Amadeus FiRe (AAD) Q2 2025 earnings summary

Executive summary

• Revenue and earnings for H1 2025 declined sharply, with both Personnel Services/Staffing and Training segments underperforming due to weak demand and economic headwinds in Germany.

• Operating EBITA margin dropped to 3.4% in H1 2025 from 12.8% in H1 2024; EPS fell to €0.12 from €3.06 year-over-year.

• Management revised FY 2025 outlook downward, expecting lower revenue and EBITA ranges, and remains focused on cost-saving and digital transformation initiatives.

• Dividend of €4.03 per share paid for FY 2024, totaling €21.9 million, maintaining a payout ratio of 67% of net profit.

• The company maintains its long-term strategy and organizational structure to capitalize on future recovery.

Financial highlights

• H1 2025 revenue fell 17.5% year-over-year to €186.6 million; operating EBITA down 77.7% to €6.4 million.

• Net profit for H1 2025 dropped 95.8% to €0.7 million; EBITDA fell 51.4% to €20.1 million.

• Q2 2025 revenue declined 20.6% year-over-year to €88.4 million; operating EBITA margin at 2.1%.

• Free cash flow plummeted 97.1% to €0.8 million; cash flow from operating activities dropped 80.7% to €6.0 million.

• Dividend per share was €4.03, down from €5.00 in the previous year.

Outlook and guidance

• FY 2025 revenue expected between €355–385 million, down 15% year-over-year; operating EBITA forecast at €15–25 million, significantly below previous guidance.

• Personnel Services segment revenue guided to €205–225 million; Training segment to €150–160 million.

• No recovery expected in 2025; focus remains on efficiency, cost-saving, and digital investments.

• H2 2025 expected to benefit from seasonal factors and cost measures, but no fundamental change in market conditions.