Avis Budget Group, Inc. · NASDAQ:CAR
Avis Budget — Q3 2025 Earnings Presentation
12 slides from Avis Budget's earnings presentation, Oct 28, 2025
Slide 1: 3Q 2025 Supplemental Financials
3Q 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: 3Q Results: Total Company
3Q Results: Total Company 3Q ‘25 3Q ’24 % Change YTD 2025 YTD 2024 % Change REVENUES $3,519 $3,480 1% $8,988 $9,079 (1)% RENTAL DAYS (000s) 49,400 48,786 1% 133,800 133,872 —% REVENUE PER DAY $70.49 $71.32 (1)% $66.89 $67.82 (1)% EXCLUDING EXCHANGE RATE EFFECTS AVERAGE RENTAL FLEET 746,161 735,841 1
Slide 4: 3Q Results: Americas
3Q Results: Americas 3Q ‘25 3Q ‘24 % Change COMMENTARY REVENUES $2,621 $2,640 (1)% While overall revenue was slightly down compared to prior year, the U.S. rental car revenue increased by 1% due to a strong summer season RENTAL DAYS (000s) 35,811 34,922 3% Leisure volume was up in the quarter contin
Slide 5: 3Q Results: International
3Q Results: International 3Q ‘25 3Q '24 % Change % COMMENTARY REVENUES Revenues excluding FX were 2% higher, largely driven by our Global $859 $840 2% Rightsizing initiative, which focused on more profitable transactions. EXCLUDING EXCHANGE RATE EFFECTS We made further progress with our segmentation
Slide 6: 3Q Liquidity Profile
3Q Liquidity Profile 3Q ‘25 3Q ‘24 ADJUSTED FREE CASH FLOW COMMENTARY ADJUSTED FREE CASH FLOW (YEAR TO $(517) $(1,068) Year to date, our Adjusted Free cash flow was negative $517 million DATE) driven by more than $1 billion in voluntary fleet contributions. This $1 billion was funded by $500 million
Slide 7: Corporate Debt Maturities as of September 30, 2025
Corporate Debt Maturities as of September 30, 2025 $2,000 $1,134 $704 $704 $644 $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. 7
Slide 8: Outlook
Outlook FY 2025 Low end of previously ADJUSTED EBITDA stated $900M - $1,000M range 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 around $300 in 4Q ‘25. 8
Slide 9: Appendix
Appendix 9
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 U.S. GAAP measure most direc
Slide 11: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) $ 360 $ 238 $ (139) $ 140 Provision for (benefit from) income taxes 113 91 (50) 74 Income (loss) before i
Slide 12: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Reconciliation of net cash provided by operating Nine Months Ended activities to Adjusted Free Cash Flow: September 30, 2025 2024 Net cash provided by operating activities $ 2,859 $ 2,746 Net cash used in investing activities of vehicle programs (4,520) (2,572) Ne