Avis Budget Group, Inc. · NASDAQ:CAR
Avis Budget — Q2 2025 Earnings Presentation
12 slides from Avis Budget's earnings presentation, Jul 30, 2025
Slide 1: 2Q 2025 Supplemental Financials
2Q 2025 Supplemental Financials
Slide 2: Forward-Looking Statements
Forward-Looking Statements Avis Budget Group (“Avis” or ”the Company”) emphasizes that statements about future results made in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include o
Slide 3: 2Q Results: Total Company
2Q Results: Total Company 2Q ‘25 2Q ’24 % Change YTD 2025 YTD 2024 % Change REVENUES $3,039 $3,048 —% $5,469 $5,599 (2)% RENTAL DAYS (000s) 44,945 45,034 —% 84,400 85,086 (1)% REVENUE PER DAY $67.06 $67.69 (1)% $64.78 $65.81 (2)% EXCLUDING EXCHANGE RATE EFFECTS AVERAGE RENTAL FLEET 698,633 705,145 (
Slide 4: 2Q Results: Americas
2Q Results: Americas 2Q ‘25 2Q ‘24 % Change COMMENTARY While revenue was slightly down compared to prior year, the year-over-year REVENUES $2,332 $2,361 (1)% variance improved sequentially throughout the quarter, with June finishing down less than 1%. RENTAL DAYS (000s) 33,292 32,940 1% Leisure volu
Slide 5: 2Q Results: International
2Q Results: International 2Q ‘25 2Q '24 % Change % COMMENTARY REVENUES Revenues were down 1%, which was largely driven by our Global Rightsizing $682 $687 (1)% initiatives. EXCLUDING EXCHANGE RATE EFFECTS We implemented a new segmentation strategy in the quarter, which focused RENTAL DAYS (000s) 11,
Slide 6: 2Q Liquidity Profile
2Q Liquidity Profile 2Q ‘25 2Q ‘24 CASH FLOW COMMENTARY ADJUSTED FREE CASH FLOW $(475) $(468) Our Adjusted Free Cash Flow reflects our decision to invest ~$500M of corporate debt into vehicle programs. We anticipate this to reverse by year end. CASH AND CASH EQUIVALENTS $541 $511 CAPITAL ALLOCATION
Slide 7: Pro-Forma Corporate Debt Maturities as of June 30, 2025
Pro-Forma Corporate Debt Maturities as of June 30, 2025 • Issued $600M senior notes • Paid off $488M outstanding under term loan due 2Q ‘25 Transactions due 2032 2025 and $100M of our senior notes due 2027 $2,000 $1,147 $708 $707 $643 $600 $700 $600 $500 $497 2025 2026 2027 2028 2029 2030 2031 2032
Slide 8: Outlook
Outlook FY 2025 ADJUSTED EBITDA ~$900M -1,000M PER-UNIT FLEET COSTS ~$310-$320 PER MONTH Note: Per-unit fleet costs per month is expected to be around $300 in Q4 2025. Note: Per-unit fleet costs per month is expected to be ~$300 in 4Q ‘25. 8
Slide 9: Appendix
Appendix Vp //// sf :
Slide 10: Definitions
Definitions This presentation includes certain non-GAAP (generally accepted accounting principles) financial measures as defined under SEC rules. We have provided below reasons why we present these non-GAAP financial measures and a description of what they represent. The GAAP measure most directly c
Slide 11: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) $ 5 $ 15 $ (499) $ (98) Provision for (benefit from) income taxes 10 12 (163) (17) Income (loss) before income taxes
Slide 12: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Reconciliation of net cash provided by operating activities to Adjusted Free Cash Flow: Six Months Ended June 30, 2025 Net cash provided by operating activities $ 1,456 Net cash used in investing activities of vehicle programs (3,873) Net cash provided by financin