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    Jacob Gunning • Evercore ISI

    Jacob Gunning's questions to Global Business Travel Group Inc (GBTG) leadership

    Jacob Gunning's questions to Global Business Travel Group Inc (GBTG) leadership • Q2 2025

    Question

    Jacob Gunning of Evercore ISI inquired about visibility into CWT's 2025 performance and any updates on the timing of synergy capture. He also asked for clarification on the transaction acceleration in May and June, specifically the impact of the Easter shift, the contribution from U.S. travel, and the cause of the deceleration in the APAC region.

    Answer

    CEO Paul Abbott stated that CWT's financial performance details would be shared post-close in November and reaffirmed the $155 million net synergy target over three years, with approximately 30% expected in the first year. He noted the reported growth figures were already workday-adjusted for Easter. CFO Karen Williams added that the APAC deceleration was mainly due to Australia, influenced by tariffs and the mining vertical.

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    Jacob Gunning's questions to Global Business Travel Group Inc (GBTG) leadership • Q4 2024

    Question

    Jacob Gunning from Evercore ISI asked for an expected closing timeline for the CWT acquisition and questioned the company's capital allocation strategy—specifically regarding buybacks or other acquisitions—while the deal is pending. He also inquired about the significance of government travel to GBTG's business.

    Answer

    Chief Legal Officer Eric Bock projected a Q4 2025 closing for the CWT deal, following a trial scheduled for September. CFO Karen Williams reiterated that capital allocation priorities remain focused on organic growth investment, opportunistic M&A, and share buybacks. CEO Paul Abbott clarified that government travel is not a large or separately disclosed part of their business.

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    Jacob Gunning's questions to Frontier Group Holdings Inc (ULCC) leadership

    Jacob Gunning's questions to Frontier Group Holdings Inc (ULCC) leadership • Q4 2024

    Question

    Jacob Gunning, on for Duane Pfennigwerth, inquired about the primary network priorities for 2025 following the significant changes in 2024 and asked for clarification on whether the cost advantage metric includes total CASM plus net interest.

    Answer

    President James Dempsey stated the 2025 priority is to build on the 2024 structural changes, maturing the existing 13 bases and potentially seeding new bases for 2026-2027. He emphasized that the network's maturity profile is much stronger this year, which is benefiting results. CFO Mark Mitchell confirmed the cost advantage metric is indeed total CASM plus net interest, as detailed in the earnings release footnote, and reiterated the commitment to keeping the advantage over 40%.

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