Amadeus FiRe (AAD) Q4 2025 TU earnings summary

Executive summary

• 2025 was marked by ongoing economic stagnation in Germany, with persistent pessimism and reluctance to invest among clients, impacting business performance and resulting in a 17% revenue decline to approximately €364 million, within the guided range.

• Operating EBITA dropped to about €14 million, near the lower end of guidance, but would have been around €20 million excluding €6–6.1 million in restructuring expenses.

• Strategic acquisitions of Masterplan.com GmbH and eduBITES GmbH (AI-based SaaS) expanded digital B2B training offerings, with limited 2025 revenue impact due to late-year consolidation.

Financial highlights

• Consolidated revenues for 2025 were approximately €364 million, down 17% year-over-year from €436.9 million, but within the forecasted range of €355–385 million.

• Operating EBITDA fell to around €40 million from €55.5 million in 2024.

• Operating EBITA margin was approximately 4% for FY 2025, down from 12.7% in the prior year.

• Operating gross profit margin remained above 51% despite revenue and profit declines.

• Restructuring expenses of €6–6.1 million at Comcave had a significant one-time negative impact on operating profit.

Outlook and guidance

• Management expects improved market conditions in funded training for 2026, with normalization of voucher issuance and budget clarity, but economic risks and uncertainty are expected to persist into H1 2026.

• Some upside potential is anticipated in 2026, but the timing of broader B2B recovery remains uncertain and depends on macroeconomic sentiment.

• Detailed 2026 guidance will be provided with the final annual report in March 2026.

• Management continues to prioritize long-term profitable growth and operational expansion, with ongoing efficiency and cost discipline measures.