Corporate Travel Management (CTD) Q2 2026 TU earnings summary

Executive summary

• Revenue and other income for 1H26 reached AUD 348.5 million, with underlying EBITDA of AUD 77.7 million and a margin of 22.3%.

• Business operations continued with minimal disruption despite the ongoing review and audit delays.

• Remediation in the UK is progressing, with AUD 15 million paid to impacted customers and further payments under discussion.

• No material issues similar to the UK were found in other regions.

Financial highlights

• Cash at 31 December 2025 was AUD 121.2 million, down from AUD 124.0 million in June 2025, reflecting working capital impacts and one-off costs.

• Non-recurring costs of AUD 11.4 million primarily related to the UK remediation program.

• Capex for 1H26 was AUD 19.0 million, focused on technology and strategic initiatives.

Outlook and guidance

• Trading conditions for the next half year are uncertain, with anticipated softness in 2H26 due to ongoing audit and remediation impacts.

• Issuance of audited FY25 and reviewed 1H26 financial statements, and reinstatement of share trading, targeted for Q2 2026.