Amadeus IT S A : Announcement of measures in response to COVID-19

AMADEUS IT GROUP, S.A. - Amadeus or the Company - (in accordance with the provisions of Article 226 of Restated Text of the Securities Exchange Act (Ley del Mercado de Valores) by this letter communicates the following

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COVID19-CORONAVIRUS

As more regions have been impacted by the spread of the coronavirus, the combination of trip cancellations and country-specific restrictions on international flights has had a severe impact on the global airline industry and as a result, on our volumes, both bookings and passengers boarded.

Amadeus has, therefore, adopted a set of measures to protect its liquidity, to enhance its financial flexibility and to support its cash generation in a scenario where the current tough market conditions persist over a long period of time. This set of measures consists of the following:

1. To secure an incremental €1,000m of liquidity, adding to our currently existing liquidity composed of €1,000m of undrawn revolving credit facility and €660m of cash.
2. To cancel the proposal of the complementary dividend payment of €320m scheduled for the General Shareholders' Meeting of June 2020.
3. To implement efficiency measures to reduce fixed costs and capex by an approximate annual run-rate of €300m, a package which will be continuously reevaluated over the coming quarters as the business context evolves.

Today our Board approved the proposal of the cancellation of the complementary dividend payment scheduled for the General Shareholders' Meeting of June 2020 and we have reduced our share buy-back program related to our employee performance share plan. We expect to sign the documentation relating to our incremental financing shortly as we are well advanced in the process with a reference banking group.

Liquidity and debt

As of today, Amadeus has liquidity available amounting to approximately €1,660m, between cash and an undrawn revolving credit facility. Across our debt structure, the only element subject to a covenant is a €127m European Investment Bank loan, which has ample headroom. Our financial obligations this year relate to a €500m bond maturity in October and the rolling forward of our European commercial paper program, which amounts to €730m. We are in advanced discussions with a group of banks to secure a €1,000m bridge to bond facility, to further support the refinancing of these obligations and we expect to sign the relating documentation shortly. Additionally, the ECB has announced a Pandemic Emergency Buying Programme amounting to €750bn including a tranche for non-bank commercial paper, which also strengthens our position.

Dividend and share buy-back

The Board of Directors of Amadeus has today approved to cancel the proposal of the complementary dividend payment scheduled for the General Shareholders' Meeting of June 2020 of €320m to grant us further financial flexibility if the tough market conditions persist over

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a sustained period of time. Finally, we have also reduced our share buy-back program related to our employee performance share plan by 550,000 shares, which at the closing price of March 20, 2020 (€40.76 per share) implies a reduction of €22.4m over our expected cash- outs.

Efficiency plan

Amadeus has also taken steps to contain fixed costs and capex. We estimate we can reduce these by an approximate annual run-rate of €300m cash savings in 2020. This goal and the package components will be continuously reevaluated as the business context evolves over the following quarters. Additionally, cost of revenue is variable and evolves with volumes.

Final remarks

Our aim is to be well prepared to face a tough business context. The initial recovery China is experiencing today may set a reference for the future of other regions in the world. We will closely monitor this evolution and carefully manage our cash position over the next twelve months.

Madrid, 23 March 2020

Amadeus IT Group, S.A.

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