- 2025 Financial Performance Full-year revenue rose 9% to €6,517M; adjusted EBIT grew 10% to €1,894M, with free cash flow up 7% to €1.3B.
- Strategic AI Investments €2.5B in inference generated via machine learning for flight search; Agentic AI integration positions Amadeus as a leader in AI-enabled travel orchestration.
- Customer Expansion & Product Adoption Lufthansa Group adopted Nevio; TUI Airlines and Volotea selected Navitaire Stratos, driving 8.7% Air IT Solutions revenue growth.
- 2026 Guidance High single-digit revenue growth; free cash flow forecasted at €1.35–1.45B, with capital expenditure at 10–12% of revenue.
- Shareholder Returns €700M dividend at policy’s top end; €500M share buyback program launched, reflecting disciplined capital allocation amid €1.3B repurchase in Q4 2025.
Segment Performance
The Air IT Solutions segment saw revenue growth of 8.7%, driven by a 3.8% increase in Amadeus PBs and a 4.7% higher revenue per PB. Hospitality and Other Solutions revenue grew by 9.6%, driven by customer implementations and increased transaction volumes. Air Distribution revenue increased by 8%, driven by 2.8% increased booking volumes and a revenue per booking growth of 5%. These strong segment performances were key contributors to the company's overall revenue growth.
Guidance and Outlook
For 2026, Amadeus expects group revenue to grow at a high single-digit rate, supported by strong evolutions across all segments, and a stable adjusted EBIT margin performance. The company forecasts free cash flow between €1.35 billion and €1.45 billion, with capital expenditure as a percentage of revenue between 10% and 12%. This guidance indicates continued momentum in the company's growth trajectory.
AI and Innovation
Amadeus is leveraging AI to enhance its offerings, with a focus on becoming the orchestration layer in the AI-enabled travel ecosystem. The company has embedded AI across its portfolio and is engaging with major AI platforms like Google and Microsoft. As Decius Valmorbida noted, Amadeus is uniquely positioned to leverage AI due to its trusted system of record, integrated business logic, and global scale. The acquisition of Skylink is expected to further enhance productivity for travel management companies through conversational AI capabilities.
Valuation and Returns
With a ROE of 25.78% and ROIC of 16.17%, Amadeus demonstrates strong profitability. The current valuation metrics, including a P/B Ratio of 4.72 and EV/EBITDA of 8.59, suggest a reasonable valuation. The dividend yield of 2.5% and free cash flow yield of 4.79% provide a decent return for shareholders. The company's commitment to driving shareholder value through earnings growth and a balanced approach to capital allocation is evident in its plans for a new share repurchase program of €500 million.