Amadeus IT S A : Management Review Q3 2023

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© 2023 Amadeus IT Group and its affiliates and subsidiaries

Results for the nine months ended September 30, 2023

1 Summary

1.1 Introduction

Highlights for the nine months ended September 30, 2023 (relative to prior year).

_ Air Distribution bookings increased 15.7%, to 348.0 million.

_ Air IT Solutions passengers boarded increased 29.7%, to 1,452.8 million. _ Air Distribution revenue grew 25.9%, to €2,027.6 million.

_ Air IT Solutions revenue increased 22.0%, to €1,408.5 million.

_ Hospitality & Other Solutions revenue grew 17.8%, to €650.4 million. _ Group revenue increased 23.2%, to €4,086.5 million.

_ EBITDA grew 33.8%1, to €1,593.8 million.

_ Adjusted profit2 increased 67.6%1, to €875.8 million1. _ Free Cash Flow3 increased 49.8%4, to €940.5 million.

_ Net financial debt5 was €2,121.7 million at September 30, 2023 (1.1 times last-twelvemonth EBITDA4).

During the first nine months of 2023, Amadeus continued to deliver a steady financial performance. Group revenue increased by 23.2%, EBITDA grew 33.8%1 and Adjusted Profit2 expanded by 67.6%1, supporting a 49.8%4 increase in Free Cash Flow3. Net Financial Debt amounted to €2,121.7 million at September 30, 2023, which represented 1.1 times last-twelvemonth EBITDA5.

Our results in the first nine months of the year were driven by strong operating performances at each of our reported segments. Our businesses were supported by a progressive strengthening of the travel industry through the third quarter. The recovery in global air traffic during the third quarter continued, although at a milder pace than in prior quarters of 2023. Also, in terms of global air traffic mix, as in past quarters, the weight of international traffic remained below historic levels.

1. Excluding (i) in the first nine months of 2023, impacts from movements in the tax provision, which resulted in an increase in Adjusted profit of €22.6 million, with no impact on EBITDA, and (ii) in the first nine months of 2022, a non-refundable government grant, which resulted in an increase in EBITDA and Adjusted profit of €51.2 million and €38.9 million, respectively. See section 3.2 for further details.
2. Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises and impairment losses, (ii) non-operating exchange gains (losses), and (iii) other non-operating income (expense).
3. Defined as EBITDA, minus capital expenditure, plus changes in our operating working capital, minus taxes paid, minus interests and financial fees paid.
4. Free Cash Flow grew by 48.6% in the first nine months of 2023, vs. the same period of 2022, if we exclude the following non-recurring effects:
   (i) in Q2'23, a collection of €42.8 million from the Indian tax authorities, (ii) in Q2'22, a non-refundable government grant of €51.2 million, and (iii) in the first nine months of 2022, €27.4 million cost saving program implementation costs paid. See section 3.2 for further details.
5. Based on our credit facility agreements' definition.

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© 2023 Amadeus IT Group and its affiliates and subsidiaries

Results for the nine months ended September 30, 2023

2 Business highlights

Air Distribution

_ During the third quarter of 2023, we signed 11 new contracts or renewals of distribution agreements with airlines, amounting to a total of 47 during the first nine months of the year.

_ Air India has extended its partnership with Amadeus to include local domestic content for travel sellers at points of sale in India through the Amadeus Travel Platform. Air India's NDC content will also be integrated into the Amadeus Travel Platform, with the content being made available to travel sellers in 2024.

_ As we continue to progress on our NDC strategy, Amadeus has expanded its distribution partnerships with EVA Air and Tunisair to include these carriers' NDC content and enrich our content offering. When fully integrated, travel sellers can expect more diverse and personalized offers from these carriers via the Amadeus Travel Platform.

_ On the travel agency side, Amadeus signed a strategic partnership with South East Travel, a travel agency in Taiwan, to implement NDC as well as Amadeus Master Pricer Instant Search, to enhance its retailing capabilities.

_ We announced an agreement with Travel International Terminals Group, a travel seller established in Abu Dhabi. It includes Travel Agency IT solutions such as Amadeus Robotics, Amadeus All Fares and the payment solution B2B Wallet.

_ Amadeus has signed with the National Association of Travel Agents Singapore to become the official technology partner to build a new digital travel platform for its non-IATA travel agencies.

_ The US-based travel management companies Gant Travel and Campbell Travel will enhance their corporate travel offering by becoming resellers of Cytric Travel and Cytric Easy. Plus, Campbell Travel will implement Amadeus Cytric for its own operations. CWT, the global U.S.-based travel management company and a long-standing Cytric reseller, will become a reseller of Cytric Easy as well. These travel management companies will all benefit from the only travel management solution which is integrated into Microsoft Teams. Corporate customers will have instant access to the widest range of fares, be it through NDC or

EDIFACT.

_ With regards to our corporations customer base, both French MBDA and Spanish ULMA Group have contracted Cytric Easy.

_ In September, we announced we are working with Microsoft and Accenture to develop generative AI-powered integrations for corporate travel. We are piloting a digital travel assistant to streamline tasks for corporate travelers within Amadeus' travel and expense platform for Microsoft Teams, Cytric Easy. In addition, Amadeus and Microsoft are working on a plugin in Cytric Easy for Microsoft 365 Copilot, that is currently in development. The plugin makes it easy for colleagues to quickly match and book travel itineraries in a single, sophisticated workflow within Microsoft 365 using natural language prompts.

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© 2023 Amadeus IT Group and its affiliates and subsidiaries

Results for the nine months ended September 30, 2023

_ We renewed and expanded our agreement with the French rail operator SNCF, including content of its low-cost rail brand, Ouigo, which will be available on the Amadeus Travel Platform as of 2024.

Air IT Solutions

Airline IT

_ At the close of the third quarter, 212 customers had contracted either of the Amadeus Passenger Service Systems (PSS Altéa or New Skies) and 201 customers had implemented them.

_ On October 25, we introduced Amadeus Nevio, which will bring a new generation of better, smarter and more open airline technology and solutions, offering advanced retailing capabilities, allowing airlines to further focus on the traveler experience. Saudia has shared its plan to be even more traveler-centric as it launches Amadeus Nevio. Powering business solutions, Amadeus Nevio will help the national flag carrier of Saudi Arabia grow revenue, differentiate itself and better serve its guests. Amadeus and Saudia will work together on Saudia's transition from the Amadeus Altéa Passenger Service System based on today's existing industry standards to Amadeus Nevio, which goes beyond new offer and order principles.

_ In October, we announced that Vietnam Airlines is the undisclosed Altéa customer we announced in Q2 2023. The Vietnamese flag-carrier, will deploy the Amadeus Altéa PSS solution, equipping the carrier with advanced travel technology. Additionally, the carrier will deploy Amadeus Altéa NDC to distribute rich content and fares through NDC connectivity across channels, creating tailored offers for passengers by using digital merchandizing.

_ In August, we successfully implemented Allegiant Air in New Skies, and in September, Bamboo Airways was migrated to Altéa.

_ We remained active regarding our upselling efforts through the third quarter of the year. EVA Air will implement Amadeus Altéa NDC to optimize distribution via the Amadeus Travel Platform. Thai Airways contracted for Amadeus Network Revenue Management this quarter to boost the airline's revenues. Mauritania Airlines added Amadeus Segment Revenue Management, a solution enabling intelligent offer recommendations.

_ Kuwait Airways has embraced the Amadeus Reference Experience and Amadeus Network Revenue Management solutions, empowering the airline to improve its services and offer passengers a more customized experience. This advancement aligns with the airline's ongoing digital transformation efforts, leveraging cutting-edge technologies.

Airport IT

_ In the U.S., we expanded our portfolio of Airport IT customers. McGhee Tyson Airport signed for Amadeus Airport Cloud Use Service (ACUS) and Amadeus Flight Information Display System (FIDS), and Tallahassee International Airport also contracted FIDS.

_ We remained focused on our commercial efforts and signed upselling agreements in North America: JFKIAT, the operator of Terminal 4 at John F. Kennedy International Airport, signed

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© 2023 Amadeus IT Group and its affiliates and subsidiaries

Results for the nine months ended September 30, 2023

for ACUS; Ontario International Airport contracted ACUS, FIDS and Amadeus Resource Management System; Salt Lake City International Airport contracted the ACUS and FIDS expansion to its new terminal and Vancouver International Airport signed for self-service bag drop.

_ In EMEA, we expanded our agreement with GROUPE ADP (Aéroports de Paris) in France by increasing the number of Auto Bag Drop (ABD) kiosks by 284 units in Paris-Charles de Gaulle and Paris-Orly Airports.

_ In Asia-Pacific, Fukuoka International Airport contracted ABD units. Christchurch International Airport has partnered with Amadeus to streamline its passenger service infrastructure, upgrading over 80 check-in desks to ACUS.

Hospitality & Other Solutions

Hospitality

_ Langham Hospitality Group, with more than 30 properties across four continents, has expanded its partnership with Amadeus, adding our digital media solution to increase brand awareness and bookings. Langham already uses Amadeus technology including Demand360 & Agency360 business intelligence solutions as well as Travel Seller Media and Delphi Amadeus Sales & Catering software.

_ Amadeus and Hilton have extended their partnership agreement to provide Hilton with access to comprehensive hospitality industry data, including historical and, now, 12 months of forward-looking market insights, to power revenue management strategies. The hotel chain will continue to use data insights from Demand360, Agency360+, and RevenueStrategy360 in its corporate offices.

_ We have signed a new agreement with Pan Pacific Hotels Group (PPHG) to implement Demand360, our business intelligence solution to optimize revenue management strategies. PPHG is a global hospitality company with more than 50 hotels, resorts and serviced suites across three brands throughout North America, Europe and Asia Pacific.

_ H-Hotels, operating c.60 hotels in Germany, Austria and Switzerland, has expanded its existing partnership with Amadeus and added the use of Amadeus' Demand360 business intelligence solution for its properties. This is an expansion to its current use of Agency360.

_ Amadeus and Meituan, a Chinese shopping platform and retail services including entertainment, dining, delivery and travel, have signed a new partnership enabling iHotelier customers to sell inventory through the Chinese platform. With this partnership, hoteliers using iHotelier Channel Management will be able to connect directly to Meituan's platform to share their availability, rates and inventory.

_ Department of Culture and Tourism of Abu Dhabi, signed for Amadeus' media and business intelligence solutions for destinations. These tools help to promote the country, city or region with maximum effect, allowing Destination Marketing Organizations to deliver strategic and tactical marketing plans to grow sustainable tourism.

_ Amadeus and BEONx, a leading hospitality revenue management service provider, have extended their partnership. Hoteliers using BEONx can now gain access to Amadeus' Demand360 business intelligence insights within their revenue management system.

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