Global Business Travel Group, Inc. · NYSE:GBTG
Global Business Travel — Q3 2025 Earnings Presentation
27 slides from Global Business Travel's earnings presentation, Nov 10, 2025
Slide 1: Amex GBT Q3 2025 Earnings Presentation
Amex GBT Q3 2025 Earnings Presentation November 10, 2025 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 “Amer
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 Data and Non-GAAP Measures
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 CEO CFO “Today we reported third-quarter 2025 results that reflect strong execution within our core business “We continue to deliver on our and the acquisition of CWT. We have commitments and reported strong multiple levers for growth and value third-quarter 2025 financial results
Slide 5: Q3 2025 Financial & Operational Highlights
Q3 2025 Financial Core business in line with expectations + Closed CWT Acquisition on Sept 2, 2025 & Operational Highlights 23% 13% TTV growth (YOY) Revenue growth (YOY) 60% 9% Adj. Gross Profit Margin1 Adj. EBITDA growth (YOY) 1 $38M $3.2B Free Cash Flow1 LTM Total New Wins Value2 1See Supplemental
Slide 6: Key Transformative Milestones Achieved
Key Transformative Milestones Achieved Multiple Levers for Growth and Value Creation Ahead Closed CWT acquisition SME Opportunity SAP Concur strategic alliance AI and digitization Next-gen Egencia integrated T&E solution + Strong execution on core business = Significant More to discuss at our opport
Slide 7: Reached Key Milestone with CWT Close on Sept 2, 2025
Reached Key Milestone with Growth & Synergy Realization CWT Close on Sept 2, 2025 Significantly grows revenue And brings new industry verticals and expertise Highly accretive transaction Material synergy opportunity with proven track record Diversifies shareholder base ~50M shares issued, subject to
Slide 8: Strategic Alliance with SAP Concur
Strategic Alliance with SAP Growth & Value Proposition Concur Co-developing “Complete” – new flagship solution for travel and expense AI-powered platform for booking, servicing and expensing Integrating Concur Expense with Egencia Offering customers a seamless travel and expense experience Accelerat
Slide 9: Huge SME Opportunity and Strong Value Proposition
Huge SME Opportunity and Growth & Value Proposition Strong Value Proposition SME = large & profitable opportunity $834B estimated SME total travel spend in 2024 $625B of the global SME segment is unmanaged SME value proposition Savings, control and world-class service Launching next-gen Egencia inte
Slide 10: AI & Digitization Drive Increased Value Proposition and Margin Expansion
AI & Digitization Drive Increased Value Proposition and Significant Margin Expansion Redefining the customer experience for Continued cost transformation improved revenue and conversion opportunity • Egencia AI chat – 23% reduction in need • 40%+ call interactions assisted by AI1 for human intervent
Slide 11: Q3 2025 Financial Results Reflect Strong Execution in our Core Business + CWT
Q3 2025 Financial Results Reflect Strong Execution in our Core Business + Acquisition of CWT TTV Transactions $9.5B $7.8B +23% +19% +9% ex-CWT +4% ex-CWT Q3'24 Q3'25 Q3'24 Q3'25 Revenue Adjusted EBITDA $128M $674M +13% $118M +9% 19% $597M Margin 20% 20% Margin +5% ex-CWT Margin +3% ex-CWT ex-CWT Q3'
Slide 12: Financial Results in Q3 2025 Reflect Strong Execution in Core Business + CWT
Financial Results in Q3 2025 Reflect Strong Execution in our Core Business + Acquisition of CWT Closed the CWT acquisition on September 2, 2025; Core business revenue and Adj. EBITDA performance in line with expectations Core Business Q3 2025 YOY ($M) (excl. CWT) Results Inc / (Dec) YOY Inc / Dec To
Slide 13: 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 Synergies in 2025/2026 $5M in 2025, incremental $50M in 2026 Workforce reduction Real estate consolidation Vendor savings $0M $155M Closed 9/2/25 within 3 years Th
Slide 14: Raising FY 2025 Guidance
Raising FY 2025 Guidance; Core Business Tracking in Line with Previous Guidance Midpoint + Acquisition of CWT Updated FY 2025 Guidance Vs. Previous Midpoint $2.705B – $2.725B +$227M Revenue +12% YOY due to incremental revenue from CWT $523M – $533M +$5M Adjusted EBITDA1 +9% – 11% YOY due to CWT syne
Slide 15: Preliminary Expectations for FY 2026
Preliminary Expectations for FY 2026: Double-Digit Revenue and Adj. EBITDA Growth Consolidated 2026 Preliminary Outlook 19% – 21% Revenue growth Accelerating $615M – $645M growth and cost Adj. EBITDA transformation 16% – 22% Adj. EBITDA growth FY 2026 Guidance will be provided on next earnings call
Slide 16: Q&A
Q&A Chief Legal Officer, CEO CFO Corporate Secretary & Global Head of M&A Paul Abbott Karen Williams Eric Bock 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 m
Slide 17: 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. © 2025 GBT Travel Services U
Slide 18: FY 2025 Free Cash Flow
FY 2025 Free Cash Flow ~$523M ~$30M ~($90M) ~($115M) ($110M - ~($25M) $120M) ~($45M) ~$210M ~($68M) ($65M - $75M) ~($60M) ~$100M ~($50M) Adj. EBITDA Net Cash Interest Capex Pension Cash Tax NWC, Underlying M&A CWT Consolidated Guidance Interest Rate Restructuring, Free Free Cash Midpoint Swap and ot
Slide 19: Glossary of Terms
Glossary of Terms AI refers to Artificial Intelligence. CWT refers to CWT Holdings, LLC. GMN refers to Global & Multinational Enterprises and SME refers to Small and Medium-sized Enterprises. For organizational management purposes, Amex GBT divides the customer base into these two general categories
Slide 20: 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, and should not be considered as an alternative, to other performance or liquidity measures derived in accordance with GAAP. Non-GAAP financial measures have
Slide 21: 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 a measure of liquidity or as a measure determining discretionary cash available to us to reinvest in
Slide 22: Reconciliation of Adjusted Gross Profit to Gross Profit
Reconciliation of Adjusted Gross Profit to Gross Profit Three months ended September 30, (in $ millions) 2025 2024 Revenue $ 674 $ 597 Cost of revenue (excluding depreciation and amortization) 270 237 Adjusted Gross Profit 404 360 Depreciation and amortization related to cost of revenue 16 13 Gross
Slide 23: Reconciliation of net loss to EBITDA and Adjusted EBITDA
Reconciliation of net loss to EBITDA and Adjusted EBITDA Three months ended September 30, (in $ millions) 2025 2024 Net loss $ (62) $ (128) Interest income (2) (2) Interest expense 24 28 — Loss on early extinguishment of debt 38 Provision for income taxes 24 54 Depreciation and amortization 49 43 EB
Slide 24: Reconciliation of total operating expenses to Adjusted Operating Expenses
Reconciliation of total operating expenses to Adjusted Operating Expenses Three months ended September 30, (in $ millions) 2025 2024 Total operating expenses $ 662 $ 570 Adjustments: Depreciation and amortization (49) (43) Restructuring, exit and related charges (a) (31) (8) Integration costs (b) (4
Slide 25: Reconciliation of Last Twelve Months Adjusted EBITDA
Reconciliation of Last Twelve Months Adjusted EBITDA Last twelve months Three months ended ended December March 31, June 30, September September (in $ millions) 31, 2024 2025 2025 30, 2025 30, 2025 Net (loss) income $ (14) $ 75 $ 15 $ (62) $ 14 Interest income (2) (2) (2) (2) (8) Interest expense 22
Slide 26: Reconciliation of 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 September 30, (in $ millions) 2025 2024 Net cash from operating activities $ 71 $ 85 Less: Purchase of property and equipment (33) (26) Free Cash Flow $ 38 $ 59 As of (in $ millio
Slide 27: Reconciliation of FY 2025 Adjusted EBITDA Guidance
Reconciliation of FY 2025 Adjusted EBITDA Guidance, FY 2025 Free Cash Flow Guidance and Preliminary Expectation for FY 2026 The Company’s full-year 2025 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respe
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