Amadeus' Competitive Edge Is Intact in an AI and Ominous Macro and Geopolitical Landscape

Although Amadeus' demand has been affected by uncertain economic and geopolitical conditions recently, we expect its leadership position in global distribution systems to endure, driven by its leading network of airline content and travel agency customers as well as its healthy position in software solutions for these carriers and agents. Amadeus is the largest of the three GDS operators (narrow-moat Sabre is second, followed by privately held Travelport) that control nearly 100% of market volume.