Avis Budget Group, Inc. · NASDAQ:CAR
Avis Budget — Q4 2025 Earnings Presentation
14 slides from Avis Budget's earnings presentation, Feb 19, 2026
Slide 1: 4Q & FY 2025 Supplemental Financials
4Q & FY 2025 Supplemental Financials
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptio
Slide 3: 4Q Results: Total Company
4Q Results: Total Company 4Q ‘25 4Q ’24 % Change FY 25 FY 24 % Change REVENUES $2,664 $2,710 (2)% $11,652 $11,789 (1)% RENTAL DAYS (000s) 41,321 41,833 (1)% 175,121 175,705 —% REVENUE PER DAY $63.68 $64.79 (2)% $66.13 $67.10 (1)% EXCLUDING EXCHANGE RATE EFFECTS AVERAGE RENTAL FLEET 660,421 671,966 (
Slide 4: 4Q Results: Americas
4Q Results: Americas 4Q ‘25 4Q ‘24 % Change COMMENTARY While overall revenue was down compared to prior year, we experienced REVENUES $2,040 $2,117 (4)% sequential improvement throughout the quarter, with December finishing down 2%. RENTAL DAYS (000s) 30,901 30,877 -% Volume finished slightly positi
Slide 5: FY 2025 Results: Americas
FY 2025 Results: Americas FY ‘25 FY ‘24 % Change COMMENTARY REVENUES $8,900 $9,111 (2)% While overall revenue was slightly down compared to prior year, rental days were positive for 2Q through 4Q. RENTAL DAYS (000s) 129,451 128,431 1% Volume growth was fueled by the US rental car business, with rent
Slide 6: 4Q Results: International
4Q Results: International 4Q ‘25 4Q '24 % Change % COMMENTARY REVENUES Revenues excluding exchange rate effects were flat, largely driven by our $592 $593 -% Global Rightsizing initiative, which focused on more profitable transactions. EXCLUDING EXCHANGE RATE EFFECTS We made further progress with ou
Slide 7: FY 2025 Results: International
FY 2025 Results: International FY ‘25 FY '24 % Change % COMMENTARY REVENUES Revenues excluding exchange rate effects were flat, largely driven by our $2,675 $2,678 -% Global Rightsizing initiative, which focused on more profitable transactions. EXCLUDING EXCHANGE RATE EFFECTS Rental days decreased d
Slide 8: Liquidity Profile
Liquidity Profile Year Year Ended CASH FLOW COMMENTARY Ended 2025 2024 2025 Adjusted Free cash flow was negative $698 million driven by ADJUSTED FREE CASH FLOW $(698) $(514) $859 million in fleet contributions. This $859 million was primarily funded by $468 million of net corporate debt issuance and
Slide 9: Corporate Debt Maturities as of December 31, 2025
Corporate Debt Maturities as of December 31, 2025 $2,000 $1,131 $705 $705 $645 $600 $700 $600 $500 $498 2025 2026 2027 2028 2029 2030 2031 2032 USD Notes Term Loans Revolving Credit Facility Euro Notes Note: Maturity schedule amounts in millions. 9
Slide 10: 2026 Outlook
2026 Outlook FY 2026 ADJUSTED EBITDA (1) $800M - $1,000M 1Q 2026 FY 2026 PER-UNIT FLEET COSTS ~$400 ~$320 - $330 PER MONTH Note: (1) We are not able to reconcile this forward-looking non-GAAP financial measure to the most directly comparable GAAP measure without unreasonable efforts because we are u
Slide 11: Appendix
Appendix 11
Slide 12: 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. Adjusted EBITDA We define Adjust
Slide 13: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Notes: (a) Includes an impairment charge of approximately $518 million within our Americas reportable segment, related to the acceleration of the rotation of certain United States EV rental car vehicles in conjunction with the Interpace Ventures transaction, recor
Slide 14: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 14