Amadeus IT Group S.A. — Audit Report / Information 2024

Mar 10, 2025

Audit report, annual accounts and Directors' report for the year ended December 31, 2024

Audit report for the year ended December 31, 2024

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Our
	response Our audit procedures include, among others, the following:
		> Understanding of the processes established by the Management related to the registration and evaluation of development expenses, including the evaluation of the design and implementation of the relevant controls, as well as their effectiveness.
		Performing tests of detail on a sample of capitalized projects during the year. Through the information provided by management, the review of technical information and business plans related to the selected projects, we have verified whether the capitalized costs can be classified as capitalized expenses. Additionally, for a selection of costs, we have verified that they are activatable and that the amounts have been capitalized correctly, verifying evidences such as invoices or personnel expenses incurred among others.
		Evaluating the main assumptions and methodology used by the Company to test the development costs for impairment.
		> Assessing the adequacy of the disclosures included in the annual accounts of the year in accordance with the applicable financial information requlatory framework.

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Annual accounts for the year ended December 31, 2024

This English version is a free translation performed by Amadeus IT Group, S.A. under its sole responsibility, and it should not be considered official or regulated financial information

ASSETS	Note	December 31, 2024	December 31, 2023
Intangible assets	6	796.7	930.1
Patents, trademarks, licenses and others		25.9	51.6
Goodwill		138.8	277.6
Development costs		610.9	578.3
Other intangible assets		21.1	22.6
Property, plant and equipment	7	25.4	11.7
Non-current investments in Group companies and associates		4,462.0	3,937.7
Equity instruments	9 & 19	4,146.1	3,784.1
Loans	19	315.9	153.6
Non-current financial investments	9	62.5	75.9
Equity instruments		12.7	11.9
Derivatives	11	1.5	15.1
Other financial assets		48.3	48.9
Non-current prepaid expenses		79.5	65.9
Deferred tax assets	16	89.0	119.4
Non-current assets		5,515.1	5,140.7
Trade debtors and other accounts receivable		679.4	679.8
Trade receivables	10	558.8	457.4
Trade receivables - Group companies and associates	19	52.0	37.7
Other trade receivables		0.2	1.0
Current tax assets	16	8.8	123.0
Other trade receivables from Public Administrations	16	59.6	60.7
Current investments in Group companies and associates		820.8	451.0
Loans	19	197.5	148.4
Other financial assets	19	623.3	302.6
Current financial investments	9	61.5	24.1
Derivatives	11	9.5	8.8
Other financial assets		52.0	15.3
Current prepaid expenses		107.2	109.4
Cash and cash equivalents		878.1	886.0
Cash		600.1	319.8
Cash equivalents		278.0	566.2
Current assets		2,547.0	2,150.3
TOTAL ASSETS		8,062.1	7,291.0

EQUITY AND LIABILITIES	Note		December 31, 2024 December 31, 2023
Shareholders' equity		1,702.7	1,376.3
Share capital		4.5	4.5
Additional paid-in capital		991.3	991.3
Reserves		440.9	586.3
Legal reserve		0.9	0.9
Special reserves		277.6	416.5
Other reserves		162.4	168.9
Treasury shares		(883.5)	(628.9)
Retained earnings		174.6	1.3
Net profit for the year		1,156.8	576.3
Interim dividend		(218.3)	(193.9)
Other equity instruments		36.4	39.4
Other comprehensive income		(12.4)	12.2
Financial assets at fair value through other comprehensive income		–	0.1
Hedges		(14.0)	11.7
Cumulative translation adjustments		1.6	0.4
Equity	12	1,690.3	1,388.5
Non-current provisions	13	124.0	138.8
Non-current employee benefit obligations		1.2	0.3
Other provisions		122.8	138.5
Non-current liabilities		2,474.8	2,583.0
Bonds and other non-current securities	14	1,995.9	2,231.9
Non-current debts with financial institutions	14	449.7	349.7
Obligations under finance leases		0.2	0.5
Derivatives	11	8.5	–
Other financial liabilities		20.5	0.9
Deferred tax liabilities	16	30.3	40.0
Non-current deferred income		187.7	198.7
Non-current liabilities		2,816.8	2,960.5
Current liabilities		971.0	741.5
Bonds and other current securities	14	720.1	524.4
Current debts with financial institutions	14	–	2.3
Obligations under finance leases		0.3	0.3
Derivatives	11	20.0	6.0
Other financial liabilities		230.6	208.5
Current debts with Group companies and associates	19	1,171.4	946.2
Trade creditors and other trade payables		1,377.3	1,218.8
Trade payables	10	797.7	675.6
Trade payables – Group companies and associates	19	520.3	489.0
Personnel related liabilities		21.4	21.2
Other trade payables to Public Administrations	16	37.9	32.9
Advance payments from customers		–	0.1
Current deferred income	15	35.3	35.5
Current liabilities		3,555.0	2,942.0
TOTAL EQUITY AND LIABILITIES		8,062.1	7,291.0

CONTINUING OPERATIONS	Note	December 31, 2024	December 31, 2023
Trade revenue	18	5,022.7	4,467.6
Services rendered to third parties		4,864.9	4,317.3
Services rendered to Group companies and associates		157.8	150.3
Less charges to fixed assets		112.2	102.9
Personnel expenses	18	(143.8)	(145.0)
Salaries , wages and related expenses		(111.8)	(110.6)
Social costs		(32.0)	(34.4)
Other operating expenses		(4,167.7)	(3,677.7)
External services		(106.3)	(91.5)
Taxes		(58.6)	(67.3)
Losses, impairment and variations in trading provisions	10	(10.8)	23.1
Other operating expenses	18	(3,992.0)	(3,542.0)
Depreciation and amortization	6 y 7	(246.2)	(234.6)
Excess provisions		15.5	4.8
Impairment and results on disposal of tangible and intangible assets		(7.2)	(7.9)
Impairment and losses	6	(6.5)	(7.5)
Results on disposals and others		(0.7)	(0.4)
Operating profit		585.5	510.1
Financial income	18	897.9	359.2
From equity instruments		833.5	282.2
Group companies and associates	9 y 19	833.4	281.9
Third parties		0.1	0.3
From marketable securities and other financial instruments		64.4	77.0
Group companies and associates	19	23.4	12.7
Third parties	19	41.0	64.3
Financial expenses	18	(139.5)	(135.4)
Debts with Group companies and associates		(52.8)	(41.2)
Debts with third parties		(86.7)	(94.2)
Changes in fair value of financial instruments	18	(0.6)	0.1
Exchange rate differences	17	(15.9)	(25.6)
Impairment and gains/(losses) on disposal of financial instruments		(4.2)	(5.9)
Impairment gains/(losses)	9	(2.4)	(7.0)
Result on disposal of financial instruments and others		(1.8)	1.1
Financial profit	18	737.7	192.4
PROFIT BEFORE TAX		1,323.2	702.5
Income Tax expense	16	(166.4)	(126.2)
NET PROFIT FOR THE YEAR		1,156.8	576.3

A) STATEMENT OF RECOGNIZED INCOME AND EXPENSES

Note	December 31, 2024	December 31, 2023
NET PROFIT/(LOSS) FOR THE YEAR	1,156.8	576.3
Income and expenses directly recognized in equity 12
Changes in the fair value of equity investment at FVOCI	(0.1)	0.1
Cash flow hedge	(42.3)	26.1
Exchange differences on translation of foreign operations	1.2	(1.0)
Tax impact	10.7	(6.6)
TOTAL INCOME AND EXPENSES DIRECTLY RECOGNIZED IN EQUITY	(30.5)	18.6
Transfers to the income statement 12
Cash flow hedge	7.9	25.2
Tax impact	(2.0)	(6.3)
TOTAL TRANSFERS TO THE INCOME STATEMENT	5.9	18.9
TOTAL RECOGNIZED INCOME AND EXPENSES	1,132.2	613.8

B) STATEMENT OF TOTAL CHANGES IN EQUITY

	Share capital	Additional paid-in capital	Legal and Special reserves	Other reserves and retained earnings	Merge reserve	Treasury shares	Net profit/ (loss) for the year	Interim dividend	Other equity instruments	Other comprehensive income	Total
Balance at December 31, 2022	4.5	991.3	556.3	(200.1)	179.0	(24.7)	380.9	–	39.4	(25.3)	1,901.3
Total recognized income/(expenses) for the year	–	–	–	–	–	–	576.3	–	–	37.5	613.8
Transactions with shareholders	–	–	–	–	–	–	–	–	–	–	–
Dividend paid	–	–	–	–	–	–	(332.5)	–	–	–	(332.5)
Other transactions with shareholders	–	–	–	2.0	–	5.2	–	–	–	–	7.2
Share buy-back program	–	–	–	(0.3)	–	(618.6)	–	–	–	–	(618.9)
Other variations in equity	–	–	–	–	–	–	–	–	–	–	–
Appropriation of results	–	–	(138.9)	366.3	(179.0)	–	(48.4)	(193.9)	–	–	(193.9)
Recognition of share-based payments	–	–	–	1.9	–	9.2	–	–	–	–	11.1
Other changes in equity	–	–	–	0.4	–	–	–	–	–	–	0.4
Balance at December 31, 2023	4.5	991.3	417.4	170.2	–	(628.9)	576.3	(193.9)	39.4	12.2	1,388.5
Total recognized income/(expenses) for the year	–	–	–	–	–	–	1,156.8	–	–	(24.6)	1,132.2
Transactions with shareholders	–	–	–	–	–	–	–	–	–	–	–
Dividend distribution	–	–	–	–	–	–	(348.5)	(218.3)	–	–	(566.8)
Other transactions with shareholders	–	–	–	0.5	–	5.9	–	–	–	–	6.4
Share buy-back program	–	–	–	(0.1)	–	(345.0)	–	–	–	–	(345.1)
Convertible bonds	–	–	–	(12.3)	–	71.9	–	–	(3.0)	–	56.6
Other variations in equity	–	–	–	–	–	–	–	–	–	–	–
Appropriation of results	–	–	(138.9)	173.3	–	–	(227.8)	193.4	–	–	–
Recognition of share-based payments	–	–	–	5.4	–	12.6	–	–	–	–	18.0
Other changes in equity	–	–	–	–	–	–	–	0.5	–	–	0.5
Balance at December 31, 2024	4.5	991.3	278.5	337.0	–	(883.5)	1,156.8	(218.3)	36.4	(12.4)	1,690.3

	December 31, 2024	December 31, 2023
Profit/(loss) before income tax	1,323.2	702.5
Adjustments for profit/(loss)
Asset amortization	246.2	234.6
Impairment losses	10.8	(23.1)
Variation of provisions	1.5	(3.4)
Impairment and gains/losses from financial instruments	2.4	7.0
Impairment and results on disposal of tangible and intangible assets	7.2	7.9
Gains/(losses) on disposal of financial instruments	1.8	(1.1)
Financial income	(897.9)	(359.2)
Financial expenses	139.5	135.3
Exchange rate differences	15.9	25.6
Change in fair value of financial instruments	0.6	–
Changes in working capital
Trade debtors and other receivables	(181.8)	(89.9)
Other current assets	(4.2)	(15.5)
Trade creditors and other payables	205.1	260.8
Other current liabilities	15.2	10.2
Other non-current assets and liabilities	22.2	(6.4)
Other cash flows from operating activities
Interests paid	(132.6)	(112.7)
Dividends received	512.1	228.3
Interest received	61.6	52.7
Corporate Income Tax paid on behalf of Group companies	(6.7)	(6.8)
Corporate Income Tax paid to Public Administrations	(43.8)	(138.9)
Cash flows from operating activities	1,298.3	907.9
Payments due to investments
Group companies and associates	(381.9)	(25.1)
Fixed assets	(103.6)	(117.0)
Other financial assets	(51.3)	(3.5)
Proceeds from disposals
Group companies and associates	0.2	3.1
Fixed assets	–	2.0
Other financial assets	7.8	568.1
Cash flows from investing activities	(528.8)	427.6
Receipts and payments relating to equity instruments
Acquisition of treasury shares	(352.9)	(604.5)
Disposal of treasury shares	-	10.8
Receipts and payments relating to equity instruments
Issue of debts with financial institutions	1,001.0	150.0
Issue of debts with Group companies and associates	227.1	332.0
Repayment of other financial liabilities	(0.8)	(0.4)
Repayment of bonds and other securities	(901.0)	(1,250.0)
Repayment of debts with Group companies and associates	(208.8)	(45.2)
Dividends and equity instruments´ payments
Dividends	(541.9)	(332.5)
Cash flows from financing activities	(777.3)	(1,739.8)
Cash and cash equivalents at the beginning of year	886.0	1,290.3
Cash and cash equivalents at the end of the year	878.1	886.0
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	(7.8)	(404.3)

1.	GENERAL INFORMATION AND ACTIVITY	1
2.	BASIS OF PRESENTATION OF THE ANNUAL ACCOUNTS	2
3.	PROPOSED APPROPRIATION OF RESULTS AND OTHER RESERVES	4
4.	RECOGNITION AND MEASUREMENT STANDARDS	5
5.	FINANCIAL RISK AND CAPITAL MANAGEMENT	15
6.	INTANGIBLE ASSETS	18
7.	PROPERTY, PLANT AND EQUIPMENT	22
8.	OPERATING LEASE	23
9.	FINANCIAL ASSETS AND LIABILITIES	23
10.	TRADE RECEIVABLES AND PAYABLES	34
11.	DERIVATIVE FINANCIAL INSTRUMENTS	35
12.	EQUITY	37
13.	PROVISIONS	40
14.	FINANCIAL DEBT	41
15.	DEFERRED INCOME	43
16.	PUBLIC ADMINISTRATIONS AND TAXATION	43
17.	FOREIGN CURRENCIES	50
18.	REVENUES AND EXPENSES	51
19.	TRANSACTIONS AND BALANCES WITH RELATED PARTIES	56
20.	OTHER INFORMATION	61
21.	ENVIRONMENTAL INFORMATION	62
22.	SUBSEQUENT EVENTS	62
	APPENDIX	63

1. GENERAL INFORMATION AND ACTIVITY

Amadeus IT Group, S.A. (hereinafter, 'the Company') was incorporated and registered at the Companies Register of Madrid on February 4, 2005. Its registered office is in Madrid, Salvador de Madariaga, 1 (Spain). During the year there are no changes in the name of the Company.

The Company's corporate object, as set out in article 2 of its by-laws, is the following:

• _ transfer of data from and/or through computer reservation systems, including offers, reservations, tariffs, transport tickets and/or similar, as well as any other services, including information technology services, all of them mainly related to the transport and tourism industry, provision of computer services and data processing systems, management and consultancy related to information systems;
• _ provision of services related to the supply and distribution of any type of product through computer means, including manufacture, sale and distribution of software, hardware and accessories of any type;
• _ organization and participation as partner or shareholder in associations, companies, entities and enterprises active in the development, marketing, commercialization and distribution of services and products through computer reservation systems for, mainly, the transport or tourism industry, in any of its forms, in any country worldwide, as well as the subscription, administration, sale, assignment, disposal or transfer of participation, shares or interests in other companies or entities;
• _ preparation of any type of economic, financial and commercial studies, as well as reports on real estate issues, including those related to management, administration, acquisition, merger and corporate concentration, as well as the provision of services related to the administration and processing of documentation; and
• _ acting as a holding company, for which purpose it may (i) incorporate or take holdings in other companies, as a partner or shareholder, whatever their nature or object, including associations and partnerships, by subscribing to or acquiring and holding shares or stock, without impinging upon the activities of collective investment schemes, securities dealers and brokers, or other companies governed by special laws, as well as (ii) establishing its objectives, strategies and priorities, coordinating subsidiaries' activities, defining financial objectives, controlling financial conduct and effectiveness and, in general, managing and controlling them.

The direct or, when applicable, indirect performance of all business activities that are reserved by Spanish law is excluded. If professional titles, prior administrative authorizations, entries into public registers or any other requirements are required by legal dispositions to perform an activity embraced in the corporate object, such activity shall not commence until the required professional or administrative requirements have been fulfilled. The by-laws and other public information of the Company can be consulted on the website of the Company (corporate.amadeus.com).

Amadeus IT Group, S.A. is the parent company of the Amadeus Group (hereinafter, 'the Group'). The Group is a leading transaction processor for the global travel and tourism industry, providing advanced technology solutions to our travel providers and travel agencies worldwide. The Group acts as an international network providing comprehensive real-time search, pricing, booking, ticketing and other processing solutions to travel providers and travel agencies. We also offer other travel providers (today, principally airlines and hotels) an extensive portfolio of technology solutions, which automate certain mission-critical business processes, such as reservations, inventory management, payments and departure control.

Customers include providers of travel products and services, such as airlines (network, domestic, low-cost and charter carriers), airports, hotels (independent properties and big chains), tour operators (mainstream, specialist and vertically integrated players), insurance companies, land and sea transport companies (car rental companies, railway companies, cruise lines and ferry lines), travel sellers and brokers (offline and online travel agencies) and travel buyers.

In accordance with the applicable regulatory financial reporting framework, this document only refers to the separate annual accounts of Amadeus IT Group, S.A. and does not represent the Group consolidated annual accounts. The Company is under an obligation to prepare consolidated annual accounts, which are presented separately in accordance with International Financial Reporting Standards as adopted by the European Union.

The consolidated annual accounts were authorized for issue by the Board of Directors of the Company on February 27, 2025. The Directors expect that these consolidated annual accounts will be approved at the General Shareholders' Meeting without modification. The consolidated annual accounts for the year 2023 were approved at the General Shareholders' Meeting held on June 6, 2024.

The equity of the consolidated Group as of December 31, 2024, amounts to €5,062.4 million (€4,482.5 million, 2023). The profit for the year 2024 of the consolidated Group amounts to €1,252.7 million (€1,117.4 million, 2023).

2. BASIS OF PRESENTATION OF THE ANNUAL ACCOUNTS

2.1 True and fair view

The annual accounts have been prepared from the accounting records of the Company and are presented in accordance with regulatory commercial reporting framework and with the standards established in the General Accounting Plan approved by Royal Decree 1514/2007 and the amendments incorporated therein, in order to show a true and fair view of the Company's equity, financial situation, results and cash flows for the year.

These annual accounts, which have been prepared by the Directors of the Company, are subject to the approval of the Ordinary General Shareholders' Meeting and are expected to be approved as they stand. The annual accounts for the year 2023 were approved at the Ordinary General Shareholders' Meeting held on June 6, 2024.

The Company has two branches in Dubai (United Arab Emirates) and Cuba. The balance sheet and income statement of both branches are fully integrated in these annual accounts.

2.2 Non-mandatory accounting principles

For the preparation of these annual accounts, the Directors have taken in to consideration all the mandatory accounting principles and standards with a significant impact on the annual accounts. Additionally, non-mandatory accounting principles have not been applied.

2.3 Critical aspects for the measurement and estimation of uncertainty

When preparing the annual accounts, estimates and assumptions, as made by the Directors of the Company, have been applied in order to measure certain assets, liabilities, expenses and income, and commitments as recognized therein. Those with a significant impact on the annual accounts are:

• _ Estimated recoverable amounts used for impairment testing purposes.
• _ Income tax assets and liabilities.
• _ Provisions valuation.
• _ Amortization period for non-current non-financial assets.

The estimates and assumptions are based on the information available at the date of issuance of the annual accounts, past experience and other factors, which are believed to be reasonable at that time. The actual results might differ from the estimates.

The geopolitical situation in Middle East and Russia has not had a significant impact on the operations, financial performance, financial position and cash-flows of the Company.

2.4 Business combinations

On July 31, 2006, the Company, formerly known as WAM Portfolio, S.A. Sociedad Unipersonal, took over Amadeus IT Group, S.A., subsequently adopting its company's corporate purpose and registered name. The equity elements of the companies involved in the merger process were measured by applying the market value thereto. All the information required by the Spanish legislation in force was included in the notes to the annual accounts for the year ended on July 31, 2006.

Likewise, on August 1, 2016, the Company, formerly known as Amadeus IT Holding, S.A. (Absorbing Company), absorbed Amadeus IT Group S.A. (Absorbed Company). The merger was registered in the Commercial Registry of Madrid on August 2, 2016. As a consequence of the merger, the Absorbing and survivor Company from the merger process, Amadeus IT Holding, S.A. changed its corporate name to the Absorbed Company's name, Amadeus IT Group, S.A.

In accordance with the article 86 of the Corporate Income Tax Act., the detail of the periods in which tangible and intangible assets were acquired by the Absorbed Company and transmitted to the Absorbing Company, and all the information required by the Spanish legislation in force, were included in the notes to the annual accounts for the year ended on December 31, 2016.

2.5 Changes in accounting principles

During 2024, there have not been any changes in the accounting principles applied by the Company.

2.6 Comparative information

For comparison purposes, the Company presents, together the balance sheet, the income statement, the statement of changes in equity, the statement of cash flows and the notes to the annual accounts for the years ended on December 31, 2024 and on 2023.

The presentation, classification, and aggregation of certain items in the annual accounts have been revised. Non-material reclassifications have been made to ensure the information is comparable with the previous year and to enhance the comprehension of the annual accounts.

Except where indicated otherwise, the figures of the annual accounts are expressed in millions of euros.

2.7 Working capital

As of December 31, 2024, and 2023, the Company has reported negative working capital. This situation is typical within the industry and aligns with the Company's financial structure. It has not impeded the normal progression of the Company's operations.

2.8 Correction of errors

No significant errors have been identified during the preparation of the annual accounts; therefore, it has not been necessary to restate the amounts included in the annual accounts for the year 2023.

3. PROPOSED APPROPRIATION OF RESULTS AND OTHER RESERVES

The Board of Directors will submit to the Ordinary General Shareholders´ Meeting for approval, a final gross dividend of €1.39 per share carrying dividend rights, from 2024 profit for the year. Based on the above, the proposed appropriation of the results for the year ended December 31, 2024, is as follows:

	Euros
Amount for appropriation:
Net profit for the year	1,156,831,614.25

Appropriation to:
Retained earnings	530,637,719.30
Dividends	626,193,894.95
	1,156,831,614.25

Additionally, the following amount of special reserves is proposed to be reclassified as retained earnings:

	Euros
Amount for appropriation:
Special reserves	138,823,055.04
Appropriation to:
Retained earnings	138,823,055.04

On December 18, 2024, the Company's Board of Directors proposed a fixed dividend distribution of 2024 profit for the year of an equivalent 50% of the consolidated net profit, this way reaching the maximum percentage of the dividend distribution policy of the Company. Consequently, an interim dividend distribution was approved from the 2024 profit of the year, amounting to €0.5 per share with dividend rights, paid on January 17, 2025, for a total amount of €221.0 million.

In accordance with article 277 of the Spanish Capital Companies Act, the following table shows a summary for the provisional statement issued by the Directors to substantiate the Company has sufficient liquidity at that time to distribute the interim dividend:

Liquidity statement as of December 18, 2024	Millions of euros
Net Income after tax from January 1 through October 31, 2024	332.7
Mandatory appropriation to reserves for period 2024	–
Distributable income	332.7
Cash and cash equivalents as of October 31, 2024	759.1
Net cash generated until December 2024	(4.5)
Unused credit facilities	1,000.0
Estimated net cash from January 2025 until December 2025	799.4
Estimated net cash Surplus as of December 31, 2025	2,554.0
Proposed interim dividend (maximum amount)	(225.2)
Estimated net cash Surplus after interim dividend distribution	2,328.8

4. RECOGNITION AND MEASUREMENT STANDARDS

The main recognition and measurement accounting standards applied by the Company in the preparation of the annual accounts are as follows:

4.1 Intangible assets

Intangible assets are carried at cost less accumulated amortization and impairment losses. Intangible assets are reviewed periodically and adjusted, if needed, as noted in note 4.3.

Intangible assets are amortized on a straight-line basis over their useful lives as follows:

_ Patents, trademarks, licenses and others: This caption includes brands and trademarks acquired by means of either a business combination or in separate acquisitions, valued at their acquisition cost. They are tested for impairment on an annual basis, or when signs of impairment occur.

These intangible assets have a definite useful life. When the useful life of these assets cannot be reliably estimated, they will be amortized over a 10 years period, unless any other regulatory change establishes a different period. Although the Company considers that the registered brands and trademarks have indefinite useful life, according to Spanish Generally Agreed Accounting Principles, since January 1, 2016, it began to amortize them applying the straightline method over a period of 10 years.

_ Goodwill: The goodwill is recognized as an asset when an onerous acquisition takes place within a business combination context. Goodwill is assigned to the cash-generating unit (hereinafter 'CGU') to which the expected profit of the business combination will be allocated. At least once per year, an impairment test is done on these CGUs according to the methodology described in note 4.3, and the relevant value adjustment would be recognized, if applicable.

Goodwill has a definite useful life, but when the useful life of goodwill can not be reliably estimated, it will be amortized over a 10 years period, unless any other regulatory change establishes a different period. Although the Company considers that the registered goodwill has indefinite useful life, according to Spanish Generally Agreed Accounting Principles, since January 1, 2016, it began to amortize it applying the straight-line method over a period of 10 years.

Impairment losses of goodwill included in the carrying amount of goodwill are not reversed in subsequent years.

• _ Research and Development: Research expenditure, mainly related to research in connection with the evaluation and adoption of new technology, is recognized as an expense as incurred. Costs incurred on development projects, relating to the design and testing of new or improved products, are recognized as intangible assets when it is probable that the project will be a success, its commercial and technological feasibility being taken into consideration, and cost can be measured reliably and individually by project. Development costs that have been capitalized are amortized from the commencement of the commercial production of the product on a straight-line basis over the period of its expected benefit for the Company over 2 to 20 years.
• _ Other intangible assets: Assets included under this caption are as follows:
  • Contractual relationships: This caption includes those with travel agencies users and with travel providers acquired through non-refundable upfront payments made to travel agencies at inception or renewal of a contract, in exchange of their commitment to a minimum volume of bookings made through our GDS. These cash payments are instrumented through contracts with a term that is always over a year, and include shortfall clauses applicable, if those objectives are not met. The cost is capitalized and amortized applying the straight-line method over a period of 2 to 15 years that corresponds with the contract term.

The incentives, services or discounts paid to travel agencies, which do not meet the proper requirements to be recognized as intangible fixed assets, are considered as prepaid expenses recognized in the income statement according to the length of the contract.

• Technology and content: This caption includes assets which are a combination of software elements and travel content, the latter obtained by the Company through its relationship with travel providers acquired in separate acquisitions, measured at their acquisition cost. This combination allows the processing of travel transactions (bookings) between supply (travel providers) and demand (travel agencies) and it makes travel information available to both users through the Amadeus system.

These assets are amortized against the income statement by applying the straight-line method over an estimated useful life from 5 to 20 years. IT solution technology and content assets are amortized over an estimated useful life of 20 years considering that the IT solution industry model is for the very long run. The estimated useful life of the main components of the technology and content is 15 years, considering the status of the Amadeus reservation system, and the technological gap perceived by the Company over its main competitors.

4.2 Property, plant and equipment

Tangible assets are recognized at cost less accumulated depreciation and impairment losses. They are depreciated by applying the straight-line method over the estimated useful life of the assets:

	Years
Furniture and office equipment	5 – 15
Other tangible assets	3 – 5

Repairs and renewals are charged to the Income statement within 'Other operating expenses' caption when the expenditure is incurred.

4.3 Impairment of non-current assets

The carrying amount of significant non-current assets is reviewed periodically, to determine if there is any indication of impairment. If, as a result of this evaluation, the recoverable amount is lower than the net carrying amount, an impairment loss is recognized in the income statement, by reducing the carrying amount of the asset to its recoverable amount. The recoverable amount is the higher of the fair value less cost to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted at their present value using an appropriate risk adjusted discount rate.

4.4 Leases

Leases where the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. The assets are capitalized and a liability is recognized for an amount equivalent to the lower of their fair value and the present value of the minimum lease payments at the inception of the lease. The capitalized leased assets are amortized by applying the straight-line method over the periods of useful life.

Operating lease payments are recognized in the income statement as incurred throughout the term of the lease.

4.5 Financial instruments

4.5.1 Financial assets

Financial assets are initially measured at the fair value of the consideration given plus the directly attributable transaction costs.

Financial assets are classified in the balance sheet as current or non-current, depending on whether their maturity is less than, equal to or greater than twelve months.

The Company derecognizes a financial asset when it expires or when the rights to receive the cash flows associated with the asset have been transferred, and under the terms of an agreement, the risks and rewards associated with the asset have also been substantially transferred. Examples of the latter are commercial credits in factoring transactions where the Company has not retained any significant credit or interest risk.

On the other hand, the Company does not derecognize a financial asset and recognizes a financial liability in the amount of the consideration received, when a financial asset is transferred that substantially retains the risks and rewards associated with the property of the asset.

Interests and dividends received from financial assets, as accrued subsequently to the date of acquisition, are recognized as financial income in the income statement. Interests are recognized by applying the effective interest method and dividends are recognized once it is announced that the shareholder has the right to receive them. If distributed, dividends related to earnings generated prior to the date of acquisition are recognized by reducing the carrying amount of the investment.

Financial assets should be classified at the recognition moment in one of the following categories at amortized cost, FVPL, at cost or FVOCI. The Company own the following financial assets:

_ Financial assets at amortized cost: A financial asset will be included in this category if the company maintains the investment with the aim of receiving the cash flows derived from the execution of the contract, and the contractual conditions of the financial asset give rise to the collection of cash flows on specified dates which relate only to the principal and interest of the principal amount outstanding.

Credits for commercial operations and credits for non-commercial operations are included in this category:

• Credits for commercial operations: are those financial assets that originate from the sale of goods and the provision of services of operating activities of the company with deferred payment.
• Credits for non-commercial operations: are those financial assets that, not being equity instruments or derivatives, have no commercial origin and the collectable amount is a determined or determinable sum, that comes from loans or credit operations granted by the Company.

Financial assets included in this category shall initially be measured at fair value. In the absence of evidence to the contrary, this shall be the transaction price, which is equivalent to the fair value of the consideration given plus directly attributable transaction costs. After initial recognition, they are measured at amortized cost by applying the effective interest method.

Nonetheless, trade receivables falling due within one year for which there is no contractual interest rate, and loans and advances to personnel, dividends receivable and receivables on called-up equity instruments expected to be collected in the short term can be measured at their nominal amount, provided that the effect of not discounting the cash flows is not significant.

At least at the balance sheet date, the company shall recognize any necessary valuation allowances when there is objective evidence that the value of a receivable, or group of receivables with similar risk exposure measured together, is impaired as a result of one or more events occurring after initial recognition and leading to a reduction or delay in estimated future cash flows, which could be due to debtor insolvency.

_ Financial assets at fair value through profit and loss account (FVPL): This category includes equity instruments that are held for trading and are not measured at cost and for which an irrevocable election has been made at the time of initial recognition to present subsequent changes in fair value directly in the profit and loss account. This category also includes financial derivatives which have not been designated as hedge.

Additionally, it includes financial assets that are irrevocably designated at the time of initial recognition as measured at fair value through profit and loss and that would otherwise have been included in another category, in order to eliminate or significantly reduce a valuation inconsistency or accounting mismatch that would otherwise arise from the measurement of the assets or liabilities on different bases.

These assets are initially measured at fair value, and subsequently the result of changes in fair value is recognized in the income statement.

_ Financial assets at cost: The Company registers under this category Group company, associates and joint venture investments. Group companies are the companies under the Company's control, and associates are the companies over which the Company has a significant influence. Additionally, joint ventures are the companies over which the control is shared between one or more partners.

Investments in Group companies, associates and joint ventures are measured at cost less any accumulated impairment losses, if applicable. These value adjustments are the differences between the carrying amount of the investment and the recoverable amount, which is the higher of the fair value less the cost to sell, and the discounted value of the estimated future cash flows of the investment.

Since January 1, 2010, all the costs, such as legal or other professional fees, associated to the acquisition of a Group company implying the control over the company, are registered as an expense in the income statement.

Value adjustments for impairment and, as the case may be, their reversal are registered as expense or income, respectively, in the income statement. The limit of impairment reversal is the initial book value of the investment.

Those equity investments for which the fair value cannot be determined with reliability are measured at cost less any accumulated impairment losses, if applicable.

_ Financial assets at fair value through other comprehensive income (FVOCI): A financial asset is included in this category when the contractual conditions of the financial asset give rise, on specified dates, to cash flows that relate only to the collection of the principal and interest on the amount of the outstanding principal and is not held for trading nor should it be classified as financial assets at amortized cost. Investments in equity instruments for which the irrevocable option mentioned in the category of financial assets at FVPL above has been exercised will also be included in this category.

They are measured at fair value with gains and losses resulting from changes in the fair value recognized directly in equity, until the asset is derecognized or there is an objective evidence of impairment. In such a case, any accumulated amounts registered in equity are then registered in the income statement.

4.5.2 Financial liabilities

The Company classifies its financial liabilities according to the agreed contractual obligations, provided that, according to their economic substance, they represent a direct or indirect contractual obligation for the Company.

The Company derecognizes financial liabilities when the obligations which generated them cease to exist.

The financial liabilities are classified in the balance sheet as current if their maturity is less than or equal than twelve months or as non-current if it is greater than twelve months. The Company holds the following financial liabilities:

_ Financial liabilities at amortized cost: The Company's liabilities at amortized cost from the purchase of goods and services within trade operations are considered financial liabilities, as well as those that lacking a commercial substance cannot be considered financial derivatives.

Financial liabilities at amortized cost are initially recognized at the fair value of the consideration received, adjusted by directly attributable transaction costs. Subsequently, these liabilities are measured at their amortized cost.

Notwithstanding the above, debits generated by trade operations with maturity within one year and without a contractual interest rate are measured at nominal value, provided that the effect of not discounting the cash flows is not significant.

In the case of the loans whose maturity is short-term, but whose long-term refinancing is assured if the Company decides so, and it is likely to happen through loan agreements available in the long-term, are classified as non-current liabilities.

4.5.3 Shareholders' equity instruments

A shareholders' equity instrument is any contract that evidences a residual share in the assets of the Company after all liabilities are deducted.

Equity instruments issued by the Company are recognized in equity by the amount received, net of transaction costs.

The shares and equity instruments are registered by reducing shareholders' equity for the value in consideration received in exchange, as well as the actual value of certain future commitments agreed during the current period. The result of buying, selling, issuing and cancelling shareholders' equity, is recognized directly in 'Other reserves' caption in the equity, resulting in no effect, in the income statement, in any case.

4.5.4 Financial derivatives and hedge accounting

The Company uses derivatives to cover the risks derived from its activity, transactions and future cash flows. These risks are mainly linked to interest and exchange rate fluctuations.

For these financial instruments to be classified as hedge accounting, there is a formal designation and documentation of the hedging relationship. Likewise, the Company has to verify initially and over the term of the relationship, that the hedging relationship is highly effective in offsetting changes in the fair value or cash flows of the hedged item. That is, prospectively, an almost complete hedge and, retrospectively, that the change in the fair value or cash flows of the hedging instrument is within 80% to 125% of the change in the fair value or cash flows of the hedged item attributable to the risk being hedged.

Derivatives are initially measured at fair value and, subsequently, changes in the fair value must be accounted for in each reporting period. The Company uses the discount of the expected cash flows as the fair value of the registered derivatives, on both spot and forward market conditions at yearend. If the change in the fair value of the derivative is positive, it is registered under 'Derivatives' caption in assets in the balance sheet, or in liabilities if it is negative. Gains or losses are recognized according to the type of hedge, as follows:

• _ Fair value hedges: Changes in the fair value of the hedging instrument and the hedged asset or liability are recognized in the income statement.
• _ Cash flow hedges: The effective portion of changes in the fair value of the hedging instrument is temporarily recognized in equity. The change in fair value of the hedging instrument that is recognized in equity is reclassified to profit or loss when the hedge item affects profit or loss, except if the hedge relates to an expected transaction which leads to the recognition of a nonfinancial asset or liability, as well as equity instruments, in which case the amounts registered in equity will be included in the cost of the asset or liability at the time it is acquired or assumed. The portion considered ineffective is directly recognized in the income statement.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, the hedged item is sold, settled or otherwise disposed, the Company revokes the designation or when the hedging relationship ceases to meet the conditions for hedge accounting.

In cash flow hedges, any accrued gains or losses related to the hedging instrument are held in equity until the expected transaction takes place. Otherwise, when the hedged transaction is not expected to take place, the accumulated net gains or losses recognized in equity are transferred to the income statement.

4.6 Foreign currency transactions

The Company uses the euro as its functional currency. Foreign currency transactions are accounted for at the exchange rate prevailing at the transaction's date. Gains and losses resulting from the settlement of those transactions and from the valuation at year-end of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.

4.7 Income taxes

Expense or income for Corporate Income Tax includes current tax expense or income and deferred tax expense or income.

Current tax is the amount that the Company satisfies as the result of profit tax settlements for a fiscal year. Tax deductions and other tax benefits, excluding withholding taxes and payments on account, and previous years' tax losses which can be offset against the current fiscal year, reduce the total amount of current tax.

Deferred tax expense or income relates to the recognition and cancellation of deferred tax assets and liabilities. These include temporary differences which are the amounts expected to be paid or recovered, as generated by the differences between the tax and book values of assets and liabilities, and the tax losses carried forward and the credits for tax deductions not fiscally applied. These amounts are recorded by applying to the temporary difference or tax credit, the tax rate at which they are expected to be recovered or settled.

As a general rule, deferred tax liabilities are recognized for all the taxable temporary differences. However, deferred tax assets are only registered if it is considered probable that the Company will obtain future tax profit to make them effective. At year-end, the deferred tax assets not registered in the balance sheet are measured, and they are recognized if they are likely to be recovered through future tax benefits. Likewise, deferred tax assets registered are reviewed, making the appropriate adjustments when there are doubts about their future recovery.

Deferred tax assets and liabilities, resulting from the transactions registered directly in equity, are also registered in equity. Value adjustments to deferred tax assets and liabilities due to changes in the tax rate are recognized according to their origin in the income statement or in equity.

4.8 Revenue and expenses recognition

The Company recognizes revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognized by applying a five-step model to the contracts with customers.

Significant services and methods of revenue recognition:

_ Stand-ready series revenue recognition

Most of the Company's revenues are derived from a single performance obligation consisting of a stand-ready series of making technology services available for a customer to use as and when the customer decides. In these types of services contracts, the value that the customer receives for the performance completed to date coincides with the Company's right to consideration, and for that reason the Company is allowed to recognize revenue in the amount to which the Company has a right to invoice.

The main services included under this category of revenues is provided through technology platforms and correspond to technology services related to Distribution and to IT solutions services.

Distribution services: The Amadeus Global Distribution System (hereinafter 'GDS') provides comprehensive real-time search, pricing, booking and other processing solutions to travel providers and travel agency customers. The technological solutions provided by the GDS are the same every day during all the years of the contract. Each day of service is distinct from the previous day, but at the same time, the distinct services provided are substantially the same and are transferred to clients over time, complying with the definition of a series as per the accounting and measurement rule 14 of the Spanish General Accounting Plan. Consequently, the Company has identified as a single performance obligation with travel providers the stand ready series obligation to make its GDS Platform available for processing travel bookings and other related services that are closely related to the booking process. The platform is available every day to the customer and the usage determines both the variable price, based on bookings made, and the revenue. The value to the customer of Amadeus' performance completed to date coincides with the right to invoice to the customer, the determination of such amount depends on the terms and conditions agreed with each customer.

Revenues from GDS air customers are recorded at the time the reservation is made, that is when our right to invoice is created and what allows us to recognize revenue according to the standards. Some bookings can be cancelled later, and according to the contracts in place, the booking fee earned should be reversed. To account for this variability in the transaction price revenue is recognized net of estimated future cancellations. The cancellation reserve is calculated monthly based on historical cancellation rate. The calculation is made by dividing the number of cancellations net of re-bookings at month end by the inventory of unused bookings at the beginning of the month.

Cancellation rate also impacts distribution fees and related commercial incentives ('distribution costs') payable to the third-party distributors (travel agencies, airlines direct sales and Amadeus Commercial Organizations –ACOs- which are not subsidiaries of the Group) that are also recorded net of the amounts relating to the cancellations.

Another component of the Distribution services are the subscriber services agreements entered by the Company, mainly with travel agents, which provide the user the tools and services that permit access to the Amadeus system. These subscriber agreements regulate both, the relationship with the travel agency as customer of the GDS, and the relationship with the travel agency as provider of promotion services of the GDS. Travel agencies are granted with incentives in exchange for making bookings with the Amadeus GDS instead of with other GDS providers. The fair value of the services received cannot be estimated reliably since prices of the subscription and the incentives are negotiated together in a single contract and on an individual basis by travel agency. Usually, incentives paid are higher than the subscription revenues received and therefore the distribution cost is recorded net of the subscription fees.

IT solutions services: the revenue from IT Solutions derive mainly from the Amadeus Passenger Service Systems (PSS) provided through Altéa suite and New Skies. The performance obligation identified is a stand ready obligation series to provide technology services through the Amadeus IT systems. This single performance obligation also meets the series definition as explained above (distinct services provided that are substantially the same and are transferred to clients over time). Usually, customers are charged a non-refundable upfront fee that is recognized as revenue over the contract term starting as of cutover date, and a variable fee based on a fee per transaction made (passengers boarded in PSS) that is recognized as revenue as the customer obtains value from the performance completed to date and that coincides with the right to invoice up to that date.

_ Other revenue recognition patterns

Other revenues are derived from licensing software, from providing related professional services and support and from subscriptions of several Amadeus IT offerings. These contracts usually include multiple performance obligations, and the transaction price is allocated based on the relative standalone selling price of each of the performance obligations identified. Licensing revenue is recognized over the contract term since the license provides customer with a right to access considering input methods based on time elapsed. Services revenue consists of installation and consulting services and is recognized as the services are performed considering input methods based on hours and costs incurred. Support and maintenance revenue consist of telephone support and maintenance and is recognized over the term of the agreement based on hours elapsed. Revenues from subscriptions are proportionally recognized over the subscription or the agreement term based on input methods.

Revenues from licensing software and subscriptions, as well as from the stand-ready series of making technology services available, are provided through platforms and software that can be hosted in our own data centers or in third party cloud infrastructures.

As disclosed above, the Company typically satisfies its performance obligations in line with the usage of the Amadeus platforms and technology solutions made by customers over the period, that coincides with the billing for the period.

Upfront fees that are recognized as revenues over the contract duration and any other amounts billed before the Company satisfies the performance obligation are recorded as deferred revenue.

4.9 Provisions and contingencies

Provisions are recognized when there is a legal or implicit present obligation arising as a result of a past event, when the Company is likely to be required to settle the obligation and the amount of the obligation can be reliably estimated.

Contingent liabilities are possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the Company's control.

Amounts recognized as a provision relate to the best estimate of the non-settled obligation at the date of the balance sheet, with the risks and uncertainties related to the obligation being taken into account. When the outflow of resources is considered possible, contingent liabilities are not recognized in the annual accounts but are disclosed in the notes to the annual accounts.

4.10 Equity elements of an environmental nature

Elements used permanently by the Company to minimize the impact on the environment and for environmental protection and improvement, including reduction and elimination of future pollution, are registered under this caption.

Due to its activity, the Company does not have a significant environmental impact.

4.11 Pension plans and other related obligations

The Company has pension commitments with its employees. These commitments are fulfilled through an external pension plan, defined contribution employment system, and collective life insurance contracts, for all of the Company's employees.

Contributions made to defined contribution plans are registered in the income statement for the year, as incurred.

4.12 Share-based payments

The share-based payment obligations are equity settled. Compensation expense for services received and the corresponding increase in equity are recognized as they are rendered by the employee during the vesting period by reference to the grant date fair value (observable market rate) of the equity instruments granted to the employee. The compensation expense is recognized in the income statement for the year increasing 'Other reserves' caption. The settlement of equity settled share-based payments is accounted for as the repurchase of an equity instrument.

4.13 Transactions with related parties

The Company considers as related parties subsidiaries, associates and joint ventures, key management personnel and members of the Board of Directors, as well as their close family members. Additionally, the Company considers as related parties the significant shareholders, and the companies controlled by them, in case they exist.

The Company considers as key management personnel the members of the Executive Committee and the Internal Audit Director.

The Company carries out all its operations with related parties at market value. Moreover, transfer prices are adequately supported, so the Directors of the Company believe that there is no significant risk on this matter that may lead into future liabilities.

4.14 Current and non-current items

Current assets are those related to the operating cycle of the Company, that usually is considered a year, and also other assets which maturity, disposal or realization is expected to occur in the shortterm since the year closing date, the held-for-sale financial assets, and the cash or other cash equivalents. The assets that do not meet these requirements are classified as non-current assets.

Similarly, current liabilities are those related to the operating cycle of the Company, and also the heldfor-sale financial liabilities, and, in general every liability which maturity or extinction will take place in the short-term. Otherwise, they are classified as non-current liabilities.

4.15 Termination benefits

Termination benefits are payable to employees as a result of certain Company's decisions to terminate their employment. The Company recognizes these benefits when it has made a demonstrable commitment to terminate employees' employment in accordance with a detailed formal plan without the possibility of withdrawal.

5. FINANCIAL RISK AND CAPITAL MANAGEMENT

The Company, as a result of the normal course of its business activities, has exposure to foreign exchange, interest rate, treasury shares price evolution, credit and liquidity risk. The goal of the Company is to identify, measure and minimize these risks using the most effective and efficient methods to eliminate, mitigate, or compensate such exposures. With the purpose of managing these risks, in some occasions, the Company enters into hedging activities with derivatives and nonderivative instruments.

5.1 Foreign exchange rate risk

Due to the multinational orientation of its business, the Company is subject to foreign exchange risks derived from the fluctuations of various currencies.

The Company's exchange rate hedging strategy aims to protect the EUR value of cash flows denominated in foreign currency. The instruments used to achieve this goal depend on the currency in which the cash flow to be hedged is denominated:

• _ The strategy to minimize USD exchange rate exposures is based on the use of natural hedges and derivative instruments. Neither as of December 31, 2024, nor as of December 31, 2023, there was significant USD denominated debt.
• _ Aside from the USD, the main foreign currency exposures are expenditures denominated in a variety of foreign currencies. The most significant of these exposures are denominated in Sterling Pounds (GBP), Indian Rupees (INR), Australian Dollars (AUD) and Singapore Dollars (SGD). For these exposures, a natural hedge strategy is not possible. In order to hedge a portion of the aforementioned short exposures, the Company may enter into derivative contracts with financial entities, basically non deliverable forwards, currency options and combinations of currency options.

5.2 Interest rate risk

The objective of the Company, in terms of interest rate risk management, is reducing the volatility of the net interest flows payable. As of December 31, 2024, approximately 92% of the interest-bearing external debt contracted by the Company was fixed rate debt (95%, 2023). Given the high proportion of fixed rate debt as of December 31, 2024, and 2023, no interest rate hedges were hedging the outstanding debt as of these dates.

The sensitivity of fair value of the Company's debt to a 0.1% (10 bps) parallel shift of the interest rate curve as of December 31, 2024, and 2023, is set forth in the table below:

	December 31, 2024			December 31, 2023
	+10 bps	-10 bps	+10 bps	-10 bps
Euro denominated debt	(6.4)	6.4	(6.9)	7.0
Total	(6.4)	6.4	(6.9)	7.0

In 2024 there has been a reduction in the sensitivity of the value of the debt to the movements of the interest rate curve with respect to the previous year. This reduction has been caused by the smaller price sensitivity of the outstanding debt due to its shorter average life.

According to the table above a 10 bps drop in the level of interest rates would cause an increase in the fair value of the debt amounting to €6.4 million at December 31, 2024 (€7.0 million, 2023).

5.3 Treasury shares price evolution risk

The Company has granted three different remuneration schemes outstanding which are settled with Amadeus shares; the 'Performance Share Plan' (PSP), the 'Restricted Share Plan' (RSP) and the 'Share Match Plan' (SMP).

According to the conditions of these plans, at their maturity, the beneficiaries will receive a number of shares, that for the plans granted, will depend on the achievement of certain conditions. The Company will use treasury shares to cover these remuneration schemes.

During 2024 and 2023, the Company has acquired treasury shares through share buy-back programs (see note 12).

In April 2020, the Company issued a convertible bond with maturity in April 2025. The initial conversion price was €54.6, after adjusting for the dividends delivered. As of December 31, 2024, the conversion price was €52.9409. Given the outstanding share price of Amadeus, the whole convertible bond (€750 million) is expected to be converted in approximately 14,166,732 shares. As of December 31, 2024, Amadeus had bought in successive share buy backs 13,962,172 shares specifically to cover for the needs of this conversion process. During the first days of January 2025, Amadeus bought an additional amount of 205,328 shares under the share buyback plan announced in December 18, 2024, to cover for the needs of the conversion process (see note 22). This way, Amadeus has already bought in the market all the shares which investors could claim as part of the convertible bond conversion.

5.4 Credit risk

Credit risk is the risk that a counterparty to a financial asset will cause a loss for the Company by failing to discharge an obligation.

The Company cash and cash equivalents which also include money market funds are deposited in major banks on the basis of diversification and the credit risk of the available investment alternatives.

During 2024 and 2023, the Company has some low risk short-term financial investments in order to invest a portion of the liquidity of the Group amounting to €50.0 million as of December 31, 2024 (nil as of December 31, 2023) (see note 5.6).

The credit risk of the Company's customer trade receivables is mitigated by the fact that the majority are settled through the clearing houses operated by the International Air Transport Association ('IATA') and Airlines Clearing House, Inc. ('ACH'). These systems guarantee that the cash inflows from our customers will be settled at a certain fixed date, and partially mitigate the credit risk by the fact that the members of the clearing house are required to make deposits that would be used in the event of default. Moreover, our customer base is large and well diversified which results in a low concentration of the credit risk.

5.5 Liquidity risk

Corporate Treasury is responsible for providing the cash needed by all the companies of the Group. In order to perform this task more efficiently, Corporate Treasury accumulates the excess liquidity of the subsidiaries and channels it to the companies with cash needs.

This allocation of the cash position among the companies of the Group is mainly made through these agreements:

• _ Three different cash pooling agreements. One in EUR with most of the subsidiaries located in the euro area; another one in USD for the US subsidiaries and another one in GBP for the UK subsidiaries.
• _ Bilateral Treasury Optimization agreements between Amadeus IT Group, S.A. and its subsidiaries.

Corporate Treasury monitors the Company's cash position through rolling forecasts of expected cash flows. These forecasts are performed both through cash-flow models (top-down approach) and by the subsidiaries of the Group (bottom-up approach). Later on, the forecasts provided by the subsidiaries are consolidated in order to review both the liquidity situation and the prospects of the Company and its subsidiaries.

Additionally, the Company has access to a Revolving Credit Facility. This facility has a notional of €1,000.0 million, and can be used to cover possible working capital needs and general corporate purposes. As of December 31, 2024, and 2023, the facility was fully unused.

5.6 Capital management

The Company manages its capital to ensure that entities in the Group will be able to continue as a going concern while continuing to generate returns to shareholders, and to benefit other stakeholders through the optimization of the leverage ratio.

The Company bases its capital management decisions on the relationship between the earnings and free cash flows, and its debt amount and debt service payments.

The rating agency Standard & Poor's has granted to the Company's 'BBB' long term credit rating with a stable outlook and a 'A-2' short term rating. The credit ratings granted to the Company by the agency Moody's are a 'Baa2', with stable outlook, for the long term rating and a 'P-2' for the short term rating.

The Company considers that the ratings awarded, would allow access to the markets, if necessary, on reasonable terms.

6. INTANGIBLE ASSETS

Balances and movements of the items included under 'Intangible assets' caption, for the year 2024, are as follows:

	December 31, 2023	Additions	Disposals	December 31, 2024
Cost
Patents, trademarks, licenses and others	345.3	–	–	345.3
Goodwill	1,388.2	–	–	1,388.2
Development costs	838.2	112.2	(12.7)	937.7
Other intangible assets	1,285.7	4.9	(146.9)	1,143.7
Total	3,857.4	117.1	(159.6)	3,814.9
Accumulated amortization
Patents, trademarks, licenses and others	(293.7)	(25.7)	–	(319.4)
Goodwill	(1,110.6)	(138.8)	–	(1,249.4)
Development costs	(234.6)	(72.7)	0.7	(306.6)
Other intangible assets	(1,256.0)	(6.4)	139.8	(1,122.6)
Total	(2,894.9)	(243.6)	140.5	(2,998.0)
Impairments
Development costs	(25.3)	(6.8)	11.9	(20.2)
Other intangible assets	(7.1)	–	7.1	–
Total	(32.4)	(6.8)	19.0	(20.2)
Net
Patents, trademarks, licenses and others	51.6	(25.7)	–	25.9
Goodwill	277.6	(138.8)	–	138.8
Development costs	578.3	32.7	(0.1)	610.9
Other intangible assets	22.6	(1.5)	–	21.1
Total net intangible assets	930.1	(133.3)	(0.1)	796.7

Balances and movements of the items included under 'Intangible assets' caption, for the year 2023, were as follows:

	December 31, 2022	Additions	Disposals	Non-cash contribution	December 31, 2023
Cost
Patents, trademarks, licenses and others	345.2	0.1	–	–	345.3
Goodwill	1,388.2	–	–	–	1,388.2
Development costs	759.8	102.9	(1.5)	(23.0)	838.2
Other intangible assets	1,310.6	3.7	(28.6)	–	1,285.7
Total	3,803.8	106.7	(30.1)	(23.0)	3,857.4
Accumulated amortization
Patents, trademarks, licenses and others	(268.0)	(25.7)	–	–	(293.7)
Goodwill	(971.8)	(138.8)	–	–	(1,110.6)
Development costs	(174.8)	(61.8)	–	2.0	(234.6)
Other intangible assets	(1,266.6)	(6.5)	17.1	–	(1,256.0)
Total	(2,681.2)	(232.8)	17.1	2.0	(2,894.9)
Impairments
Development costs	(18.3)	(8.5)	1.5	–	(25.3)
Other intangible assets	(16.3)	(0.2)	9.4	–	(7.1)
Total	(34.6)	(8.7)	10.9	–	(32.4)
Net
Patents, trademarks, licenses and others	77.2	(25.6)	–	–	51.6
Goodwill	416.4	(138.8)	–	–	277.6
Development costs	566.7	32.6	–	(21.0)	578.3
Other intangible assets	27.7	(3.0)	(2.1)	–	22.6
Total net intangible assets	1,088.0	(134.8)	(2.1)	(21.0)	930.1

The impairment losses in 2024 have been partly offset by €0.3 million due to the release of the contract liabilities related to these contracts.

The main intangible asset included under 'Patents, trademarks, licenses and others' caption is the Amadeus brand. As disclosed in note 4, since January 1, 2016, the Company began to amortize the brands applying the straight-line method over a period of 10 years.

The brand is allocated for the purpose of impairment testing, based on Amadeus organizational structure and operations, to the group of CGUs that is expected to benefit from the brand. The split of the net book value of the brand per group of CGUs is set forth in the table below:

	Air Distribution	Air IT Solutions	Total
Balance at December 31, 2022	67.7	9.2	76.9
Amortization	(22.5)	(3.1)	(25.6)
Balance at December 31, 2023	45.2	6.1	51.3
Amortization	(22.5)	(3.1)	(25.6)
Balance at December 31, 2024	22.7	3.0	25.7

This brand does not generate cash inflows that are independent from other assets and is, therefore, tested for impairment at the level of the group of CGUs at which it can be allocated. The key assumptions used for the impairment tests as well as the methodology followed are disclosed below.

Under 'Goodwill' caption, the Company recognized the goodwill generated by the merger dated in July 31, 2006, described in note 2, related to the excess value registered by the absorbing company at equity value of the absorbed company, once the values assigned to the identified assets had been deducted. As it is explained in note 4, since January 1, 2016, the Company began to amortize the goodwill applying the straight-line method over a period of 10 years.

The goodwill is allocated for the purpose of impairment testing, based on Amadeus organizational structure and operations, to the CGUs that are expected to benefit from the goodwill. The net book value of the goodwill per group of CGUs is set forth in the table below:

	Air Distribution	Air IT Solutions	Total
Balance at December 31, 2022	391.4	25.0	416.4
Amortization	(130.5)	(8.3)	(138.8)
Balance at December 31, 2023	260.9	16.7	277.6
Amortization	(130.5)	(8.3)	(138.8)
Balance at December 31, 2024	130.4	8.4	138.8

The Company tests the net book value of the goodwill for impairment annually or more frequently if there is any indicator that suggests that the net book value of the goodwill might be impaired. The goodwill is tested for impairment together with the assets that can be reasonably allocated to the CGU to which the goodwill has been allocated to.

These assets include intangible assets, such as the 'Amadeus' brand, to the extent that they do not generate cash inflows that are separate from those of the CGUs to which they have been allocated. The corporate assets that the Company operates are also taken into consideration when testing for impairment the CGUs.

Whenever the net book value of an asset exceeds its recoverable value, an impairment loss is recognized for the difference, with the corresponding charge to the income statement in 'Impairment and gains/(losses) on disposal of non-current assets' caption.

The goodwill recoverable amounts of the group of CGUs is established from the fair value, which is calculated discounting future cash flows. In order to determine the fair value of each group of CGUs, the following steps are followed:

• _ For the purpose of the impairment test exercise, specific forecasts are developed for each group of CGUs, which imply performing a cost allocation exercise for some cost items. These forecasts are developed from the available financial budgets and financial projections approved by the Management. The forecasts takes into account the market position, the market environment and the market growth forecast.
• _ Cash-flow forecast based on the above and discount rates are calculated after tax. No different conclusions would have been reached if pre-tax discounted rates would have been used.
• _ The present value of estimated is obtained using specific discount rates that take into account the appropriate risk adjustment factors.

At December 31, 2024, there are fully amortized assets and still in use, amounting to €218.0 million (€328.6 million, 2023). Likewise, at December 31, 2024, and 2023 there are no significant intangible assets outside Spain.

Impairment test

The Company has performed an impairment test of our groups of CGUs, as of September 30, 2024, applying a number of scenarios (a base case, an optimistic case and a pessimistic case), concluding that there was no evidence of impairment at any of our groups of CGUs, even under the pessimistic scenario.

The Company considered the latest information available to test for impairment. Management believes that as of December 31, 2024, there is no triggering event for impairment of the group of CGUs.

Calculations use cash flow projections based on financial budgets as discussed by the Board of Directors in October 2024 covering a 3-year period (2025-2027) plus additional forecasts developed for 2028 and 2029. Cash flows beyond that five-year period have been extrapolated using growth rates, that do not exceed the long-term average rates for the markets in which the three groups of CGUs operate.

These internal forecasts are derived from external assumptions, including the Gross Domestic Product figures published by the International Monetary Fund and air traffic data provided by IATA, among others. The Group leverages its historical evidence of the average contribution margins to estimate these internal forecasts.

The projections have been performed considering the following assumptions:

The compound annual growth rate (CAGR) of forecasted revenues used for the impairment exercise for Air Distribution and Air IT Solutions groups of CGUs is set forth in the table below:

	December 31, 2024	December 31, 2023
	2025 – 2029 period	2024 - 2028 period
Base case	5.66% - 9.16%	6.94% - 9.88%
Optimistic case	6.66% - 11.16%	7.94% - 11.88%
Pessimistic case	4.66% - 8.16%	5.95% - 8.88%

Discount rates have also been reviewed to reflect the current economic situation.

The discount rates and perpetuity growth rates beyond the five-year forecasts applied to the cash flow projections in 2024 and 2023 for the different groups of CGUs are as follows:

	December 31, 2024
	Perpetuity growth rate	Post-tax discount rate	Pre-tax discount rate
Air Distribution	1.5%	7.9%	10.1%
Air IT Solutions	2.5%	8.0%	9.8%
	December 31, 2023
	Perpetuity growth rate	Post-tax discount rate	Pre-tax discount rate
Air Distribution	1.5%	7.9%	10.0%
Air IT Solutions	2.5%	8.0%	9.8%

According to this analysis of the value in use of assets assigned to the groups of CGUs, there is no evidence of impairment.

Management believes that any reasonable deterioration of the key assumptions considered which are the basis to calculate the value in use, would not result in the recoverable amount being lower than the respective unit's carrying amount for any of the groups of CGUs at which level goodwill is monitored.

7. PROPERTY, PLANT AND EQUIPMENT

Balances and movements of the items included under 'Tangible assets' caption, for year 2024, are as follows:

	December 31, 2023	Additions	Disposals	Non- cash contribution	December 31, 2024
Cost
Furniture and office equipment	12.6	3.7	(3.9)	(0.1)	12.3
Other tangible fixed assets	5.4	13.4	(1.0)	(0.4)	17.4
Total	18.0	17.1	(4.9)	(0.5)	29.7
Accumulated amortization
Furniture and office equipment	(4.3)	(1.1)	2.9	0.4	(2.1)
Other tangible fixed assets	(2.0)	(1.5)	1.0	0.3	(2.2)
Total	(6.3)	(2.6)	3.9	0.7	(4.3)
Net
Furniture and office equipment	8.3	2.6	(1.0)	0.3	10.2
Other tangible fixed assets	3.4	11.9	–	(0.1)	15.2
Total net tangible asset	11.7	14.5	(1.0)	0.2	25.4

Balances and movements of the items included under 'Tangible assets' caption, for year 2023, were as follows:

	December 31, 2022	Additions	Disposals	December 31, 2023
Cost
Furniture and office equipment	8.1	5.4	(0.9)	12.6
Other tangible fixed assets	9.2	2.5	(6.3)	5.4
Total	17.3	7.9	(7.2)	18.0
Accumulated amortization
Furniture and office equipment	(4.1)	(0.9)	0.7	(4.3)
Other tangible fixed assets	(7.4)	(0.9)	6.3	(2.0)
Total	(11.5)	(1.8)	7.0	(6.3)
Net
Furniture and office equipment	4.0	4.5	(0.2)	8.3
Other tangible fixed assets	1.8	1.6	–	3.4
Total net tangible asset	5.8	6.1	(0.2)	11.7

At December 31, 2024, there are fully amortized assets and still in use, amounting to €0.3 million (€1.8 million, 2023). Likewise, at December 31, 2024, total tangible assets outside Spain amounts to nil million (€2.5 million, 2023), with an accumulated amortization is also nil (€2.3 million, 2023).

8. OPERATING LEASE

The Company has entered into some operating lease contracts, mainly corresponding to its facilities in Madrid. At December 31, 2024, and 2023, the operating lease future disbursements in accordance with the present contracts are the following:

	2024	2023
Less than a year	3.7	3.7
Between one and five years	15.0	15.0
More than five years	3.9	7.7
Total	22.6	26.4

9. FINANCIAL ASSETS AND LIABILITIES

9.1 Financial assets and liabilities measurements

The breakdown between categories of 'Financial investments' at December 31, 2024, is as follows:

	Cost	Amortized cost	FVOCI	Hedging derivatives (OCI)	FVPL	Total
Non-current investments in Group companies and associates	4,462.0	–	–	–	–	4,462.0
Non-current financial investments	–	48.3	12.7	1.5	–	62.5
Equity instruments	–	–	12.7	–	–	12.7
Derivatives	–	–	–	1.5	–	1.5
Other financial assets	–	48.3	–	–	–	48.3
Current investments in Group companies and associates	–	820.8	–	–	–	820.8
Current financial investments	–	52.0	–	9.5	–	61.5
Derivatives	–	–	–	9.5	–	9.5
Other financial assets	–	52.0	–	–	–	52.0
Trade debtors and other accounts receivable	–	679.4	–	–	–	679.4
Non-current liabilities	–	2,460.3	–	8.5	6.0	2,474.8
Bonds and other non-current securities	–	1,995.9	–	–	–	1,995.9
Non-current debts with financial institutions	–	449.7	–	–	–	449.7
Obligations under finance leases	–	0.2	–	–	–	0.2
Derivatives	–	–	–	8.5	–	8.5
Other financial liabilities	–	14.5	–	–	6.0	20.5
Current liabilities	–	931.3	–	18.1	21.6	971.0
Bonds and other current securities	–	720.1	–	–	–	720.1
Obligations under finance leases	–	0.3	–	–	–	0.3
Derivatives	–	–	–	18.1	1.9	20.0
Other financial liabilities	–	210.9	–	–	19.7	230.6
Current debts with Group companies and associates	–	1,171.4	–	–	–	1,171.4
Trade creditors and other trade payables	–	1,377.3	–	–	–	1,377.3

The breakdown between categories of 'Financial investments' with third parties at December 31, 2023, was as follows:

	Cost	Amortized cost	FVOCI	Hedging derivatives (OCI)	FVPL	Total
Non-current investments in Group companies and associates	3,937.7	–	–	–	–	3,937.7
Non-current financial investments	–	48.9	11.9	15.1	–	75.9
Equity instruments	–	–	11.9	–	–	11.9
Derivatives	–	–	–	15.1	–	15.1
Other financial assets	–	48.9	–	–	–	48.9
Current investments in Group companies and associates	–	451.0	–	–	–	451.0
Current financial investments	–	15.3	–	8.1	0.7	24.1
Derivatives	–	–	–	8.1	0.7	8.8
Other financial assets	–	15.3	–	–	–	15.3
Trade debtors and other accounts receivable	–	679.8	–	–	–	679.8
Non-current liabilities	–	2,583.0	–	–	–	2,583.0
Bonds and other non-current securities	–	2,231.9	–	–	–	2,231.9
Non-current debts with financial institutions	–	349.7	–	–	–	349.7
Obligations under finance leases	–	0.5	–	–	–	0.5
Other financial liabilities	–	0.9	–	–	–	0.9
Current liabilities	–	735.5	–	6.0	–	741.5
Bonds and other current securities	–	523.6	–	–	–	523.6
Current debts with financial institutions	–	3.1	–	–	–	3.1
Obligations under finance leases	–	0.3	–	–	–	0.3
Derivatives	–	–	–	6.0	–	6.0
Other financial liabilities	–	208.5	–	–	–	208.5
Current debts with Group companies and associates	–	946.2	–	–	–	946.2
Trade creditors and other trade payables	–	1,218.8	–	–	–	1,218.8

Under 'Amortized cost – Non-current other financial assets' caption, the Company includes the amount voluntarily deposited regarding a litigation described in note 16.

The variations of the assets included under the 'FVOCI' category during the years 2024 and 2023, are as follows:

Balance at December 31, 2022	11.0
Additions	0.8
Changes in FVOCI	0.1
Balance at December 31, 2023	11.9
Additions	1.3
Disposals	(0.4)
Changes in FVOCI	(0.1)
Balance at December 31, 2024	12.7

The breakdown by due date of the assets under 'Other financial assets' caption, valued at amortized cost, at December 31, 2024, is as follows:

	2025	2026	2027	2028	2029 and subsequent years	Total
Other financial assets	52.0	45.0	–	–	3.3	100.3
Total	52.0	45.0	–	–	3.3	100.3

9.2 Fair value disclosures

The Company estimates that the carrying amount of its financial assets and liabilities is a reasonable approximation of their fair value as of December 31, 2024, and 2023, except for the following financial liabilities:

		December 31, 2024		December 31, 2023
	Carrying amount	Fair Value	% of face value	Carrying amount	Fair Value	% of face value
Bonds	2,691.0	2,870.4	106.7%	2,739.3	2,869.3	104.7%
European Investment Bank	450.0	429.7	95.5%	350.0	330.9	94.5%

9.3 Financial investments in Group companies and associates

The Group companies and associates' shares do not quote on any stock market.

On November 6, 2024, the Group company ICM Group Holdings Limited, in which the Company owned a share capital of 100%, was liquidated. The net investment in this company amounted to €42.5 million.

On October 16, 2024, the Group company Amadeus Bolivia S.R.L., in which the Company owned a share capital of 100%, was liquidated. The net investment in this company amounted to €0.3 million.

On August 14, 2024, the associate company Refundit Ltd., in which the Company owned a share capital of 19.49%, was liquidated.

On August 7, 2024, an increase of share capital was carried out in the associate company Amadeus Algerie S.A.R.L. for €0.2 million, through a non-monetary contribution made by the Company related to dividends distribution. The total investment in this company amounts to €0.3 million. The share capital percentage was not affected and remains at 40%.

On June 5, 2024, the Company carried out a complete divestiture in the associate company Alentour, S.A.S., in which the Company owned a share capital of 20.71%.

On April 5, 2024, the Company acquired 100% of the share capital of the company VB KSC, S.A., for €281.0 million. Its main activity includes production and installation of industrial machinery and equipment.

On February 29, 2024, the Company acquired 100% of the share capital of the company Voxel Media, S.L., for €125.5 million, including earn-out of €25.0 million. Its main activity includes consultancy and technology development for digital invoicing and payments services.

On February 28, 2024, the Company acquired the remaining 50% of the share capital of an associate company Jordanian National Touristic Marketing Private Shareholding Company, increasing its share capital participation to 100%. The total investment in this company amounts to €0.7 million.

On December 27, 2023, the Group companies i:FAO Bulgaria EOOD (owned by i:FAO Group GmbH) and Amadeus Sofia Labs EOOD (owned by Amadeus IT Group S.A.) were merged. The surviving company is Amadeus Sofia Labs OOD. Consequently, the share percentage in this company is now 14.89% direct and 85.11% indirect, through i:FAO Group GmbH.

On August 31, 2023, the Group companies i:FAO Group, GmbH and Amadeus Corporate Business, GmbH were merged. The surviving company was Amadeus Corporate Business, GmbH. Subsequently, Amadeus Corporate Business, GmbH has changed its name to i:FAO Group, GmbH.

On August 31, 2023, an increase of share capital was carried out in Amadeus Hospitality Netherlands B.V. for €35.2 million, partly due to loan capitalization of €33.9 million. The total investment in this company amounts to €85.4 million.

On August 17, 2023, an increase of share capital was carried out in Amadeus IT Pacific Pty. Ltd. for €0.5 million. The total investment in this company amounts to €19.3 million.

On July 21, 2023, an increase of share capital was carried out in Amadeus Hong Kong Ltd. for €6.1 million, due to loan capitalization. The total investment in this company amounts to €6.6 million.

On July 19, 2023, an increase of share capital was carried out in Pyton Communication Services B.V. for €5.3 million, partly due to loan capitalization of €4.7 million. The total investment in this company amounts to €13.8 million.

On April 12, 2023, an increase of share capital was carried out in Amadeus Bilgi Teknolojisi Hizmetleri A.Ş. for €15.0 million. The total investment in this company amounts to €40.4 million.

On March 22, 2023, the Company did a monetary contribution of €9.0 million in Outpayce S.A., Sociedad Unipersonal. The total investment in this company increased to €28.5 million.

On January 26, 2023, Amadeus Finance B.V., fully owned by the Company, was liquidated. As a result of the liquidation, the Company recorded a non-operating income of €1.0 million. The net investment in this company amounted to €2.0 million.

On January 2, 2023, an increase of share capital was carried out in Outpayce S.A., Sociedad Unipersonal for €1.2 million, through a non-monetary contribution made by the Company related to all assets and liabilities of the travel payment unit amounting to €15.5 million.

At December 31, 2024, and 2023, the Company performed an analysis of all the investments in the equity of Group companies and associates to ascertain whether the recoverable amount of such investments is higher than the book value. For those investments where the fair value is below the net carrying amount, an impairment has been made to adjust the book value to its recoverable value.

To calculate the recoverable value of the Group companies and joint ventures, the Company has applied the following criteria as of December 31, 2024, and 2023:

_ Valuation multiples are derived from the group of CGUs where each company is mapped.

_ In cases where the net contribution is negative or the valuation obtained by applying multiples is lower than the net book value, detailed forecasts are developed, and discounted cash flow valuation is performed for such company.

The main information related to the investments in the Group companies and associates at December 31, 2024, is as follows (all the net profit / (loss) for the year coming from continuing activities):

	% Shareholding
	Direct	Indirect	Net profit/ (loss) for the year	Operating result	Share Capital	Rest of the equity	Total equity	Dividends received	Cost	Impairment for the year	Accumulated impairment	Net book value
Group companies
Amadeus Albania sh.p.k	100%	–	–	–	–	0.4	0.4	–	0.2	–	–	0.2
Amadeus Americas, Inc.	100%	–	64.3	(0.7)	26.3	1,449.4	1,540.0	0.5	1,679.8	–	–	1,679.8
Amadeus Argentina S.A.	95.7%	4%	4.3	1.0	5.5	(1.4)	8.4	–	14.3	–	–	14.3
Amadeus Armenia LLC	100%	–	0.3	0.3	0.1	0.6	1.0	–	0.1	–	–	0.1
Amadeus Asia Limited	100%	–	3.5	4.9	1.0	30.3	34.8	–	1.0	–	–	1.0
Amadeus Austria Marketing GmbH	100%	–	(0.4)	(1.0)	2.8	2.9	5.3	–	3.0	–	–	3.0
Amadeus Benelux N.V.	100%	–	1.4	1.9	0.1	(0.5)	1.0	–	2.1	–	–	2.1
Amadeus Bilgi Teknolojisi Hizmetleri A.Ş.	100%	–	4.5	(1.9)	30.8	(15.4)	19.9	–	40.4	–	–	40.4
Amadeus Bosna d.o.o. za marketing Sarajevo	100%	–	–	–	–	0.6	0.6	–	0.3	–	–	0.3
Amadeus Brasil Ltda.	83.5%	–	(2.3)	0.7	20.7	(26.5)	(8.1)	–	18.6	–	(18.6)	–
Amadeus Bulgaria OOD	55%	–	0.1	0.1	0.1	0.2	0.4	0.1	0.4	–	–	0.4
Amadeus Central and West Africa S.A.	100%	–	(0.3)	–	1.6	–	1.3	–	2.4	–	–	2.4
Amadeus Content Sourcing S.A., Sociedad Unipersonal	100%	–	2.0	2.6	1.0	2.6	5.6	–	1.0	–	–	1.0
Amadeus Customer Center Americas S.A.	100%	–	1.1	1.1	0.3	3.5	4.9	–	0.3	–	–	0.3
Amadeus Czech Republic and Slovakia s.r.o.	100%	–	0.2	0.2	–	2.0	2.2	–	0.6	–	–	0.6
Amadeus Data Processing GmbH	100%	–	92.1	123.2	–	144.2	236.3	217.4	385.5	–	–	385.5
Amadeus Eesti AS	100%	–	0.1	–	–	0.5	0.6	–	1.1	–	–	1.1
Amadeus GDS (Malaysia) Sdn. Bhd.	100%	–	0.1	0.2	0.2	0.9	1.2	–	0.2	–	–	0.2
Amadeus GDS LLP	100%	–	–	(0.2)	0.2	0.5	0.7	–	0.2	–	–	0.2

	% Shareholding
	Direct	Indirect	Net profit/ (loss) for the year	Operating result	Share Capital	Rest of the equity	Total equity	Dividends received	Cost	Impairment for the year	Accumulated impairment	Net book value
Amadeus GDS Singapore Pte. Ltd.	100%	–	3.0	2.7	0.2	25.7	28.9	–	1.5	–	–	1.5
Amadeus Germany GmbH	100%	–	8.2	10.9	9.3	73.5	91.0	26.7	198.2	–	–	198.2
AMADEUSGLOBAL Ecuador S.A.	100%	–	0.1	0.1	0.4	0.3	0.8	–	–	–	–	–
Amadeus Global Travel Distribution Ltd.	100%	–	(0.8)	(0.8)	0.7	(0.3)	(0.4)	–	0.7	–	–	0.7
Amadeus Global Travel Israel Ltd.	100%	–	(1.7)	0.6	1.9	4.4	4.6	–	1.9	–	–	1.9
Amadeus GTD (Malta) Limited	100%	–	–	–	0.1	0.2	0.3	–	0.1	–	–	0.1
Amadeus GTD Southern Africa Pty. Ltd.	100%	–	0.4	–	0.6	4.8	5.8	–	0.6	–	–	0.6
Amadeus Hellas Electronic Travel Information Services Single Member Societe Anonyme	100%	–	0.2	0.2	18.6	7.0	25.8	–	26.0	–	–	26.0
Amadeus Hong Kong Ltd.	100%	–	40.2	44.8	6.6	0.9	47.7	–	6.6	–	–	6.6
Amadeus Hospitality Netherlands B.V.	100%	–	1.5	1.6	–	0.7	2.2	–	85.4	1.1	(82.5)	2.9
Amadeus Information Technology LLC	100%	–	0.1	0.2	0.6	3.2	3.9	0.3	0.6	–	–	0.6
Amadeus Integrated Solutions Pty. Ltd.	100%	–	0.1	–	0.4	0.5	1.0	–	0.4	–	–	0.4
Amadeus IT FZCO	100%	–	3.9	4.4	–	0.6	4.5	–	–	–	–	–
Amadeus IT Group Colombia S.A.S.	100%	–	1.2	2.2	0.4	2.8	4.4	–	2.6	–	–	2.6
Amadeus IT Pacific Pty. Ltd.	100%	–	6.1	3.6	30.5	32.1	68.7	–	19.3	–	–	19.3
Amadeus IT Services GmbH	100%	–	1.5	2.1	–	3.8	5.3	3.9	4.7	–	–	4.7
Amadeus IT Services UK Limited	100%	–	9.1	10.1	2.0	4.6	15.7	19.3	7.1	–	–	7.1
Amadeus Italia S.p.A.	100%	–	0.3	1.5	2.0	1.9	4.2	–	3.7	–	–	3.7
Amadeus Japan K.K.	100%	–	1.3	1.9	2.5	5.2	9.0	–	2.5	–	–	2.5

	% Shareholding
	Direct	Indirect	Net profit/ (loss) for the year	Operating result	Share Capital	Rest of the equity	Total equity	Dividends received	Cost	Impairment for the year	Accumulated impairment	Net book value
Amadeus Korea, Ltd.	100%	–	0.2	0.3	0.1	1.7	2.0	–	0.1	–	–	0.1
Amadeus Lebanon S.A.R.L.	100%	–	0.5	0.6	0.1	0.1	0.7	–	0.1	–	–	0.1
Amadeus Leisure IT GmbH	100%	–	6.6	6.1	0.1	18.3	25.0	–	61.9	–	–	61.9
Amadeus Macedonia DOOEL Skopje	100%	–	–	–	–	0.2	0.2	–	0.2	–	–	0.2
Amadeus Magyaroszag Kft	100%	–	0.3	0.3	–	0.8	1.1	–	0.5	–	–	0.5
Amadeus Marketing (Ghana) Ltd.	100%	–	0.2	0.3	0.6	(0.3)	0.5	–	0.8	–	–	0.8
Amadeus Marketing Ireland Ltd.	100%	–	0.1	–	0.4	0.4	0.9	–	0.4	–	–	0.4
Amadeus Marketing Nigeria Ltd.	100%	–	0.2	0.3	0.6	(0.5)	0.3	–	0.6	–	–	0.6
Amadeus Marketing Philippines Inc.	100%	–	1.8	1.1	1.9	2.1	5.8	–	1.9	–	–	1.9
Amadeus Marketing Romania S.R.L.	100%	–	0.1	0.1	0.5	0.4	1.0	–	0.5	–	–	0.5
Amadeus Marketing (Schweiz) A.G.	100%	–	0.8	0.6	0.1	1.6	2.5	–	0.1	–	–	0.1
Amadeus México, S.A. de C.V.	98%	2%	0.6	0.4	5.8	(2.7)	3.7	–	3.6	–	–	3.6
Amadeus Perú, S.A.	100%	–	0.1	0.1	9.7	(3.4)	6.4	–	11.8	–	–	11.8
Amadeus Polska Sp. z o.o.	100%	–	1.5	1.7	5.2	1.7	8.4	–	5.5	–	–	5.5
Amadeus Regional Headquarters Company LLC	100%	–	–	–	–	–	–	–	–	–	–	–
Amadeus Rezervasyon Dağıtım Sistemleri A.Ş.	100%	–	0.9	1.1	3.9	(2.5)	2.3	–	5.1	–	–	5.1
Amadeus S.A.S.	100%	–	407.7	418.5	23.0	939.9	1,370.6	366.1	116.6	–	–	116.6
Amadeus Saudi Arabia Limited	95%	5%	0.4	0.7	0.5	11.7	12.6	–	0.4	–	–	0.4
Amadeus Scandinavia AB	100%	–	1.5	1.6	2.2	1.9	5.6	5.4	132.6	–	–	132.6
Amadeus Slovenija, d.o.o.	100%	–	–	–	0.3	0.5	0.8	–	0.8	–	–	0.8

	% Shareholding
	Direct	Indirect	Net profit/ (loss) for the year	Operating result	Share Capital	Rest of the equity	Total equity	Dividends received	Cost	Impairment for the year	Accumulated impairment	Net book value
Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal	100%	–	2.6	3.7	0.3	1.1	4.0	3.0	102.1	–	–	102.1
Amadeus Taiwan Co. Ltd.	100%	–	(0.1)	(0.1)	0.3	2.6	2.8	–	0.3	–	–	0.3
Amadeus Travel Distribution India and Subcontinent Holding FZCO	100%	–	(0.1)	(0.1)	–	0.1	–	–	–	–	–	–
Enterprise Amadeus Ukraine	100%	–	0.2	0.3	0.5	3.9	4.6	–	0.5	–	–	0.5
ICM Airport Technics UK Ltd.	100%	–	–	–	–	1.6	1.6	–	1.8	–	(0.2)	1.6
i:FAO Group GmbH	100%	–	(1.6)	(3.2)	0.1	8.6	7.1	–	80.0	–	–	80.0
Jordanian National Touristic Marketing Private Shareholding Company	100%	–	–	–	0.4	(0.2)	0.2	–	0.7	–	–	0.7
Navitaire LLC	100%	–	119.9	106.3	–	560.7	680.6	189.2	760.4	–	–	760.4
Navitaire Philippines Inc,	100%	–	2.1	1.9	2.7	6.7	11.5	–	2.7	–	–	2.7
Outpayce S.A., Sociedad Unipersonal	100%	–	10.5	13.9	13.8	29.0	53.3	–	28.5	–	–	28.5
PT Amadeus Technology Indonesia	99%	1%	–	0.1	1.6	–	1.6	–	1.5	–	–	1.5
Pyton Communication Services B.V.	100%	–	0.4	0.4	–	1.0	1.4	–	13.8	(3.5)	(12.9)	0.9
SIA Amadeus Latvija	100%	–	0.1	0.1	–	(0.7)	(0.6)	–	0.9	–	–	0.9
Sistemas de Distribución Amadeus Chile, S.A.	100%	–	0.5	0.2	0.6	1.2	2.3	–	1.0	–	–	1.0
Travel Audience, GmbH	100%	–	4.4	5.2	–	(3.3)	1.1	–	2.4	–	(2.4)	–
UAB Amadeus Lietuva	100%	–	0.1	0.1	–	0.2	0.3	–	1.3	–	–	1.3
Voxel Media, S.L.	100%	–	(1.1)	(0.7)	10.0	(9.6)	(0.7)	–	125.5	–	–	125.5
VB KSC, S.A.	100%	–	–	–	1.0	48.3	49.3	–	281.0	–	–	281.0
								831.9	4,261.3	(2.4)	(116.6)	4,144.7

	% Shareholding
	Direct	Indirect	Net profit/ (loss) for the year	Operating result	Share Capital	Rest of the equity	Total equity	Dividends received	Cost	Impairment for the year	Accumulated impairment	Net book value
Joint ventures and associates
Amadeus Algerie S.A.R.L.	40%	–	–	0.1	0.7	(0.2)	0.5	–	0.3	–	–	0.3
Amadeus Egypt Computerized Reservation Services S.A.E.	100%	–	0.3	0.3	0.1	0.1	0.5	–	0.2	–	–	0.2
Amadeus Gulf L.L.C.	49%	–	0.1	0.6	0.2	0.7	1.0	–	0.1	–	–	0.1
Amadeus Libya Technical Services JV	25%	–	0.1	0.1	0.6	(0.1)	0.6	–	0.1	–	–	0.1
Amadeus Maroc S.A.S.	30%	–	(0.2)	0.2	0.7	0.7	1.2	–	0.2	–	–	0.2
Amadeus Qatar W.L.L.	40%	–	0.5	0.3	0.3	3.4	4.2	–	0.1	–	–	0.1
Amadeus Sudani co. Ltd.	40%	–	–	–	–	1.1	1.1	–	0.1	–	–	0.1
Amadeus Tunisie S.A.	30%	–	4.2	5.3	0.2	0.2	4.6	1.5	0.1	–	–	0.1
Hiberus Travel One Inventory, S.L.	40%	–	–	–	1.5	(0.7)	0.8	–	6.2	–	(6.0)	0.2
								1.5	7.4	–	(6.0)	1.4
								833.4	4,268.7	(2.4)	(122.6)	4,146.1

10. TRADE RECEIVABLES AND PAYABLES

10.1 Doubtful debt provision and cancellation reserve

The reconciliation of the doubtful debt provision in 2024 and 2023 is the following:

	December 31, 2024	December 31, 2023
Carrying amount at the beginning of the year	54.0	77.1
Additional / reversed amounts through the income statement	10.8	(23.1)
Write off	(1.0)	–
Carrying amount at the end of the year	63.8	54.0

'Trade receivables' are recorded net of a cancellation reserve, and 'Trade payables' are recorded net of the reduction in distribution costs derived from cancellations by €32.7 million as of December 31, 2024 (€38.4 million, 2023) and €17.0 million (€18.7 million, 2023.) respectively.

10.2 Information regarding the average payment term to trade payables

Pursuant to the Spanish legislation in force, the disclosures related to the Directive on trade payables as of December 31, 2024 and 2023, for the Company is set forth in the table below:

	December 31, 2024	December 31, 2023
	Days	Days
Average payment term to trade payables	35	32
Ratio of operations paid	35	33
Ratio of outstanding payments	28	27
	Millions of euros	Millions of euros
Total payments	1,105.3	1,159.0
Total outstanding payments	99.0	71.0

The monetary volume of paid invoices and its percentage of the total payments in a period less than the maximum established in the defaulting regulations during the years 2024 and 2023, is as follows:

	December 31, 2024		December 31, 2023
	Millions of euros	Percentage	Millions of euros	Percentage
Less than or equal to 45 days	776.9	70%	996.0	86%
Greater than 45 days	328.4	30%	163.0	14%
Total	1,105.3	100%	1,159.0	100%

The number of paid invoices and its percentage over total payments in a period lower than the maximum established in the defaulting regulations during fiscal years 2024 and 2023, is as follows:

	December 31, 2024		December 31, 2023
	Amount of paid invoices	Percentage	Amount of paid invoices	Percentage
Less than or equal to 45 days	9,355	66%	7,480	67%
Greater than 45 days	4,714	34%	3,728	33%
Total	14,069	100%	11,208	100%

Trade operations with suppliers of goods and services received since the initial date of the Law 31/2014, dated on December 3, have been taken into consideration to calculate the average payment term to trade payables.

For the sole purpose of the required disclosures, trade payables relate to the suppliers of good or services to the Spanish entities included under 'Trade payables' caption within current liabilities in the balance sheet and excluding trade payables with Group companies.

11. DERIVATIVE FINANCIAL INSTRUMENTS

The breakdown of derivative financial instruments at December 31, 2024, and 2023, is as follows:

	December 31, 2024				December 31, 2023
Type of derivative		Financial assets	Financial liabilities		Financial assets		Financial liabilities
	Current	Non current	Current	Non current	Current	Non current	Current	Non current
Exchange rate	9.5	1.5	(20.0)	(8.5)	8.8	15.1	(6.0)	–
Total	9.5	1.5	(20.0)	(8.5)	8.8	15.1	(6.0)	–

Exchange rate derivatives

The detail of the open foreign currency contracts held by the Company with financial institutions at December 31, 2024, is as follows:

Financial assets

					Fair value
Type	Financial instrument	Currency	Maturity	Notional	Income statement	Equity	Total
Cash flow	Forward/	Other non USD	< 1 year	64.7	1.2	4.3	5.5
	Options		> 1 year	29.8	–	1.5	1.5
Trading derivatives	Forward	USD	< 1 year	–	4.0	–	4.0
		Other non USD	< 1 year	6.4	–	–	–
			Total		5.2	5.8	11.0
			Total non-current		–	1.5	1.5
			Total current		5.2	4.3	9.5

Financial liabilities

					Fair value
Type	Financial instrument	Currency	Maturity	Notional	Income statement	Equity	Total
Cash flow		USD	< 1 year	382.9	2.1	15.0	17.1
	Forward/		> 1 year	201.7	–	8.0	8.0
	Options	Other non USD	< 1 year	50.5	0.1	0.9	1.0
			> 1 year	33.7	–	0.5	0.5
Trading Forward derivatives		Other non USD	< 1 year	93.8	1.5	–	1.5
			< 1 year	21.3	0.4	–	0.4
			Total		4.1	24.4	28.5
			Total non-current		–	8.5	8.5
			Total current		4.1	15.9	20.0

The detail of the open foreign currency contracts held by the Company with financial institutions at December 31, 2023, was as follows:

Financial assets

						Fair value
Type	Financial instrument	Currency	Maturity	Notional	Income statement	Equity	Total
Cash flow			< 1 year	125.1	2.5	3.6	6.1
	Forward/	USD	> 1 year	401.5	–	13.3	13.3
	Options	Other non USD	< 1 year	60.5	0.5	1.5	2.0
			> 1 year	44.8	–	1.8	1.8
Trading derivatives	Forward	Other non USD	< 1 year	94.3	0.7	–	0.7
			Total		3.7	20.2	23.9
			Total non-current		-	15.1	15.1
			Total current		3.7	5.1	8.8

Financial liabilities

					Fair value
Type	Financial instrument	Currency	Maturity	Notional	Income statement	Equity	Total
Cash flow	Forward/ Options	USD	< 1 year	229.9	1.4	4.2	5.6
		Other non USD	< 1 year	7.6	0.1	0.3	0.4
Trading derivatives	Forward	Other non USD	< 1 year	3.3	–	–	–
			Total		1.5	4.5	6.0
			Total non-current		–	–	–
			Total current		1.5	4.5	6.0

Trading derivatives are instruments whose objective is to hedge the Company's exposure of foreign exchange. However, they are not assigned as accounting hedge since both the hedged item and the hedge instrument have symmetric effects.

12. EQUITY

As of December 31, 2024 the Company's share capital amounts to €4.5 million (€4.5 million as of December 31, 2023) as represented by 450,499,205 ordinary shares (450,499,205 ordinary shares as of December 31, 2023) with a nominal value of €0.01 per share, all of them of one single class; totally subscribed and paid.

The Company's shares are traded on the Spanish electronic trading system ('Continuous Market') on the four Spanish Stock Exchanges (Madrid, Barcelona, Bilbao and Valencia). The Company's shares form part of the Ibex 35 index [AMS].

At December 31, 2024, and 2023, the Company's shares are distributed as follows:

	December 31, 2024		December 31, 2023
Shareholder	Shares	Voting rights	Shares	Voting rights
Free float (1)	436,443,267	96.88 %	440,504,119	97.78 %
Treasury shares (2)	13,987,841	3.10 %	9,906,403	2.20 %
Board of Directors (3)	68,097	0.02 %	88,683	0.02 %
Total	450,499,205	100.00 %	450,499,205	100.00 %

(1) Includes shareholders with significant equity stake on December 31, 2024 and 2023, , reported to the National Commission of the Stock Exchange Market (CNMV).

(2) Voting rights remain ineffective given they are treasury shares.

(3) It does not include voting rights that could be acquired through financial instruments.

12.1 Legal reserve

According to the Spanish Capital Companies Act, 10% of the annual profit has to be transferred to a legal reserve until this reserve reaches at least 20% of the share capital. The legal reserve can be used to increase the share capital of the Company, but the value remaining in the reserve must not be lower than 10% of the increased capital. Except for the aforementioned purpose, and as long as it does not exceed 20% of the share capital, this reserve will only be used to offset losses, provided that no other reserves are available for this purpose.

At December 31, 2024, and 2023, the legal reserve amounts to €0.9 million.

12.2 Special reserves

Until January 1, 2016, when Law 22/2015 of July 20 on Auditing was enacted, each year's profit allocation had to include an increase to an unavailable reserve, named as the "special reserves", due to the goodwill included the balance sheet. Consequently, at least 5% of the goodwill amount was set aside from the profits for this reserve.

Final Clause 13 of Law 22/2015 establishes that for periods beginning on or after January 1, 2016, the goodwill reserve (Special reserves) will be reclassified as a voluntary reserve (Other reserves) of the company. This reserve will be distributable to the extent that it exceeds the carrying amount of goodwill on the balance sheet.

On December 31, 2024, and 2023, the goodwill reserve registered as a "Special reserves" by the Company amounts to €277.6 million (€416.5 million in 2023).

12.3 Dividends distribution

The Company's dividend policy goal is to pay-out up to a range of 40% to 50% of the consolidated net profit for the year (excluding extraordinary impacts). The amount of dividends the Company decides to pay, if any, and the future dividend policy will however depend on a few factors, such as market conditions and prospects, including financial conditions, as well as the evolution of the Company's operations, its cash requirements and debt service obligations, in which case the Company would undertake the appropriate communications to ensure that the change is made public.

On June 21, 2023, the General Shareholders' Meeting agreed to distribute a gross dividend of €0.74 per ordinary share with dividend rights at the date of payment resulting a total amount of €332.5 million, which was paid on July 13, 2023.

Additionally, on December 15, 2023, the Company's Board of Directors proposed a fixed dividend distribution of 2023 profit for the year of an equivalent 50% of the consolidated net profit, this way reaching the maximum percentage of the dividend distribution policy of the Company. Consequently, an interim dividend distribution was approved against the 2023 profit of the year, amounting to €0.44 per share with dividend rights, paid on January 18, 2024, for a total amount of €193.4 million.

The statement of changes in equity indicates an interim dividend payable of €193.9 million. This figure differs from the actual dividend distributed to shareholders due to the Company's repurchase of treasury shares between December 31, 2023, and the dividend payment date. These treasury shares are not eligible to receive dividends.

On June 6, 2024, the Ordinary General Shareholders Meeting agreed to distribute a final gross dividend of €1.24 per share, and therefore, considering the interim dividend a payment of €0.44 euros per share, a complementary dividend of €0.8 per share was approved and paid to the shares with right to dividend as of July 4, 2024, amounting to €348.5 million.

On December 18, 2024, the Company's Board of Directors proposed a fixed dividend distribution of 2024 profit for the year of an equivalent 50% of the consolidated net profit, this way reaching the maximum percentage of the dividend distribution policy of the Company. Consequently, an interim dividend distribution was approved from the 2024 profit of the year, amounting to €0.5 per share with dividend rights, paid on January 17, 2025, for a total amount of €221.0 million.These treasury shares are not eligible to receive dividend.

The Company is able to distribute dividends whenever the amount of the reserves is greater than the net book value of the development costs registered in the statement of financial position.

12.4 Treasury shares

Balances and movements during the years 2024 and 2023, are as follows:

	Treasury shares	Millions of euros
As of December 31, 2022	466,210	24.7
Share buy-back program	9,684,514	618.6
Disposals	(260,350)	(14.4)
Disposals for exchange ratio – merger	(52)	–
As of December 31, 2023	9,890,322	628.9
Share buy-back program	5,467,658	345.0
Disposals	(312,760)	(18.5)
Convertible bonds (note 14)	(1,074,778)	(71.9)
As of December 31, 2024	13,970,442	883.5

On June 6, 2023, the Company launched a share buy-back program with a maximum investment of €433.3 million, not exceeding 6,120,000 shares (1.358% of Amadeus' share capital). The share buyback program is split in two parts, with the following purposes and conditions:

Program 1: Conversion to maturity, or early redemption, of convertible bonds, at the option of Amadeus.

• _ A maximum investment of €350.0 million.
• _ Shares acquired under this program will not exceed 4,930,000 shares (1.094% of Amadeus' share capital), with a maximum share price of €71.

Program 2: The share allocation programs for employees, officers and Executive Director of the Amadeus Group (excluding Amadeus S.A.S. and its wholly-owned subsidiary Amadeus Software Labs India Private Limited), for the financial years 2023, 2024 and 2025, in accordance with the regulations of each share plan.

• _ A maximum investment of €83.3 million.
• _ Shares acquired under this program will not exceed 1,190,000 shares (0.264% of Amadeus' share capital), with no price limit by share.

As of December 31, 2023, both Programs have ended and the Group reached the maximum shares investment.

On November 6, 2023, the Company launched another share buy-back program with a maximum investment of €625.3 million, not exceeding 8,807,000 shares (1.955% of Amadeus' share capital) with a maximum share price of €71, in order to comply with the conversion to maturity or early redemption of convertible bonds at the option of Amadeus (note 14). The maximum execution period ranged from November 8, 2023, to May 8, 2024, with a minimum execution period of three months, that is, from November 8, 2023 to February 8, 2024. The program was completed at the end of February 2024.

On December 18, 2024, the Company launched another share buy-back program with a maximum investment of €32.3 million, not exceeding 430,500 shares (0.095% of Amadeus' share capital), in order to comply with the conversion to maturity or early redemption of convertible bonds at the option of Amadeus (note 14). As at December 31, 2024, the total number of shares acquired under this program amounted to 225,172 shares.

The summary of the number of shares acquired during 2024 and 2023 split by program is the following:

Share buy back program starting at:	2024	2023
June 6, 2023	–	6,120,000
November 6, 2023	5,242,486	3,564,514
December 18, 2024	225,172	–
Total shares	5,467,658	9,684,514

During the year 2024, the Company has settled employee share-based plans and has transferred 312,760 shares (260,350 shares, 2023) to employees, and has delivered no shares (52 shares, 2023) to the former Amadeus IT Group, S.A. minority shareholders in relation to the exchange ratio established in the merger plan between Amadeus IT Group, S.A. and Amadeus IT Holding, S.A. occurred in 2016.

The historical cost for treasury shares retired (primarily for the settlement of the PSP, RSP and SMP, as detailed in note 18), is deducted from 'Other Reserves' caption of the balance sheet.

12.5 Other comprehensive income

The balances and movements of the items included under 'Other comprehensive income' caption for the years 2024 and 2023, are as follows:

	Fair value through other	Cash flow hedge	Cumulative translation
	comprehensive income	Exchange rate	adjustments	Total
Balance at December 31, 2022	–	(26.7)	1.4	(25.3)
Valuation	0.1	26.1	(1.0)	25.2
Valuation tax impact	–	(6.6)	–	(6.6)
Transfers to income statement	–	25.2	–	25.2
Transfers to income statement tax impact	–	(6.3)	–	(6.3)
Balance at December 31, 2023	0.1	11.7	0.4	12.2
Valuation	(0.1)	(42.3)	1.2	(41.2)
Valuation tax impact	–	10.7	–	10.7
Transfers to income statement	–	7.9	–	7.9
Transfers to income statement tax impact	–	(2.0)	–	(2.0)
Balance at December 31, 2024	–	(14.0)	1.6	(12.4)

13. PROVISIONS

Balances and movements of the items included under 'Non-current provisions" caption, for the years 2024 and 2023, are as follows:

	Employees benefit obligations	Investments	Claims and litigations	Total
	Non-current	Non-current	Non-current
Balance at December 31, 2022	0.3	0.9	174.8	176.0
Additions	–	–	43.7	43.7
Application	–	–	(90.4)	(90.4)
Exchange rate adjustments	–	–	9.5	9.5
Balance at December 31, 2023	0.3	0.9	137.6	138.8
Additions	0.9	–	10.9	11.8
Application	–	–	(23.2)	(23.2)
Exchange rate adjustments	–	–	(3.4)	(3.4)
Balance at December 31, 2024	1.2	0.9	121.9	124.0

'Claims and litigations' caption mainly includes the best estimate cash outflow for tax contingencies (note 16).

14. FINANCIAL DEBT

The detail of the current and non current captions 'Bonds and other securities' and 'Debts with financial institutions' at December 31, 2024, and 2023, is as follows:

	December 31, 2024	December 31, 2023
Bonds	2,000.0	2,239.3
Deferred charges on Bonds	(4.1)	(7.4)
European Investment Bank (EIB)	450.0	350.0
Other deferred financing fees	(0.3)	(0.3)
Total non-current	2,445.6	2,581.6
Bonds	691.0	500.0
Other deferred financing fees	(0.9)	(0.2)
Accrued interest	30.0	24.6
Other debt with financial institutions	–	2.3
Total current	720.1	526.7
Total	3,165.7	3,108.3

The breakdown of the debts with financial institutions and bonds at December 31, 2024, and 2023 is as follows:

				December 31, 2024	December 31, 2023
Loans (issuance)	Issue price	Maturity	Interest rate	Amount used	Amount used	Purpose
Revolving loan
Revolving loan 2018		Jan 2030	EURIBOR + 0.35%-1.00%	–	–	Working capital and corporate purposes
European Investment Bank (EIB)				450.0	350.0
EIB 2020		Dec 2027	0.45%	200.0	200.0	R&D activities
EIB 2023 Tranche A		Sept 2030	EURIBOR + 0.35%-0.75%	150.0	150.0	R&D activities
EIB 2023 Tranche B		Jan 2031	EURIBOR + 0.652%	100.0	–	R&D activities
Convertible bond (*)				691.0	739.3
April 2020	100.00%	April 2025	1.50%	691.0	739.3
Eurobonds				2,000.0	2,000.0
Sept 2018	99.76%	Sept 2026	1.50%	500.0	500.0	TravelClick acquisition
May 2020	99.90%	May 2024	2.50%	–	500.0	Strengthen of liquidity
	99.89%	May 2027	2.88%	500.0	500.0	Strengthen of liquidity
Sept 2020	99.19%	Sept 2028	1.88%	500.0	500.0	Strengthen of liquidity
March 2024	99.95%	March 2029	3.50%	500.0	–	Strengthen of liquidity
Total				3,141.0	3,089.3

(*) excluding equity component

14.1 Bonds

_ Convertible bonds

On April 9, 2020, the Company completed the issuance of convertible bonds with an issue size of €750.0 million. Convertible bonds are considered as a compound financial instrument and are broken down into two separate components: a financial liability amounting to €709.9 million and an equity portion amounting to €40.1 million (both nominal values). Each bond has a nominal value of €100,000, a coupon of 1.5% per annum, payable semi-annually in arrears in equal installments, and matures, at par, on April 9, 2025, (unless previously converted, redeemed or purchased and cancelled). The bonds are convertible into shares at the option of the bondholder at a price of €52.9409.

As at December 31, 2024, 569 bonds, with a carrying value of €56.6 million, have been converted into 1,074,778 shares at the option of some bondholders. The conversion has been performed via delivery of treasury shares acquired through different buy-back programs as disclosed in note 14.The carrying amount of the liability has been reclassified to equity and no gain or loss has been recognized in the income statement.

During 2025, some other bondholders have exercised the early conversion rights (note 22).

_ Eurobonds

On March 14, 2 024, the Company issued an Eurobond admitted to trading on the Luxembourg Stock Exchange for a nominal value of €500.0 million, with a maturity date of five years until March 21, 2029. It has a fixed interest rate of 3.5%, payable on an annual basis and an issue price of 99.946% of its nominal value. The net proceeds of the bond issuance are used for other general corporate purpose needs, including refinancing of existing liabilities.

On May 20, 2024, the Company repaid the €500.0 million Eurobond issued on May 20, 2020, in accordance with its scheduled redemption date.

14.2 European Investment Bank (EIB)

On January 29, 2024, the Company has disposed of additional €100.0 million. The interest rate is 3 month EURIBOR +0.652% and will mature in January 2031. As of December 31, 2024, this facility was fully drawn.

14.3 Revolving Loan Facility

At December 31, 2024 and 2023, there was no amount used from the revolving loan facility.

14.4 Euro-Commercial Paper program (ECP)

On January 2024, the Company has issued €101.0 million of current debt instruments under the ECP program. The interest rate is 3.95% and has matured in October 2024.

On February 9, 2024, the Company has issued additional €100.0 million of current debt instruments under the ECP program. The interest rate is 3.91% and has matured on November 8, 2024.

On May 16, 2024, the Company has issued additional €100.0 million of current debt instruments under the ECP program. The interest rate is 3.99% and has matured on November 15, 2024.

On July 4, 2024, the Company has additional issued €100.0 million of current debt instruments under the ECP program. The interest rate is 3.82% and has matured on September 4, 2024.

15. DEFERRED INCOME

Balances and movements of 'Deferred income' captions during the years 2024 and 2023, are as follows:

	Current	Non-current	Total
Balance at December 31, 2022	40.7	217.1	257.8
Additions	–	28.6	28.6
Transfers to the income statement	(52.2)	–	(52.2)
Transfers	47.0	(47.0)	–
Balance at December 31, 2023	35.5	198.7	234.2
Additions	–	29.1	29.1
Transfers to the income statement	(43.9)	–	(43.9)
Transfers	43.7	(40.1)	3.6
Balance at December 31, 2024	35.3	187.7	223.0

Contract liabilities include the consideration received (or the unconditional right to receive consideration) from customers in advance of the Company transfer of goods or services. Contract liabilities mainly relate to software implementation services, software subscriptions or software support and maintenance services, for which the invoicing occurs prior to the transfer of services to the customer.

16. PUBLIC ADMINISTRATIONS AND TAXATION

The Company pays Corporate Income Tax through the tax consolidation Regime (Tax Group 256/05).

The Tax Consolidation Group is comprised of the following companies:

Parent company:

_ Amadeus IT Group, S.A.

Subsidiaries:

• _ Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal
• _ Outpayce, S.A., Sociedad Unipersonal
• _ Amadeus Content Sourcing, S.A., Sociedad Unipersonal
• _ Amadeus Hospitality Europe, S.L., Sociedad Unipersonal (indirectly participated via its wholly owned subsidiary Amadeus Hospitality, Inc.)

In 2016 the Company underwent a merger process, detailed in note 2.4, which falls under the Chapter VII of Special Regime, Law 27/2014, dated November 27, for Corporate Income Tax.

16.1 Deferred tax assets and liabilities and current balances with Public Administrations

The breakdown of the deferred tax assets and the current debtor balances with Public Administrations, at December 31, 2024, and 2023 is as follows:

	December 31, 2024	December 31, 2023
Deferred tax assets
Share-based payments	4.8	3.2
Depreciation and amortization	4.7	6.4
Doubtful debt provision	0.5	0.9
Cancellations provision	3.9	4.9
Cash flow hedge	6.1	1.1
V.A.T. other countries provision	1.8	5.4
Other non-deductible expenses	7.9	2.0
Net operating losses	–	8.4
Withholding tax and outstanding tax credits	59.3	87.1
Total deferred tax assets	89.0	119.4

Current debtors balances
Tax Authorities, debtor for Corporate Income Tax	8.8	123.0
Tax Authorities, debtor for V.A.T.	16.4	16.3
Tax Authorities of other countries, debtor for V.A.T.	43.2	44.4
Total current debtor balances	68.4	183.7
Total	157.4	303.1

The above mentioned deferred tax assets have been recognized in the balance sheet. The Directors of the Company consider that based on the estimated future tax benefits of the Company it is probable that these assets will be recovered.

The breakdown of the deferred tax liabilities and the current creditor balances with Public Administrations, at December 31, 2024, and 2023, is as follows:

	December 31, 2024	December 31, 2023
Deferred tax liabilities
Purchase price allocation amortization	6.3	13.6
Cash flow hedge	1.5	5.1
Amortization of goodwill from investments	18.2	17.0
Other deferred tax liabilities	4.3	4.3
Total deferred tax liabilities	30.3	40.0
Current creditor balances
Digital services tax	33.1	28.2
Tax Authorities of other countries, creditor for V.A.T.	0.8	1.0
Tax Authorities, creditor for other concepts	2.1	2.0
Social Security Authorities, creditors	1.9	1.7
Total current creditor balances	37.9	32.9
Total	68.2	72.9

The variation of deferred tax liability linked to the purchase price allocation amortization includes the revaluation of the amounts based in foreign currencies generated in previous years.

16.2 Reconciliation between the net result before tax and Corporate Income Tax base

The reconciliation between the net result before tax registered in the income statement and the Corporate Income Tax base for the year 2024, is as follows:

	Income statement
	Increases	Decreases	Total
Net result before tax			1,323.2
Permanent differences	131.8	(800.1)	(668.3)
Exempt dividends received and other income	–	(791.8)	(791.8)
Amortization of goodwill	131.8	–	131.8
Others	–	(8.3)	(8.3)
Temporary differences	45.7	(18.9)	26.8
Arising in current year
Doubtful debt provision	–	(1.6)	(1.6)
Share-based payments	5.9	–	5.9
Others	15.8	–	15.8
Arising in previous years
Purchase price allocation amortization	24.0	–	24.0
Others	–	(17.3)	(17.3)
Tax base before compensations			681.7
Tax Consolidation Group negative tax base compensation			(33.1)
Company tax base			648.6

The reconciliation between the net result before tax registered in the income statement and the Corporate Income Tax base for the year 2023, was as follows:

	Income Statement
	Increases	Decreases	Total
Net result before tax			702.5
Permanent differences	157.0	(268.1)	(111.1)
Exempt dividends received and other income	–	(268.1)	(268.1)
Amortization of goodwill	131.8	–	131.8
Others	25.2	–	25.2
Temporary differences	27.9	(68.3)	(40.4)
Arising in current year
Doubtful debt provision	–	(13.7)	(13.7)
Share-based payments	3.9	–	3.9
Others	–	(48.5)	(48.5)
Arising in previous years
Purchase price allocation amortization	24.0	–	24.0
Others	–	(6.1)	(6.1)
Tax base before compensations			551.0
Tax Consolidation Group negative tax base compensation			(405.4)
Company tax base			145.6

The reconciliation between the income and expenses directly recognized in equity and the Corporate Income Tax base, for the years 2024 and 2023, is as follows:

	Income and expenses directly recognized in equity
	Year 2024			Year 2023
	Increases	Total	Decreases	Total
Income and expenses recognized in equity	–	(34.4)	–	51.3
Temporary differences	34.4	34.4	(51.3)	(51.3)
Arising in current year	–	–	–	–
Cash flow hedge	34.4	34.4	(51.3)	(51.3)
Corporate Income Tax Base in equity		–		–

16.3 Tax recognized in equity

The detail of taxes directly recognized in equity at December 31, 2024 and 2023, is as follows:

	December 31, 2024		December 31, 2023
	Increases	Total	Decreases	Total
Deferred tax
Arising in current year
Cash Flow hedge	8.6	8.6	(12.9)	(12.9)
Total deferred tax	8.6	8.6	(12.9)	(12.9)
Total tax recognized in equity	8.6	8.6	(12.9)	(12.9)

16.4 Reconciliation between the net result before tax and Corporate Income Tax expense

Reconciliation between the net result before tax and the Corporate Income Tax expense, for the years 2024 and 2023, is as follows:

	December 31, 2024	December 31, 2023
Net result before tax	1,323.2	702.5
Tax rate 25%	(330.8)	(175.6)
Fiscal impact permanent differences	161.4	46.3
Tax credits	3.0	3.1
Total Corporate Income Tax expense recognized in the income statement	(166.4)	(126.2)
Current tax	(164.8)	(4.0)
Deferred tax	(1.6)	(122.2)

16.5 Periods open to tax audit and tax audit procedures

According to the current legislation, taxes cannot be considered definitively settled until the filed tax forms are audited by the Tax Authorities, or until the four years statute of limitations ends.

As of December 31, 2024, the Company has the last four years open to tax audit except for those taxes that have been subject to audit which have concluded by signing the tax assessment under protest, recurred by an appeal or it has been object of partial tax audit and which has therefore interrupted the limitation period.

The Directors of the Company consider that the mentioned taxes were properly settled, therefore, in the event of differences in the interpretation of the current tax regulations, regarding the fiscal treatment of the transactions, the potential resulting liabilities, should they materialize, will not significantly impact the annual accounts.

In June 2015, the Company received a final decision from the Central Administrative Court (TEAC) rejecting cumulatively appeals regarding the tax assessment signed under protest relating to the Non-residents Income Tax for the year 2007. The National Court, by resolution of October 2020, accepted the Company's claim partially, declared TEAC's resolution null and void and sent back the appeal to the TEAC. In April 2021 the TEAC issued a new ruling rejecting the Company's claims, so in July 2021 the Company filed a new appeal and a lawsuit before the National Appellate Court. In December 2021 the National Appellate Court received a writ by virtue of which the lawsuit filed was admitted, and the State Attorney was given notice to reply. In April 2022, the conclusions were presented to the National Appellate Court. As of December 31, 2024, the resolution is still pending.

The Company has voluntarily deposited the amount required by the Tax Authorities until the resolution of this litigation (note 9) and has registered the appropriate provisions in order to minimize its exposure in the event the final decision from the Court does not result in its favor (note 13). Therefore, and in any case, the resolution of this matter should not have any significant impact on the Company's financial situation.

The Company has been engaged in disputes with the Indian tax authorities since 1999. These disputes relate to an allegation that the distribution activities in India qualify as a permanent establishment, leading the Indian tax authorities to claim that a portion of the revenue generated from bookings made by travel agencies in India, should be subject to tax in India. In 2023, the Supreme Court ruled that no additional income is subject to tax in India under these circumstances. Consequently, the Company has released the amounts accrued subject to this uncertain tax position accounted for throughout these years. Additionally, and before the Supreme Court decision of 2023, following the order of the Delhi High Court of December 2021, Amadeus requested a refund of the amounts paid to the Indian tax authorities for the amounts withheld over several tax years. The Indian tax authorities initiated in 2023, and continued in 2024, the refund relating to certain periods, resulting in a partial reduction of the corresponding receivables as well as the generation of additional financial income, due to the delay interests. The collection of the amounts withheld in Indian Rupees has also generated exchange differences.

As of December 31, 2024, after the collection of the amounts withheld and exchange losses impacts, the remaining receivable from Indian Tax authorities amounts to €56.8 million (€84.1 million as at December 31, 2023), for which the timing of collection is uncertain and therefore is classified as noncurrent.

Additionally, since 2006, the Indian tax authorities are of the opinion that the IT service agreement executed between the Company and an airline (both non-resident) may give rise to royalty payments and fees for technical services in India. As a result of this interpretation, a new tax claim is under dispute. The dispute has been extended on a yearly basis not only to a specific airline but to the Altea System in general for its operation in India. In 2020, the Income Tax Appellate Tribunal (ITAT) held that payments made by airlines to Amadeus in relation to the Altea system are linked to business profit. Accordingly, the said payments cannot be taxed as royalty under the Tax Treaty between Spain and India. It is the first time a tribunal has ruled the above. The resolution is not final and has been appealed by the Indian Tax Authorities to the Delhi High Court, although the ITAT criteria has been extended to other resolutions of different fiscal years on the same subject under dispute. The Delhi High Court, in several resolutions passed during 2023 with respect to the years 2006 to 2018, has dismissed the different appeals filed by the Indian Tax Authorities, although the latter could file an appeal before the Supreme Court. With respect to the years 2019 and 2020, they are at different procedural stage, with a positive judgment from the ITAT as regards 2019, which was appealed before the Delhi High Court by the Indian Tax Authorities. Although it is still pending of judgment, it should follow the same criteria as prior years.

Amadeus Hellas Electronic Travel Information Services Single Member Societe Anonyme (Amadeus Hellas) has been facing recurrent VAT tax audits. Specifically, the Greek tax authorities considered that Amadeus IT Group, S.A. had a permanent establishment for VAT purposes in Greece and, therefore, argued that the distribution fee invoiced by Amadeus Hellas to Amadeus IT Group, S.A. should be subject to Greek VAT as a local provision of services from Amadeus Hellas to the Greek permanent establishment of Amadeus IT Group, S.A. Amadeus Hellas has been appealing these assessments on a recurrent basis and by different means. Finally, after many years of litigation, in 2023, Amadeus has obtained a favorable judgment from the Greek Supreme Court for the period 2007-2009, which should be considered extensive for other period under assessment (2003-2006, 2010-2017, 2019). The judgment from the Greek Supreme Court was ratified by the Piraeus Court of Appeal, but the Greek state filed an appeal before the Supreme Court using a different argumentation for this purpose.

On the other hand, although closely related to the previously mentioned matter, in February 2024, the Court of Appeal ruled that Amadeus IT Group, S.A. has the right to receive a VAT refund for the years 2003-2013 through the procedure for non-established taxable persons. The Greek state has appealed this ruling to the Supreme Court.

Finally, in November 2024, Amadeus Hellas collected €9.5 million from the Greek Tax Authorities related to the period 2007-2009.

In 2023, the Group updated its tax risk assessments (for direct and indirect taxes), as a result of changes in estimates of tax contingencies, fundamentally due to the positive resolution of proceedings with the Indian and Greek tax authorities. The update in these tax risk assessments impacted several captions in the consolidated statement of comprehensive income in 2023, as described below:

• _ €42.0 million income, recognized as a reduction of 'Other operating expenses' caption.
• _ €12.4 million income, recognized within 'Income tax expense' caption.
• _ €27.7 million exchange losses, recognized within 'Exchange rate differences'.
• _ €21.1 million income, recognized in ' Other financial income / (expenses)' caption.

Also, linked to the resolution of the proceeding in India, Amadeus collected from the Indian tax authorities: (i) €42.8 million in 2023, which was recognized in the change in working capital (€38.8 million) and interest received (€4.0 million) captions of the statement of cash flows, and (ii) €44.9 million in 2024, which was recognized in the change in working capital (€37.5 million) and interest received (€7.4 million) captions of the statement of cash flows.

On January 18, 2024, the Spanish Constitutional Court has ruled that the Corporate Income Tax (CIT) measures established for large taxpayers approved by Royal Decree 3/2016, is unconstitutional and, therefore, null and void, because it violates the limits of the power to legislate through Royal Decree.

Only taxpayers who had challenged their previous CIT returns (2022 and before) would be entitled to make effective the effects of the ruling from the Constitutional Court, which is the Amadeus case, being entitled to claim a refund from the Tax Authorities.

The ruling affected Amadeus on the following topics:

• _ The restrictions on the use of net operating losses (NOLs) by large companies.
• _ The requirement to automatically include in the tax base the impairment of investments in Group companies that were previously deducted before 2013.

The application of this ruling in the annual accounts has mainly resulted as of December 31, 2024, in a reclassification of €36.4 million from deferred tax assets and liabilities to current income taxes in the balance sheet for the impact in the 2022 income tax return. As of December 31, 2024, the mentioned amount is still pending to be refunded by Spanish Tax Authorities The income tax calculation for the year 2023 also considered the effects of this ruling and has resulted in additional €71.2 million of NOLs application.

However, despite the recent ruling of the Spanish Constitutional Court, on December 21, 2024, Law 7/2024 of December 20, was published, establishing a Complementary Tax to guarantee a global minimum level of taxation for multinational groups and large national groups (...) (hereinafter, "Law 7/2024") by which the tax provisions approved by RD 3/2016 and declared unconstitutional of RD 3/2016 were reinstated.

The application of Law 7/2024 has not impacted the application of NOLs. Nevertheless, the impairment of investments in Group companies that were previously tax deducted will be adjusted, in equal parts, during the next three fiscal years (2024, 2025, and 2026), for a total amount of €17.1 million.

Since January 1, 2024, the regulatory standard for the global minimum tax, also known as Pillar Two, is applicable for the Company. The Company will have to pay a complementary tax (top up tax) for each jurisdiction whose adjusted effective tax rate is below 15%, following the OECD model rules also included in Council Directive (EU) 2022/2523 of December 15, 2022.

Law 7/2024 incorporated the global minimum tax to the Spanish Tax System for 2024.

In this sense, taking into account the existing regulatory framework so far, the Company has carried out an analysis of both safe harbors and complex calculation of the global minimum tax, based on the accounting information for the 2024 financial year. Based on the best available estimate of results and subject to unforeseeable subsequent events, the application of the global minimum tax does not have a significant impact in the Company Income statement, following the application of the specific adjustments provided for in the Pillar Two regulatory legislation and the safe harbors' rules.

17. FOREIGN CURRENCIES

The detail of the main balances and transactions in foreign currency, valuated at the year-end exchange rate and at the average exchange rate as of December 31, 2024, and 2023, respectively, is as follows:

	December 31, 2024	December 31, 2023
Assets
Trade receivables	265.8	212.6
Loans given	130.6	137.3
Other assets	167.7	697.6
Cash and cash equivalents	130.4	78.3
Liabilities
Trade payables	(304.8)	(322.6)
Loans received	(507.3)	(509.6)
Other liabilities	(146.9)	(109.5)
	December 31, 2024	December 31, 2023
Income statement
Services rendered	1,903.7	1,577.5
Services received	(1,278.4)	(1,045.4)

The amount of exchange rate differences by financial instrument recognized in the income statement for the year 2024, is as follows:

	Transactions settled in the year	Outstanding balances	Total
Financial assets
Loans to Group companies and associates	(1.6)	0.4	(1.2)
Derivatives	3.1	–	3.1
Other financial assets	10.6	7.9	18.5
Total financial assets	12.1	8.3	20.4
Financial liabilities
Debts with Group companies and associates	(29.9)	–	(29.9)
Derivatives	(5.2)	–	(5.2)
Other financial liabilities	–	(1.2)	(1.2)
Total financial liabilities	(35.1)	(1.2)	(36.3)
Total	(23.0)	7.1	(15.9)

The amount of exchange rate differences by financial instrument recognized in the income statement for the year 2023, was as follows:

	Transactions settled in the year	Outstanding balances	Total
Financial assets
Loans to Group companies and associates	(2.0)	(0.8)	(2.8)
Derivatives	75.0	–	75.0
Other financial assets	(12.4)	(23.6)	(36.0)
Total financial assets	60.6	(24.4)	36.2
Financial liabilities
Debts with Group companies and associates	6.6	(0.6)	6.0
Derivatives	(32.4)	25.9	(6.5)
Other financial liabilities	12.1	(73.4)	(61.3)
Total financial liabilities	(13.7)	(48.1)	(61.8)
Total	46.9	(72.5)	(25.6)

18. REVENUES AND EXPENSES

18.1 Trade revenue

The Company operates in the travel industry and thus, events that may affect the industry could also have an impact on both the Company's operations and its financial position.

A disaggregation of revenue is as follows:

	December 31, 2024	December 31, 2023
Revenue from stand ready obligation to make available platforms and software to customers	4,762.2	4,262.6
Revenue from providing professional services to customers and other revenue	260.5	205.0
Revenue	5,022.7	4,467.6

The following geographical distribution of the services provided during the year 2024 and 2023, is primarily based on the country where bookings were made. Regarding those bookings directly made by the offices and the airline websites that are directly connected to the Amadeus system, as well as the IT solutions services, the home country of the customers is the criteria applied.

Geographical market	December 31, 2024	December 31, 2023
Spain	177.8	126.2
European Union	1,240.0	1,131.7
O.E.C.D.	1,990.1	1,754.8
Rest of the world	1,614.8	1,454.9
Total	5,022.7	4,467.6

18.2 Personnel expenses

The breakdown of the 'Personnel expenses' for the years 2024 and 2023, is as follows:

	December 31, 2024	December 31, 2023
Salaries and wages	111.8	110.6
Social benefits	32.0	34.4
Pension plan contributions	2.3	2.2
Other social costs	29.7	32.2
Total	143.8	145.0

18.3 Other operating expenses

´Other operating expenses´ caption includes distribution, product development, data processing, communications and administration expenses. The detail for the years 2024 and 2023, is as follows:

	December 31, 2024	December 31, 2023
Group companies	2,919.0	2,586.3
Associates	37.0	36.2
Third parties	1,036.0	919.5
Total	3,992.0	3,542.0

18.4 Financial results

The detail of the financial income and expenses for the years 2024 and 2023, is as follows:

	Note	December 31, 2024	December 31, 2023
Financial income		897.9	359.2
From equity instruments		833.5	282.2
Dividends received from Group companies and associates	9 & 19	833.4	281.9
Dividends received from third parties		0.1	0.3
From securities and other financial instruments		64.4	77.0
Loans to Group companies and associates	19	23.4	12.7
Other financial income		41.0	64.3
Financial expenses		(139.5)	(135.4)
Debts with Group companies and associates	19	(52.8)	(41.2)
Interest from debts		(52.8)	(41.2)
Debts with third parties		(86.7)	(94.2)
Interest from debt with financial institutions		(11.6)	(2.7)
Interest from bonds		(76.6)	(67.9)
Deferred financing fees		(5.3)	(7.2)
Other financial expenses		6.8	(16.4)
Changes in fair value in financial instruments		(0.6)	0.1
Exchange rate differences	17	(15.9)	(25.6)
Impairment and gains/ losses on disposal of financial instruments		(4.2)	(5.9)
Impairment and losses		(2.4)	(7.0)
Gains / (losses) on disposal of financial instruments		(1.8)	1.1
Financial profit / (loss)		737.7	192.4

The financial income and expenses measured in application of the effective interest method, are mainly included in financial income under securities and other financial instruments and in financial expenses under debts with Group companies and associates and financial institutions.

18.5 Share based payments

The Company has the following reward schemes in place for management and employees. The acquisition costs of the shares delivered are re-invoiced to the Group Companies whose employees are enrolled in these schemes:

18.5.1. Performance Share Plan

The Performance Share Plan (PSP) consists of a contingent award of shares to certain of the Amadeus Group's management. The final delivery of the shares at the end of the vesting period depends on the achievement of predetermined performance objectives that relate to value creation in Amadeus as well as employee service requirements. The performance objectives relate to the relative shareholder return, the adjusted basic earnings per share (EPS) growth and to pre-tax adjusted free cash flow growth. The vesting period of each independent cycle is 3 years and no holding period applies.

This plan is considered as equity-settled. The fair value of the services received during the years ended as of December 31, 2024, as consideration for the equity instruments granted, is presented in the income statement under 'Personnel and related expenses' caption by an amount of €7.1 million (€3.5 million, 2023).

The fair value of the equity instruments granted has been determined using a Monte-Carlo valuation model for the tranche that involves market conditions, and a Black-Scholes method and an estimation of expected performance for the tranche that involves non-market conditions. The fair value of the equity instruments at grant date is adjusted to incorporate the market conditions to which the performance of the plan is linked.

For PSP there are two types of plans, PSP(I) and PSP(II). PSP(II) is for certain employees (mainly members of the executive committee) and, unlike PSP(I), is subject to a post-vesting holding period of two years. This restriction has been taken into account when determining the fair value of the instruments granted.

PSP 2021 (I) PSP 2021 (II) PSP 2022 (I) PSP 2022 (II) PSP 2023 (I) PSP 2023 (II) PSP 2024 (I) PSP 2024 (II) Total shares allotted at grant date (1) 18,282 34,090 27,750 31,990 34,350 54,360 45,242 59,081 Fair value of the instruments at grant date (2) 59.92€ 51.24€ 59.02€ 51.76€ 65.97€ 57.08€ 56.66€ 50.43€ Dividend yield – – – – 0.88% 0.88% 1.69% 1.69% Expected volatility 40.89% 46.37% 42.28% 38.88% 35.48% 30.05% 27.38% 25.05% Risk free interest rate – – 1.06% 1.37% 3.13% 3.12% 3.00% 2.93%

The detail of the shares allotted and fair value at grant date is set forth in the table below:

(1) This number of shares could increase up to double if the Group's performance in all performance objectives is extraordinary.

(2) This fair value is calculated as the weighted average share price throughout the plan.

During the year 2024, PSP 2021 has been settled at the vesting date, implying that the Company transferred to the eligible employees 39,387 shares, due to the achievement of the performance objectives (75.3%), at a weighted average price of €63.98 per share. The Company used treasury shares to settle these share-based payments (note 12).

During the year 2023, the PSP 2020 has been settled at the vesting date, implying that the Company transferred to the eligible employees 49,994 shares, due to the achievement of the performance objectives (61.5%), at a weighted average price of €66.42 per share. The Company used treasury shares to settle these share-based payments (note 12).

18.5.2. Restricted Share Plan

The Restricted Share Plan (RSP) consists on the delivery of a given number of shares of Amadeus shares to certain employees on a non-recurring basis, after predetermined services requirements are met.

The RSP beneficiaries must remain employed in a Group company during a determined period of time, which oscillates between 2 and 5 years.

This plan is considered as equity-settled. The fair value of the services received as consideration for the equity instruments granted, 117,843 shares during the year 2024 (122,281 shares, 2023), is presented in the income statement under 'Personnel and related expenses' caption by an amount of €2.7 million (€3.2 million, 2023).

The detail of RSP awards settled during 2024 and 2023 is set forth in the table below:

	December 31, 2024	December 31, 2023
Shares transferred to employees (1)	56,515	35,077
Weighted average price	€64.01	€65.08

(1) The Company used treasury shares to settle these share-based payments (note 12).

18.5.3. Share Match Plan

The Share Match Plan (SMP) consists of a contingent award of Company's shares to employees that voluntarily decided to participate in the plan. The final delivery of the shares at the end of the vesting period depends on the achievement of predetermined vesting conditions, which are related to the purchase and holding of the shares, as well as the participant must remain employed in a Group company until the end of the cycle.

Under the terms of the SMP, Amadeus will grant the participants an additional share for every two purchased, if they hold the shares for a year after the purchase period has ended.

This plan is considered as equity-settled. The fair value of the services received as consideration for the equity instruments granted, 32,519 shares during the year 2024 (29,272 shares, 2023), is presented in the income statement under 'Personnel and related expenses' caption by an amount of €0.9 million (€0.8 million, 2023).

The detail of SMP awards settled during 2024 and 2023 is set forth in the table below:

	December 31, 2024	December 31, 2023
Shares transferred to employees (1)	12,864	15,465
Weighted average price	€62.14	€69.28

(1) The Company used treasury shares to settle these share-based payments (note 12).

19. TRANSACTIONS AND BALANCES WITH RELATED PARTIES

19.1 Transactions with related parties

The breakdown of transactions with related parties for the year 2024, is as follows:

	Group companies	Associates	Other related parties	Total
Services rendered	152.7	5.1	–	157.8
Other operating expenses	(2,919.0)	(37.0)	–	(2,956.0)
Interests from loans	23.4	–	–	23.4
Debt expenses	(52.8)	–	–	(52.8)
Dividends received	831.9	1.5	–	833.4
Dividends distributed	–	–	0.3	0.3
Remuneration	–	–	11.2	11.2
Total	(1,963.8)	(30.4)	11.5	(1,982.7)

The breakdown of transactions with related parties for the year 2023, was as follows:

	Group companies	Associates	Other related parties	Total
Services rendered	147.7	2.6	–	150.3
Other operating expenses	(2,586.3)	(36.2)	–	(2,622.5)
Interests from loans	12.7	–	–	12.7
Debt expenses	(41.2)	–	–	(41.2)
Dividends received	279.2	2.7	–	281.9
Dividends distributed	–	–	0.2	0.2
Remuneration	–	–	13.3	13.3
Total	(2,187.9)	(30.9)	13.5	(2,205.3)

19.2 Balances with related parties

The breakdown of balances with related parties at December 31, 2024, is as follows:

	Group companies	Associates	Other related parties	Total
Non-current investments	4,460.6	1.4	–	4,462.0
Equity instruments	4,144.7	1.4	–	4,146.1
Loans to companies	315.9	–	–	315.9
Trade debtors	48.2	3.8	–	52.0
Current investments	820.2	0.6	–	820.8
Interests from loans to companies	2.9	–	–	2.9
Cash-pooling	194.6	–	–	194.6
Dividends	622.7	0.6	–	623.3
Current debts	(1,171.3)	–	(0.1)	(1,171.4)
Debts with companies	(10.0)	–	–	(10.0)
Cash-pooling	(1,161.3)	–	–	(1,161.3)
Dividends	–	–	(0.1)	(0.1)
Trade creditors	(505.2)	(15.1)	–	(520.3)

The breakdown of balances with related parties at December 31, 2023, was as follows:

	Group companies	Associates	Other related parties	Total
Non-current investments	3,936.2	1.5	–	3,937.7
Equity instruments	3,782.6	1.5	–	3,784.1
Loans to companies	153.6	–	–	153.6
Trade debtors	35.0	2.7	–	37.7
Current investments	448.8	2.2	–	451.0
Interests from loans to companies	0.2	–	–	0.2
Cash-pooling	148.2	–	–	148.2
Dividends	300.4	2.2	–	302.6
Current debts	(946.1)	–	(0.1)	(946.2)
Debts with companies	(6.8)	–	–	(6.8)
Cash-pooling	(939.3)	–	–	(939.3)
Dividends	–	–	(0.1)	(0.1)
Trade creditors	(474.2)	(14.8)	–	(489.0)

19.2.1. Trade debtors and creditors

The breakdown of the 'Trade debtors' and 'Trade creditors' as of December 31, 2024, and 2023, is as follows:

	December 31, 2024	December 31, 2023
Debtors
For taxes ( Corporate income tax - consolidation group)	6.9	7.3
For other concepts (transfer pricing)	45.1	30.4
Total	52.0	37.7
Creditors
Transfer pricing	(520.3)	(489.0)
Total	(520.3)	(489.0)

19.2.2. Loans to Group companies

The detail of loans to Group companies at December 31, 2024, is as follows:

Group companies	Currency	Millions of euros	Reference interest	Due date
Amadeus Brasil Ltda.	USD	6.0	5.46%	10/1/2026
Amadeus Marketing (Ghana) Ltd.	USD	0.7	6.55%	5/21/2027
Amadeus S.A.S.	EUR	250.0	3.47%	9/29/2035
Vision Box - Soluções de Visão por Computador, S.A.	EUR	53.3	4.32%	3/30/2029
Voxel Media, S.L.	EUR	5.9	3.97%	2/28/2027
Total		315.9

The detail of loans to Group companies at December 31, 2023, is as follows:

Group companies	Currency	Millions of euros	Reference interest	Due date
Amadeus Brasil Ltda.	USD	3.6	6.03%	10/1/2025
Amadeus S.A.S.	EUR	150.0	4.52%	9/29/2035
Total		153.6

19.2.3. Debts with Group companies

The detail of debts with Group companies at December 31, 2024, is as follows:

Group companies	Currency	Millions of euros	Reference interest	Due date
Amadeus Bilgi Teknolojisi Hizmetleri A.Ş.	EUR	9.5	3.46%	3/31/2025
Amadeus Eesti AS	EUR	0.4	3.46%	3/31/2025
Amadeus Lebanon S.A.R.L.	USD	0.1	4.94%	3/31/2025
Total		10.0

Group companies	Currency	Millions of euros	Reference interest	Due date
Amadeus Bilgi Teknolojisi Hizmetleri A.S	EUR	6.3	5.14%	3/31/2024
Amadeus Eesti AS	EUR	0.4	5.14%	3/31/2024
Amadeus Lebanon S.A.R.L.	USD	0.1	6.82%	3/31/2024
Total		6.8

The detail of debts with Group companies at December 31, 2023, is as follows:

19.3 Board of Directors

The position of Member of the Board of Directors is remunerated in accordance with the Company's Bylaws. The remuneration consists of a fixed remuneration to be determined by the General Shareholders' Meeting before the relevant financial year ends.

The remuneration of the Chief Executive Officer (Consejero Delegado), in addition to what may correspond to him in his capacity as Director, consists of salary (cash and in-kind), annual and/or multi-year bonuses, subject to the achievement of objectives, share plans, and any other type of compensation included in the Directors' remuneration policy approved by the General Shareholders' Meeting held on June 17, 2021, for a period of three fiscal years (2022, 2023, and 2024).

On June 6, 2024, and June 21, 2023, the Ordinary General Shareholders' Meeting agreed a fixed remuneration for said functions, in cash or in kind, for the period from January to December 2024, with a limit of €1,583 thousand (€1,566 thousand, 2023), and it vested the Board of Directors with the authority to resolve on how said remuneration was to be distributed among the members of the Board, following article 36 of the Company's Bylaws. The Board of Directors of the Company may agree an unequal remuneration scheme distribution. No loans, advances or stock options have been granted to the members of the Board of Directors.

The breakdown of payments (in thousands of euros) received by the members of the Board of Directors in 2024 and 2023 is set forth in the table below:

		2024	2023
Board Members		Payment in cash	Payment in cash
William Connelly	Chairman	345	328
Francesco Loredan	Vice-Chairman	–	57
Stephan Gemkow	Vice-Chairman	158	158
Luis Maroto Camino	Executive Director	35	35
Amanda Mesler	Director	176	176
David Vegara Figueras	Director	128	128
Eriikka Söderström	Director	128	128
Frits Dirk van Paasschen	Director	121	63
Jana Eggers	Director	97	97
Peter Kürpick	Director	121	121
Pilar García Ceballos-Zúñiga	Director	152	152
Xiaoqun Clever-Steg	Director	121	121
Total		1,582	1,564

No payments in kind have been made to the board members, neither in 2024, nor in 2023.

On June 21, 2023, the Ordinary General Shareholders' Meeting agreed to appoint Mr. Frits Dirk van Paasschen as independent Director for a three years-term and Mr. Stephan Gemkow was appointed as Vice-Chairman of the Board of Directors, replacing Mr. Francesco Loredan.

The number of Board of Directors members of the Company both as at December 31, 2024, and 2023, is 6 men and 5 women.

At December 31, 2024 and 2023, investment held by the members of the Board of Directors in the share capital of the Company is set forth in the table below:

	December 31, 2024	December 31, 2023
Name	Shares	Shares
Luis Maroto Camino	67,747	88,333
Stephan Gemkow	350	350

As of December 31, 2024 and 2023, neither any of the members of the Board of Directors nor any other person related to them, in accordance with the Spanish Capital Companies Act, have reported to the Board of Directors any direct or indirect conflicting situation with the interests of the Company.

During the year ended December 31, 2024, and 2023, the amounts accrued to the Chief Executive Officer for his executive functions are the following (in thousands of euros):

	December 31, 2024	December 31, 2023
Fixed remuneration	1,063	1,004
Variable remuneration	1,856	1,795
Share-based payments	749	793
Contributions to pension schemes and others	282	278
Total	3,950	3,870

19.4 Key Management Compensation

During the year ended December 31, 2024, and 2023, the amounts accrued to Key Management are the following (in thousands of euros):

	December 31, 2024	December 31, 2023
Compensation in cash (salary and bonus)	4,116	5,672
Compensation in kind	195	192
Contribution to pension scheme	419	432
Share-based payments	1,209	1,519
Total	5,939	7,815

As of December 31, 2024, the Key Management personnel was formed by 5 members (6 , 2023). During 2024, the average number of key management members was 6 (6, 2023).

The number of shares in the capital of the Company held by the members of the Key Management at December 31, 2024 is 95,536 shares (118,148 shares, 2023).

19.5 Financial structure

Companies belonging to the Amadeus Group as at December 31, 2024, and 2023, are detailed in the appendix attached to these annual accounts.

20. OTHER INFORMATION

20.1 Auditors' fees

The fees for annual accounts auditing services and other services rendered by the international audit firm EY for the year ended December 31, 2024, and 2023, are set forth in the table below:

	December 31, 2024	December 31, 2023
Auditing	1.0	1.2
Audit related assurance services	0.6	0.4
Total	1.6	1.6

20.2 Number of employees

The average employee distribution by category and gender for the year ended December 31, 2024 and 2023, is set forth in the table below:

	December 31, 2024			December 31, 2023
	Female	Male	Total	Female	Male	Total
CEO/Senior Vice-president/Vice-president	2	11	13	1	11	12
Directors	16	29	45	13	25	38
Managers	329	305	634	285	271	556
Disabled managers	1	1	2	1	1	2
Staff	241	149	390	241	153	394
Disabled Staff	5	1	6	5	1	6
Total	594	496	1,090	546	462	1,008

The employee distribution by category and gender for the year ended December 31, 2024 and 2023, is set forth in the table below:

	December 31, 2024			December 31, 2023
	Female	Male	Total	Female	Male	Total
CEO/Senior Vice-president/Vice-president	2	10	12	1	11	12
Directors	17	31	48	15	27	42
Managers	351	318	669	300	294	594
Disabled managers	1	1	2	1	1	2
Staff	240	155	395	241	142	383
Disabled Staff	5	1	6	5	1	6
Total	616	516	1,132	563	476	1,039

20.3 Off–balance sheet commitments

At December 31, 2024, and 2023, the Company has guarantees issued to cover certain obligations entered into by Group companies and received from third parties, as per the following detail:

	December 31, 2024	December 31, 2023
Guarantees over office buildings and equipment	5.3	5.6
Bank guarantees on commercial contracts	6.2	3.9
Other guarantees and bank guarantees	26.1	27.1
Total	37.6	36.6

At December 31, 2024, the guarantees undertaken by the Company for its subsidiaries, in the form of comfort letters, amount to €1.9 million (€1.9 million, 2023).

21. ENVIRONMENTAL INFORMATION

Given its activity, the Company has no responsibilities, expenses, assets, liabilities or contingencies of an environmental nature that may have a significant impact on its equity, financial position or results. Therefore, no specific disclosures relating to environmental issues are included in the current notes to the annual accounts.

22. SUBSEQUENT EVENTS

The Company has continued performing treasury shares transactions under the share buy-back program disclosed in note 12 and has acquired 205,328 shares between January 1, 2025, and January 14, 2025, and therefore the program is completed.

During January and February 2025, conversion rights into shares of the convertible bond have been exercised for 3,027 bonds, equivalent to 5,717,675 shares (note 14).

On February 27, 2025, the Company announced a share repurchase program for a maximum investment amount of €1,300 million. In no case, the number of shares to be acquired under it may exceed 19,231,000 shares, representing 4.27% of the Company's share capital. It will be executed over the next 12 months with the aim to repurchase and redeem the shares issued during 2020.

APPENDIX

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Group companies
ADS Distribution Enterprise (Private) Limited (4)	Limited	Sri Lanka	No.5, 9th Lane, Nawala Road, Nawala, 10107 Colombo.	Distribution	100%	–	4/18/2024
Amadeus Airport IT Americas, Inc. (5)	Inc.	U.S.A.	5950 Hazeltine National Drive, Suite 210. Orlando, Florida. 32822.	Software development	100%	100%	4/21/2015
Amadeus Albania sh.p.k	sh.p.k.	Albania	Bulevardi Deshmoret e Kombit, Tirana.	Distribution	100%	100%	4/15/2016
Amadeus Americas, Inc.	Inc.	U.S.A.	3470 NW 82nd Avenue Suite 1000 Miami, Florida 33122.	Regional support	100%	100%	4/17/1995
Amadeus Argentina S.A.U. (6)	Sociedad Anónima Unipersonal	Argentina	Ingeniero Enrique Butty 240, 4° piso. C.A.B.A. CP 1001AFB.	Distribution	100%	100%	10/6/1997
Amadeus Armenia LLC	LLC	Armenia	15 Khorenatsi str., Yerevan 0010, Armenia.	Software development	100%	100%	12/1/2021
Amadeus Asia Limited	Limited	Thailand	548 One City Centre, 34th and 35th Floor, Ploenchit road. Lumpini, Pathumwan, 10330 Bangkok.	Regional support	100%	100%	11/24/1995
Amadeus Austria Marketing GmbH	GmbH	Austria	Walcherstraße 1a/2/6.O5D, 1020 Wien.	Distribution	100%	100%	2/13/1988
Amadeus (Beijing) Information Technology Co., Ltd. (7)	Limited	China	Rm704, 7th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South St., Dongcheng District, 100007 Beijing.	Distribution and software development	100%	100%	7/16/2021
Amadeus Benelux N.V.	N.V.	Belgium	Berkenlaan 8A/09, 1831 Diegem.	Distribution	100%	100%	11/7/1989
Amadeus Bilgi Teknolojisi Hizmetleri A.Ş.	Anonim Şirketi	Turkey	Büyükdere cad. Fulya Mah. torun center a blok No: 74 iç kapi No: 141, 34394 Şişli, İstanbul.	Software development	100%	100%	3/4/2013
Amadeus Bolivia S.R.L. (8)	S.R.L.	Bolivia	Equipetrol Norte. Calle J. Edificio "Rolea Center" Piso 1. Oficinas E&D. Santa Cruz.	Distribution	–	100%	3/14/2002
Amadeus Bosna d.o.o. za marketing Sarajevo	d.o.o.	Bosnia and Herzegovina	Midhat Karic Mitke 1, 71000 Sarajevo.	Distribution	100%	100%	6/1/2001

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Amadeus Brasil Ltda.	Limitada	Brazil	Rua das Olimpiadas 205 – 5 andar, Sao Paulo 04551-000.	Distribution	83.51%	83.51%	6/30/1999
Amadeus Bulgaria OOD	OOD	Bulgaria	Stefan Karadja Street 2, fl. 3., Sredets region, 1000 Sofia.	Distribution	55.01%	55.01%	11/17/1998
Amadeus Central and West Africa S.A.	S. A.	Ivory Coast	7, Avenue Nogues 08 BPV 228 Abidjan 01.	Distribution	100%	100%	3/10/2001
Amadeus Commercial Enterprise Private Limited (9)	Limited	India	301, 3rd floor, Wing B, Etamin Block, Exora Business Park Kadubeesanahalli Village, Varthur Hobli, Outer Ring Road, 560103 Bangalore.	Distribution and software development	100%	100%	11/17/2021
Amadeus Content Sourcing, S.A.U.	Sociedad Anónima Unipersonal	Spain	Calle Salvador de Madariaga 1, 28027, Madrid.	Intermediation	100%	100%	6/11/2014
Amadeus Customer Center Americas S.A.	Sociedad Anónima	Costa Rica	Oficentro La Virgen II.Torre Prisma, Piso 5, Pavas, San José.	Regional support	100%	100%	6/29/2009
Amadeus Czech Republic and Slovakia s.r.o.	s.r.o.	Czech Republic	Meteor Centre Office Park Sokolovská 100 / 94 Praha 8 - Karlin 186 00.	Distribution	100%	100%	9/19/1997
Amadeus Data Processing GmbH	GmbH	Germany	Berghamer Strasse 6, D-85435, Erding, Munich.	Data processing	100%	100%	4/15/1988
Amadeus Denmark A/S (10)	A/S	Denmark	Lufthavnsboulevaden 14, 2770 Kastrup.	Distribution	100%	100%	8/31/2002
Amadeus Distribution Bangladesh Enterprise Private Limited (11)	Limited	Bangladesh	8th Floor 191, Syed Nazirul Islam Sharani, 04 Bijoy Nagar, Dhaka.	Distribution	100%	–	7/28/2024
Amadeus Distribution India Enterprise Private Limited (11)	Limited	India	WZ-2d, Cabin No-02, Nangli Zalib, Ground Floor, Janakpuri B-1, West Delhi, New Delhi, Delhi, 110058.	Distribution	100%	–	2/15/2024
Amadeus Eesti AS	AS	Estonia	Tuukri 19. 10152 Tallin.	Distribution	100%	100%	12/27/2013
Amadeus GDS LLP	LLP	Kazakhstan	48, Auezov Str., 4th floor, 050008, Almaty.	Distribution	100%	100%	8/1/2002
Amadeus GDS (Malaysia) Sdn. Bhd.	Sdn. Bhd.	Malaysia	Suite 1005, 10th Floor. Wisma Hamzah-kwong Hing. nº 1 Leboh Ampang. Kuala Lumpur 50100.	Distribution	100%	100%	10/2/1998

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Amadeus GDS Singapore Pte. Ltd.	Pte. Ltd.	Singapore	1 Wallich Street #27-00 Guoco Tower, Singapore 078881.	Distribution	100%	100%	2/25/1998
Amadeus Germany GmbH	GmbH	Germany	Siemensstraße 1, 61352 Bad Homburg.	Distribution	100%	100%	8/7/1999
AMADEUSGLOBAL Ecuador S.A. (12)	Sociedad Anónima	Ecuador	República del Salvador N35- 126 y Portugal, Edificio Zanté; piso 2 oficina 206, Quito.	Distribution	100%	100%	1/12/1996
Amadeus Global Operations Americas, Inc. (5)	Inc.	U.S.A.	Corporate creations, Network Inc, 3411 Silverside Road #104 Rodney building, Wilmington, Delaware 19810. New Castle County.	Data processing	100%	100%	2/10/2015
Amadeus Global Travel Distribution Ltd.	Limited	Kenya	P.O. Box 6680-00100, 14, Riverside off Riverside Drive, Grosvenor suite 4A, 4th Floor, Nairobi.	Distribution	100%	100%	7/3/2003
Amadeus Global Travel Israel Ltd.	Limited	Israel	14 Ben Yehuda St. 61264, Tel Aviv.	Distribution	100%	100%	3/23/2000
Amadeus GTD (Malta) Limited	Limited	Malta	Birkirkara Road. San Gwann. SGN 08.	Distribution	100%	100%	2/17/2004
Amadeus GTD Southern Africa Pty. Ltd.	Pty. Ltd.	South Africa	DQ1 + DQ2, Nicol Grove Corner William Nicol Dr & Leslie Av, 2191 Design Quarter, Johannesburg.	Distribution	100%	100%	1/1/2003
Amadeus Hellas Electronic Travel Information Services Single Member Societe Anonyme	S.A.	Greece	60 Poseidonos Avenue, PO BOX 166 75, Glyfada, Athens.	Distribution	100%	100%	2/2/1993
Amadeus Honduras, S.A. (5) (13)	Sociedad Anónima	Honduras	Edificio El Ahorro Hondureño. Cía. de Seguros, S.A. 4to Nivel - Local B. Av. Circunvalación. San Pedro Sula.	Distribution	100%	100%	3/17/1998
Amadeus Hong Kong Ltd.	Limited	China	Suite 2605, 26th Floor, AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong.	Distribution	100%	100%	8/21/2003
Amadeus Hospitality, Inc. (5) (14)	Inc.	U.S.A.	75 New Hampshire Avenue, Portsmouth, NH 03801.	Distribution and software development	100%	100%	4/10/2018
Amadeus Hospitality Americas, Inc. (5) (14)	Inc.	U.S.A.	75 New Hampshire Avenue, Portsmouth, NH 03801.	Distribution and software development	–	100%	2/5/2014

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Amadeus Hospitality Asia Pacific Pte. Ltd. (5)	Limited	Singapore	10 Pasir Panjang Road, #15-01/02 Mapletree Business City, Singapore 117438.	Distribution and software development	100%	100%	2/5/2014
Amadeus Hospitality Europe, S.L. (5)	Sociedad Limitada	Spain	Cristóbal de Moura 115, 08019 Barcelona.	Distribution	100%	100%	4/10/2018
Amadeus Hospitality Netherlands B.V.	B.V.	The Netherlands	Catharinastraat 16, 4811 XH Breda.	Distribution and software development	100%	100%	7/21/2015
Amadeus Hospitality UK Limited (5)	Limited	U.K.	Fourth Floor Drapers Court, Kingston Hall Road, Kingston-upon-Thames, Surrey KT1 2BQ.	Distribution and software development	100%	100%	2/5/2014
Amadeus Information Technology LLC	Limited Liability	Russia	M. Golovin line 5, 2nd floor 107045, Moscow.	Distribution	100%	100%	3/28/2008
Amadeus Integrated Solutions Pty. Ltd.	Pty. Ltd.	South Africa	DQ1 + DQ2, Nicol Grove Corner William Nicol Dr & Leslie Av, 2191 Design Quarter, Johannesburg.	Distribution and software development	100%	100%	8/30/2011
Amadeus IT FZCO	Free Zone Company	UAE	Dubai Airport Free Zone, Building 9WC 221, Dubai.	Regional support	100%	100%	3/31/2023
Amadeus IT Group Colombia S.A.S.	Limitada	Colombia	Carrera 11 No. 84 - 09 6° piso Edificio Torre Amadeus, Bogotá.	Distribution	100%	100%	7/25/2002
Amadeus I.T. Nepal Private Limited (4)	Limited	Nepal	Kathmandu District, 44600, Kathmandu Metropolitan City, Ward No. 1, Naxal.	Distribution	100%	–	9/27/2024
Amadeus IT Pacific Pty. Ltd.	Pty. Ltd.	Australia	Level 7 180 Thomas Street 2000 Haymarket, Sydney.	Distribution	100%	100%	11/18/1997
Amadeus IT Services GmbH	GmbH	Germany	Berghamer Strasse 6, D-85435, Erding, Munich.	Software development	100%	100%	6/11/2012
Amadeus IT Services UK Limited	Limited	U.K.	3rd Floor First Point, Buckingham Gate, Gatwick, West Sussex RH6 0NT.	Distribution and software development	100%	100%	7/13/1988
Amadeus Italia S.p.A.	Societá per Azioni	Italy	Via Morimondo, 26. 20143 Milano.	Distribution	100%	100%	12/18/1992
Amadeus Japan K.K.	K.K.	Japan	SPP Ginza Building 5F, 2-4-9 Ginza, Chuo-Ku, Tokio 104-0061.	Distribution	100%	100%	1/1/2005

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Amadeus Korea, Ltd.	Limited	Republic of Korea	3Fl. POPA Bldg., 130, Mapo-daero, Mapo-gu, Seoul 121-710.	Software development and software definition	100%	100%	11/14/2011
Amadeus Lebanon S.A.R.L.	S.A.R.L.	Lebanon	Gefinor Centre P.O. Box 113-5693 Beirut.	Distribution	100%	100%	5/7/2009
Amadeus Leisure IT GmbH	GmbH	Germany	Ericsson-Allee 1, D-52134 Herzogenrath.	Software development	100%	100%	9/27/2006
Amadeus Macedonia DOOEL Skopje	d.o.o.	Macedonia	Gradski Zid, Blok 4/8, 1000 Skopje.	Distribution	100%	100%	4/15/2016
Amadeus Magyaroszag Kft	Korlatolf Felelossegu Tarsasag	Hungary	1075 Budapest. Madách Imre út 13-14. Budapest.	Distribution	100%	100%	10/13/1993
Amadeus Marketing (Ghana) Ltd.	Limited	Ghana	B28A, Cocoshe Building, Agostinho Neto Road, Airport Residential Area, Accra.	Distribution	100%	100%	11/14/2000
Amadeus Marketing Ireland Ltd.	Limited	Ireland	6th Floor, 2 Grand Canal Square, Dublin 2.	Distribution	100%	100%	6/20/2001
Amadeus Marketing Nigeria Ltd.	Limited	Nigeria	4 Agbeke Rotinwa Cl, Dolphin Estate, 101222 Ikoyi, Lagos.	Distribution	100%	100%	5/18/2001
Amadeus Marketing Philippines, Inc.	Inc.	Philippines	11Ave cor 36th St. BGC Fort, 16th floor Alliance Global Tower, 1635, Bonifacio City of Taguig.	Distribution	100%	100%	9/6/1997
Amadeus Marketing Romania S.R.L.	S.R.L.	Romania	246C Calea Floreasca, Sky Tower Building, 19th floor, 014476, Bucharest.	Distribution	100%	100%	1/22/2003
Amadeus Marketing (Schweiz) A.G.	A.G.	Switzerland	Pfingstweidstrasse 60. Zurich CH 8005.	Distribution	100%	100%	6/14/1994
Amadeus México, S.A. de C.V. (15) Sociedad	Anónima	Mexico	Av. Paseo de la Reforma 180-1802 Juárez, Piso 18, Suite A. Col. Juárez. Delegación Cuauhtemoc. CP 06600. México DF.	Distribution	100%	100%	2/13/1995
Amadeus North America Inc. (5)	Inc.	U.S.A.	3470 NW 82nd Avenue Suite 1000 Miami, Florida 33122.	Distribution	100%	100%	4/28/1995
Amadeus Norway AS (10)	AS	Norway	Post boks 6645, St Olavs Plass, NO-0129 Oslo.	Distribution	100%	100%	8/31/2002

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Amadeus Perú S.A.	Sociedad Anónima	Peru	Víctor Andrés Belaunde, 147. Edificio Real 5, Oficina 902. San Isidro, Lima.	Distribution	100%	100%	10/12/1995
Amadeus Polska Sp. z o.o.	Sp. z o.o.	Poland	Al. Jerozolimskie 142 B, 02-305 Warszawa.	Distribution	100%	100%	12/17/1992
Amadeus Regional Headquarters Company LLC	LLC	Saudi Arabia	7304, Prince Abdul Aziz Ibn Jalawi St., Al Sulaimaniyah District, Riyadh 12243-5229.	Regional management	100%	–	12/25/2024
Amadeus Rezervasyon Dağıtım Sistemleri A.Ş.	Anonim Şirketi	Turkey	Esentepe Mah. Harman 1 Sk., No:7-9/38 Kat:11. Nidakule Levent, 34394 Sisli/Istanbul.	Distribution	100%	100%	5/11/1994
Amadeus S.A.S.	Société par Actions Simplifiée	France	Les Bouillides, 485 route du Pin Montard. Boite Postale 69. F-06902 Sophia Antipolis Cedex.	Software development and software definition	100%	100%	5/2/1988
Amadeus Saudi Arabia Limited (16) Limited		Saudi Arabia	3rd Floor, Diner's Square Center, King Abdulaziz Road P.O. Box no. 16196 Jeddah 21464.	Distribution	100%	100%	5/6/2004
Amadeus Scandinavia AB	Limited	Sweden	Hälsingegatan 49 6tr, Box 660 SE-113 84 Stockholm.	Distribution	100%	100%	8/31/2002
Amadeus Slovenija, d.o.o.	d.o.o.	Slovenia	Dunajska 122, 1000 Ljubljana.	Distribution	100%	100%	4/15/2016
Amadeus Sofia Labs OOD (17)	OOD	Bulgaria	109 Bulgaria Blvd., Vertigo Business Centre, Office 4.1, 1404 Sofia.	Software development	100%	100%	9/17/2020
Amadeus Software Labs India Private Limited (18)	Limited	India	6th Floor, Etamin Block, Prestige Technology Park-II, Marathahalli Srajapur Outer Ring Road, 560103 Bangalore.	Software development and software definition	100%	100%	2/21/2012
Amadeus Software Technology (Shanghai) CO., Ltd. (5)	Limited	China	1709 You You International Plaza, No.76 Pujian Road, Pudong New Area 200127 Shanghai.	Distribution and software development	100%	100%	5/2/2014
Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal	Sociedad Anónima Unipersonal	Spain	Calle Salvador de Madariaga 1, 28027, Madrid.	Distribution	100%	100%	9/23/1998
Amadeus Taiwan Co. Ltd.	Limited by shares	Taiwan	12F, No. 77 Sec.3, Nan-Jing E. Rd. Taipei City.	Distribution	100%	100%	7/10/2008

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Amadeus Travel Distribution India and Subcontinent Holding FZCO	Free Zone Company	UAE	Dubai Airport Free Zone, Building 9WB 220, Dubai.	Distribution	100%	100%	6/15/2023
Argo IT México S.A. de C.V. (19)	Sociedad Anónima	Mexico	Laguna de Términos 221, Torre A, Oficina 903, col Granada. Deleg. Miguel Hidalgo. CP 11520. Cdmx.	Software development	100%	100%	10/24/2018
Argo IT Tecnologia S.A. (20)	Sociedad Anónima	Brazil	Rua do Paraiso, No. 148, planta 13, Sao Paulo, Estado de Sao Paulo.	Computer consulting	100%	100%	10/24/2018
Bavelpay, S.L.U. (21)	Sociedad Limitada Unipersonal	Spain	Avenida Diagonal 67 / E-08019 Barcelona.	Consultancy and technology development for digital invoicing and payments	100%	–	2/29/2024
Enterprise Amadeus Ukraine	Limited Liability Company	Ukraine	Podil Plaza business center 30, Spasska street. 04070 Kyiv.	Distribution	100%	100%	10/22/2004
ICM Airport Technics Pty. Ltd. (22) Pty. Ltd.		Australia	Unit 1, 12 Lord Street Lakes Business park, NSW 2019, Botany, Australia.	Installation of industrial machinery and equipment	100%	100%	5/31/2019
ICM Airport Technics LLC (22)	LLC	U.S.A.	4001 Kennett Pike, Suite 302, DE 19807, Wilmington.	Installation of industrial machinery and equipment	100%	100%	5/31/2019
ICM Airport Technics UK Ltd. (13)	Limited	U.K.	BDO LLP, 5 Temple Square Temple Street Liverpool L2 5RH.	Installation of industrial machinery and equipment	100%	100%	5/31/2019
ICM Australia Holdings Ltd. (22)	Limited	Australia	Unit 1, 12 Lord Street Lakes Business park, NSW 2019, Botany, Australia.	Holding of shares	100%	100%	5/31/2019
ICM Group Holdings Limited (8)	Limited	China	15 Queen's Road Central, Edinburgh Tower, 21st floor, The Landmark, Hong Kong.	Holding of shares	–	100%	5/31/2019
i:FAO Group GmbH	GmbH	Germany	Berghamer Strasse 6, D-85435, Erding, Munich.	Software development	100%	100%	4/1/2014
Jordanian National Touristic Marketing Private Shareholding Company (23)	Limited	Jordan	Second Floor, nº2155, Abdul Hameed Shraf Street Shmaisani. Amman.	Distribution	100%	50%	5/19/2004

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Kambr Netherlands B.V. (5) (8)	B.V.	The Netherlands	Oudegracht 91-D, 3511 AD, Utrecht.	Software development	–	100%	3/28/2022
Latinoamérica Soluciones Tecnológicas SPA (24)	SPA	Chile	Isidora Goyenechea 2939 P/10, Las Condes, Santiago de Chile.	Distribution	100%	100%	2/21/2014
Navitaire LLC	LLC	U.S.A.	333 South Seventh Street Suite 1800, 55402 Minneapolis.	Software development	100%	100%	1/26/2016
Navitaire Philippines Inc.	Inc.	Philippines	14th-15th Fl AGT Tower 11th Ave. cor. 36th St. BCG Fort, 1635, Bonifacio City of Taguig.	Software development	100%	100%	1/26/2016
NMTI Holdings, Inc. (5) (14)	Inc.	U.S.A.	Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle, Registry of Delaware 19801 - Delaware 4326008.	Holding of shares	–	100%	2/5/2014
Outpayce S.A.U.	Sociedad Anónima Unipersonal	Spain	Calle Salvador de Madariaga 1, 28027, Madrid.	Consultancy and technology development for payments	100%	100%	4/28/2008
Outpayce UK Ltd. (25)	Limited	U.K.	World business Centre 4, Newall Road, London Heathrow Airport, Hounslow, TW6 2FL.	Consultancy and technology development for payments	100%	100%	7/11/2022
Private Enterprise "Content Ukraine" (26)	Limited Liability Company	Ukraine	Podil Plaza business center 30, Spasska street. 04070 Kyiv.	Distribution	100%	100%	8/23/2006
PT Amadeus Technology Indonesia (27)	Limited Liability Company	Indonesia	UOB Plaza Floor 39, Unit 2, Jl. M.H. Thamrin No. 10, Jakarta 10230.	Distribution	100%	100%	2/23/2017
Pyton Communication Services B.V.	B.V.	The Netherlands	Catharinastraat 16, 4811 XH Breda.	Distribution and software development	100%	100%	6/30/1998
SIA Amadeus Latvija	SIA	Latvia	8 Audeju Street, LV-1050 Riga.	Distribution	100%	100%	8/31/2002
Sistemas de Distribución Amadeus Chile, S.A.	Sociedad Anónima	Chile	Marchant Pereira No 221, piso 11. Comuna de Providencia, Santiago de Chile.	Distribution	100%	100%	5/6/2008
Travel Audience, GmbH	GmbH	Germany	Elsenstraße 106, 12435, Berlin.	E-Commerce	100%	100%	11/23/2011

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
TravelClick Asia Pty. (5) (13)	Pty.	Australia	'Mayfield Place' Level 3, 717 Bourke Street, Docklands Vic 3008, Melbourne.	Distribution	100%	100%	4/10/2018
TravelClick Canada (5)	Inc.	Canada	600-1741 Lower Water Street, Halifax, Nova Scotia, B3J 0J2.	Distribution	100%	100%	4/10/2018
UAB Amadeus Lietuva	UAB	Lithuania	Olimpieciu 1A-9B, LT-09200, Vilnius.	Distribution	100%	100%	8/31/2002
VB KSC, S.A.	Sociedad Anónima	Portugal	Rua Casal do Canas 2, Zona Industrial de Alfragide. 2790-204, Oeiras.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vedaleon Technologies Pty. Ltd. (8) (22)	Pty. Ltd.	Australia	4 Rayville Avenue, Torquay VIC 3228, Australia.	Software development	–	100%	5/31/2019
Vision Box - Soluções de Visão por Computador, S.A. (28)	Sociedad Anónima	Portugal	Rua Casal do Canas 2, Zona Industrial de Alfragide. 2790-204, Oeiras.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box Asia SDN BHD (28)	Sdn. Bhd.	Malaysia	Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, NO 1, Leboh Ampang, 50100, Kuala Lumpur.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box Australia Pty. Ltd. (28)	Pty. Ltd.	Australia	Level 5, 10 Shelley Street, NSW 2000, Sydney.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box do Brasil - Soluções de Visão por Computador, Sociedade Limitada (28)	Sociedade Limitada	Brazil	Avenida Paulista, 1912, 8 Andar, Sala 81, CEP 01310-924, Sao Paulo.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box FZE (28)	FZE	UAE	Office E5 - 505, Dubai Silicon Oasis.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box HK Limited (28)	Limited	China	Wilson House 1001-2, 19 Wyndham Street, Hong Kong 7903.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box India Private Limited (28)	Limited	India	Level 8, Umiya Business Bay, Tower 1, Cessna Business Park, Marathahalli ORR, 56 0 037, Bengaluru.	Installation of industrial machinery and equipment	100%	–	4/5/2024

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%)(1)(2)	Investment December 31, 2023 (%)(1)(2)	Date of acquisition or creation (3)
Vision Box Japan K.K. (28)	K.K.	Japan	3F Kabutocho Daiichi Heiwa Building, 5-1 Nihonbashi Kabutocho, Chuo-ku, 103-0026, Tokyo.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box Netherlands B.V. (28)	B.V.	The Netherlands	Evert van de Beekstraat 1, The Base, B tower, 6th floor, 1118 CL, Schipol.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box Systems Inc. (28)	Inc.	U.S.A.	1209 Orante Street - Corporation Trust Company, DE19801, Wilmington.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Vision Box Systems Ltd. (28)	Limited	U.K.	Herschel House, 58 Herschel Street, SL1 1PG, Slough.	Installation of industrial machinery and equipment	100%	–	4/5/2024
Voxel Caribe, S.R.L. (29)	S.R.L.	Dominican Republic	Calle Filomena Gómez de Cova No. 1 Torre Corporativo 2015, Local 1001, Ensanche Seralles, Santo Domingo, República Dominicana.	Consultancy and technology development for digital invoicing and payments	100%	–	2/29/2024
Voxel Media, S.L.	Sociedad Limitada	Spain	Avenida Diagonal 67 / E-08019 Barcelona.	Consultancy and technology development for digital invoicing and payments	100%	–	2/29/2024

Name	Type of company	Country	Registered Address	Activity	Investment December 31, 2024 (%) (1) (2)	Investment December 31, 2023 (%) (1) (2)	Date of acquisition or creation (3)
Joint ventures and associates
Alentour, S.A.S. (30)	Société par Actions Simplifiée	France	32 rue de Paradis, 75010 Paris.	Distribution	–	20.71%	9/7/2021
Amadeus Algerie S.A.R.L.	S.A.R.L.	Algeria	06, Rue Ahcéne Outaleb "les Mimosas" Ben Aknoun.	Distribution	40%	40%	8/27/2002
Amadeus Egypt Computerized Reservation Services S.A.E. (31)	S.A.E.	Egypt	Units 81/82/83 Tower A2 at Citystars. Cairo.	Distribution	100%	100%	3/28/2005
Amadeus Gulf L.L.C.	Limited Liability Company	UAE	7th Floor, Al Kazna Insurance Building, Banyas Street. P.O. Box 46969. Abu Dhabi.	Distribution	49%	49%	12/27/2003
Amadeus Libya Technical Services JV	Limited Liability Company	Libya	Abu Kmayshah ST. Alnofleen Area. Tripoli.	Distribution	25%	25%	8/10/2009
Amadeus Maroc S.A.S.	S.A.S.	Morocco	Route du Complexe Administratif. Aéroport Casa Anfa. BP 8929, Hay Oulfa. Casablanca 20202.	Distribution	30%	30%	6/30/1998
Amadeus Qatar W.L.L.	W.L.L.	Qatar	Al Darwish Engineering W.W.L. Building nº 94 "D" Ring road 250. Hassan Bin Thabit – Street 960. Doha.	Distribution	40%	40%	3/7/2001
Amadeus Sudani co. Ltd.	Limited	Sudan	Street 3, House 7, Amarat. Khartoum 11106.	Distribution	40%	40%	9/21/2002
Amadeus Tunisie S.A.	Société Anonyme	Tunisia	41 bis. Avenue Louis Braille. 1002 Tunis – Le Belvedere.	Distribution	30%	30%	6/9/1999
Hiberus Travel One Inventory, S.L.	Sociedad Limitada	Spain	Paseo Isabel La Católica, 6, 50009, Zaragoza.	Software development	40%	40%	5/14/2015
Refundit Ltd. (8)	Limited	Israel	30ª Gruner Dov. Street, Tel Aviv-Yaffo, 694827 Israel.	Software development	–	19.49%	9/19/2019

• (1) In certain cases, companies are considered wholly owned subsidiaries, even though local statutory obligations require them to have more than one shareholder, or a specific percentage of the capital stock owned by citizens and/or legal entities of the country concerned. These shareholders are not entitled to any economic right.
• (2) Unless otherwise stated, all share percentages are direct.
• (3) In the case of various investments or capital increases, the date of acquisition or creation refers to the earliest one.
• (4) The share percentage in these companies is held through Amadeus Travel Distribution India & Subcontinent Holding FZCO.
• (5) The share percentage in these companies is held through Amadeus Americas, Inc.
• (6) The share percentage in this company is 95.7% direct and 4.3% indirect, through Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal.
• (7) The share percentage in this company is held through Amadeus GDS Singapore Pte. Ltd.
• (8) These companies have been liquidated during 2024.
• (9) The share percentage in this company is 99.9% indirect through Amadeus GDS Singapore Pte. Ltd. and 0.1% through Amadeus Asia Limited.
• (10) The share percentage in these companies is held through Amadeus Scandinavia AB.
• (11) The share percentage in this company is 99.99% indirect through Amadeus Travel Distribution India & Subcontinent Holding FZCO and 0.01% through Amadeus GDS Singapore Pte Ltd.
• (12) The share percentage in this company is 99.99% direct and 0.01% indirect, through Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal.
• (13) These companies are in the liquidation process.
• (14) These companies amalgamated with Travelclick, Inc. in 2024. Subsequently, Travelclick, Inc. has changed its name into Amadeus Hospitality, Inc.
• (15) The share percentage in this company is 98% direct and 2% indirect, through Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal.
• (16) The share percentage in this company is 95% direct and 5% indirect, through Pyton Communication Services, B.V.
• (17) The share percentage in this company is 14.89% direct and 85.11% indirect, through i:FAO Group GmbH.
• (18) The share percentage in this company is 99.99 % indirect, through Amadeus S.A.S. and 0.01% through Amadeus Asia Limited.
• (19) The share percentage in this company is held through Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal.
• (20) The share percentage in this company is 99.99% indirect, through Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal and 0.01% indirect, through Amadeus Content Sourcing, S.A.U.
• (21) The share percentage in this company is held through Voxel Media S.L.
• (22) The share percentage in these companies is held through Amadeus IT Pacific Pty. Ltd.
• (23) In 2024, the company Jordanian National Touristic Marketing Private Shareholding Company became Group company, previously considered as an associate.
• (24) The share percentage in this company is held through Sistemas de Distribución Amadeus Chile, S.A.
• (25) The share percentage in this company is held through Outpayce S.A.
• (26) The share percentage in this company is held through Enterprise Amadeus Ukraine.
• (27) The share percentage in this company is 99% direct and 1% indirect, through Amadeus Asia Limited.
• (28) The share percentage in these companies is held through VB KSC, SA.
• (29) The share percentage in this company is 99.9% indirect, through Voxel Media S.L. and 0.1% through Amadeus Soluciones Tecnológicas, S.A., Sociedad Unipersonal.
• (30) The divestment in this company was completed in June 2024.
• (31) Although the share percentage in this company is 100%, the Company has no control over it as there are some Board members named by airlines with veto rights for some relevant decisions, which prevent having control. There are no restrictions on transferring funds.

Directors' Report for the year ended December 31, 2024

This English version is a free translation performed by Amadeus IT Group, S.A., under its sole responsibility, and it should not be considered official or regulated financial information

DIRECTORS' REPORT OF AMADEUS IT GROUP, S.A.

Given the structure and operative processes of Amadeus Group, Management considers that the Group Directors' Report shows a more adequate overview of the Group activity than the standalone financial information of Amadeus IT Group, S.A. included below The Group Directors' Report is presented together with the consolidated annual accounts.

1. INTRODUCTION

Management has remained dedicated to enhancing our value proposition for clients. This involves securing the most comprehensive content for our travel agency subscribers and expanding our global reach through market share gains and the development of our product portfolio and functionalities in both the Air distribution and Air IT solutions businesses. We continue to invest to maintain our technological leadership and competitive edge, aiming to strengthen our leadership across all business areas while expanding our reach, especially in new Air IT solutions initiatives.

The following are some selected business highlights for 2024:

1.1 Air Distribution

• _ During the fourth quarter of 2024, we signed 24 new contracts or renewals of distribution agreements with airlines, including United Airlines, taking the total number up to 69 for the year.
• _ We are progressing well on our NDC strategy. During the year, LATAM, Saudia, China Eastern Airlines, Thai Airways, Delta Air Lines, Tunisair, Vueling, Virgin Australia among others signed NDC distribution agreements with Amadeus to distribute their NDC content. When fully integrated, travel sellers will have access to these airlines' enriched content via the Amadeus Travel Platform. At present, we have over 70 NDC agreements signed with airlines.
• _ India's leading airline IndiGo, is one of the airlines that entered into a strategic NDC partnership with Amadeus to provide travel sellers in India and around the world with access to the airline's NDC content via the Amadeus Travel Platform. The airline, which will carry more than 110 million passengers in 2024 and has growth ambitions backed by one of the largest aircraft order books in the industry, will strengthen its competitive edge through access to new markets and customer segments.
• _ In addition, several airlines' NDC content has been made available to travel sellers through the Amadeus Travel Platform, including Emirates and Air India in the last quarter. With this, 31 airlines' NDC content is now accessible through the Amadeus Travel Platform.
• _ On the travel agency side, Amadeus and Expedia Group have expanded their strategic partnership. The new multi-year agreement will see Amadeus deploying NDC technology for the leading global online travel agency. Expedia Group adopting Amadeus NDC technology offers significant endorsement for our industry wide rollout and reinforces Amadeus' commitment to accelerate the industry evolution towards modern, enhanced retailing that improves the traveler experience.

• _ Etraveli Group, a leading global technology provider for flights powering Booking.com and encompassing brands such as Mytrip, GoToGate and Flight Network, has chosen Amadeus as its primary NDC content provider. In addition, a selection of Etraveli Group's content, including virtual interlining content via its subsidiary TripStack, will be available on the Amadeus Travel Platform.

• _ We also continued to grow NDC booking volumes with other travel agency customers worldwide, including Apple Leisure Group, Travix and Despegar.com.

• _ Amadeus is also bringing a wide NDC offering to Concur's Travel online booking tool. The expanded partnership means corporations and travel management companies using the SAPowned online booking tool, Concur Travel, have access to Amadeus' full array of NDC-activated carriers.
• _ We continue to increase the number of corporations signing for Cytric solutions. IHG Hotels & Resorts will now be a customer of Cytric Travel through one of our reseller partners of Cytric.

1.2 Air IT Solutions

1.2.1 Airline IT

• _ At the close of 2024, 205 customers had contracted either of the Amadeus Passenger Service Systems (PSS Altéa or New Skies) and 199 customers had implemented them.
• _ Vietnam Airlines completed its migration to the Altéa PSS including comprehensive inventory, reservation, ticketing, departure control and digital solutions, as well as Outpayce's Xchange Payments Platform to improve payment acceptance and orchestration on a global basis.
• _ In April, British Airways chose Amadeus as its technology partner, and Amadeus Nevio, our new portfolio of modular solutions built on open and AI technology, to deliver on the airline's Offer and Order strategic goals. The agreement is a milestone for the aviation industry on its path to modern retailing and the use of dynamic Offers and Orders whilst the agreement enables British Airways to deliver on its ambition to be at the forefront of retailing transformation. As part of the flag carrier's retailing transformation, Dynamic Offer Pricing is being rolled out to enable real-time contextual pricing options based on marketplace dynamics, while a suite of Digital Experience tools will underpin a user-friendly booking experience and streamline servicing, including disruption. Finnair signed for Amadeus Nevio in December 2022 and Saudia followed suit in October 2023. British Airways has also signed for Amadeus Network Revenue Management.
• _ Air France-KLM has selected Amadeus Nevio, a next-generation portfolio of modular solutions built on open and Artificial Intelligence (AI) technology, to unlock the benefits of modern airline retailing.
• _ Thai Airways contracted for Amadeus Reference Experience, which provides a modern, responsive and configurable user interface for Thai Airways to revamp its website and mobile booking channels. The airline has also implemented Amadeus Travel Ready, which enables international travelers to verify their travel documents (passports and visas) within the online check-in process.
• _ Jeju Air, South Korea's largest low-cost carrier and a New Skies customer, has contracted for Amadeus Segment Revenue Management Flex, a fully cloud-based solution designed to enable the airline to better anticipate and deliver on customer demand to better maximize revenues.
• _ Qatar Airways has signed for Amadeus Ancillary Dynamic Pricing.
• _ Eurowings, part of Lufthansa Group and a New Skies customer, has contracted for Amadeus Segment Revenue Management Flex, a fully cloud-based solution designed to enable the airline to better anticipate and deliver on customer demand to maximize revenues.
• _ Philippine Airlines will adopt a wide range of digital services and solutions, supported by a dedicated team of experts, to drive industry leading practices. In addition, Philippine Airlines will also implement Amadeus Loyalty Management, providing greater flexibility to Philippine Airlines, to better serve loyalty members, increasing members' engagement.

_ In the third quarter, we introduced Navitaire Stratos (previously referred to as "vNext") to the airline industry. Navitaire Stratos is a next-generation retailing portfolio that is purpose-built to power growth and success for low-cost and hybrid carriers, by delivering dynamic, end-to-end, traveler-centric retailing capabilities and inherent cost-efficiencies, as well as, enabling flexible and seamless partner integrations – while meeting industry Offer and Order standards.

1.2.2 Airport IT

• _ We have continued expanding our Airport IT customer base this year. We have signed with Malaysia Airports to deliver our Airport Passenger Processing Solutions to six airports in Malaysia.
• _ Also in the Asia Pacific region, Brisbane Airport, Australia's third busiest airport will move its passenger processing technology to the cloud with the introduction of Amadeus' Airport Cloud Use Service to power more than 300 agent assisted check-in desks across both terminals, facilitating easier connection and common use capabilities for its airline partners. The airport will also move away from legacy technology to embrace around 100 new self-service bag drop units and more than 260 self-service check-in kiosks from Amadeus.
• _ In EMEA, the ground handler Menzies Aviation, a global company operating in over 200 airports across more than 30 countries and providing ground handling, cargo handling and passenger services at airports, has renewed and expanded its agreement with Amadeus by adding Amadeus Altéa Departure Control for Ground Handlers, Airport Link and Amadeus Baggage Reconciliation System.
• _ We also renewed and expanded our agreement with Avinor, which operates Norway's 44 stateowned airports. Amadeus and Avinor will co-create the passenger experience of the future. Avinor's airports will upgrade their use of ACUS across more than 800 locations as well as powering the group's 250 self-service check-in kiosks with Amadeus software. The airports will also have the option to activate biometrics across the end-to-end passenger experience including check-in, lounge access and boarding.
• _ In the U.S., St. Pete-Clearwater International Airport and Lehigh Valley International Airport contracted ACUS while Denver International Airport signed for Amadeus' Airports Management Suite, and Los Angeles International Airport signed for Amadeus Biometric Solutions.
• _ Amadeus has developed Amadeus Virtual Airport Operations Centre, leveraging Microsoft solutions, to better manage operations and disruption at the airport. Designed as an app for Microsoft Teams, airlines, airports, border control, and service providers will now be able to cooperate in a fully digitalized airport operations center to guide right-time decisions and deliver smooth operations at the airport.

1.3 Other

• _ Amadeus and Microsoft renew strategic partnership. Since the initial partnership was announced in 2021, this new milestone marks continued collaboration between Amadeus and Microsoft. The two companies will further advance on Amadeus' move to the Cloud and accelerate the delivery of innovative travel products.
• _ Amadeus hosted an Investor Day, on June 18, 2024, at The May Fair hotel in London. During the day, the Amadeus senior leadership team provided a strategic update across its businesses, as well as views on our generally expected evolution into the midterm.
• _ Moody's affirmed the Baa2 rating for Amadeus IT Group. The outlook remains stable.

• _ S&P confirmed a BBB /A-2 rating for Amadeus IT Group. The outlook remains stable.

• _ Amadeus continues to strengthen its commitment to AI and innovation. We have recently announced a minority investment in hivr.ai through our strategic funding program Amadeus Ventures. hivr.a¹ i, an innovative scale – up started in 2019, consolidates and automates meeting and group sales across the fragmented hotel distribution channels, including hotel websites, email, phone, and third-party venue finders.

• _ For its 13th consecutive year, Amadeus will be a member of the Dow Jones Sustainability Indices , in both World and Europe categories.
• _ Amadeus received in summer 2024 the validation of its targets to decrease GHG emissions by Science Based Targets initiative (SBTi). SBTi validation provides external assurance, from a trusted organization on our targets' alignment with the ambition to build a "net-zero" travel industry by 2050.
• _ On February 6, 2025, Amadeus announced the appointment of Ms. Caroline Borg as Amadeus SVP, Chief Financial Officer, with effect May 5, 2025 after the announcement of the departure of Till Streichert, (former CFO) in May 2024. Ms. Borg joins Amadeus from her last executive role in QinetiQ Group PLC, a FTSE250 defense and security UK company, where she developed her professional career as CFO. Ms. Borg is an internationally experienced Group CFO, with a 30-year track record of driving transformational change in multiple industries, including energy, renewables and defense.

2. ECONOMIC RESULTS

2.1 Results of operations

2.1.1 Operating revenue

Trade revenue for the year ended December 31, 2024 was €5,022.7 million, while for the same twelve-month period ended December 31, 2023, was €4,467.6 million, which represents an increase of 12.4%.

Revenue from stand ready obligation to make available platforms and software to customers was €4,762.2 million for the year ended December 31, 2024 which represents a 94.8% of the total trade revenue. The amount of this kind of revenue registered in the same twelve-month period ended December 31, 2023 amounted to €4,262.6 million, with an increase of 11.7%.

Revenue from providing professional services to customers and other revenue was €260.5 million for the year ended December 31, 2024 which represents a 5.2% of the total trade revenue. The amount of this kind of revenue registered in the same twelve-month period ended December 31, 2023 amounted to €205.0 million, with an increase of 27.1%.

2.1.2 Operating expenses

Operating expenses for the year ended December 31, 2024 amounted to €4,549.4 million, while for the same twelve-month period ended December 31, 2023 were €4,060.4 million, which represents an increase of 12.0%

¹ hivr.ai is a Germany-based technology company that provides AI solutions to hotels to automate meeting and group sales across distribution channels..

The most significant amounts are the distribution fees, product development, data processing, communications and administration expenses. During the year ended December 31, 2024 these fees amounted to €3,992.0 million, whereas for the same period ended December 31, 2023 were €3,542.0 million, registering an increase of 12.7%.

Operating expenses, other than the ones mentioned above, include mainly the following concepts:

• _ Personnel expenses (salaries and social costs), that for the year ended December 31, 2024 amounted to €143.8 million, whereas for the same twelve-month period ended December 31, 2023 amounted to 145.0 million, registering an decrease of 0.8%.
• _ Amortization expenses, which decreased from €246.2 million for the year ended December 31, 2023 to €234.6 million for the year ended December 31, 2024.
• _ External services expenses, which include, among others, general and administrative expenses, central activities of publicity, public relations and conventions, as well as consultancy services amount for the year ended December 31, 2024 to €106.3 million whereas for the same twelvemonth period ended December 31, 2023 were €91.5 million, registering an increase of 16.2%.

2.1.3 Operating loss and net results

The Company increased the operating profit from €510.1 million for the twelve-month period ended December 31, 2023, to an operating profit of €585.5 million for the same period ended December 31, 2024.

Finally, during financial year ended December 31, 2024 the Company has registered a net profit after taxes amounting to €1,156.8 million, whereas for same twelve-month period ended December 31, 2023, the net profit after taxes amounted to €576.3 million.

2.2 Headcount

From a year-end perspective, the Amadeus employees as at December 31, 2024 amounted to 1,132 employees, whereas for 2023 amounted to 1,039. The average number of employees during 2024 amounted to 1,090, while for 2023 amounted to 1,008, registering an increase of 8.1%.

3. FINANCIAL RISK AND CAPITAL MANAGEMENT

The Company, as a result of the normal course of its business activities, has exposure to foreign exchange, interest rate, treasury shares price evolution, credit and liquidity risk. The goal of the Company is to identify, measure and minimize these risks using the most effective and efficient methods to eliminate, mitigate, or compensate such exposures. With the purpose of managing these risks, in some occasions, the Company enters into hedging activities with derivatives and nonderivative instruments.

3.1 Foreign exchange rate risk

Due to the multinational orientation of its business, the Company is subject to foreign exchange risks derived from the fluctuations of various currencies. The Company's exchange rate hedging strategy aims to protect the EUR value of cash flows denominated in foreign currency. The instruments used to achieve this goal depend on the currency in which the cash flow to be hedged is denominated:

• _ The strategy to minimize USD exchange rate exposures is based on the use of natural hedges and derivative instruments. Neither as of December 31, 2024, nor as of December 31, 2023, there was significant USD denominated debt.
• _ Aside from the USD, the main foreign currency exposures are expenditures denominated in a variety of foreign currencies. The most significant of these exposures are denominated in Sterling Pounds (GBP), Indian Rupees (INR), Australian Dollars (AUD) and Singapore Dollars (SGD). For these exposures, a natural hedge strategy is not possible. In order to hedge a portion of the aforementioned short exposures, the Company may enter into derivative contracts with financial entities, basically non deliverable forwards, currency options and combinations of currency options.

3.2 Interest rate risk

The objective of the Company, in terms of interest rate risk management, is reducing the volatility of the net interest flows payable. As of December 31, 2024, approximately 92% of the interest-bearing external debt contracted by the Group was fixed rate debt (95%, 2023). Given the high proportion of fixed rate debt as of December 31, 2024, and 2023, no interest rate hedges were hedging the outstanding debt as of these dates.

The sensitivity of fair value of the Company's debt to a 0.1% (10 bps) parallel shift of the interest rate curve as of December 31, 2024, and 2023, is set forth in the table below:

	December 31, 2024			December 31, 2023
	+10 bps	-10 bps	+10 bps	-10 bps
Euro denominated debt	(6.4)	6.4	(6.9)	7.0
Total	(6.4)	6.4	(6.9)	7.0

In 2024 there has been a reduction in the sensitivity of the value of the debt to the movements of the interest rate curve with respect to the previous year. This reduction has been caused by the smaller price sensitivity of the outstanding debt due to its shorter average life.

According to the table above a 10 bps drop in the level of interest rates would cause an increase in the fair value of the debt amounting to €6.4 million at December 31, 2024 (€7.0 million, 2023).

3.3 Treasury shares price evolution risk

The Company has granted three different remuneration schemes outstanding which are settled with Amadeus shares; the 'Performance Share Plan' (PSP), the 'Restricted Share Plan' (RSP) and the 'Share Match Plan' (SMP).

According to the conditions of these plans, at their maturity, the beneficiaries will receive a number of shares, that for the plans granted, will depend on the achievement of certain conditions. The Company will use treasury shares to cover these remuneration schemes.

During 2024 and 2023, the Company has acquired treasury shares through share buy-back programs

3.4 Credit risk

Credit risk is the risk that a counterparty to a financial asset will cause a loss for the Company by failing to discharge an obligation.

The Company cash and cash equivalents which also include money market funds are deposited in major banks on the basis of diversification and the credit risk of the available investment alternatives.

The credit risk of the Company's customer trade receivables is mitigated by the fact that the majority are settled through the clearing houses operated by the International Air Transport Association ('IATA') and Airlines Clearing House, Inc. ('ACH'). These systems guarantee that the cash inflows from our customers will be settled at a certain fixed date, and partially mitigate the credit risk by the fact that the members of the clearing house are required to make deposits that would be used in the event of default. Moreover, our customer base is large and well diversified which results in a low concentration of the credit risk.

3.5 Liquidity risk

Corporate Treasury is responsible for providing the cash needed by all the companies of the Group. In order to perform this task more efficiently, Corporate Treasury accumulates the excess liquidity of the subsidiaries and channels it to the companies with cash needs.

This allocation of the cash position among the companies of the Group is mainly made through these agreements:

• _ Three different cash pooling agreements. One in EUR with most of the subsidiaries located in the euro area; another one in USD for the US subsidiaries and another one in GBP for the UK subsidiaries.
• _ Bilateral Treasury Optimization agreements between Amadeus IT Group, S.A. and its subsidiaries.

Corporate Treasury monitors the Company's cash position through rolling forecasts of expected cash flows. These forecasts are performed both through cash-flow models (top-down approach) and by the subsidiaries of the Group (bottom-up approach). Later on, the forecasts provided by the subsidiaries are consolidated in order to review both the liquidity situation and the prospects of the Company and its subsidiaries.

Additionally, the Company has access to a Revolving Credit Facility. This facility has a notional of €1,000.0 million, and can be used to cover possible working capital needs and general corporate purposes. As of December 31, 2024, and 2023, the facility was fully unused.

3.6 Capital management

The Company manages its capital to ensure that entities in the Group will be able to continue as a going concern while continuing to generate returns to shareholders, and to benefit other stakeholders through the optimization of the leverage ratio.

The Company bases its capital management decisions on the relationship between the earnings and free cash flows, and its debt amount and debt service payments.

The rating agency Standard & Poor's has granted to the Company's 'BBB' long term credit rating with a stable outlook and a 'A-2' short term rating. The credit ratings granted to the Company by the agency Moody's are a 'Baa2', with stable outlook, for the long term rating and a 'P-2' for the short term rating.

The Company considers that the ratings awarded, would allow access to the markets, if necessary, on reasonable terms.

4.EXPECTED BUSINESS EVOLUTION

4.1 Macroeconomic environment

Amadeus' businesses and operations are largely dependent on the evolution of the worldwide travel and tourism industry, which is sensitive to general economic conditions and trends. In January 2025, the IMF released its World Economic Outlook update, in which it forecasted global economic growth of 3.3% in 2025.

In December 2024, the International Air Transport Association (IATA) forecast that the number of global air passengers will grow by +6.2%² in 2025 vs. 2024. By region, IATA's expected growth is split out as follows: Africa 2.0%, Asia-Pacific 9.1%, Middle East 8.6%, Latin America 3.6%, North America 5.3% and Europe 4.3%.

4.2 Amadeus strategic priorities and expected business evolution in 2025

Amadeus is a leading technology provider for the travel industry. Amadeus has built commercial relationships with players across the industry, including airlines, travel agencies, hotels and airports, among others, and across the globe (with presence in more than 190 countries). Amadeus has invested consistently over the years to have a unique technology offering. Having market leading technology allows us to serve our customers better and to continue driving innovation in travel.

In 2025, the performance of our business units will depend on the evolution of the travel industry. We expect to maintain our leadership positions in both Air Distribution and Airline IT, while continuing to grow our Hospitality business, supported by our focus on R&D, local market understanding and travel industry expertise.

In Air Distribution, the Amadeus Travel Platform continues to bring together travel content from different sources, including NDC and LCC content, as evidenced by multiple recent airline agreements, including IndiGo and Delta Air Lines.

In Air IT Solutions, we will continue to lead the transformation of airline retailing with Nevio, our renewed Airline IT portfolio of solutions for FSCs, working with our launch partners British Airways, Finnair and Saudia. We will also continue to invest in Stratos, the evolution of our solution for LCCs, as well as sustaining growth in our Expert Airline Services and Airport IT businesses.

In Hospitality and Other Solutions, we will progress on the implementations of Marriott and Accor onto the Amadeus Central Reservation System, while continuing to integrate across our wide Hospitality portfolio, which offers a broad range of innovative solutions to hotels and chains of all sizes across the globe. This will be augmented by the continued growth of our payments business.

Investing in technology is a key pillar to our success. In 2025, Amadeus will maintain investment in R&D to support long term growth, such as new customer implementations, product evolution, portfolio expansion and cross-area technological projects.

² IATA Global Outlook for Air Transport - December 2024

5. RESEARCH AND DEVELOPMENT ACTIVITIES

Research and development (R&D) is core to the company's strategy and key to a sustainable competitive advantage. In addition, R&D activities help increase efficiency and improve the Amadeus System functionality, as well as to reduce maintenance and operating costs.

The Group is continuously investing in its systems, including the development of new products and functionalities, as well as the evolution of the existing platform, based on the latest state-of-the-art technology available.

Our R&D investment enables us to offer some of the most advanced, integrated and powerful business tools available in the market, in order to deliver a best-in-class service to airlines and travel agencies. Indeed, Amadeus offers enhanced functionalities, such as advanced search and booking engines, both for travel agencies and travel providers. In addition, our product offering addresses the Passenger Service Systems for airlines, enabling processes such as central reservation, inventory management, departure control and e-commerce, as well as providing direct distribution technologies.

6. TREASURY SHARES

Balances and movements during the years 2024 and 2023, are as follows:

	Treasury shares	Millions of euros
As of December 31, 2022	466,210	24.7
Share buy-back program	9,684,514	618.6
Disposals	(260,350)	(14.4)
Disposals for exchange ratio – merger	(52)	–
As of December 31, 2023	9,890,322	628.9
Share buy-back program	5,467,658	345.0
Disposals	(312,760)	(18.5)
Convertible bonds	(1,074,778)	(71.9)
As of December 31, 2024	13,970,442	883.5

7. SUBSEQUENT EVENTS

The Company has continued performing treasury shares transactions under the share buy-back program and has acquired 205,328 shares between January 1, 2025, and January 14, 2025, and therefore the program is completed.

During January and February 2025, conversion rights into shares of the convertible bond have been exercised for 3,027 bonds, equivalent to 5,717,675 shares.

On February 27, 2025, the Company announced a share repurchase program for a maximum investment amount of €1,300 million. In no case, the number of shares to be acquired under it may exceed 19,231,000 shares, representing 4.27% of the Company's share capital. It will be executed over the next 12 months with the aim to repurchase and redeem the shares issued during 2020.

8. NON-FINANCIAL INFORMATION STATEMENT AND SUSTAINABILITY INFORMATION

The Non-Financial Information Statement and sustainability information is part of the consolidated Directors' report in accordance with the Spanish Capital Companies Act. The aforementioned report is submitted to the CNMV separately and it can be found on the website www.cnmv.es.

9. CORPORATE GOVERNANCE REPORT

The Annual Corporate Governance Report is part of the Directors' report in accordance with the Spanish Capital Companies Act. The aforementioned report is submitted to the CNMV separately and it can be found on the website www.cnmv.es.

10. ANNUAL REPORT ON DIRECTORS' REMUNERATIONS

The Annual report on Directors' remunerations is part of the Directors' report in accordance with the Spanish Capital Companies Act. The aforementioned report is submitted to the CNMV separately and it can be found on the website www.cnmv.es.

BOARD OF DIRECTORS

Members of the Board of Directors on the date when the annual accounts and the Directors' report were prepared.

CHAIRMAN

William Connelly

VICE-CHAIRMAN

Stephan Gemkow

EXECUTIVE DIRECTOR

Luis Maroto Camino

DIRECTORS

• Amanda Mesler David Vegara Figueras Eriikka Söderström Frits Dirk van Paasschen Jana Eggers Peter Kürpick Pilar García Ceballos-Zúñiga
• Xiaoqun Clever-Steg

SECRETARY (non-Director)

Jacinto Esclapés Díaz

VICE-SECRETARY (non-Director)

Ana Gómez Ruiz