Global Business Travel Group, Inc. (GBTG) Business

Item 1.    Business

Overview

American Express Global Business Travel, operated by Global Business Travel Group, Inc., a Delaware corporation, ("Amex GBT") is a leading technology and services company for travel, expense, and meetings & events. We are committed to offering companies and their travelers access to the most valuable marketplace in business travel for one simple reason: when people come together, great ideas come to life.

We believe business travel is a fundamental driver of progress and innovation that can be both transactional and transformational. Our comprehensive and competitive marketplace, industry-leading software, AI (as defined herein)-powered efficiencies and 24/7 global support team offer solutions, savings, and flexibility for companies of every size. We believe this is why Amex GBT is one of the most trusted brands in the industry, dedicated to enabling better business travel.1

During the year ended December 31, 2025, we generated total transaction value ("TTV") of approximately $36.3 billion, resulting in revenues of $2.72 billion, net income of $111 million, and Adjusted EBITDA of $532 million. See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Key Operating and Financial Metrics — Non-GAAP Financial Measures” for additional information about our non-GAAP measures and a reconciliation to the most directly comparable financial measures calculated in accordance with generally accepted accounting principles in the United States, consistently applied ("GAAP").

Our operations are headquartered in London, United Kingdom. As of December 31, 2025, we had over 27,000 employees worldwide with a proprietary presence or operations in 49 countries. We expand our reach to service clients in the rest of the world through our Travel Partner Network, Egencia Global Alliance ("EGA"), and CWT Global Partner Network (collectively, the "Partner Networks" and, each individual partner, a "Partner"), consisting of third-party travel management companies ("TMCs") who may operate locally under the American Express Global Business Travel, Egencia and CWT Brands. According to the Global Business Travel Association ("GBTA"), the 49 countries in which we have a proprietary presence represent approximately 92% of business travel spend worldwide.

American Express Company (collectively with its subsidiaries, "American Express") is a bank holding company ("BHC") under the Bank Holding Company Act of 1956, as amended ("BHC Act"), and is therefore subject to supervision, regulation and examination by U.S. bank regulatory authorities. Because and for so long as American Express “controls” Amex GBT for the purposes of the BHC Act, Amex GBT is subject to certain bank regulatory requirements and restrictions. For additional information, see “Part I, Item 1A. Risk Factors — Risks Relating to Regulatory, Tax and Litigation Matters,” “Part I, Item 1. Business — Government Regulation — Banking Regulation,” “Part I, Item 1. Business — Government Regulation — Activities” and “Part I, Item 1. Business — Government Regulation — Acquisitions and Investments.”

Our business is susceptible to substantial disruptions, as described in “Part I, Item 1A. Risk Factors” and elsewhere in this Annual Report.

1 American Express and certain associated logos are trademarks of American Express, used in approved formats by GBT Travel Services UK Limited and its authorized sublicensees pursuant to a limited license. American Express holds a minority interest in Global Business Travel Group, Inc. (NYSE: GBTG), which operates as a separate company from American Express.

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American Express Global Business Travel is built on the idea that "Great Ideas Travel."

We believe that when people come together, something magical happens. Ideas spark, connections form, and possibilities emerge that could never happen through a screen or on a piece of paper. We are helping businesses move forward because we help ideas move forward. And the further ideas travel, the further companies can grow. At our core we believe:

•At a time of fast-paced technological, political and social change and macroeconomic uncertainty, Amex GBT is championing the importance of bringing people together.

•"Great Ideas Travel" embodies our belief that business travel drives innovation, growth and connections.

•The most important time to bring people together is when companies are trying to manage through change and uncertainty; the conditions businesses are facing today are exactly the time leaders should be accelerating bringing people together.

•Being in person is a differentiator that sparks memorable moments and action. The simple gesture of being in person goes a long way.

The brand position, “Great Ideas Travel,” motivates Amex GBT to operate on a higher standard in relation to all aspects of the travel industry, including the environment, social responsibility and corporate governance, all of which are integral to our success with business clients and suppliers, and a major factor in attracting and retaining the best talent in the industry.

Value Proposition

We serve and create value for clients and travel suppliers in two ways: (i) by providing the most comprehensive and competitive content through the Amex GBT marketplace, enabling travel through content and distribution, expert service, partnerships, and (ii) by offering the data and insights through a suite of travel and expense software and professional services built on a proprietary AI-powered modern technology platform that enables effective and efficient management of business travel programs.

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Who we serve

Clients: We are proud to serve clients globally across diverse industries, including financial services, industrial, technology, healthcare, and legal sectors. Our client base is highly diversified, with no single client exceeding 2% of revenue. Small and medium-sized enterprises ("SME") clients represented approximately 46% of our total transaction value in 2025. We help clients of all sizes drive significant cost savings by aggregating diverse business travel content across air, hotels, car rentals, and ancillary services, negotiating differentiated fares and added benefits and ensuring compliance and traveler safety through advanced travel management capabilities.

Travel Suppliers: The hub of our business is our marketplace, where we connect travel suppliers, including over 700 airlines, 160 rail providers, 1.3 million hotel properties and other leading travel suppliers with one of the largest and most in demand sources of business travel globally; clients who have higher average ticket values and greater premium cabin usage compared to typical business-to-business ("B2B") travel benchmarks. We believe our client profile is particularly valuable to travel suppliers due to its higher profitability and the cost-effectiveness of reaching it through our platform versus direct marketing. By providing efficient access to a large, high-value business traveler base, our platform is built to deliver significant value for suppliers, further enhanced by advanced retail, analytics and servicing capabilities that enable Amex GBT to act as an extension of the supplier sales force to our clients.

What we offer

Amex GBT Marketplace: Amex GBT's marketplace reflects our commitment to business travel. It uses AI-powered data analysis to better understand the individual traveler and provide the best fares and rates available at the time of the search. We provide value for both sides of the travel marketplace, providing the content, negotiated rates, and a data-first approach to booking, product offering, monitoring, and technology that maximizes benefits for clients and travel suppliers. We are able to further support savings by offering benefits like our reshopping tools, which are the result of combining proprietary technology with our relationships with travel suppliers. We provide our clients with the data and the insights that they require to negotiate with suppliers and maximize savings, including a dashboard for new distribution capability ("NDC")-enabled bookings. The intelligent marketplace brings richer, expanded data, including expense and payments, and uses technology to analyze that data and bring actionable insights to the travel buyer.

Bringing together content from multiple sources, Amex GBT is a platform where clients benefit from exclusive corporate negotiated air fares and hotel rates, Amex GBT Preferred Rates, and extensive content from Aggregators, Low-Cost Carriers, Booking.com and Expedia, including extensive NDC content. We offer a curated marketplace consistently displaying all of the content clients require across all channels based on their savings and policy objectives.

Travel and Expense Software: What differentiates us from other travel platforms is the breadth and competitiveness of our content. Our proprietary travel solutions pull content from hundreds of airlines, thousands of hotels, and some of travel’s most experienced vendors, specialists, and other resources, offering clients the benefit of negotiated rates and fares, exclusive travel content, and constant monitoring to assess and correct any gaps. With the expertise to understand client preferences and provide content that helps them achieve their travel policy objectives, Amex GBT offers six unique, customizable travel solutions:

•Amex GBT Egencia - For businesses needing a configurable digital travel and expense platform powered by AI with a personalized, digital experience providing complete oversight and control across their program.

•Complete by SAP Concur and Amex GBT - A new co-developed next-gen travel and expense solution for businesses needing an AI-powered, fully customizable global solution, with a unified user experience across travel and expense. Complete seamlessly integrates the SAP ecosystem with Amex GBT’s leading marketplace and servicing capabilities.

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•Amex GBT Neo - For businesses preferring customizable global travel, clients work with us to design and build their travel and expense program. We manage their entire program by combining our leading travel and expense platform, with customized servicing options, giving oversight and control across their program.

•Amex GBT Select - For businesses preferring a flexible solution integrating their existing technology with our marketplace and configurable servicing options. They can build a tailored program to give insight and control across their travel spend.

•Amex GBT Ovation - For businesses preferring a higher touch travel solution and personalized corporate travel servicing. The Amex GBT Ovation solution, including Lawyers Travel, caters to clients who prefer to speak to our travel experts as well as use our technology.

•CWTSatoTravel - For military and government agencies, as well as related organizations subject to government regulations, policies and programs. Our processes comply with government requirements, including around information security and data segregation. We manage and provide official travel policy-compliant services and leisure travel to government entities and their travelers.

Across all solutions, our clients benefit from dedicated relationship managers with industry expertise in travel and expense management, multichannel service delivery worldwide, and comprehensive data and analytics capabilities that enable cost optimization, duty of care compliance, and carbon impact transparency. We provide industry-specialized solutions tailored to sectors with unique requirements, such as pharmaceuticals, energy, mining, and marine. Additionally, our clients benefit from heightened BHC level compliance standards, proactive risk management across all risk categories and robust governance and control frameworks encompassing cybersecurity, data protection and third-party oversight programs.

Professional Services: Our commitment to bringing great ideas together is reflected in our specialized professional services including Amex GBT Meetings & Events and Amex GBT Consulting. We are constantly innovating, investing in, and applying technology to our meetings and events offerings. Our services are built on critical components our clients require, such as account management, sustainability solutions, and in-depth reporting. Amex GBT Meetings & Events helps business travelers come together and engage in unique settings and experiences that leave a lasting impact for attendees, companies and brands. We believe that these opportunities offer maximum return on investment for our business clients. Similarly, Amex GBT Consulting provides strategic guidance and tailored solutions to optimize corporate travel programs, enhance cost savings, improve traveler experience, and maintain policy compliance. For very specific industries like sports professionals, TV and film production and global sports broadcasting companies, GBT Sports & Entertainment provides tailored travel services for these creative, technology-forward industries.

Leading AI-Powered Platform: We use proprietary AI across our platform. Connected to one of the largest and richest travel datasets in the industry, our AI-powered solutions are built to enhance the traveler experience and operational efficiency, offer natural language virtual assistants, personalized recommendations, automatic rate optimization tools, and savings identification capabilities. In addition, our technology provides businesses enhanced traveler insights, competitive fare analysis, and advanced data analytics. We are systematically deploying next-generation AI technologies while maintaining rigorous governance and data security standards. In traveler care, AI coaches and knowledge assistants support our travel counselors and enhance operational insights. In finance, AI supports revenue assurance and contract reconciliation. In engineering, coding assistants improve development productivity and code performance. Additionally, AI tools enhance workplace productivity across our organization. We have now reached an inflection point for AI to accelerate value creation in three ways: revolutionize the customer experience, power the agentic transformation of B2B travel and reduce operating costs.

Industry Overview and Competitive Landscape

Over the past 60 years, travel and tourism has been one of the largest and fastest-growing economic sectors. Travel and tourism was responsible for driving $11.7 trillion in spend, or 10.3% of global gross domestic product ("GDP") in 2024, according to the World Travel & Tourism Council (“Travel & Tourism: Economic Impact 2025,” August 2025).

The travel industry has two distinct sectors: leisure travel, in which individuals plan and book their own personal travel, and business travel, which serves individuals or employees that require travel for business needs and meetings. We focus on business travel.

The business travel sector is further divided into two categories: unmanaged or managed. In a company where travel is unmanaged, business travelers essentially purchase travel on their own, purchasing travel and services from B2C (as defined herein) channels largely outside of the company's immediate oversight and control. We offer companies a

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valuable alternative: managed travel. Managing travel through a TMC offers savings from demand aggregation, access to supplier content, effective fulfillment of business clients’ requirements to ensure the safety and well-being of their employees when traveling for business, and enhanced control over travel spending, among many other benefits.

According to the GBTA, global business travel was estimated to be a $1.57 trillion industry in 2025 and global business travel spend is projected to surpass $2 trillion by 2029 ("2025 Business Travel Index Outlook," July 2025). We believe this growth evidences the sustained role business travel plays as a driver of business and economic growth around the world. Amex GBT is also growing integrated travel adjacent offerings, notably expense management. According to International Data Corporation, travel and expense management software was estimated as a $2.9 billion industry in 2023 by revenue.

We estimate that approximately 30-40% of business travel spend in the United States and Europe was managed in 2024. We believe that a majority of unmanaged business travel spend is driven by SMEs, which could provide us with a significant growth opportunity given our strong SME client base in B2B travel. Additionally, we believe that the growth trend in our SME business, as well as the number of TMCs that currently focus on SMEs, is indicative of a greater demand for managed travel by SMEs. We believe this industry shift to managed travel is supported by sustainable, long-term trends including increasingly fragmented content and opacity of best fares, increasing need for visibility and control of spend and growing emphasis on employee safety and well-being. We estimate that the top 10 TMCs in aggregate accounted for approximately $99 billion in business travel TTV in 2024, or less than 6% of total business travel spend worldwide.

Business travel clients have a wide range of requirements, preferences and priorities, and many TMCs focus on core capabilities aligned with the expectations of their target clients. As a leading software and services company for travel, expense, and meetings & events in a fragmented TMC industry, we offer our clients unrivaled choice, unrivaled value and unrivaled experiences. We believe this differentiation is further enhanced by our reputation and trusted brand. In an industry of constant change, based on three industry-recognized differentiators, we believe Amex GBT’s ability to move business travel is unrivaled:

Unrivaled Choice

Amex GBT clients have access to a curated marketplace through a range of solutions designed to meet a range of diverse client requirements. Our solutions are recognized as leading in their target segments and collectively considered one of the industry's strongest portfolios of travel and expense solutions.

Unrivaled Value

Amex GBT offers clients control and value, resulting in the ability to access comprehensive content while realizing exceptional value, delivering savings to travelers and providing value to suppliers, benefitting both sides of the marketplace. Supported by AI-powered data analysis that can be built effectively and securely, resulting in clients with more choice in carriers than any individual could offer, allowing us to beat direct pricing almost every time.

Unrivaled Experience

Many travelers are excited by, and want ownership of, the digital experience. But travel is also a human business, so we offer both, cutting edge proprietary technology, and 24/7 global client service. Our AI offering, built on a modern platform, enables both the intuitive traveler and the client to contribute to the success of the platform. This digital experience is often a driver of the buying decision, especially when offered with seamless access to the expertise of our travel counselors and client relationship managers.

A Higher Standard, A Trusted Brand

In addition to offering unrivaled choice, unrivaled value and an unrivaled experience, integral to our success with clients and suppliers, and our ability to attract and retain the best talent in the industry, is our belief in operating at a higher standard as it relates to the environment, social responsibility, and corporate governance. This is the cornerstone of our brand promise. We continually work and invest in our risk management framework, governance structures, practices and procedures to meet this higher standard.

In a time when our industry is undergoing accelerated change, we believe that we benefit from our reputation for service, our capacity and capability to adapt to emerging needs and preferences, and our ability to invest in better solutions, and that these attributes will continue to support our business in the future.

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Our Competitive Strengths

We have an uncompromising passion for travel, expertise in bringing people together, and the ability to make travel easier. We believe our passion for travel is what differentiates us within the industry, driven by our commitment to create value for our clients and to build omni-technology. We believe our success and historical performance is due to the following competitive strengths:

•Amex GBT was named as one of the world’s leading companies for travel and expense by 2024 TTV with a diverse portfolio of travel management services serving business clients (“2025 Power List,” June 2025, Travel Weekly);

•We are a highly accretive business model that delivers increasing value to clients and suppliers, with capacity to invest;

•Our attractive financial profile with diversified revenue streams and a flexible cost structure;

•Our proven track record of enhancing value through strategic acquisitions and alliances;

•Our high-quality client base with attractive retention rates and new business growth;

•Our traveler-centric, omnichannel service model;

•Trusted relationships with top-tier travel suppliers driven by value proposition;

•Leading industry standards in relation to the environment, social responsibility and corporate governance; and

•Our management team with industry-leading travel experience.

A Leading Technology and Services Company for Travel and Expense by 2024 TTV with a Diverse Portfolio of Leading Travel and Expense Solutions

According to Travel Weekly, based on 2024 TTV, we are one of the world’s leading B2B travel platforms and a leading platform in travel (after leading B2C travel platforms such as Expedia and Booking Holdings Inc.). We offer technology and services in travel and expense designed to provide solutions to demand and supply fragmentation. We provide travel suppliers with a cost-efficient channel to reach business clients and business travelers. We own parts of the distribution value chain, including technology, that enable us to differentiate our service and deliver excellence in client and traveler experiences. We deliver an expansive suite of professional and technology services to clients in addition to superior traveler services.

We believe these capabilities, services, technologies and our comprehensive marketplace contribute to the value of our B2B model.We distinguish ourselves from other B2B travel providers through our portfolio of solutions that target premium demand segments in business travel with tailored value propositions.

•Offering an extensive suite of proprietary and third-party technology through our Complete, Amex GBT Select and Amex GBT Neo solutions, respectively, we serve a range of business clients and offer complete business travel and expense solutions that can be designed and configured around client expectations and requirements to be fully integrated into client environments.

•Our Ovation offerings (including the Lawyers Travel service) focus on clients specializing in providing high-touch TMC service with deep strength in selected industries, including the legal, private equity and entertainment industries.

•Amex GBT Egencia is focused on integrated software solutions. We believe the Amex GBT Egencia platform is simple and easy to use, provides the “look and feel” of a consumer platform for travelers, and features intuitive integrated travel and expense management solutions.

We supplement our diverse portfolio of travel management technology and services, which target attractive segments in B2B travel, with our partner solutions proposition. We believe that the combination of our brands and partner solutions provides us with growth opportunities and capacity for investment in our platform at the center of the Amex GBT Flywheel (as defined below) and distinguishes us from our competitors.

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A Highly Accretive Business Model that Delivers Increasing Value to Clients and Suppliers and Capacity to Invest

We have built a platform that brings together people and ideas by offering content from a myriad of sources. This is one of our competitive advantages. As noted in our flywheel below ("Amex GBT Flywheel"), our business model benefits both the traveler and travel supplier and is driven by a network of global connections that drive value for all users of our platform.

•We deliver value to all our clients through constant innovation in areas like AI technology that tailors travel experiences and our differentiated software delivering comprehensive and exclusive content and experiences backed by high-quality service. We deliver this through the compelling combination of individualized value propositions targeted at attractive client segments in business travel reinforced by our diverse portfolio of travel management services, and the significant value created by the Amex GBT platform.

•We have one of the largest concentrations of premium demand in travel worldwide. Business travel is important to travel suppliers due to its significant contribution to profitability driven by more first and business class cabin bookings, fewer advance purchases and more flexible tickets. By aggregating business travel demand, we are a valuable partner to travel suppliers.

•Our platform provides travel suppliers with efficient access to our valuable client base, creating a strong incentive for travel suppliers to deliver more content, better experiences and increased savings. Serving high value business clients requires a significant investment in technology, service resources, infrastructure and capabilities. Our efficient platform enables us to make and sustain this investment at compelling economics for both clients and travel suppliers. This creates margin headroom for travel suppliers to offer differentiated value through savings, content and experiences commensurate with the differentiated value of this demand to them. These savings and benefits make our value proposition even more compelling for our clients. Moreover, we benefit from premium economics and capacity to invest in our platform and in the inorganic expansion of platform and capability. Our clients and suppliers benefit from the incremental value created by these investments through more services and solutions, better client and traveler experiences and a more efficient platform.

•Our end-to-end ownership of our technology platform, from connectivity to sources that supply to our point of sale, allows us to deploy investments efficiently and generate extensive benefits for our clients and travel suppliers.

We believe that our continued innovation and the development of our platform makes us more competitive.

Attractive Financial Profile with Diversified Revenue Streams and a Flexible Cost Structure

Our types and sources of revenue are highly diversified. We receive revenue from clients, travel suppliers and Partner Network for air, hotel, car rental, rail or other travel-related transactions as well as a broad range of non-transaction related products and services. No single client accounted for more than 2% of our revenue in 2025.

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We generate revenue in two primary ways: (1) fees and other revenues relating to processing and servicing travel transactions received from clients and travel suppliers (“Travel Revenues”) and (2) revenues for the provision of products and professional services not directly related to transactions received from clients, travel suppliers and Partner Network (“Product and Professional Service Revenues”).

Travel Revenues: Travel Revenues include all revenue relating to servicing a travel transaction, which can be air, hotel, car rental, rail or other travel-related bookings or reservations, cancellations, exchanges or refunds and comprised 79% of our total revenue in 2025. The major components of our Travel Revenues are:

•Client Fees: We typically charge clients transaction fees for arranging travel.

•Supplier Fees: Travel suppliers pay us for distributing and promoting their content. The mechanism varies by supplier, but the amount is usually a volume-linked fee. This includes fees from the three major Global Distribution Systems (“GDSs").

Travel Revenues are primarily driven by transaction volumes, with volume floors included in some of our client contracts.

Product and Professional Services Revenues: We receive revenue from clients, travel suppliers and Partner Network for using our platform, products, and value-added services. Product and Professional Services Revenues, which comprised 21% of our total revenue in 2025, are not directly driven by transaction volume.

•Management Fees: Clients pay us management fees to provide a dedicated staffing pool to serve their travelers for part or all of their business travel.

•Meetings and Events Revenue: We charge clients fees for booking, planning and managing meetings and events.

•Consulting Revenues: Consulting services are usually a fixed fee for delivery of a certain engagement (such as company travel policy design).

•Product and Other Revenues: We charge clients subscription fees for a broad range of business travel management tools for their travel programs. Other revenues typically include certain marketing and advertising fees from travel suppliers.

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This revenue mix allows us to mitigate volume downside risk while benefiting from growth in our business as well as the underlying growth in the B2B travel industry. Business resilience is further enhanced by our flexible cost structure, enabling us to quickly and efficiently react to changes in the demand for travel management services.

Cutting-Edge Proprietary Technology Platform Seamlessly Integrated into our Operations

Since our formation in 2014, we have consistently invested capital to create a global platform that serves travel distribution, servicing and business travel programs. In October 2025, Amex GBT announced a strategic alliance with SAP to co-develop a new integrated AI-powered platform called Complete, which will combine booking, servicing, payments and expense integration into one experience. We are also integrating Concur Expense with Amex GBT Egencia as part of a next-gen launch in 2026 with new AI features and user experience to capture the large and profitable SME opportunity.

In addition, we continue to implement focused, high-impact enhancements to our technology platform and solutions to continually improve our value proposition to our clients, travel suppliers and Partner Network. The platform has been developed in a way to not only enable our owned and operated technology, but to power the travel technology ecosystem offering a greater range of technology choices for our clients to meet their preferences and make the right strategic decisions for their program. And, when travelers need to talk to a person, they can always do so. This is part of our compelling offer: travel enhanced by Agentic AI, industry insights and data, and personalized experience, without forgetting this is an industry built on the need for people to meet in person. We believe the future is human, enabled by technology.

Our technology investment has centered on three key strategic goals:

•Creating a custom-built technology infrastructure that expertly offers solutions and supports third-party applications while maintaining robust privacy and data security;

•Developing an omnichannel core platform capable of supporting a global travel program, including a marketplace that provides content for our clients and seamless distribution for our travel suppliers; and

•Creating seamless travel experiences founded upon an integrated suite of solutions.

The core platform today is built on a flexible, modern, fully-cloud based infrastructure (with some client specific exceptions for data residency requirements), which enables efficient, consistent, operations and solutions delivered globally. Our solutions bring together a robust set of capabilities that meet the requirements of travel programs of all sizes as well as the most digitally savvy frequent travelers. Travel management solutions include policy and compliance management, trip approvals, unused ticket management, full featured reporting (including data, analytics and insights), traveler care tools designed to help ensure traveler safety and well-being, and continuous rate search. For the traveler, a digital suite of solutions enables information, communication, booking and travel management where they want it to be:

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online, on mobile and by e-mail, as well as by chat with travel counselors. Our platform also supports our travel counselors, enabling personalized servicing and proactive traveler care.

Through Complete, Amex GBT Select and Amex GBT Neo, our platform supports over 70 distinct technology-enabled products and integrates seamlessly with more than 250 third-party and proprietary solutions, each designed to address specific, high impact client needs. Our tailored offerings provide clients with differentiated, integrated travel and expense management capabilities: Complete combines Amex GBT and SAP Concur software and services for clients within the SAP ecosystem, while Amex GBT Neo delivers dedicated online booking and expense management tools for clients outside that ecosystem. Additionally, the Amex GBT Select store enables clients to integrate with all major third-party online booking tools, providing maximum flexibility and choice.

With Amex GBT Egencia, we offer integrated end-to-end B2B software that automatically syncs every travel booking in near real time. Fast and streamlined, with all aspects of travel management in one place, Amex GBT Egencia is also now fully integrated with the core platform and technology infrastructure, offering benefits like single sign-on, expense tracking and data reconciliation. The AI-native technology behind Amex GBT Egencia has provided a unified platform offering both travel and expense solutions, designed to serve travelers and clients with a differentiated digital experience as well as a tool for human agents to support servicing of our clients.

Our technology is also designed to support innovation and new product development. We were an early adopter of AI and machine learning in the B2B travel space. For example, Amex GBT Egencia incorporates significant AI capabilities in everything from determining the best travel choices based on intent to a large language model ("LLM") anchored help center. Additionally, we are implementing automation and augmentation solutions including sentiment analysis, voice to text and LLMs to increase servicing efficiency.

We continue to invest in technology to deliver the strategic goals of the business. We are expanding the availability of content proactively by increasing the connectivity and the functionality of our Amex GBT marketplace in a changing supplier landscape. We are also enhancing the buying experience for travelers using the most advanced technologies available, using our strong AI foundations to find and book the best content, for an individual or a group, based on traveler preferences and company policies. Our flexible platform also enables us to accelerate adoption of AI and automation throughout our operations, driving margin accretion and capacity for further investment.

Proven Track Record of Enhancing Value through Strategic Acquisitions and Alliances

Since our formation in 2014, our singular focus on creating a travel marketplace dedicated to the idea that great ideas should travel more seamlessly, has allowed us to continuously expand our capabilities, integrate new brands through acquisitions, and invest in developing our products and platform and build strategic alliances with leading industry partners. The pursuit of strategic acquisitions and alliances has allowed us to expand our business, complementing our organic growth strategy, and further driving our ability to accomplish our long-term strategic goals. Through our acquisition of KDS in October 2016, we strengthened our platform and digital capabilities with the Amex GBT Neo online booking and expense platform, our next-generation platform to engage with travelers through digital channels. The acquisition of Hogg Robinson Group Limited, a global B2B services company specializing in travel management, complemented our geographical footprint with the ability to offer enhanced service to our clients in key regions, and broadened our product and technology capabilities. AI has been a core part of our strategy for five years, enhancing client savings while helping us be more productive as a business. We added AI and machine learning capabilities to our portfolio in 2020 when we acquired 30 Seconds to Fly. With the acquisition in 2021 of Ovation Travel, LLC, which includes Ovation, Ovation Vacations and Lawyers Travel brands (collectively, "Ovation") we were able to add a high-touch service. With our 2021 acquisition of Egencia from Expedia Group, Inc., we substantially enhanced our capabilities with Egencia’s software solution specifically built for “digital-first” clients who want a seamless program that delivers full traveler tools and control at a lower cost. In September 2025, we completed the acquisition of CWT, offering approximately 2,000 clients access to Amex GBT’s suite of proprietary travel and expense software solutions, as well as strengthening our offerings in key industry verticals including Government, Defense and Military and Energy Mining and Marine. In October 2025, we entered into a new strategic alliance with SAP Concur to deliver more client and supplier value through the creation of new products and experiences. As part of this alliance, we launched Complete by SAP Concur and Amex GBT, offering our mutual clients a new co-developed solution offering enhanced AI-powered experiences consistent across all channels, richer airline, hotel, rail and ground content and seamless account management across Amex GBT and SAP Concur offerings. Through this alliance we are also integrating Concur Expense into our Amex GBT Egencia solution to offer those clients a full travel and expense experience.

We believe our clients will benefit from our partnerships, relationships, and commitment to industry leadership, and we regularly consider acquisition opportunities as well as other forms of business combinations to drive our strategy and to enhance growth. See "Part I, Item 1. Business — Our Growth Strategy"; See "Part I, Item 1A. Risk Factors — Risks Relating to Employee Matters, Managing Our Growth and Other Risks Relating to Our Business — We may be

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unable to identify and consummate new acquisition opportunities." For a specific discussion of risks related to the acquisition of CWT, see “Part I, Item 1A. Risk Factors — The Merger with CWT may cause our financial results to differ from our expectations or the expectations of the investment community, we may not achieve the anticipated benefits of the Merger, and the Merger may disrupt our current plans or operations.”

High-quality Client Base with Attractive Retention Rates and New Business Growth

Through our diverse portfolio of leading travel management technology and services, we serve a broad range of global business clients across a range of industries including, business and financial services, industrial, technology, healthcare, legal and many others. Our value proposition is based on our ability to tailor our programs to the expectations of this diverse group of business travelers, which, in turn, creates value for our travel suppliers.

We believe the strength of our value proposition is demonstrated by our ability to attract and retain premium demand business clients. Our client retention rate, excluding CWT, was 96% in 2025. The average tenure of our top 100 clients, excluding CWT, by TTV is approximately 15 years with more than 77% of our client relationships having a tenure of more than five years. In addition to maintaining our existing clients, our Total New Wins Value (TTV over the contract term from all new client wins over the last twelve months) for full year 2025 totaled $3.3 billion, excluding CWT. This business growth creates value for our travel suppliers.

Traveler-Centric, Omnichannel Service Model

We are proud to offer our travelers 24/7 customer service anywhere in the world through a number of service channels. In 2025, 83% of our bookings were through digital channels (such as an online booking tool ("OBT"), the Amex GBT mobile app and instant messaging). Alongside our digital channels, our agent facilitated channels have played a critical role is supporting travelers seeking the expertise and support of our travel counselors in navigating a competitive travel environment.

Our platform is channel-agnostic, ensuring travelers and clients of all sizes benefit from the full range of our content, savings and solutions regardless of how they choose to engage with us. Where it is valued by our clients, our platform also integrates seamlessly with all major third-party OBTs, further enhancing our flexibility.

Our travel counselors are experienced specialists in B2B travel and provide 24/7 global support capabilities. Our service constructs are flexible to match client needs. Within our global client solutions, our tools and infrastructure allow travel counselors to serve any client or traveler anywhere, to the high standard our clients expect of us. Where our clients require deep, personal knowledge of their business and travelers, we dedicate travel counselors to their account and offer on-site service.

Our service footprint includes 49 countries where we have a proprietary presence or operations. Through our Partner Networks, which are integrated into our infrastructure and platform, we extend this service footprint to our clients in the rest of the world. This broad geographic reach allows us to offer streamlined access to a consistent portfolio of services across the globe and a differentiated local service where such service is needed and valued by the traveler and client.

Our traveler interactions are captured within and powered by our core platform, which is fully integrated into all service channels. This allows seamless, simple and efficient cross channel engagement for our travelers (for example, booking a trip through the OBT, changing the itinerary by calling a travel counselor and rebooking a connecting flight through messaging).

Relationships with Top-Tier Travel Suppliers Driven by Value Proposition

We believe that our longstanding supplier relationships differentiate us from our competitors.

Built on a reputation of delivering premium demand, improving profitability, and meeting supplier objectives, these relationships include airlines, hotel groups and individual hotel properties, content aggregators, including Expedia Partner Solutions and Booking.com, all three major GDS platforms, car rental, rail, ground transportation companies and many other travel suppliers.

Travel suppliers value our global business clients due to a higher proportion of first and business class cabin bookings, fewer advance purchases, more flexible tickets and more long-haul international bookings, all of which drive superior economics and profitability. We offer travel suppliers efficient access to this premium client. For example, we

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estimate that the total distribution cost through us is comparable (as a percentage of booking value) to the reported selling costs for at least our top five airline suppliers and even more cost-effective when considering the technology investment and servicing cost savings our travel suppliers realize. We believe this is one of the largest aggregations of this premium demand in the travel industry. Due to the nature and mix of our client types, our clients typically choose premium tickets that we estimate are on average approximately 50% higher than the average TMC booking. In addition, more than half of our TTV related to air travel is derived from first and business class cabin bookings.

These high value relationships and economics are powered by the Amex GBT marketplace, our unified platform encompassing the GDS and non-GDS content aggregation that connects all of our travel suppliers and content to the point of sale ("POS") our clients and travelers use. We believe our marketplace provides value to travel suppliers by eliminating the need to invest in business client POS environments while also providing them with the capabilities they need to market, promote and sell their content, products and services effectively.

We have extensive experience working closely with travel suppliers to deliver their objectives and create value for clients. We have a dedicated team of proprietary content acquisition and revenue management specialists providing data insight, backed by advanced optimization tools and data analytics that deliver compelling solutions to travel suppliers.

We believe our offerings create a strong incentive for travel suppliers to deliver more content, experiences, and savings specifically for our clients. This includes Preferred Extras that are not available to the general public, which provide clients with value through extra amenities and savings from exclusive fares and lodging room rates. For example, in 2025, more than 90 airlines and more than 37,000 hotel properties participated in the Preferred Extras program, with clients benefiting from cost savings extra amenities and perks such as free Wi-Fi, breakfast, last-room availability and loyalty benefits.

Leading Industry Standards in Relation to the Environment, Social Responsibility and Corporate Governance

On an annual basis, Amex GBT publishes a Powering Progress Report, which can be found on the Company's website and includes our corporate sustainability strategy and progress in relation to the environment, social responsibility, and corporate governance matters. The information contained on the Company's website is not included in, or incorporated by reference into, this Annual Report.

Management Team with Industry-Leading Experience

We are led by a highly-experienced management team with a wide range of backgrounds and experiences, both from inside and outside the travel industry. They have successfully managed the business through several acquisitions, transformations and challenges, while delivering consistent growth. They have the expertise and leadership required to execute on our growth strategy.

Our Growth Strategy

We believe our growth will be driven by our differentiated services. We have built the most valuable marketplace in travel, underpinned by access to the most comprehensive and competitive content. Additional growth, margin expansion and cash generation can be further accelerated by driving new wins with our leading travel and expense technology and services that are integrated globally. We are focused on growing our leadership in the large, fast-growing and high margin SME space, where we are investing to drive new wins and higher share of wallet and benefit from the shift from unmanaged toward high-quality managed travel solutions. We are investing to extend our product leadership and build leading digital-first experiences and seamlessly integrated technology and services. Our priority to drive operating leverage through productivity improvements, including utilizing automation and AI, is expected to drive margin expansion and fund investments for long-term sustained growth, both organically and through accretive mergers and acquisitions ("M&A").

Capitalize on our Technology Platform

Our proprietary technology utilizes data analytics capabilities to enhance travel program insights and create a more personalized user experience, which we believe will drive our client reach. We intend to expand our value proposition through the continued integration of travel and expense and payment tools. In addition, the Amex GBT marketplace aggregates and optimizes content delivery, which we believe will solve critical problems for business clients, travel suppliers and Partners. With increased capabilities and functionality, we can deliver more value for our clients. We believe that continuing to invest in our digital transformation will also improve client satisfaction while reducing costs. We plan to continue expanding our technology suite in order to seamlessly deliver on clients’ needs in each target segment and to execute on opportunities designed to further improve profitability.

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Strengthen our Position Globally

We believe our value proposition to business clients is underscored by our expertise in delivering high-quality service. We provide one of the most complete business travel solutions for business clients of all sizes, and we believe our differentiated value proposition will enable us to continue to grow in this segment. Some business clients require service capabilities having a global reach, and we believe that we can deliver them through our platform and solutions, high-quality traveler service and suite of professional services. We plan to continue to grow through new client wins and expanding upon our existing relationships by providing more comprehensive solutions, including meetings and events planning, consulting, outsourced services and more products and technology that are integrated into our clients to provide the best possible experience and value.

Accelerate Penetration in SME Segment

We are focused on growth in the SME segment, which we believe represents a large and profitable opportunity for our business. In 2025, we estimate global SME total travel spend was approximately $900 billion, including both significant managed and unmanaged spend. We estimate a majority of the global SME segment is unmanaged, representing a large growth opportunity.

Through Ovation and Amex GBT Egencia, we can offer additional solutions and have expanded our offerings where personal, human service remains a key buying criterion. Amex GBT Egencia is a leading software platform where a largely self-service model is desired. With our platforms and expense management tools, we have unlocked significant potential for new business development with unmanaged clients and increased the value offered to our existing client base.

Pursue Strategic and Accretive M&A

We have historically grown and added capabilities through M&A activity and expect to continue to pursue strategic opportunities to complement our platform. We have demonstrated an ability to execute accretive and synergistic acquisitions as well as integrate and fundamentally improve our acquired businesses.

We intend to broaden our diverse portfolio of leading travel management services and our geographic reach, which will allow us to add more business clients and travel suppliers to our platform, driving top-line growth as well as enhancing our technological capabilities and value proposition to deliver increasing value across our client base. We actively monitor and evaluate our M&A pipeline across all our strategic pillars for key opportunities in SME, high growth regions and technology capabilities. Our industry is highly fragmented with hundreds of TMCs, providing a large and attractive pool of potential M&A opportunities. We believe significant M&A opportunities remain in the business travel industry and adjacent industries that could continue to create growth opportunities for us in the future. This provides a large opportunity to target strategic acquisitions, joint ventures and partnerships to improve our geographic footprint and capabilities. We may be required to raise additional capital through new equity or the incurrence of additional indebtedness to support our acquisition strategy. As part of our regular ongoing evaluation of acquisition opportunities, we are in various stages of discussions and have not entered into any agreement with respect to any possible acquisitions not expressly described in this Annual Report. We cannot predict if any such acquisition will be consummated or, if consummated, will result in a financial or other benefit to us. See “Part I, Item 1A. Risk Factors — Risks Relating to Employee Matters, Managing Our Growth and Other Risks Relating to Our Business — We may be unable to identify and consummate new acquisition opportunities.”

Earnings Growth Through Productivity and Automation

We continue to drive digital transformation and automation initiatives to increase efficiency. For example, by bringing more solutions from our core platform into our travel counselor toolkit, we can automate more processes, as well as create more self-service and “co-pilot” solutions for travel counselors that combine automation with human service. We believe this type of servicing delivers the best of both worlds in achieving traveler satisfaction and efficiency. We believe these initiatives will enable us to deliver a higher level of service, thus benefiting clients, travelers and our business, while realizing and maintaining higher margins going forward.

Description of Certain Indebtedness

Overview

GBTG and certain of our subsidiaries are parties to an amended and restated credit agreement, which provides for a $1,400 million senior secured term loan facility and a $360 million senior secured revolving credit facility. As of

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December 31, 2025, the principal amount of term loans outstanding under the amended and restated credit agreement was $1,386 million . The senior secured term loans will mature on July 26, 2031. The revolving credit facility will terminate on July 26, 2029. As of December 31, 2025, we had $360 million of availability under the revolving credit facility.

The following is a summary of the material terms of such amended and restated credit agreement and amendments thereto as of the date of this Annual Report. This summary is qualified in its entirety by reference to the complete text of the A&R Credit Agreement (as defined below) and the amendments thereto, all of which are included as exhibits to this Annual Report. You are urged to read carefully the A&R Credit Agreement and the amendments thereto in their entirety.

Amended and Restated Senior Secured Credit Agreement

On July 26, 2024 (the “Refinancing Date”), GBTG and GBT US III LLC, a wholly-owned subsidiary of GBTG (the “Initial Borrower”) entered into an amended and restated senior secured credit agreement (as amended the Amendment No. 1 and Amendment No. 1, each, as defined below, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “A&R Credit Agreement”), by and among GBTG, the Initial Borrower, Morgan Stanley Senior Funding, Inc., as administrative agent and as collateral agent, and the lenders and letter of credit issuers from time to time party thereto, which initially provided for a $1,400 million senior secured initial term loan facility (the “Initial Term Facility,” and the loans thereunder, the “Initial Term Loans”) and a $360 million senior secured revolving credit facility (the “Revolving Credit Facility” and, the loans thereunder, the “Revolving Loans”). The Initial Term Loans were drawn in full on the Refinancing Date, and the proceeds thereof were used to repay in full the outstanding principal amount of all tranches of term loans outstanding, including accrued interest and other amounts payable, under our then existing senior secured credit agreement (the “Original Credit Agreement”).

The A&R Credit Agreement amended and restated the Original Credit Agreement in its entirety. The repayment of term loans under the Original Credit Agreement resulted in a loss on early extinguishment of debt of $38 million. GBTG incurred total costs of debt refinancing of $25 million, which was capitalized as debt issuance cost and is being amortized to interest expense over the term of the Initial Term Facility and the Revolving Credit Facility, using the effective interest rate method.

On February 4, 2025, GBTG, the Initial Borrower and certain subsidiaries of GBTG entered into an amendment (“Amendment No. 1”) to the A&R Credit Agreement, with Morgan Stanley Senior Funding, Inc., as administrative agent and as collateral agent, and the lenders party thereto. The primary purpose of Amendment No. 1 was to reprice the then outstanding Initial Term Loans. The repriced Initial Term Facility is referred to hereafter as the “Term B-1 Facility,” and the loans thereunder, the “Term B-1 Loans.”

On January 21, 2026, GBTG, the Initial Borrower and certain subsidiaries of GBTG entered into an amendment (“Amendment No. 2”) to the A&R Credit Agreement, with Morgan Stanley Senior Funding, Inc., as administrative agent and as collateral agent, and the lenders party thereto. The primary purpose of Amendment No. 2 was to reprice the then outstanding Term B-1 Loans and to increase the aggregate principal amount of the term loans by $100 million. After giving effect to Amendment No. 2 and the borrowing contemplated thereby, all outstanding term loans are governed by the same terms and are intended to constitute a single fungible class. The term loan facility under the A&R Credit Agreement, after giving effect to Amendment No. 2 and the borrowing contemplated thereby, is referred to hereafter as the “Term B-2 Facility,” and the loans thereunder, the “Term B-2 Loans.”

Credit Facilities

The Term B-2 Loans mature, and all amounts outstanding thereunder will become due and payable in full, on July 26, 2031. Principal amounts outstanding under the Term B-2 Loans are required to be paid on a quarterly basis in an amount equal to $15,010,101 per annum, commencing in March 2026, with the balance due at maturity.

At the option of the Initial Borrower, the Term B-2 Loans may be voluntarily prepaid, in whole or in part, at any time without premium or penalty (other than (x) a prepayment premium of 1.00% of the principal amount of the Term B-2 Loans subject to certain repricing transactions occurring prior to July 21, 2026 and (y) customary breakage costs in connection with certain prepayments of loans). Further, subject to certain exceptions set forth in the A&R Credit Agreement, the Initial Borrower is required to prepay loans under the Term B-2 Facility with (i) 50% (subject to leverage-based step-downs) of annual excess cash flow (calculated in a manner set forth in the A&R Credit Agreement) in excess of a threshold amount, (ii) 100% (subject to leverage-based step-downs) of the net cash proceeds from certain asset sales and casualty events, subject to customary reinvestment rights and (iii) 100% of the net cash proceeds from the incurrence of certain indebtedness.

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As of December 31, 2025, an aggregate principal amount of $1,386 million of Term B-1 Loans were outstanding under the A&R Credit Agreement, and there were no unutilized term loan commitments remaining outstanding under the A&R Credit Agreement as of such date. After giving effect to Amendment No. 2 and the borrowing contemplated thereby, an aggregate principal amount of $1,486 million of Term B-2 Loans was outstanding under the A&R Credit Agreement.

The Revolving Credit Facility has (i) a $150 million sublimit for extensions of credit denominated in certain currencies other than U.S. dollars, (ii) a $50 million sublimit for letters of credit, and (iii) a $50 million sublimit for swingline borrowings. Extensions of credit under the Revolving Credit Facility are generally subject to customary borrowing conditions. The proceeds from borrowings under the Revolving Credit Facility may be used for working capital and other general corporate purposes.

The Revolving Credit Facility matures, and all amounts outstanding thereunder will become due and payable in full, on July 26, 2029. At the option of the Initial Borrower, amounts borrowed under the Revolving Credit Facility may be voluntarily prepaid, and/or the commitments thereunder may be voluntarily reduced or terminated, in each case, in whole or in part, at any time without premium or penalty (other than customary breakage costs in connection with certain prepayments of loans).

Security; Guarantees

GBTG and certain of its direct and indirect subsidiaries, as guarantors (such guarantors, collectively with the Initial Borrower, the “Loan Parties”), provide an unconditional guarantee, on a joint and several basis, of all obligations under the A&R Credit Agreement and under cash management agreements and swap contracts with the lenders or their affiliates (with certain limited exceptions). Subject to certain cure rights, as of the end of each fiscal quarter, at least 70% of Consolidated EBITDA (as defined in the A&R Credit Agreement) of the Loan Parties and their subsidiaries must be attributable, in the aggregate, to the Loan Parties for the four prior fiscal quarters. Further, the lenders have a first priority security interest in substantially all of the assets of the Loan Parties.

Interest and Certain Fees

The Term B-2 Loans and the Revolving Loans (collectively, the “Loans”) bear interest based on the Secured Overnight Financing Rate (“SOFR”) (or an alternative reference rate for amounts denominated in a currency other than U.S. dollars) or, at the Initial Borrower’s option, in the case of amounts denominated in U.S. dollars, the Base Rate (as defined in the A&R Credit Agreement), plus, as applicable, a margin of (i) after giving effect to Amendment No. 2, in the case of the Term B-2 Loans, 2.00% per annum for SOFR-based loans (or 1.00% per annum for Base Rate-based loans) and (ii) in the case of the Revolving Loans, 2.75% per annum for SOFR-based loans (or 1.75% per annum for Base Rate-based loans). The SOFR floor is 0.00% for Loans under the A&R Credit Agreement.

Prior to the effectiveness of Amendment No. 2 , the applicable margin, in the case of the Term B-1 Loans, was 2.50% per annum for SOFR-based loans (or 1.50% per annum for Base Rate-based loans).

The Initial Borrower is required to pay, quarterly, in arrears, a fee based on the average daily unused commitments under the Revolving Credit Facility of 0.25% per annum. The fee was originally 0.375% per annum but stepped-down to 0.25% per annum on February 28, 2025 upon the upgrade by Standard & Poor’s Rating Service of the Initial Borrower’s debt rating from ‘B+’ to ‘BB-’. The Initial Borrower is also obligated to pay a customary agency fee and other customary fees described in the A&R Credit Agreement.

Covenants

The A&R Credit Agreement contains various affirmative and negative covenants, including a financial covenant and limitations (subject to exceptions) on the ability of the Loan Parties and their subsidiaries to: (i) incur indebtedness or issue preferred stock; (ii) incur liens on their assets; (iii) consummate certain fundamental changes (such as acquisitions, mergers, liquidations or changes in the nature of the business); (iv) dispose of all or any part of their assets; (v) pay dividends or other distributions with respect to, or repurchase, any equity interests of any Loan Party or any subsidiary of any Loan Party; (vi) make investments, loans or advances; (vii) enter into transactions with affiliates; (viii) modify the terms of, or prepay, any of their subordinated or junior lien indebtedness; and (ix) enter into certain burdensome agreements.

The A&R Credit Agreement contains a financial covenant applicable solely to the Revolving Credit Facility that requires the First Lien Net Leverage Ratio (as defined under the A&R Credit Agreement) to be less than or equal to 3.50 to 1.00 as of the last day of any fiscal quarter on which the aggregate principal amount of outstanding loans and letters of credit under the Revolving Credit Facility exceeds 35% of the aggregate principal amount of the Revolving Credit Facility

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(subject to a $10 million exclusion for utilization of the letter of credit sublimit). The A&R Credit Agreement provides that such financial covenant is suspended for a limited period of time if an event that constitutes a “Travel MAC” (as defined in the A&R Credit Agreement) has occurred and the Loan Parties are unable to comply with such covenant as a result of such event. Such financial covenant did not apply for the year ended December 31, 2025.

As of December 31, 2025, the Loan Parties and their subsidiaries were in compliance with all applicable covenants under the A&R Credit Agreement.

Events of Default

The A&R Credit Agreement contains default events (subject to certain materiality thresholds and grace periods), which could require early prepayment, termination of the A&R Credit Agreement or other enforcement actions customary for facilities of this type. Defaults include, but are not limited to, the following:

•non-payment of principal, interest or other amounts when due under the A&R Credit Agreement;

•materially incorrect representations or warranties;

•breaches of covenants;

•cross-default to other material indebtedness of any of the Loan Parties or their subsidiaries;

•one or more material monetary judgments against any of the Loan Parties or their subsidiaries remaining undischarged, unpaid or unstayed;

•certain bankruptcy or insolvency events affecting any of the Loan Parties or any of their material subsidiaries;

•invalidity of any loan document;

•certain events with respect to U.S. and/or non-U.S. employee benefit plans and pension plans; and

•the occurrence of one or more change in control events, which are limited to the following events from and after the Closing (as further described in the A&R Credit Agreement):

◦any person or group shall have acquired direct or indirect beneficial ownership of more than 50% of the aggregate ordinary voting power represented by the issued and outstanding equity interests of GBTG;

◦a majority of the seats (other than vacant seats) on the board of directors of GBTG ("Board") shall be occupied by persons who were not nominated, appointed or approved for election by the Board; and/or

◦100% of the equity interests in the Initial Borrower, any other Borrower (as defined in the A&R Credit Agreement) or any Intermediate Holding Company (as defined in the A&R Credit Agreement) shall cease to be owned and controlled, directly or indirectly, by GBTG.

Sales and Marketing

Our travel and expense solutions are procured by business clients who choose one or more TMCs to manage their organizations’ travel program. Our Global Customer Partnerships team is focused on developing relationships and engaging with new prospects. They also manage day-to-day relationships with our existing client base, including sales and marketing of our products, services and solutions to our existing clients.

In addition to supporting travelers, our travel counselors and digital self-service channels act as an extension of the sales force for our travel suppliers, promoting and marketing content in line with our business client and supplier agreements.

Our dedicated Global Business Partnerships team works closely with our travel suppliers to promote our solutions to travel suppliers and negotiate proprietary content that delivers value and benefits to our clients.

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Our GBT Partner Solutions business is grown by a dedicated sales team that develops relationships and negotiates partnerships with prospective TMCs and independent agents that could benefit from our platform and/or prospective service delivery partners who could become part of our Partner Network.

As a growing global business, we invest heavily in marketing, promotion and brand development linked to our global value proposition. This includes funds from certain travel suppliers. The Amex GBT global marketing activity broadly focuses on digital marketing, above-the-line channels, advertising, social media, public relations and sales promotions. This ensures the current and future growth of Amex GBT as a credible technology and service company and allows us to compete alongside our large global network of competitors in travel and technology.

Competition

The travel industry, and the business travel services industry, are highly competitive. We currently compete, and will continue to compete, with a variety of travel and travel-related companies, including other business travel management service providers, consumer travel agencies and emerging and established online travel agencies and other offerings which provide travel booking capabilities. We also compete with travel suppliers, such as airlines and hotels, some of which market their products and services directly to business travelers through B2C channels, including by offering more favorable rates, exclusive products/services and loyalty points to business travelers who purchase directly from such travel suppliers through B2C channels. We also compete against clients determining to self-manage their business travel. We compete, to a lesser extent, with credit card loyalty programs, online travel search and price comparison services, facilitators of alternative accommodations, such as short-term home or condominium rentals, and social media and e-commerce websites. We believe we are distinguished from our competitors by:

•our ability to provide services tailored to the specific requirements of business clients and travelers effectively and efficiently when compared to B2C-focused travel service providers; and

•our portfolio of solutions that target some of the most attractive segments in business travel, solutions tailored to solve the needs of these segments, our platform that delivers differentiated value and experiences to clients and travelers through consistent delivery of excellent service and value when compared to other B2B-focused travel service providers.

Intellectual Property

Our intellectual property rights, including our trademarks, copyrights, domain names, proprietary technology and trade secrets, are an important component of our business, and we rely heavily upon our intellectual property and proprietary information in our content, brands, domain names and website URLs and other components that make up our services. We have acquired some of our intellectual property rights and proprietary information through acquisitions, as well as licenses and content agreements with third parties. We protect our intellectual property and proprietary information through registrations, confidentiality procedures and contractual provisions, in addition to international, national, state and common law intellectual property rights.

We depend on the use of sophisticated information technologies and systems, including, but not limited to, the following:

•third-party reservation systems from all the major GDS providers;

•company-owned and third-party online booking portals for air, hotel, car, cruise, activities, insurance etc.;

•third-party and company-owned technology that facilitates the marketing of supplier sponsored advertisements and promotions;

•marketing platforms to attract and acquire quality leads from the internet;

•proprietary and third-party systems for providing customer service, accepting and processing payments, detecting fraud, etc.;

•business intelligence tools to deliver insights and reporting for our business travelers;

•mobile applications to assist our travel advisors in providing just in time services for travelers such as trip or flight recovery tools and destination-related emergency monitoring and alerts;

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•third-party and proprietary systems for various business processes such as ticketing, policy validation, document delivery, invoicing, commission management, operational reporting and finance; and

•enterprise communication and productivity software, systems and computing devices for our travel advisors.

We continuously improve and upgrade our systems, infrastructure and information security. Over the next several years, we intend to continue to increase the level of investment in information security to better protect data, communication and transactions. In addition, we plan to invest in technology to allow for the next generation of travel advisors to come onboard quickly without needing to learn complex GDS cryptic commands, while providing them with qualified leads to help them build a book of business and grow.

We have also designed processes to streamline travel advisor sales and support workflow to integrate acquired companies efficiently.

Employees and Human Capital Resources

As of December 31, 2025, we had over 27,000 employees worldwide with a proprietary presence or operations in 49 countries. While our employees in many European countries and some Asia Pacific and Latin American countries are legally required to be represented by works councils and/or trade unions, our employees in North America are not represented by any labor organization and are not party to any collective bargaining arrangement. We consider our relationship with our employees to be mutually respectful.

We are committed to rewarding and supporting our employees to enable us to attract and retain top talent globally. Our total compensation package includes competitive base pay (with variable pay programs to reward outstanding performance), bonus programs, long-term incentive programs, benefits programs, retirement savings options and matching contributions, paid time off for sick, vacation and volunteer work, a global employee stock purchase plan and protected leave time for medical and family care, of which both medical and bonding leaves are paid.

As part of our continuous effort to cultivate a better workplace, we solicit feedback from all global colleagues regularly through engagement and pulse surveys. These surveys focus on a variety of different areas, including engagement and alignment with our GBT behaviors. In the most recent annual engagement survey performed in November 2025, we achieved an 82% participation rate. We had an overall engagement score of 77, which is 2 points above the global benchmark as defined by our third-party engagement expert. In addition, 87% of our employees report feeling that people of all backgrounds can succeed at the Company, 7% higher than the global high performing benchmark.

We believe that the development and engagement of our employees is key to our sustainability and growth. We aim to ensure that our hiring and promotional processes are both transparent and inclusive. We also provide a range of continuing education programs to our employees to promote their skill and professional development. Our employees have access to product and technology training so that they can stay up to date on product and travel booking tools, as well as leadership, management and professional skills training. We also have a referral bonus program and a global tuition reimbursement policy available to full-time and part-time employees.

The health and wellness of our employees is a primary focus. Our employees have access to voluntary wellness programs, tools and resources. Our global flexible work program, Better Balance, makes alternative work arrangements available to our employees to suit their needs. A key component of our corporate culture is our commitment to creating a globally inclusive workplace. We strive to create an environment where people feel a sense of inclusion and belonging – for our colleagues, clients, and the communities where we do business. We offer colleague resources group, also known as INclusion Groups or INGroups. Our 10 INGroups, which all employees are welcome to join, are a big part of our culture and a place where people with similar interests, backgrounds, and experiences come together, support one another and make a difference. We remain committed to ensuring that all employees can continuously grow and develop with us.

Facilities

We lease our corporate headquarters in London, United Kingdom pursuant to a lease that expires in July 2034. We believe that our headquarters space is adequate for our needs and that we should be able to renew our lease or secure a similar property without an adverse impact on our operations.

We also routinely make purchases of property and equipment to strengthen our information technology infrastructure and enabling technologies. We believe that our current facilities are adequate to meet our ongoing needs, and that, if we require additional space, we will be able to obtain additional facilities on commercially reasonable terms.

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