Global Business Travel Group, Inc. · NYSE:GBTG
Global Business Travel — Q4 2025 Earnings Presentation
30 slides from Global Business Travel's earnings presentation, Mar 9, 2026
Slide 1: Amex GBT Q4 & FY 2025 Earnings Presentation
Amex GBT Q4 & FY 2025 Earnings Presentation March 9, 2026 GBT Travel Services UK Limited (GBT UK) and its authorized sublicensees (including Ovation Travel Group, Egencia, and CWT) use certain trademarks and service marks of American Express Company or its subsidiaries (American Express) in the “Ame
Slide 2: Legal Disclaimer: Forward-Looking Statements
Legal Disclaimer Forward-Looking Statements Certain statements made in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and are subject to the safe harbor created thereby under the Private Securities Litiga
Slide 3: Legal Disclaimer: Industry and Market Data
Legal Disclaimer Industry and Market Data This presentation also contains information, estimates and other statistical data derived from third party sources, including filings, research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by cus
Slide 4: Today's Presenters
Today’s Presenters Chief Product & CEO CFO Strategy Officer Paul Abbott Evan Konwiser Karen Williams This document contains unpublished, confidential, and proprietary information of American Express Global Business Travel (Amex GBT). No disclosure or use of any portion of these materials may be made
Slide 5: Key Takeaways
Key Takeaways 1 Strong finish to 2025, with even further momentum in 2026 outlook 2 Executing on our growth strategy – share gains, SAP Concur strategic alliance, launching next-gen Egencia, closed CWT 3 AI is powering further growth and value creation at Amex GBT 4 Doubled share repurchase authoriz
Slide 6: FY 2025 Financial & Operational Highlights
Strong results driven by business travel FY 2025 Financial demand, share gains and the CWT acquisition & Operational Highlights 17% 14% TTV growth (YOY) Transaction growth (YOY) 12% 60% Revenue growth (YOY) Adj. Gross Profit Margin1 11% $104M Adj. EBITDA growth (YOY)1 Free Cash Flow1 $3.3B 96% Total
Slide 7: AI Accelerates the Automation Tailwind
AI Accelerates the Automation Tailwind Proven track record in delivering digital transformation AI will power significant value creation: % of digital Proven in digital transformation: transactions From leading TMC to leading digital marketplace for B2B travel ~60% >80%1 Revolutionize the customer (
Slide 8: AI Powers Growth & Significant Value Creation
AI Powers Growth & Significant Value Creation 1 2 3 Revolutionize the customer Power the agentic Reduce operating costs experience transformation of B2B travel Enhances revenue and End-to-end global scale and Drives margin expansion retention reach This document contains unpublished, confidential, a
Slide 9: Revolutionizing the Customer Experience with AI
1 Revolutionizing the Customer Experience with AI Example: Egencia AI Delivering what matters to customers and travelers Egencia AI Today, 5:28 PM An AI agent that responds to <3 mins inquiries, books travel, and Egencia average time to makes changes book1 AI that knows you and your policy to c.71%
Slide 10: We Believe Our Platform Will Power Agentic Transformation in B2B Travel
We Believe Our Platform Will Power Agentic 2 Transformation in B2B Travel AI applications require business travel core Amex GBT is well positioned for enablement Workflows: shopping, booking, payment, Enterprise 30K individual company policies I invoicing, expensing, servicing Management managed, ~1
Slide 11: We are the Foundation that Enables AI Agents in B2B Travel
We are the Foundation that Enables AI Agents in B2B 2 Travel Our platform is designed around an Agent-to-Agent future – Bringing B2B travel to any Agent Enterprise Technology Clients Innovative Start-Ups Leaders SAP's AI solution, Joule, will Launched product with Working with large tech be embedded
Slide 12: AI Service Automation Accelerates Cost Transformation and Margin Expansion
AI Service Automation Accelerates Cost Transformation 3 and Margin Expansion Demand deflection Agent Productivity Next-Gen AI Chat Agent and email automation AgentHub, AI agent assistance tool, will absorbs demand for increasing percentage of enhance productivity and traveler needs improve experienc
Slide 13: Q4 2025 Financial Results Reflect Strong Execution in our Core Business + Acquisition of CWT
Q4 2025 Financial Results Reflect Strong Execution in our Core Business + Acquisition of CWT TTV Transactions $10.1B +45% +37% $7.0B Q4'24 Q4'25 Q4'24 Q4'25 Revenue Adjusted EBITDA1 $792M $130M +17% +34% 16% $591M $110M Margin1 8% excl. CWT 19% Margin1 Q4'24 Q4'25 Q4'24 Q4'25 1See Supplemental Mater
Slide 14: Strong Organic Momentum Accelerated by CWT in Q4 & FY 2025
Strong Organic Momentum Accelerated by CWT in Q4 & FY 2025 Closed the CWT acquisition on September 2, 2025 – incremental revenue and temporary step-down in margins and cash flow before synergies are achieved Q4 2025 YOY FY 2025 YOY ($M) Results Inc / (Dec) Results Inc / (Dec) Total Revenue $792 +34%
Slide 15: CWT Synergies Tracking In Line with Expectations
CWT Synergies Tracking In Line with Expectations Backed by proven track record in integration (HRG, Egencia) Actions taken to date: $55M In-Year Synergies Expected in 2026 Workforce reduction Real estate consolidation Vendor savings $0M $155M Closed 9/2/25 within 3 years This document contains unpub
Slide 16: FY 2026 Guidance Reiterates Previous Expectation for Double-Digit Revenue & Adj. EBITDA Growth
FY 2026 Guidance Reiterates Previous Expectation for Double-Digit Revenue & Adj. EBITDA Growth FY 2026 Guidance Range YOY Growth Accelerating Revenue $3.235B – $3.295B + 19% – 21% growth and cost transformation Adj. EBITDA1 $615M – $645M + 16% – 21% Free Cash Flow1 $125M – $155M + 20% – 49% Pro form
Slide 17: Capital Allocation Priorities to Drive Shareholder Value
Capital Allocation Priorities to Drive Shareholder Value Continued cash ✓ FY 2026 Free Cash Flow1 guidance midpoint of $140M generation Supports: Strong balance sheet ✓ Q4’25 leverage ratio of 1.9x 1 Targeting range of 1.5x – 2.5x ✓ Refinanced debt – lowered rate by 50bps + upsized by $100M Invest i
Slide 18: Q&A
Q&A Chief Legal Officer, Chief Product & CEO CFO Corporate Secretary & Strategy Officer Global Head of M&A Paul Abbott Karen Williams Evan Konwiser Eric Bock This document contains unpublished, confidential, and proprietary information of American Express Global Business Travel (Amex GBT). No disclo
Slide 19: Supplemental Materials
Supplemental Materials This document contains unpublished, confidential, and proprietary information of American Express Global Business Travel (Amex GBT). No disclosure or use of any portion of these materials may be made without the express written consent of Amex GBT. © 2026 GBT Travel Services U
Slide 20: FY 2025 Free Cash Flow
FY 2025 Free Cash Flow $532M ($63M) ($129M) ($29M) $205M ($52M) ($54M) $104M ($101M) Adj. EBITDA Net Cash Net Cash Interest & Capex Pension Cash Tax NWC Underlying Restructuring, M&A Free Cash Interest Interest&Rate IRS and other Free Cash & CWT integration Flow Swaps Flow This document contains unp
Slide 21: FY 2026 Free Cash Flow Guidance
FY 2026 Free Cash Flow Guidance $615M - $645M (~$165M) (~$85M) (~$60M) $235M - $265M (~$30M) (~$40M) $125M - $155M (~$110M) Adj. EBITDA Capex Net Cash Interest, net Tax Pension NWC & Other Underlying UnderlyingFree FCF CWT Integration Free FCF FY26 Cash Flow Interest Cash Flow & Restructuring This d
Slide 22: Revenue, Adjusted EBITDA and Free Cash Flow Seasonality by Quarter
Revenue, Adjusted EBITDA and Free Cash Flow Seasonality by Quarter Revenue by Quarter Adj. EBITDA1 by Quarter (% of Full Year) (% of Full Year) 24% 24% 29% 25% 21% 23% 24% 25% 25% 25% 24% 25% 25% 23% 24% 25% 26% 26% 26% 28% 27% 25% 29% 23% 25% 25% 23% 25% 26% 26% 27% 24% 2023A 2024A 2025A 2026 Guida
Slide 23: Glossary of Terms
Glossary of Terms AI refers to Artificial Intelligence. B2B refers to business-to-business. CWT refers to refers to CWT Holdings, LLC. Customer retention rate is calculated based on transactions. M&A refers to mergers and acquisitions LTM refers to the last twelve months. TMC refers to Travel Manage
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report our financial results in accordance with GAAP. Our non-GAAP financial measures are provided in addition to, and should not be considered as an alternative to, other performance or liquidity measures derived in accordance with GAAP. Non-GAAP financial measures ha
Slide 25: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses should not be considered as measures of liquidity or as measures determining discretionary cash available to us to reinvest in t
Slide 26: Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA
Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, (in $ millions) 2025 2024 2025 2024 2019 Pro Forma1 Net income (loss) $ 83 $ (14) $ 111 $ (134) $ 134 Interest income (2) (2) (8) (6) (5) Interest expense 24 22 95 115 15 Loss on
Slide 27: Reconciliation of total operating expenses to Adjusted Operating Expenses
Reconciliation of total operating expenses to Adjusted Operating Expenses Three Months Ended Year Ended December 31, December 31, (in $ millions) 2025 2024 2025 2024 Total operating expenses $ 763 $ 561 $ 2,588 $ 2,308 Adjustments: Depreciation and amortization (60) (40) (192) (178) Restructuring, e
Slide 28: Reconciliation of Adjusted Gross Profit to Gross Profit
Reconciliation of Adjusted Gross Profit to Gross Profit Three Months Ended December 31, Year Ended December 31, (in $ millions) 2025 2024 2025 2024 Revenue $ 792 $ 591 $ 2,718 $ 2,423 Cost of revenue (excluding depreciation and amortization) 342 238 1,085 967 Adjusted Gross Profit 450 353 1,633 1,45
Slide 29: Reconciliation of Net Cash from Operating Activities to Free Cash Flow and Net Debt
Reconciliation of net cash from operating activities to Free Cash Flow and Reconciliation of Net Debt Three Months Ended Year Ended December 31, December 31, (in $ millions) 2025 2024 2025 2024 Net cash from operating activities $ 52 $ 65 $ 233 $ 272 Less: Purchase of property and equipment (39) (32
Slide 30: Reconciliation of 2026 Adjusted EBITDA and Free Cash Flow Guidance
Reconciliation of 2026 Adjusted EBITDA and Free Cash Flow Guidance The Company’s 2026 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various scenarios as well a
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