Good morning, everyone, and welcome to the 2025 Annual General Meeting of Helloworld Travel Limited. My name is Garry Hounsell, and I am the Chair of the Board and the Chair of this meeting. It's now 10:00 A.M., and as we have a quorum, I declare the meeting open. I confirm that the meeting has been properly constituted. Please note that the speeches and presentations for today have been lodged with the ASX this morning. Today's meeting is being held in a hybrid format, both in person and online, via the Computershare meeting platform. Shareholders who are attending online can listen to the speakers and follow the proceedings via the presentation. Shareholders and proxies can ask questions and submit votes online.
For shareholders joining online, you might be unfamiliar with some of the functions of Computershare's platform, such as asking questions and how to vote, but we'll provide some instructions shortly. Please note this meeting is being recorded. In opening the 2025 AGM, in the room with me is Andrew Burnes, AO, Helloworld Travel Limited's Chief Executive Officer and Managing Director, and Cinzia Burnes, Helloworld Travel Limited's Chief Operating Officer and Executive Director. Also with me are our Non-Executive Directors, Rob Dalton, who's on my left, and the Honorable Martin Pakula and Leanne Coddington on my right. Also in attendance is Sylvie Moser, our Group Company Secretary, and Mike Smith, our Chief Financial Officer, and Yousef Ahmed, our Group General Manager, IT Services and Property. In addition, Chris Sargent, Partner, and Brenton Robb, Director, are representing Helloworld Travel Limited's auditor, KPMG.
Our auditor will be available to answer questions on the conduct of the audit and the audit report for the year ended 30 June 2025. Representatives from Computershare, our share registry provider, are also in attendance. Only shareholders and validly appointed proxies and corporate representatives are entitled to ask questions. If you're attending online and wish to submit a written question, you may do so at any time during the meeting via the speech bubble icon on your screen. Type your question into the chat box on the right of the screen and then select Send. Confirmation that your message has been received will appear above. Please note that while you can submit written questions from now on, all questions will be addressed at the relevant time in the meeting.
While time constraints may prevent us from answering all questions, we will endeavor to address as many questions as possible during the meeting. Please also note that your questions may be moderated if we receive multiple questions on similar topics. For shareholders who are attending online and wish to ask a question verbally, please follow the instructions shown below the broadcast window on the online platform, which will take you to a phone number to call. If you're asking a question verbally, please state your full name before asking your question. For those shareholders who are attending online, to provide you with sufficient time to vote, I now declare voting open on all items of business. Voting today will be conducted by way of a poll on all items of business, and Computershare will act as the independent returning officer.
Proxies received prior to the meeting will be shown on the screen for each resolution dealt with today. For those eligible to vote and attending online, as the poll is open, a voting icon is available on your screen. Selecting this icon will bring up the resolutions and present you with voting options. You are free to submit your votes at any time. For shareholders who have not submitted a proxy for today's resolutions, as the poll is open, you may vote on all items. To cast your vote, simply select one of the options. There is no need to hit submit as the vote is automatically recorded. Please ensure you cast a vote for all resolutions. You will receive a vote confirmation notification on your screen.
To change or cancel your vote, click the link that says "Click Here" to change your vote at any time until the poll is closed. Votes may be changed up to the time I declare that voting is closed. I will give you notice before I move to close voting. As stated in the notice of meeting, as Chairman, I intend to vote those proxies left to the discretion of the Chairman in favor of all resolutions. Following my introductory comments, the agenda for today's meeting will be as follows: an address from the company's CEO, Andrew Burnes, followed by the formal matters to be considered at today's AGM, including an opportunity for questions. The notice of meeting was sent to shareholders on the 24th of September 2025 and lodged with the ASX on the same date. I propose the notice of meeting explanatory notes be taken as read.
Finally, I note that shareholders were afforded the opportunity to submit written questions to our auditors, and I advise that our auditors have received no questions in writing. Before I pass to Andrew, I'll make the following observations. Helloworld reported an EBITDA of $60.6 million on total transactional values of $3.8 billion. This was a decrease of 8.6% on the prior year due to the combined effect of challenging economic conditions, agency closures and transfers, changes in destination mix from higher spending long-haul trips to more short and mid-haul destinations, and a reduction in average airfares. I'm pleased to report that we are seeing strong forward bookings for the remainder of the 2025 calendar year and well into fiscal 2026.
For fiscal year 2025, Helloworld generated, as I said, an underlying result of $60.6 million in line with the latest guidance that we released to the ASX in July of 2025. The company declared a $0.14 fully franked final dividend for financial year 2025, taking the total amount we've paid to over $126 million in dividends over the last eight years. Stability and strength of our retail network remain foundational to our success, providing a reliable platform for growth and innovation. Travelers continue to appreciate more than ever the importance of benefits of engaging a travel agent to enhance their travel experiences. Helloworld currently owns just over 17% of Webjet Group Limited's shares, and the Helloworld Board continues to assess its options relating to this investment.
I want to take this opportunity to thank my Board colleagues for their continued contribution and commitment to the company over the past year. I would also like to thank the Executive Management Team, Senior Management Team, and their teams led by the Chief Executive Officer and Managing Director, Andrew Burnes, for the ongoing delivery of the business strategy and the consistent success across the business and brands. I would also like to thank all personnel across the businesses and our industry partners and our vast networks of agents and brokers in Australia and New Zealand. Following several years of disruption and recovery, the global travel landscape has entered a new phase, one defined by opportunity, innovation, and evolving customer experience. As Chairman, I look forward to continuing our work towards the future successes that lie ahead for Helloworld Travel Limited.
Looking ahead, I'm confident in our ability to build on this year's achievements. With a clear strategy, a passionate team, and a dynamic industry in front of us, Helloworld Travel is well-positioned for continued growth and success. I will now ask Andrew Burnes to make some comments on the 2025 financial results and update you on events since we lodged the annual report. Over to you, Andrew.
Thank you, Garry, and thank you for joining us at our AGM this morning and for your continued support of Helloworld Travel Limited. FY 2025 delivered encouraging performance across several business segments, with a number showing solid year-on-year growth. Our operational resilience, strategic investment strategy, and a continued commitment to our networks and stakeholders have seen Helloworld Travel emerge stronger, more agile, and well-positioned to capitalize on future opportunities and deliver long-term value to our partners and shareholders. Our wholesale and inbound businesses experienced strong growth in FY 2025. However, our agency and ticketing businesses declined due to the challenging economic conditions in Australia and New Zealand, agency closures and transfers, a decline in the average airfares across the period, and a change in destination mix towards short-haul and mid-haul travel.
Throughout 2025, we also continued our focus on cost control while investing in technology developments to ensure the company remains well-positioned for the future. Net profit after tax from continuing operations increased to $33.2 million, a 4.1% year-on-year increase from FY 2024. The revenue margin also grew to 4.9%, up from 4.8% in the prior corresponding period. TTV was $3.8 billion, down 8.6% on the prior year, while revenue was down 8.7% year-on-year to $192.8 million. Full-year underlying EBITDA was $60.6 million, a decline of 8.6% as well compared to the prior year. Earnings per share increased to $0.204 in FY 2025, an increase of 3% on FY 2024. The total dividend for FY 2025 was $0.14 per share fully franked, representing a fully franked dividend yield of 9.8% based on HLO's closing share price at June 30, 2025.
Looking at the results of the past year, I'm pleased to acknowledge the dedication and resilience of our internal teams and of our external network of travel professionals across Australia and New Zealand. In an increasingly digital, complex, and fast-paced world, the role of the Trusted Travel Professional Advisor remains not only relevant but essential. Travel professionals continue to deliver exceptional value to clients through a combination of expertise, personalized service, passion, hard work, and unwavering support. Across the Helloworld Agency and Broker Networks, we have over 10,000 travel professionals, the biggest group of travel professionals in Australia and New Zealand. Throughout FY 2025, we've continued to invest in empowering our agents with innovative tools and technologies, ensuring they remain competitive, efficient, and well-supported. These advances reflect our commitment to strengthening the network and reinforcing the indispensable role travel professionals play in shaping the future of travel.
The stability and strength of our network remain foundational to our success, providing a reliable platform for growth and innovation. In FY 2025, we achieved a 96% re-sign rate across our Helloworld branded and associate networks, as well as an expansion through new store openings, multi-store expansions, and new owners through our succession planning. The Helloworld Travel Academy has continued to grow, with over 12,000 training sessions through its program since it was launched in 2022. The Academy remains a key pillar in our talent pipeline, contributing to the long-term vitality of both our own networks and the wider travel industry. Helloworld and our partners had great success at the National Tourism Awards last Saturday evening in Brisbane.
The success was not only Helloworld Travel Limited's, but was spread across many of the agencies that form part of the broader business and some of the businesses in which we hold a significant investment. Webjet Group Limited, in which we hold a 17% stake, was named the most outstanding online travel agency. Phil Hoffmann Travel, in which we hold a 40% stake, was the recipient of the most outstanding branded leisure travel agency. MTA, which effective yesterday we now own outright, was awarded the most outstanding mobile travel advisor network. Travelers Choice, to whom we provide the majority of their content under a commercial partnership we have with them, was awarded the most outstanding travel agency network. Two of our wholesale brands, Viva Holidays and Cruise Co, were listed as finalists for the most outstanding wholesaler product/service, with Cruise Co actually winning that award.
Finally, Helloworld Travel received the award for the most outstanding branded travel agency group. That, to put it mildly, was the icing on the cake. We last won that award in 2019. This week, we announced that Helloworld had acquired the remaining 50% stake in the Gold Coast-based mobile travel agency business, MTA, short Mobile Travel Holdings, trading as Mobile Travel Agents, MTA. Helloworld acquired a 50% ownership interest in Mobile Travel Agents (MTA) in FY 2017, and as part of the sale and purchase agreement, we had a call option to acquire the remaining 50%, which was able to be exercised up until December 31, 2021. In 2021, the deadline was extended to 2025 due to the impact of COVID-19.
Acquiring a second tranche for $36 million, this brings Helloworld 's total investment in MTA to circa $50 million, and the overall purchase price equates to a multiple of five times current earnings and is expected to add an additional $440 million to Helloworld 's annual TTV. Founded by Karen and Roy Marrix in 2000, MTA operates in the retail, leisure, and SME corporate travel sectors across Australia, with over 60 full-time personnel and around 450 home-based travel advisors in the group. Our wholesale brands, Viva Holidays in Australia and Go Holidays in New Zealand, delivered double-digit growth for FY 2025, reflecting strong demand and effective market engagement. Strong growth in travel to the USA defied market trends, with land volumes more than doubling year on year.
Our new luxury brand, Viva Gold, was launched in December with a dedicated luxury product range to meet the demands at the top end of the luxury travel market. Viva Holidays was awarded the National Tourism Awards for the most outstanding wholesaler in 2023 and 2024. Wholesale cruise bookings rose by 27% compared to FY 2024, a strong result given the reduced capacity of global cruise lines operating out of both Australia and New Zealand. Our new cruise brand, Signature Collection by Cruise Co, was launched into the market. ReadyRooms, Helloworld Travel Limited's accommodation booking platform, experienced an impressive increase in growth in FY 2025 compared to FY 2024 of over 110% in travel revenue and 147% in book revenue, highlighting the ongoing momentum and operational strength of that business. Inbound performance was strong across our inbound brands, with growth of 4% year on year. Airline capacity also continues to improve.
We've been active in New Zealand, and in April 2025, Helloworld acquired 100% of the voting shares in the Barlow Travel Group Ltd. BTG was established in 2011 and is a leading corporate and event travel provider based in Wellington, trading as BCD Travel in New Zealand. Peter Barlow, the founder of BTG , is remaining in the business alongside his highly experienced team. In the New Zealand retail space, 98% of members from across the UTravel and Cruise brand and the First Travel Group independent network successfully re-signed. Helloworld Travel was awarded the Marketing Campaign of the Year by the Travel Agents Association of New Zealand and the National Tourism Awards in 2025.
Our events business, MyWay Travel and Events, is now over 12 months into its journey with the vision to be the premier experience integration provider for ticketed sports and entertainment events globally. MyWay delivers a convenient, reliable, and streamlined solution for those seeking multiple components of their live event experience. With event travel packages across sports, theater, music, concerts, festivals, and lifestyle, we have a number of partnership agreements in place, including with the AFL, Marvel Stadium, Cricket Australia Travel Office, NBL, Live Golf, Melbourne Cricket Ground, Live Nation, Beyond the Valley Music Festival, Royal Edinburgh Military Tattoo, and the Michael Castle Group. We continue our focus on investment in technology, and enhancing our digital platforms remains a critical pillar of our business strategy.
We've invested significantly in this area with a technology spend of over $95 million in the last eight years. Helloworld Travel maintains a comprehensive suite of sophisticated proprietary technologies that are developed and managed in-house. These systems are subject to continuous enhancement, ensuring they remain agile, scalable, and at the forefront of industry innovation. Helloworld Travel's flagship retail mid-office platform, ResWorld, continues to deliver strong operational efficiencies and digital enablement across our agency networks in both Australia and New Zealand. An upcoming suite of enhancements is designed to further streamline workflows, reduce manual processes, and support scalable growth. Other retail investments in technology include a new agent portal, the Helloworld Trips app, as well as partnerships with DataCheck and Genesys, providing business insights and enhancements to our networks.
Our air ticketing systems, both Air Tickets and Express Tickets, continue to lead the market with enhancements to the smart suite of technology delivering advancements and efficiencies directly to our customers. Air Tickets was awarded the National Tourism Awards for Innovation in Travel Support Services in October 2024 for their smart refund solution. We continue to invest strongly in marketing activity, running successful campaigns across major metropolitan and regional media outlets throughout both Australia and New Zealand, in collaboration with preferred partners and state and national tourism authorities. These partnerships are essential to drive tactical demand and brand recognition and to showcase the diverse range of travel products we offer customers. Helloworld, the TV show, aired across the Nine networks in late 2024 with very positive feedback from the agent networks. The Helloworld balance sheet remains strong.
As at June 30, 2025, the group held total cash of $79.4 million, compared with $161.9 million at June 30, 2024. The lower total cash balance as at June 30 reflects an additional BSP payment in FY 2025, increased tax payments, and Helloworld 's acquisition of Webjet Group Limited's shares. At balance date, Helloworld held shares in the ASX-listed company Webjet Group Limited and also in Corporate Travel Management Ltd, and these were valued at $53.5 million and $2.1 million respectively. Post-year end, Helloworld divested all of its Corporate Travel Management Ltd shares. Helloworld had no external bank debt as of 30 June 2025. Helloworld is well-positioned for sustainable growth and long-term resilience. We have strong forward bookings for the remainder of the 2025 calendar year and well into 2026.
Our ongoing investment in people, technology, and infrastructure will continue to support long-term capability and performance. Significant investment in advertising and marketing activities will continue reinforcing brand awareness and driving qualified leads to our agent and broker networks. These efforts are central to maintaining our market visibility and supporting business growth. Retail growth planning will continue to be guided by geographical data targeting key metropolitan areas and expanding our reach in regional markets. We remain committed to agency succession planning with future ownership pathways and training programs in place to support the next generation of business leaders. Our dedication to technological advances remains a key priority with continued emphasis on automation, artificial intelligence, and information. These initiatives are designed to keep Helloworld at the forefront of industry developments.
Taking into consideration our September quarter results and looking at our forward booking profile through to June 30, 2026, Helloworld is providing underlying EBITDA guidance in the range of $64 million- $72 million for the FY 2026 financial year. This guidance is subject to no material adverse change in operating conditions over the remainder of the financial year. I'd like to recognize the contributions of the many stakeholders, individuals, and partners who drive our success. From our teams across our offices to our dedicated agent and broker networks, Helloworld personnel, valued partners, shareholders, and the Helloworld Board of Directors, I acknowledge and thank you for your work. Thank you for your time today and your support of our business. I look forward to working together as we continue to advance the business in the years ahead and speaking with you again at the 2026 AGM.
Back to you, Garry.
Thanks, Andrew. We now move to the formal business, and there are four items of business for the AGM today, as set out in the notice of meeting. Three of these are to be voted on. The first item of business is to receive and consider the financial statements and the reports of the directors and the auditor for the year ended 30 June 2025. There will be no vote on this item as it is a discussion item only. Are there any questions or comments in relation to the directors' and the auditor's report? As previously mentioned, you may ask our auditors, Chris Sargent and Brenton Robb, questions relevant to the conduct of the audit or the preparation and content of the auditor's report. Okay, there being no questions, we now move to the items of business for which a vote is required.
As previously stated, voting on the items today will be conducted via poll, and if you are attending online, you can submit your vote at any time during the meeting. Details of the proxy votes will be displayed on the screen as each resolution is considered. Item two relates to the adoption of the remuneration report for the year ended 30 June 2025, which is set out in the 2025 annual report on pages 35 to 42. The resolution is now displayed. The Corporations Act requires a resolution for the adoption of the remuneration report to be put to a vote at the company's annual general meeting. The vote on this resolution is advisory only and does not bind the directors of the company.
However, the vote may have implications under the Corporations Act, and a summary of those implications can be found on page six of the notice of meeting. During this item, you'll have the opportunity to ask questions and make comments on the remuneration report. As Chairman of the Remuneration Committee, I'm also available to answer any specific questions you may have on Helloworld Travel Limited's remuneration policies. May I begin discussion on this item with some opening comments? The year completed proved to be challenging, with leisure travel being impacted by challenging economic conditions in Australia and New Zealand, agency closures and transfers, a decline in average airfares across the period, and a change in the destination mix towards short and mid-haul. Despite this, the company continued to focus on improving its technology to ensure it's well-placed to capitalize on future travel demands.
The leadership team has demonstrated remarkable resilience and strategic focus this year, and the committee believes that the fiscal year 2025 remuneration outcomes fairly recognize the performance and value creation that our executive key management personnel have delivered for the business and for our shareholders. There were no LTIP shares allocated to executives in 2025. Does anyone have any questions or comments in relation to the remuneration report? The proxy position on the resolution is now displayed. As mentioned earlier, the final voting results will be determined by way of a poll at the end of the resolutions. Any questions? Item three relates to the re-election of Cinzia Burnes as a director and is now displayed. Explanatory notes in the notice of meeting contain particulars of Cinzia Burnes's skills and experience, which I will not repeat here. Does anyone have any questions or comments in relation to this resolution?
The proxy position on the resolution is displayed, and this resolution will also be determined by way of a poll at the end of all of the resolutions. Item four relates to the appointment of KPMG as auditor and is now displayed. Helloworld Travel Limited appointed KPMG as company auditor in May 2025. In accordance with the process, the company received the resignation of Ernst & Young as auditor and the Australian Securities and Investments Commission's consent to the resignation. Pursuant to section 328B of the Corporations Act, the company received a valid notice of nomination which nominated KPMG to be appointed as auditor of the company. The resolution is to seek member approval for the ongoing appointment of KPMG as auditor under section 327B(1) of the Corporations Act. Any questions on KPMG's appointment? The proxy position on the resolution is now displayed.
The resolution will also be determined by a poll at the end of the meeting. As all items have now been put to the meeting, voting will now be undertaken by poll. I note the poll is open, and please ensure that you've cast your vote on all resolutions. Voting will close shortly, and I will pause for a minute or so to allow you time to finalize your votes. Thank you. There are no questions, and I declare the poll has been closed. As it will take some time for the poll results to be known, once compiled and checked, the results will be announced to the ASX later today and will also be made available on the company's website after the meeting. May I thank our board for all of their efforts over the last year.
Importantly, may I extend the thanks and appreciation of the board to our staff across the businesses. Finally, I thank all of our shareholders for their loyal support, and we look forward to the opportunities ahead. I now declare the meeting closed.