The Corporate Travel Management Ltd (ASX: CTD) share price is firmly in the spotlight today after the company reported a resilient FY25 underlying EBITDA of $83.6 million, while also disclosing a statutory net loss after tax of $346.7 million due to significant goodwill write-downs.
Image source: Getty Images
What did Corporate Travel Management report?
- FY25 underlying EBITDA: $83.6 million; FY26 forecast: $113.6 million
- Total Transaction Value (TTV): $9.6 billion in FY25 (up from $9.1 billion in FY24); FY26 forecast: $9.8 billion
- Revenue: $643.4 million in FY25; FY26 forecast: $669.9 million
- Statutory net loss after tax: $346.7 million (includes $357.7 million goodwill impairment)
- Strong liquidity: $107 million cash as at 30 June 2026 and new $175 million funding package
- No dividend declared, as remediation and balance sheet strengthening takes priority
What else do investors need to know?
CTM has made significant progress on customer remediation, with around 78% of its $246 million refund program either agreed or close to being finalised. The bulk of settlement payments can be spread through to Q1 FY28, helping manage cash flow.
Governance and risk management have received a major boost, with new board-led oversight, stronger controls, and leadership appointments across legal, commercial, and transformation teams. These changes aim to create a more disciplined and transparent business.
A new strategic initiative, CTM One, focuses on leveraging technology and data—like CTM's proprietary Lightning and Sleep Space platforms—to drive higher quality growth, better customer outcomes, and stronger operating leverage globally.
What did Corporate Travel Management management say?
Managing Director and CEO Ana Pedersen said:
Today is a significant step forward for CTM and these results demonstrate the resilience of CTM's underlying business.
Customer remediation is now well advanced, with 78% of refunds agreed or close to finalisation. The recently announced $175 million funding facility provides the certainty and flexibility to complete the process while continuing to support the business. Across our global operations, we continued to retain customers, win new business and grow transaction volumes despite a period of significant disruption.
Our focus is on continuing to deliver for customers, improving operating leverage and building a more connected global business positioned for sustainable long-term growth.
We recognise this has been a challenging period for investors, clients, partners and our people, and we are grateful for their ongoing support and confidence in CTM.
What's next for Corporate Travel Management?
CTM is preparing for an FY26 earnings recovery, forecasting underlying EBITDA to rise back towards FY24 levels and focusing on disciplined execution of its CTM One strategy. Transaction volumes in early FY27 are tracking in line with expectations, with strong customer retention and new project wins.
As remediation obligations are resolved, restoring the balance sheet, investing in technology, and strengthening the company's global platform remain core priorities. Dividends may remain suspended in the short term, but more guidance is expected at the upcoming AGM.
