Amadeus FiRe H2 Earnings Call Highlights

Key Points

• Amadeus FiRe reported 2025 revenue of EUR 364 million (‑16.6% y/y), operating EBITDA fell to EUR 40 million, and the group posted a consolidated net loss of EUR 2.2 million, so management will propose no dividend.
• The Personnel Services segment was hardest hit—revenue down 22.8% and operating EBITDA margin collapsing to 6.1%—while Training revenue fell 7.2% and was pressured by ~EUR 6.1 million of restructuring and weak publicly funded program demand; branch headcount was cut by around 20%.
• Strategically, the group completed AI-driven learning acquisitions (Masterplan and eduBITES) and is targeting 2026 group revenue of EUR 362–394 million (0–8% growth) with operating EBITDA of EUR 20–31 million as it pivots toward digital/AI-led training and stabilization.

Amadeus FiRe ETR: AAD confirmed its preliminary, unaudited results for fiscal 2025, describing the year as resilient despite a “persistently challenging” economic environment in Germany that weighed heavily on profitability. CEO Robert von Wülfing said sentiment among companies deteriorated through the year, with investment decisions postponed, expansion plans put on hold, and hiring approached “with massive caution,” or even reduced, amid uncertainty about economic development.

Management points to weak German backdrop and cautious hiring

Von Wülfing framed 2025 as a period marked by stagnation and worsening confidence. He cited weak GDP growth, rising unemployment, and heightened uncertainty tied to trade barriers and volatile U.S. tariff policy, alongside geopolitical tensions including armed conflicts in Ukraine and the Middle East. He said these conditions hampered companies’ willingness to invest and recruit, even as structural shortages of skilled workers remain in place long term.

He also noted that candidates were reluctant to change jobs, prioritizing stability and security, which made it harder to fill positions and reduced the conversion of inquiries into contracts in the personnel services business.

2025 results: revenue down, profitability pressured by restructuring and investment

The company reported 2025 revenue of EUR 364 million, down 16.6% from EUR 435 million a year earlier and within the company’s previously forecast range of EUR 355 million to EUR 385 million. Operating gross profit declined to EUR 187 million from EUR 237 million, with an operating gross profit margin of 51.4% (down from 55.2% but described as still above market averages).

Operating EBITDA fell to EUR 40 million from EUR 56 million, with management pointing to the sharp revenue decline across both segments, around EUR 6 million of one-off restructuring costs, and investments related to the group’s digital transformation.

Below EBITDA, Amadeus FiRe generated operating profit after tax of EUR 4.9 million, down from EUR 36.8 million in the prior year. The group posted a consolidated net loss attributable to shareholders of EUR 2.2 million, compared with a profit of EUR 32.8 million a year earlier. Basic earnings per share were -EUR 0.44, down from EUR 6 previously.

Following the negative result and in line with its dividend policy, management and the supervisory board said they will propose that no dividend be paid, with retained earnings carried forward.

Segment performance: Personnel Services hit hardest; Training impacted by public funding

In Personnel Services, management said the market remained under significant pressure from weak macro conditions and changes in labor-market behavior. The segment’s total revenue was EUR 208 million, down 22.8% year over year. Segment gross profit fell 26.9% to EUR 97 million, and the operating profit margin declined to 46.8% from 49.4%. The segment’s operating EBITDA margin dropped to 6.1% from 13% in the prior year, which von Wülfing described as unusually low for the company, though he argued it was still a comparatively strong outcome given industry conditions.

Management detailed differing trends within staffing lines:

• Temporary staffing revenue fell 23%, with subdued customer demand and a lower gross margin.
• Permanent placement revenue dropped 30% as companies delayed filling roles and remained cautious on new hires.
• Interim management was described as the most resilient area, with revenue down 6%, though it was affected by the broader economy “for the first time.”

To adjust to the downturn, the company reduced sales and administrative costs in many areas. Von Wülfing said vacancies from natural turnover were filled only selectively and that active turnover management reduced branch-organization headcount by around 20% at year-end 2025 versus year-end 2024.

In the Training segment, revenue totaled EUR 156 million, down 7.2% from EUR 169 million. Management said B2C activities increased revenue, but publicly funded training providers Comcave and GFN saw declines, with participant numbers in publicly funded programs continuing to fall in the fourth quarter. Von Wülfing linked demand softness to the reorganization of responsibilities for training vouchers and delayed clarity on budget policy, which reduced funding volume and pressured capacity utilization.

Training segment operating gross profit fell 13.7% to EUR 90 million, with gross margin at 57.6%. Operating EBITDA was additionally impacted by EUR 6.1 million of restructuring costs, and the reported operating EBITDA margin was 0.7%. Von Wülfing said the adjusted margin was closer to 5% and that the reported margin should be viewed as an exception.

Acquisitions and AI learning strategy

At the end of 2025, Amadeus FiRe completed two acquisitions in the corporate learning environment: Masterplan and eduBITES. Management described both as “technology and AI-driven buy-and-build cases.” Masterplan was positioned as a scalable SaaS platform with a B2B focus, while eduBITES uses AI agents to capture internal company knowledge and convert it into multimedia learning formats. In Q&A, von Wülfing said the combined current revenue level of the two acquisitions was around EUR 10 million and that both businesses were around break-even at present.

Von Wülfing also highlighted the company’s “Corporate AI Learning” focus, referencing a study the group conducted on behalf of Allianz der Chancen. He said survey results showed most companies viewed AI as essential and planned to increase investment, but only a minority were investing substantially in near-term employee upskilling. The company also announced a strategic partnership with Leaders of AI aimed at training management levels in AI use.

2026 outlook: revenue stabilization targeted; Training expected to rebound

For 2026, management said Germany’s outlook remains weak with limited momentum and ongoing geopolitical and energy-price uncertainty. The company expects the personnel services market to remain subdued, with no meaningful improvement anticipated, while training is expected to perform more positively as demand for digitalization and AI-related programs grows.

Amadeus FiRe is targeting 2026 group revenue growth of 0% to 8%, or EUR 362 million to EUR 394 million. The operating EBITDA target is EUR 20 million to EUR 31 million, implying an operating EBITDA margin of roughly 5% to 9%. Management expects quarter-on-quarter improvement versus the prior year, while acknowledging 2026 is still a “year of transformation.”

Segment guidance provided on the call included:

• Personnel Services: revenue of EUR 190 million to EUR 210 million and operating EBITDA of EUR 9 million to EUR 60 million, with an expected operating EBITDA margin of about 4% to 8%.
• Training: revenue of EUR 172 million to EUR 184 million and operating EBITDA of EUR 11 million to EUR 15 million. Management said this implies a significant increase from 2025, which was heavily affected by restructuring costs, and noted that excluding acquisition effects, the underlying growth target is in the single digits.

In Q&A, von Wülfing said no further restructuring costs are planned for 2026 and that the restructuring program is essentially completed. He also said deleveraging is expected over the course of 2026, particularly in the second half, supported by improved profitability and free cash generation. He noted the company has a EUR 121 million revolving credit line, with around EUR 80 million currently utilized.

Asked about additional AI-related acquisitions, von Wülfing said the company’s priority is building the two recent buy-and-build cases and that the probability of near-term acquisitions is “low,” though the group would still review interesting targets.

About Amadeus FiRe ETR: AAD

Amadeus FiRe AG provides personnel and training services in Germany. It offers specialized personnel services, such as specialist temporary staffing, permanent placement, and interim and project management for professional and management staff in commercial professions and IT fields. The company provides advanced vocational training and retraining options with a focus on commercial and IT skills; and training for business clients through open or in-house seminars. In addition, it offers courses and degree programs for private individuals, including professional training in the fields of tax, accounting, and controlling; private-sector certification courses for finance and accounting; specialized training in international financial reporting comprising IAS/IFRS and US GAAP; master's degree program in taxation; educational content on IT, multimedia, and commercial subjects; and executive and team training, seminars for trainers, and language courses, as well as publicly funded training services under the Comcave College, GFN, Steuer-Fachschule Dr.

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