Good morning, welcome to the annual meeting of stockholders of Global Business Travel Group, Inc. I am Paul Abbott, the Chief Executive Officer of the company, and I will act as Chairman of the meeting, which I will now call to order. On behalf of the company, I would like to welcome all of our stockholders. As noted in the proxy statement, this annual meeting is being conducted in a virtual format only. If we encounter any technical difficulties during this virtual meeting, we ask that you please stand by and allow us time to provide an update regarding the meeting. Joining us today is Eric Bock, our Chief Legal Officer, Global Head of M&A, Compliance and Corporate Secretary, who shall serve as Secretary of this meeting, as well as members of our management team and our Board of Directors.
Also on the line is Tony Corio, a representative of Broadridge Financial Solutions, who is serving as inspector of elections for today's meeting. In 2025, we once again executed on our strategy and delivered strong financial results. Our new wins performance increased demand from our premium customer base, high customer retention rate, and the acquisition of CWT, which closed in September of 2025, all resulted in impressive top-line performance. Total transaction value or TTV grew 17%. Revenue growth accelerated to 12%. Our focus on operational efficiency and cost synergies enabled us to drive strong Adjusted Gross Profit and Adjusted EBITDA margin performance. Adjusted Gross Profit margin was 60%. Adjusted EBITDA grew 11%. We generated $104 million of free cash flow. Commercial momentum remains very strong.
Over the last 12 months, ending March 31st, new wins value totaled $3.4 billion, including $2 billion from SME customers. We've also maintained an impressive customer retention rate of 96% since September 2025, including CWT, demonstrating the strength of our offerings and our customer relationships. Product innovation continues to progress. Our strategic partnership with SAP Concur is well underway with the rollout of Compleat, a new flagship solution for travel and expense. We also launched next-gen Egencia in April, featuring new Agentic AI experiences, integrated expense with SAP Concur, and a transformed user experience. On May 4th, we announced that Amex GBT has entered into a definitive agreement to be acquired by Long Lake Management for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion.
This transaction is a testament to the value of Amex GBT, the success of our strategy, and the strength of our incredible team. The agreement delivers a compelling outcome for our shareholders, providing them with a substantial certain cash value at an attractive premium. The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including approval by Amex GBT stockholders and the receipt of requisite regulatory clearances. We are grateful for your continued support and look forward to updating you on our progress. I will now turn the meeting over to Eric to go through the formalities of the meeting.
Thank you, Paul, and welcome everyone. Thank you for joining us today. We are very pleased to be with you for our annual shareholders meeting and continue to be excited about the future of the company, as Paul pointed out. This meeting has been called pursuant to a notice of annual meeting of stockholders dated April second, 2026. I have in my possession an affidavit from Broadridge certifying that each stockholder of record as of March 17th, 2026, was sent materials necessary to vote at this meeting, together with the official notice of the meeting and a proxy statement. The copies of the notice of the meeting, proxy statement, and proxy card, together with the original affidavit of mailing, will be filed with the minutes of this meeting.
As Paul mentioned, the company has appointed Tony Corio to act as the inspector of election at this meeting to count and certify all stockholder votes. Mr. Corio has taken the oath of inspector of election, which was delivered to me before this meeting. With respect to the establishment of a quorum, as of the close of business on March 17th, 2026, the record date for this meeting, the outstanding voting securities of the company consisted of 523,342,918 shares of Class A common stock. At least a majority in voting power of the capital stock of the company issued and outstanding and entitled to vote must be present or represented by proxy to have a quorum as determined under our bylaws.
I report that the number of shares present in person or represented by proxy is at least in aggregate 407 million shares of our common stock, and therefore, a quorum is present. I now declare this meeting duly convened, properly organized, and competent to transact business. As for the meeting procedures, we have four items of business on the agenda to be voted on today. Detailed information concerning these items is contained in the proxy statement. After presentation of the proposals, the polls and floor will be open for questions and comments germane to those proposals. Please note that we will not be taking questions about the pending transaction with Long Lake. The company will be filing a proxy statement in connection with that transaction over the coming weeks, which will include additional information and details on that transaction.
You must be logged in to the meeting website with your 16-digit control number in order to submit questions and comments as well as to vote at the meeting. Questions and comments can be submitted in the field provided on the virtual meeting website. In order to ensure that the business of the meeting proceeds in an orderly fashion, questions and comments at this time should be limited to the proposals being considered. After the formal meeting has adjourned, we'll provide time for general questions, which will follow the same rules of conduct as those followed for the questions germane to proposals. To allow us to answer questions from as many stockholders as possible, we will limit each stockholder to two questions. Questions from multiple stockholders on the same topic or that are otherwise related may be grouped, summarized, or answered together.
We ask that you please focus your questions on issues of general importance to stockholders. Also, in the interest of fairness to all stockholders, if a question has already been substantially answered, we will move on to one another stockholder question. We will make every effort to answer all questions in the time allowed. Please include your name and affiliation, if any, and state whether you are a stockholder or a proxy for a stockholder when submitting a question or comment. Please note that recording of this meeting is prohibited. Additional rules of conduct and procedures are posted on the virtual meeting website. We will now proceed with the formal business of the meeting.
As for the proposals being considered today, the first proposal is to approve the election of three Class I directors, Paul Abbott, Eric Hart, and Kathleen Winters, to serve for a three-year term of office expiring at the 2029 annual meeting of stockholders and until his or her successor has been elected and qualified or until his or her earlier death, resignation, or removal. The second proposal is to approve the ratification of the appointment of KPMG as our independent registered public accounting firm for the fiscal year ending December 31st, 2026. The third proposal is to approve, on an advisory basis, the compensation of the company's named executive officers. Finally, the fourth proposal is to approve the amendment to the company's 2022 Equity Incentive Plan.
For the reasons set forth in the proxy statement, the company's board of directors recommends that you vote for the election of the Class I directors, for the ratification of the appointment of KPMG, for the approval on advisory basis of the compensation of the company's named executive officers, and for the approval of the amendment to the company's 2022 Equity Incentive Plan. Now that we reviewed the proposals, we will now proceed to voting on each of those agenda items as well as question or comments relating to such agenda items. I want to emphasize, if you have previously voted and do not wish to change your vote, you do not need to vote again on the virtual meeting website. Voting on the website revokes your prior proxy.
If any stockholder has not already voted or wants to change his or her vote, please do so prior to the closing of the polls today. I now declare the polls open. Does any stockholder have any question relating to any agenda item while the polls are open? Again, I remind you that we will not be taking questions about the transaction with Long Lake. I will now pause and see if there's any questions in the virtual website. Okay, there are currently no questions submitted in the virtual shareholder portal that are pertinent to the item of business on the agenda. As a result, I will be closing the polls momentarily. If any stockholder has not already voted or wants to change his or her vote, please do so now. I will pause for a brief moment to allow any last votes to be submitted.
Okay, now that everyone has had the opportunity to vote, I declare the polls closed. I'll now move on to the preliminary results from the voting. Mr. Chairman, based on the preliminary count of the inspector of election, the company stockholders have approved the three Class I directors for election to the board, ratified the appointment of KPMG as our public accounting firm for the year end of December 31st, 2026, approved on an advisory basis the compensation of the named executive officers, and approved the amendment of the company's 2022 Equity Incentive Plan. The inspector of election will execute a certificate as to the results of voting, and the certificate will be filed in the minute books of the company, along with the minutes of this meeting.
The final voting results will be reported in a current report on Form 8-K that we will be filing within four business days of this meeting. I'm now gonna turn it back to Paul to adjourn the meeting.
Thank you, Eric. There being no further business to come before the meeting, the formal business of the annual meeting of stockholders of Global Business Travel Group, Inc. is hereby adjourned. We will now move on to the general question and comment period. Again, I remind you that we will not be taking questions about our pending transaction with Long Lake. Should you have any questions, please feel free to enter them into the web portal now. We will answer as many questions as time allows, but only questions that are on issues germane to the company, of general importance to stockholders, and consistent with our rules of conduct will be addressed. Do any stockholders have a question?
There are currently no questions submitted in the virtual portal. As a result, that concludes our meeting. We thank you for your attendance today and your continued interest in the company. Thank you.
Ladies and gentlemen, you may now disconnect.