Flight Centre (ASX:FLT) Sees Challenging H1FY26 but Eyes Accelerated Growth in Second Half

4 min read | September 02, 2025 03:14 PM AEST | By Sonal Goyal

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Flight Centre (ASX:FLT) Sees Challenging H1FY26 but Eyes Accelerated Growth in Second Half — Image source: © 2025 Krish Capital Pty. Ltd.

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Highlights

The company launched AUD 450mn convertible notes to extend debt maturity and bolster balance sheet.

FY25 results showed 3% growth in TTV and revenue, but underlying PBT fell 10% due to weaker Q4.

FY26 outlook expects flat H1 but growth in H2, with focus on Asia, airline partnerships, and cost discipline.

Flight Centre Travel Group Limited (ASX:FLT) is a travel retailers and corporate travel management company, operating across multiple markets. The company manages a diversified portfolio spanning leisure, corporate, and in-destination travel experiences segments.

FY25 Performance Highlights

For the financial year ended 30 June 2025 (FY25), FLT delivered a 3% YoY increase in Total Transaction Value (TTV) to AUD 24.53 billion and a 3% YoY rise in total revenue to AUD 2.78 billion. While top-line performance was resilient, underlying profit before tax (PBT) declined 10% YoY to AUD 289 million, reflecting softer trading in the fourth quarter.
The Q4 performance stemmed from non-recurring costs in Asia, heightened geopolitical challenges in the Middle East, and subdued travel demand in the U.S.

Balance Sheet and Capital Strategy

To maintain balance sheet strength and support growth plans, in August 2025, the group launched an AUD 450 million senior unsecured convertible notes offering due 2032. Proceeds will refinance up to AUD 325 million of notes maturing in 2027 and 2028, extending the company’s debt maturity profile.

Strategic Outlook

FLT expects short-term cyclical pressures to continue into the first half of FY26, but management projects a improved second half driven by improving trading conditions, Asia’s growth potential, expected rebound in override income, cost discipline and enhanced airline partnerships.
The company is targeting a sustainable 2% underlying PBT margin

Share performance of FLT

Flight Centre shares slipped 1.96% to close at AUD 12.530 per share on 2 September 2025. Over the past year, the stock has declined 41.78%. It is down 20.70% over six months, 26.55% across nine months, and 2.79% over three months. In the past week, the stock dropped 3.09%, though it edged up 1.70% over the past month.

The 52-week high for FLT is AUD 22.590, recorded on 30 September 2024, while the 52-week low is AUD 11.640, reached on 7 April 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 02 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

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