CTM Revises FY25 Outlook Amid Global Economic Headwinds

Corporate Travel Management Limited (ASX: CTD) has revised its FY25 outlook, forecasting group revenue to be around 4% below initial estimates. This shortfall is expected to reduce EBITDA by approximately AU$30 million compared to targets set during the February 2025 1H briefing. The company attributes this to economic and tariff uncertainties in North America and Asia, which have dampened client activity during peak travel months. Despite this, CTM projects revenue and EBITDA growth of 5% and 10% respectively in regions outside Europe, where performance targets remain intact. New client wins have exceeded expectations, generating AU$1.6 billion in total transaction value (TTV), largely driven by the European market. Client retention remains strong at 97%, and cashflow is robust with expected cash conversion of 80–90% for the full year. CTM has also repurchased 5.8 million shares worth AU$78.2 million, bringing total shares outstanding to about 140.5 million.

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