Amadeus Should See Demand Improvement in 2023, Aided by Recovering Business Trips

Amadeus stands to see corporate travel recovery in 2023 from the pandemic April 2020 nadir. Long term, 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 number two, followed by privately held Travelport) that control nearly 100% of market volume.