Intermoney | The company (Hold, PO €65) has just announced its Q1 results and will hold a conference call at 1 p.m. CET. The main figures, which we show in the table below alongside our forecasts, show a slowdown in growth due to market weakness in North America. Air bookings and passengers boarded grew by 2% and 6% in Q1 2025, compared to 5% and 11% in 2024 as a whole. EBITDA rose by 8% to €628 million compared to Intermoney’s estimate of €625 million. Net profit was €355 million (up 13%) compared to Intermoney’s estimate of €342 million.
We have not changed our 25-27 forecasts significantly following the annual results, implying CAGR growth of 10% at EBITDA level, although there is currently a downward bias due to the situation in North America. Amadeus reiterates its EBITDA Outlook (guidance) of +7 to -12%, excluding FX effects, mainly the depreciation of the dollar.
