Updating Estimates Post 1Q26 Amadeus IT Group

Goldman Sachs maintains a Buy rating on Amadeus IT Group with a €77 target price following better-than-expected 1Q26 results. The analysts cite strong Air IT performance and a robust pipeline for market share gains as key growth drivers.

Key Takeaways

• 1.Goldman Sachs has modestly raised earnings estimates for Amadeus post-1Q26, citing strong unitary revenues in Air IT and a mid-single-digit EBITDA beat.
• 2.The investment thesis is underpinned by a proprietary database of 181 airlines, suggesting a significant market share gain opportunity in the Passenger Service System (PSS) space.
• 3.Valuation is considered attractive at approximately 14x 12-month forward P/E, with a total upside potential of 48.7% to a €77 price target.

Table of Contents

• Recap: Our investment thesis and Air IT deep-dive
• Estimate changes
• Amadeus Investment Thesis
• Amadeus valuation and key risks

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