Air Distribution revenue grew 12.6%, to €764.4 million.
Air IT Solutions revenue increased 17.0%, to €497.0 million.
Hospitality & Other Solutions revenue grew 13.2%, to €234.9 million.
Group Revenue increased 14.1%, to €1,496.3 million.
AmadeusHighlights for the three months ended March 31, 2024 (relative to prior year):
- Air Distribution revenue grew 12.6%, to €764.4 million.
- Air IT Solutions revenue increased 17.0%, to €497.0 million.
- Hospitality & Other Solutions revenue grew 13.2%, to €234.9 million.
- Group Revenue increased 14.1%, to €1,496.3 million.
- EBITDA grew 14.2%1, to €582.01 million.
- Operating Income increased 19.1%1, to €422.1 million.
- Adjusted profit2 increased 18.8%1, to €324.5 million1.
- Free Cash Flow3 increased 23.1%, to €336.1 million.
- Net financial debt4 was €2,460.0 million at March 31, 2024 (1.1 times last-twelve-month EBITDA4).
In the first quarter of 2024, Amadeus continued to have a steady financial evolution. Amadeus’ Group Revenue, EBITDA and Operating Income increased by 14.1%, 14.2%1, and 19.1%1 respectively, and Adjusted Profit expanded by 18.8%1, over the previous year. Our financial performance in the quarter drove solid Free Cash Flow generation of €336.1 million, increasing 23.1% over the previous year. This resulted in Net Financial Debt of €2,460.0 million at March 31, 2024, representing 1.1 times last twelve months’ EBITDA.
Luis Maroto, President & CEO of Amadeus, commented:
“Amadeus started the year strongly, reporting double-digit growth across all our reported segments. We are also advancing on our strategic initiatives. Amadeus will be deploying its NDC technology for Expedia Group, representing an endorsement to our industry-wide NDC roll-out, and British Airways signed for Amadeus Nevio, a milestone in the airline’s path to modern retailing.
Based on this solid start to 2024, we look to the rest of the year with confidence.”
1 Excluding related transaction costs for the acquisitions of Vision-Box and Voxel, amounting to €0.6 million (€0.5 million after tax) in aggregate in the first quarter of 2024.
2 Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises, (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 Based on our credit facility agreements’ definition.
Business evolution in the quarter
In the quarter, Air Distribution revenue was 12.6% higher than in the previous year, resulting from positive booking volume growth and an increase in our average revenue per booking. Our Air Distribution bookings increased by 2.8% in the quarter, affected by a negative seasonality impact of Easter and Ramadan festivities. Our best performing region in the quarter was Asia-Pacific, which expanded by 31.2%. Over the period, Western Europe and North America were our largest regions in terms of bookings, representing 29.3% and 25.0% respectively. Our volume performance was complemented in the quarter by our positive 9.5% revenue per booking evolution.
Within the large OTA space in the U.S., Expedia announced this quarter an expanded partnership to integrate our NDC content, joining Priceline and Fareportal, which were both announced previously. This offers significant endorsement for our industry-wide roll-out and reinforces Amadeus’ commitment to accelerate the industry’s evolution towards modern retailing.
In the first quarter of 2024, our Air IT Solutions revenue grew by 17.0%, supported by our passengers boarded evolution, which increased by 16.3%, driven by global air traffic growth and the positive impact from Amadeus’ 2023 customer implementations. Asia-Pacific and Middle East and Africa were our best performing regions in the quarter, delivering 21.0% and 29.6% growth respectively, and Western Europe and Asia-Pacific were our largest regions, representing 28.2% and 32.9% of passengers boarded, respectively.
Within Air IT Solutions, British Airways has chosen Amadeus as its technology partner, and Amadeus Nevio, to deliver the airline’s Offer and Order strategic goals. This is a transformative partnership, and a significant step in making modern retailing a reality.
In Airport IT, during the quarter, we continued to expand our customer base and had several upsells for further solutions from our Airport IT offering. Earlier in the quarter we also received all the necessary approvals and closed the acquisition of Vision-Box, a pioneer and market leader in the provision of biometric solutions for airports, airlines and border control customers.
Our Hospitality & Other Solutions revenue grew by 13.2% in the first quarter of 2024. Both Hospitality, which generates the majority of revenues in this segment, and Payments, delivered strong growth, supported by new customer implementations and volume expansion.
In Hospitality, U.S.-based hotel management company Remington Hospitality has expanded its technology partnership with Amadeus to include our business intelligence solution Demand360+.
In Payments, Amadeus’ wholly-owned payments subsidiary, Outpayce, has now been granted the eMoney licence it applied for in 2022 from the Bank of Spain. Finally, on February 29, 2024, we acquired Voxel, a leading provider of electronic invoicing and a B2B electronic payments specialist for travel sellers and the hospitality industry.
Corporate news in the quarter
On February 26, 2024, Amadeus announced it had reached the maximum investment under the share repurchase program announced on November 6, 2023. Under the program, Amadeus acquired 8,807,000 shares (representing 1.955% of Amadeus’ share capital) for a total amount of €556.7 million.
On June 18, 2024, Amadeus will be hosting an Investor Day in London. During the session, Amadeus’ senior leadership team will be providing a strategic update across our businesses, as well as sharing views on our generally-expected evolution into the midterm, followed by a Q&A segment.
For more information about our operating and financial performance during the first quarter of 2024, please visit our Investor Relations website.
Summary of operating and financial information
|
SUMMARY OF KPI |
JAN-MAR 2024 | JAN-MAR 2023
|
CHANGE |
|
Operating KPI (millions) |
|
||
|
Bookings (m) |
125.2 |
121.8 |
2.8% |
|
Passengers boarded (m) |
476.4 |
409.5 |
16.3% |
| Financial results1 (€millions) | |||
|
Air Distribution revenue |
764.4 |
678.9 |
12.6% |
|
Air IT Solutions revenue |
497.0 |
424.9 |
17.0% |
| Hospitality & Other Solutions revenue | 234.9 | 207.5 | 13.2% |
|
Revenue |
1,496.3 |
1,311.3 |
14.1% |
|
EBITDA |
582.0 |
509.8 |
14.2% |
| EBITDA margin (%) | 38.9% | 38.9% | 0.0 p.p. |
| Operating income | 422.1 | 354.4 | 19.1% |
| Operating income margin (%) | 28.2% | 27.0% | 1.2 p.p. |
|
Profit |
313.9 |
262.4 |
19.6% |
|
Adjusted profit2 |
324.5 |
273.1 |
18.8% |
|
Adjusted EPS (euros)3 |
0.74 |
0.61 |
22.3% |
| Cash flow (€millions) | |||
|
Capital expenditure4 |
158.6 |
148.5 |
6.8% |
|
Free Cash Flow4 |
336.1 |
273.1 |
23.1% |
| Indebtedness5 (€millions) – At month end |
Mar 2024 |
Dec 2023 |
Change |
| Net financial debt | 2,460.0 | 2,140.6 | 319.3 |
| Net financial debt/LTM EBITDA | 1.1x | 1.0x |
1 Excluding related transaction costs for the acquisitions of Vision-Box and Voxel, amounting to €0.6 million (€0.5 million after tax) in aggregate in the first quarter of 2024.
2 Excluding after-tax impact of the following items: (i) accounting effects derived from PPA exercises, (ii) non-operating exchange gains (losses) and (iii) other non-operating income (expense).
3 EPS corresponding to the Adjusted profit attributable to the parent company.
4 Defined as EBITDA, minus capital expenditure, plus changes in our working capital, minus taxes paid, minus interests and financial fees paid. From January 1, 2024, capital expenditure is presented net of inflows from sales of assets. For comparison purposes with the prior year, 2023 capital expenditure and free cash flow figures have been restated accordingly.
5 Based on our credit facility agreements’ definition.
Disclaimer: Press release
© Press Release 2025
Send us your press releases to news@globalloyalty.org
Press releases originate from external third-party providers. This website does not have responsibility or control over its content, which is presented as is, without any alterations. Neither this website nor its affiliates guarantee the accuracy of the views or opinions expressed in the press release.
The press release is intended solely for informational purposes and does not offer tax, legal, or investment advice, nor does it express any opinion regarding the suitability, value, or profitability of specific securities, portfolios, or investment strategies. Neither this website nor its affiliates are liable for any errors or inaccuracies in the content, nor for any actions taken based on it. By using the information provided in this article, you agree to do so at your own risk.
To the maximum extent permitted by applicable law, this website, its parent company, subsidiaries, affiliates, shareholders, directors, officers, employees, agents, advertisers, content providers, and licensors shall not be liable to you for any direct, indirect, consequential, special, incidental, punitive, or exemplary damages, including but not limited to lost profits, savings, and revenues, whether in negligence, tort, contract, or any other theory of liability, even if the possibility of such damages was known or foreseeable.
The images used in press releases and articles provided by 3rd party sources belong to the respective source provider and are used for illustrative purposes in accordance with the original press releases and publications.
Disclaimer: Content
While we strive to maintain accurate and up-to-date content, Global Loyalty Organisation Ltd. makes no representations or warranties of any kind, express or implied, about the correctness accuracy, completeness, adequacy, or reliability of the information or the results derived from its use, not that the content will meet your requirements or expectations. The content is provided “as is” and “as available”. You agree that your use of the content is at your own risk. Global Loyalty Organisation Ltd. disclaims all warranties related to the content, including implied warranties of merchantability, fitness for a particular purpose, non-infringement, and title, and is not liable for a particular purpose, non-infringement, and title, and is not liable for any interruptions. Some jurisdictions do not allow the exclusion of certain warranties, so these jurisdictions may not apply to you. Global Loyalty Organisation Ltd. Reserves the right to modify, interrupt, or discontinue the content without notice and is not liable for doing so.
Global Loyalty Organisation Ltd. shall not be liable for any damages, including special, indirect, consequential, or incidental damages, or damages for lost profits, revenue, or use, arising out of or related to the content, whether in contract, negligence, tort, statute, equity, law, or otherwise, even if advised of such damages. Some jurisdictions do not allow limitations on liability for incidental or consequential damages, so this limitation may not apply to you. These disclaimers and limitations apply to Global Loyalty Organisation Ltd. and its parent, affiliates, related companies, contractors, sponsors, and their respective directors, officers, members, employees, agents, content providers, licensors, and advisors.
The content and its compilation, created by Global Loyalty Organisation Ltd, are the property of Global Loyalty Organisation Ltd. and cannot be reproduced without prior written permission.
