Amadeus FiRe (AAD) German Select VII Conference summary

Market environment and challenges

• Germany faced persistent economic stagnation, with real GDP declining by 0.5% in 2024 and growing only 0.2% in 2025, leading to high unemployment of 6.4% (over 3 million people) and reduced investment activity.

• Demographic shifts, regulatory burdens, slow digitalization, and global uncertainties, including multilateral trade barriers and geopolitical conflicts, further pressured the business environment.

• The ifo Business Climate Index showed a slight improvement, rising by 1.0 point to 88.6 in February 2026.

Financial performance and restructuring

• Revenues in 2025 fell 16.8% to EUR 363.6 million, with both staffing and training segments declining.

• Operating EBITDA dropped to EUR 40 million from EUR 56 million, while operating EBITA was EUR 13.7 million, impacted by EUR 6.1 million in restructuring expenses at Comcave.

• Net loss for 2025 was -EUR 2.2 million, and basic earnings per share were -EUR 0.44, leading to a proposed suspension of dividends.

• Efficiency and cost discipline measures were consistently implemented throughout the year.

Strategic acquisitions and capital allocation

• Two technology and AI-driven acquisitions were completed: Masterplan (SaaS e-learning) and a 70% stake in eduBITES (AI-based SaaS), expanding digital B2B training capabilities.

• Cross-selling initiatives have begun, with initial successful orders and ongoing onboarding of sales teams.

• Capital allocation priorities include investing in the business, acquisitional growth, dividends, and potential share buybacks, with dividend policy under review.