Flight Centre Travel Group (FLT) H2 2025 earnings summary

Executive summary

• Achieved record total transaction value (TTV) of $24.5 billion, up 3% year-over-year, despite challenging global trading conditions, geopolitical tensions, and macroeconomic volatility.

• Statutory profit before tax (PBT) was $212.6 million, down 3% year-over-year; underlying PBT was $289.1 million, down 9.8%.

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

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

• Final dividend of $0.29 per share, totaling $0.40 per share for the year, with a payout ratio of 52% of underlying NPAT.

Financial highlights

• Group TTV reached $24.5 billion (+3% YOY); operating revenue was $2.78 billion (+3% YOY).

• Underlying EBITDA was $448 million (down 6% YOY); underlying PBT was $289.1 million (down 10% YOY); statutory PBT was $213 million.

• EPS was 49.6c (down from 63.7c); underlying EPS was 76.1c (down from 105.0c).

• Underlying revenue margin was stable at 11.4%; underlying PBT margin at 1.2%.

• Cash and investments totaled $826 million; undrawn facilities were $365 million.

Outlook and guidance

• FY26 1H UPBT expected to be flat due to ongoing volatility, with improvement and accelerated profit growth anticipated in 2H as projects mature and trading conditions improve.

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

• Asia expected to return to moderate profitability in FY26, with productivity and cost initiatives supporting margin recovery.

• Focus remains on sustainable year-over-year profit growth and achieving a 2% UPBT margin as a medium- to long-term goal.

• Early signs of stabilisation include improved consumer confidence and record July TTV in Corporate Traveller.