Financial Data and Key Metrics Changes - Overall Total Payment Volume (TPV) grew by 3%, but growth was inconsistent across brands and regions [3][4] - Underlying Profit Before Tax (PBT) fell to just under $290 million, with significant impacts in Q1 and Q4 due to macro conditions [3][4] - The company aims to hold underlying costs flat compared to FY 2025, despite a 3% increase in costs over the last twelve months [5][6] Business Line Data and Key Metrics Changes - Corporate division saw top line growth to $12.3 billion, with a 6% PBT growth excluding Asia [7][8] - Leisure division experienced TPV growth year on year, primarily from lower margin brands, with profit falling due to soft trading conditions [8][9] - Other segments remained flat year on year, with increased profit contributions from operating businesses [9] Market Data and Key Metrics Changes - ANZ and The Americas reported solid profit growth, while EMEA and Asia experienced reductions [3][4] - The UK corporate travel brand underperformed, and Asia faced operational challenges leading to additional provisions [4][5] - The company expects EMEA and Asia to return to more appropriate levels by 2026 [4] Company Strategy and Development Direction - The company is focusing on productivity gains, cost reduction, and targeted investments in technology and AI [5][6][20] - A new Global Business Services division aims to support frontline teams and improve operational efficiency [5][6] - The company is exploring M&A opportunities to expedite growth in specialist businesses [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging operating environment due to geopolitical tensions and macroeconomic conditions but remains optimistic about medium to long-term growth [2][3] - There are promising signs emerging in key markets, and the company is prepared for a market rebound [23][24] - Management expects a challenging first half of FY 2026 but anticipates a stronger second half [43][44] Other Important Information - The company has undertaken $450 million in capital management initiatives, including debt repayment and share buybacks [9] - Investment in TP Connect increased by $7 million to enhance airline content and new revenue streams [8] - The company is launching a travel retail loyalty program to enhance customer engagement and drive growth [35][36] Q&A Session Summary Question: Can you provide details on the impact of lower overrides in FY 2025 and potential upside for 2026? - Management indicated that lower overrides significantly impacted the leisure business, particularly in the last quarter, and emphasized the importance of growth to achieve higher override tiers [48][52] Question: What are the potential impacts of changes to payment surcharges in Australia? - Management has evaluated the potential impacts and is prepared with various options to mitigate any negative effects [54][57] Question: Can you clarify the outlook for the first half of FY 2026? - Management expects a like-for-like comparison to be relatively flat year on year, with improvements anticipated in Asia [60][62] Question: What should be expected for the other segment's loss in FY 2026? - Management expects the loss to decrease to around $70 million, with improvements anticipated from operating businesses [68][70] Question: How is Corporate Traveler positioned in the UK and Europe? - Management expressed confidence in the UK market, highlighting recent management changes and improvements to the product offering [90][92]

Financial Data and Key Metrics Changes - The overall Total Payment Volume (TPV) grew by 3%, but this growth was inconsistent across brands and regions [3] - Underlying Profit Before Tax (PBT) fell to just under $290 million, with significant impacts noted in the first and fourth quarters due to macro conditions [3][4] - The company aims to hold underlying costs flat compared to FY 2025, despite a 3% increase in costs over the last twelve months [5] Business Line Data and Key Metrics Changes - The Corporate division saw top line growth to $12.3 billion, with a 6% PBT growth excluding Asia [7] - The Leisure division experienced year-on-year TTV growth, primarily from lower margin brands, with profit falling due to soft trading conditions [8] - The introduction of the Global Business Services division is yielding early success in non-travel procurement and BPO models [5] Market Data and Key Metrics Changes - ANZ and The Americas reported solid profit growth, while EMEA and Asia experienced reductions [3][4] - The UK corporate travel brand underperformed, impacted by geopolitical tensions and a downturn in travel on key routes [4] - The company expects EMEA and Asia to return to more appropriate performance levels in 2026 [4] Company Strategy and Development Direction - The company is focusing on productivity gains, cost reduction, and targeted investments in technology and AI to enhance business strategies [5][6] - There is a strong emphasis on diversifying customer service channels and enhancing digital capabilities, particularly through the Mellon platform [12][15] - The company plans to expand its addressable markets through new products and services, including consulting and specialist travel [16][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging operating environment due to geopolitical tensions and macroeconomic conditions but remains optimistic about medium to long-term growth [2][3] - There are promising signs emerging in key markets, and management expects a rebound in the second half of FY 2026 [45][46] - The company is confident in its diversified customer offerings and geographic presence, which positions it well for future growth [23][41] Other Important Information - The balance sheet remains strong, supported by healthy cash generation and proactive capital management initiatives totaling around $450 million [9] - The company is targeting a 15% to 20% reduction in capital expenditures for the current year [5] Q&A Session Summary Question: Impact of lower overrides in FY 2025 - Management acknowledged that lower overrides significantly impacted the leisure business, particularly in the last quarter, and emphasized the importance of volume growth to achieve override tiers [49][54] Question: Potential changes to payment surcharges in Australia - Management has evaluated the potential impact of payment surcharge changes and is prepared with various options to mitigate any negative effects [56][59] Question: Clarification on profit outlook for H1 FY 2026 - Management expects a like-for-like comparison to be relatively flat year-on-year, excluding any adjustments from underlying operations [62] Question: Expectations for Asia's performance - Management anticipates improvement in Asia's performance in FY 2026, with expectations for moderate profit growth [64] Question: Outlook for the corporate segment in the U.S. - The U.S. remains the number one growth market, with expectations for good growth in both FCM and Corporate Traveler brands [78][81] Question: Online strategy for leisure market - The company is focusing on increasing online sales, which have grown over 10% year-on-year, and is investing in digital capabilities to attract price-sensitive customers [84][86]