Amadeus IT Holding Stock

Good day, ladies and gentlemen, and welcome to the Amadeus H1 2026 Results Conference Call. [Operator Instructions]. I would now like to turn the conference over to Luis Maroto, President and CEO of Amadeus. Please go ahead.

Good afternoon, and a very warm welcome to our first half results presentation. Thank you for attending today. I'm joined by Caroline Borg, our CFO. So let's begin.

Let's turn to Slide 4 for our takeaways from the first half. As you can see, we opened '26 with solid growth and profitability. From March, the geopolitical situation in the Middle East has significantly impacted global traffic with IATA announcing negative growth in April and May, the first time in 15 years, excluding the COVID period, despite this macroeconomic impact moderating our growth, our relevance continues as reflected in our continued commercial momentum.

Overall, we are pleased with our performance in first half, demonstrating the strength and resilience of our diversified business. In the first half at constant currency, Amadeus delivered 5% revenue growth or 5% adjusted EBIT growth while adjusted diluted EPS increased 7%. We continue to deliver solid unitary revenue growth and our Hospitality and Other Solutions segment continues to deliver against our strategy.

Commercial momentum remained strong throughout the second quarter. We expanded our customer base across our segments, increase our option of our solutions and continue to cross-sell more solutions across verticals. As always, we remain focused on delivering long-term growth, investing with conviction for the future.

As a leader in technology, our goal is to be a neutral embedded orchestrator in an AI-enabled travel ecosystem. We continue to advance our AI road map working closely with our customers to address their needs, developing AI capabilities with our partners and enhancing AI solutions and offerings across our portfolio. We also continue to execute our strategy by supporting our customers with our retailing transformations with AI power next-generation solar sales.

This quarter, we welcomed a new Altéa PSS customer launched the Amadeus advertising platform in partnership with Accenture and signed a [indiscernible] sales agreement for the acquisition of [ IPS ] that we announced previously. We believe we will capture value as the central infrastructure powering the travel ecosystem, including emerging AI players, expanding our role and increasing our relevance.

We are closely monitoring the challenging macro and geopolitical context, making it difficult to predict in the short term. Lower traffic leads to a revision of our outlook, particularly at the lower end of the range, specifically for the distribution segment and consequential effects on the group results. We are prudently providing our revision to our '26 outlook by providing a wider than typical outlook range. We continue to focus on what we can control and [indiscernible] moderated fixed cost growth as a result. Resilience and financial discipline, I'm sure we are well positioned to navigate these certain uncertainties.

Now let's stand to our strategy of how it translates into commercial wells. We are leading the airline industry's retailing transformation with Nevio, our AI native next-generation [indiscernible] IT platform. As you know, Lufthansa Group, [indiscernible], Saudi Alpine are engaged in Nevio with 25% of Altéa now involved in a Nevio program. Looking ahead, we see strong interest across all regions and expect momentum to build beyond Europe.

In the second quarter, we are pleased to announce that an airline group carrying over 40 million passengers annually has selected Amadeus Altéa passenger service system as a cornerstone of its broader technology transformation alongside complementary Amadeus Solutions. Deployment is expected to be completed by 2027. We also continued to grow the scope of sous adopted by our customers.

[indiscernible], which provides airlines with enhanced control over retailing pricing and servicing across indirect channels and the NDC standards and [indiscernible] has deployed our AI enabler pricing optimization. We also had a strong commercial traction in airports such as [indiscernible], Adelaide Airport, Lisbon [indiscernible] airports and Austin [indiscernible] from international on in Austin, Texas, some of others.

This momentum goes beyond air. We are becoming the IT provider of reference in hospitality. The Amadeus Hospitality Platform offers the most comprehensive AI power portfolio of core capabilities to the hotel industry, and it is the most broadly connected ecosystem that we have. We also continue to execute our strategy by supporting our customers with the retailing transformations with AI power next-generation solutions.

This quarter, we welcome a new Altéa [indiscernible] -- sorry for that. We continue to progress with ACRS, customer implementations for Marriott International, Accor and Ascott Limited. In the first half of the year, we continue to have commercial momentum. In hospitality, we have customer signatures across our portfolio, including with Radisson Hotel Group for advertising and in payments, Hainan Airlines [indiscernible] for outpaces exchange payment platform.

As a demonstration of the interconnection of our solutions, the airline [ Avianca ] has expanded its use of our advertising solutions. We are growing leadership in airline distribution. We signed new agreements, including with Alaska Airlines with travel sellers across the globe and expanded the content distributed through the Amadeus Travel Platform, such as with [indiscernible] areas.

We are probably in the largest ecosystem of connected open AI-enabled solutions to avail. We remain on track with our AI growth ladder. We continue to advance our partnership with Microsoft and Google, and we are pleased to announce that we are the first B2B foundational partner to codevelop the universal commerce protocol for [indiscernible] and we continue to expand the number of AI use cases that we have in production.

Amadeus is uniquely placed to deliver agentic AI functionality into products and solutions supporting our customers on their journey and to serve as a neutral [indiscernible] in an AI enabled travel ecosystem. Please turn to Slide 6 for our AI milestones this quarter.

As you know, Amadeus plays a distinctive role with the travel industry. We operate as embedded neutral execution layer at the core of the travel ecosystem. And we are also the system of [ record ] that underpins how travel operates day to day. With this positioning, we see a clear opportunity for Amadeus to act as [indiscernible] new players such as digital assistance and AI-driven services rely on to operate effectively within travel.

Our technology is deeply integrated into real operational processes, connecting travel suppliers, sellers are increasingly AI-enabled interfaces. This debt of integration is what allows AI to move beyond experimentation and operate reliably within real-world workflows. Just as importantly, we delivered this as global scale with high levels of reliability, integrity and trust. This combination of the integration scalability and operational discipline continues to differentiate Amadeus within the industry.

This quarter, we continue to advance our a strategy with a series of announcements, expanding our strategic partnerships and customer-facing solutions. We became a founding partner of Google's universal commerce platform for [indiscernible], helping safe how AI-enabled commerce will bore across the hospitality sector. This announcement underlines our commitment to building AI in an open, trusted and collaborative way alongside leading technology partners.

Most importantly, we continue to bring AI power solutions to market across multiple travel verticals. We expanded our hospitality AI strategy introduced Amadeus [ max ] capabilities across hospitality, airlines and travel sellers and launched the Amadeus Travel Advertising Platform to help travel brands make smarter AI-driven advertising decisions. These announcements illustrate how we are embedding AI directly into the products and workflows used by our customers every day.

So the key takeaway is that our AI strategy at translating into tangible axles. Across our partner ecosystem and our product portfolio, we are building momentum and delivering proof points. Quarter after quarter we are showing how Amadeus is working with customers and partners to bring AI into production at the scale and create practical value across the travel ecosystem. We are embedding AI into potable processes, scaling it responsibly and reinforcing our position as the trusted neutral technology backbone and platform for the industry. And now I will pass on to Carol for our financial overview.

Thank you, Luis. We started the year with solid growth and profitability. However, since March, the ongoing Middle East situation moderated our volumes and consequently, our growth ambition. We are pleased with our performance in half 1, showing strength and resilience supported by a diversified business.

Revenue amounted to EUR 3,335 million, representing 5% constant currency growth, reported growth was 2%. Adjusted EBIT increased to EUR 1,012 million, equal to 5% growth at constant currency, 4% reported growth. Adjusted diluted EPS expanded by 7% at constant currency. Free cash flow amounted to EUR 472 million, equal to 1% growth. Diluted EPS was EUR 1.64, 1% growth. We deployed R&D investment of EUR 682 million, equivalent to 20% of revenue. Leverage was at 1x net debt to EBITDA at the end of June and we completed our EUR 500 million share repurchase program.

In half 1, our group revenue grew 2.3% on a reported basis or by 5.1% at constant currency. Our IT Solutions delivered a strong performance, growing by 8.7%. Hospitality and other solutions continue to deliver fast growth, growing by 9.2% and Air Distribution delivered 1.1% growth in the first half. These results demonstrate that these results demonstrate that relevance to our customers continues.

Despite negative volume growth, our diversified business provides resilience, evidenced by our solid unitary revenue growth and continued momentum in hospitality and other solutions. At constant currency, our adjusted EBIT grew by 4.9%, and adjusted EBIT margin was 29.8% in line with prior year. On a reported basis, adjusted EBIT grew 4%, driven by the revenue growth I described previously and a cost evolution consisting of the following.

Cost of revenue increased by 2.2%, fundamentally driven by an increase in transactions in hotel distribution bookings and in payments due to the B2B wallet expansion as well as from our Airport IT business expansion. Fixed costs declined by 0.1%, mostly resulting from resource decreases following the completion of the migration of our systems to the cloud at the end of 2025 and cost containment measures in response to the Middle East geopolitical situation. This was offset by higher unitary personnel costs and transaction processing costs from prior year ramp-up in our cloud -- in our migration to the cloud. Ordinary D&A expense increased by 6.4% as a result of higher amortization of internally developed software to continue to maintain our leadership position.

So now let's review the performance of our operating segments, starting with our Air IT solutions business. Our IT Solutions revenue increased strongly by 8.7% at constant currency driven by a 7.5% higher revenue per PB and Amadeus PBs increasing by 1.1%. Revenue per PB experienced strong growth in the 6-month period, primarily due to incremental revenues from our Amadeus Nevio portfolio, renewals and inflation.

Secondly, PB linked performance from upselling of our solutions such as Altéa NDC loyalty and disruption management. Thirdly, Airline professional services and Airport IT expansion. And finally, transactional non-PB linked performance such as digital commerce, Amadeus Ticket Changer and direct distribution, partly due to an increase in transactions linked to the air traffic disruption caused by the situation in the Middle East, as commented previously.

Our Amadeus PB evolution was moderated by the air traffic disruption experienced due to heightened geopolitical instability in the Middle East region. It is pleasing to see that over the first 3 weeks of July, our PB growth is close to 1%, an improvement versus June. In Q2, all Nippon Airways migrated its domestic business to Altéa. This migration will support our PB evolution throughout the rest of the year.

In Q2, we continued to partner with airlines and airports around the globe. Luis has already mentioned our commercial success in Altéa with a new customer signature, Altéa NDC and air pricing optimization. In addition, Sun Group selected Amadeus loyalty and reward solutions. In Airport IT, we continue to expand our presence across regions. In Asia Pacific, Thai Aviation Industries is exploring the deployment of biometrics and seamless passenger processing technologies across several airports in Thailand.

Also, Adelaide Airport in Australia signed for airport cloud use service and other solutions. In Europe, several airports across Portugal will expand the use of our technology in the U.S. Austin-Bergstrom International Airport will extend the deployment of passenger processing and airport operation solutions.

Air IT Solutions contribution increased by 9.1% at constant currency, resulting from the revenue evolution I described previously, offset by cost growth of 7.9% and which was fundamentally driven by airport IT and professional services business expansion. Contribution margin at constant currency was 70.2%, 0.3 percentage points above prior year.

Hospitality and Other Solutions revenue grew by 9.2% at constant currency. Revenue growth was driven across both hospitality and payments due to new customer implementations and increased transaction volumes. Within Hospitality, the fastest-growing solutions were customer implementations of our central reservation system and hotel distribution. In payments, both our merchant services and our payout services reported strong growth.

To further elaborate on what Luis said, we continued our commercial success worldwide, spanning across our portfolio, such as with Radisson Hotel Group, [ Nobre Hotel ] Group and [ PrimeStar ] Group for advertising solutions and with several destination marketing organizations for travel intelligence. [ Jupe ] Hotels and [ Mondo Imperial ] contracted, our [ iHotelier ], CRS and Delphi solutions, respectively, and we had several customers signing for our distribution services.

In payments, Hainan Airlines and Boliviana de Aviacion, adopted Amadeus exchange payment platform, our orchestration platform, which helps to manage payment flows across multiple providers and FX box and a multicurrency pricing solution. We also expanded our B2B Wallet customer base with several travel seller signatures. At constant currency, Hospitality and Other Solutions contribution was 11.2% above the previous year as a result of the revenue growth previously described offset by cost growth of 8.1%, mainly driven by the volume expansion in both hospitality and payments. Contribution margin was 34.4%, 0.6 percentage points above last year.

Air Distribution revenue increased by 1.1% at constant currency, driven by revenue per booking growth of 5.1%, primarily resulting from positive pricing effects from renewals, new agreements and inflation. Amadeus bookings declined by 3.7%.

Our booking performance up to February was strong. Since March, our booking evolution has been impacted by the Middle East situation. This caused a reduction in air traffic as well as a deceleration in new bookings and an increase in booking cancellations globally. Over the first 3 weeks of July, our booking performance has been broadly flat, improving from the June performance. Although the geopolitical situation remains -- sorry, although the geopolitical situation remains challenging, we expect our Q3 booking evolution to outperform our Q2 evolution.

Complementing Luis in half 1, we broadened our airline content offering through the Amadeus travel platform with [indiscernible]. We signed several NDC content agreements such as with Alaska Airlines, Fly Dubai, and Royal Air [indiscernible]. We also signed several contracts with travel sellers for content distribution, including ITL World, [ Cano ] Travel and [ Kona ] and another 2 customers in China and with corporations for [ Strike ].

Air distribution's contribution grew by 1.5% at constant currency as a result of the revenue growth described previously, partially offset by a 0.8% cost increase. The contribution margin of the segment expanded by 0.2 percentage points to 51.1%.

Let's move on now to review our R&D investments. Our R&D investment amounted to $682 million in the first 6 months, equivalent to 20% of our revenue. It decreased by 6.3% versus prior year, following the completion of our migration of our systems to the public cloud at the end of last year.

Given the challenging geopolitical environment, we are prioritizing our investment where it matters most for our future growth, whilst preserving spend in critical areas such as cyber security, reliability and stability. We are well versed in ensuring we continue to invest in the right place at the right time.

Our ability to continue to progress on our AI program, our strategic projects and customer implementation efforts and services is a further example of our financial discipline. We continue to execute our strategy to maintain our leadership position within our capital allocation framework and financial commitments.

We continue to prioritize investment in R&D to deliver our organic growth. We are proud of our commitment to remain relevant for our customers and ensure that emerging technologies such as AI continue to enrich our entire portfolio. Half of our investment was dedicated to the expansion of our portfolio as well as the evolution of our solutions.

We are infusing AI and developing AI capabilities across our portfolio, and are undertaking of strategic developments, including Amadeus Nevio and [ Navitas Stratos ] per Airlines, our hospitality platform, NDC technology for airlines and travel sellers and solutions for airports and payment services.

Our third was dedicated to customer implementations across our business, such as Marriott International and a core for ACRS, new Nevio customers and airline portfolio upselling customers implementing NDC technology as well as efforts related to bespoke professional services provided to our customers. And finally, the remainder is investments in our IT infrastructure, including AI developments and our partnerships such as with Microsoft, Google and Adobe, among others, as well as platform developments related to stability, security, data protection, exchange, and exchange management and cloud optimization.

We generated EUR 472 million of free cash flow, 0.8% ahead of last year, as a result of our EBITDA expansion and lower capital expenditure, partially offset by a higher change in working capital outflow and higher interest and tax payments. Capital expenditure decreased by 16.8%, largely reflecting the completion of the migration of our systems to the cloud and cost containment measures and represented 9.8% of revenue.

Net debt amounted to EUR 2,578 million at the end of June, EUR 436 million higher than at the end of December 2025, fundamentally due to the acquisition of treasury shares under the share repurchase program and the dividend payment as well as the acquisition of SkyLink partially offset by our free cash flow generation. Our leverage was 1x net debt to EBITDA at the end of June within our targeted leverage range.

And finally, please turn to Slide 16 for our revised FY '26 outlook. Our long-term ambition remains unchanged. Our relevance continues, evidenced by continued commercial momentum, new customer implementations and positive pricing dynamics. We are pleased with our performance in H1, showing the strength of our diversified business. However, the Middle East situation has impacted our short-term growth. Fuel prices and supply have been impacted, driving some airlines towards capacity adjustments.

In this context, [indiscernible] global air traffic growth assumption for 2026 has been reduced in June to 1.9% growth from its 4.4% growth assumption in December. We continue to monitor the challenging situation. However, the short-term impacts remain difficult to predict with confidence. Achieving our original outlook is still possible if the global air traffic evolution improved notably in half 2. However, the current volatility in the Middle East prompts us to prudently revise our outlook, particularly at the lower end of the range.

We also take the opportunity to provide a wider than typical range in line with the downward revision to [indiscernible] traffic growth assumption. Despite a softening in our PB growth assumption for the year, our views on Air IT Solutions revenue growth remain unchanged at high single-digit outlook range. This is supported by customer implementations, upselling, Nevio and disruption revenues as well as healthy performance of our airport IT and professional services business.

We are also expecting our Hospitality and Other Solutions segment to deliver on our original low double-digit revenue growth outlook range. as we continue to progress with our customer implementations and healthy evolution of our hospitality and payments business. We are now cautiously assuming a softer booking performance than our original 2026 outlook released in February, driving our air distribution revenue growth outlook to a low to mid-single-digit range.

We expect a solid unitary revenue evolution throughout the year, partly mitigating the booking moderation. The revision of our views on air distribution drives our group revenue growth expectations to a mid- to high single-digit range and our adjusted diluted EPS growth expectations to a high single to low double-digit range. In light of this macroeconomic context, we continue to focus on what we can control.

Our continued cost containment efforts partially mitigate the impact of the revised revenue outlook range and support our original expectations for adjusted EBIT margin stability and free cash flow generation of EUR 1.35 billion to EUR 1.45 billion. We also expect to deliver on our original outlook for segment margin evolution. That is slightly dilutive Air IT Solutions margin evolution, hospitality and other solutions margin expansion and stable air distribution margin.

Whilst the current environment is difficult to predict, historical patterns show that a rebound in air traffic typically follows a resolution of a geopolitical situation. We are seeing in the first 3 weeks of July, an improvement on the June volumes. The revision of our 2026 outlook reflects our current views and expectations, which affect the short term. The fundamentals of our business remains strong, and we continue to maintain our previously communicated midterm outlook.

So in conclusion, our resilience diversification and financial discipline, ensure we are well positioned to navigate these short-term uncertainties. We remain focused on what we can control, being a trusted partner for our customers and executing our strategy to ultimately deliver long-term value for our shareholders. With this, we have finished the presentation, and we can now open the call for any questions that you might have. Thank you.

[Operator Instructions]. Your first question comes from George Webb from Morgan Stanley.

A few questions, please. Firstly, just in terms of what you saw during Q2 on the air distribution bookings, noting that 7.6% down for the quarter. Could you kind of share the month-by-month walk for that for April, May and June, so we get a better feel for how that feeds back into that broadly flat that you've called out for the start of July?

Secondly, on the Air IT revenue per PB, of that 6.2% constant currency revenue growth in the second quarter, how much of that was still benefiting from the rebooking and disruption solution revenues? And alternatively, is that mid-single-digit underlying growth rate for revenue per PB a fair ballpark for the second half at this stage?

And then lastly, just a bigger picture question. From your vantage point, could you provide an update with regards to how you're seeing the industry evolve around bilateral direct connections between suppliers and some of the larger travel management companies. I think as one example. [indiscernible] recently launched a direct [ SAS NDC ] connection and announced plans to integrate directly with Hilton CRS on the hotel side. So as some of those more tech-forward TMC scale their connections, curious how you see the potential longer-term impacts on Amadeus.

Okay. Let me start with the bookings. I mean, I'll give some color about that. I mean coming back to the seasonality, okay? We have seen match that was very weak. This has stayed in April and May. And then in June, things started to recover. And of course, this continues into July.

A couple of comments about that. I mean, as you know, I mean, we take traffic, okay, and then we can translate into bookings. I mean, the latest figure we had before the world started was [indiscernible] in February, releasing 1%. You have seen the evolution per month coming down to minus 2.4%. So there was an 8-point difference. Very difficult now to assess if all that is due to Middle East because, of course, when we talk about Middle East, we analyze the direct effect, which is more of the bookings that are going through that region or even the region.

But if you see the figures of passengers, I mean we have seen negative figures in some domestic markets, including the U.S. that was coming from positive. So we feel there has been an overall adjustment, not just due to the Middle East impact, which was at the beginning, but also the fact of capacity adjustments an increase of prices in some part of the world that has had an impact. And in our case, in the bookings, what we saw is that there were many cancellations at the beginning and not many new bookings, okay?

People were waiting. So we feel there was a delay in the booking figures compared to some of the figures of the traffic. But in June, there has been some small improvement in [indiscernible] but we have seen a better improvement in bookings and then in July, okay, we don't have official figures from the industry, but our PBs and our booking are today very similar.

So what we need to understand again this is purely catch up because there was a delay. People were waiting to see, and it's just purely catch-up of reservations for the rest of the year. Or this is really a new trend. Our feeling is that the worst has happened already with all these cancellations, adjustments of routes, adjustment of capacity of the airlines. But of course, the current geopolitical situation may [indiscernible].

But I mean, to be honest, the last weeks since the beginning of June, we have seen a progressive improvement in the bookings. The same in DVs, but in PBs coming from not so low base than in the case of the BP. So that's the overall pick. -- let me take the other --

Third one and then --

You can go to the second one. So that connects I mean [indiscernible] happen, as you know, between big players. In general, as you know, this is not a trend. We don't think this is the trend. But from time to time between some of the big players decide to connect the data -- connect, as we have explained many, many times, as the complexity and the challenges as you know, because this is for one-to-one requires integration.

It requires optimization with other players because not everybody is doing [indiscernible] with when you talk about hotels all airlines with everybody that is part of the industry. You need to maintain that. You need to optimize the shopping [indiscernible], so that is not what we feel is the general train in the industry, and you hear less today than some years ago and the airlines are doing less probably than before. And there are some cases what this can happen, and this is part of what we have had in the past and we may have in the future is very limited to some specific players, and we don't see that as a general trend.

Okay. And George, on your question on disruption revenue, as we said last Q, it's more prevalent in our Air IT solutions business. And I think we said in Q1 that it contributed about 1/3 of our goals? And I also signaled in Q1 that we didn't expect that to continue into Q2 because the biggest impact of the disruption was happening in the month of March when the conflict started. So Q2 doesn't have the same degree of impact. In fact, it's a more tapered result. But yes, if you look Q-on-Q, that kind of 1/3 has fallen away in terms of our unitary pricing on revenue per PB.

Your next question comes from Alex Irving from Bernstein.

First question from me is on the contract win for the new more than [ 40 ] million PB airline in Altéa. I'm surprising an airline, it's all the efforts and trouble of platform that's rapidly being superseded by next-generation technology. What factors led to the selection of Altéa rather than going straight to Nevio?

Second question, can you please update us on what you're seeing in AI distribution? Are you supporting any airline development of MCP APIs, but if not, do you plan to? And if I could sneak in a third, your personnel costs are down year-on-year despite higher unitary personnel costs. Should we expect that to continue? And is the head count reduction as a result of AI deployment or something else?

So Alex, it was a bit difficult. We're going to replay the questions that you had. So the first one was the new Altéa [indiscernible] and why Altéa not Nevio. The second one was about MCP -- MCP for airlines yes. Is that right?

Yes. yes, correct. If you're supporting any airlines in building them and if not, are there plans to?

MCP airlines. And the last one was the unitary cost in personnel costs, yes?

First -- costs are down. EBT costs are up, then head count is down. Is this AI or something else?

Yes. Got it. Okay.

Why Altéa and not Nevio directly?. Again, we offer both at this point, the airline decide that really come to alter course at one point, may go to Nevio but Nevio is again, it's a different way of dealing with your traffic, the way you sell and they consider they want the first to really come to Altéa. That's what I can say.

Again, I mean, the fact that we consider maybe as the future platform does not mean we are not allowing the airlines to choose Altéa and then the site of Nevio, if this is the intention. We also migrated last year. It's not exactly the same because the contract was signed many years ago, but as you know, we migrated [indiscernible]. Of course, there will be discussions with all the carriers, including the Nevio, but it does not prevent them to really move to Altéa or with us -- see how the platform works and then from there do as move migration to Nevio.

Yes. And I might just compliment that while you're thinking about the MCP question, Luis, I mean I think to the -- first, what I'd say, Alex, is that we can coexist with an Altéa and a Nevio world, and we think that we would coexist. But then as what Luis was mentioning, the move to offer and order requires a really significant process adjustment from the airlines, right? And some airlines might not be ready to do that.

They might not be ready to rewrite their business processes and things like that and the transition period. So we don't see it as strange for a customer based on where they are on their modern retailing transformation to actually take it in 2 steps. Do you want me to continue on the personnel and then we get to the other one?

So you're right. We issued salary rate increases to our personnel. That happens at the start of the year. So that's already been factored into it. It is true head count is reducing year-on-year. I don't think of it more as a structural AI evolution, which is, I think, what you were alluding to. This is disciplined, tactical cost containment measures to prevent ramp-ups that we're seeing to take advantage of our flexible R&D structure, which relies on the use of contractors. All [ salt ] maintaining investments that drive future growth for our business. So we expect a continued moderation of fixed costs into the second half. But do bear in mind that we had -- we were benefited from FX in the first half a lot with our fixed cost growth. So that won't continue next time. And then the --

Just an overall comment. Again, there are different protocols. Things are evolving on the AI front. And we work with airlines to really support them in the connectivity. It could be whatever depending on how the platforms are facing this matter. And yes, as part of that, of course, some airlines may need to think about how they are going to really face and connect to all these AI platforms that will be in the future a new channel of connectivity to travelers and of course, to the inventory of the airline. So it's part of our road map. It's part of our discussions with the carriers to really see how we can support in the different connectivities and the different protocols.

Your next question comes from Sven Merkt from Barclays.

Can you maybe comment first how you internally see the 2% passenger growth forecast from at? I fully appreciate you don't have a crystal ball either, but does this forecasted more on the bullish side or more on the cautious side? It would be great if you could put us a bit into context for us?

And also if the conflict continues, what could be the downside? And then a question on the pipeline for Nevio. Finer recently reported strong ancillary revenues and BA also called out its new retailing strategy. Does this change anything in your discussion with new prospects, having a few more proof points that Nevio [indiscernible] to drive real benefits for customers?

Okay. So I take and then Carol add anything like I mean with regards to -- fine, of course, when an airline is stocking and it's not just been here about the benefits that Nevio is bringing to them, it helps definitely because some airlines that may be wondering and thinking when to take this decision, the fact that airlines are talking about the benefit is always positive and it's always good and fine has been quite explicit about that, but also be in some comments, another outline up talking about this.

So it helps. We have a healthy pipeline of discussions as we speak. As we have explained, this will be a journey. It will take years for the whole industry. But yes, definitely, it will be positive to really be able to approve points of the value of Nevio, and Carol has explain, we see also in -- already in our results as part of the upselling that we are doing with Nevio.

With regards to the volumes, I mean it's very difficult to really -- the only thing we have are some data. That's what I was trying to provide some data when I was talking to about the figures, okay? There are 2 data today. One is the estimation of the 2% for the rest of the year. And the second one is the actual numbers, okay? And the actual numbers in July. It's true -- I had a release yesterday, the figure of June was still negative.

What we have seen in terms of bookings is positive. So how things may evolve with the war, I have no idea, to be honest. I mean, today, there is some conflict going on. And for the time being, the figure seems to be positive, okay? Therefore, we have not seen the similar impact we saw when the world started and this brings us some optimism to us for the rest of the year. Some things deteriorate, yes, I mean, it depends how the conflict evolves.

So I will say, look, the 2% of IATA is there and also our figures that we have seen an improvement especially in bookings, but also in TVs in the months of June and July, and the trend is positive. From there, it's very difficult to really make any prediction of what may happen. I will say, look in normal circumstances and if things will settle. I believe that we will move in a positive way. And therefore, we should see positive figures for the rest of the year. But again, this is just an assumption because, to be honest, I don't know how this may [indiscernible].

And to complement Luis and then to address your third question about downside, I mean, I think the 3 messages I want to leave on this call is that we have had resilient performance in H1 despite the environment that we do desire to create sustainable value in a transparent way. And I think we've been very clear on what our outlook has been based on. And then we focus on what we can control, yes.

So as Luis said, we don't know. We don't have a crystal ball. Having said that, to your question about downsides and all that sort of stuff, we have presented -- or we have prepared a whole range of scenarios in order to develop the outlook range that we've provided for you or the revised outlook range.

And we feel, from what we know today and what we can see today, based on all of the information that we have available that we can deliver within that range. And of course, if things change, negative -- strongly negatively to the worst, we will again come back in a transparent way.

Your next question comes from Toby Ogg from JPMorgan.

A couple for me. Just firstly, just on the hospitality side, you're running just above 9% constant currency for H1 and the full year guidance is for low double digits. So there is a bit of an acceleration implied in the second half. Could you just talk about the factors that are driving your confidence in that acceleration in the second half?

And then just secondly, just on the CapEx side. It looks as though you're tracking at about 9.5% of sales for the first half with CapEx down pretty significantly year-over-year each quarter so far. I know the framework for CapEx over the midterm is currently low double-digit percentage of sales. And so you are tracking a bit below that this year. Could you help us with why the CapEx ratio would revert back higher or whether we could be looking at this as a new type of run rate?

Yes, I think I'll take both of those financial questions, Luis. So in terms of the [ host ] timing on acceleration, it really is dependent on our customer implementations. So we've currently implemented 1,700 properties in Marriott. We're progressing really well in core and our payments business is winning new business and new evolutions of that.

The hospitality business is more -- is less impacted by the Middle East. It's really our media business and our payment volumes that go through that is impacted. It's a much more diversified business. So we feel that there's -- that we have some confidence in our acceleration towards the end of the year to get us back within that range, which, by the way, we're not that far off already, but we would stay within that low double-digit range based on the timing of our customer implementations.

Then in terms of your question on CapEx, I mean, I feel quite proud of our CapEx evolution. I think it demonstrates some really good financial discipline that we're applying across the board. Again, as I said, previously using our flexible R&D structure in cost containment measures to focus on investments where they really grow. You are right, we're at the low end of our guided range at 10%.

And think that we will probably end the year in that range at the lower end of that range moving forward. We haven't changed our range. It stays there. But I think of what we see ahead of us in terms of CapEx investments that we will be towards the lower end of that range.

Your next question comes from Michael Briest from UBS.

You referenced the IR figures. And for the end of June, I think RPKs are down 0.6% year-to-date. So to get that up to 2% for the year, you need quite a strong second half, 3% sort of simplistically speaking. Your comments on July don't really sort of accord with that. I mean -- does this require some sort of end of conflict and that's an underlying assumption? Or can you just talk about the shape of the second half given that implied acceleration?

And then, Carol, just on the cloud migration, can you talk through the one-offs that we've seen this year, what they relate to when they're going to end? Because I think you alluded to the migration is completed, why are we continuing to see these effects? And then Luis, just on [ IDEMIO ], you announced it just before Q1. You've had a chance to talk to a lot of your airline and airport customers over the last couple of months. Can you give some insights into whether you may be getting more enthusiastic or optimistic on the potential, what ideas these customers are sharing with you?

Okay. Coming back to the 2%. Yes, you're right. I mean, it requires an improvement in the rest of the year. I mean there are some things that are positive. We have seen after strong reductions or reductions in many parts of the world of capacity. We have seen some improvement in the capacity with the latest figures I saw during July. So people were assuming recovery because the money is still there. But yes, I mean, due to the oil price, there has been some adjustment on the capacity front.

So I think it will depend a lot, okay, of how things evolve what is the oil price, how the airlines are going to bring capacity in place. And then, of course, this will result in traffic figures. As we mentioned, is not the only area. Of course, whatever happens with the traffic has an impact to us because part of our business is based on the unit, as you know well.

But hopefully, with the diversification of the company, we should try to be able to offset pieces of that. And this is why we feel comfortable that, okay, in normal circumstances, if we don't reach the 2%, but we reach a bit less, we should be able to be within the rates that we have provided to you. Saying that, of course, if the situation deteriorates and things are not improving in the rest of the year, then the situation may be a bit different. And I cover IDEMIA too.

I mean, no, I'm extremely optimistic more than probably when we decided to do so, we have seen a lot of interest, a lot of possibilities. I mean, again, we cannot just really engage completely with the teams, okay? But we have got some interaction. We're respecting all the fact that this is not our company yet, and we have seen extremely quality of solutions with high fit culturally because as you know, they have a lot of people at the headquarters in France.

So a lot of alignment between the teams, a lot of possibilities. So I feel very optimistic. And in the interaction we have had with the different players in the industry, quite positive. I mean the reaction has been positive over the acquisition of this company from all the players. I have not heard any but noise above that, and we are inheriting a very strong team with this company. So very optimistic about the future.

Of course, still months to really get the approval. We are estimating in our base case that will happen in the second quarter of next year. Things can accelerate or delay a little bit depending on the reaction of the different countries where we had to file for regulatory approvals.

And then in relation to your question on the one-off cloud migration costs, yes, you're right, we've moved to the cloud. But we still have a data center that we need to decommission and it's sitting idle at the moment. And costs that we're incurring the runoff of software contracts or supply contracts that haven't finished yet and just general decommissioning activities.

So we felt that it was prudent to put them in one-off because they are not an underlying recurring cost. And we -- I felt that it would distort our results if we run that through. So we expect that to run off to the end of the year as our supplier contracts complete and our decommissioning activities complete, but it's effectively related to the decommissioning of what's now an idle dart center in earning.

Will you get any money when you presumably sell it at the end or?

Well, there's upside on selling the server equipment and things like that. We've had some very good interest with that given the LLM appetite for infrastructure. So yes, all that will run through towards the end of the year. And again, we will put that as non-underlying as to not distort our underlying performance.

Your next question comes from Charles Brennan from Jefferies.

Just looking at the PBs, can you just give some color on the geographic trends and particularly the divergence we see between Europe and the U.S. I think in the statement, you're calling out some impacts from Hawaiian and Spirit. Can you just size those for us? And then when we look into the second half, how do we think about the sort of net impact of those inorganics with Hawaiian and Spirit on one side and ANA on the other side?

I mean, look, I don't think we have provided all these details. I mean you know the passengers that these airlines were flying in the case of Expedia, they had already a significant reduction before they went bankrupt. So this has an impact, but less than the passengers they used to have.

And then, yes, you know about Hawaiian, I mean the net effect is positive because ANA is bigger than the sum of these airlines. But yes, they have an impact they got an impact in the PV in the -- in this year, and this impact will stay as well as the positive impact of ANA for the rest of the year. But look, the exact numbers we are not providing you what you know I mean, the numbers of passengers of these airlines. And the second question, I'm sorry, it was the only one? That's it.

Your next question comes from Laurent Daure from Kepler Cheuvreux.

Yes. I have 3 quick questions. The first is on the contribution margin in the first half, the 3 units progressed. Well, for the full year, you only have one of the 3 that you see spending. So despite potentially better sales. So if you could give us a little bit more color on that and we consider that with a flat EBIT you expect for the full year?

My second question is on the hospitality business. I would be interested to know when Marriott and Accor contribution are likely to peak in, I guess, in a few quarters. And the very last question is 1 year ahead of edema was interested by the Vision-Box performance since you have acquired it?

Okay. Let me take the last one. No, we are very pleased with the Vision-Box. This area is for us an area of growth. So overall, very positive. And with [ IDEMIA], of course, we'll have a very sizable business, complementary on the one hand and with synergies because Vision-Box is doing things that Idea is not doing. So I will say our bet here is to really enter into digital identity and biometrics, we did with Vision-Box and IDEMIA is another step, but we are very pleased with the performance of Vision-Box.

I can take the other 2 -- or let's go in reverse order. Our peak customer when the customer implementation is going to peak -- well, we can't give you a lot of information because it's driven by confidentiality with our customer implementations. But just suffice to say that these are multiyear projects, we expect Marriott in 2027 a call in 2028. I think that's the most I can give you on that.

But having said that, they're progressing very well, and we're getting some very good customer feedback. And then in terms of contribution margin evolution, you're right, the Air IT Solutions business is expected to be dilutive in the second half of the year, and that's as a result of the mix of revenue coming from our faster-growing airports and professional services businesses, which attract a lower margin.

So that's just financial engineering in terms of the weight of the revenue within that. We don't see any issues in terms of our commercial competitiveness and things like that. It's just more the weight of revenue and how that comes through.

Your next question comes from [ Par Nagaraj ] from Cantor Fitzgerald.

Just one question for me, please. As agentic AI drives like a structural higher structurally higher look to book ratios, Amadeus probably left process a lot more of these queries, the shopping queries per converted booking, while primarily earning on transaction, how are you thinking about the revenue model evolution to reflect the value you deliver at the surge in shopping layer?

Yes. I mean this is always a challenge. We do many things here, okay? First, we use our experience on getting the inventory and the fact that we are with the inventory of the airlines to really optimize this look-to-book ratio. We have implemented new tools that are not always querying with cases are not always squaring into the airline inventory based on experience, based on information.

And then, yes, with our commercial models where we limit the amount of transactions that can be done per booking or -- and based on that, of course, we have different models to really address that. But the main objective, of course, is to help our customers to reduce this look to ratio to optimize the bill because especially for what we call unproductive sets, okay, such as that are going to the [indiscernible] without producing at the end a booking or a passenger or that's what we call unproductive.

There are a lot of robotics that are dealing with that, new technologies that are going to the road. So all that, yes, it's a challenge for the industry. It's not new because things have been increasing every year. And now with AI, this can also increase, and therefore, working all the time in improving that is a must for us as a company. And this is part of the service that we can provide to the different players.

The fact that we are able to optimize the shopping and the search in a way that is cost effective. But you are right that all the time or every year, the look-to-book ratio has been increasing. And of course, all these measures we have taken are important from a technical and business point of view.

In the interest of time, we will need to conclude the Q&A here. I'll now hand the call back to Luis Maroto for closing remarks.

Yes. Thank you very much, everyone. I wish you a very good summer season. And if you have additional questions, please call IR. They will be very pleased to answer them. Thank you very much.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

Good morning, ladies and gentlemen, shareholders, dear friends, holding this in a hybrid form, so you can attend in person, but also remotely. And we'd like to welcome you to our headquarters where we're holding this AGM, which is being streamed and will be also recorded as stated in the call notice.

And with that, I'll give the floor to the Chairman of the Board of Directors, Mr. William Connelly.

Good morning, dear shareholders. On behalf of the Board of Directors, I'd like to welcome you and to thank you for attending this General Shareholders Meeting.

Mrs. Ana Fernández-Tresguerres, Madrid Notary, is attending the meeting today. She has been summoned here by the Board of Directors to draw notarized minutes of the meeting pursuant to Article 203 of the Spanish Capital Companies Act and related provisions.

Today, at this table as well as the Secretary of the Board, the CEO, Mr. Luis Maroto; the Vice Chair of the Board, Mr. Stephan Gemkow; and Directors, Mrs. Pilar García; Mrs. Amanda Mesler, Mrs. Jana Eggers, Mr. Peter Kürpick, Mrs. Eriikka Söderström, Mr. David Vegara and Mr. Frits Dirk van Paasschen, Mrs. Xiaoqun Clever-Steg and Mr. Leo Puri. The Vice Secretary of the Board of Directors, Mrs. Ana Gómez Ruiz is also at the table.

Thank you, Mr. Chairman. According to the preliminary figures that have been provided, the preliminary quorum is as follows: we have present 90 shareholders owning 32,588,001 ordinary shares, which are 7.234% of the share capital. Of these, 14 shareholders have voted remotely. And represented in this AGM, we have 5,141 shareholders owning 335,896,881 ordinary shares or 74.561% of the share capital. I am told by the organizing services that no shareholder is attending this AGM remotely to cast their votes so that all of the proposed resolutions have been voted on remotely beforehand.

I'd also like to mention that the treasury stock, including held by the company and its subsidiaries, is 27,772,871 shares or 6.165% of the share capital. According to Article 148 of the Capital Companies Act, treasury stock will be included in the capital in calculating the necessary percentages for proper quorum in this AGM, but their voting rights and other political rights are suspended.

So we have in this AGM, 5,231 shareholders present or represented, owning a total of 368,484,882 shares with a nominal share capital of EUR 3,684,848, that is 81.795% of the share capital totaling EUR 4,504,902.05, fully underwritten and paid out divided into 450,499,205 ordinary shares with EUR 0.01 in nominal value each, all individual and represented and fully booked. In total, we have 75.630% of the share capital with voting rights present and represented.

I'd also like to point out with regard to the proposed resolutions referring to capital increases and decreases that on second call, we have a quorum above 50% of the share capital with voting rights. And so those proposed resolutions will require an absolute majority to be approved.

Based on the data on record that the secretary has just read out and the matters submitted for the consideration of the shareholders, this general shareholders' meeting is declared to be validly assembled on second call.

In accordance with the regulations of the General Shareholders Meeting and immediately after reading the announcement convening this meeting and hearing from the members of this panel, we will read out any questions sent in by shareholders.

And so now, let's begin this General Shareholders Meeting. This General Shareholders Meeting has been called by a resolution of the Board of Directors adopted in this meeting held on April 16, 2026. The call notice was published in the company's website on April 23, 2026, as well as in the gazette of the Spanish companies register and the newspaper Cinco Días on the same date.

The legal announcement calling this general shareholders' meeting has also been filed that same day as other relevant information with the Spanish Stock Exchange Commission. The following documents, amongst others, have been made available to the shareholders in the company's head office and in the company's website.

The stand-alone and consolidated financial statements for the financial year ending December 31, 2025, the directors' report of the company and its group and the audit report, the nonfinancial information report and the sustainability report, the annual corporate governance report and the annual report on directors' remuneration.

The full text of the proposed resolution subject to the approval by this General Shareholders Meeting, and the CVs of the directors whose reelection is proposed have also been made available to the shareholders as well as the mandatory reports from the Nominations and Remunerations Committee and from the Board of Directors.

If the shareholders were to decide that they are already sufficiently familiar with the content of the call notice for this general shareholders' meeting and decide to take it as read, we will duly reflect it as such in the minutes. Otherwise, I would give the floor to the Secretary, so he can proceed to read out the call notice.

Should we consider it read? Okay. In that case, we will proceed.

And before we hear questions from the shareholders on agenda items, I'm going to give the floor to the CEO, Mr. Luis Maroto, who is going to give us a brief overview of Amadeus' business performance during 2025. Mr. Luis?

Mr. Chairman, members of the Board and shareholders, good morning, and welcome to this Amadeus Annual General Meeting 2026. Today, we're going to have a chance to go over the highlights of 2025, speak about the trends in 2026 and reflect upon how Amadeus is creating value for the travel industry.

2025 was a year impacted by complexity and change. We continue to have a lot of uncertainty in the global context with enormous geopolitical tensions and macroeconomic pressures. AI is no longer a promise and has become a real force. And in the travel sector, demand has remained solid. According to the World Travel and Tourism Council, the sector contributed EUR 11.7 billion to global GDP, which is 6.7% more than the previous year.

International travel also continued to grow with over 1.5 billion tourists all over the world, up 4% versus the previous year. And in this context, technology plays a crucial role. And this is precisely the field in which Amadeus operates in the intersection between travel and technology, supporting the industry by contributing to the transformation of the sector whilst guaranteeing at the same time the continuity and stability for our customers and partners.

In 2025, we invested EUR 1.4 billion in research and development. Currently, travel requires a broad set of transformative technologies from AI and the cloud to biometrics and advanced data analytics. Our role is to orchestrate these capabilities in an integrated, scalable and reliable way. And this year, we completed the migration of our systems to the cloud. We also moved forward with our multi-cloud strategy with partnerships with Microsoft and Google, which gives us capabilities for greater flexibility, resilience and scalability of our platforms.

We are in a unique position to orchestrate an increasingly AI-driven travel ecosystem. The role of Amadeus as the reference system for the industry puts us in a privileged position to connect suppliers, distributors and AI agents with reliable and dynamic travel data scale in a neutral, secure and responsible way. AI is reinforcing and extending the Amadeus platform.

In this context, 2025 was a year of solid earnings for Amadeus. We achieved accelerated growth of our revenues and improved profitability. Our free cash flow increased 7%, excluding one-offs in 2024. At constant exchange rates, the group's revenues grew 9%. Adjusted EBIT grew 10%. And most importantly, we achieved all the targets and the guidance we gave at the beginning of the year.

These results show strong growth in all of our segments, reinforcing long-standing relationships with many customers as well as welcoming new ones. We also increased the scope of the solutions included in our portfolio. In an environment of great uncertainty and fast technology change, this combination of growth, profitability and revenue generation reflects the solidity of our business model.

I will now go over the main highlights of our segments, beginning with Airlines and Airports. 2025, we continue to see revenue growth driven both by passenger volumes as well as by the growing adoption of value-added solutions. A key milestone was progress in Amadeus Nevio. We've reached a turning point with 25% of our Altéa customer base already linked to the Nevio portfolio. Airlines like Finnair, Saudia, British Airways, Air France-KLM and new airlines of the Lufthansa Group are working with us in the modernization of their commercial and operational capabilities.

In parallel, we launched Navitaire Stratos, our next-gen sales platform for low-cost and hybrid airlines. TUI Airlines and Volotea were the clients for the launch. We also achieved solid growth in airports and border controls with investments in modernization and improved traveler experience, including biometrics, auto luggage handling and professional services. An important milestone was the launch of the first global scale biometric corridors with the Director General of Immigration of Indonesia.

Moving to the Hospitality segment. In 2025, our hospitality solutions as well as other areas show revenue growth driven by new customers, more adoption and increase in the transaction volume. We moved forward in key solutions like event and sale management and business intelligence and distribution. An example would be our ongoing work in technology transformation programs in the hotel sector, including the deployment of a central booking system with Marriott and Accor as well as the partnership with Ascott Limited. We also continued to strengthen our payments business outpaced with new agreements and extensions with customers and suppliers, taking advantage of our e-money license in order to offer more integrated, secure and efficient payment solutions.

Our Distribution business also showed solid growth in 2025, driven by continuous commercial success in all regions and through a combination in growth in volumes and an increase in revenues for bookings. We signed 61 new agreements or extensions or renewals of distribution agreements. And by the end of the year, we had more than 75 NDC agreements with airlines. We've also increased the available content in the Amadeus Travel Platform, including our offering for low-cost airlines so that travel sellers can have easier access to a broader range of content that is relevant for their usual workflows.

We also broadened our base of corporate clients with our Cytric adoptions, our new integral solution for travel and expense management. All of this reflects the role of the Amadeus Travel Platform as a trusted connectivity layer. We're increasing content for airlines, hotels, trains and other types of travel, allowing agencies and companies to support travelers through a single integrated platform.

When analyzing our results, our investments and our role in the sector, Amadeus strengths are clear. We are the technology backbone of the travel industry, the reference system for the sector. We operate globally, supporting secure, reliable and efficient operations every day and partnering openly with clients and partners to deploy new technologies in real environments.

We are a trusted partner for the industry with solid long-standing relationships with customers. We also play a unique role turning travel data into intelligence and aggregating and connecting fragmented data throughout the travel on the journey. We help our customers take better decisions and increasingly to offer more fluid and connected travel experiences. These strengths are supported by a resilient business model, a disciplined financial framework and a highly committed and qualified team.

Our people contribute the necessary expertise and responsibility to innovate, execute and support our customers constantly. Built over decades, these strengths are a solid base for long-term growth, position us very favorably as the travel industry continues to evolve. We are in a unique position to orchestrate a travel ecosystem, which is increasingly AI-driven.

The foundations of this industry are still solid. However, we're still aware of the external environment and the need to continue to execute our plans with discipline and focus. For 2026, we expect group's revenue to grow in a high 1 digit. This growth will be driven by our demand in our main segments and by the continuous adoption of our solutions by our customers. We also expect to continue to improve our profitability, which reflects our operational leverage and focus on improving efficiency.

Our priorities are still clear, to execute for our customers, to invest long term and to manage the business with financial discipline, which requires a responsible capital allocation, balancing investment in growth with solid cash flow generation. In 2025, we have continued to offer solid shareholder return. We maintained our commitment with a payout ratio of 50% with dividends of around EUR 700 million, and we completed a share buyback program for a total of EUR 1.3 billion.

In February this year, we announced a new share buyback program for EUR 500 million for 2026. These actions reflect our disciplined focus on capital allocation, balancing shareholder remuneration with the financial flexibility we need in order to invest long term in growth.

Before I end, I'd like to briefly refer to some of the milestones we've already seen in 2026. We have achieved important agreements in the whole travel ecosystem, extending the scope of the solutions adopted by our customers, including the Southwest Airlines announcement, which was signed with Amadeus Altéa NDC and Alaska Airlines, which has implemented our network revenue management solution.

In Airports, one of the milestones was the signing with London City Airport for a CUSS, self-service kiosk boarding gates and automated luggage handling solutions. We're also promoting the adoption of our biometric technology solutions with the selection of the Philippines Immigration Office of Amadeus Biometric solutions for its national airports.

In Hospitality, Imperial Hotels & Resorts has implemented Amadeus web solutions to modernize their online presence. Also Visit Hungary, which is the destination marketing organization in Hungary has extended its use of Amadeus Media Solutions. And as for our payments business, British Airways Nevio client has successfully started to operate, outpace as its payment -- end-to-end payment orchestrator in every channel.

We've also extended our partnering network for a new strategic partnership with the Tata Consultancy Group. And finally, we completed the acquisition of SkyLink, moving forward in our AI strategy, incorporating in-house automation and orchestration data-driven capabilities. We've also announced our intention to acquire IDEMIA Public Security, which is a leading provider of biometric and identity services. As reliable digital identity and biometric solutions become an essential layer of the journey experience, this transaction will reinforce Amadeus' broader ambition to become an orchestrator of the whole travel ecosystem.

These milestones underline progress we've already achieved in 2026 and our role in providing more fluid end-to-end travel experiences. We operate in an environment that still has a lot of uncertainty and complexity driven by fast technology change and broader global pressures. In this context, Amadeus has continued to invest in transformative technologies, which allow more seamless end-to-end travel, driven by the trust we've achieved as the reference system for the whole industry, our deep integration in the whole ecosystem and our ability to operate globally.

Working closely with clients and partners in an AI-enabled ecosystem, we help to translate innovation to practical results, which promotes more fluid, seamless, end-to-end travel and contributes to a more resilient and travel industry better equipped for the future.

I'd like to thank our shareholders for their continued trust and support, guided by our purpose, which is to improve travel experience for everyone everywhere. We face the future with confidence.

Thank you very much. And now, I'm going to give the floor to the Chairman.

Thank you very much, Mr. Maroto. Now, it is time to give a briefing on the main activities performed by the Audit Committee and the Nominations and Remuneration Committee during 2025. Mr. Jacinto Esclapés, Secretary of the Board of Directors, acting in representation of the respective chairs of the committees; Mrs. Eriikka Söderström, Audit Committee; and Mrs. Amanda Mesler, Nominations and Remuneration Committee, will read both reports.

Shareholders, Mr. Chairman, good morning. I am addressing you as Chair of the Audit Committee of the Board of Directors, for which I was appointed by resolution of the committee effective on May 7, 2025. First, I would like to inform this General Shareholders Meeting that the external auditor for the company and its consolidated group, Ernst & Young has issued a clean opinion without any reservations or qualification with respect to the stand-alone and consolidated annual financial statements for the fiscal year ended December 31, 2025.

In this regard, the auditor report states as follows: "In our opinion, the accompanying consolidated annual accounts give a true and fair view in all material aspects of consolidated equity in the consolidated financial position of the group as of December 31, 2025, and of its financial performance and its consolidated cash flows for the year that ended in accordance with the IFRS as adopted by the European Union and other provisions in the regulatory framework applicable in Spain.

We are independent of the group in accordance with the ethical requirements, including those related to independence that are relevant to our audit of the consolidated annual accounts in Spain as required by prevailing audit regulations. In this regard, we have not provided nonaudit services nor have any situations or circumstances arisen that might have compromised our mandatory independence in a manner prohibited by the aforementioned requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion".

On February 23, 2026, the Audit Committee issued the mandatory annual report on the activities carried out by the Audit Committee during the financial year 2025, which was submitted to the Board of Directors and which I now briefly summarize to you, shareholders. In any event, the annual report is available on the company's website under the Corporate Governance section.

The Audit Committee is composed of 5 members, all of whom are nonexecutive directors and independent directors. The Audit Committee meets on a regular basis, as called by its Chair, but during the financial year 2025, the committee held 5 meetings, all of which took place prior to the publication of the quarterly or semester financial statements.

External auditors, Ernst & Young, represented by the partners in charge of the company's audit, are invited and attend all the meetings. In addition to the regular communications between the Chair of the Audit Committee and the internal/external auditor during the financial year, the Chair of the Audit Committee holds ad hoc meetings prior to each meeting of the committee with those members of the management team, who due to the nature of the items on the agenda to be discussed will make some kind of presentation to the committee.

It should be noted that at the meeting corresponding to the presentation of the annual accounts, the Audit Committee meets separately with the external auditor without the presence of the management team. Three recurrent sections form part of the agenda of the committee throughout the year, irrespective of others, which depending on the matter at hand are also included for discussion analysis and recommendation as the case may be.

Firstly, under section External Audit, the company's auditors report to the Audit Committee on the most relevant aspects of the audit work in progress and semi-annual periodical reporting as well as on significant accounting aspects, including the application of accounting standards, describing, if any, the existence of discrepancies between company management and the auditors with respect to any specific item. Let me inform you that none of the areas under analysis have required the intervention of the Audit Committee.

Secondly, internal audit. I'd like to inform the shareholders that no material consequence that have required the direct intervention of the Audit Committee have resulted with the scope of the internal audits carried out.

Thirdly, risk management without having raised issues of relevance to a potential financial or reputational impact in this area.

Finally, the section other matters, includes any other discussions and analysis that do not fall within the scope of the preceding sections. The annual report is complemented by reference to related party transactions and incidents and proposals for improving the company's rules of the governance. In this respect, there will be no incidents requiring the amendment of the company's governance rules.

We are confident to continue reinforcing the Audit Committee's role as a collective body to perform its role of oversight and advice to the Board properly and effectively with the context of the best practices and independence.

Thank you very much for your attention.

Let me now read the report from the Chair of the Nominations and Remuneration Committee. I'm addressing you as Chair of the Nominations and Remuneration Committee of the Board of Directors for which I was appointed by resolution of the committee effective on May 1, 2026.

On February 23, 2026, the Nominations and Remuneration Committee issued the mandatory annual report on the activities carried out by this committee during the financial year 2025, which was submitted to the Board of Directors and which I now briefly summarize to you shareholders. In any event, this annual report is available on the company's website under the Corporate Governance section.

Just as in the case of the Audit Committee, the Nominations and Remuneration Committee is composed of 5 external directors, all of them are independent directors. The Nominations and Remuneration Committee meets on a regular basis as called by its Chair. During financial year 2025, the committee held 4 meetings, in February, April, October and December. Three recurrent sections form part of the agenda throughout the year, irrespective of others, which depending on the matter at hand are also included for discussion, analysis and recommendation where appropriate.

Firstly, compensation matters; secondly, corporate matters; finally, nomination matters. During the last quarter of 2025, and based on the policy regarding communication of economic, financial, nonfinancial and corporate information regarding communication contact with shareholders, institutional investors and proxy advisers dated December 16, 2020, there have been informative sessions held with the main institutional investors and proxy advisers in order to explain the rationale of the proposed compensation for the Executive Director, the Chair of the Board and the independent directors for financial year 2025 and to consider their points of view.

The conclusions of those meetings were further reported both to the committee and to the Board. The annual report is complemented by reference to the nature of the directors, independent, other external and executives, the composition of the Board with a special reference to gender parity. As of December 31, 2025, the presence of the less represented gender on the Board of Directors, female, is 41.66%.

Lastly, regarding the evaluation of the functioning performance of the Board of Directors and its committees, no significant points or comments have been identified in the areas under evaluation that could lead to relevant changes in the organization or to the direct intervention of the committee to try to resolve any kind of conflict.

Finally, a follow-up of the list of companies in which the Board members also serve as directors and/or executive managers is made, followed by the verification of the compliance with the directors' selection policy for the purpose of election, renewal process to the members of the Board of Directors during 2025. We're confident to continue reinforcing the Nominations and Remuneration Committee's role as a collective body to perform its role of oversight and advice to the Board properly and effectively within the context of the best practices and independence.

Thank you very much for your attention.

Thank you. Lastly, as set forth in Article 528 of the Spanish Capital Companies Act, we would like to make a brief reference to the most significant corporate governance aspects of the company and the level of compliance of the good governance code by the company. I give the floor to the Secretary so that he can make a summary of these points.

Shareholders, Board members, first of all, let me highlight that in line with previous years, the company maintains the highest levels of corporate governance practices reviewing and implementing initiatives that help us maintain our market leadership and our reputation as a trusted partner for customers, suppliers and other stakeholders.

The 2025 global report and the 2025 statement of nonfinancial information sustainability information, which forms part of the consolidated management report, showcase our environmental, social and governance, sustainability initiatives informing the most relevant areas where Amadeus can have a significant positive impact in these areas. The Board of Directors through its Audit Committee and its Nominations and Remuneration Committee continues and will continue to encourage good corporate governance practices.

On the other hand, the degree of compliance with the recommendations of the code of good governance is maintained with respect to the previous year 2024, that's in relation to the 2025 financial year as stated in the annual corporate governance report of the 64 recommendations of the code of good governance, 48 are complied with, 7 are not applicable to the company, 5 are partially compliant with and 4 have been the subject of the corresponding explanation. In any event, recommendations whose follow-up is partial requiring explanation do not affect the transparency of the company undermining the commitment of this Board of Directors to the best practices of good corporate governance, social responsibility and sustainability in all areas.

This commitment is reflected among other aspects in the Global Report 2025, which is available to you and which I would gladly invite you to read as in previous years. Thank you very much.

Thank you, Mr. Secretary. Before we proceed with the voting of the agenda items, and as I mentioned earlier, we shall now, as I said earlier, read the final quorum of the General Shareholders Meeting.

According to the figures provided by the organizers, there's been no change between the preliminary attendance quorum that we read out before and the final quorum. And so we just will take that preliminary quorum as the final quorum.

If any shareholder wishes to make any statement or information about the quorum, he or she is invited to do so now by approaching the table and actually sitting for the purposes of their personal identification, providing information on the number of shares they represent and to record the statements they wish to make.

So now, it is the turn for the shareholders' participation. Shareholders may ask those questions they consider necessary regarding the agenda items. In order to have a smooth meeting, questions should take place before the beginning of the voting period. The Chairman will give the floor to the shareholders respecting the order of their request to participate, and then, we'll reply directly or through the person he designates once all shareholders' requests have taken place.

Shareholders who wish to have the content of their participation or their question duly recorded as well as the content of their vote, and where appropriate, their opposition to the agreement must expressly request so. Furthermore, should they wish that their participation or question is recorded literally, they must provide a written statement to the notary so that she can verify the content, subsequently incorporated into the minutes.

Before starting with their participation, the shareholders or their representatives, who are requested to take the floor, must identify themselves by stating their name or the name of the shareholder they represent. In all cases, shareholders who wish to take the floor must also [indiscernible] noted.

Please, we would ask you to be brief to allow as many shareholders to participate as possible.

Any questions? Thank you. And now, we are going to give the floor to the Secretary, so he can proceed to the reading and subsequent vote on the proposed resolutions in the agenda.

Each agenda item shall be voted on separately, particularly the one relating to the reelection of directors, which shall be voted on individually.

Pursuant to Article 19 of the regulations of the General Shareholders Meeting, the Secretary shall not be required to read the full text of any proposed resolutions whose text have already been made available to shareholders prior to the General Shareholders Meeting unless it is so requested by a shareholder or is deemed fit by the Chairman for all or for specific proposed resolutions.

Attendees, in any case, will always be informed of the agenda item, the proposed resolution refers to and on which the shareholders shall cast their vote, and a brief summary will be given of that proposed resolution. After reading the agenda item, we will proceed immediately to vote on each proposed resolution.

In accordance with the regulation of the General Shareholders Meeting, the voting procedure shall be as follows. With respect to resolutions on items in the agenda, the votes on the proposals made by or assumed by the Board of Directors and that correspond to the shares of shareholders that attend the meeting or that are represented in the meeting according to the attendance list shall be considered as votes for or in favor of the proposals, excluding the votes corresponding to those shares whose owners or representatives have informed the secretary about their decision to leave the meeting before the relevant vote is cast, votes against, abstentions or blank votes, if any.

For the purposes of the voting process and pursuant to Article 19.8 of the regulations for the General Shareholders Meeting, the Chairman shall ask for the votes against and for the abstentions after that, and it's unnecessary to inform about votes in favor. Regarding blank votes, they should only be considered in the event that the shareholder who casted those votes expressly requests it without the need for the Chairman to ask anything in this respect.

In relation to the above, in the event there is any shareholder who expressly wishes to state in writing their vote against or abstention or blank vote in relation to any of the resolutions, they may approach the notary once the reading, discussion and voting of all the resolutions has taken place, so she may address any request in that respect. Also, notary must be informed of vote delegations that have been received as well as the content of those votes that these can be duly notarized.

To this end, both the Chairman and the notary have received from the company's organizational services, the list of votes received in favor, against and abstentions of each and every one of the items on the agenda so that the Chairman's statement on the existence of a sufficient majority of favorable votes on each item and approval of the proposals is carried out under such a list.

In accordance with Article 201 of the Capital Companies Act, the resolution should be adopted by a simple majority of votes of the shareholders present or represented in the meeting. There is more votes in favor than against except for the resolutions on Items 6, 9 and 10 of the agenda relating to the decrease in share capital, delegation upon the Board of Directors of the power to issue bonds, obligations and other securities and the delegation upon the Board of Directors of the power to increase share capital, the exclusion of preemptive rights, respectively, which will need to be adopted by an absolute majority.

We will now move on to the vote of the proposed resolutions that are submitted to this General Shareholders Meeting with a brief summary of each of them without prejudice of the fact that the full content of the proposals will be included in the minutes drawn up by the notary. On all items of the agenda that are approved with a sufficient majority, the notary will reflect in the minutes the votes against and the abstentions.

First Item, examination and approval, if applicable, of the financial statements, balance sheet, profit and loss account, statement of changes in equity during the period, cash flow statement and annual report, directors' report of the company, consolidated annual accounts and consolidated directors' report of the group of companies, all for the financial year that ended on 31st December 2025. Proposal, approval of the company's individual financial statements, the group's consolidated financial statements and the management reports of the Group or for the year ending December 31, 2025, as issued by the company's Board of Directors in its meeting held on February 26, 2026.

Any votes against or abstentions?

As there is a sufficient majority of votes in favor, this resolution is approved.

Item 2, examination and approval, if applicable, the nonfinancial information report and the sustainability report for the financial year ended 31st December 2025, which is part of the consolidated directors' report. Proposal approval of the nonfinancial information report and sustainability report related to the financial year ending December 31, 2025, which is part of the consolidated directors' report as per Act 11/2018 of December 28.

Any votes against or abstentions?

Since there is a sufficient majority of favorable votes, this resolution is approved.

Third, directors' remuneration report 2025 for an advisory vote pursuant to Article 541.4 of the Spanish Capital Companies Act, which is part of the stand-alone and consolidated directors' report. This item of the agenda is purely of an advisory nature, and the purpose is to inform the shareholders of the General Shareholders Meeting on the directors' remuneration. The report was provided to the National Stock Market Commission on February 27, 2026, and have been made available to shareholders as part of this General Shareholders Meeting documentation. Proposal, it is proposed that the General Shareholders Meeting cast an advisory vote in accordance with Article 541.4 of the Spanish Capital Companies Act on the annual report on directors' remuneration that has been made available to the shareholders.

Any votes against or abstentions?

Since there is a sufficient majority of votes in favor, this resolution is approved.

Fourth, approval, if applicable, of the proposal on the appropriation of 2025 results and other company reserves. Proposal, approval of the allocation of the company's results corresponding to the financial year ended December 31, 2025, as per the proposal approved by the Board of Directors in the meeting held on February 26, 2026, to the distribution of the profits obtained by the company in the year ending 31st December 2025, amounting to EUR 1,266,532.83 (sic) [ 1,266,532,836.82 ] to be distributed as follows: a final gross dividend of EUR 1.54 per share with the right to take part in the said distribution of the payment date, of which an interim dividend of EUR 0.53 per share were paid in full on January 16, 2026, being therefore, still pending a complementary dividend payment of EUR 1.01 per share, retained earnings.

Based on the above, the proposed appropriation of results is as follows: Net profit for the year, EUR 1,266,532,836 to be allocated to EUR 601,913,040.98, and for dividends, EUR 664,619,795.84. In addition, we propose any special reserves be reclassified to retained earnings as follows: an amount of EUR 138,823,053.30 for special reserves, EUR 138,823,053 as retained earnings. And to confirm, the dividend payment will be made on July 3, 2026, through the member entities of Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A., with Banco Bilbao Vizcaya Argentaria as paying agent.

Any votes against or abstentions?

As there is a sufficient majority of votes in favor, this resolution is approved.

Fifth, examination and approval, if applicable, of the management carried out by the Board of Directors for the year ended 31st December 2025. The proposal is to approve the management carried out by the Board of Directors of the company during the financial year ended 31st December 2025.

Any votes against or abstentions?

As there is sufficient majority of votes in favor, this resolution is approved.

Item 6, approval of reduction in share capital through the redemption of 18,927,909 treasury shares acquired under the share buyback program. Amendment to Article 5, share capital of the bylaws, delegation of powers to the Board of Directors, including the authority to delegate further such as requesting, delisting and canceling book entries for the redeemed shares. The proposal is to reduce the share capital of the company by EUR 189,279,909 (sic) [ 189,279.09 ] by redeeming 18,927,909 shares, currently held as treasury stock. The capital reduction does not entail a return of contribution to the shareholders because the company itself owns the shares being redeemed and is carried out against unrestricted reserves.

The creditors of the company do not have any objection rights. Article 5 of the bylaws is amended to henceforth read as follows: Article 5, share capital. The share capital is set at the figure of EUR 4,315,712.96 and is fully subscribed and paid in. The share capital consists of 431,571,296 shares with a nominal value of EUR 0.01 each, which belong to the same class. Also, to delegate to the Board of Directors with express powers to delegate the necessary powers to proceed to implement this resolution.

Any votes against or abstentions?

As there is sufficient majority of favorable votes, this resolution is approved.

The seventh item on the agenda, which is the appointment and reelection of directors. All of the following proposals will be subject to separate votes in accordance with Article 35 of the bylaws.

Item 7.1, reelection of Mr. William Connelly, as independent Director, for a term of 1 year. The proposal is to re-elect with the positive endorsement of the Board of Directors and upon a proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mr. William Connelly, whose personal data is recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved. Thank you very much.

Item 7.2, re-election of Mr. Luis Maroto Camino as Executive Director for a term of 1 year. The proposal is to re-elect with the positive endorsement of the Nominations and Remuneration Committee and upon a proposal from the Board of Directors as Executive Director for an additional 1-year term, Mr. Luis Maroto Camino, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

Item 7.3, re-election of Mrs. Pilar García Ceballos-Zúñiga, as Independent Director for a term of 1 year. The proposal is to re-elect with the positive endorsement of the Board of Directors and upon a proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mrs. Pilar García Ceballos-Zúñiga, whose personal data is recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

Item 7.4, re-election of Mr. Stephan Gemkow as Independent Director for a term of 1 year. The proposal is to re-elect with the positive endorsement of the Board of Directors and upon a proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mr. Stephan Gemkow, whose personal data is recorded in the Commercial registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

7.5, re-election of Mr. Peter Kürpick as Independent Director for a term of 1 year. The proposal is to re-elect with the positive endorsement of the Board of Directors and a proposal from the Nominations and Remuneration Committee as an Independent Director for an additional 1-year term, Mr. Peter Kürpick, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

7.6, re-election of Mrs. Xiaoqun Clever-Steg as Independent Director for a term of 1 year. The proposal is to reelect with the positive endorsement of the Board of Directors and on a proposal from the Nominations and Remuneration Committee as an Independent Director for an additional 1-year term, Mrs. Xiaoqun Clever-Steg, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is sufficient majority of favorable votes, this resolution is approved.

7.7, re-election of Mrs. Amanda Mesler as independent Director for a term of 1 year. The proposal is to reelect with the positive endorsement of the Board of Directors and on a proposal from the Nominations and Remuneration Committee as an Independent Director for an additional 1-year term, Mrs. Amanda Mesler, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

7.8, re-election of Mrs. Jana Eggers as Independent Director for a term of 1 year. The proposal is to reelect with a positive endorsement of the Board of Directors and upon a proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mrs. Jana Eggers, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

7.9, re-election of Mrs. Eriikka Söderström as independent director for a term of 1 year. The proposal is to reelect with the positive endorsement of the Board of Directors and upon a proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mrs. Eriikka Söderström, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

7.10, re-election of Mr. David Vegara Figueras as Independent Director for a term of 1 year. The proposal is to re-elect with the positive endorsement of the Board of Directors and upon a proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mr. David Vegara Figueras, whose personal data are recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, this resolution is approved.

Lastly, 7.11, re-election of Mr. Frits Dirk van Paasschen as independent Director for a term of 1 year. The proposal is to re-elect with a positive endorsement of the Board of Directors and the proposal from the Nominations and Remuneration Committee as Independent Director for an additional 1-year term, Mr. Frits Dirk van Paasschen, whose personal data was recorded in the Commercial Registry.

Any votes against or abstentions?

As there is a sufficient majority of favorable votes, the resolution is approved.

Just to point out that directors: William Connelly, Mr. Luis Maroto Camino, Mrs. Pilar García Ceballos-Zúñiga, Mr. Stephan Gemkow, Mr. Peter Kürpick, Mrs. Xiaoqun Clever-Steg, Mrs. Amanda Mesler, Mrs. Jana Eggers, Mrs. Eriikka Söderström, Mr. David Vegara Figueras and Mr. Frits Dirk van Paasschen, all of them present in this event accept their appointment to the position of directors and declare not being subject to any of the clauses of incompatibility or legal prohibition, in particular, those of Article 213 Law 1/2010, July 2, Law 3/2015 on March 30 and Law 1495 of April 2011. And this will duly be reflected in the minutes of the meeting.

Eighth, authorization to the Board of Directors to carry out the derivative purchases of the company's own shares directly or through the companies of the group, setting forth the limits and requirements for these acquisitions with delegation upon the Board of Directors of the necessary faculties for its execution, giving without effect the unused part of the delegation granted by the General Shareholders Meeting of June 23, 2022.

Proposal, to authorize the Board of Directors of the company to carry out derivative purchases of the company's shares. Maximum number of shares cannot exceed 10% of the share capital. The minimum, maximum purchase price of the shares will be equivalent to 90% and 110% of the closing price for the share in the Madrid Stock Exchange in the date immediately preceding the date of purchase, respectively. The shares acquired may be used either to be redeemed through a share capital decrease or to comply with obligations that are inherent in debt financial instruments convertible into shares or use them for the remuneration schemes or for the coverage or fulfillment of any remuneration plan based on shares or linked to the share capital.

And finally, for consideration to satisfy payment obligations resulting from direct or indirect total or partial transactions for the acquisition of companies or assets. The authorization will remain in force for a period of 5 years.

Finally, to leave without effect, the authorization to acquire treasury stock granted to the Board of Directors by the General Shareholders Meeting held on 23rd of June 2022 for the remaining shares not acquired under such authorization.

Any votes against or abstentions?

Since there is a sufficient majority of votes in favor, this resolution is approved in the terms proposed above.

Ninth, delegation to the Board of Directors the power to issue bonds, debentures and other fixed income securities and hybrid instruments, including preferred shares, in all cases, simple exchangeable and/or convertible into shares, warrants, promissory notes and preferred securities empowering the Board to exclude, if applicable, the preemptive subscription right pursuant to Article 511 of the Spanish Capital Companies Act, and authorization for the company to be able to secure the issuance of these securities made by its subsidiary companies, leaving without effect the unused part of this delegation granted by the General Shareholders Meeting on June 23, 2022.

Proposal, to delegate upon the Board of Directors the power to issue negotiable securities. These negotiable securities referred to in this delegation may be debentures, bonds, promissory notes or any other fixed income securities or similar debt instruments or hybrid instruments, including amongst others preferred shares, both simple and exchangeable for company shares or shares in any other company, whether or not belonging to its group of companies and/or convertible into shares of the company and/or that allocate their holders of share in the corporate earnings.

This delegation will remain in force for a period of 5 years and the total maximum nominal aggregate amount of the issuer issues securities agreed pursuant to this delegation will be of EUR 7,500 million or its equivalent in another currency. Under no circumstance may convertible and/or exchangeable debentures be issued for a figure lower than the nominal value.

Likewise, in accordance with the provisions of Article 415.2 of the Spanish Capital Companies Act, debentures may not be converted into shares when the nominal value of the former is lower, and thus, the nominal value of the shares because warrant issues by analogy will be subject to the provisions of the Spanish Capital Companies Act of convertible and/or exchangeable debentures.

The delegation of issuance of convertible and/or exchangeable debentures of bonds and warrants over newly subscribed shares selling to the faculties to increase the capital in the necessary amount to meet the application for conversion in the exercise of the warrants over newly issued shares. This power may only be exercised to the extent that the Board of Directors having together the capital increase to meet the issuance of convertible debentures and bonds, the exercise of warrants and other capital increases, may have agreed pursuant to authorizations granted by the General Shareholders Meeting. It does not exceed in aggregate nominal amount, the limit of 10% of the company's share capital.

The Board of Directors when issuing convertible and/or exchangeable debentures or bonds and warrants of the newly subscribed shares pursuant to the delegation shall be authorized to exclude the preemptive subscription right of shareholders when required by the corporate interest pursuant to the provisions of Article 511 of the Spanish Capital Companies Act. This authorization revokes, replaces and leaves without effect in the amount not used, the authorization granted to the Board of Directors for the same purpose by the General Shareholders Meeting in the meeting held on June 23, 2022.

Any votes against or abstentions?

Since there is a sufficient majority of votes in favor, this resolution is approved in the terms proposed above.

Tenth, delegation from the Board of Directors of the power to increase the share capital authorizing the Board to exclude preemptive subscription rights pursuant to Articles 297.1b and 506 of the companies -- of the Spanish Capital Companies Act, even without effect the unused part of the delegation granted by the General Shareholders Meeting on June 23, 2022.

Proposal, to delegate to the Board of Directors the power to increase their share capital. Delegation may be exercised by the Board of Directors once for the full amount or by way of several partial and successive increases at any time within the period of 5 years counting from the date of adoption of this resolution. The maximum nominal amount by which the share capital may be increased pursuant to this delegation will be, first, up to a maximum aggregate amount of 50% of the share capital at the moment of the authorization after the execution of the decrease of capital also agreed by the shareholders meeting. And b, to a maximum aggregate amount of 10% of the company's share capital resulting from the implementation of the capital decrease referred to under this Item 6 of the agenda of this general meeting in relation to the capital increase or those capital increases in which the Board of Directors resolves to exclude the preemptive subscription rights.

The delegation will include in accordance with Articles 308 and 506 of the Spanish Capital Companies Act, the power to totally or partially exclude the shareholders' preemptive subscription right when required in the corporate interest. This authorization revokes, replaces and leaves without effect to the extent not used, the authorization granted to the Board of Directors for the same purpose resolved by the General Shareholders Meeting held on 23rd of June 2022.

Any votes against or abstentions?

Since there has been a sufficient majority of votes in favor, this resolution is approved.

Lastly, Item 11, on the agenda, delegation of powers to the Board of Directors with power of substitution for the fullest formalization, interpretation, remedy and implementation of the resolutions adopted by the General Shareholders Meeting.

Proposal, without prejudice to the powers given by the law and by the bylaws of the company, it is agreed to delegate as broadly as in law is required to any Director, to the Secretary and the Vice Secretary acting individually, the implementation of each and every one of the resolutions adopted at the General Shareholders Meeting with powers to interpret, remedy and complete them for their conversion to public deed as well as, if applicable, to achieve their filing with the Commercial Registry with the power to substitute the said delegation as they may consider fit in favor of any other director or member of the company's management.

Any votes against or abstentions?

As there is a sufficient majority of votes in favor, this resolution is approved.

Thank you very much. All resolutions are, therefore, approved. The minutes will state the detailed results of the voting and everything that has taken place today at the General Shareholders Meeting.

I'd like to point out that in accordance with Article 101 of the Spanish company's registry regulations, the presence of the notary public has been required so she draw up the minutes of the meeting and which will be said in the minutes of the meeting pursuant to Article 103 of the Spanish company's registry regulations.

This General Shareholders meeting now concludes. I thank you for your participation. I hereby declare the meeting to be adjourned. Good morning to you all.

Good day, ladies and gentlemen, and welcome to the Amadeus Q1 2026 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Luis Maroto President and CEO of Amadeus. Please go ahead.

Good afternoon, and a very warm welcome to our Q1 '26 results presentation. Thank you for attending today. I'm joined by Carol, our CFO. Let's begin.

So please turn to Slide 4 for our takeaways from the quarter. Amadeus opened the year with solid growth and profitability following the strong momentum we saw in quarter 4 of last year. In March, the situation in the Middle East resulted in a moderation of our volume evolution, slowing our performance in the quarter. Nevertheless, for Q1, Amadeus posted high single-digit growth at constant currency with group revenue growing 8%, adjusted EBIT increasing by 7% and adjusted diluted EPS expanding by 9%.

For March, the developing situation in the Middle East generated disruptions in air traffic in the region, namely origin-destination and stopover traffic. This also impacted the bookings associated with this air traffic, primarily through an increase in cancellations. These kind of effects are well aligned with what we have seen in similar situations in the past. Despite this, our strength in Q1 stemmed from solid momentum in January and February, which continued through March in parts of our businesses. We saw resilience in our business. Traffic accelerated in other parts of the world, while booking activity also supported revenue growth through different streams.

Global traffic grew 5% over January and February and 2% in March, resulting in 4% growth for Q1. We are closely monitoring the uncertain macro and geopolitical context with a range of impacts making it difficult to predict in the short term. We do expect to see tempered performance in quarter 2. Based on our current assumptions of booking growth recovery in the second half and global traffic growth of 3% in '26, we are currently expecting to deliver within our outlook for '26, and we will update the market at the end of July if it changes.

Commercial and business momentum remained strong through the first quarter, and we increased our customer base across our segments, expanded the portfolio of solutions adopted by our customers and cross-sell more solutions across verticals. At Amadeus, we are focused on long-term growth, and we invest with conviction for the future. As a leader in travel technology, our goal is to be an orchestrator in an AI-enabled travel ecosystem. 50% of our CapEx is related to product and solution development, which includes AI capabilities and enhancing AI solutions. We aim to connect suppliers, sellers and AI assistants to trusted and dynamic data at scale. And this has to be done in a neutral, secure and responsible way.

We believe Amadeus will capture value as essential infrastructure powering any new players, including AI players, expanding our role and increasing our relevance. We're pleased to announce last week our intention to acquire IDEMIA Public Security, a world-class market-leading biometrics technology platform to create seamless end-to-end travel journeys of the future. IPS delivers on our growth ambition and long-term commitment to biometrics as part of our broader platform strategy. It increases the breadth and scale of our offering and makes us more relevant in one of the most transformative technologies for delivering fast, convenient and secure end-to-end traveler journeys. We are committed to executing on our strategy. We remain highly confident in the breadth of opportunity ahead and in our growth prospects into the midterm.

Now let's turn to our strategy and how it translates into commercial wins. Amadeus is leading the airline industry's retailing transformation with Nevio, our AI native next-generation Airline IT platform. As you know, Lufthansa Group, British Airways, Air France-KLM, Saudia and Finnair are engaged in Nevio with 25% of Altea PBs now involved in Nevio program. And looking ahead, we see strong interest across all regions and expect momentum to build beyond Europe. In the quarter, Amadeus continued to grow the scope of solutions adopted by our customers. For example, we were pleased to announce that Southwest Airlines, the largest domestic carrier in the U.S. signed for Amadeus Altea NDC, becoming the first U.S. airline to do so. And Alaska Airlines, one of the largest U.S. carriers is in the process of implementing our AI-powered innovative modular and data-driven revenue management technology. We also have new customer signatures for Airport IT, including the Bureau of Immigration of the Philippines, London City Airport and Swissport among others.

Moving on to hospitality. The Amadeus hospitality platform offers the most comprehensive AI-powered portfolio of core capabilities to the hotel industry, and it is the most broadly connected ecosystem of partners. We are creating a global community platform of world-leading hotels on a mission to transform relationships with guests. We are advancing with Marriott International, Accor and The Ascott Limited to join our platform. We are pleased to say that over 1,000 Marriott International properties are live on ACRS with a meaningful number of additional Marriott properties scheduled to migrate gradually throughout '26.

In the quarter, we had commercial momentum across our hospitality and payment solutions, including, for example, several customer signatures for Media and Distribution solutions and British Airways implementing Outpayce end-to-end payment orchestrator. As for the Amadeus travel platform, which enables travel providers to retail through third parties worldwide, we secured new or renewed distribution agreements, and we enriched our content with the addition of Jet2 among others. We also signed several contracts with travel sellers for content distribution and with several corporations for our Cytric Easy corporate IT solution.

As a demonstration of the interconnection of our solutions, we are pleased to share that an airline has adopted our Hospitality Digital Media solutions for the first time. Also Delphi, our market-leading events and catering solution in hospitality is now supporting a leading U.K. University as well as Premier League stadiums.

On the technology front, we remain on track with the commissioning of our data center following the completion of our cloud migration last year. And we continue to advance our partnerships with Microsoft and Google, leveraging AI. Agentic AI promises to transform travel in very positive ways, bringing increased personalization to travelers as well as productivity and efficiency gains across the value chain. Amadeus is uniquely placed to deliver Agentic AI functionality into products and solutions, supporting our customers on their own journey and to serve as orchestrator in an AI-enabled travel ecosystem.

Please turn to Slide 6 for our AI milestones this quarter. Amadeus plays a distinctive role within the travel industry. We operate as the embedded neutral execution layer at the core of the travel ecosystem. We are also the system of record that underpins how travel operates day-to-day. In this context, we see a clear opportunity for Amadeus to act as the orchestrator that new players such as digital assistants and AI-driven services rely on to operate effectively within travel. Our technology is deeply integrated into real operational processes, connecting travel suppliers, sellers and increasingly AI-enabled interfaces. This level of integration is what allows AI to move beyond experimentation and operate reliably within real workflows. Just as importantly, we deliver this at global scale with high levels of reliability, integrity and trust. This combination of deep integration, scalability and operational discipline continues to differentiate Amadeus within the industry.

During the first quarter, we continue to make progress on our AI strategy with our core focus on embedding AI into concrete operational use cases. We successfully tested our voice-based agent for airline call centers with an airline. This supports travelers end-to-end, allowing them to change existing flight bookings, review alternative flight options, complete payments and updating their bookings seamlessly without leaving the conversation. It also enables natural multilingual conversations across multiple customer touch points. This Agentic AI conversational commerce solution is the result of a close collaboration between Amadeus and Microsoft, combining Amadeus technology and travel expertise with Microsoft Azure Open AI infrastructure. Deploying this type of Agentic AI in live customer service environment provides a clear illustration of how AI can deliver practical value when it is deeply integrated into core systems.

We are also engaging with Google to jointly explore innovation opportunities to deliver travelers more relevant and contextual recommendations. We recently revealed a use case at Google Cloud Next in Las Vegas, showcasing how the combination of Google Cloud, Gemini, Google Maps and Amadeus can unlock more intelligent and personalized traveler experiences. In this use case, Amadeus remains responsible for the core recommendation logic and decisioning while Google Maps is used to enrich results with deeper local context. With our role as the system of recording travel, Amadeus can provide authorized access to relevant travel content, so it can be integrated seamlessly across platforms like Gemini and Google Maps. We are also evolving Amadeus Hey!, our travel engagement solution for travel sellers by exploring new Agentic AI capabilities. It is designed to deliver connected, responsive and intuitive experiences across the travel journey.

Amadeus Hey! is evolving through collaboration with Amazon Web Services. As part of this work, we are exploring a specialized agents that could understand trip context, anticipate traveler needs and autonomously complete task on the travelers' behalf. For example, with the travelers consent, a check-in agent could detect when check-in opens and automatically complete this process, applying the travelers' preferences such as seat preference and seamlessly delivering a digital boarding pass to the traveler.

This quarter, we also launched LISA, an AI-powered sales assistant to support hotels interested in using Link Hotel, another solution that connects independent hotels to travel sellers through GDS and aggregators. LISA enhances Amadeus sales processes from the very first customer interaction by providing instant multilingual responses and guiding prospective customers through the sales and onboarding processes. This improves response times, consistency and overall partner experience and increases operational efficiency. This work demonstrates how AI can be applied in a practical and responsible way to deliver more relevant real-world travel experiences and it reinforces Amadeus' central role within the travel ecosystem. We are embedding AI into core travel processes, scaling it responsibly and reinforcing our position as the trusted neutral technology backbone and platform of the travel industry.

And now I will pass on to Carol for our financial overview.

Thanks, Luis. In Q1, we saw strong financial performance, delivering high single-digit growth across revenue, adjusted EBIT and adjusted diluted EPS at constant currency, coupled with steady free cash flow generation. This performance resulted from a strong start to the year across all segments, followed by moderation of volumes in March due to the ongoing Middle East situation. We saw resilience in our revenue streams despite the moderation of volumes due to the role that we play in providing disruption-related services and processes.

In the quarter, foreign exchange effects impacted our results negatively, reducing our revenue, EBIT and EPS growth. We display our performance versus previous year also at constant currency to facilitate your understanding of Amadeus' underlying financial performance. Revenue amounted to EUR 1,683 million, representing 8% constant currency growth, reported growth was 3%. Adjusted EBIT increased to EUR 500 million, equal to 7% growth at constant currency, 5% reported growth. Adjusted diluted EPS expanded by 9% at constant currency. Free cash flow amounted to EUR 274 million, equaling 5% growth. Diluted EPS was EUR 0.83, 5% growth. We deployed R&D investment of EUR 335 million in the quarter, equivalent to 20% of revenue. Leverage was at 1x net debt to EBITDA at the end of March, and we continue executing on our EUR 500 million share repurchase program.

In Q1, our group revenue grew by 3.1% on a reported basis or by 7.9% at constant currency. Despite the Middle East situation, we delivered growth across all segments. Air IT Solutions delivered a particularly strong performance, growing by 12%. And Hospitality and Other Solutions continued on its trajectory, growing by 9.8% and Air Distribution delivered 4.6% growth in the quarter.

At constant currency, our adjusted EBIT grew 6.6% and adjusted EBIT margin was 29%, 0.4 percentage points below prior year. On a reported basis, adjusted EBIT grew 4.5%, driven by the growth I've just previously described and a cost evolution consisting of the following: Cost of revenue increasing by 4%, fundamentally driven by an increase in transactions in hotel distribution bookings and in payments due to the B2B wallet expansion as well as from regional and customer mixes. Fixed cost growth of 0.2%, mostly resulting from higher unitary personnel costs and transaction processing costs from volumes expansion and prior year ramp-up in our migration to the cloud, offset by resource decreases following the completion of our migration to the cloud at end of 2025 and cost containment measures in response to the Middle East geopolitical situation.

Ordinary D&A expense increased by 7.8% as a result of higher amortization of our internally developed software to continue to maintain our leadership position.

So now let's review the performance of our operating segments, starting with our Air IT Solutions business. Air IT Solutions revenue increased strongly in the quarter by 12% at constant currency, driven by Amadeus PBs increasing by 3.1% and a higher revenue per PB of 8.6%. Revenue per PB experienced strong growth in the quarter, primarily due to PB-linked performance such as continued upselling of our solutions such as revenue management, digital commerce, dynamic pricing and Altea NDC; incremental revenues from our Amadeus Nevio portfolio, renewals and inflation.

Secondly, transactional non-PB-linked performance such as digital commerce, Amadeus Ticket Changer and direct distribution, partly due to an increase in transactions linked to the air traffic disruption caused by the situation in the Middle East.

And thirdly, nontransactional performance such as our fast-growing airline professional services.

Our PB evolution in the quarter was slightly moderated by the air traffic disruption experienced in some Middle Eastern countries in March due to heightened geopolitical instability in the region. Excluding the MEA region, our PBs grew by 3.9% in the quarter, an acceleration versus prior quarter, partly due to traffic redistribution from the Middle East. In April, PB growth has slowed relative to growth in March and in Q1, also reflecting some Easter seasonality effects and airline strikes.

In Q1, we continued to partner with airlines, airports and border authorities around the globe. It has also been pleasing to receive positive feedback from our customers thanking us for our efforts in assisting with their disruption activity during the early stages of the Middle East situation. We continue to see great success with our revenue management solutions. Among others, Azerbaijan Airlines, the national carrier of Azerbaijan, has signed for Network Revenue Management solution and Alaska Airlines, one of the largest U.S. carriers, is in the process of implementing it.

We also broadened the scope of solutions adopted by New Skies customers, such as Vueling that selected Navitaire Edge Shopping service and Azul Linhas Aereas that contracted for the Navitaire Dynamic Pricing and we expanded our agreements with Air Canada and TAP Air Portugal for Professional Services. In Airport IT, we continue to expand our presence across Asia Pacific, North America, the Middle East and Europe. Several airports and public authorities in the Philippines, the Middle East and North America will adopt our AI-enabled biometric technologies and London City Airport and Swissport in Europe will adopt Airport Cloud Use Service.

Now on to Hospitality and Other Solutions. Hospitality and Other Solutions revenue grew by 9.8% at constant currency in Q1. Revenue growth was driven across both hospitality and payments due to new customer implementations and increased transaction volumes. Within hospitality, the fastest-growing solutions were customer implementations of our central reservation system and hotel distribution. And in payments, both our merchant services and our payout services reported strong growth. We continued our commercial success worldwide, spanning across our portfolio. We signed new agreements with customers such as Visit Hungary, Moonstone Hotel Properties and El Palace Barcelona for Media Solutions and Roomex and Travelz AI for hotel distribution. Demonstrating the interconnection of our solutions, Saudia became the first airline to contract Digital Media and the University of Warwick and Aramark Sports & Entertainment U.K. selected Delphi.

In payments, British Airways implemented Outpayce's end-to-end payment orchestrator. Notably as well, Etihad Airways and Airlink signed for FX Box, a solution that enables travel companies to control how prices are converted, displayed and settled across multiple currencies throughout the payment flow. Additionally, Saudia will use Amadeus' Professional Services to implement Amadeus Payment Solutions. We also expanded B2B wallet customer base with several travel seller signatures.

And finally, on to Air Distribution. Air Distribution revenue increased by 4.6% in Q1 at constant currency, driven by revenue per booking growth of 4.8%, in line with what we delivered in Q4 and prior year, resulting from the positive pricing effects such as from renewals, new agreements and inflation. Amadeus bookings declined slightly in the quarter by 0.2%. Whilst our booking performance up to February was strong, accelerating relative to Q4, our March booking evolution was impacted by the Middle East situation. This caused a reduction in air traffic to and from the impacted countries as well as a deceleration in new bookings and an increase in booking cancellations for routes flying in and out or stopping over the countries involved in the Middle East situation. We estimate that our bookings grew by close to 4% in the quarter, excluding the Middle East impact. During the quarter, we continued to see commercial gains across the regions.

In April, we have seen an improving trend for bookings. While bookings are still below prior year, performance is better than in March as cancellation rates have started to improve. In Q1, we broadened our airline content offering through Amadeus Travel Platform with jet.2com and Arajet. We signed several contracts with travel sellers for content distribution, including 5 new customers in Greater China and AA Aviation in Malaysia and with several corporations for Cytric Easy such as Baillie Gifford.

So now let's move on to R&D. Our R&D investment amounted to EUR 335 million in the first quarter, equivalent to 20% of our revenue and representing a 6.1% decline relative to prior year following the completion of migration of our systems to the public cloud at the end of last year. We continue to prioritize investment in R&D to deliver our organic growth, maintaining our leadership position. We are proud of the commitment that we make to remaining relevant for our customers and ensuring that emerging technologies such as AI, continue to enrich our entire portfolio.

Half of our investment was dedicated to the expansion of our portfolio as well as the evolution of our solutions and AI capabilities, including Amadeus Nevio and Navitaire Stratos for airlines, our hospitality platform, NDC technology for airlines, travel sellers and corporations and solutions for airports and payment services.

One-third was dedicated to customer implementations across our business, such as Marriott International and Accor for ACRS, new Nevio customers and airline portfolio upselling and customers implementing NDC technology as well as efforts related to bespoke professional services provided to our customers. And the remainder was dedicated to our partnerships with Microsoft and Google and the development of our internal technology systems. Capital expenditure also decreased by 15.2%, largely reflecting the completion of the migration of our systems to the cloud and represented 10.5% of revenues.

In Q1, we generated EUR 274 million of free cash flow, 4.5% ahead of last year as a result of our EBITDA expansion and lower capital expenditure. This was partially offset by a higher change in working capital outflow and higher interest and tax payments. Net debt amounted to EUR 2,586 million at the end of March, EUR 445 million higher than at the end of December 2025, fundamentally due to the acquisition of treasury shares under our share repurchase programs and the dividend payment as well as the acquisition of SkyLink, which we announced last quarter and partially offset by our free cash flow generation. Our leverage was 1x net debt to EBITDA at the end of March within our targeted leverage range.

So please turn to Slide 16 for a recap on our views on our outlook and final remarks. Despite the impact from the Middle East situation from March, Amadeus reported a strong performance in the first quarter, demonstrating the resilience of revenue streams not linked to volume. Our revenue expansion was supported by underlying volume growth beyond the disrupted traffic and the booking cancellation increase, coupled with solid unitary revenue metrics evolution, incremental disruption revenues and healthy performance of our hospitality and payments businesses.

In April, the booking evolution has improved, supported by a softening in the level of booking cancellations, although they are still below prior year. The PB trend has, however, decelerated, likely reflecting the slowdown in bookings we saw in March due to the Middle East situation. We are assuming booking growth will be negative in Q2 and PB growth will be weaker than it was in Q1. It is difficult to predict as the situation still remains uncertain. Our PBs in April were also impacted by airline strikes in Western Europe and customer mix. We are closely monitoring the macro and geopolitical context and are taking a prudent approach with cost containment measures in place. We are currently expecting to deliver within our guided expectations for 2026 based on our assumptions of booking growth recovery in the second half and global air traffic growth of 3% in the year.

And I would like to end our presentation today with our value proposition. We are a large-scale mission-critical travel technology leader. We have deep, long-standing customer relationships at global scale. We have a robust financial framework and a resilient business model. We have a unique and diverse talent base empowered by a cohesive team culture, all of which gives us confidence in our solid growth prospects for the coming years and remain focused on driving value creation for our customers, employees and shareholders, delivering strong operating and financial performance into the midterm.

With this, we've finished the presentation, and we can now open the call for any questions that you might have. Thank you.

[Operator Instructions] Your first question comes from Alex Irving from Bernstein.

Congratulations on the strong quarter. Two from me, please. For the first one, I'm going to start by quoting Sabre's CEO from their earnings call yesterday. "we believe Amadeus has a dominant monopoly position and they're making it very difficult for airlines to choose anybody but Amadeus for the new offer and order solutions. So working on approach to that from a regulatory and legal standpoint."

My question, therefore, is in two parts. First of all, what action do you think it refers to? Second, how would you defend that to a competition regulator?

Second question, more normal one, really good revenue per PB growth this quarter in Air IT. How sustainable is that as we go through the year? Or phrased, how big is the one-off from the Middle East disruption in Q1.

Look, let me start with the first question. I mean, we have always competed on the strength of our technology for many, many, many years, the openness of our platform and the value we create for customers across the ecosystem. And our solutions are chosen because we deliver the best outcome for our customers with which we have very, very close and long-term relationships. And we have been investing a lot in offer and order for a long time. We have big groups that have decided to work with us. And we will keep delivering and of course, engaging to keep our customers happy. That's everything I can say.

And then, Alex, on your revenue per PB growth, you would recall that I mentioned there were 3 drivers for the revenue per PB growth. One was linked to -- PB Linked, our normal run of the mill inflation upselling Nevio. Run of the mill, that's I'm downplaying all the great work that our commercial teams do. I mentioned our nontransactional component, which is the growth that we're seeing on Professional Services.

And then your question is really around the disruption-related services. And this is transactional, but it's not PB linked. And that represented about 1/3 of our PB growth in the quarter. We expect that to moderate, obviously, into the future as the conflict kind of continues to resolve. So we don't think that, that is sustainable.

Understood. So kind of underlying, it would be about 6% and a bit-ish, the rest of it?

Your next question comes from the line of Sven Merkt from Barclays.

Maybe first, can you speak a bit, how you derived the 3% air traffic growth for the full year? What is factored in there in terms of the Middle Eastern impact, but also fuel-related voluntary or forced capacity reductions?

And then can you give us a bit more color on the booking trends you have seen in March, excluding the cancellation spike and how that has trended into April?

And then finally, it would be great if you could unpack a bit the growth in Hospitality for us. What has been the underlying performance? Has there been any impact from the Middle East on that segment in the quarter?

Okay. They sound quite financial...

Yes. Let me take a little bit the last one, okay? Hospitality, in general, not being very much impacted. I mean, as you know, we are very strong in the U.S. with our Hospitality business that has been less impacted by this situation. So yes, there has been always a small impact, but not in general. So that's why -- okay, a little bit, yes, but it's not the size of the same scope that we may have with our other 2 businesses. This is why we have not really stated any adjustment or any specific point. I mean, yes, there's always a small impact, especially as we produce hotel bookings. There are some parts of the business that we do with the Middle East. But overall, the impact has been minimal in this [indiscernible].

Yes. Okay. So if we're going in reverse order, I'll take the second last, which was the bookings growth. I mean maybe I'll first start by saying that what we said in Q4 or in the full year is that we expected that Q1 would outperform Q4. And if not for the Middle East impact, we would have been -- that statement would have been true. Without the Middle East impact, we would have had a 4% booking growth. It is true that we saw some deterioration in March. And what we're seeing in April is the underlying booking growth improving from what we were seeing in March. And that's basically due to a moderation in the cancellation rates, airspaces reopening, airlines commenting very positively on demand profiles and things like that. So we still think that there will be some slower bookings growth in Q2, but albeit improving April from March.

And then finally, your question then was on the 3% global growth. Our view is -- let's again take it one step back. The IATA forecast for global traffic year-to-date, February 5%, 2% in March. And so that's kind of the -- what we're going as a baseline. We believe that a reasonable assumption is to assume 3% global air traffic growth for the full year. And on that basis, the range that we provided for our revenue would be within guidance.

Having said that, our guidance is not all about volume, right? So there are other things that contribute to our revenue growth and other areas. And I think we've demonstrated that -- definitely in the Q1 that we've had continued unitary performance. We've had growth in revenue streams, not linked to bookings or PBs and we're expecting a recovery in the second half of the year. So that's how we've come up with our assumption of the 3%.

Your next question comes from Charles Brennan from Jefferies.

I've got two, if I can, actually. Firstly, just on the bookings side, I think Sabre reported 6% bookings growth in the quarter. We don't often see you undergrowing Sabre as a competitor. Where do you think you've left some growth on the table? And do you think that's consigned just to Q1? Or is that something that we should assume annualizes for the rest of the year?

And then secondly, just broadly on your full year guidance, you're still guiding to high single-digit growth. But I'm assuming that high single-digit growth implied a range and you're probably now assuming you're at the lower part of that range. Can you just quantify for us the sort of quantum of revenue change that you're now expecting versus the beginning of the year?

Okay. Let me start with the first part. I mean, look, of course, we focus on ourselves. I cannot tell you what our competitors do in terms of their own projections and their own figures. So I cannot really talk about that. I can talk about ourselves. We keep gaining momentum. We are not losing customers. And therefore, we are in line with what we told you at the end of last year with the exception of Middle East. So we keep executing on our strategy, extending our breadth of customers and our customers around the globe. So we are very pleased with our commercial performance.

Yes. And I might just add a little bit to that, too, Sabre is generally more prominent in the U.S. market, even though our [indiscernible] region did grow in the quarter. And also it has a bit of a different customer mix. So I don't think it's fully comparable in terms of like-for-like. In terms of the guidance range, when we issued the outlook in 2026, we were very clear with the revenue assumption -- the volume assumption, beg your pardon, that we had pegged our revenue forecast to. We said it was 4.5% of global air traffic growth. And we also gave a range of high single digit, meaning that we could operate within that range.

We think, obviously, with the reduction in volume, there should be a reduction in revenue, and we might be more towards the lower end of the range. However, as I said before, it's not all about volume, right? So there's also been some overperformance in some unitary metrics. So we still -- from what we can see today on the assumptions we have today, we still see that we can deliver revenue within the high single-digit range.

Your next question comes from the line of Michael Briest from UBS.

Just -- obviously, the conflict, maybe it's -- there's a cease fire now, but it's still impacting fuel prices, especially. And it's also lasted more than a month, which was the impact in Q1. I maybe misheard you, Carol, but did you say that bookings were expected to be negative in Q2 still? Or was that just around April? I know that's in the release, but can you talk about your expectations for Q2? And if the conflict is not resolved by the end of June, is it fair to say that makes the 3% underlying assumption for the year hard to achieve?

And then a question on NDC volumes. I know you added Air Cairo to the list of customers, but it hasn't really progressed a lot in the last couple of quarters. Can you maybe talk about the dynamics there? And your competitor talked about 4% of their GDS volumes being NDC-based yesterday. Is there any update on that you can provide us?

Okay. Let me start with the last one. We are ahead of this figure that you mentioned. Overall, they keep growing very well. Again, as we implement new carriers as a percentage of the total bookings, it keeps increasing. So we are pleased with the evolution of NDC volumes. And again, growing well with all the impacts of the mix in the month of March that has generated some impacts also in the mix. But overall, the NDC bookings keep increasing. And as I said, very pleased with the evolution of that. It's still not a very high percentage of the total volume, but ahead the figure that you mentioned.

Yes, mid-teens, we're still tracking mid-teens on our NDC penetration.

But this is just -- okay. Carol, just to clarify, this is for the carriers that have been implemented. Overall, as a percent of the GDS bookings is below that number.

Very big, yes. In terms of Q2 bookings, yes, we do believe that we will still continue to have negative growth in Q2 on bookings. As I said, April was better than March, but still in negative territory. Having said that, that is in our projections for the full year. So despite a negative booking growth in Q2, we still think that we will deliver within our guided range. It's within our guidance expectations and forecast.

I mean let me add some color, too, because you said, look, this keeps after June. I mean, look, yes, I mean, if the situation keeps as it is, probably the traffic will be less. Saying that -- and again, without trying to have a crystal ball at all. I mean, it depends how things evolve because sometimes conflicts stay in a situation that people get used to that and traffic comes back, it depends which kind of conflict. Of course, if things come back to the March situation, probably not, but it could be a kind of stability or unsettling, we don't know how things will evolve. So very often, there is a big impact at the beginning on top of the cancellations and things start to recover and people start traveling even if the situation is not fully resolved.

So we will need to see, again, I don't have a crystal ball of what may happen, but the natural evolution based on other situations like this one is that things improve slowly, even if the situation is not completely resolved. And then of course, once it is resolved, usually, there is a rebound of that. And we are seeing that progressively that things are improving. You also have seen that despite the current situation, some airlines in the Middle East are increasing their capacity and coming back to operations. So of course, we need to see how this whole situation evolves. And also, of course, needless to say, what is the price of the fuel in the coming months. All that will have an impact, difficult to predict. But this is why our assumption has been modest and prudent for the second quarter, and then we are assuming there will be further recovery in the second half. This is our current assumption.

Our next question comes from Nooshin Nejati from Deutsche Bank.

Two on my side, please. Maybe on cost flexibility. As volume disruption continues in Q2, how much more cost flexibility do you have without slowing the investment? And could you help us understand how you are thinking about monetization for Agentic AI in traveler engagement. Over time, should we expect the economics to show up more through stand-alone modules, higher attach rate, transaction-based fees or better retention with the existing travel seller offering?

Let me start with the second one. I mean, in medium term, the answer is yes. In many areas, we are already implementing solutions. In some others, we are testing. In general, our approach to new technology has always been based on value that we deliver, try to see what is the value, okay? Can this bring incremental revenue? As we are stating with Nevio, when we implement Nevio, is it more about optimization of cost of the customer. And based on that, of course, we price. In some cases, it will be part of our overall solution, but hopefully, we'll be able to really charge small or upsell based on the quality of what we deliver. In some specific cases, of course, there could be some things very independent related to Agentic AI that we will monetize independently. But very often, this is part of our overall relationship with the customers and our own solutions. And again, we are implementing in the road map of all our portfolio as we speak. So it will be part of the natural contract and debate negotiation with our customers.

And on the cost base, I've been quite proud actually of the resilience of the company in applying cost discipline in the past. I think we showed that in full year '25, where our profit EBIT outgrew our revenue delivery. And it is true that with the Middle East situation that we have now, we've implemented some tactical cost containment measures to again continue to try to offset the impact.

The other structural thing that's really good about Amadeus is that we have some flexibility in our resourcing, particularly in our R&D area where we can flex up and down to continue to maintain our momentum on investing in the right places at the right time and ensuring that we maintain our leadership position. So quite good disciplined cost performance that we're seeing, and we'll continue to deploy cost containment measures for as long as we are in this situation.

The next question comes from the line of Laurent Daure from Kepler Cheuvreux.

I also have two questions. The first is on the strength in Professional Services. I was wondering if it was linked to ramp-up of Nevio and if it's something that is sustainable in the years to come to have more services in the mix?

And my second question, if you don't mind, returning a minute on the IDEMIA deal you announced last week. In the last -- if you could share with us the last 3 years average sales growth of the asset you bought because there's been a lot of numbers thrown in the market recently. And it would be interesting to know how much you need to achieve to go to high single digits from the growth rate you had in the last 2, 3 years.

The Professional Services...

Yes, let me take that, okay. The answer is yes. We see more demand on services from our customers. Part of that, yes, is due to the implementation of Nevio, but not just that. I mean, even with Altea. In general, yes, our customers are requesting ourselves, more people, more competency centers to optimize our solutions, to integrate with our solutions and especially as we are offering more flexibility, it's more modular what we are bringing to the table. So this is a trend that has happened during many years and keeps continuing. So I don't see any reason. On the contrary, we see demand from our customers to support their business objectives. So I will say, yes, we have reported that should be sustainable in the coming years.

And it goes beyond Nevio does it, Luis? It's a lot of other activities that we're doing. And then in terms of your question on IDEMIA, I didn't quite follow it. But maybe I'd prefer to answer why we believe in the revenue growth trajectory that we've committed, which was high single digits. There are a couple of factors. One, there was a headwind in prior years with a change in a relationship with a key customer. The customer was the TSA who moved to a multi-provider strategy, and that caused, obviously, some delay in momentum.

The second thing was these kind of renewal cycles, particularly with this customer as well, are on a 5-year cycle. And we know 5 years ago, we were in COVID. So we had depressed renewal cycles because of the lower impact from COVID. So the recovery thesis for this kind of area is more around stabilization and rebuilding rather than returning back to the historical peak performance. We also then had some demand and procurement slowdowns in 2025 and things like the cost reduction policies that the Trump administration issued with the Dodge program, and there were some U.S. federal employment adjustments and tariffs. So we all felt that there were temporary demand pressures and procurement challenges that we believe will be unlocked moving forward.

And then the final thing I'd say is that this probably talks to the beauty of the combination of Amadeus and IDEMIA. So in our opinion, the success of the passenger facilitation area really depends on the airport integration, workflow embedding and the airport relationships. And this is where Amadeus, through our existing airport ops, the acquisition of Vision-Box, has very strong relationships. So we believe that we can unlock -- that coupled with a very solid technology capability in IDEMIA, we feel that we can unlock those customer segments and integrate that moving forward. So we feel comfortable in our revenue growth projection regardless of the historical performance.

Your next question comes from Victor Cheng of Bank of America.

Maybe two from my side. I appreciate we've talked a few times on bookings already, but can we dig a bit deeper into trends in March and April? It sounded like April improved due to cancellations, but what other regions and booking types are you seeing improving? It looks like at least when I look at Q1, APAC looks exceptionally strong, but Western Europe looks a bit less strong in the quarter. I thought both regions will have benefited from rerouting. And on that point, do you also see some pull-forward effects as people plan ahead to avoid fare increases? Or is the booking window a lot shorter now due to some regional uncertainty?

And second question relates to just can you provide maybe some rough split on Air IT, what's the non-PB-related revenue versus PB-related revenue so we can better understand the unit economics evolution.

Okay. So in terms of trends on bookings, well, firstly, let me just put it out there that it wasn't just the Middle East that affected us in Q1, right? We had some pretty significant impacts to disruption with the Lufthansa strikes, for example. There were storm events. There was a whole heap of other things. So we did see some negative growth in other regions beyond the MEA region. But having said that, I just wanted to reiterate that prior to the conflict, our PBs and bookings were growing strongly, and they were growing in line with the exit rates of last year. March, we saw a reduction primarily in bookings. We did see a reduction in PBs, but a bigger reduction in bookings, particularly with volumes going through origin or destination in the Middle East countries, particularly the 11 conflicted countries. But thanks to our global presence, we did see an uplift in other locations, right? We saw some rebookings going to other regions. Asia Pacific is an example that took a bit of growth from or the benefit from rebookings.

And then I think I've mentioned already that we see March -- sorry, beg you pardon, April bookings improving from March, albeit still in negative growth, but we're seeing PBs that are moderating from March because of the lag effect. And your last kind of point on that, Victor, was we are seeing the booking cycle shortening. I think there's some changes in behavior happening now with travelers. And so we are seeing that shortening. We still have a very high level of inventory that's not yet traveled and our cancellations are normalizing, but we are still seeing that need to see that come through. That was the trends for March.

The second question was PB?

Yes. I think I mentioned there are 3 catalysts for that. There's the great work that our commercial teams do on inflation, upselling, Nevio, all of that sort of stuff. I said 1/3 of it was related to disruption activity. And then there's also an element of nontransactional revenue, which I think Luis just mentioned, the success that we continue to have in professional services, our airport business and things like that. So they are all contributing to the very attractive 8.6% revenue per PB growth in the Q.

There are no further questions at this time. I'll now hand the call back to Luis Maroto for closing remarks.

Thank you very much again for joining the call, and we will talk again at the end of July with an update, of course, of what happens from now to that date related to the Middle East situation. Thank you very much.

The conference call has now ended. Thank you for participating. You may all disconnect your lines.

Good day, ladies and gentlemen, and welcome to the Amadeus intention to acquire Idemia Public Security Conference Call. [Operator Instructions]

I would now like to turn the conference over to Luis Maroto, President and CEO of Amadeus. Please go ahead.

Good afternoon, and thank you for joining us at such short notice today. Today, we were pleased to announce our intention to acquire Idemia Public Security or IPS. This is a complementary and travel-centric acquisition aimed at creating seamless end-to-end travel journeys of the future. Desius, Carol and I will walk you through the strategic and financial rationale for this acquisition as well as our time line to obtain regulatory approvals. So let's begin.

Please turn to Slide 5. Let me start by explaining why this acquisition is strategically important for Amadeus. IPS is a world-class market-leading end-to-end biometric technology platform with a strong global blue-chip client base. IPS fits naturally within our strategy. We already connect airlines, airports, hotels and border systems today. By bringing together the Amadeus travel platform with IPL's leading biometric and identity capabilities, we deepen our own capabilities and also strengthening our offering.

We link a larger part of the travel journey, enabling Amadeus to deliver more connected end-to-end travel experiences in a more seamless, consistent and trusted way. We operate in a fast-evolving AI world. The ability to connect physical and digital identity is becoming increasingly important. Trusted identity links the traveler across each stage of the journey from booking to airports, borders, boarding and beyond. This acquisition is about extending trusted traveler identity across more touch points, reducing friction and improving the traveler experience. All this while the traveler remains in control of their personal data.

It reflects our strong -- our long-term commitment to biometrics as a core component of our platform strategy, and it also builds on the progress we have made already with Vision-Box. IPS brings Amadeus' scale today and expansion potential for tomorrow. It adds a large and growing addressable market, a resilient and diversified revenue base and a geographic and commercial footprint that reinforces our ambition to become an orchestrator of the travel ecosystem.

Beyond passenger processing, IPS capabilities also extend secure identity into adjacent complementary and regulated environments such as access control and government-grade biometric identification and data solutions. In each of these areas, trusted identity and privacy by design are critical and operational reliability is paramount. So the combination will strengthen and expand Amadeus' capabilities in secure identity while also naturally extending the breadth and reach of our offering across the travel ecosystem and beyond.

IPS employs 3,300 people worldwide. It serves over 600 public and private sector customers globally, bringing scale and depth in secure identity solutions. In addition to the strong strategic alignment, there is also a strong cultural fit between the 2 companies. Additionally, IPS has a highly skilled management team and employee base. This is an all-cash acquisition for $1.2 billion, which reflects both the quality of the asset and our confidence in the long-term strategic value, including synergies of bringing these capabilities together within Amadeus.

With this combination, we see a strong opportunity for incremental revenue as well as for cost synergies. Cost synergies, we believe, can reach in the range of $50 million annually in the midterm. Overall, we see a compelling business case. The transaction is immediately EPS accretive and reflects an effective and disciplined use of our balance sheet, supporting sustainable value creation and enhance shareholder returns. Let me give you a few last points on the transaction before I hand over to Decius and Carol to tell you more.

IPS generated $711 million in revenue in '25 with an estimated adjusted EBITDA and EBIT of $112 million and $70 million, respectively. On a stand-alone basis, we expect IPS to grow into the future at a high single-digit rate with expanding operating margins. Our valuation of $1.2 billion represents a 9.8x '26 EBITDA multiple. We have also agreed to an earn-out structure of up to a further $150 million.

Finally, in terms of timing, completion is expected in mid-'27, subject to regulatory approvals and customary closing conditions. We are excited about the acquisition of IPS. The complementary and travel-centric acquisition combines a strong strategic fit with disciplined capital allocation and clear, but shareholder value creation. I will now hand over to Decius, who will go into more detail about the strategic alignment and the opportunities this combination creates.

Thank you, Luis. Hello, everyone. We move to Slide 8. So as Luis mentioned, Amadeus is on a mission to create seamless end-to-end travel journeys of the future. We are reinforcing our broader ambition to be an orchestrator of the travel ecosystem. Today, identity sits at the heart of the travel journey. As you can see on the slide, from inspiration and booking through the airport, order crossing, delivery of destination, travelers are repeatedly asked to answer the personal information or to prove who they are. This process is fragmented, manual and often frustrating, requiring the same actions to be performed again and again across multiple touch points and stakeholders.

Our vision is of seamless travel and to remove friction entirely. As digital identity and biometric technologies rapidly gain adoption worldwide, they create a unique opportunity to fundamentally redesign the travel experience. making it simple for travelers, more secure for governments and more efficient for the industry as a whole. And this is where Amadeus is uniquely positioned. Over recent years, we have deliberately expanded beyond our traditional travel verticals into adjacent and complementary domains such as biometric, payments and corporate IT. The broader reach give us privileged position in the travel ecosystem, long-standing and deep customer relationships, mission-critical platforms and the ability to connect stakeholders across the travel journey.

Our technology road map in this space is, therefore, focused on one clear ambition, orchestrating the traveler experience across stakeholders using secure identity as its backbone. So let me turn on to the size of the opportunity and the current revenue split on Slide 9. The combination of Amadeus and IPS materially expands our addressable market to $50 billion. Let's start with borders and travel. This market is underpinned by strong structural tailwinds, rising global passenger volumes, increasing pressure on infrastructure and growing demand on automation.

Regulation is playing an important role here with initiatives such as the entry exit systems in Europe accelerating adoption as well as airlines and airports themselves pushing for frictionally travel models to improve efficiency and passenger experience. If we turn to law enforcement, it represents a different but highly attractive profile. This is a stable, resilient and profitable market, characterized by long-term contracts, high renewal rates and strong customer retention.

Demand is driven by advanced biometric technology, strict certification requirements and mission-critical use cases, making it structurally defensive and complementary to travel. Access control, the third segment is the fastest-growing segment. Growth is driven by modernization cycles across both public and private infrastructure, contactless access, Zero Trust security models, regulatory compliance and the replacement of aging systems.

This segment benefits directly from the same biometric innovations we deploy in travel, creating clear technology and go-to-market synergies. Turning to IPS' current revenue profile. So borders and travel and law enforcement each represent around 40% of the revenues, with access control accounting for the remaining 20%. This mix provides immediate scale in core travel adjacent segments while also giving us exposure to fast-growing the access control segment.

IPS significantly complements Amadeus existing footprint. The business has a strong presence in North America and Asia Pacific with highly strategic customers such as the TSA, the FBI and Singapore's immigration and Checkpoints Authority. This only strengthens our access to strategic markets. This not only strengthens our access to strategic markets, but also deepens our relationships with sovereign and government stakeholders globally.

So turning to Slide 10. Let me highlight what makes IPS such a compelling business. First, it's a world-class market-leading end-to-end biometric technology platform. IPS operates one of the most advanced biometric platforms in the market, consistently delivering best-in-class performance in fairness, accuracy, speed and robustness. Their technologies are independently validated and regularly rank highly on international benchmarks. This is underpinned by sustained innovation with more than EUR 70 million invested annually in R&D, over 1,000 patents granted and a portfolio coverage covering face, fingerprint and iris recognition.

Second, a strong global blue-chip client base. IPS serves more than 600 public and private sector customers globally, many of whom operate mission-critical systems. These relationships are deep and long-standing, and the market requires significant technology investments through long development cycles. Contract visibility is strong with an average contract length between 5 and 10 years, 70% -- 75% win rate for new contracts and a contract renewal above 90%.

So third, strong expertise and operational depth. IPS brings over 3,300 employees operating across 29 countries, supported by 8 global R&D centers. The average tenure of the talent employee base is almost 8 years, reflecting deep domain expertise and strong talent retention in a highly specialized field. This depth matters in regulated high-stakes environments where trust, certification and operational reliability are essential. These strengths demonstrates that IPS is a trusted, reliable partner with a secured order backlog of approximately $2 billion, providing multiyear revenue visibility and resilience through the cycle. This combination of technological leadership, long-term contracts and strong backlog underpins a robust and predictable business profile.

So now let's go on Slide 11. Here, we try to show you the combination of Amadeus and IPS drives further digitalization of core travel processes. Building on our mission and ambition stated previously, let me share how this acquisition accelerates our path to seamless travel. Over the past years, Amadeus has been executing a deliberate and consistent strategy, bringing biometric identity capabilities directly into our core travel platform rather than relying on fragmented third-party integrations.

The acquisitions of Vision-Box in 2024 and WCC Hermes border control solution in 2025 were important milestones in that journey. The IPS acquisition is the next and most transformative step. IPS brings critical mass, depth and technological leadership to some of the most important identity touch points in the traveler journey. Together, this reinforces our ambition to become an orchestrator of the travel ecosystem around Trust Digital Identity.

Let me highlight this through 4 key dimensions. First, technology leadership and journey coverage, enhancing and complementing our existing technology. IPS is a global leader in biometric technologies, consistently ranking high in independent valuations, such as the American National Institutes of Standards and Technology. By acquiring IPS, we significantly strengthen our coverage of the border control segment while extending identity use cases across the end-to-end journey. Just as importantly, we add best-in-class face, iris and fingerprint technologies to our portfolio, giving us extensive modality breadth and performance across travel environments.

Second, strategic customers and geographic expansion, expanding our presence commercially and regionally, adding new travel use cases. IPS brings a highly diversified and strategically important customer base into our footprint. This includes a strong presence in the United States, one of the most critical markets for aviation, borders and government technology as well as exposure to adjacent travel verticals such as rail, land and sea borders. This meaningfully broadens both our market access and our ecosystem reach.

Third, new growth opportunities across the travel ecosystem. The combination of IPS' biometric expertise with our deep travel and platform capabilities create a powerful foundation for growth well beyond today's use cases. We see biometric identity rapidly expanding into new travel touch points such as hotel, car rental, check-in and mobility hubs. With our joint capabilities, Amadeus will be uniquely positioned to bring secure, scalable identity orchestration to these markets.

Finally, extension into new adjacent customer segments. Beyond passenger processing, IPS all extends our role into adjacent complementary and regulated environments such as access control and government-grade biometric identification and data solutions where trusted identity is critical. This would deepen our capability in secure identity and naturally extend the breadth and reach of our offerings and naturally extend the breadth and reach of our offerings. These expansion ensures that our biometric and digital identity offering remains relevant for the customer segments that value it most. IPS accelerates our strategy on multiple fronts. stronger technology, broader journey coverage, deeper customer relationships and expand growth optionality, ensuring that our ambition of orchestrating the travel ecosystem remains at our core.

And with this, I now hand over to Carol for a financial overview of the transaction.

Thank you, Decius. Hello, everyone. Let's turn to Slide 13. So firstly, I echo what both Decius and Luis have said. We are excited about this potential opportunity -- this potential acquisition and the opportunities it brings Amadeus. It is a complementary acquisition that delivers on our growth ambition and long-term commitment to biometrics as part of our broader platform strategy. It increases the breadth and scale of our offerings and makes us more relevant in one of the most transformative technologies alongside AI for delivering fast, convenient and secure end-to-end traveler journeys.

The IPS transaction is a compelling business case with enhanced shareholder returns. At a purchase price of EUR 1.2 billion, we believe it is a fair valuation for a high-quality asset, representing 9.8x FY '26 EBITDA multiple. We have agreed to an earn-out structure of up to an additional EUR 150 million. There is also an attractive opportunity to produce revenue and cost synergies, not reflected in the economics I have just mentioned. IPS is complementary to Vision-Box, which was acquired in 2024, as Decius said.

Integration planning will identify potential product alignment, operational efficiencies and corporate integration initiatives, which will produce cost synergies that we estimate in the range of EUR 50 million annually in the midterm. Whilst not fully quantified yet, we see high synergies on the revenue side. As Decius was saying, under our ownership, we expect to generate benefits from the combination of Amadeus and IPS by joining IPS' technology with our touch points across the traveler journey.

IPS' best-in-class technology will enhance our offering, open cross-sell opportunities of IPS solutions to Amadeus customer base and the possibility for Amadeus to further expand biometrics and digital identity into travel adjacencies. We expect IPS to deliver midterm high single-digit revenue growth with expanding operating margins, and the transaction will be immediately EPS accretive to Amadeus.

Finally, the long-term contractual relationships, coupled with the high win rate and renewal rates and a significant order backlog gives us confidence in underpinning a robust and predictable business profile. Regarding IPS' contribution to our organic outlook, which we announced in February this year. As I have just mentioned, we expect IPS to deliver revenue growth at a high single-digit pace into the midterm. This is pre-synergies, and it is in line with our organic midterm revenue outlook -- growth outlook for Amadeus, supporting our growth ambitions and maintaining our midterm guidance.

IPS' EBIT margin is lower than Amadeus' EBIT margin. So when we consolidate IPS in 2027, we will experience a onetime EBIT margin dilution. However, we expect IPS EBIT to grow faster than its revenues, delivering EBIT margin expansion annually and supporting the consolidated group positive EBIT margin evolution in the following years. We expect that with this acquisition, we will be accretive to our adjusted diluted EPS growth, our organic outlook and its free cash flow generation is consistent with our organic growth outlook.

Overall, IPS is a strong cultural fit with a talented management and employee base. We are confident that this is a disciplined use of capital that will result in the delivery of enhanced shareholder value.

So on Slide 14, talking about the debt financing arrangements. The IPS transaction will be fully financed through a combination of existing cash and debt facilities. Our year-end 2025 leverage pro forma for this acquisition would be 1.3x net debt to EBITDA. The cash generation capabilities of both companies give us confidence that we would rapidly deleverage following completion.

And with this, I'll hand back to you, Luis.

Thanks, Carol. So to finish, let me describe the expected transaction time line we are working towards. Amadeus has signed a pre-agreement to acquire IPS with the seller in the form of a put agreement while we await IPS Workers' Council opinion. This is standard practice when acquiring French companies. We expect to go through this process over the coming weeks and then proceed to sign the share purchase agreement.

Following signing, the transaction will be subject to a comprehensive regulatory review process. This will include foreign investment approvals in the United States, non-U.S. foreign investment reviews and applicable antitrust clearances as it is customary for a transaction of this nature. Given the scope of these processes, we expect completion in mid-'27, and we will continue to keep the market updated on any key developments.

With this, we have finished the presentation, and we'll now open for Q&A. Thank you.

[Operator Instructions] Your first question comes from the line of George Webb from Morgan Stanley.

Carol, congratulations on the deal. I've got a few questions, if I can. Firstly, just on the border and travel side of the IPS portfolio, could you just lay out in a bit more detail where you see IPS sitting alongside the portfolio you already had from the likes of Vision-Box from a technology perspective, whether does this fill in on that piece a bit more strongly than what you already had?

Secondly, just as you look to build on where IPS has reached and digging a bit more in some of the areas you laid out. What are the kind of top immediate priorities with regards to IPS once the deal closes? And where are the kind of areas you think you're looking at where you can accelerate the business?

And then just lastly, clearly, IPS brings pretty significant scale exposure outside of the travel domain around those law enforcement and access control areas you flagged. It sounds like those are still strategically important to you even if they're slightly more adjacent than they are core to where Amadeus has historically been. How do you think about the investments you maybe continue to make into those areas and the strategic importance?

Okay. All right. Let's start. So let's start with the, let's say, areas in common and the differences that we have between what was Vision-Box and what we have now with IPS. So essentially, IPS has trusted traveler programs. It adds the other types of borders. We are talking about land and sea instead of just air that we had with Vision-Box. We are talking about complementaries in terms of geographies because Vision-Box was very much focused on Europe and Middle East, and we are talking now about bringing U.S. and Asia Pacific.

So I think that all in all, it creates, let's say, a true full global business. And we believe that IPS then can benefit on our side from manufacturing capabilities, from the fact that we are servicing many customers together. So it means that we can be more productive in that area. It means that both of the companies will be able to invest on the same biometric capabilities, which means we believe we will produce a superior product for our customers. So I think for me, that's where differences and complementary on the border forces and travel space.

As we move into the other 2 segments, access control is essentially a licensing of the biometric information through third parties. So essentially is a servicing more horizontally, let's say, the biometric capabilities, but not necessarily being a high-touch business for us. So we feel that this is very complementary because we will continue developing the biometric capabilities, and we think we can leverage not only IPS' set of partners, but as well Amadeo's set of partners in what is going to be the journey moving forward, accelerating growth.

Law enforcement, as we have described, if we simply take the headline, this can be a very, very vast market. But if we look at the capabilities of what this company does in law enforcement, essentially is about biometric and trusted identification. So we feel that, that is an interesting business for us because it leverages the capabilities that we're going to be investing. We count with a team that is experienced, that has had leadership in this space. And we feel that with our partnerships, with our global reach, with all of the synergies that we can bring, this not only derisks the management case, but we feel that there is an opportunity for us accelerating into this vertical. And we find based on the nature of law enforcement, long contracts, high investment, very sticky business and so on and so forth. This is very much similar to other types of sales motions that we have on the travel sector. So we feel confident that we can take that business and expand it.

And I might complement Decius because I guess I've had some defense and security experience prior to joining Amadeus. I think the qualities that you mentioned, why we like this part of the business, it's a unified tech platform play. It ensures that we maintain our relevance in terms of our capabilities across biometrics. I think it enhances our value proposition across into new regulated environments. And the structural -- the market conditions of that type of industry are similar to what we're experiencing, right?

They're low risk, cash generative, long-term contracts, customer relationships, as you were just saying. So we're excited about this. We see that the business is that business is attractive. I agree with you on access control. It extends the travel ecosystem. Beyond there, you can think about stadiums and things like that. So all in all, I think this is a very complementary acquisition for Amadeus whilst maintaining travel at the core.

That's really helpful. I appreciate it. If maybe just throw one last one. I mean, I guess as you think maybe longer term, and this I suspect is not a near-term consideration. But when you think about the product architecture where there is a bit of an overlap between Vision-Box and IPS, is there an intention longer term to convert into more of a single platform? Or would you kind of maintain parallel solutions for different customer segments?

And we can take the experience of what has been Vision-Box with Amadeus. We have launched within 12 months what is a single portfolio to customers. And I think that would be the same approach is to say, specifically in travel and borders is for every vertical, we would like to have a single offer. I think that on law enforcement, then it's a different offer. And thus, it is us learning from IPS, what needs to be done and how we're going to be evolving that.

Your next question comes from the line of Alex Irving from Bernstein.

I hope all is well. Congratulations on the deal. First off, could you help me understand how the high single-digit growth algorithm fits together? Is the leverage of passenger volumes? How much is pricing? How much is in penetration or market share from incumbent competitors? Maybe within that, what share of passenger volumes are currently processed with biometric technology at airports? How is that penetration trending? And is there an annual price uplift? Second question, to what extent is this investment in part because you see IATA's OneID program accelerating? Or is that not a meaningful part of your own M&A case here that it stands really on its own merits of a deal?

Okay. Let me start with the last one because I think it's important to do a clarification. Our strategy is to orchestrate IDs. So it means that we're not going to be prescribing IATA ID or a Google ID or a country ID. We will be treating individuals and we're going to be matching whatever number of IDs they have with their biometric information. That is the value we believe that we can bring in terms of orchestrating. So it is like all of these initiatives are compatible with our strategy, meaning we hope that all of these ID rollouts are successful, and we can support on orchestrating, making them available on the touch points and helping enrolling because the big thing about biometrics is making sure that we can match the face to the ID that is going to be on the phone of the person. So we feel that with our footprint, we're going to be able to accelerate the adoption and the enrollment of biometric across the globe.

Now when we go into what is going to be the growth equation, I think we have mentioned here about the backlog that this company has. So this means that a lot of the growth that we expect is based on realizing contracts with the same existing customers. We do have some pricing effect on it because these are long-term contracts that have adjustments in terms of price. And we have discussed that the fact that we see some overlaps within the product structure, we believe that we're going to be able to grow, but not necessarily having to grow cost and investment at the same pace as revenue, thus creating the expansion. So like I think these are the 3 main hypothesis. We leave a little bit on the open for the future, which is we do see a potential upside on selling more IPS portfolio within Amadeus customers and vice versa.

We do feel that we can look into further synergies in terms of cost, but these remain as upsides as well as what is going to be the future use cases once we have the full end-to-end chain and what we're going to be able to deliver in terms of innovation once we have the biometrics, not only within the airflow, let's say, this way, but going to overall travel flows.

Yes. So to complement that, I think the structural conditions of the market with the addressable market also indicate growth and running into that space and filling that in. I think the combination of the Amadeus customer relationships, proven track record, brand, market trust coupled with the talented individuals and the technological prowess of IPS also gives us very good confidence in ability to achieve the revenue growth here.

And as Decius' last point, revenue synergies, and I think I mentioned this as well, revenue synergies, we believe exist, but we have not quantified that yet. And we do think that there's an opportunity to further enhance on there. So we are confident in the delivery of the high single-digit revenue growth for this asset.

Just to maybe follow up quickly. So there's no explicit industry-wide penetration growth assumption for biometrics that forms part of that. That would come on top. I'm understanding your answer correctly?

So I think what Carol has mentioned is we believe that penetration will continue to expand, and that is part of the acceleration that we'll see because of the backlog, as I was mentioning, of orders. So it is like the intention of the current customers that we'll continue investing and replacing, let's say, old infrastructure by new infrastructure with biometric capabilities.

Yes. And if you believe the addressable market growth as we do, just fulfilling that addressable market without increasing market share gets you to high single digits. And then, of course, we've had a track record of improving market share in the verticals that we serve. So I think there is structural room within the market conditions to enable us to deliver high single-digit growth.

Your next question comes from the line of Sven Merkt from Barclays.

Congrats on the deal. I just want to maybe start by diving a bit deeper into your ambition to become an orchestrator of the travel ecosystem. Here would be particularly interested in your views where covering the complete travel process end-to-end is really driving network effects and becomes really strategic rather than just covers individual kind of use cases and how IPS really fits into that?

And then it would be also great if you could speak a bit about the EBIT margin profile of the business. The company has been in private equity ownership for a while. So how much has the margin been optimized already? And what would you consider a mature margin profile for the business?

Okay. So let's start a bit with the strategic part and then Carol follows on, on the margin question. So on the strategic side, we believe that the network effects come from -- if we are able to provide convenience to travelers and that we're going to be able to tie all of these touch points, we become an interesting execution layer because for all of what is going to be the strategies and the preferences of travelers. So essentially is this is a fragmented world. So on a typical trip, you were talking about 2 airports that are going to be involved, multiple airlines, different ground transportation.

So it's like who can be the player that can unify and take friction across all of these touch points. We believe that then we create a benefit that as Amadeus grows, more touch points are going to be available for travelers and more possibility of us removing friction. So it creates this flyingwheel and positive spin, let's call it this way, on the adoption of biometric technologies and a preference from providers in counting on our technology to provide convenience to travelers in airports, airlines, lounges, trusted traveler programs, so on and so forth.

And on the EBIT margin product, I guess you don't want to take that one -- on the EBIT margin profile, just to remind, we already have a business within our portfolio that does -- that performs this way. It's our airport ops business that sits within the airline IT business. It is true that this type of business is structurally lower in terms of margin, EBIT margin than the Amadeus Group, and we know that.

What we can see is that the IPS asset has been performing profitably better than our current airport ops business. So again, we're quite encouraged by that. This asset has been under the ownership of private equity and has been as a result of a carve-out. So I guess there are still some synergies that we think we can leverage off as we've committed, $50 million cost synergies within the midterm, predominantly on manufacturing and procurement that we think that we could materialize.

And I've also mentioned that we're expecting that EBIT will outgrow the revenue. So we're expecting that there is going to be margin expansion similar to our organic outlook at the Amadeus level. So in short, it is a structurally lower EBIT profile, but we feel confident that we can both drive out the cost synergies, which will be in addition to that and also continue to expand EBIT margin of this asset under our ownership.

Your next question comes from the line of [indiscernible] from UBS.

We're not hearing you properly.

Michael Briest from UBS.

You're not coming across. We can't hear you properly.

Your next question from Michael Briest.

Yes, we are not hearing you. We are trying to check if we can understand who is next. And go to the next question. Okay.

Sorry, there's some problem with the audio there. Yes. So just a couple of sort of connected questions from me. I think Fitch downgraded the debt outlook for the group in November last year, and I appreciate there's more parts to the business than what you're buying. But I mentioned the Dodge headwinds from procurement. Can you say something about revenue growth in 2025? And as we look out to next year, do you think the growth will be sort of high single digit for the next 2 years? So we should be looking at revenues approaching EUR 850 million when you buy the business?

And then, Carol, I mean, are you taking on any of their debt because I assume they're paying quite a high interest rate. Will there be any stranded costs that come across because it's part of a group or transfer pricing from them? And can you say something about the means by which they achieve their earn-out? And then Luis, just one on the -- there's a slide there you showed of the many steps in a traveler's journey. Do you have any ambition in things like hotel check-in, biometric onboard payments, logging in or identification for OTAs because they were part of the journey.

Let me start even if Decius is covering detail. But again, I mean, we feel biometrics is going to expand in general. And in travel, this is a reality. Digital identity is becoming, as you know, something that people are talking about that is must in the way it will operate.

And therefore, yes, we are not just thinking about in general, even when we acquired Vision-Box in the specific use cases that we have a lot, but we are convinced it will extend to other parts of the traveler journey because it makes a lot of sense that the combination of digital identity, our capability to orchestrate and our biometrics capabilities should give us a way forward where we expect to really bring additional revenues to the company. Part of that is not part of the business case that we are managing today. But yes, there is clearly the trend and the idea that this can be played in other segments such as the one that you mentioned, hotels or other parts of the traveler journey.

Okay. And then I'll take the historical performance and the earn-out debt question. So it is true in late 2024, some parts of this asset did experience some commercial headwinds. An example of that was the TSA offering where it lost its monopolistic position and was introduced to competition. And it also is true that this company has been suffering from some, let's call it, headwinds as associated with preparing this asset for sale. There's been some management changes and things like that.

So the performance to date has been a little less than what we are expecting and predicting moving forward. However, having said that, I go back to what we were saying previously that we are buying for the future, not for the past. And we feel that there is a structural conditions, the combination of our brand market trust relationships, the technical capabilities of the asset will all contribute to the high single-digit revenue growth that we have committed and Decius has shared previously.

In terms of the earn-out structure, we have introduced a 2-tiered earn-out structure. There's a revenue threshold and then an EBITDA metric on top. This is incremental to the business case and the base case and any benefit on earn-out is shared between both Amadeus and IPS. So we feel that with that earn-out structure, we are also aligning the 2 intentions of both parties, particularly through this close period around protection of revenue and also delivery of profitability. And then your final question on debt. This is an all-cash transaction. We will not inherit any debt -- and we will take this asset debt-free when we complete in mid-2024.

Your next question comes from the line of Nooshin Nejati from Deutsche Bank.

Congrats on the deal. I was -- I'm wondering about the capital-intensive nature of some of IPS' offerings, hardware in borders and travel and the R&D spend of $70 million. What is the expected capital expenditure profile for the combined entity post acquisition? And how might this affect the pace of deleveraging or future dividend policy?

Okay. So I think they're both financial questions, so I'll read those again. So in terms of capital intensity, this asset is less capital intense than we are at Amadeus. I think in the presentation, we mentioned $70 million R&D, and it has about a similar relationship or ratio than what we have at Amadeus. 50% runs through the P&L and 50% runs through CapEx, more or less broad terms. So that would equate to a 5% to 6% CapEx on revenue profile.

So there is a hardware component to this asset, 20%. It's largely a software play, but a less capital intensive than what we are today. And then the question on dividend policy, I mean, we are expecting that we maintain the Amadeus dividend policy. I think it's a very attractive dividend policy of 40% to 50% of a distribution through to shareholders, of which in FY '25, we announced 50% dividend payout. So we don't feel that this asset or this acquisition will cause to question our dividend policy.

Your next question comes from the line of Toby Ogg from JPMorgan.

I just wanted to just come back on that 2024 dynamic where there were commercial headwinds linked to the TSA offering and the sort of losing of that monopolistic position. Could you just expand on that a little bit more just in terms of what the drivers were that led to that? And then perhaps just expand on who really are the key competitive players in the market that IPS is serving? And just what differentiates IPS' offering relative to those players and just how you see the competitive intensity evolving going forward?

Okay. So let's start with travels and borders as we are discussing about the TSA contract. So majority of the revenues around the borders are related to airports or border forces themselves in long-term type of contracts. So it is like we participate in bids. So typically, competitors in there, we have SITA, ourselves, Collins, Thales, so it is like it's a competitive market, where we are competing for service and for features. So the fact that we are -- would make a combined entity, we believe that we're going to be coming out of this process. with a value proposition that is going to be richer, both in terms of features as well in terms of services and coverage geographically. So that's -- I think that's what we have already tried to illustrate.

Thus, we believe that today, we are having the performance of growing this business, in fact, above what is the average of Amadeus. So it's like we feel that by the combined entity, we're going to be able to keep the revenue growth on the travel and border element with the performance that we're having today by the fact that we're going to improve it moving forward. Access Control, the profile of the growth is strong. So -- and it should continue to be strong because it is pulled by the trend, meaning more and more companies are moving into trusted identity, biometrics and so on and so forth. So the fact that travel is a leading investor in biometrics and the fact that this is government grade allows simply to be a component that can be used horizontally. So it's like we feel that there we are on the trend and we'll continue.

So I think that the question market is always around the law enforcement that within our plans, we'll have a lower growth than what these other 2 segments that we have represented. So it's like we feel that that's where we're hedging our bets, even though, as we discussed, trends regarding defense and the digitalization of government in general, leads us to believe that with the proper investments and those trends materializing that, that can be another vertical that we can accelerate. So that's a bit the hypothesis that we have on the revenue side.

Next question comes from the line of Ted Wang from ExodusPoint.

I'm just curious on the financing side, you have put on the chart of pro forma leverage calculation. I'm just wondering, is that a reaffirmation of your full year guide? And second of all, I have a question on -- just in terms of the customer overlap, how much of the -- do you have any customer overlap in terms of the existing customers of IPS and your own solution? And just in terms of like any cross-sell opportunities, where do you see the most? Is it like into more the governments and authorities in Europe? Or is it more just the commercial side with airlines and airports?

Okay. Should I take the financing leveraging and then Decius you can take the other one. So we will come back to you on the 8th of May with our Q1 results. But this transaction, just what we were trying to illustrate here, this transaction generates or adds about 0.5x turn on our leverage position. So what we were trying to do from that slide is demonstrate based on our pro forma results at December 2025, we would be -- if we had done the transaction then, we would be at a leverage of 1.3x, which is well between our targeted leverage range of 1 to 1.5x. So we'll give you more on our guidance expectations next Friday or Friday week, but that's how you should interpret that slide on leveraging.

Yes. And if we go -- then let me go a little bit more in detail how typically the dynamics on a customer work on this kind of market. So airports will tend to bid and to tender terminals. So it means that you may have multiple vendors for multiple terminals within an airport. And border forces typically will tender entry and exit systems in parallel. So you may have a biometric solution for you to enter into the country and another one for you to exit.

So it is like when we look into the combined footprint, we see an opportunity with presence in airports and with Border forces is if both we are servicing the same physical location, we see the possibility of synergies. And then when we are talking about cross-sell and upsell, for any customer that we have only part of the terminals or any customer that we have only either an entry or an exit system, we have the opportunity of trying to consolidate that.

So like -- so we feel that there are these 2 sides. Number one, there is synergies on how we're going to service airports and border forces. And second, we believe that there is opportunity for both on expanding what we can sell to these customers. not to mention the richness of the offer. As I was saying, here, we're adding iris, we're adding fingerprints. We're adding back-end systems. We're backing customization sort of like I would say we have a much greater upsell path that we can do for the customers. So all of these are potential that we can use in order to perform the outlook that we have mentioned.

Your next question comes from the line of Nicolas David from ODDO BHF.

The first one, could you help us understand better the revenue model of IPS, that the revenue split between what is software, hardware and services? And within that, what is the share of recurring revenue between what would be contractually recurring or what is de facto repeat business that comes every year? And also second question, sorry to come back on that, but regarding the growth profile. So it's clear that you are aiming for high single-digit midterm growth. But what would be the growth profile for '26, '27, for instance? And what was the profile for '24, '25? Was it more mid-single digit or even low single digit? What are we talking about?

Yes. So I can start on that. So the revenue profile of IPS, I think Decius has mentioned, 40% borders and travel, 40% law enforcement, 20% access control. And within those different segments, and we've included actually a slide in the appendix to articulate the business model around that. So some of it is implementation costs, some of it is servicing costs. So I'd refer you to the appendix for further details on that. In terms of hardware/software split, hardware represents about 20%. And so then software services related represents 80%.

Again, very similar to some things that we've been comfortable with in Amadeus. In terms of the question around the peak business, I think I'd point to the backlog. The backlog is quite healthy. Decius mentioned $2 billion covering already contracted contracts for delivery of revenue in the period 2025 to 2030. So I mean, it's not linear clearly because it's probably more weighted to the front. But you can imagine it's probably about $0.5 billion a year in the early years of revenue coverage, meaning that these contracts are already secured and inverted commerce, all that is left is to execute on the one contract. And then, of course, our dedicated sales teams will continue to fulfill out the revenue on new order wins. So that's kind of the revenue profile that we're describing in this deal.

There are no further questions at this time. I will now hand the call back to Luis Maroto for closing remarks.

So thank you very much for attending the call. We are very excited about this opportunity that we have shared with you, and we are looking forward to next week as we present our first quarter results. Thank you.

The conference has now ended. Thank you for participating. You may all disconnect your lines.

Hello, everyone. We're delighted to be here. Thank you for coming. Welcome to our 2025 results presentation. Our CEO, Luis Maroto; and our CFO, Carol Borg, are going to be presenting on our performance, our key developments, our outlook, and we will follow this with a Q&A session.

We have invited Decius Valmorbida, President of Travel Unit; and Nikolaus Samberger, Senior VP in Technology and Engineering, to join us for the Q&A session. [Operator Instructions]

And finally, today, we're going to be making forward-looking statements that may differ materially from actual results. So we ask that you please review the legal disclaimer that we have inserted in our presentation. The presentation has been uploaded to our corporate website. On this note, I'd like to ask Mr. Luis Maroto, to please join us.

So good afternoon. Thank you very much for joining us in person and here at the London Stock Exchange and for those of you online. A pleasure to see you interest in Amadeus and for us to present the progress we are making on our strategy, our solid '25 results and our midterm outlook.

I would like to start with a few key takeaways. Fourth quarter revenues expanded 10%, adjusted EBIT 15% at constant currency. This result was largely due to acceleration in both our Air IT and Hospitality and Other Solutions segments.

Full year '25 group revenue and adjusted EBIT grew 9% and 10%, respectively, at constant currency. Our free cash flow generation in '25 amounted to EUR 1.3 billion, 7% above '24, excluding positive nonrecurring impacts, and we completed the EUR 1.3 billion share buyback program in quarter 4 '25.

So despite that challenging and evolving macro and geopolitical environment, we ended '25 strongly with revenue growth and profitability accelerating and successfully delivered on our '25 outlook.

In terms of commercial activities, we continue to see a strong momentum in the fourth quarter. I will go into details a little later, but we are proud that Lufthansa Group plans to adopt Amadeus Nevio. TUI Airlines and Volotea have selected Navitaire Stratos. We delivered strong volume growth supported by market share gains and new customer implementations across our businesses. Progress continued in our industry transforming Hotel IT, ACRS, implementations, and we signed a strategic agreement are Direct Travel, one of the top 10 travel management companies globally.

And finally, we continue to see good growth in our Professional Services, Airport IT and Payment Businesses. We continue to invest with conviction for the long-term future. We deployed over EUR 1.4 billion in R&D investment across our businesses and technology in '25 and expect to continue this level of investment to underpin long-term growth.

As a leader in the travel and technology space, our objective is to be the orchestrator in an AI-enabled travel ecosystem, connecting suppliers, sellers and AI assistance to trusted dynamic travel data to scale in a neutral, secure and responsible way. Our decades of expertise in travel technology, deep integration within the travel ecosystem and unique competitive advantages give us a continued right to win. As AI assistance may gain a space with the primary interface in travel, we believe Amadeus will capture value as the essential infrastructure powering them, expanding our role and gaining further relevance.

We remain committed to deliver against our strategy, continuing to build on our proven track record. We have confidence in our solid growth prospects for the coming years. And today, we are also announcing our midterm outlook.

We are focused on driving value creation for our customers, employees and shareholders, delivering strong operating and financial performance into the midterm. We are targeting high single-digit group revenue growth, low double-digit adjusted diluted EPS growth and high single-digit free cash flow generation growth.

Now let's turn to our quarter 4 highlights demonstrating how this fits into our overall strategic position. Amadeus is leading the airline industries retailing transformation with Nevio, our AI native next-generation Airline IT platform. As I mentioned earlier, we are pleased to announce that 9 airlines within the Lufthansa Group plan to adopt Amadeus Nevio. With this, British Airways, Air France-KLM and Lufthansa Group are all engaging with Nevio to advance model retailing. We have reached a tipping point. Today, 25% of Altéa PBs are engaged in Nevio program. And looking forward, we continue to see a strong engagement across all regions and expect momentum to build on Europe.

Our Nevio implementations continue to progress, and I am pleased to say that Fin Air, an early Nevio customer, following its implementation of Amadeus product catalog and dynamic pricing reported new benefits, including increased ancillary revenues and optimized ticket pricing.

Additionally, TUI Airlines and Volotea in Europe have selected Navitaire Stratos, our next-generation retailing portfolio for low cost and hybrid airlines. Navitaire Stratos is aligned with IATA offer and order standards and is being developed on an AI-powered flexible and cloud-native technology stack.

In the airport space, Melbourne Airport will become the first airport to deploy new Amadeus seamless backdrop solutions. This incorporates the latest advances in self-service, making it easier to load backs and maneuver large items, thus reducing manual intervention and improving the passenger experience.

In Hospitality and Other Solutions, revenue growth continued to accelerate as we anticipated through the fourth quarter, largely due to customer implementations and continued commercial momentum. Amadeus Hospitality platform offers the most comprehensive AI-powered portfolio of core capabilities to the hotel industry and is the most broadly connected ecosystem of partners.

We are creating a global community platform of world-leading hotels on a mission to transform relationships with guests. We are advancing with Marriott International, Accor and The Ascot Limited to join Amadeus Hospitality Platform. We are pleased to say that the first Marriott International properties are now live on CRS with implementation plan going as expected and a meaningful number of Marriott properties scheduled to migrate gradually throughout '26.

Also leveraging our e-money license, we have renewed and expanded our partnership with Mastercard, allowing Amadeus to operate as full scheme member with self-issuing capabilities. As for the Amadeus travel platform, which enables travel providers to retail through third parties worldwide, we continue to see steady volume growth and strong revenue per booking growth through the platform in quarter 4.

We enriched our low-cost carrier content with the addition of West China and with expansion of Transavia content, the local airline of the Air France-KLM Group. At year-end, Amadeus had over 75 signed NDC airline distribution agreements. We also signed a strategic multiyear agreement with Direct Travel, one of the top 10 travel management companies globally under which Amadeus will provide direct travel with seamless access to the most comprehensive air hotel and ground transportation content through the Amadeus Travel platform. I would also like to point out that we have deployed advanced airline profile on Amadeus Travel Platform, a smart machine learning power solution to manage search traffic at scale.

This solution significantly reduces unproductive traffic and make airlines and travel agents see a significantly lower look-to-book ratio in their systems as well as reduce infrastructure strain. Air France-KLM has reported major gains by implementing our solution as well as lastminute.com, who now has a significantly improved pull to book ratio and optimized search performance.

And finally, regarding our technological capabilities, including AI, we have completed our cloud migration and continue to advance our partnerships with Google and Microsoft. Partnering with leading companies to transform travel, leveraging AI gives us confidence that the biggest and most advanced technology companies have chosen Amadeus as one of their strategic partners for travel. We all know there is a lot of sentiment in the market around AI. Agentic AI promises to transform travel in very positive ways, bringing increased personalization to travelers as well as productivity and efficiency gains across the value chain. Amadeus is uniquely placed to deliver Agentic AI functionality into products and solutions, supporting our customers on their own journey and to be the orchestrator in an AI-enabled travel ecosystem.

I will elaborate more on this later. With this, I will now pass on to Carol to review our financial performance.

Thank you, Luis. Let me just drop this a bit. I'm a bit shorter than Luis. We are good. Okay, great. Great to see so many of you in the room today. So thank you, and I'm delighted to communicate that we've delivered a strong Q4 to achieve a solid financial performance in 2025. We delivered high single-digit revenue growth and double-digit adjusted EBIT growth at constant currency, coupled with good free cash flow generation, achieving our 2025 guidance across all metrics.

We display our performance of revenue and adjusted EBIT versus previous year also at constant currency to facilitate your understanding of Amadeus' underlying financial performance. More details on our foreign currency exposure and on our constant currency calculations as well as the complete information on our IFRS figures and their evolution are available in the appendix of this presentation and also in the Amadeus 2025 management review.

So in 2025, we successfully delivered our 2025 constant currency outlook, reporting strong growth across our key financial metrics. Revenue of EUR 6,517 million, 9% growth at constant currency, 6% reported growth. Adjusted EBIT of EUR 1,894 million at 10% growth at constant currency or 9% reported growth. Profit of EUR 1,336 million, 7% growth. Adjusted diluted EPS growth of 9% at constant currency. Free cash flow of EUR 1,302 million, which is 7% growth, excluding nonrecurring flows in 2024.

R&D investment of EUR 1,434 million, representing 22% of revenue. Pretax operating cash flow conversion of 94%, leverage at 0.9x net debt to the last 12 months EBITDA at the end of the year and our EUR 2 billion that was returned to shareholders in the year through both dividends and share repurchase programs.

So in 2025, our group revenue grew by 8.5% at constant currency. Group revenue growth resulted from high single-digit revenue expansion across each of our segments, supported by volume expansion and customer implementations across our segments.

Air IT Solutions revenue grew by 8.7%, the Hospitality and Other Solutions segment revenue delivered 9.6% growth and Air Distribution revenue expanded by 8%. Group revenue accelerated to 10% in Q4 at constant currency supported by double-digit revenue growth in both Air IT Solutions and Hospitality and Other Solutions and high single-digit revenue growth in Air Distribution.

At constant currency, our adjusted EBIT grew 10.2%, resulting from the 8.5% revenue evolution discussed on the previous slide and also was contributed by cost of revenue growth of 3.2%, fundamentally driven by an increase in transactions, such as in air distribution and hotel distribution bookings and in payments due to the B2B wallet expansion.

Reported fixed cost growth of 6.5% mostly resulted from an increase in resources, particularly in our R&D activity, coupled with a higher unitary cost, higher cloud costs due to a combination of our own volume growth and also to our progressive migration of the solutions to the public cloud; and finally, to the Vision-Box consolidation impact in Q1.

Ordinary D&A expense increased by 4.4% as a result of higher amortization of internally developed software, partly offset by lower depreciation expense at our data center, given the migration of our systems to the public cloud. At constant currency, adjusted EBIT margin was 28.8%, a 0.5 percentage point expansion versus the previous year. And adjusted EBIT growth accelerated in Q4 to 15.4% at constant currency, supported by faster group revenue growth and softer fixed cost evolution.

So now let's review the performance of our operating segments, starting with our Air IT Solutions business. Air IT Solutions revenue increased strongly in the year by 8.7% at constant currency. Full year revenue growth was driven by Amadeus PBs increasing by 3.8% and a 4.7% higher revenue per PB, which fundamentally resulted from positive pricing dynamics, including upselling to our new Nevio customers as well as from strong performance of our airline professional services and our airport IT businesses. Amadeus' PB growth in the year was driven by global air traffic evolution and the PB contribution from Vietnam Airlines, which migrated to Altéa in April 2024. Revenue growth expanded by 10.9% in Q4 at constant currency. This revenue growth is due to stronger PB volumes due to improved global air traffic evolution and an expansion of revenue per PB of 6.6%, an acceleration relative to Q3, mainly due to improving price effects and stronger performance of airline professional services.

In Q4, our leadership in Air IT Solutions continued. In addition to the Lufthansa Group planning to adopt Amadeus Nevio as well as Volotea and TUI Airlines selecting Navitaire Stratos, as Luis just mentioned, we continue to grow our customer base with Pan American World Airways choosing our technology as the backbone for its core passenger and operational capabilities.

We also broadened the scope of solutions adopted by our customers, such as Thai Airways that selected our AI-powered air dynamic pricing amongst other solutions and Jeju Air that selected Navitaire Edge shopping service, an innovative solution designed to give airlines greater control over look-to-book ratios and improve response times.

In Airport IT, several airports at Indonesia and the Philippines will adopt our AI-enabled biometric technologies and airports across Australia and Japan will adopt our self-service bag drop solutions. Air IT Solutions contribution increased by 8.4% at constant currency, resulting from the revenue evolution that I've just described, offset by cost growth of 9.4%, which was fundamentally driven by an increased R&D investment, variable cost growth driven by the Airport IT business expansion and the consolidation of Vision-Box.

Contribution margin was 70.7%, 0.2 percentage points below the previous year due to the Vision-Box consolidation impact, excluding which margin would have expanded year-on-year.

Hospitality and Other Solutions revenue grew by 9.6% at constant currency in 2025. Revenue growth was driven across both hospitality and payments due to customer implementations and increased transaction volumes.

Within Hospitality, the main revenue contributors were Amadeus Central Reservation System, sales and event management, hotel distribution and business intelligence. In payments, both our merchant services and our payout services reported strong growth. Hospitality and Other Solutions revenue growth in Q4 improved to 13.9% at constant currency, driven by stronger performances of both hospitality and payments supported by new customer implementations and higher transactions.

In Q4, our growing relevance in hospitality continued to expand across our extensive portfolio, the most comprehensive in the industry, amongst others with -- sorry, beg your pardon, I missed something. We signed new customer agreements spanning across multiple verticals, including, amongst others, with Radisson Hotel Group and Travel Seller, Alibtrip in hotel distribution and Massanutten Resort in Hotel IT.

In payments, travel sellers such as Fareportal selected our Outpayce B2B wallet. We also partnered with UnionPay to enable the acceptance of its cards and expanded our agreement with Mastercard to become a full Mastercard scheme member with self-issuing capabilities.

Hospitality and Other Solutions contribution was 13.8% above the previous year as a result of the revenue growth I've just previously described, offset by cost growth of 7.4%, which resulted from higher variable costs driven by the volume expansion in both hospitality and payments and increased R&D investment. Contribution margin was 35.8%, 1.3 percentage points above the previous year. Air Distribution revenue increased by 8% in 2025 at constant currency, driven by 2.8% increased booking volumes and a revenue per booking growth of 5% primarily resulting from positive pricing effects.

Amadeus' booking growth in the year was supported by continued commercial gains across the regions. Air Distribution revenue in Q4 softened slightly relative to Q3, largely due to booking evolution, which was negatively impacted by an increase in flight cancellations in the U.S. Beyond introducing advanced airline profile, addressing one of the biggest hurdles in NDC adoption by enabling search traffic management at scale and enriching our low-cost carrier content offering, we secured new travel seller customer wins, including L’alianX Travel Network in the Americas and Direct Travel, one of the top 10 TMCs globally.

We also successfully delivered professional services to BCD, one of the world's leading corporate travel management companies. Air Distribution's contribution grew by 13.3% at constant currency as a result of the revenue growth I've just described, offset by a 3.2% cost increase, which mainly resulted from the bookings evolution. The contribution margin of the segment expanded by 2.3 percentage points to 49.6%.

So now let's move on to review our R&D investment and capital expenditure. We continue to prioritize investment in R&D to deliver our organic growth, maintaining our leadership position. As Luis mentioned previously, we are proud of the commitment that we've made to make remaining relevant for our customers, ensuring that emerging technologies such as AI continue to be embedded across our entire portfolio.

In 2025, R&D investment amounted to EUR 1.4 billion, growing by 7.6% versus the previous year. Half of that investment was dedicated to the expansion of our portfolio and the evolution of our solutions and AI capabilities, including Amadeus Nevio, Navitaire Stratos for airlines, our hospitality platform, NDC technology for airlines, travel sellers and corporations and solutions for airports and payment services. 1/4 to 1/3 was dedicated to our customer implementations across the business, such as Marriott International and Accor for ACRS, new Nevio customers and airline portfolio upselling and customers implementing NDC technology as well as efforts related to bespoke professional services provided to our customers.

And the remainder was dedicated to our migration to the cloud and our partnerships with Microsoft and Google as well as the development of our internal technology systems. In the year, our capital expenditure increased by 5.6%, mainly driven by our continued investment in software development to maintain our leadership position.

Capital expenditure represented 12.5% of revenue, consistent with the previous year. In 2025, we generated EUR 1,302 million of free cash flow. Free cash flow was slightly below previous year by 2.4% due to nonrecurring tax-related inflows in 2024. Excluding these nonrecurring effects, free cash flow in 2025 was 6.9% higher than the previous year as a result of our EBITDA expansion, a higher change in working capital inflow and a reduction in interest payments, partially offset by an increase in our capital expenditure deployed to strengthen our value proposition as well as higher taxes paid.

We had a pretax operating free cash flow conversion of 94% in the year. Net debt amounted to EUR 2,141 million at the end of December 2025, EUR 30 million higher than at the same time last year, largely due to the acquisition of treasury shares under the share repurchase programs as well as the dividend payment, which was partially offset by our free cash flow generation and the conversion of bonds into shares.

And finally, our leverage is at 0.9x net debt to EBITDA as at the end of December. So now on to our short-term organic outlook, our expectations for 2026. IATA forecasts global air traffic growth of between 4% and 5% in 2026. Based on this assumption, we expect our group revenue to grow at constant currency at high single-digit, supported by strong evolutions across all of our segments.

We expect a stable adjusted EBIT margin performance in 2026 at constant currency, impacted by our cloud migration ramp-up during 2025, one of our key strategic investments over the past few years. Excluding this effect, adjusted EBIT margin in 2026 would expand. Please note that this timing effect impacts 2026 only, and therefore, we expect adjusted EBIT margin expansion in the midterm. More on that from Luis later.

With respect to free cash flow, we expect to generate between EUR 1.35 billion and EUR 1.45 billion in 2026, with capital expenditure as a percentage of revenue in the range between 10% and 12% of group revenue. Again, please note that we expect to see some short-term seasonality with negative free cash flow growth in Q1 due to the timing of payments.

Finally, our shareholder remuneration expectation. Ultimately, we seek to create sustainable value for our shareholders. Over the last 12 months, we grew earnings per share by 8.6% at constant currency. In addition, we returned EUR 2 billion of capital to shareholders through the ordinary dividend and the share repurchase program. The size of the buyback and the dividend both reflected our strong free cash flow generation, confidence that we have in our future and a desire to offset the dilution from the very important capital increase we made in 2020.

As I've previously mentioned, we aim to create value through strong and sustainable earnings growth, compounding that growth through disciplined allocation of our capital on both inorganic opportunities and increased shareholder returns. Our confidence in continuing to create sustainable value for our shareholders going forward remains strong as evidenced by the fact for the first time, we have included an EPS growth target in the near- and medium-term outlook. We have a track record in delivering growth through evolution in technology, and we have the critical assets to lead in Agentic AI and power the future of travel tech with AI-enabled innovation.

We will continue to generate cash and expand margins, all whilst maintaining a strong balance sheet to provide us with the optionality and flexibility to continue to deliver for our customers, employees and ultimately for our shareholders. Today, we are committing to low double-digit adjusted diluted EPS growth for 2026, given our confidence in the future, coupled with our strong 2025 performance.

In 2026, we will distribute to our shareholders a dividend at the top end of our dividend policy range, which will amount to almost EUR 700 million, and we will launch a new additional share repurchase program of EUR 500 million to be executed within 6 months.

Additional specification on the expected dynamics by segment at constant currency is as follows. So Air IT Solutions, we expect to see high single-digit revenue growth supported by PB growing in line with global traffic -- global air traffic growth, coupled with a positive revenue per PB growth, enhanced by continued upselling, new Nevio revenues as well as higher airline professional services and Airport IT revenues.

In terms of contribution, we expect the margin to be dilutive versus previous year, driven by high growth in our airline professional services and Airport IT mix. Hospitality and Other Solutions. We are expecting double-digit revenue growth in 2026, accelerating from 2025. This volume growth will be supported by volume expansion and new customer acquisitions across our hospitality and payments portfolios.

We expect contribution margin in this segment to continue expanding as we continue to gain operating leverage.

And finally, Air Distribution. We expect our bookings to grow -- to continue to grow steadily, potentially faster than last year, supported by customer success and market share gains. We continue to expect an expanding unitary revenue per booking evolution, although it's likely to be a little slower than last year due to the expected timing of commercial negotiations. In terms of contribution margin in this segment, we expect stable margins in 2026.

So I'll now hand back to Luis, who will close with our AI positioning, midterm outlook and final remarks.

Little bit higher. Thanks, Carol. And we are extremely proud of our '25 results in a challenging macroeconomic environment. So now let's pivot to our expectations over the midterm. But firstly, let me remind you of our core strengths.

We are a large-scale mission-critical technology leader. We develop, build and support an impressive service-oriented architecture with over 600 applications and more than 10,000 micro services running fully on the cloud. We are the technology backbone for travel, enabling safe and efficient global operations.

We openly work with others, build strategic partnerships and proactively deploy leading technologies to deliver value to our customers. We have deep, long-standing customer relationships at global scale. We are a trusted partner, combining our industry-wide scale and expertise, coupled with our deep customer relations to serve many of the world's largest airlines, hotel groups and travel sellers.

We are the end-to-end travel data and intelligence leader. We understand, aggregate and convert complex fragmented data into true intelligence for our customers. Our in-depth knowledge of the complex process in travel, coupled with our deep access to relevant data allows us to provide the broadest end-to-end view of travel activity from inspiration to post-trip.

We have a robust financial framework and resilient business model. We have a strategically aligned financial and capital framework with a proven track record of generating high single-digit revenue growth, solid and stable margins, high cash generation and long-cycle investments demonstrating resilience through industry cycles.

We have a unique and diverse talent base empowered by a cohesive team culture and we are very proud of our talented, diverse and long-tenured workforce led by an experienced leadership team and power to drive a customer-centric, high-performing collaborative culture.

I would like to take the opportunity to share our AI positioning and why we believe that AI augments and reinforces our core platform. We are uniquely positioned to orchestrate the AI-enabled travel ecosystem. We have embedded a neutral execution layer for the travel industry, and this is based on 3 strategic pillars: our status as trusted system of record in the industry, the power of our integrated and deeply connected business logic and our global scale. Firstly, we are the trusted system of record in the industry since 1987. Travel is a mission-critical industry with near zero tolerance for error. Availability, pricing, ticketing, passenger identity and airport operations, all demand accuracy, security and resilience.

As a trusted system of record, we provide a single source of truth. Our customers trust Amadeus with reliable data that underpins safety, security, compliance and customer experience. That trust has been earned over decades through operational performance, regulatory compliance and institutional reliability.

Secondly, the power of our integrated and deeply connected business logic. Our technology is deeply integrated across airlines, airports, rail, hotels, payments, identity and distribution, connecting hundreds of systems, products and workflows that have been built up over decades. This integration is not cosmetic.

It is operational, contractual and regulatory and sits deep in the value chain. Replacing this level of integration and domain expertise is not a simple technological decision. It will require reengineering core workflows, retaining staff, recertifying systems and accepting significant operational risk. Being displaced is harder in practice than it appears in theory.

The reality of integration creates a structural stickiness. We hold authoritative, reliable data and power workflows that are hard to unpick or replace. AI does not change this. In fact, AI depends on this level of integration. With our deeply connected systems and trusted data, AI remains superficial.

And with them, it becomes transformative. We see an opportunity for us to be the orchestrator that digital assistants will rely on for travel, and we are actively engaging with AI platforms. This week, we also announced an acquisition of Skylink.

This is an AI-first company specializing in orchestration and conversational automation for corporate travel. Over time, Amadeus will be expanding this AI-driven conversational capabilities beyond corporate travel across airlines, airports and hospitality.

And finally, global scale. Scale is not just about size. It is about reliability, resilience, insight and operational learning at volume. Amadeus operates at global scale, processing up to 150,000 transactions per second at peak times, powering millions of searches and bookings every day. We support hundreds of petabytes of data, thousands of services and a platform used across travel verticals and more than 190 markets globally.

This scale has been built over nearly 4 decades where we have been evolving, applying and adapting technologies such as AI in our products and solutions. Scale give us several critical advantages.

First, investment capability in travel. We continue to invest in infrastructure, in security and in innovation, maintaining our leading position as a key player in the travel industry.

Second, data and insight velocity. We power the leading brands in travel. This critical mass of customers bring unparalleled data breadth and operational insight.

And third, making AI industrial rather than experimental. AI models improve with volume, diversity and real-world usage. Our scale allow us to deploy AI at a production level, focus on real business outcomes, not pilots or demos. These pillars complemented with our prioritized investment in R&D allow us to ensure that AI is deeply embedded across our portfolio and the number of AI use cases we operate today is countless. Agentic AI unlocks additional opportunities.

We have consolidated hundreds of use cases focusing on the following end user solutions. Amadeus travel companion for the traveler. This enables our customers to power their traveler experience with AI through a travel servicing assistant across the different verticals in travel. We have kicked off with airline call centers automation with a strong early interest from our airline customers and for the hotel industry with the Ascott Limited as launch partner to be powered by Amadeus and Salesforce.

Amadeus First Officer for professionals -- for travel professionals, sorry. This enhances our products and solutions with an AI conversation layer to help our customers better leverage the full product features and achieve superior outcomes.

We have multiple solutions spanning all our customer verticals, such as guard for airports, Amadeus Advisor for hospitality and many productivity boosting AI agents for travel sellers. And finally, internal efficiencies. For employees, solutions designed to enhance internal efficiencies across the organization and from which we are already generating productivity improvements.

We believe that for new players in the industry to become relevant channels, they will need the Amadeus execution layer in travel. We, therefore, see AI augmenting and reinforcing our position on our core platform.

Our core strengths have enabled a proven and consistent track record of delivering strong and sustained profitable growth and high cash flow generation, giving us confidence in our midterm outlook.

Finally, our midterm outlook. Our expectations are to continue to build on our commercial momentum and relevance as market leaders, executing our clear strategy to deliver the following financial metrics period over the '26-'28 period.

Group revenue growing at high single-digit CAGR growth rate at constant currency, supported by a strong evolution across all our business segments. Adjusted EBIT margin expansion over the period, supported by operating leverage, Carol mentioned before.

We expect to deliver low double-digit adjusted diluted EPS CAGR growth and also to generate solid and consistent free cash flow over the period, growing at a high single-digit CAGR growth rate, coupled with continued and disciplined investment program, through the period with capital expenditure at low double-digit percentage of group revenue to maintain our market and customer relevance. We are excited by the growth opportunities for Amadeus. The sector continues to evolve and no doubt Agentic AI will play a part in this evolution.

Our core strengths provide us with the platform to embrace the changes in our space, demonstrated by our proven and consistent track record. We remain confident about our strategy and our ability to execute against it. With this, we have now finished our presentation. Thank you.

Thank you, Luis. Thank you, Carol. I'm going to invite the management team, please to join us on stage, so we can start our Q&A session. So we're going to address the questions in the room first. [Operator Instructions]

So Michael. Thank you.

Great. Michael Briest, UBS. Two from me on AI predictably. I mean there's a concern out there that with the coding tools driving down the cost of software development, maybe some of your airline customers might look to expand organically rather than buy some of the many modules that you sell on top of the PSS. What are your discussions there like? What are you doing to sort of prevent that or reassure investors that is not happening?

And the second one there, Luis, I think you mentioned at the end, appreciate you working with Microsoft and Google. But are you doing anything with open AI or Anthropic do you expect to? Or do you see them as someone to keep sort of at arm's length?

Let me start with the last one and then Decius, you can take the first one. I mean, of course, we are engaging with all the AI platforms. But as you know, we have been working with Google and Microsoft as part of our cloud migration, as part of different agreements that we have with them. So we'll say we are more engaged with them, but this does not mean we are not talking to the rest of the platforms. We are.

But I would say Microsoft and Google are more advanced than the others. Decius, about the customers?

Yes. So today, on my conversations with the providers, airlines, mostly -- when we talk to them, where do you see the biggest opportunity? Is it on the revenue side? Or is it on the cost side in terms of efficiency? And I think that there is a lot of excitement on the revenue side, which is what this is going to allow them to do in terms of personalization, in terms of evolving, what is the mix of what they're selling to customers.

And that's what they are gearing up to. So then the question is, if you have an IT team today and they are developing new features, you're saying, what is my focus. And it is like the focus is working together with us on saying how can we leverage the Amadeus building blocks to deliver what, let's say, that upside is going to be on the new channels that are going to be created rather than using those resources to replace infrastructure that already exists today. So I think that's how I see the dynamic today.

It's George Webb from Morgan Stanley. Also thank you for hosting in person. I think it's a good thing to do and it's appreciated. Couple of questions. I mean investors are obviously in the weeds and trying to work out what's happening. But I think also, it's helpful to have a kind of a simplified view of a company's strategy around AI. So maybe -- and maybe take back the level of detail we've had, if you just simplify at a higher level, how would you kind of characterize the operational strategy that you're going through with AI would be a good starting point from my perspective? I think the second question maybe a more specific one. We have seen good momentum around Nevio, Lufthansa Group being one of those examples. Could you perhaps share how the pipeline for Nevio is looking as you look forward, that would be helpful?

Okay. With AI, I mean, we have been working with AI for more than 20 years, and I would like Niko to complement that. So it's not new to us. It's part of our road map. We are implementing the new features, the advanced things that we see in our portfolio. So that's part of our core strategy. On top of that, we are also aiming to orchestrate the needs that the platforms, AI platforms may need in terms of data and connectivity with travel. So we are acting in both sides, and I explained why we believe we are in a very good position to do so. And I would like my colleagues also to elaborate a bit more.

Okay. Maybe I'll start. As Luis was saying, I mean, you may not realize it, but we have been using AI for many years. I joined Amadeus 20 years ago, and the team I joined at the moment now, we are calling it traditional AI was doing operational research. Then as we moved out of what we call TPF at the time, and we went on open systems. This opened completely the new door for us to adopt machine learning techniques, and so it has been embedded in our solutions, in our infrastructure, in our culture, I would say, our engineers are used to use this tool to develop any of our solutions.

So to give you a bit of color, as I speak to you today, if by the end of today, we would have generated EUR 2.5 billion inference of machine learning in our system just for flight search. And if you take it globally, I would estimate roughly today EUR 15 billion inference of machine learning. And therefore, this, I believe, put us really in a good position when we had the ChatGPT moment end of 2022 that will adopt generative AI. And you heard Luis talking about it. We already embraced it. It's already part of our engineering and global set of tools that they have access to, not only engineers across the company. So I mean, yes, for us, it's a big opportunity. I mean we can talk about it, but I think it's best if Decius talk about the opportunity on the business.

So let me go on the business and then tie in to the Nevio question that you just did. So it's like if we go into this AI world, I think it makes it very explicit that today, you have an industry that -- it is organized around supply. So you have supply that is marketing their products, but all of you are travelers. So it's like if you think as your travelers is are you buying a single element or are you buying a trip? So it is like on the moment.

So the industry is selling flights, hotels and car rentals, but customers are buying trips. So it's how are you going to do that translation between trips and to the supply. So it is like that is the position of an orchestration layer. That is the position where you sit in the middle when you make that translation. Why?

Because a romantic trip to Paris can have many solutions to it, and it can be a flight or it can be a car with a hotel or it can be something else. So then I think that's where we need to position ourselves. This requires every provider today that is looking at it to participate in this new market that is emerging and investing in technology. So I feel it is a quite interesting opportunity because it is the moment that we are going to harvest a lot of the foundational work that we have done.

It is moving to the cloud, give us the scale. The years of diversification through all of the pillars travel allow us to have the integration. Having Nevio as the new flexible machine that will allow you to participate in that market and do retailing because you're going to be marketing trips rather than marketing only your own product comes at a very meaningful time.

So it's like, I think that's what I see is what you see after the major European players, major players in the U.S., in Asia and the Middle East coming out with RFIs and RFPs. So we really see the market moving, and we expect now a lot more movement than these foundational customers, let's say, this way.

James Goodall from Rothschild & Co Redburn. Maybe just a break trend and ask some non-AI questions. You talked to airlines being excited about the higher revenue environment. And we've also heard from BA this morning who are very quite bullish on revenue benefit they're driving on their new platform. So with airlines generating more revenue, how much of that benefit do you think you can look to share in? I think there's a number in the market of about 15% higher revenue per PB currently between an offer order system and a PSS. Do you think that could be higher in the long term, if airlines start generating a lot more revenue from these new systems? Secondly, just on the buyback. Are there any reasons why you didn't look to do more than EUR 500 million, given the strong free cash generation of the business and the outlook? And then, I guess, very finally, just on the EPS guidance of low double digit in the medium term. Is there a buyback assumption within that, please?

You want to start with the buyback and then I go back to...

Yes. Sure. I was waiting for the buyback question. So thanks, James. So again, let me just reiterate in terms of the share buyback. We are committed to driving shareholder value, as I mentioned previously. Earnings growth, we are now guiding on earnings growth guidance. And then we want to compound that growth through disciplined use of our balance sheet.

And again, just to remind everyone, I think we've been very clear on what we're saying in terms of our capital allocation policy, primarily organic growth investment, which we want to preserve our dividend policy and then M&A and shareholder -- additional shareholder returns are considered equally, yes?

So the question really was around, well, why not more? James, give us a chance, like that we have announced today a double-digit growth. We feel the EUR 500 million that we've announced today represents about 90% of our free cash flow generation last year. So in our perspective, we think that this share buyback represents a good and compelling business model in conjunction with the outlook.

I think the other thing I would say is that in this world that we're in, I believe -- we believe prudency in maintaining optionality and flexibility of our balance sheet is really relevant. So we think that we'll be at the lower end of our leverage range for a little while. But yes, this share buybacks feature as part of our algorithm, if you like, to increase value.

To your point about, well, is there more coming? Again, we're taking this step by step, let us execute this. We're getting on with it. We're delivering it within 6 months. And then we will always consider share buybacks, M&A, additional organic growth as part of our capital allocation discipline. And what we commit is that we will achieve double-digit EPS growth. I'll start on the Nevio and then you give you the commercial answer.

Yes, yes.

We agree the T2RL assessment of mid-teens, 14% to 15% evolution or revenue gain as a result of airlines transitioning from PSS to OOSD, but maybe what are we seeing with our customers, Decius.

Yes. I would say our growth in Airline IT, we have the 2 components of the growth equation. One are the PBs. So then you say, more people travel because of AI. So I think that one is more related to supply and it is more related to more planes. But then you go into the other equation, which is how many more modules and how much more scope and how much more work can I do on behalf of an airline if they're going. So typically, on a moment of very big transformation, do you want to be orchestrating 50, 60 providers that are everyone doing their own stuff? Or do you want to go with one partner that has, let's say, a lot of skin in the game and it is able to deliver your transformation from A to Z? So it's like, I think that's where we position ourselves, and we see that with all of the customers that we have done, the scope has increased, and you see that translated into higher revenue per PB because we are able to do more and innovation.

If you point out our agreement that we have -- I'm sorry, with the project that we have now with Lufthansa, it evolves into something that we call delivery. So every time we were discussing about offers and orders, we're adding a step there. We are adding a whole new step that is called delivery. So delivery is about if you're going to do all of these fantastic things for the traveler, how you're going to deliver that services if that is going to go beyond just an air flight ticket.

So it's kind of how you're going to coordinate with your partners? What if you're going to have Uber in there? What if you're going to have to exchange information with an airport? So it's like all of that delivery makes that us, we're going to have more revenue opportunities on the moment that customers are within in trip because that is going to be a moment, that is not going to be only you checking in because the check-in is going to be done, but you're going to be able to buy more products and services on that stage. So I think that is the innovation that I see.

It's already -- I mean, if you see in our figures and in our projections, we are already assuming to capture part of this value. Of course, as the contracts are being implemented progressively, so it will be progressive, but we expect in the medium term, this to really generate additional revenues for us, definitely not just with the current customers, but also with the new customers coming in.

And in our actuals, it's already represented. It's part of the revenue per PB uplift that we've seen in Q4.

It's Toby Ogg from JPMorgan. Maybe just on the segmental guidance for air distribution, sort of mid- to high single-digit. You mentioned, I think their growth potentially faster on the bookings side in 2026 versus last year. Could you just help us understand what would drive that potential acceleration if it were to materialize, what would be the building blocks of that? And then just on the remaining pricing-driven growth. Could you just help us with the drivers of that across booking mix and pricing trends? And how we should think about any incremental NDC bookings as well that perhaps might be on a net model within that?

You want to take. I'll start or...

You can start, and I'll jump in.

I mean, yes, all these figures. When we say we expect higher bookings is mainly coming from the fact that, yes, we are signing customers definitely. We are increasing all our NDC agreements, our agreements with airlines bringing new content. So all that is into the equation. And as far, of course, as the traffic stays in the range that we have defined because that's the variable we don't control.

We expect the volumes to be ahead of what we have this year. It's based on customer success, on signatures of NDC bookings, pieces of some new content that is coming into the platform, some reintermediation. So we are optimistic about our volume during the full year of '26. And with regards to the pricing?

I will complement. So we've also referenced the global air traffic assumptions that we're making, again, based on feedback from you guys. So we're increasing our transparency there. To complement Luis' point, I think the booking dynamics are similar to what we're seeing for our outlook in '26 similar to what we're seeing in '25, but our revenue per booking growth will soften slightly. It will continue growing, but it will soften slightly.

And the reason for that is booking mix, as Luis just mentioned. So there's a combination of low-cost carrier content and where that's coming through. We're seeing some pricing tailwinds starting to lap, so that will affect it. And of course, then the timing of our customer negotiations. So all in all, I think a similar booking profile from '25 to '26 with a softening revenue per booking trajectory.

Alex Irving from Bernstein. Two from me, please. The first one, something is not wholly making sense to me in the way that we're talking about AI is used internally within the business. I love your help in understanding that better. Approaching this from a view of, are you using new AI tools to meaningfully improve the productivity of your software developers. It sounds like the answer is yes. Then if yes, should we be then expecting R&D investment to plateau because we can get more output through higher efficiency rather than cash spend? And the answer sounds like it isn't because CapEx is still going to be a double digit or low double-digit share of revenue. So if that's right, then why not? How are you deciding the right level of development spend is? And how have AI tools changed the way that you think about that level of investment?

I'll start with the numbers and then maybe Niko you jump on the technical stuff -- you have a point as well. We all want to talk about this one, Alex. So CapEx, yes, low double-digit growth, but a declining trend over the outlook period. So that's the first fact that we expect that our CapEx profile will drop.

Secondly, not all productivity gains result in a direct kind of cash out. We might have increased efficiencies, deliver projects to market quicker. Based on the level and speed of sales than commercial momentum that Decius is doing definitely on that case. The third point I'd make on that as well is that we're also committing to margin expansion. So our R&D spend is partly expensed and partly capitalized. So we are expecting and AI efficiencies, productivity efficiencies, amongst other things, are contributing to that margin expansion. So that's on the numbers, but .

Okay. Maybe to give a bit of color on how we use AI internally. So yes, we've deployed it first like, I would say, most of the companies for engineering. So I don't want all our engineers have access to AI tools. And okay, I can name a few, Claude, Copilot, and et cetera and basically, we give them the choice to select, depending on the task that is at hand.

So we already see productivity improvements. However, if you want my honest opinion, the real gains are ahead with what is coming with Agentic. So we have started to deploy some solutions, but having more autonomous agents being there doing some of the activity will then unlock even more productivity, we believe.

Second, the point I want to highlight is the way we've approached it is not solely as a cost reduction. It's -- as Carol was saying, there is an aspect of force multiplication, if I may say so. whereby we can implement faster, we can deliver faster. It enables us to -- our team to accelerate their intent, their speed, their capacity. This is our primary goal concerning all the pipeline that Decius talked about, and this is where we see the opportunity.

Last aspect I want to highlight is beyond just the tools, it's really a working methodology change that we are embracing. The fact that we've used AI quite a long time in Amadeus helps us because it's in our culture.

And in the working methodology, what is very important is to remember that we keep the human in the loop. I think you heard Luis talking about mission-critical systems. So as we deploy those solutions, we are very wise, very careful to make sure that we privileged stability, security for the solution, knowing that we operate in a very critical industry.

I'll let you ask your second question, otherwise.

Quickly, we're running out of time.

Okay. Second question. Probably -- I think probably might be for you, Decius. You asked the acquisition of Skylink yesterday, and my initial read of this, it takes some functionality away from the TMC in the booking flow in the travel management flow. Does that reflect your assessment of the way that the travel industry is going to evolve in the future? And if so, what does that mean for Amadeus' own business?

Okay. So First thing on the productivity point is, remember that we have a very large addressable market that if we really have more productivity, there are a lot more travel areas that we can cover. So I think that we -- this debate that is always around this idea that I don't know, everything has been already invented, and it is like there's -- if we have a lot of free capacity of servers, of developers and so on and so forth, There's plenty of new things for us to invent and the travel industry has plenty of space for us to cover.

On Skylink, I think what we want is to have that capability of conversational AI across the board. As we said, we would like to give that to our employees. We'd like to give that to the professional travel user that we will use to make that more productive.

We want to have that to deflect, as you were saying, a lot of requests that are coming from travelers that we believe that they can be automated, no? So what can that mean for TMCs? It can mean, a, much more productive environment for TMC because it's like if today, they need 20,000 people to service X amount of volume it means that probably in the future, they do not need to have as many people or they can cover a lot more, let's say, number of customers with the same amount of people they have.

I think that is one. So why do intermediaries exist? And that's what I was saying is, it is much more than processing the transaction. It's kind of -- that is the part that it is about curating the content. It is about creating the certainty. It is about doing all of the edge cases. It is about. So it means that by automating that, it means that you can add a lot more value on the other aspects of the business. So in fact, I don't see this world of black and white. I do see opportunities for both providers and intermediaries to thrive in this new environment.

Okay. Thank you very much. We ran out of time, but we have the lunch outside. So if you can stay, we'll be happy to address your questions. To the people on the line, we're very respectful of the fact that you've sent us questions as well, but we haven't had the time. We will answer your questions through the Investor Relations team. Thank you very much to everybody that has connected and we'll see you again in Q1. Thank you.

Good day, ladies and gentlemen, and welcome to Amadeus Third Quarter 2025 Results Conference Call. [Operator Instructions].

I would now like to turn the conference over to Luis Maroto, President and CEO of Amadeus. Please go ahead.

Good afternoon. Welcome to our Q3 results presentation, and thank you for attending today. I'm joined by Caroline Borg, our CFO. So let's begin.

We'll start on Slide 4. Amadeus had a strong third quarter full of momentum, which drove revenue growth acceleration and margin expansion. Year-to-date, group revenue has grown by 8% and adjusted EBIT increased by 9%, both at constant currency. Our prospects remain strong, and we entered the last quarter of the year with confidence to deliver on our outlook for the year.

Amadeus is a B2B technology partner of reference in travel, and it is deeply integrated into the travel ecosystem. Many of the world's most important travel players leverage on us for their core technology. In the quarter, we continued to span our relevance. We grew our customer relationships with airlines, hotels, travel sellers and airports. We won new customers across our portfolios and broaden our offering.

We are pleased to announce we have won the Ascott Limited as a new customer for Amadeus Central Reservation System in hospitality. Ascott is Singapore based and its portfolio expands more than 230 cities in over 40 countries through Asia, EMEA and North America. ACRS market leading attribute-based selling capabilities will empower Ascott to deliver uniquely personalized merchandising, enhance guest experiences and drive growth across its portfolio. The current scope of our ACRS agreement covers Ascott's global portfolio, excluding Quest-branded properties and those located in China.

Further expansion is expected as Ascott continues to execute its global growth strategy. Investing for the future has been key to our success. In the year, we have deployed over EUR 1 billion in R&D into our solutions, technologies and capabilities to extend our reach in travel and to further connect the travel ecosystem.

Today, we want to take the opportunity to serve some further insights into how we are leveraging AI to generate further opportunities. As you know, as a leader in the travel and technology space, we have been evolving and applying AI into our products and solutions for almost 20 years. Our journey began with operations research, machine learning continued with deep learning and introduction of generative AI, revolutionizing essential functions like flight scheduling and search, airport resource management, passenger disruption handling and revenue management systems. We use AI to optimize airplane usage to reduce the impact of disruption on passengers, to improve hotel occupancy forecasting and to improve the creation of shopping recommendations among others.

We use AI at an enormous scale. We have been investing for an AI-driven future, and we are building the technological foundations to excel at Agentic AI in travel. As we complete our cloud transformation, we are also creating the first data mesh in travel, a trusted industry data source with several insights across domains and solid governance.

For the potential of Agentic AI to be realized across travel, this is key. We are embedding Agentic AI as a capability of our platform for the benefit of our portfolio and we are uniquely placed to infuse Agentic AI across the travel ecosystem in the years to come. At Amadeus, we are also leveraging on strategic partnerships with world-leading technology players to boost our strengths. We are focused on our strategic partnership with Microsoft and Google to propel our AI innovation, deploy effective multi-public cloud operations and develop unique business collaborations.

Garv is a recent example of AI co-innovation. Garv is an AI agent built on top of our airport data platform. Airport employees with Microsoft teams can ask questions using natural language and Garv reasons through problems, make decisions and learns from experience. Please turn to Slide 5 now for a strategic update.

Amadeus is leading the airline retailing transformation with Nevio, our AI powered next-generation airline IT platform. Nevio's leading capabilities are being recognized by existing and prospective customers, increasing our competitive advantage and further deepening our customer proximity. Nevio has a distinct value proposition. It allows us to offer our customers the possibility of doing much more, and it also allows Amadeus to better attract new customers, thanks to its modularity. We are active in numerous RFPs. We continue to advance negotiations and we aim to expand our group of Nevio customers.

In the quarter, we continued to deliver new Nevio capabilities. Finnair has introduced a significant step in airline retailing becoming the first airline to launch native ancillary combos, powered by Amadeus Nevio product catalog. This is part of our offer management offering and consolidates our products and services into one catalog. It is a single repository for all content that an airline can offer to travelers. These products and services can then be provided by the airline directly or by third parties, and they can be offered individually or bundled into an offer tailor to the traveler, and they can also be self-service purchases by the traveler.

In hospitality, we have become a leading IT provider to the hospitality industry. We believe the Amadeus platform offers the most comprehensive portfolio of core capabilities to the hotel industry and is the most probably connected ecosystem of partners. We are uniquely placed to address industry needs and expand in this large and growing market.

We are progressing well with the implementation of Marriott International and Accor to the Amadeus hospitality platform. The first Marriott International properties are now live in -- on ACRS and progressing well with more to be rolled out around the world over the next few months. Feedback on capabilities has been positive. InterContinental Hotel Groups, MGM, Marriott International, Accor and now the Ascott Limited, we are creating a global community platform of world-leading hotels and a mission to transport relationships with guests. Amadeus' travel platform is a platform that enables travel providers around the world to retail through third parties everywhere on the globe. This quarter, we expanded its reach by adding new travel sellers and increasing our share of wallet with existing travel seller customers, for example, with Trip.com.

We also expanded the content bookable on our platform, for example, with low-cost carrier flyadeal, enhancing the platform's attractiveness. We also continue to sign new NDC agreements. Our goal is to become the undisputed aggregator of NDC content and we believe Amadeus has the most advanced and compressive NDC technology in the industry, and we aim to do NDC at scale.

Finally, regarding our technological capabilities, including AI, Agentic AI promises to transport travel in positive ways, bringing increased personalization to travelers as well as productivity and efficiency gains across the value chain. We are uniquely placed to deliver Agentic AI functionality into our installed customer base and into new customers. Amadeus can build solutions for the travel industry that others cannot easily replicate. Our technology is natively integrated into travel players covering critical end-to-end flows and managing vast amounts of extensive data in travel. We have identified over 500 potential use cases whereby applying generative AI, we can bring value to our vast customer base through the announcements of our products or the creation of new ones as well as for internal efficiencies.

We are enhancing our solutions together with our customers with very positive feedback. Some that had been launched already are Cytric Easy AI assistant for employees to plan and book personalized corporate travel with the Microsoft teams, Amadeus Advisor for leveraging business intelligence in hospitality. We have trained and deployed several productivity boosting AI agents for travel sellers on top of our selling platform, Connect. We are additionally investing in call center automation for airlines. We have received huge interest for this and it is a clear opportunity for all travel providers and travel sellers to gain efficiency and productivity at call centers.

We are expanding our hospitality platform as well with Ascott for an AI automated call center powered by Amadeus and Salesforce. And we are also actively engaging with AI platforms to assess how we can best serve them within the travel industry.

Please turn to Slide 6 for our most recent developments in Air IT Solutions. We continue to see great success in revenue management through the quarter. Amadeus innovative modular AI power and data-driven revenue management technology enables customers to optimize pricing, enhance operational efficiency and respond dynamically to market changes. Qatar Airways, Vietnam Airlines and Jazeera Airways have contracted for Amadeus Revenue Management solutions. Also as part of its acceleration towards modern retailing, Singapore Airlines has implemented Amadeus Dynamic pricing. We expanded our Altéa customer base in Asia with both Sun PhuQuoc Airways and Air Borneo contracted for our Altéa PSS. Several customers expanded the scope of solutions adopted from our portfolio, including Wizz Air, Aeroitalia, Malaysia Airlines, FireFly and Air Sial.

In Airport IT, we continue to deliver innovative solutions. As I previously mentioned, we introduced Garv, an AI agent that enables better decision-making. Also together with Lufthansa, we successfully tested the biometrics enabled EU Digital Identity Wallet. This is an initiative led by the EU Commission that aims to have a digital version of EU ID, passport and driving license in an EU Digital Identity Wallet by the end of '26. We also have commercial wins with customers such as Manchester Airport, Changi Airport, Aeropuertos Mexicanos and Alyzia Handling who added solutions from our portfolio.

Moving on to our volume performance in the first 9 months of the year, Amadeus PB grew by 3.7% or 4.3%, we exclude the leap year effect in the base driven by the global traffic evolution in the period, supported also by the Vietnam Airlines implementation, which slapped in [ April '25 ].

All of our regions, excluding North America reported solid growth. Asia Pac was our fastest-growing region, reporting 8% PB growth. In North America, Amadeus PB evolution was impacted by soft performance of some of our customers in the region. Western Europe and Asia Pac were our largest regions. In the third quarter, Amadeus PB grew 2.2%, moderating slightly relative to quarter 2, mirroring global traffic growth but with an improving trend within the quarter. You will see PB volume growth moderation in the quarter was more than offset by revenue growth by an accelerating revenue per PB. In the first few weeks of October, we have seen our PB volume growth trending ahead of quarter 3.

Slide 7 for our developments in hospitality and other solutions. In the first 9 months of the year, the segment's revenue grew 8% at constant currency, supported by positive trends and evolutions by new customer implementation and increased volumes at both hospitality and payments, particularly in quarter 3, which supported revenue growth acceleration in the quarter. We have commercial wins in the third quarter across our business domains. I was saying before, we are pleased that the Ascott Limited has contracted for Amadeus Central Reservation System, represents a step forward in Amadeus' journey to transform the hospitality industry through its ACRS community and it demonstrates the value of our open and scalable technology for hoteliers of different sizes and needs.

We'll also span our hospitality platform with Ascott with our AI power automated call centers for hoteliers. Our Business intelligence solutions continue to attract new customers, such as EOS Hospitality and Scandic Hotels. Our Business Intelligence solutions include Amadeus Advisor and AI agent designed to simplify that access and empower hoteliers with smarter insights to drive more informed decisions.

Further on the AI front in hospitality, we have built an AI power solution within meeting broker to automate and accelerate hotelier's responses to group and events RFPs. Trip.Biz part of Trip.com Group expanded its hotel distribution agreement with Amadeus to support its continued growth outside of China, and Abu Dhabi's Department of Cultural and Tourism, and Adeera Hotel Group based in Saudi Arabia are adopting Amadeus Digital Media Technology.

In the quarter, we expanded our partnerships. We have partnered with Shiji, a global provider of hospitality technology solutions to offer hotels a combined offering, including industry-leading reservation, property management, guest experience solutions through a single provider. We have also partnered with Sensible Weather, the leading weather warranty provider for travel and hospitality to integrate automatic reimbursement capabilities for unexpected adverse weather conditions into the Amadeus iHotelier Central Reservation System.

In payment, Outpayce has made progress in scaling our payments offering. We have initiated the issuing of prepaid virtual cards and implemented various new customers such as HBX Group, who are now in production. Also Sweden-based tour operator Sembo and Hong Kong-based Junting Travel has expanded their B2B wallet agreements with Amadeus.

Please turn to Slide 8 for our distribution highlights. During the third quarter, we signed 14 new contracts or renewals of distribution agreements with airlines, including low-cost carrier flyadeal, taking the total to 43 for the first 9 months of the year. To date, we have signed 75 NDC agreements with airlines, including Riyadh Air in the third quarter and 35 airline services in content accessible to the Amadeus travel platform.

We had great commercial developments with major travel agencies. We expanded our travel seller customer base with travel management companies such as Corporate Information Travel in Malaysia an UOB Travel in Singapore as well as with leading French tour operator Voyageurs du Monde. All of these travel sellers will benefit from access to the broadest range of travel content, including NDC. We strengthened our relationship with online travel agencies such as Trip.com, which expanded its agreement with us and Fareportal, which continues to scale its NDC option through the Amadeus travel platform.

Retail travel agency, Internova Travel Group and tour operator Cercle de Vacances expanded their partnership with Amadeus to also include NDC content. To review our volume performance in the first 9 months of '25, Amadeus bookings grew by 2.7% or 3.1%, excluding the leap year effect supported by continued commercial gains across regions most notably in Asia Pac, which was our fastest-growing region, growing 12% over prior year.

In third quarter, Amadeus booking growth accelerated to 4% from a softer Q2 growth backed by a more stable overall global environment compared to first half. Growth accelerated across most regions, particularly the Middle East and Africa, Asia Pac and Western Europe.

The volume growth acceleration in the quarter offset the expected moderation we saw in revenue per booking growth in quarter 3, which can sometimes be lumpy. And to the first weeks of October, we have seen a moderation in our booking growth relative to quarter 3.

With this, I will now pass on to Caroline to review our financial performance.

Thank you, Luis. I'm delighted to be presenting our strong Q3 results today. So please turn to Slide 10 to review our solid financial performance to date with high single-digit revenue and adjusted EBIT growth at constant currency coupled with steady free cash flow generation, reinforcing our expanding relevance in travel.

Given that the first 9 months of the year, the U.S. dollar has depreciated significantly in relation to the euro, we are displaying our performance of revenue, EBITDA, adjusted EBIT and free cash flow versus prior year also at constant currency to facilitate understanding of Amadeus' underlying financial performance. More details on our exposure to FX on our constant currency calculations as well as complete information on our IFRS figures and their evolution are available in the appendix of this presentation and in the Amadeus' January to September 2025 management review.

In the first 9 months of the year, we've delivered strong growth across many of our key financial metrics. Revenue of EUR 4,895 million, 8% growth at constant currency, 6% reported growth. Operating income of EUR 1,420 million, 8% reported growth. Adjusted EBIT of EUR 1,471 million, 9% growth at constant currency, 8% growth reported. Profit of EUR 1,088 million, 10% growth and diluted EPS at 11% growth.

Adjusted profit of EUR 1,109 million, 8% growth and diluted adjusted EPS of 9% growth. Free cash flow of EUR 955 million and expected 2% below prior year. Leverage at 0.9x net debt to the last 12 months EBITDA as at the end of the period. And as you know, we've been ongoing -- we have an ongoing share repurchase program for a maximum investment amount of EUR 1.3 billion, which I can announce just completed yesterday. Our 2025 outlook at constant currency remains unchanged.

So now let's go to Slide 11 for our revenue evolution at constant currency. Our group revenue grew by 8% as a result of revenue expansion across all of our segments. Air IT Solutions revenue growth of 7.9% was driven by the PB volumes that Luis has just described previously and a 4% higher revenue per PB, which is fundamentally resulted from positive pricing impacts from new agreements and renegotiations, upselling of our incremental solutions, including those from Nevio and inflation. And in addition to that, we delivered strong growth of our airline expert services and our airport IT businesses.

These effects were partially offset by a negative platform mix as Navitaire New Skies outperformed Altéa. We expect that revenue per PB growth to moderate in Q4 relative to Q3.

Hospitality and Other Solutions revenues grew 8.1%, which was largely driven by the hotel IT, hotel distribution and business intelligence domains, supported by customer implementations and increased volumes. As we communicated in H1, Digital Media revenue growth showed an improvement in Q3. Revenue growth was also driven by payments where both our merchant services and payout services businesses expanded notably.

As we have communicated previously, we expected revenue growth for this segment to accelerate into the second half of the year. In Q3, we have delivered faster revenue growth relative to the prior quarter, and we expect this growth to continue to accelerate again in Q4.

Air Distribution revenue growth of 8% was driven by the booking evolution that Luis has just described previously, coupled with a strong revenue per booking growth of 5.2%, primarily resulting from positive pricing effects, including contract renewals, new agreements and inflation. As Luis mentioned, these effects can be lumpy in nature. And as we communicated in our half 1 results, revenue per booking growth in Q2 was exceptionally high with revenue per booking growth in Q3 moderating as expected and we expect that moderation to continue into Q4.

So now let's go to Slide 12 for a review of our adjusted EBIT evolution. At constant currency, our adjusted EBIT grew 8.7% resulting from the 8% revenue evolution discussed on the previous slide. And in addition, our cost of revenue growth of 3.1% is fundamentally driven by an increase in transactions such as in air distribution and hotel distribution bookings and in payments due to the B2B wallet expansion.

Reported fixed cost growth of 8% mostly resulted from, firstly, an increase in resources, particularly in our R&D activity, coupled with a high unitary cost. Secondly, higher cloud costs due to a combination of our own volume growth and also to our progressive migration of solutions to the public cloud as we continue to mature. And thirdly, to the Vision-Box consolidation impact in Q1.

Fixed cost growth is expected to moderate in Q4 relative to Q3. Ordinary D&A expense increased by 4.2% as a result of higher amortization of internally developed software, partially offset by a lower depreciation expense at our data center given the migration of our systems to the public cloud. At constant currency, EBITDA margin was 39.1%, slightly below prior year, and adjusted EBIT margin was 29.8%, a small expansion versus last year.

So now on to Slide 13 for a review of our adjusted profit evolution. Adjusted profit grew by 8.2% as a result of our adjusted EBIT growth, lower net financial expenses and higher taxes than last year. Diluted adjusted EPS grew by 8.9% in the period. Net financial expenses declined driven by lower average gross debt and cost of debt and taxes increased as a result of higher taxable income and a higher effective tax rate at 22%, which was impacted by the changes in local tax regulations and lower tax credits expected for the year. Adjusted profit evolution in Q4 2025 will be impacted by the unusually low effective tax rate that we had in the same period last year, Q4 2024, resulting from positive effects coming from previous years compared to the 22.1% tax rate expected for Q4 2025.

Now on to Slide 14 to review our R&D and capital expenditure. As Luis was saying before, reinvesting into our business is the #1 priority for us. To evolve our technology capabilities and solutions for the benefit of our customers is something we are proud of, and it is hugely important to continue to enrich the competitive advantages we have built through the years of leadership in travel.

At September, our year-to-date R&D investment grew by 10.6%. Half of our investment was dedicated to the expansion of our portfolio and the evolution of our solutions and AI capabilities, including Amadeus Nevio, Navitaire Stratos for airlines, our hospitality platform, NDC technology for airlines, travel sellers and corporations and solutions for our airports and payment services. 1/4 to 1/3 was dedicated to customer implementations across our business such as Marriott International and Accor for ACRS, our new Nevio customers, as Luis was previously saying and airline portfolio upselling, and customers implementing NDC technology as well as efforts related to bespoke consulting services provided to our customers.

The remainder was dedicated to our migration to the cloud and our partnerships with Microsoft and Google as well as the development of our internal technology systems. In the 9-month period, our capital expenditure increased by EUR 80.5 million or 15.3%, mainly driven by higher capitalizations from software development. Capital expenditure represented 12.4% of revenue in the first 9 months of the year.

And now on to Slide 15 for a review of our free cash flow generation and net debt evolution. In the first 9 months, we generated EUR 955.2 million of free cash flow. Free cash flow was slightly below our prior year by 2.1% as we expected and as a result of increase in our capital expenditure, as I just previously discussed, deployed to elevate our portfolio of solutions and to strengthen our value proposition.

We also had an increased change in working capital outflow and taxes, partially offset by our EBITDA expansion and a reduction in interest payments backed by lower gross debt and cost of debt versus prior year. In Q4 and the full year free cash flow growth will be impacted by nonrecurring tax collections that increased free cash flow in 2024 by EUR 107 million in Q4 and EUR 116.2 million in the full year, as we described in the full year 2024 management review.

Net debt amounted to EUR 2,219.9 million at the end of September, EUR 108.6 million higher than at the end of December due to the acquisition of treasury shares under the share buyback programs, including our ongoing EUR 1.3 billion program, which, as I said previously, has just completed as well as the dividend payment and a small acquisition in the Travel Intelligence space, partially offset by our free cash flow generation and the conversion of bonds into shares. Our leverage is 0.9x net debt to EBITDA as at the end of September.

And finally, please turn to Slide 16 for our current views on 2025. In the first 9 months of the year, we've delivered steady and profitable growth, demonstrating the resilience and diversity of our business. We entered the last year of the year with confidence to deliver our group results within our 2025 outlook guidance range at constant currency, with revenues growing at the lower end of the range and EBITDA and adjusted EBIT growing faster than revenues.

With that, we have finished the presentation, but before we open to questions, I'd like to share that this year we'll be presenting our full year 2025 results in person in London at the London Stock Exchange. We will be publishing a save the date on our website and circulating the information soon. We look forward to seeing you there.

With that, we can now open the call to take any questions.

[Operator Instructions]. We'll take our first question comes from Alex Irving with Bernstein.

Two from me, please. First, on our distribution. Do you see the LLM, ChatGPT and so on, becoming a major distribution channel for airlines? And what steps are you taking to position for this?

Second, if you do see this becoming an important channel, then does this create the ability for airlines to reduce their dependence on GDSs given the LLMs should have both the scale and the technological competence to plug directly into airline APIs. And would you expect airlines to offer content parity with GDS channels or to advance their own channels when selling through LLMs?

Okay. Look, let me see how I see things. Of course, we will need to see how things evolve. But you know the travel space is complex. There is a lot of content fragmentation that in my view, needs to be aggregated and standardized and if we also think about the transition to offer an order and dynamic pricing capabilities, this will even add more complexity in the future in the way to really connect to travel providers and to really get the content.

So whoever wants to consume travel, we'll need to work in my view, with people that can provide this content in a perfect way. I mean we are not just talking ourselves. We are talking about the need to be service and we also need to see that the look-to-book ratio is reasonable. You know that with NDC is already a challenge in terms of the number of transactions per booking. And with AI, this could be even more costly. So based on all that, we don't believe the goal of the AI platforms will want to become merchants, to be content aggregators and deal with all this complexity, we feel that these platforms will need real-time pricing, not static content.

And you have seen many of them reaching today agreements with online TAs to get this content. So yes, there will be changes. This is a constant in our industry. We will target that as an opportunity. I mean, as you probably know, we are the largest provider of airline.com engines. We are the largest processor of online travel agency, and we work a lot with metasearchers. So this is -- the metasearch was also something that appear and we work with the majority of them. So our goal really is to keep our role. Of course, as an IT provider.

And as I mentioned during my presentation, we have a lot of cases. This is going to be normal for any technology company, and we also feel in distribution we can play a role to orchestrate what is coming. And yes, the AI platforms will be a new channel of getting into the final booking, and we are engaging with them as we do with the metasearches to see how we can play a role.

So we feel quite confident about that, but also we need to see how things evolve in the future and what is the final intent of the AI platforms.

The next question comes from the line of Adam Wood with Morgan Stanley.

Maybe first of all, you made an interesting comment about the opportunity in call center automation. Maybe first of all, could you just talk a little bit about how far along you are from a technology point of view on that? And then maybe more importantly, from a strategy point of view, I guess that's a very labor-intensive industry today. It's not going to be a technology replacement cycle immediately. There's going to be a need to move from one to the other. I guess you don't want to hire a lot of labor to help manage that transition. So can you just talk a little bit about what the strategy is to help people move from your labor incentive call center operation to one that could be powered by your technology.

And then secondly, we're obviously seeing flight restrictions in the U.S. Would that be included in the guidance range that you've given? Or would that potentially create downside if that was to persist through the end of the year?

Okay. Again, we don't know what will be the impact in the U.S. But with our current figures year-to-date, I mean, we feel confident we can manage I mean again, it depends how things evolve, but it's already assuming that in the U.S., there may be some impact. As you know, we have more or less 20% of our volumes in the U.S., less in PBs. Hopefully, this will be short. But again, I think an impact may happen. Of course, this may impact us in that part of the world, but we expect to be within the range that we have provided to you.

With regards to the call center automation, we are working in pilots and working very closely with customers. We believe this is an opportunity. Again, I mean, is not new to us because we have been delivering technology on this front, and there will be a transition to things that we are delivering, both for our customers, but also internally in the way we operate. So we are quite advanced in working with airlines. And of course, in many cases, we are in pilot mode. In other cases, we have launched the technology, but all that is moving well. That's what I can say.

The next question comes from the line of Sven Merkt with Barclays.

Maybe one on hospitality. Obviously saw a very good improvement in growth in the third quarter, and there are reasons to believe that we should see a further improvement in Q4. That said, you still need a substantial acceleration in the fourth quarter to hit the low end of the full year guidance. And therefore, it would be great if you could comment on your confidence on getting there?

And then secondly, could you please give us an update on the cloud migration. Is there anything you can say more precisely when this will be completed? And what impact we need to take into account in our cost and cash flow modeling for the upcoming quarters?

Yes. Great. I can take both of those. So let's start with the hospitality acceleration. We've seen well, firstly, we mentioned that half 2 would accelerate beyond half 1. We also mentioned that we would be starting to see some recovery in our media slowdown from half 1. So elements of our hospitality business that have really benefited in the Q is our Hospitality Distribution business.

As I said, recovery of Media, our Business Intelligence operations and our operations in payments around our merchant services and our B2B Wallet. So we've been very pleased with the improvement and the growth in hospitality. And we do expect that to continue to accelerate into the future -- into Q4, particularly.

We also mentioned, Luis mentioned our implementation of Marriott, and we're starting to see that ramp up come through within Q3 and Q4. So we do feel confident in our Q4 projection for hospitality to continue to accelerate its growth.

With respect to your cloud migration cost, we are in the high 90s percent complete, I think about 96% complete. We expect to complete early in 2026 and we're starting to see the evolution of our cost base as we transition through our cloud migration. It is true that there'll be some costs that we will not recur once we move to the cloud migration. Those costs are costs that are purely related to the migration activities. But given our ethos of reinvesting ourselves into our solutions and product offerings, we expect to redeploy a lot of those people into other activities.

So the impact, we will see fixed costs growth moderating, continue into Q4, but the impact will not be that big from the cloud migration per se in terms of cost evolution.

And the next question comes from the line of Toby Ogg with JPMorgan.

Perhaps just on the growth side. So you've been running at 8% year-to-date ex FX revenue growth so far, and you're continuing to steer towards the lower end of the 2025 growth guidance. Just thinking about the midterm growth guidance of 9% to 12.5% growth CAGR that, I think, implies that growth next year should accelerate. Could you just give us a sense for how confident you are around that acceleration? And then what gives you that confidence?

And then just secondly, just on the comments around the first week of October. You mentioned an improvement in the PB growth versus Q3, but a moderation in the air bookings growth versus Q3. We're now a week into November. Is there any color that you can share just on how those metrics have been trending through the remainder of October?

Okay. Look, it's -- again, there are seasonality matters. What we have seen overall is that October was a bit weaker. But again, there are some seasonality effects, mainly in Asia Pac as we had in India, some holidays and in Korea, some specific volumes. So you always have these kind of cases. So this was the main reason, which is not happening in November. It is true that in November, and in the last part of October, we have seen some impact in the U.S., as I mentioned before, not much, but yes, some weakness there.

So I will say bookings underlying are healthy. We don't see in the rest of the regions, any change compared to what we have seen in the previous months. But again, in October, there were some specific matters just in Asia. And in November, this was not there, but we have seen some weakness in the U.S. So if we exclude these effects, the volumes will be quite positive.

Yes. And if I take the question on our FY '26 growth trajectory. Look, firstly, we're not going to give '26 guidance today. We will come back in February with our 2026 guidance. However, to your question, we did communicate our midterm guidance, which covered 2026 at our Investor Day a number of years ago. We've delivered a strong 2024. We are on track to deliver a good 2025. So we are quite confident in our midterm guidance at a group level to maintain those CAGRs of 9% to 12.5%.

But as I said, we will come back with more details on segments in February and tell you more about our evolution on how we see things once we've closed FY '25.

And the next question comes from the line of Victor Cheng with Bank of America.

Maybe, first of all, do you see potentially more risk maybe from Direct Connect given NDC is now maturing at version 24.1 and AI is helping build these pipelines. I think in Q3 earlier, there is one large tech savvy TMC that switched from using GDS to direct connect for NDC content. So is that -- do you see that as a risk of more of that happening? Or is it more of a one-off scenario?

We don't see an increase in direct connect to be honest. And I think I have mentioned myself that I don't believe on direct connect in general, it is expensive for both parties, requires adaptation. And if we think about NDC, there are new versions, that, of course, both parties will need to really support airlines and the travel agencies and adapt to that. There are not so many travel agencies that have global systems. And that means that, yes, when you deal with one system different in each country, you need to connect and try to really do this direct connect per country.

Of course, you need to aggregate all these direct connects and then the rest of the content. So -- and then yes, I mentioned already the look-to-book ratios and the fact that the GDS has optimized that, and we are working really in trying to see with NDC and also with AI, how this is going to be handled in the sense of having intelligent search that is not hitting the inventory of the airlines every time there is a request because otherwise, this will be difficult to manage.

So I don't think direct connects will be the norm. Again, we have said there are some specific reasons for some specific parts of the inventories that can work. But in our conversations, we don't think there is any push today in general, of course, there could be exceptional or specific cases in general from the travel agencies to really move into that direction and deal with the airlines. So we feel the contrary. There are more conversations about how we can bring back part of this content with the right technology and in the right way.

Very clear. And if I can have one more follow-up. I think you have detail of interesting AI developments from Amadeus. But maybe can you help me understand on a high level, how you view Agentic AI can disrupt the distribution market either from a workflow perspective or from a structure or an economics perspective, any potential channel shifts or how Amadeus can participate and position itself in the new workflow?

I mean, again, I tried to explain before, probably without much success. But I mean, again, we feel -- it depends how things move, of course, but we are extremely well positioned to really deal with whatever technology, including that. There will be a new channel. Yes, there will be a new channel of search and shopping.

This has happened. Again, if you think about the way the metasearch works, including Google, of course, we will need to see how the AI platforms move and what is their intention. We don't think they will become a merchant, as the metasearchers are not doing so. And therefore, we are in a position to really provide them with the content that is required. I mean, moving -- because they don't need a static content, they need real pricing if they really want to move ahead and we don't think it's in the interest to really integrate vertically and try to really deal with all the complexity of the servicing and all the complexity of the pricing that is required, which is not an easy task.

Therefore, our goal is to really be content aggregation to really orchestrate the needs of the AI platforms. But of course, yes, there will be a new channel of sales and inspiration and they will need to really go through the process with providers. Some of them are already working with some travel agencies, some of them, we can provide IT services as we do.

I mean, we also announced in the last quarter our partnership with Google to deal with our Meta Connect, and this is a proof that both as they deal with metasearch and now the Agentic AI, we'll need to work with partners, and we feel we have this capability. And again, I was mentioning, of course, the huge amount of transactions that this may generate if -- I mean, this is not for free. As you know they need to use a lot of data, a lot of hits to the system and therefore, we aim to be orchestrating all that as the key technology provider. And that's our goal. And again, we engage with AI platforms.

We engage with airlines about all that and as we have done at the times of other technology changes, we aim to be playing that role in the middle.

The next question comes from the line of Charles Brennan with Jefferies.

Great. Maybe I'll just start with a clarification on the hospitality side, actually. You seem to attribute the revenue increase more to the media side and maybe payment side. In the prepared remarks, I didn't hear you reference Marriott. Can you just confirm that Marriott did start as planned in Q3? Or were there any delays in that contract?

And then with Ascott, we've seen these hotel chains take years to come on board and contribute to revenue. Should we assume that's the same for Ascott. Is it more of a '27 revenue event than '26?

And then separately, can I just ask about pricing and the pricing algorithm that we should expect more broadly across the group. I think you're flagging in both Air IT and Distribution, we're going to see pricing per booking and PB declining in Q4 relative to Q3. I know you said you weren't going to give us guidance for 2026, but can you just talk through the broad algorithm that gets us to the pricing dynamics for '26 between underlying inflation and perhaps the non-volume-related revenues that feed into that pricing equation?

Let me deal with hospitality. I mean we didn't mention as a key impact because the impact is already happening, but it's small. We started to really work with properties, but it's completely according to plan.

And in the coming months, well, as we speak, we keep rolling into more properties. But the main impact, as we said for months will happen in '26, so there is no delay. Everything is moving according to the plan, but we started slower than we will have in the coming months when we see everything is working properly, which is the case.

With regards to Ascott, yes, we will start the migration in '26. So it will not take so much time because the platform is much more mature, but we should expect the impact in '27.

Yes. And then in relation to the revenue growth, maybe I'll bring it a little bit more into the FY '25 because we wanted -- we want to deliver FY '25 first as a jump-off point for '26. And as I said, we'll give some FY '26 information in February.

I think Luis adequately said that there is still some volatility in the macroeconomic environment, so we could see a moderation in group revenue growth in the Q4. And that's driven by what we're already seeing in terms of booking volume moderation that we've started to see in October. We've also seen some softening of our revenue per booking due to the timing of our customer, negotiations and renewals. We are seeing some softening revenue per PB due to pricing dynamics and we will -- we do expect to have a lower growth in service -- in our service revenue in Q4, but all of that is offset, as Luis was mentioning, by the acceleration that we are delivering in hospitality.

We are seeing some really good implementation on our customer implementations and ramp up. And I apologize if I missed that off the script, but that's definitely a key part, recovery of our media business and the activities and commercial momentum that we gain across our payments businesses.

And the next question comes from the line of Michael Briest with UBS.

Great. It's good to see distribution back at, I guess, nearly 90% of 2019 levels. But looking at the regional color, it's very diverse. So I mean, Europe is still maybe 30% below Latin America, nearly 40% below, while Asia is over nearly 25% above 2019. Can you talk to the dynamics in that market? Is that your win rates and competitive dynamics? Is it the way the airlines and the agents have adopted NDC and direct connects? That would be the first question.

And then on the buyback, you're almost 80% done, leverage is the same as it was at the start of the year. Presumably you're completed in Q4, conceptually, do you feel comfortable if there's no M&A that we could maybe see further buybacks in 2026?

Okay. In terms of volumes, again, it's difficult to really come back to 2019. But as we have mentioned, there can be in the distribution business as in the past, the fact that low-cost carriers were growing faster during many, many years, including in '25, in many parts of the world, okay? I don't remember exactly where all the details of the comparison with '29. We also move out of Russia at one point. So there are a number of effects where we have been impacted. And yes, there has been a move that has happened in the previous years of full service carriers selling more direct and less to the travel agency. So some of the most easier in the disintermediated volumes have moved to alternatives, mainly the direct sales more than really direct connects, okay? Some direct connects, but the majority of that has been the normal way of airlines pushing more direct sales.

So that has been mainly what has happened when you talk about 6 years not very, very different when you compare 2019 with 2012, to be honest, we have always seen this disintermediation effects. We are seeing less in '25, as you see from the volumes that we are reporting and when you see the growth of passengers. But still, yes, I mean there are some of these dynamics that are still there. And that's clearly a reality despite that fact. I mean we have been able to really offset part of that with share, with bringing back some volumes and we feel optimistic about this business moving forward.

Yes. And maybe I'll take the question on buybacks, which effectively talks to our capital allocation policy, which, as you know, and you will expect me to say, we do have a disciplined capital allocation policy, prioritizing the investments that we're making to drive organic revenue growth.

I think we mentioned that a lot. In addition to the dividend policy, we also completed the buyback this year and M&A still remains and has been a really key relevant part of our growth strategy. So we continually review all of those pillars and what other potential uses of our funds moving forward. And we will come back in February when we're in the process of setting our budget expectations at the moment and we'll come back in February with any changes to that dynamic.

The next question comes from the line of James Goodall with Rothschild.

So firstly, just sort of coming back to Investor Day, where you outlined your medium-term targets. You also gave us a TAM for all of your various business segments of EUR 41 billion. I guess, since then, we've seen a fairly material evolution in terms of the products that you're offering and where you're sort of headed. Does that mean that you'd see a larger TAM today than you did back at Investor Day?

And then secondly, on Nevio and Stratos, we haven't seen a new customer for a while and Nevio was still waiting for one on Stratos. Are you comfortable with the current pace of agreements there? Is there any color you can give us in terms of how conversations are going with network airlines and LTCs and what we should sort of expect over the next sort of 12 to 18 months?

Let me start with the last one. Yes, I mean, we have a lot of engagements as we speak. So the probability of having something close is high. I will say. But more than that, it's difficult to say because nothing is done until it's really done, okay? So hopefully, this will happen. But what I can say is that engagement is high. We feel and we believe the potential of that is very good for airlines. And therefore, there will be a natural move into offer an order in the medium term.

The question is when but we have the feeling things are accelerated in terms of engagement with carriers. But of course, from that, we need to get the agreement with them and sign a contract, but the prospects are positive.

And with regards to the TAM, I mean, in theory, you are right. I mean we are expanding our solutions in many parts of our business. We have not revisited that number, so I cannot give you what will be the number today. We don't have that -- but in theory, yes, I mean we are addressing more parts of the travel industry. So in theory, this should extend the EUR 41 billion.

The next question comes from the line of Laurent Daure with Kepler Cheuvreux.

I also have 2 questions. The first is on the Air Distribution business. You commented on the higher pricing and in particular, renegotiation and new agreements. I was wondering how in this kind of environment, what are the pillars to convince your customer to pay higher prices.

And my second question is on Nevio. I understand it's tough to estimate the closing of some deals, but I was wondering whether the long sales cycle in your view, mostly comes from a tough environment. Or do you believe some of your potential customers are looking to see how the first implementation will be going in the near future?

I mean, look, I think it's a matter of priority. This is not just about our sales providing the technology. It's also about the way the airline is aiming to really deal with our retailing capabilities. Again, I mean if you see and you listen some of the presentation of the airlines, what they talk about that, I mean they are objectives that they have.

So it's a matter of when they are ready to really jump into the pool. It is also true we are developing and implementing some of the solutions. Some others are ready. So I really feel that will be traction. And then as we implement some of these carriers to really get the full benefits, of course, there will be some need for -- especially with the ones that they are working in the same alliance or with the partners that they have to really in the same logic.

Otherwise, we need to be reaching between the new times and the old times. And therefore, there will be an additional pressure between them to really move into this logic. So that's why I said, look, I'm optimistic. We have seen already in our P&L already in the third quarter some revenues coming from the Nevio implementations. So progressively, we will see revenue upside in the years to come. But of course, it will depend on the timing of the signatures and the timing of the implementation.

And I can take the distribution question. So you asked a question about what's the commercial kind of foundations around distribution. Well, clearly, things like commercial success, market share gains, contract renewals, agreement, inflations all affect the pricing dynamic. We also have said that traditionally, quarters can be lumpy because of the combination of those things happen. But another criteria that can also affect the pricing dynamic is really the content that is being provided. So as we transition -- as the industry has transitioned from full content agreements into relevant content agreements, we offer more discount to -- for our providers with the more content that gets provided. So there's a mix also in terms of the dynamic of content that's being shared and what the pricing drives that as well.

And the next question comes from the line of Thomas Poutrieux with BNP Paribas.

I just have one, please. And I was wondering if you could elaborate on the nature of the expansion of your relationship with Trip.com in particular. I think this one is interesting given their own relationship with Travel Fusion. So are you basically adding NDC concerns or LCC concerns? Or is it just that geographical expansion of your historical relationship? Any color here would be helpful.

Yes, it is both. I mean, we are expanding with them. We have a very close relationship with them. We are increasing our set of wallet, expanding in different countries. So it's increasing the volumes we are having with them. They have been extremely -- yes, they have the ownership with Travel Fusion, but we have been independently of that, working very closely with them and getting very healthy volumes from Trip.com, and we have a very close relationship with them, definitely. So it's an expansion of a relationship, but we have had that should translate into incremental volumes for us.

And that concludes our question-and-answer session. I would like to turn it back to Luis Maroto for closing remarks.

Thank you very much for attending the call and your questions, and we're looking forward to meet in London at the end of February. Thank you very much.

And the conference has now ended. Thank you for participating. You may all disconnect your lines.