Amadeus IT Group (AMS) Q4 2025 earnings summary

Executive summary

• Revenue grew 9% year-over-year to €6,517 million at constant currency, with adjusted EBIT up 10% and profit up 7%; strong Q4 and full-year results delivered on outlook.

• Free cash flow reached €1.3 billion, up 7% excluding non-recurring items, and a €1.3 billion share buyback was completed, with a new €500 million program announced for 2026.

• Major commercial wins included Lufthansa Group, TUI, Volotea, Marriott, Accor, and Direct Travel, with continued expansion of partnerships and technology leadership.

• Over €1.4 billion invested in R&D (22% of revenue), supporting AI initiatives, cloud migration, and innovation.

• Announced midterm outlook targeting high single-digit revenue growth, low double-digit EPS growth, and high single-digit free cash flow growth.

Financial highlights

• FY2025 revenue reached €6,517 million, up 6% (9% at constant currency); adjusted EBIT was €1,894 million, up 10% at constant currency.

• Adjusted EBIT margin expanded to 29.1%, up from 28.3% in 2024.

• Free cash flow was €1,302 million, up 7% excluding non-recurring items; cash conversion at 94%.

• Leverage at 0.9x net debt/EBITDA; net financial debt at €2,141 million.

• Dividend payout ratio set at 50% of profit; total 2025 dividend proposed at €664.6 million.

Outlook and guidance

• 2026 guidance: high single-digit group revenue growth, stable adjusted EBIT margin, low double-digit adjusted diluted EPS growth, and €1.35–€1.45 billion free cash flow.

• Dividend at the top end of policy (~€700 million) and new €500 million share repurchase program for 2026.

• Midterm (2026–2028): high single-digit revenue and FCF CAGR, margin expansion, low double-digit EPS CAGR.