Overview

• Travel services firm's Q4 revenue rose 34% yr/yr, driven by CWT acquisition and travel demand

• Full-year revenue slightly beat analyst expectations

• Company doubled share buyback authorization to $600 mln

Outlook

• Company reiterates full-year 2026 revenue growth guidance of 19% to 21%

• Global Business Travel projects 2026 adjusted EBITDA between $615 mln and $645 mln

Result Drivers

• CWT ACQUISITION - Revenue growth driven by CWT acquisition, increasing travel demand and share gains

• AI STRATEGY - AI used to improve customer experience and reduce costs, expected to drive growth

• COST INCREASES - Operating expenses rose due to CWT consolidation and tech investments

Company press release: ID:nBwbWqHcWa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
FY Revenue	Slight Beat*	$2.72 bln	$2.71 bln (7 Analysts)
FY EPS		$0.22
FY Basic EPS		$0.22
FY Operating Expenses		$2.59 bln
FY Operating Income		$130 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the online services peer group is "buy"

• Wall Street's median 12-month price target for Global Business Travel Group Inc is $10.80, about 88.2% above its March 6 closing price of $5.74

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 26 three months ago

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