Amadeus FiRe (AAD) Q1 2026 earnings summary

Executive summary

• Q1 2026 business stabilized sequentially from Q4 2025, with revenue and gross profit improving in line with expectations despite year-over-year declines due to a weak 2025 and challenging German market.

• Cost and structural optimization measures from 2025 and ongoing in 2026 have stabilized operations and improved efficiency.

• Personnel Services faced a tight market and weak demand, while Training remained robust with positive trends and growth from acquisitions.

• The German market remained weak in Q1 2026, with GDP growth around zero and high unemployment at 6.4%.

Financial highlights

• Group revenue for Q1 2026 was €89.4 million, down 9.0% year-over-year but up 3.5% quarter-on-quarter.

• Operating gross margin was 51.2%, slightly below Q1 2025 but higher than Q4 2025.

• Operating EBITA for Q1 was €3.0 million (margin 3.4%), down from €4.4% in Q1 2025.

• Earnings per share were €-0.16, compared to €0.18 in Q1 2025.

• Free cash flow declined to €0.2 million from €2.0 million in Q1 2025.

Outlook and guidance

• FY 2026 guidance confirmed, with group revenue expected between €362–394 million and operating EBITA of €20–31 million (margin 5–9%).

• Staffing/Personnel Services revenue forecasted at €156.3–184 million; Training at €190–210 million.

• Management expects continued weak economic momentum but anticipates stabilised revenue and improved earnings as the year progresses.