1) Strategy & Leadership
- Amadeus reported a strong Q4 2025, with revenues up 10% and adjusted EBIT up 15% at constant currency.
- The company aims to be a leader in AI-enabled travel technology, focusing on integrating AI into its offerings to enhance customer experience and operational efficiency.
- Amadeus plans to maintain high levels of R&D investment, with EUR 1.4 billion allocated in 2025, to support long-term growth and innovation.
- The company is committed to delivering strong operating and financial performance, targeting high single-digit revenue growth and low double-digit adjusted diluted EPS growth in the midterm.

2) Financial & Segment Results
- Full-year 2025 revenue reached EUR 6,517 million, a 9% increase at constant currency, while adjusted EBIT grew 10% to EUR 1,894 million.
- Free cash flow for 2025 was EUR 1.3 billion, up 7% from 2024, with a significant share buyback program completed in Q4.
- Segment performance highlights include:
| Segment | Revenue Growth (2025) | Adjusted EBIT Margin | |-------------------------------|-----------------------|----------------------| | Air IT Solutions | 8.7% | 70.7% | | Hospitality and Other Solutions| 9.6% | 35.8% | | Air Distribution | 8.0% | 49.6% |
- Q4 saw particularly strong growth in both Air IT Solutions and Hospitality segments, driven by new customer implementations and market share gains.

3) Problems / Headwinds
- The company acknowledged challenges from a complex macroeconomic and geopolitical environment but managed to deliver strong results.
- There were concerns regarding potential competition from airlines developing their own IT solutions, but Amadeus emphasized its unique integration and expertise as a competitive advantage.
- The impact of flight cancellations in the U.S. affected Air Distribution revenue growth in Q4, indicating some volatility in the market.

4) Operational or Product Plans
- Amadeus is advancing its AI initiatives, including the launch of Nevio, an AI-native airline IT platform, with significant adoption from major airlines like Lufthansa Group.
- The company is expanding its Hospitality platform and enhancing payment solutions, with partnerships established with major hotel chains and payment providers.
- Ongoing investments in cloud migration and partnerships with tech giants like Google and Microsoft are expected to enhance operational efficiency and product offerings.
- Amadeus plans to generate between EUR 1.35 billion and EUR 1.45 billion in free cash flow in 2026, with continued capital expenditure to support growth.

5) Guidance & Outlook / Investor Angle
- For 2026, Amadeus expects high single-digit revenue growth, stable adjusted EBIT margins, and low double-digit adjusted diluted EPS growth.
- The company is committed to returning capital to shareholders, with a planned dividend of nearly EUR 700 million and a new share repurchase program of EUR 500 million.
- Amadeus aims to leverage its strengths in AI and technology to capture additional market opportunities and enhance its competitive position in the travel industry.

Bottom line: Amadeus is positioned for sustained growth, leveraging its technological leadership and AI integration to enhance customer offerings and operational efficiency, while maintaining a strong commitment to shareholder returns. The outlook for 2026 remains positive, with expectations for continued revenue and earnings growth.