Flight Centre Travel Group (FLT.AX): First Take: ~14% downgrade to FY26 PBT and $200m additional buy back

Research evidence excerpt

Flight Centre Travel Group (FLT.AX): First Take: ~14% downgrade to FY26 PBT and $200m additional buy back

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Disclosures

The rating(s) for Flight Centre Travel Group is/are relative to the other companies in its/their coverage universe: Accent Group, Breville Group,

Coles Group, Endeavour Group, Flight Centre Travel Group, Harvey Norman Holdings, JB Hi Fi Ltd., Metcash Ltd., Nick Scali Ltd., Premier Investments

Ltd., Sigma Healthcare Ltd., Super Retail Group, Temple & Webster Group, WEB Travel Group, Webjet Group, Wesfarmers Ltd., Woolworths Group

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be

aggregated under US securities law) as of the month end preceding this report: Flight Centre Travel Group (A$11.81)

Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Flight Centre Travel Group

(A$11.81)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 60% 45%

As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities.