• RoW (NA, ANZ, Asia) delivers strong profit growth, margin expansion
• Europe in transition year, focus on BAU and new corporate client wins
• Executing on strategic goals, on track to double FY24 EPS in 5 years

Corporate Travel Management has reported its 1H25 results, with the Rest of World (RoW) segment, comprising North America, ANZ, and Asia, delivering strong performance. RoW revenue grew 8% and EBITDA grew 38%, with an EBITDA margin expansion from 18% to 23%. The company is executing on its strategic goals, including growing market share, increasing revenue per transaction with a focus on its Sleep Space product, and driving productivity gains through automation. In Europe, the company is in a transition year, with a focus on growing its corporate share and leveraging its regional technology advantage. The company expects a strong fourth quarter in Europe, benefiting from record new corporate client wins and becoming the sole provider for the UK Government TMC services framework. Globally, the company remains on track to double its FY24 EPS in 5 years, with a disciplined capital management program and a strengthened executive team to support long-term growth. The company has provided FY26 indicative targets, including revenue growth of around 10% and an EBITDA margin of around 30%, with capex of around $40 million.

For FY25, the company expects: RoW revenue growth of ~10%, RoW EBITDA margin of ~27.5%, Europe revenue decline of ~24%, Europe EBITDA margin of ~43%, group capex of ~$42 million, and transition costs of ~$7 million. For FY26, the company has provided indicative targets of revenue growth of ~10% and an EBITDA margin of ~30% (250bps increase), with capex of ~$40 million.

The company remains focused on executing its strategic goals, including long-term sustainable profit growth in RoW, transitioning Europe to a business-as-usual focus, and continuing to work towards its global goal of doubling FY24 EPS in 5 years. The company is confident in its ability to deliver on these objectives, supported by its strengthened executive team and disciplined capital management program.