Corporate Travel Management Limited · ASX:CTD
Corporate Travel Management — FY2025 Earnings Presentation
51 slides from Corporate Travel Management's earnings presentation, Aug 27, 2026
Slide 1: FY25 and 1HY26 Results Presentation
ASX Announcement 27 August 2026 FY25 and 1HY26 Results Presentation Attached is Corporate Travel Management Limited’s Results Presentation for the 2025 full year ended 30 June 2025 and half year ended 31 December 2025. For personal use only Authorised for release by the Board. Contact details Media
Slide 2: FY25 Results & FY26 Forecast
For personal use only Corporate Travel Management FY25 Results & FY26 Forecast 27 August Ana Pedersen James Spence 2026 Managing Director Group CFO & Group CEO
Slide 3: Disclaimer
Disclaimer The information in this presentation contains summary upon any information without advice do so entirely at responsibility or liability is accepted by any of them for For personal use only information about the current activities of Corporate their own risk. that information or those opin
Slide 4: Acknowledgement of Country
For personal use only Acknowledgement of Country In the spirit of reconciliation, Corporate Travel Management acknowledges the Traditional Custodians of country throughout Australia and their continued connections to land, sea and community. We pay our respect to their Elders past and present and ex
Slide 5: Presenters
Presenters For personal use only Ana Pedersen James Spence Managing Director Group CFO and Group CEO • Managing Director and Group CEO since July 2026 • Group CFO since joining CTM in May 2024 • Joined CTM as Group Chief Commercial Officer in October 2024 • 30+ years international experience in fina
Slide 6: Group Executive Leadership Team
Group Executive Leadership Team For personal use only Ana Pedersen Managing Director & Group CEO James Spence Philippa Johns Ivana Kovacevic Nupur Bhushan Eleanor Noonan Matt Grimison Group CFO Group Chief Group Chief Legal Officer & Group Chief People Group Chief Operating Enterprise Governance Com
Slide 7: Agenda
Agenda CTM Today 7 For personal use only FY25 Financial Results (including FY26F) 14 Strategic Pathway 25 Appendix A – Additional Strategic Pathway Information 30 Appendix B – Regional Overviews 35 Appendix C – Governance Review and Uplift Program 40 Appendix D – Additional Financial Information 45
Slide 8: CTM Today
For personal use only CTM Today
Slide 9: Strong core business and a strategic pathway forward
CTM Today Strong core business and a strategic pathway forward $9.6bn $83.6m 97% $113.6m For personal use only FY25 Group TTV FY25 Group Underlying FY26 Group TTV retention(1) FY26F Group Underlying EBITDA EBITDA Business is resilient Remediation is advanced Foundations strengthened • Strong Group T
Slide 10: CTM's UK issues have been, and are being, addressed
CTM Today CTM's UK issues have been, and are being, addressed Issues identified in CTM's UK business delayed the FY25 Targeted CTM UK business remediation For personal use only results and prompted broader accounting and governance reviews Specific actions are being implemented to strengthen executi
Slide 11: CTM is implementing a stronger governance and control framework
CTM Today CTM is implementing a stronger governance and control framework CTM is moving from remediation to a more disciplined global operating model, with governance, controls and accountability For personal use only embedded into how the business is run • Launched a new CTM Culture Statement group
Slide 12: Disciplined approach to scalable growth
CTM Today Disciplined approach to scalable growth Strategic pathway For personal use only FY27 FY28 FY29+ STRENGTHEN ACCELERATE SCALE • Strengthened leadership team • Extend position as an integrated • Disciplined geographic and AI • Restore confidence with stakeholders global platform capability ex
Slide 13: Leveraging our people as our greatest strength
CTM Today Leveraging our people as our greatest strength For personal use only GLOBAL TEAM RETAINING TALENT CULTURE AND ENGAGEMENT 3,000+ People across ANZ, Asia, UK/EU & North America Employee turnover (FY25) (FY26) 7.6 89% The team behind $9.6bn in Group TTV (FY25) and 13.8% 12.4% Average pulse Ag
Slide 14: Continuing to be a strong business partner and good investment opportunity
CTM Today Continuing to be a strong business partner and good investment opportunity For personal use only FOR OUR CLIENTS FOR OUR INVESTORS A strong business partner A good investment opportunity ✓ Global scale and deep experience serving major corporate and government clients ✓ Diversified client
Slide 15: FY25 Financial Results
For personal use only FY25 Financial Results Consolidated Group, including FY26F
Slide 16: Three issues have been identified and quantified
FY25 Results Three issues have been identified and quantified Key UK client contracts Europe air margins ANZ rebates and other matters For personal use only Erroneous billing on historic contracts and other Airfares purchased under special conditions Rebates from suppliers were retained where proces
Slide 17: Strong TTV and revenue during the period
FY25 Results Strong TTV and revenue during the period Group TTV Group Revenues % Rev / TTV % Group Underlying EBITDA % EBITDA / Rev % $bn $m $m For personal use only 7.0% 6.7% 6.8% 18% 13% 17% 9.6 9.8 669.9 113.6 9.1 643.3 643.4 116.4 2.5 2.5 181.4 39.2 2.4 166.7 170.6 40.7 83.6 25.6 3.9 4.0 62.3 3.
Slide 18: Transactions run rate continued to improve
FY25 Results Transactions run rate continued to improve Group transaction numbers For personal use only million transactions FY26 25% 25% FY25 1.8 18.3m Transactions 1.7 FY26 14% 1.6 36% 1.5 1.4 1.3 25% 26% 1.2 1.1 16.2m Transactions 1.0 15% FY25 0.9 34% 0.1 0.0 ANZ NA Asia UK/EU Jul Aug Sept Oct No
Slide 19: EBITDA run rate retained consistent pattern
FY25 Results EBITDA run rate retained consistent pattern ANZ prior year Adjustments to Underlying EBITDA (ANZ) Half year Underlying EBITDA adjustment Items ($m) $m For personal use only Commissions 10.5 and bad debt expense Other 2.2 66.9 Total 12.7 57.0 19.6 46.7 H2 FY25 Underlying EBITDA before AN
Slide 20: UK customer related liabilities and refund program
FY25 Results UK customer related liabilities and refund program Accounting liabilities - UK customer contracts (historical and active, FY25 and FY26F) $m For personal use only 260 -23 -21 18 234 -36 198 • Financial statements reflect Subject to agreement 7 accounting liabilities of $260m at 30 June
Slide 21: FY26F Cash movements
FY25 Results FY26F Cash movements Cash movements FY26F $m $m For personal use only Working capital 1 • During FY26, CTM inflows 114 transitioned to a daily Active contracts 18 settlement cycle with IATA IATA conversion which led to a ~$40m (~40) to daily settlement working capital outflow as -30 Tot
Slide 22: Balance sheet and funding have been strengthened
FY25 Results Balance sheet and funding have been strengthened Sources and uses of cash (Q1 FY27F to Q2 FY28F) $m • CTM has had the continued support of its bank lenders throughout the period For personal use only • Executed $175m committed debt facilities with a new lender 380 380 • Disciplined cash
Slide 23: New debt facilities provided by supportive lender
FY25 Results New debt facilities provided by supportive lender For personal use only • PEP Credit has provided $175m new committed debt facilities • Combination of term loans and a revolver facility • 2 year term, with a further 1 year extension if the bank PEP Credit is the private credit arm of Pa
Slide 24: Goodwill impairment
FY25 Results Goodwill impairment Goodwill impairment (FY25) For personal use only ANZ NA UK/EU $m $m $m 215.2 459.7 192.1 -76.5 383.2 -89.1 126.1 -192.1 0.0 FY25 Carrying Goodwill 30 Jun 2025 FY25 Carrying Goodwill 30 Jun 2025 FY25 Carrying Goodwill 30 Jun 2025 value impairment value impairment valu
Slide 25: FY27 trading update
FY25 Results FY27 trading update Group TTV $m For personal use only 840 830 Trading for July continues at historical run rate Geo-political risks to business travel have Jul 25 Jul 26 lessened from their peak in February 2026 at the start of the Middle East conflict Group revenues $m 58.3 53.3 Divid
Slide 26: Strategic Pathway
For personal use only Strategic Pathway
Slide 27: Our vision for future business journeys
Strategic Pathway For personal use only We envision a future where the most important business journeys are guided by quiet intelligence and a visible, human hand 26
Slide 28: Four strategic shifts are reshaping our growth
Strategic Pathway Four strategic shifts are reshaping our growth HISTORIC BUSINESS MODEL FUTURE CTM For personal use only 1 Regional structure Global model Capture more value from our scale 2 Fragmented platform Unified scalable platform Better experience and scalable delivery 3 Volume-led growth Hi
Slide 29: CTM One creates a compounding cycle of client value and stronger economics
Strategic Pathway CTM One creates a compounding cycle of client value and stronger economics › › HU erage Bett er M For personal use only v Cl Better experiences deepen engagement Le ie AN peri ng n Driving adoption, retention and share of wallet N E ti tE ra IO XP x pe RAT ER rO enc Deeper engageme
Slide 30: Appendices
For personal use only Appendices
Slide 31: Appendix A: Additional Strategic Pathway Information
For personal use only Appendix A Additional Strategic Pathway Information
Slide 32: Moving from a regional to more integrated global model
Additional Strategic Pathway Information Moving from a regional to more integrated global model For personal use only RATIONALE: Improve execution, reduce complexity and allow scale advantages to flow more consistently into growth and margins INITIATIVES Implement global standards Deploy global comm
Slide 33: Unifying technology to drive consistency and productivity
Additional Strategic Pathway Information Unifying technology to drive consistency and productivity RATIONALE: A connected technology ecosystem built on CTM One enables consistent customer experiences, trusted data, For personal use only quicker and smarter innovation and scalability INITIATIVES Inve
Slide 34: Increase value delivered from each transaction
Additional Strategic Pathway Information Increase value delivered from each transaction For personal use only RATIONALE: Profitable growth needs to come from higher quality revenue, and not just from volume growth INITIATIVES Accelerate sales Maximise ecosystem Further monetise the momentum, support
Slide 35: Implementing AI and automation to improve productivity and increase operating leverage
Additional Strategic Pathway Information Implementing AI and automation to improve productivity and increase operating leverage RATIONALE: Enhance CTM’s service model, allowing the business to preserve personalised client support while increasing For personal use only productivity and operating leve
Slide 36: Appendix B: Regional Overviews
For personal use only Appendix B Regional Overviews FY25 and FY26F
Slide 37: CTM ANZ financial and commercial metrics overview
Regional Overviews CTM ANZ financial and commercial metrics overview Total Transaction Value Revenues Underlying EBITDA Key commercial metrics For personal use only (TTV) $261m NEW BUSINESS WON (ANNUAL TTV) (FY25) 94% RETAINED TTV (FY26F) (1) 2.4 2.5 2.5 6.9% 6.7% 7.2% 24% 15% 22% $202m NEW BUSINESS
Slide 38: CTM North America financial and commercial metrics overview
Regional Overviews CTM North America financial and commercial metrics overview Total Transaction Value Revenues Underlying EBITDA Key commercial metrics For personal use only (TTV) $338m 3.9 4.0 NEW BUSINESS WON (ANNUAL TTV) (FY25) 98% RETAINED TTV (FY26F) 3.5 9.0% 8.2% 7.8% 19% 19% 20% $286m NEW BU
Slide 39: CTM UK/EU financial and commercial metrics overview
Regional Overviews CTM UK/EU financial and commercial metrics overview Total Transaction Value Revenues Underlying EBITDA Key commercial metrics For personal use only (TTV) $591m 1.7 1.6 1.6 NEW BUSINESS WON (ANNUAL TTV) (FY25) 97% RETAINED TTV (FY26F) (1) 5.6% 5.4% 6.9% 17% -1% 22% $132m NEW BUSINE
Slide 40: CTM Asia financial and commercial metrics overview
Regional Overviews CTM Asia financial and commercial metrics overview Total Transaction Value Revenues Underlying EBITDA Key commercial metrics For personal use only (TTV) $64m 1.6 1.7 NEW BUSINESS WON (ANNUAL TTV) (FY25) 99% 1.5 RETAINED TTV (FY26F) (1) 4.3% 4.1% 3.7% 28% 29% 26% $50m NEW BUSINESS
Slide 41: Appendix C: Governance Review and Uplift Program
For personal use only Appendix C Governance Review and Uplift Program
Slide 42: CTM is undergoing a foundational, structural governance transition
Governance Review and Uplift Program CTM is undergoing a foundational, structural governance transition Scope of the Governance Review Findings of the Governance Review The Review identified opportunities to evolve CTM's governance framework to reflect the Group's increased scale, For personal use o
Slide 43: The review covered the CTM governance framework across seven workstreams
Governance Review and Uplift Program The review covered the CTM governance framework across seven workstreams and 36 elements Governance Framework Review Synthesis of critical findings For personal use only • Strategy is overly financially focused and lacks operational depth Current State Total Gaps
Slide 44: Implementation of the Governance Review is underway
Governance Review and Uplift Program Implementation of the Governance Review is underway via the Governance Uplift Program Actions taken For personal use only To address the findings of the Governance Review, CTM has taken immediate steps including the appointment of an Enterprise Governance Program
Slide 45: Implementation is structured across five sequential stages
Governance Review and Uplift Program Implementation is structured across five sequential stages Each phase is designed to establish the foundational capabilities required to support subsequent stages. This approach reflects the Governance Review’s conclusion that strengthened governance ownership, a
Slide 46: Appendix D: Additional Financial Information
For personal use only Appendix D Additional Financial Information
Slide 47: Underlying EBITDA to PBT
Additional Financial Information Underlying EBITDA to PBT Reported ($m) FY25A FY24R(1) For personal use only Underlying EBITDA 83.6 116.4 Interest revenue 2.1 2.6 Finance costs (1.2) (1.1) Interest on lease liabilities (1.7) (1.7) Depreciation – property, plant & equipment (5.4) (6.2) Depreciation –
Slide 48: Explanation of restatements
Additional Financial Information Explanation of restatements FY23 Retained Earnings vs FY23 Restated Retained Earnings $m For personal use only 152.6 -36.3 -56.3 -17.0 43.0 Retained Earnings (FY23) Restatement - concluded Restatement - other Restatement - Other Restated Retained contracts (UK) contr
Slide 49: Explanation of adjustments
Additional Financial Information Explanation of adjustments FY25 Underlying EBITDA Guidance (May 2025) vs FY25 Actual Underlying EBITDA $m • FY25 Underlying EBITDA For personal use only 166.0 primarily driven by lower volume and margins on UK Special -56.2 Projects and restatement issues -26.1 83.6
Slide 50: Other liabilities
Additional Financial Information Other liabilities For personal use only At 30 June 2025 At 30 June 2026 (forecast) Item Accounting recognition ($m) ($m) Europe air margins Other refund liabilities, note 17 to the financial statements 25 29 ANZ rebates Other payables & accruals, note 17 to the finan
Slide 51: Glossary
Glossary $m Australian dollars in millions, unless the context indicates a different currency $bn Australian dollars in billions, unless the context indicates a different currency For personal use only ARC Audit and Risk Committee CGU Cash-generating unit, an accounting term EBITDA Earnings before i
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