Flight Centre Travel Group (FLT) H2 2025 earnings summary

Executive summary

• Achieved record TTV of $24.5b, up 3% year-over-year, despite challenging global trading conditions, geopolitical tensions, and macroeconomic volatility, while maintaining a positive medium- to long-term outlook due to brand diversity and a strong balance sheet.

• Statutory PBT was $212.6m, down 3% year-over-year; underlying PBT was $289.1m, down 9.8%, with profit declines driven by uneven regional performance and margin pressure.

• Implemented targeted cost controls, productivity initiatives, and investment in technology and AI to offset short-term volatility and position for future growth.

• Maintained a robust capital management program, including $450m in initiatives such as convertible note buybacks, share buybacks, debt repayment, and dividends.

• 52% of underlying NPAT returned to shareholders, up from 38% in FY24.

Financial highlights

• Group TTV: $24.5b (+3% YOY); Operating revenue: $2.78b (+3% YOY); Underlying EBITDA: $448m (down 6% YOY); Underlying PBT: $289m (down 10% YOY).

• ANZ and Americas delivered solid profit growth, offset by declines in EMEA and Asia, with Asia particularly impacted by operational and technology issues.

• Leisure segment TTV grew 6.7% year-over-year to $11.8b, but profit declined due to margin contraction and soft trading in Q1 and Q4.

• Corporate division TTV grew 2% to $12.3b; excluding Asia, PBT grew 6% on 3% like-for-like TTV growth.

• Cash and investments: $826m; undrawn facilities: $365m.

Outlook and guidance

• Expecting a flat first half in FY 2026 compared to the prior year, with improvement anticipated in the second half as market conditions stabilize.

• No profit guidance provided at this stage; further updates expected at the AGM in November.

• Asia expected to return to moderate profitability in FY 2026, with productivity and cost initiatives supporting margin recovery.

• Focus remains on incremental improvement in PBT margin, with the 2% target seen as a medium- to long-term goal.

• Emphasis on cost discipline, productivity gains, and leveraging brand value propositions.