Corporate Travel FY26 Underlying EBITDA Up 36%

Corporate Travel Management Limited (ASX:CTD) released its FY26 results, reporting revenue and other income up 4 per cent to A$669.9 million and underlying EBITDA up 36 per cent to A$113.6 million; the company's key statistics table is stated in A$ million unless otherwise noted. Net profit after tax was A$17.7 million, against a loss of A$348.5 million in FY25, a movement of A$366.2 million. Total transaction value rose 2 per cent to A$9.8 billion and transaction volumes increased 13 per cent to 18.3 million. The company said FY26 performance was consistent with the forecast financial and operating metrics provided to investors at its FY25 results presentation on 27 August 2026, and that earnings remain below historical levels. By region, Australia and New Zealand grew revenue 6 per cent to A$181.4 million with underlying EBITDA up 53 per cent to A$39.2 million; Europe grew revenue 34 per cent to A$113.7 million with underlying EBITDA of A$24.7 million against a loss of A$1.2 million in FY25, a result the company said was supported by increased special project activity, improved contract economics and stronger operating leverage; North America delivered underlying EBITDA of A$62.3 million, broadly in line with FY25 despite foreign exchange headwinds; and Asia delivered underlying EBITDA of A$15.8 million. The four regional figures do not sum to the group underlying EBITDA and the release does not reconcile them.

CTM said it secured A$669 million of new business wins and A$1.5 billion of re-tenders and renewals during FY26, and that approximately 78 per cent of customer remediation refunds are agreed or close to finalisation. Cash at 30 June 2026 was A$106.9 million, a figure the company footnotes as including A$15.8 million of client cash, and it has since secured a A$175 million committed funding package. Trading in the first month of FY27 was broadly in line with management expectations: July 2026 transaction volumes were approximately 1.6 million against 1.5 million in the prior corresponding period, while total transaction value was approximately A$830 million against A$840 million and revenue approximately A$53.3 million against A$58.3 million, with the company saying the TTV and revenue outcomes primarily reflected seasonal patterns, client mix and foreign exchange impacts. CTM has secured A$178 million of new business wins year-to-date in FY27 measured on a TTV basis, and expects on current forecasts to generate approximately GBP 28 million in TTV during the first six months of the renewed UK Ministry of Defence Afghan Resettlement Programme contract, under which revenue is volume-dependent and not fixed. Further guidance will be provided at the company's Annual General Meeting in November 2026. Managing Director and Chief Executive Officer Ana Pedersen said FY26 represents an important step forward for CTM, and the company said its Governance Uplift Program continues to be embedded across the business. CTM said it has now lodged all documents due in relation to FY25 and FY26 with the ASX and that reinstatement of trading in its securities will be determined by the ASX. Separately, on 31 August 2026 the Australian Government Department of Finance released the summary findings of an independent review of CTM's management of the Whole of Australian Government Travel Arrangements, a coordinated procurement used by more than 150 Government entities; the review concluded there was no evidence of widespread or systemic overcharging. Stewart Harvey has been appointed Chief Executive Officer, UK/Europe, effective 7 September 2026, with Eleanor Noonan's interim appointment in that role concluding on 4 September 2026.