Our strategic partnership with SAP Concur is well underway as we roll out Complete, a new flagship solution for travel and expense.

Mar 9, 2026 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2026-03-09 | transcript 6e203f79-5056-45a6-a622-4f26b65fd52a | chars 2573-2704 | segment 2

We expect to continue to demonstrate strong execution in our business with significant new wins, disciplined operating leverage, delivering on the CWT synergies, introducing our new flagship complete T&E product with SAP, rolling out our industry-leading next-gen Agencia T&E solution, and continuing to drive productivity and efficiency across the enterprise whilst investing in the business.

Nov 10, 2025 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2025-11-10 | transcript 7c4954c9-35d8-4cec-b266-45a8de146e39 | chars 19880-20273 | segment 20

But your point is absolutely correct, that there is a significant runway for growth in the SME segments. The investments that we're making in Agencia to evolve that product into a travel and expense solution will obviously, I think, be an opportunity for us to accelerate growth in the SME segment.

Nov 10, 2025 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2025-11-10 | transcript 7c4954c9-35d8-4cec-b266-45a8de146e39 | chars 32191-32489 | segment 33

First of all, in terms of the outlook for 2026, the most recent survey that we did showed either the same or moderate improvements in terms of the travel budgets for 2026. So I would say we're cautiously optimistic about a slight uptick in organic growth in 2026. We're also seeing a noticeable increase in the number of meetings and events. And I've mentioned before, Lee, that that's an area of our business where we get a longer term view, given the booking patterns for meetings and events. And in the last quarter, we've actually seen a double digit increase in the number of forward bookings for meetings and events into 2026. So, again, that's an encouraging sign as well.

Nov 10, 2025 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2025-11-10 | transcript 7c4954c9-35d8-4cec-b266-45a8de146e39 | chars 22326-23005 | segment 22

Turning to the transaction growth in more detail, macro economic uncertainty resulted in a modest year over year decline in corporate travel demand in April. This impact was temporary, and our transaction growth inflected back to positive territory, up 2% in May and June combined.

Aug 5, 2025 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2025-08-05 | transcript c34e9644-0552-44f2-83ca-346f538f237a | chars 6180-6461 | segment 6

In our most recent Top 100 customer survey, macro uncertainty seems to be moderating, with customers seemingly less concerned or increasingly neutral on the impact of tariffs. We have seen little by way of tangible customer actions taken in terms of travel policy restrictions.

Aug 5, 2025 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2025-08-05 | transcript c34e9644-0552-44f2-83ca-346f538f237a | chars 8476-8753 | segment 8

We had a very moderate increase in the number of customers that made changes to their travel policy or changing their approval processes or changed their travel budget. There was just a 6% change in the number of customers that had a change to their policy.

May 6, 2025 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2025-05-06 | transcript 97216573-eb35-41c1-8ccc-67d53b886442 | chars 28687-28944 | segment 29

As we described last quarter, SME customers have tightened spending controls in the face of sustained higher prices and higher interest rates. This remains a broader trend, for SME businesses beyond travel.

Nov 5, 2024 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2024-11-05 | transcript 2db34394-20c1-4dda-9f48-1b5e3212f224 | chars 4902-5108 | segment 5

It shows that our top 100 customers expect travel spend to be up approximately 5% in the fourth quarter.

Nov 5, 2024 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2024-11-05 | transcript 2db34394-20c1-4dda-9f48-1b5e3212f224 | chars 7312-7416 | segment 7

As we described last quarter, SME customers have tightened spending controls in the face of sustained higher interest costs and higher inflation. As we also discussed on the call in Q1, This is a broader trend for SME businesses beyond travel spend, given the more challenging macro environment.

Aug 6, 2024 / CEO / receipt, needs a key / Paul Abbott, CEO | earnings call 2024-08-06 | transcript ce28f6dc-430f-4c48-9729-3117b5c37d0a | chars 6759-7054 | segment 7