Amadeus IT Group (AMS) investor relations material

Deal rationale and strategic fit

• Acquisition aims to create seamless, end-to-end travel journeys by integrating advanced biometric and digital identity capabilities across the travel ecosystem.

• Expands addressable market to €50bn, increases commercial and geographic footprint, and reinforces biometrics as a core platform strategy.

• IPS brings a world-class biometric technology platform, expanding reach into borders, law enforcement, and access control segments.

• Strong cultural fit with a talented management and employee base of 3,300.

• The deal aligns with a strategy to orchestrate the travel ecosystem, leveraging trusted digital identity as a backbone.

Financial terms and conditions

• All-cash acquisition valued at EUR 1.2 billion, with an additional earn-out of up to EUR 150 million and a break-up fee agreed.

• IPS generated EUR 711 million in 2025 revenue, with adjusted EBITDA of EUR 112 million and EBIT of EUR 70 million.

• The purchase price represents a 9.8x 2026 EBITDA multiple.

• Deal financed through a mix of existing cash and new debt facilities, resulting in pro-forma leverage of 1.3x Net Debt/LTM EBITDA at end-2025.

• The asset will be acquired debt-free, with completion expected in mid-2027.

Synergies and expected cost savings

• Estimated annual cost synergies of EUR 50 million in the midterm, mainly from manufacturing and procurement efficiencies.

• Revenue synergies expected from cross-selling IPS solutions to existing customers and expanding biometrics into new travel adjacencies.

• Additional opportunities for revenue and cost synergies, enhancing shareholder value.

• Integration planning will focus on product alignment and operational efficiencies.