Eurobond Issuances | Amadeus Investor Relations

October 2015

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Investor Presentation

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, OR TO U.S. PERSONS, OR IN CANADA, JAPAN OR AUSTRALIA

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_ IMPORTANT: You must read the following before continuing. The following notice applies to the investor presentation (the "presentation") following this slide, whether received by email, accessed from an internet page or otherwise received as a result of electronic or any other type of communication, and you are therefore advised to read this notice carefully before reading, accessing or making any other use of the presentation. In reading, accessing or making any other use of the presentation, you agree to be bound by the following terms and conditions, including any modifications made to them any time you receive any information from us as a result of such access.

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Disclaimer

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_ This presentation and the information contained herein are delivered and speak as of the date hereof and there shall be no implication that there has not been a change in the affairs of the Company or its affiliates or other matters that have occurred since such date rendering any of the information set out in this presentation inaccurate. Neither the Company nor its affiliates nor its advisers assumes any responsibility for updating this presentation or any of the information contained herein.

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Disclaimer

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• APAC: Asia Pacific

• DCS: Departure Control Systems

• EMEA: Europe, Middle East and Africa

• FSC: Full-Service Carrier

• JV: Joint-venture

• Latam: Latin America

• LCC: Low-Cost Carrier

• New Skies: Navitaire reservation system (PSS)

• Noram: North America

• Open Skies: Navitaire prior reservation system (launched in 1994, no longer marketed to new clients, replaced by New Skies)

• PB: Passenger Boarded

• PPA: Purchase Price Allocation

• PSS: Passenger Service Systems

• RA: Revenue Accounting

• SaaS: Software as a Service

Acronyms / Glossary

265ced1609a17cf1

a5979880a2ad364653895ae8


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Table of Contents

1. Amadeus Overview 6

2. Investment Highlights 12

1. Global Leader in the Distribution Business 17

2. Global Leader in the IT Solutions Business 23

3. Investment in R&D 27

3. Acquisition of Navitaire 29

4. Financial Highlights 33

5. Indicative Term Sheet & Transaction Structure 41

6. Appendix 44

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Amadeus Overview 1

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Amadeus’ Businesses

Market Leader in Global Distribution Systems (GDS) Offering technology solutions to travel providers and agencies, including real-time search, pricing, booking and ticketing, and related processing

Global Leader in IT Solutions For Travel Providers Providing IT solutions for airlines that streamline the reservations, inventory management and operations for travel providers

Transaction Based Pricing Model Allowing customers to convert certain fixed technology costs into variable costs that vary with passenger volumes; while also linking Amadeus’ revenue to global travel volumes rather than travel spending

Provider of Mission Critical IT Solutions Only player in the industry to operate a fully own data centre with redundancy in all critical areas – minimum n+1 concept

No single point of failure


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The leading technology provider for the travel industry

IT Solutions Provision of IT solutions to travel providers

Transaction-based business model: Volume driven, highly resilient and

profitable

Key global player in the c. €60bn growing travel and technology

market

Two highly synergistic and profitable businesses

Loyal customer base: Long term contracts and over 90% recurring

revenues Strong cash flow generation profile

Distribution Provision of indirect distribution services

Consumers/ General public

Corporate travel

departments

Online and offline travel

agencies

Travel agencies

Travel buyers

Airlines

Hotels

Railway operators

Car rental

Tour operators

Cruise and ferries

Insurance companies

Travel providers

Strong barriers to entry


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Global Business with Headquarters in Germany, France and Spain

Amadeus’ Central Sites

Erding (Munich): Operations

and data processing centre

Nice: Product and development

Madrid: Corporate

headquarters and marketing

Markets in which Amadeus has a local presence Markets in which Amadeus has no or limited activities

Additional local ACOs

Amadeus is present in 195 countries and

operates through a network of

71 Amadeus Commercial Offices (ACOs)

Central sites Other regional sites Regional offices

Madrid

Erding

(Munich)

Nice


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_ Leading market share in high growth emerging regions

_ Ongoing market share gains

Global leader in our two business lines

Amadeus

41%

Others

59%

Air TA Booking industry estimated market share

Amadeus

31%

Others

69%

Passenger Service System (PSS) estimated market share by passengers

_ GDS: most efficient means of travel distribution globally

_ Resilient market, proven track record for consistent growth despite challenges

_ Unique new-generation solution

_ Ongoing market share gains

_ Further opportunities in new segments (e.g. hybrid carriers)

_ High growth / high profitability software business

_ Highly differentiated offering, limited competition and strong barriers to entry

_ Strong implementation backlog and pipeline

Source: Amadeus estimates as of December 2014 based on publicly available information for GDS and PSS market share. PSS market share based on total passengers excluding China.

Global Distribution Systems IT Solutions


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A successful transaction processing model

Distribution Provision of indirect distribution services

(travel agency channel)

Booking fee (transactional

fee) Incentive and

Distribution fees (transactional fee)

Fees for Travel Agency IT

Travel providers

_ Travel providers provide their content to Amadeus, free of cost, obtaining access to a powerful distribution channel, travel agencies around the globe

_ A booking fee is paid to Amadeus when a booking is done in the Amadeus system

Travel agencies

_ Travel agencies select Amadeus for real-time search, booking, ticketing and other mid and back-office solutions

_ Amadeus pays an incentive fee when a booking is done using the Amadeus system

_ Travel agencies pay IT fees for technology and functionality

IT Solutions Provision of IT solutions to travel providers

Transactional fees and other

revenue

Travel providers

_ Amadeus provides travel providers (mainly airlines) IT solutions (e.g. mission critical passenger management solutions and e-commerce platform)

_ A transactional fee is paid to Amadeus for the use of the technology


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Investment Highlights 2

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Amadeus key investment highlights

Global leader in a robust Distribution business, with significant barriers to entry

Global leader in the IT Solutions business, an established and high growth business with large revenue visibility

Successful business model - Transaction based: resilient to economic cycle, economies of scale

Sustainable competitive advantages and barriers to entry driven by investment in R&D and network effect

Long-term contracts and loyal customer base

Financial performance: strong growth, profitability and cash flow generation

1

2

3

4

6

7

Two highly synergistic and profitable businesses 5


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Historical ratio between growth in air travel and growth in GDP of 1.3x-1.6x

Air travel grows at a multiplier to Global GDP growth

Passengers

(m

illions)

/ W

orld G

DP

CAGR 70s: 7.8%

CAGR 80s: 4.5%

CAGR 94-00: 5.2%

Recessio

nary

Expansionary Expansionary Expansionary

Recessio

nary

Recessio

nary

Pax traffic Base 1970

World GDP Base 1970

Recessio

nary

CAGR 03-07: 7.8%

CAGR 79-8: (0.1)%

CAGR 91-93 (0.7)%

CAGR 00-02 (1.0)%

CAGR 07-09 (3.0)%

Expansionary

Sources: ICAO Air Traffic (Million passengers) up to 2012. 2013 figure calculated applying IATA’s 2013 RPK growth from its December Monthly Market Analysis. GDP based on IMF World Economic Outlook figures (January 2014), rebased to air traffic at 1970.

1.3-1.6x ratio

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

3,600

1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012


http://www.airlines.org/Pages/Annual-Results-World-Airlines.aspx

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Our transactional business model shows strong resilience to the economic cycle

Profitability not correlated with that of the airline industry

382 423

491 533 553

616

679

873 882 897

1,015 1,039

1,109

1,189

1,306

-400

-200

0

200

400

600

800

1,000

1,200

1,400

(10)

0

10

20

30

40

50

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Airline Sector operating profit ($ billion) Amadeus EBITDA (€ million)

1. Airline sector operating profit based on IATA report Economic performance of the airline industry (December 2014)

2. EBITDA excludes extraordinary items. 2000-2004 figures refer to predecessor group entity pre-LBO

2011 EBITDA does not include Opodo (negatively affecting comparability with 2010 numbers)


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1,357

1,817

2,594

3,418

2000 2004 2010 2014

Revenue (€ million)

Unparalleled financial track record

28.2% % Margin 30.4% 37.6%

EBITDA (€ million)

Note: 2000 and 2004 figures refer to the Amadeus predecessor group entity, listed in the capital markets

from 1999 until its delisting in July 2005

382

553

976

1,306

2000 2004 2010 2014

38.2%


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Global Leader in the Distribution Business

2.1

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Global leader in Distribution, having steadily gained market share with travel agencies …

26%

41% 40%

25%

30%

28%

22%

24%

26%

28%

30%

32%

34%

36%

38%

40%

42%

44%Amadeus Travelport Sabre

-2 pp

-15 pp

+15 pp

Estimated air market share gain (2000-2014)

Source: Numbers of travel agency air bookings according to Company estimates. Excludes air bookings made through in-house or single country operators, primarily in China, Japan, Russia and South Korea (for South Korea, only up to the TOPAS migration).

Where competitors have merged in past, combined totals shown pre merger. 4th competitor with market share c.6% not shown

Leading GDS globally Well positioned in fast growing emerging markets


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What do travel agencies need?

Amadeus comprehensive value proposition

Local offices in 71 countries serving over 195 countries

System reliability supported by fully owned data-centre

Continuous commitment to innovation

Investment in best-in-class technology

Leading shopping, booking, and fulfillment functionality

Multi year content agreements

Wide breadth of global and local content

The balancing item

Amadeus superior offering = lower economic incentives

Customer Service & Relationships

Product Functionality

Content

Price (Incentives paid)

…thanks to our superior offering which positions Amadeus well for further and profitable market share gains …


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More investment

in IT

Better products

More Revenues

… in an industry where market share is critical, generating powerful network effects and barriers to entry

Amadeus: 40%

market share

globally of travel

agency air bookings

Amadeus: Over 700 Airlines, 250,000 hotels + others

More attractive to travel agencies

More travel providers on the platform

More attractive to travel providers

More travel agency

subscribers

High barriers to entry: technology and network difficult to replicate

Market share critical: global reach as a core GDS value proposition


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•Less value

•Lowest fee

Local

•Medium value

•Medium fee

Regional

•Most value

•Highest fee

Global

Resilient Unit Booking Fee (1) (€)

€3.58 €3.73 €3.78 €3.78 €3.74 €3.82 €3.81

€3.95 €3.94 €4.02

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

373 391 428 431 413

442 464 477

503 526

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

The Distribution business exhibits strong resilience: sustained volumes and pricing

Amadeus Annual Bookings (m)

Resilient volumes: sustained traffic growth + market share gains

Sustained booking fee: value-based pricing model, GDS value proposition

Bookings made in travel agencies based in airline’s home country

Provide access to difficult to reach customer (e.g. other continent)

Intermediate between global and local

Value-based pricing: based on origin of booking

1. Unit booking fee: Booking revenue / total bookings (air and non-air)


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241.8 265.9

30.3

32.2

H1 2014 H1 2015

Air Bookings Non-air bookings

WE +3.0%

Volume growth (%)

APAC +28.3%

MEA (2.1%)

CESE +2.1%

Latam +3.9%

NA +33.3%

WE = Western Europe; CESE = Central, Eastern and Southern Europe; MEA = Middle East and Africa; Latam = Latin America; NA = North America (incl. Mexico)

Amadeus TA Bookings (in millions)

Amadeus air TA Bookings by region

Weight (%)

Air TA Booking Industry Growth(1)

1. The air TA booking industry is defined as the total volume of travel agency air bookings processed by the global or regional CRS. Excludes air bookings made directly through in-house airline systems or single country operators, the latter primarily in China, Japan and Russia. Since the end of the third quarter of 2014, it includes the bookings processed by the travel agencies connected to the Amadeus platform, which were previously connected to the local CRS, Topas, in South Korea. Our market share is calculated as our estimated share over the air TA booking industry, as defined in this note.

2.6%

4.9%

H1 2014 H1 2015

40.3%

42.2%

H1 2014 H1 2015

+1.9 p.p.

Air TA Market share(1)

298.1

Distribution market share gains drive high growth

+9.6%

+10.0%

272.1

WE,

39.5%

NA,

17.0%

APAC,

15.9%

MEA,

12.2%

CESE,

9.1%

Latam,

6.3%


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Global leader in the IT Solutions business

2.2

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Altéa Reservation Altéa Inventory Altéa Departure Control

Unique IT Solutions offering

A unique proposition, from booking to boarding

_ Customer profiles

_ Availability and bookings

_ Fares and Pricing

_ Ticketing and payment

_ Inventory control

_ Schedule management

_ Seating management

_ Re-accomodation

_ Codeshare / partnerships

_ Check-in and boarding

_ Self-service

_ Baggage management

_ Aircraft weight and balance

_ Disruption management

e-Commerce

_ e-Retail

_ Flex Pricer

_ Affinity Shopper

Standalone IT Solutions

_ Ticketing

_ Revenue Integrity

_ Ancillary Services

Revenue accounting

Loyalty management

Revenue management


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_ IT Solutions play a vital role in

optimising airline business

processes

_ Airlines are increasingly cost

conscious and willing to

outsource: legacy systems

(1960’s/1970’s) are outdated and

often cannot address current

business needs efficiently

_ 66% of airlines are undertaking

major programs to upgrade their

passenger services systems (2)

_ Low cost hybrid carriers have IT

needs close to full service carriers

(interlining, scalability)

_ Alliances are triggering the need

for collaborative and open IT

platforms

_ Airline mergers act as a catalyst

for IT overhauls

Amadeus Altéa

Established and high growth business with significant visibility

Altéa Growth Drivers Volumes - Passengers Boarded (m)

35 77

695

c. 1000

2001 2004 2014 By 2017

High visibility with 10-15 year contracts

High growth with existing contract backlog

2017 estimate based on signed contracts (1)

1. Based on contracts signed and scheduled for migration before December 31, 2017. 2017 estimated annual PB calculated by applying the IATA’s regional air traffic growth projections to the latest available annual PB figures, based on public sources or internal information (if already in our platform)

2. Source: SITA Airline IT Trends Survey 2013

_ Implemented in 2014:

Southwest Airlines -

international, Korean

Airlines…

_ Upcoming airlines:

All Nippon Airways

Thomas Cook

China Airlines

Swiss

Southwest - domestic

volumes

Japan Airlines


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Solid growth in IT Solutions

WE, 42.8%

APAC, 27.4%

MEA, 14.1%

LatAm, 10.6%

CESE, 4.6%

N.A., 0.5%

Volume growth (%)

WE +0.2%

APAC +25.7%

MEA +0.5%

Latam +10.5%

CESE (0.4)%

1. Airlines that have contracted at least the Altéa Inventory module, in addition to the Reservations module

2. Passengers Boarded (“PB”) refers to actual passengers boarded onto flights operated by our migrated airlines

3. Adjusted to reflect growth for comparable airlines on the platform during both periods

Altéa PB by region (%)

_ Main customer implemented to Altéa platform during Q2 2015: All Nippon Airways (international business)

_ 7.8% H1 2015 Altéa PB growth, based on:

• Full-year impact of 2014/15 migrations, namely Korean Air/ All Nippon Airways

• 1.9% like-for-like organic growth(3)

_ Increased weight of APAC region driven by recent migrations (Korean Air and All Nippon Airways)

Weight (%)

328.5

354.2

H1 2014 H1 2015

+7.8%

Passengers Boarded (2) (in million) Altéa(1) customers in IT Solutions

119 123

9 9

Jun-14 Jun-15

Contracted airlines not yet migrated

Migrated airlines

132 128


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Investment in R&D

2.3

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Strong technology focus and leadership supported by on-going investment

156 191

217 228 236 257

349 364

437

525 568

8.6% 9.0% 9.3% 8.8% 9.4% 10.9% 13.5% 13.4%

14.2% 16.9% 16.6%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

R&D % of Revenue

Total accumulated 2004-2014: c. €3.5bn.

CAGR 2004- 2014: +13.8%

R&D expenditure (€ million, incl. capitalised R&D)

(1) (2)

_ Sustainable

competitive

advantages

_ Barriers to entry

0%

20%

40%

60%

80%

100%

1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Legacy Unix - Open Systems Linux - Open Systems

Shift to open systems(3)

1. 2004 figures refer to predecessor group entity

2. Revenue including Opodo. 2009 Revenue adjusted for IFRIC 18

Automated Flexible Modular Easy to evolve

Capacity increase in open systems(4)

3. Illustrative chart; based on internal estimates of platform activity and payload

4. Normalized usable reference cores in Linux production environment

0.0

10.0

20.0

30.0

40.0

50.0T

ho

usan

ds


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Acquisition of Navitaire 3

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Founded in 1993, Navitaire, a wholly-owned subsidiary of Accenture, is a U.S-based PSS provider in the Airline IT space, with 490m PBs, $198m in revenues and $60m in EBITDA(1) , for the year ended 31st August 2015

Key terms

Amadeus agreed to acquire Navitaire(1) from Accenture for $830m

Amadeus and Accenture have formed a strategic alliance to jointly pursue potential service opportunities related to Amadeus products

The scope of services provided by Accenture to Amadeus was expanded and will now include certain R&D activities, additional internal IT services and data centre activities

The transaction is subject to customary regulatory approvals including anti-trust clearance in a number of markets, with expected closing between December 2015 and 1Q 2016 – therefore, with expected limited to no impact on Amadeus’ 2015 financial performance

100% debt-financed

Immediately accretive transaction

Transaction overview

On 1st of July 2015 Amadeus announced the acquisition of Navitaire

(1) Please note that these figures may vary in the next months as we will undertake a PPA exercise and as they are transitioned from US

GAAP to IFRS accounting.


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Boost to Amadeus’ Airline IT strategy

Immediate presence in new market segments for Amadeus – LCC and Hybrid segments, where Amadeus plans to strengthen its current offering to enhance competitiveness

Complementary geographical operational and customer base: headquartered in the US and customers throughout the globe

Although Amadeus plans to maintain a clear segmentation of offerings/brands and will continue to invest in both platforms, there are potential synergies from:

Cross-selling and up-selling

Compelling value proposition through a double PSS offering, with advanced integration functions, to improve the traveller experience - particularly relevant for airline groups, alliances and JVs

Enhancement of Amadeus capabilities and market reach through addition of highly expert management team and engineers, comprehensive product portfolio, broad and loyal customer base

Attractive track-record of growth, profitability and cash generation acquired at a valuation multiple of 14.2x current year FCF(1)

Transaction rationale

The Amadeus and Navitaire offerings will cover the full spectrum of market segments within the PSS Airline IT space, from LCC to FSC

(1) Free Cash Flow defined as EBITDA less capex and as projected for the year ended August 2015.


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Proforma combined P&L

2015 Estimates

+

Revenue

EBITDA

Reported EPS

% margin

€3,741m

€1,419m

1.58

38%

€3,915m

€1,472m

1.63

38%

$198m

$60m

30%

(1)

(1) Amadeus’ estimated 2015 results based on Bloomberg consensus of analysts as of 18 June 2015.

(2) These figures are projected for August 31, 2015. Please note that these figures may vary in the next months as we will undertake a PPA exercise and as they are transitioned from US

GAAP to IFRS accounting. Translation to Euro using a USD/EUR exchange rate of 1.14 (source: Bloomberg as of June 18 , 2015).

(3) Based on estimated reported net income by Bloomberg consensus of analysts as of 18 June 2015 (€688m) and a 436.5m share count, net of treasury shares.

(2)

(3)


THIS SLIDE CONTAINS PROJECTIONS IN RESPECT OF FINANCIAL INFORMATION. FIGURES CANNOT BE VERIFIED AND ARE ILLUSTRATIVE ONLY

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553 616

679

873 882 863 976

1,039 1,109

1,189 1,306

30.4% 29.1% 29.2% 33.9% 35.2% 36.8% 37.8% 38.4% 38.1% 38.3% 38.2%

10

60

110

160

210

0

500

1000

1500

2000

2500

3000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

EBITDA EBITDA Margin

1,817 2,116

2,322 2,578 2,505

2,348 2,594 2,707

2,910 3,104

3,418

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Revenue and EBITDA

Amadeus has historically delivered strong Revenue and EBITDA growth and increased profitability

EBITDA and Margin (€ million)


Notes: 2004 refers to Amadeus predecessor group entity.

2009 figures are post IFRIC and exclude Opodo. EBITDA excludes extraordinary items related to the IPO in 2010-12, and, in 2011, the United Airlines IT contract resolution.

Karavel sold in 2008. Impact of Karavel in 2007 was €111 million

_ Resilient: over 90%

recurring revenues and

85% transactional

revenues

_ Not linked to airline

profits / ticket prices

_ Visibility of future

growth

_ Operating leverage

_ Long-term contracts

_ Loyal customer base


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601 628

709

786

963

2010 2011 2012 2013 2014

1,992

2,079

2,201

2,318

2,455

2010 2011 2012 2013 2014


Both Distribution and IT Solutions performed strongly


Distribution IT Solutions

Note: contribution is calculated after deducting from our revenue those operating costs which can be directly allocated to the business (variable costs and those product development, marketing and commercial costs which are directly attributable to each business).

926 950

982

1,036

1,082

2010 2011 2012 2013 2014

Contribution (€ million)

409

456

497

551

651

2010 2011 2012 2013 2014

Contribution (€ million)


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Strong free cash flow generation and growth

Enabling significant de-leveraging

Pre-tax free cash flow(1) (€ million) Net debt / EBITDA(2)

374

504

624

770

705

779 829 811

860 843

950

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

4.6x

4.2x

3.6x

2.5x

1.8x

1.3x

1.0x

1.3x 1.2x

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Jun-15

Dividend policy: 40-50% Pay-out ratio(3)

1. Defined as: EBITDA including Opodo (and, in 2011, the payment from United Airline’s contract resolution) – Capex ± change in working

capital. EBITDA excludes extraordinary items (LBO and IPO related costs) 2. Covenant definition. 3. Pay-out ratio applied to reported net income, excluding extraordinary items

Pro-forma Net Debt/EBITDA post Navitaire Acquisition: 1.6x


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Debt Maturity Profile as of June 30, 2015 (€ million)

Overview of Amadeus’ Debt Structure

1. USD denominated debt converted into EUR using the USD/EUR exchange rate of 1.1189 (official rate published by the ECB on June 30, 2015).

96

750

400 13

30

50

65 65 65 48 15

233

64

2015 2016 2017 2018 2019 2020 2021 2022

Bank financing Euro Bond EIB loans ECP

Summary terms of the facilities

Description Amount Maturity Comments

Bank financing Amortising Term Loan €96m1 Nov 2015

_ Amortising: bi-annual payments, last payment in

Nov 2015

_ €96m1 in US Dollar

Capital markets

financingEuro Bond

€750m

€400m

Jul 2016

Dec 2017

_ Bullet in July 2016

_ Bullet in December 2017

_ First loan: Senior loan to finance R&D

investment in IT.

Amortising: bi-annual payments from Nov 2015

(first tranche of €150m) and Nov 2016 (second

tranche of €50m), last payment in May 2021

_ Second loan: Senior loan to finance R&D

investment in

Distribution. Amortising: bi-annual payments from

Nov 2017, last payment in May 2022

ECPEuropean Commercial

Paper€296m Max 364 days _ Short term financing facility

Revolving Credit

FacilitiesRevolver €1000m Feb 2020

_ Available liquidity to cover working capital needs

and other

EIB Loans Development loans

€200m

€150m

May 2021

May 2022


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Key Performance Indicators – H1 2015

Summary of KPI H1 2014 H1 2015 % Change

Figures in million euros

Operating KPI

Air TA Market Share 40.30% 42.20% 1.9 p.p.

Air TA bookings (m) 241.8 265.9 10.0%

Non-air bookings (m) 30.3 32.2 6.4%

Total bookings (m) 272.1 298.1 9.6%

Passengers Boarded (m) 328.5 354.2 7.8%

Financial results

Distribution Revenue 1,271.5 1,415.1 11.3%

IT Solutions Revenue 459.4 561.7 22.3%

Revenue 1,730.9 1,976.8 14.2%

Distribution Contribution 583.6 632.2 8.3%

IT Solutions Contribution 315.7 367.0 16.3%

Contribution 899.3 999.2 11.1%

EBITDA 702.6 778.8 10.8%

EBITDA margin (%) 40.60% 39.40% (1.2 p.p.)

Adjusted profit 380.6 419.6 10.3%

Adjusted EPS (euros) 0.86 0.96 12.1%

Cash flow

Capital expenditure 198.4 251.7 26.9%

Pre-tax operating cash flow 446.6 338.7 8.4%

FY 2014 H1 2015 % Change

Indebtedness

Covenant Net Financial Debt 1,738.5 1,645.5 (5.4%)

Covenant Net Financial Debt/LTM Covenant EBITDA 1.32x 1.19x


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Summary Group Income Statement

Summary Group Income Statement 2012 2013 2014 H1 2014 H1 2015 % Change

(Figures in million euros)

Revenue 2,910 3,104 3,418 1,730 1,976.8 14.2%

Cost of revenue (747) (804) (880) (445.9) (526.6) 18.1%

Personnel and related expenses (763) (846) (970) (464,1) (549.6) 18.4%

Depreciation and amortization (273) (306) (358) (154.4) (192.9) 24.9%

Other operating expenses (287) (260) (254) (115.3) (116.6) 1.1%

Operating Income 840 888 956 551.2 591.1 7.2%

Net financial expense (95) (71) (56) (32.6) (25.4) (21.8%)

Other income / (expense) (17) 7 (1) (0.5) 0.3 n.m.

Profit before income taxes 729 824 898 518.1 565.9 9.2%

Income taxes (231) (266) (269) (163.2) (175.4) 7.5%

Profit after taxes 497 558 629 354.9 390.5 10.0%

Share in profit from associates and JVs 4 5 3 1.4 1.1 (22.4%)

Profit for the year 501 563 632 356.3 391.5 9.9%

Key Financial Metrics

EBITDA 1,109 1,189 1,306 702.6 778.8 10.8%

EBITDA margin (%) 38.1% 38.3% 38.2% 40.6% (1.2 p.p.)

Adjusted profit for the year 575 620 681 380.6 419.6 10.3%

Adjusted EPS(euros) 1.30 1.39 1.53 0.86 0.96 12.1%


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Summary Group Balance Sheet Summary Group Balance Sheet

2012 2013 2014 H1 2014 H1 2015 %Change Figures in million euros

Property, plant and equipment 299.4 304.6 359.0 338.7 435.5 29%

Intangible assets 1,879.0 1,983.9 2,352.9 2,082.8 2,482.5 19%

Goodwill 2,065.4 2,068.3 2,739.1 2,498.2 2,381.6 (5%)

Other non-current assets 140.0 164.9 150.7 166 147.3 (11%)

Non -current assets 4,383.9 4,521.8 5,241.7 5,085.6 5,446.9 7%

Current assets 371.7 414.5 550.7 511.7 665.4 30%

Cash and cash equivalents 399.9 490.9 373.0 430.0 393.7 (8%)

Total Assets 5,155.4 5,427.1 6,165.4 6,027.4 6,506.1 8%

Equity 1,531.4 1,840.1 1,867.4 2,073.0 2,131.1 3%

Non-current debt 1,541.3 1,427.3 1,528.9 1,661.7 1,596.8 (4%)

Other non-current liabilities 871.0 946.7 1,105.7 1,002.8 1,158.7 16%

Non-current liabilities 2,412.2 2,374.0 2,634.6 2,664.4 2,728.6 2%

Current debt 353.3 270.9 294.7 287.6 491.2 71%

Other current liabilities 858.5 942.2 1,368.6 1,002.3 1,155.2 15%

Current liabilities 1,211.8 1,213.0 1,663.4 1,289.9 1,646.4 28%

Total Liabilities and Equity 5,155.4 5,427.1 6,165.4 6,027.4 6,506.1 8%

Net Financial Debt (as per financial statements) 1,494.7 1,207.3 1,450.6 1,519.3 1,667.3 10%


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Issuer Amadeus Capital Markets, S.A., Sociedad Unipersonal

Guarantor Amadeus IT Group, S.A. & Amadeus IT Holding, S.A.

Issuer Rating Baa2 /BBB by Moody’s (stable) and S&P (stable)

Issue Rating Baa2 /BBB by Moody’s and S&P

Format Senior Unsecured, Fixed Rate Notes, Reg S only

Amount EUR benchmark

Coupon Fixed, Annual

Programme EMTN

Governing Law English Law

Listing Luxembourg

Denominations Minimum €100k

Optional Redemption 3-month Par Call

Key Covenants Standard Clauses (negative pledge, cross default, etc.)

Use of Proceeds General Corporate Purposes including the repayment of existing debt

Active Bookrunners Barclays, BBVA, BNP Paribas, CM-CIC, MUFG, UniCredit

Overview of Bond Transaction


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Amadeus Corporate Chart Structure

100 %

AMADEUS

VERWALTUNGS GMBH

(KARLSRUHE)

100 %

99.99%

AMADEUS SOFTWARE

LABS INDIA PRIVATE

LIMITED

Companies Fully Owned (100 %)

• 50 Entities (+/- )

Companies 100% - 50%

• 9 Entities (+/- )

Companies <50%

• 15 Entities (+/-)

100 %

AMADEUS CAPITAL

MARKETS, S.A.,

Sociedad Unipersonal

100 %

100 %

99.89%

AMADEUS FINANCE

B.V.

ACOs

AMADEUS S.A.S.

(Sophia Antipolis)

AMADEUS DATA

PROCESSING GMBH

(ERDING)

OTHERS

28 fully owned

entities

5.04% 0.66% 4.00%

0.06%

90.24%

AMADEUS IT HOLDING, S.A. Ownership Structure

Air France Finance

Treasury Shares

Malta PensionInvestments

Board Members(Minorities)

Free Float

AMADEUS IT GROUP, S.A. 2014 Bond Guarantor

AMADEUS IT HOLDING,

S.A. 2011 Bond Guarantor

2014 Bond Guarantor

2014 Bond

Issuer

2011 Bond

Issuer


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Amadeus H1 2015 Results

• Please click on the link below to access Amadeus H1 2015 Results Presentation:

http://www.investors.amadeus.com/media/files/english/financial_reports/quarterly_financial_info/2015/H1/H1%202015%20Results%20Presentation.pdf

• For further information please visit Amadeus Investor Relations website:

http://www.investors.amadeus.com


http://www.investors.amadeus.com/media/files/english/financial_reports/quarterly_financial_info/2015/H1/H1 2015 Results Presentation.pdf




http://www.investors.amadeus.com/english/inv_relations/

http://www.investors.amadeus.com/

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confidential

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