Amadeus delivered resilient financial growth during the first half of 2026, despite geopolitical disruption in the Middle East weakening global air traffic, passenger bookings and airline operations.
The Spain-based travel technology company generated group revenue of €3.33 billion during the six months ending June 30. This marked a reported increase of 2.3% compared with the same period in 2025.
At constant currency, Amadeus revenue increased 5.1%, reflecting continued demand for airline technology, hotel reservation platforms, airport systems and travel payment solutions.
However, conditions across global aviation became more difficult from March. Middle East instability caused flight interruptions, booking cancellations and network adjustments across several international markets.
The slowdown contributed to negative global air traffic growth during April and May. According to Amadeus, these were the first such monthly declines in 15 years outside the Covid-19 period.
Despite these pressures, the company’s diversified business model helped reduce the impact of weaker passenger and booking volumes.
Revenue and profitability maintain steady momentum
Amadeus recorded operating income of €943.2 million during the first half, representing growth of 0.6% year-on-year.
Adjusted EBIT reached €1.01 billion. At constant currency, this important profitability measure increased 4.9%.
Adjusted diluted earnings per share also rose 7.3% at constant currency. Meanwhile, diluted earnings per share increased 1% on a reported basis.
Free cash flow reached €472.2 million, up 0.8% compared with the first half of 2025. The continued cash generation left Amadeus with net financial debt of €2.58 billion at the end of June.
That debt level was equal to one times the company’s last-12-month EBITDA, indicating a stable financial position during a volatile period for international travel.
Amadeus also completed its €500 million share repurchase programme in June. The programme had been announced in February 2026.
Airline technology supports resilient performance
Air IT Solutions remained one of the strongest growth areas within the Amadeus portfolio.
The division generated €1.21 billion in revenue, rising 6.2% on a reported basis and 8.7% at constant currency.
Revenue per passenger boarded increased 7.5% at constant currency. Growth came from additional products adopted by airline customers, Amadeus Nevio implementations and stronger Airport IT and professional services activity.
Airlines also increased their use of rebooking and disruption-management solutions as the Middle East situation created schedule changes and passenger service challenges.
These systems help carriers respond to irregular operations, reorganise journeys and communicate alternative travel arrangements. Such capabilities are becoming increasingly important as geopolitical and weather-related disruptions affect global networks.
Passenger volumes expanded more slowly. Amadeus-connected airline systems processed approximately 1.09 billion boarded passengers, representing an increase of 1.1%.
Nevertheless, the company secured new technology agreements and continued expanding services for airline and airport customers.
Hospitality platforms deliver faster growth
Hospitality and Other Solutions generated €543.4 million in first-half revenue.
The segment grew 5.3% on a reported basis and 9.2% at constant currency, making it the company’s fastest-growing major division.
Performance benefited from new customer implementations and higher transaction volumes across hospitality and payment services.
Amadeus also progressed with large deployments of its Central Reservation System for international hotel groups. These platforms connect hotel inventory, rates, reservations and distribution channels within a unified digital ecosystem.
For hotels, stronger reservation technology can improve direct bookings, personalise guest offers and support more efficient revenue management.
The division’s expansion reflects the hospitality industry’s growing investment in automation, artificial intelligence, connected payments and cloud-based commercial platforms.
Air bookings decline amid travel uncertainty
Air Distribution faced greater pressure as international booking activity weakened.
The segment generated revenue of €1.58 billion, down 1.5% on a reported basis but up 1.1% at constant currency.
Total bookings fell 3.7% to 238 million during the six-month period. Amadeus attributed the decline to heightened cancellations and air traffic disruption following Middle East geopolitical developments.
However, revenue per booking increased 5.1% at constant currency. This improvement helped offset some of the financial impact caused by lower transaction volumes.
Amadeus also expanded airline content available through its travel platform and signed agreements with carriers, travel management companies and other global travel sellers.
Digital investment reshapes global travel
The results highlight the expanding role of technology as airlines, hotels and airports respond to increasingly complex operating conditions.
Amadeus invested €682 million in research and development during the first half, equal to more than 20% of group revenue. Investment priorities included artificial intelligence, airline retailing, hospitality platforms, airport technology, digital payments and customer implementations.
The company is also progressing with its planned acquisition of IDEMIA Public Security, subject to regulatory approval. The transaction would strengthen Amadeus’ capabilities in biometrics, identity management and passenger processing.
Although weaker air traffic has moderated the company’s growth outlook, Amadeus remains positioned across several essential areas of the travel economy.
Its first-half performance demonstrates how airline systems, hospitality platforms and automated disruption tools are becoming vital infrastructure for delivering smoother journeys during periods of uncertainty.
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