Slides
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Interim Report Q2/6M 2026 Conference Call 4th August 2026, 08.30 a.m. CEST
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Group Development of the real Gross Domestic Product (GDP) 2 ▪ 2026 remains a year of major challenges with a tiny sense of optimism only. ▪ Longest economic stagnation in Germany resulted in a decline of real GDP of – 0.5% in Germany in FY 2024, a small economic growth of 0.2% in FY 2025 as well as 0.2% in Q2 2026. ▪ The pessimistic view in Q2/2026 has increasingly led to a reluctance to invest, delayed decisions and slowed down day-to-day business. ▪ Increasing unemployment rate of again 6.4% in July 2026 respectively more than 3.0 million people in Germany in parallel to the decrease in demand. ▪ Increase in inflation rate to 2.8 percent in July 2026 with an expected inflation rate up to 2.8 percent currently for FY 2026, too. Amadeus Fire Group | Group presentation l 2 +0,2% ▪ The expectations component of the ifo Business Climate Index dropped significantly from 90.3 points in Feb 2026 to 83.5 points in April 2026 reflecting the pronounced deterioration in sentiment in the German economy.
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Group Highlights at a glance of Q2/2026 3 ▪ Plans for Personnel Services were not achieved especially not in permanent placement despite the targets being met in the services of temporary staffing and interim and project management as planned. ▪ The Training segment also achieved its revenue and earnings targets in the second quarter, but the individual business areas showed mixed performances. ▪ Compared with the Q1/2026 the consolidated earnings key figures and earnings margins declined significantly in Q2/2026 and resulted in an adjustment of the outlook for the Financial Year 2026: Expected revenue for FY 2026 in the range of € 350-365 million (previously € 362-394 million) Expected operating EBITA for FY 2026 in the range of € 17-23 million (previously € 20-31 million) ▪ Consolidated revenue of € 82.3 million in Q2/2026 is down 6.8 percent on Q2/2025 of € 88.4 million. ▪ Operating gross profit margin* of 48.7 percent is clearly below the previous year’s figure of 51.2 percent. ▪ Operating EBITA* margin is down to 0.6 percent in Q2/2026 (previous Q2/2025: 2.4 percent). ▪ Earnings per share (EPS) are down at € -0.53 in Q2/2026 (previous Q2/2025 at € -0.06). The macroeconomic conditions in Germany remained tense and characterised by an increasing degree of uncertainty in the second quarter of 2026 3
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Group 45.2 40.1 51.2% 48.7% Q2 2025 Q2 2026 88.4 82.3 Q2 2025 Q2 2026 Business development – Q2 2026 4 - 6.8% Group revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin 2.1 0.5 2.4% 0.6% Q2 2025 Q2 2026 (in € million) - 77.6% - 11.3% ▪ The market environment for Personnel Services remained challenging in the first half of 2026 and was further weighed down by the uncertainty resulting from the war in Iran. ▪ Demand for labour remained weak overall. Declines in employment were particularly evident in cyclically sensitive sectors, whilst growth in public-sector-related areas was unable to offset this trend. ▪ According to the ifo Institute, Germany remains a long way from a sustained recovery in employment. ▪ Digitalisation, AI, changing skills requirements and the demographic decline in the labour supply are driving a sustained increase in the need for training. Amadeus Fire Group | Group presentation l 4
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Amadeus Fire Group | Group presentation Group 96.3 85.9 51.6% 50.0% H1 2025 H1 2026 0.7 -3.6 H1 2025 H1 2026 186.6 171.7 H1 2025 H1 2026 Business development – First half 2026 5 -8.0% n.a. ▪ The Personnel Services segment remained affected by weak hiring activity and cautious customer behaviour, resulting in lower revenue and earnings in the first half of 2026. The Training segment continued to perform resiliently and partly compensated for the decline in Personnel Services through revenue growth and improved profitability. ▪ Group revenue declined by 8.0% to € 171.7 million and operating gross profit by 10.8% to € 85.9 million. ▪ Operating EBITA decreased to € 3.5 million as lower business volume, especially in Personnel Services, could only partly be offset by cost measures and positive contributions from Training. ▪ Net result turned negative at € -3.6m, reflecting the significantly lower operating earnings and higher financing costs . 6.4 3.5 3.4% 2.0% H1 2025 H1 2026 -45.8% -10.8% (in € million) Group revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin Net result for the period 5
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6 Personnel Services segment Amadeus Fire Group | Group presentation l 6
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Personnel Services Quarterly development of services 7 Revenue development over the prior-year quarter / Q2 2026 Amadeus Fire Group | Group presentation l 7 ▪ Temporary staffing ▪ Permanent placement ▪ Decline in companies' willingness to recruit new staff leads to lower order volume and revenue. ▪ Increased uncertainty among clients and candidates due to economic developments. ▪ No pickup in demand. ▪ Lower conversion rate of enquiries into orders. ▪ Shortage of skilled workers remains a key factor. ▪ Interim and Project Management ▪ Consistent market leads to more stable revenue. ▪ Less dependent on economic development. (in € million) 25.87.4 9.3 7.41.7 Gross Profit Revenue 20242023 2025 2026 -1% -7% 0% -1% -6% -2% -11% -17% -21% -26% -25% -21% -17% -14% 13% 12% 11% 10% -6% -7% -14% -20% -25% -29% -33% -33% -24% -32% 5% -7% -3% 16% 28% 29% 17% 0% 0% -5% -15% -6% -9% -8% 65 59 65 62 63 60 66 62 63 59 66 62 63 59 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 billable days Temporary staffing Permanent placement
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Amadeus Fire Group | Group presentation Personnel Services segment • The conversion of customer enquiries into concrete orders remains at a low level. Corporate caution and growing risk aversion on the part of candidates are leading to an increasing number of process interruptions and delays, making it considerably more difficult to conclude business deals. Net fee decline of 23%. • Amadeus Fire Group’s client base, which consists predominantly of small and medium-sized enterprises was particularly reluctant. The segment primarily targets qualified commercial and IT professionals and is therefore heavily dependent on specific recruitment, budgetary and capacity decisions made by client companies. • The ongoing cost and capacity management measures had a stabilising effect but were only able to partially offset the negative impact of the lower business volume and the decline in operating profit. Business development – Q2 2026 8 Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin 3.0 -0.5 5.2% Q2 2025 Q2 2026 24.1 18.5 46.4% 43.4% Q2 2025 Q2 2026 - 23.1% n.a. 51.9 42.7 Q2 2025 Q2 2026 - 17.7% (in € million) 8 >- 100%
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Amadeus Fire Group | Group presentation Personnel Services segment 5.7 1.2 5.2% 1.4% H1 2025 H1 2026 51.1 40.5 46.6% 44.8% H1 2025 H1 2026 Business development – First half 2026 9 - 20.9% - 78.6% 109.7 90.4 H1 2025 H1 2026 - 17.6% (in € million) Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin • The weak market momentum had a particular impact on temporary staffing and permanent placement, where client companies’ cautious management of capacity led to lower demand for staff on client assignments. • In the period following the outbreak of the conflict in the Middle East, staffing decisions were given even higher priority, postponed or implemented only where there was an immediate need. Consequently, demand was further curbed, particularly in permanent placement. • Poor placement results and the impact of fewer billable days available in the second quarter due to seasonal factors have led to a low operating profit, which is significantly below the previous year’s level. Operating EBITA margin is still under pressure. 9
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10 Training segment Amadeus Fire Group | Group presentation l 10
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Training 75% 16% 9%Distribution of revenue from training according to markets in H1 2026 Delimitation of training markets 11 The corporate client business is clearly characterised by economic developments or regulatory changes. Demand in Q2 2026 was again negatively characterised. The economic slowdown is reducing companies' willingness to invest in employee training. Professional training measures are a key government instrument for addressing the shortage of skilled labour. The unemployment rate is a key indicator. In July 2026 it increased again up to 6.4% versus year-end 2025 at a rate of 6.2%. This corresponds to more than 3.0 million unemployed people in Germany. The markets for long-running courses and degree programmes in tax, finance and accounting are less volatile in economic cycles, mainly thanks to the high share of private customers. The decision to participate is mainly determined by the participants’ long-term personal life and career plan. B2B – Business clients B2G B2C B2B Countercyclical market Early-cyclical market Non-cyclical market B2G - publicly funded training B2C – Private customers Amadeus Fire Group | Group presentation l 11
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Training -0.9 0.9 2.4% Q2 2025 Q2 2026 36.5 39.7 Q2 2025 Q2 2026 Business development – Q2 2026 12 + 8.6% 21.2 21.7 57.9% 54.6% Q2 2025 Q2 2026 + 2.3% (in € million) Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin ▪ Training segment achieved turnaround also in earnings figures and accelerated the transition process in Q2/2026. ▪ Operating gross profit showed a slight improvement. The negative impact of the decline in revenue at Comcave was offset by positive contributions from other business areas and from the consolidation of the acquired companies. ▪ Operating EBITA improved significantly compared with the previous year. Driven in particular by the adjusted cost and organisational structure at Comcave, the positive performance at GFN and the Dr Endriss Tax College, as well as the consolidation of the companies acquired in the previous year. However, earnings in the Training segment were also comparatively low in the second quarter due to calendar effects. n.a. Amadeus Fire Group | Group presentation l 12 >+ 100%
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Training 76.9 81.5 H1 2025 H1 2026 Business development – First half 2026 13 + 5.9% 0.7 2.3 0.9% 2.8% H1 2025 H1 2026 45.2 45.5 58.8% 55.9% H1 2025 H1 2026 + 0.7% (in € million) Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin ▪ Training segment recorded a robust overall performance in the H1 2026, with revenue above the previous year’s level. ▪ Significant revenue increase with corporates in H1 2026 on a small scale from € 3.5 million to € 7.4 million – more than doubled. ▪ Mixed revenue development in first half 2026 at the three subsidiaries: Tax College Dr. Endriss +1.7 % from € 15.9 million to € 16.2 million GFN well positioned again with +9.4 % from € 27.2 million to € 29.8 million Comcave College on a smaller basis –6.9 % from € 33.8 million to € 31.5 million Acquisitions consolidated for the first time added € 4.1 million >+ 100% Amadeus Fire Group | Group presentation l 13
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Business model & Outlook 2026e
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Group 15Amadeus Fire Group | Group presentation l 15 People always come first Center of Competence Personnel Services … empower ▪ Verstehen. ▪ Vertrauen. ▪ Verbinden. ▪ AI-based knowledge extraction for companies & professionals ▪ Agentic AI Services ▪ On & Off Boarding ▪ Best practices in sales ▪ Increased productivity in operations Individual SKILLS Training … enables Agentic AI skills People first ▪ Integration of company- specific learning content ▪ Corporate know-how and long-standig expertise ▪ Company-specific Academies-as-a-Serivce / White Label Academies Power sales
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Group 16 Unemployment rate of 6.4% in GER is still high representing >3.0 million people unemployed. Focus will remain on productivity increase & cost reductions, in B2G business with a much more positive earnings outlook for 2026 and a significant y-o-y upside potential. Key strategic focus will be on the consistent ‘AI First’ orientation of the segment. Integration of scalable SaaS platforms (B2B) with recurring revenue structures of latest acquisitions Masterplan and eduBITES give access to new corp. customer segments. B2C Training is still expected to end FY 2026 successful again. Despite the current economic downturn, there continues to be a structural shortage of skilled workers, which will remain effective in the long term. In the short term, however, this is being overshadowed by economic uncertainty and a reduced willingness to change jobs. Focus on ongoing organisational efficiency and cost-saving measures. At the same time, targeted investments will continue to be made in the further development of systems, processes and digital and AI-supported solutions to strengthen operational performance and competitiveness in the long term. Personnel Services segment Uncertain economic outlook for GER, limited momentum overall and profound structural challenges will limit its long-term growth potential. Productivity growth in GER remains comparatively low. Increasing volatility on international markets are hampering economic planning and influencing investments across national borders. Integration of the two segments by the systematic incorporation of Training offerings into existing sales opens up new corporate customers. Group Outlook FY 2026e Training segment Amadeus Fire Group | Group presentation l 16
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Amadeus Fire Group | Group presentation Group 1.1 11 to 0.7% 6-8% FY 2025 FY 2026e 207.5 to 180 FY 2025 FY 2026e 13.7 17 to 3.8% 5-7% FY 2025 FY 2026e 12.6 6 to 6.1% 3-6% FY 2025 FY 2026e 156.3 to 170 FY 2025 FY 2026e 17 (in € million) 363.6 to 350 FY 2025e FY 2026e Group Revenue Operating EBITA* and oper. EBITA* margin Segment Revenue Personnel Services Segment Revenue Training Operating EBITA* and oper. EBITA* margin Operating EBITA* and oper. EBITA* margin 17 Business development – Adjusted Outlook FY 2026e 365 23 10 190 175 13
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This presentation contains forward-looking statements about the business activities and expectations of Amadeus FiRe AG. These statements are based on the current expectations, assumptions and forecasts of the management board and the information currently available to it. These forward-looking statements do not guarantee any of the future developments and results mentioned in them. Future developments and results are dependent on a variety of factors, they involve several risks and are based on assumptions that may not prove to be accurate. We assume no obligation to update the forward-looking statements made in this presentation. Legal Disclaimer 30 Definition operating EBITA at Amadeus Fire Group: Profit from operations before goodwill impairment and amortisation of intangible assets from the purchase price allocation / as well as before effects from the measurement of the purchase price liability of the non-controlling shareholders in Amadeus Fire Weiterbildung Verwaltungs GmbH and eduBITES GmbH. Amadeus Fire Group | Group presentation l 30