Amadeus IT Group Updating Estimates Ahead Of 2Q26

Goldman Sachs maintains a Buy rating on Amadeus IT Group with a €77 price target. Despite softer air traffic volume expectations, the firm anticipates robust EPS growth through strong unitary revenue and effective cost control.

Key Takeaways

• 1.Updating FY26 earnings estimates to reflect volume headwinds (softer global RPKs) balanced by strong unitary revenue growth and cost management.
• 2.Maintaining Buy rating with 12-month price target of €77, seeing valuation at c.13x 12m-forward P/E as attractive given c.14% EPS CAGR expectations.
• 3.Proprietary database of >180 airline IT contracts reveals significant upsell potential in Air IT to drive long-term revenue.

Table of Contents

• Amadeus IT Group (AMA.MC): Updating estimates ahead of 2Q26: lower volumes but strong unitary revenues and cost management
• Recap: Our investment thesis and Air IT deep-dive
• Our amadeus
• Estimate changes
• Amadeus valuation and key risks
• Disclosure Appendix

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