Amadeus has showcased impressive financial performance in the third quarter of 2025, with a notable acceleration in revenue growth and a significant expansion in operating margins compared to the previous quarter. The results underscore a robust recovery in the travel and technology sectors, with the company making substantial progress across its key business segments. For the first nine months of 2025, Amadeus reported a 6.4% increase in Group revenue, which equates to an 8.0% growth at constant currency rates. This strong performance was driven by a combination of higher air traffic, increased bookings, and expanding customer bases, all contributing to a healthy financial outlook.
The company also reported a notable improvement in its profitability metrics. Adjusted EBIT for the year-to-date period grew by 8.7% at constant currency, reflecting improved operational efficiency and a favorable business environment. Free cash flow generation for the first nine months reached €955.2 million, supported by a 9.4% increase in the third quarter alone. Net financial debt stood at €2.22 billion as of September 30, 2025, representing a manageable 0.90 times EBITDA, highlighting Amadeus’ solid financial position. Furthermore, the company continued to return value to shareholders, repurchasing shares as part of its ongoing €1.3 billion buyback program initiated earlier in the year.
Business Performance by Segment
Amadeus’ continued success was underpinned by strong operating performances across all its primary business segments, namely Air IT Solutions, Hospitality and Other Solutions, and Air Distribution.
Air IT Solutions:
This segment saw a revenue increase of 6.5% for the first nine months of 2025, or 7.9% when adjusted for constant currency fluctuations. The growth was fueled by a 3.7% increase in the number of passengers boarded and a 4.0% rise in revenue per passenger boarded. The boost in passenger numbers was primarily driven by global air traffic recovery, with Asia Pacific leading the charge with a 7.6% growth in passengers. Pricing strategies, particularly upselling additional services to customers, played a key role in improving revenue per passenger.
Hospitality and Other Solutions (HOS):
Revenue in this segment grew by 5.8% year-on-year, or 8.1% at constant currency. The third quarter saw even more robust growth, with HOS revenue advancing by 9.4% at constant currency. This marked a significant acceleration from earlier quarters, attributed to new customer acquisitions and a solid performance across multiple business domains. This strong growth trajectory highlights the continued expansion of Amadeus’ offerings beyond its core airline IT services.
Air Distribution:
Amadeus’ Air Distribution segment also experienced solid growth, with revenue increasing by 6.6% for the first nine months of 2025, or 8.0% at constant currency. This growth was driven by a 2.7% increase in booking volumes and a 5.2% rise in revenue per booking (at constant currency). The third quarter alone saw a 4.0% growth in bookings, with the highest growth rates occurring in the Asia Pacific region, where bookings surged by 12.1%. This performance reflects Amadeus’ successful commercial strategies and its strong relationships with customers across various global regions.
Financial Overview
The financial results for the first nine months of 2025 demonstrated continued strength and resilience across the board. Key operating metrics included:
- Bookings: A 2.7% increase compared to the previous year, with total bookings reaching 369.4 million.
- Passengers Boarded: A 3.7% increase to 1.69 billion passengers in total.
On the financial front, Amadeus delivered the following key figures:
- Airline IT Solutions: Revenue rose by 6.5% to €1.74 billion, with a constant currency growth of 7.9%.
- Hospitality and Other Solutions: Revenue reached €776.4 million, up 5.8% from the previous year, with an 8.1% increase in constant currency.
- Air Distribution: Revenue for this segment grew by 6.6%, or 8.0% at constant currency, totaling €2.38 billion.
Overall, Group Revenue reached €4.89 billion, an increase of 6.4% from the previous year, or 8.0% at constant currency. The company’s EBITDA grew by 7.1%, reaching €1.93 billion, and operating income increased by 8.4% to €1.42 billion, further reflecting Amadeus’ operational efficiency.
Profitability and Earnings
Amadeus’ profit metrics also demonstrated solid improvement, with profit for the period rising by 10.1% to €1.09 billion. This translated into a basic EPS (Earnings Per Share) increase of 8.6%, reaching €2.46, and a diluted EPS growth of 10.8%, reaching €2.44. These results affirm Amadeus’ strong financial health and its ability to deliver consistent value to shareholders.
Looking Ahead
Amadeus remains well-positioned for continued growth, supported by its diversified portfolio of technology solutions across the travel, hospitality, and airline industries. With ongoing investments in innovation and customer partnerships, the company is expected to maintain its positive momentum throughout the rest of 2025 and beyond.
In summary, Amadeus’ Q3 results were a testament to the company’s ability to navigate the evolving global travel landscape and its capacity to capitalize on growth opportunities across its various business units. With strong revenue performance, improved margins, and robust cash flow, Amadeus continues to be a leader in the travel technology sector.
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