Amadeus FiRe (AAD) Q4 2024 TU earnings summary

Executive summary

• Operates exclusively in Germany, specializing in personnel services and training for commercial and IT sectors, with nearly 40 years of experience and over 100 locations; significant B2B and B2G presence.

• FY 2024 saw differentiated performance: training segment met targets and provided stability, while personnel services underperformed due to economic stagnation and negative corporate sentiment.

• Maintained double-digit operating margins despite challenging market conditions, with 2024 operating EBITDA margin at 12.7%, the lowest in years.

• Training now accounts for nearly 40% of revenues, offsetting weakness in staffing.

Financial highlights

• FY 2024 preliminary revenue: €436.9m, down 1.2% year-over-year; operating EBITA: €55.5m, down 21.2%; margin fell to 12.7% from 15.9%.

• Q4 2024 revenue: €99.2m, down 10.6% compared to Q4 2023; Q4 EBITDA dropped from €15.9m to €9.1m.

• Operating gross profit margin: 54.2% in FY 2024, slightly down from 55.0% in FY 2023.

• Free cash flow generation in 2024 was described as good, with no surprises in Q4.

Outlook and guidance

• 2025 is expected to remain challenging, with no signs of a turnaround in Germany; full guidance will be published with the annual report in March.

• Ongoing investments in digital transformation and learning platforms, with a focus on organic and acquisition-based growth, especially in training.

• Aims to maintain industry-leading operating margins and expand market share.