During the first nine months of 2023, Amadeus continued to deliver strong financial performance. Relative to the previous year, our group revenue increased by 23.2%, EBITDA grew 33.8%, and adjusted profit expanded by 67.6%, supporting a 49.8% increase in Free Cash Flow. Net Financial Debt amounted to €2,121.7 million at September 30, 2023, which represented 1.1 times the last-twelve-months' EBITDA.
Highlights for the first half of 20251:
- Group Revenueincreased 6.8%, to €3,260 million up 7.6%2at constant currency.
- Operating Incomeincreased 8.1%, to €938.1 million.Adjusted Operating Income amounted to €972.7 million, increasing 7.6%2at constant currency.
- Profitincreased 12.3%, to €727.4 million.Adjusted Profit increased 8.5%, to €738.7 million.
- Free Cash Flowamounted to €468.6 million.
- Net Financial Debtwas €1,715.0 million at June 30, 2025 (0.71 times last-twelve-month EBITDA)3.
- Amadeus delivered steady growth in the first six months of the year, despite the macroeconomic and geopolitical context throughout the period. In H1 2025, Amadeus’ Group Revenue increased by 6.8%, or by 7.6%2at constant currency rates, and Adjusted Operating Income grew 7.6%2. Free Cash Flow generation in the first six months of the year amounted to €468.6 million, resulting in Net Financial Debt of €1,715.0 million at June 30, 2025 (equal to 0.71 times last-twelve-month EBITDA)3. Amadeus continued to repurchase shares through the second quarter, via its ongoing €1.3 billion share repurchase program initiated in March 2025.
“As a company innovating at the forefront of travel technology, we continue to invest decisively for future growth—allocating over €700 million to R&D in the first half of 2025.
We signed new customers across all our business lines and advanced on several key, industry‑transforming implementations, reinforcing our position as the leading technology partner in travel.
Amid the current macro uncertainties, our outlook4 remains unchanged, backed by our resilient business.”
Luis Maroto President & CEO, Amadeus
Business evolution
Amadeus’ progress this half is supported by a steady evolution and strong operating performance in each of its reported segments: Air IT Solutions, Hospitality & Other Solutions and Air Distribution.
Air IT Solutions revenue increased 7.1% or 7.9% at constant currency, supported by a 4.6% increase in Airline IT passengers boarded. This was driven by global air traffic growth in the period and by the positive impact of customer implementations. Amadeus’ volumes experienced particularly strong growth in Asia Pacific, where passengers boarded grew by 9.9%.
This segment’s revenue growth was further backed by a 3.1%4rise in revenue per passenger boarded supported by positive pricing dynamics, upselling of incremental solutions to customers, and the expansion in Airport IT and Airline Expert Services.
In the first six months of the year, Hospitality & Other Solutions revenue increased by 6.2% or 7.5% at constant currency, supported by transaction growth and new customer implementations.
Finally, in H1 2025, Air Distribution delivered revenue growth of 6.8% or 7.5% at constant currency supported by 2.0% booking growth and 5.4%4revenue per booking expansion. Amadeus’ continued commercial success with customers across regions supported booking volume growth, which was particularly strong in Asia Pacific, where bookings increased by 10.4%.
For more information about our operating and financial performance during the first half of 2025, please visit our Investor Relations website.
1See Alternative Performance Measures (APM) definitions and reconciliations to IFRS figures in Management Review H1 2025.
2Constant currency is calculated by translating foreign currencies in the current year at the exchange rates from prior year instead of the current period’s exchange rates. See additional information on foreign exchange effects and constant currency calculations in Management Review H1 2025.
3Per credit facility agreements.
4At constant currency.
Summary of operating and financial information
€millions, unless otherwise stated |
IFRS | Adjusted/APM1 |
||||||
| H1 2025 | H1 2024 | Change |
H1 2025 | H1 2024 | Change |
Change at cc 2 | ||
Operating KPI |
||||||||
Bookings |
247.3 |
2.0% |
||||||
Passengers boarded |
1,076.8 |
4.6% |
||||||
| Financial results | ||||||||
Airline IT Solutions Revenue |
1,136.0 |
1,061.0 |
7.1% |
7.9% | ||||
Hospitality & Other Solutions Revenue |
516.0 |
485.6 |
6.2% |
7.5% | ||||
| Air Distribution Revenue | 1,608.0 |
1,506.0 |
6.8% |
7.5% | ||||
Group revenue |
3,260.0 |
3,052.6 |
6.8% |
7.6% | ||||
EBITDA |
|
1,276.0 |
1,200.0 |
6.3% |
6.6% | |||
| EBITDA margin (%) | 39.1% |
39.3% |
(0.2 p.p.) |
(0.4 p.p.) | ||||
| Operating income | 938.1 |
868.1 |
8.1% |
972.7 |
905.9 |
7.4% |
7.6% | |
| Operating income margin (%) | 28.8% | 28.4% | 0.3 p.p. | 29.8% |
29.7% |
0.2 p.p. |
0.0 p.p. | |
Profit |
727.4 |
647.8 |
12.3% |
738.7 |
681.0 |
8.5% |
||
EPS - Basic (€) |
1.64 |
1.48 |
10.5% |
1.67 |
1.56 |
6.7% |
||
| EPS - Diluted (€) | 1.62 |
1.44 |
12.4% |
1.65 |
1.52 |
8.5% |
1 See APM definitions and reconciliations to IFRS figures in Management Review H1 2025.
2 Change versus prior year at constant currency. See additional information on foreign exchange effects and constant currency calculations in section 3 of the H1 2025 Management Review.
- H1 2025 Financial Results The file will download automatically
- Financial Results H1 2025 The file will download automatically
TO TOP