Amadeus IT Group (AMS) Q3 2025 earnings summary

Executive summary

• Revenue growth accelerated in Q3 2025, with strong commercial momentum, margin expansion, and new customer wins across airline, hospitality, and travel seller segments.

• Significant R&D investment exceeded €1 billion year-to-date, focused on AI, cloud transformation, and innovation, supported by partnerships with Microsoft and Google.

• Strategic partnerships and AI-powered product launches, including Nevio and agentic AI solutions, drove operational efficiency and digital transformation.

• Confident outlook for the remainder of 2025, with guidance unchanged and continued focus on expanding industry relevance.

Financial highlights

• Group revenue for the first nine months reached €4,895.3 million, up 6.4% year-over-year (8.0% at constant currency), with Q3 revenue at €1,635.3 million (8.6% at constant currency).

• Operating income was €1,419.6 million (+8.4%); adjusted EBIT €1,470.6 million (+8.7% at constant currency); profit reached €1,088.2 million (+10.1%).

• Adjusted profit was €1,108.9 million (+8.2%); diluted EPS up 11%, adjusted diluted EPS up 9%.

• Free cash flow was €955.2 million, 2% below prior year, with 9.4% Q3 growth; net financial debt at €2,219.9 million (0.90x LTM EBITDA).

• Ongoing €1.3 billion share repurchase program, with €1,061.6 million spent by September 30, 2025.

Outlook and guidance

• Confident in delivering full-year 2025 results within guidance, with revenue at the lower end of the range and EBITDA/adjusted EBIT growing faster than revenue.

• 2025 outlook at constant currency unchanged: revenue €6.60–€6.84 billion (7.4%–11.4% growth), EBITDA €2.46–€2.58 billion (5.7%–11.0%), FCF €1.25–€1.33 billion.

• Expect continued acceleration in hospitality and other solutions in Q4, with fixed cost growth moderating.

• Midterm guidance of 9%-12.5% CAGR reaffirmed; more details to be provided in February.