• Record total transaction value (TTV) of $12.5b (+7%)
• A record low 1H cost margin (9.6%), reflecting disciplined cost management and productivity gains
• Corporate sector outperformance, with record TTV and accelerated profit growth

Flight Centre Travel Group (FLT) has delivered a $124.6m underlying profit before tax (UPBT) for the half year ended 31 December, 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, Corporate sector outperformance, with record TTV and accelerated profit growth, and strong Leisure TTV growth and profit in line with expectations after a period of high volatility during the FY25 fourth quarter and early in FY26. FLT's Corporate division delivered another record 1H, with TTV reaching new highs and reinforcing the Corporate Traveller and FCM brands' scale and strength. Strong execution paid dividends, with efficiency gains from the Productive Operations (PO) program contributing to a 20% UPBT uplift - well ahead of the division's 6% TTV growth. FLT's Leisure business delivered a solid 1H, driven by broad-based TTV growth across all four categories - mass market, luxury, independent and specialist - and continued progress against its strategic priorities. 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. FLT has started FY26 solidly and reaffirmed its UPBT guidance of $315m - $350m, 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.

FLT has started FY26 solidly and reaffirmed its UPBT guidance of $315m - $350m, with the midpoint ($332.5m) implying 15% growth on FY25 and a typical 38-62% 1H - 2H profit skew. The expected 2H weighting is supported by stronger Leisure seasonality, a deeper Asia turnaround, and productivity and efficiency gains across GBS and Corporate.