Slides
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Interim Statement Q3/9M 2026 Conference Call 3rd November 2026, 03.00 p.m. CET
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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 – based on increasing exports a growth rate for FY 2026 of 1.3% is expected. ▪ 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 0.3% in Q2 2026. ▪ The still pessimistic view in 2026 has increasingly led to a reluctance to invest, delayed decisions and slowed down day-to-day business. ▪ Ongoing high unemployment rate of 6.4% in Sep 2026 resp. close to 3.0 million people in Germany in parallel to the decrease in demand. ▪ Increase in inflation rate to 3.3 percent in September 2026 with an expected inflation rate up to 2.9 – 3.0 percent currently for FY 2026. Amadeus Fire Group | Group presentation l 2 ▪ The expectations component of the ifo Business Climate Index rose to 91.6 points even above the 90.2 points of the current Business Climate in Oct 2026 reflecting the slightly increasing trend of positive sentiment in the German economy.
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Group Interim-/Project Management Development of revenue 2019 – 2025 Revenue per segment and service Amadeus Fire Group | Group presentation l 3 207 191 244 283 289 269 208 26 23 129 124 154 169 156 2019 2020 2021 2022 2023 2024 2025 Personnel Services segment Training segment 90 26 67 Acquisitions within the Training segment 48% 9% 11% 32% 54% 4% 22% 20% Revenue and gross profit after 9M 2026 Personnel Services segment Training Segment Revenue Gross profit Permanent Placement Temporary Staffing
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Group Highlights at a glance of Q3/2026 4 ▪ The Personnel Services segment remained significantly below the prior-year level 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 third quarter 2026, but the individual business areas still showed mixed performances. ▪ Compared with the Q1 and Q2/2026 the consolidated earnings key figures and earnings margins improved in Q3/2026 and resulted in a confirmed and more precisely defined outlook for the Financial Year 2026: Expected revenue for FY 2026 in the range of € 350-355 million (previously € 350-365 million) Expected operating EBITA for FY 2026 in the range of € 17-20 million (previously € 17-23 million) ▪ Consolidated revenue of € 89.8 million in Q3/2026 is close to (- 0.9 percent) the Q3/2025 of € 90.7 million. ▪ Operating gross profit margin* increased to 51.8 percent slightly above the previous year’s figure of 51.5 percent. ▪ Operating EBITA* margin more than doubled to 9.1 percent in Q3/2026 (previous Q3/2025: 3.6 percent). ▪ Earnings per share (EPS) returned to profitability at € 0.43 in Q3/2026 (previous Q3/2025 at € -0.21). The macroeconomic conditions in Germany remained tense and were characterised by an ongoing degree of uncertainty in the third quarter of 2026 4
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Group 46.7 46.6 51.5 % 51.8 % Q3 2025 Q3 2026 90.7 89.8 Q3 2025 Q3 2026 Business development – Q3 2026 5 - 0.9 % Group revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin 3.3 8.2 3.6 % 9.1 % Q3 2025 Q3 2026 (in € million) + 148 % - 0.3 % ▪ The market environment for Personnel Services remained challenging in the first nine months 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 5
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Amadeus Fire Group | Group presentation Group 143.0 132.5 51.6% 50.6% 9M 2025 9M 2026 -0.4 -1.3 9M 2025 9M 2026 277.2 261.5 9M 2025 9M 2026 Business development – First nine months 2026 6 - 5.7 % n.a. ▪ The Personnel Services segment remained affected by weak hiring activity and cautious customer behaviour, resulting in lower revenue and earnings after nine months 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 5.7% to € 261.5 million and operating gross profit* by 7.4% to € 132.5 million. ▪ Operating EBITA* increased to € 11.7 million as the return to profitability in the Training segment compensated for the lower business volume, especially in Personnel Services. ▪ Net result is still negative at € -1.3 m, reflecting the significantly lower operating earnings and higher financing costs. 9.7 11.7 3.5 % 4.5 % 9M 2025 9M 2026 + 20.0 % - 7.4 % (in € million) Group revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin Net result for the period 6
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7 Personnel Services segment Amadeus Fire Group | Group presentation l 7
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Personnel Services Quarterly development of services 8 Revenue development over the prior-year quarter / Q3 2026 Amadeus Fire Group | Group presentation l 8 ▪ 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) 28.19.9 9.4 7.91.8 Gross Profit Revenue 20242023 2025 2026
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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. • 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 – Q3 2026 9 Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin 5.5 3.0 10.7 % 6.5 % Q3 2025 Q3 2026 25.3 21.1 49.3 % 46.4 % Q3 2025 Q3 2026 - 16.5 %51.2 45.5 Q3 2025 Q3 2026 - 11.2 % (in € million) 9 - 46.1 %
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Amadeus Fire Group | Group presentation Personnel Services segment 11.2 4.2 7.0 % 3.1 % 9M 2025 9M 2026 76.4 61.6 47.5 % 45.3 % 9M 2025 9M 2026 Business development – First nine months 2026 10 - 19.4 % - 62.7 % 161.0 135.8 9M 2025 9M 2026 - 15.6 % (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. Consequently, demand was further curbed, particularly in permanent placement and led to a lower operating profit, which is significantly below the previous year’s level. • Operating EBITA* margin is still under pressure. 10
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11 Training segment Amadeus Fire Group | Group presentation l 11
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Training 72% 19% 9%Distribution of revenue from training according to markets after 9M 2026 Delimitation of training markets 12 The corporate client business is clearly characterised by economic developments or regulatory changes. Acquisition-driven growth, while organic demand remained weak in Q3 2026. 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 Sep 2026 it increased again up to 6.4% versus year-end 2025 at a rate of 6.2%. This corresponds to close to 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 12
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Training -2.2 5.2 11.7 % Q3 2025 Q3 2026 39.5 44.4 Q3 2025 Q3 2026 Business development – Q3 2026 13 + 12.4 % 21.5 25.5 54.3 % 57.4 % Q3 2025 Q3 2026 + 18.8 % (in € million) Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin ▪ Training segment continued turnaround also in earnings figures and accelerated the transition process in Q3/2026. ▪ Operating gross profit showed a significant 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. Amadeus Fire Group | Group presentation l 13 n.a.
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Training 116.4 125.9 9M 2025 9M 2026 Business development – First nine months 2026 14 + 8.1 % 7.5 5.9 % 9M 2025 9M 2026 66.7 71.0 57.3 % 56.4 % 9M 2025 9M 2026 + 6.5 % (in € million) Revenue Operating EBITA* and oper. EBITA* margin Operating gross profit and oper. gross profit margin ▪ Training segment recorded a robust overall performance after 9M 2026, with revenue above the previous year’s level and returned to profitability . ▪ Significant revenue increase with corporates after 9M 2026 on a small scale from € 5.0 million to € 10.6 million: more than doubled. ▪ Mixed revenue development after nine months 2026 at the three subsidiaries: Tax College Dr Endriss +2.3 % from € 27.4 million to € 28.0 million GFN well positioned again with +13.0 % from € 39.5 million to € 44.7 million Comcave College on a smaller basis –4.7 % from € 49.5 million to € 47.2 million Acquisitions consolidated for the first time added € 6.1 million n.a. Amadeus Fire Group | Group presentation l 14 -1.5
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Business model & Outlook 2026e
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Group 16Amadeus Fire Group | Group presentation l 16 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 17 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 17
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Amadeus Fire Group | Group presentation Group 363.6 to 350 FY 2025e FY 2026e 13.7 to 17 3.8 % 5-6 % FY 2025 FY 2026e 18 (in € million) Group Revenue Operating EBITA* and oper. EBITA* margin 18 Business development – More precisely defined Outlook FY 2026e 355 20
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Amadeus Fire Group | Group presentation Management Board
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Group Robert von Wülfing (German, born 1972) Chief Executive Officer & Chief Financial Officer Member of the Management Board as CFO since November 2012 Chairman of the Management Board since November 2020 Reappointed until 31st December 2030 20 Management Board Robert von Wülfing started his business career with Amadeus Fire AG after graduating in business administration at the University of Mannheim in 2000. Initially he was acting as investor relations manager and assistant to the CFO. Between 2003 and 2007 Robert von Wülfing worked as senior consultant with Greenwell Gleeson GmbH, a subsidiary of Amadeus Fire AG. After a short time of self employment as interim finance manager Robert von Wülfing switched to the pharmaceutical company Nycomed. Between 2008 and 2012 amongst others he was acting as director of business controlling, Germany, CFO of Nycomed Pharma AG in Switzerland and at least director commercial services DACH. In 2012 Robert von Wülfing returned to Amadeus Fire AG as CFO. In this capacity he is responsible for the divisions finance and accounting, controlling, human resources, IT, legal and internal audit, since 2014 additionally for the business segment training for 10 years. Amadeus Fire Group | Group presentation l 20
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Group Dennis Gerlitzki (German, born 1976) Chief Operating Officer Personnel Services Member of the Management Board since January 2019 Reappointed until 31st December 2031 21 Management Board Dennis Gerlitzki studied business administration with a special focus on marketing and technology management at the University of Lüneburg and finished his studies with a diploma. In 2003 he started his business career with Amadeus Fire AG as an executive assistant. Between 2005 and 2007 he worked as Senior Consultant and later as Area Manager in the Amadeus Fire branch in Hamburg. From 2008 on he was the regional director for all branches in the area of southern Germany for 10 years. Amadeus Fire Group | Group presentation l 21
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Group Monika Wiederhold (German, born 1969) Chief Operating Officer Training Member of the Management Board since November 2024 Appointed until 31st December 2027 22 Management Board Monika Wiederhold holds a diploma in mathematics (TU Darmstadt) and a Master of Business Administration (MBA, Hult International Business School). After periods of employment in the USA and Uruguay, she began her career in aviation as a simulation expert for flight planning and reservation systems at Lufthansa AG in Frankfurt/Main in 1995. Monika Wiederhold has held several top management positions within the Lufthansa Group in Corporate Strategy, Product Management, Innovation, Crew Scheduling, Marketing & Sales. In 2017, she started as Chairwoman of the Management Board of Amadeus Germany GmbH and was initially responsible for the travel agency business in Central & Eastern Europe and, from 2019, the airline business. From 2021, as Executive VP, she built up the global ecosystem initiatives to shape the travel ecosystem of the future: Sustainability, safe travel, mobility, data, API interfaces and innovation. Most recently, she was responsible for Global Marketing and Digital Transformation. She also represented Amadeus IT Group S. A. in Germany, including as a member of the Tourism Advisory Board of the Ministry of Economic Affairs and Climate Action. Amadeus Fire Group | Group presentation l 22
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Amadeus Fire Group | Group presentation Investor Relations
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Amadeus Fire Group | Group presentation Group Shareholder Structure (as of 3rd November 2026) 24 Investor Relations Market Capitalisation: ~ 95 million EUR # Shares: 5,432,157 (since 7th November 2023) 18.75% Free float 81.25% Major investors within the free float: 3.3% Invesco Ltd. (Bermuda) 3.0% Midlin N.V. (NL) 2.98% Allianz Global Investors GmbH (GER) 2.9% abrdn Investment Management Limited (UK) 2.9% BNP PARIBAS AM (FRA) 2.8% DWS Investment GmbH (GER) Active Ownership Corporation S.à r.l. (LUX) Amadeus Fire Group | Group presentation 24
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Group Financial calendar 2026/2027 (I) 25 Investor Relations 02 Nov 2026 03 Nov 2026 17 Nov 2026 23-25 Nov 2026 20 Jan 2027 11 Feb 2027 Mid-Feb 2027 Mid-Feb (+1) 2027 18 Mar 2027 19 Mar 2027 Publication of Q3/9M Interim Statement 2026 (post trading hours) Conference Call Q3/9M Interim Statement 2026 at 03.00 p.m. CET DSW Retail Investor Forum, Mannheim German Equity Capital Market Forum 2026 / Deutsches Eigenkapitalforum (EKF) 2026, Frankfurt/Main Kepler Cheuvreux 26th GCC German Corporate Conference, Frankfurt/Main montega 17th HIT Hamburger Investorentage, Hamburg Publication of preliminary unaudited Financial Key Figures FY 2026 (post trading hours) Conference Call preliminary unaudited Financial Key Figures FY 2026 at 03.00 p.m. CET Publication of Consolidated Financial Statements FY 2026 (post trading hours) Conference Call Consolidated Financial Statements FY 2026 at 08.30 a.m. CET Amadeus Fire Group | Group presentation l 25
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Group Financial calendar 2027 (II) 26 Investor Relations 04 May 2027 05 May 2027 End of May 2027 04 Aug 2027 05 Aug 2027 03 Nov 2027 04 Nov 2027 End of Nov 2027 Publication of Q1/3M Interim Statement 2027 (post trading hours) Conference Call Q1/3M Interim Statement 2027 at 08.30 a.m. CEST AGM Annual General Shareholders Meeting 2027 (Start at 11.00 a.m. CEST) Publication of Q2/6M Interim Report 2027 (post trading hours) Conference Call Q2/6M Interim Report 2027 at 08.30 a.m. CEST Publication of Q3/9M Interim Statement 2027 (post trading hours) Conference Call Q3/9M Interim Statement 2027 at 03.00 p.m. CET German Equity Capital Market Forum 2027 / Deutsches Eigenkapitalforum (EKF) 2027, Frankfurt/Main Amadeus Fire Group | Group presentation l 26
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Group Research Coverage Institution Rating Target Price Latest Update Buy 65.00 EUR 03 Nov 2026 Outperform 32.00 EUR 03 Nov 2026 Buy 72.00 EUR 24 Feb 2026 Amadeus Fire share 27 Investor Relations ISIN DE0005093108 Ticker symbol AAD (Deutsche Börse AG) AAD:PZ (Bloomberg) AMDG.DE (Reuters) Free Float > 81% (as defined by Deutsche Börse AG) Market Segment Prime Standard Class of shares Number of shares Share Capital Bearer Shares 5,432,157 5,432,157 EUR Designated Sponsor Indices ODDO BHF SE, Frankfurt/Main CDAX, Prime All Share, Classic All Share, DAX Sector Industrial, DAX Subsector Products & Services, MSCI Micro Cap, BX Swiss EMEA Contact Jörg Peters Phone +49 69 96 87 61 80 Mail ir@amadeus-fire.de Homepage https://group.amadeus-fire.de Address Amadeus Fire AG Hanauer Landstrasse 160 D - 60314 Frankfurt/Main Investor Relations Amadeus Fire Group | Group presentation l 27
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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 28 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 28