Slides
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® Q3 2026Earnings ReportNovember 5, 2026
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2©2026 Sabre GLBL Inc. All rights reserved. Forward-looking statementsForward-looking StatementsCertain statements herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future, including regarding Sabre's strategy for long-term growth and the impact and timing of geopolitical events. Any statements that are not historical or current facts are forward-looking statements and in many cases, you can identify forward-looking statements by terms such as "targets," "pathway," "guidance," "outlook," “pro forma,” “believe,” "expectations," "objectives," “momentum,” “expect,” "trends," “strategic,” "opportunity," "positioned," “confident,” "traction," "investment," "investment," "anticipate," "intend," “growth,” "plan," “well-positioned,” “sustained,” “focus,” “optimistic,” “will,” “long-term,” "leading," “accelerate,” “potential,” “goal,” “estimate,” "commitment," “temporary,” “continue,” “progress,” “possible,” “outcome,” “assume,” “challenge,” "enhance," "on track," "objective," "target," "pipeline," "trajectory," "future," "benefit," "forecast," "estimate," "project," "may," "should," "would," or the negative of these terms, where applicable, or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Sabre’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-lookingstatements. The potential risks and uncertainties include, among others, the effects of the Middle East and other conflicts and fuel prices, the results and effects of technological advancements, including AI, and the ability to implement these advancements, dependency on transaction volumes in the global travel industry, particularly air travel transaction volumes, the implementation and effects of our growth strategies, the completion and effects of travel platforms, exposure to pricing pressure from travel suppliers, changes affecting travel supplier customers, maintenance of the integrity of our systems and infrastructure and the effect of any security incidents, our ability to recruit, train and retain employees, competition in the travel distribution industry and solutions industry, implementation of software solutions, implementation and effects of new, amended or renewed agreements and strategic partnerships, dependence on establishing, maintaining and renewing contracts with customers and other counterparties and collecting amountsdue to us under these agreements, dependence on relationships with travel buyers, the ability to achieve our cost savings and efficiency goals and the effects of these goals, our collection, processing, storage, use and transmission of personal data and risks associated with PCI compliance, the effects of cost savings initiatives, the effects of new legislation or regulations or the failure to comply with regulations or other legal requirements, use of third-party distributor partners, the financial and business results and effects of acquisitions and divestitures of businesses or business operations, reliance on the value of our brands, reliance on third parties to provide information technology services and the effects of these services, the effects of any profit enhancing measures we implement, the effects of any litigation, regulatory reviews and investigations, adverse global and regional economic and political conditions, risks related to global conflicts, risks arising from global operations, risks related to our significant amount of indebtedness, including increases in interest rates and our ability to refinance our debt, and tax-related matters.More information about potential risks and uncertainties that could affect our business and results of operations is included in the "Risk Factors" and “Forward-Looking Statements” sections in our Quarterly Report on Form 10-Q filed with the SEC on November 5, 2026, in our Annual Report on Form 10-K filed with the SEC on February 18, 2026 and in our other filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, Sabre undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.Non-GAAP Financial MeasuresWe have included both financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as well as certain supplemental non-GAAP financial measures, including Adjusted Net Loss from continuing operations (“Adjusted Net Loss”), Adjusted EBITDA, Normalized Adjusted EBITDA, Pro Forma Adjusted EBITDA, Adjusted EPS, Free Cash Flow, Unlevered Free Cash Flow, Pro Forma Gross Margin, Pro Forma Adjusted Technology Expense, Pro Forma Adjusted SG&A Expense, and ratios derived from these measures. The non-GAAP financial measures are presented in addition to, and not as a substitute for, financial results prepared in accordance with GAAP. GAAP financial measures are presented with equal or greater prominence wherever non-GAAP financial measures are discussed.Discontinued OperationsOn April 27, 2025, we entered into a definitive agreement with an affiliate of TPG (the “Buyer”) pursuant to which the Buyer agreed to purchase our Hospitality Solutions business, and on July 3, 2025, we closed the sale (the “Hospitality Solutions Sale”). The operating results of our Hospitality Solutions business are presented as discontinued operations on our consolidated statements of operations for all periods presented. Unless otherwise noted, results presented are based on continuing operations.Pro Forma Financial InformationWe are providing certain financial information on a pro forma basis to give effect to the sale of the Hospitality Solutions business. We believe this presentation will enhance investors’ ability to evaluate and compare the Company’s operations on a go-forward basis.Industry Data/Certain DefinitionsThis presentation and accompanying comments contain industry data, forecasts and other information that we obtained from industry publications and surveys, public filings and internal company sources, and there can be no assurance as to the accuracy orcompleteness of the included information. Statements as to our ranking, market position, bookings share and market estimates are based on independent industry publications, government publications, third-party forecasts and management’s estimates andassumptions about our markets and our internal research. We have not independently verified this third-party information nor have we ascertained the underlying economic assumptions relied upon in those sources, and we cannot assure you of the accuracy orcompleteness of this information.RoundingDue to rounding, the numbers presented throughout this presentation may not add up precisely to the totals provided.
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3©2026 Sabre GLBL Inc. All rights reserved.Kurt EkertPresident and Chief Executive Officer Mike RandolfiChief Financial Officer Today’s presenters
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4©2026 Sabre GLBL Inc. All rights reserved. Strong Q3’26 growth Normalized Adjusted EBITDA is a non-GAAP measure. See slide 2 and appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. Revenue Total Marketplace BookingsNormalized Adjusted EBITDA+$20M(+13%)Flat+$23M(+3%)
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5©2026 Sabre GLBL Inc. All rights reserved. Generate Free Cash Flow and Deleverthe Balance SheetDrive Growth through InnovationDelivering on our strategic priorities1 RECENT ACHIEVEMENTSRECENT ACHIEVEMENTS Normalized Adjusted EBITDA, Pro Forma Adjusted EBITDA, Free Cash Flow and Unlevered Free Cash Flow are non-GAAP measures. See slide 2 and appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure.1The information presented here represents forward-looking statements and reflects expectations as of November 5, 2026. Sabre assumes no obligation to update these statements. Refer to "Forward-looking statements" on Slide 2. Results may be materially different and are affected by many factors including those detailed in the accompanying release and in Sabre's Form 10-Q filed with the SEC on November 5, 2026.2Includes $78 million of restricted cash for purposes of redeeming the 11.125% senior secured notes due 2029, in the fourth quarter of 2026. Accelerated Airline Technology momentum with Kenya Airways win; four concurrent PSS migrations completed/underway Air marketplace executing on growth priorities Lodging & Other bookings +8% year-on-year NDC 5% of total air marketplace bookings Hotel-related revenue +14% year-on-year Payment Suite gross spend +27% year-on-year Advancing our position in the emerging Agentic AI travel channel Exceeded quarterly outlook for Normalized Adjusted EBITDA – achieved fifth consecutive quarter of double-digit Normalized Adjusted EBITDA growth Increased outlook for FY’26 Pro Forma Adjusted EBITDA to $610M, Free Cash Flow to ~$(50M) and expect Unlevered Free Cash Flow of ~$395M Reaffirmed outlook for FY’26 revenue and air marketplace bookings growth Refinanced $1.35B in debt, pushing maturities out to 2032 – no large maturities until Q3’29 Cash balance of $688M2
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6 Q3’26 – Growing business and strong financial results Normalized Adjusted EBITDA is a non-GAAP measure. See slide 2 and appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. $738MRevenue+3% YoY$170MNormalized Adjusted EBITDA+13% YoY95MTotal Marketplace BookingsFlat YoY12MHotel Marketplace Bookings+9% YoY>35% hotel attachment rate$26B+Payments Gross Spend+27% YoY186MPassengers Boarded+2% YoY
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Mike RandolfiChief Financial Officer
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8©2026 Sabre GLBL Inc. All rights reserved. Q3’26 financial highlights $688MCash on Balance Sheet1 $738MRevenue+3% YoY23%Normalized Adj. EBITDA Margin$109MOperating Income+17% YoYNormalized Adjusted EBITDA and Normalized Adjusted EBITDA margin are non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure.1 As of September 30, 2026, includes $78 million of restricted cash for purposes of redeeming the 11.125% senior secured notes due 2029, in the fourth quarter of 2026. 57.7%Gross Margin$170MNormalized Adj. EBITDA+13% YoY +200 bps YoY
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9©2026 Sabre GLBL Inc. All rights reserved. Q3’26 actual results versus guidanceQ3’26ActualQ3’26GuidanceFlat YoYN/ATotal Marketplace Bookings(1%) YoYFlat-to-low-single-digit YoY growthAir Marketplace Bookings$738M+3% YoYFlat-to-low-single-digit YoY growthRevenue$170M+13% YoY~$155MPro Forma Adj. EBITDAPro Forma Adjusted EBITDA is a non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. See slide 2 for information on Pro Forma amounts.9
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10©2026 Sabre GLBL Inc. All rights reserved.$150 $585 $665 $470 $1,325 $1,350 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Debt maturity profile 202720282029203020312032 $4.5B in Gross DebtSeptember 30, 2026 debt maturity profile$ in millions Notes:•This chart is presented on a pro forma basis and reflects the partial payoff of the 11.125% Senior Secured notes due 2029 that were tendered in October as part of our Q3 refinancing.•The 2031 Exchangeable notes contractually mature in May 2031, and the holders possess a non-contingent, unilateral option to require us to repurchase all or any portion of their notes, exercisable solely on May 15, 2029; the 2031 Exchangeable notes are presented as a Q2 2029 maturity in the table above.•The AR Securitization is subject to certain springing maturity conditions; see our Form 10-Q filed on November 5, 2026, for additional information.
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11©2026 Sabre GLBL Inc. All rights reserved. Previous GuidanceFY’26Low-to-mid-single-digit YoY growthLow-to-mid-single-digit YoY growthAir Marketplace BookingsLow-to-mid-single-digit YoY growthLow-to-mid-single-digit YoY growthRevenue56% - 57%~57%Pro Forma Gross MarginLow-single-digit YoY increaseLow-single-digit YoY increasePro Forma Adj. Technology ExpenseLow-single-digit YoY decreaseLow-single-digit YoY decreasePro Forma Adj. SG&A Expense~$600M+12% YoY~$610M+14% YoYPro Forma Adj. EBITDA~$90M~$95MCapEx ~$475M~$445MCash Interest~$60M~$60MRestructuring~$40M~$60MIncludes ~$20M of transaction feesCash Taxes & Other~($65M)Includes ~$60M of restructuring~($50M)Includes ~$60M of restructuringFree Cash FlowN/A~$395MUnlevered Free Cash Flow1The information presented here represents forward-looking statements and reflects expectations as of November 5, 2026. Sabre assumes no obligation to update these statements. Refer to "Forward-looking statements" on Slide 2. Results may be materially different and are affected by many factors including those detailed in the accompanying release and in Sabre's Form 10-Q filed with the SEC on November 5, 2026. FY 2026 guidance1 Pro Forma Gross Margin, Pro Forma Adjusted Technology Expense, Pro Forma Adjusted SG&A Expense, Pro Forma Adjusted EBITDA, Free Cash Flow and Unlevered Free Cash Flow are non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. See slide 2 for information on Pro Forma amounts.
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Appendix
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14©2026 Sabre GLBL Inc. All rights reserved. Non-GAAP financial measuresWe have included both financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as well as certain supplemental non-GAAP financial measures,including Adjusted Net Income (Loss) from continuing operations (“Adjusted Net Income (Loss)”), Adjusted EBITDA, Normalized Adjusted EBITDA, Pro Forma Adjusted EBITDA, Adjusted EPS, FreeCash Flow, Unlevered Free Cash Flow and ratios derived from these measures. The non-GAAP financial measures are presented in addition to, and not as a substitute for, financial results prepared inaccordance with GAAP. GAAP financial measures are presented with equal or greater prominence wherever non-GAAP financial measures are discussed.Definitions Adjusted Net Income (Loss) is defined as (loss) income from continuing operations adjusted to exclude acquisition-related amortization; restructuring and other costs; loss on extinguishment of debt, net; other, net; disposition-related costs; litigation costs, net; indirect tax matters; stock-based compensation; and the related tax impacts of these adjustments. Pro Forma Gross Margin is defined as Pro Forma Gross Income (as defined below) divided by revenue. Pro Forma Adjusted Technology expense is defined as Technology expense adjusted for expected depreciation and amortization of property and equipment, expected restructuring and other costs, and expected stock-based compensation; less expected pro forma adjustments associated with costs previously allocated to Hospitality Solutions. Pro Forma Adjusted SG&A expense is defined as SG&A expense adjusted for expected depreciation and amortization of property and equipment, expected restructuring and other costs, and expected stock-based compensation; less expected pro forma adjustments associated with costs previously allocated to Hospitality Solutions. Adjusted EBITDA is defined as (loss) income from continuing operations adjusted to exclude depreciation and amortization of property and equipment; amortization of capitalized implementation costs; acquisition-related amortization; restructuring and other costs; interest expense, net; other, net; loss on extinguishment of debt; disposition-related costs; litigation costs, net; indirect tax matters; stock-based compensation; and the provision for income taxes. Normalized Adjusted EBITDA and Pro Forma Adjusted EBITDA are defined as Adjusted EBITDA adjusted for the estimated costs historically allocated to Hospitality Solutions. Normalized Adjusted EBITDA Margin is defined as Normalized Adjusted EBITDA divided by revenue Free Cash Flow is defined as cash (used in) provided by operating activities, less cash used for additions to property and equipment. Unlevered Free Cash Flow is defined as cash provided by (used in) operating activities, less cash used for additions to property and equipment, plus cash interest paid Adjusted EPS is defined as Adjusted Net Income (Loss) divided by diluted weighted-average common shares outstanding. Pro Forma Gross Income is defined as Operating Income adjusted for expected Technology expense, expected SG&A expense, and expected adjustments to Cost of Revenue, excluding technology costs expenses including expected depreciation and amortization of property and equipment and amortization of capitalized implementation costs, expected restructuring and other costs, and expected stock-based compensation; less expected pro forma adjustments associated with costs previously allocated to Hospitality Solutions. Pro Forma Free Cash Flow is defined as Free Cash Flow adjusted to give effect to the Hospitality Solutions Sale. Pro Forma Net Leverage is defined as gross debt minus cash, including net proceeds from the sale of Hospitality Solutions, divided by Pro Forma Adjusted EBITDA
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15©2026 Sabre GLBL Inc. All rights reserved. Non-GAAP financial measuresPurpose and Use by ManagementManagement and the board of directors use these non-GAAP financial measures to evaluate trends in our operating performance, assess period-to-period comparability, and support internal planning anddecision-making. These measures are particularly useful in evaluating operating performance because historical results have been affected by items that management believes are not indicative of ongoingcore operations. In addition, amounts derived from Adjusted EBITDA are used in connection with certain financial covenants under our senior secured credit facilities.These non-GAAP financial measures should not be considered measures of liquidity, nor do they represent cash available for discretionary use. Free Cash Flow does not represent residual cash available fordistribution and does not reflect all cash requirements of the business. Other companies, including those within our industry, may define or calculate similarly titled non-GAAP financial measures differently,limiting the usefulness of such measures as comparative tools.Limitations of Non-GAAP Financial MeasuresAdjusted Net Income (Loss), Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EPS, Free Cash Flow, Unlevered Free Cash Flow and related ratios are not recognized measures under GAAP and have inherent limitations as analytical tools. Accordingly, they should not be considered in isolation or as substitutes for net (loss) income, (loss) income from continuing operations, or cash flows from operating activities prepared in accordance with GAAP.The limitations of these non-GAAP financial measures include, but are not limited to, the following: They exclude certain expenses that are recurring in nature, including stock-based compensation and amortization of acquired intangible assets. Although depreciation and amortization are non-cash expenses, the assets being depreciated and amortized may require replacement in the future, and Adjusted EBITDA does not reflect the capital expenditures required for these replacements. Adjusted EBITDA excludes amortization of capitalized implementation costs related to revenue contracts, which may result in future working capital or cash requirements. Adjusted Net Income (Loss) and Adjusted EBITDA do not reflect changes in, or cash requirements associated with, working capital. Adjusted EBITDA does not reflect interest expense, principal repayments, or other cash requirements necessary to service our indebtedness. Adjusted EBITDA does not reflect income tax payments that could reduce cash available to us. Free Cash Flow reflects changes in operating assets and liabilities determined under accrual accounting and does not reflect all cash requirements, including mandatory debt service obligations. Unlevered Free Cash Flow reflects changes in operating assets and liabilities determined under accrual accounting and excludes the impact of cash interest expense, which does not reflect all cash requirements, including mandatory debt service obligations Pro Forma Gross Income and Margin do not reflect certain technology costs that other companies may include within a gross income and margin calculation, significantly limiting comparability. Additionally, these measures do not reflect amortization of capitalized implementation costs associated with our revenue contracts, which may require future working capital or cash needs in the future. Other companies, including those within our industry, may define or calculate similarly titled non-GAAP financial measures differently, limiting the usefulness of such measures as comparative tools.
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16©2026 Sabre GLBL Inc. All rights reserved. Non-GAAP pro forma outlookThe non-GAAP pro forma financial outlook in this presentation, including Pro Forma Adjusted EBITDA, Pro Forma Gross Margin, Pro Forma Adjusted Technology expense, and Pro Forma AdjustedSG&A expense, is not necessarily indicative of the operating results of the Company after closing of the Hospitality Solutions Sale and utilization of the net proceeds from the sale to pay downoutstanding indebtedness, or of the operating results of the Company in the future. The non-GAAP pro forma financial outlook included in this presentation is not pro forma information prepared inaccordance with Article 11 of Regulation S-X of the SEC, and the preparation of information in accordance with Article 11 would result in a different presentation.
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17©2026 Sabre GLBL Inc. All rights reserved. Business and financial pro forma financial outlookThe Company is providing full year 2026 outlook included below on a pro forma basis to give effect to the sale of the Hospitality Solutions business. Pro forma adjustments include an adjustment toremove costs previously allocated to Hospitality Solutions, but that do not meet the GAAP definition for discontinued operations reporting. We believe this presentation will enhance investors' abilityto evaluate and compare the Company's operations on a go-forward basis. Full-year Pro Forma Adjusted EBITDA guidance consists of expected net loss from continuing operations of approximately $133 million; less impact of acquisition-related amortization of approximately $31 million; expected stock-based compensation expense of approximately $71 million; expected depreciation and amortization of property and equipment and amortization of capitalized implementation costs of approximately $76 million; expected interest expense, inclusive of issuance costs and debt discounts, net of approximately $494 million; expected restructuring and other expenses, net of approximately $18 million; expected loss on debt extinguishment, net of approximately $10 million; expected provision for income taxes of approximately $16 million; expected pro forma adjustments of approximately $26 million associated with costs previously allocated to Hospitality Solutions. Full year Free Cash Flow guidance consists of expected cash provided by operating activities of approximately $45 million, less expected additions to property and equipment of approximately $95 million. We have not reconciled our non-GAAP Pro Forma Gross Income or Margin, Adjusted Technology expense and Adjusted SG&A expense to the most comparable GAAP measure because we cannot predict with a reasonable degree of certainty the amount of certain costs including stock-based compensation, restructuring and other expenses and pro forma adjustments associated with costs previously allocated to Hospitality Solutions within each of the respective expense lines, Cost of Revenue, excluding technology costs, Technology costs and SG&A costs, without unreasonable effort. The variability of these items may have a significant impact on our future GAAP financial results.
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18©2026 Sabre GLBL Inc. All rights reserved. Tabular reconciliations for non-GAAP measuresReconciliation of (Loss) income from continuing operations to Adjusted Net Income (Loss) from continuing operations and (Loss) income from continuing operations to Adjusted EBITDA:(in thousands, except per share amounts; unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (Loss) income from continuing operations (26,031) 48,165 (53,010) (156,230) Adjustments: Acquisition-related amortization(1a) 7,730 7,730 23,190 23,194 Restructuring and other costs(2) 3,307 3,815 15,131 3,815 Loss on extinguishment of debt — — 2,958 85,182 Other, net(3) 15,860 (6,929) 2,698 (6,432) Disposition-related costs(4) — 720 — 1,240 Indirect tax matters(5) (268) 3,915 (3,497) (4,036) Stock-based compensation(6) 23,663 11,170 49,906 34,772 Stockholder matter costs(7) 7 — 3,549 — Tax impact of adjustments(8) 28,121 (73,466) (31,684) 8,578 Adjusted Net Income (Loss) from continuing operations $ 52,389 $ (4,880) $ 9,241 $ (9,917) Adjusted Net Income (Loss) from continuing operations per share $ 0.11 $ (0.01) $ 0.02 $ (0.03) Adjusted diluted weighted-average common shares outstanding(9) 480,743 394,580 469,705 390,616 (Loss) income from continuing operations $ (26,031) $ 48,165 $ (53,010) $ (156,230) Adjustments: Depreciation and amortization of property and equipment(1b) 16,294 16,484 48,716 46,099 Amortization of capitalized implementation costs(1c) 3,011 2,797 8,597 8,690 Acquisition-related amortization(1a) 7,730 7,730 23,190 23,194 Restructuring and other costs(2) 3,307 3,815 15,131 3,815 Interest expense, net 123,393 111,312 370,124 332,346 Other, net(3) 15,860 (6,929) 2,698 (6,432) Loss on extinguishment of debt — — 2,958 85,182 Disposition-related costs(4) — 720 — 1,240 Indirect tax matters(5) (268) 3,915 (3,497) (4,036) Stock-based compensation(6) 23,663 11,170 49,906 34,772 Stockholder matter costs(7) 7 — 3,549 — (Benefit) provision for income taxes (3,273) (58,546) (2,975) 21,068 Adjusted EBITDA $ 163,693 $ 140,633 $ 465,387 $ 389,708 Plus estimated costs historically allocated to Hospitality Solutions 5,962 9,375 24,507 27,156 Normalized Adjusted EBITDA $ 169,655 $ 150,008 $ 489,894 $ 416,864 Net Income Margin (3.4) % 118.7 % (2.4) % 29.8 % Adjusted EBITDA margin 22.2 % 19.7 % 21.1 % 18.5 % Normalized Adjusted EBITDA margin 23.0 % 21.0 % 22.2 % 19.8 %
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19©2026 Sabre GLBL Inc. All rights reserved. Tabular reconciliations for non-GAAP measuresReconciliation of Free Cash Flow, Unlevered Free Cash Flow and Free Cash Flow from Discontinued Operations (in thousands)
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20©2026 Sabre GLBL Inc. All rights reserved. Non-GAAP footnotes(1) Depreciation and amortization expenses:a)Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.b)(b) Depreciation and amortization of property and equipment includes software developed for internal use as well as amortization of contract acquisition costs.c)(c) Amortization of capitalized implementation costs represents amortization of upfront costs to implement new customer contracts under our SaaS and hosted revenue model.(2) Restructuring and other costs primarily represent charges related to the inflation offset program we began implementing in the fourth quarter of 2025.(3) Other, net includes $19 million in debt modification costs related to the financing activity that occurred in the third quarter of 2026, $15 million of transition services agreement income, net, in the current year period and a gain on the sale of assets of $5 million recognized in the prior year period. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency.(4) Disposition-related costs represent fees and expenses incurred associated with disposition-related activities. (5) Indirect tax matters represents charges and adjustments to charges associated with certain digital services taxes ("DST") and other indirect tax matters related to historical periods, which may ultimately be settled in cash, and certain foreign non-income tax litigation matters.(6) Stock-based compensation represents expense associated with restricted stock units, performance-based restricted stock units, and liability-classified awards related to our 2026 short-term incentive compensation program.(7) Stockholder matter costs represents external legal and professional advisory fees associated with a strategic governance agreement. These costs are considered non-recurring and are not representative of our core ongoing operating performance.(8) The tax impact of adjustments includes the tax effect of each separate adjustment based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deductible, and the tax effect of items that relate to tax specific financial transactions, tax law changes, uncertain tax positions, valuation allowances and other items. (9) The Adjusted diluted weighted-average common shares outstanding calculation includes approximately 10 million and 3 million of dilutive restricted stock awards for the three and nine months ended September 30, 2026, respectively, and approximately 67 million resulting common shares related to the 2031 Exchangeable Notes for the three and nine months ended September 30, 2026, respectively.