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Revenue: EUR3,335 million, representing 5% constant currency growth and 2% reported growth.

Adjusted EBIT: EUR1,012 million, up 5% at constant currency and 4% reported.

Adjusted Diluted EPS: Increased 7% at constant currency.

Diluted EPS: EUR1.64, representing 1% growth.

Free Cash Flow: EUR472 million, up 1% year-over-year.

R&D Investment: EUR682 million, equivalent to 20% of revenue.

Leverage: 1x net debt to EBITDA at the end of June.

Air IT Solutions Revenue: Grew 8.7% at constant currency.

Hospitality and Other Solutions Revenue: Grew 9.2% at constant currency.

Air Distribution Revenue: Grew 1.1% at constant currency.

Adjusted EBIT Margin: 29.8%, in line with the prior year.

Air IT Solutions Contribution Margin: 70.2%, up 0.3 percentage points year-over-year.

Hospitality and Other Solutions Contribution Margin: 34.4%, up 0.6 percentage points year-over-year.

Air Distribution Contribution Margin: 51.1%, up 0.2 percentage points year-over-year.

Capital Expenditure: Decreased 16.8%, representing 9.8% of revenue.

Net Debt: EUR2,578 million at the end of June.

Release Date: July 31, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Amadeus IT Group SA (AMADF) delivered solid H1 2026 results with 5% constant currency revenue growth and 5% adjusted EBIT growth, demonstrating resilience despite a challenging macro environment.

The company’s diversified business model is proving effective, with strong growth in Hospitality and Other Solutions (9.2% constant currency) and Air IT Solutions (8.7% constant currency), offsetting softer Air Distribution performance.

Commercial momentum remains robust, highlighted by a new Altea PSS customer (an airline group with over 40 million passengers annually), expanded Nevio engagements (25 airlines), and new NDC agreements with carriers like Alaska Airlines and Royal Air Maroc.

Amadeus IT Group SA (AMADF) is advancing its AI strategy with tangible actions, including becoming a founding partner of Google’s Universal Commerce Protocol for lodging and launching the Amadeus Travel Advertising Platform with Accenture.

The company maintains strong financial discipline, with free cash flow of EUR472 million, leverage at 1x net debt to EBITDA, and a completed EUR500 million share repurchase program.

Air IT Solutions revenue per PB grew 7.5% in H1, driven by Nevio portfolio contributions, renewals, and upselling, indicating strong pricing power and customer value.

Hospitality and Other Solutions continues to deliver fast growth, with new customer implementations (Marriott, Accor) and payments expansion (B2B Wallet, Outpayce) driving momentum.

The company is seeing early signs of recovery in July, with bookings broadly flat and PB growth close to 1%, improving from June performance.

Amadeus IT Group SA (AMADF) is well-positioned as a neutral orchestrator in the AI-enabled travel ecosystem, with deep integration and global scale that differentiates it from competitors.

The company’s revised 2026 outlook remains positive, with expectations for mid-to-high single-digit revenue growth and high single to low double-digit adjusted EPS growth, supported by cost-containment measures.

Negative Points

Amadeus IT Group SA (AMADF) revised its 2026 outlook downward due to the challenging Middle East geopolitical situation, which has impacted air traffic and bookings, leading to wider-than-typical guidance ranges.

Air Distribution bookings declined 3.7% in H1, with a significant deceleration since March due to the Middle East conflict, causing cancellations and reduced new bookings.

The company faces uncertainty in the short term, with IATA’s global air traffic growth assumption for 2026 reduced to 1.9% from 4.4% in December, reflecting a challenging environment.

Air IT Solutions PB growth was moderated by the Middle East disruption, with a 1.1% increase in H1, and the company expects a softer PB growth assumption for the full year.

Cost of revenue increased 2.2% due to higher transaction volumes in hotel distribution and payments, while D&A expenses rose 6.4% due to higher amortization of internally developed software.

The company is incurring one-off costs related to the decommissioning of an idle data center in Erding, which will run off by the end of the year but currently distort results.

Personnel costs are down year-on-year, but this is due to tactical cost-containment measures and contractor reductions, not structural AI-driven efficiencies, and FX benefits will not continue.

The Air IT Solutions contribution margin is expected to be diluted in H2 due to a mix shift towards lower-margin Airport IT and professional services revenue.

The company faces challenges from direct connections between large suppliers and TMCs, though it views these as limited and not a general trend.

The macro and geopolitical contexts make short-term predictions difficult, and the company acknowledges that if the situation deteriorates, the revised outlook may not be achievable.

Q & A Highlights

Q: Can you provide a month-by-month walk for Air Distribution bookings in Q2 and how that feeds into the broadly flat performance seen in early July? Also, how much of the Air IT revenue per PB growth was from disruption revenues, and is mid-single-digit growth a fair run-rate for H2?A: Luis Maroto Camino (CEO): Bookings were very weak in March, April, and May, with a recovery starting in June that has continued into July, where bookings are now broadly flat. The initial impact was driven by cancellations and a pause in new bookings due to the Middle East conflict, but we believe the worst is behind us. Caroline Borg (CFO): The disruption revenue contributed about a third of Air IT growth in Q1, but this impact fell away in Q2 as the most significant disruption occurred in March. The Q2 unitary pricing is a more targeted result.

Q: How do you view IATA’s reduced 2% passenger growth forecast for 2026, and what could be the downside if the conflict continues? Also, does the strong performance of Nevio customers like Finnair and BA change discussions with new prospects?A: Luis Maroto Camino (CEO): We don’t have a crystal ball, but our internal data shows a positive trend, with improvements in bookings and PBs in June and July. The 2% forecast is achievable if the positive trend continues, but it depends on the conflict’s evolution. Regarding Nevio, having airlines publicly discuss the benefits is definitely positive and helps our healthy pipeline of discussions, providing proof points of the platform’s value. Caroline Borg (CFO): We have prepared a range of scenarios to develop our revised outlook and believe we can deliver within that range based on current information. If things change negatively, we will communicate transparently.

Q: Why did a new airline group carrying over 40 million passengers select the Altea PSS instead of moving directly to the next-generation Nevio platform?A: Luis Maroto Camino (CEO): The airline decided to move to Altea first as a strategic step. While Nevio is the future platform, moving to offer and order requires significant process adjustments that some airlines are not ready for. They can migrate to Altea, work with us, and then do a smooth migration to Nevio later. Caroline Borg (CFO): We believe Altea and Nevio will coexist for a long time. It is not strange for a customer to take their modern retailing transformation in two steps, depending on where they are in their journey.

Q: Can you update us on your AI distribution strategy? Are you supporting airlines in developing MCP AIs, and if not, are there plans to?A: Luis Maroto Camino (CEO): The AI landscape is evolving, and we are working with airlines to support their connectivity needs, regardless of the platform. As AI platforms become a new channel, we are discussing with carriers how to support different connectivities and protocols. Our roadmap is part of these discussions to ensure we can support the future ecosystem.

Q: Personnel costs are down year-on-year despite higher unitary costs. Is the headcount reduction a result of AI deployment or something else?A: Caroline Borg (CFO): The headcount reduction is not a structural AI evolution. It is the result of disciplined, tactical cost-containment measures to prevent ramp-ups, leveraging our flexible R&D structure that uses contractors. We expect continued moderation of fixed costs, but note that we benefited from FX in H1, which will not continue.

Q: What factors are driving your confidence in the acceleration of Hospitality and Other Solutions growth in H2 to reach the low-double digit guidance? Also, why is CapEx tracking below the low-double digit percentage of sales framework?A: Caroline Borg (CFO): The acceleration is dependent on customer implementations. We have implemented 1,700 Marriott properties, are progressing well with Accor, and our payments business is winning new business. The Hospitality business is less impacted by the Middle East, giving us confidence to stay within the low-double digit range. On CapEx, we are at the low end of our guided range at 10% due to financial discipline. We will likely end the year at the lower end of the range, and we expect to remain there moving forward.

Q: Can you provide color on the geographic trends in PBs, particularly the divergence between Europe and the US, and the impact of Hawaiian and Spirit? How should we think about the net impact of these inorganics versus ANA in H2?A: Luis Maroto Camino (CEO): We do not provide exact numbers, but Spirit had already seen a significant passenger reduction before bankruptcy, so the impact was less than their historical size. Hawaiian also had an impact. The net effect is positive because ANA is larger than the sum of these airlines. The negative impact from Hawaiian and Spirit will persist, but it will be offset by the positive contribution from ANA for the rest of the year.

Q: You expect only one of the three segments to see margin expansion in the full year despite better sales. Can you provide more color on this and how it aligns with a flat EBIT margin? Also, when will Marriott and Accor contributions peak?A: Caroline Borg (CFO): The Air IT Solutions margin is expected to be diluted in H2 due to the revenue mix from faster-growing Airport and professional services businesses, which have lower margins. This is a financial engineering effect from the weight of revenue, not a commercial issue. On hospitality, the implementations are multiyear projects, with Marriott expected to peak in 2027 and Accor in 2028. They are progressing very well with good customer feedback.

Q: As agentic AI drives structurally higher look-to-book ratios, how are you thinking about the revenue model evolution to reflect the value delivered at the search and shopping layer?A: Luis Maroto Camino (CEO): This is a challenge we address by using our experience and inventory data to optimize the look-to-book ratio. We have commercial models that limit unproductive transactions and use robotics and new technologies to reduce them. The look-to-book ratio has been increasing every year, and AI may accelerate this, so optimizing shopping and search in a cost-effective way is a must for us and a key service we provide to the industry.

Q: What is your level of optimism regarding the IDEMIA acquisition after having more time to interact with customers and the team?A: Luis Maroto Camino (CEO):

For the complete transcript of the earnings call, please refer to the full earnings call transcript.