Amadeus (AMS) Q1 2026 earnings summary

Executive summary

• Achieved high single-digit revenue growth at constant currency in Q1 2026, with revenue up 8% to €1,683 million, adjusted EBIT up 7%, and adjusted diluted EPS up 9%, despite Middle East disruptions moderating March performance.

• Commercial momentum remained strong, with customer base expansion, cross-selling, and new solution adoptions across segments.

• Strategic acquisitions and partnerships, including the announced acquisition of IDEMIA Public Security (IPS) for €1.2 billion, are enhancing biometrics capabilities and platform breadth.

• Continued investment in AI, product development, and partnerships with Microsoft, Google, and AWS to support long-term platform strategy.

Financial highlights

• Revenue reached €1,683 million, up 8% at constant currency (3% reported); adjusted EBIT was €500 million, up 7% at constant currency (5% reported); adjusted diluted EPS grew 9% at constant currency to €0.86.

• Free cash flow was €274 million, up 5%; leverage at 1.0x net debt/EBITDA; net financial debt at €2,586 million, up €445 million from December 2025, mainly due to share repurchases, dividends, and acquisitions.

• EBITDA increased 5.3% to €661.4 million, with margin up 0.8 percentage points to 39.3%.

• R&D investment totaled €335 million (20% of revenue), down 6.1% year-over-year; capital expenditure decreased by 15.2%, representing 10.5% of revenue.

Outlook and guidance

• Expecting to deliver within 2026 outlook, assuming booking growth recovery in H2 and 3% global air traffic growth for the year; Q2 performance expected to be tempered, with negative booking growth and weaker PB growth than Q1.

• Management is closely monitoring Middle East geopolitical risks and macroeconomic uncertainty, with updates to be provided if outlook changes.