Avis Budget Group, Inc.

We believe that Adjusted Free Cash Flow is useful in measuring the cash generated that is available to be used to repay debt obligations, repurchase stock, pay dividends and invest in future growth through new business development activities or acquisitions.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

In May, we issued $300 million of add-on unsecured Senior Notes due 2031 and used the proceeds in June to repay a portion of our unsecured Senior Notes due 2027.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

In June 2026, we refinanced our existing $2 billion senior revolving credit facility with a new $2 billion senior revolving credit facility with a maturity in June 2031 and also established a new $200 million senior revolving credit facility with a maturity in June 2028.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

35 4 n m (248) (501) 50 % Adjusted EBITDA (a) 286 277 3 % 173 184 (6) % As of June December 30, 31, 2026 2025 Balance Sheet Items Cash and cash equivalents $ 558 $ 519 Program cash and restricted cash 129 99 Vehicles, net 19,589 18,720 Debt under vehicle programs (b) 19,850 19,188 Corporate debt 6,022 6,073 Stockholders' equity attributable to Avis Budget Group, Inc.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

(b) Includes $780 million and $826 million of Class R notes due to Avis Budget Rental Car Funding (AESOP) LLC as of June 30, 2026 and December 31, 2025, respectively, which are held by us.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

(d) Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund vehicle and vehicle-related assets.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

We remain focused on disciplined execution, stronger customer experiences, and building a business that can perform across different demand environments.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

Additionally, in conjunction with this 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.

SEC original ↗Avis Budget Group, Inc. — 10-Q Quarterly report10-QJul 29, 2026

Hedge Accounting Improvements In November 2025, the FASB issued ASU 2025-09, Hedge Accounting Improvements, which clarifies certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform initiative.

SEC original ↗Avis Budget Group, Inc. — 10-Q Quarterly report10-QJul 29, 2026

The costs associated with this initiative are primarily related to the operational scaling of processes, locations, and lines of business.

SEC original ↗Avis Budget Group, Inc. — 10-Q Quarterly report10-QJul 29, 2026

The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward-looking statements.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and or those anticipated, estimated or projected.

SEC original ↗Avis Budget Group, Inc. — Earnings release (8-K exhibit)EX-99Jul 28, 2026

Legal Proceedings 46 Item 1A.

SEC original ↗Avis Budget Group, Inc. — 10-Q Quarterly report10-QJul 29, 2026

Other factors and assumptions not identified above, including those discussed in Management s Discussion and Analysis of Financial Condition and Results of Operations, in Item 2 and Risk Factors in Item 1A in this quarterly report and in similarly-titled sections set forth in Item 7 and in Item 1A and in other portions of our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC ) on February 19, 2026 (the 2025 Form 10-K ), may contain forward-looking statements and involve uncertainties that could cause actual results to differ materially from those projected in any forward-looking statements.

SEC original ↗Avis Budget Group, Inc. — 10-Q Quarterly report10-QJul 29, 2026

Should unknown risks or uncertainties materialize or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected.

SEC original ↗Avis Budget Group, Inc. — 10-Q Quarterly report10-QJul 29, 2026