Corporate Travel Management’s FY26 results signal a meaningful recovery, with underlying EBITDA surging 36 percent to $113.6 million and net profit swinging to $17.7 million from a $348.5 million loss in the prior year. This turnaround reflects stronger customer activity, with transaction volumes climbing 13 percent to 18.3 million, and demonstrates that the core travel management business retained its customer base and won new contracts despite the challenges of recent years. Revenue growth of 4 percent to $669.9 million appears modest on the surface, yet the significant EBITDA expansion indicates improved operational efficiency and pricing power as the company works through its recovery.
For investors, the results validate management’s stated recovery trajectory and suggest the worst of the historical issues are receding. The company secured $669 million in new business wins and $1.5 billion in re-tenders and renewals during FY26, indicating customers remain confident in CTM despite past remediation matters. The return to profitability carries particular weight given the scale of losses just one year prior, though the announcement notes that earnings remain below historical levels and the Group remains focused on growing profitability over the medium term.
Regional performance tells a compelling story of improvement across geographies. Australia and New Zealand delivered revenue growth of 6 percent with underlying EBITDA increasing 53 percent to $39.2 million, showing accelerating leverage in the home market. Europe posted a dramatic turnaround, with revenue climbing 34 percent to $113.7 million and EBITDA swinging to $24.7 million from a $1.2 million loss in FY25, supported by increased special project activity and improved contract economics. North America held steady with underlying EBITDA of $62.3 million despite foreign exchange headwinds, while Asia delivered $15.8 million in EBITDA alongside continued volume growth.
Customer remediation progress remains central to the narrative. The company has advanced refunds substantially, with approximately 78 percent agreed or close to finalisation. Combined with a $175 million committed funding package and cash holdings of $106.9 million, CTM has secured the liquidity needed to resolve historical matters and fund operations. This positions the company to move past the remediation phase and concentrate on operational improvement.
The path forward depends on whether CTM can sustain this earnings momentum and approach historical profitability levels. Management noted that trading in the first month of FY27 is broadly in line with expectations, but investors will want to monitor whether the ANZ and Europe improvements persist and whether North America accelerates beyond its FY26 performance. This announcement is classified as price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Corporate Travel Management Limited (ASX: CTD)
Corporate Travel Management Limited is a travel management solutions company that manages the procurement and delivery of travel services across Australia and New Zealand, North America, Asia, and Europe. The company provides corporate travel, meetings and events management, resources travel, sports travel, leisure travel, loyalty travel, and accommodation agency services. It was founded in 1994 and is headquartered in Brisbane, Australia.
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