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).
Global travel technology provider Amadeus delivered resilient financial results for the first half of 2026, reporting growth in revenue, profitability and earnings despite a slowdown in global air travel triggered by geopolitical tensions in the Middle East.
The company recorded 5.1% revenue growth at constant currency during the six months ended June 30, while adjusted EBIT increased 4.9% and adjusted diluted earnings per share (EPS) rose 7.3% on a constant currency basis. Free cash flow reached €472.2 million, up 0.8% year-on-year, underscoring the group’s continued financial strength.
Amadeus closed the first half with net financial debt of €2.58 billion, equivalent to approximately one times EBITDA over the previous 12 months. During the period, the company also completed its €500 million share repurchase programme, announced in February 2026, reinforcing its commitment to shareholder returns.
Middle East Crisis Weighed on Global Travel Demand
The company said 2026 began with healthy commercial momentum before geopolitical tensions in the Middle East began affecting airline operations from March onwards. The disruption resulted in flight cancellations, capacity adjustments and softer booking trends across global markets.
The changing environment also prompted the International Air Transport Association (IATA) to lower its global passenger traffic outlook for 2026, reflecting weaker demand growth as airlines adjusted schedules in response to regional instability.
Despite these challenges, Amadeus said its diversified business model—spanning airlines, airports, hospitality, payments and travel distribution across multiple geographies—helped cushion the impact of lower booking volumes.
Luis Maroto, President and CEO of Amadeus, said the company maintained strong commercial momentum despite the difficult operating environment.
“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.”
He added that the company continues to invest in artificial intelligence across its technology portfolio while expanding strategic partnerships, including its collaboration with Google, to accelerate the development of an AI-enabled travel ecosystem.
Air IT Solutions Continues to Drive Growth
Amadeus’ Air IT Solutions business remained the strongest-performing segment during the first half, with revenue increasing 8.7% at constant currency.
Revenue per passenger boarded grew 7.5%, supported by broader adoption of airline technology solutions, implementation of the company’s Nevio platform, and continued growth in Airport IT and Professional Services.
The company also played a critical operational role in helping airline customers manage travel disruption arising from the Middle East conflict, generating higher transaction volumes during the second quarter.
Although passengers boarded through Amadeus systems increased only 1.1%, reflecting the moderation in global aviation growth, the company continued signing new airline technology agreements across its Air IT portfolio.
Hospitality Business Maintains Strong Momentum
Amadeus’ Hospitality and Other Solutions division recorded 9.2% revenue growth at constant currency, driven by new customer implementations and higher transaction volumes across its hospitality technology and payments businesses.
The company expanded its customer base across hotel technology solutions while continuing deployments of its Central Reservation System (CRS) for several large hospitality groups. Growth in payment services also contributed positively to the division’s overall performance.
Air Distribution Faces Pressure from Lower Bookings
The Air Distribution business posted a more modest 1.1% revenue increase at constant currency, reflecting the impact of softer airline booking activity following the geopolitical disruptions.
Air bookings declined 3.7% during the first half, although higher-value transactions helped offset lower volumes. Revenue per booking increased 5.1%, enabling the segment to remain in positive growth territory despite weaker market conditions.
Biometric Expansion Plans Continue
Amadeus also confirmed that its proposed acquisition of IDEMIA Public Security, a specialist in biometric identity management and border control technologies, is progressing according to plan. The share purchase agreement has been signed, with regulatory approvals expected by mid-2027. The acquisition is expected to strengthen Amadeus’ capabilities in digital identity, airport security and seamless passenger processing.
Outlook
While geopolitical uncertainty has prompted Amadeus to moderate its full-year revenue expectations, the company remains confident that the diversity of its business across aviation, hospitality, payments and travel technology will continue to support long-term growth. Continued investments in artificial intelligence, airline retailing, hospitality technology and digital identity solutions are expected to remain central to its growth strategy.
