In the first nine months of 2024, Amadeus reported double-digit growth across all sectors, significantly increasing EBITDA, Operating Income, and Adjusted Profit, while also expanding its free cash flow and maintaining a strong financial position.
In the first nine months of 2024, Amadeus delivered double-digit growth with enhanced profitability, delivering expanding EBITDA and Operating Income margins. Our Group Revenue increased by 12.6%, EBITDA grew 13.3%1, Operating Income increased by 16.9%1, and Adjusted Profit expanded by 17.4%1, relative to prior year. This solid financial performance over the first nine months of 2024 supported Free Cash Flow generation of €975.2 million, resulting in Net Financial Debt5 of 2,511.0 million euros at September 30, 2024, representing 1.09 times the last-twelve-month EBITDA.Highlights for the nine months ended September 30, 2024 (relative to prior year):
- Air Distribution revenue grew 10.0%, to 2,230.5 million euros.
- Air IT Solutions revenue increased 16.2%, to 1,636.2 million euros.
- Hospitality & Other Solutions revenue grew 12.9%, to 733.9 million euros.
- Group Revenue increased 12.6%, to 4,600.6 million euros.
- EBITDA grew 13.3%, to 1,806.3 million euros1.
- Operating Income increased 16.9%1, to 1,314.8 million euros1.
- Adjusted Profit2 increased 17.4%, to 1,028.2 million euros1.
- Free Cash Flow3 amounted to 975.2 million euros, a 7.3%4 increase excluding non-recurring tax-related collection.
- Net Financial Debt5 was 2,511.0 million euros at September 30, 2024 (1.09 times last-twelve-month EBITDA).
Luis Maroto, President & CEO of Amadeus, commented: “We have delivered a high-growth, profitable and cash-generative evolution in the first nine months of 2024, supported by strong performances across our businesses. Based on our solid financial situation to date and our prospects for the fourth quarter, we reiterate our confidence on the outlook we issued at the beginning of the year.
We are confident about the growth opportunities ahead for Amadeus and we are committed to achieving them. Amadeus is accelerating investment and aims to become the undisputed aggregator of NDC volumes for airlines and travel agencies, to lead the airline IT retailing transformation, and to be the IT provider of reference to the hospitality industry.”
Business evolution
Over the first nine months of 2024, Air Distribution revenue increased by 10.0% relative to the previous year, supported by steady booking growth of 3.4% and unitary booking revenue expansion of 6.4%.
Company continued to progress well on its NDC strategy. Delta Air Lines and Virgin Australia signed NDC distribution agreements with Amadeus to distribute their NDC content through the Amadeus Travel Platform. Notably, India’s leading airline, IndiGo, entered into a strategic NDC partnership with Amadeus to provide travel sellers in India and around the world with access to IndiGo’s NDC content via the Amadeus Travel Platform.
In Air IT Solutions, revenue grew by 16.2%, supported by our passengers boarded evolution, which increased by 12.0% in the nine-month period. This increase was driven by global air traffic growth and the positive impact from Amadeus’ 2023 – 2024 customer implementations.
During the third quarter, Amadeus officially introduced Navitaire Stratos, a modern retailing portfolio for low-cost and hybrid carriers. This portfolio enhances traveler-focused services, reduces costs, and supports flexible partnership integrations, while meeting industry Offer and Order standards.
Also in this quarter, Qatar Airways expanded its partnership with Amadeus by signing for Amadeus Ancillary Dynamic Pricing, part of our Offer Management portfolio.
Regarding Airport IT, we continued to expand our customer base and sold solutions from our Airport IT portfolio to several airport customers such as Groupe ADP.
Over the first nine months of 2024, Hospitality & Other Solutions revenue increased by 12.9%. Both Hospitality and Payments delivered double-digit growth rates over the period, supported by new customer implementations and volume expansion. In Hospitality IT, CDS Groupe has renewed and expanded its agreement with Amadeus Hospitality Media and Distribution. In Payments, Outpayce will tokenize customer card details for a leading European low-cost airline.
1 Excluding the following effects: (i) in the first nine months of 2024, M&As acquisition related costs, amounting to 4.8 million euros (3.8 million euros after tax), and (ii) in the first nine months of 2023, updates in tax risk assessments, fundamentally due to the positive resolution of proceedings, which resulted in an increase in Adjusted Profit of 22.6 million euros, with no impact on EBITDA.
2 Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises and impairment losses, (ii) non-operating exchange gains (losses), and (iii) other non-operating income (expense).
3 Defined as EBITDA, minus capital expenditure, plus changes in our working capital, minus taxes paid, minus interests and financial fees paid.
4 Growth excluding collections from the positive resolution of tax-related proceedings of 42.8 million euros in 2023 and €9.2 million in 2024.
5 Based on our credit facility agreements’ definition.
InfographicFinancials-2024-Q3
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
