What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-14 · 93 added, 108 removed, 207 unchanged (49% of the section changed)

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On average, our global rental fleet totaled approximately 684,000 vehicles in 2025.

We completed over 38 million vehicle rental transactions worldwide and generated total revenues of approximately $11.8 billion during 2024.

We completed approximately 38 million vehicle rental transactions worldwide and generated total revenues of approximately $11.7 billion during 2025.

Our brands and mobility solutions have an extended global reach with approximately 10,000 rental locations throughout the world, including approximately 3,800 locations operated by our licensees.

We categorize our operations into two reportable business segments:

• Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly.

• International - consisting primarily of (i) vehicle rental operations in Europe, the Middle East, Africa, Asia and Australasia, (ii) car sharing operations in certain of these markets, and (iii) licensees in certain areas in which we do not operate directly.

Additional discussion of our reportable segments is included in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 21 – Segment Information to the Consolidated Financial Statements included in this Annual Report on Form 10-K.

For 2025, we expect our strategy to focus on transforming key parts of our business through technology, system enhancements and data, particularly with respect to customer experience, revenue generation and costs.

We believe this strategy, together with a change in fourth quarter 2024 in our fleet strategy to accelerate certain fleet rotations (as discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in Part II, Item 7), will continue to strengthen our Company, maximize profitability, and deliver stakeholder value.

With respect to customer experience, our aim will continue to be to deliver a superior customer journey.

For revenue, we will focus on optimizing mix and marketing, and for costs, we plan to implement centers of excellence and develop new tools and capabilities to increase margin.

For 2026, our strategy remains centered on driving sustainable growth by strengthening operational efficiency, expanding the use of analytics, elevating the customer experience, and accelerating innovation through disciplined investment in technology.

To enhance the customer experience, we intend to reaffirm our goals of reliability and value while continuing to streamline the end-to-end rental journey.

This includes scaling our digital capabilities and broadening access to Avis First, our premium service that launched in select markets in 2025.

On the innovation front, in 2025 we announced a multi-year partnership with Waymo to support autonomous ride-hailing operations in Dallas.

We believe this strategy will reinforce our competitive position, support long-term profitability, and deliver value to our stakeholders.

OUR BRANDS AND OPERATIONS

Our Avis, Budget and Zipcar brands are three of the most recognized brands in our industry.

We believe that each of our brands is positioned to be embraced by different target customers, and we see benefits and savings from our brands sharing some of the same facilities, systems, and administrative infrastructure.

In addition, we are able to recognize benefits as a result of complementary demand patterns with commercial rentals occurring primarily on business days and leisure rentals occurring primarily on holidays and weekends.

We also operate the Payless and Apex brands in the value segment of the car rental industry.

In addition, we further extend our offerings through our AmicoBlu, Maggiore, and Morini Rent brands in Italy;

FranceCars brand in France, ACL Hire and McNicoll Hire brands in the UK;

and Turiscar and Turisprime brands in Portugal.

Our Avis, Budget and Zipcar brands are among the most recognized names in mobility.

Each brand is distinctively positioned to meet the needs of specific customer segments, while shared facilities, systems and infrastructure deliver operational efficiencies.

We also benefit from complementary demand patterns, with commercial rentals occurring primarily during the week and leisure rentals primarily on holidays and weekends.

In addition, we operate the Payless and Apex brands in the value segment.

Our global brand portfolio also includes AmicoBlu and Maggiore in Italy;

FranceCars in France;

McNicoll Hire in the UK;

and Turiscar in Portugal.

The following graphs present the approximate composition of our revenues in 2025.

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** Includes Zipcar and other operating brands.

The Avis brand provides high-quality vehicle rental and other mobility solutions at price points generally above non-branded and value-branded vehicle rental companies and serves the premium commercial and leisure segments of the travel industry.

In 2024, our Company-operated Avis locations generated total revenues of approximately $6.8 billion.

The following graphs present the approximate composition of our Avis revenues in 2024.

We also license the Avis brand to independent commercial owners who operate approximately half of our locations worldwide and generally pay royalty fees to us based on a percentage of applicable revenues.

The Avis brand delivers premium vehicle rental and mobility solutions for the modern expert traveler.

Positioned above value-focused competitors, Avis is trusted for elevated service, convenience, and a premium fleet.

In 2025, our Avis brand generated total revenues of approximately $6.6 billion.

We license the Avis brand to independent commercial owners who generally pay royalty fees to us based on a percentage of applicable revenues.

In 2025, these royalty fees totaled approximately 1% of our Avis revenues.

We operate or license Avis vehicle rental locations at virtually all of the largest commercial airports and cities in the world.

The following graphs present the approximate composition of our Avis revenues in 2025.

We operate or license Avis vehicle rental locations at virtually all major commercial airports and cities worldwide.

The table below presents the approximate number of Avis locations as of December 31, 2025.

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* Certain locations support multiple brands.

We offer Avis customers a variety of premium services, including:

• the Avis mobile application, which allows customers a unique and innovative way to control many elements of their rental experience via their mobile devices without the need to visit the rental counter.

In many United States locations, the application also allows customers to choose, exchange or upgrade their vehicles upon arrival and utilize a unique code to exit via our automated Express Exit for a completely contactless rental experience.

The application also allows customers to track Avis shuttle buses to rental locations, find their vehicle, and locate nearby gas stations and parking facilities;

• Avis Preferred , our frequent renter rewards program that offers counter bypass at major airport locations, as well as additional benefits at different customer status levels, such as vehicle upgrades;

• availability of a selection of luxury vehicles through our Avis Signature Series, as well as premium, sport, performance and electrified vehicles;

• access to satellite radio service, mobile WiFi devices, and GPS navigation;

• Avis rental services such as roadside assistance, fuel service options, e-receipts, electronic toll collection services that allow customers to pay highway tolls without waiting in toll booth lines, and amenities such as Avis Cares , a full range of special products and services for drivers and passengers with disabilities;

• for our corporate customers, Avis Budget Group Business Intelligence , a proprietary reporting solution that provides a centralized reporting tool and customer reporting portal for corporate clients in North America and Europe, enabling them to easily view and analyze their rental activity, allowing them to better manage their travel budgets and monitor employee compliance with applicable travel policies.

The Budget brand is a leading supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers.

In 2024, our Company-operated Budget vehicle rental operations generated total revenues of approximately $4.3 billion.

The following graphs present the approximate composition of our Budget revenues in 2024.

We also license the Budget brand to independent commercial owners who generally pay royalty fees to us based on a percentage of applicable revenues.

Avis customers also enjoy premium services such as:

• Avis First, our new first-class car rental experience, offering a unique combination of vehicle drop off and pickup, premium vehicles and a dedicated, on-call concierge;

• the Avis mobile app, enabling seamless rental management, including vehicle selection, upgrades, and Express Exit for contactless pickup, along with shuttle tracking and location tools for vehicles, gas stations, and parking;

• Avis Preferred, our loyalty program offering counter bypass, vehicle upgrades, and tier-based rewards;

• the reimagined Avis website, as a critical digital gateway for customers globally, serving as the front door to our brand.

This new platform reflects a fundamental upgrade to the customer experience:

faster, easier to use, mobile-first, and built for loyalty integration;

• a variety of add-on products to make the rental journey even smoother including electronic tolling, mobile Wifi devices and GPS navigation;

• Avis services such as roadside assistance, flexible refueling options, electronic receipts and Avis Cares amenities for travelers with disabilities;

• Avis Budget Group Business Intelligence, our proprietary reporting platform, providing corporate clients in North America and Europe with a streamlined way to analyze rental activity, manage budgets, and monitor travel policy compliance.

The Budget brand is a leading provider of the best value-for-money, quality rental car experience.

In 2025, our Budget brand generated total revenues of approximately $4.3 billion.

We license the Budget brand to independent commercial owners who generally pay royalty fees to us based on a percentage of applicable revenues.

In 2025, these royalty fees totaled approximately 1% of our Budget revenues.

We operate or license Budget car rental locations at airports and in cities worldwide.

The following graphs present the approximate composition of our Budget revenues in 2025.

We operate or license Budget car rental locations at most major airports and in cities worldwide.

The table below presents the approximate number of Budget car rental locations as of December 31, 2025.

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* Certain locations support multiple brands.

Budget offers its customers several products and services similar to Avis, such as refueling options, roadside assistance, electronic toll collection, and other supplemental rental products, e-receipts and special rental rates for frequent renters.

In addition, Budget’s Fastbreak service expedites rental service for frequent travelers and the mobile application allows customers to reserve, modify and cancel reservations on their mobile devices.

Budget customers also benefit from:

• the redesigned Budget app, enabling seamless rental management, allowing customers to reserve, modify or cancel bookings directly in the app.

Other features include vehicle selection with our Fastbreak Choice program, upgrades, and Express Exit for contactless pickup, along with shuttle tracking and location tools for vehicles, gas stations, and parking;

• Budget Fastbreak, our loyalty program, which expedites rental services including counter bypass, and offers exclusive deals to save customers time and money;

• many of the same convenient services as Avis, including flexible refueling, extended roadside assistance and electronic receipts.

Our Budget Truck rental business is one of the largest local and one-way truck and cargo van rental businesses in the United States.

As of December 31, 2024, our Budget Truck fleet is comprised of approximately 22,000 vehicles that are rented through a network of approximately 400 Company-operated and 380 dealer-operated locations throughout the continental United States.

On average, our Budget Truck fleet totaled approximately 24,000 vehicles in 2025 which are rented through a network of approximately 800 Company and dealer-operated locations throughout the continental United States, approximately half of which are Company-operated.

These dealers are independently-owned businesses that generally operate other retail service businesses.

In addition to their principal businesses, the dealers rent our light- and medium-duty trucks and commercial cargo vans to customers and are responsible for collecting payments on our behalf.

In addition to their principal businesses, the dealers rent our light- and medium-duty trucks and cargo vans to customers and are responsible for collecting payments on our behalf.

The dealers receive a commission on all truck, van and ancillary equipment rentals.

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Zipcar provides its members on-demand, self-service vehicles in reserved parking spaces located in neighborhoods, business districts, office complexes and college campuses, as an alternative to car ownership.

We continue to offer our Zipcar Flex product in London providing one-way rentals, including to and from Heathrow airport, which can be parked in public on-street parking spots in designated areas of the city.

Payless is a leading rental car supplier serving the deep-value segment of the industry, which we license or operate in approximately 285 locations worldwide, including more than 175 locations operated by licensees and approximately 110 Company-operated locations primarily located in North America, the majority of which are at or near major airports.

Payless is a leading rental car supplier serving the deep-value segment of the industry, which we license or operate in approximately 310 locations worldwide, including approximately 195 locations operated by licensees and approximately 115 Company-operated locations primarily located in North America, the majority of which are

at or near major airports.

Payless’ rental fees are often lower than those of larger, more established vehicle rental brands.

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RESERVATIONS, MARKETING AND SALES

Our customers can make vehicle rental reservations through our brand-specific websites and toll-free reservation centers, through our brand-specific mobile applications, online travel agencies, travel agents or through selected partners, including many major airlines, associations and retailers.

Travel agents can access our reservation systems through all major global distribution systems, which provide information with respect to rental locations, vehicle availability and applicable rate structures.

Our Zipcar members can reserve vehicles through Zipcar’s reservation system, which is accessible online or on a mobile device, by the hour or day, at rates that include fuel, secondary insurance and other costs typically associated with vehicle ownership.

Customers can make vehicle rental reservations through our brand-specific websites and mobile applications, our toll-free reservation centers, online travel agencies, travel agents, and select partners, including major airlines, associations, and retailers.

Travel agents access our reservation systems through all major global distribution systems, which provide real-time information on rental locations, vehicle availability, and applicable rate structures.

Zipcar members can reserve vehicles through Zipcar’s online and mobile reservation platform.

Vehicles can be booked by the hour or by the day at rates that include fuel, secondary insurance, and other costs typically associated with vehicle ownership.

Marketing and Sales

We support our brands through a range of marketing channels and campaigns, including traditional media as well as digital media, including internet and email marketing, social media, streaming services, and mobile device applications.

Our Avis brand campaign Plan On Us highlights the trust our customers have in us.

We also market through sponsorships of major sports entities and charitable organizations.

We utilize a customer relationship management system that enables us to deliver more targeted and relevant offers to customers across online and offline channels, including an expedited and contactless rental process and loyalty programs that reward frequent renters with free rental days and car class upgrades.

We are able to reach and merchandise cars and rentals to a diverse demographic of consumers through our strategic partnerships with airlines, associations and hotel companies, and we maintain strong links to the travel industry.

In addition, we have developed relationships that provide brand exposure and access to new customers, including deals to provide vehicles to ride-hail drivers in cities across North America.

In 2024, approximately 51% of vehicle rental transactions originating from Avis locations were generated by travelers who rented from Avis under contracts between Avis and their employers or through membership in an organization with which Avis has a contractual affiliation.

We offer Avis Budget Group Business Intelligence , an online portal complete with rental summary dashboards, visualizations and detailed reports that provides our corporate customers with insight into their program’s performance, giving them direct access to more data in a customer-facing portal offering useful data insights, including options to customize and schedule reports.

Avis also maintains marketing relationships with other travel partners through which we are able to offer their customers incentives to rent from Avis.

Additionally, we offer Unlimited Rewards , our loyalty incentive program for travel agents, and Avis and Budget programs for small businesses that offer discounted rates, central billing options and rental credits to members.

Our Zipcar brand utilizes a diverse set of marketing and sales strategies to acquire and engage members, including digital marketing, email and in-app messaging, and social media engagement.

Zipcar maintains close relationships with universities that provide access to campuses and various marketing channels to attract students who, upon graduation, may continue their relationship with us.

Through our Zipcar for Business program, we also offer direct-bill accounts and employee benefit programs to companies and governments that support the use of Zipcar vehicles.

We support our brands through a broad mix of marketing channels, including traditional media and digital media such as email, social media and mobile apps.

Our ongoing Avis marketing campaigns highlight the confidence and trust customers place in our ability to deliver a reliable rental experience.

We also engage customers through sponsorships with major sports organizations and charitable partners.

Our customer relationship management systems enable us to deliver targeted and relevant offers across online and offline channels, including an expedited and contactless rental process and loyalty programs that reward frequent renters with free rental days and car class upgrades.

We reach a diverse customer base through strategic partnerships with airlines, associations, and hotel companies, and we maintain strong connections across the broader travel industry.

We have also developed relationships that expand brand exposure and introduce new customers to our services, including programs that provide vehicles to ride-hail drivers in cities across North America.

In 2025, approximately 50% of rental transactions at Avis locations originated from travelers renting under corporate contracts or through affiliations with partner organizations.

We offer Avis Budget Group Business Intelligence, an online portal that provides rental summary dashboards, visualizations, and detailed reporting.

This platform gives corporate customers direct access to data about their program’s performance, with options to customize and schedule reports.

We also maintain marketing relationships with additional travel partners whose customers receive incentives to rent with Avis.

We offer additional loyalty and incentive programs, including Unlimited Rewards for travel agents, and Avis and Budget small business programs that provide discounted rates, central billing options, and rental credits.

Zipcar uses a range of marketing and sales strategies to acquire and engage members, including digital marketing, email and in-app messaging, and social media outreach.

Zipcar maintains close partnerships with universities that provide access to campus communities and marketing channels to attract student members who often continue their relationship with us after graduation.

Through Zipcar for Business, we offer direct-bill accounts and employee benefit programs that support the use of Zipcar vehicles by companies and government organizations.

We have licensees in approximately 175 countries throughout the world.

Royalty fee revenues derived from our vehicle rental licensees in 2024 totaled $143 million, with $104 million in our International segment and $39 million in our Americas segment.

Royalty fee revenues derived from our vehicle rental licensees in 2025 totaled $150 million, with approximately $110 million in our International segment and $40 million in our Americas segment.

Licensed locations are independently operated by our licensees and range from large operations at major airport locations and territories encompassing entire countries to relatively small operations in suburban or rural locations.

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• additional/supplemental liability insurance or personal accident/effects insurance products which provide customers with additional protections for personal or third-party losses incurred;

• products for driving convenience such as fuel service options, roadside assistance services, electronic toll collection services, access to satellite radio, mobile WiFi devices, GPS navigation and child safety seat rentals;

• products that supplement truck rental including automobile towing equipment and other moving accessories, such as hand trucks, furniture pads and moving supplies.

• products for driving convenience such as fuel service options, roadside assistance services, electronic toll collection services, additional driver options, and one-way rentals .

We also receive payment from our customers for certain operating expenses that we incur, including vehicle licensing fees, as well as airport concession fees that we pay in exchange for the right to operate at airports and other locations.

In addition, we collect membership fees in connection with our car sharing business.

Further, in July 2025, we entered a multi‑year strategic partnership with Waymo to serve as its fleet operations partner in Dallas, providing infrastructure, vehicle readiness, maintenance, and depot operations for Waymo’s fully

autonomous ride‑hailing service.

Initial public launch is planned for 2026 and the arrangement leverages our fleet management capabilities.

We offer a wide variety of vehicles in our rental fleet, including luxury vehicles, electrified vehicles, specialty-use vehicles and light commercial vehicles.

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In 2025, we primarily purchased from the following vehicle brands:

Toyota, Ford, Chevrolet, Kia, Volkswagen, Hyundai, Jeep, Dodge, Subaru, Honda, Volvo and Genesis.

Fleet costs represented approximately 21% of our aggregate expenses in 2024.

Fleet costs can vary significantly from year to year based on the prices at which we are able to purchase and dispose of rental vehicles, the mix of risk and program vehicles, holding periods, and overall fleet mix.

Toyota, Chevrolet, Ford, Mazda, Kia, Jeep, Hyundai, Volkswagen, Nissan and Renault.

Fleet costs, excluding other fleet charges related to the disposal of certain fleet in our Americas reportable segment, represented approximately 21% of our aggregate expenses in 2025.

In 2025, approximately 16% of our average rental fleet was comprised of vehicles subject to agreements requiring automobile manufacturers to repurchase vehicles at a specified price during a specified time period or guarantee our rate of depreciation on the vehicles during a specified period of time;

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In 2025, approximately 24% of the vehicles we disposed of were program vehicles sold pursuant to repurchase or guaranteed depreciation programs.

Over the past several years, program vehicles have comprised of a decreasing proportion of our fleet.

The approximate percentage of program vehicles in our average rental fleet within each of our reportable segments in 2024 was 46% for International and less than 1% for the Americas.

Recently, program vehicles have comprised an increasing proportion of our fleet.

The approximate percentage of program vehicles in our average rental fleet within each of our reportable segments in 2025 was 52% for International and 3% for the Americas.

The future percentages of program and risk vehicles in our fleet will depend on several factors, including our expectations for future used vehicle prices, our seasonal needs and the availability and attractiveness of manufacturers’ repurchase and guaranteed depreciation programs.

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Alternative disposition channels provide the opportunity to increase speed to sale and vehicle sales prices and also to reduce relevant fleet costs when compared to selling vehicles at auctions.

We sell vehicles direct to consumers through our retail locations and through RubyCar, our online retail sales platform, which offers customers the ability to purchase well-maintained, late-model rental vehicles from our fleet.

We sell vehicles direct to consumers through our retail locations and through our online retail sales platform, with increasing integration between digital and physical channels to provide customers flexible purchasing options.

We offer customers the ability to purchase well-maintained, late-model rental vehicles from our fleet.

We dispose of our program vehicles in accordance with repurchase or guaranteed depreciation programs with major vehicle manufacturers.

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Average quarterly fleet utilization for 2025, which is based on the number of rental days (or portion thereof) that vehicles are rented compared to the total amount of time that vehicles are available for rent, ranged from approximately 68% to 72%.

Our average car rental fleet size and utilization are typically highest in the summer months.

Our average car

rental fleet size and utilization are typically highest in the summer months.

Our calculation of utilization may not be comparable to other companies’ calculation of similarly titled metrics.

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We place a strong emphasis on the quality of our vehicle maintenance for customer safety and customer satisfaction reasons, and because quick and proper repairs are critical to fleet utilization.

To accomplish this task, we have developed and continue to evolve specialized training programs for our technicians.

To accomplish this task, we have developed and continue to evolve specialized training programs for our technicians as well as cooperate with specialized vendors and expert repair networks.

Our Supply Chain Department reviews, distributes, and makes accessible original equipment manufacturer (“OEM”) technical service bulletins that can be retrieved electronically at our repair locations and our Supply Chain repair network has direct access to OEM technical service bulletins.

In addition, we have implemented policies and procedures to promptly address manufacturer recalls as part of our ongoing maintenance and repair efforts to maximize the customer experience.

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Our commitment to delivering a consistently high level of customer service across all of our brands is a critical element of our success and business strategy.

Our Customer Led, Service Driven program focuses on continually improving the overall customer experience based on our research of customer service practices, improved customer insights, executing our customer relationship management strategy, delivering customer-centric employee training and leveraging our mobile applications technology and the enriched experience it provides our customers.

We are a service company, and we deliver a high-quality product with pride.

Our focus remains on continually improving the overall customer experience based on our research of customer service practices, improved customer insights, executing our customer relationship management strategy, delivering customer-centric employee training and leveraging our mobile applications technology and the enriched experience it provides our customers.

In addition, our social media platform allows us to engage with our customers in their preferred channel, which enables us to meet the needs of our customers while promoting our brands to gain more market share and drive customer loyalty.

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Our operations are also seasonal, with the third quarter of the year historically having been our strongest due to the increased level of leisure travel during the quarter.

We have a partially variable cost structure and routinely adjust the size, and therefore the cost, of our rental fleet in response to fluctuations in demand.

We primarily have a variable cost structure and routinely adjust the size, and therefore the cost, of our rental fleet in response to fluctuations in demand.

The following chart presents our quarterly revenues for the years ended December 31, 2023, 2024 and 2025.

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product innovation and national or international distribution.

In addition, competition is also influenced strongly by advertising, marketing, loyalty programs and brand reputation.

In addition, competition is also influenced by advertising, marketing, loyalty programs and brand reputation.

We believe the prominence and service reputation of our brands, extensive worldwide ownership of mobility solutions and commitment to innovation provides us with a competitive advantage.

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This transparency has further increased the prevalence and intensity of price competition in the industry.

Our vehicle rental operations compete primarily with Enterprise Holdings, Inc., which operates the Enterprise, National and Alamo car rental brands;

Hertz Global Holdings, Inc., which operates the Hertz, Dollar and Thrifty brands;

Europcar Mobility Group, which operates the Europcar, Goldcar, InterRent, Buchbinder, Fox Rent A Car and Ubeeqo brands;

Our vehicle rental operations compete primarily with Enterprise Holdings, Inc., Hertz Global Holdings, Inc., Europcar Mobility Group and Sixt SE.

We also compete with smaller local and regional vehicle rental companies for vehicle rental market share, and with ride-hailing companies largely for short length trips in urban areas.

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We retain a share of property damage risk through local deductibles.

We offer our United States customers a range of optional insurance products and coverages such as supplemental liability insurance, personal accident insurance, personal effects protection, emergency sickness protection, automobile towing protection and cargo insurance, which create additional risk exposure for us.

When a customer elects to purchase supplemental liability insurance or other optional insurance related products, we typically retain economic exposure to loss, since the insurance is provided by an unaffiliated insurer that is reinsuring its exposure through our captive insurance subsidiary, Constellation Reinsurance Company Limited.

We offer our United States customers a range of optional insurance products and coverages such as additional/supplemental liability insurance, personal accident insurance, personal effects protection, emergency sickness protection, automobile towing protection and cargo insurance, which create additional risk exposure for us.

When a customer elects to purchase additional/supplemental liability insurance or other optional insurance related products, we typically retain economic exposure to loss, since the insurance is provided by an unaffiliated insurer that is reinsuring its exposure through our captive insurance subsidiary, Constellation Reinsurance Company Limited.

Additional personal accident insurance offered to our customers in Europe is provided by a third-party insurer, and primarily reinsured by our Avis Budget Europe International Reinsurance Limited subsidiary.

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Our subsidiaries own the marks and other intellectual property, including the Wizard system, used in our business.

We also own trademarks and logos related to the “Apex Car Rentals” brand in Australia and New Zealand, the “Payless Car Rental” brand in the United States and several other countries, the “Maggiore” and “Morini Rent” brands in Italy, the “FranceCars” brand in France and the “Turiscar” brand in Portugal.

We also own trademarks and logos related to the “Apex Car Rentals” brand in Australia and New Zealand, the “Payless Car Rental” brand in the United States and several other countries, the “Maggiore” brand in Italy, the “FranceCars” brand in France and the “Turiscar” brand in Portugal.

Our subsidiaries have also filed patent applications pertaining to fleet and connected car technology in the United States and other countries.

ENVIRONMENTAL, SOCIAL & GOVERNANCE (“ESG”)

CORPORATE RESPONSIBILITY

We recognize our role as one of the world’s leading mobility solutions providers.

As a result, we are focused on supporting the transition to a low-carbon economy and employ practices designed to promote a more fair, just and equal workplace and community.

As a result, we support the transition to a low-carbon economy and employ practices consistent with a more fair, just and equal workplace and community.

The Environment:

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We are actively anticipating and driving changes in mobility.

Connected vehicles are likely to become a common feature worldwide, along with an increased use of electric and shared vehicles, which is why we are building on our core experience, data intelligence and technology to develop entirely new lines of business and extend our offering and capabilities for our customers, businesses and cities.

Our efforts include:

◦ Car Sharing:

Zipcar continually improves its car sharing technology, which includes its mobile member app, in-vehicle telematics hardware and reservation, fleet management and community management systems.

Zipcar’s technology platform is key to providing a successful self-service experience for its members and effectively managing a distributed fleet of vehicles and associated parking locations.

◦ Connected Vehicles:

Connected vehicles support our ability to reduce emissions through a steadfast focus on fleet maintenance and optimization.

◦ Fleet Efficiency:

We offer our customers the opportunity to choose from a wide variety of vehicles, including fuel-efficient, hybrid, or electric vehicles at almost all of our locations.

Our fleet consists primarily of vehicles from the current and immediately preceding model year - this ensures the highest possible standards of air emissions control.

Our efforts include improving car sharing technology through our Zipcar brand, utilizing connected vehicles and optimizing fleet efficiency through offering a wide variety of vehicles at our locations, including fuel efficient, hybrid or electric vehicles, and primarily vehicles from the current and immediately preceding model year to support the highest standards of air emissions control.

We believe that our success has its foundation in how we treat our employees.

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and accomplishments—individual and collective—are celebrated.

We also seek to support the well-being and development of the people we employ and the communities in which they work.

Our efforts include:

• Giving Back:

We are a global company with local reach in numerous communities around the world.

Whether we work individually or as a team, doing the right thing and supporting our communities helps employees feel their work is more than just a job, and makes them feel proud to be part of the Avis Budget Group family.

As well as encouraging our employees to volunteer in their local communities, we are committed to supporting a variety of causes and charities that aid people in crisis situations.

• Supporting Community Resilience:

We have developed strong competencies in responding to business disruptions.

Whether the disruption is man-made, an extreme weather event or a global health crisis, our business continuity programs are central to how we respond in times of crisis.

Our program’s focus is on preparing and protecting our people, property and infrastructure.

We utilize an “all hands on deck” approach within our incident management and command structure to ensure that we respond as rapidly and effectively as possible.

We have also developed longstanding partnerships with leading national disaster response agencies, which strengthen our ability to provide support to affected customers, employees and communities.

Our Board of Directors monitors the effectiveness of our policy and decision making, including with respect to ESG, on the current and long-term value of our company.

Our Board of Directors monitors the effectiveness of our policy and decision making, including with respect to Corporate Responsibility, on the current and long-term value of our company.

Our most recent Corporate Governance documents are available on the Company’s website.

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We continuously review and, when necessary, update our programs to ensure they remain flexible, competitive, and aligned to what is important for our employees and their families.

Global Gender Pay Equity

To ensure we are compensating both men and women employees fairly and equitably, we utilize a global Center of Excellence total rewards function which standardizes and harmonizes our rewards programs across all countries.

As a result, we have established pay programs that provide for equal incentive pay opportunity for all employees in same or similar positions across the globe.

Additionally, we utilize global guidelines and standards to inform compensation decisions for all new hires and promotions.

To monitor our performance for our management employees, we evaluate base salary placement relative to our internal salary ranges for men and women.

For our hourly field workforce (non-management employees), we maintain pay equity through our standardized compensation practices in which all employees begin at the same start rate, based on their location and position, and annual pay increases are applied consistently to all employees based on tenure.

Health and Safety

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Our well-being program focuses on helping our people achieve all aspects of wellness through encouraging habits that promote physical, emotional and financial well-being.

We are subject to a wide variety of laws and regulations in the countries in which we operate, including those relating to, among others, consumer protection, insurance products and rates, franchising and distribution, customer privacy and data protection, securities and public disclosure, competition and antitrust, environmental matters, taxes, automobile-related liability, corruption and anti-bribery, labor and employment matters, health and safety, claims management, automotive retail sales, currency-exchange and other various banking and financial industry regulations, cost and fee recovery, the protection of our trademarks and other intellectual property, ESG matters and local ownership or investment requirements.

We are subject to a wide variety of laws and regulations in the countries in which we operate, including those relating to, among others, consumer protection and disclosures, insurance products and rates, franchising and distribution, customer privacy and data protection, securities and public disclosure, competition and antitrust, environmental matters, taxes, automobile-related liability, corruption and anti-bribery, labor and employment matters, health and safety, claims management, automotive retail sales, currency-exchange and other various banking and financial industry regulations, cost and fee recovery, the protection of our trademarks and other intellectual property, Corporate Responsibility matters and local ownership or investment requirements.

Additional information about the regulations that we are subject to can be found in Part I, Item 1A, “Risk Factors” in this Annual Report on Form 10-K.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business