Highlights

  • SiteMinder (ASX:SDR) reported FY26 revenue of $266.1m, up 18.6% reported and 22.0% in constant currency organic terms
  • ARR reached $313.7m, with transaction ARR up 37.1% on a constant currency organic basis
  • Adjusted EBITDA rose 96.5% to $28.1m, a margin of 10.6%
  • Properties on the platform reached 56.0k after 5.9k net additions

SiteMinder is a hotel commerce platform that helps accommodation providers attract, reach and convert guests across distribution channels.

Company Business

SiteMinder provides software that allows hotels to manage room distribution, pricing, bookings and payments. Its platform connects properties with online travel agencies, global distribution systems, metasearch channels and direct booking engines. Revenue is generated from two streams: subscription revenue, from software fees paid by hotels, and transaction revenue, linked to bookings and payments processed through the platform. The company has been building a smart platform strategy around newer products such as Dynamic Revenue Plus, a revenue management tool, and Channels Plus, which extends hotel distribution capabilities.

Recent Development

SiteMinder released its FY26 results for the year to June 30, 2026 in late August 2026. The company reported that Dynamic Revenue Plus had passed 50,000 rooms, more than double the level at the half-year, while Channels Plus was used by almost 10,000 hotels, up from about 7,000 at the half-year.

The company has also called its 2026 Annual General Meeting, scheduled to be held in Sydney in a hybrid format later this week. Items of business include the adoption of the remuneration report, the re-election of directors Jenny Macdonald and Paul Wilson, and a grant of 361,889 performance rights to Managing Director and CEO Sankar Narayan under the FY27 long-term incentive plan. Shareholders will also receive the FY26 annual financial report at the meeting.

Financial Performance and Sector Context

For FY26, ASX:SDR reported revenue of $266.1 million, up 18.6% on a reported basis and 22.0% on a constant currency, organic basis. Subscription revenue was $155.2 million, up 11.6% reported, while transaction revenue increased 30.0% reported to $110.9 million, reflecting the growing contribution of booking and payment activity across the platform's hotel customer base.

Annualised recurring revenue (ARR) reached $313.7 million, up 14.9% reported and 24.1% in constant currency organic terms. Subscription ARR was $169.4 million and transaction ARR was $144.3 million, with the latter up 37.1% on a constant currency organic basis. The number of properties on the platform reached 56,000, with 5,900 net additions during the year, and average revenue per user rose 5.9% reported, or 9.3% in constant currency organic terms, to $429. Subscription ARR grew 15.1% on a constant currency organic basis.

Profitability improved during the year. Adjusted EBITDA rose 96.5% to $28.1 million, representing a margin of 10.6%, while reported EBITDA was $24.4 million. Adjusted free cash flow was $10.5 million, compared with $4.7 million in the prior year. On a statutory basis, SiteMinder recorded a net loss of $11.3 million, narrower than the $24.5 million loss reported a year earlier. The adjusted net loss was $7.6 million.

At June 30, 2026, ASX:SDR held cash of $31.6 million and had access to a $30.0 million undrawn debt facility, giving total available funds of $61.6 million.

The global accommodation sector continues to move towards digital distribution, dynamic pricing and integrated payments, with hotels seeking tools that reduce manual work and connect them to a wide range of booking channels.

Risks to Consider

SiteMinder remained loss-making on a statutory basis in FY26, even as adjusted earnings improved. Its transaction revenue is linked to booking volumes, which can be affected by changes in travel demand, economic conditions and seasonality. The company operates in many countries, and the gap between reported and constant currency growth figures shows how currency movements can affect results in Australian dollars. Competition in hotel software and distribution is broad, and growth in newer products depends on continued adoption by properties. The company's FY27 and medium-term targets also rely on sustained execution across sales and product development.

What to Watch Next

Shareholders in SiteMinder (ASX:SDR) will be watching the outcome of resolutions at the upcoming AGM and any commentary from the chair and chief executive on trading conditions. For FY27, the company expects its adjusted EBITDA margin to expand meaningfully and ARR growth to be in the 20s on a constant currency organic basis. Over the medium term, SiteMinder is targeting an adjusted EBITDA margin in the mid-20s by FY30, along with ARR compound annual growth in the 20s from FY26 to FY30. Adoption of Dynamic Revenue Plus and Channels Plus, along with the half-year result in early 2027, will be further reference points.

Key Insights

SiteMinder grew revenue and ARR in FY26, with transaction revenue increasing at a faster pace than subscriptions as more booking and payment activity moved through its platform. Adjusted EBITDA nearly doubled and adjusted free cash flow rose, while the statutory loss narrowed. The company has set FY27 and FY30 targets centred on ARR growth and margin expansion, and the uptake of its smart platform products will be a key factor in meeting them.