Amadeus' Network Edge Intact Amid an Uncertain US Economic Landscape

Although Amadeus' demand is being affected by waning consumer sentiment and enduring inflation expectations driven by tariff policy in the near term, 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.