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 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.

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 707,000 vehicles in third 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 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.

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 September 30, 2026, we generated revenues of$3.4 billion, net income of $199 millionand Adjusted EBITDA of$513 million. These results, compared to the prior year period, were primarily driven by higher per-unit fleet costs and decreased volume, partially offset by sustained revenue per day.

Previous 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.

Current wording

•Our revenues totaled $9.0 billion, a decrease of$24 million year-over-year, primarily due to decreased volume, partially offset by increased revenue per day.

Previous 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.

Current wording

•Our net loss attributable to Avis Budget Group, Inc. was $65 million, representing a decrease in the lossof $77 million year-over-year, primarily due to decreased fleet charges.

Previous wording

•Our Adjusted EBITDA was $173 million, representing a decrease of $11 million year-over-year.

Current wording

•Our Adjusted EBITDA was $686 million, representing a decrease of $57 million year-over-year.

Previous wording

Revenues decreased $41 million during the three months ended June 30, 2026 compared to the similar period in 2025, primarily due to a 2% decrease in volume, partially offset by a $20 million positive impact from currency exchange rate movements. Total expenses decreased 3% during the three months ended June 30, 2026 compared to the similar period in 2025, primarily due to lower fleet costs. Our effective tax rates were a provision of 13.7% and 66.7% for the three months ended June 30, 2026 and 2025, respectively. As a result of these items, our net income attributable to Avis Budget Group, Inc. increased by $31 million compared to the similar period in 2025. For the three months ended June 30, 2026 and 2025, we reported diluted earnings per share of $0.98 and $0.10, respectively.

Current wording

Revenues decreased $83 million during the three months ended September 30, 2026 compared to the similar period in 2025, primarily due to a 3% decrease in volume and a $6 million negative impact from currency exchange rate movements, partially offset by sustained revenue per day, excluding exchange rate effects. Total expenses increased 3% during the three months ended September 30, 2026 compared to the similar period in 2025, primarily due to a favorable settlement distribution relating to our participation in the In re Automotive Parts Antitrust Litigation recorded in 2025. Our effective tax rates were a provision of 35.6% and 23.9% for the three months ended September 30, 2026 and 2025, respectively. As a result of these items, our net income attributable to Avis Budget Group, Inc. decreased by $176 million compared to the similar period in 2025. For the three months ended September 30, 2026 and 2025, we reported diluted earnings per share of $5.15 and $10.11, respectively.

Previous wording

Revenues decreased during the three months ended June 30, 2026 compared to the similar period in 2025, primarily due to a 2% decrease in volume and a $1 million negative impact from currency exchange rate movements.

Current wording

Revenues decreased during the three months ended September 30, 2026 compared to the similar period in 2025, primarily due to a 3% decrease in volume and a $3 million negative impact from currency exchange rate movements, partially offset by sustained revenue per day, excluding exchange rate effects.

Previous wording

Revenues increased 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 $2 million positive impact from currency exchange rate movements, partially offset by a 1% decrease in volume.

Current wording

Adjusted EBITDA decreased during the three months ended September 30, 2026 compared to the similar period in 2025, primarily due to decreased volume and a $2 million negative impact from currency exchange rate movements.

Previous 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.

Current wording

Revenues decreased $24 million during the nine months ended September 30, 2026 compared to the similar period in 2025, primarily due to a 2% decrease in volume, partially offset by a 1% increase in revenue per day, excluding exchange rate effects, and a $65 million positive impact from currency exchange rate movements. Total expenses decreased 3% during the nine months ended September 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 provision of 33.3% and a benefit of 26.5% for the nine months ended September 30, 2026 and 2025, respectively. As a result of these items, our net loss attributable to Avis Budget Group, Inc. decreasedby $77 million compared to the similar period in 2025. For the nine months ended September 30, 2026 and 2025, we reported diluted loss per share of$1.83 and $4.02, respectively.

Previous 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

Current wording

Operating expenses increased to 51.0% of revenue during the nine months ended September 30, 2026 compared to 48.9% during the similar period in 2025, primarily due to a favorable settlement distribution relating to our participation in the In re Automotive Parts Antitrust Litigation recorded in 2025 and increased facilities costs. Vehicle depreciation and lease charges decreased to 21.4% of revenue during the nine months ended September 30, 2026 compared to 26.4% 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 were 12.5% of revenue during the nine months ended September 30, 2026, which is consistent with the similar period in 2025. Vehicle interest costs increased to 7.9% of revenue during the nine months ended September 30, 2026 compared to 7.6% during the similar period in 2025, primarily due to increased interest rates, partially offset by decreased fleet levels.

Previous wording

Following is a more detailed discussion of the results of each of our reportable segments and corporate and other, together with a reconciliation of net loss to Adjusted EBITDA:

Current wording

Following is a more detailed discussion of the results of each of our reportable segments and corporate and other, together with a reconciliation of net income (loss) to Adjusted EBITDA:

Previous wording

(d)Consists of $3 million and $2 million reported within selling, general and administrative expenses for the six months ended June 30, 2026 and 2025, respectively and $1 million and $11 million reported within operating expenses for the six months ended June 30, 2026 and 2025, respectively.

Current wording

(d)Consists of $3 million and $2 million reported within selling, general and administrative expenses for the nine months ended September 30, 2026 and 2025, respectively and $2 million of expense and $98 million of income reported within operating expenses for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Adjusted EBITDA increased during the three months ended June 30, 2026 compared to the similar period in 2025, primarily due to decreased vehicle depreciation and lease charges and selling, general and administrative costs, partially offset by decreased volume and a $1 million negative impact from currency exchange rate movements.

Current wording

Adjusted EBITDA decreased during the nine months ended September 30, 2026 compared to the similar period in 2025, primarily due to decreased volume and a $2 million negative impact from currency exchange rate movements, partially offset by decreased vehicle depreciation and lease charges and selling, general and administrative expenses.

Previous 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.

Current wording

Revenues increased during the nine months ended September 30, 2026 compared to the similar period in 2025, primarily due to a $66 million positive impact from currency exchange rate movements and a 1% increase in revenue per day, excluding exchange rate effects, partially offset by a 3% decrease in volume.

Previous wording

Operating expenses increased to 48.1% of revenue during the three months ended June 30, 2026 compared to 46.7% during the similar period in 2025, primarily due to increased facilities costs. Vehicle depreciation and lease charges decreased to 19.7% of revenue during the three months ended June 30, 2026 compared to 21.4% during the similar period in 2025, primarily due to decreased per-unit fleet costs, excluding exchange rate effects, driven by decreased fleet levels. Selling, general and administrative costs increased to 17.0% of revenue during the three months ended June 30, 2026 compared to 15.5% during the similar period in 2025, primarily due to increased commissions and marketing costs. Vehicle interest costs were 4.9% of revenue during the three months ended June 30, 2026 compared to 4.9% during the similar period in 2025.

Current wording

Operating expenses increased to 47.5% of revenue during the nine months ended September 30, 2026 compared to 46.0% during the similar period in 2025, primarily due to increased facilities costs. Vehicle depreciation and lease charges decreased to 20.1% of revenue during the nine months ended September 30, 2026 compared to 21.3% during the similar period in 2025, primarily due to decreased per-unit fleet costs, excluding exchange rate effects. Selling, general and administrative costs increased to 16.4% of revenue during the nine months ended September 30, 2026 compared to 15.3% during the similar period in 2025, primarily due to increased commissions andmarketing costs. Vehicle interest costs were 5.0% of revenue during the nine months ended September 30, 2026 compared to 4.9% during the similar period in 2025.

Previous 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.

Current wording

Adjusted EBITDA decreased during the nine months ended September 30, 2026 compared to the similar period in 2025, primarily due to increased operating expenses and selling, general and administrative costs and a $7 million negative impact from currency exchange rate movements, partially offset by increased revenue.

Previous 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.

Current wording

The decrease in assets under vehicle programs is primarily due to the decrease in the cost of our rental fleet.

Previous 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.

Current wording

During the nine months ended September 30, 2026, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued approximately $2,222 million of asset-backed notes with expected final payment dates ranging from August 2027 to March 2032 and a weighted average interest rate of 5.55%. 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 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.

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 nine months ended September 30, 2026, we did not repurchase shares of common stock under the Stock Repurchase Program. As of September 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 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.

Current wording

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

Previous 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.

Current wording

Cash used in investing activities during the nine months ended September 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 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.

Current wording

Cash used in financing activities during the nine months ended September 30, 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.

Previous 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.

Current wording

As of September 30, 2026, we had approximately $24.9 billion of indebtedness, including corporate indebtedness of approximately$6.0 billion and debt under vehicle programs of approximately $18.9 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

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.

Current wording

As of September 30, 2026, we had $561 million of available cash and cash equivalents and access to $281 million of available borrowing capacity under our revolving credit facilities and $24 million under our uncommitted facilities, providing us with access to $866 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 $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.

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 $1.2 billion from December 31, 2025, to approximately $5.6 billion as of September 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.