AMADEUS : Demonstrating resilience

研报英文原文证据摘录

AMADEUS : Demonstrating resilience

EQUITIES

SOFTWARE

AMADEUS OUTPERFORMPRICE* EUR51.8  TARGET PRICE EUR79 (UPSIDE 53%) TARGET 4%PRICE EPS 3%26e EPS 3%27e

AMADEUS ADR OUTPERFORMPRICE* USD61.1  TARGET PRICE USD92 (UPSIDE 51%) TARGET 6%PRICE EPS 3%26e EPS 3%27e

Demonstrating resilience

Solid Q1 26 demonstrated the company’s resilience11 MAY 2026

Securities Research Report Amadeus reported solid Q1 2026 results despite an adverse environment due to the conflict in the

Production time: 08:32* (London time) ME. Group revenue at cc was up c. +8% and adj. EBITDA came ahead of buy-side expectations

Research Analysts & Publishing Entities thanks to better unitary revenue across Air Distribution and Air IT Solutions (AIT), a more limited

Thomas Poutrieux impact than expected in Hospitality & Other Solutions, and cost containment measures (we

BNP Paribas SA calculate opex grew msd at cc). FCF was also up +4%, a positive surprise.+33 1 42 99 84 13

thomas.poutrieux@bnpparibas.com

Better Q1 performance suggests a more prudent approach to guidance

Alexandre Faure Although the Q1 performance was partially the result of Amadeus’ business model (better revenue

BNP Paribas SA

+33 1 42 99 52 38 per PB from disruption-related products and services, lower cost of sales intensity as bookings

alexandre.x.faure@bnpparibas.com were softer), we believe it also likely reflects a more prudent approach to guidance, as we believe

the positive surprises on opex and capex somewhat illustrated.

Changes to our forecasts

We had cut our estimates to reflect the ME headwinds prior to the release. We’re now partially

reversing those cuts, increasing our adjusted EPS by c. 3% over FY 2026-28E on the back of

slightly better revenue (coming almost entirely from AIT, details p. 2) and lower costs.