AVIS BUDGET GROUP, INC.

Previous wording

We operate three of the most globally recognized brands in mobility solutions, Avis, Budget and Zipcar together with several other brands well recognized in their respective markets. We are a leading vehicle rental operator in North America, Europe, Australasia and certain other regions we serve, with an average rental fleet of approximately 620,000 vehicles in first quarter 2026. We also license the use of our trademarks to licensees in the areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world.

Current wording

We operate three of the most globally recognized brands in mobility solutions, Avis, Budget and Zipcar together with several other brands well recognized in their respective markets. We are a leading vehicle rental operator in North America, Europe, Australasia and certain other regions we serve, with an average rental fleet of approximately 665,000 vehicles in second quarter 2026. We also license the use of our trademarks to licensees in the areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world.

Previous wording

Our strategy remains centered on driving sustainable growth through operational efficiency, analytics, customer experience and innovation. Additionally, during the fourth quarter of the fiscal year ended December 31, 2025, in conjunction with the Interpace Ventures transaction, we reviewed our fleet strategy, specific to certain United States EV rental car vehicles, and as a result shortened the useful life associated with such vehicles. We believe our strategies will continue to reinforce our competitive position, support long-term profitability, and deliver value to our stakeholders. During the three months ended March 31, 2026, we generated revenues of$2.5 billion, net loss of $234 millionand Adjusted EBITDA loss of$113 million. These results were primarily driven by increased revenue per day, partially offset by decreased volume and higher per-unit fleet costs, excluding other fleet charges related to the disposal of certain fleet in our Americas reportable segment recorded in 2025.

Current wording

Our strategy remains centered on driving sustainable growth through operational efficiency, analytics, customer experience and innovation. Additionally, during the fourth quarter of the fiscal year ended December 31, 2025, in conjunction with the Interpace Ventures transaction, we reviewed our fleet strategy, specific to certain United States EV rental car vehicles, and as a result shortened the useful life associated with such vehicles. We believe our strategies will continue to reinforce our competitive position, support long-term profitability, and deliver value to our stakeholders. During the three months ended June 30, 2026, we generated revenues of$3.0 billion, net income of $63 millionand Adjusted EBITDA of$286 million. These results were primarily driven by lower per-unit fleet costs and increased revenue per day, partially offset by decreased volume.

Previous wording

•Our revenues totaled $2.5 billion, an increase of$100 million year-over-year, primarily due to increased revenue per day.

Current wording

•Our revenues totaled $5.5 billion, an increase of$59 million year-over-year, primarily due to increased revenue per day, partially offset by decreased volume.

Previous wording

•Our net loss attributable to Avis Budget Group, Inc. was $283 million, representing a decreased loss of $222 million year-over-year, primarily dueto increased revenue per day and decreased fleet charges.

Current wording

•Our net loss attributable to Avis Budget Group, Inc. was $248 million, representing a decreased loss of $253 million year-over-year, primarily dueto increased revenue per day and decreased fleet charges.

Previous wording

(d)Consists of $1 million reported within selling, general and administrative expenses for the three months ended March 31, 2026 and 2025, in each period.

Current wording

(c)Consists of $2 million and $1 million reported within selling, general, and administrative expenses for the three months ended June 30, 2026 and 2025, respectively and $1 million and $11 million reported within operating expenses for the three months ended June 30, 2026 and 2025, respectively.

Previous wording

Revenues increased $100 million during the three months ended March 31, 2026 compared to the similar period in 2025, primarily due to a 3% increase in revenue per day, excluding exchange rate effects and a $51 million positive impact from currency exchange rate movements, partially offset by a 1% decrease in volume. Total expenses decreased 8% during the three months ended March 31, 2026 compared to the similar period in 2025, primarily due toother fleet charges related to the disposal of certain fleet in our Americas reportable segment recorded in 2025. Our effective tax rates were a benefit of 31.2% and 25.6% for the three months ended March 31, 2026 and 2025, respectively. As a result of these items, our net loss attributable to Avis Budget Group, Inc. resulted in a decreaseof $222 million compared to the similar period in 2025. For the three months ended March 31, 2026 and 2025, we reported diluted loss per share of$8.01 and $14.35, respectively.

Current wording

Revenues increased $59 million during the six months ended June 30, 2026 compared to the similar period in 2025, primarily due to a 1% increase in revenue per day, excluding exchange rate effects, and a $71 million positive impact from currency exchange rate movements, partially offset by a 2% decrease in volume. Total expenses decreased 5% during the six months ended June 30, 2026 compared to the similar period in 2025, primarily due toother fleet charges related to the disposal of certain fleet in our Americas reportable segment recorded in 2025. Our effective tax rates were a benefit of 36.0% and 24.6% for the six months ended June 30, 2026 and 2025, respectively. As a result of these items, our net loss attributable to Avis Budget Group, Inc. resulted in a decreaseof $253 million compared to the similar period in 2025. For the six months ended June 30, 2026 and 2025, we reported diluted loss per share of$7.01 and $14.24, respectively.

Previous wording

Operating expenses increased to 56.2% of revenue during the three months ended March 31, 2026 compared to 55.7% during the similar period in 2025, primarilydue to increased facilities costs. Vehicle depreciation and lease charges decreased to 26.3% of revenue during the three months ended March 31, 2026 compared to 43.4% during the similar period in 2025, primarily due to other fleet charges related to the accelerated disposal of certain fleet in our Americas reportable segment recorded in 2025. Selling, general and administrative costs increased to 13.5% of revenue during the three months ended March 31, 2026 compared to 12.7% during the similar period in 2025, primarily due toincreased commissions, marketing and other general and administrative costs. Vehicle interest costs increased to 9.0% of revenue during the three months ended March 31, 2026 compared to 8.6% during the similar period in 2025, primarily due increased interest rates, partially offset by decreased fleet levels.

Current wording

Operating expenses increased to 53.3% of revenue during the six months ended June 30, 2026 compared to 52.6% during the similar period in 2025, primarilydue to increased facilities costs. Vehicle depreciation and lease charges decreased to 22.5% of revenue during the six months ended June 30, 2026 compared to 30.9% during the similar period in 2025, primarily due to other fleet charges related to the accelerated disposal of certain fleet in our Americas reportable segment recorded in 2025. Selling, general and administrative costs were 13.1% of revenue during the six months ended June 30, 2026 compared to 12.9% during the similar period in 2025. Vehicle interest costs increased to 8.3% of revenue during the six months ended June 30, 2026 compared to 8.0% during the similar period in 2025, primarily due to increased interest rates, partially offset by decreased fleet levels.

Previous wording

Operating expenses were 55.6% of revenue during the three months ended March 31, 2026 compared to 55.8% during the similar period in 2025. Vehicle depreciation and lease charges decreased to 27.1% of revenue during the three months ended March 31, 2026 compared to 48.4% during the similar period in 2025, primarily due to other fleet charges related to the accelerated disposal of certain fleet recorded in 2025. Selling, general and administrative costs increased to 11.4% of revenue during the three months ended March 31, 2026 compared to 10.5% during the similar period in 2025, primarily due to increased commissions, marketing and other general and administrative costs. Vehicle interest costs increased to 10.0% of revenue during the three months ended March

Current wording

Operating expenses increased to 53.2% of revenue during the six months ended June 30, 2026 compared to 52.9% during the similar period in 2025, primarilydue to increased facilities costs. Vehicle depreciation and lease charges decreased to 22.9% of revenue during the six months ended June 30, 2026 compared to 33.2% during the similar period in 2025, primarily due to other fleet charges related to the accelerated disposal of certain fleet recorded in 2025. Selling, general and administrative costs were 10.9% of revenue during the six months ended

Previous wording

31, 2026 compared to 9.3% during the similar period in 2025, primarily due to increased interest rates, partially offset by decreased fleet levels.

Current wording

June 30, 2026 compared to 10.9% during the similar period in 2025. Vehicle interest costs increased to 9.3% of revenue during the six months ended June 30, 2026 compared to 8.8% during the similar period in 2025, primarily due to increased interest rates, partially offset by decreased fleet levels.

Previous wording

Revenues increased during the three months ended March 31, 2026 compared to the similar period in 2025, primarily due to a $48 million positive impact from currency exchange rate movements and a 3% increase in revenue per day, excluding exchange rate effects, partially offset by a 4% decrease in volume.

Current wording

Revenues increased during the six months ended June 30, 2026 compared to the similar period in 2025, primarily due to a $69 million positive impact from currency exchange rate movements and a 2% increase in revenue per day, excluding exchange rate effects, partially offset by a 3% decrease in volume.

Previous wording

Operating expenses increased to 55.5% of revenue during the three months ended March 31, 2026 compared to 52.5% during the similar period in 2025, primarily due to increased fleet operating and facilities costs. Vehicle depreciation and lease charges decreased to 23.2% of revenue during the three months ended March 31, 2026 compared to 25.3% during the similar period in 2025, primarily due to decreased per-unit fleet costs, excluding exchange rate effects, driven by decreased fleet levels, partially offset by increased revenue. Selling, general and administrative costs increased to 17.9% of revenue during the three months ended March 31, 2026 compared to 16.7% during the similar period in 2025, primarily due to increased commissions, marketing and other general and administrative costs. Vehicle interest costs decreased to 5.7% of revenue during the three months ended March 31, 2026 compared to 6.3% during the similar period in 2025, primarily due to decreased fleet levels and sustained interest rates.

Current wording

Operating expenses increased to 51.4% of revenue during the six months ended June 30, 2026 compared to 49.2% during the similar period in 2025, primarily due to increased fleet operating and facilities costs. Vehicle depreciation and lease charges decreased to 21.2% of revenue during the six months ended June 30, 2026 compared to 23.0% during the similar period in 2025, primarily due to decreased per-unit fleet costs, excluding exchange rate effects, driven by decreased fleet levels, partially offset by increased revenue. Selling, general and administrative costs increased to 17.4% of revenue during the six months ended June 30, 2026 compared to 16.0% during the similar period in 2025, primarily due to increased commissions, marketing and other general and administrative costs. Vehicle interest costs decreased to 5.2% of revenue during the six months ended June 30, 2026 compared to 5.5% during the similar period in 2025, primarily due to decreased fleet levels and sustained interest rates.

Previous wording

Adjusted EBITDA loss increased during the three months ended March 31, 2026 compared to the similar period in 2025, primarily due to increased operating expenses and selling, general and administrative costs and approximately a $5 million negative impact from currency exchange rate movements, partially offset by increased revenue per day, excluding exchange rate effects.

Current wording

Adjusted EBITDA decreased during the six months ended June 30, 2026 compared to the similar period in 2025, primarily due to increased operating expenses and selling, general and administrative costs and a $5 million negative impact from currency exchange rate movements, partially offset by increased revenue per day, excluding exchange rate effects.

Previous wording

The decreases in both assets under vehicle programs and liabilities under vehicle programs are primarily due to the decrease in the size of our rental fleet and related debt.

Current wording

The increases in assets under vehicle programs and liabilities under vehicle programs are primarily due to the increase in the cost of our rental fleet and related debt.

Previous wording

During 2026, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued approximately $922 million of asset-backed notes with expected final payment dates ranging from August 2027 to August 2031 and a weighted average interest rate of 5.36%. Avis Budget Rental Car Funding (AESOP) LLC has also amended and extended its asset-backed variable funding financing facilities, most recently in December 2025. The proceeds from these borrowings were used to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States.

Current wording

During 2026, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued approximately $1,572 million of asset-backed notes with expected final payment dates ranging from August 2027 to December 2031 and a weighted average interest rate of 5.35%. Avis Budget Rental Car Funding (AESOP) LLC has also amended and extended its asset-backed variable funding financing facilities, most recently in April 2026. The proceeds from these borrowings were used to fund the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States.

Previous wording

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). Our stock repurchases may occur through open market purchases, privately negotiated transactions or trading plans pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restricted payment capacity under our debt instruments and other factors. The Stock Repurchase Program may be suspended, modified or discontinued at any time without prior notice. The Stock Repurchase Program has no set expiration or termination date. During the three months ended March 31, 2026, we did not repurchase shares of common stock under the Stock Repurchase Program. As of March 31, 2026, approximately $757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Current wording

Our Board of Directors has authorized the repurchase of up to approximately $8.1 billion of our common stock under a plan originally approved in 2013 and subsequently expanded, most recently in February 2023 (the “Stock Repurchase Program”). Our stock repurchases may occur through open market purchases, privately negotiated transactions or trading plans pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restricted payment capacity under our debt instruments and other factors. The Stock Repurchase Program may be suspended, modified or discontinued at any time without prior notice. The Stock Repurchase Program has no set expiration or termination date. During the six months ended June 30, 2026, we did not repurchase shares of common stock under the Stock Repurchase Program. As of June 30, 2026, approximately $757 million of authorization remained available to repurchase common stock under the Stock Repurchase Program.

Previous wording

Cash provided by operating activities during the three months ended March 31, 2026 decreased when compared with the similar period in 2025, primarily due to changes in the components of working capital.

Current wording

Cash provided by operating activities during the six months ended June 30, 2026 decreased when compared with the similar period in 2025, primarily due to changes in the components of working capital.

Previous wording

Cash provided by investing activities during the three months ended March 31, 2026 increased when compared with the similar period in 2025, primarily due to the increase in our proceeds received on vehicle sales and the decrease in our investment in vehicles.

Current wording

Cash used in investing activities during the six months ended June 30, 2026 decreased when compared with the similar period in 2025, primarily due to the increase in our proceeds received on vehicle sales and the decrease in our investment in vehicles.

Previous wording

Cash used in financing activities during the three months ended March 31, 2026 increased when compared with the similar period in 2025, primarily due to the decrease in both our corporate borrowings and borrowings under vehicle programs.

Current wording

Cash provided by financing activities during the six months ended June 30, 2026 decreased when compared with the similar period in 2025, primarily due to the decrease in both our corporate borrowings and borrowings under vehicle programs.

Previous wording

As of March 31, 2026, we had approximately $24.4 billion of indebtedness, including corporate indebtedness of approximately$6.0 billion and debt under vehicle programs of approximately $18.4 billion. For information regarding our debt and borrowing arrangements, see Note 1 – Basis of Presentation, Note 11 – Long-term Corporate Debt and Borrowing Arrangements and Note 12 – Debt Under Vehicle Programs and Borrowing Arrangements to our Condensed Consolidated Financial Statements.

Current wording

As of June 30, 2026, we had approximately $25.9 billion of indebtedness, including corporate indebtedness of approximately$6.0 billion and debt under vehicle programs of approximately $19.9 billion. For information regarding our debt and borrowing arrangements, see Note 1 – Basis of Presentation, Note 11 – Long-term Corporate Debt and Borrowing Arrangements and Note 12 – Debt Under Vehicle Programs and Borrowing Arrangements to our Condensed Consolidated Financial Statements.

Previous wording

Our primary liquidity needs include the procurement of rental vehicles to be used in our operations, servicing of corporate and vehicle-related debt and the payment of operating expenses. The present intention of management is to reinvest the undistributed earnings of our foreign subsidiaries indefinitely into our foreign operations. Our primary sources of funding are operating revenue, cash received upon the sale of vehicles, borrowings under our vehicle-backed borrowing arrangements and our senior revolving credit facility, and other financing activities.

Current wording

Our primary liquidity needs include the procurement of rental vehicles to be used in our operations, servicing of corporate and vehicle-related debt and the payment of operating expenses. The present intention of management is to reinvest the undistributed earnings of our foreign subsidiaries indefinitely into our foreign operations. Our primary sources of funding are operating revenue, cash received upon the sale of vehicles, borrowings under our vehicle-backed borrowing arrangements and our senior revolving credit facilities, and other financing activities.

Previous wording

As of March 31, 2026, we had $528 million of available cash and cash equivalents and access to $387 million of available borrowing capacity under our revolving credit facility, providing us with access to approximately $915 million of total liquidity.

Current wording

As of June 30, 2026, we had $558 million of available cash and cash equivalents and access to $471 million of available borrowing capacity under our revolving credit facilities providing us with access to approximately $1,029 million of total liquidity.

Previous wording

Our future contractual obligations have not changed significantly from the amounts reported within our 2025 Form 10-K with the exception of our commitment to purchase vehicles, which decreased by approximately $1.7 billion from December 31, 2025, to approximately $5.1 billion as of March 31, 2026 due to existing fleet levels. Changes to our obligations related to corporate indebtedness and debt under vehicle programs are presented above within the section titled “Liquidity and Capital Resources—Debt and Financing Arrangements” and also within Note 11 – Long-term Corporate Debt and Borrowing Arrangements and Note 12 – Debt Under Vehicle Programs and Borrowing Arrangements to our Condensed Consolidated Financial Statements.

Current wording

Our future contractual obligations have not changed significantly from the amounts reported within our 2025 Form 10-K with the exception of our commitment to purchase vehicles, which decreased by approximately $4.2 billion from December 31, 2025, to approximately $2.6 billion as of June 30, 2026 due to existing fleet levels. Changes to our obligations related to corporate indebtedness and debt under vehicle programs are presented above within the section titled “Liquidity and Capital Resources—Debt and Financing Arrangements” and also within Note 11 – Long-term Corporate Debt and Borrowing Arrangements and Note 12 – Debt Under Vehicle Programs and Borrowing Arrangements to our Condensed Consolidated Financial Statements.