Corporate Travel Management (CTM) has reported a net profit after tax of $17.7 million for FY26, a turnaround of more than $366 million from the $348.5 million loss recorded in FY25.
Revenue and other income rose 4 per cent to $669.9 million, while underlying EBITDA increased 36 per cent to $113.6 million. Transaction volumes climbed 13 per cent to 18.3 million across CTM’s four operating regions, with total transaction value up two per cent to $9.8 billion.
The Australia and New Zealand delivered revenue growth of six per cent to $181.4 million and underlying EBITDA up 53 per cent to $39.2 million.
Europe swung from a $1.2 million loss to underlying EBITDA of $24.7 million, a result CTM attributed to increased special project activity, improved contract economics and stronger operating leverage.
North America delivered underlying EBITDA of $62.3 million – broadly in line with FY25 despite foreign exchange headwinds – while Asia contributed $15.8 million.
CTM said customer remediation has substantially progressed, with approximately 78 per cent of refunds agreed or close to finalisation. The company finished the year with $106.9 million in cash and has since secured a $175 million committed funding package.
CEO and managing director Ana Pedersen said FY26 marked “an important step forward” for the company, pointing to $669 million in new business wins and $1.5 billion in re-tenders and renewals secured across the group during the year.
“While our earnings remain below historical levels and there is still work to do, FY26 demonstrates meaningful progress in stabilising the business, strengthening our foundations and positioning CTM for growth,” Pedersen said.
Outlook for 2027
The company said that trading in the first month of FY27 was broadly in line with management expectations.
July transaction volumes rose to approximately 1.6 million (from 1.5 million in the prior corresponding period), though TTV eased slightly to approximately $830 million (PCP: $840 million) and revenue to approximately $53.3 million (PCP: $58.3 million).
CTM attributed these outcomes to seasonal patterns, client mix and foreign exchange impacts. The company has secured $178 million in new business wins year-to-date FY27 on a TTV basis.
Separately, the Australian Government Department of Finance has completed its review of CTM’s management of the Whole of Australian Government Travel Arrangements, finding no evidence of widespread or systemic overcharging.
BREAKING: CTM cleared of systemic overcharging in Australian Government travel audit
CTM also confirmed that Stewart Harvey has been appointed chief executive officer, UK/Europe, effective 7 September 2026.
Harvey was most recently President EMEA at BCD Travel and previously spent more than two decades at HRG. He replaces Eleanor Noonan, who has served as interim CEO of the region alongside her role as group chief operating officer since 1 December 2025.
