Corporate Travel Management Ltd (CTM) said on its earnings call that underlying EBITDA is forecast to climb to AUD 113.6 million in FY 2026, a 35.8% increase from AUD 83.6 million in FY 2025. The company attributed the rebound to the resolution of most refund liabilities, a new AUD 175 million debt package and steady transaction volumes.
Total transaction value (TTV) is expected to edge up to AUD 9.8 billion in FY 2026 from AUD 9.6 billion in FY 2025, while revenue is projected to remain flat around AUD 640 million. Transaction volumes are forecast at 18.3 million in FY 2026, up from 16.2 million the previous year.
Remediation efforts have reduced identified liabilities to roughly AUD 282 million. U.K. client contract liabilities fell to AUD 234 million, with 78% of refunds settled and AUD 191 million under payment plans extending to Q1 FY 2028. Europe air‑margin liabilities stand at AUD 29 million and ANZ supplier rebates at AUD 13 million.
Cash on hand was about AUD 107 million as of 30 June 2026. The company expects business‑as‑usual cash flows of AUD 36 million and tax refunds of AUD 62 million from VAT and U.K. income‑tax over the FY 2023‑25 period. Capital investment for FY 2026 is slated at AUD 29 million, supporting new business wins of AUD 669 million and renewals of AUD 1.5 billion. Client TPV retention is estimated at 97% through FY 2026.
Analysts from RBC Capital Markets, UBS, Morgans and Macquarie maintained a Hold rating, with price targets ranging from USD 6.01 to 12.02. CTM’s shares traded at $16.07, near the top of a 52‑week range of $15.90‑$16.14, and received a “GOOD” Financial Health Score of 2.62 from InvestingPro.
Chairman Ewen Crouch said governance has improved, while CEO Ana Pedersen highlighted the resilience of the underlying business and the role of technology, data, automation and AI in shaping corporate travel. CFO James Spence noted that the majority of refund liabilities have been quantified and settled.
Geographically, North America accounts for 34‑36% of transactions, Europe 25%, ANZ 25% and Asia about 15%. Employee turnover improved to 12.4% from 13.8%.
The new debt facility, provided by institutional lender Epiq, complements restructured existing syndicate facilities and is expected to support the company’s growth trajectory into FY 2027 and beyond.
