Global Business Travel (US:GBTG)2025-11-10 14:00Q3 2025 Financial & Operational Highlights - Q3 2025 saw a 23% year-over-year (YOY) growth in Total Transaction Value (TTV)[19] - Revenue increased by 13% YOY[19] - Adjusted Gross Profit Margin was 60%[19] - Adjusted EBITDA grew by 9% YOY[19] - Free Cash Flow reached $38 million[20] - The value of new wins over the Last Twelve Months (LTM) totaled $3.2 billion, excluding CWT[20] CWT Acquisition & Synergies - The acquisition of CWT closed on September 2, 2025, adding approximately $700 million in acquired revenue[19, 26] - Net cost synergies of approximately $155 million are expected over 3 years[27] - Synergies of approximately $55 million are anticipated in 2025/2026, with $5 million in 2025 and an incremental $50 million in 2026[28, 47] SAP Concur Strategic Alliance - The alliance with SAP Concur offers access to a vast customer base, including 98 out of 100 of the world's largest companies and approximately 80% of SAP's customers being SMEs, with over 104 million SAP Concur end users[30] SME Opportunity & Egencia - The estimated total travel spend for SMEs in 2024 is $834 billion, with $625 billion of the global SME segment being unmanaged[32] - Egencia's LTM TTV is approximately $8 billion, with approximately $2.2 billion in LTM SME New Wins Value, and a customer retention rate of approximately 95%[34] FY 2025 Guidance & FY 2026 Expectations - The company raised its FY 2025 revenue guidance to $2.705 billion - $2.725 billion, an increase of approximately $227 million due to incremental revenue from CWT, representing a 12% YOY increase[49] - Adjusted EBITDA guidance for FY 2025 is $523 million - $533 million, an increase of approximately $5 million due to CWT synergies execution, representing a 9%-11% YOY increase[49] - Preliminary expectations for FY 2026 include revenue growth of 19%-21% and Adjusted EBITDA growth of 16%-22%, reaching $615 million - $645 million[52]