Sabre Corporation · NASDAQ:SABR
Sabre — Q4 2025 Earnings Presentation
25 slides from Sabre's earnings presentation, Feb 18, 2026
Slide 1: Q4 and FY 2025 Earnings Report
Q4 and FY 2025 Earnings Report 18 February 2026 ©2026 Sabre GLBL Inc. All rights reserved. 1
Slide 2: Forward-looking statements
Forward-looking statements Forward-looking Statements Certain statements herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements about trends, future events, uncertainti
Slide 3: Today's presenters
Today's presenters Kurt Ekert Garry Wiseman Mike Randolfi President & CEO President, Product & EVP & CFO Engineering
Slide 4: Delivering on our strategic priorities
Delivering on our strategic priorities Generate Free Cash Flow and Delever the Drive Growth through Balance Sheet Innovation RECENT ACHIEVEMENTS RECENT ACHIEVEMENTS FY’25 Normalized Adjusted EBITDA growth of 10% Seized first-mover position with agentic APIs and a proprietary MCP server for travel Ge
Slide 5: Business and financial results
Business and financial results FY 2025 SUMMARY Total Distribution Bookings Air Distribution Bookings 365M 308M +1% YoY +0.3% YoY Passengers Boarded Hotel Distribution Bookings 695M 42M +5% YoY +2% YoY +130 bps attachment rate growth Revenue Normalized Adjusted EBITDA $2.8B $536M +1% YoY +10% YoY Nor
Slide 6: Driving growth through innovation
Driving growth through innovation Vision: Guiding the world into the Next Age of Travel Intelligent Modern Strategic Open Retailing & Technology Focus Marketplace Commerce Cloud-Native Airline Air Lodging Payment Secure & Technology Expansion Expansion Suite Leading Reliable Portfolio Modular AI sol
Slide 7: Sabre's agentic opportunity
Sabre’s agentic opportunity Sabre provides the foundational layer AI needs to transact travel We believe the shift to agentic makes us more essential than ever 1. Scale is paramount in an AI world 2. Our proprietary logic cannot be reverse- engineered 3. We solve problems AI chatbots can't 4. We shi
Slide 8: Powering the next age of travel with AI
Powering the next age of travel with AI PayPal + Virgin Australia + BizTrip AI MindTrip ChatGPT Investment stake and Partnership to deliver the Enabling Virgin strategic partnership industry’s first end-to-end Australia’s chatbot in with BizTrip AI agentic AI experience for travel ChatGPT Travel Dat
Slide 9: Mike Randolfi
Mike Randolfi EVP & CFO
Slide 10: Q4 2025 financial highlights
Q4 2025 financial highlights REVENUE NORMALIZED ADJUSTED NORMALIZED ADJUSTED EBITDA EBITDA MARGIN $667M $119M 18% +3% YoY +10% YoY +107 bps YoY PRO FORMA FREE CASH FLOW $116M Includes $19M of disbursements related to Q4’25 refinancing1 1. Comprised of disbursements related to refinancing fees and in
Slide 11: FY 2025 financial highlights
FY 2025 financial highlights REVENUE NORMALIZED ADJUSTED NORMALIZED ADJUSTED EBITDA EBITDA MARGIN $2.8B $536M 19% +1% YoY +10% YoY +166 bps YoY PRO FORMA FREE CASH CASH ON BALANCE SHEET FLOW $57M $910M Includes $19M of End of 2025 disbursements related to Includes $98M restricted cash Q4’25 refinanc
Slide 12: 2025 actual results versus guidance
2025 actual results versus guidance FY’25 FY’25 Guidance Actual Air Distribution Volumes Positive YoY Growth +0.3% YoY $2,771M Revenue Flat YoY growth +1% YoY $536M Normalized Adj. EBITDA ~$530M +10% YoY $57M Pro Forma Free Cash Flow ~$70M Includes $19M of disbursements related to Q4’25 refinancing1
Slide 13: Improving balance sheet and deleveraging
Improving balance sheet and deleveraging DEBT MATURITY PROFILE DECEMBER 2024 DEBT MATURITY PROFILE $1,600 • Paid off over $1B in debt in $5.2B in Gross Debt 2025 using cash on the $797 $872 $657 $727 balance sheet and proceeds from the sale of Hospitality $194 $150 $202 Solutions $23 Q1 Q2 Q3 Q4 Q1
Slide 14: FY 2026 pro forma guidance
FY 2026 pro forma guidance1 FY’26 Air Distribution Volumes Mid-single digit YoY growth • Positive momentum in 2026, Revenue Mid-single digit YoY growth expected to carry into 2027 Pro Forma Gross Margin 56% - 57% • Expect 2027 mid-single digit Pro Forma Adj. Technology Expense Low single digit YoY i
Slide 15: Q1 2026 pro forma guidance
Q1 2026 pro forma guidance1 Q1’26 Mid-single digit Air Distribution Volumes YoY growth Mid-single digit Revenue YoY growth Pro Forma Adj. EBITDA ~$130M 1. See slide 2 for information on Pro Forma amounts. Pro Forma Adjusted EBITDA is a non-GAAP measure. See slide 2 and the appendix, including “Busin
Slide 16: Thank you
Thank you a
Slide 17: Appendix
APPENDIX
Slide 18: Non-GAAP financial measures
Non-GAAP financial measures We have included both financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as well as certain supplemental non-GAAP financial measures, including Adjusted Net Loss from continuing operations (“Adjusted Net Loss”), Adjusted
Slide 19: Non-GAAP financial measures
Non-GAAP financial measures Purpose and Use by Management Management and the board of directors use these non-GAAP financial measures to evaluate trends in our operating performance, assess period-to-period comparability, and support internal planning and decision-making. These measures are particul
Slide 20: Non-GAAP financial measures
Non-GAAP financial measures Investor Considerations Investors are encouraged to review the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures and to evaluate our operating performance, financial position, and liquidity using GAAP measures in conjunc
Slide 21: Non-GAAP pro forma outlook
Non-GAAP pro forma outlook The non-GAAP pro forma financial outlook in this press release, including pro forma Adjusted EBITDA and pro forma Free Cash Flow, is not necessarily indicative of the operating results of the Company after closing of the Hospitality Solutions Sale and utilization of the ne
Slide 22: Business and financial pro forma financial outlook
Business and financial pro forma financial outlook The Company is providing the first quarter and full year 2026 outlook included below on a pro forma basis to give effect to the sale of the Hospitality Solutions business. Pro forma adjustments include an adjustment to remove costs previously alloca
Slide 23: Tabular reconciliations for Non-GAAP measures
Tabular reconciliations for Non-GAAP measures Reconciliation of Loss from continuing operations to Adjusted Net Loss from continuing operations and Loss from continuing operations to Adjusted EBITDA: (in thousands, except per share amounts; unaudited) ©2026 Sabre GLBL Inc. All rights reserved. 23
Slide 24: Tabular reconciliations for Non-GAAP measures
Tabular reconciliations for Non-GAAP measures ©2026 Sabre GLBL Inc. All rights reserved. 24
Slide 25: Non-GAAP footnotes
Non-GAAP footnotes (1) Depreciation and amortization expenses: a. Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date. b. Depreciation and amortization of property