Sabre Corp

Q2 performance beat expectations; profits and cash improved - Revenue: $712M, +4% YoY (better than guided flat-to-nominal). - Normalized adjusted EBITDA: $151M, +19% YoY, and margin expanded +272 bps to 21.2% (driven by higher average booking fee / mix and stronger higher-margin payments & media). - Free cash flow (FCF): + $10M in Q2; key surprise/positive is that despite restructuring-related drag later this year, the quarter still generated positive FCF.

Guidance: raises full-year 2026 for profitability and cash (but holds revenue/air growth outlook) - Pro forma adjusted EBITDA: raised to ~$600M (from prior guidance). - FCF: improved to ~ -$65M for full year (from ~ -$70M prior), with management emphasizing this is still negative largely due to restructuring. - Still reaffirming outlook for revenue and air distribution bookings growth—i.e., higher profitability/cash without changing the core top-line growth plan.

Air distribution bookings: modest growth, resilient corporate demand, but geopolitics + fuel remain a headwind - Q2 air distribution bookings: +1% YoY (ahead of outlook). - Strength/driver: June modest recovery continued into July; and corporate volumes (~45% of Marketplace bookings) showed steady resilience, offsetting weaker leisure. - Headwind estimate: management estimates the Middle East conflict + global fuel impact at 300–400 bps in Q2, more acute in EMEA & Asia Pacific. - Q3 expectation: air distribution bookings flat to low single digits growth. - Q4 expectation: bookings low-to-mid single digits growth YoY.