Global Business Travel (GBTG) - 2025 Q4 - Annual Results

Financial Performance - Preliminary Q4 2025 revenue growth of 34% to $792 million, with Total Transaction Value (TTV) growth of 45% to $10 billion[5] - Adjusted EBITDA for Q4 2025 grew by 17% to $130 million, with net income of $83 million compared to a net loss of $14 million in the prior year[5] - Full-year 2025 revenue reached $2.718 billion, with TTV growth of 17% to $36 billion and adjusted EBITDA growth of 11% to $532 million[5] - Free Cash Flow for Q4 2025 was $13 million, while full-year Free Cash Flow was $104 million[23] - The company expects revenue growth of 19% to 21% for full-year 2026, projecting a range of $3.235 billion to $3.295 billion[5] - Adjusted EBITDA for 2026 is expected to grow by 16% to 21%, targeting a range of $615 million to $645 million[5] Strategic Initiatives - Share repurchase authorization increased to $600 million, reflecting a $300 million increase, indicating management's confidence in growth and capital returns[1] - The successful closing of the CWT acquisition in September 2025 is anticipated to drive growth and operational synergies[2] - Management emphasizes AI-enabled product innovation and cost optimization as key growth levers for 2026[2] Future Guidance and Risks - The Company provided full-year 2026 Adjusted EBITDA guidance, which is subject to various material assumptions and uncertainties, indicating that actual results may differ materially from the guidance[24] - The Company is unable to reconcile forward-looking Adjusted EBITDA to net income under U.S. GAAP for full-year 2026 due to unpredictability of reconciling items such as restructuring charges and integration expenses[25] - Forward-looking statements reflect the Company's current expectations and beliefs regarding future developments, which may not materialize as anticipated[27] - Risks affecting future performance include changes to projected financial information, competition, geopolitical conflicts, and market conditions[27] - The Company highlighted the potential impact of the ongoing war in Ukraine and conflicts in the Middle East on the travel industry and global economy[27] - The Company emphasized the importance of maintaining relationships with customers and suppliers to achieve anticipated growth[27] - The Company noted the potential effects of legal, tax, and regulatory changes on its operations[27] - The Company acknowledged risks related to the integration of its merger with CWT Holdings, LLC, including unexpected liabilities[27] - The Company stated that it undertakes no obligation to update or revise forward-looking statements except as required by applicable securities laws[27] Investment Considerations - An investment in Global Business Travel Group, Inc. is not an investment in American Express, which disclaims responsibility for the statements made[28] - The Company plans to discuss final financial results for Q4 and full-year 2025 on March 9, 2026, during a live audio webcast[4]