XP Factory has delivered a resilient H1 in a tougher consumer environment, with revenue and EBITDA ahead and Escape Hunt again the clear standout, rebounding strongly through Q2 and continuing to trade well into Q3. Boom remains softer, albeit underlying trading is more stable than LFL’s suggest, with the decline in line with experiential leisure market. Trade over the core peak times 5-9pm has been more resilient, with the well-publicised late-night trade, where Boom has less exposure, being more challenged. Supplier savings and other efficiencies are supporting margins whilst corporate bookings into Christmas are at record levels. Current trading mirrors the half-year pattern, and the implied H1/H2 EBITDA split follows the same shape as FY25. We make no forecast changes at this stage, with the FY outcome dependent on the upcoming peak period. On our estimates, the shares trade on c.3x FY26 EV/EBITDA and a >20% FCF yield, with near-term risks largely reflected in the valuation.
