Corporate Travel Management (CTD) H1 2025 earnings summary

Executive summary

• 1H 2025 revenue was $339.6 million, down 6% year-over-year, with underlying EBITDA at $77.4 million and EBITDA margin at 23%, impacted by one-off project costs and a transition year in Europe.

• Net profit after tax attributable to owners was $28.5 million, down 42% year-over-year, with strong performance in Australia, NZ, and North America offset by Europe's wind-down of one-off projects.

• Strategic focus on automation, proprietary technology, and disciplined capital management underpins performance and future growth.

• Capital management included $52.3 million returned to shareholders in 1H25 via buybacks and dividends, with no debt and a net cash position of $75 million.

Financial highlights

• Revenue: $339.6 million, down 6% year-over-year; underlying EBITDA: $77.4 million, down 23%; net profit after tax: $28.5 million, down 42%.

• Basic EPS: 19.9 cents, down from 33.8 cents; diluted EPS: 19.8 cents.

• Australia & NZ: Revenue up 18% to $96.1 million, EBITDA up 53% to $28.5 million, margin up 700bps to 30%.

• North America: Revenue up 6% to $159.9 million, EBITDA up 49% to $30.5 million, margin up 500bps to 19%.

• Asia: Revenue down 7%, EBITDA down 15% due to price deflation, but transactional growth of 11%.

Outlook and guidance

• FY25 RoW revenue expected to grow ~10% YoY, EBITDA margin ~27.5%, implying 35% EBITDA growth on FY24.

• Europe FY25 revenue to decline ~24% YoY due to transition, but margin to remain strong at ~43%.

• FY26 group revenue growth forecast at ~10%, EBITDA margin ~30%, CapEx to reduce to ~$40 million.

• Management expects stronger profit and revenue in 2H25, with Europe and Asia benefiting from new client wins and stabilizing conditions.