The corporate travel demand environment continued to accelerate in the fourth quarter, despite a short-term negative impact from the US government shutdown.

Mar 9, 2026 / receipt, needs a key / Karen Williams, Chief Financial Officer | earnings call 2026-03-09 | transcript 6e203f79-5056-45a6-a622-4f26b65fd52a | chars 16149-16305 | segment 16

CWT assumptions for Q4 included impact on our government business from the current US government shutdown and a continuation of current trends for domestic travel.

Nov 10, 2025 / CFO / receipt, needs a key / Karen Williams, CFO | earnings call 2025-11-10 | transcript 7c4954c9-35d8-4cec-b266-45a8de146e39 | chars 18665-18828 | segment 18

SME growth remains slower at 2%, as we previously described, SME customers have tightened spending controls in a broader trend for SME businesses beyond just travel spend.

May 6, 2025 / CFO / receipt, needs a key / Karen Williams, CFO | earnings call 2025-05-06 | transcript 97216573-eb35-41c1-8ccc-67d53b886442 | chars 6375-6546 | segment 6