Corporate Travel Management (CTD) Q1 2026 TU earnings summary

Executive summary

• Revenue and other income rose 6% year-over-year to $180.2m in 1Q26, with EBITDA up 29% to $40.9m, reflecting strong operational performance.

• All regions reported EBITDA growth versus the prior corresponding period, with Europe leading due to customer wins and cost efficiencies.

• Business operations remain unaffected by ongoing financial statement reviews and audit delays.

Financial highlights

• Revenue and other income increased from $170.3m in 1Q25 to $180.2m in 1Q26.

• Underlying EBITDA grew from $31.7m to $40.9m, with EBITDA margin improving from 19% to 23%.

• Cash balance rose to $168m, with total available liquidity at $318m and no drawn debt.

Outlook and guidance

• FY26 guidance will be provided with the release of FY25 results.

• Incremental revenue to EBITDA metric is ahead of the five-year strategic plan expectations.

• 1Q is typically the slowest quarter due to seasonal EBITDA skew.