Amadeus FiRe (AAD) Q2 2026 earnings summary

Executive summary

• Group revenue declined 8% year-over-year to EUR 171.7 million in H1 2026, with operating EBITA dropping to EUR 3.5 million from EUR 6.4 million.

• Net loss of EUR 3.6 million in H1 2026, compared to a net profit of EUR 4.7 million in the prior year.

• Personnel Services segment underperformed due to weak demand, especially in permanent placement, while the Training segment achieved revenue and earnings growth.

• Macroeconomic uncertainty, including geopolitical conflicts and weak German GDP growth, weighed on business sentiment and hiring activity.

• Management revised full-year guidance downward, expecting revenue of EUR 350–365 million and operating EBITA of EUR 17–23 million.

Financial highlights

• Group revenue for Q2 2026 fell 6.8% to EUR 82.3 million; operating gross profit margin decreased to 48.7% from 51.2%.

• Operating EBITA margin dropped to 0.6% in Q2 2026 from 2.4% in Q2 2025.

• Personnel Services segment revenue declined 17.6% to EUR 90.4 million in H1 2026; operating EBITA fell 78.6% to EUR 1.2 million.

• Training segment revenue rose 5.9% to EUR 81.5 million in H1 2026; operating EBITA improved to EUR 2.3 million.

• Free cash flow in H1 2026 was EUR 5.5 million, up from EUR 1.6 million in H1 2025.

Outlook and guidance

• Revised 2026 group revenue guidance to EUR 350–365 million, down from EUR 362–394 million.

• Operating EBITA forecast lowered to EUR 17–23 million, but still 24–68% above 2025 levels due to prior restructuring.

• Earnings expected to improve sequentially in H2 2026, supported by more working days and positive seasonality in training.

• No dividend for 2026 to strengthen capital base.

• Growth to be driven by Training segment, with digital and AI offerings expanding.