Amadeus started the year strongly, with solid operating and financial performances across all of their segments.

  Highlights for the three months ended March 31, 2023 (relative to prior year)

• Air Distribution bookings increased 32.8%, to 121.8 million.
• Air IT Solutions passengers boarded increased 55.1%, to 409.5 million.
• Air Distribution revenue grew 52.2%, to €678.9 million.
• Air IT Solutions revenue increased 35.7%, to €424.9 million.
• Hospitality & Other Solutions revenue grew 31.3%, to €207.5 million.
• Group Revenue increased 43.0%, to €1,311.3 million.
• EBITDA grew 72.3%, to €509.8 million.
• Adjusted profit increased 187.6%, to €273.1 million.
• Free Cash Flow increased 117.4%, to €272.6 million.
• Net financial debt was €2,026.0 million as of March 31, 2023 (1.1 times
• last-twelve-month EBITDA).

Luis Maroto, President & CEO of Amadeus, commented: “Amadeus started the year strongly, with solid operating and financial performances across all of our segments. Air traffic improved globally, both domestic and international, albeit at different paces. Asia Pacific traffic recovered particularly well, with Amadeus bookings growing above 150% and passengers boarded above 120% in the first quarter compared to the same period of last year”.

“We continued executing on our strategy, with several airlines migrating to our systems during the quarter. In addition, we maintain a positive commercial pipeline, which along with recovering travel volumes, should continue to support our performance this year”.

Business evolution in the quarter
In Air Distribution, in the first quarter of 2023, Amadeus’ bookingswere 32.8% higher than in the first quarter of 2022. This was -25.1% relative to the same quarter in 2019, outperforming the industry,  supported by marketshare gains, and representing a 3.2 p.p. improvement over the fourth quarter’s performance. In terms ofrevenue, in the first quarter of 2023, Air Distribution revenue amounted to €678.9 million, 52.2% higher than itwasin the first quarter of 2022. This evolution was driven by the higher booking volumes than in 2022, as well as by a 14.6% increase in the Air Distribution revenue per booking (which primarily resulted from a lower weight of local bookings, and other multiple pricing effectsincluding inflation and other yearly price adjustments).

In Air IT Solutions, Amadeus passengers boarded (PB) were 55.1% higher than in the same period of 2022, driven by the continued progressin the travel industry and newcustomer implementations(most notably, Etihad and ITA Airways, in 2023, and Air India, in 2022), partly offset by the de-migration of Russian carriers in 2022. Relative to the first quarter of 2019, Amadeus PB were -6.1% below, a 9.5 p.p. improvement over the prior quarter’s performance. In the first quarter of 2023, North America continued to be our best performing region, delivering 26.2% growth (versus 2019) in the quarter, and advancing strongly compared to the previous quarter’s performance.

Asia-Pacific also reported a notable performance improvement in the first quarter,relative to the quarter before, and represented 31.7% of Amadeus’ passengers boarded, ourlargestregion in terms of PB. Asforrevenue, AirIT Solutionsrevenue grew 35.7% compared to the same period of 2022. This revenue performance was driven by the higher airlinepassengersboardedvolumes, asmentioned above.Average revenueper PBwas 12.5%lowerthan in the same the quarter of prior year, as expected,mainly resulting from several revenue lines not linked to the PB evolution (such as AirportIT and airline services, among others)reporting healthy growth rates, albeit atsofter ratesthan our PB.

Finally, in the first quarter of 2023, Hospitality & Other Solutions revenue was 31.3% higher than in the first quarter of 2022. Both Hospitality, which generates most of the revenues, and Payments, delivered strong growth versusthe first quarter of2022,supported by newcustomerimplementations and volume expansion. Within Hospitality, all of itsrevenue lines reported double-digit growth rates in the quarter, compared to the same period of last year.