Group 1 - Global Business Travel Group (GBTG) shares experienced a positive reaction following the Q2 results, with raised guidance for both revenue growth and margins [1] - The acquisition of CWT by GBTG has received clearance, indicating progress in its strategic expansion [1] Group 2 - The article reflects an individual investor's focus on undercovered companies, particularly in sectors such as technology, software, electronics, and energy transition [1] - The investor has a background in Electrical Engineering and has been actively investing personal capital for over 7 years, emphasizing a thorough analysis of small to mid-cap companies [1]

Financial Data and Key Metrics Changes - The company achieved over €500,000,000 in adjusted EBITDA over the last twelve months, with adjusted EBITDA growth of 4% to €133,000,000 and an adjusted EBITDA margin expansion of 70 basis points year over year to reach 21% [4][10][22] - Revenue for the quarter was up 1% year over year, reaching $631,000,000, which was above guidance midpoint [10][20] - Free cash flow generated in the quarter was $27,000,000, although it declined year over year due to one-time elements from the previous year [22] Business Line Data and Key Metrics Changes - Total transaction volume increased by 1% on a workday adjusted basis, with total transaction value (TTV) growing 3% to $7,900,000,000 [9][10] - The company reported a high customer retention rate of 95% over the last twelve months, with total new wins value reaching €3,200,000,000, including €2,200,000,000 from SME customers [5][10] Market Data and Key Metrics Changes - Transaction growth in The Americas reached 2% in May and June, while EMEA transactions improved dramatically to 3% during the same period [13] - Air transactions stabilized in May and June after a decline in April, with hotel transactions showing a 4% growth in May and June, outpacing air transactions [11][12] Company Strategy and Development Direction - The company is focused on efficiency gains and driving operating leverage, with a strong emphasis on increasing hotel revenues and digital transactions [12][21] - The pending acquisition of CWT is expected to create significant value, with anticipated net synergies of approximately $155,000,000 over three years [8][39] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic uncertainty impacted demand in April but improved in May and June, leading to confidence in the demand environment moving forward [10][11] - The company raised and narrowed its full-year 2025 guidance, expecting revenue growth of 2% to 4% year over year, with a midpoint of $2,488,000,000 [25][26] Other Important Information - The company has nearly $1,000,000,000 in available liquidity and plans to initiate a stock repurchase program under a previously announced $300,000,000 authorization [7][29] - The acquisition of CWT is valued at $540,000,000 on a cash-free, debt-free basis, with a portion of the consideration funded through cash on hand [9][28] Q&A Session Summary Question: Will ongoing share gains continue in the second half of the year? - Management confirmed that continued share gains are expected in the second half, driven by increased sales and marketing investments to accelerate net new wins [33] Question: Do you have visibility into CWT's 2025 performance? - Management stated that detailed information about CWT's financial performance will be available post-close, with an update expected during the Q3 results announcement [37] Question: What drove the deceleration in APAC? - The deceleration in APAC was primarily driven by Australia, influenced by the timing of tariffs and the mining vertical [42] Question: Are the declines in April recoverable? - Management indicated that the declines in April were due to macroeconomic uncertainty and not necessarily recoverable, as companies became more confident in planning in May and June [45]

Financial Data and Key Metrics Changes - The company achieved over €500,000,000 in adjusted EBITDA over the last twelve months, with adjusted EBITDA growth of 4% to €133,000,000 and an adjusted EBITDA margin expansion of 70 basis points year over year to reach 21% [4][11][22] - Revenue for the quarter was up 1% year over year, reaching $631,000,000, which was above guidance midpoint [11][20] - Total transaction value (TTV) grew 3% on a workday adjusted basis to reach $7,900,000,000, driven by transaction growth and higher average ticket prices [11][22] Business Line Data and Key Metrics Changes - Total new wins value reached €3,200,000,000 over the last twelve months, with €2,200,000,000 from SME customers, and a high customer retention rate of 95% [5][11] - Air transactions stabilized in May and June after a decline in April, while hotel transactions grew by 4% in May and June, outpacing air transactions [12][13] - Transaction growth for global multinational customers was up 3% in May and June, while SME customers saw a 2% growth, a significant improvement from April [12][14] Market Data and Key Metrics Changes - Transaction growth in The Americas reached 2% in May and June, while EMEA transactions improved dramatically to 3% [14] - The company noted that industries with greater exposure to tariffs, such as mining and oil, continued to see slower demand, while technology and financial services showed strong performance [15][17] - The meetings and events business is performing well, with an anticipated 5% year-over-year increase in the number of meetings in the second half of the year [17] Company Strategy and Development Direction - The company is focused on efficiency gains and driving operating leverage, which is reflected in flat adjusted operating expenses and strong margin expansion [4][22] - The pending acquisition of CWT is expected to create significant value, with an anticipated $155,000,000 in identified net synergies over three years [6][9][40] - The company plans to accelerate share repurchases and maintain a strong balance sheet post-acquisition [7][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improved demand environment, noting that macroeconomic uncertainty seems to be moderating [16] - The company raised and narrowed its full-year 2025 guidance, expecting revenue growth of 2% to 4% year over year, with a midpoint of $2,488,000,000 [25][26] - Management indicated that the second half of the year is expected to show continued share gains and improved transaction growth, particularly in the SME segment [34][35] Other Important Information - The company has nearly $1,000,000,000 in available liquidity and has reduced net debt, with a leverage ratio of 1.6 times as of June 30, 2025 [6][23] - The acquisition of CWT is valued at $540,000,000 on a cash-free, debt-free basis, with $50,000,000 of shares to be issued to CWT shareholders [9][10] Q&A Session Summary Question: Does the ongoing low single-digit FX neutral revenue growth underwrite ongoing share gains? - Management confirmed that continued share gains are expected in the second half of the year, with increased sales and marketing investments to accelerate net new wins [33][34] Question: Do you have visibility into CWT's 2025 performance? - Management stated that detailed information about CWT's financial performance will be provided post-close, with an expectation of $155,000,000 in net synergies over three years [39][40] Question: What drove the deceleration in APAC? - The deceleration in APAC was primarily driven by Australia, influenced by the timing of tariffs and the mining vertical [44] Question: Are the declines in April recoverable? - Management indicated that April's weaker transaction volumes were driven by macroeconomic uncertainty, and those transactions are not necessarily recoverable [47] Question: How are July trends looking? - Management reported positive trends in July, consistent with guidance for the second half of the year, but emphasized the importance of September for Q3 volumes [52]

Core Viewpoint - Global Business Travel Group, Inc. (GBTG) reported quarterly earnings of $0.03 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, but down from $0.07 per share a year ago, indicating a 50% earnings surprise [1] Financial Performance - GBTG posted revenues of $631 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.71% and showing a slight increase from $625 million year-over-year [2] - Over the last four quarters, the company has exceeded consensus EPS estimates two times and revenue estimates two times [2] Stock Performance - GBTG shares have declined approximately 32.8% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $583.85 million, and for the current fiscal year, it is $0.21 on revenues of $2.42 billion [7] - The trend of estimate revisions for GBTG was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Internet - Software industry, to which GBTG belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Q2 2025 Financial Highlights - Revenue grew 1% YOY to $631 million[17] - Adjusted EBITDA grew 4% YOY to $133 million, reaching >$500 million over LTM[17] - Adjusted EBITDA margin expansion of 70 bps YOY to 21%[17] - Free Cash Flow generation of $27 million[17] FY 2025 Guidance - FY revenue growth guidance of 2% – 4%[17] - Adjusted EBITDA growth of 6% – 13%[17] - Adjusted EBITDA Margin guidance of 20.5% - 21.5%[39] - Free Cash Flow guidance of $140 million - $160 million[39] CWT Acquisition - CWT acquisition now expected to close in Q3 2025[17, 19] - CWT shareholders will own ~10% of the combined company upon closing[20] Balance Sheet - Net Debt down $70 million YOY[17] - Leverage ratio lowered to 1.6x[17]

Q2 2025 Earnings Release Overview [Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Amex GBT exceeded Q2 2025 expectations, raising full-year guidance, expanding margins, and maintaining strong customer retention - **Financial results exceeded expectations**, leading to **raised and narrowed full-year 2025 guidance**[1](index=1&type=chunk)[2](index=2&type=chunk) - **Adjusted EBITDA margin expanded by 70 basis points year-over-year to 21%**, reflecting efficiency and growth investment[2](index=2&type=chunk)[3](index=3&type=chunk) - **CWT acquisition expected to close in Q3 2025** after DOJ litigation dismissal[2](index=2&type=chunk)[3](index=3&type=chunk) - **Customer retention rate remained high at 95% (LTM)**, with **$3.2 billion in LTM Total New Wins Value**[3](index=3&type=chunk) [Q2 2025 Financial Performance](index=2&type=section&id=Q2%202025%20Financial%20Performance) Q2 2025 saw **revenue grow 1% to $631 million**, **Adjusted EBITDA increase 4% to $133 million**, and **net debt reduce to $780 million**, despite a **48% decline in net income** [Key Financial Metrics](index=2&type=section&id=Key%20Financial%20Metrics) Key Q2 2025 metrics include **2% TTV growth to $7.9 billion**, **1% revenue increase to $631 million**, and **4% Adjusted EBITDA growth to $133 million**, despite declines in operating and net income Q2 2025 Financial Summary (vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Transaction Value (TTV) | $7,891M | $7,724M | +2% | | Revenue | $631M | $625M | +1% | | Operating income | $34M | $42M | -21% | | Net income | $15M | $27M | -48% | | Adjusted EBITDA | $133M | $127M | +4% | | Adjusted EBITDA Margin | 21% | 20% | +70 bps | | Free Cash Flow | $27M | $49M | -45% | [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) Revenue growth was driven by **Product and Professional Services**, while **net income declined 48%** due to various factors; **Adjusted EBITDA grew 4%**, and **Free Cash Flow decreased 45%**, with **net debt improving to 1.6x leverage** - **Revenue increased 1% to $631 million**, primarily from **4% growth in Product and Professional Services Revenue** and favorable FX[5](index=5&type=chunk) - **Net income decreased 48% to $15 million**, due to lower operating income, unfavorable FX, and higher taxes, partially offset by earnout derivative movements[8](index=8&type=chunk) - **Free Cash Flow decreased 45% to $27 million**, impacted by prior-year one-time working capital benefits and increased capital expenditures[10](index=10&type=chunk) - **Net Debt decreased to $780 million**, improving the **leverage ratio to 1.6x** from 1.8x since year-end 2024[11](index=11&type=chunk) [Full-Year 2025 Guidance](index=4&type=section&id=Full-Year%202025%20Guidance) Amex GBT raised and narrowed its **full-year 2025 guidance**, projecting **2-4% revenue growth**, **6-13% Adjusted EBITDA growth**, and **$140-160 million Free Cash Flow**, excluding CWT acquisition impact - The **updated full-year 2025 guidance excludes the CWT acquisition's financial impact**, with closure expected in Q3 2025[12](index=12&type=chunk) Full-Year 2025 Guidance | Metric | Low | Midpoint | High | | :--- | :--- | :--- | :--- | | Revenue | $2.460B (+2% YoY) | $2.488B (+3% YoY) | $2.515B (+4% YoY) | | Adjusted EBITDA | $505M (+6% YoY) | $523M (+9% YoY) | $540M (+13% YoY) | | Adjusted EBITDA Margin | 20.5% (+80bps YoY) | 21.0% (+130bps YoY) | 21.5% (+180bps YoY) | | Free Cash Flow | $140M | $150M | $160M | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the **unaudited consolidated financial statements** for the period ended June 30, 2025, including **Statement of Operations, Balance Sheet, and Cash Flows**, prepared under GAAP [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 Statement of Operations reports **$631 million revenue**, **$34 million operating income**, and **$15 million net income**, or **$0.03 diluted EPS** Q2 2025 Statement of Operations Highlights (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $631 | $625 | | Total operating expenses | $597 | $583 | | Operating income | $34 | $42 | | Net income | $15 | $27 | | Diluted EPS | $0.03 | $0.06 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, the balance sheet shows **total assets of $3.87 billion**, **total liabilities of $2.66 billion**, and **total shareholders' equity of $1.21 billion** Balance Sheet Highlights (as of June 30, 2025) | Category | Amount (in millions) | | :--- | :--- | | **Assets** | | | Cash and cash equivalents | $601 | | Total current assets | $1,517 | | Goodwill | $1,250 | | **Total Assets** | **$3,871** | | **Liabilities & Equity** | | | Total current liabilities | $915 | | Long-term debt, net | $1,362 | | **Total Liabilities** | **$2,664** | | **Total Shareholders' Equity** | **$1,207** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, **net cash from operating activities was $110 million**, resulting in a **net increase in cash of $57 million** Six Months Ended June 30, 2025 Cash Flow Summary (in millions) | Cash Flow Category | Amount | | :--- | :--- | | Net cash from operating activities | $110 | | Net cash used in investing activities | $(30) | | Net cash used in financing activities | $(48) | | Effect of exchange rate changes | $25 | | **Net increase in cash** | **$57** | [Non-GAAP Financial Measures and Reconciliations](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines and reconciles **non-GAAP financial measures** like **Adjusted EBITDA, Free Cash Flow, and Net Debt**, explaining their utility as supplemental metrics for investors [Explanation of Non-GAAP Measures](index=9&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Non-GAAP measures like **Adjusted EBITDA** and **Free Cash Flow** are used to compare performance by excluding non-core items, with specific definitions provided - Management utilizes **non-GAAP financial measures** for evaluating operations, forecasting results, and allocating capital investments[33](index=33&type=chunk) - **Adjusted EBITDA excludes non-core costs** including restructuring, M&A, non-cash equity compensation, and earnout liability fair value movements[35](index=35&type=chunk) - **Free Cash Flow** is defined as **net cash from operating activities less capital expenditures**, serving as a key liquidity measure[42](index=42&type=chunk)[43](index=43&type=chunk) [Tabular Reconciliations](index=12&type=section&id=Tabular%20Reconciliations) This section provides **detailed tabular reconciliations** for key non-GAAP metrics, including **Net Income to Adjusted EBITDA** and **Net Cash from Operating Activities to Free Cash Flow** Reconciliation of Net Income to Adjusted EBITDA (Q2 2025, in millions) | Description | Amount | | :--- | :--- | | **Net income** | **$15** | | Interest, Taxes, D&A | $85 | | EBITDA | $100 | | Restructuring, M&A, and other adjustments | $33 | | **Adjusted EBITDA** | **$133** | Reconciliation of Net Cash from Operating Activities to Free Cash Flow (Q2 2025, in millions) | Description | Amount | | :--- | :--- | | Net cash from operating activities | $57 | | Less: Purchase of property and equipment | $(30) | | **Free Cash Flow** | **$27** | [Other Information](index=9&type=section&id=Other%20Information) This section provides **supplementary information**, including a **glossary of terms**, a **forward-looking statements disclaimer**, and a **legal disclaimer** regarding American Express [Glossary of Terms](index=9&type=section&id=Glossary%20of%20Terms) This glossary defines **key operational and financial terms** like **Total Transaction Value (TTV)** and **Yield** for investor clarity - **Total Transaction Value (TTV)** is the total price paid by travelers for bookings, net of cancellations and refunds[29](index=29&type=chunk) - **Yield** is a performance metric calculated as **total revenue divided by Total Transaction Value (TTV)**[31](index=31&type=chunk) [Forward-Looking Statements & Disclaimer](index=16&type=section&id=Forward-Looking%20Statements%20%26%20Disclaimer) This section includes **forward-looking statements** and a **disclaimer** outlining **risks and uncertainties**, such as geopolitical conflicts and the CWT acquisition, and clarifies the relationship with American Express - The report includes **forward-looking statements** on financial position, strategy, and guidance, subject to significant risks and uncertainties[56](index=56&type=chunk) - **Key risks** encompass geopolitical conflicts, macroeconomic conditions, **CWT acquisition integration**, and shifts in global travel demand[57](index=57&type=chunk)[58](index=58&type=chunk) - A **disclaimer clarifies American Express is not responsible** for statements made by Global Business Travel Group, Inc. in this release[59](index=59&type=chunk)

Financial Data and Key Metrics Changes - The company reported a 15% growth in adjusted EBITDA, with a margin expansion of 260 basis points and a 9% increase in free cash flow [5][7][20] - Total transaction volume increased by 4%, while total transaction value (TTV) grew by 5% to €8.3 billion, driven by transaction growth and modestly higher average ticket prices and hotel room rates [9][10] - Revenue reached €621 million for the quarter, up 4% on a constant currency basis, although it was 2% on a reported basis due to foreign exchange impacts [20][21] Business Line Data and Key Metrics Changes - Transaction growth was stronger among global multinational customers, up 6%, while small and medium enterprises (SMEs) saw slower growth at 2% [11][12] - Hotel transactions grew by 5%, outpacing air transactions which grew by 2%, reflecting a strategic focus on increasing hotel bookings [13][14] - The company maintained a high customer retention rate of 96% over the last twelve months, with new wins valued at €3.2 billion [15][16] Market Data and Key Metrics Changes - Transaction growth was 3% in The Americas, 4% in EMEA, and 7% in Asia Pacific, indicating stronger performance in the Asia Pacific region [14][70] - The meetings and events business showed a 2% year-over-year increase in the number of meetings and an 8% increase in spend for the full year 2025 [32][61] Company Strategy and Development Direction - The company is focused on maintaining strong earnings growth, margin expansion, and cash generation, with a commitment to investing in technology and automation to drive future growth [6][25][29] - A capital allocation strategy is in place to prioritize cash generation, deleveraging, and investments in areas that enhance customer value [40][41][42] - The company amended its merger agreement with CWT to reduce the purchase price and the number of shares to be issued, reflecting a strategic approach to M&A in a challenging environment [18][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased economic uncertainty but emphasized strong Q1 results and a solid guide for Q2, focusing on share gains, margin expansion, and cash generation [7][8][25] - The company expects business travel demand from its premium customer base to grow above GDP, with a focus on operating efficiency and disciplined cost management [25][39] - Management indicated that the macroeconomic environment is currently weaker but stable, with expectations for flat transaction growth for the full year [31][37] Other Important Information - Adjusted operating expenses declined by 1% year over year, demonstrating effective cost control and productivity gains [22][23] - The company received two credit rating upgrades from Moody's and S&P, reflecting strong momentum [24] Q&A Session Summary Question: Have you witnessed any trade down in accommodations by your underlying clients? - Management noted no significant trade down, with premium and international volumes holding up better than domestic [47][48] Question: Can you comment on SME wins and transaction values? - Management acknowledged that while SME wins rose, organic growth in that segment remains lower due to tightened spending controls [50][51] Question: What is the next milestone for the CWT merger process? - The fact discovery process is expected to complete in early June, with a trial set for September 8 [52] Question: How has the macro environment evolved intra-quarter? - Management indicated that most customers are in a wait-and-see mode, with only a moderate change in travel policies [59][61] Question: What steps can be taken to increase the value proposition to clients? - Management emphasized that the company helps customers save money and provides comprehensive content, which strengthens its value proposition in a challenging environment [66] Question: Can you contrast U.S. volumes versus rest of world volumes? - Management reported that the U.S. saw slower performance compared to EMEA and Asia Pacific, primarily due to domestic travel trends [70][72]

Group 1 - Global Business Travel Group, Inc. (GBTG) reported quarterly earnings of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, compared to break-even earnings per share a year ago, representing an earnings surprise of 60% [1] - The company posted revenues of $621 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.79%, and showing a slight increase from year-ago revenues of $610 million [2] - GBTG shares have declined approximately 25.8% since the beginning of the year, while the S&P 500 has decreased by 3.9% [3] Group 2 - The earnings outlook for GBTG is mixed, with the current consensus EPS estimate for the coming quarter at $0.11 on revenues of $654.02 million, and $0.39 on revenues of $2.52 billion for the current fiscal year [7] - The Zacks Industry Rank indicates that the Internet - Software sector is currently in the top 35% of over 250 Zacks industries, suggesting a favorable environment for stocks in this category [8]

Financial Data and Key Metrics Changes - The company reported a 15% growth in adjusted EBITDA, with a margin expansion of 260 basis points and a 9% increase in free cash flow [4][6][21] - Total transaction volume increased by 4%, while total transaction value (TTV) grew by 5% to reach €8.3 billion [9][10] - Revenue rose by 4% to €621 million, driven by solid transaction growth and increased demand for products and services [9][21] Business Line Data and Key Metrics Changes - Transaction growth was stronger with global multinational customers, up 6%, while small and medium enterprises (SME) saw slower growth at 2% [11][12] - Hotel transactions grew by 5%, outpacing air transactions which grew by 2% [13] - The company maintained a high customer retention rate of 96% over the last twelve months [15] Market Data and Key Metrics Changes - Transaction growth was 3% in The Americas, 4% in EMEA, and 7% in Asia Pacific [14] - The U.S. air TTV growth was 3%, consistent with major U.S. airlines' commentary on corporate spend growth [12] - The meetings and events business saw a 2% year-over-year increase in the number of meetings and an 8% increase in spend for full year 2025 [33][60] Company Strategy and Development Direction - The company is focused on maintaining strong earnings growth, margin expansion, and cash generation despite economic uncertainty [5][6] - Continued investment in technology transformation, including automation and AI, is aimed at improving customer experience and productivity [16][30] - The capital allocation strategy includes a $300 million share buyback authorization and a focus on M&A opportunities [43][44] Management's Comments on Operating Environment and Future Outlook - Management noted more economic uncertainty and less visibility for the full year but expressed confidence in the company's long-term growth prospects [6][25] - The company expects business travel demand from its premium customer base to grow above GDP, with a focus on share gains and operating efficiency [25][39] - Adjusted EBITDA is expected to grow faster than revenue, with a full-year midpoint adjusted EBITDA guidance of $510 million, representing a 7% growth [40][41] Other Important Information - The company received two credit rating upgrades during the quarter, reflecting strong momentum [24] - Adjusted operating expenses declined by 1% year-over-year, demonstrating effective cost control [19][23] - The merger agreement with CWT was amended to reduce the purchase price and the number of shares issued [19][43] Q&A Session Summary Question: Have you witnessed any trade down in accommodations by your underlying clients? - Management indicated that premium and international volumes held up better than domestic, with a slight increase in average ticket prices and hotel rates [47][48] Question: Can you comment on SME wins and transaction values? - Management noted that while SME wins rose, organic growth in the SME segment has been lower due to tightened spending controls [50][51] Question: What is the next milestone for the CWT merger process? - The fact discovery process will be complete in early June, with a trial set for September 8, aiming for closure by the end of 2025 [52] Question: How has the macro environment evolved intra-quarter? - Management observed a stable trend in transaction growth, with most customers in a wait-and-see mode regarding travel policies and budgets [58][60] Question: What steps can be taken to increase the value proposition to clients? - Management emphasized that the company helps customers save money and provides comprehensive content access, which strengthens its value proposition in a weaker economic environment [64]

Amex GBT Q1 2025 Earnings Presentation May 6, 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 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 License ...