Outlook for the 2025 financial year adjusted to the development of the year to date

Frankfurt/Main, 23 July 2025

The Management Board of the Amadeus Fire Group (ISIN: DE0005093108, Prime Standard, SDAX) is adjusting the outlook for the 2025 financial year last published in the 2024 Annual Report to reflect the year to date.

After a weak second quarter, based on preliminary figures, the Amadeus Fire Group expects to close the first half of 2025 with revenue and earnings below its own expectations and forecast. There has been no stabilisation at a low level in personnel services and the negative trend in the number of participants in publicly funded training has increased.

Based on the preliminary key financial figures, the Amadeus Fire Group generated Group revenue of around € 186.6 million in the first half of 2025 (H1 2024: € 226.1 million) and Group operating EBITA* of around € 6.4 million (H1 2024: € 28.9 million).

The Management Board of the Amadeus Fire Group expects adjusted Group revenue in a range between € 355 million and € 385 million for the 2025 financial year (previously € 387 million to € 417 million). This corresponds to Group revenue in the range of around 15 percent below the previous year (€ 436.9 million in FY 2024). The Management Board currently expects to achieve Group operating EBITA* in the range of € 15 to 25 million for the full year 2025 (€ 55.5 million in FY 2024). This is significantly below the previous forecast of € 36 to 44 million.

As a result of the initially persistently challenging market situation in the segments in the second half of 2025, the Management Board sees a relatively broad potential earnings corridor in 2025. Positive market opportunities from economic recovery and budgetary certainty on the one hand, and an uncertain and opaque economic situation and additional structural adjustments in the event of continued weakness on the other, are the reasons for this.

In its forecast for summer 2025, the ifo Institute assumes that the economy in the eurozone will gradually pick up in the coming months and that GDP is likely to grow by 0.4 percent in 2025. As long as the customs dispute continues, it will remain difficult for many companies to make investment decisions, including in personnel. A budget passed in the fall of this year should trigger a catch-up effect in the outflow of funding. However, these are more likely to have an impact on the year 2026 and only to a lesser extent on the remaining financial year 2025. Overall, the forecast is subject to various macroeconomic uncertainties, making it very difficult to predict the actual development of the economic situation.

Targeted economic policy measures are required in order to remain competitive in the long term. These include reforms to strengthen industry, measures to secure skilled workers and investments in digitalisation and infrastructure. The German economy needs a clear economic policy strategy to free itself from the current stagnation and get back on a more sustainable growth path.

The market opportunities for the Personnel Services segment remain positive in the medium term. A tight labour market for specialists and managers supports Amadeus Fire's business model. Companies are currently noticeably reluctant to fill new or vacant positions and candidates' willingness to change jobs must also continue to be regarded as inhibited. In addition, the conversion of inquiries into successful placements in temporary employment and recruitment has increasingly deteriorated. The absolute urgency to fill a vacant position is much less pronounced in times of economic uncertainty.

Although the medium-term business drivers for the Personnel Services segment are fundamentally intact, no improvement is expected for the current financial year. The personnel services market was even weaker in the second quarter. In view of the current lack of transparency, the Management Board continues to assume that the market will not improve over the remainder of the year. In 2025, activities will increasingly focus on increasing the efficiency and productivity of the existing organisation and on further cost-cutting measures.

The Training segment is divided into the relevant submarkets for publicly funded training (B2G), training in the area of corporate customers (B2B) and the area of individual training for self-paying private customers (B2C).

Publicly funded training (B2G) recorded a decline in the number of participants in continuing vocational training measures in the first half of 2025. The reasons for this are operational friction losses due to the change of responsibility from job centers to employment agencies, delays as a result of the formation of the new government and the lack of a federal budget for 2025 and the resulting restraint in some areas of educational funding. The situation is expected to return to normal in the second half of the year, with a probable increase in the issue of training vouchers. However, the current backlog of participants means that the original annual targets for 2025 will not be achieved. The focus here will also be on increasing productivity and further cost-cutting measures.

The corporate client business (B2B) is expected to continue to decline in the second half of the year against the backdrop of the generally weak economic environment, although the topic of artificial intelligence (AI) certainly gives rise to hopes of increasing demand for special training opportunities.

The area of self-paying private customers (B2C) expects revenue to remain constant or increase slightly.

Resources are also earmarked to initialise new training products and to identify and drive forward opportunities for inorganic growth in a structured manner. The forecast development of the Training segment is based on the status quo and does not include potential acquisitions.

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

Publication of the Interim Report Q2/6M 2025 on 30 July 2025 post trading hours.

You receive the dial-in details for the explanatory conference call on 31 July 2025 at 08.30 a.m. CEST by separate invitation.

The corresponding ad-hoc announcement is published on our homepage at:
https://group.amadeus-fire.de/en/the-group/news/

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