Amadeus reports first quarterly profit since pandemic amid travel recovery
Amadeus IT Group has reported its first quarterly profit since the onset of the COVID-19 pandemic. The travel technology company's results turned positive in the third quarter due to improving travel volumes.
Amadeus IT Group, a provider of travel technology solutions, announced its first quarterly profit since the beginning of the COVID-19 pandemic. The company reported an adjusted profit of €23.8 million for the three months ending September 30, 2021, marking a significant recovery from prior periods.
The improvement in earnings was driven by an increase in travel volumes. Air bookings through travel agencies decreased by 58.5% compared to the same period in 2019, but this represented a 9.1 percentage point improvement from the previous quarter. Passengers boarded using Amadeus' Air IT Solutions declined by 50.7%, an enhancement of 17.0 percentage points from the prior quarter.
Overall revenues for the period fell by 47.3% to €739.1 million, an 8.8 percentage point improvement from the second quarter's performance compared to 2019. EBITDA decreased by 63.5%, showing an 11.8 percentage point improvement from the second quarter.
Amadeus noted a positive trend in both bookings and passengers boarded across all regions and expressed confidence in continued recovery for the remainder of the year. The company also signed 14 new distribution agreements or renewals with airlines during the quarter, including JetBlue and Eva Air.