Corporate Travel Management Ltd (CTM) closed its latest trading day unchanged at $16.07, near its 52‑week high of $16.14 and above the $15.90 low. Analyst price targets range from $6.01 to $12.02.
Total transaction value (TTV) grew to AUD 9.6 billion in FY 2025, up from AUD 9.1 billion in FY 2024, and is forecast to reach about AUD 9.8 billion in FY 2026. The July trading update for FY 2027 showed TTV of roughly AUD 830 million, marginally below the AUD 840 million in the comparable prior period.
Revenue was broadly flat at around AUD 640 million in FY 2025. Underlying EBITDA fell to AUD 83.6 million for the year, with H1 at AUD 57 million and H2 at AUD 26.7 million (adjusted H2 EBITDA of AUD 39.4 million). Management projects FY 2026 EBITDA to rise to AUD 113.6 million, a 35.8% increase, with H1 forecast at AUD 66.9 million versus AUD 46.7 million in the second half.
Transaction volumes are expected to climb from 16.2 million in FY 2025 to 18.3 million in FY 2026. Client total‑payment‑value (TPV) retention held at about 97% through FY 2026. Geographically, transactions are split roughly 34‑36% North America, 25% Europe, 25% ANZ and 15% Asia.
Remediation efforts have reduced contract‑related liabilities to AUD 282 million, down from higher levels a year earlier. The UK client‑contract liability fell to AUD 234 million as of 30 June 2026, with AUD 167 million of refunds agreed (AUD 20 million already paid). Europe air‑margin liability stands at AUD 29 million, ANZ supplier rebates at AUD 13 million, and other matters at AUD 6 million. Seventy‑eight percent of refund liabilities have been settled, and AUD 191 million of the expected AUD 198 million in settlements are under formal payment plans or near final agreement, scheduled through Q1 FY 2028.
Cash on hand was AUD 107 million at 30 June 2026, backed by a committed AUD 175 million debt facility from Epiq. The company expects tax refunds of about AUD 62 million and forecasts annualised interest costs of roughly AUD 20 million through FY 2027‑28. Non‑recurring investigative costs totalled around AUD 30 million in FY 2026, while capital investment in proprietary technology was AUD 29 million. A transition to daily settlement with IATA generated an estimated AUD 14 million working‑capital outflow.
New business wins in FY 2026 amounted to AUD 669 million, with renewals of AUD 1.5 billion. Employee turnover improved from 13.8% to 12.4%. Goodwill impairments recorded in FY 2025 included a full AUD 192.1 million write‑down in Europe and partial write‑downs of AUD 89.1 million in ANZ and AUD 76.5 million in North America. InvestingPro assigned CTM a Financial Health Score of 2.62, classed as “GOOD.”
Chairman Ewen Crouch said the company is now better governed and expressed regret over the extended trading suspension. CEO Ana Pedersen highlighted the resilience of the underlying business, citing the AUD 9.6 billion TPV and high client retention, and noted that technology, data, automation and AI will shape corporate travel while human expertise remains essential. CFO James Spence confirmed that the majority of refund liabilities—78%—have been identified, quantified and settled.
