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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 “American Express Global Business Travel” and “American Express GBT Meetings & Events” brands and in connection with its business for permitted uses only under a limited license from American Express (Licensed Marks). The Licensed Marks are trademarks or service marks of, and the property of, American Express. GBT UK is a subsidiary of Global Business Travel Group, Inc. (NYSE: GBTG). American Express holds a minority interest in GBTG, which operates as a separate company from American Express. Amex GBT Q3 2025 Earnings Presentation November 10, 2025
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This document contains unpublished, confidential,and proprietary information of American Express Global Business Travel (Amex GBT).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 UK Limited. 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 Litigation Reform Act of 1995. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine and the conflicts in the Middle East, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the impact of the federal government shutdown that began in October 2025; (8) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (9) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (10) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for travel and our services); (11) the effect of legal, tax and regulatory changes; (12) the impact of any future acquisitions including the integration of any acquisition; (13) costs related to, or the inability to recognize the anticipated benefits of our merger (the “Merger”) with CWT Holdings, LLC. ("CWT"); (14) risks related to the business of CWT or unexpected liabilities that arise in connection with the transaction or the integration of CWT including our ability to apply our procedures regarding internal controls over financial reporting to CWT; (15) the outcome of any legal proceedings that may be instituted against the Company in connection with the Merger; and other factors detailed in the Company's Form 10-K filed with the SEC on March 7, 2025 and in the Company's other SEC filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Use of Projections This presentation contains projected financial information and forecasts (including guidance and outlook) with respect to Amex GBT. Such projected financial information and forecasts (including guidance and outlook) constitutes forward-looking information and is presented as goals or an illustration of the results that could be generated given a set of hypothetical assumptions that may prove to be incorrect. Such projected financial information should not be viewed as guidance and is not based on Amex GBT’s historical operating results and should not be relied upon as necessarily indicative of future results or Amex GBT’s actual economics. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, a number of which are beyond the control of Amex GBT and subject to change, that could cause actual results to differ materially from those contained in the prospective financial information. Actual results may differ materially from the results contemplated by the financial forecast information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Amex GBT’s independent auditor has not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, has not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. Moreover, Amex GBT operates in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor assess the impact of all factors on Amex GBT’s business or the extent to which any factor, or combination of factors, may cause Amex GBT’s actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial condition. In addition, the analyses of Amex GBT contained herein are not, and do not purport to be, appraisals of the securities, assets or business of Amex GBT or any other entity. P.2
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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 UK Limited. 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 customers and/or industry or general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies used in market research, none of Amex GBT or the third party can guarantee the accuracy of such information. You are cautioned not to give undue weight on such estimates. Amex GBT has not independently verified any, and makes no representation as to the accuracy of, such third-party information. Financial Statements and Certain Non-GAAP Financial Measures Some of the financial information and data contained in this presentation, such as Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Free Cash Flow and Net Debt have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Please refer to the “Supplemental Materials” section of this presentation for additional details. Amex GBT believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Amex GBT’s financial condition, results of operations and cash flows. Amex GBT’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. Amex GBT believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Amex GBT’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income and cash flows that are required by GAAP to be recorded in Amex GBT’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income and cash flows are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results and reconciliations to the most directly comparable GAAP measure are provided in the Supplemental Materials section of this presentation. Trademarks, Service Marks and Trade Names Amex GBT owns or has rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Amex GBT, or an endorsement or sponsorship by or of Amex GBT. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Amex GBT will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. Disclaimer An investment in Global Business Travel Group, Inc. is not an investment in American Express. American Express shall not be responsible in any manner whatsoever for, and in respect of, the statements herein, all of which are made solely by Global Business Travel Group, Inc. P.3
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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 UK Limited. Today’s Presenters “Today we reported third-quarter 2025 results that reflect strong execution within our core business and the acquisition of CWT. We have multiple levers for growth and value creation, including the acquisition of CWT, a new Strategic Alliance with SAP Concur, the launch of a next-gen Egencia Travel and Expense solution and the accelerating impact of AI on productivity and the customer experience." Paul Abbott, CEO CEO CFO Paul Abbott Karen Williams “We continue to deliver on our commitments and reported strong third-quarter 2025 financial results. We closed the CWT acquisition, and synergy actions are tracking ahead of expectations, backed by our proven track record. We raised our full-year guidance for 2026 and expect accelerated growth and cost transformation in 2026.” Karen Williams, CFO P.4
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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 UK Limited. Q3 2025 Financial & Operational Highlights 23% TTV growth (YOY) 13% Revenue growth (YOY) 60% Adj. Gross Profit Margin1 9% Adj. EBITDA growth (YOY) 1 $3.2B LTM Total New Wins Value2 $38M Free Cash Flow1 P.5 Core business in line with expectations + Closed CWT Acquisition on Sept 2, 2025 1See Supplemental Materials section for information on our use of certain non -GAAP financial measures and related reconciliations ; 2Excludes CWT
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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 UK Limited. Key Transformative Milestones Achieved Multiple Levers for Growth and Value Creation Ahead Next-gen Egencia integrated T&E solution SAP Concur strategic alliance Closed CWT acquisition SME Opportunity AI and digitization + Strong execution on core business = Significant opportunity for growth and margin expansion More to discuss at our March 2026 Investor Day P.6
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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 UK Limited. P.7 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 UK Limited. Reached Key Milestone with 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 90 and 270-day lockups Leverage stays within target range of 1.5x – 2.5x Growth & Synergy Realization $155M Net cost synergies identified over 3 years By the numbers $55M Synergies expected in 2025/2026 ~$700M CWT acquired revenue1 1$700M CWT acquired revenue based on H1 2025 annualized financial result as reported in 8 -K filed on November 10, 2025, prior to pro forma adjustments
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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 UK Limited. P.8 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 UK Limited. Strategic Alliance with SAP 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 Accelerates growth Opens opportunity to market this flagship solution to the SAP customer base Growth & Value Proposition By the numbers1 1Based on SAP’s October 2025 Corporate Fact Sheet 98 / 100 Largest companies in the world are SAP customers ~80% Of SAP’s customers are SMEs 104M+ SAP Concur end users
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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 UK Limited. P.9 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 UK Limited. Huge SME Opportunity and 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 integrated T&E solution Featuring SAP Concur Travel & Expense integration, Agentic AI capabilities and a redefined customer experience to strengthen value proposition to SME customers Growth & Value Proposition ~$8B Egencia LTM TTV $2.2B LTM SME New Wins Value3 By the numbers >90% Egencia Online Transactions1 ~7K Egencia customers2 1Based on FY 2024; 1Based on Q3 2025 gross transactions; 2As of September 30, 2025; 3Excludes CWT 95% LTM Customer Retention Rate3
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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 UK Limited. AI & Digitization Drive Increased Value Proposition and Significant Margin Expansion Continued cost transformation opportunity • Egencia AI chat – 23% reduction in need for human intervention in chats • Hotel dynamic rate cap – avg. customer savings of ~$60/booking • Hotel Smart Mix increases attach rates – 85% of booked hotels chosen from top 10 results • 40%+ call interactions assisted by AI1 • ~40% increase in daily AI Assist internal users, quarter-over-quarter2 • 60% Adj. Gross Profit Margin • Significant runway for margin expansion 82% digital transactions, with >60% on our proprietary channels1 1Amex GBT only – excludes CWT; 2AI assist is the Amex GBT internally deployed LLM Redefining the customer experience for improved revenue and conversion
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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 UK Limited. Q3 2025 Financial Results Reflect Strong Execution in our Core Business + Acquisition of CWT $118M $128M Q3'24 Q3'25 Adjusted EBITDA Q3'24 Q3'25 Transactions $7.8B $9.5B Q3'24 Q3'25 TTV $597M $674M Q3'24 Q3'25 Revenue +9% +19% 20% Margin 19% Margin +23% +13% +4% ex-CWT+9% ex-CWT See Supplemental Materials section for information on our use of certain non-GAAP financial measures and related reconciliations. +3% ex-CWT +5% ex-CWT P.11 20% Margin ex-CWT
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This document contains unpublished, confidential,and proprietary information of American Express Global Business Travel (Amex GBT). No disclosure or use of any portion of these materials may be made without the express written consent of Amex GBT. © 2025 GBT Travel Services UK Limited. Financial Results in Q3 2025 Reflect Strong Execution in our Core Business + Acquisition of CWT ($M) Q3 2025 Results YOY Inc / (Dec) Core Business (excl. CWT) YOY Inc / Dec Total Revenue $674 +13% +3% Adjusted Operating Expenses1 $548 +14% +3% Adjusted EBITDA1 $128 +9% +5% Adjusted Gross Profit Margin1 60% (40bps) +70bps Adjusted EBITDA Margin1 19% (70bps) +40bps Net cash from operating activities $71 (14%) +2% Free Cash Flow1 $38 (33%) (5%) Net Debt / LTM Adjusted EBITDA1 1.9x Closed the CWT acquisition on September 2, 2025; Core business revenue and Adj. EBITDA performance in line with expectations 1See Supplemental Materials section for information on our use of certain non-GAAP financial measures and related reconciliations. + $54M cash returned to shareholders through share repurchases (through November 6, 2025) P.12
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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 UK Limited. CWT Synergies Tracking In Line with Expectations Backed by proven track record in integration (HRG, Egencia) Workforce reduction Real estate consolidation Vendor savings Actions taken to date: $0M Closed 9/2/25 $155M within 3 years $55M Synergies in 2025/2026 $5M in 2025, incremental $50M in 2026 P.13
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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 UK Limited. Updated FY 2025 Guidance Vs. Previous Midpoint Revenue $2.705B – $2.725B +12% YOY +$227M due to incremental revenue from CWT Adjusted EBITDA1 $523M – $533M +9% – 11% YOY +$5M due to CWT synergies execution Free Cash Flow1 $90M – $110M ($50M) due to CWT cash impact Raising FY 2025 Guidance; Core Business Tracking in Line with Previous Guidance Midpoint + Acquisition of CWT P.14 1See Supplemental Materials section for information on our use of certain non-GAAP financial measures and related reconciliations. See Supplemental Materials section for a description of certain assumptions and risks associated with this guidance.
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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 UK Limited. Preliminary Expectations for FY 2026: Double-Digit Revenue and Adj. EBITDA Growth FY 2026 Guidance will be provided on next earnings call Accelerating growth and cost transformation Consolidated 2026 Preliminary Outlook 19% – 21% Revenue growth $615M – $645M Adj. EBITDA 16% – 22% Adj. EBITDA growth
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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 UK Limited. Q&A P.16 CEO CFO Paul Abbott Karen Williams Chief Legal Officer, Corporate Secretary & Global Head of M&A Eric Bock
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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 UK Limited. P.17 Supplemental Materials
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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 UK Limited. ~$523M ~($90M) ~$30M ~($115M) ~($25M) ~($45M) ~($68M) ~$210M ~($60M) ~($50M) ~$100M Adj. EBITDA Guidance Midpoint (Core Business ex-CWT) Net Cash Interest Interest Rate Swap Capex Pension Cash Tax NWC, Restructuring, and other Underlying Free Cash Flow (ex-CWT) M&A CWT Consolidated Free Cash Flow Midpoint FY 2025 Free Cash Flow ($110M - $120M) ($65M - $75M)
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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 UK Limited. 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, generally on the basis of annual TTV, although this measure can vary by country and by customer preference. Amex GBT offers all products and services to all sizes of customer, as customers of all sizes may prefer different solutions. LTM refers to the last twelve months ended September 30, 2025. SME New Wins Value is calculated using expected annual average Total Transaction Value (TTV) over the contract term from SME new client wins over the last twelve months. Total Transaction Value or TTV refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds. Transaction Growth (Decline) represents year-over-year increase or decrease as a percentage of the total transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking, and is calculated on a net basis to exclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, we compare the total number of transactions in the comparative previous period/ year to the total number of transactions in the current period/year in percentage terms. P.19
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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 UK Limited. Non-GAAP Financial Measures P.20 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 limitations as analytical tools, and you should not consider them either in isolation or as a substitute for analyzing our results as reported under GAAP. In addition, because not all companies use identical calculations, the presentations of our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Management believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance or liquidity across periods. In addition, we use certain of these non-GAAP financial measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determine future capital investment allocations. We also use certain of our non-GAAP financial measures as indicators of our ability to generate cash to meet our liquidity needs and to assist our management in evaluating our financial flexibility, capital structure and leverage. These non-GAAP financial measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and/or to compare our performance and liquidity against that of other companies using similar measures. We define Adjusted Gross Profit as revenue less cost of revenue (excluding depreciation and amortization).We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by revenue.] We define EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization. We define Adjusted EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization and as further adjusted to exclude costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity- based compensation and related employer taxes, long-term incentive plan costs, certain corporate costs, fair value movements on earnout derivative liabilities, foreign currency gains (losses) and non-service components of net periodic pension benefit (costs).We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Operating Expenses as total operating expenses excluding depreciation and amortization and costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs and certain corporate costs. Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are supplemental non-GAAP financial measures of operating performance that do not represent and should not be considered as alternatives to revenue, net income (loss) or total operating expenses, as determined under GAAP. In addition, these measures may not be comparable to similarly titled measures used by other companies. These non-GAAP measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of the Company’s results or expenses as reported under GAAP. Some of these limitations are that these measures do not reflect: • changes in, or cash requirements for, our working capital needs or contractual commitments; • our interest expense, or the cash requirements to service interest or principal payments on our indebtedness; • our tax expense, or the cash requirements to pay our taxes; • recurring, non-cash expenses of depreciation and amortization of property and equipment and definite-lived intangible assets and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future; • the non-cash expense of stock-based compensation, which has been, and will continue to be for the foreseeable future, an important part of how we attract and retain our employees and a significant recurring expense in our business; • restructuring, mergers and acquisition and integration costs, all of which are intrinsic of our acquisitive business model; and • impact on earnings or changes resulting from matters that are non-core to our underlying business, as we believe they are not indicative of our underlying operations.
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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 UK Limited. Non-GAAP Financial Measures, Continued P.21 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 the growth of our business or as measures of cash that will be available to us to meet our obligations. We believe that the adjustments applied in presenting Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are appropriate to provide additional information to investors about certain material non-cash and other items that management believes are non-core to our underlying business. We use these measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determine future capital investment allocations. These non-GAAP measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. We also believe that Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are helpful supplemental measures to assist potential investors and analysts in evaluating our operating results across reporting periods on a consistent basis. We define Free Cash Flow as net cash from (used in) operating activities, less cash used for additions to property and equipment. We believe Free Cash Flow is an important measure of our liquidity. This measure is a useful indicator of our ability to generate cash to meet our liquidity demands. We use this measure to conduct and evaluate our operating liquidity. We believe it typically presents an alternate measure of cash flow since purchases of property and equipment are a necessary component of our ongoing operations and it provides useful information regarding how cash provided by operating activities compares to the property and equipment investments required to maintain and grow our platform. We believe Free Cash Flow provides investors with an understanding of how assets are performing and measures management’s effectiveness in managing cash. Free Cash Flow is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure has limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent cash flow for discretionary expenditures. This measure should not be considered as a measure of liquidity or cash flow from operations as determined under GAAP. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity. We define Net Debt as total debt outstanding consisting of the current and non-current portion of long-term debt, net of unamortized debt discount and unamortized debt issuance costs, minus cash and cash equivalents. Net Debt is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure is not a measurement of our indebtedness as determined under GAAP and should not be considered in isolation or as an alternative to assess our total debt or any other measures derived in accordance with GAAP or as an alternative to total debt. Management uses Net Debt to review our overall liquidity, financial flexibility, capital structure and leverage. Further, we believe that certain debt rating agencies, creditors and credit analysts monitor our Net Debt as part of their assessment of our business.
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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 UK Limited. Reconciliation of Adjusted Gross Profit to Gross Profit P.22 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 Profit 388 347 Gross Profit Margin 58 % 58 % Adjusted Gross Profit Margin 60 % 60 %
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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 UK Limited. Reconciliation of net loss to EBITDA and Adjusted EBITDA P.23 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 EBITDA 33 33 Restructuring, exit and related charges (a) 31 8 Integration costs (b) 4 7 Mergers and acquisitions costs (c) 10 12 Equity-based compensation and related employer taxes (d) 19 22 Fair value movement on earnout derivative liabilities (e) 26 22 Other adjustments, net (f) 5 14 Adjusted EBITDA $ 128 $ 118 Net loss Margin (9)% (21)% Adjusted EBITDA Margin 19 % 20 %
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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 UK Limited. Reconciliation of total operating expenses to Adjusted Operating Expenses P.24 a) Includes (i) employee severance costs of $29 million and $2 million for the three months ended September30, 2025 and 2024, respectively, (ii) accelerated amortization of operating lease ROU assets of $2 million and $4 million for the three months ended September30, 2025 and 2024, respectively and (iii) contract costs related to facility abandonment of $0 and $2 million for the three months ended September30, 2025 and 2024, respectively. b) Represents expenses related to the integration of business acquisitions. c) Represents expenses related to business acquisitions, including potential business acquisitions, and includes pre-acquisition due diligence and related activities costs. d) Represents non-cash equity-based compensation expense and employer taxes paid related to equity incentive awards to certain employees. e) Represents fair value movements on earnout derivative liabilities during the periods. f) Adjusted Operating Expenses excludes legal and professional services costs (reversals) of $1 million and $(1) million for the three months ended September30, 2025 and 2024, respectively. Adjusted EBITDA additionally excludes (i) unrealized foreign exchange loss of $2 million and $14 million for the three months ended September30, 2025 and 2024, respectively and (ii) non-service component of our net periodic pension cost related to our defined benefit pension plans of $2 million and $1 million for the three months ended September30, 2025 and 2024, respectively. 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) (7) Mergers and acquisitions costs (c) (10) (12) Equity-based compensation and related employer taxes (d) (19) (22) Other adjustments, net (f) (1) 1 Adjusted Operating Expenses $ 548 $ 479
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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 UK Limited. Reconciliation of Last Twelve Months Adjusted EBITDA Three months ended Last twelve months ended (in $ millions) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 Net (loss) income $ (14) $ 75 $ 15 $ (62) $ 14 Interest income (2) (2) (2) (2) (8) Interest expense 22 24 23 24 93 Loss on early extinguishment of debt — 2 — — 2 Provision for income taxes 11 21 21 24 77 Depreciation and amortization 40 40 43 49 172 EBITDA 57 160 100 33 350 Restructuring, exit and related charges 3 4 13 31 51 Integration costs 4 5 3 4 16 Mergers and acquisitions 8 6 18 10 42 Equity-based compensation and related employer taxes 19 31 20 19 89 Fair value movement on earnout derivative liabilities 42 (74) (32) 26 (38) Other adjustments, net (23) 9 11 5 2 Adjusted EBITDA $ 110 $ 141 $ 133 $ 128 512
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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 UK Limited. Reconciliation of net cash from operating activities to Free Cash Flow and Reconciliation of Net Debt P.26 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 $ millions) September 30, 2025 December 31, 2024 September 30, 2024 Current portion of long-term debt $ 23 $ 19 $ 16 Long-term debt, net of unamortized debt discount and debt issuance costs 1,366 1,365 1,368 Total debt, net of unamortized debt discount and debt issuance costs 1,389 1,384 1,384 Less: Cash and cash equivalents (427) (536) (524) Net Debt $ 962 $ 848 $ 860 LTM Adjusted EBITDA $ 512 $ 478 $ 448 Net Debt / LTM Adjusted EBITDA 1.9x 1.8x 1.9x
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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 UK Limited. Reconciliation of FY 2025 Adjusted EBITDA Guidance, FY 2025 Free Cash Flow Guidance and Preliminary Expectation for FY 2026 P.27 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 under various scenarios as well as assumptions for competition, general business, economic, market and financial conditions and matters specific to the business of Amex GBT, all of which are difficult to predict and many of which are beyond the control of Amex GBT, actual results may differ materially from the guidance due to a number of factors, including the ultimate inaccuracy of any of the assumptions described above and the risks and other factors discussed in the section entitled “Forward-Looking Statements” below and the risk factors in the Company’s SEC filings. Adjusted EBITDA guidance for the year ending December 31, 2025 consists of expected net income (loss) for the year ending December 31, 2025, adjusted for: (i) interest expense - net of approximately $85 million; (ii) provision for income taxes of approximately $50-$60 million; (iii) depreciation and amortization of property and equipment of approximately $205 million; (iv) restructuring costs of approximately $70 million; (v) integration expenses and costs related to mergers and acquisitions of approximately $60-$65 million; (vi) non-cash equity-based compensation and related employer taxes of approximately $90 million, and; (vii) other adjustments, including litigation and professional services costs, long-term incentive plan costs and non-service component of our net periodic pension benefit related to our defined benefit pension plans of approximately $25 million. We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets, fair value movement on earnout derivative liabilities, foreign exchange gains (loss) and/or loss on early extinguishment of debt and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant. Free Cash Flow guidance for the year ending December 31, 2025 consists of expected net cash from operating activities of $210-240 million less purchase of property and equipment of $120-130 million. We are unable to reconcile forward-looking Adjusted EBITDA to net income (loss) determined under U.S. GAAP for full-year 2026 because we cannot predict with reasonable certainty the reconciling items such as restructuring charges, integration expenses and costs related to mergers and acquisitions and integration expenses, non-cash equity-based compensation and related employer taxes or other adjustments.