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 (6.4% in March 2026) and reduced investment activity.

• Companies delayed investments and hiring, impacting both staffing and training segments.

• Demographic shifts, regulatory burdens, slow digitalization, and global uncertainties further pressured the business.

• The ifo Business Climate Index showed a slight improvement, rising by 1.0 point to 88.6 in February 2026.

• The economic outlook for 2026 remains weak, with limited momentum and no significant market improvement expected.

Financial performance and restructuring

• 2025 revenues declined 16.8% to EUR 363.6 million, with operating EBITDA down to EUR 40 million and EBITA at EUR 13.7 million, near the lower end of guidance.

• Restructuring costs of EUR 6–6.1 million were incurred, and the year ended with a net loss of EUR 2.2 million.

• Basic earnings per share dropped to -EUR 0.44, and no dividend will be proposed for 2025.

• Efficiency and cost discipline measures were consistently implemented, with a focus on digital transformation investments.

Strategic initiatives and acquisitions

• Two technology and AI-driven acquisitions (Masterplan and eduBITES) were completed in B2B corporate learning, expanding digital SaaS capabilities.

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

• AI-first orientation is a key focus for 2026, aiming to expand training offerings and target new customer groups.

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