Amadeus reports resilient growth showcasing the strength of its business and global presence

May 8, 2025

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Highlights for the first quarter of 2025¹:

Group Revenue increased 9%, to €1,632 million.
Operating Income increased 10%, to €462 million.Adjusted Operating Incomeincreased 10%, to €479 million.
Profit increased 13%, to €355 million. Adjusted Profit increased 12%, to €364 million
Free Cash Flowamounted to €262 million and Net Financial Debt was €1,875 million at March 31, 2025 (0.8 times last-twelve-month EBITDA)².
Amadeus launched a share repurchase program on
March 17, 2025
with a maximum investment amount of €1,300 million.

Amadeus continued to evolve positively during the first quarter of 2025. Our Group Revenue increased by 9%, Operating Income and Adjusted Operating Income increased by 10%, Profit expanded by 13%, and Adjusted Profit expanded by 12%. Free Cash Flow generation in the first quarter of 2025 amounted to €262 million, resulting in a Net Financial Debt of €1,875 million at March 31, 2025 (equal to 0.8 times last-twelve-month EBITDA)².

“In a dynamic global environment, despite the current broad uncertainty, Amadeus demonstrated resilience and growth, underpinned by commercial success and its global footprint in travel. We delivered strong performance across our businesses, with particularly high‑volume growth in Asia Pacific.

We are well prepared for 2025 and look forward to the rest of the year. We remain focused on delivering on our commitments as we continue to expand the value we create for our customers.”

Luis Maroto President & CEO , Amadeus

¹See Alternative Performance Measures (APM) definitions and reconciliations to IFRS figures in Management Review Q1 2025

²Per credit facility agreements.

Business evolution

Our progress this quarter is marked by a continued strong evolution in each of our reported segments: Air Distribution, Air IT Solutions and Hospitality & Other Solutions.

Air Distribution delivered revenue growth of 8% in Q1 2025, supported by 2.5% booking growth and 5% revenue per booking expansion. Amadeus delivered resilient booking growth this quarter, driven by solid commercial success across all regions. Growth was particularly high in Asia Pacific, where bookings increased by 10%.

Air IT Solutions revenue increased by 11% this quarter, driven by growth in Airline IT passengers boarded of 5.5% and an expansion of revenue per passenger boarded of 5%.

We experienced strong growth in passengers boarded across several regions, particularly in Asia Pacific, where we achieved an increase of 12%. The positive evolution of our passengers boarded was supported by global air traffic growth in the quarter and the positive impact from customer implementations. Similarly, our revenue per passenger performance reflects positive pricing effects, successful upselling of incremental solutions to customers, and our ongoing expansion in Airport IT and Airline Expert Services.

Finally, Hospitality & Other Solutions revenue increased by 11% in Q1 2025. Both our Hospitality and Payments businesses demonstrated healthy growth throughout the quarter, supported by increased transaction volumes and new customer implementations.

For more information about our operating and financial performance during the first quarter of 2025, please visit our Investor Relations website.

Summary of operating and financial information

*€millions*, unless otherwise stated			IFRS			Adjusted/APM¹
	Q1 2025	Q1 2024	Change	Q1 2025	Q1 2024	Change
Operating KPI
Bookings				128.3	125.2	2.5%
Passengers boarded				502.7	476.4	5.5%
Financial results
Air Distribution revenue	821	764	8%
Air IT Solutions revenue	551	497	11%
Hospitality & Other Solutions revenue	260	235	11%
Group revenue	1,632	1,496	9%
EBITDA				628	581	8%
EBITDA margin (%)				38.5%	38.9%	(0.4 p.p.)
Operating income	462	422	10%	479	435	10%
Operating income margin (%)				29.3%	29.1%	0.3 p.p.
Profit	355	314	13%	364	324	12%
EPS - Basic (€)	0.80	0.72	12%	0.82	0.74	11%
EPS - Diluted (€)	0.79	0.70	13%	0.81	0.72	12%

¹See APM definitions and reconciliations to IFRS figures in Management Review Q1 2025.

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