FY26 Half Year Results Release (inc guidance commentary)

• Profit above expectations: UPBT +4%, despite significant interest headwind. UEBITDA +9%
• New records established: Milestones achieved for TTV (group-wide, corporate), 1H cost margin and 1H productivity ($1m+ per FTE group-wide)
• Corporate scale benefits: 20% UPBT uplift from 6% TTV growth

Flight Centre Travel Group (FLT) has delivered a $124.6m underlying profit before tax (UPBT) for the half year ended December 31, 2025. This result represents 4% growth on the prior corresponding period's (PCP) $119.7m adjusted UPBT, with the company comfortably surpassing expectations of a broadly flat first-half (1H). Statutory* 1H PBT was $87m. Underlying earnings before interest, tax, depreciation and amortisation (UEBITDA) increased 9% to $213m, significantly outpacing the UPBT growth rate, which was constrained by a circa $7m net interest decline flowing from recent capital management initiatives. The company's 1H profit growth was achieved in a challenging global trading climate and was underpinned by record total transaction value (TTV) of $12.5b (+7%), a record low 1H cost margin (9.6%), reflecting disciplined cost management and productivity gains, and corporate sector outperformance, with record TTV and accelerated profit growth. The leisure business enters the 2H with solid momentum, supported by improving profitability, a growing loyalty program and record results in January. FLT is deepening its competitive moat by leveraging its loyal customer base and proprietary data to build differentiated, AI-powered capabilities that competitors cannot replicate. The company has reaffirmed its UPBT guidance of $315m-$350m for FY26, with the midpoint ($332.5m) implying 15% growth on FY25 and a typical 38-62% 1H-2H profit skew.

FLT has reaffirmed its UPBT guidance of $315m-$350m for FY26, with the midpoint ($332.5m) implying 15% growth on FY25 and a typical 38-62% 1H-2H profit skew.

FLT has started FY26 solidly and expects stronger leisure seasonality, a deeper Asia turnaround, and productivity and efficiency gains across the business to support the expected 2H profit weighting. Both the leisure and corporate businesses are on track to deliver year-on-year profit increases in sectors that are expected to continue to grow.