Europe’s number one holiday rental business delivers 20% year-on-year increase in EBITDA, as more people opt for affordable staycations
Awaze, Europe’s largest holiday rentals group and owner of cottages.com, Hoseasons, NOVASOL and James Villas, announces its results for the year ended 31 December 2025 and provides an update on current trading in the year to-date.
FY 2025 Financial Highlights:
- Continued delivery of sustainable growth in profit and cash flow underpinned by solid demand for more affordable staycations against a backdrop of geopolitical volatility and ongoing cost of living pressures
- Delivered €1.4bn of gross accommodation revenue, demonstrating the consistent reach and relevance of Awaze’s brands across 20 countries
- Net revenue of €378m was broadly flat year-on-year, with more than 50% of revenue generated from repeat customers
- Strong Q4 exit and a record-breaking August, with NOVASOL delivering all-time-high bookings and weeks in key European markets including Denmark and Croatia
- EBITDA grew 20% to €42m driven by increased direct bookings, disciplined marketing spend, tight cost control, and favourable FX gains
- 32% reduction in loss before tax reflects Awaze’s scalable, asset light model built to flex with demand
- Continued reduction in capex following the delivery of its single technology platform, disciplined cost management, and strong cash generation
- Net cash inflow from operating activities improved by 12%
FY 2025 Operational and Strategic Highlights:
- Owner occupancy rates increased by 4% and direct bookings remained strong at 72% (up by 1% year on year), reflecting the strength of Awaze’s brand portfolio
- Maintained loyal owner base, with over 90% of properties exclusively listed with Awaze brands, while maintaining pricing discipline despite the inflationary backdrop
- Guest and homeowner satisfaction improved, with Guest NPS increasing by 6 points to 55
- Launched new apps in May 2025 and grown organically to half a million users, driving a growing proportion of direct revenue with a high repeat mix
- €42m annual investment in technology and AI focused on modernising front-end systems and integrating data and machine learning models to drive customer conversion improvements
- Relaunched premium villa brand James Villas in the UK, offering over 5,500 properties across mainland Europe
FY 2026 to-date and Outlook
- Maintained the strong momentum of 2025 in the first half of this year, as it continues to invest in technology to drive growth, improve efficiency, and enhance customer experience
- On track to deliver both full-year profit and operational cash growth in line with expectations
- Strengthened its leadership team with five new appointments including Directors of Owner Success and Growth across four core brands
- Launched cottages.com and NOVASOL apps within ChatGPT, connecting customers to live UK availability and supporting booking conversion as part of Awaze’s annual investment in AI and technology
- cottages.com occupancy outperforming the wider UK market, with Q3 occupancy of 64% compared with 60% for the market
- Decisive management action and operational discipline have resulted in a leaner, more resilient business
- Remains well positioned to benefit from large and structurally growing European holiday rental market, which is set to grow at 11.5% CAGR between 2025 and 2034[4]
Matthew Price, CEO at Awaze, commented:
“2025 was a strong year for Awaze. We delivered a 20% increase in EBITDA and strong operational cash generation reflecting the strength of our asset-lite business model, the breadth of our portfolio and our continued discipline on costs.
“In the current environment, consumers are naturally more cautious about their travel, but demand for affordable and high-quality holidays that offer genuine flexibility and peace of mind remains stronger than ever. More than half of Awaze holidaymakers are repeat customers reflecting the enduring appeal of our trusted brands.
“With a diverse range of properties across the UK and Europe, our local expertise and continued investment in technology and AI to enhance our guest and owner experience, we’re perfectly placed to continue delivering in the current environment, and achieve sustainable, profitable growth as we look ahead.”
[1] Gross accommodation revenue is the accommodation rental amount paid by guest (i.e. excludes revenue from other booking-related and ancillary products)
[2] Net revenue is the portion of gross accommodation revenue retained by Awaze (i.e. its share of guest rental payments) plus revenue from other booking-related and ancillary products
[3] Includes non-recurring costs, ownership fees, and debt-related fees
[4] Dimension Market Research Europe short-term rental market forecast revenue for vacation rental market companies and rent by owner firms projected 11.5% CAGR between 2025 and 2034
For more information contact Headland Consultancy on awaze@headlandconsultancy.com
Rosh Field / Abi Woolston / Amelia Fairbairn
020 3805 4822