Global Business Travel : American Express Global Business Travel Announces Third Quarter 2022 Earnings

Amex GBT

Q3 2022 Earnings Report

November 10, 2022

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The forward-looking statements contained in this communication are subject to a number of Important factors that may affect actual results or outcomes include, among others: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on market opportunities, (2) our ability to achieve cost savings plans, (3) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors in existing and new markets and offerings, (4) various conflicts of interest that could arise among us, affiliates and investors, (5) our success in retaining or recruiting, or changes required in, our officers, key employees or directors, (6) intense competition and competitive pressures from other companies in the industry in which we operate, (7) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control, (8) the impact of the COVID-19 pandemic, Russia's invasion of Ukraine, changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally, (9) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs, (10) the effect of a prolonged or substantial decrease in global travel on the global travel industry, (11) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in person business meetings and demand for travel and our services), (12) the effect of legal, tax and regulatory changes and (13) other factors detailed under the heading "Risk Factors" in our Registration Statement on Form S-4 as originally filed on September 9, 2022, and declared effective on October 3, 2022 ("Registration Statement"). Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Use of Projections

This presentation contains projected financial information with respect to Amex GBT. Such projected financial information constitutes forward-looking information and is presented as goals or an illustration of the results that could be generated given a set of hypothetical assumptions that may prove to be incorrect. Such projected financial information should not be viewed as guidance and is not based on Amex GBT's

historical operating results and should not be relied upon as necessarily indicative of future results or Amex GBT's actual economics. The assumptions and estimates underlying such financial forecast information

are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, a number of which are beyond the control of Amex GBT and subject to change, including the duration and ongoing impact of the COVID-19 pandemic, that could cause actual results to differ materially from those contained in the prospective financial information. Actual results may differ materially from the results contemplated by the financial forecast information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation

by any person that the results reflected in such forecasts will be achieved. Amex GBT's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for

the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. Moreover, Amex GBT operates in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor assess the impact of all factors on Amex GBT's

business or the extent to which any factor, or combination of factors, may cause Amex GBT's actual results, performance or financial condition to be materially different from the expectations of future results,

performance of financial condition. In addition, the analyses of Amex GBT contained herein are not, and do not purport to be, appraisals of the securities, assets or business of Amex GBT or any other entity.

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Industry and Market Data

This presentation also contains information, estimates and other statistical data derived from third party sources, including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies used in market research, none of Amex GBT or the third party can guarantee the accuracy of such information. You are cautioned not to give undue weight on such estimates. Amex GBT has not independently verified any such third party information, and makes no representation as to the accuracy of, such third party information.

Financial Statements and Certain Financial Measures

Some of the financial information and data contained in this presentation, such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Free Cash Flow and Net Debt have not been

prepared in accordance with United States generally accepted accounting principles ("GAAP"). Please refer to slide 18 of this presentation for additional details. Amex GBT believes these non-GAAP measures of

financial results provide useful information to management and investors regarding certain financial and business trends relating to Amex GBT's financial condition, results of operations and cash flows. Amex GBT's management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. Amex GBT believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Amex GBT's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income and cash flows that are required by GAAP to be recorded in Amex GBT's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income and cash flows are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results and reconciliations to the most directly comparable GAAP measure are provided on slides 20-24 of this presentation.

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Disclaimer

An investment in Global Business Travel Group, Inc. is not an investment in American Express. American Express shall not be responsible in any manner whatsoever for, and in respect of, the statements herein, all of which are made solely by Global Business Travel Group, Inc.

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Today's Presenters

PAUL ABBOTT

Chief Executive Officer

MARTINE GEROW

Chief Financial Officer

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Q3 2022 Highlights

Strong Revenue and Earnings Trends

• Q3 2022 revenue increased 147% to $488M, and revenue recovery reached 72% of 2019 pro forma2 revenue, up from 65% in Q2 2022
• Adjusted EBITDA1 totaled $41M, and Adjusted EBITDA fall-through vs. 2021 pro forma2 was 67%. Net loss totaled ($73M)
• Transaction recovery reached 71% of 2019 pro forma2 levels in O3 2022, up versus 69% in Q2 2022, and momentum continued into October with transaction recovery at 76%3 versus 2019 pro forma1
• On track to deliver full-year 2022 guidance for revenue of $1.8 billion - $1.85 billion and full-year Adjusted EBITDA of $90 million - $100 million

Business Travel Recovery Has Strong Momentum

• Amex GBT transaction recovery driven by industry recovery, new wins and SME growth
• SME transaction recovery reached 80% of 2019 pro forma2 levels in Q3 2022
• Post-LaborDay demand and typical seasonality drove a 43% increase in absolute transaction volume from July 2022 to September 2022 to reach the strongest volumes seen post-pandemic

A Significant Runway for Growth		Delivering Egencia Synergies & Cost Savings
▪ New Wins momentum continues. Pro forma2 LTM New Wins Value	▪ $109M in total Egencia synergies expected
through the end of October 2022 totaled $4.1B, representing 11% of 2019	▪ On track to exceed the expected Egencia synergies target of $25M in
pro forma2 TTV
▪ Winning in SME. Pro forma LTM SME New Wins Value through the end	2022
▪ Based on actions completed to date, achieved 70% of expected revenue
of October 2022 totaled $2.5B, of which ~25% came from unmanaged
SME	harmonization synergies when volumes are fully recovered
▪ 95% LTM customer retention rate through the end of October 2022	▪ 80% of $235M permanent cost savings initiatives currently realized

1. Adjusted EBITDA is a non-GAAP measure. Please refer to the Supplemental Materials section for reconciliation of Adjusted EBITDA to GAAP
2. Pro forma assumes Egencia, Ovation and DER acquisitions completed on January 1, 2019, presented with a constant currency adjustment
3. October transaction recovery is workday adjusted

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