AVIS BUDGET GROUP Business Summary

Avis Budget Group, Inc. operates as a leading global provider of mobility solutions, primarily generating revenue through short-term vehicle rentals, car-sharing memberships, and the sale of high-margin ancillary products such as insurance waivers, fuel options, and GPS rentals. The company’s business is structured into two primary reporting segments: the Americas, which encompasses operations in North America, South America, and the Caribbean, and the International segment, covering Europe, the Middle East, Africa, and Asia-Pacific. Beyond its core Avis and Budget brands, the company leverages Zipcar for on-demand urban mobility and maintains strategic partnerships with rideshare giants like Uber and Lyft to provide dedicated fleet solutions for gig-economy drivers. Avis Budget Group competes primarily against Hertz Global Holdings, Enterprise Mobility, and Sixt SE, maintaining a top-tier market position by focusing on fleet optimization, dynamic pricing algorithms, and the expansion of its digital-first rental experience. The company is led by Chief Executive Officer Brian Choi, who transitioned from the CFO role in July 2025, bringing a background in private equity and strategic finance from his tenure at SRS Investment Management. The executive team includes Daniel Cunha as Executive Vice President and Chief Financial Officer, and Ravi Simhambhatla as Chief Digital and Innovation Officer, who oversees the firm’s technological transformation and telematics integration. Jagdeep Pahwa serves as the Executive Chairman, representing the interests of SRS Investment Management, the company’s largest shareholder. While the modern corporate entity emerged from the 2006 spin-off of Cendant Corporation, its legacy is rooted in the pioneering work of founders Warren Avis, who established the first airport-based rental locations in 1946, and Morris Mirkin, who founded Budget in 1958. Today, the board is characterized by significant institutional influence from major investors including SRS Investment Management, Vanguard, and BlackRock.