Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 15

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 15
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 compared to their budgeted travel spend, with certain customers saving as much as 25%. We believe use of our platform also helps customers unlock greater value through time savings and reduced overhead, delivering a step change in total T&E efficiency.

Our global platform provides the following key benefits to our key categories of supplier partners (such as inventory suppliers and GDSs):

• Direct access to high-value travelers. We give suppliers access to a large and highly engaged user base of frequent travelers, enabling them to reach premium, high-margin customers in a consistent and repeatable way. This helps to drive better yield and more strategic distribution compared to fragmented legacy platforms.

• Flexible retailing and brand control. We provide a single, integrated system where suppliers can showcase brand-forward content, control fare and ancillary pricing, and iterate on their merchandising strategy in real-time. This allows suppliers to differentiate their offerings, adjust to market dynamics, and align their retail goals with how their products are discovered and booked by end users.

• Accelerated innovation through collaborative distribution. Our NDC enables us to have swift access to updates to the travel distribution ecosystem and positions us as a partner to these suppliers. Suppliers can test, launch, and evolve their offerings in a controlled and collaborative environment, unlocking speed-to-market and visibility that legacy intermediaries often cannot provide.

#### Our Market Opportunity
Navan addresses a large, growing, and global total addressable market, or TAM, by providing an all-in-one software platform for customers of all sizes. Even in the face of macroeconomic uncertainty, our data suggests that companies continue to prioritize business travel. The Navan Business Travel Index, or Navan BTI, is our own proprietary indicator of the strength of the business travel economy, based on volume- and spend-based data derived from our platform. The Navan BTI indicates that business travel activity during the period from April 1, 2025 through June 30, 2025 grew at an annualized rate of 15% relative to the same period in 2024 .

Our TAM spans travel management, both managed and traditionally unmanaged, as well as expense management and payments. We estimate the TAM for the services we offer today to be approximately $185 billion globally. To estimate our total TAM, we identified four categories of market opportunities: (1)

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managed and unmanaged business travel management, referred to as the managed and unmanaged categories, (2) bleisure, (3) expense management, and (4) payments