Amadeus FiRe (AAD) H2 2025 earnings summary

Executive summary

• FY2025 was marked by significant economic headwinds in Germany, with GDP growth at 0.2–0.5% and rising unemployment, leading to postponed investments and cautious hiring.

• Group revenue declined sharply (16.6–16.8%) to EUR 363.6–364 million, with both Personnel Services and Training segments experiencing lower revenues and earnings.

• Strategic acquisitions of Masterplan (SaaS e-learning) and eduBITES (AI-driven corporate knowledge platform) were completed to strengthen digital B2B and AI-focused training capabilities.

• One-off restructuring costs and investments in digital transformation impacted results.

Financial highlights

• FY2025 revenues: EUR 363.6–364 million, down 16.6–16.8% YoY from EUR 435–436.9 million.

• Operating gross profit: EUR 187 million (margin 51.4%), down from EUR 237 million (margin 54.2–55.2%) YoY.

• Operating EBITDA: EUR 40 million, down from EUR 56 million YoY; Operating EBITA: EUR 13.7 million (EUR 19.8 million adjusted), including EUR 6–6.1 million restructuring expenses.

• Net loss attributable to shareholders: EUR 2.2 million, compared to a profit of EUR 32.8 million YoY; EPS: -0.44 EUR vs. 6 EUR.

• No dividend proposed for FY2025 due to negative result.

Outlook and guidance

• FY2026 revenue target: EUR 362–394 million (0–8% growth).

• Operating EBITDA/EBITA target: EUR 20–31 million (46–130% growth), margin 5–9%.

• Personnel Services segment: revenue EUR 190–210 million, EBITDA/EBITA margin 4–8%.

• Training segment: revenue EUR 172–184 million (10–18% growth), EBITDA/EBITA margin 6–9%.

• No further restructuring costs planned for 2026; focus on cost management and gradual deleveraging.