Amadeus' Q3 2026 results have been in line with expectations and the company reiterates its guidance for 2026 and 2027. It announces a new contract in Poland where it expects to increase the group's points of presence by +3% in the long term.
Main figures compared to consensus: Revenue +1.8% year-on-year to €1,013M vs €1,015 expected; Ebitda (pre-leases) +3.9% to €863M vs €860M; Ebitda (post-leases) +4.4% to €658M vs €655M; RLFCF +11.2% to €473M vs €473M.
Opinion of the Bankinter analysis team:
Positive figures. The improvement in cash generation allows it to continue reducing its leverage without neglecting shareholder remuneration (€1,000M in 2026). The operational business continues to show a favourable evolution with organic sales growing +4.5% year-on-year so far this year. The telecommunications tower division (82% of Revenue) grows at a rate of +5.1% supported by the increase in points of presence (+4.1%) and higher occupancy ratios per tower (1.65x vs 1.63x previously).
In this regard, it announces a new contract in Poland that will allow it to increase points of presence by +3% in the long term. Regarding the impact of satellite companies like Starlink on its business, it has shifted from being a threat to a catalyst. The satellite company announced the purchase of 14 MHz of low-frequency national spectrum in the United States with the aim of developing a hybrid satellite/terrestrial network, which translates into greater benefits for telecommunications tower infrastructure companies.
Reiterates guidance for 2026 and 2027. In short, the company is evolving favourably. Cellnex is achieving a close to 5% organic growth, margin expansion and +11.2% RLFCF. We reiterate our Buy recommendation.
