• Smart Platform momentum driving strong growth, more than doubling EBITDA and strengthening unit economics
• Annualised Recurring Revenue (ARR) increased 29.7% to $280.3m, with accelerating contributions from the Smart Platform
• Adjusted EBITDA more than doubled to $12.3m, and adjusted free cash flow was positive $2.7m

SiteMinder Ltd (ASX:SDR) has released its results for the half-year ended 31 December 2025 (H1FY26), delivering strong organic growth and improved unit economics. The company's Smart Platform continued to scale, with Channels Plus growing to ~7k hotels, Dynamic Revenue Plus seeing accelerating adoption, and the Smart Distribution Program broadening its impact. Annualised Recurring Revenue (ARR) increased 29.7% to $280.3m, driven by accelerating contributions from the Smart Platform and continued strength across the broader business. Subscription ARR increased 18.4% to $168.6m, while Transaction ARR increased 51.3% to $111.7m. Total revenue grew 25.5% to $131.1m, with Subscription revenue up 17.7% and Transactional revenue, including Smart Platform contributions, up 39.1%. Net property additions were 2.9k during H1FY26, bringing total properties to 53.0k. ARPU increased 11.3% to $435, reflecting a 4.5% increase in Subscription ARPU and a 22.8% jump in Transaction ARPU. LTV/CAC expanded from 6.1x to 6.7x, and adjusted group gross margin increased 98bps to 67.8%. Adjusted EBITDA more than doubled to $12.3m, and adjusted net loss improved from ($9.0)m to ($3.9)m. Adjusted free cash flow was positive $2.7m, compared to ($0.6)m in H1FY25. SiteMinder expects to sustain strong ARR growth, revenue growth, and further improvement in adjusted EBITDA, free cash flow, and Rule of 40 performance in FY26, supported by operating leverage and cost initiatives.

SiteMinder expects continuing strong ARR growth through H2FY26, underpinning sustained revenue growth and further improvement in adjusted EBITDA, free cash flow and Rule of 40 performance, supported by operating leverage and cost initiatives.

As the Smart Platform scales and matures, it positions SiteMinder to accelerate towards 30% revenue growth in the medium term, while maintaining profitability discipline and continued optimisation of Rule of 40 performance. The emergence of AI agents further amplifies the need for SiteMinder's trusted execution infrastructure, positioning the company well as AI adoption across the industry accelerates.