are

fulfilled (the vesting period). The cumulative expense recognized for equity-settled

transactions at each reporting date until the vesting date reflects the extent to

which the vesting period has expired and the Group’s best estimate of the number

of equity instruments that will ultimately vest. The expense or credit in the

statement of profit or loss for a period represents the movement in cumulative

expense recognized as at the beginning and end of that period. Service and non-

market performance conditions are not taken into account when determining the

grant date fair value of awards, but the likelihood of the conditions being met is

assessed as part of HomeToGo’s best estimate of the number of equity

instruments that will ultimately vest. Market performance conditions are reflected

within the grant date fair value. Any other conditions attached to an award, but

without an associated service requirement, are considered to be non-vesting

conditions. Non-vesting conditions are reflected in the fair value of an award and

lead to an immediate expensing of an award unless there are also service and/or

performance conditions. No expense is recognized for awards that do not

ultimately vest because non-market performance and/or service conditions have

not been met. Where awards include a market or non-vesting condition, the

transactions are treated as vested irrespective of whether the market or non-

vesting condition is satisfied, provided that all other performance and/or service

conditions are satisfied. When the terms of an equity-settled award are modified,

the minimum expense recognized is the grant date fair value of the unmodified

award, provided the original vesting terms of the award are met. An additional

expense, measured as at the date of modification, is recognized for any

modification that increases the total fair value of the share-based payment

transaction, or is otherwise beneficial to the employee. Where an award is

cancelled by the entity or by the counterparty, any remaining element of the grant

date fair value of the award is credited immediately through profit or loss.

The Group sometimes engages in share-based payment transactions to acquire

goods or services from parties other than employees, e.g. as part of business

combinations. The goods or services received in exchange for shares should be

measured at the fair value of those goods or services. It is presumed that the fair

value of goods or services can be measured reliably in the case of transactions

with parties other than employees. If this presumption is rebutted, the fair value is

measured indirectly by reference to the fair value of the equity instruments

granted as consideration. Employee services or unidentifiable goods or services


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	124

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

are measured indirectly at the date on which the equity instruments are granted.

The fair value is not subsequently re-measured after the grant date.

Employee Benefits

The Group also has liabilities for long service leave and annual leave that are not

expected to be settled wholly within 12 months after the end of the period in

which the employees render the related service. These obligations are therefore

measured as the present value of expected future payments to be made in

respect of services provided by employees up to the end of the reporting period,

using the projected unit credit method. Consideration is given to expected future

wage and salary levels, experience of employee departures and periods of service.

Expected future payments are discounted using market yields at the end of the

reporting period of high-quality corporate bonds with terms and currencies that

match, as closely as possible, the estimated future cash outflows.

The obligations are presented as current liabilities in the balance sheet if the entity

does not have an unconditional right to defer settlement for at least 12 months

after the reporting period, regardless of when the actual settlement is expected to

occur.

Termination benefits are payable when employment is terminated by the group

before the normal retirement date, or when an employee accepts voluntary

redundancy in exchange for these benefits. The group recognizes termination

benefits at the earlier of the following dates: (a) when the group can no longer

withdraw the offer of those benefits; and (b) when the entity recognizes costs for

a restructuring that is within the scope of IAS 37 and involves the payment of

terminations benefits. In the case of an offer made to encourage voluntary

redundancy, the termination benefits are measured based on the number of

employees expected to accept the offer. Benefits falling due more than 12 months

after the end of the reporting period are discounted to present value.

The Group has long-term incentive plans for two managing directors as a result of

a business combination. The managing directors will be entitled to a payment of

up to EUR 2.0 million each after fulfilling a service period of 30 months after

acquisition and meeting related sales-based performance goals. The liability was

presented under long-term financial liabilities and subjected to linear vesting over

the service period. If one of the managing directors is leaving before the end of

the service period the respective claim is forfeited while the other managing

directors claim is not. As of December 31, 2024, the two managing directors have

fulfilled the service condition and the liability was derecognized at year-end.

o) Government grants

Government grants are recognized where there is reasonable assurance that the

grant will be received and all attached conditions will be complied with. When the

grant relates to an expense item, it is recognized as income on a systematic basis

over the periods that the related costs, for which it is intended to compensate, are

expensed. The Group has chosen to present grants related to an expense item as

other operating income in the statement of profit or loss and other comprehensive

income.

p) Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost

of an acquisition is measured as the aggregate of the consideration transferred,

which is measured at acquisition date fair value. Acquisition-related costs are ex-

pensed as incurred and included in General and administrative expenses.

The Group determines if a transaction is to be accounted for as a business

combination, using the concentration test and by determining that it has acquired

a business when the acquired set of activities and assets include an input and a

substantive process that together significantly contribute to the ability to create

outputs. The acquired process is considered substantive if it is critical to the ability

to continue producing outputs, and the inputs acquired include an organized

workforce with the necessary skills, knowledge, or experience to perform that

process or it significantly contributes to the ability to continue producing outputs

and is considered unique or scarce or cannot be replaced without significant cost,

effort, or delay in the ability to continue producing outputs.

Any contingent consideration to be transferred by the acquirer will be recognized

at fair value at the acquisition date. Contingent consideration classified as an asset

or liability that is a financial instrument and within the scope of IFRS 9 Financial

Instruments, is measured at fair value with the changes in fair value recognized in

the statement of profit or loss in accordance with IFRS 9.

Goodwill is initially measured at cost (being the excess of the aggregate of the

consideration transferred and any previous interest held over the net identifiable


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	125

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

assets acquired and liabilities assumed). If the fair value of the net assets acquired

is in excess of the aggregate consideration transferred, the Group reassesses

whether it has correctly identified all of the assets acquired and all of the liabilities

assumed and reviews the procedures used to measure the amounts to be

recognized at the acquisition date. If the reassessment still results in an excess of

the fair value of net assets acquired over the aggregate consideration transferred,

then the gain is recognized in profit or loss.

After initial recognition, goodwill is measured at cost less any accumulated

impairment losses. For the purpose of impairment testing, goodwill acquired in a

business combination is, from the acquisition date, allocated to the group of

CGUs. The allocation is made to those groups of CGUs that are expected to

benefit from the business combination in which the goodwill arose. The units or

groups of units are identified at the lowest level at which goodwill is monitored for

internal management purposes, being the two operating segments and goodwill is

tested for impairment on the level of the following group of CGUs as well:

HomeToGo Marketplace and HomeToGo_PRO. Refer to additional details in Note 8

- Segment and geographic information.

Impairment losses relating to goodwill cannot be reversed in future periods.

q) Non-controlling interests

As a result of the acquisitions at the beginning of 2024 HomeToGo Group has

minority shareholders for the first-time. Non-controlling interests are measured at

fair value. Non-controlling interests in the results and equity of subsidiaries are

shown separately in the consolidated statements of comprehensive income,

consolidated statements of changes in equity and consolidated statements of

financial position, respectively.

5 - New and revised standards

New and revised standards issued, but not yet effective

At the date of authorization of these financial statements, the new accounting

standards and amendments to accounting standards listed in the table below have

been published but are not mandatory for reporting periods ending on

December 31, 2024 and have not been early adopted by the Group.


NEW OR REVISED STANDARDS	EFFECTIVE DATE
Amendments to IAS 21 -- Lack of Exchangeability	January 1, 2025

NEW OR REVISED STANDARDS – ENDORSEMENT OUTSTANDING	EFFECTIVE DATE
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7	January 1, 2026
Annual Improvements Volume 11	January 1, 2026
Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7	January 1, 2026
IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027
IFRS 18 Presentation and Disclosure in Financial Statements	January 1, 2027

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 will largely replace IAS 1 Presentation of financial statements. It will assist in

creating better comparability of similar entities and providing additional trans-

parency and relevant information. IFRS 18 will not impact the recognition or

measurement of items in the financial statements, but it will have impacts on pres-

entation and disclosure. Specifically, disclosures in the Consolidated Statements of

Profit or Loss and Other Comprehensive Income, the Consolidated Statements of

Financial Position and the Consolidated Statements of Cash Flows will be impact-

ed. It will also result in new disclosures required for management-defined per-

formance measures. Management is currently assessing the detailed implications

of applying the new standard on the Group’s consolidated financial statements.

The Group will apply IFRS 18 from its mandatory effective date of January 1, 2027,

with retrospective application for the year ending December 31, 2026, as required.

All other new accounting standards or amendments listed above are not expected

to have a material impact on the entity in the current or future reporting periods

and on foreseeable future transactions.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	126

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

6 - Business Combinations

Acquisition of KMW Reisen GmbH and Super Urlaub GmbH

On January 2, 2024, HomeToGo acquired a 51% stake in each of the target

companies, KMW Reisen GmbH and Super Urlaub GmbH (together also the 'target

companies'), using an acquisition vehicle (GetAway Group GmbH, formerly Takeoff

Travel GmbH) founded by HomeToGo already in 2023. Following the legal step

plan, the acquisition vehicle acquired 100% of the issued shares in the target

companies for an estimated consideration of EUR 77.8 million. Thereof EUR 31.6 mil-

lion were paid in cash by HomeToGo. EUR 14.0 million have been deferred until

December 31, 2025 as vendor loans and EUR 6.5 million were financed by upstream

loans granted by the target companies, EUR 6.3 million were paid by HomeToGo

with Class A Shares in HomeToGo SE. The sellers of the target companies

contributed their shares in the target companies, besides the received cash,

Class A Shares in HomeToGo SE and the granted vendor loans, in exchange for

49% of the shares in the GetAway Group GmbH (subsidiary of HomeToGo), which

acquired the target companies.

As part of the transaction an initial call option was issued giving HomeToGo the

opportunity to acquire the remaining non-controlling interest in GetAway Group

GmbH starting in 2029. The call option is accounted for in accordance with IFRS 9

as a derivative financial asset subsequently measured at FVTPL, which as of the

date of acquisition was EUR 4.2 million. It was measured based on a Monte Carlo

simulation of target achievement of certain earnings metrics. As of December 31,

2024 the fair value of the initial call option amounts to EUR 8.3 million and is

reported under other financial assets (non-current).

Furthermore, a conditional put option was agreed, i.e. if the initial call option is not

exercised the minority shareholders can request HomeToGo to purchase all of

their non-controlling interest. The exercise period starts four weeks after the initial

call option lapses. However, HomeToGo is entitled to refuse to accept the exercise

of the put option by entering into an exit process related to the target entities and

can therefore avoid the obligation. Following this, no financial liability for the put

option is recognized.

The business combination was completed on January 2, 2024 which is also the

date of acquisition of the target. Consequently, HomeToGo holds 51% in GetAway

Group GmbH as majority shareholder and has control over the two operating

entities KMW Reisen GmbH and Super Urlaub GmbH, while the remaining

shareholders in the GetAway Group GmbH represent non-controlling interests

within the HomeToGo Group.

The acquired entities are expanding HomeToGo’s portfolio in thematic travel

bundles with hotels for short trips allowing future cross-selling and redistribution of

inventory across HomeToGo’s platforms to increase HomeToGo’s market share.

Both entities are part of HomeToGo's reporting segment HomeToGo Marketplace.

KMW Reisen GmbH

KMW Reisen GmbH (‘KMW’) is a company based in Leipzig, which operates one of

the leading online marketplaces for short trips in the DACH region and is active as

agency, organizer and platform provider for short trips and related products in

Germany, Austria, Switzerland, Poland, the Netherlands and the Czech Republic.

The following table summarizes the acquisition date fair value of each major

element of consideration transferred:


(in EUR thousands)	Fair Value
Cash including deferred consideration	21,966
Shares in HomeToGo SE	3,137
NCI Shares in GetAway Group GmbH	16,236
Call option acquired	(2,081)
Total consideration transferred	39,258

The total consideration transferred for KMW Reisen GmbH consists of a cash

consideration of EUR 22.0 million including an adjustment for cash, debt and

working capital. Besides a vendor loan with a nominal amount of EUR 7.0 million it

comprises an upstream loan paid by KMW Reisen GmbH to the sellers on behalf of

GetAway Group GmbH with an amount of EUR 5.0 million. A portion of the consid-

eration was deferred as a vendor loan amounting to EUR 6.4 million (fair value

reflected by discounted value) that was granted by the sellers to GetAway Group

GmbH. The vendor loan is recognized as a liability and reported as a deferred

consideration under other financial liabilities (current).


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	127

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

In addition, Class A shares in HomeToGo SE were transferred. The fair value of the

Class A Shares was based on the share price at closing date. The seller contributed

its remaining shares in KMW Reisen GmbH in exchange for common shares in

GetAway Group GmbH. The fair value of the shares was considered to be the mar-

ket value of both target companies as GetAway Group GmbH was a shell holding

company before the acquisition of the target companies.

As the aforementioned initial call option for the remaining non-controlling stake in

GetAway Group GmbH was agreed as part of the business combination, it is con-

sidered in the consideration transferred and a part of the purchase price is there-

fore allocated to the acquisition of the call option. The allocated fair value of the

call option as of the date of acquisition was EUR 2.1 million.

The purchase price allocation was finalized as of December 31, 2024. The following

table summarizes the amounts of the identifiable assets acquired and liabilities

assumed based on their fair values, as of January 2, 2024:


(in EUR thousands)	Fair Value
Cash and cash equivalents	8,645
Intangible assets: Trademark	4,040
Intangible assets: Customer relationships	12,984
Intangible assets: Order backlog	736
Intangible assets: Software	2,032
Trade receivables	1,509
Property, plant and equipment	120
Other assets	3,764
Trade payables	(2,044)
Other liabilities	(8,376)
Income tax liabilities	(1,975)
Net deferred tax liability	(6,678)
Net identifiable assets acquired	14,755
Add: goodwill	24,503
Net assets acquired	39,258

No contingent liability was identified.

The goodwill recognized as part of the business combination relates to synergy

effects with HomeToGo’s marketplace and KMW’s market position within the

short trips business. It will not be deductible for tax purposes. The goodwill is

allocated to the segment HomeToGo Marketplace.

The fair value of acquired trade receivables is EUR 1.5 million and equals the gross

contractual amount for trade receivables less allowances. The allowances amount

to EUR 0.6 million.

The acquired business contributed IFRS Revenues of EUR 15.0 million and a net

income of EUR 1.7 million to HomeToGo for the period from January 2, 2024 to

December 31, 2024. The IFRS Revenues and the net income vary during the finan-

cial year due to the seasonality of the business.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	128

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

The composition of the cash consideration and the impact on the statements of

cash flows during the reporting period can be derived from the following:


(in EUR thousands)	Fair Value
Cash paid	9,627
Cash and cash equivalents acquired	8,645
Net cash paid for KMW Reisen GmbH	982

Super Urlaub GmbH

Super Urlaub GmbH is a company based in Schwerin. Super Urlaub GmbH has one

subsidiary that was included in the acquisition: Kurzurlaub SHCB GmbH (located in

Vienna, Austria). The companies are active in the field of online booking services as

agency, organizer and platform provider of short trips and related products in

Europe.

The following table summarizes the acquisition date fair value of each major

element of consideration transferred:


(in EUR thousands)	Fair Value
Cash including deferred consideration	23,306
Shares in HomeToGo SE	3,137
NCI Shares in GetAway Group GmbH	13,899
Call option acquired	(2,072)
Total consideration transferred	38,270

The total consideration transferred for Super Urlaub GmbH consists of a cash

consideration of EUR 23.3 million including an adjustment for cash, debt and

working capital. Besides a vendor loan with a nominal amount of EUR 7.0 million it

comprises an upstream loan paid by Super Urlaub GmbH to the sellers on behalf of

GetAway Group GmbH with an amount of EUR 1.5 million. In addition, shares in

HomeToGo SE were transferred. The fair value of the Class A Shares was based on

the share price at closing date. A portion of the consideration was deferred as a

vendor loan amounting to EUR 6.4 million (fair value reflected by discounted value)

that was granted by the sellers to GetAway Group GmbH. The vendor loan is

recognized as a liability and reported under other financial liabilities (current). The

seller contributed its remaining shares in Super Urlaub GmbH in exchange for

common shares in GetAway Group GmbH. The fair value of the shares was

considered to be the market value of both target companies as GetAway Group

GmbH was a shell holding company before the acquisition of the target

companies.

As the aforementioned initial call option for the remaining non-controlling stake in

GetAway Group GmbH was agreed as part of the business combination it is

considered in the total consideration transferred and a part of the consideration is

allocated to the acquisition of the initial call option. The allocated fair value of the

initial call option as of the date of acquisition was EUR 2.1 million.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	129

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

The purchase price allocation was finalized as of December 31, 2024. The following

table summarizes the amounts of the identifiable assets acquired and liabilities

assumed based on their fair values, as of January 2, 2024:


(in EUR thousands)	Fair Value
Cash and cash equivalents	5,663
Intangible assets: Trademark	5,205
Intangible assets: Customer relationships	13,354
Intangible assets: Order backlog	1,072
Intangible assets: Software	2,702
Trade receivables	2,153
Property, plant and equipment	209
Other financial assets	10
Other assets	844
Trade payables	(803)
Other financial liabilities	(269)
Other liabilities	(4,132)
Borrowings	(324)
Provisions	(4)
Income tax liabilities	(211)
Net deferred tax liability	(7,528)
Net identifiable assets acquired	17,942
Add: goodwill	20,328
Net assets acquired	38,270

No contingent liability was identified.

The goodwill recognized as part of the business combination relates to synergy

effects with HomeToGo’s marketplace and Super Urlaub GmbH’s market position

within the vacation rental business. It will not be deductible for tax purposes. The

goodwill is allocated to the segment HomeToGo Marketplace.

The fair value of acquired trade receivables is EUR 2.2 million and equals the gross

contractual amount for trade receivables less allowances. The allowances amount

to EUR 40 thousand.

The acquired business contributed IFRS Revenues of EUR 17.2 million and a net

income of EUR 1.8 million to HomeToGo for the period from January 2, 2024 to

December 31, 2024. The IFRS Revenues and the net income vary during the

financial year due to the seasonality of the business.

The composition of the cash consideration and the impact on the statements of

cash flows during the reporting period can be derived from the following:


(in EUR thousands)	Fair Value
Cash paid	15,464
Cash and cash equivalents acquired	5,663
Net cash paid for Super Urlaub GmbH	9,801

Acquisition-related costs of EUR 864 thousand arose for both Super Urlaub GmbH

and KMW Reisen GmbH out of which EUR 158 thousand occurred in 2024 and are

recognized in general and administrative and other expenses. The remaining part

of EUR 706 thousand were recognized in general and administrative in 2023.

Acquisition of Kraushaar Ferienwohnungen GmbH and Timwork GmbH

On December 22, 2023 HomeToGo signed a share purchase agreement to acquire

a 75%-stake each in Kraushaar Ferienwohnungen GmbH and Timwork GmbH to

further increase HomeToGo’s offering in enabling and value-enhancing the

experience for travelers and hosts as part of HomeToGo’s reporting segment

HomeToGo_PRO. The transaction was completed on January 23, 2024, which is

the date when the acquired entity is first-time consolidated by the Group.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	130

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

The following table summarizes the acquisition date fair value of each major

element of consideration transferred:


(in EUR thousands)	Fair Value
Cash	12,365
Shares in HomeToGo SE	2,880
Put liability towards non-controlling interests	2,663
Total consideration transferred	17,908

Of the total consideration transferred of EUR 17.9 million, EUR 12.4 million were paid

in cash and EUR 2.9 million in shares of HomeToGo SE. 75% of the HomeToGo SE

shares have been deferred and are due in 2025. The fair value of the Class A

Shares was based on the average trading price of 10 trading days preceding the

closing date. An equivalent cash amount of EUR 2.3 million is currently held in an

escrow account as collateral for the deferred share transfer.

In addition, the Group and the seller issued put and call options, allowing the

holding entity SMN Verwaltungs-GmbH to acquire the remaining minority stake

starting in 2029. The put option of the non-controlling interest is unconditional.

HomeToGo assesses the exercise of the unconditional put option as the most

likely scenario and thus applied the anticipated acquisition method, which results

in the notional full acquisition of all shares in the entity. Following this, no non-

controlling interest is recognized. The consideration to be paid for the deemed

acquisition of the remaining 25% represents a purchase price liability (put liability to

holders of non-controlling interests). The present value of the redemption amount

of the purchase price liability as of the date of acquisition was EUR 2.7 million. It

was measured based on a Monte Carlo simulation of target achievement of certain

earnings metrics. As of December 31, 2024 the present value of the put liability

amounts to EUR 5.2 million and is reported under other financial liabilities (non-

current). The put liability is subsequently measured at amortized cost.

The purchase price allocation has been finalized as of December 31, 2024. The

following table summarizes the amounts of the identifiable assets acquired and

liabilities assumed based on their fair values, as of January 23, 2024:


(in EUR thousands)	Fair Value
Cash and cash equivalents	2,040
Trade receivables	13
Property, plant and equipment	955
Intangible assets: Trademark	2,058
Intangible assets: Customer relationships	8,452
Intangible assets: Order backlog	580
Inventories	90
Financial assets	9
Other assets	144
Trade payables	(346)
Other financial liabilities	(1,946)
Other liabilities	(233)
Provisions	(262)
Contract liabilities	(1,140)
Net deferred tax liability	(3,248)
Net identifiable assets acquired	7,167
Add: goodwill	10,741
Net assets acquired	17,908

No contingent liability was identified.

The goodwill recognized as part of the business combination relates to Kraushaar

Ferienwohnungen's market position within the vacation rental business. It will not

be deductible for tax purposes. The goodwill is allocated to the segment

HomeToGo_PRO.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	131

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

The fair value of acquired trade receivables is EUR 13 thousand and equals the

gross contractual amount for trade receivables less allowances.

Acquisition-related costs of EUR 431 thousand arose, out of which EUR 48 thousand

occurred in 2024 and are recognized in general and administrative expenses. The

remaining part of EUR 383 thousand were recognized in general and administrative

expenses in 2023.

The acquired businesses contributed IFRS Revenues of EUR 10.0 million and a net

income of EUR 0.02 million during the reporting period. The effect of the acquisi-

tion is immaterial had it occurred as of January 1, 2024. The IFRS Revenues and the

net income vary during the financial year due to the seasonality of the business.

The composition of the cash consideration and the impact on the statements of

cash flows during the reporting period can be derived from the following:


(in EUR thousands)	Fair Value
Cash paid	12,365
Cash and cash equivalents acquired	2,040
Net cash paid for the two entities	10,325

7 - Critical accounting judgments, key estimates

and assumptions

The preparation of HomeToGo’s consolidated financial statements in accordance

with IFRS requires Management to make judgments, estimates and assumptions

that affect the reported amounts of revenues, expenses, assets and liabilities, and

the accompanying notes disclosures and the disclosure of contingent liabilities.

Uncertainty about these assumptions and estimates could result in outcomes that

require a material adjustment to the carrying amount of assets or liabilities affected

in future periods. Estimates and underlying assumptions are subject to continuous

review.

Below is a summary of the critical measurement and accounting judgements,

including disclosure of the key assumptions used by Management in applying

accounting policies based on future developments, and which could have

significant effects on carrying amounts stated in the consolidated financial state-

ments, or for which there is a risk that significant adjustments may need to be

made to the carrying amount of assets and liabilities in subsequent years.

a) Critical accounting judgements

Internally generated intangible assets

For individual software modules, the Management Board sometimes applies

judgement to determine the point in time where research can be separated from

development activities. In connection with management judgement about the

future economic benefit of software modules, the Group uses assumptions

regarding the future performance of the software modules concerned and their

implications on the Group's business activities to distinguish between substantial

enhancements and maintenance/bug fixing. While development expenses for

substantial enhancements are capitalized, efforts for maintenance/bug fixing are

operating expenses. In 2024 HomeToGo capitalized EUR 9.0 million (2023: EUR

6.6 million) as internally generated software.

b) Key estimates and assumptions

Incremental borrowing rate

The incremental borrowing rate for lease accounting is determined based on

interest rates from various external financial data adjusted to reflect the terms of

the lease and the nature of the leased asset.

For additional information with respect to extension options refer to 4 - Summary

of material accounting policies.

Impairment of goodwill and trademarks

At least annually, or when circumstances indicate a potential impairment event

may have occurred, HomeToGo assesses whether goodwill acquired in business

combinations are impaired. The CGUs which resulted from the business

combinations were tested for impairment as part of the annual goodwill impair-

ment test. Key assumptions used in HomeToGo’s impairment assessments of

these assets include forecasted cash flows of the business, estimated discount


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	132

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

rate, and future growth rates. Management uses internal and external data to

develop these key assumptions. This includes consideration of any impact of

inflationary pressure including rising interest rates with negative impact on

consumers discretionary income, fears in regard to a broader war in Europe and of

any impact of the ongoing discussion about climate change. Refer to Note 19 -

Intangible assets and goodwill.

Litigation

HomeToGo Group has set up provisions for litigations that could not be settled by

the date the consolidated financial statements of HomeToGo were authorized for

issue. The provisions are measured with the best estimate of the amount to be

paid. Due to the inherent uncertainty of a litigation the possible financial risk might

even be higher than the estimated amount. Refer to Note 26 - Provisions (current

and non-current).

Fair value determination for share-based payment arrangements and derivative

financial liabilities

The Group operates equity-settled share-based compensation plans, pursuant to

which certain participants are granted virtual shares or stock options of the

Company. Prior to the de-SPAC transaction, due to the lack of quoted market

prices prior, the Group determined the grant date fair value for the measurement

of the equity-settled transactions at the grant date with a valuation model, consid-

ering certain assumptions relating to the volatility of stock price, the determination

of an appropriate risk-free interest rate and expected dividends. The share price

input is based on the company's valuation. See Note 30 - Share-based payments

for details on the plan.

In past settlements the beneficiaries' claim was settled partially in equity and cash

to fulfill the tax withholding obligations of the Company and transfer the tax

payable to the tax authority. In the process an excess amount between the general

tax rate applied and the actual personal tax rate was transferred directly to the

beneficiary. For future settlements the expected amounts in excess of the

employee's tax obligation associated with the share-based payment are accounted

for as a cash-settled share-based payment plan. The resulting liability is remeas-

ured at each reporting date.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	133

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

8 - Segment and geographic information

Starting with Q1/24, HomeToGo has implemented a new reporting structure which

includes the introduction of two new reporting segments: HomeToGo

Marketplace and HomeToGo_PRO. The new reporting structure reflects the

management view used for steering the Group and allocating resources. Following

the changes in reporting structure and in line with the management approach the

segment structure of the Group is adjusted from a single operating segment to

the two reportable segments described below.


Segment	Activities
HomeToGo Marketplace	Our B2C reporting segment Marketplace aggregates all business models and revenue activities that are focused on the traveler as our customer. Revenues are mainly generated not directly with the traveler, but indirectly with our Partners and comprise revenue activities from Booking (Onsite) and Advertising.
HomeToGo_PRO	Our B2B reporting segment HomeToGo_PRO aggregates all business models and revenue activities that are focused on the supplier of the vacation rental (hosts, property managers, destinations or others) or other (travel) businesses that want to offer vacation rentals themselves. It comprises revenues from Volume-based services as well as subscriptions that are tailored to enable the direct supplier or other third party being successful in the vacation rental market. Our Marketplace is partially utilized to promote and monetize the vacation rentals from our HomeToGo_PRO segment. Inter-segment revenues and expenses are reported as 'Intercompany consolidation' under 'Group' in our KPI cockpit.

The chief operating decision maker ("CODM") was identified to be the Group's

Management Board. The following table gives an overview on the key perfor-

mance indicators ("KPI") reviewed by the CODM as part of the internal

management reporting.


KPI	Definition
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) expenses for share-based compensation and (v) 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 for 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.
Adjusted EBITDA margin	Ratio of Adjusted EBITDA to IFRS Revenues.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	134

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

During the reporting period, the segment reporting reconciled as follows whereas

the intersegment sales reflect intra-Group transactions effected at transfer prices

fixed on an arm’s length basis

The following table shows the reconciliation of the key performance indicators of

the Group with expenses for marketing and sales as material items as part of the

reportable segments:


For the twelve months ended December 31, 2024
(in EUR thousands)	HomeToGo Marketplace	HomeToGo PRO	Consolidation	Group
IFRS Revenues	151,274	70,001	(8,997)	212,278
Marketing and Sales	(122,282)	(47,334)	27,529	(142,121)
Adjusted EBITDA	2,933	9,889	—	12,821
Adjusted EBITDA margin	1.9%	14.1%	—	6.0%


For the twelve months ended December 31, 2023
(in EUR thousands)	HomeToGo Marketplace	HomeToGo PRO	Consolidation	Group
IFRS Revenues	112,632	56,073	(6,672)	162,033
Adjusted EBITDA	132	1,659	—	1,791
Adjusted EBITDA margin	0.1%	3.0%	—	1.1%

Marketing and sales is not presented by reportable segments for the comparative

period due to impracticability.

The reconciliation of Adjusted EBITDA to operating profit before income taxes is

provided as follows:


For the twelve months ended December 31
(in EUR thousands)	2024	2023
Adjusted EBITDA	12,821	1,791
One-off items	(10,604)	(4,681)
Depreciation and amortization	(19,896)	(12,013)
Finance cost, net	2,278	3,267
Share-based payments	(12,013)	(16,439)
Loss before tax	(27,414)	(28,075)

One-off items have increased during the reporting period mainly due to the M&A-

related costs for an expected business combination, refer to note 35 - Subsequent

events after the reporting period for further details.

Reallocation of goodwill due to new segment reporting

Due to the change of the segment reporting, goodwill was allocated to the two

groups of cash-generating units as of March 31, 2024. Goodwill was reallocated in

accordance with IAS 36.87 on the basis of relative fair values less costs of disposal.

The reallocation is to be treated as an indication of impairment and therefore

requires additional impairment tests. There was however, no impairment neither as

of March 31, 2024 within the previous segment structure nor within the new

structure.

Prior to the reallocation, goodwill was allocated to the cash generating units of

HomeToGo, Feries, Escapada Rural, Smoobu, AMIVAC, e-domizil, SECRA and to in

2024 newly acquired subsidiaries as separate CGUs for the purpose of testing

assets. However, the seven CGUs in combination were identified as the level on

which goodwill was tested for impairment since this was the lowest level at which

management captured information for internal management reporting purposes

about the benefits of goodwill. Following the reorganization of the operating

segments, the goodwill will be tested for impairment on the level of the following

group of CGUs: HomeToGo Marketplace and HomeToGo_PRO. The distribution of

goodwill following the allocation under the new segment reporting is as follows in

the table.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	135

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


(in EUR thousands)	December 31, 2024
One segment level	144,783
thereof:
HomeToGo Marketplace	89,217
HomeToGo_PRO	55,566

In the reporting period two single customers of the Group accounted for more

than 10% of HomeToGo’s IFRS Revenues.-The IFRS Revenues are part of the

HomeToGo Marketplace segment:


	YEAR ENDED DECEMBER 31,
(in EUR thousands)	2024	2023
Customer 1	35,826	34,387
Customer 2	21,428	20,436

IFRS Revenues from customers can be attributed to the entity's country of

domicile in the amount of EUR 82.9 million, 2023: EUR 83.5 million, the United

States of America in an amount of EUR 40.8 million, 2023: EUR 29.9 million and to

the rest of world in total EUR 88.5 million, 2023: EUR 48.6 million. The revenue was

hereby allocated based on the geographic location of the customers. Due to the

reverse acquisition of HomeToGo SE (formerly Lakestar SPAC) by HomeToGo

GmbH in 2021, Germany is still treated as the entity's country of domicile, because

the Group's main operations sit here. Non-current assets located in the entity's

country of domicile amounted to EUR 223.5 million (2023: EUR 119.9 million) and in

all foreign countries to EUR 41.5 million (2023: EUR 39.9 million) as of December 31,

2024.

9 - IFRS Revenues

HomeToGo recognizes its Revenues as follows:


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
IFRS Revenues
Revenues recognized at a point in time	186,701	141,561
thereof
Booking (Onsite)	80,058	46,727
Advertising	62,219	59,233
Volume-based	44,424	35,602
Revenues recognized over time	25,577	20,472
thereof:
Subscriptions	25,577	20,472
	212,278	162,033

HomeToGo Marketplace reflects IFRS Revenues from bookings made directly on

the HomeToGo platform as well as the revenues generated on Partners' platforms.

HomeToGo Marketplace is further distinguished into Booking (Onsite) revenues

which are generated from our onsite product as well as Advertising revenues

which has been shown as a separate revenue activity in the new reporting struc-

ture.

HomeToGo_PRO reflects subscriptions as well as volume-based revenues that are

generally collected before the performance obligation is satisfied over time, lead-

ing to a high balance of contract liabilities, which is subsequently released over the

performance period. HomeToGo_PRO combines mostly the formerly reported

Subscriptions & Services and the volume-based service offering of the Group.

HomeToGo_PRO revenues are further split into subscriptions revenues that are

mainly generated by our SaaS company Smoobu, whereas volume-based

revenues reflect the aggregate volume-based service offering of HomeToGo.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	136

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

10 - Cost of revenues


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Depreciation and amortization	8,351	4,847
Hosting and domains	3,460	3,181
Other	1,252	1,077
	13,062	9,105

Hosting and domain services comprise the expenses for server hosting services

and the expenses for domain subscriptions. Depreciation and amortization also

contains the amortization of the internally generated intangible assets.

11 - Product development and operations


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Personnel-related expenses	20,627	15,758
Software expenses	6,332	6,542
License expenses	3,771	3,720
Share-based compensation	3,568	5,342
External Services	2,569	—
Depreciation and amortization	909	1,008
Other	2,948	3,175
	40,723	35,546

Product development and operations comprise expenses for the workforce,

licenses and software for development and maintenance of the platform and

system infrastructure as well as customer service and Group's IT infrastructure. It

also includes external services pertaining to the supply side of the Group's

business.

12 - Marketing and sales


	YEAR ENDED DECEMBER 31,
(in EUR thousands)	2024	2023
Performance marketing	118,121	95,625
Personnel-related expenses	11,885	8,936
Depreciation and amortization	9,694	5,549
Share-based compensation	478	544
Other	1,943	2,738
	142,121	113,392

Performance marketing comprises paid marketing services, search engine

marketing (“SEM”), content marketing and other forms of inbound marketing as

well as on- and off-site search engine optimization. Marketing activities are scaled

to bringing demand in the Group's booking platforms and converting website

visitors to users who make bookings.

13 - General and administrative


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Personnel-related expenses	19,564	14,053
Consulting expenses	9,429	3,730
Share-based compensation	7,967	10,553
Expenses for third-party services	2,753	2,519
Expected credit loss and write-offs	1,400	1,491
License expenses	1,040	585
Depreciation and amortization	942	608
Other	3,190	2,804
	46,285	36,344


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	137

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

General and administrative expenses comprises of personnel expenses as well as

consultancy expenses that were incurred in relation with the M&A activities of the

Group during the year. It also includes audit related expenses for the year also

form a part of the general and administrative expenses. Refer to note 30 - Share-

based payments for further explanations for share-based compensation.

14 - Other income and expenses

Other income and expenses includes other operating income and expenses. In

2024, other income includes overpayments that are now time-barred in the

amount of EUR 0.6 million and income from a gain in the currency valuation due to

fluctuations of the EUR vs. USD in the amount of EUR 0.4 million. Other expenses

includes expenses from other non-operating costs, expenses from currency

valuation and other expenses.

In the prior year, other income and expenses includes income from the release of

provision in the amount of EUR 0.4 million, income from a government grant in the

amount of EUR 0.2 million and a loss from the disposal of property plant and

equipment in the amount of EUR 0.2 million.

15 - Financial result, net


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Finance income
Interest income	1,506	1,041
Other	2	232
Income from remeasurement to fair value	5,155	2,793

Finance expenses
Interest expenses	1,167	234
Expenses from remeasurement to fair value	2,421	—
Interest expenses on leases	420	514
Other	377	51
Financial result, net	2,278	3,267

Income from the remeasurement to fair value in the amount of EUR 5.2 million

during the reporting period (comparative period: EUR 2.8 million) relates to

valuation effects from call options, warrants and money market funds.

The interest expense associated with the compounding of a liability for the

unconditional put option on non-controlling interests is recognized as part of the

acquisition at the beginning of the year. Expenses from remeasurement to fair

value relate to the valuation of a put agreed as part of the business combination of

Kraushaar Ferienwohnungen GmbH, refer to note 6. Business Combinations for

further details.

To a large extent, the interest expense is composed of the compounding of the

vendor loans that are part of a deferred consideration as part of the KMW Reisen

GmbH and Super Urlaub GmbH business combinations. Refer to note 6. Business

Combinations for further details, and interest on borrowings.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	138

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

16 - Income taxes

HomeToGo SE is subject to taxation under the laws of Luxembourg. In 2024, the

overall tax rate is 24.94% (2023: 24.94%), consisting of corporate tax rate of 17%, a

7% solidarity surcharge on the corporate tax rate and a municipal business tax rate

of 6.75%.


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Current tax	(5,511)	(1,375)
Deferred tax	4,846	1,169
Income tax	(665)	(206)

Current taxes in 2024 comprise an amount of EUR 0.1 million (income) related to

prior year income taxes (2023: EUR 0.4 million). Income and expense from deferred

taxes in both periods result mainly from a change in temporary differences.

The following table shows the reconciliation between the expected and the

reported income tax expense:


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Loss before tax	(27,414)	(28,075)
Tax at the expected group tax rate (24.94%, 2023: 24,94%)	6,837	7,002
Tax effects of:
Deviations from group tax rate 24.94% (2023: 24,94%)	1,275	1,936
Tax effect due to changes of tax rate	(501)	(214)
Taxes relating to other periods	656	704
Share-based compensation programs	(2,848)	(3,037)
Permanent differences	(220)	(994)
Non-deductible expenses	(608)	(159)
Non-recognition of DTA on current year tax losses	(5,212)	(5,265)
Other tax effects	(44)	(179)
Total income tax expense	(665)	(206)
Effective total income tax rate (%)	2.42%	0.73%

The change in the permanent differences resulted in both expenses and income.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	139

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

17 - Earnings (loss) per share

Basic earnings (loss) per share:


	YEAR ENDED DECEMBER 31,
	2024	2023
Loss for the period attributable to Shareholders of HomeToGo SE (in EUR thousands)	(30,417)	(28,281)
Weighted average number of ordinary shares issued and outstanding	116,651,236	114,761,982
Basic and diluted earnings per share attributable to the ordinary equity holders of the Company (in EUR)	(0.26)	(0.25)

For details on the composition of equity refer to note 24 - Shareholders’ equity.

For the calculation of diluted earnings per share, the share-based payment pro-

grams were considered. In accordance with IAS 33.58, settlement in ordinary

shares was assumed for contracts where the Company has the option to settle in

cash or in ordinary shares. These potential ordinary shares were not taken into

account, because the effect on loss per share would have been antidilutive.

meaning the loss per share would become smaller when considering the potential

ordinary shares. As a result, basic earnings per share corresponds to diluted

earnings per share.

Number of potential ordinary shares:


	AS OF DECEMBER 31,
	2024	2023
Share-based payment programs	5,430,620	6,181,667

18 - Personnel expenses

The average number of employees is presented below:


	YEAR ENDED DECEMBER 31,
(NUMBER OF EMPLOYEES)	2024	2023
female	354	316
male	376	346
Total	730	662

Employee benefits expense are composed of the items as shown in the following

table:


	YEAR ENDED DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Wages and salaries	40,228	30,490
Social security expenses	9,411	6,194
thereof: Retirement benefit costs	35	32

The increase in personnel expenses as well as the number of employees goes

back to the increased scope of consolidation with subsidiaries being acquired

during the year.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	140

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

19 - Intangible assets and goodwill


(IN EUR THOUSANDS)	GOODWILL	TRADE-MARKS AND DOMAINS	SOFTWARE AND LICENSES	INTERNALLY GENERATED SOFTWARE	CUSTOMER RELATION-SHIPS	ORDER BACKLOG	INTANGIBLE ASSETS
Cost
As of January 1, 2023	89,082	16,762	6,502	10,244	34,998	7,594	165,182
Additions	—	547	—	—	—	—	547
Additions from internal development	—	—	—	6,588	—	—	6,588
Additions from business combinations	110	—	1	—	—	—	111
Disposals	—	—	(209)	—	—	—	(209)
Reclassifications	2	1	—	—	7	—	10
As of December 31, 2023	89,194	17,310	6,293	16,833	35,005	7,594	172,229

Accumulated amortization and impairment
As of January 1, 2023	—	3,279	1,971	4,095	6,040	6,008	21,393
Amortization charge of the year	—	1,480	1,462	2,120	3,640	1,586	10,287
Disposals	—	45	221	—	—	—	266
Reclassifications	—	—	—	—	1	—	—
As of December 31, 2023	—	4,804	3,654	6,214	9,680	7,594	31,946

Carrying amount
As of January 1, 2023	89,082	13,483	4,530	6,150	28,958	1,586	143,789
As of December 31, 2023	89,194	12,506	2,639	10,618	25,325	—	140,283


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	141

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


(IN EUR THOUSANDS)	GOODWILL	TRADE-MARKS AND DOMAINS	SOFTWARE AND LICENSES	INTERNALLY GENERATED SOFTWARE	CUSTOMER RELATION-SHIPS	ORDER BACKLOG	INTANGIBLE ASSETS
Cost
As of January 1, 2024	89,194	17,310	6,293	16,833	35,005	7,594	172,229
Additions	—	260	953	—	—	—	1,213
Additions from internal development	—	—	—	9,243	—	—	9,243
Additions from business combinations	55,585	11,302	448	4,533	34,790	2,388	109,047
Disposals	—	(250)	(999)	(119)	(1)	—	(1,369)
Reclassifications	4	642	2,275	(478)	(192)	—	2,252
As of December 31, 2024	144,783	29,264	8,970	30,012	69,603	9,982	292,614

Accumulated amortization and impairment
As of January 1, 2024	—	4,804	3,654	6,214	9,680	7,594	31,946
Amortization charge of the year	—	2,227	1,676	4,021	7,585	2,388	17,897
Disposals	—	—	(999)	—	—	—	(999)
Reclassifications	—	765	2,092	(417)	(193)	—	2,247
As of December 31, 2024	—	7,795	6,423	9,819	17,072	9,982	51,092

Carrying amount
As of January 1, 2024	89,194	12,506	2,639	10,618	25,325	—	140,283
As of December 31, 2024	144,783	21,469	2,547	20,193	52,530	—	241,522

Amortization in relation to trademarks and domains and customer relationships are

presented within marketing sales expenses, while order backlog and internally

generated software amortization is presented within cost of revenues.

Amortization expenses also include additional charges pertaining to increased

scope of consolidation which includes amortization charges for intangibles assets

identified as part of business combinations during the reporting period.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	142

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

Material intangible assets comprise of the following:


(IN EUR THOUSANDS)	2024	2023	REMAINING USEFUL LIFE AS OF DEC 31, 2024

Trademarks	19,219	10,111
Super Urlaub - Trademark Kurzurlaub.de	4,319	—	14 years
Super Urlaub - Trademark Kurzurlaub.at	224	—	9 years
Super Urlaub - Trademark Kurzreisen	194	—	9 years
e-domizil GmbH	3,252	3,518	7 years
KMW Reisen GmbH	3,770	—	14 years
SECRA Bookings GmbH	2,122	2,408	7 years
Casamundo GmbH	1,686	1,927	4 years
Smoobu GmbH	1,140	1,325	6 years
Kraushaar Ferienwohnungen GmbH	1,815	—	9 years
Feries Srl	696	933	4 years

Customer relationships	51,252	23,674
KMW Reisen GmbH - Tour operator	6,222	—	6 years
KMW Reisen GmbH - Agency Model	5,152	—	9 years
e-domizil GmbH	12,391	13,831	7 years
Super Urlaub GmbH - Tour operator	11,311	—	6 years
Super Urlaub GmbH - Agency Model	136	—	6 years
Kraushaar Ferienwohnungen GmbH	7,857	—	14 years
SECRA Bookings GmbH	3,380	3,835	7 years
Escapada Rural S.L.	1,947	2,433	5 years
Feries Srl	1,421	1,906	4 years
Smoobu GmbH	1,436	1,669	6 years

The intangible assets were identified as part of the business combination in the

corresponding period.

Goodwill impairment test

The recoverable amount of the segment CGUs is determined based on the value

in use while it was determined on level of the group of CGUs in view of a different

segmentation. The key assumptions for determining the value in use are those

regarding the cash flows, discount rates and growth rates. The values assigned to

the key assumptions represent management’s assessment of future trends in the

relevant industry and have been based on historical data from both external and

internal sources.

The future cash flows were estimated with the underlying assumption that

vacation rentals is a fast growing market and has a sustainable positive trend in the

upcoming years resulting from the shift of typical hotel accommodations. Vacation

rentals offer a high flexibility by nature, safety of vacation rental, the often

convenient and short distances to domestic locations, the offering of maximum

independence and seclusion, as well as a wide range of amenities that help

travelers control their budget. Further expansion of trends such as "workations" are

expected as consumers are adding additional days before or after their vacations

and just work from away. Thus, travelers are staying in a holiday area for three

weeks instead of two weeks. These effects, are further accelerated by the

diversification of the current business. HomeToGo plans to grow its offered

services for the supply side and hosts as well, which are an additional lever for

growing the traveler's marketplace. Combined with the Group’s growth ambitions

and improvements of profitability the underlying assumptions are driving an

optimistic business plan and therefore higher IFRS Revenues and Adjusted EBITDA.

Moreover, the increasing awareness in respect of the ecological impact of air travel

contributes to the general trend to prefer domestic or nearby vacation

destinations. With its innovative platforms and an increasing number of users and

website visitors, the Management Board believes that HomeToGo is well placed

with its offerings to meet that expected change in travelling behavior and

therefore expects that it will be able to achieve its growth ambition. On that basis,

the Group expects double-digit growth over the next years. Hence, significant

progress is already expected for 2025. The cash flow projections are based on a

detailed business plan for 5 years.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	143

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

Management estimates discount rates as a pre-tax measure derived from the

historical industry average weighted-average cost of capital. The WACC takes into

account cost of equity and cost of debt. The cost of equity and cost of debt are

derived from the expected return an investor would require for an equity

investment or debt investment with similar risk. Segment-specific risks of the travel

market are incorporated by applying a beta factor. The beta factor is evaluated

annually based on publicly available market data of comparable companies.

Adjustments to the discount rate are made to reflect a pre-tax discount rate. The

additional basis was a market risk premium and the risk-free interest rate.

The growth rates are based on industry growth forecasts. Management has

considered the lower end of commonly applied growth rates to be appropriate as

the planned growth for the coming years is expected to exceed industry growth

but will level out the long-term.


	FINANCIAL YEAR 2024
	Marketplace	PRO
Discount rate (pre-tax)	20.1%	18.5%
Growth rate	2.0%	2.0%

For the comparative period, the discount rate (pre-tax) amounted to 18.7% and the

growth rate to 1.0% while the recoverable amount as part of the goodwill

impairment test was determined at the level of the Group under the one segment

approach described above.

There was no impairment identified as part of the annual goodwill impairment test

in 2024, as in the previous year. For the Marketplace segment, no major change in

a key assumption considered possible by management would result in the carrying

amount exceeding the recoverable amount. For the PRO segment, the estimated

recoverable amount exceeds its carrying amount by EUR 6.5 million. Therefore, the

PRO segment's free cash flows could fall by 6.2% or the terminal growth rate could

decrease by 1.0% before the carrying amount of the segment would exceed its

recoverable amount.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	144

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

20 - Property, plant and equipment


(IN EUR THOUSANDS)	RIGHT-OF-USE REAL ESTATE	RIGHT-OF-USE ASSET CAR LEASING	LEASEHOLD IMPROVE- MENTS	OTHER EQUIPMENT, FACTORY AND OFFICE EQUIPMENT	TOTAL PROPERTY, PLANT AND EQUIPMENT
Cost
As of January 1, 2023	17,506	45	2,193	1,237	20,981
Additions	—	74	304	156	534
Additions from business combinations	141	—	—	—	142
Disposals	(141)	—	—	(95)	(236)
As of December 31, 2023	17,506	119	2,496	1,299	21,421

Accumulated depreciation and impairment
As of January 1, 2023	4,757	36	505	664	5,962
Depreciation charge of the year	1,376	19	36	268	1,699
Disposals	(16)	—	—	(1)	(17)
As of December 31, 2023	6,116	54	541	931	7,644

Carrying amount
As of January 1, 2023	12,749	10	1,687	573	15,022
As of December 31, 2023	11,390	65	1,955	367	13,777


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	145

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


(IN EUR THOUSANDS)	RIGHT-OF-USE REAL ESTATE	RIGHT-OF-USE ASSET CAR LEASING	LEASEHOLD IMPROVE- MENTS	OTHER EQUIPMENT, FACTORY AND OFFICE EQUIPMENT	TOTAL PROPERTY, PLANT AND EQUIPMENT
Cost
As of January 1, 2024	17,506	119	2,496	1,299	21,421
Additions	478	43	5	511	1,038
Lease modifications	(1,428)	—	—	—	(1,428)
Additions from business combinations	815	171	—	286	1,272
Reclassification and Currency translation	—	—	(131)	228	97
Disposals	—	—	—	(683)	(683)
As of December 31, 2024	17,371	334	2,371	1,640	21,716

Accumulated depreciation and impairment
As of January 1, 2024	6,116	54	541	931	7,644
Depreciation charge of the year	1,262	125	143	465	1,995
Reclassification and Currency translation	(10)	10	196	(123)	73
Disposals	—	—	—	(372)	(372)
As of December 31, 2024	7,368	189	880	902	9,340

Carrying amount
As of January 1, 2024	11,390	65	1,955	367	13,777
As of December 31, 2024	10,003	145	1,491	738	12,377

Leasing activity during the reporting periods presented is comprised of office

buildings and cars. The most significant contract, which commenced in 2020, is

the office building in Berlin, also resulting in significant dismantling obligations.

Expenses related to low value leases and short-term leases amounted to EUR 12

thousand in the financial year 2024 (2023: EUR 11 thousand) and to EUR 7 thousand

in the financial year 2024 (2023: EUR 29 thousand), respectively.

The total cash outflow for leases amounted to EUR 1,756 thousand in 2024 (2023:

EUR 1,641 thousand). It includes the payment of the principal amounts, interest and

short-term and low value leases.

Extension options are assumed to be reasonably certain to be exercised for all

leases and are therefore considered within the calculation of the right-of-use

assets and lease liabilities. Lease liabilities are included in Other liabilities. See Note

27 - Other financial liabilities (current and non-current). For the interest expense

related to leases refer to Note 15 - Financial result, net.

Presentation of certain amounts have been changed in the prior year movement

to reflect accurately the nature of underlying transactions. This had no effect on

the carrying amount of Property, plant and equipment in the financial statements

as of December 31, 2023.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	146

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

21 - Trade and other receivables (current and

non-current)

Current trade and other receivables are composed of the following carrying

amounts at year-end:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Trade receivables	17,856	13,069
Other receivables	286	446
	18,143	13,515

The loss allowances for trade receivables reconcile to the opening loss allowances

as follows:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Opening loss allowance as of January 01	3,589	3,166
Increase in loss allowance recognized in profit or loss during the year	1,400	1,491
Receivables written off during the year as uncollectible	(743)	(1,068)
Closing loss allowance as of December 31	4,247	3,589

The aging of trade receivables is as follows:


(IN EUR THOUSANDS)	December 31, 2024
Days overdue	Carrying amount in EUR	Loss Allowance	Net Amount
issued but not overdue	12,340	37	12,303
up to 30	2,565	247	2,318
31 to 60	1,127	112	1,015
61 to 90	313	31	282
> 90 days	5,758	3,819	1,939
Total	22,103	4,247	17,856


(IN EUR THOUSANDS)	December 31, 2023
Days overdue	Carrying amount in EUR	Loss Allowance	Net Amount
issued but not overdue	9,789	96	9,693
up to 30	498	60	438
31 to 60	830	98	731
61 to 90	664	79	585
> 90 days	4,878	3,256	1,621
Total	16,658	3,589	13,069


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	147

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

22 - Other financial assets (current and non-

current)

Other current financial assets consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Money market fund	11,890	31,323
Deposits	4,491	2,191
Other financial assets	—	52
	16,381	33,567

The current portion of other financial assets contains an investment into a short-

term money market fund accounted for at fair value through profit and loss.

Deposits include an additional escrow account worth EUR 2.3 million (2023: nil) that

serves as a collateral for the deferred share transfer that is part of the considera-

tion for one of the recent acquisitions.

Other non-current financial assets consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Deposits	1,871	5,467
Call option on non-controlling interests	8,278	—
Investments	558	—
	10,707	5,467

Other non-current financial assets furthermore consist of a call option on the non-

controlling interest in the amount of EUR 8.3 million.The call option was granted as

a part of a business combination. Refer to Note 6. Business Combinations for

further details.

23 - Other assets (current and non-current)

Other current assets consist of:


	DECEMBER 31,
( IN EUR THOUSANDS)	2024	2023
Prepaid expenses	4,459	3,907
Other tax receivables	1,355	804
Advance payments made	297	1,568
Other non-financial assets	141	11
	6,251	6,290

Prepaid expenses mainly related to software subscriptions. Advance payments

decreased by EUR 1.3 million in 2024 due to settlement of down payments made in

regards with server costs.

Other non-current assets consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Other tax receivables	80	136
Prepaid expenses	43	44
Other non-financial assets	46	48
	169	228


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	148

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

24 - Shareholders’ equity

The different shareholder classes can be summarized as follows:


	HomeToGo SE shares (0.0192 EUR nominal value)
	CLASS A SHARES	CLASS B2 SHARES	CLASS B3 SHARES
As of December 31, 2023	122,555,649	2,291,667	2,291,666
As of December 31, 2024	122,555,649	2,291,667	2,291,666

On September 21, 2021 HomeToGo GmbH and Lakestar SPAC (now HomeToGo

SE) consummated the business combination agreement which led to the listing on

the Frankfurt Stock Exchange and a capital reorganization of the Group.

The Company's Class A through Class B3 Shares in HomeToGo SE are non-par

value shares and have been fully paid. Class A Shares are publicly traded. As part of

the de-SPAC transaction in September 2021 a total of 10.1 million Class A Shares

were redeemed against capital reserves. Regarding the current stock of these

treasury shares, reference is made to the following paragraph under "Treasury

Shares". Class B1 to B3 Shares are only transferable, assignable or sellable to the

permitted transferees mentioned in Article 7.6 of HomeToGo SE's articles of asso-

ciation. Holders of Class A to B3 Shares are entitled to the same dividend and

liquidation rights and have one vote per share at general meetings.

As part of the consummation of the de-SPAC transaction all Class B1 shares were

automatically converted into Class A Shares at a ratio one for one. As at December

2024 and 2023, 4,583,333 Class B shares are issued and outstanding. All Class B2

Shares will automatically convert into Class A Shares at a ratio one for one, once

the closing price of the Class A Shares for any ten trading days within a thirty

trading day period exceeds EUR 12. Similarly, all Class B3 Shares will automatically

convert into Class A Shares at a ratio one for one, once the closing price of the

Class A Shares for any ten trading days within a thirty trading day period exceeds

EUR 14. There is no expiry date for the conversion of Class B2 Shares or Class B3

Shares into Class A Shares.

Capital reserves

Subscribed capital and capital reserves include received capital through the issu-

ance of shares for cash or premium in kind. See above for share issuances during

the presented periods.

Retained earnings

Retained earnings include the accumulated losses attributable to the shareholders.

Non-controlling interests

EUR 32,852 million relate to non-controlling interests in GetAway Group GmbH as

of December 31, 2024.

Treasury Shares

Treasury shares are shares in HomeToGo SE that are held by the Company as a

result of the redemption process as part of the de-SPAC transaction in September

2021 or resulting from share buyback.

The shares redeemed in 2021 prior to the de-SPAC transaction were recognized at

their redemption price of EUR 10.00 per share and deducted from equity attri-

butable to the owners as treasury shares until the shares are cancelled or reissued.

On September 13, 2023, the Management Board of HomeToGo SE with the

consent of the Supervisory Board approved a share buyback program with a

volume of up to EUR 10 million, supported by the strong improvement in

profitability and the Company's comfortable liquidity position. Under the program,

up to 5.7 million shares of the Company could be repurchased in the period

between September 13, 2023 and December 31, 2024. In accordance with the

authorization provided by the shareholders' meeting, the Management Board set

an initial price limit of EUR 3.16 per share to be repurchased (excluding ancillary

costs), but reserved the right to review this limit, depending on, amongst others,

market circumstances and the development of the buybacks. As at December 31,

2024, the Company bought back 2,400,654 shares with an average price of EUR

2.05 (rounded and excluding ancillary costs) (December 31, 2023 - 107,353 of

shares with an average price of EUR 2.60).


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	149

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

Where such ordinary shares are subsequently reissued, any consideration

received, net of any directly attributable incremental transaction costs and the

related income tax effects, is included in equity attributable to the owners of the

Company. As of the reporting the number of treasury shares held is 6.6 million

(2023: 7.8 million).

Foreign currency translation reserve

Exchange differences arising on translation of the foreign controlled entity are

recognized in other comprehensive income, and accumulated in a separate

reserve within equity. The cumulative amount is reclassified to profit or loss when

the net investment is disposed of.

Share-based payments reserve

The share-based payments reserve is used to capture the effect of share-based

payment transactions. The Group operates share-based payment plans, see

Note 30 - Share-based payments for details of these plans. The Company does not

reclassify amounts for vested awards to other equity items.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	150

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

25 - Borrowings

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

Group 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

The loan with debtor HomeToGo GmbH was paid out ahead of schedule in

December 2024.

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

Group as of December 31, 2023:


DEBTOR	LOAN AMOUNT (IN EUR THOUSANDS)	PAYOUT DATE	MATURITY	NOMINAL INTEREST RATE	CARRYING AMOUNT (IN EUR THOUSANDS)
HomeToGo GmbH	10,000	February 2021	September 2025	2.12%	4,139
Feries S.r.l.	400	August 2020	August 2025	1.50%	178
Escapada Rural S.L.	300	May 2020	April 2025	1.55%	102
Adrialin d.o.o	100	February 2022	September 2027	0.25%	93
Total	10,800				4,513


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	151

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

26 - Provisions (current and non-current)

Provisions consist of:


	2024
(IN EUR THOUSANDS)	DISMANTLING	OTHER	TOTAL
Beginning of financial year	483	2,395	2,878
Additions	—	3	3
Acquired through business combination	—	10	10
Releases	—	(10)	(10)
Utilizations	—	(55)	(55)
Reclassifications	—	(935)	(935)
End of financial year	483	1,407	1,891
Thereof: non-current	483	68	551
Thereof: current	—	1,340	1,340


	2023
(IN EUR THOUSANDS)	DISMANTLING	OTHER	TOTAL
Beginning of financial year	483	1,680	2,163
Additions	—	2,462	2,462
Acquired through business combination		18	18
Releases	—	(1,497)	(1,497)
Utilizations	—	(267)	(267)
End of financial year	483	2,395	2,878
Thereof: non-current	483	56	540
Thereof: current	—	2,338	2,338

Other provisions mainly includes provisions with regard to employment lawsuits,

which were not settled in or out of court at the time this annual report was

prepared. The prospects of success are uncertain at the time of writing the annual

report due to the lack of a supreme court ruling in similar cases. The total amount

of the provision for litigation amounts to EUR 1.4 million and reflects management's

best estimate of the amount probable to be paid resulting from the suits in case of

defeat.

The provision for dismantling relates to HomeToGo's dismantling provisions for

leasehold improvements.

No contingent liability was identified.

27 - Other financial liabilities (current and non-

current)

Other current financial liabilities consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Lease liabilities	829	1,512
Other financial liabilities	1,261	8,122
Traveler advance payments	10,960	3,916
Deferred consideration	13,759	—
	26,809	13,550

Traveler advance payments collected increased to EUR 11.0 million as of

December 31, 2024 (2023: EUR 3.9 million). These advance payments relate to

subsidiaries that provide collection services for accommodation providers, among

them newly acquired entities at the beginning of 2024. As part of these payment

services, the subsidiaries collect travelers' advance payments as well as advance

payments for the booking services prior to the traveler's check-in at the booked

accommodation. The travelers' advance payments that subsidiaries need to trans-

fer to the accommodation providers, in most cases right before check-in of the

traveler, are shown here under Other financial liabilities, while the advance

payments received for booking services are presented under Contract liabilities as

part of Other liabilities (current). Refer to the table under Note 28 - Other liabilities

(current and non-current). The amount of traveler advance payments as a portion

of cash and cash equivalents with an amount of EUR 2.4 million as of December 31,

2024 (2023: EUR 0.5 million) is subject to contractual restrictions and not available


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	152

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

for general use by the Group. The significant increase in restricted cash in com-

parison with 2023 can be attributable to the new acquisitions made in 2024.

The deferred consideration is a vendor loan which was granted by the sellers of

Kurz Mal Weg and Kurzurlaub as a part of the agreement for the acquisition of the

two entities. Refer to Note 6 - Business Combinations for further explanations.

Other non-current financial liabilities consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Lease liabilities	11,549	11,746
Put liability towards non-controlling interests	5,175	—
Other financial liabilities	2,202	—
Class A and Class B Warrants	—	448
	18,926	12,194

Other non-current financial liabilities increased due to a put option held by the

seller of Kraushaar Ferienwohnungen GmbH and timwork GmbH. Other non-

current financial liabilities include a liability for the deferred share transfer as part of

the consideration within the aforementioned business combination.

Class A and Class B Warrants include public and non-public warrants, which had

been issued by Lakestar SPAC prior to the de-SPAC transaction in September 2021

of EUR 1.4 million. On February 19, 2021, the Company issued 9,166,666 Class A

Warrants for a price of EUR 10.00 per unit. Class A Warrants are publicly traded

under ISIN of LU2290524383. Each Class A Warrant entitles its holder to subscribe

for one Class A Share, with a stated exercise price of EUR 11.50 subject to

customary anti-dilution adjustments. Holders of Class A Warrants can exercise the

warrants on a cashless basis unless the Company elects to require exercise against

payment in cash of the exercise price. Class A Warrants may only be exercised for

a whole number of shares. Class A Warrants expire five years from the date of the

consummation of the de-SPAC transaction, consummated on September 21, 2021,

or earlier upon redemption or liquidation. The Company may redeem Class A

Warrants upon at least 30 days’ notice at a redemption price of EUR 0.01 per

Class A Warrant (i) if the closing price of its Class A Shares for any 20 out of the 30

consecutive trading days following the consummation of the Business

Combination equals or exceeds EUR 18.00 or (ii) if the closing price of its Class A

Shares for any 20 out of the 30 consecutive trading days following the consum-

mation of the Business Combination equals or exceeds EUR 10.00 but is below

EUR 18.00, adjusted for adjustments to the number of Class A Shares issuable upon

exercise or the exercise price of Class A Share as described in the prospectus.

Holders of Class A Warrants may exercise them after the redemption notice is

given.

On February 18, 2021, the Company issued 5,333,333 Class B Warrants at a price of

EUR 1.50 per warrant. Class B Warrants are identical to the Class A Warrants under-

lying the Units sold in the private placement, except that the Class B Warrants are

not redeemable and may always be exercised on a cashless basis while held by the

SPAC Founders or their Permitted Transferees (defined in the prospectus). Class B

Warrants are not part of the private placement and are not listed on a stock

exchange.

28 - Other liabilities (current and non-current)

Other current liabilities consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Personnel-related liabilities	3,318	7,133
Other tax liabilities	757	436
Other non-financial liabilities	6,284	1,495
Contract liabilities	12,114	11,839
	22,474	20,903

Other non-financial liabilities comprise of liabilities arising from purchase of vouch-

ers by the customers that can be redeemed over a period of time.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	153

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

Other non-current liabilities consist of:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Personnel-related liabilities	715	437
Other non-financial liabilities	171	579
	886	1,016

29 - Deferred taxes

The unrecognized deferred tax assets (DTAs) amount to EUR 222 million (2023:

EUR 73.6 million) and are mainly attributable to unused tax losses. These amounts

exclude tax losses from the pre-fiscal unit period of related entities amounting to

EUR 1.1 million (2023: EUR 1.1 million).

The tax losses almost entirely incurred in Germany and Luxembourg. EUR 268 mil-

lion (2023: EUR 250 million) of the tax losses are attributable to German corporate

income tax and EUR 265 million (2023: EUR 248 million) to German trade tax. There

is no expiry date for the cumulative tax losses incurred in Germany. From a

Luxembourg perspective, tax losses incurred in Luxembourg as of January 1, 2017,

will expire after 17 years following each year in which incurred according to local

tax regulations. If tax losses were incurred before January 1, 2017, there is no expiry

date for such tax losses. The cumulative tax losses in Luxembourg amount to EUR

608 million (2023: EUR 559 million), wherefrom the amount of EUR 577 million

(2023: EUR 532 million) resulting from impairments in Luxembourg.

The Group has further unused operational tax losses that arose in Luxembourg of

EUR 31 million (2023: EUR 26.5 million) that is available for 17 years, following each

year in which incurred, for offsetting against future taxable profits of the

Company. No DTA has been recognized in respect of these losses as they may not

be used to offset taxable profits elsewhere in the Group. They have arisen in

Luxembourg, where there's neither taxable income in current year nor is expected

in the coming years due to the fact that HomeToGo SE is a pure financial holding

that does not generate any revenue. There are no other tax planning opportunities

or other evidence of recoverability in the near future.

From a Luxembourg perspective, the total amount of temporary differences

associated with investments in subsidiaries for which DTLs have not been

recognized amount to EUR 577 million (2023: EUR 532 million). In 2024, there was a

refinement of previous estimate related to a DTL arising from Luxembourg. In

particular it was considered no foreseeable event in the incoming years that may

result in recognition of DTL. Accordingly DTL was derecognized and as well the

equal and offsetting DTA that was recognized for the same amount. The net

impact on the consolidated financial statements was nil.


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Deferred tax liabilities, net
Beginning of fiscal year	(6,761)	(7,930)
Recognized through profit or loss	4,846	1,169
Recognized through acquisition of subsidiaries	(17,453)	—
Others	92	—
End of fiscal year	(19,276)	(6,761)

Deferred tax assets and liabilities are recognized for the following types of

temporary differences and tax loss carryforwards.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	154

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


	DECEMBER 31,
	2024		2023
	DEFERRED TAX		DEFERRED TAX
(IN EUR THOUSANDS)	ASSETS	LIABILITIES	ASSETS	LIABILITIES
Intangible assets	—	(28,847)	—	(15,063)
Financial assets	—	171	—	(132,752)
Right of Use asset	—	(3,133)	—	(3,510)
Other assets	14	(367)	201	(573)
Provisions	—	23	138	—
Lease liabilities	4,004	—	3,601	—
Tax losses	8,859	—	141,195	—
Total Gross	12,877	(32,153)	145,136	(151,898)
Offsetting	(12,677)	12,677	(145,136)	145,136
Total after offsetting	200	(19,476)	—	(6,761)

30 - Share-based payments

Virtual Option Plans prior to the de-SPAC transaction -

General

Prior to the de-SPAC, HomeToGo had implemented several virtual stock option

programs ("VSOPs"). These old programs were closed or settled as part of the de-

SPAC transaction, i.e. no new beneficiaries can enter these programs and no

further awards are granted to existing beneficiaries. In the financial year 2024,

these programs were continued in an ordinary course considering settlements and

for leavers. All material terms and conditions and the classification remain un-

changed, except for a partial modification leading to partial accounting as cash-

settled plan since 2022. The number of virtual options of all share-based payment

programs other than the new long-term incentive program, which is further

described below developed, is as follows:


	2024
	NUMBER OF VIRTUAL OPTIONS	WEIGHTED AVERAGE OF EXERCISE PRICES
Outstanding as of Jan 1	9,736	3,426
forfeited during the year	112	3,546
exercised during the year	1,937	3,488
Outstanding as of Dec 31	7,687	3,408

Of the outstanding 7,687 options as of December 31, 2024, 1,671 were vested. The

liability for cash-settled obligations resulting from the settlement process as of

December 31, 2024 amounts to EUR 0.2 million and was measured at the share

price as of December 31, 2024 of EUR 1.945.

Long-term incentive program - LTI

In 2022, a long-term incentive ("LTI") program was established. The LTI comprises

two different virtual programs, the Virtual Stock Option Program (VSOP 2022) and

the Restricted Stock Unit Program (RSUP 2022). Under both programs, Virtual

Stock Options (VSOs) and Restricted Stock Units (RSUs) are granted to bene-

ficiaries at the same time. Both the VSOP 2022 and the RSUP 2022 entitle the

beneficiary to receive a cash payment upon exercise of their VSOs / RSUs. The

target group for the LTI are HomeToGo's employees, advisors of the Group as well

as managing directors of affiliated companies. For the Management Board, a simi-

lar program was launched with slightly different terms to comply with rules for

Management Board remuneration.

General Terms and conditions - LTI

The participants can select the allocation of their overall grant between VSOP 2022

and RSUP 2022. Both programs differ in terms of the risk profile from the perspec-

tive of the beneficiaries, because the RSUs do not have a strike price, whereas the

VSOs do.

As of December 31, 2024, the aggregate maximum plan volume of the RSUP 2022

and VSOP 2022 was limited to the value of 6,127,781 Class A Shares of the

Company. VSOs / RSUs may be granted to the participants in one or more

tranches at any time until the end of the year 2025. Therefore, hereinafter the two


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	155

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

programs are described together as one program and specified terms and con-

ditions of each program are highlighted if necessary.

VSOs / RSUs are granted to the respective beneficiary based on the terms

stipulated in each program by concluding an individual grant agreement between

the respective beneficiary and HomeToGo. All grants are subject to a service

condition.

The strike price for the VSOs is specified in the individual grant agreement with the

beneficiary and is always calculated based on the average share price of the last

ten trading days prior to the respective grant date. RSUs are granted without a

certain strike price.

The vesting period for the VSOs / RSUs is two years in total, and the vesting period

shall begin following the grant date or another vesting start date specified in the

grant agreement. For the first year, there is a cliff in the case of new hires and a

quarterly vesting in the second year. For existing employees, the number of grant-

ed VSOs / RSUs shall vest, unless otherwise determined in the grant agreement, in

installments of 1/8 for each full quarter on a linear basis.

After the exercise of the RSUs the beneficiary shall have a payment claim against

the Company equal to HomeToGo's share price at the time of the exercise. The

exercise of the VSOs shall lead to a payment claim equal to the difference

between the share price at the time of exercise and the individual strike price

stipulated in the grant agreement. The beneficiary may exercise the VSOs / RSUs

within three years following the vesting date. VSOs / RSUs do not need to be

exercised collectively, i.e. some parts of the grants may already be exercised while

others are still vesting.

HomeToGo is entitled, in its sole discretion, to fulfill the payment claim in whole or

in part by transfer of shares, in lieu of paying a cash amount, based on the share

price then applicable.

Special Terms and conditions - LTI for Management Board

The terms and conditions of the LTI for the Management Board are generally in

line with the terms and conditions described above except for the following:

• The aggregate maximum plan volume of the MB-RSUP 2022 and the MB-VSOP

2022 shall be limited to the value of 2,797,058 Class A Shares of the Company.

• The vesting period for the VSOs / RSUs is four years instead of two.

• There is a mandatory cliff of one year.

Classification and accounting - LTI

The classification of the VSOP and RSUP do not differ from the classification of the

previous Virtual Option Plans of the Group. Since HomeToGo has a settlement

choice in its sole discretion and has the ability to fulfill the payment claim through

shares of the Company, based on the assessment of the Company’s intent and

past practice in the Group's other share-based compensation schemes, the LTI is

classified as equity-settled. Hence, the fair value of each VSO / RSU is determined

at the grant date, as further described below. Vesting conditions are treated as

graded, depending on the individual terms and conditions summarized above.

HomeToGo recognizes personnel expenses related to employee services as they

are received. The communication of the grant promise (= entitlement) with the

amount of the grant and the other major terms and conditions is treated as the

earlier service commencement date as per IFRS 2 IG4, notwithstanding that the

beneficiary may still choose from the allocation of VSOs / RSUs. In case a bene-

ficiary is already performing his service knowingly of his future LTI grant and a

specified vesting start date, the vesting start date is considered the earlier service

commencement date, and the expenses are already recognized as of the vesting

start date. In the IFRS 2 valuation, management estimates the grant date fair value

for the purpose of recognizing the expense during the period between the earlier

service commencement date and the grant date. Management will revise the

estimate in each reporting period until the grant date has been established.

Fair value measurement - LTI

For the RSUs the fair value at the grant date is determined by the share price at

grant date since these do not have a certain strike price.

For the VSOs the fair value at the grant date is determined by the Company using

the Black-Scholes-option pricing model and a binomial option pricing model of

Cox-Ross-Rubinstein, as the option can only be exercised at several discrete points

in time.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	156

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

The fair value was measured based on the following significant parameters: a

weighted average exercise price of EUR 1.91, a volatility of 45.00%, a risk-free

interest rate of 2.07%, and a dividend yield of 0.0%. Due to the fact that there is not

sufficient historical data of the share price of the Company available, the expected

volatility was derived from the historical volatility of peer group companies. The

exercise of the VSOs may take place in tranches after the respective vesting date

and up to three years afterward. The weighted average term of the virtual shares

outstanding is 2.4 years. The valuation resulted in a weighted average fair value of

EUR 0.30 per VSO.

The number of VSOs / RSUs of the new LTI program developed as follows during

the period ending December 31, 2024:


	2024		2024
	NUMBER OF VSOs	WEIGHTED AVERAGE OF EXERCISE PRICES	NUMBER OF RSUs	WEIGHTED AVERAGE OF EXERCISE PRICES
Outstanding as of January 1	15,504,108	3.31	2,848,123	—
granted during the year	1,946,117	1.91	596,972	—
forfeited during the period	937,733	2.51	206,945	—
exercised during the period	179,713	3.47	274,913	—
Outstanding as of December 31	16,332,779	3.20	2,963,237	—

Virtual Share Incentive Plan for Takeoff Travel - VSIP

Following the acquisition of KMW Reisen GmbH and Super Urlaub GmbH through

the acquisition vehicle Takeoff Travel GmbH at the beginning of 2024 a new virtual

share incentive plan ('VSIP') was launched to incentivize the members of the

management of the new Takeoff Travel GmbH sub-group. The share-based pay-

ment program currently comprises three participants and is accounted for as

equity-settled plan. The grants that were made in the beginning of 2024 have a

vesting period of four years. The expenses for vested grants in regard to the new

VSIP amounted to EUR 0.2 million in the reporting period.

The total expenses in relation to all existing share-based compensation including

the virtual option plans prior to the de-SPAC are allocated as follows:


	YEAR ENDED DEC 31,
(IN EUR THOUSANDS)	2024	2023
Product development and operations	3,568	5,342
Marketing and sales	478	544
General and administrative	7,967	10,553
Total	12,013	16,439

The IFRS 2 reserve thus developed as follows:


	2024	2023
	CHANGE	CHANGE
January 1	96,158	85,636
VSOP and LTI Exercise equity settlement	(1,128)	(4,610)
VSOP Exercise tax settlement charge	(580)	(2,454)
Regular VSOP, VSIP and LTI charge	12,364	17,586
Year end	106,814	96,158

31 - Related party transactions

HomeToGo’s related parties are comprised of a significant shareholder of

HomeToGo, the members of the Management Board and the Supervisory Board,

the close members of the family of these persons and controlled entities by these

persons.

Key management personnel of the Group

The Management Board as well as the Supervisory Board of the Group constitute

the key management personnel and therefore related persons according to IAS 24

for HomeToGo.

Compensation paid and granted to the key management personnel is summarized

in the table below.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	157

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


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Short-term benefits	1,465	1,465
Share-based payments	7,338	7,304
	8,803	8,769

Share-based payments expenses for key management personnel arose from the

Virtual Stock Option Program and Long-Term Incentive Plans described under

Note 30 - Share-based payments.

The Group has not granted any loans, guarantees, or other commitments to or on

behalf of any of the related persons. Other than the remuneration disclosed above

the following transactions occurred with entities controlled by key management

personnel:

NFQ UAB Technologies ("NFQ") a software company registered in the Republic of

Lithuania, has been identified as a related party according to IAS 24. During the

reporting period, an agreement with NFQ has been in place on the provision of

certain software development services, office space and other services by NFQ to

entities of HomeToGo for cash consideration. Other services mainly include the

provision of payroll, accounting and car rental services. The business transactions

under the scope of the agreement were made at arm's length terms. Furthermore,

the Group purchased services from NFQ X GmbH, Germany which were identified

as a related party.

Below listed amounts resulted from related party transactions with NFQ and NFQ X

GmbH, Germany during the reporting period:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Product development and operating expenses	7,826	8,468
Other Services	116	120
Office Rent	200	209
Payables towards NFQ	759	207

32 - Auditor's fees

The following expenses were incurred for services provided by the auditors and

related companies of the auditors for the HomeToGo Group:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Audit fees	1,635	1,225
Other services	259	—
Total	1,894	1,225

33 - Financial instruments

The table below shows the net gains and losses, presented as positive and

negative amounts respectively, of financial instruments per measurement cate-

gory as defined by IFRS 9:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Financial assets measured at Amortized cost (AC)	452	(96)
Financial assets measured at fair value through profit or loss (FVTPL)	4,738	1,816
Financial liabilities measured at Amortized cost (AC)	(4,019)	(736)
Financial liabilities measured at fair value through profit or loss (FVTPL)	447	977

Total interest expenses including amortization from the effective interest method

on financial liabilities that are measured at amortized cost for the year was EUR 4.0

million (2023: EUR 0.7 million).


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	158

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

The following table shows the carrying amounts and fair values of financial assets

and financial liabilities, including their levels in the fair value hierarchy. The table

excludes fair value information for financial assets and financial liabilities not

measured at fair value if the carrying amount reasonably approximates fair value.

The carrying amounts of cash and cash equivalents, trade and other receivables as

well as trade payables are approximately their fair value due to their short-term

maturities. For all other financial assets and liabilities, no changes have occurred

that would have had a material effect on the fair value of these instruments since

their initial recognition.

Financial instruments as of December 31, 2024 are as follows:


	DECEMBER 31, 2024
(IN EUR THOUSANDS)	CARRYING AMOUNT	CATEGORY IN ACCORDANCE WITH IFRS 9	FAIR VALUE	FAIR VALUE LEVEL
Non-current assets
Other financial assets	10,708
thereof call option	8,278	FVTPL	8,278	Level 3
thereof deposits	1,871	Amortized cost
thereof Investments	558	Amortized cost
Current assets
Trade and other receivables	18,143	Amortized cost
thereof trade receivables	17,856
thereof other receivables	286
Cash and cash equivalents	70,790	Amortized cost
Other financial assets	16,381
thereof deposits	4,491	Amortized cost
thereof money market funds	11,890	FVTPL	11,890	Level 1
Non-current liabilities
Borrowings	68	Amortized cost
Other financial liabilities	18,926
thereof lease liabilities	11,549	N/A
thereof put option	5,175	Amortized cost	5,078	Level 3
thereof other liabilities	2,202	Amortized cost
Current liabilities
Borrowings	109	Amortized cost
Trade payables	18,107	Amortized cost
Other financial liabilities	26,809
thereof deferred consideration	13,759	Amortized cost
thereof lease liabilities	829	N/A
thereof other liabilities	1,261	Amortized cost
thereof traveler advance payments	10,960	Amortized cost


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	159

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

Financial instruments as of December 31, 2023 are as follows:


	December 31, 2023
(IN EUR THOUSANDS)	CARRYING AMOUNT	CATEGORY IN ACCORDANCE WITH IFRS 9	FAIR VALUE	FAIR VALUE LEVEL
Non-current assets
Other financial assets	5,467
thereof deposits	5,467	Amortized cost
Current assets
Trade and other receivables	13,515	Amortized cost
thereof trade receivables	13,069
thereof other receivables	446
Cash and cash equivalents	108,953	Amortized cost
Other financial assets	33,567
thereof deposits	2,191	Amortized cost
thereof money market funds	31,323	FVTPL	31,323	Level 1
Non-current liabilities
Borrowings	1,730	Amortized cost
Other financial liabilities	12,194
thereof lease liabilities	11,746	N/A
thereof warrants	448	FVTPL		Level 3
Current liabilities
Borrowings	2,783	Amortized cost
Trade payables	8,875	Amortized cost
Other financial liabilities	13,550
thereof lease liabilities	1,512	N/A
thereof other liabilities	8,122	Amortized cost
Traveler advance payments owed to Homeowners	3,916	Amortized cost

The carrying amounts of the financial assets and liabilities listed above and defined

by IFRS 9 as of December 31, 2024 and 2023 were as follows:


	DECEMBER 31,
(IN EUR THOUSANDS)	2024	2023
Carrying amount
Financial assets measured at Amortized cost (AC)	95,852	161,554
Financial assets measured at fair value through profit or loss (FVTPL)	20,168	31,323
Financial liabilities measured at Amortized cost (AC)	46,466	31,985
Financial liabilities measured at fair value through profit or loss (FVTPL)	5,175	448

As HomeToGo does not meet the criteria for offsetting, no financial instruments

are netted.

Where quoted prices in an active market do not exist, HomeToGo uses valuation

techniques that maximize the use of relevant observable inputs and minimize the

use of unobservable inputs. The valuation technique used incorporates all factors

that market participants would consider in pricing such a transaction.

The following paragraph shows the valuation technique used in measuring Level 3

fair values on December 31, 2024, and December 31, 2023, for financial instruments

measured at fair value in the statement of financial position (derivative financial

liability for conversion right, and call option) as well as the significant unobservable

inputs used:

• Valuation techniques: The valuation of the embedded derivative is performed

using an option price model. More specifically the valuation was performed using

binomial trees for HomeToGo’s share price and refinancing rate to derive a fair

value of the conversion right. As part of the de-SPAC transaction, HomeToGo

took over Class A and Class B warrants, which had been issued by Lakestar SPAC

prior to the transaction. These warrants are in scope of IFRS 9. The valuation of

the warrants is performed using an option pricing model (Black-Scholes model).

The call option is measured based on a Monte Carlo simulation.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	160

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

• Significant unobservable inputs: The option pricing model uses different inputs.

The most significant unobservable input is the refinancing rate of HomeToGo.

Further inputs for the valuation model are the Company value and the volatility

of equity. Both inputs have a lower impact on the fair value of the entire

embedded derivative. The primary inputs used in the valuation of the warrants

are the share price of HomeToGo at valuation date, the risk-free interest rate and

the volatility of the underlying share price as well as the term of the instruments.

The risk-free interest rate is based on yields of German sovereign bonds. The

share price as well as the risk-free rate are observable in the market. The share

price volatility is based on a peer group and is therefore not observable in a

market.

The fair value of the call option was determined by evolving the equity value and

the EBITDA. The equity volatility was derived from a peer group and is therefore

not observable in a market. The used risk-free interest rates for discounting the call

option equal the ones described above for the warrants.

The fair value of the put option was derived using a Monte Carlo simulation taking

into consideration the equity value and the earnings before interest and taxes of

the subject entity.


(IN EUR THOUSANDS)	WARRANTS
Opening balance Jan 1, 2023	(1,425)
Gains recognized in finance income	977
Closing balance Dec 31, 2023	(448)

Opening balance Jan 1, 2024	(448)
Gains recognized in finance income	447
Closing balance Dec 31, 2024	—

In 2021, HomeToGo acquired Class A and Class B Warrants issued by Lakestar

SPAC before the de-SPAC transaction. The Class A Warrants were publicly listed

and initially classified as level 1 instruments, with market prices directly observable

due to sufficient trading activity. However, as of December 31, 2024 and

December 31, 2023, no trades were observed. Consequently, their valuation relied

on an option pricing model using peer group volatility as an unobservable input. As

of December 31, 2024, and December 31, 2023 the Class A public Warrants

constitute a level 3 instrument. HomeToGo transferred the Class A Warrants from

level 1 to level 3 in 2021. The Class B warrants are not publicly listed. The valuation

of the Class B Warrants was performed by using an option price model with a peer

group volatility as an unobservable input. Hence, the Class B Warrants constitute a

level 3 instrument as of the acquisition date, December 31, 2024 and December 31,

2023. There was no level transfer regarding the Class B Warrants.

There were no further transfers between the different levels of the fair value

hierarchy during the periods presented. HomeToGo’s policy is to recognize trans-

fers into and transfers out of fair value hierarchy levels at the end of the reporting

period.

The following tables show the impact on the fair value of the warrants, as well as

the impact on the financial result, by shifting the significant inputs in the valuation

model of the warrants:


Closing balance Dec 31, 2024
(in EUR thousands)	Effect on Financial Result (in EUR thousands)	Effect on Financial Result (in EUR thousands)
Change in Share Price	+10%	(10)%
Change in Warrant Price	(1)	—
Change in Volatility	+10%	(10)%
Change in Warrant Price	(8)	—

Closing balance Dec 31, 2023
(in EUR thousands)	EFFECT ON FINANCIAL RESULT (IN EUR THOUSANDS)	EFFECT ON FINANCIAL RESULT (IN EUR THOUSANDS)
Change in Share Price	+10%	(10)%
Change in Warrant Price	(460)	389
Change in Volatility	+10%	(10)%
Change in Warrant Price	(1,473)	947


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	161

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

Furthermore, a call option on non-controlling interests was initially recognized as

part of the acquisitions of KMW Reisen GmbH and Super Urlaub GmbH in 2024,

therefore no reconciliation is provided.

There were no transfers between the different levels of the fair value hierarchy

during the periods presented. HomeToGo’s policy is to recognize transfers into

and transfers out of fair value hierarchy levels as of the end of the reporting period.

The following table shows a reconciliation for Level 3 fair value for call option:


(in EUR thousands)	2024	2023
Opening balance Jan 1	—	—
Additions during the period	4,152	—
Income from fair value measurement recognized in finance income	4,126	—
Closing balance Dec 31	8,278	—

The following tables show the impact on the fair value of the call option, as well as

the impact on the financial result, by shifting the significant inputs in the valuation

model of the call option:


Closing balance Dec 31, 2024
(in EUR thousands)	Effect on financial result (in EUR thousands)	Effect on financial result (in EUR thousands)
Change in EBITDA	+10%	(10)%
Change in Call Option Price	(785)	660
Change in Equity Volatility	+10%	(10)%
Change in Call Option Price	2,206	(1,681)

34 - Financial risk management

HomeToGo is exposed to the following risks from the use of financial instruments:

a) Credit risk

b) Liquidity risk

c) Market risk, interest rate and currency risk

The Company´s Management Board have the overall responsibility for the

establishment and oversight of HomeToGo’s risk management framework.

HomeToGo’s risk management policies are established to identify and analyze the

risks faced by HomeToGo and to minimize negative impact on the financial

position of HomeToGo related to those risks.

Capital risk management

HomeToGo’s objective when managing capital is to safeguard HomeToGo’s ability

to provide returns for shareholders and benefits for other stakeholders and to

maintain an optimal capital structure to reduce the cost of capital. Management

monitors capital usage by overseeing the decrease and increase of cash and cash

equivalents as presented in the consolidated statement of financial position. To

optimize interest income, the Group invested surplus funds in highly liquid money

market funds.

a) Credit risk

Credit risk is the risk of financial loss to HomeToGo if a customer or counterparty

to a financial instrument fails to meet its contractual obligations. Credit risk in-

cludes both the immediate default risk and the danger of a decline in the

customer’s creditworthiness.

HomeToGo is exposed to credit risk on cash and cash equivalents and current

other financial assets, which it monitors centrally. HomeToGo maintains its cash

deposits at financial institutions with top credit ratings. The creditworthiness of

these financial institutions is constantly monitored. HomeToGo considers that its

cash and cash equivalents and current other financial assets have low credit risk

based on the external credit ratings of these financial institutions.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	162

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

HomeToGo is generally exposed to the credit risk that its partners are cash-

strapped or in financial difficulties and thus, would not pass the agreed share of

commission to HomeToGo. Overall, the credit risk for trade and other receivables

is considered moderate. The maximum risk exposure for all financial assets is the

carrying amount. Refer to Note 4 regarding the application of the expected credit

loss model.

b) Liquidity risk

Liquidity risk is the risk that HomeToGo will encounter difficulty in meeting the

obligations associated with its financial liabilities that are settled by delivering cash

or another financial asset. HomeToGo’s approach to managing liquidity is to

ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities

when they are due, under both normal and stressed conditions, without incurring

unacceptable losses or risking damage to HomeToGo’s reputation. In case need-

ed, HomeToGo uses regular external financing options such as bank loans to

quickly raise larger amounts of fresh capital and thus always ensure a certain

liquidity buffer.

The following are the remaining contractual maturities of financial liabilities at the

balance sheet date. Apart from lease liabilities, the amounts are gross and un-

discounted and include contractual interest payments and exclude the impact of

netting agreements.


	DECEMBER 31, 2024
(IN EUR THOUSANDS)	<1 year	1 - 5 years	> 5 years	TOTAL	CARRYING AMOUNT
Trade and other payables	18,107	—	—	18,107	18,107
Other liabilities	22,474	886	—	23,360	23,360
Other financial liabilities	25,980	7,377	—	33,357	33,357
Borrowings	109	68	—	178	178
Lease liabilities	1,808	7,868	6,248	15,924	12,378
Total	68,478	16,200	6,248	90,926	87,379

	DECEMBER 31, 2023
(IN EUR THOUSANDS)	<1 year	1 - 5 years	> 5 years	TOTAL	CARRYING AMOUNT
Trade and other payables	8,875	—	—	8,875	8,875
Other liabilities	20,903	1,016	—	21,919	21,919
Other financial liabilities	12,038	—	—	—	12,038
Warrants	—	448	—	448	448
Borrowings	2,783	1,730	—	4,513	4,513
Lease liabilities	1,545	7,067	8,694	17,306	13,258
Total	46,143	10,261	8,694	53,060	61,051


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	163

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

The following table shows changes in liabilities arising from financing activities:


(in EUR thousands)	JANUARY 1, 2024	CASH FLOWS	CHANGES IN FAIR VALUES	NEW LEASES	ADDITIONS FROM BUSINESS COMBINATIONS	RECLASSIFICATION / CONVERSION	MODIFICATIONS AND OTHER EFFECTS	INTEREST	DECEMBER 31, 2024
Borrowings (non-current)	1,730	—	—	—	—	(2,213)	—	552	68
Warrants (non-current)	448	—	(447)	—	—	—	—	—	—
Put Option (non-current)	—	—	2,421	—	2,663	—	—	91	5,175
Lease liabilities (non-current)	11,746	—	—	478	815	(1,491)	—	—	11,549
Borrowings (current)	2,783	(4,887)	—	—	—	2,213	—	—	109
Lease liabilities (current)	1,512	(1,031)	—	—	—	1,491	(1,847)	705	829
Total	18,219	(5,918)	1,974	478	3,478	—	(1,847)	1,348	17,731

(in EUR thousands)	JANUARY 1, 2023	CASH FLOWS	CHANGES IN FAIR VALUES	NEW LEASES	ADDITIONS FROM BUSINESS COMBINATIONS	RECLASSIFICATION / CONVERSION	MODIFICATIONS AND OTHER EFFECTS	INTEREST	DECEMBER 31, 2023
Borrowings (non-current)	5,631	—	—	—		(4,200)		298	1,730
Warrants (non-current)	1,425	—	(977)	—					448
Lease liabilities (non-current)	12,787	—	—	74		(1,115)			11,746
Borrowings (current)	2,843	(4,260)	—	—		4,200			2,783
Lease liabilities (current)	1,512	(1,103)	—	—		1,115	(74)	62	1,512
Total	24,199	(5,363)	(977)	74	—	—	(74)	360	18,219

Market, interest rate and currency risk

Market risk is the risk that changes in market prices, such as foreign exchange

rates or interest rates will affect HomeToGo’s income or the value of its financial

instruments. HomeToGo manages its market risk on a centralized basis with the

objectives of managing and controlling market risk exposures within acceptable

parameters.

Exposure to interest rate risk normally arises from variable interest-bearing financial

instruments. HomeToGo only has fixed interest loan agreements and therefore is

not exposed to an interest rate risk.

HomeToGo is not exposed to a material transactional foreign currency risk.


HomeToGo / Annual Report 2024	Consolidated Financial Statements \|	164

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

35 - Subsequent events after the reporting

period

Following the reporting period ending December 31, 2024, HomeToGo has

entered into a definitive agreement for the acquisition of Interhome and

completed a capital increase to finance the transaction.

Acquisition of Interhome

On February 12, 2025, HomeToGo signed a definitive Share Purchase Agreement

with Migros Beteiligungen AG, Rüschlikon, Switzerland, for the acquisition of 100%

of the shares in HHD AG, Glattbrugg, Switzerland ('Interhome'). HHD AG and its

subsidiaries are also known under the brand Interhome. Interhome is Europe’s

second largest vacation rental management company.

The estimated total purchase price amounts up to CHF 235 million (EUR 250 mil-

lion), including an upfront cash payment at closing of CHF 150 million (EUR 160

million) and deferred payments of up to CHF 85 million (EUR 90 million), which may

become due in tranches based on certain conditions until 2029.

The transaction will be financed through:

• A capital increase with gross proceeds of EUR 85 million that was completed on

February 13, 2025 (see further information below);

• A EUR 75 million senior debt facility, for which a financing agreement has been

secured;

• Available net cash.

The transaction is subject to regulatory approvals and other customary closing

conditions and is expected to be completed in first half of 2025, followed by

consolidation within HomeToGo Group. Interhome would become part of

HomeToGo's Software and tech-enabled Service Solutions segment,

HomeToGo_PRO.

Capital Increase

On February 13, 2025, HomeToGo successfully completed a cash capital increase,

raising EUR 85.0 million in gross proceeds through the issuance of 53.1 million new

redeemable Class A shares at EUR 1.60 per share. The placement was conducted

through an accelerated bookbuilding offering.

Following the capital increase, HomeToGo SE’s share capital increased from

EUR 2,441,068.45 to EUR 3,461,068.45.


Luxembourg, March 26, 2025
Management Board of HomeToGo SE



Dr. Patrick Andrae		Wolfgang Heigl
Co-Founder & CEO		Co-Founder & CSO



Valentin Gruber		Steffen Schneider
COO		CFO