Interim report
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1 Commercial and IT Interim Statement for the third quarter and the first nine months of 2026 1 January 2026 – 30 September 2026
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Amadeus Fire Group | Interim Statement Q3/9M 2026 - Key figures of the Amadeus Fire Group 2 Financial key figures of the Amadeus Fire Group € thousand / Earnings per share in € 9 months 2020 9 months 2021 9 months 2022 9 months 2023 9 months 2024 9 months 2025 9 months 2026 Change 2025/2026 Consolidated statement of comprehensive income Revenue 202,328 274,750 305,879 331,461 337,703 277,227 261,533 -5.7% Temporary staffing 101,774 120,187 136,857 133,505 124,546 94,782 82,247 -13.2% Permanent placement 25,580 39,830 56,389 62,959 57,286 40,939 29,789 -27.2% Interim/proj.management 13,641 17,932 21,783 21,408 26,589 24,817 23,426 -5.6% Training 61,255 97,044 90,774 113,666 129,132 116,438 125,886 8.1% Operating gross profit* 102,711 148,739 163,342 183,404 184,485 143,007 132,461 -7.4% Oper. gross profit margin (in %) 50.8 54.1 53.4 55.3 54.6 51.6 50.6 -0.9 PP EBITDA 40,978 64,266 66,952 74,150 64,685 32,274 32,077 -0.6% Operating EBITA* 28,188 49,387 50,240 54,485 46,437 9,721 11,661 20.0% Operating EBITA margin (in %) 13.9 18.0 16.4 16.4 13.8 3.5 4.5 1 PP Profit for the period 11,400 26,164 28,651 32,739 26,370 -416 -1,302 >-100% Balance Sheet Balance sheet total 343,602 357,662 346,851 353,730 334,757 362,828 355,505 -2.0% Equity 113,560 138,676 158,446 143,269 150,698 132,669 129,376 -2.5% Equity ratio (in %) 33.0 38.8 45.7 40.5 45.0 36.6 36.4 -0.2 PP Net financial debt -152,564 -120,068 -93,129 -88,761 -86,860 -131,970 -137,282 4.0% Leverage ratio 3.0 1.5 1.0 0.9 1.0 2.5 3.2 28.0% Cash flow Cash flow from operating activities** 28,671 58,832 58,366 65,157 42,520 18,026 22,483 24.7% Free Cash flow** 24,502 53,242 52,877 59,151 37,085 9,860 13,410 36.0% Cash flow from investing activities -10,189 -5,532 -4,843 -5,994 -5,390 -28,698 -9,332 -67.5% Cash flow from financing activities** -12,475 -55,406 -57,052 -45,289 -45,586 15,793 -21,340 n.a. Share Closing price Xetra in € as of 30 Sep 106.20 178.60 84.00 111.80 92.50 50.00 16.44 -67.1% Shares issued (units) 5,306,375 5,718,060 5,718,060 5,718,060 5,432,157 5,432,157 5,432,157 0.0% Market capitalisation 563,537 1,021,246 480,317 639,279 502,475 271,608 89,305 -67.1% Dividend per share**** 1.60 3.04 4.50 5.00 4.03 - n.a. n.a. Earnings per share 2.12 4.53 4.97 5.67 4.79 -0.09 -0.26 >-100% Employees as of 30 Sep Total employees 3,356 3,938 4,133 4,096 4,039 3,328 2,961 -11.0% Leased employees*** 2,113 2,633 2,662 2,480 2,151 1,542 1,353 -12.3% * Operating gross profit and operating EBITA represent profit from operations before goodwil impairment and amortisation of i ntangible 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 **Adjusted previous year's figures |*** Adjusted previous year’s figure for 2025 |**** Refers to the full financial year respect. Table 1: Financial key figures
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Table of content 3 Letter to the shareholders 4 Interim Group Management Report Economic report 6 Business performance 9 Earnings, financial position and assets 12 Outlook 15 Financial information Consolidated statement of comprehensive income 16 Consolidated cash flow statement 17 Consolidated balance sheet 18 Consolidated statement of changes in equity 19 Segment reporting 20 Other information Responsibility statement 21 Information on forward-looking statements 22 List of tables 23 Financial calendar 24
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Amadeus Fire Group | Interim Statement Q3/9M 2026 - Letter to the shareholders 4 4 Letter to the shareholders Dear Friends of the Amadeus Fire Group, Dear Shareholders The third quarter of this year developed somewhat more favourably than the first two quarters of the financial year 2026, despite the persistently challenging economic environment. Although the growth outlook has recently improved, primarily due to robust exports and government-backed investment in infrastructure and defence, these higher growth expectations haven’t yet translated into a broad-based recovery in the domestic economy. Corporate clients remain very cautious. Overall, the Amadeus Fire Group gen erated revenue in the third quarter of this year broadly in line with the comparable prior -year figure, while earnings improved significantly, notwithstanding the one-off restructuring expenses incurred in the Training segment in the prior-year quarter. The Training segment continued the positive revenue and earnings performance in the first nine months of 2026. Operating gross profit increased compared with the prior -year period, although the development was below the rate of revenue growth. The segment’ s significantly improved operating result was driven by the positive performance of GFN, Comcave and Steuer -Fachschule Dr. Endriss. The first -time inclusion of Masterplan and eduBITES. The first-time consolidation of Masterplan and eduBITES resulted in a slightly positive contribution to profit from Masterplan in the current financial year, whilst eduBITES reported a negative contribution. The Personnel Services segment remained significantly below the prior -year level in the first nine months of 2026. However, the decline in revenue slowed across all three services, although there were not yet any signs of a sustained recovery in demand. Th e operating result improved compared with the weak second quarter, but remained significantly below the prior-year level over the nine-month period. Overall, business performance in the third quarter of 2026 was largely in line with the expectations of the Management Board. We do not anticipate any fundamental change in the market environment in the fourth quarter. In the Personnel Services segment, we continue to expect business volumes to remain below the prior -year level, while we anticipate that the positive performance of the Training segment will continue. Our management of costs, capacity and productivity will continue unchanged. Against this backdrop, we are narrowing the guidance adjusted in the Half -Year Financial report 2026 and now expect consolidated revenue of between € 350 million and € 355 million and consolidated operating EBITA* of between € 17 million and € 20 million for the financial year 2026. The now narrower ranges for revenue and consolidated operating EBITA* reflect the current economic situation and the expectations of corporate clients, particularly in the Personnel Services segment.
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Amadeus Fire Group | Interim Statement Q3/9M 2026 - Letter to the shareholders 5 5 We would like to thank you for your trust and support during these persistently challenging times. Across the Amadeus Fire Group, we are working intensively together to overcome the current earnings downturn swiftly. An improvement in business sentiment among companies in Germany should continue to offer attractive opportunities for our company. Kind regards, The Management Board Robert von Wülfing Monika Wiederhold Dennis Gerlitzki Chief Executive Officer (CEO) Chief Operating Officer (COO) Chief Operating Officer (COO) Training Personnel Services
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 6 Interim Group Management Report Economic report General economic and sector-specific conditions Macroeconomic conditions in Germany remained challenging in the first nine months of 2026, despite the recent improvement in the outlook for growth and business sentiment. The economic recovery was driven primarily by robust exports and government investme nt in infrastructure and defence. Compared with the spring projection, the German Federal Government raised the forecast for price -adjusted gross domestic product growth for 2026 as a whole by 0.8 percentage points to 1.3 percent. The International Monetary Fund likewise significantly increased the forecast from 0.7 percent in July to 1.3 percent. Both institutions expect growth of 1.1 percent in 2027. However, the higher growth expectations do not yet reflect a broad -based recovery in the domestic economy. According to the German Federal Government’s autumn projection, price-adjusted private consumer spending is expected to increase by only 0.3 percent in 2026 as a whole, with gross fixed capital formation rising by 0.6 percent. While investment in machinery and equipment is expected to increase, construction investment remains in decline. By contrast, government consumption expenditure and exports are d eveloping considerably more dynamically. The economic upturn therefore continues to be driven to a significant extent by government spending and foreign trade.1 2 Private consumption in the third quarter was adversely affected in particular by the renewed rise in prices. Following a substantial decline in July, price-adjusted retail sales increased by 1.3 percent month on month in August 2026, but remained 0.4 perce nt below the prior -year level. At the same time, the inflation rate rose to 3.3 percent in September, the highest level of the year to date and the highest figure since December 2023. This was attributable in particular to energy prices, which increased by 14.9 percent compared with the same month of the previous year. The Deutsche Bundesbank expects an average inflation rate of 2.9 percent for 2026 as a whole.3 4 Business sentiment improved slightly from a low level towards the end of the third quarter. The ifo Business Climate Index rose to 89.9 points in September 2026, compared with 88.8 points in August. Both the current business situation and expectations were assessed more favourably. However, developments continued to vary across sectors. In manufacturing, expectations improved in particular, while the current situation was assessed somewhat less favourably and companies remained dissatisfied with their order backlogs. In the retail sector, sentiment remained subdued despite the improvement, given the rise in inflation. There was virtually no change in the main construction sector.5 1 German Federal Ministry for Economic Affairs and Energy: Autumn Projection 2026 2 International Monetary Fund: World Economic Outlook, 13 October 2026 3 Federal Statistical Office: Press Release No. 346, September 2026, and Press Release No. 364, October 2026 4 Deutsche Bundesbank: Forecast for Germany, June 2026 5 ifo Institute: Business Climate Index, September 2026
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 7 There were no signs of a corresponding recovery in the labour market by the end of the reporting period. Close to 3 million people were unemployed in September 2026. The unemployment rate stood at 6.4 percent, 0.1 percentage points higher than in the same month of the previous year. Although unemployment declined compared with August, in line with the usual seasonal pattern, it increased by 12,000 on a seasonally adjusted basis. Seasonally adjusted employment decreased by 29,000 in August and, at 45.6 million people in employment, was 236,000 below the prior-year level. Employment subject to social security contributions declined by 12,000 on a seasonally adjusted basis in July and, at 34.7 million employees, was 84,000 below the prior-year figure.6 Overall, the available economic indicators pointed to a moderate economic recovery at the end of the third quarter of 2026. To date, however, this recovery has been driven primarily by exports and government spending. Private consumer spending and investment remained subdued, while higher energy and consumer prices weighed on the domestic economy. There were still no signs of a sustained improvement in the labour market. Consequently, the improved macroeconomic forecasts had not yet translated into a recovery in the corporate demand relevant to the Amadeus Fire Group during the reporting period. General conditions for Personnel Services Demand for labour showed initial signs of stabilisation in the third quarter of 2026, but remained subdued overall. The Federal Employment Agency’s BA-X Job Index rose by one point month on month to 104 points in September and was six points above the prior-year figure. However, the index has remained close to the reference level of 100 points for more than a year. Despite increasing year on year, the number of newly registered vacancies remained low by long-term standards.7 The ifo Employment Barometer presents a similar picture. It rose marginally to 95.1 points in September, compared with 94.8 points in August. The ifo Institute interprets this development as a sign of stabilisation, but do not yet see any genuine recovery in the labour market. Companies in industry and trade continued predominantly to plan job cuts. Among service providers, hiring and redundancy plans were broadly balanced. The outlook for temporary staffing was somewhat more positive, although there were not yet any signs of a sustained recovery in demand.8 Demographic change and existing recruitment bottlenecks in certain occupational groups fundamentally support demand for qualified professionals. During the reporting period, however, these structural factors continued to be overshadowed by weak hiring mome ntum. Overall, conditions therefore improved only gradually compared with the first half of the year, and there was no broad-based upturn in demand for labour relevant to personnel services by the end of the third quarter. 6 Federal Employment Agency: The Labour Market in September 2026 7 Federal Employment Agency: Monthly Report, September 2026 8 ifo Institute: Press Release dated 28 September 2026
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 8 General conditions for Training Publicly funded training recorded a positive trend in new entrants in the third quarter of 2026. Around 42,000 people entered training support programmes in September. This represented an increase of 22.2 percent compared with the same month of the previous year. Over the rolling twelve-month period from October 2025 to September 2026, the number of new entrants increased to around 338,000, compared with around 309,000 in the preceding twelve- month period. This represents a calculated increase of 9.4 percen t. However, the higher number of entrants was not reflected equally across all areas of the publicly funded training market. Training vouchers continued to be awarded selectively and focused increasingly on shorter programmes. In addition to the number of new entrants, the economic performance of training providers is determined in particular by participant numbers, programme duration and the scope of approved training provision. The increase in new entrants alone therefore does not indicate a corresponding recovery in the relevant market volume.9 Demand in the corporate client business remained selective in view of the subdued economic environment and the continued caution exercised by many companies in their budget planning. Companies gave priority to training programmes where there was a clearly identifiable and immediate operational benefit. At the same time, the structural need for training continued to grow as a result of digitalisation, the increasing use of artificial intelligence and the associated changes in skills requirements. The training business for private individuals continued to prove comparatively resilient to economic conditions. Demand is driven primarily by individual career planning, the acquisition of recognised qualifications and the need to adapt personal skills to changing occupational requirements. The prevailing economic uncertainty has not yet had any material impact on demand. At the same time, digital and hybrid learning formats make it easier to combine training with work and personal commitments, thereby imp roving access to longer -term courses and degree programmes. Overall, conditions in the publicly funded training market improved, while the economic environment for the corporate client business remained challenging. 9 Federal Employment Agency: Monthly Report on the Labour and Vocational Training Market, September 2026, tables on labour mark et policy instruments
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 9 Business performance Business performance at the Amadeus Fire Group in the first nine months of 2026 continued to be shaped by the challenging market environment described in the Half -Year Financial report. Persistently weak demand for Personnel Services weighed on the Group’s business volume. By contrast, the Training segment continued its positive performance. At Group level, the decline in revenue slowed in the third quarter compared with the first half of the year, despite no fundamental improvement in the market environment for Personnel Services. The Group’s earnings performance improved compared with the prior -year period, driven in particular by the significant improvement in earnings in the Training segment. In the previous year, the segment’s earnings were significantly adversely affected by th e restructuring initiated at Comcave in the third quarter. No comparable restructuring expenses were incurred in the reporting period 2026. In addition, the measures implemented since 2025 to adjust the cost and organisational structure had a positive impact. Despite the lower level of revenue, the Group’s operating result and operating margin were both above their respective prior-year figures. The improvement in earnings in the Training segment continued to be offset by the impact of lower business volumes and declining operating gross profit in the Personnel Services segment. The management of costs, capacity and productivity, the selective filling of vacant positions and the prioritisation of key investments continued in the third quarter. At the same time, the Amadeus Fire Group continued to invest selectively in the further development of systems and processes as well as in digital and AI-supported solutions. Key figures in the segments € thousand 9 months 2026 9 months 2025 Change in percent Revenue Personnel Services segment 135,839 160,950 -15.6% Training segment 125,886 116,438 8.1% Group 261,533 277,227 -5.7% Operating EBITA Personnel Services segment 4,192 11,236 -62.7% Training segment 7,469 -1,515 n.a. Group 11,661 9,721 20.0% Operating EBITA margin Personnel Services segment (in %) 3.1 7.0 -3.9 PP Training segment (in %) 5.9 -1.3 7.2 PP Group (in %) 4.5 3.5 1 PP Table 2: Key figures in the segments
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 10 Personnel Services segment The Personnel Services segment remained significantly below the prior-year level in the first nine months of 2026. The subdued market momentum described in the Half -Year Financial Report continued into the third quarter. However, the decline in revenue slo wed across all three service lines, although there were not yet any signs of a sustained recovery in demand. In temporary staffing, assignment volumes remained below the prior -year level as a result of corporate clients’ cautious capacity planning. However, the decline in revenue slowed in the third quarter. At the same time, operating gross profit performed bett er than revenue. The higher gross profit margin therefore mitigated the impact of the lower business volume. Permanent placement continued to be most affected by companies’ reluctance to hire. Companies remained selective in their recruitment decisions or postponed them. As a result, existing staffing requirements continued to translate into successful placements less frequently. As revenue from permanent placement largely corresponds to gross profit, this development had a particularly pronounced impact on the segment’s operating gross profit. Interim and project management delivered the most stable performance within the segment. In the third quarter, revenue was once again slightly above the prior -year quarter. As this business is driven more by specific project and temporary staffing requirem ents, it proved less dependent on permanent recruitment decisions. However, operating gross profit did not reach the prior-year level. The lower operating gross profit continued to weigh significantly on the segment’s earnings performance. The ongoing management of costs and personnel capacity mitigated the impact of the decline in business volume. The operating result improved compared with the weak second quarter, but remained significantly below the prior- year level over the nine-month period. Personnel Services segment € thousand 9 months 2026 9 months 2025 Change in percent Revenue in total 135,839 160,950 -15.6% Temporary staffing 82,247 94,782 -13.2% Permanent placement 29,789 40,939 -27.2% Interim and project management 23,426 24,817 -5.6% Operating gross profit 61,551 76,409 -19.4% Gross profit - Temporary staffing 26,093 29,193 -10.6% Gross profit - Permanent placement 29,789 40,939 -27.2% Gross profit - Interim and project management 5,525 6,081 -9.1% Operating gross profit margin (in %) 45.3 47.5 -2.2 PP Gross profit margin - Temporary staffing 31.7 30.8 0.9 PP Gross profit margin - Permanent placement 100.0 100.0 0 PP Gross profit margin - Interim and project management 23.6 24.5 -0.9 PP Operating EBITA 4,192 11,236 -62.7% Operating EBITA margin (in %) 3.1 7.0 -3.9 PP Table 3: Personnel Services segment
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 11 Training segment The Training segment continued its positive revenue and earnings performance in the first nine months of 2026. However, performance continued to vary across the individual business divisions. In the third quarter, Comcave once again generated revenue on a par with the prior -year quarter. In the first half of the year, business volume had still been below the prior-year level. The adjustments to personnel capacity and the reduction in the number of training locations implemented in the second half of 2025 resulted in a lower cost base and supported the current positive earnings performance in the reporting period. GFN recorded the strongest organic revenue performance within the segment. The IT training portfolio benefited from positive demand trends and the establishment of new locations in 2025. Having already exceeded the prior- year level in the first half of the year, revenue continued to grow in the third quarter. GFN was therefore a key growth driver in the established training business. Steuer-Fachschule Dr. Endriss continued its positive business performance. The range of longer-term courses and degree programmes remained robust. Demand continued to reflect individual career planning and the need to acquire professional qualifications al ongside employment. Digital and hybrid learning formats facilitated flexible access to the training programmes. Masterplan and eduBITES, which were acquired in the previous year, contributed to revenue for the entire reporting period for the first time. Both companies complement the segment with digital and AI -supported learning and knowledge solutions for corporate clients. Their focus is on the systematic development of skills, the retention of in- house knowledge and the digital, scalable provision of learning content. Operating gross profit increased compared with the prior-year period, but did not keep pace with revenue growth. Accordingly, the operating gross profit margin was slightly below the prior -year level. The segment’s operating result improved significantly, reflecting the positive performance of GFN, Comcave and Steuer -Fachschule Dr. Endriss. The first -time inclusion of Masterplan and eduBITES in the current year resulted in a slightly positive earnings contribution from Masterplan, while eduBITES was still reporting negative earnings. In addition, the prior- year result was adversely affected by restructuring expenses recognised at Comcave in the third quarter of 2025. Training segment € thousand 9 months 2026 9 months 2025 Change in percent Revenue in total 125,886 116,438 8.1% Comcave 47,158 49,492 -4.7% GFN 44,684 39,546 13.0% Steuer-Fachschule Dr. Endriss 28,021 27,404 2.3% Acquisitions 6,099 0 n.a. Operating gross profit 71,046 66,693 6.5% Operating gross profit margin (in %) 56.4 57.3 -0.8 PP Operating EBITA 7,469 -1,515 n.a. Operating EBITA margin (in %) 5.9 -1.3 7.2 PP Table 4: Training segment
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 12 Earnings, financial position and assets Earnings The Amadeus Fire Group generated revenue of € 261.5 million in the first nine months of the financial year 2026, representing a decrease of € -15.7 million, or -5.7 percent, compared with the previous year. For an explanation of the decline in revenue, please refer to the section on business performance. The operating cost of sales decreased by -3.8 percent to € -129.1 million (previous year: € -134.2 million). This decrease was primarily attributable to a € 10.3 million reduction resulting from the decline in revenue in the Personnel Services segment. This was partly offset by a € 5.1 million increase in the operating cost of sales in the Training segment, of which € 3.7 million related to the acquisitions of Masterplan com and eduBITES. Operating gross profit decreased by € -10.5 million in absolute terms. Consequently, the Group’s operating gross profit margin was 50.6 percent, -1.0 percentage point below the prior-year figure. The operating gross profit margin declined by -2.2 percentage points in the Personnel Services segment and by -0.9 percentage points in the Training segment. Operating selling and administrative expenses amounted to € -121.5 million, compared with € -133.6 million in the previous year. In the third quarter of the previous year, selling and administrative expenses included a one -off charge of € 3.9 million relating to the restructuring at Comcave. Excluding this restructuring charge, the decrease of € 8.2 million was mainly attributable to lower salary expenses, depreciation of right-of-use assets and consulting expenses as a result of the measures taken to adjust the cost and organisational structure. This was partly offset by additional expenses relat ing to the companies acquired in the previous year. Other operating income, at € 0.5 million, was higher than in the previous year, reflecting the successful subletting of unused rental space. Operating earnings before interest, taxes and amortisation (EBITA) amounted to € 11.7 million after the first nine months, compared with € 9.7 million in the previous year. Operating EBITA therefore increased by € 2.0 million, or 20.0 percent. Over the course of the year, a decrease of € 2.9 million in the first half was followed by an increase of € 4.9 million in the third quarter, in each case compared with the corresponding prior -year period. The prior-year figure for the third quarter included restructuring expenses of € 5.3 million. The operating EBITA margin increased to 4.5 percent (previous year: 3.5 percent). Special expenses affecting EBITA increased from € 2.1 million in the previous year to € 4.4 million. This increase was primarily attributable to purchase price allocation amortisation relating to Masterplan com GmbH and eduBITES GmbH, which were acquired in the previous year. The financial result decreased by € 1.2 million to € 2.0 million, primarily due to higher interest expenses resulting from a higher volume of borrowing combined with a higher interest rate. This was offset by € 0.7 million from the adjustment to the contingent purchase price payment to Masterplan com GmbH. Ultimately, the Amadeus Fire Group generated operating earnings after income taxes of € 4.5 million in the first nine months of 2026, unchanged from € 4.5 million in the previous year.
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 13 Financial performance € thousand 9 months 2026 Special items* 9 months 2026 operating 9 months 2025 Special items* 9 months 2025 operating Change operational in % Revenue 261,533 0 261,533 277,227 0 277,227 -5.7% Cost of sales -131,218 2,146 -129,072 -134,220 0 -134,220 -3.8% Gross profit 130,315 2,146 132,461 143,007 0 143,007 -7.4% Gross profit margin (in %) 49.8 50.6 51.6 51.6 -0.9 PP Selling and administrative expenses -123,744 2,246 -121,498 -135,689 2,138 -133,551 -9.0% Other income and expenses 698 0 698 265 0 265 >100% EBITA 7,269 4,392 11,661 7,583 2,138 9,721 20.0% EBITA margin (in %) 2.8 4.5 2.7 3.5 1 PP Financial result -4,873 -674 -5,547 -3,690 0 -3,690 50.3% Profit before taxes 2,396 3,718 6,114 3,893 2,138 6,031 1.4% Income taxes -273 -1,382 -1,655 -1,134 -350 -1,484 11.5% Profit after taxes 2,123 2,336 4,459 2,759 1,788 4,547 -1.9% * Goodwill amortisation and amortisation of intangible assets from the purchase price allocations / as well as effects from t he measurement of the purchase price liability of the non -controlling shareholders in Amadeus Fire Weiterbildung Verwaltungs GmbH (in 2025) and eduBITES GmbH (in 2026) Table 5: Financial performance Financial position Equity amounted to € 129.4 million as at 30 September 2026, below the level of € 130.9 million as of 31 December 2025. The decrease was attributable to the net loss for the period of € -1.3 million generated up to 30 September 2026 and the distribution of € -0.2 million to the non-controlling shareholders of TaxMaster GmbH. At 36.4 percent, the equity ratio was virtually unchanged from 31 December 2025 (36.5 percent). Non-current liabilities decreased from € 74.0 million to € 67.2 million. Lease liabilities decreased by € 7.2 million in this context (see notes on right -of-use assets). In addition, non -current financial liabilities decreased by € 0.9 million, of which € 0.7 million resulted from the adjustment of the contingent purchase price payment for Masterplan com GmbH in line with business performance and € 0.2 million from reclassification to current financial liabilities. This was offset by a € 1.9 million increase in liabilities to shareholders resulting from the measurement of the settlement option relating to Steuer-Fachschule Dr. Endriss. The € 4.8 million increase in current liabilities to € 158.9 million was primarily attributable to a € 7.8 million increase in financial liabilities resulting from the financing of operating activities and investments. In addition, trade payables and contract liabilities were higher than at 31 December 2025 due to reporting-date effects. By contrast, current lease liabilities decreased by € 2.1 million (see notes on right -of-use assets), while other current liabilities decreased by € 2.1 million. The latter decrease was primarily attributable to lower personnel -related liabilities arising from variable remuneration, while accrued holiday entitlements had an offsetting effect during the year. Income tax liabilities decreased as a result of tax payments made in respect of previous years, while the recognition of tax provisions for the current year’s earnings had an offsetting effect.
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 14 Capital structure € thousand 30 Sep 2026 % 31 Dec 2025 % Change abs. Change % Equity 129,376 36.4 130,914 36.5 -1,538 -1.2 thereof attributable to equity holders of Amadeus Fire AG 128,558 36.2 129,985 36.2 -1,427 -1.1 Non-current liabilities 67,247 18.9 73,979 20.6 -6,732 -9.1 thereof lease liabilities 36,521 10.3 43,728 12.2 -7,207 -16.5 Current liabilities 158,882 44.7 154,055 42.9 4,827 3.1 thereof other financial liabilities 86,077 24.2 78,309 21.8 7,768 9.9 thereof lease liabilities 17,042 4.8 19,109 5.3 -2,067 -10.8 Equity and Liabilities 355,505 100.0 358,948 100.0 -3,443 -1.0 Table 6: Capital structure Financing The leverage ratio remained unchanged at 3.2 compared with 31 December 2025, but decreased slightly from 3.5 as of 30 June 2026. As of 30 September 2026, € 79.0 million had been drawn under the existing revolving credit facility. Assets and liabilities The Amadeus Fire Group’s total assets decreased by € 3.4 million, or 1.0 percent, as at the reporting date of 30 September 2026. Non-current assets decreased by € 10.1 million as at the reporting date compared with 31 December 2025. This decrease was primarily attributable to a reduction of € 8.5 million in right-of-use assets, as there were no material effects from new or extended property leases in the first nine months of the financial year 2026. Intangible assets also decreased by € -0.8 million and property, plant and equipment by € -0.5 million, as capital expenditure was lower than depreciation and amortisation. Current assets increased by € 6.6 million to € 60.7 million (31 December 2025: € 54.1 million). This was mainly attributable to trade receivables, which increased by € 6.5 million. Current assets also increased as a result of a € 1.2 million rise in prepaid expenses during the year and an advance payment of € 1.2 million for the office refurbishment at Steuer-Fachschule Dr. Endriss. Assets and liabilities € thousand 30 Sep 2026 % 31 Dec 2025 % Change abs. Change % Non-current assets 294,810 82.9 304,865 84.9 -10,055 -3.3 Current assets 60,695 17.1 54,083 15.1 6,612 12.2 thereof cash and cash equivalents 2,358 0.7 3,697 1.0 -1,339 -36.2 Assets 355,505 100.0 358,948 100.0 -3,443 -1.0 Table 7: Assets and liabilities
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Interim Group Management Report 15 Outlook The German Federal Government expects price -adjusted gross domestic product to grow by 1.3 percent in 2026 as a whole. However, the forecast recovery is expected to be supported primarily by exports and government investment. Consequently, no significant additional impetus is expected for corporate demand for Personnel and Training Services during the remainder of the year.10 Overall, business performance in the third quarter was in line with the expectations of the Management Board. No fundamental change in the market environment is assumed for the fourth quarter. Business volumes in the Personnel Services segment are still ex pected to remain below the prior -year level. The positive performance of the Training segment is expected to continue. The management of costs, capacity and productivity will continue unchanged. Against this backdrop, the Management Board confirms the guidance adjusted in the 2026 Half -Year Financial Report. For the financial year 2026, consolidated revenue is expected to range between € 350 million and € 355 million, with consolidated operating EBITA* expected to range between € 17 million and € 20 million. The specified and now narrower ranges for revenue and consolidated operating EBITA* reflect the current economic situation and the expectations of corporate clients, particularly in the Personnel Services segment. Further details of the guidance and the underlying assumptions are provided in the Half -Year Financial Report as of 30 June 2026. The quarterly statement as of 30 September 2026 has not been reviewed, nor has it been audited pursuant to Section 317 HGB. Frankfurt/Main, 02 November 2026 The Management Board Robert von Wülfing Monika Wiederhold Dennis Gerlitzki Chief Executive Officer (CEO) Chief Operating Officer (COO) Chief Operating Officer (COO) Training Personnel Services 10 German Federal Ministry for Economic Affairs and Energy: Autumn Projection 2026
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Financial information 16 Financial information Consolidated statement of comprehensive income Consolidated statement of comprehensive income € thousand, Earnings per share in € 9 months 2026 9 months 2025 Q3 2026 Q3 2025 Revenue 261,533 277,227 89,812 90,666 Cost of sales -131,218 -134,220 -43,964 -43,971 Gross profit 130,315 143,007 45,848 46,695 Selling expenses -95,729 -105,945 -30,261 -35,291 thereof impairment of financial assets -203 -318 -59 -107 General and administrative expenses -28,015 -29,744 -9,115 -8,888 Other operating income 799 324 258 98 Other operating expenses -101 -59 -20 -16 Profit from operations 7,269 7,583 6,710 2,598 Finance income 699 36 383 18 Finance costs -5,572 -3,726 -2,089 -1,386 Profit before taxes 2,396 3,893 5,004 1,230 Income taxes -273 -1,134 -801 -593 Profit after taxes 2,123 2,759 4,203 637 Profit attributable to non-controlling interests recognised under liabilities -3,425 -3,175 -1,864 -1,756 Profit for the period -1,302 -416 2,339 -1,119 Other comprehensive income 0 0 0 0 Total comprehensive income -1,302 -416 2,339 -1,119 Profit for the period attributable to: Non-controlling interests 125 79 34 26 Equity holders of Amadeus Fire AG -1,427 -495 2,305 -1,145 Total comprehensive income attributable to: Non-controlling interests 125 79 34 26 Equity holders of Amadeus Fire AG -1,427 -495 2,305 -1,145 Basic/diluted earnings per share -0.26 -0.09 0.43 -0.21 Table 8: Consolidated statement of comprehensive income
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Financial information 17 Consolidated cash flow statement Consolidated cash flow statement € thousand 9 months 2026 9 months 2025 Q3 2026 Q3 2025 Profit for the period -1,302 -416 2,339 -1,119 Plus profit attributable to non-controlling interests recognised under liabilities 3,425 3,175 1,864 1,756 Income taxes 273 1,134 801 593 Finance income -699 -36 -383 -18 Finance costs 5,572 3,726 2,089 1,386 Depreciation of intangible assets, property, plant and equipment and right-of-use assets 24,808 24,691 8,170 9,593 Earnings before interest, taxes and depreciation 32,077 32,274 14,880 12,191 Non-cash transactions 5 -4 -3 258 Result from disposals and acquisitions of non-current assets -44 0 3 0 Changes in operating working capital - Trade receivables and other assets -6,551 2,582 -4,862 -324 - Other assets -2,505 -1,407 759 442 - Trade payables and contract liabilities 3,267 795 740 941 - Other liabilities -2,786 -5,111 -715 125 Commissions paid -481 -246 -167 -88 Income taxes paid -499 -10,857 308 -2,292 Net cash from operating activities 22,483 18,026 10,943 11,253 Interest received 25 36 14 18 Cash received for the disposal of intangible assets and property, plant and equipment 133 26 32 3 Cash paid for the acquisition of subsidiaries less net cash acquired -417 -20,594 0 -20,590 Cash paid for the acquisition of intangible assets and property, plant and equipment -9,073 -8,166 -3,009 -2,965 Net cash used in investing activities -9,332 -28,698 -2,963 -23,534 Cash received of loans 5,000 59,523 0 24,644 Cash repayments of loans -4,000 -1,900 -4,000 -1,900 Cash repayments of lease liabilities -15,264 -14,901 -4,951 -5,048 Interest payments on lease liabilities -1,362 -1,551 -468 -502 Interest paid* -2,883 -1,205 -1,288 -445 Cash paid to non-controlling interests -2,595 -2,281 0 0 Payments to non-controlling interests presented within equity -236 0 -236 0 Dividends paid to equity holders of Amadeus Fire AG 0 -21,892 0 0 Net cash used in financing activities -21,340 15,793 -10,943 16,749 Change in cash and cash equivalents -8,189 5,121 -2,963 4,468 Cash and cash equivalents at the beginning of the reporting period 3,697 2,369 0 0 Cash and cash equivalents at the end of the reporting period** -4,492 7,490 -2,963 4,468 * Compared with the previous year, these are now reported under financing activities ** For the fiscal year, the balance is calculated as follows: Cash and cash equivalents of € 2,358 thousand, less current account of € 6,850 thousand = cash and cash equivalents at the end of the period of -€ 4,492 thousand. Table 9: Consolidated cash flow statement
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Financial information 18 Consolidated balance sheet Consolidated balance sheet as of 30 Sep 2026 € thousand 30 Sep 2026 31 Dec 2025 ASSETS Goodwill 186,217 186,490 Other intangible assets 39,447 40,240 Property, plant and equipment 8,991 9,537 Right-of-use assets 49,807 58,301 Deferred tax assets 10,348 10,297 Total non-current assets 294,810 304,865 Trade receivables 50,736 44,248 Other assets 6,774 4,020 Income tax assets 827 2,118 Cash and cash equivalents 2,358 3,697 Total current assets 60,695 54,083 Total ASSETS 355,505 358,948 EQUITY AND LIABILITIES Subscribed capital 5,432 5,432 Capital reserves 62,226 62,226 Retained earnings 60,900 62,327 Total equity attributable to equity holders of Amadeus Fire AG 128,558 129,985 Non-controlling interests 818 929 Total equity 129,376 130,914 Other provisions 22 231 Lease liabilities 36,521 43,728 Liabilities to shareholders 19,637 17,753 Other financial liabilities 2,041 2,955 Other liabilities 827 684 Deferred tax liabilities 8,199 8,628 Total non-current liabilities 67,247 73,979 Other provisions 1,092 1,937 Lease liabilities 17,042 19,109 Other financial liabilities 86,077 78,309 Liabilities to shareholders 6,693 6,975 Trade payables 12,186 11,319 Contract liabilities 11,220 8,801 Income tax liabilities 1,042 2,077 Other financial liabilities 240 0 Other liabilities 23,290 25,528 Total current liabilities 158,882 154,055 Total EQUITY AND LIABILITIES 355,505 358,948 Table 10: Consolidated balance sheet
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Financial information 19 Consolidated statement of changes in equity Consolidated statement of changes in equity € thousand Subscribed capital Capital reserves Retained earnings Total equity attributable to equity holders of Amadeus Fire AG Non- controlling interests Total equity As of 01 Jan 2025 5,432 62,226 86,627 154,285 692 154,977 Total comprehensive income 0 0 -495 -495 79 -416 Dividends 0 0 -21,892 -21,892 0 -21,892 As of 30 Sep 2025 5,432 62,226 64,240 131,898 771 132,669 As of 01 Jan 2026 5,432 62,226 62,327 129,985 929 130,914 Total comprehensive income 0 0 -1,427 -1,427 125 -1,302 Dividends 0 0 0 0 -236 -236 As of 30 Sep 2026 5,432 62,226 60,900 128,558 818 129,376 Table 11: Consolidated statement of changes in equity
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Financial information 20 Segment reporting Segment reporting € thousand Personnel Services Training Reconciliation Amadeus Fire Group 9 months 2026 9 months 2025 9 months 2026 9 months 2025 9 months 2026 9 months 2025 9 months 2026 9 months 2025 External revenue 135,804 160,822 125,729 116,405 0 0 261,533 277,227 Internal revenue 35 128 157 33 -192 -161 0 0 Total revenue 135,839 160,950 125,886 116,438 -192 -161 261,533 277,227 Cost of sales -74,288 -84,541 -56,985 -49,745 55 66 -131,218 -134,220 Gross profit 61,551 76,409 68,900 66,693 -136 -95 130,315 143,007 Gross operating profit 61,551 76,409 71,046 66,693 -136 -95 132,461 143,007 Gross operating profit margin (in %) 45.3 47.5 56.4 57.3 50.6 51.6 Selling expenses -47,750 -54,601 -49,458 -52,611 1,479 1,267 -95,729 -105,945 General and administrative expenses -22,142 -21,165 -18,521 -20,556 12,648 11,977 -28,015 -29,744 EBITDA 10,977 18,336 21,100 13,938 0 0 32,077 32,274 Amortisation and depreciation -6,785 -7,100 -18,023 -15,521 0 0 -24,808 -22,621 Impairment 0 0 0 -2,070 0 0 0 -2,070 EBITA 4,192 11,236 3,077 -3,653 0 0 7,269 7,583 Special items 0 0 -4,392 -2,138 0 0 -4,392 -2,138 Operating EBITA 4,192 11,236 7,469 -1,515 0 0 11,661 9,721 Oper. EBITA margin (in %) 3.1 7.0 5.9 -1.3 4.5 3.5 Finance costs -5,509 -2,929 -3,554 -2,348 3,491 1,551 -5,572 -3,726 Income taxes 110 -2,855 -383 1,721 0 0 -273 -1,134 Segment assets* 91,838 100,851 263,996 261,977 -329 0 355,505 362,828 thereof goodwill 30,364 30,364 155,853 154,758 0 0 186,217 185,122 Investments 1,416 1,768 7,657 6,398 0 0 9,073 8,166 Segment liabilities* 128,622 126,638 83,641 91,806 13,866 11,715 226,129 230,159 *Excluding carrying amounts of equity investments and receivables/liability from affiliates Table 12: Segment reporting
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Other information 21 Other information Responsibility statement To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the profit or loss, financial position and assets and liabi lities of the Group in accordance with German generally accepted accounting principles, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year. Frankfurt/Main, 02 November 2026 Robert von Wülfing Monika Wiederhold Dennis Gerlitzki Chief Executive Officer (CEO) Chief Operating Officer (COO) Chief Operating Officer (COO) Training Personnel Services
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Other information 22 Information on forward-looking statements This document contains certain forward-looking statements. Forward-looking statements are all statements that do not relate to historical facts or events. Such statements can be identified by terms such as “expect”, “believe”, “estimate”, “assume”, “foreca st”, “predict”, “anticipate”, “will” or similar expressions. These forward -looking statements are subject to risks and uncertainties, as they relate to future events and are based on the Company’s current assumptions, which may not materialise in the futur e or may not materialise as assumed. The Company points out that such forward -looking statements are not a guarantee of future performance. The actual results, including the financial position and profitability of Amadeus Fire AG, as well as developments in the economic and regulatory environment, may differ materially, and in particular may be less favourable, from those expressly or implicitly assumed or described in these statements. Even if the actual results of Amadeus Fire AG, including its financial position and profitability, as well as the economic and regulatory environment, are consistent with the forward-looking statements contained in this interim statement, there can be no assurance that this will continue to be the case in the future. Due to commercial rounding, minor discrepancies may arise in the amounts or percentage changes stated in different sections of this interim statement. This document is an English translation, in the event of deviations, the German version of the document shall take precedence over the English translation.
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Other information 23 List of tables Table 1: Financial key figures ................................................................................................................................................................... 2 Table 2: Key figures in the segments ................................................................................................................................................ 9 Table 3: Personnel Services segment .............................................................................................................................................. 10 Table 4: Training segment ........................................................................................................................................................................ 11 Table 5: Financial performance ........................................................................................................................................................... 13 Table 6: Capital structure ......................................................................................................................................................................... 14 Table 7: Assets and liabilities ................................................................................................................................................................. 14 Table 8: Consolidated statement of comprehensive income ..................................................................................... 16 Table 9: Consolidated cash flow statement .............................................................................................................................. 17 Table 10: Consolidated balance sheet ........................................................................................................................................... 18 Table 11: Consolidated statement of changes in equity .................................................................................................... 19 Table 12: Segment reporting ................................................................................................................................................................. 20 Table 13: Financial calendar 2026/2027 ....................................................................................................................................... 24
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Amadeus Fire Group | Interim Statement Q3/9M 2026 – Other information 24 Financial calendar Financial calendar 2026/2027 02 Nov 2026 Publication of Interim Statement Q3/9M 2026 (post trading hours) 03 Nov 2026 Conference Call Interim Statement Q3/9M 2026 at 03.00 p.m. CET 17 Nov 2026 DSW Retail Investor Forum, Mannheim 23-25 Nov 2026 German Equity Capital Market Forum 2026, Frankfurt/Main 20 Jan 2027 Kepler Cheuvreux GCC German Corporate Conference, Frankfurt/Main 11 Feb 2027 montega 17th HIT Hamburg Investors Days, Hamburg Mid-Feb 2027 Publication of preliminary unaudited Financial Key Figures FY 2026 (post trading hours) Mid-Feb (+1) 2027 Conference Call preliminary unaudited Financial Key Figures FY 2026 at 03.00 p.m. CET 18 Mar 2027 Publication of Consolidated Financial Statements FY 2026 (post trading hours) 19 Mar 2027 Conference Call Consolidated Financial Statements FY 2026 at 08.30 a.m. CET 04 May 2027 Publication of Interim Statement Q1/3M 2027 (post trading hours) 05 May 2027 Conference Call Interim Statement Q1/3M 2027 at 08.30 a.m. CEST End of May 2027 AGM Annual General Shareholders Meeting 2027 (Start at 11.00 a.m. CEST) 04 Aug 2027 Publication of Interim Report Q2/6M 2027 (post trading hours) 05 Aug 2027 Conference Call Interim Report Q2/6M 2027 at 08.30 a.m. CEST 03 Nov 2027 Publication of Interim Statement Q3/9M 2027 (post trading hours) 04 Nov 2027 Conference Call Interim Statement Q3/9M 2027 at 03.00 p.m. CEST End of Nov 2027 German Equity Capital Market Forum 2027, Frankfurt/Main Table 13: Financial calendar 2026/2027
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25 Commercial and IT Responsible: Amadeus Fire AG | Investor Relations Hanauer Landstrasse 160, D-60314 Frankfurt/Main Tel.: +49 69 96 87 61 80 e-Mail: ir@amadeus-fire.de Internet: group.amadeus-fire.de