Amadeus J.P. Morgan European TMT Conference Takeaways

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Amadeus J.P. Morgan European TMT Conference Takeaways

J P M O R G A N Europe Equity Research

21 May 2026

Amadeus Overweight

AMA.MC, AMS SM

J.P. Morgan European TMT Conference Takeaways Price (20 May 26):€52.78

Price Target (Dec-27):€62.00

We hosted Amadeus Investor Relations Silvia Granda at J.P. Morgan’s European European Tech Software & IT

TMT conference in London for a day of investor group meetings. We provide a Services

number of takeaways from the discussions below. Toby Ogg AC

(44-20) 7742-3278

• Evolution of bookings and passengers boarded - bookings growth toby.ogg@jpmorgan.com

improving Apr vs Mar though still likely negative for Q2; passenger J.P. Morgan Securities plc

boarded growth Apr vs Mar slowed with Q2 growth likely weaker than Joseph George

Q1: Q1 had solid momentum in Jan-Feb that carried into March across parts (44-20) 3493-6990

of the business. Global air traffic grew 5% in Jan-Feb and 2% in March (4% joe.george@jpmorgan.com

J.P. Morgan Securities plc

for Q1). (1) Air bookings: It is estimated that air bookings grew close to 4% in

Priya R Suneja Q1 excluding the Middle East impact. In April, Amadeus has seen an

(91-22) 6157 4721

improving trend for bookings. While bookings are still below the prior year, priya.suneja@jpmchase.com

performance is better than in March as cancellation rates have started to J.P. Morgan India Private Limited

improve. The assumption is that bookings growth will be negative in Q2. (2) Giulio Gambardella

Passengers Boarded: In April, PB growth slowed relative to growth in March (44-20) 3493-4181

and in Q1, reflecting the slowdown in bookings seen in March due to the giulio.gambardella@jpmorgan.com

Middle East situation, Easter seasonality effects, airline strikes and customer J.P. Morgan Securities plc

mix.