Corporate Travel Management (CTD) H2 2025 & H1 2026 earnings summary

Executive summary

• Comprehensive reviews and governance overhauls were conducted following significant operational and accounting issues in the UK, resulting in strengthened leadership, controls, and accountability.

• Remediation programs are well advanced, with most major exposures quantified, settlements agreed or near finalisation, and $191 million in UK client refunds staged through September 2027.

• FY25 underlying EBITDA was $83.6 million, with FY26 forecast at $113.6 million, and client retention remained strong at 97%.

• New $175 million debt facilities were secured to support remediation and operations, and strategic focus is on disciplined execution, technology investment, and sustainable value creation.

• Despite challenges, the business retained high client TPV and continued to win new business.

Financial highlights

• FY25 Group TTV was $9.6 billion, with a forecast increase to $9.8 billion in FY26; underlying EBITDA was $83.6 million in FY25, forecast to rise to $113.6 million in FY26.

• Revenue was stable at $643.4 million in FY25, with a forecast increase to $669.9 million in FY26.

• Transaction volumes increased from 16.2 million in FY25 to a forecast 18.3 million in FY26.

• Goodwill impairment losses of $357.7 million were recognised in FY25, mainly in UK/EU and ANZ segments, resulting in a net loss after tax of $346.7 million.

• Cash on hand at FY26 year-end was approximately $107 million, despite significant one-off outflows.

Outlook and guidance

• FY26 underlying EBITDA is forecast to recover to $113.6 million, with continued strong TTV retention and new business wins.

• No FY27 guidance provided; an update will be given at the AGM in November.

• First month of FY27 trading was in line with expectations, with stable TTV and resilient transaction volumes.

• Dividends remain suspended, with a focus on completing remediation and strengthening the balance sheet.

• Strategic priorities include restoring credibility, enhancing liquidity, and focusing on profitable growth.