• FY25 Group revenue expected to be ~4% softer than forecast
• Group EBITDA to be impacted by ~$30m
• RoW revenue and EBITDA growth expected at ~5% and ~10% respectively

Corporate Travel Management Ltd (ASX:CTD) has provided an update on its FY25 outlook, citing softer than expected revenue and EBITDA performance. The company expects FY25 Group revenue to be approximately 4% softer than forecast, resulting in Group EBITDA being impacted by around $30m relative to the target metrics presented in the 1H results briefing on 19th February 2025. This is primarily due to broad economic and tariff uncertainty in North America and Asia leading to reductions in client activity in the Rest of World ex Europe (RoW) region, which is traditionally the busiest period of the year. As a result, the company now expects RoW revenue and EBITDA growth to be approximately +5% and +10% respectively versus FY24. However, the target metrics previously announced for Europe remain on-track. The company has also reported strong new client wins year to date, surpassing TTV of $1.6b with approximately half being generated in Europe, significantly above the annual target of $1.0bn. This is expected to be a positive contributor to the FY26 Group metrics. Client retention remains on track at 97%, and cashflow has been strong in line with the indication of full year cash conversion of 80-90% provided in February. The share buyback program continues with approximately 5.8m shares purchased for $78.2m since inception, reducing total shares on issue to approximately 140.5m shares.

The company expects FY26 Group metrics to be updated at the FY25 full year August results announcement in accordance with the standard planning timeframe.