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

Executive summary

• Completed comprehensive reviews and implemented major changes in leadership, governance, and controls following significant UK conduct and accounting issues, with a focus on restoring confidence and strengthening the business foundation.

• FY25 saw strong core business performance with $9.6bn Group TTV and $83.6m underlying EBITDA, while FY26 is forecast at $113.6m underlying EBITDA and 97% TTV retention.

• Remediation programs are well advanced, with settlements agreed or near finalisation and major exposures quantified, including $191m of UK client refunds and further liabilities to be remediated.

• New $175m debt facilities secured, supporting remediation and ongoing operations, alongside a group-wide governance uplift program.

• Client retention remained high (97% TPV retention into FY26), with continued new business wins and increased transaction activity despite operational challenges.

Financial highlights

• FY25 Group TTV reached $9.6bn, with underlying EBITDA at $83.6m; FY26 forecast TTV is $9.8bn and underlying EBITDA $113.6m.

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

• Revenue was stable at $643.4m in FY25, with an increase forecast for FY26.

• Significant one-off costs: $30m in non-recurring expenses for forensic review and legal work.

• FY25 profit before tax was a loss of $364.7m, driven by impairments and restatements.

Outlook and guidance

• FY26 underlying EBITDA is forecast to recover to $113.6m, supported by resilient customer activity and new business.

• No FY27 guidance provided; update expected at the AGM in November.

• July trading showed stable TTV and resilient transaction volumes, with modest revenue reduction due to mix and timing.

• Dividends remain suspended pending completion of remediation and balance sheet strengthening.