Amadeus FiRe (AAD) German Select VII Conference summary

Market environment and challenges

• Germany faced prolonged economic stagnation, with real GDP declining by 0.5% in 2024 and growing only 0.2% in 2025, leading to high unemployment at 6.4% and reduced corporate investment.

• Demographic shifts, regulatory burdens, slow digitalization, and global uncertainties further dampened business sentiment.

• The ifo Business Climate Index improved slightly to 88.6 in February 2026, but economic uncertainty persisted.

• Both staffing and training segments experienced negative revenue trends, with restructuring costs of EUR 6 million incurred.

• Temporary staffing is less attractive due to higher costs and regulations, while permanent placement is expected to outperform in a recovery.

Financial performance and guidance

• 2025 revenues fell 16.8% to EUR 363.6 million, with operating EBITDA dropping to EUR 40 million and a net loss of EUR 2.2 million.

• Operating EBITA was EUR 13.7 million, near the lower end of guidance, impacted by EUR 6.1 million in restructuring expenses.

• No dividend will be proposed for 2025 due to negative earnings, in line with current policy.

• 2026 revenue guidance is EUR 362–395 million (0–8% growth), with operating EBITA targeted at EUR 20–31 million (46–130% growth).

• Personnel Services segment expects flat to slightly declining revenues, while Training segment forecasts 10–18% revenue growth, including acquisitions.

Strategic initiatives and acquisitions

• Two technology and AI-driven acquisitions (Masterplan and eduBITES) were completed at year-end, expanding the B2B corporate learning portfolio.

• Cross-selling of new platforms has begun, with initial orders secured; full impact expected over coming quarters.

• Strategic focus for 2026 is on AI-first orientation, expanding AI-related training and targeting new customer groups.

• Integration of Training into sales channels aims to access new corporate customers, while investments in digital and AI-supported solutions continue.

• Efficiency and cost discipline measures were consistently implemented throughout the year.