Global Business Travel Group, Inc. · NYSE:GBTG
Global Business Travel — Q2 2025 Earnings Presentation
23 slides from Global Business Travel's earnings presentation, Aug 5, 2025
Slide 1: Amex GBT Q2 2025 Earnings Presentation
Amex GBT Q2 2025 Earnings Presentation August 5, 2025 GBT Travel Services UK Limited (GBT UK) and its authorized sublicensees (including Ovation Travel Group and Egencia) use certain trademarks and service marks of American Express Company or its subsidiaries (American Express) in the “American Expr
Slide 2: Legal Disclaimer: Forward-Looking Statements
Legal Disclaimer Forward-Looking Statements This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our financial position, business strategy, and the plans and objectives of management for future o
Slide 3: Legal Disclaimer: Industry and Market Data
Legal Disclaimer Industry and Market Data This presentation also contains information, estimates and other statistical data derived from third party sources, including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers an
Slide 4: Today's Presenters
Today’s Presenters PAUL ABBOTT KAREN WILLIAMS Chief Executive Officer Chief Financial Officer This document contains unpublished, confidential, and proprietary information of American Express Global Business Travel (Amex GBT).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 withou
Slide 5: Solid Second Quarter and Continued Momentum
Solid Second Quarter and Continued Momentum Q2 2025 Highlights Proof Points ✓ Revenue grew 1% YOY to $631M Delivered Q2 results ahead of ✓ Adj. EBITDA grew 4% YOY to $133M, reaching significant milestone of >$500M over LTM expectations; Confidence to ✓ Free Cash Flow generation of $27M raise FY guid
Slide 6: CWT Acquisition Now Expected to Close in Q3 2025
CWT Acquisition Now Expected to Close in Q3 2025 Expected Close: Q3’25 Confident in growth opportunity for the combined companies Amex GBT to acquire CWT, a global business ~$155M identified synergies; Proven track record of Significant Synergies delivering synergies travel and meetings solutions Di
Slide 7: Powerful Financial Model Drives Efficient Growth
Powerful Financial Model Drives Efficient Growth Transactions TTV $7.9B $7.7B +1% +3% on a WDA basis1 on a WDA basis1 0% reported +2% reported Q2'24 Q2'25 Q2'24 Q2'25 Revenue Adjusted EBITDA $631M $133M $625M +1% $127M +4% 21% 20% Margin Margin +70bps margin expansion Q2'24 Q2'25 Q2'24 Q2'25 See Sup
Slide 8: Transaction Growth Improved to 2% in May/June, with Green Shoots in June and into July
Transaction Growth Improved to 2% in May/June, with Green Shoots in June and into July WDA Transaction Growth1 April’25 vs. April’24 May/June’25 vs. May/June’24 Total Transactions Customer Set Booking Type Air Route Region of Sale 6% 4% 3% 2% 3% 2% 2% 1% 1% 0% 0% (1%) (1%) (2%) (2%) (2%) (3%) (4%) (
Slide 9: Global Multinational (GMN) Performance Demonstrates Sequential Improvement
Global Multinational (GMN) Performance Demonstrates Sequential Improvement GMN Same-Store Transaction Growth (WDA1) April’25 vs. April’24 May/June’25 vs. May/June’24 5% 4% 3% 2% 1% (1%) Additional (1%) (2%) (3%) (3%) + 2pt impact (4%) (5%) from net (7%) (6%) new wins in (9%) May/June (21%) Informati
Slide 10: Current Transaction Growth Trends & Customer Outlook
Current Transaction Growth Trends & Customer Outlook Top 100 customer survey – macro uncertainty seems to be moderating, with customers less concerned or increasingly neutral on the impact of tariffs Minimal travel policy restrictions have been put into place Spend outlooks across industry verticals
Slide 11: Financial Results in Q2 2025 Exceeded Guidance Midpoints
Financial Results in Q2 2025 Exceeded Guidance Midpoints; Significant Milestone of >$500M in Adj. EBITDA over LTM Q2 2025 YOY Change ($M) Results Inc / (Dec) Total Revenue $631 + 1% Revenue Yield 8.0% (10 bps) Adjusted Operating Expenses $500 0% Operating income $34 (21%) Adjusted EBITDA $133 + 4% A
Slide 12: Executing on the Factors in our Control with Efficiency Gains Offset by Increased Investments
Executing on the Factors in our Control with Efficiency Gains Offset by Increased Investments Q2 2025 YOY Change ($M) Expenses ($M) Increase / (Decrease) Cost of revenue (excl. D&A) $242 (2%) Sales and marketing $111 13% Technology and content $120 8% General and administrative $69 (14%) This docume
Slide 13: Raised and Narrowed FY 2025 Guidance
Raised and Narrowed FY 2025 Guidance The guidance below does not include the impact of CWT, which is expected to close in Q3 2025. FY 2025 Guidance Low Midpoint High $2.460B $2.488B $2.515B Revenue +2% YOY +3% YOY +4% YOY $505M $523M $540M Adjusted EBITDA +6% YOY +9% YOY +13% YOY 20.5% 21.0% 21.5% A
Slide 14: Q&A
Q&A PAUL KAREN ERIC ABBOTT WILLIAMS BOCK Chief Executive Chief Financial Chief Legal Officer, Officer Officer Corporate Secretary & Global Head of M&A This document contains unpublished, confidential, and proprietary information of American Express Global Business Travel (Amex GBT). No disclosure or
Slide 15: 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 16: Glossary of Terms
Glossary of Terms Customer retention rate is calculated based on Total Transaction Value (TTV). 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 custome
Slide 17: 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 18: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued 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 the growth of our business or as measures of cash th
Slide 19: Reconciliation of net income to EBITDA and Adjusted EBITDA
Reconciliation of net income to EBITDA and Adjusted EBITDA Three months ended June 30, (in $ millions) 2025 2024 Net income $ 15 $ 27 Interest income (2) (2) Interest expense 23 32 Provision for (benefit from) income taxes 21 (26) Depreciation and amortization 43 48 EBITDA 100 79 Restructuring, exit
Slide 20: Reconciliation of total operating expenses to Adjusted Operating Expenses
Reconciliation of total operating expenses to Adjusted Operating Expenses Three months ended June 30, (in $ millions) 2025 2024 Total operating expenses $ 597 $ 583 Adjustments: Depreciation and amortization (43) (48) Restructuring, exit and related charges (a) (13) 3 Integration costs (b) (3) (7) M
Slide 21: Reconciliation of last twelve months Adjusted EBITDA
Reconciliation of last twelve months Adjusted EBITDA Last twelve months Three months ended ended September December March 31, June 30, June 30, (in $ millions) 30, 2024 31, 2024 2025 2025 2025 Net income (loss) $ (128) $ (14) $ 75 $ 15 $ (52) Interest income (2) (2) (2) (2) (8) Interest expense 28 2
Slide 22: 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 June 30, (in $ millions) 2025 2024 Net cash from operating activities $ 57 $ 73 Less: Purchase of property and equipment (30) (24) Free Cash Flow $ 27 $ 49 As of (in $ millions) J
Slide 23: Reconciliation of FY 2025 Adjusted EBITDA Guidance and Free Cash Flow Guidance
Reconciliation of FY 2025 Adjusted EBITDA Guidance and FY 2025 Free Cash Flow Guidance The Company’s full-year 2025 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance und
Global Business Travel Group, Inc. (Amex GBT) — Q2 2025 Earnings Presentation on 6ix