Sabre reported a net loss of $25.55 million for the three months ended Sep 30, 2026.

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For the quarterly period ended June September 30, 2026

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As of July October 30, 2026, 403,583,214 403,788,741 shares of the registrant's common stock, par value $0.01 per share, were outstanding.

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Financial statements 174 changes

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Three Months Ended June 30, Six Months Ended June 30,

Revenue $ 711,961 $ 687,149 $ 1,472,287 $ 1,389,275

Cost of revenue, excluding technology costs 310,462 296,354 645,445 601,825

Technology costs 171,059 172,494 346,480 347,801

Selling, general and administrative 137,657 129,167 271,662 259,120

Operating income 92,783 89,134 208,700 180,529

Interest expense, net ( 123,768 ) ( 111,244 ) ( 246,731 ) ( 221,034 )

Equity method income 377 738 1,146 1,403

Other, net 6,161 ( 3,202 ) 13,162 ( 497 )

Total other expense, net ( 117,460 ) ( 198,890 ) ( 235,381 ) ( 305,310 )

Loss from continuing operations before income taxes ( 24,677 ) ( 109,756 ) ( 26,681 ) ( 124,781 )

Provision for income taxes 11,696 91,262 298 79,614

Loss from continuing operations ( 36,373 ) ( 201,018 ) ( 26,979 ) ( 204,395 )

Net loss ( 36,155 ) ( 256,532 ) ( 28,147 ) ( 220,983 )

Net (loss) income attributable to noncontrolling interests ( 4 ) ( 168 ) ( 112 ) 45

Loss attributable to common stockholders $ ( 36,151 ) $ ( 256,364 ) $ ( 28,035 ) $ ( 221,028 )

Three Months Ended September 30, Nine Months Ended September 30,

Revenue $ 738,426 $ 715,183 $ 2,210,713 $ 2,104,458

Cost of revenue, excluding technology costs 316,389 313,074 961,834 914,899

Technology costs 176,272 168,009 522,752 515,810

Selling, general and administrative 136,409 140,475 408,071 399,595

Operating income 109,356 93,625 318,056 274,154

Interest expense, net ( 123,393 ) ( 111,312 ) ( 370,124 ) ( 332,346 )

Loss on extinguishment of debt — 230 ) ( 85,182 — ( 2,958 ) ( 85,182 )

Equity method income 593 377 1,739 1,780

Other, net ( 15,860 ) 6,929 ( 2,698 ) 6,432

Total other expense, net ( 138,660 ) ( 104,006 ) ( 374,041 ) ( 409,316 )

Loss from continuing operations before income taxes ( 29,304 ) ( 10,381 ) ( 55,985 ) ( 135,162 )

(Benefit) provision for income taxes ( 3,273 ) ( 58,546 ) ( 2,975 ) 21,068 (Loss) income from continuing operations ( 26,031 ) 48,165 ( 53,010 ) ( 156,230 )

Income (loss) from discontinued operations, net of tax 218 ( 55,514 ) ( 1,168 ) 483 800,313 ( 16,588 685 ) 783,725

Net (loss) income ( 25,548 ) 848,478 ( 53,695 ) 627,495

Net (loss) attributable to noncontrolling interests ( 386 ) ( 266 ) ( 498 ) ( 221 )

(Loss) income attributable to common stockholders $ ( 25,162 ) $ 848,744 $ ( 53,197 ) $ 627,716

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Loss from continuing operations $ ( 0.09 ) $ ( 0.51 ) $ ( 0.07 ) $ ( 0.53 )

Loss from discontinued operations — ( 0.14 ) — ( 0.04 )

Net loss per common share $ ( 0.09 ) $ ( 0.65 ) $ ( 0.07 ) $ ( 0.57 )

(Loss) income from continuing operations $ ( 0.06 ) $ 0.12 $ ( 0.13 ) $ ( 0.40 )

Income from discontinued operations — 2.03 — 2.01

Net (loss) income per common share $ ( 0.06 ) $ 2.15 $ ( 0.13 ) $ 1.61

1 unchanged paragraph

Loss from continuing operations $ ( 0.09 ) $ ( 0.51 ) $ ( 0.07 ) $ ( 0.53 )

Loss from discontinued operations — ( 0.14 ) — ( 0.04 )

Net loss per common share $ ( 0.09 ) $ ( 0.65 ) $ ( 0.07 ) $ ( 0.57 )

(Loss) income from continuing operations $ ( 0.06 ) $ 0.12 $ ( 0.13 ) $ ( 0.40 )

Income from discontinued operations — 1.86 — 2.01

Net (loss) income per common share $ ( 0.06 ) $ 1.98 $ ( 0.13 ) $ 1.61

1 unchanged paragraph

Basic 399,351 390,905 397,264 388,601

Diluted 399,351 390,905 397,264 388,601

Basic 403,618 394,580 399,406 390,616

Diluted 403,618 429,253 399,406 390,616

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Three Months Ended June 30, Six Months Ended June 30,

Net loss $ ( 36,155 ) $ ( 256,532 ) $ ( 28,147 ) $ ( 220,983 )

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended September 30, Nine Months Ended September 30,

Net (loss) income $ ( 25,548 ) $ 848,478 $ ( 53,695 ) $ 627,495

1 unchanged paragraph

Foreign currency translation adjustments ( 278 ) 4,136 ( 1,290 ) 6,225

Unrealized foreign currency translation adjustment ( 138 ) ( 1,549 ) ( 1,428 ) 4,676

Realized foreign currency translation from divestiture of business — ( 3,621 ) — ( 3,621 )

Foreign currency translation adjustments ( 138 ) ( 5,170 ) ( 1,428 ) 1,055

1 unchanged paragraph

Other comprehensive income 1,049 5,515 445 3,944

Comprehensive loss ( 35,106 ) ( 251,017 ) ( 27,702 ) ( 217,039 )

Comprehensive loss attributable to Sabre Corporation $ ( 35,102 ) $ ( 250,849 ) $ ( 27,590 ) $ ( 217,084 )

Net actuarial gain (loss), net of taxes of nil in all periods — — ( 171 ) 394 80 222 ( 3,338 3,258 )

Amortization of prior service credits, net of taxes of nil in all periods ( 358 ) ( 358 ) ( 716 1,074 ) ( 716 1,074 )

Amortization of actuarial losses, net of taxes of nil in all periods 1,294 758 2,024 1,461 1,012 730 3,037 2,191

Net change in retirement-related benefit plans, net of tax 936 400 1,137 1,048 452 2,185 ( 2,593 2,141 )

Unrealized (losses) gains, net of taxes of nil in all periods — 26 ) 587 38 77 ( 11 ) 27

Reclassification adjustment for realized losses, net of taxes of nil in all periods 617 152 — 144 1,316 294 438

Net change in derivatives, net of tax 591 739 — 182 1,393 283 465

Share of other comprehensive (loss) income (loss) of equity method investments 305 ( 200 138 ) 240 ( 795 490 ) 29 ( 109 )

Other comprehensive income (loss) 1,215 ( 4,674 ) 1,660 ( 730 )

Comprehensive (loss) income ( 24,333 ) 843,804 ( 52,035 ) 626,765

Less: Comprehensive loss (income) attributable to noncontrolling interests 4 168 112 ( 45 ) 386 266 498 221

Comprehensive (loss) income attributable to Sabre Corporation $ ( 23,947 ) $ 844,070 $ ( 51,537 ) $ 626,986

2 unchanged paragraphs

Restricted cash 21,027 118,558

June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 675,977 588,340 $ 791,555

Restricted cash 99,285 118,558

Accounts receivable, net of allowance for credit losses of $ 21,116 21,161 and $ 17,953

Prepaid expenses and other current assets 93,438 101,808 74,055

Total current assets 1,168,588 1,195,332 1,296,038

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and 94 more changes in the filing

Note 1: General Information 2 changes

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Recent events—W events— Effective in 2026 , w e have updated the terminology used to describe our revenue to better reflect our evolving brand identity and market positioning. Historically referred to as "Distribution" and "IT Solutions", these revenue streams have been renamed to "Marketplace" and "Airline Technology", respectively. The specific revenue from products, services, and underlying solutions offered within each category remain unchanged.

Basis of Presentation— The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Operating results for the three and six nine months ended June September 30, 2026 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2026. The accompanying interim financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K filed with the SEC on February 18, 2026.

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Note 2: Revenue from Contracts with Customers 17 changes

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The following table presents our assets and liabilities with customers as of June September 30, 2026 and December 31, 2025 (in thousands).

Account Consolidated Balance Sheet Location June September 30, 2026 December 31, 2025

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Prepaid expenses and other current assets / other assets, net $ 14,943 14,001 $ 16,692

Trade and unbilled receivables, net Accounts receivable, net 373,876 394,327 308,825

Long-term trade unbilled receivables, net Other assets, net 5,698 4,739 7,795

Contract liabilities Deferred revenues / other noncurrent liabilities 92,030 81,787 96,753 (1) Includes contract assets of $ 3 million for June as of September 30, 2026 and $ 4 million as of December 31, 2025.

During the six nine months ended June September 30, 2026, we recognized revenue of approximately $ 16 21 million from contract liabilities that existed as of January 1, 2026. Our long-term trade unbilled receivables, net relate to fixed license fees billed over the contractual period and recognized when the customer gains control of the software. We evaluate collectability of our accounts receivable based on a combination of factors and record reserves as described further in Note 7. Credit Losses.

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Three Months Ended June 30, Six Months Ended June 30,

Marketplace $ 576,839 $ 545,766 $ 1,194,850 $ 1,114,881

Airline Technology 135,122 141,383 277,437 274,394

Total Sabre Revenue $ 711,961 $ 687,149 $ 1,472,287 $ 1,389,275

Three Months Ended September 30, Nine Months Ended September 30,

Marketplace $ 593,952 $ 575,308 $ 1,788,802 $ 1,690,189

Airline Technology 144,474 139,875 421,911 414,269

Total Sabre Revenue $ 738,426 $ 715,183 $ 2,210,713 $ 2,104,458

We may occasionally recognize revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to our assessment of whether an estimate of variable consideration is constrained. For the six nine months ended June September 30, 2026, the impact on revenue recognized in the current period from performance obligations partially or fully satisfied in the previous period is $ 1 million. not material.

Our air booking cancellation reserve totaled $ 16 15 million and $ 13 million as of June September 30, 2026, and December 31, 2025, respectively.

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Note 3: Discontinued Operations and Dispositions 33 changes

On April 27, 2025, we entered into a definitive purchase agreement with an affiliate of TPG (the "Buyer"), an unrelated party, pursuant to which the Buyer agreed to purchase our Hospitality Solutions business, and on July 3, 2025, we closed the transaction f or estimated cash proceeds of $ 965 million, net (the "Hospitality Solutions Sale"). In the first quarter of 2026, we finalized our net working capital adjustments, resulting in an additional $ 4 million of cash proceeds for final cash proceeds of $ 969 million, net. Cash proceeds are net of cash acquired by the Buyer, fees, and estimated taxes. We recognized a pre-tax gain on sale of $ 821 million (after-tax $ 723 million) in the third quarter of 2025, which is recorded in other, net , within discontinued operations in our consolidated statements of operations during the year ended December 31, 2025. Adjustments to the gain in the fourth quarter of 2025 and the first six nine months of 2026 were immaterial. The operating results of our Hospitality Solutions business are presented as discontinued operations in our consolidated statements of operations for all periods presented. The presentation of discontinued operations excludes general corporate overhead and other costs that do not meet the requirements to be presented as discontinued operations. Interest expense associated with the debt that was required to be repaid with the proceeds from the Hospitality Solutions Sale as well as the related loss on extinguishment of debt is classified as discontinued operations within our results of operations in the prior year period. See Note 8. Debt for further details.

In connection with the closing of the Hospitality Solutions Sale, we entered into transition services agreements ("TSA") with the Buyer, under which we provide transition services consisting of technology, employment, administrative and other services for up to an eighteen month period to help provide for an orderly transition and facilitate the ongoing operations of the Hospitality Solutions business following the close. Consideration received under the agreements is primarily based on actual costs incurred for each service provided. Amounts due for transition services provided to the Hospitality Solutions business under the TSA, net of direct and incremental costs to provide the services, are recorded to other, net, within continuing operations in our consolidated statements of operations during the three and six nine months ended June September 30, 2026 and presented within the operating activities section of the statement of cash flows. Service charges under the TSA were approximately $ 22 18 million and $ 45 64 million for the three and six nine months ended June September 30, 2026, respectively, and $ 20 million for both the three and nine months ended September 30, 2025. Cash receipts related to the TSA charges were approximately $ 43 million and $ 13 million for the six nine months ended June September 30, 2026 and 2025, respectively. Under the TSA, we also collect funds and make payments on behalf of Hospitality Solutions. These net receipts or payments are presented as Net Receipts (Payments) on Behalf under TSA within the financing activities section of the statement of cash flows.

Additionally, at the time of sale, Hospitality Solutions entered into certain long-term agreements with us to continue to utilize our Marketplace for bookings which generates revenue for us. Consideration received under these revenue agreements has been assessed and determined to be at fair value. Revenue earned and cash received since the closing of the Hospitality Solutions Sale related to these agreements was approximately $ 17 million and $ 11 22 million, respectively, for the three months ended June September 30, 2026, and approximately $ 33 50 million and $ 23 45 million, respectively, for the six nine months ended June September 30, 2026 and approximately $ 11 million and $ 3 million, respectively, for both the three and nine months ended September 30, 2025. Historically, Travel Solutions recognized inter-segment revenue for bookings generated by our Hospitality Solutions business. Revenue that was previously eliminated but is now in our results of continuing operations was $ 12 million immaterial for the three months ended September 30, 2025 and $ 23 million for the three and six nine months ended June September 30, 2025. respectively.

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Three Months Ended June 30, Six Months Ended June 30,

Revenue $ — $ 87,002 $ — $ 172,211

Operating income — 7,820 ( 317 ) 19,824

Interest expense, net — ( 19,776 ) — ( 39,338 )

Other, net 211 2,619 ( 347 ) 3,689

Total other expense, net 211 ( 17,157 ) ( 347 ) ( 35,649 )

Net (loss) income from discontinued operations $ 218 $ ( 55,514 ) $ ( 1,168 ) $ ( 16,588 )

Six Months Ended June 30,

Cash used in operating activities $ ( 785 ) $ ( 22,616 )

Cash provided by (used in) investing activities 4,353 ( 1,788 )

Cash provided by (used in) discontinued operations $ 3,568 $ ( 24,404 )

Three Months Ended September 30, Nine Months Ended September 30,

Revenue $ — $ 2,106 $ — $ 174,317

Cost of revenue, excluding technology costs — 44,453 513 — 83,410 83,923

Technology costs — 21,072 — 184 41,991

Selling, general and administrative — 13,657 — 133 26,986

Operating income — 1,593 ( 317 ) 21,417

Interest expense, net — ( 2,732 ) — ( 42,070 )

Loss on extinguishment of debt — ( 13,519 ) — ( 13,519 )

Other, net 743 821,330 396 825,019

Total other expense, net 743 805,079 396 769,430

Income (loss) from discontinuing operations before income taxes 211 ( 9,337 ) ( 664 ) ( 15,825 ) 743 806,672 79 790,847

(Benefit) Provision for income taxes (1)

Net (loss) income from discontinued operations $ 483 $ 800,313 $ ( 685 ) $ 783,725 (1) We used an intra-period tax allocation to allocate the provision for income taxes for all periods presented between continuing operations and discontinued operations.

The following table presents selected financial information related to cash flows from discontinued operations for the six nine months ended June September 30, 2026 and 2025 (in thousands) :

Nine Months Ended September 30,

Cash provided by (used in) operating activities $ 218 $ ( 19,139 )

Cash provided by investing activities 4,331 1,054,898

Cash provided by discontinued operations $ 4,549 $ 1,035,759

Non-cash additions to property and equipment $ — $ 9,313 4,657

Note 4: Redeemable Noncontrolling Interest 6 changes

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Six Months Ended June 30,

As the common shares are redeemable upon the occurrence of conditions not solely within our control, we recorded the noncontrolling interest as redeemable and classified it as temporary equity within our consolidated balance sheet initially at fair value. The noncontrolling interest is adjusted each reporting period for loss or income attributable to the noncontrolling interest. As of June September 30, 2026 and 2025, the redeemable noncontrolling interest was $ 11 million. and $ 12 million, respectively.

The following table presents the changes in redeemable noncontrolling interest of a consolidated subsidiary in temporary equity during the period ended June September 30, 2026 and 2025 (in thousands):

Nine Months Ended September 30,

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Net loss attributable to redeemable noncontrolling interest ( 782 1,119 ) ( 1,032 1,628 )

Redeemable noncontrolling interest, end of period $ 11,275 10,938 $ 11,896 11,300

Note 5: Restructuring Activities 4 changes

In 2026, we continued to implement a program that began in the fourth quarter of 2025, designed to largely offset normal inflationary pressures over the next two to three years, with the goal of keeping technology costs and selling, general and administrative costs relatively flat when compared comparable to 2025. Since we began this program in the fourth quarter of 2025, we have incurred $ 62 64 million in costs primarily associated with our workforce. These restructuring costs are comprised of $ 58 60 million that has been or will be paid in cash for severance and related benefits costs and $ 4 million that has been paid related to other restructuring costs.

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Cash Payments ( 36,338 )

Cash Payments ( 46,197 )

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Balance as of June September 30, 2026

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Note 6: Income Taxes 1 change

For the six nine months ended June September 30, 2026, we recognized an immaterial amount $ 3 million of income tax expense benefit for continuing operations, compared to an income tax expense of $ 80 21 million for the six nine months ended June September 30, 2025. The effective tax rate for the six nine months ended June September 30, 2026, represents the rate expected for the year applied to year to date earnings before tax and the impact of certain discrete items in the quarter. The effective tax rate is primarily impacted by changes in the valuation allowance, tax permanent differences and tax credits plus the impact of the discrete recognition of withholding tax receivables and related interest.

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Note 7: Credit Losses 5 changes

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Our allowance for credit losses relates to all financial assets, primarily trade receivables due in less than one year recorded in Accounts Receivable, net on our consolidated balance sheets. Our allowance for credit losses for the six nine months ended June September 30, 2026 for our portfolio segment is summarized as follows (in thousands):

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Write-offs ( 1,973 )

Provision for expected credit losses 5,209 6,567

Write-offs ( 3,332 )

Balance at June September 30, 2026 $ 21,116 21,161

Note 8: Debt 73 changes

As of June September 30, 2026 and December 31, 2025, our outstanding debt included in our consolidated balance sheets totaled $ 4,317 4,367 million and $ 4,349 million, respectively, which are net of debt issuance costs of $ 57 million and $ 60 million, respectively, and unamortized discounts of $ 111 190 million and $ 123 million, respectively. The following table sets forth the face values of our outstanding debt as of June September 30, 2026 and December 31, 2025 (in thousands):

Rate Maturity June September 30, 2026 December 31, 2025

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November 2029 73,875 73,688 74,250

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July 2029 286,799 286,078 288,240

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July 2029 86,326 86,109 86,760

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March 2027 79,800 82,000

March 2027 120,000 120,000

AR Facility S (1) + 4.00 2.75 % (2)

FILO Facility S (1) + 8.00 6.25 %

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7.32 % August 2026 50,000 — 150,000

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10.75 % November 2029 445,715 193,827 445,715

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(2) In connection with the issuance of the FILO Facility (as defined below), the drawn fee rate varies based on our leverage ratio. The drawn fee rate ranges from 3.00 % to 4.00 %, with incremental increases of 0.25 % between these levels.

11.125 % June 2029 1,000,000 69,318 1,000,000

9.875 % senior secured notes due 2032

9.875 % October 2032 1,350,000 —

Face value of total debt outstanding 4,484,417 4,613,922 4,532,032

Less current portion of debt outstanding ( 254,300 73,818 ) ( 247,665 )

Face value of long-term debt outstanding $ 4,230,117 4,540,104 $ 4,284,367 (1) Represents the Secured Overnight Financing Rate ("SOFR").

(2) The Securitization Facility (as defined below) is subject to certain "springing" maturity conditions; the maturity may extend to September 2029 at the latest.

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We had outstanding letters of credit totaling $ 11 million as of both June September 30, 2026 and December 31, 2025, respectively, which were secured by a $ 21 million cash collateral deposit account which is presented in restricted cash on our consolidated balance sheets as of June September 30, 2026 and December 31, 2025.

The weighted average interest rate on our short-term borrowings, which include our 7.32 % senior exchangeable notes due 2026, our Securitization Facility (as defined below) and the current portions of the 2025 Term Loan B-1, 2025 Term Loan B-2, and 2024 Term Loan B-2 and June 2029 Notes (as defined below), is 9.50 11.06 % as of June September 30, 2026.

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On December 9, 2025, we entered into a tenth and eleventh amendment (together, the "2025 Term Loan B Amendments") to the Amended and Restated Credit Agreement dated pursuant to which Sabre GLBL agreed to exchange $ 347 million of the then-existing senior secured term loans (the "Existing Term Loans") for $ 375 million of new senior secured term loans maturing on July 30, 2029 (the "2025 Term Loans"). The 2025 Term Loan B Amendments included the application of the proceeds of a new $ 288 million and $ 87 million term loan "B" facility (the "2025 Term Loan B-1" and the"2025 Term Loan B-2", respectively), borrowed by Sabre GLBL under our Amended and Restated Credit Agreement, with the effect of extending the maturity of approximately $ 347 million of the existing Term Loan B credit facility under the Amended and Restated Credit Agreement. Sabre GLBL did not receive any cash proceeds from the exchange. We incurred third-party fees of approximately $ 5 million plus $ 2 million of accrued and unpaid interest, which were paid in cash, during the year ending ended December 31, 2025. We determined that the Term Loan B Amendments represent a debt modification and therefore we expensed all $ 5 million of third-party costs, to other, net in our consolidated statements of operations for the year ended December 31, 2025 and are included in cash flow from operations as paid. The 2025 Term Loan B-1 and 2025 Term Loan B-2 mature on July 30, 2029. They offer us the ability to prepay or repay with a 1.0 % call premium on or prior to the six-month anniversary of the amendment effective date, or without a call premium thereafter. The 2025 Term Loans bear interest at term SOFR, plus an applicable margin of 625 basis points, or at base rate, plus an applicable margin of 525 basis points. The term SOFR for the 2025 Term Loans is subject to a floor of 0.50 % per annum and the base rate is subject to a floor of 1.50 % per annum. Except for the extended maturity and new pricing terms, the 2025 Term Loans have substantially similar terms as the Existing Term Loans, including guarantees and security interests.

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Under the Amended and Restated Credit Agreement, the loan parties are subject to certain customary non-financial covenants, including restrictions on incurring certain types of indebtedness, creation of liens on certain assets, making of certain investments, and payment of dividends. We are further required to pay down the term loans with proceeds from certain asset sales, if not reinvested into the business within 15 months, as defined in the Amended and Restated Credit Agreement. As of June September 30, 2026, we were in compliance with all covenants under the terms of the Amended and Restated Credit Agreement.

Interest rate swaps outstanding during the six nine months ended June September 30, 2026 and 2025, are as follows:

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In June 2023, we entered into an interest rate swap to hedge the first interest payments associated with $ 250 million of certain of our term loans under our Amended and Restated Credit Agreement for the periods through June 2026. In January 2024, we entered into an interest rate swap to hedge the first interest payments associated with $ 250 million of certain of our term loans under our Amended and Restated Credit Agreement related to the years 2024 and 2025. We designated these swaps as cash flow hedges. As of June 30, 2026, we did not have any hedge components excluded from the assessment of effectiveness. In 2026, we recognized an immaterial cash flow impact related to our interest rate swaps, which is reported as cash provided by operating activities within our consolidated statements of cash flows.

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On June 4, 2025, Sabre GLBL issued $ 1.325 billion aggregate principal amount of 11.125 % Senior Secured Notes due 2030 (the "July 2030 Notes"). The net proceeds from the issuance were used (i) to fully prepay $ 900 million of our then-outstanding principal under the 2023 intercompany secured term loan agreement (the "2023 Pari Passu Loan Agreement") with Sabre Financial Borrower, LLC ("Sabre FB"), Financial Borrower"), our indirect, consolidated subsidiary, which applied such amounts toward full prepayment of Sabre FB's Financial Borrower's then-outstanding senior secured term loan due 2028; and (ii) to repurchase $ 325 million in principal amount of our then-outstanding 8.625 % senior secured notes due 2027 (the "June 2027 Notes") (the "June 2025 Refinancing"). Interest on the July 2030 Notes is due semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026, at a rate of 11.125 % per year, and the notes mature on July 15, 2030. As a result of the refinancing, Sabre GLBL incurred additional indebtedness of $ 100 million. In connection with the June 2025 Refinancing, we repaid an aggregate of $ 1.225 billion in outstanding principal, $ 44 million in related fees, $ 34 million in accrued and unpaid interest, and $ 27 million in third-party fees. We concluded that the June 2025 Refinancing represented a debt extinguishment and therefore recognized a loss on extinguishment of debt during the year ended December 31, 2025 of approximately $ 85 million. Cash proceeds from the new issuance, payments for the debt principal prepayment (excluding previously capitalized interest amounts) as well as third-party costs and fees paid to lenders that were directly related to the debt extinguishment were reflected as financing cash flows within our consolidated statements of cash flows as of December 31, 2025. Payments associated with interest previously capitalized are reflected as operating cash flows within our consolidated statement of cash flows as of December 31, 2025. The July 2030 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL's restricted subsidiaries that guarantee Sabre GLBL's credit facilities governed by the Amended and Restated Credit Agreement.

In December 2025, Sabre FB Financial Borrower entered into a series of transactions governing Sabre FB's newly Financial Borrower's then-newly issued 11.125 % senior secured notes due 2029 (the "June 2029 Notes") and an intercompany loan agreement (the "2025 Pari Passu Loan Agreement"). The June 2029 Notes were issued in an aggregate principal amount of $ 1 billion, subject to Sabre FB Financial Borrower using the proceeds from the June 2029 Notes for an intercompany loan to Sabre GLBL. On December 5, 2025, Sabre FB Financial Borrower borrowed the full $ 1 billion amount under the June 2029 Notes and lent the funds to Sabre GLBL under the 2025 Pari Passu Loan Agreement. Sabre FB's Financial Borrower's obligations under the June 2029 Notes are were required to be guaranteed on a secured basis by Sabre Financing Holdings LLC ("Sabre Financing") and, up to an amount of $ 400 million certain of our existing and future foreign subsidiaries (the "Foreign Guarantors"). The June 2029 Notes pay paid interest semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2026, at a rate of 11.125 % per year, and will were scheduled to mature on June 15, 2029. The proceeds of $ 1 billion received from the sale of the June 2029 Notes were used to repay $ 627 million of our outstanding term loans and $ 287 million of our existing senior secured notes (inclusive of $ 93 million that were redeemed in the first quarter of 2026), plus $ 15 million of accrued interest and $ 13 million of third party costs related to these transactions (refer to the 2025 Term Loan B Amendments above and December 2025 Senior Secured Exchange Transaction defined below for more details). The remaining proceeds were partially used to pay $ 19 million in debt issuance costs. On September 28, 2026, approximately $ 931 million of the June 2029 Notes were repaid as part of the September 2026 Tender Offers (as defined below), with the remaining principal amounts repaid on October 13, 2026. Refer to paragraph below for more details on the September 2026 Senior Secured Refinance (as defined below).

On December 8, 2025, Sabre GLBL exchanged approximately $ 379 million in principal amount of our 10.750 % senior secured notes due November 2029 (the "November 2029 Notes"), $ 240 million in principal amount of the June 2027 Notes and $ 44 million in principal amount of our then-outstanding 11.250 % senior secured notes due December 2027 (the "December 2027 Notes") for approximately $ 470 million of new 10.750 % senior secured notes due March 2030 (the "March 2030 Notes") and $ 237 million in cash, inclusive of early exchange consideration, which was recorded as a discount (the "December 2025 Senior Secured Exchange Transaction"). The March 2030 Notes bear interest at a rate of 10.750 % per annum, and interest payments are due semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2026. The March 2030 Notes mature on March 15, 2030. We incurred $ 7 million in fees, along with $ 11 million in accrued and unpaid interest. We determined that the December 2025 Senior Secured Exchange Transaction, including the impact of the early exchange consideration, represents a debt modification and therefore, expensed $ 7 million of debt modification costs in other, net in our consolidated statements of operations for the year ended December 31, 2025 and included in cash flow from operations as paid. The March 2030 Notes are jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings and all of Sabre GLBL's restricted subsidiaries that guarantee Sabre GLBL's credit facilities governed by the Amended and Restated Credit Agreement.

On December 23, 2025, we issued a notice of full redemption to redeem all $ 92 million in aggregate principal amount of the June 2027 Notes on March 1, 2026 for a redemption price equal to 102.156 % of the aggregate principal amount of the June 2027 Notes to be redeemed plus accrued, but unpaid interest, to, but not including, the redemption date. On December 23, 2025, we irrevocably deposited or caused to be deposited funds in trust solely for the benefit of holders of the June 2027 Notes of $ 98 million, which is an amount sufficient to fully pay the redemption price. The $ 98 million is presented in restricted cash on our consolidated balance sheet as of December 31, 2025 and is made up of the following: $ 92 million principal amount due, $ 2 million call premium and $ 4 million of accrued interest through February 28, 2026. On March 1, 2026, we completed the redemption of the June 2027 Notes at the redemption price described above and recognized a loss on extinguishment of debt of approximately $ 3 million during the six nine months ended June September 30, 2026. The debt was repaid by the trustee at the early call price on March 2, 2026 under the terms of the notes.

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On September 28, 2026, Sabre Financial Borrower issued $ 1.35 billion of 9.875 % senior secured notes due 2032 (the "October 2032 Notes") subject to Sabre Financial Borrower using the proceeds from the October 2032 Notes for an intercompany loan to Sabre GLBL (the "2026 Pari Passu Loan") and related intercompany loan agreement (the "2026 Pari Passu Loan Agreement"). On September 28, 2026, Sabre Financial Borrower borrowed the full $ 1.35 billion amount under the October 2032 Notes and lent the funds to Sabre GLBL under the 2026 Pari Passu Loan Agreement. Concurrently with the issuance of the October 2032 Notes, Sabre completed a tender offer to repurchase approximately $ 931 million in principal amount of our June 2029 Notes and approximately $ 252 million in principal amount of our November 2029 Notes (the "September 2026 Tender Offers" and combined with the issuance of the October 2032 Notes, the "September 2026 Senior Secured Refinance"). These transactions incurred $ 84 million in lender fees consisting primarily of early tender consideration, $ 40 million in accrued and unpaid interest, and $ 22 million in third party fees.

The gross proceeds of $ 1.35 billion received from the sale of the October 2032 Notes were ultimately used to repay the principal balances under the September 2026 Tender Offers, as well as lender fees, accrued interest, and $ 14 million of third party costs related to these transactions. The remaining proceeds were used to partially fund the satisfaction and discharge of the remaining balance on the June 2029 Notes. Remaining costs related to satisfaction and discharge and additional third party fees were paid with cash on hand. We determined that the September 2026 Senior Secured Refinance, including the impact of the early tender consideration, represents a debt modification for lenders who participated in the September 2026 Tender Offers. Participation by new lenders was accounted for as a new issuance of debt. Therefore, $ 19 million of third party costs were expensed in other, net in our consolidated statements of operations for the nine months ended September 30, 2026 and included in cash flow from operations, as they are paid, while $ 3 million of third party costs will be capitalized and amortized over the term of the October 2032 Notes and included in cash flow from financing, as they are paid. In addition, $ 84 million of lender fees will be capitalized and amortized over the term of the October 2032 Notes and included in cash flow from financing.

Sabre Financial Borrower's obligations under the October 2032 Notes were required to be guaranteed on a secured basis by Sabre Financing and, up to an amount of $ 400 million certain of our Foreign Guarantors. The October 2032 Notes pay interest semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2027, at a rate of 9.875 % per year, and will mature on October 15, 2032.

On September 28, 2026, we issued a notice of full redemption to redeem all $ 69 million in aggregate principal amount of the June 2029 Notes on October 13, 2026 for a redemption price equal to 109.250 % of the aggregate principal amount of the June 2029 Notes to be redeemed plus accrued, but unpaid interest, to, but not including, the redemption date. On September 28, 2026, we irrevocably deposited or caused to be deposited funds in trust solely for the benefit of holders of the June 2029 Notes of $ 78 million, which is an amount sufficient to fully pay the redemption price. The $ 78 million is presented in restricted cash on our consolidated balance sheet as of September 30, 2026 and is made up of the following: $ 69 million principal amount due, $ 6 million call premium and $ 3 million of accrued interest through October 12, 2026. The debt was repaid by the trustee on October 13, 2026.

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On August 4, 2026, Sabre Securitization entered into a further amendment of the Securitization Facility that became effective on September 30, 2026. The amendment extended the maturity of the Securitization Facility to September 28, 2029 , subject to certain springing maturity conditions, and reduced the drawn fee rates. In addition, the amendment increased the overall size of the existing AR Facility from $ 115 million to $ 130 million , while the size of the FILO Facility remained $ 120 million , resulting in an increase of the overall size of the Securitization Facility to $ 250 million. We incurred additional fees of $ 4 million, which were funded with cash on hand. Of these fees, $ 3 million will be capitalized and amortized to the springing maturity date of March 15, 2029, and the remaining $ 1 million were expensed to other, net in our consolidated statement of operations for the three and nine months ended September 30, 2026 and included in cash flow from operations as paid.

The amount available for borrowings at any one time under the Securitization Facility is limited to a borrowing base calculated based on the outstanding balance of eligible receivables, subject to certain reserves. As of June September 30, 2026 , we had $ 200 213 million outstanding under the Securitization Facility, consisting of $ 80 93 million under the AR Facility and $ 120 million outstanding under the FILO Facility.

The FILO Facility bears interest at SOFR plus a drawn fee initially in the amount of 8.00 % per annum, plus a 0.10 % SOFR adjustment. Subsequently, the drawn fee was reduced to 6.25 % under the fourth amendment, effective September 30, 2026. Interest and fees payable by Sabre Securitization under the FILO Facility are due monthly.

Borrowings under the AR Facility bear interest at a rate equal to SOFR, subject to a 0 % floor, plus a drawn fee, initially in the amount of 2.25 %, plus a 0.10 % SOFR adjustment. In connection with the issuance of the FILO Facility, the initial drawn fee rate was increased from 2.25 % to 4.00 %. Subsequently, the drawn fee rate, which was 3.75 % as reduced to a fixed rate of June 2.75 % under the fourth amendment, effective September 30, 2026. varies based on our leverage ratio . Sabre Securitization also pays a fee on the undrawn committed amount of the AR Facility. Interest and fees payable by Sabre Securitization under the AR Facility are due monthly. Unamortized net debt issuance costs related to our AR Facility are immaterial $ 2 million as of June September 30, 2026 and $ 1 million as of December 31, 2025, which are recorded in other assets, net in our consolidated balance sheets.

In connection with the Securitization Facility, certain of our subsidiaries (the "Originators") have sold and contributed, and will continue to sell or contribute, substantially all of their accounts receivable and certain related assets (collectively, the "Receivables") to Sabre Securitization to be held as collateral for borrowings under the Securitization Facility. Sabre Securitization's assets are not available to satisfy the obligations of Sabre Corporation or any of its affiliates. Under the terms of the Securitization Facility, the lenders under the AR Facility and FILO Facility would have a senior priority claim to the assets of Sabre Securitization, which will primarily consist of the Receivables of the Originators participating in the Securitization Facility. As of June September 30, 2026 , $ 336 356 million of Receivables are held as assets by Sabre Securitization, consisting of $ 330 351 million of accounts receivable and $ 6 5 million of other as sets, net in our conso lidated balance sheets.

1 unchanged paragraph

On August 4, 2026, Sabre Securitization entered into an amendment of the Securitization Facility that is expected to become effective on September 30, 2026, subject to certain conditions precedent. Upon effectiveness, the amendment will extend the maturity of the Securitization Facility to September 28, 2029 , subject to certain springing maturity conditions. In addition, upon effectiveness the amendment will increase the overall size of the existing AR Facility from $ 115 million to $ 130 million , while the size of the FILO Facility would remain $ 120 million , resulting in an increase of the overall size of the Securitization Facility to $ 250 million. Upon effectiveness, borrowings under the AR Facility will have an interest rate of SOFR plus an applicable margin of 275 basis points, and borrowings under the FILO Facility will have an interest rate of SOFR plus an applicable margin of 625 basis points.

On March 19, 2024, Sabre GLBL exchanged $ 150 million aggregate principal amount of its then-outstanding 4.000 % senior exchangeable notes due 2025 (the "2025 Exchangeable Notes") for $ 150 million aggregate principal amount of Sabre GLBL's newly-issued 7.32 % senior exchangeable notes due 2026 (the "2026 Exchangeable Notes") and approximately $ 30 million of cash (the "March 2024 Exchangeable Notes Exchange Transaction"). We incurred additional fees of approximately $ 5 million in associated fees and expenses plus $ 3 million of accrued and unpaid interest, all of which were funded with cash on hand. We determined that the March 2024 Exchangeable Notes Exchange Transaction , including the impact of the exchange fees, represents a debt extinguishment and therefore recognized a loss on extinguishment of debt of $ 31 million during the year ended December 31, 2024. We did not receive any cash proceeds from the exchange and did not incur additional indebtedness in excess of the aggregate principal amount of existing notes that were exchanged. The 2026 Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1 2024, and mature on August 1, 2026, unless earlier repurchased or exchanged in accordance with specified circumstances and terms of the indenture governing the 2026 Exchangeable Notes (the "2026 Exchangeable Notes Indenture"). As of June 30, 2026 , we have $ 50 million aggregate principal amount of 2026 Exchangeable Notes outstanding. See the discussion below regarding the 2031 Exchangeable Notes for additional information.

• during any calendar quarter commencing after the calendar quarter ended June 30, 2024, if the last reported sale price per share of our common stock exceeds 130 % of the exchange price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

• on or after February 1, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, August 1, 2026. The 2026 Exchangeable Notes matured on August 1, 2026, and were settled with cash .

With certain exceptions, upon a Change of Control or other Fundamental Change (both as defined in the 2026 Exchangeable Notes Indenture), the holders of the 2026 Exchangeable Notes may require us to repurchase all or part of the principal amount of the 2026 Exchangeable Notes at a repurchase price equal to 100 % of the principal amount of the 2026 Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. As of June 30, 2026, none of the conditions allowing holders of the 2026 Exchangeable Notes to exchange have been met.

The 2026 Exchangeable Notes are exchangeable at their holder's election into shares of our common stock based on an initial exchange rate of 222.2222 shares of common stock per $1,000 principal amount of the 2026 Exchangeable Notes , which is equivalent to an initial exchange price of approximately $ 4.50 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon exchange, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a "Make-Whole Fundamental Change" (as defined in the 2026 Exchangeable Notes Indenture) occurred with respect to any 2026 Exchangeable Note and the exchange date for the exchange of such 2026 Exchangeable Note occurred during the related "Make-Whole Fundamental Change Exchange Period" (as defined in the 2026 Exchangeable Notes Indenture), then, subject to the provisions set forth in the 2026 Exchangeable Notes Indenture, the exchange rate applicable to such exchange would have been increased by a number of shares set forth in the table contained in the 2026 Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental Change.

Under the terms of the 2031 Exchangeable Notes Indenture , the 2031 Exchangeable Notes are exchangeable into our common stock under substantively the same circumstances as those set forth in the 2026 Exchangeable Notes other than :

The Securitization Facility contains certain customary representations, warranties, affirmative covenants, and negative covenants, subject to certain cure periods in some cases, including the eligibility of the Receivables being sold by the Originators and securing the loans made by the lenders, as well as customary reserve requirements, events of default, termination events, and servicer defaults. As of June September 30, 2026 , we were in compliance with the financial covenants of the Securitization Facility.

On March 19, 2024, Sabre GLBL exchanged $ 150 million aggregate principal amount of its then-outstanding 4.000 % senior exchangeable notes due 2025 (the "2025 Exchangeable Notes") for $ 150 million aggregate principal amount of Sabre GLBL's 7.32 % senior exchangeable notes due 2026 (the "2026 Exchangeable Notes") and approximately $ 30 million of cash. On May 18, 2026, Sabre GLBL issued $ 150 million aggregate principal amount of newly-issued 7.00 % senior exchangeable notes due 2031 (the "2031 Exchangeable Notes" and together with the 2025 Exchangeable Notes and 2026 Exchangeable Notes, the "Exchangeable Notes"). Concurrently with the issuance of the 2031 Exchangeable Notes, we used a portion of the net proceeds to fund the repurchase of $ 100 million in aggregate principal amount of the outstanding 2026 Exchangeable Notes at par plus accrued and unpaid interest (the "May 2026 Exchangeable Notes Transaction"). In connection with this transaction, we paid approximately $ 5 million in third-party fees plus $ 2 million of accrued and unpaid interest. We determined that the May 2026 Exchangeable Notes Transaction represents a debt extinguishment and therefore recognized an immaterial loss on extinguishment of debt during the six nine months ended June September 30, 2026 . We intend to use used the net proceeds of $ 50 million to repay repurchase or otherwise retire from time to time the remaining $ 50 million of 2026 Exchangeable Notes outstanding. when they matured on August 1, 2026. Ultimately, the May 2026 Exchangeable Notes Transaction will did not result in any incremental indebtedness being incurred.

The 2031 Exchangeable Notes are senior, unsecured obligations of Sabre GLBL, accrue interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026, at a rate of 7.00 % per year, and mature on May 15, 2031, unless earlier repurchased, redeemed or exchanged in accordance with specified circumstances and terms of the indenture governing the 2031 Exchangeable Notes (the "2031 Exchangeable Notes Indenture"). and together with the 2026 Exchangeable Notes Indenture, the "Exchangeable Notes Indentures"). As of June September 30, 2026 , we have $ 150 million aggregate principal amount of 2031 Exchangeable Notes outstanding.

Under the terms of the 2026 2031 Exchangeable Notes Indenture , the 2026 2031 Exchangeable Notes are exchangeable into common stock of Sabre Corporation (referred to as " our common stock" herein) at the following times or circumstances:

• during any calendar quarter commencing after the calendar quarter ended September 30, 2026, if the last reported sale price per share of our common stock exceeds 130 % of the exchange price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; and

• during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the " Measurement Period") if the trading price per $1,000 principal amount of the 2026 Exchangeable Notes, as determined following a request by a holder in accordance with the procedures in the 2026 Exchangeable Notes Indenture , for each trading day of the Measurement Period was less than 98 % of the product of the last reported sale price per share of our common stock on such trading day and the exchange rate on such trading day; 2031

Exchangeable Notes, as determined following a request by a holder in accordance with the procedures in the 2031 Exchangeable Notes Indenture , for each trading day of the Measurement Period was less than 98 % of the product of the last reported sale price per share of our common stock on such trading day and the exchange rate on such trading day;

• upon the occurrence of certain corporate events or distributions on our common stock, including but not limited to a "Fundamental Change" (as defined in the 2026 2031 Exchangeable Notes Indenture );

• upon the occurrence of specified corporate events; or

• on or after November 15, 2030, until the close of business on the second scheduled trading day immediately preceding the maturity date, May 15, 2031; or

1 unchanged paragraph

As of June 30, 2026, none of the conditions allowing holders of the 2031 Exchangeable Notes to exchange have been met.

With certain exceptions, upon a Change of Control or other Fundamental Change (both as defined in the 2031 Exchangeable Notes Indenture), the holders of the 2031 Exchangeable Notes may require us to repurchase all or part of the principal amount of the 2031 Exchangeable Notes at a repurchase price equal to 100 % of the principal amount of the 2031 Exchangeable Notes, plus any accrued and unpaid interest to, but excluding, the repurchase date. As of September 30, 2026, none of the conditions allowing holders of the 2031 Exchangeable Notes to exchange have been met.

The 2031 Exchangeable Notes are exchangeable at their holder's election into shares of our common stock based on an initial exchange rate of 447.2272 shares of common stock per $1,000 principal amount of the 2031 Exchangeable Notes , which is equivalent to an initial exchange price of approximately $ 2.24 per share. The exchange rate is subject to anti-dilution and other adjustments. Upon exchange, Sabre GLBL will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of common stock, at our election. If a "Make-Whole Fundamental Change" provisions (as defined in the 2031 Exchangeable Notes Indenture) are substantially similar occurred with respect to those described above any 2031 Exchangeable Note and the exchange date for the 2026 exchange of such 2031 Exchangeable Note occurred during the related "Make-Whole Fundamental Change Exchange Period" (as defined in the 2031 Exchangeable Notes Indenture), then, subject to the provisions set forth in the 2031 Exchangeable Notes Indenture, the exchange rate applicable to such exchange would have been increased by a number of shares set forth in the table contained in the 2031 Exchangeable Notes Indenture, based on a function of the time since origination and our stock price on the date of the occurrence of such Make-Whole Fundamental

2 unchanged paragraphs

Net carrying value $ 49,938 $ 144,802 $ 148,726

Three Months Ended June 30, Six Months Ended June 30,

Debt issuance costs are were amortized over the contractual life of the 2025 Exchangeable Notes and the 2026 Exchangeable Notes. Debt issuance costs for the 2031 Exchangeable Notes are amortized from the date of issuance to May 15, 2029, the date on which the holders have a non-contingent, unilateral right to require us to repurchase the notes. Debt issuance costs are amortized through interest expense, within our results from continuing operations. The effective interest rate at June September 30, 2026 was 8.82 % and 8.36 is 8.37 % for the 2026 Exchangeable Notes and the 2031 Exchangeable Notes respectively. and the effective interest rates at June September 30, 2025 were 8.82 % and 4.78 % for the 2026 Exchangeable Notes and 2025 Exchangeable Notes, respectively.

The following table sets forth the carrying value of the Exchangeable Notes as of June September 30, 2026 and December 31, 2025 (in thousands):

June September 30, 2026 December 31, 2025

2026 Exchangeable Notes 2031 Exchangeable Notes 2026 Exchangeable Notes

Principal $ 50,000 $ 150,000 $ 150,000

Less: Unamortized debt issuance costs 62 5,198 4,830 1,274

Net carrying value $ 145,170 $ 148,726

The following table sets forth interest expense recognized related to the Exchangeable Notes for the three and six nine months ended June September 30, 2026 and 2025 (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Contractual interest expense $ 1,871 $ 1,254 $ 305 $ 2,745 $ 4,616 $ 1,254 $ 2,138 $ 5,490

Amortization of debt issuance costs 374 190 59 504 912 190 414 996

Contractual interest expense $ 305 $ 2,625 $ — $ 2,745 $ 4,921 $ 3,879 $ 2,138 $ 8,235

Amortization of debt issuance costs 62 407 — 515 974 599 414 1,511

Note 9: Fair Value Measurements 19 changes

9 unchanged paragraphs

The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of June September 30, 2026 and December 31, 2025 (in thousands):

1 unchanged paragraph

Money market funds $ 368,145 $ 368,145 $ — $ —

Time deposits 56,987 — 56,987 —

Total assets $ 425,986 $ 368,999 $ 56,987 $ —

Assets: June September 30, 2026 Level 1 Level 2 Level 3

Money market funds $ 288,220 $ 288,220 $ — $ —

Time deposits 27,349 — 27,349 —

Investment in securities 854 854 761 761 — —

Total assets $ 316,330 $ 288,981 $ 27,349 $ —

8 unchanged paragraphs

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three and six nine months ended June September 30, 2026.

1 unchanged paragraph

The carrying value of our financial instruments including cash and cash equivalents, restricted cash and accounts receivable approximates their fair values due to the short term nature of these instruments. The fair values of our 2026 Exchangeable Notes, 2031 Exchangeable Notes, senior secured notes due 2027, 2029, and 2030 and 2032 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. The fair value of the FILO Facility was determined using a valuation model that includes certain assumptions and Level 3 inputs. The outstanding principal balances of our AR Facility and FILO Facility approximated their fair value as of June September 30, 2026 and December 31, 2025.

The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of June September 30, 2026 and December 31, 2025 (in thousands):

As of September 30, 2026

3 unchanged paragraphs

2024 Term Loan B-1 357,703 392,705 375,920 392,978 355,652 392,183

2024 Term Loan B-2 66,546 73,803 69,757 73,620 66,500 74,169

2025 Term Loan B-1 254,355 266,436 273,741 267,109 294,725 265,206

2025 Term Loan B-2 77,748 79,382 81,535 79,637 88,712 78,911

8 unchanged paragraphs

9.875 % senior secured notes due 2032

2 unchanged paragraphs

We assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test. We did no t record any goodwill impairment charges for the three and six nine months ended June September 30, 2026.

Note 10: Accumulated Other Comprehensive Loss 7 changes

As of June September 30, 2026 and December 31, 2025, the components of accumulated other comprehensive loss, net of related deferred income taxes, are as follows (in thousands):

June September 30, 2026 December 31, 2025

Defined benefit pension and other postretirement benefit plans $ ( 69,466 68,418 ) $ ( 70,603 )

Unrealized foreign currency translation gain 7,139 7,001 8,757

1 unchanged paragraph

Share of other comprehensive loss of equity method investments ( 3,884 3,579 ) ( 3,089 )

Total accumulated other comprehensive loss, net of tax $ ( 66,211 64,996 ) $ ( 66,656 )

The amortization of actuarial losses and periodic service credits associated with our retirement-related benefit plans is primarily included in other, net in our consolidated statements of operations. As of June September 30, 2026, we have contributed $ 4 7 million to our defined benefit pension plan in 2026. Based on current assumptions, we expect to make additional contributions of up to $ 5 2 million in 2026 to our defined benefit pension plan.

Note 11: Stock and Stockholders' Equity 3 changes

1 unchanged paragraph

In the first quarter of 2026, we adopted a short-term incentive compensation program for non-executive team members. Under this program, participants are eligible to receive fully-vested shares of our common stock which would be issued in early 2027, contingent upon the achievement of specific performance metrics. We account for the potential issuance of these shares of common stock as stock-based payment awards granted under this program. Stock-based compensation expense associated with these awards for the three months ended June September 30, 2026 was $ 10 13 million , of which approximately $ 1 million is included in cost of revenue, excluding technology costs, and $ 5 million is included in both technology costs and $ 7 million is included in selling, general and administrative expenses, respectively, in our consolidated statement of operations. Stock-based compensation expense associated with these awards for the six nine months ended June September 30, 2026 was $ 13 25 million , of which approximately $ 1 million is included in cost of revenue, excluding technology costs, and $ 6 11 million is included in both technology costs and $ 13 million is included in selling, general and administrative expenses, respectively, in our consolidated statement of operations. Because the incentive compensation associated with these awards represents a fixed dollar amount that, if payable, will be settled in a variable number of shares of our common stock, we are currently accounting for these awards as liability-classified awards. Accordingly, the offset to the $ 13 25 million of stock-based compensation expense we have recognized in connection with these awards during the six nine months ended June September 30, 2026 is included in accrued compensation and related benefits on our consolidated balance sheet.

On April 17, 2020, we issued $ 345 million aggregate principal amount of the 2025 Exchangeable Notes. On March 19, 2024, Sabre GLBL exchanged $ 150 million aggregate principal amount of our then-outstanding 2025 Exchangeable Notes for $ 150 million aggregate principal amount of the 2026 Exchangeable Notes and approximately $ 30 million of cash. On May 18, 2026, we issued $ 150 million aggregate principal amount of the 2031 Exchangeable Notes. Substantially concurrently with the issuance of the 2031 Exchangeable Notes, we used a portion of the net proceeds to fund the repurchase of $ 100 million in aggregate principal amount of the outstanding 2026 Exchangeable Notes. Under the terms of the 2031 Exchangeable Notes Indentures, Indenture, the 2031 Exchangeable Notes are exchangeable into our common stock under specified circumstances, at our election. As of June September 30, 2026, we had $ 50 million and $ 150 million of a ggregate principal amount of 2026 Exchangeable Notes and 2031 Exchangeable Notes outstanding. respectively. The 2025 Exchangeable Notes and 2026 Exchangeable Notes matured on April 15, 2025 and August 1, 2026, respectively, and were settled with cash .

1 unchanged paragraph

In February 2017, we announced the approval of a multi-year share repurchase program (the "Share Repurchase Program") to purchase up to $ 500 million of Sabre's common stock outstanding. Repurchases under the Share Repurchase Program may take place in the open market or privately negotiated transactions. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we undertook as a result of the market conditions caused by COVID-19. During the six nine months ended June September 30, 2026, we did not repurchase any shares pursuant to the Share Repurchase Program. As of June September 30, 2026, the Share Repurchase Program remains suspended and approximately $ 287 million remains authorized for repurchases.

Note 12: Earnings Per Share 21 changes

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

Loss from continuing operations $ ( 36,373 ) $ ( 201,018 ) $ ( 26,979 ) $ ( 204,395 )

Net loss from continuing operations available to common stockholders, basic and diluted $ ( 36,369 ) $ ( 200,850 ) $ ( 26,867 ) $ ( 204,440 )

Basic weighted-average common shares outstanding 399,351 390,905 397,264 388,601

Diluted weighted-average common shares outstanding 399,351 390,905 397,264 388,601

Loss per share from continuing operations:

Basic $ ( 0.09 ) $ ( 0.51 ) $ ( 0.07 ) $ ( 0.53 )

Diluted $ ( 0.09 ) $ ( 0.51 ) $ ( 0.07 ) $ ( 0.53 )

Three Months Ended September 30, Nine Months Ended September 30, (Loss) income from continuing operations $ ( 26,031 ) $ 48,165 $ ( 53,010 ) $ ( 156,230 )

Less: Net loss income attributable to noncontrolling interests ( 4 386 ) ( 168 266 ) ( 112 498 ) 45 ( 221 )

Net (loss) income from continuing operations available to common stockholders, basic ( 25,645 ) 48,431 ( 52,512 ) ( 156,009 )

Add: Interest expense and amortization of debt discount and issuance costs for exchangeable notes, net of tax — 2,526 — —

Net (loss) income from continuing operations available to common stockholders, diluted $ ( 25,645 ) $ 50,957 $ ( 52,512 ) $ ( 156,009 )

Basic weighted-average common shares outstanding 403,618 394,580 399,406 390,616

Add: Dilutive effect of restricted stock awards

Add: Dilutive effect of exchangeable notes

Diluted weighted-average common shares outstanding 403,618 429,253 399,406 390,616 (Loss) income per share from continuing operations:

Basic $ ( 0.06 ) $ 0.12 $ ( 0.13 ) $ ( 0.40 )

Diluted $ ( 0.06 ) $ 0.12 $ ( 0.13 ) $ ( 0.40 )

Basic earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income from continuing operations available to common stockholders by the weighted-average number of common shares outstanding plus the effect of all dilutive common stock equivalents during each period. The diluted weighted-average common shares outstanding calculation excludes 4 10 million and 2 3 million of dilutive restricted stock awards for the three and six nine months ended June September 30, 2026, respectively, and 3 million and 8 4 million of dilutive stock options and restricted stock awards for the three and six nine months ended June September 30, 2025, respectively, as their effect would be anti-dilutive given the net loss incurred in the period. In addition, the calculation of diluted weighted-average common shares outstanding excludes the impact of 5 3 million and 12 9 million of anti-dilutive common stock equivalents options and restricted stock awards for the three and six nine months ended June September 30, 2026, respectively, and 2 8 million and 1 million of anti-dilutive common stock equivalents for the three months ended June 30, 2025. The impact of anti-dilutive common options and restricted stock equivalents awards for the six three and nine months ended June September 30, 2025, is not material. respectively.

We have used the if-converted method for calculating any potential dilutive effect of the Exchangeable Notes on our diluted net income per share. Under the if-converted method, the 2025 Exchangeable Notes and 2026 Exchangeable Notes are assumed to be converted at the beginning of each period they were outstanding and the 2031 Exchangeable Notes are assumed to be converted at the issuance date of May 18, 2026. and the T he resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period being presented and interest expense, net of tax, recorded in connection with the Exchangeable Notes is added back to the numerator, only in the periods in which such effect is dilutive. The approximate ly 55 million and 44 approximately 67 million resulting common shares related to the outstanding 2031 Exchangeable Notes for both the three and six nine months ended June September 30, 2026, respectively, and approximate ly 37 million and 47 42 million resulting common shares related to the then-outstanding Exchangeable Notes for the three and six nine months ended June September 30, 2025, respectively, are not included in the dilutive weighted-average common shares outstanding calculation as their effect would be anti-dilutive given the net loss incurred in the periods.

Legal proceedings 2 changes

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If the DIT were to fully prevail on outstanding claims against us, including SAPPL, and other group companies, that have not been dismissed, we could be subject to taxes, interest and penalties of approximately $ 20 23 million as of June September 30, 2026. We intend to continue to aggressively defend against each of the foregoing claims. Although we do not believe that the outcome of the proceedings will result in a material impact on our business or financial condition, litigation is by its nature uncertain. We do not believe this outcome is more likely than not and therefore have not made any provisions or recorded any liability for the potential resolution of any of these claims.

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We operate in numerous jurisdictions in which taxing authorities may challenge our position with respect to income and non-income based taxes. We routinely receive inquiries and may also from time to time receive challenges or assessments from these taxing authorities. With respect to non-income based taxes, we recognize liabilities when we determine it is probable that amounts will be owed to the taxing authorities and such amounts are estimable. As of June September 30, 2026, we have made provisions or recorded liabilities as required for any claims that may be made against positions taken. We intend to vigorously defend our positions against any claims that are not insignificant, including through litigation when necessary.

Forward-looking statements 206 changes

This Quarterly Report on Form 10-Q, including this "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2, contains information that may constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of continuing operations, our prospects and strategies for future growth, the development and introduction of new technologies and products, expectations regarding cost reductions, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as "expects," "outlook," "intends," "will," "may," "believes," "pro forma," "plans," "predicts," "potential," "possible," "estimates," "intends," "should," "could," "anticipates," "likely," "commit," "guidance," "anticipate," "incremental," "provisional," "preliminary," "forecast," "continue," "strategy," "confidence," "objective," "project," or the negative of these terms or other comparable terminology. The forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and are subject to risks, uncertainties and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Certain of these risks, uncertainties and changes in circumstances are described in the " Risk Factors " section of this Quarterly Report on Form 10-Q and in the "Risk Factors" and "Forward-Looking Statements" sections included in our Annual Report on Form 10-K filed with the SEC on February 18, 2026. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

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A significant portion of our revenue is generated through transaction-based fees that we charge to our customers. We generate revenue from our distribution activities through transaction fees for bookings on our Sabre Mosaic TM ® Marketplace ("Marketplace"), as well as product revenue from agency solutions offerings such as payments and media, and from our Sabre Mosaic TM ® Airline Technology ("Airline Technology") through recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees.

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In 2026, we continued to implement a program that began in the fourth quarter of 2025, designed to largely offset normal inflationary pressures over the next two to three years, with the goal of keeping technology costs and selling, general and administrative costs relatively flat when compared comparable to 2025. Since we began this program in the fourth quarter of 2025, we have incurred $62 $64 million in costs primarily associated with our workforce. These restructuring costs are comprised of $58 $60 million that has been or will be paid in cash for severance and related benefits costs and $4 million that has been paid related to other restructuring costs. This program will be implemented through 2027 and may result in additional restructuring charges as we continue to evaluate third-party costs including our geographic and real estate footprints. Total costs associated with this program are expected to be approximately $65 million, with the significant majority of disbursements occurring in 2026.

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The travel ecosystem has shifted over the past few years, resulting in the changing needs of our airline, hotel and agency customers, for which we have established strategic priorities with the goal of achieving sustainable long-term growth. Industry air distribution volume growth has recently come under pressure due to conflict in the Middle East, which may continue into the future and could impact our rate of growth. In the first half three quarters of 2026, we have experienced year-on-year bookings growth due to implementation of certain commercial wins from recent years; however, the onset of the conflict in the Middle East and resulting increase in fuel prices created headwinds that impacted air distribution Marketplace bookings, and those pressures had and may continue to have a negative impact on our bookings. In the near term, we expect these trends to continue into the third fourth quarter of 2026 and anticipate low-to-mid-single-digit air bookings growth for the year.

We believe that we have resources to sufficiently fund our liquidity requirements over at least the next twelve months; however, given the uncertain economic environment and the recent impacts on air distribution Marketplace volume growth, we will continue to monitor our liquidity levels and take additional steps should we determine they are necessary. See "—Recent Events Impacting Our Liquidity and Capital Resources" and "—Senior Secured Credit Facilities." During recent years, we refinanced portions of our debt which resulted in higher interest rates than prior years, increasing our current and future interest expense.

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We generate revenue through direct billable bookings processed through our Marketplace, adjusted for estimated cancellations of those bookings. Other Marketplace revenue includes product revenue from agency solutions offerings such as payments and media. We also generate revenue from Airline Technology activities from our product offerings including platform product offerings across the full retailing lifecycle from network planning and offer creation to payments, servicing, and disruption recovery. Additionally, we generate revenue through software licensing and maintenance fees. Recognition of license fees upon delivery has previously resulted and will continue to result in periodic fluctuations in revenue recognized.

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Selling, general and administrative expenses consist of professional service fees, costs to defend legal disputes, provision for expected credit losses, non-recoverable taxes, indirect taxes, other overhead costs, and personnel-related expenses, including stock-based compensation, for employees engaged in sales, sales support, account management and who administratively support the business in finance, legal, human resources, information technology and communications. Depreciation and amortization included in selling, general and administrative expenses is associated with property and equipment, acquired customer relationships, trademarks and brand names purchased through acquisitions or established through the take private transaction in 2007, which includes a remaining useful life of 11 years as of June September 30, 2026 for trademarks and brand names.

"Direct billable "Marketplace Bookings" and "passengers boarded" are the primary metrics we utilize to measure operating performance. We generate revenue for each direct billable booking, which includes bookings made through our Marketplace (e.g., Air, Lodging, Car, Rail and Tour) and through our equity method investments in cases where we are paid directly by the travel supplier. Air bookings are presented net of bookings cancelled within the period presented. We also recognize Airline Technology revenue from recurring usage-based fees for passengers boarded. These key metrics allow management to analyze customer volume over time for each of our product lines to monitor industry trends and analyze performance. We believe that these key metrics are useful for investors and other third parties as indicators of our financial performance and industry trends. While these metrics are based on what we believe to be reasonable estimates of our transaction counts for the applicable period of measurement, there are inherent challenges associated with their measurement. In addition, we are continually seeking to improve our estimates of these metrics, and these estimates may change due to improvements or changes in our methodology.

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

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Direct Billable Bookings - Air 76,077 75,534 0.7% 163,050 157,972 3.2%

Direct Billable Bookings - Lodging and Other 15,541 14,764 5.3% 29,830 28,682 4.0%

Total Direct Billable Bookings 91,618 90,298 1.5% 192,880 186,654 3.3%

Passengers Boarded 174,092 171,353 1.6% 344,126 337,179 2.1%

Marketplace Bookings - Air 79,428 80,542 (1.4)% 242,477 238,514 1.7%

Marketplace Bookings - Lodging and Other 15,702 14,593 7.6% 45,531 43,275 5.2%

Total Marketplace Bookings 95,130 95,135 —% 288,008 281,789 2.2%

Passengers Boarded 185,642 182,212 1.9% 529,768 519,391 2.0%

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We have included both financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP") as well as certain supplemental non‑GAAP financial measures, including Adjusted Net Income (Loss) from continuing operations ("Adjusted Net Income (Loss)"), Adjusted EBITDA, Free Cash Flow, and ratios derived from these measures. The non‑GAAP financial measures are presented in addition to, and not as a substitute for, financial results prepared in accordance with GAAP. GAAP financial measures are presented with equal or greater prominence wherever non‑GAAP financial measures are discussed.

Adjusted Net Income (Loss) is defined as income (loss) income from continuing operations adjusted to exclude acquisition‑related amortization; restructuring and other costs; loss on extinguishment of debt; other, net; disposition‑related costs; litigation costs, net; indirect tax matters; stock‑based compensation; and the related tax impacts of these adjustments.

Adjusted EBITDA is defined as income (loss) income from continuing operations adjusted to exclude depreciation and amortization of property and equipment; amortization of capitalized implementation costs; acquisition‑related amortization; restructuring and other costs; interest expense, net; other, net; loss on extinguishment of debt; disposition‑related costs; litigation costs, net; indirect tax matters; stock‑based compensation; and the provision for income taxes.

Free Cash Flow is defined as cash used in provided by operating activities, less cash used for additions to property and equipment.

Adjusted Net Income (Loss) from continuing operations per share is defined as Adjusted Net Income (Loss) divided by diluted weighted‑average common shares outstanding.

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Adjusted Net Income (Loss), Adjusted EBITDA, Free Cash Flow, and related ratios are not recognized measures under GAAP and have inherent limitations as analytical tools. Accordingly, they should not be considered in isolation or as substitutes for net income (loss) income, (loss) income from continuing operations, or cash flows from operating activities prepared in accordance with GAAP.

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• Adjusted Net Income (Loss) and Adjusted EBITDA do not reflect changes in, or cash requirements associated with, working capital.

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Three Months Ended June 30, Six Months Ended June 30,

Loss from continuing operations $ (36,373) $ (201,018) $ (26,979) $ (204,395)

The following table sets forth the reconciliation of (Loss) income from continuing operations to Adjusted Net Income (Loss) from continuing operations and (Loss) income from continuing operations to Adjusted EBITDA (in thousands):

Three Months Ended September 30, Nine Months Ended September 30, (Loss) income from continuing operations $ (26,031) $ 48,165 $ (53,010) $ (156,230)

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Loss on extinguishment of debt 230 85,182 — — 2,958 85,182

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Adjusted Net Loss from continuing operations $ (67,441) $ (7,821) $ (43,148) $ (5,037)

Loss from continuing operations $ (36,373) $ (201,018) $ (26,979) $ (204,395)

Adjusted Net Income (Loss) from continuing operations $ 52,389 $ (4,880) $ 9,241 $ (9,917)

Adjusted Net Income (Loss) from continuing operations per share $ (0.17) $ (0.02) $ 0.11 $ (0.01) $ 0.02 $ (0.03)

Adjusted diluted weighted-average common shares outstanding 399,351 390,905 397,264 388,601 (9)

(Loss) income from continuing operations $ (26,031) $ 48,165 $ (53,010) $ (156,230)

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Interest expense, net 123,768 111,244 246,731 221,034

Interest expense, net 123,393 111,312 370,124 332,346

Loss on extinguishment of debt 230 85,182 — — 2,958 85,182

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Provision for income taxes 11,696 91,262 298 79,614

Adjusted EBITDA $ 142,984 $ 118,255 $ 301,694 $ 249,075

(Benefit) provision for income taxes (3,273) (58,546) (2,975) 21,068

Adjusted EBITDA $ 163,693 $ 140,633 $ 465,387 $ 389,708

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Six Months Ended June 30,

Cash (used in) provided by financing activities (68,880) 34,500

Six Months Ended June 30,

Free Cash Flow $ (145,643) $ (320,991)

Nine Months Ended September 30,

Cash used in operating activities $ (98,011) (122,661) $ (281,841) (248,155)

Cash used in investing activities (47,632) (30,083) (69,973) (50,352)

Cash used in financing activities (31,522) (804,408)

Nine Months Ended September 30,

Cash used in operating activities $ (98,011) (122,661) $ (281,841) (248,155)

Additions to property and equipment (47,632) (39,150) (70,493) (59,419)

Free Cash Flow $ (193,154) $ (307,574)

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(3) Other, net includes $18 $19 million in debt modification costs related to the financing activity that occurred in the third quarter of 2026, $15 million of transition services agreement income, net, in the current year period and a gain on the sale of assets of $5 million recognized in the prior year period. In addition, all periods presented include foreign exchange gains and losses related to the remeasurement of foreign currency denominated balances included in our consolidated balance sheets into the relevant functional currency.

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(5) Indirect tax matters represents charges and adjustments to charges associated with certain digital services taxes ("DST") and other indirect tax matters related to historical periods, which may ultimately be settled in cash, and certain foreign non-income tax litigation matters. See detailed disclosures regarding these matters included in the Liquidity and Capital Resources and Risk Factors sections. as well as Note 13. Contingencies, to our consolidated financial statements.

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(9) The Adjusted diluted weighted-average common shares outstanding calculation includes approximately 10 million and 3 million of dilutive restricted stock awards for the three and nine months ended September 30, 2026, respectively, and approximately 67 million resulting common shares related to the 2031 Exchangeable Notes for the three and nine months ended September 30, 2026, respectively.

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Three Months Ended June 30, Six Months Ended June 30,

Revenue $ 711,961 $ 687,149 $ 1,472,287 $ 1,389,275

Cost of revenue, excluding technology costs 310,462 296,354 645,445 601,825

Technology costs 171,059 172,494 346,480 347,801

Selling, general and administrative 137,657 129,167 271,662 259,120

Operating income 92,783 89,134 208,700 180,529

Interest expense, net (123,768) (111,244) (246,731) (221,034)

Equity method income 377 738 1,146 1,403

Other, net 6,161 (3,202) 13,162 (497)

Loss from continuing operations before income taxes (24,677) (109,756) (26,681) (124,781)

Provision for income taxes 11,696 91,262 298 79,614

Income (loss) from continuing operations $ (36,373) $ (201,018) $ (26,979) $ (204,395)

Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) (Amounts in thousands)

Revenue $ 738,426 $ 715,183 $ 2,210,713 $ 2,104,458

Cost of revenue, excluding technology costs 316,389 313,074 961,834 914,899

Technology costs 176,272 168,009 522,752 515,810

Selling, general and administrative 136,409 140,475 408,071 399,595

Operating income 109,356 93,625 318,056 274,154

Interest expense, net (123,393) (111,312) (370,124) (332,346)

Loss on extinguishment of debt (230) (85,182) — — (2,958) (85,182)

Equity method income 593 377 1,739 1,780

Other, net (15,860) 6,929 (2,698) 6,432

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and 126 more changes in the filing

Risk factors 12 changes

12 unchanged paragraphs

Travel suppliers continue to look for ways to decrease their costs and to increase their control over distribution. For example, consolidation in the airline industry, the growth of low cost carriers/hybrids and macroeconomic factors, among other things, have driven some airlines to negotiate for lower fees during contract renegotiations, thereby exerting increased pricing pressure on our business, which, in turn, negatively affects our revenues and margins. In addition, travel suppliers' use of multiple distribution channels may also adversely affect our contract renegotiations with these suppliers and negatively impact our revenue. Furthermore, as we attempt to renegotiate new Sabre Mosaic TM ® Marketplace ("Marketplace") agreements with our travel suppliers, they may withhold some or all of their content (fares and associated economic terms) for distribution exclusively through their direct distribution channels (for example, the relevant airline's website) or offer travelers more attractive terms for content available through those direct channels after their contracts expire. As a result of these sources of negotiating pressure, we have in the past and may in the future have to decrease our prices to retain their business. If we are unable to renew our contracts with these travel suppliers on similar economic terms or at all, or if our ability to provide this content is similarly impeded, this would also adversely affect the value of our business as a marketplace due to our more limited content.

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In 2026, we continued to implement a program that began in the fourth quarter of 2025, designed to largely offset normal inflationary pressures over the next two to three years, with the goal of keeping technology costs and selling, general and administrative costs relatively flat when compared comparable to 2025. While we believe this to be unlikely, this program may be disruptive to our operations and could yield unanticipated consequences, such as unplanned attrition, increased difficulties in our day-to-day operations and reduced employee morale. Any unplanned attrition could result in the need for contract support at unplanned additional expense or harm our productivity. In addition, we may not realize the entire anticipated goals and expected cost savings of this program due to unforeseen difficulties, delays or unexpected cost. Any of these consequences could have a material adverse effect on our business, financial condition and results of operations.

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The PCI Data Security Standard ("PCI DSS") is a specific set of comprehensive security standards required by credit card brands for enhancing payment account data security, including but not limited to requirements for security management, policies, procedures, network architecture, and software design. PCI DSS compliance is required in order to maintain credit card processing services. The cost of compliance with PCI DSS is significant and may increase as the requirements change. We are assessed periodically for assurance and successfully completed our last annual assessment in September 2025. 2026. Compliance does not guarantee a completely secure environment and notwithstanding the results of this assessment there can be no assurance that payment card brands will not request further compliance assessments or set forth additional requirements to maintain access to credit card processing services. See "—Security incidents expose us to liability and could damage our reputation and our business." Compliance is an ongoing effort and the requirements evolve as new threats are identified. In the event that we were to lose PCI DSS compliance status (or fail to renew compliance under a future version of the PCI DSS), we could be exposed to increased operating costs, fines and penalties and, in extreme circumstances, may have our credit card processing privileges revoked, which would have a material adverse effect on our business.

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Trade and economic sanctions or other restrictions imposed by the United States, the United Kingdom, the European Union, or other regions or countries could restrict or impact our ability to operate in or provide certain services to restricted markets or parties. Further, the United States has imposed economic sanctions, and could impose further sanctions in the future, that affect transactions with designated countries, including but not limited to, Cuba, Iran and North Korea, and nationals and others of those countries, and certain specifically targeted individuals and entities engaged in conduct detrimental to U.S. national security interests. Certain United States sanction programs including those historically applicable to Syria, have been modified. experienced recent policy or regulatory modifications, including expanded country-specific, entity-based, and secondary sanctions. However, significant targeted restrictions remain, and changes shifts in sanction regulatory enforcement priorities or sanctions policy may occur rapidly and without prior notice. As a result, we may face compliance risk, reputational harm, or operational disruption arising from evolving compliance regimes.

We have Marketplace contracts with carriers that fly to Cuba, Iran and North Korea; however, these carriers are based outside those countries and are neither owned by those governments or their nationals, nor are they themselves subject to sanctions. With respect to Iran and, North Korea, we believe that our activities are designed to comply with certain information and travel-related exemptions. With respect to Cuba, we have advised the Office of Foreign Assets Control ("OFAC") that we display on our Marketplace flight information for, and support booking and ticketing of, services of non-Cuban airlines that offer service to Cuba. Based on advice of counsel, we believe these activities fall under an exemption from OFAC regulations applicable to the transmission of information and informational materials and transactions related thereto. We believe that our activities with respect to these countries are known to OFAC and other regulators. We note, however, that sanctions regulations and related interpretive guidance are complex and subject to varying interpretations. Due to this complexity, a regulator's interpretation of its own regulations and guidance may vary on a case-by-case basis. As a result, we cannot provide any guarantees that a regulator will not challenge the activities described above in the future. Because sanctions enforcement, particularly under OFAC, operates on a strict liability basis and applies to indirect, intermediary, or third party payment processing, any failure or perceived non-compliance could lead to substantial monetary penalties, reputational damage, or operational restrictions, which could have a material adverse effect on our results of operations.

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As noted, the regulations and sanctions that apply to us are complex. While we have a compliance program in place to help us address these requirements, there can be no assurance that we will be able to consistently address them in an effective manner. Any failure to comply with these sanctions, export controls and related rules and regulations may subject us to legal and reputational consequences, including civil and criminal penalties. In the third quarter of 2022, we identified elements of our sanctions compliance program that were not functioning as intended, which we believe we have substantially addressed. In identifying these elements, we became aware that we received payments that were not material in amount from an air carrier in Russia for Marketplace services, which may have violated U.K. sanctions. We voluntarily disclosed the receipt of these payments to the U.K. Office of Financial Sanctions Implementation (OFSI), and have fully cooperated with all requests from OFSI following the disclosure. In January 2026, OFSI provided us with a notice of its intention to impose a monetary penalty in relation to this matter. In the second quarter of 2026, we entered into a settlement agreement with OFSI and, in connection with this settlement, paid a monetary penalty to OFSI. We accrued an amount for the penalty in our financial results for the quarter ended December 31, 2025; this accrual and the payment did not have a material adverse impact on our financial condition or results of operation.

As noted, the regulations and sanctions that apply to us are complex. While we have a compliance program in place to help us address these requirements, there can be no assurance that we will be able to consistently address them in an effective manner. Any failure to comply with these sanctions, export controls and related rules and regulations may subject us to legal, financial, and reputational consequences, including substantial per-transaction civil penalties, administrative enforcement actions, criminal penalties, or civil settlement obligations.

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For example, during the third quarter of 2025, we sold our Hospitality Solutions business. See "Recent Developments Affecting our Results of Operations—Sale of Hospitality Solutions Business." We may not be able to achieve the full strategic, financial, operational, and other benefits that are expected to result from the sale of the Hospitality Solutions business, including any expected optimization of our core business, long-term growth, improvements in our capital structure, future debt refinancings, and other business opportunities that may be facilitated by the sale of the Hospitality Solutions business. In addition, these benefits may be delayed or less significant than anticipated. We cannot predict with certainty when the benefits expected from the sale of the Hospitality Solutions business will occur or the extent to which they will be achieved, or when they will be achieved, if at all. A failure to realize these and other anticipated benefits of the sale of the Hospitality Solutions business or effectively utilize the proceeds from the sale could have an adverse impact on our business, financial condition and results of operations.

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As an example, in the third quarter of 2023, we became aware that an unauthorized actor had illegally extracted certain company data and posted it to the dark web. Immediately upon becoming aware of this extraction, we initiated an investigation, with the assistance of cybersecurity and forensics professionals. We have also notified federal law enforcement and have provided, and will continue to provide, other required notifications. To date this cybersecurity incident has not had a material impact on our financial condition, results of operations or liquidity. However, there is no assurance that it will not result in significant costs to us, reputational harm, expenditure of additional resources, lawsuits and related fees, costs and expenses, or regulatory inquiries in the future that could result in a material adverse effect. For example, we were subject to a lawsuit seeking class certification filed against us in the United States District Court for the Northern District of Texas. The complaint generally asserted negligence and other claims based on this cybersecurity incident, and, in addition to monetary damages, the plaintiffs were also seeking declaratory and injunctive relief. The court has dismissed this case with prejudice. See "—We are involved in various legal proceedings which may cause us to incur significant fees, costs and expenses and may result in unfavorable outcomes."

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We have a significant amount of indebtedness. As of June September 30, 2026, we had $4.3 $4.4 billion of indebtedness outstanding which is net of debt issuance costs and unamortized discounts. Our substantial level of indebtedness increases the possibility that we may not generate enough cash flow from operations to pay, when due, the principal of, interest on or other amounts due in respect of, these obligations. Other risks relating to our long-term indebtedness include: (1) increased vulnerability to general adverse economic and industry conditions; (2) higher interest expense if interest rates increase on our floating rate borrowings and our hedging strategies do not effectively mitigate the effects of these increases or if we have to incur additional indebtedness in a higher interest rate environment; (3) the need to divert a significant portion of our cash flow from operations to payments on our indebtedness and interest, thereby reducing the availability of cash to fund working capital, capital expenditures, acquisitions, investments and other general corporate purposes; (4) limited ability to refinance our existing indebtedness or to obtain additional financing on terms we find acceptable, if needed, for working capital, capital expenditures, expansion plans and other investments, which may adversely affect our ability to implement our business strategy; (5) limited flexibility in planning for, or reacting to, changes in our businesses and the markets in which we operate or to take advantage of market opportunities; and (6) a competitive disadvantage compared to our competitors that have less debt. Failure to make any required payments or comply with other covenants under the agreements governing our indebtedness could result in an event of default and acceleration of amounts due. Subject to market conditions, we have previously, and may in the future, opportunistically refinance portions of our debt in the near term which, at current interest rates and market conditions, may negatively impact our interest expense or result in higher stock dilution.

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Our consolidated balance sheets as of June September 30, 2026 contained goodwill and intangible assets, net totaling $2.7 $2.6 billion. Future acquisitions that result in the recognition of additional goodwill and intangible assets would cause an increase in these types of assets. We do not amortize goodwill and intangible assets that are determined to have indefinite useful lives, but we amortize definite-lived intangible assets on a straight-line basis over their useful economic lives, which range from four to thirty years, depending on classification. We evaluate goodwill for impairment on an annual basis or earlier if impairment indicators exist and we evaluate definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of definite-lived intangible assets used in combination to generate cash flows largely independent of other assets may not be recoverable. We record an impairment charge whenever the estimated fair value of our reporting units or of such intangible assets is less than its carrying value. The fair values used in our impairment evaluation are estimated using a combined approach based upon discounted future cash flow projections and observed market multiples for comparable businesses. Changes in estimates based on changes in risk-adjusted discount rates, future booking and transaction volume levels, travel supplier capacity and load factors, future price levels, rates of growth including long-term growth rates, rates of increase in operating expenses, cost of revenue and taxes, and changes in realization of estimated cost-saving initiatives could result in material impairment charges.

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We are subject to a variety of taxes in many jurisdictions globally, including income taxes in the United States at the federal, state, and local levels, and in many other countries. Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. We operate in numerous countries where our income tax returns are subject to audit and adjustment by local tax authorities. Because we operate globally, the nature of the uncertain tax positions is often very complex and subject to change, and the amounts at issue can be substantial. It is inherently difficult and subjective to estimate such amounts, as we must determine the probability of various possible outcomes. We re-evaluate uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit and new audit activity. Although we believe our tax estimates are reasonable, the final determination of tax audits could be materially different from our historical income tax provisions and accruals. Our effective tax rate may change from year to year based on changes in the mix or magnitude of activities and income allocated or earned among various jurisdictions, tax laws in these jurisdictions, tax treaties between countries, our eligibility for benefits under those tax treaties, and the estimated values of deferred tax assets and liabilities, including the estimation of valuation allowances. Such changes could result in an increase or decrease in the effective tax rate applicable to all or a portion of our income or losses which would impact our profitability. We consider the undistributed capital investments in our foreign subsidiaries to be indefinitely reinvested as of June September 30, 2026, and, accordingly, have not provided deferred taxes on any outside basis differences for most subsidiaries.

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Unregistered sales of stock 1 change

Share repurchases are made pursuant to a multi-year share repurchase program (the "Share Repurchase Program") authorized by our board of directors on February 6, 2017. This program was announced on February 7, 2017 and allows for the purchase of up to $500 million of outstanding shares of our common stock in privately negotiated transactions or in the open market, or otherwise. On March 16, 2020, we announced the suspension of share repurchases under the Share Repurchase Program in conjunction with certain cash management measures we undertook as a result of the market conditions caused by COVID-19. During the six nine months ended June September 30, 2026, we did not repurchase any shares pursuant to the Share Repurchase Program. As of June September 30, 2026, the Share Repurchase Program remains suspended and approximately $287 million remains authorized for repurchases.

Other information 1 change

During the three months ended June September 30, 2026, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

Exhibits 12 changes

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10.162†* Form of Executive Restricted Stock Unit Grant Agreement under Sabre Corporation 2026 Omnibus Incentive Compensation Plan

10.163†* Form of Executive Restricted Stock Unit Grant Agreement under Sabre Corporation 2026 Omnibus Incentive Compensation Plan

10.164†* Form of Executive Restricted Stock Unit Grant Agreement under Sabre Corporation 2026 Omnibus Incentive Compensation Plan

10.165†* Form of Non-Employee Director Restricted Stock Unit Grant Agreement (Annual Grant) under Sabre Corporation 2026 Director Equity Compensation Plan

10.168 Fourth Amendment to Receivables Financing Agreement, dated as of August 4, 2026, among Sabre Securitization, LLC, as borrower, Sabre Corporation, as parent, Sabre GLBL, Inc., Sabre Asia PTE. Ltd and Sabre Global Technologies Limited, as servicers, PNC Bank, National Association, as administrative agent and Class A Lender Representative, Centerbridge Credit CS, L.P., as Class B Lender Representative, the lenders party thereto, and PNC Capital Markets LLC, as structuring agent (incorporated by reference to Exhibit 10.1 of Sabre Corporation's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 7, 2026).

10.166 10.169 Indenture, dated as of May 18, September 28, 2026, among Sabre GLBL Inc., Sabre Corporation and Sabre Holdings, Financial Borrower, LLC, each of the guarantors party thereto and U.S. Bank Wilmington Trust, Company, National Association, as trustee and collateral agent (incorporated by reference to Exhibit 4.1 of Sabre Corporation's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19, September 28, 2026).

10.167 10.170 Form of 7.00% Exchangeable 9.875% Senior Secured Notes due 2031 2032 ((incorporated by reference to Exhibit 4.2 of Sabre Corporation's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19, September 28, 2026).

10.171 Pledge and Security Agreement, dated as of September 28, 2026 among Sabre Financial Borrower, LLC, Sabre Financing Holdings and Wilmington Trust, National Association, as collateral agent ((incorporated by reference to Exhibit 10.1 of Sabre Corporation's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 28, 2026).

10.172 First Lien Pari Passu Credit Agreement, dated as of September 28, 2026 among Sabre GLBL Inc., as borrower, Sabre Holdings Corporation, as holdings, Sabre Financial Borrower, LLC, as lender, and Wilmington Trust, National Association, as administrative agent ((incorporated by reference to Exhibit 10.2 of Sabre Corporation's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 28, 2026).

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† Indicates management contract or compensatory plan or arrangement.

1 unchanged paragraph

Date: August 6, 2026

Date: November 5, 2026

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