Following the publication of the consolidated financial statements of the fiscal year 2025. We disclosed yesterday evening after the closing of the German Stock Exchange. Robert von Wülfing, our CEO, will guide you through the presentation and will be available for your Q&A afterwards. Okay. Thanks, Jörg. Welcome everybody to today's call. My first message for today would be that we confirm our preliminary unaudited financial key figures for the fiscal year 2025 which we presented already five weeks ago, middle of February. More details I will have in a few minutes. Overall, the Amadeus FiRe Group, our company, shows, well, let's say a good level of resilience in the past financial year 2025, within a persistently challenging economic environment characterized by multiple weaknesses. Nevertheless, we found ourselves on a significantly lower level of profitability compared to historic levels we delivered before. The sentiment within the companies is even worse than the actual macro situation. Companies' willingness to invest worsened throughout 2025. Expansion plans were put on hold and decisions also on staff recruiting activities were made with massive caution or staff was even cut in the view of the continuing uncertainty regarding future economic development. Challenges such as demographic change, slow progress in digitalization and the aftermath of the energy price crisis, as well as the deteriorating consumer confidence play a central role. The long-standing phase of economic stagnation in Germany is escalating into a profound growth crisis in which companies lack any sense of optimism. Well, lack any sense, not really, but to a very large extent. The minimal growth in real gross domestic product of 0.5 percentage points fell far short of the expectations of the stakeholders. The unemployment rate in Germany increased already to 6.5% in February, representing 3.1 million people unemployed in Germany. In Q3 2025, we saw the first time since 2015, so 10 years ago, unemployment above 3 million in Germany. This is not a historic high, but the highest level of unemployment since the financial crisis. Added to this are multilateral trade barriers in East and West and unpredictably volatile U.S. tariff whips, which are hampering the export business and thus one of the most important growth drivers for German economy. Global uncertainties and international trade conflicts are leading to geopolitical tensions, which are currently being played out in open armed conflicts. The new war in the Middle East is starting to burden the global economy again. The sharply negative revenue trend in 2025 financial year across both segments of the group, so staffing and training, the one-off restructuring costs of around EUR 6 million we had, and forward-looking investments in digital transformation of the Amadeus FiRe Group resulted in a decline in gross operating profit and a disproportionately large drop in operating EBITDA in 2025. Revenues of EUR 364 million is 16.6% below the previous year figure of EUR 435 million. Revenues ended up within the range of EUR 355 million-EUR 385 million, which we forecasted. Operating gross profit of EUR 187 million, previous year was EUR 237 million, resulted in an operating gross profit margin of 51.4%, which remains significantly above the market average following 55.2% in the previous year. Operating EBITDA in 2025 is therefore down to EUR 40 million from EUR 56 million in the previous year. The current forecast following the restructuring initiated in the 3rd quarter 2025 to achieve a result at the low end of the before forecasted range of EUR 15 million-EUR 25 million for the 2025 financial year thus has been realized. Operating profit, excluding the one-off effects of restructuring costs, ultimately stood at EUR 20 million. At year-end, we were able to complete two acquisitions, two technology and AI-driven buy-and-build cases in the corporate learning environment, Masterplan and eduBITES. The business climate in Germany continued to deteriorate in the course of 2025. We do see a generally weak economic momentum, which was noticeable in almost all sectors. Companies continued to respond to this situation with great caution. Investments were postponed, expansion plans put on hold, and personal decisions were made with extreme restraint. The number of registered jobs has fallen in most sectors of the economy compared with December 2024, in some cases in double-digit percentages. In most cases, actually. The exceptions are the public sector, healthcare, and construction, which are above previous year level. Fourth quarter ended in line with our expectations. Staffing looks like bottoming out on a low level, and in training, we do see some momentum emerging, especially in the upper funnel. Walking down the P&L for the 2025 financial year, below operating EBITDA level, the Amadeus FiRe Group generated an operating profit after tax of EUR 4.9 million. Previous year level was EUR 36.8 million. The consolidated net loss for the financial year 2025 attributed to the shareholders of Amadeus FiRe AG amounts to EUR 2.2 million, following a profit of EUR 32.8 million in the previous year. Basic earnings per share thus amounted to -0.44 EUR, following EUR 6 in the previous year. Following the negative result and in line with the current dividend policy, we have outlined the Management Board and the Supervisory Board will propose to the annual general meeting that in view of the negative result achieved, no dividend will be paid and that the retained earnings of Amadeus FiRe will be carried forward to new accounts. Diving a little deeper in the segments, the Personnel Services segment continued to be significantly affected by the weak climate. In addition to cyclical pressure, changes in labor markets are becoming increasingly significant and are having a lasting impact on demand patterns. Despite the ongoing shortage of skilled workers in many sectors, there was no noticeable upturn in the short term. Furthermore, candidates remain remarkably reluctant to change jobs as job security and stability are the top priorities in the current uncertainty people are facing. The interplay of cyclical and structural factors made filling vacant positions significantly more difficult and had a negative impact on the conversions of inquiries into contracts. As a result of these effects, the segment's total revenue was, as expected, below the previous year level, meaning that the downward trend continued into the end of the year. The Training segment declined during the reporting year against the backdrop of a challenging market environment and fell below the previous year level also. While the companies within the B2C market were once again able to increase revenues, our providers of publicly funded trainings, Comcave and GFN, recorded a year-on-year decline in revenues. The pro rata revenues of the newly acquired companies, Masterplan and eduBITES, were included in the segment for the first time at the end of the year for three and one month, respectively. Having a look at our staffing business, temporary staffing services continued to face a challenging market environment once again in 2025. Revenue fell sharply by 23%. The decline in turnovers, which had been evident for some time, continued. The sector as a whole has been recording a decline in volume for some time, with customer demand remaining subdued across all service areas. As a result, the gross profit margin achieved in 2025 financial year also fell below previous year level. Like temporary staffing, also permanent placement is heavily influenced by the persistently recessionary sentiment in the German economy. Revenues here fell sharply by 30%. Many companies remain extremely cautious when it comes to new hires. Positions that would normally need to be filled are often left vacant, with the existing workforce taking on additional duties instead. We do face a backlog here in the German market. The current uncertainty within companies outweighs the impact of the skill shortage, which has been a key driver of the market in recent years. No direct costs are allocated to the provision of recruitment services. Consequently, gross profit essentially corresponds to revenues. In 2025, the interim management also was affected by the general economic situation for the first time. Nevertheless, the interim management market turns out to be the most resilient. Amadeus FiRe revenues declined by 6% in 2025. The downturn and decrease in demand has reached the commercial and IT professions. Conversion requests and placements are at a low level. As a result of these effects, the segment's revenue in total was EUR 208 million, 22.8% below previous year level. The segment gross profit fell by 26.9% to EUR 97 million. Accordingly, the segment operating profit margin fell to 46.8% compared to 49.4% previous year. Ultimately, an operating EBITDA margin of 6.1%, previous year 13% was achieved. This is an unusual low figure for Amadeus FiRe compared with the significantly double-digit profit margins of the past. Overall, the reduction in sales and administrative costs across almost all areas supported segment result. Vacancies arising from natural staff turnover were only filled in very targeted manner. Active staff turnover management has led to a reduction of around 20% in the number of employees within the branch organization at year-end 2025 compared to year-end 2024. Thus, the maturity of the sales organization improved throughout the year 2025 because a lot of the turnover was also performance management. To point out very clearly, for Amadeus FiRe, an operating margin of 6% is not satisfying. Being able to achieve a margin of 6% in this staffing market environment is rarely seen throughout the whole industry. We know what to do, but some tailwind is needed to regain ground in the direction of double-digit margin levels. Having a look into training. Against the backdrop of an equally challenging market environment and training segment, particularly in the area of publicly funded training revenues in 2025 has also declined and fell below previous year level. The decline in participant numbers in publicly funded training, B2G, continued in Q4 2025. Activities are improving and, as expected, revenue and training segment slightly increased in the fourth quarter. In particular, the reorganization of responsibilities for training vouchers and the delayed clarification of budgetary policy and clarity led to a cautious approach to funding and had a noticeable impact on demand. The reduced funding volume consequently affected capacity, utilization, and revenues. In the second half of 2025, the restructuring of Comcave with the reduction of training facilities and a significant reduction in staff laid the foundation for the company's sustainable economic situation and stabilization. Due to these effects, the segment's revenue in total of EUR 156 million was 7.2% below the previous year figure of 169. Operating segment gross profit fell by 13.7% to EUR 90 million. Accordingly, the gross profit margin declined to a still solid 57.6%. Operating EBITDA was additionally impacted by restructuring costs of EUR 6.1 million, meaning that the operating EBITDA margin of 0.7% achieved in 2025 financial year is likely to remain an exception. The adjusted margin of close to 5% nevertheless reflects the challenging year, 2025. Briefly on the two acquisitions we made. The acquisition of Masterplan is a key component of the technology-driven B2B growth strategy and complements the Amadeus FiRe Group's existing training portfolio with an established, scalable, SaaS platform with a strong focus on B2B customers. Masterplan enables training segment to accelerate the positioning in the B2B segment with a ready-to-use digital solution for our clients. The acquisition of Masterplan is a typical buy and build case with significant cross-selling potential. The same accounts for eduBITES, also from our point of view, a buy and build case, and another key component of the technology-driven B2B growth strategy. eduBITES uses AI agents to conduct interviews during so-called Knowledge Sprints to systematically capture internal company knowledge. The AI-based automatic transfer of this knowledge into multimedia learning formats opens up paths for knowledge extraction and leads to multiple opportunities using this knowledge capture for improving the knowledge situation of the company. Just as an example, off-boarding and on-boarding can be facilitated significantly. Let me touch one from our point, very important and strategic element for the next years, and this is about Corporate AI Learning. Germany invests too little in AI expertise. Germany's AI offensive is in danger already at the starting point of failure due to a lack of qualification architecture. This is the conclusion of the Corporate AI Learning study Amadeus FiRe Group conducted on behalf of the Allianz der Chancen. This is an organization representing a lot of the large caps in Germany, representing a huge number of employees throughout the German labor market. Although 91% of the companies surveyed consider AI to be essential to their business model, and 82% plan to increase their investments, whereby only 25% are investing substantially in further training of their employees in the near future. We are investing billions in AI technology, but without a measurable and scalable skills strategy, productivity gains will remain random, and if training is not organized systematically, the business location will lose its competitive edge. Beyond analyzing the problem, the Allianz der Chancen and the Amadeus FiRe Group presented an accompanying playbook that can also be understood as a blueprint for Corporate AI Learning. It describes how companies can strategically anchor and operationalize AI training. The playbook outlines key success factors from leadership, anchoring and governance to role-specific learning path and the direct integration of AI tools into day-to-day work. It's about who and what and how. We want to play a significant role in the how element. AI skill is a bottleneck in the future. Amadeus FiRe is building up an ecosystem around Corporate AI Learning and is the right partner for our customers to face this challenge. Just recently, a new element with this is the launch of a strategic partnership between Amadeus FiRe Group and Leaders of AI to systematically train management levels in the use of AI. The economic impact of this depends largely on whether companies empower their management and teams to strategically integrate new technologies and use them productively. Everyone knows that we are in the middle of a change and that we have to learn about AI, but who's organizing the learning? We will be a part of that solution. Let's dive deeper in the outlook 2026 for Amadeus FiRe Group. Regardless of the current economic weakness, there remains a structural shortage of skilled workers that will persist in the long term. In the short term, however, this is overshadowed by economic uncertainty and a lower willingness to change jobs. A certain backlog of leftover vacancies is building up. Demand from corporate clients for further training services will continue to operate within the economically challenging environment in 2026. Investment decisions are made selectively and focus on training measures with clearly identifiable operational benefits. At the same time, it is to be expected that training programs relating to digitalization and AI, in particular, will continue to gain importance as companies increasingly support the introduction and productive use of such technologies through targeted training measures. The integration of the two segments, Training and Personnel Services, will be strengthened, in particular, through the systematic incorporation of training programs into existing sales and marketing activities within the corporate client sector. The current financial year will continue to be a year of transformation shaped by ongoing conflicts, in particular, the war in the Ukraine and the armed conflicts in the Middle East. Rising energy price volatility and uncertainty on international markets are dampening the confidence of businesses and investors. These uncertainties are complicating economic planning and influencing investment and trade decisions across national borders. The economic outlook for Germany remains weak overall for 2026 and is characterized by uncertainty and limited momentum. Although there are signs of certain stabilization in individual economic conditions, a sustained and broad-based economic recovery cannot currently be anticipated. Furthermore, productivity growth in Germany remains comparatively low. Delays in the digital transformation, a high regulatory burden, and investment barriers in key infrastructure sectors are holding back efficiency gains in the economy and public administrations. The market for personnel services in the skilled white-collar sectors continued to be significantly influenced by the weak macroeconomic conditions and marked reluctance to make hiring decisions. Companies are proceeding cautiously when filling new or vacant positions and are frequently postponing staffing decisions. At the same time, candidates' willingness to change jobs remains limited in the face of economic uncertainties. Not a really nice picture, but this is the picture we are facing again in 2026 as an assumption. Against this backdrop, demand for skilled temporary staffing remains subdued. Increased costs resulting from collective wage agreements and regulatory frameworks have noticeably reduced the appeal of temporary staffing solutions for many companies. Flexible employment models are still being used, but in a far more selective manner than in previous years. Accordingly, a revival in demand for skilled temporary staff is not foreseeable in the short term. Overall, no relevant improvement in the market situation is anticipated for the coming financial year. Rather, the overall trend is likely to be similar to that of 2025. This is the overall assumption for our staffing outlook, whereas the training segment expects an overall more positive performance in 2026. A key strategic focus will be on the consistent AI-first orientation of the Training segment. The aim is to systematically expand the service portfolio and include AI-related training programs to tap into new target groups. The thematic development will be driven beyond traditional commercial and IT trainings. The acquisition of Masterplan and eduBITES end of 2025 strengthens the technology-driven training offering and the expansion of the corporate client business B2B. The integration of the businesses with recurring revenue structures enables access to new customer segments, the development of individual learning pathways, and the systematic use of AI-supported learnings and knowledge formats. In addition to a slight increase in participant numbers and revenues in the private customer business B2C, new enrollments in public-funded training programs B2G are expected to show a more positive trend throughout the year compared to 2025. Following the downward trend in the number of training participants and the corresponding decline in revenues in the previous year, the start of the year will be below the previous year level. Current enrollments and those expected later in the year should generate positive momentum in revenue growth, leading to a further significant expansion in business volume by the start of 2027 and throughout the year 2027. Even against the backdrop of an assumed consistently weak market environment in 2026, the aim is to stabilize group revenues. The revenue growth targeted for 2026 is in the range of 0%-8%, so between EUR 362 million and EUR 394 million. A stabilized revenue situation and effective cost management are leading to increased earnings expectations. The target for operating EBITDA for the 2026 financial year is in the range of EUR 20 million-EUR 31 million. This corresponds to growth rates of between 46% and 130%. Based on these expectations, the operating EBITDA margin would be around 5%-9%. The earnings target is a first step on the path back to significantly higher profit margins and the level of profitability we have seen in previous years. Over the course of the financial year, a continuous quarter-on-quarter improvement in earnings compared with the corresponding quarters of the previous year is expected. Following a start to 2026 that is anticipated to be below previous year level, in line with declining business performance in the course of the year 2025. The Personnel Services segment expects revenues of EUR 190 million-EUR 210 million, with an operating EBITDA of EUR 9 million-EUR 60 million. This corresponds to revenue development in the range of a decline of 9% to a slight increase of 1%. Uncertainty in the market is reflected in a wider revenue and earnings range for 2026. Overall, throughout the year, the development, the negative development of 2025 will bottom out, which already started, and will achieve a slight increase by the end of the year. 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 around 4%-8%. An economic recovery starting earlier than expected would offer upside potential for the earnings forecast. Depending on the tailwind we will see in terms of conversion and performance, this might be significant. Again, from today's perspective, we cannot see this clearly for 2026. The training segment expects a significant increase in revenues to between EUR 172 million and EUR 184 million. This will correspond to revenue growth of between 10% and 18%. Adjusted for inorganic growth effects from acquisition, this corresponds to a more single-digit growth target for the existing business. The forecasted operating EBITDA stands at EUR 11 million-EUR 15 million. This represents a significant increase compared to the operating EBITDA for 2025 of just around EUR 1 million, which was, however, significantly impacted by the restructuring costs. Also adjusted for this effect, it is targeted to somewhat double the earnings level this year. This would be the roundup information for all of you of our 2025 year and the outlook for 2026. From this point, we do see that we saw probably our toughest year in 2025. We see some positive trends in training and stabilization and staffing for 2026. Nevertheless, in an again, tough environment. 2026, we target as the first step to the way back to achieving operating profit levels and growth figures, which we saw in the past for the upcoming years. In the end, therefore, we need some tailwind in terms of development of the German and global economy. Now I'm happy to answer your questions. Robert, thank you very much for the detailed analysis of what happened last year and the looking forward statement into the challenging tasks for this year in 2026. Ladies and gentlemen, now it's your turn. We are opening the Q&A session. If you would like to ask your questions in person via the audio line, please click on the Raise Hand button. If you are dialing in by phone, please press star nine to raise your hand and star six to unmute yourself. And additionally, you are also welcome to post your questions in the chat of the call, and I will read these questions then for all of us. Please ask your questions. Well, we are still searching for some questions. No question would be unusual, so probably it's technology. You found someone? No, we can't see anyone. Sometimes it takes some time to type in. Okay. We get the first question in the chat from Thomas Wissler of MWB Research. Question is, are there any further plans to acquire more companies in AI? I love that formulation, companies in AI. Let me start my answer with another remark. AI is something which is obviously impacting both segments and also something which is impacting our internal activities. In staffing and in training, in terms of, well, top-line products, but also in internal processes and technology used, this is affecting a lot of our activities and a lot of our resources we invest in our business. Regarding acquisitions, I just said that the two acquisitions we just made are buy and build cases. Well, buy is done. Build also needs a lot of effort. Priority here clearly is to focus now on, well, using the opportunity we have with these two companies and to build up these cases. In terms of acquisition, I would say we are not that hungry, currently. It does not mean that we do stop all our activities. If there are some interesting targets, we will have a look at. The probability that there will be acquisitions coming through short-term, on the other hand, is low as we are focusing now on developing these two cases with a lot of resources. Some other things we have to do in our established businesses. So far, that question of Thomas was the only one in the chat. There are some more questions from your side to a later point of time. You're welcome to contact us and my department of Investor Relations at any time. We are at your disposal and looking forward to discuss challenges of the current year. If there are no additional questions, thanks. Oh, there's another question from Holger Eichler. AI, if I add EUR 6 million restructuring costs to your 2026 guidance, I end up with your low end of EUR 20 million. No improvement for 2026? Well, I tried to. If you do the math on the low end, this would be the case. It's a range, as you know, and the range also includes, depending on the environment we will find, that in staffing it is not automatically an achievement of prior year's level again in 2026 Well, we are positive that we can bottom out the business and deliver results comparable to prior year's level in staffing. The math you did is actually would include a decline in personnel services. In training, taking in or not the restructuring effect, there will be an improvement in 2026. Well, now the questions are coming in. I try to read them. Further activities and costs for restructuring in 2026. No. The characterization of a restructuring is that you well, describe the whole program and then you do the accrual for the whole effects, no matter how long these effects otherwise would impact your P&L. The 6.1 is the one-off effect for the restructuring and no further impact by restructuring planned in 2026. Also, the restructuring basically is completed. There are neither unknown structural elements of the program. Not every position is finalized as you might imagine, because if you lay off a lot of people, there are some following negotiations to be done. Most of this is completed already. The restructuring accrual is very solid for end of year 2025. Initiatives to increase efficiency. A lot of and a lot of we have done already the last years. Further steps will be taken in 2026. A lot of the initiatives include technology, and the idea is either to impact top line or to save cost. Here we are in the middle of a couple of programs regarding our major business applications, but also multiple other projects throughout both segments. Expectations for deleveraging in 2026. Well, I said that the first on the profitability side, that quarter by quarter, we expect the situation to improve on the one-hand side. This will also generate some free cash and will throughout the year, more the 2nd half of the year as I described than the first half of the year, also deliver a deleveraging in 2026. Which basically also answers the next questions for debt reduction this year and the following years. Hopefully, that answered all questions in the chat room so far. Some more coming. Revenues of the two acquisitions made. The revenue level of these two companies at current level is around EUR 10 million combined. What level of sales must be achieved to achieve the old EBITDA, EBIT margins? Well, here the answer is a little different. I prefer not to talk about the sales level, but about the conversion rates we need, especially in the staffing segment. The sales level in the end depends on first the size of the organization, which is a smaller one in the meantime compared to peak levels. Second also a question of mix of services because of the different gross profit margins they do deliver. But basically, it is about converting gross profits into operating results or operating EBITDA. Here, it is more the positive sentiment we need than a certain level of sales. I just said during the presentation that the organization we have in staffing is more mature than the years before, and it's actually the same people, or a lot of them, and probably the best of the team; they are still on board. It is about conversion and expanding the gross profit level with the organization, and that will deliver back a normalized level of results. In Training, what I said is that throughout 2026, we have to regain the full usage of our organizations, and we have to overcome the decline of 2025, improving quarter by quarter, to find even better situation beginning of 2027. The comparison then beginning 2026- 2027 will be more favorable. From today's perspective also here, the outlook for 2027 will be on a higher margin than what we do think that we can achieve in 2026. 2026 in Training, I would consider more a year in between. Also, the new companies we have to lead in profitability. They are currently at a break-even level, and this will also develop in the upcoming years, but the following years more than in 2026. Headroom for further acquisitions. Well, and statement regarding dividend payments or more in general capital allocation. First, well, the headroom, technically we have a, we have a, what's the name? A revolving credit line. I was looking for the word revolving. We have a revolving credit line of EUR 121 million for free usage, which we use at a level of around EUR 80 million currently. There would be headroom. Regarding acquisitions, I just said we are definitely less hungry than we were before we did the two acquisitions most recently, and we are focusing on growing these opportunities. Regarding capital allocation, well, first, throughout the year, we have to deliver results and build up capital. For us, it will be still always the three considerations in between dividends, share buybacks, and allocating capital in the operating business by doing acquisitions or CapEx. As you know, we are not that CapEx intense. The dividend policy for this. Well, now we have to discuss and let the market know. This year, with the background of a negative result, the decision was not to distribute because we always said that we distribute a part of the earnings. The next question about the Iran-Iraq war just started with a mild German recession. Is the outlook still possible? Well, the outlook is given as of today, and this includes the information that we are in that war. The visibility and the uncertainty, well, increased by that information. In February, if you look, for example, at the BA-X index, this is an indicator of the job vacancies in Germany. We saw quite a positive momentum in February. Also, the business climate on a very low level was improving recently. The Iran war definitely is a counter-information, let's put it that way. If it lasts, I do think that we will have again a pressure on energy prices, what we see, but then it's longer lasting. Yes, the outlook is possible because the outlook is made with the information set we currently have. The Iran war is part of the story. I tried to explain that we assume a consistently poor environment throughout the whole year 2026 and try to be, let's say, cautious enough in terms of also including the risk portfolio we see in our outlook. Thank you, Robert. As we have no further questions on the chat, we have come to the end of today's earnings call. Thank you very much for your interest in Amadeus FiRe Group and a very big, big thank you to, also to you, Robert, for the presentation and the discussion afterwards in the Q&A session. Should you have any further questions at a later date, please feel free to contact investor relations at ir@amadeus-FiRe.de. Thank you very much for your interest. Looking forward to the challenges of the year, and I wish you all a successful day and upcoming weekend. Thank you, Robert. Maybe some closing remarks from your side. Yes. Thanks, Jörg. Thank you very much. The last questions showed that we are in a, if I want to put it positive, in a very interesting environment. We try day by day to do our work. We forecasting a tough environment in staffing and a improving environment in training. I do think we saw the toughest year for Amadeus FiRe already in 2025. We'll see despite the background of the weak environment we still will be in, we see a improving situation in 2026. Our teams, my team and we as a management board will work on that, and we will try also to harvest the opportunity we see in learning, but also in staffing and in learning around what I tried to point out, Corporate AI Learning. This is a gap which is opening up in terms of technology used and skills in corporations regarding handling technology. I think here in sourcing these people and in training these people and skills, we can be a relevant partner also the next years. Exciting times ahead of us. Thank you very much and thanks for your interest in Amadeus FiRe.