Amadeus IT Group (AMS) investor relations material

Executive summary

• Achieved steady and profitable growth in H1 2025 despite macro and geopolitical challenges, with group revenue up 8% at constant currency and profit growing faster than revenue.

• Continued decisive R&D investment exceeding €700 million, with 90% of applications cloud-based and strategic partnerships expanded, notably with Google and Microsoft for AI and multi-cloud initiatives.

• Advanced major customer implementations and signed significant new contracts and renewals across airline, hospitality, and distribution segments, including British Airways, Air France-KLM, Marriott, and Accor.

• Strategic focus on airline retailing transformation, hospitality IT leadership, cloud migration, and AI/data innovation.

Financial highlights

• Group revenue reached €3,260 million, up 8% at constant currency and 7% reported year-over-year.

• EBIT was €938 million (8% reported growth), adjusted EBIT €973 million (8% constant currency growth), and profit €727 million (12% growth).

• Diluted EPS and adjusted EPS both grew 12% and 9% respectively; free cash flow was €469 million, down 12% year-over-year as expected.

• EBITDA margin at 39.1%; leverage stood at 0.7x net debt to LTM EBITDA at period end.

• Ongoing €1.3 billion share buyback program, 45% complete at period end.

Outlook and guidance

• 2025 outlook at constant currency remains unchanged, expecting revenue growth at the lower end of the 7.4%-11.4% guided range, with EBITDA and EBIT growing faster than revenue.

• Segment guidance: Air Distribution revenue growth 6.5%-9.5%, Air IT Solutions 7.7%-12.1%, Hospitality & Other Solutions 9.5%-15.5%.

• Confident in delivering group results within 2025 guidance despite ongoing macro and geopolitical headwinds.

• 2026 guidance also reaffirmed at constant currency, with acceleration expected from new contracts and migrations, especially in Air IT and hospitality.