Amadeus Fire Group confirms preliminary financial figures for the FY 2025 and expects improved results in 2026

Amadeus Fire Group confirms preliminary financial figures for the FY 2025 and expects improved results in 2026

Frankfurt / Main, 25^th March 2026

The Amadeus Fire Group (ISIN: DE0005093108, Prime Standard) confirms the preliminary financial figures for the 2025 financial year. Revenue of €363.6 million is 16.8 percent below the previous year’s figure of €436.9 million, but well within the forecast range of €355 million to €385 million. Operating gross profit of €186.8 million (previous year: €236.7 million) results in an operating gross profit margin* of 51.4 percent, which remains significantly above the market average, following 54.2 percent in the previous year.

Lower operating gross profit in both segments of the Group, one-off restructuring costs in the training division, and forward-looking investments in the digital transformation of the Amadeus Fire Group have led to a disproportionately large decline in operating profit (operating EBITA*) in 2025 to €13.7 million, down from €55.5 million in the previous year. The current forecast, following the restructuring initiated in the third quarter, to achieve a result at the lower end of the originally forecast range of €15 to €25 million for the 2025 financial year has thus been realised. Operating profit, excluding the one-off effect of restructuring costs, ultimately stood at €19.8 million.

In the 2025 financial year, the Amadeus Fire Group generated an operating profit after income tax of €4.9 million (previous year: €36.8 million). The consolidated net profit for the financial year 2025 attributable to the shareholders of Amadeus Fire AG amounts to €-2.4 million, following €32.6 million in the previous year. Basic earnings per share thus amount to €-0.44, following €6.01 in the previous year.

In line with the current dividend policy, the Management Board and Supervisory Board will propose to the Annual General Shareholders Meeting that, in view of the negative result achieved, no dividend be paid and that the retained earnings of Amadeus Fire AG be carried forward in full to new account.

Amadeus Fire Group Outlook 2026

The current financial year will continue to be a year of transformation, shaped by ongoing conflicts, in particular the war in Ukraine and the armed conflicts in the Middle East. Drastically rising energy price volatility and uncertainty on international markets are dampening the confidence of businesses and investors. These uncertainties are complicating economic planning and influencing investment and trade decisions across national borders.

The economic outlook for Germany remains weak overall for 2026 and is characterised by uncertainty and limited momentum. Although there are signs of a certain stabilisation in individual economic conditions, a sustained and broad-based economic recovery cannot currently be anticipated. Furthermore, productivity growth in Germany remains comparatively low. Delays in the digital transformation, a high regulatory burden and investment barriers in key infrastructure sectors are holding back efficiency gains in the economy and public administration.

Regardless of the current economic weakness, there remains a structural shortage of skilled workers that will persist in the long term. In the short term, however, this is overshadowed by economic uncertainty and a lower willingness to change jobs. Demand from corporate clients for further training services will continue to operate within an economically challenging environment in 2026.

Investment decisions are made selectively and focus on training measures with clearly identifiable operational benefits. At the same time, it is to be expected that training programmes relating to digitalisation and artificial intelligence (AI) in particular will continue to gain in importance, as companies increasingly support the introduction and productive use of such technologies through targeted training measures. The integration of the two segments – Training and Personnel Services – will be strengthened in particular through the systematic incorporation of training programmes into existing sales and marketing activities within the corporate client sector.

Even against the backdrop of an assumed consistently weak market environment in 2026, the aim is to stabilise revenue at a low level. The revenue growth target for 2026 is in the range of 0 to 8 percent, between €362 million and €394 million. A stabilised revenue situation and effective cost management are leading to increased earnings expectations. The target for operating EBITA* for the 2026 financial year is in the range of €20 to €31 million (FY 2025: €13.7 million). This corresponds to growth of between approximately 46 and 130 percent. Based on these expectations, the operating EBITA margin would be around 5 to 9 percent. The earnings target is a first step on the path back to significantly higher profit margins and the level of profitability seen in previous years.

Over the course of the financial year, a continuous quarter-on-quarter improvement in earnings compared with the corresponding quarters of the previous year is expected, following a start to 2026 that is anticipated to be below the previous year’s level, in line with business performance in 2025.

Personnel Services segment

Companies’ willingness to invest in Germany remained at a low level in 2025, given the continuing uncertainty about future economic developments. Expansion plans were put on hold and decisions on staff recruitment were made with extreme caution, or staff numbers were reduced. Despite the ongoing shortage of skilled workers in many sectors, there was no noticeable upturn; instead, market weakness continued to increase over the course of the year. Furthermore, there remains a marked reluctance among candidates to change jobs, as job security and stability are the top priorities in the current climate of uncertainty. The interplay of these various factors made filling vacant positions significantly more difficult and had a negative impact on the conversion of enquiries into contracts. As a result of these effects, the segment’s revenue in total of €207.5 million was, as expected, 22.8 percent below the previous year’s level of €268.8 million. Operating segment gross profit fell by 26.9 percent to €97.0 million (previous year: €132.7 million). Accordingly, the segment’s operating gross profit margin fell to 46.8 percent (previous year: 49.4 percent). Ultimately, an operating EBITA margin of 6.1 percent (previous year: 13.0 percent) was achieved. This is an unusually low figure for Amadeus Fire compared with the significantly double-digit profit margins of the past. However, even in this crisis year, the result demonstrates solid earnings power compared to the industry and the ability to achieve sustainably positive results even in this situation.

Overall, the reduction in sales and administrative costs across almost all areas, together with the measures implemented, meant that the segment result was less impacted than in the previous year. Vacancies arising from natural staff turnover were only filled in a very targeted manner. As at 31 December 2025, the branch organisation employed 21.2 percent fewer staff in sales and recruitment than on the same date the previous year. Since the peak in spring 2024, active staff turnover management has led to a reduction of around 28 percent in the number of employees within the branch organisation.

Outlook for the Personnel Services segment

The market for Personnel Services in the skilled ‘white-collar’ sector continues to be significantly influenced by weak macroeconomic conditions and marked reluctance to make hiring decisions. Companies are proceeding cautiously when filling new or vacant positions and are frequently postponing staffing decisions. At the same time, candidates’ willingness to change jobs remains limited in the face of economic uncertainty.

Against this backdrop, demand for skilled temporary staff remains subdued. Increased costs resulting from collective wage agreements and regulatory frameworks have noticeably reduced the appeal of temporary staffing solutions for many companies. Flexible employment models are still being used, but in a far more selective manner than in previous years. No additional positive effects from price or margin adjustments are expected in the short term. Accordingly, a revival in demand for skilled temporary staff is not foreseeable in the short term. Overall, no significant improvement in the market situation is anticipated for the coming financial year; rather, the overall trend is likely to be similar to that of 2025.

The Personnel Services segment expects revenue of €190 to €210 million with an operating EBITA of €9 to €16 million. This corresponds to revenue growth in the range of -9 to +1 percent. Following the decline in revenue in 2025, revenue is initially expected to be significantly lower than the previous year and to end the year slightly above the previous year’s level. The trend in earnings is expected to be similar. Any potential decline in revenue should be offset by cost savings. The expected operating EBITA margin is projected to be around 4 to 8 percent. An economic recovery starting earlier than expected would offer additional potential for the earnings forecast.

Training segment

Against the backdrop of an equally challenging market environment in the Training segment, particularly in the area of publicly funded training (B2G), Training revenue in the 2025 reporting year also declined and fell below the previous year’s level. Whilst the Dr. Endriss Tax College was once again able to increase its revenue in the B2C sector, the providers of publicly funded training – Comcave and GFN – recorded a decline in revenue compared with the previous year. In particular, the reorganisation of responsibilities for training vouchers and the delayed clarification of budgetary policy led to a cautious approach to funding and had a noticeable impact on demand. The reduced funding volume consequently affected capacity utilisation and revenue.

In the second half of 2025, the restructuring of Comcave, which operates in the publicly funded training sector (B2G), the reduction of training facilities and a significant reduction in staff laid the foundations for the company’s sustainable economic stabilisation. Overall, this resulted in a one-off charge to the earnings of the Training segment and the Group in the 2025 financial year amounting to €6.1 million.

Due to these effects, the segment’s revenue in total of €156.3 million was 7.2 percent below the previous year’s figure of €168.5 million. Operating segment gross profit fell by 13.7 percent to €90.0 million (previous year: €104.3 million). Accordingly, the segment’s operating gross profit margin declined to a still solid 57.6 percent (previous year: 61.9 percent). Operating EBITA was primarily impacted by restructuring costs of €6.1 million, meaning that the operating EBITA margin of 0.7 percent achieved in the 2025 financial year (previous year: 12.3 percent) is likely to remain an exception.

 Outlook for the Training segment

The Training segment expects an overall positive performance in the 2026 financial year. A key strategic focus in 2026 will be on the consistent ‘AI First’ orientation of the Training segment. The aim is to systematically expand the service portfolio to include AI-related training programmes and to tap into new target groups. The thematic development will be driven beyond traditional commercial and IT training.

The acquisitions of Masterplan and eduBITES in 2025 strengthen the technology-driven training offering and the expansion of the corporate client business (B2B). The integration of scalable SaaS platforms with recurring revenue structures enables access to new customer segments, the development of individual learning pathways, and the systematic use of AI-supported learning and knowledge formats.

In addition to a slight increase in participant numbers and revenue in the private customer business (B2C), new enrolments in publicly funded training programmes (B2G) are expected to show a significantly more positive trend throughout the year compared to 2025. Following the downward trend in the number of training participants and the corresponding decline in revenue in the previous year, the start of the year will be clearly below the previous year’s level. Current enrolments and those expected later in the year should generate positive momentum in revenue growth, leading to a further significant expansion in business volume by the start of 2027.

The Training segment expects a significant increase in revenue to between €172 million and €184 million. This would correspond to revenue growth of between 10 and 18 percent. Adjusted for growth effects from acquisitions, this corresponds to an average growth target of just over six percent. The forecast operating EBITA stands at €11 to €15 million. This represents a significant increase compared to the operating EBITA for 2025 of just around €1 million, which was, however, significantly impacted by restructuring costs.

The two new companies, Masterplan and eduBITES, are also expected to make positive contributions to earnings in their first full year as part of the Group. The expected operating EBITA margin for the Training segment as a whole is projected to be between 6 and 9 percent. The forecast growth for the Training segment is based on purely organic growth; potential further acquisitions are not included.

* For the definition of the Amadeus Fire Group’s operating EBITA, please refer to the first footnote on page 2 of the 2025 Annual Report.

We have published the audited Consolidated Financial Statements 2025 and the accompanying Sustainability Report 2025 on our website at:

https://group.amadeus-fire.de/en/investor-relations/financial-reports/

You can also find the 2025 Remuneration Report on our website at:

https://group.amadeus-fire.de/en/sustainability/governance/remuneration/

Contact:
Jörg Peters
Head of Investor Relations
jpeters@amadeus-fire.de
+49 69 96 87 61 80