Amadeus Fire Group publishes interim report for Q2/6M 2025 and sets course for 2026 full of confidence

Frankfurt/Main, 30 July 2025

The Amadeus Fire Group (ISIN: DE0005093108, Prime Standard, SDAX) considers 2025 as a year of trial. The economic conditions are characterised by uncertainty, caution and structural challenges in the markets for Personnel Services and Training. The impact on business is clearly noticeable: Revenue and earnings are significantly below the previous year's figures, and the original expectations will not be met.

The economic downturn, the tight federal budget situation and changes in public sector responsibilities have had a particularly negative impact on the Training segment. This can't be offset by positive developments in the private customer segment. The business climate is historically weak. Personnel Services are experiencing the reluctance of companies to recruit new employees and the extended decision-making processes. The performance capacity of the branch organisation has been significantly curtailed. Nevertheless, the structural growth drivers – demographic change, the ongoing shortage of skilled workers and the increasing demand for vocational qualifications – remain intact. They form the foundation for long-term confidence.

The Amadeus Fire Group is responding to this situation with focus, determination and a clear intention to further strengthen its market position. The Group is investing specifically in the future: in digital learning formats, AI-supported CRM systems, the ongoing development of IT infrastructure and the establishment of an own educational ecosystem. These steps reflect the commitment to proactively shaping the future and exploiting opportunities, even in a difficult environment.

The Amadeus Fire Group generated consolidated revenue of €186.6 million in the first half of 2025, a significant decline of 17.5 percent compared to the previous year's figure of €226.1 million. Operating gross profit* was also significantly lower at €96.3 million, down 21.7 percent on the previous year's figure of €123.0 million, resulting in an operating gross profit margin of 51.6 percent (previous year: 54.4 percent). The significantly lower operating gross profit* in the two segments Personnel Services and Training, as well as future-oriented investments in the digital transformation of the Amadeus Fire Group, led to a disproportionate decline in operating EBITA* of 77.7 percent. Operating EBITA* for the first half of 2025 amounted to
€6.4 million (previous year: €28.9 million).

The Amadeus Fire Group generated a profit for the period of €0.7 million after six months of the financial year 2025 (H1/2024: €16.8 million). The share of the profit for the period attributable to shareholders of Amadeus Fire AG amounts to €0.7 million (H1/2024: €16.6 million), resulting in basic earnings per share of €0.12 after €3.06 in the same period of the previous year.

On 3.0 June 2025, the Group's equity was €133.8 million, significantly below the level of €155.0 million as at 31 December 2024. As a result, and due to the nearly unchanged balance sheet total compared to the end of 2024, the equity ratio decreased to 40.6 percent (31 December 2024: 46.9 percent).

As a result of the initially persistent challenging market situation in the segments in the second half of 2025, the Management Board anticipates a relatively broad potential earnings range for 2025. This is due to positive market opportunities arising from economic recovery and budgetary certainty on the one hand, and an uncertain and intransparent economic situation and additional structural adjustments amid ongoing weakness on the other.

The Management Board currently expects to generate revenue in the range of €355 million to €385 million and operating EBITA* in the range of €15 million to €25 million for the current financial year 2025.

Outlook for 2026
Amadeus Fire Group's strategy remains clearly focused on organic growth in both segments, complemented by targeted acquisitions in the Training segment. ‘We are confident that with our broad customer base, strong brand and dedicated team, we are well positioned to emerge from this phase stronger than ever,’ says Robert von Wülfing, CEO of Amadeus Fire Group, looking ahead to the financial year 2026 full of confidence. The Group expects positive momentum from an improvement in the business climate in Germany and a resolving of the current decision-making backlog, the regular adoption of federal budgets in 2025 and 2026, an improved funding environment and a renewed increase in demand for training and personnel.

Personnel Services segment in detail
Segment revenue for the first half of 2025 amounted to €109.7 million (H1/2024: €140.1 million), down 21.7 percent on the very successful first half of the previous year. The segment's operating gross profit fell by 25.5 percent to €51.1 million (H1/2024: €68.6 million). Accordingly, the segment's operating gross profit margin decreased to 46.6 percent (H1/2024: 49.0 percent). At €5.7 million, operating segment EBITA was down 65.5 percent on the previous year's figure (€ 16.6 million), resulting in an operating EBITA margin of 5.2 percent (H1/2024: 11.9 percent).

As anticipated in the first quarter, the recovery in the Personnel Services segment remained absent in the second quarter. Results continue to be significantly below the previous year's level and were also lower than in the first quarter of this year. The overall economic situation remains tense, and uncertainty on the part of companies and candidates has further increased. Although there is still a structural shortage of skilled workers, this is increasingly being outweighed by economic risks that are paralysing the market. The conversion of enquiries from customers into actual orders remains at a low level. The reluctance of companies and growing risk aversion on the part of candidates are leading to an increasing number of process interruptions and delays, making it considerably more difficult to conclude business agreements.

Temporary staffing and permanent placement services were again particularly severely affected. Interim and project management, which had previously been particularly stable, now recorded a slight decline of around two percent.

The personnel resources of the sales organisation are being analysed in detail and performance indicators are constantly being reviewed. Vacancies will only be filled selectively. Compared to the previous year, the number of sales employees has declined further – a clear sign of the tense situation. Although strict cost management and reduced personnel expenses have cushioned certain burdens, these savings are offset by IT expenses, which remain curtailed but are higher than in the previous year.

Although the medium-term business drivers for the Personnel Services segment remain generally intact, no improvement is expected for the ongoing financial year. In view of the current lack of transparency, the Management Board still assumes that there will be no market recovery for the rest of the year. The economic downturn and uncertainty among corporate customers are increasingly affecting all parts of the segment. In 2025, activities will focus more on increasing the efficiency and productivity of the existing organisation and on additional cost-cutting measures.

The Personnel Services segment expects revenue of €205 million to €225 million in the financial year 2025 (previous year: €268.8 million) with an operating EBITA of €13 million to €19 million (previous year: €20.6 million). Based on these expectations, the average operating EBITA margin would be around seven percent.

Training segment in detail
Overall, segment revenue declined by 10.7 percent to €76.9 million compared with the very successful first half of the previous year (H1/2024: €86.2 million). The segment's operating gross profit* fell by 17.1 percent to €45.2 million (H1/2024: €54.5 million). Accordingly, the segment's operating gross profit margin decreased to 58.8 percent (H1/2024: 63.3 percent). The sharp decline in operating EBITA* for the Training segment to €0.7 million represents a year-on-year decrease of 94.4 percent compared with the previous year's figure of €12.2 million, resulting in an operating EBITA margin of 0.9 percent (H1/2024: 14.2 percent). In addition to lower capacity utilisation at the Training organisations and the location network, costs for qualified freelance staff rose again. Added to this will be costs and investments for modernising and further developing the IT environment to enable ongoing digitalisation and new forms of learning.

Publicly funded training (B2G) recorded a decline in the number of participants in professional training measures in the first half of 2025. This was due to operational friction caused by the transfer of responsibility from job centres to employment agencies, delays resulting from the formation of a new German government and the lack of a federal budget for 2025, as well as the resulting reluctance to provide educational funding in some areas. In the second half of the year, a normalisation and, as a result, a probable increase in the issuance of training vouchers is expected, although this will only partially compensate for the current shortfall in course participants in the financial year 2025. The focus here is also on increasing productivity and further cost-cutting measures.

The corporate customer business (B2B) is expected to continue to decline in the second half of the year due to the overall weak economic environment, although the topic of artificial intelligence (AI) promises rising demand for specialised training opportunities.

The private customer segment (B2C) expects autumn business to remain stable, slightly above the previous year's level and in line with expectations.

Furthermore, resources are allocated to initiate new training products and to identify and pursue opportunities for inorganic growth in a structured manner. Even in the current challenging situation, the Group's goal remains to drive forward the acquisition-based development of the Training segment.

The Training segment expects revenue to decline to between €150 million and €160 million in financial year 2025 (previous year: €168.5 million) and operating EBITA* of between €2 million and €6 million (previous year: €20.6 million). This would result in an average operating EBITA margin of around two percent. The forecast for the Training segment is based on status quo and excludes potential acquisitions.

* Explanations of the alternative performance measures used are included in the 2024 Annual Report:https://group.amadeus-fire.de/wp-content/uploads/2025/04/Geschaeftsbericht-2024_EN-1.pdf

You will receive the dial-in details for the explanatory conference call on 31 July 2025 at 8:30 a.m. CEST in a separate invitation.

The complete interim report is published on our website at
https://group.amadeus-fire.de/en/investor-relations/financial-reports/.

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