Amadeus' Network Advantage Intact Despite Near-Term Geopolitical Headwinds

Although Amadeus' demand has been affected by uncertain economic and geopolitical conditions recently, we expect its leadership position in global distribution systems, or GDS, 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. Indeed, about half of the industry's air bookings from the top 50 carriers occur through its platform.