Amadeus reported group revenue of €1.6 billion for the third quarter of 2025, up 6.4% compared to €1.5 billion a year earlier.
Air IT solutions revenue for the nine months to the end of September was €1.7 billion, up 6.5% year over year and includes €600 million in Q2 and €511 million in the first quarter of the year.
Air distribution revenue increased 6.6% year over year to €2.3 billion for the nine months, which includes Q2’s revenue of €807 million and Q1’s revenue of €821 million.
Revenue for the company’s hospitality business unit was €776 million for the nine months, up from €734 million for the same period in 2024. Amadeus reported revenue of €267 million for hospitality in the second quarter and €260 million in the first quarter.
“Amadeus saw revenue growth acceleration and margin expansion in the quarter. Our market relevance grew as we signed new customers across our businesses, including for our central reservation system in hospitality,” said Luis Maroto, president and CEO of Amadeus.
“We continued to invest to broaden our offering, through innovation and further use of AI. Our decisive investment in R&D, totaling over €1 billion in the year to date, accompanied by the transformational customer projects we continue to implement, reinforce our deep integration into the travel ecosystem as we deliver unique solutions for the industry. We enter the last quarter of the year with confidence to deliver on our 2025 outlook, which remains unchanged.”
Maroto added that the company had identified more than 500 use cases of agentic AI.
On the potential for distribution to be disrupted by the large language models (LLMs) he said:
“We will need to see how things evolve. The travel space is complex, there is a lot of content fragmentation, which in my view needs to be aggregated and standardized. We also think the transition to offer and order and dynamic pricing capabilities will bring more complexity in the future in the way to reconnect to travel providers and to get the content. Whoever wants to consume travel will need to work with people who can provide this content in the proper way.”
Maroto added that the industry also needs to see a reasonable look-to-book ratio, adding that with New Distribution Capability, it is already a challenge in terms of the number of transactions per booking and could be even more costly with AI.
“Based on all that we don’t believe that the goal of AI platforms will be to become merchants, to become content aggregators and deal with all this complexity. We feel these platforms will need real-time pricing, not static content, and you have seen many of them reaching agreements with OTAs to get this content. So, yes, there will be changes, it’s a constant in our industry and we will target that.”
The R&D investment is a 10% increase versus the same period in 2024 when Amadeus invested €974 million.
Approximately half of the R&D investment went towards new solutions and enhancements, according to the company, with customer implementations and services making up the next biggest tranche followed by internal technology.
Group revenue for the nine months was €4.9 billion, up 6.4% year over year while profit increased 10% to just over €1 billion.