Amadeus delivered steady growth in the first six months of the year, despite the macroeconomic and geopolitical context throughout the period. In H1 2025, Amadeus’ Group Revenue increased by 6.8 percent, or by 7.6 percent at constant currency rates, and Adjusted Operating Income grew 7.6 percent. Free Cash Flow generation in the first six months of the year amounted to €468.6 million, resulting in Net Financial Debt of €1,715.0 million at June 30, 2025 (equal to 0.71 times last-twelve-month EBITDA)3. Amadeus continued to repurchase shares through the second quarter, via its ongoing €1.3 billion share repurchase program initiated in March 2025.
Luis Maroto, President & CEO of Amadeus, commented: “As a company innovating at the forefront of travel technology, we continue to invest decisively for future growth—allocating over €700 million to R&D in the first half of 2025.
We signed new customers across all our business lines and advanced on several key, industry-transforming implementations, reinforcing our position as the leading technology partner in travel. Amid the current macro uncertainties, our outlook4 remains unchanged, backed by our resilient business.”
Business evolution
Amadeus’ progress this half is supported by a steady evolution and strong operating performance in each of its reported segments: Air IT Solutions, Hospitality & Other Solutions and Air Distribution.
Air IT Solutions revenue increased 7.1 percent or 7.9 percent at constant currency, supported by a 4.6 percent increase in Airline IT passengers boarded. This was driven by global air traffic growth in the period and by the positive impact of customer implementations. Amadeus’ volumes experienced particularly strong growth in Asia Pacific, where passengers boarded grew by 9.9 percent.
This segment’s revenue growth was further backed by a 3.1 percent4 rise in revenue per passenger boarded supported by positive pricing dynamics, upselling of incremental solutions to customers, and the expansion in Airport IT and Airline Expert Services.
In the first six months of the year, Hospitality & Other Solutions revenue increased by 6.2 percent or 7.5 percent at constant currency, supported by transaction growth and new customer implementations.
Finally, in H1 2025, Air Distribution delivered revenue growth of 6.8 percent or 7.5 percent at constant currency supported by 2.0 percent booking growth and 5.4 percent4 revenue per booking expansion. Amadeus’ continued commercial success with customers across regions supported booking volume growth, which was particularly strong in Asia Pacific, where bookings increased by 10.4 percent.
