German Select VII Conference

Apr 14, 2026

Slides

Good morning, everyone, and also a warm welcome from my side to today's German Select Conference. I can see that a lot of participants are coming over from the other meeting with JenOptik. As a second company, we are happy to have Amadeus FiRe with us today. The CEO, Robert von Wülfing, will run us through the presentation and the latest developments at the company. As you already know, some housekeeping. The presentation will last about 50 to 20 minutes. It will be followed by a 10 minutes Q&A. The presentation is being recorded and will be available on our research hub later on, and questions can be asked using the chat box at the bottom right. So without further ado, I would like to hand over to you, Robert. The floor is yours. Well, thank you very much. Hello, everybody. Good morning. As said, Robert von Wülfing. I'm CEO of the company, and I would like to give you some insights and information on our latest figures and developments. Overall, as Amadeus FiRe Group, we saw a good level of resilience in the past year, 2025, in a persistently challenging environment. Nevertheless, we found ourselves on a significantly lower level of profitability compared to the historic earnings levels actually where we were used to. Sentiment in Germany was poor in 2025. Companies' willingness to invest worsened throughout the year 2025. In many cases, expansion plans were put on hold, decisions also on staff recruiting activities were made with massive cautions, or staff was cut in view of the continuing uncertainty regarding future developments, and basically same accounts for training expenditure of corporations. Challenges such as demographic change, bureaucratic burdens, slow progress in digitalization, and the aftermath of the energy crisis, as well as the deteriorating consumer confidence, played a central role for us last year. So the long-lasting phase of economic stagnation in Germany is escalating into a profound growth crisis in which companies lack a sense of optimism. The minimal growth in GDP of 0.2% in 2025 also fell short of expectations. Unemployment rate in Germany increased to 6.4% February this year, and this represents more than three million unemployed people actually in Germany. Added to this, multilateral trade barriers in the East and in the West, global uncertainties, trade conflicts, and all the armed conflicts we see currently. On top, the new war in the Middle East is starting to burn the economy. We saw a negative revenue trend in the 2025 financial year across both of our segments, staffing and training. Last year also, we had to do some restructuring, so we saw restructuring costs of EUR 6 million. We nevertheless did forward-looking investments in the digital transformation of our group, and this resulted in a decline in gross operating profit and overproportionate drop in operating EBITDA in 2025. Revenues of EUR 364 million were 16.8% below the previous year figure of EUR 437 million, and revenues ended within the forecasting range of EUR 355 million-EUR 385 million. Operating gross profit of EUR 187 million in the end resulted in an operating gross profit margin of 51.4%, following a higher number of 51.4% in 2025, and 2024 was 54.2%. Operating EBITDA in 2025 was therefore down to EUR 40 million from EUR 56 million in the previous year, close to the latest guidance we gave of EUR 50 million operating profit. The profit or the operating result, EBITDA, excluding the one-off effect of the restructuring costs we saw in second half year, ultimately stood at EUR 20 million and ended at the mid-level of the originally forecasted range of EUR 15 million-EUR 25 million for the 2025 financial year. Finally, at year-end, we were able to complete two acquisitions, two technology and AI-driven buy and build cases in B2B corporate learning environment, the market we tried to get a foot in for some years, and we were quite happy to fulfill these acquisitions at year-end. Following the figures I just gave, the consolidated net loss for the financial year 2025 attributable to shareholders of Amadeus FiRe amounted to -EUR 2.2 million. Basic earnings per share thus amounted to -EUR 0.44, following EUR 6.01 in the previous year. Following the negative result and in line with the current dividend policy we have as Amadeus FiRe Group, the Management Board and Supervisory Board will propose to the AGM in view of these results and the dividend policy to pay no dividend for the year 2025. The economic outlook for Germany remains weak for 2026 and is characterized by uncertainty and limited momentum. Currently, a sustained and broad-based economic recovery cannot be anticipated. Furthermore, productivity growth in Germany remains comparatively low. Delay in digital transformation, high regulatory burdens, and investment barriers in key infrastructure sectors are holding back efficiency gains in the economy and in public administration. These uncertainties are complicating economic planning and influencing investment and trade decisions of corporations across national borders. Our planning assumption is a weak German market for B2B services throughout the full year 2026. The market for staffing or Personnel Services in the skilled white-collar sector where we are operating in continues to be significantly influenced by the weak macro environment and the reluctance to make hire decisions. Companies are proceeding cautiously when filling new or vacant positions, and they are frequently postponing staffing decisions. At the same time, candidates' willingness to change jobs remains limited in the face of economic uncertainty. Against this backdrop, demand for skilled personnel remains subdued. In temp staffing, increased costs resulting from costly collective wage agreements for many years now and the regulatory framework have noticeably reduced the attractiveness of temporary staffing solutions for many companies. Permanent placement, historically the last decade and foreseeable future, in a recovering market will outperform temporary staffing. Overall, no relevant improvement in the market situation, nevertheless, is anticipated for the coming year. Rather, the market is likely to remain at the low level we saw in Q4 2025 and at the beginning of this year. This is our assumption. Whereas in Training segment, we expect an overall more positive performance in 2026. A key strategic focus in 2026 will be the consistent AI-first orientation. The aim is to systematically expand the service portfolio to include AI-related training programs and to tap into new target groups. With private customer business in B2C market, a slight increase in participants numbers and revenues is expected. In public funded training, our B2G market, a more positive trend started and is expected to continue for new registrations over the course of the year 2026. Please note, however, the following. The downward trend in the number of training participants and the corresponding decline in revenue in the previous year, the start of the year will be clearly below previous year level in volumes. Current enrollments and those expected later in the year should generate a positive momentum in revenue growth, leading to a further significant expansion in business volume by the start of 2027. We see ourselves here on a more two-year growth path. Even against the backdrop of an assumed consistently weak market environment in 2026, the aim is to stabilize overall Group revenues. The revenue growth target in 2026 is in the range of 0%-8% growth. In a range of EUR 362 million-EUR 395 million. A stabilized revenue situation and effective cost management leads to increased earnings expectations. The target for Operating EBITA for the 2026 financial year is in the range of EUR 20 million-EUR 31 million. This corresponds to growth of approximately 46%-130%. Based on these expectations, the Operating EBITA margin should result at 5%-9%. The earnings target is a first step on the path back to significantly higher profit margins at the level of profitability we have seen in previous years. Over the course of the year, a continuous quarter-on-quarter improvement in earnings compared with the corresponding quarters of the previous year is expected following a start in 2026 that is anticipated to be below the previous year level, in line with the declining business performance in the course of the year 2025. The Personnel Services segment is expected to end in between EUR 190 million and EUR 210 million revenues, with Operating EBITA of EUR 9 million-EUR 16 million. This corresponds to a quite flat revenue or declining revenue development in the range of -9% to +1%. Uncertainty is reflecting in a wider range of revenues and earnings in the 2026 guidance. Following the decline in revenues in 2025, revenue in 2026 is initially expected to be significantly lower than the previous year at the beginning, and to end slightly above the previous year level at the end of 2026. The overall trend in earnings is expected to be similar. Potential decline in revenues should be offset by some cost savings. The expected operating EBITDA margin is projected to be 4%-8% the next year. An economic recovery earlier than expected would offer upside for the earnings forecast, so top line and bottom line for the next year, in case somewhere throughout the year we will see a positive momentum in Germany. Training segment expects a significant increase in revenues to EUR 172-EUR 184, so a growth rate of 10%-18%. This is including acquisitional growth. Organic growth is in the single-digit numbers for the next years. The forecasted operating EBITA should stand at EUR 11 million-EUR 15 million. A significant increase compared to 2025, where we had just around EUR one million earnings. Adjusted for the restructuring costs, 2025, this still would mean to double the result. Overall, to summarize, 2025 was a tough year, and from our point of view, we saw the low point of our development in this last year. 2026, we were starting low but will show a significant growth in earnings despite assuming a poor environment. This is for cost management and this is also for foreseeable better market environment already in Training, B2G, and a stable environment in B2C, what we see. Climbing up this year quarter-by-quarter, we also expect to enter 2027 with a corresponding positive momentum. Q1-on-Q1 comparison should be favorable when we enter the next fiscal year. In the end, we need B2B market to improve and we need a better sentiment in Germany to improve again profitability levels and to achieve the levels we saw in the past. One thing for us is tough to change in the environment in staffing what we see today, to operate at the performance level what we saw in the past, because the individual sales consultant knows his job, but his activities are converting worse than in the past. The moment the sentiment changes, we will see a momentum in revenues and in gross profit. This is the status quo of our Group, of Amadeus FiRe, and now happy to answer your question. Just cross-checking. Nicely within the corridor of 15-20 minutes, so happy to listen to your questions. Thank you, Robert, for your presentation, and we appreciate that you also come to the presentation in times when Amadeus FiRe is not providing such a glamorous picture. Obviously that's the opportunity going forward. If I look at the questions in the chat box, I can already see a few questions been asked. Let me start with the first one regarding your competitor, Michael Page. Seems to be that Michael Page has reported numbers today, and they spoke about a stabilization of the German market in Q1. Do you see a similar trend, also, as you mentioned, corresponding positive momentum in Q1? First, I am happy to be here, and what I tell our people all the time is, the worse the environment is, the more you have to see your clients. This accounts from my point of view, the same for Amadeus FiRe as a listed company, so we will continue to do so. Regarding your question, yeah, I had a quick cross-read and, well, a stabilization I can confirm. Just bear in mind that we are stabilizing on the poorest quarter we ever saw, which was Q4 last year. Year-on-year comparison is still on a lower level, obviously. Yes, and this is part of our assumptions, that we said that we will enter the year on the basically same or stabilized poor level than we ended 2025. That in our assumption for the foreseeable future, we will more or less keep that level until any kind of momentum will start. Yes, in that regard, I can confirm the stabilization. Perfect. That's good to know. Maybe on the second question, can you update us on your recent acquisitions? Just to remind everyone, it has been Masterplan and eduBITES has been acquired. Do you see any benefits from cross-selling with existing customers at this point in time? Yeah, cross-selling started. Just to explain briefly, Masterplan and eduBITES are both B2B platform businesses, the one delivering Masterplan, a broad training platform with high-level content, plus owned content of the corporations where you can organize the whole corporate learning of a client's business or client's personnel. Here the idea clearly is to send our salespeople we have in the market for staffing, also with this product. The same accounts for eduBITES. eduBITES is a smaller business, but basically a pure AI play focusing on capturing knowledge by using technology and technology-driven interviewing techniques, plus content of corporations, and to convert this also in a knowledge database and in learning elements where you can, for example, do off-boarding of people, capturing the knowledge and then to have in the onboarding process back again, the knowledge still in the company, although the employees left. Quite interesting business. Here the same accounts that our people go out to see the customers and to place that service in B2B. The acquisitions we did end of September and end of November, and the onboarding of our sales force on these products we did for the first, which was Masterplan by the end of the year, and for eduBITES in February. It takes some time from the initial contact to convert in the usage of these platforms. We have the first successful orders already locked in, and quite happy with the start here. It will take some months or quarters to get the final picture. Also here in B2B training, in the end, it will help to have better market environment, although especially for AI trainings, there is a certain momentum in the market because of the significant need we see out there. Yeah. Perfect. Thanks for this answer. Talking about the midterm outlook and better environment which you just mentioned, I'd like to take the next two questions as a combined question. Recent government announcements have so far had no real impact on German status of a business location. What is your level of hope for the German economy in the midterm, i.e., in 3-5 years? Maybe we can combine this with the question, what risks does Amadeus FiRe face from labor market automation tools, which might weigh on the midterm outlook or not? Yeah. First, I would like to separate the political activities and my hope for this country. Second one is fully intact, and I do believe in some strengths we have here and strengths in the corporations and throughout the business landscape. Some more support would help. It's not only the politicians which will make a turning market in Germany, but they could be of help, and they should improve what they are doing, from my point of view. There is enough strengths, I think, also in the German economy, despite I know all the topics we have. Nevertheless, I'm quite confident that a cyclical picture is still a cyclical picture. Although it feels like there's a never-ending cycle ongoing, but at some point it will turn. Well, in comparison to other countries, it will be hard for Germany in the existing picture to outperform. That does not mean that we will not have successful companies and growth and a better sentiment. First part. Second part, automated labor market tools, right? Well, the discussion is not a new one, but it is accelerating with new technology opportunities. There will be a shift in using technology in our sector from our point of view. The goal is to be part of it. In the end, if you want to match a candidate and a company, some personal interaction is still needed and will be needed for the upcoming years. This part is where we have a certain excellence. In the technology below, the process of staffing, we also have a certain excellence. We are innovating all the time. I do think that having the whole process under control for a recruiting company will, for the next years, be matching technology and people, and also internal people. The pure technical business models, we saw a lot in the past, and we will see a lot in the future, and they will have some market shares. Traditional recruiting, from my point of view, not ending with having AI now in the picture. AI will be part of doing excellent business. Thank you. Let's talk about numbers and dividends, as you haven't paid any dividends for the fiscal year 2025. The question here asked is what do you intend to do with the money saved by not paying the dividend this year for the last fiscal year? Are you planning any more acquisitions or investing into the business? Yeah, for me, I want to separate this. It is not about all the money saved for dividend because, looking at our policy, I would love to have earnings per share positive last year, but I haven't. Our policy was to distribute two-third of our earnings per share to our shareholders. This is the current policy. This is something we are reviewing. Regarding capital allocation, this is something we always closely monitor and decide on. As in the past, for me, there is three pathways which are mainly in mind, and this is investing in our business. This is what we did end of last year, despite the performance in 2025, which I have to elaborate on. Acquisitional growth, one, allocation, second, distribution of dividend, and third, share buybacks. Also in the future, we will monitor all these opportunities. In terms of acquisitions, we have two buy and build cases, and build means some work to do. I would say that currently we are not that hungry. We have to decide in the future on the other options here, also to either renew our policy or adjust our policy in terms of dividends. This is something which we will definitely state on this year. Yeah. The latest allocations we did were these two acquisitions, and we will see what will be the next activities in 2026 and 2027. Perfect. Thank you very much. Looking at the time, I think we don't have any time to answer the last remaining question. Robert, thank you very much again for taking the time also to present your numbers. If I'm summarizing correctly, there are some ray of hope at the horizon, especially with the Q1 results on lower levels. I hope. Yes. We will see with the numbers. Do you have the date in mind when you will release the Q1 results? Oh, it is beginning of May. Beginning of May. Perfect. Well, I don't have it. Sixth of May. Sixth of May. Perfect. Very good. Well, thank you very much. For all other participants, the next presentation will be Renk. The link is in the bottom of this chat. Have a nice conference. Thanks again, Robert, for participating today. Thank you very much. Bye.