Sabre : Q1 2026 Earnings Presentation

Published: 2026-05-07 07:59:32 ET SABR

Published on 05/07/2026 at 07:59 am EDT

Today's presenters

Kurt Ekert

President and Chief Executive Officer

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Mike Randolfi

Chief Financial Officer

Garry Wiseman

President, Product & Engineering

Delivering on our strategic priorities

Generate Free Cash Flow and Delever the Balance Sheet

RECENT ACHIEVEMENTS

+ Achieved Q1'26 revenue growth of 8%, with strength across both Marketplace and Airline Technology

Q1'26 Normalized Adjusted EBITDA growth of 21%

+ Reiterated FY'26 Pro Forma Adjusted EBITDA and Free Cash Flow guidance

+ Sabre on-track to generate positive Free Cash Flow in 2027

+ No large debt maturities for approximately 3 years

Drive Growth through Innovation

RECENT ACHIEVEMENTS

+ Highest rate of air distribution bookings growth in over two years

< Sabre / MindTrip / Paypal agentic AI solution launched

+ Sabre / Virgin Australia OpenAl chatbot integration live

+ Payment Suite gross spend up +40% YoY

+ Lodging Expansion continued solid growth

+ NDC bookings continued to accelerate

+ Successful migration of Hawaiian Airlines

Normalized Adjusted EBITDA, Pro Forma Adjusted EBITDA, and Free Cash Flo ware non-GAAP measures. See slide 2 and appendix for a discussion of non-GAAP financial measures, including reconci/Nations to the most closely correlated GAAP measure.

The information presented here represents forward-looking statements andreflects expectations as of May 7, 2026. Sabre assumes no obligation to update these statements. Refer to "Forward-looking statements" on Slide 2 for information on Pro Forma amounts. Results may be materially different and are affected by many factors including those detailed in the accompanying release andin Sabre's Form 10-Q filed with the SEC on May 7, 2026.

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Q1'26 business and financial results

101M

Total Marketplace Bookings

+5% YoY

87M

Air Distribution Bookings

+6% YoY

11M

Hotel Distribution Bookings

Payments Revenue

Passengers Boarded

+5% YoY

+27% YoY

+3% YoY

>30% hotel attachment rate

Normalized Adjusted EBITDA is anon-GAAPmeasure. See slide 2 and appendix for a discussion of non-GAAP financial measures, including reconciliations fa the most closely correlated GAAP measure.

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Driving growth through innovation

Strategic Focus

Modern

Technology

Leading Portfolio

AIRLINE TECHNOLOGY

Airline Technology

Modular Al solutions including revenue optimization tools and GenAl chat solutions

Air Expansion

Expect

low-to-mid-single-digit air bookings growth

in 2026

MARKETPLACE

Lodging Expansion

Modernized connectivity, strong attachment, and growth in media, drive sustained growth

Payment Suite

Integrated fintech hub, well positioned for continued strong growth

Cloud-Native

Secure & Reliable

Al-Powered

Agentic AI

Open & Interoperable

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The information presented here represents forward-looking statements andreflects expectations as of May 7, 2026. Sabre assumesno obligation to update these statements. Refer to "Forward-looking statements"on Slide 2. Rest/ts may be materially different and are affected by many factors including those detailed in the accompanying release and in Sabre's Form 10-Q filed with the SEC on May 7, 2026.

Q1'26 financial highlights

Revenue Operating Income Operating Margin

+8% YoY +27% YoY +220 bps YoY

Normalized Adj. EBITDA Normalized Adj. EBITDA

+21%YOY Margin

+235 bps YoY

Cash on Balance Sheet

Normalized Adjusted EBITDA and Normalized Adjus ted EBITDA margin are non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most c/ose/y correlated GAAP measure.

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Air Distribution Bookings Mid-single-digit YoY growth

6% YoY

Revenue

Pro Forma Adjusted EBITDA is a non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconcliations to the most closely correlated GAAP measure. See slide 2

for information on Pro Forma amounts.

Pro Forma Adj. EBITDA

Mid-single-digit YoY growth

-$130M

$760M

$169M

Improving balance sheet and deleveraging

DEBT MATURITY PROFILE

+ Paid off over $1B in debt in

DECEMBER 2024 DEBT MATURITY PROFILE

$1,600

2025 using cash on the balance sheet and

proceeds from the sale of

$657

$727

$872

Hospitality Solutions

$194 $150

$23

$202

Q1 Q2 Q3 Q4 Q1 Q2 Q3

Q1 Q2 Q3

Q2 Q3

Q2 Q3 Q4 Q1

Q2 Q3 Q4

maturing in 2029 or later

2025 2026

2027

2028

2029

2030

MARCH 2026 DEBT MATURITY PROFILE

$1,000

8917

$374

$470

$150

$203

$1,325

Q1 Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q2 Q3

Q1 Q2 Q3 Q4 Q1

Q2 Q3 Q4

2025

2026

2027

2028

2029

2030

Pro Forma Net Leverage is a non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. See s/ide 2 for information on Pro Forma amounts.

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FY 2026 pro forma guidance1

Air Distribution Bookings

Revenue

Low-to-mid-single-digit vov Mid-single-digit YoY growth

growth

Low-to-mid-single-digit vov Mid-single-digit YoY growth growth

Pro Forma Gross Margin

56% - 57%

Pro Forma Adj. Technolo•y Low-single-digit YoY increase Low-single-digit YoY increase

Pro Forma Adj. SG&A Expense

Pro Forma Adj. EBITDA

Low-single-digit YoY decrease

$585M

+9% YoY

Low-single-digit YoY decrease

$585M

+9% YoY

CapEx

-$80M

Cash Interest

$470M

Restructuring

-$60M

Cash Taxes & Other

$45M

Expense

Free Cash Flow

-($70M) -($70M)

Includes -$60M of restructuring Includes -$60M of restructuring

Pro Forma Adjusted Technology Expense, Pro Forma Adjusted S G&A Expense, Pro Forma Adjusted EBITDA, and Free Cash Flow are non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. See slide 2 for information on Pro Forma amounts.

1. The information presented here represents forward-looking statements andreflects expectations as of May 7, 2026. Sabre assumes no

12 Confidential | @2026 Sabre GLBL Inc. AII rights reserved. obligation to update these statements. Refer to "Forward-looking statements" on Slide 2. ResU/ts may be materially different andare affected

by many factors including those detailed in the accompanying release and in Sabre's Form 10-Q filed with the SEC on May 7, 2026.

Q2'26 pro forma guidance1

Air Distribution Bookings

Revenue

Pro Forma Adj. EBITDA

Near flat YoY growth

Flat-to-nominal YoY growth

-$130M

Pro Forma Adjusted EBITDA is a non-GAAP measures. See slide 2 and the appendix for a discussion of non-GAAP financial measures, including reconciliations to the most closely correlated GAAP measure. See slide 2 for information on Pro Forma amounts.

1. The information presented here represents forward-looking statements and reflects expectations as of May 7, 2026. Sabre assumes no obligation to update these statements. Refer to "Forward-looking statements"on Slide 2. Results may be materially different and are affected by many factors including those detailed in the accompanying re/ease and in Sabre's Form 10-Q filed with the SEC on May 7, 2026.

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sabre

Appendix

Non-GAAP financial measures

We have included both financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP") as well as certain supplemental non-GAAP financial measures, including Adjusted Net Income from continuing operations ("Adjusted Net Income"), Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EPS, Free Cash Flow, and ratios derived from these measures. The non-GAAP financial measures are presented in addition to, and not as a substitute for, financial results prepared in accordance with GAAP. GAAP financial measures are presented with equal or greater prominence wherever non-GAAP financial measures are discussed.

Definitions

+ Adjusted Net Income is defined as loss from continuing operations adjusted to exclude acquisition -related amortization; restructuring and other costs; loss on extinguishment of debt, net; other, net; disposition-related costs; litigation costs, net; indirect tax m at ters; stock-based compensation; and the related tax impacts of these adjustments.

m atters; stock-based compensation; and the provision for income taxes.

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Non-GAAP financial measures

Purpose and Use by Management

Management and the board of directors use these non-GAAP financial measures to evaluate trends in our operating performance, assess period-to-period comparability, and support internal planning and decision-making. These measures are particularly useful in evaluating operating performance because historical results have been affected by items that management believes are not indicative of ongoing core operations. In addition, amounts derived from Adjusted EBITDA are used in connection with certain financial covenants under our senior secured credit facilities.

These non-GAAP financial measures should not be considered measures of liquidity, nor do they represent cash available for discretionary use. Free Cash Flow does not represent residual cash available for distribution and does not reflect all cash requirements of the business. Other companies, including those within our industry, may define or calculate similarly titled non-GAAP financial measures differently, limiting the usefulness of such measures as comparative tools.

Limitations of Non-GAAP Financial Measures

Adjusted Net Income, Adjusted EBITDA, Normalized Adjusted EBITDA, Adjusted EPS, Free Cash Flow, and related ratios are not recognized measures under GAAP and have inherent limitations as analytical tools. Accordingly, they should not be considered in isolation or as substitutes for net income (loss), income (loss) from continuing operations, or cash flows from operating activities prepared in accordance with GAAP.

The limitations of these non-GAAP financial measures include, but are not limited to, the following:

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The non-GAAP pro forma financial outlook in this presentation, including Pro Forma Adjusted EBITDA, Pro Forma Gross Margin, Pro Forma Adjusted Technology expense, and Pro Forma Adjusted SG&A expense, is not necessarily indicative of the operating results of the Company after closing of the Hospitality Solutions Sale and utilization of the net proceeds from the sale to pay down outstanding indebtedness, or of the operating results of the Company in the future. The non-GAAP pro forma financial outlook included in this presentation is not pro forma information prepared in accordance with Article 11 of Regulation S-X of the SEC, and the preparation of information in accordance with Article 11 would result in a different presentation.

Business and financial pro forma financial outlook

The Company is providing the first quarter and full year 2026 outlook included below on a pro form a basis to give effect to the sale of the Hospitality Solutions business. Pro form a adjustments include an adjustment to remove costs previously allocated to Hospitality Solutions, but that do not meet the GAAP definition for discontinued operations reporting. We believe this presentation will enhance investors' ability to evalu ate and compare the Company's operations on a go-forward basis.

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Tabular reconciliations for non-GAAP measures

Reconciliation of Income (loss) from continuing operations to Adjusted Net Income from continuing operations and Income (loss) from continuing operations to Adjusted EBITDA: (in thousands, except per share amounts; unaudited)

Three Months Ended March 31,

2026 2025

Income (loss) from continuing operations

9,394

(3,377)

Adjustments:

Acquisition-related amortization!'"*

7,730

7,732

Restructuring and other costs**)

9,767

Loss on extinguishment of debt

2,728

Other, net*^!

(7,001)

(2,705)

Disposition-related costs*^*

683

Indirect tax matters*'*

(3,360)

274

Stock-based compensation*^*

5,661

12,312

Stockholder Matter Costs*'!

3,491

Tax impact of adjustments*^*

(4,117)

(12,136)

Adjusted Net Income from continuing operations

$ 24,293

$ 2,783

Adjusted Net Income from continuing operations per share

$ 0.06

$ 0.01

Adjusted diluted weighted-average common shares outstanding*9!

430,897

455,260

Income (loss) from continuing operations

$ 9,394

$ (3,377)

Adjustments:

Depreciation and amortization of property and equipment*'^*

16,146

14,795

Amortization of capitalized implementation costs*1°*

2,589

2,962

Acquisition-related amortization*'•)

7,730

7,732

Restructuring and other costs*°*

9,767

Interest expense, net

122,963

109,790

Other, net*^!

(7,001)

(2,705)

Loss on extinguishment of debt

2,728

Disposition-related costs*^*

683

Indirect tax matters*'*

(3,360)

274

Stock-based compensation*"*

5,661

12,312

Stockholder Matter Costs*'*

3,491

Benefit for income taxes

(11,398)

(11,648)

Adjusted EBITDA

$ 158,710

$ 130,818

Plus estimated costs historically allocated to Hospitality Solutions

10,379

8,838

Normalized Adjusted EBITDA

$ 169,089

$ 139,656

Net Income Margin

1.1 %

5.0 %

Adjusted EBITDA margin

20.9 %

18.6 %

Normalized Adjusted EBITDA margin

22.2 %

19.9 %

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Tabular reconciliations for non-GAAP measures

Reconci/ie/ion of re case now.

Threa Honlhe Ended March 91,

Cash used in operating gCtiyilieS Cash used in investing activities

Cash (used in) provided by financing activities

(134,16O) $

(21,230)

(92,f@6)

(g3,g61 j

(7. )

13.208

Gash used in operating activities Additlons Io property and equipmanl

Free Cesh Flow

Reconc///a/ion of Free Cash Flow from Discontinued Operations.-

Cash Used in operatlnq activities from Discontlnued Operations

Addiliona la progeny and aquipmant from discontinued Oparationa Frae Gash Flow from Efisconlinued Operations

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Three Months Erzdad March 2 fi,

2026 2025

S (134,160) $ (83,961)

(21,230) (t6,871)

5 (J55,390I 5 (B0,832)

Threa g¥orrjhs Endad Merch 3fi,

2026 2025

(971) $ (16,643)

- (1,g18)

Non-GAAP footnotes

Depreciation and amortization expenses:

Acquisition-related amortization represents amortization of intangible assets from the take-private transaction in 2007 as well as intangibles associated with acquisitions since that date.

Depreciation and amortization of property and equipment includes software developed for internal use as well as amortization of contract acquisition costs.

Amortization of capitaliz ed implementation costs represents amortization of upfront costs to implement new customer contracts under our SaaS and hosted revenue model.

Restructuring and other costs primarily represent charges related to the inflation offset program we began implementing in the fourth quarter of 2025.

Other, net includes $10 million of transition services agreement income, net, in the current year period and a gain on the sale of assets of $5 million recognized in the prior year period. In addition, all periods presented include non-operating gains and losses as well as foreign exchange gains and losses related to the reme asurement of foreign currency denominated balances included in our consolidated balance sheets into the rele vant func tional currency.

Disposition-related costs represent fees and expenses incurred associated with disposition -related activities.

5) Indirect tax matters represents charges and adjustments to charges associated with certain digital services taxes ("DST") and other indirect tax matters related to historical periods, which m ay ultimately be settled in cash, and certain foreign non-income tax litigation matters.

Stock-based compensation represents expense associated with restricted stock units, perform ance-based restricted stock units, and liability-classified awards related to our 2026 short-term

incentive compensation program.

Stockholder matter costs represents external legal and professional advisory fees associated with a strategic governance agreement. These costs are considered non-recurring and are not representative of our core ongoing operating perform ance.

The tax impact of adjustments includes the tax effect of each separate adjustment based on the statutory tax rate for the jurisdiction(s) in which the adjustment was taxable or deduc tible, and the tax effect of items that relate to tax specific financial transactions, tax law changes, uncertain tax positions, valuation allowances and other items.

The Adjusted diluted weighted-average common shares outstanding calculation includes approximately 33 million resulting common shares related to the Exchange able Notes for the three months ended March 31, 2026. The Adjusted diluted weighted-average common shares outstanding calculation includes 12 million of dilutive stock options and restricted stock awards and approxim ately 57 million resulting common shares related to the Exchangeable Notes for the three months ended March 31, 2025.

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Disclaimer

Sabre Corporation published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 11:58 UTC.