Amadeus delivers resilient H1 2026 performance despite challenging operating environment
Diversified business provides resilience against volume impact due to geopolitical environment
Highlights for the first half of 20261 (relative to prior year):
Group revenue increased 2.3%, to €3,334.9 million, up 5.1%2 at constant currency.
Operating income grew 0.6%, to €943.2 million.
Adjusted EBIT1 amounted to €1,011.5 million, increasing 4.9%2 at constant currency.
Diluted EPS3 increased 1.0%. Adjusted diluted EPS1 grew 7.3%2 at constant currency.
Free cash flow1 amounted to €472.2 million, increasing 0.8%.
Net financial debt 1 was €2,577.5 million at June 30, 2026 (1.0 times last-twelve-month EBITDA4).
Amadeus opened 2026 with solid growth and profitability. From March, the geopolitical situation in the Middle East has been significantly impacting global air traffic, with IATA announcing negative growth in April and May, the first time in 15 years (excluding the Covid period). Whilst we have a diversified business that provides resilience against volume impacts, this geopolitical situation has moderated our growth outlook, in line with IATA global air traffic expectations. In H1 2026, Group revenue grew by 5.1%, adjusted EBIT1 increased by 4.9% and adjusted diluted EPS1 expanded by 7.3%, all at constant currency. In H1 2026 we generated Free cash flow1 of €472.2 million, growing 0.8%. Our Free cash flow generation over the six months resulted in net financial debt of €2,577.5 million at June 30, 2026 (equal to 1.0 times last-twelve-month EBITDA). In June, we completed our €500 million share repurchase program announced late February 2026.
“Amadeus delivered solid revenue and profit growth in the first half, while maintaining sustained commercial momentum across our businesses. Despite volumes softening from March following the geopolitical situation in the Middle East, both customer demand for our solutions and our commercial pipeline remained strong.
The recent slowdown in air traffic expectations has had a limited impact on our outlook, highlighting the breadth and diversification of our business across customers, segments and geographies.
We remain focused on delivering for our customers and managing the business with financial discipline. At the same time, we continue to embed artificial intelligence capabilities across our portfolio and expand our strategic partnerships, including with Google, to orchestrate the AI‑enabled travel ecosystem"
Luis Maroto President & CEO, Amadeus
Business evolution
In H1 2026, our Air IT Solutions segment delivered an 8.7% revenue expansion, at constant currency. Revenue per passenger boarded increased by 7.5%2, supported by incremental solutions adopted by our customers, including additional revenues from our Nevio customer implementations, as well as a healthy performance of Airport IT and Professional Services. We further added value to our customers by helping them manage travel disruptions resulting from the geopolitical situation in the Middle East. This resulted in higher transaction volumes in the second quarter. In the first half, passengers boarded grew by 1.1%, reflecting the slower global air traffic evolution over the period. Over the first half, our commercial success continued, with new customer signatures across our portfolio. Additionally, our intention to acquire IDEMIA Public Security (IPS), a leading provider of biometrics and identity services, continues to progress well. We have now signed the Share Purchase Agreement and remain on track to obtain the required regulatory approvals in mid-2027.
Hospitality and Other Solutions (HOS) revenue increased by 9.2%, at constant currency. HOS revenue growth was driven by new customer implementations and higher transactions across our Hospitality and Payments businesses. We delivered commercial momentum throughout the period, with new customers adopting solutions across our Hospitality and Payments portfolio. We also continued to make progress with our large Amadeus Central Reservation System (ACRS) customer implementations.
In Air Distribution, revenue grew 1.1% in H1 2026, at constant currency. Air Distribution performance had a strong start to the year; however, from March, booking growth was impacted by the geopolitical situation in the Middle East, which caused a heightened level of booking cancellations and air traffic disruptions. As a result, our bookings contracted by 3.7% in the six-month period. Revenue per booking continued to grow healthily, expanding 5.1% at constant currency, supporting the segment’s revenue evolution over the first half.
For more information about our operating and financial performance during the first half of 2026, please visit https://amadeus.com/en/investors.
Summary of operating and financial information
€millions, unless otherwise stated 238.0 1,089.1 1,206.8 1,136.0 6.2% 8.7% 543.4 516.0 1,584.7 1,608.0 3,260.0 943.2 938.1 0.6% 28.3% 28.8% 1,011.5 972.7 4.0% 30.3% 29.8% 0.5 p.p. 0.0 p.p. 700.2 727.4 (3.7%) 748.7 738.7 1.4% 2.3% 1.65 1.64 0.3% 1.64 1.62 1.0% 6.3% 7.3% 472.2 468.6 0.8% IFRS Adjusted/ APM(1) H1 2026 H1 2025 Change H1 2026 H1 2025 Change At cc(2) Operating KPI Bookings (m) (3.7%) Passengers boarded (m) 1.1% Financial results Air IT Solutions Revenue Hospitality & Other Solutions Revenue 5.3% 9.2% Air Distribution Revenue (1.5%) 1.1% Group Revenue 3,334.9 2.3% 5.1% Operating income Operating income margin (0.5 p.p.) Adjusted EBIT 4.9% Adjusted EBIT margin Profit EPS - Basic (€) 1.76 1.67 5.6% 6.6% EPS - Diluted (€) 1.75 1.65 Free Cash Flow (FCF)
1See APM definitions and reconciliations to IFRS figures in section 5.3 of the H1 2026 Management Review.
2Change versus prior year at constant currency. See additional information on foreign exchange effects and constant currency calculations in section 3 of the H1 2026 Management Review.
3EPS stands for “Earnings Per Share”.
4Per credit facility agreements.
- Results press release - H1 2026 The file will download automatically Download
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