Amadeus IT Group, S.A.

Amadeus reported H1 2026 revenue of EUR 3,335 million, up 5% at constant currency and 2% reported. Adjusted EBIT was EUR 1,012 million, up 5% constant currency and 4% reported, and adjusted diluted EPS increased 7% at constant currency; diluted EPS was EUR 1.64. Free cash flow was EUR 472.2 million, up 0.8%, adjusted EBIT margin was 29.8%, and net debt/EBITDA was 1.0x at June end. For the first half, Air IT Solutions revenue rose 8.7%, Hospitality and Other Solutions rose 9.2%, and Air Distribution rose 1.1%; bookings fell 3.7%. For FY26, Amadeus now expects group revenue growth in a mid- to high single-digit range, adjusted diluted EPS growth in a high single to low double-digit range, adjusted EBIT margin stability, and free cash flow of EUR 1.35 billion to EUR 1.45 billion. Segment guidance calls for high single-digit Air IT revenue growth, low double-digit Hospitality and Other Solutions growth, and low- to mid-single-digit Air Distribution growth.

Luis Maroto said H1 showed “solid growth and profitability” and emphasized that commercial momentum remained strong despite weaker traffic. He framed Amadeus as a “neutral embedded orchestrator” in an AI-enabled travel ecosystem and said the company is advancing its AI roadmap through partnerships, new products, and customer implementations. He stressed that the business is resilient and diversified, and that Amadeus is focusing on what it can control while navigating an uncertain geopolitical backdrop.

Caroline Borg gave the financial detail: revenue was EUR 3,335 million, adjusted EBIT EUR 1,012 million, free cash flow EUR 472.2 million, and R&D investment EUR 682 million, or 20% of revenue. She said fixed costs declined 0.1% thanks to post-cloud migration resource reductions and cost containment, while capex fell 16.8% to 9.8% of revenue and is expected to end the year toward the low end of the company’s range. She also noted net debt of EUR 2,578 million, up EUR 436.1 million from year-end due mainly to share repurchases, dividends and SkyLink, with leverage still at 1.0x.

Analysts focused on the booking slowdown, the sustainability of Air IT revenue per PB growth, direct airline/TMC connections, Nevio adoption, and the impact of AI on search volumes and pricing. Management said bookings were hit hardest in March through May, improved in June and early July, and that the direct-connect trend is not broad-based, only occasional among large players. They also said Nevio proof points from airlines like Finnair and British Airways help the sales pipeline, and that AI could raise look-to-book ratios, so Amadeus is using tools and commercial models to manage unproductive search.