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Amadeus FiRe (AAD) investor relations material
Amadeus FiRe Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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