Key points
- FY25 underlying EBITDA of $83.6 million with forecast for $113.6 million in FY26
- TTV increased to $9.6 billion in FY25 and forecast to reach $9.8 billion in FY26
- Customer remediation advanced with 78% of refunds agreed or close to finalisation
- Strong liquidity with $107 million cash and $175 million committed funding package
- Governance and leadership enhancements implemented across the Group
Full summary
Corporate Travel Management Limited (ASX: CTD) reported its FY25 results and FY26 forecast following a comprehensive review of historical contractual, accounting, and governance matters. The FY25 net loss after tax was $346.7 million due to goodwill write-downs of $357.7 million, but the company remained profitable at an underlying EBITDA level of $83.6 million. Client retention remained strong, and the Group continued to win new business and increase transaction activity despite the review period's uncertainty. Transaction volumes (TTV) increased from $9.1 billion in FY24 to $9.6 billion in FY25 and are forecast to reach $9.8 billion in FY26. Revenue remained stable at $643.4 million in FY25 and is forecast to increase to $669.9 million in FY26. Underlying EBITDA is forecast to recover to $113.6 million in FY26, supported by resilient customer activity, high retention, new business wins, and special project activity. Customer remediation is well advanced, with 78% of refunds agreed or close to finalisation, providing greater certainty regarding the amount, structure, and timing of customer remediation payments. CTM holds approximately $107 million in cash at 30 June 2026 and has secured a $175 million committed debt facility. The company has also implemented significant governance and leadership enhancements across the Group.
Guidance
FY26 forecast underlying EBITDA of $113.6 million, TTV forecast at $9.8 billion
Outlook
Trading in the first month of FY27 is in line with management expectations. The company expects to release its FY26 Results early next week, following which the ASX will determine the date for recommencement of trading CTD securities.