Global Business Travel Group, Inc. · NYSE:GBTG

Global Business Travel — Q1 FY2026 Earnings Presentation

42 slides from Global Business Travel's earnings presentation, Mar 9, 2026

1. Slide 1: HPE Q1 FY26 Earnings

   HPE Q 1 FY2 6 Earnings March 9, 2026 1

2. Slide 2: Forward-looking statements

   Forward -looking statements This presentation contains forward -looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 . Such statements involve risks, uncertainties, and assumptions . If the risks or uncertainties ever materialize

3. Slide 3: Use of non-GAAP financial information

   Use of non -GAAP financial information HPE’s management uses non -GAAP gross profit, non -GAAP gross profit margin, non -GAAP operating profit, non -GAAP operating profit margin (non -GAAP operating profit as a percentage of revenue), non -GAAP operating expenses, non -GAAP interest and other, net,

4. Slide 4: HPE

   HP

5. Slide 5: Strong Networking Q1 results and increased profitability in Cloud & AI drive higher fiscal 2026 outlook

   Strong Networking Q1 results and increased profitability in Cloud & AI drive higher fiscal 2026 outlook HPE COMPANY ▪ Revenue of $9.3 billion, up 18% year -over -year; Networking represents nearly 30% of total revenue and more than 50% of total non -GAAP operating profit 1. ▪ Record non -GAAP dilute

6. Slide 6: Q1 FY26 financial results

   Q1 FY26 financial results • Net revenue of $9.3 billion is up 18% from the prior -year period, down 4% sequentially within our outlook range • Non -GAAP gross margin 1 of 36.6% was up 7.2 pts from the prior -year period and up 0.2 pts sequentially • Non -GAAP operating profit 1 of $1.2 billion was u

7. Slide 7: Q1 FY26 business segment results

   Q1 FY26 business segment results Operating Profit Year -over -Year Sequential Net Revenue Year -over -Year (Loss) $ Operating Profit change in (in millions) % Revenue change in Revenue Growth (in millions) OP % Revenue OP % Revenue Networking $2,706 152% $640 23.7% (6.0) pts 0.3 pts Cloud & AI $6,33

8. Slide 8: Networks for AI, Sovereign/Enterprise drive record backlog

   Networks for AI, Sovereign/Enterprise drive record backlog AI Orders 1,2 Cumulative Sovereign/ Ent $ in billions Customer Mix 3 $2.5 $2.1 64% 70% Record AI backlog >$5 billion, with 64% cumulative order $1.9 60% mix booked in enterprise and sovereign customer segments. $2.0 $1.6 $1.6 50% $1.5 $1.5 4

9. Slide 9: Raising FY26 free cash flow guidance to at least $2 billion

   Raising FY26 free cash flow 1 guidance to at least $2 billion 2 Cash Flow 1 Common Shareholder Return $ in billions $ in millions At least $2.0 3 Returned $348 million to common shareholders in Q1 FY26 Reference endnotes slide in Appendix 2 for footnotes on this slide. 9

10. Slide 10: On track to achieve ~2x net leverage by fiscal 2027

    On track to achieve ~2x net leverage by fiscal 2027 Net Debt to Adjusted EBITDA 1 Leverage Total net debt 1 at quarter end totaled $16.8B 3 , including $ in billions $25 3.5x $10.8B 4 associated with the financing company. 3.1x 2.6x 3.0x $20 2.5x 1 of at least $2.0B , supported ~2.0x Targeting FY26

11. Slide 11: Outlook

    Outlook Q2 FY26 Full Year FY26 17% – 22% as reported Revenue $ 9.6 – $ 10 .0 billion Revenue growth 5 % – 10% normalized 6 GAAP operating profit growth 4 90% – 5 5 0% as reported GAAP diluted net EPS $0.09 – $0.13 Non -GAAP operating profit growth 1,3 3 2% – 4 0 % as reported Non -GAAP diluted net E

12. Slide 12: Outlook details

    Outlook details Q2 FY26 Full Year FY26 • Revenue: $9. 6 billion to $ 10.0 billion • Revenue growth: 17 % - 22% on a reported basis, or 5 %- • Non -GAAP operating expenses 1: increase sequentially 10% on a normalized 3 basis • Non -GAAP operating margin rate 1: down sequentially • Profitability will

13. Slide 13: Supplemental slides

    Supplemental slides 13

14. Slide 14: Networking – Q1 FY26

    Networking – Q1 FY26 Revenue by product segment Revenue Operating profit 1 Rev $ Y/Y 3 $2,706 $640 29% 45% million million ◼ Campus & Branch 1,227 2% ◼ Data Center Networking 444 3 1% 151.5% y/y 2 0.6% q/q 23.7% of revenue ◼ Security 255 (5)% ◼ Routing 780 10% 10% Total 2,706 7% $ in billions 16%

15. Slide 15: Cloud & AI – Q1 FY26

    Cloud & AI – Q1 FY26 Revenue Operating profit 1 $6,334 million $645 million Revenue by product segment 2.7% y/y 5.1% q/q 10.2% of revenue 2% 14% Rev $ Y/Y ◼ Server 4,232 (3)% $ in billions ◼ Storage 2 1,061 1% ◼ Financial Services 876 -% 17% ◼ Other 3 165 (30)% OP % revenue Total 6,334 (3)% Revenu

16. Slide 16: Q1 FY26 balance sheet

    Q1 FY26 balance sheet Operating Company 1,2 Financing Company 1,2 Net Cash 3 $(6.1)B $13.0B $10.1B $11.6B $4.0B $0.8B 4 5 Committed to investment grade rating and healthy balance sheet Reference endnotes slide in Appendix 2 for footnotes on this slide. 16

17. Slide 17: Appendix

    Appendix 1 17

18. Slide 18: Restated Financials for New Segmentation

    Restated Financials 1 for New Segmentation Revised Amounts Amounts as Previously Reported in millions Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net revenue: Cloud & AI $5,316 $5,866 $6,327 $7,072 $6,511 $6,271 $7,212 $6,676 $— $— $— $— $— $— $— $

19. Slide 19: Reconciliation to Restated Financials for New Segmentation Earnings Before Taxes

    Restated Financials for New Segmentation 1 Reconciliation to Earnings Before Taxes Revised Amounts Amounts as Previously Reported in millions Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Earnings before taxes Cloud & AI $508 $525 $612 $756 $547 $414

20. Slide 20: Revenue Disaggregation - As Reported

    Revenue Disaggregation - As Reported Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 in millions Amount Amount Amount Amount Amount Y/Y % Amount Y/Y % Amount Y/Y % Amount Y/Y % Amount Y/Y % Networking: Campus & Branch $956 $832 $858 $851 $864 (10%) $880 6% $1,101 28% $1,284 51% $1,227 42% Data

21. Slide 21: Customer Segmentation - Networking As Reported

    Customer Segmentation - Networking As Reported Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 in millions Amount Amount Amount Amount Amount Y/Y % Amount Y/Y % Amount Y/Y % Amount Y/Y % Amount Y/Y % Networking (Customer): Enterprise $1,097 $977 $1,006 $993 $1,027 (6%) $1,049 7% $1,375 37% $1,

22. Slide 22: Revenue Disaggregation & Customer Segmentation - Networking Normalized

    Revenue Disaggregation & Customer Segmentation - Networking Normalized 1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 in millions Amount Amount Amount Amount Amount Y/Y % Amount Y/Y % Amount Y/Y % Amount Y/Y % Amount Y/Y % Networking (Product): Campus & Branch $1,279 $1,077 $1,153 $1,166 $1

23. Slide 23: Q1 FY26 GAAP to non-GAAP bridge

    Q1 FY26 GAAP to non -GAAP bridge 1 Acquisition, Stock -based In millions, except tax rate and per share Amortization of Cost reduction Gain on Adjustments for GAAP disposition, and compensation Other 2 Non -GAAP amounts intangible assets program investments, net equity interests other charges expens

24. Slide 24: FY25 GAAP to non-GAAP bridge

    FY25 GAAP to non -GAAP bridge 1 Acquisition, H3C divestiture Stock -based Amortization of Loss on In millions, except tax rate and per Transformation Impairment disposition, related Gain on sale of Cost reduction GAAP compensation intangible investments Other 2 Non -GAAP share amounts credit charges

25. Slide 25: Q4 FY25 GAAP to non-GAAP bridge

    Q4 FY25 GAAP to non -GAAP bridge 1 Acquisition, Stock -based In millions, except tax rate Amortization of Impairment Cost reduction Loss on GAAP disposition, and compensation Other 2 Non -GAAP and per share amounts intangible assets charges program investments, net other charges expense Revenue $ 9

26. Slide 26: Q3 FY25 GAAP to non-GAAP bridge

    Q3 FY25 GAAP to non -GAAP bridge 1 Acquisition, Stock -based In millions, except tax rate and per share Amortization of Cost reduction Loss on investments , GAAP disposition, and other compensation Other 2 Non -GAAP amounts intangible assets program net charges expense Revenue $9,136 $9,136 Cost of

27. Slide 27: Q2 FY25 GAAP to non-GAAP bridge

    Q2 FY25 GAAP to non -GAAP bridge 1 Acquisition, Stock -based Amortization of H3C divestiture In millions, except tax rate and per Transformation Impairment of Cost reduction Gain on GAAP disposition, and compensation intangible related Other 2 Non -GAAP share amounts credit goodwill program investme

28. Slide 28: Q1 FY25 GAAP to non-GAAP bridge

    Q1 FY25 GAAP to non -GAAP bridge 1 Acquisition, Stock -based H3C divestiture In millions, except tax rate and per share Transformation Amortization of Gain on sale of a Gain on GAAP disposition, and compensation related Other 2 Non -GAAP amounts costs intangible assets business investments net other

29. Slide 29: FY24 GAAP to non-GAAP bridge

    FY24 GAAP to non -GAAP bridge 1 Acquisition, Loss on Stock -based Amortization Adjustments for In millions, except tax rate and per share Transformation Disaster disposition, and Divestiture investments GAAP compensation of intangible equity Other 4 Non -GAAP amounts costs recovery other related rel

30. Slide 30: Q4 FY24 GAAP to non-GAAP bridge

    Q4 FY24 GAAP to non -GAAP bridge 1 Acquisition, Stock -based In millions, except tax rate and per share Transformation Disaster disposition, and Amortization of Gain on Adjustments for GAAP compensation Other 4 Non -GAAP amounts costs recovery other related intangible assets investments net 2 equity

31. Slide 31: Q3 FY24 GAAP to non-GAAP bridge

    Q3 FY24 GAAP to non -GAAP bridge 1 Acquisition, Gain on Stock -based Amortization Earnings from In millions, Transformatio Disaster disposition, and Divestiture investments GAAP compensation of intangible equity Other 4 Non -GAAP except tax rate and per share amounts n costs recovery other related r

32. Slide 32: Q2 FY24 GAAP to non-GAAP bridge

    Q2 FY24 GAAP to non -GAAP bridge 1 Acquisition, Stock -based In millions, Transformation Amortization of Earnings from GAAP Disaster recovery disposition, and compensation 2 Other 3 Non -GAAP except tax rate and per share amounts costs intangible assets equity interests other related charges expense

33. Slide 33: Q1 FY24 GAAP to non-GAAP bridge

    Q1 FY24 GAAP to non -GAAP bridge 1 Acquisition, Stock -based Loss on In millions, Transformation Disaster (recovery) disposition, and Amortization of Earnings from GAAP compensation investments 3 Other 4 Non -GAAP except tax rate and per share amounts costs charges other related intangible assets eq

34. Slide 34: Reconciliation of Segment Operating Profit to GAAP & Non-GAAP Operating Profit

    Reconciliation of Segment Operating Profit to GAAP & Non - GAAP Operating Profit In millions Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 $357 $240 $259 $278 $320 $271 $365 $638 $640 Networking 508 525 612 756 547 414 504 620 645 Cloud & AI (14) (12) (12) (6) (8) (7) (19) 5 (12) Corporate I

35. Slide 35: Reconciliation of Operating Cash Flow to Free Cash Flow

    Reconciliation of Operating Cash Flow to Free Cash Flow 1 in millions Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net cash (used in) provided by operating activities ($390) ($461) $1,305 $2,465 $1,178 Investment in property, plant and equipment and software assets (528) (547) (576) (641) (569) Proceeds from sale

36. Slide 36: Reconciliation of TTM Operating Profit to Non-GAAP Operating Profit and Adjusted EBITDA

    Reconciliation of TTM 1 Operating Profit to Non -GAAP Operating Profit and Adjusted EBITDA HPE Juniper Networks Pro Forma Q1'26 TTM Q1'26 TTM TTM GAAP Operating Profit ($400) $167 ($233) Acquisition, disposition and other charges 740 54 794 Stock -based compensation expense 705 95 800 Amortization o

37. Slide 37: Reconciliation of TTM Operating Profit to Non-GAAP Operating Profit and Adjusted EBITDA

    Reconciliation of TTM 1 Operating Profit to Non -GAAP Operating Profit and Adjusted EBITDA HPE Juniper Networks Pro Forma Q3'25 TTM Q3'25 TTM TTM GAAP Operating Profit $264 $399 $663 Acquisition , disposition and other charges 404 77 481 Stock -based compensation expense 536 244 780 Amortization of

38. Slide 38: Appendix

    Appendix 2 38

39. Slide 39: Endnotes

    Endnotes Slide 5: Strong Networking Q1 results and increased profitability in Cloud & AI drive higher fiscal 2026 outlook 1. A description of HPE’s use of non -GAAP financial information is provided on the slide titled “Use of non -GAAP financial informat ion”. A reconciliation of specific adjustmen

40. Slide 40: Endnotes

    Endnotes Slide 9: Raising FY26 free cash flow guidance to at least $2 billion 1. A description of HPE’s use of non -GAAP financial information is provided on the slide titled “Use of Non -GAAP Financial Informat ion.” HPE provides certain guidance on a non -GAAP basis. The Company is unable to provi

41. Slide 41: Endnotes

    Endnotes Slide 12: Outlook details 1. A description of HPE’s use of non -GAAP financial information is provided on the slide titled “Use of non -GAAP financial informat ion”. 2. Q2’26 non -GAAP diluted net EPS estimate excludes net after -tax adjustments of approximately $0.42 per diluted share, pri

42. Slide 42: Endnotes

    Endnotes Slide 16: Q1 FY26 balance sheet 1. Operating Company = Total HPE excluding Financial Services (FS); Financing Company = HPE Financial Services (FS). 2. As of January 31, 2026, we have outstanding securitized debt of approximately $2.1 billion from ABS issuances in the US mark et. 3. Operati

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