Amadeus FiRe (AAD) investor relations material

Executive summary

• Revenue declined by approximately 17% to around €364 million in FY 2025, within the guided range, reflecting persistent economic stagnation and weak demand in core segments.

• Operating EBITA dropped to about €14 million, near the lower end of guidance, but would have been around €20 million excluding just over €6 million in restructuring expenses.

• Strategic acquisitions of Masterplan.com GmbH and eduBITES GmbH in late 2025 expanded digital B2B training and AI-based SaaS offerings, with integration ongoing.

• Both Personnel Services and Training segments experienced revenue declines, with B2C training showing resilience and B2G/public-funded training remaining weak.

• Maintained performance within guidance despite structural and geopolitical headwinds.

Financial highlights

• Consolidated revenues for 2025 were approximately €364 million, down 17% year-over-year from €436.9 million, within the forecasted range.

• Operating EBITA fell to around €14 million from €55.5 million in the prior year, with an adjusted margin of about 4% for FY 2025.

• Operating profit, excluding a one-off restructuring charge of just over €6 million, was about €20 million, representing a 5.5% margin.

• Operating gross profit margin remained above 51% despite declines.

• Market capitalization as of February 2026 was approximately €180 million.

Outlook and guidance

• Management expects improved market conditions in funded training for 2026, with normalization of voucher issuance and budget clarity.

• No detailed 2026 outlook provided; full guidance to be published with final results in March 2026.

• Market environment is showing slight improvement, but economic risks and uncertainty are expected to persist into H1 2026.

• Management continues to prioritize long-term profitable growth and operational expansion, with ongoing efficiency and cost discipline measures.

• Achieved results at the low end of the original EBITA guidance following restructuring.