Highlights for the nine months ended September 20251:
Group revenue increased 6.4%, to €4,895.3 million, up 8.0%2 at constant currency.
Operating income grew 8.4%, to €1,419.6 million. Adjusted EBIT1 amounted to €1,470.6 million, increasing 8.7%2 at constant currency.
Profit increased 10.1%, to €1,088.2 million. Adjusted profit1 increased 8.2%, to €1,108.9 million.
Free cash flow1 amounted to €955.2 million, supported by 9.4% growth in the third quarter.
Net financial debt1 was €2,219.9 million at September 30, 2025 (0.90 times last-twelve-month EBITDA)3.
Amadeus performed strongly in the third quarter, accelerating revenue growth compared with the previous quarter while also expanding margins. As a result, in the first nine months of 2025, Group revenue increased by 6.4%, or by 8.0% at constant currency rates, and adjusted EBIT1 grew by 8.7% at constant currency. Free cash flow1 generation amounted to €955.2 million in the first nine months of the year, supported by 9.4% growth in the third quarter. Net financial debt1 stood at €2,219.9 million at September 30, 2025 (equal to 0.90 times last-twelve-month EBITDA)3. Amadeus continued to repurchase shares through the third quarter under its ongoing €1.3 billion share repurchase program initiated in March 2025.
“Amadeus saw revenue growth acceleration and margin expansion in the quarter. Our market relevance grew as we signed new customers across our businesses, including for our central reservation system in Hospitality.
We continued to invest to broaden our offering, through innovation and further use of AI. Our decisive investment in R&D, totaling over €1.0 billion in the year to date, accompanied by the transformational customer projects we continue to implement, reinforce our deep integration into the travel ecosystem as we deliver unique solutions for the industry.
We enter the last quarter of the year with confidence to deliver on our 2025 outlook4, which remains unchanged.”
Luis Maroto President & CEO, Amadeus
Business evolution
Amadeus’ performance in the third quarter was supported by strong operating performances across Air IT Solutions, Hospitality and Other Solutions, and Air Distribution.
Over the nine-month period, Air IT Solutions revenue increased by 6.5%, or 7.9% at constant currency. We saw revenue growth supported by 3.7% growth in passengers boarded and a 4.0% expansion in the revenue per passenger boarded (at constant currency). The volume of passengers boarded was driven primarily by global air traffic growth and by the positive impact of customer implementations in the first nine months of the year, with Asia Pacific experiencing strong growth of 7.6%. Positive pricing dynamics was a key driver in revenue per passengers boarded, due to continued upselling of incremental solutions to customers, as well as strong growth in Airport IT and Airline Expert Services.
For the first nine months of the year, Hospitality and Other Solutions (HOS) revenue increased by 5.8%, or 8.1% at constant currency. In the third quarter, HOS revenue growth advanced to 9.4% (at constant currency), accelerating beyond the growth percentages in past quarters. This was supported by new customer wins and an overall improvement in several business domains.
Air Distribution delivered revenue growth of 6.6% over the nine-month period, or 8.0% at constant currency, supported by 2.7% booking growth and a 5.2% revenue per booking expansion (at constant currency). The evolution of Amadeus’ booking volumes in the nine-month period was supported by 4.0% booking growth in the third quarter, backed by our continued commercial success with customers across regions. Over the nine-month period, Amadeus bookings experienced particularly high growth in Asia Pacific, where bookings increased by 12.1%.
For more information about our operating and financial performance during the first nine months of 2025, please visit https://amadeus.com/en/investors.
Summary of operating and financial information
€millions, unless otherwise statedIFRS Adjusted/ APM(1) Jan-Sep 2025 Jan-Sep 2024 Change Jan-Sep 2025 Jan-Sep 2024 Change At cc(2) Operating KPI Bookings 369.4 2.7% Passengers boarded 1,687.5 3.7% Financial results Airline IT Solutions Revenue 1,741.7 1,636.2 6.5% 7.9% Hospitality & Other Solutions Revenue 776.4 733.9 5.8% 8.1% Air Distribution Revenue 2,377.2 2,230.5 6.6% 8.0% Group Revenue 4,895.3 4,600.6 6.4% 8.0% EBITDA 1,928.7 1,801.5 7.1% 7.8% EBITDA margin 39.4% 39.2% 0.2 p.p. (0.1 p.p.) Operating income 1,419.6 1,310.0 8.4% Operating income margin 29.0% 28.5% 0.5 p.p. Adjusted EBIT 1,470.6 1,361.9 8.0% 8.7% Adjusted EBIT margin 30.0% 29.6% 0.4 p.p. 0.2 p.p. Profit 1,088.2 988.3 10.1% 1,108.9 1,024.4 8.2% EPS - Basic (€) 2.46 2.27 8.6% 2.51 2.35 6.8% EPS - Diluted (€) 2.44 2.20 10.8% 2.48 2.28 8.9%
1See Alternative Performance Measures (APM) definitions and reconciliations to IFRS figures in section 5.2 of the Management Review.
2See additional information on foreign exchange effects and constant currency calculations in section 3 of the Management Review.
3Per credit facility agreements.
4At constant currency.
- Results press release - Q3 2025 The file will download automatically
- Infographic - Q3 2025 The file will download automatically
TO TOP