Amadeus Fire Group demonstrates resilience in a challenging economic environment – 2025 revenue and operating EBITA in line with guidance

Amadeus Fire Group demonstrates resilience in a challenging economic environment – 2025 revenue and operating EBITA in line with guidance

Frankfurt / Main, 17^th February 2026

The Amadeus Fire Group (ISIN: DE0005093108, Prime Standard) maintains its performance despite the economic and structural weaknesses of the German market. Marked by a prolonged and profound growth crisis, there was a complete lack of optimism among companies in Germany in 2025, meaning that the long period of economic stagnation continued. The minimal growth in real gross domestic product (GDP) fell far short of the expectations of politicians, business leaders and academics.

In addition to global uncertainties and geopolitical tensions, structural challenges such as demographic change, sluggish digitalisation, the aftermath of the energy price crisis and the gloomy consumer climate are playing a key role. Added to this are international trade conflicts, in particular the ongoing U.S. import tariffs, which are slowing down export business and thus one of the most important growth drivers of the German economy. Companies' willingness to invest remained low in 2025, expansion plans were put on hold, and decisions on hiring were made with extreme caution or staff were laid off in view of the continuing uncertainty about future economic developments.

The Personnel Services segment was significantly affected by the weak economic situation in the 2025 financial year. Despite the ongoing shortage of skilled workers in many areas, there was no noticeable upturn, but rather a further increasing market weakness over the course of the year. Candidates continue to be very reluctant to change jobs, as job security and stability are top priorities in the current climate of uncertainty. The interplay of these various factors made it significantly more difficult to fill vacant positions and had a negative impact on the conversion of enquiries into orders. As expected, the segment's revenue in total was significantly below the previous year's level due to these effects.

Against the backdrop of an equally challenging market environment, particularly in the area of publicly-funded training (B2G), revenue in the Training segment also declined in the 2025 reporting year and was below the previous year's level. While the companies of Steuer-Fachschule Dr. Endriss (B2C) were able to increase their revenue again, the providers of publicly-funded training – Comcave and GFN – recorded declines in revenue compared to the previous year. In particular, the reorganisation of responsibilities for training vouchers and the delay in budgetary clarity led to a cautious funding policy and had a noticeable impact on the demand. The reduced funding volume had a corresponding impact on capacity utilisation and revenue.

The restructuring of Comcave, which was completed in the second half of 2025, the reduction in training space and lay off of employees laid the foundation for the company's long-term economic stabilisation. Overall, this will result in a one-off charge of just over €6 million on the earnings of the Training segment and the Group in the 2025 financial year. Following the implementation of further slightly expanded measures in the fourth quarter, the final restructuring provision increased by around € one million compared with the interim booking status after nine months.

The companies acquired in September and November 2025, Masterplan.com GmbH, a software-as-a-service-based e-learning platform for corporate customers, and eduBITES GmbH, an AI-supported platform for the structured extraction and processing of internal company knowledge into digital learning formats are specifically expanding the Group's offering in the digital B2B training market with a focus on corporate AI learning. The companies were acquired late in the financial year, so their revenue contributions were only consolidated on a pro rata basis according to the respective acquisition date.

According to preliminary and unaudited financial figures, the Amadeus Fire Group generated consolidated revenue of around €364 million in the 2025 financial year, down just under 17 per cent on the previous year. Revenue is therefore within the forecast range of €355 to €385 million (previous year: €436.9 million).

Lower operating gross profits in both segments of the Group, one-off restructuring expenses and forward-looking investments in the digital transformation of the Amadeus Fire Group are leading to a disproportionate decline in operating profit (operating EBITA*) in 2025 to around €14 million, down from €55.5 million in the previous year. The current forecast, following the restructuring initiated in the third quarter, of achieving a result at the low end of the originally forecast range of €15 to €25 million for the 2025 financial year has thus been realised. Operating profit, excluding the one-off effect of restructuring costs, ultimately amounted to around €20 million.

* For the definition of Amadeus Fire Group's operating EBITA, see the first footnote on page 2 of the Annual Report 2024.
 

Publication of the 2025 consolidated annual financial statements on 25^th March 2026 after the close of trading.


Contact:
Jörg Peters
Head of Investor Relations
jpeters@amadeus-fire.de
+49 69 96 87 61 80