Key Highlights

• Underlying EBITDA increased 36% to $113.6 million in FY26 from $83.6 million in FY25; Revenue and other income grew 4% to $669.9 million.

• Net profit after tax returned to $17.7 million in FY26, reversing a $348.5 million loss in FY25.

• Approximately 78% of customer refunds agreed or close to finalisation; a $175 million committed funding package secured to support remediation completion.

• CTD remains suspended from ASX trading pending reinstatement; the company has lodged all documents due for FY25 and FY26.

Corporate Travel Management Limited (ASX:CTD) released its FY26 results on 1 September 2026, reporting a significant improvement in underlying Earnings and the return to a net profit after a substantial loss in the prior year. Revenue and other income rose 4% to $669.9 million from $643.4 million in FY25, while total transaction value (TTV) increased 2% to $9,800 million. Transaction volumes grew 13% to 18.3 million, reflecting improved customer activity across all four operating regions. The company characterised FY26 as an important step in its recovery, with earnings improving across key regions while it continued to address historical matters and strengthen governance and controls.

Underlying EBITDA — which management uses to assess underlying performance — increased 36% to $113.6 million from $83.6 million in FY25. The group delivered a net profit after tax (NPAT) of $17.7 million, compared to a loss of $348.5 million in FY25, a turnaround of $366.2 million at the net profit line. Cash at 30 June 2026 was $106.9 million, including $15.8 million of client cash. Despite the improvement, CTD management acknowledged that earnings remain below historical levels and that there is still work to be done.

Regional Performance: Europe Turns Around; North America Steady

Australia and New Zealand delivered revenue growth of 6% to $181.4 million, with underlying EBITDA increasing 53% to $39.2 million. Europe recorded a turnaround of note: revenue increased 34% to $113.7 million, and underlying EBITDA improved to $24.7 million from a loss of $1.2 million in FY25. The European recovery was supported by increased special project activity, improved contract economics, and stronger operating leverage. North America, CTD's largest region by underlying EBITDA, delivered $62.3 million broadly in line with FY25, despite foreign exchange headwinds. Asia delivered underlying EBITDA of $15.8 million, sustaining Volume growth and client retention.

Customer Remediation: 78% of Refunds Agreed or Near Finalisation

Customer remediation remained one of the defining issues for CTD throughout FY26. The company reported that approximately 78% of refunds had been agreed or were close to finalisation by year end. To support the completion of the remaining remediation program while maintaining Business operations, CTD subsequently secured a $175 million committed funding package. This provides both certainty of funds to complete refund obligations and operational flexibility for the business going forward.

Client Retention and New Business Wins

Despite the regulatory and remediation challenges that characterised the year, CTD reported $669 million of new business wins and $1.5 billion of re-tenders and renewals across its global operations during FY26. In the initial period of FY27, the company had already secured $178 million in new business wins year-to-date on a TTV basis. The UK Ministry of Defence also renewed CTD's contract for the Afghan Resettlement Programme in early August 2026, with CTD expecting to generate approximately GBP 28 million in TTV during the first six months of the renewed contract.

FY27 Early Trading and Leadership

July 2026 transaction volumes increased to approximately 1.6 million from 1.5 million in the corresponding prior period. TTV was approximately $830 million (compared to $840 million) and revenue was approximately $53.3 million (compared to $58.3 million). The TTV and revenue outcomes reflected seasonal patterns, client mix changes, and foreign exchange impacts. CTD appointed Stewart Harvey as Chief Executive Officer for UK and Europe, effective 7 September 2026, with Harvey bringing more than three decades of travel industry experience, including as President EMEA at BCD Travel.

Conclusion

CTD's FY26 results demonstrate meaningful operational progress — a 36% rise in underlying EBITDA, a return to net profitability, and the resolution of the government travel audit — while the company continues to navigate the substantial tail of customer remediation, a suspended ASX listing, and earnings that remain below historical norms. The completion of the remediation program, the timing of ASX reinstatement, and the ongoing trajectory of underlying earnings improvement will be the central considerations for investors monitoring this stock.