• 1H25 Underlying EBITDA: $77.4 million
• Rest of World (RoW) ex Europe EBITDA up 38% on the p.c.p., with ANZ up 53%, North America up 49% respectively
• Strong balance sheet: No debt, $75.5 million cash at 31 December 2024

Corporate Travel Management (ASX: CTD) today announced its 1H25 results. Despite the p.c.p. decline in group metrics, the Rest of World ex Europe (RoW) posted a 38% rise in underlying EBITDA. This outperformance underscores the success of CTM's strategy to grow market share, increase revenue per transaction, and leverage scale through automation and proprietary technology. As previously noted, Europe (EU) remained in transition as it wound down one-off war-related projects from FY24 and carried additional staff for record new corporate client wins expected to commence transacting in 2H25. Despite these factors, EU maintained a solid first-half margin of 38.6% and is well positioned for strong growth into the year. During 1H25, the Group retained 97% of existing clients and recorded new client wins with an estimated annualised Total Transaction Value (TTV) of $600 million at 31 December 2024. As of 14 February 2025, the new client win total has surpassed $880 million. The Group's strong balance sheet, with no debt and $75.5 million in cash at 31 December 2024, underpins CTM's capital management strategy, including on-market share buy-backs and an interim dividend of 10.0 cents per share (unfranked). CTM remains committed to doubling FY24 EPS within five years, driven by initiatives in market share expansion, automation, and disciplined capital management.

FY26 Indicative Target Metrics: - Revenue Growth: ~10% - EBITDA margin: ~30% (+~250 bps) - CAPEX: ~$40m

CTM's execution in 1H25 reflects the foundational work needed to meet FY26 targets. By focusing on proprietary technology, automation, and strategic capital management, CTM will continue to build on market share gains and deliver sustainable profitability. FY26 indicative target metrics assume no material deterioration in current economic conditions, global health events, or geopolitical tensions.