GBTG

• 2025 delivered strong results with TTV growth 17%, revenue growth 12%, etc. • Executing growth strategy, gaining share, high customer retention. • Strategic partnership with SAP Concur, launching next-gen Egencia, acquired CWT. • AI delivering revenue and cost benefits, with broader AI strategy on customer experience, agentic transformation, and cost reduction. • Evan Kaumizer discussed revolutionizing customer experience, powering B2B travel platform, and cost reduction with AI. • Karen Williams discussed 2025 financial results, margins, free cash flow, balance sheet strength, and capital allocation priorities.

• Reiterating 2026 guidance: revenue $3.235B - $3.295B (19%-21% growth), adjusted EBITDA $615M - $645M (16%-21% growth). • Pro forma adjusted EBITDA with CWT synergies $715M - $745M. • Free cash flow expected $125M - $155M, underlying free cash flow $235M - $265M. • 2026 performance shape with CWT, seasonality differences, Q1 free cash flow breakeven and Q2 acceleration. • Guidance not including prolonged Middle East conflict impact, region ~5% of revenue. • Capital allocation priorities: strong balance sheet, sustainable growth investment, accretive M&A, accretive share buybacks.

In 2025, total transaction value (TTV) grew 17%, revenue growth accelerated to 12%, adjusted gross profit margin was 60%, adjusted EBITDA grew 11%, and $104 million of free cash flow was generated. Excluding CWT, new wins value accelerated to $3.3 billion and customer retention rate was 96%. In the fourth quarter, TTV grew 45% to $10 billion, revenue was up 34% to $792 million, adjusted EBITDA grew 17% to $130 million. Adjusted gross profit margin was 60% for the full year. Excluding CWT, full year adjusted EBITDA margin was 21% up 144 basis points year over year.

• Forward-looking statements involve risks and uncertainties. • Impact from Middle East conflict on volumes and forward bookings, currently ~5% of revenue. • CWT integration and synergies realization risks. • AI implementation risks and uncertainties. • Macroeconomic and industry trends risks.

Q: Stephen Ju asked about AI improvement slope for Egencia and benefits for CWT.

A: Evan Kaumizer said 57% chat deflection on non-transactional inquiries, numerator and denominator to change, Paul Abbott added Egencia sets pace for Complete and Neo, key metrics like gross margin up 100 basis points, self-serve up 300 basis points.

Q: Jake Cunningham asked about regional/industry highlights and SAP Complete partnership.

A: Paul Abbott said U.S. government shutdown impact mitigated, Middle East impact on volumes, Evan Kaumizer said great progress on Complete rollout, 90%-95% joint customers to use it this year.

Q: Greg Parrish asked about gross profit margin expansion, 8% growth excluding CWT.

A: Karen Williams talked about gross margin drivers, Paul Abbott said pricing structure incentivizes self-serve, Karen Williams broke down 8% growth excluding CWT with SME and global multinational growth, FX and supplier timing factors.