Welcome, and thank you for standing by. Good morning, and welcome to the Global Business Travel Group, Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call. As a reminder, please note today's call is being recorded. I will turn the call over to the Vice President of Investor Relations, Jennifer Thorington. Please go ahead.

Hello, and good morning, everyone. Thank you for joining us for our fourth quarter and full year 2025 earnings conference call. This morning, we issued an earnings press release, which is available on sec.gov and our website at investors.amexglobalbusinesstravel.com. A slide presentation, which accompanies today's prepared remarks, was also available on the Global Business Travel Group, Inc. Investor Relations webpage. We would like to advise you that our comments contain forward-looking statements that represent our beliefs or expectations about future events, including industry and macroeconomic trends, cost savings, and acquisition synergies, among others. All forward-looking statements involve risks and uncertainties that may cause results to differ materially from the statements made on today's conference call. More information on these and other risks and uncertainties is contained in our earnings release issued this morning and our other SEC filings. Throughout today's call, we will also be presenting certain non-GAAP financial measures such as adjusted gross profit, adjusted gross profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, free cash flow, and net debt. All references during today's call to such non-GAAP financial measures have been adjusted to exclude certain items. Definitions of these terms and the most directly comparable GAAP measures and reconciliations for non-GAAP measures are available in the supplemental materials of this presentation and in the earnings release. Participating with me today are Paul Abbott, our Chief Executive Officer, Evan Kaumizer, our Chief Product and Strategy Officer, and Karen Williams, our Chief Financial Officer. Also joining for the Q&A session today is Eric Bock, our Chief Legal Officer and Global Head of M&A. With that, I will now turn the call over to Paul. Paul?

Thank you, Jennifer. Welcome, everyone, and thank you for joining us this morning. In 2025, we delivered strong results and expect even stronger momentum in 2026. We are executing on our growth strategy. We continue to gain share and maintain an impressive customer retention rate. Product innovation is accelerating. Our strategic partnership with SAP Concur is well underway as we roll out Complete, a new flagship solution for travel and expense. We are launching next-gen Egencia in April, with a new AI-powered user experience and full integration into Concur Expense. And we closed on the acquisition of CWT in September 2025. We are now at a very exciting inflection point where AI is delivering real revenue and cost benefits, and we are leveraging our platform to power the future of agentic AI in business travel. More on that shortly. Finally, we doubled our share repurchase authorization to $600 million, supported by our strong balance sheet and robust cash flow. Given the current share price and our conviction in our long-term growth trajectory, we believe this represents a compelling driver of shareholder value. Before I talk in more detail about the value that we are delivering with AI, let me quickly review our strong 2025 performance. Here are the highlights. Total transaction value, or TTV, grew 17%. Revenue growth accelerated to 12%. Adjusted gross profit margin was 60%. Adjusted EBITDA grew 11%, and we generated $104 million of free cash flow. Finally here, excluding CWT, new wins value accelerated to $3.3 billion, and we maintained a very strong customer retention rate of 96%. So Global Business Travel Group, Inc. continues to grow and continues to gain share. Our new wins performance, increased demand from our premium customer base, high customer retention rate, and the acquisition of CWT resulted in impressive top…

Thank you, Paul. As Paul said, we have deep conviction that AI is a clear tailwind in transforming our business by enhancing both the customer value proposition and our profitability. Our central role in building and operating a platform that integrates enterprise workflows into the very real and dynamic world of travel represents a clear competitive advantage for us to lead in the AI transformation in corporate travel. To maximize this opportunity, we are investing for AI-powered growth and value creation across three key priorities. The first is revolutionizing the customer experience. Incorporating AI and agent capabilities into the way we service and support our customers and their travelers by delivering personalization, contextualization, and user delight. The second is taking our platforms to power the agentic transformation of B2B travel. Global Business Travel Group, Inc.'s platforms have been designed to execute travel at scale globally, and such a platform is an essential foundation to enable the agentic AI tools that companies are launching for many use cases today. Finally, AI is a generational opportunity to redefine our operating model and cost base, allowing us to expand margins and create more capacity to invest in one and two. I want to highlight one example of how we are looking at revolutionizing customer experience with AI. We know travelers want to conduct business from the channels that they are already using daily, and we know that both companies and their travelers want integration into existing business workflows with immediate personalized responses and proactive actions to solve their needs. Next month, we expect to launch Egencia AI, a tool that allows travelers to search, book, and change travel by responding to natural language interactions, all while adhering to company policy, personal preferences, and context, and, of course, sourcing from the comprehensive and competitive…

Thank you, Evan, and hello, everyone. Before we get into the specifics for the quarter, I want to reflect on the incredible progress we made in 2025. We delivered strong financial results, closed on the acquisition of CWT, and are continuing to make outstanding progress in terms of the integration of CWT into our business. The strength of our balance sheet provides us with opportunities to deploy capital in a disciplined, value-accretive manner. We generated over $100 million in free cash flow, refinanced our debt, and doubled our share repurchase authorization. We continue to deliver on our commitment and are confident in our outlook and the continued momentum in the business. So now let us turn back to the fourth quarter and the financial highlights, which show strong underlying growth and the addition of CWT into our results. The corporate travel demand environment continued to accelerate in the fourth quarter, despite a short-term negative impact from the U.S. government shutdown. TTV, which reflects both volume and price, grew 45% to reach $10 billion. Transaction growth was 37%, driven by the contribution from CWT and growth in our core business as we continue to drive share gains and impressive customer retention. Revenue was up 34% to reach $792 million, and within this, travel revenue increased 36% in line with the transaction growth. Product and professional services revenue increased 27%, primarily driven by the acquisition of CWT and strong growth from our dedicated client revenues as well as Meetings & Events. Excluding CWT, revenue grew 8% in the quarter. And finally, adjusted EBITDA grew 17% to reach $130 million, driven by the top line performance and continued focus on driving productivity, operating leverage, and cost optimization. Let us now turn to margins. Last quarter, we introduced adjusted gross profit margin as a…

Thank you. If you would like to ask a question, please press star followed by one. When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from Stephen Ju with UBS. Your line is open. Please go ahead.

Hey, thank you. So, Evan, I wanted to dig in a little bit more on underlying data you have disclosed on page nine of the deck, particularly as it comes to how good AI has gotten and how quickly things may be improving for Egencia. So 57% of chats are resolved without humans being involved. So can we get some idea of the slope of the improvement that you were driving here throughout 2025? And stepping back and looking at things from a bigger picture perspective, and I apologize, Paul, for asking you a question about running before walking, but how can we think about the benefits of what you are already seeing from a service perspective that is already being demonstrated for Egencia being rolled out to CWT also? Thank you.

Great. Thanks so much for the question, Stephen. Happy to take that. This is Evan. So the 57% on deflection away from chat is largely based on non-transactional inquiries that we have had over the last year or two as we have deployed more tech into that channel. This year, with the full agentic launch of full transactions on hotel and air, and later rail and ground, we are really bullish that that number is going to go up pretty significantly. We also know the denominator will go up a lot as well as we get more customers and more travelers coming into this channel on all the different channels that we are going to expose this to. So I think that both numerator and denominator are going to change, but in ways that will start really showing up in metrics across the business versus more of a help desk style approach that we have had thus far. So I think we are at a pivot point, and we will be excited to share progress as that launch happens and we continue to evolve that channel.

Stephen, maybe just to add a couple of comments to the second part of your question. You are absolutely right. Egencia is the most advanced platform in terms of the AI capabilities and the self-serve capabilities, and so that sets the pace, and our objective is to get Complete and Neo up to the same levels of performance, and we have plans in place to do exactly that, including, of course, the CWT customers as they move across onto those solutions. I think in terms of the metrics to keep an eye on, you asked about how you can expect this to trend going forward. If you look at our gross margin, it is up 100 basis points over the last twelve months, and, obviously, a lot of our AI and automation initiatives are driving that improvement in gross margin. Also, if you look at the percentage of self-serve, we have taken that up 300 basis points over the last twelve months. So we were at about 80% of our transactions coming through digital channels; that has gone up to 83%. And so these are some of the key metrics that we track to make sure that we are not just making progress, but also that progress is flowing through to deliverable impact in the P&L.

We now turn to Duane Pfennigwerth with Evercore ISI. Your line is open. Please go ahead.

Hey, good morning. This is Jake in for Duane. Just first, are there any regional and or industry highlights you could share for the fourth quarter and early 2026? And any improvement in the government business as well?

Yes. Obviously, for Q4, we did see an impact on not just the government business, but more broadly in the U.S. from the U.S. government shutdown, but we were able to mitigate that impact and still deliver on our expectations for Q4 and full year. And so, yes, we have seen an improvement now that the government shutdown mostly resolved, so those volumes have improved into the first quarter. Obviously, the big regional trend, stating the obvious, is the situation in the Middle East. If you look at our demand through January and February, it was actually pretty solid across all regions, and for both months, very much tracking in line with our plan. Obviously, over the last week, we have seen an impact to volumes in the Middle East, as, of course, you would expect. Initially for us, that impact creates more demand because we have a lot of customers that are disrupted, a lot of changes and cancellations. So in the short term, it actually results in an increase in transaction volumes. But, obviously, depending on how long the situation lasts, we are going to see some impact to forward bookings in the region, and that is why Karen, in her prepared remarks, sized the Middle East at approximately 5% of our revenues. Obviously, at this point, it is far too early to be able to assess how long the situation may continue, but we are trying to be helpful in sizing the travel where the Middle East is the point of origin or the final destination, which represents 5% of our revenues.

Okay. That is very helpful. And then just on the SAP Complete partnership, are there any early stats or anecdotes you could speak to to indicate any early successes?

Yes. We are having great progress on rolling out our joint customers onto Complete. We have a rollout plan that started in the fourth quarter and continues at pace, and we are expecting to have 90% to 95% plus of all of our joint customers using Complete this year. Early feedback has been positive, and you are going to hear some new updates on our product launches at the SAP Concur Fusion conference next week in New Orleans. We are going to be talking about the next step of our product joint release. So overall, the momentum is in full swing, and we are really excited to see that progress this year.

Great. Thank you.

We now turn to Greg Parrish with Morgan Stanley. Your line is open. Please go ahead.

Hi, good morning, everyone. Thanks for taking our question. I want to ask about the 150 to 200 basis points annually of gross profit margin expansion through 2030. It is quite robust. I know, Paul, you mentioned having done that over the last twelve months. I just want to unpack the drivers. It sounds like, at least from the slide, this is primarily AI efficiency savings, if you could confirm that. And then should we expect this to start in 2027? I know 2026 is a little noisy here with the acquisition. And then, from a philosophical standpoint, do you expect clients will perhaps want to share in some of these AI savings, or do you think you are in a really good position to have the benefits accrue to you? Thanks.

Okay. So in terms of gross margin, we are incredibly excited about the runway ahead of us. Evan spoke to some of it, but ultimately, as you look at the cost of revenues and from a servicing perspective, we expect an opportunity from the demand deflection that he spoke about, but also from an agent productivity perspective. And so we feel great in terms of the momentum and that pathway as we look out over the short and medium term to delivering against that. In terms of 2026 in particular, you do see the combination of the two organizations together. In terms of the underlying, we are continuing to see that progress and feel really good about it.

Maybe I will pick up on the last part of the question. I think one of the really positive things about our business model is that we already have a structure that incentivizes self-serve. We already have pricing structures with customers that are lower for a 100% digital transaction, a 100% touchless transaction. And if you look back over the last four or five years, we have taken our digital penetration from 60% to 83%, and that is one of the main tailwinds that has been driving our profit growth and our gross margin and our adjusted EBITDA margin expansion. And so we are very confident that the pricing structure that we have in place, because we have proven it over the last few years, does pass back savings to customers for self-serve transactions, but our operating costs are even lower. So that automation tailwind improves our profits and improves our margins, and, frankly, AI is just going to supercharge that trend. So we see it as being very, very positive for us.

Okay. Great. Thanks for the color there. Maybe just a follow-up. Could we unpack the 8% growth excluding CWT in the quarter? Pretty strong number. I think FX was a little bit of a tailwind. Can you break that down? Anything else to call out—air travel, G&M—what was strong versus light in the quarter?

We saw strong growth both in the SME and in the global multinational from a sales perspective, so we saw that continuation in the fourth quarter. Yes, there is probably a point from FX, but also, you will recall during the Q3 earnings call, we encouraged everyone to look at Q3 and Q4 together. We do typically see in the fourth quarter, just from a supplier perspective, some of the timing, so we see the yields were much more akin to what we saw in Q2 at a higher level. That is also playing into it. But we are really confident in terms of the momentum that we saw in the underlying business, not only from the top line, but also then the continuation in terms of that margin story and 210 basis points expansion.

Okay. Thanks. I just wanted to confirm. You said FX was only 100 basis points?

At one point, yes.

Okay. I will follow up with you there. Okay. Thanks.

We have no further questions. I will hand back to Paul Abbott, CEO, for any final remarks.

Great. Well, thank you very much to everyone for joining us, and thank you to all of our teams around the world that contributed to such a successful year in 2025. Thanks very much.

Ladies and gentlemen, today's call has now concluded. We would like to thank you for your participation. You may now disconnect your lines.