Amadeus FiRe (AAD) Q3 2025 earnings summary

Executive summary

• Revenues and earnings declined year-over-year in both staffing/personnel services and training segments, with no positive momentum in Q3 and continued challenging macroeconomic conditions in Germany.

• Cost efficiency and restructuring measures, including a €5.3 million restructuring accrual at COMCAVE, were implemented to address the downturn.

• Acquisition of Masterplan/Masterplan.com, a SaaS corporate e-learning platform, aims to strengthen digital B2B training capabilities and accelerate cross-selling opportunities.

• Remains committed to long-term profitable growth, focusing on operational expansion and strategic investments.

• Dividend payout of €4.03 per share for FY 2024, totaling €21.9 million, in line with a policy to distribute 67% of consolidated net profit.

Financial highlights

• Group revenue for 9M 2025 declined 17.9% year-over-year to €277.3 million; Q3 2025 revenue down 18.8% to €90.7 million.

• Operating EBITDA for nine months was €9.7 million, down from €46.4 million the previous year.

• Q3 operating EBITDA was €3.3 million, or €8.3 million excluding restructuring, with a margin of 9.5%.

• Net result for 9M 2025 was negative at -€0.4 million, compared to €26.4 million in 9M 2024.

• Adjusted EBIT for the period, excluding restructuring, was €15 million.

Outlook and guidance

• Full-year revenue guidance confirmed at €355–385 million, with operating EBITDA/EBITA expected at the lower end of €15–25 million due to restructuring.

• Personnel Services segment revenue guided to €205–225 million, EBITA €13–19 million; Training segment revenue €150–160 million, EBITA €2–6 million.

• No market recovery expected in 2025; improvement in training segment earnings anticipated for 2026.

• B2C training expected to continue strong performance through year-end; B2G normalization to benefit 2026.

• Focus on efficiency and cost-saving measures amid weak economic climate.