Here are a few analogies for Global Business Travel (GBTG):

• It's like Expedia or Booking.com, but specifically for corporate travel and events management.
• Think of it as the SAP Concur for comprehensive global business travel and event planning solutions.

Major services provided by Global Business Travel (GBTG):

• B2B Travel Platform: A technology-enabled platform offering a comprehensive suite of solutions for managing business travel for companies and their employees.
• Consulting Services: Expert advisory services related to business travel management and optimization.
• Meetings and Events Planning Services: Assistance with the organization, logistics, and management of corporate meetings and events.

Global Business Travel Group (symbol: GBTG) operates primarily as a business-to-business (B2B) travel platform, providing a suite of technology-enabled solutions and services to other companies, rather than directly to individual consumers.

The company serves a highly diversified client base of approximately 19,000 clients across various industries. According to its public filings, no single customer accounted for more than 5% of its total transaction value in recent fiscal years. Therefore, specific names of "major customers" that represent a significant portion of GBTG's revenue are not publicly disclosed.

However, GBTG publicly states that its customer base includes a significant portion of large corporations globally, notably serving approximately 60% of Fortune 500 companies. While specific client names are not provided due to the diversified nature of its business and client confidentiality, its major customer segments consist of:

• Large Multinational Corporations: These are typically global enterprises with extensive and complex business travel needs across multiple countries and regions, representing a substantial portion of GBTG's client portfolio.
• Small and Medium-sized Enterprises (SMEs): GBTG also caters to a broad range of SMEs that require efficient and scalable travel management solutions to control costs and streamline their business travel programs.

Given the highly diversified customer base and the absence of any single customer accounting for a material portion of its revenue, specific public company names and their symbols for major customers cannot be provided.

• American Airlines (AAL)
• Delta Air Lines (DAL)
• United Airlines (UAL)
• Lufthansa Group (LHA.DE)
• Marriott International (MAR)
• Hilton Worldwide Holdings (HLT)
• Hyatt Hotels Corporation (H)
• IHG Hotels & Resorts (IHG.L)
• Hertz Global Holdings (HTZ)
• Avis Budget Group (CAR)
• Uber Technologies (UBER)
• Sabre Corporation (SABR)
• Amadeus IT Group (AMS.MC)

Paul Abbott Chief Executive Officer

Paul Abbott has served as Chief Executive Officer of Global Business Travel Group, Inc. since May 27, 2022, and previously as CEO of its legacy company since October 2019. Prior to joining Amex GBT, he spent 24 years at American Express Company, holding various senior roles across the corporate travel business, including Chief Commercial Officer, Global Commercial Payments. During his tenure at American Express, Mr. Abbott notably led the global expansion of the Business-to-Business Payments business and introduced innovative products and services to millions of businesses. He also spearheaded the expansion of American Express's card-issuing partnerships with major financial institutions. Before his time at American Express, he worked for British Airways for nine years. Mr. Abbott led Amex GBT through significant strategic acquisitions and oversaw the company's public listing on the New York Stock Exchange in May 2022, following its initial operation as a private equity-backed joint venture.

Karen Williams Chief Financial Officer

Karen Williams is the Chief Financial Officer for American Express Global Business Travel (Amex GBT), overseeing the company's overall financial management, reporting, and corporate functions such as controllership, treasury, tax, audit, and financial planning & analysis. She joined Amex GBT in May 2022 as Deputy Chief Financial Officer and was appointed CFO in July 2023. Prior to Amex GBT, Ms. Williams served as Senior Vice President, Global Head of Strategy and Planning at InterContinental Hotels Group. Her previous roles include CFO at International Airlines Group Loyalty and numerous divisional CFO positions during her 15 years at American Express. She began her career at a startup health and fitness company.

Andrew Crawley President

Andrew Crawley serves as the President of American Express Global Business Travel (Amex GBT).

Eric J. Bock Chief Legal Officer, Corporate Secretary and Global Head of Mergers and Acquisitions

Eric J. Bock is the Chief Legal Officer, Corporate Secretary, and Global Head of Mergers and Acquisitions for American Express Global Business Travel.

David Thompson Chief Information Technology Officer

David Thompson is the Chief Information Technology Officer, bringing over 30 years of experience to his role at American Express Global Business Travel.

1. Dependence on Global Travel Trends and Macroeconomic/Geopolitical Factors

   Global Business Travel's business is highly susceptible to disruptions in global travel trends and broader macroeconomic and geopolitical conditions. Factors such as geopolitical conflicts (e.g., the war in Ukraine, tensions between China and Taiwan), changes in base interest rates, inflation, and market volatility can significantly impact the travel industry and global travel demand. Furthermore, the widespread adoption of teleconference and virtual meeting technologies could reduce the demand for in-person business meetings and travel services, directly affecting GBTG's core business model.

2. Integration Challenges and Operational Risks from Acquisitions

   The company faces significant integration challenges and operational risks stemming from recent acquisitions, particularly the integration of CWT Holdings LLC. These challenges include the potential for unexpected liabilities, difficulties in applying GBTG's internal controls over financial reporting to the acquired business, and potential legal proceedings related to the merger. Failure or delays in successfully integrating acquired businesses could materially impact GBTG's operational efficiency, financial performance, and share price.

3. Regulatory Changes and Compliance Risks

   Global Business Travel's operations are subject to various legal, tax, and regulatory changes across the many jurisdictions in which it operates. Changes in these regulations could impact its business model, increase compliance costs, or otherwise negatively affect its operations and financial performance.

The clear emerging threat for Global Business Travel Group (GBTG) is the rapid advancement and proliferation of **AI-powered corporate travel management and booking tools**. These new solutions, developed by specialized technology startups or integrated into broader enterprise software suites, threaten to disintermediate traditional B2B travel platforms like GBTG.

These AI tools are designed to automate and optimize various aspects of business travel, including itinerary planning, policy compliance, expense management, and personalized recommendations, with potentially greater efficiency, accuracy, and cost-effectiveness. By leveraging advanced AI and machine learning, these platforms could offer businesses a more direct and streamlined way to manage their travel needs, reducing their reliance on third-party aggregators and service providers like GBTG.

Global Business Travel Group, Inc. (GBTG) operates within substantial addressable markets for its B2B travel platform, including corporate travel management and meetings and events planning services.

Global Business Travel Market

The total addressable market for global business travel was approximately $1.4 trillion worldwide in 2019. This figure included about $430 billion in-destination spending that typically falls outside the scope of Travel Management Company (TMC) services.

More recently, global spending on business travel reached $1.34 trillion in 2023, marking a 30% increase from 2022 levels. It is expected to reach $1.5 trillion for the first time in 2024. Projections estimate this market to grow to $1.57 trillion in 2025 and further expand to approximately $3431.3 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 9.6% from 2025 to 2034.

Within this global market, the managed business travel segment, which encompasses services provided by TMCs like GBTG, was valued at $330 billion in 2019. Conversely, the unmanaged market, largely comprising small and mid-sized enterprises (SMEs), represented a significant opportunity of $675 billion in the same year. GBTG maintains an estimated 21.9% market share of the global business travel management market.

Global Meetings & Events Market

The meetings and events industry is also a key addressable market for GBTG. This sector is projected to experience strong growth in 2025, with meeting professionals expressing confidence and anticipating increased budgets. Looking ahead to 2026, optimism remains high among 85% of meeting professionals, with in-person events becoming the norm and budgets expected to rise, although cost pressures are a notable challenge.

Global Business Travel (NYSE: GBTG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Integration and Synergies from the CWT Acquisition: The completion of the CWT acquisition is a significant driver, expected to contribute to transaction growth and increase revenue by approximately 30%. This acquisition also expands Global Business Travel's small and medium-sized enterprise (SME) business by about 20% and introduces new industry verticals. The company anticipates achieving $155 million in targeted CWT synergies, with $55 million expected in 2026.
2. AI-Powered Product Innovation and Operational Efficiency: Global Business Travel views AI as a primary catalyst for both operational efficiency and product innovation. The company is accelerating its digital transformation through AI integration, which is expected to revolutionize the customer experience and enhance agent productivity. This includes the launch of the next-gen Egencia with new AI-powered user experiences, enabling features like natural-language bookings and agentic transactions. AI is also expected to drive adjusted gross profit margin expansion by 150-200 basis points per annum over the next five years.
3. Continued Customer Acquisition and Strong Retention: The company consistently reports a high customer retention rate, which was 96% in 2025, excluding CWT. Alongside this, new customer wins have accelerated, demonstrating sustained organic growth by both retaining existing clients and attracting new ones. This indicates continued market share gains.
4. Expansion of Product and Service Offerings: Global Business Travel is actively expanding its suite of technology-enabled solutions. This includes the ongoing rollout of its flagship "Complete" solution in partnership with SAP Concur, which integrates travel and expense management. The company's platform provides a comprehensive array of solutions to business travelers, clients, travel content suppliers, and third-party travel agencies.

Share Repurchases

• Global Business Travel Group, Inc. (GBTG) authorized a share repurchase program of up to $300 million through December 2027 as of December 31, 2024.
• The company increased its share repurchase authorization to $600 million in February 2026, adding $300 million to the program.
• GBTG has returned $103 million to shareholders under its share buyback program to date, with $73 million in 2025 and an additional $30 million through March 5, 2026.

Share Issuance

• A prospectus relates to the potential issuance of up to 75,986,935 shares of Class A Common Stock upon the exercise of public and private placement warrants, and GBTG Options.
• The company anticipates receiving up to approximately $454 million from the full exercise of all public and private placement warrants.
• In May 2022, GBTG completed a business combination that resulted in GBT JerseyCo becoming a direct subsidiary, a transaction accounted for as a reverse recapitalization, which involved the creation of its public shares.

Inbound Investments

• The formation of Global Business Travel Group, Inc. as a public entity involved a business combination in May 2022, where GBT JerseyCo became a direct subsidiary.
• "Continuing JerseyCo Owners" including Amex Coop, Juweel Investors, and Expedia held non-voting redeemable shares of GBT JerseyCo, and later Class B Common Stock of GBTG, as part of the business combination.
• American Express maintains a minority interest in Global Business Travel Group, Inc.

Outbound Investments

• GBTG acquired CWT in September 2025, an acquisition expected to positively impact its financial outlook, contribute to revenue growth, and generate synergies.
• The acquisition of CWT was a strategic move aimed at expanding the company's customer base, enhancing negotiating power with suppliers, increasing data flow, and broadening its geographic footprint.
• The company launched "Complete," a new integrated travel and expense solution, in partnership with SAP Concur, targeting small and mid-sized businesses.

Capital Expenditures

• Free cash flow in 2025 totaled $104 million, a decrease primarily attributed to increased purchases of property and equipment, largely due to capitalized technology investments.
• In 2024, free cash flow improved by $116 million, or 235%, driven by increased net cash from operating activities and reduced capital expenditures.
• For 2026, the company expects to generate free cash flow between $125 million and $155 million, or $235 million to $265 million excluding the cash impact of restructuring and CWT integration.