On 1 September 2026, Corporate Travel Management Limited (ASX:CTD) released its FY26 results, reporting NPAT of A$17.7 million compared with a loss of A$348.5 million in FY25. The company reported higher underlying earnings, progress on customer remediation and an update on the reinstatement of trading in its securities.

FY26 headline results

Total transaction value was A$9.8 billion, up 2%, and transaction volumes rose 13% to 18.3 million. Revenue and other income was A$669.9 million, up 4%, and underlying EBITDA was A$113.6 million, up 36% from A$83.6 million. Cash was A$106.9 million at 30 June 2026, including client cash of A$15.8 million.

The company said results were consistent with forecast metrics provided to investors earlier, and secured A$669 million of new Business wins and A$1.5 billion of re-tenders and renewals in FY26.

Regional performance

Australia and New Zealand revenue rose 6% to A$181.4 million, with underlying EBITDA up 53% to A$39.2 million. Europe revenue rose 34% to A$113.7 million, with underlying EBITDA of A$24.7 million compared with a loss of A$1.2 million, supported by special project activity and improved contract economics. North America underlying EBITDA was A$62.3 million, broadly in line with FY25 despite foreign exchange headwinds, and Asia was A$15.8 million.

CTM said Earnings remain below historical levels.

Remediation, funding and governance

Approximately 78% of customer refunds were agreed or close to finalisation. CTM subsequently secured a A$175 million committed funding package. The company said its Governance Uplift Program continues to be embedded across the group.

On 31 August 2026, the Australian Government Department of Finance released summary findings of an independent review of CTM’s Whole of Australian Government travel arrangements, which concluded there was no evidence of widespread or systemic overcharging.

FY27 trading and reinstatement

In July 2026, transaction volumes were about 1.6 million, up from 1.5 million, but TTV was about A$830 million, down from A$840 million, and revenue was about A$53.3 million, down from A$58.3 million, which CTM attributed to seasonal patterns, client mix and foreign exchange. New business wins were A$178 million on a TTV basis year to date, and the UK Ministry of Defence renewed the Afghan Resettlement Programme contract, with about £28 million of TTV expected in the first six months.

CTM has lodged all FY25 and FY26 documents with ASX. Reinstatement of trading in its securities will be determined by ASX. Further guidance will be provided at the AGM in November 2026.

Sector backdrop

Corporate travel management companies earn fees and commissions from managing travel for corporate and government clients, and results depend on travel volumes, client contracts and exchange rates. Customer refund and billing remediation can affect cash and reputational standing.

Securities suspended pending the lodgement of financial reports are reinstated at ASX’s discretion once conditions are met.

Risks shareholders should weigh

Trading in the securities has not yet been reinstated, and the timing is for ASX to determine. The company states earnings remain below historical levels.

Remediation is about 78% agreed or close to finalisation, so about 22% remains, and the amount and timing of refunds depend on negotiations. The A$175 million funding package secured after year end supports remediation, and the terms are not set out in this release.

July revenue was lower than a year earlier, at about A$53.3 million against A$58.3 million. North America EBITDA was flat despite foreign exchange effects, and the company depends on contract renewals and new wins.

What’s next

CTM expects further guidance at its AGM in November 2026, and its priorities are to complete remediation, strengthen the Balance Sheet and embed governance enhancements. Shareholders may wish to watch for ASX’s reinstatement decision and trading updates.