Sabre: Disruptions aside, momentum is building

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Sabre: Disruptions aside, momentum is building

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Sabre

Disruptions aside, momentum is building

Reiterate Rating: BUY | PO: 2.30 USD | Price: 1.59 USD

Solid bookings growth amid ME disruption 20 May 2026

Sabre likely gained share in Q1 beyond mix effects, with bookings outperforming the Equity

industry, up 9% yoy in January and February before seeing a 6pp impact in March driven

by ME conflict. While a prolonged disruption still poses downside risk, management’s

Key Changesoutlook for flat bookings in Q2 and a gradual recovery in H2 materially de-risks the full-

year guidance, in our view. April trends (notably US corporate) remains resilient, despite (US$) Previous Current

concerns that higher fares and capacity cuts could ultimately temper demand. We now 2026E Rev (m) 2,891.5 2,889.8

forecast FY26e air bookings growth of 2.5%, driving adj. EBITDA to grow 5.4% to 2027E Rev (m) 2,982.1 2,985.0

$565m, modestly below consensus ($572m) and guidance ($585m). We think the 2028E Rev (m) 3,054.8 3,057.8

shortfall versus guidance is at least partly priced in amid ongoing industry disruption. PO

unchanged at $2.3. We continue to see risk reward on the upside. Reiterate Buy. Victor Cheng, CFA >>

Research Analyst

MLI (UK)

+44 20 7996 0272Can Sabre win share in airline IT? victor.cheng@bofa.com

Investors have long questioned Sabre’s competitiveness in airline IT versus Amadeus, Frederic Boulan, CFA >>

given Amadeus’ clear scale advantage and Sabre’s market-share losses over the past Research Analyst

decade. That history has led to a perception that Sabre’s product is structurally less MLI+44 (UK)20 7995 7101

competitive. In our view, however, share erosion has stabilised more recently and early frederic.boulan@bofa.com

feedback on SabreMosaic appears constructive.