SINGAPORE, 11 May 2026: Amadeus opened 2026 with solid growth and profitability, following the strong momentum evident in Q4 2025.
In March, the situation in the Middle East moderated growth, which slowed our performance for the quarter.
In Q1 2026, group revenue grew by 3.1%, or 7.9% at constant currency, and adjusted EBIT[1] increased by 6.6% at constant currency.
Additionally, adjusted diluted EPS[1] expanded by 8.8% at constant currency. In Q1 2026, the group generated free cash flow[1] of EUR273.6 million, up 4.5% from Q1 2025. Free cash flow generation resulted in net financial debt of EUR2,586.0 million at 31 March 2026 (equal to 1.0 times last-twelve-month EBITDA). The group will continue to execute its EUR500 million share repurchase programme announced in late February 2026.
Amadeus, President & CEO, Luis Maroto, commented: “Amadeus reported solid revenue and profit growth in the first quarter. While volumes moderated in March, following the geopolitical situation in the Middle East, we continue to demonstrate strong commercial momentum. We are closely monitoring the uncertain macro context, with the range of potential impacts making it difficult to predict in the short term. We expect to deliver within our 2026 guidance, and we will update the market if this changes.
“We are positive about the future and firmly focused on long‑term growth. We continue to expand our reach across the travel ecosystem, increase the number of customers adopting our solutions, broaden the range of solutions our customers use, expand our AI capabilities, and demonstrate the strength of our portfolio.
“At the same time, we continue to invest in the future by pursuing the planned acquisition of leading biometrics and identity services provider IDEMIA Public Security (IPS). This deal fits naturally into Amadeus’ strategy and will improve the traveller experience by reducing friction and enabling more integrated travel journeys. It will also reinforce our commitment to investing in transformative technology such as biometrics as part of our platform strategy, supporting our broader ambition to become an orchestrator of an AI-enabled travel ecosystem.”
Business evolution
The group’s Air IT Solutions segment delivered 7.5% revenue growth in Q1 2026, or 12.0% at constant currency. Air IT Solutions’ revenue growth in the first quarter resulted from a 3.1% increase in passengers boarded and an 8.6% increase in revenue per passenger boarded (at constant currency). Revenue per passenger boarded grew in Q4 2025, supported by positive pricing and revenue dynamics, primarily due to customers buying more solutions from the group and incremental revenue from the Amadeus Nevio offering. Amadeus continued to see airline professional services grow rapidly. Revenue growth driven by rebooking activity related to the Middle East geopolitical situation demonstrated resilience.
In Q1 2026, Hospitality and Other Solutions revenue increased by 3.2% (9.8% at constant currency). This revenue growth in the quarter was driven by new customer implementations and higher transactions across our Hospitality and Payments businesses, relative to the prior year.
Air distribution
In air distribution, revenue grew 0.1% in Q1 2026, or by 4.6% at constant currency. The growth in air distribution was driven by a very strong start to the year, with both volumes and average revenue per booking rising. However, booking growth was affected by the geopolitical situation in the Middle East in March, leading to a spike in cancellations. This effect on volumes muted commercial success across regions, while commercial success remained strong throughout the quarter. Revenue per booking continued to grow healthily, expanding 4.8% at constant currency, in line with the prior quarter and FY 2025, driven by positive pricing dynamics.
For more information about the group’s operating and financial performance during the first quarter of 2026, please visit https://amadeus.com/en/investors
[1] See APM definitions and reconciliations to IFRS figures in section 5.2 of the Q1 2026 Management Review.
[2]Change versus prior year at constant currency. See additional information on foreign exchange effects and constant currency calculations in section 3 of the Q1 2026 Management Review.
(Source: Amadeus)
