Amadeus FiRe Q3 Earnings Call Highlights

Key Points

• Third-quarter profitability improved sharply: Revenue was broadly stable at €89.8 million, while operating EBITDA rose to €8.2 million from €3.3 million and EPS returned to positive territory at €0.43, helped by the absence of prior-year restructuring costs and ongoing cost measures.
• Training offset weakness in Personnel Services: Training revenue increased 12.4% and operating EBITDA reached €5.2 million, while Personnel Services revenue fell 11.2% amid delayed hiring decisions and a subdued German labor market.
• Full-year guidance was narrowed: Amadeus FiRe now expects 2026 revenue of €350 million–€355 million and operating EBITA of €17 million–€20 million, with Training expected to remain positive and Personnel Services below prior-year levels.

Amadeus FiRe ETR: AAD said third-quarter revenue was broadly stable from a year earlier while profitability improved, led by a recovery in its Training segment and ongoing cost and capacity measures.

The company reported third-quarter revenue of €89.8 million, down 0.9% from €90.7 million in the prior-year period. Operating EBITDA increased to €8.2 million from €3.3 million, lifting the operating EBITDA margin to 9.1% from 3.6%. Earnings per share returned to positive territory at €0.43, compared with a loss per share of €0.21 a year earlier.

Management noted that the third quarter of 2025 had included €5.3 million in restructuring expenses related to Comcave, its training business. No restructuring expenses were recorded in the 2026 quarter. The company also cited the benefits of organizational and cost adjustments implemented since 2025.

Training offsets continued staffing weakness

The Personnel Services segment remained under pressure as corporate customers delayed hiring decisions and recruitment processes lengthened amid a subdued German labor market. Management said demand showed initial signs of stabilization in the third quarter, but there was not yet evidence of a sustained recovery.

Temporary staffing and interim and project management performed in line with expectations, while permanent placement was somewhat weaker. Interim and project management was the most resilient of the staffing activities, with third-quarter revenue slightly above the prior-year quarter, according to the company.

Personnel Services revenue was reported at €45.5 million in the third quarter, with management describing the year-over-year decline as 11.2%, an improvement from declines of about 18% in the first and second quarters. Operating gross profit fell 16.5% to €21.1 million, while operating EBITDA declined to €3 million from €5.5 million a year earlier.

The company reduced the number of fee earners in its sales and recruiting organizations by roughly 20% year over year. For the first nine months, Personnel Services revenue fell 15.6% to €135.8 million. Permanent placement revenue declined 27.2%, compared with decreases of 13.2% in temporary staffing and 5.6% in interim and project management.

Training delivered the stronger performance. Third-quarter segment revenue rose 12.4% to €44.4 million, while operating gross profit increased 18.8% to €25.5 million. Operating EBITDA improved to €5.2 million from a loss of €2.2 million in the prior-year quarter.

Management attributed the improvement to the adjusted cost structure at Comcave and positive performance at GFN and Dr. Endriss Tax College. Masterplan, acquired last year, contributed a slight positive operating result, while eduBITES continued to report negative earnings.

GFN benefited from demand for IT training and new locations, while Comcave remained below its prior-year revenue level, although its decline narrowed. During the question-and-answer session, management said Comcave was nearly matching its prior-year third-quarter revenue and was working toward surpassing prior-year levels on a quarterly basis.

Nine-month results and market conditions

For the first nine months of 2026, group revenue declined 5.7% to €261.5 million. Operating gross profit fell 7.4% to €132.5 million, but operating EBITDA rose 20% to €11.7 million from €9.7 million a year earlier. The operating EBITDA margin improved to 4.5% from 3.5%.

Despite the EBITDA improvement, the group reported a net loss of €1.3 million for the nine-month period, compared with a net loss of €0.4 million a year earlier. The company said special items affecting EBITDA increased to €4.4 million from €2.1 million, mainly because of purchase-price-allocation amortization related to the Masterplan and eduBITES acquisitions.

Management said Germany’s economic outlook and business sentiment had recently improved, but the recovery was being driven mainly by exports and government-supported infrastructure and defense investment rather than broad domestic demand. It said corporate clients remained cautious and the improved macroeconomic outlook had not yet translated into a meaningful labor-market recovery.

In Training, publicly funded programs showed improvement, with the number of participants entering such programs rising 22.2% year over year in September. However, management cautioned that higher entry figures do not necessarily translate directly into market volume because program duration, participant numbers and the scope of approved offerings also matter. Training vouchers were being awarded selectively, with a growing focus on shorter programs.

Guidance narrowed

Amadeus FiRe confirmed its adjusted 2026 outlook but narrowed its ranges. The company now expects full-year group revenue of €350 million to €355 million, compared with its previous forecast of €350 million to €365 million. It expects operating EBITA of €17 million to €20 million, narrowing the prior range of €17 million to €23 million.

Management said fourth-quarter trading so far was comparable with the third quarter, with no significant change in the operating environment. It expects Training’s positive development to continue, while Personnel Services is expected to remain below prior-year levels.

The company also highlighted artificial-intelligence-related training as its strongest-performing product area. Management said AI content is increasingly embedded across its training portfolio and that corporate adoption of AI could support longer-term demand for employee training and skills development.

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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