Amadeus FiRe (AAD) Investor presentation summary

Market environment and macroeconomic context

• German economy faced prolonged stagnation, with real GDP declining by 0.5% in 2024 and only marginal growth in 2025 and 2026, leading to increased unemployment (6.4% in July 2026) and inflation (2.8%).

• Business sentiment deteriorated sharply in 2026, causing investment reluctance and delayed decisions across industries.

• Personnel Services and Training segments both experienced revenue and earnings declines due to weak demand and cautious customer behavior.

Financial performance and segment results

• Group revenue fell 16.8% to €363.6m in FY 2025, with operating EBITA at €13.7m (down from €55.5m in 2024), impacted by restructuring costs and weak market conditions.

• Personnel Services revenue dropped 22.8% to €207.5m in 2025, with EBITA margin under pressure but still positive; cost controls and selective hiring cushioned some impact.

• Training segment revenue declined 7.2% to €156.3m in 2025, with EBITA significantly down due to restructuring at Comcave and lower B2G participation.

• Q2 2026 saw further declines: group revenue down 6.8% year-on-year, EBITA margin at 0.6%, and EPS at €-0.53.

Strategic initiatives and acquisitions

• Acquired Masterplan (SaaS B2B e-learning) and 70% of eduBITES (AI-based corporate knowledge platform) in 2025, strengthening digital B2B training capabilities and recurring revenue streams.

• Integration of these platforms aims to expand corporate customer base and drive cross-selling opportunities.

• Continued focus on AI-driven training, digital transformation, and expanding thematic offerings beyond IT and commercial topics.