Amadeus Fire AG Deep Dive | Guidance, Recovery & AI Strategy

In this seat11a deep dive presentation, Robert von Wülfing, CEO of Amadeus Fire Group, takes investors through the company’s 2026 outlook and explains where management sees the most important drivers of revenue recovery, margin improvement, and earnings growth after a difficult FY 2025.Why the FY 2026 Outlook Matters for InvestorsFollowing a challenging 2025 marked by weak demand, lower hiring activity, delayed corporate decisions, and pressure across both the Personnel Services and Training segments, Amadeus Fire is now guiding for a visible recovery in FY 2026. Management’s outlook includes group revenue of around €394 million and operating EBITA of approximately €31 million, implying a meaningful step-up from the depressed 2025 base. For investors, this makes the 2026 guidance especially important, as it provides the first clearer framework for evaluating whether the company can move from restructuring and cost control toward a more tangible earnings recovery.Personnel Services: Still Cautious Despite Long-Term Structural DemandA key focus of this deep dive is the expected contribution from the group’s two core segments. In Personnel Services, management remains cautious. While Germany continues to face a structural shortage of skilled workers over the long term, short-term conditions remain difficult due to macroeconomic uncertainty, weaker hiring confidence, and reduced willingness among candidates to change jobs. As a result, the segment remains focused on productivity, efficiency, and protecting competitiveness while waiting for a more supportive demand environment.Training Segment: Strategic Growth and Margin Driver in 2026In contrast, the Training segment is positioned as a more important driver of the 2026 recovery story. Management highlights a much more positive earnings outlook in the B2G business, continued resilience in B2C training, and the strategic importance of the company’s AI-first orientation. The recent acquisitions of Masterplan and eduBITES strengthen Amadeus Fire’s exposure to scalable digital training, AI-enabled knowledge solutions, and recurring SaaS revenue, which could improve the quality of the group’s revenue mix and support a stronger long-term margin profile. For investors, this makes the Training segment a particularly relevant area to watch as the company seeks to reposition itself beyond the cyclical weakness seen in 2025.Segment Mix: Training Gains Strategic Weight Within the Equity StoryManagement’s 2026 guidance also includes a segment split of approximately €184 million revenue for Personnel Services and €210 million revenue for Training, highlighting the growing strategic importance of the Training business within the broader Amadeus Fire equity story. The central investment debate is therefore whether stronger Training momentum, lower restructuring drag, and continued cost discipline can offset the still-cautious backdrop in Personnel Services and drive a credible group-level earnings recovery in the year ahead. ▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.