Highlights for the nine months ended September 20261 (relative to prior year):
Group revenue increased 3.7%, to €5,075.7 million, up 5.2%2 at constant currency.
Operating income grew 2.1%, to €1,450.0 million.
Adjusted EBIT1amounted to €1,546.6 million, increasing 5.5%2 at constant currency.
Diluted EPS3 increased 4.2%. Adjusted diluted EPS1 grew 8.8%2 at constant currency.
Free cash flow1 amounted to €1,036.3 million, increasing 8.5%.
Net financial debt was €2,536.7 million at September 30, 2026 (1.0 times last-twelve-month EBITDA4).
Despite the ongoing geopolitical situation in the Middle East, Amadeus reported a healthy performance in the third quarter, which supported solid growth and profitability over the first nine months of the year. In the third quarter of 2026, Amadeus delivered Group revenue growth of 5.5%, which along with adjusted EBIT margin expansion of 0.3 p.p. and the effect from share repurchase programs executed over 2025 and 2026, drove a double-digit increase of 11.8% in adjusted diluted EPS (all at constant currency). In the first nine months of 2026, Group revenue grew by 5.2%, adjusted EBIT increased by 5.5% and adjusted diluted EPS expanded by 8.8% (all at constant currency). In the same period we generated free cash flow of €1,036.3 million, growing 8.5%. Our free cash flow generation over this period resulted in net financial debt of €2,536.7 million at September 30, 2026 (equal to 1.0 times last-twelve-month EBITDA).
“Amadeus delivered solid performance in the third quarter, demonstrating the resilience of our business. Alongside growth in revenue, profitability and earnings, we continued to generate strong free cash flow and maintain positive commercial momentum across our businesses.
We also made significant progress in advancing our strategy through new collaborations with leading technology partners, such as Anthropic and NVIDIA, while continuing to deepen relationships across the travel ecosystem. The combination of the strong customer adoption of our solutions and these partnerships reinforces Amadeus' role as the embedded and neutral execution layer for travel and helps position us strongly to orchestrate the AI‑enabled travel ecosystem.
We enter the last quarter of the year on track to deliver on our 2026 outlook, albeit likely at the lower end of the range, due to the impact of the ongoing situation in the Middle East.”
Luis Maroto President & CEO , Amadeus
Business evolution
In the first nine months of 2026, our Air IT Solutions segment delivered a 7.7% revenue expansion at constant currency. Revenue per passenger boarded increased by 6.3% (at constant currency), 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. Passengers boarded increased 1.3% over the period (1.5% in Q3), reflecting the temporary slowdown in global air traffic caused by geopolitical instability in the Middle East. Over the first nine months, our commercial success continued, with new customer signatures across our portfolio.
Hospitality and Other Solutions (HOS) revenue increased by 9.2% at constant currency in the first nine months of the year. HOS revenue growth was driven by new customer implementations and higher transactions across our Hospitality and Payments businesses. We saw commercial momentum throughout the period, with customers adopting solutions across our Hospitality and Payments portfolio, and we continued to make progress with our large ACRS (Amadeus Central Reservation System) customer implementations.
Air Distribution revenue grew 2.1% at constant currency in the first nine months of 2026. While booking growth was affected from March by geopolitical disruption in the Middle East, revenue per booking increased 5.0% at constant currency, reflecting the value of our content and distribution capabilities. Commercial traction remained positive throughout the period, with new agreements signed across our customer base, including with Wizz Air, further expanding the content available through the Amadeus Travel Platform.
For more information about our operating and financial performance during the first nine months of 2026, please visit: https://amadeus.com/en/investors.
Summary of operating and financial information
359.2 1,708.8 1,852.0 1,741.7 6.3% 7.7% 832.1 776.4 2,391.5 2,377.2 4,895.3 1,450.0 1,419.6 2.1% 28.6% 29.0% 1,546.6 1,470.6 5.2% 30.5% 30.0% 0.4 p.p. 0.1 p.p. 1,081.6 1,088.2 (0.6%) 1,147.7 1,108.9 3.5% 3.8% 2.56 2.46 3.8% 8.1% 2.54 2.44 4.2% 8.5% 8.8% 1,036.3 955.2 8.5% €millions unless otherwise stated IFRS Adjusted/ APM(1) Jan - Sep 2026 Jan - Sep 2025 Change Jan - Sep 2026 Jan - Sep 2025 Change At cc(2) Operating KPI Bookings (m) (2.8%) Passengers boarded (m) 1.3% Financial results Airline IT Solutions Revenue Hospitality & Other Solutions Revenue 7.2% 9.2% Air Distribution Revenue 0.6% 2.1% Group Revenue 5,075.7 3.7% 5.2% Operating income Operating income margin (0.4 p.p.) Adjusted EBIT 5.5% Adjusted EBIT margin Profit EPS - Basic (€) 2.71 2.51 8.4% EPS - Diluted (€) 2.69 2.48 Free Cash Flow (FCF)
1SeeAlternative Performance Measures (APM) definitions and reconciliations to IFRS figures in section 5.2 of the January-September 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 January-September 2026 Management Review.
3 EPS stands for “Earnings Per Share”.
4 Per credit facility agreements.
- Infographic - Financial Results - Jan-Sep 2026 The file will download automatically Download
- Q3 2026 Results Press Release The file will download automatically Download
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