Amadeus Fire AG: Group improves operating result in Q3 2026 and defines the outlook for 2026 more precisely
Frankfurt / Main (pta030/02.11.2026/18:20 UTC+1)
Frankfurt/Main, 2nd November 2026
The third quarter of 2026 developed somewhat more favourably for the Amadeus Fire Group (ISIN: DE0005093108, Prime Standard) than the first two quarters of the year, despite the persistently difficult economic environment.
Although growth prospects have recently improved, primarily due to robust exports and government-backed investment in infrastructure and defence, these higher growth expectations have not yet translated into a broad-based recovery in the domestic economy. Overall, the Amadeus Fire Group generated revenue in the third quarter of this year that was almost on a par with the corresponding prior-year quarter, while earnings improved significantly. However, the prior-year quarter had been impacted by non-recurring restructuring expenses in the Training segment.
Persistently weak demand for Personnel Services continued to weigh on the Group's business volume. By contrast, the Training segment continued its positive development. At Group level, the decline in revenue slowed in the third quarter compared with the first half of the year. The Group's earnings performance improved compared with the prior-year period. This was driven in particular by the significant improvement in earnings in the Training segment. In the previous year, the segment's result had been substantially impacted by the restructuring initiated at Comcave in the third quarter of 2025. No 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 effect. Despite the lower level of revenue, the Group's operating result and operating margin were both higher than in the previous year.
In the first nine months of the financial year 2026, the Amadeus Fire Group generated consolidated revenue of € 261.5 million, 5.7 percent below the € 277.2 million recorded in the corresponding prior-year period. In the third quarter, revenue was once again almost on a par with the previous year's figure. Operating gross profit* amounted to € 132.5 million, also below the comparable prior-year figure of € 143.0 million, representing a decline of 7.4 percent. The operating gross profit margin* decreased only slightly to 50.6 percent (9M 2025: 51.6 percent). Despite the lower operating gross profit*, particularly in the Personnel Services segment, operating EBITA* increased to € 11.7 million, compared with € 9.7 million in the prior-year period. Operating EBITA* in the previous year had been impacted by restructuring expenses of € 5.3 million. This resulted in an operating EBITA margin* of 4.5 percent after the first nine months of 2026 (9M 2025: 3.5 percent). Special costs affecting EBITA increased from € 2.1 million in the prior-year period to € 4.4 million. This increase was primarily attributable to PPA amortisation relating to Masterplan com GmbH and eduBITES GmbH.
In the first nine months of the financial year 2026, the Amadeus Fire Group generated a profit after income taxes of around € 2.1 million, slightly below the previous year's level (9M 2025: € 2.8 million). The share of the result for the period attributable to the shareholders of Amadeus Fire AG amounted to € -1.4 million in 9M 2026, compared with € -3.7 million at the end of the first half of 2026 (9M 2025: € -0.5 million). This resulted in basic earnings per share of € -0.26, compared with € -0.69 at the end of the first half of 2026 and € -0.09 in the corresponding prior-year period.
Overall, business performance in the third quarter of 2026 was in line with the expectations of the Management Board, which assumes no fundamental change in the market environment in the fourth quarter. Business volume in the Personnel Services segment is still expected to remain below the prior-year level, while the positive development in 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 forecast adjusted in the 2026 Half-Year Financial Report and expects consolidated revenue of between € 350 million and € 355 million and operating consolidated EBITA* of between € 17 million and € 20 million for the financial year 2026. The updated, now narrower ranges for revenue and operating consolidated EBITA* reflect the current economic situation and the expectations of client companies, particularly in the Personnel Services segment. An improvement in the business climate among companies in Germany should continue to offer the Amadeus Fire Group attractive opportunities.
Personnel Services segment
Demand for labour showed initial signs of stabilisation in the third quarter of 2026 but remained subdued overall. Although the number of new vacancies increased compared with the previous year, it remained low by long-term standards. Companies in industry and trade continued predominantly to plan workforce reductions. Among service companies, plans to recruit and reduce staff were largely balanced. The outlook for temporary staffing was somewhat more optimistic, although there were still no signs of a sustained recovery in demand.
Demographic change and existing recruitment bottlenecks in certain occupational groups continue fundamentally to support demand for qualified professionals. During the reporting period, however, these structural factors continued to be outweighed by weak recruitment momentum. Overall, conditions improved only gradually compared with the first half of the year. A broad-based recovery in demand for labour relevant to Personnel Services had not materialised by the end of the third quarter.
In the first nine months of 2026, revenue in the Personnel Services segment amounted to € 135.8 million, significantly below the prior-year level (9M 2025: € 161.0 million). However, the decline in revenue of -15.6 percent slowed across all three services, although there were not yet any signs of a sustained recovery in demand. Operating segment gross profit declined by -19.4 percent to € 61.6 million (9M 2025: € 76.4 million). Accordingly, the segment's operating gross profit margin decreased to 45.3 percent (9M 2025: 47.5 percent).
The continued management of costs and staffing capacity limited the impact of the decline in business volume. As a result, the operating result improved compared with the weak second quarter of 2026 but remained significantly below the prior-year level over the nine-month period. At € 4.2 million, operating segment EBITA was ultimately significantly lower than in the previous year (9M 2025: € 11.2 million), resulting in an operating EBITA margin of 3.1 percent (9M 2025: 7.0 percent).
Training segment
Overall, conditions in the publicly funded training market improved, while the economic environment for corporate client business remained challenging. In September 2026, the number of participants entering training support programmes increased by 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 participants entering such programmes was still 9.4 percent higher than in the preceding twelve-month period.
However, the higher number of programme entrants was not reflected equally across all areas of the publicly funded training market. Training vouchers continued to be awarded selectively, with an increasing focus on shorter programmes. In addition to the number of programme entrants, participant numbers, programme duration and the scope of approved training offerings are particularly important to the financial performance of training providers. The increase in programme entrants alone therefore does not indicate a corresponding recovery in the relevant market volume.
Demand in the corporate client business remained selective in light of the subdued economic environment and the continued cautious budget planning of many companies. Training measures were prioritised particularly where they offered an immediately identifiable operational benefit. At the same time, structural demand for training continued to increase as a result of digitalisation, the growing use of artificial intelligence and the associated changes in skills requirements.
The professional training business for private individuals remained comparatively resilient to economic fluctuations. Demand is driven primarily by individual career planning, the acquisition of recognised qualifications and the adaptation of personal skills to changing professional requirements. Digital and hybrid learning formats make it easier to balance training with work and personal commitments, thereby improving access to longer-term courses & study programmes.
Overall, the Training segment continued its positive revenue and earnings performance in the first nine months of 2026. The individual business divisions continued to develop differently.
Due to these effects, the segment's revenue in total increased by 8.1 percent to € 125.9 million, compared with € 116.4 million in the corresponding prior-year period. Operating segment gross profit increased by 6.5 percent compared with the prior-year period to € 71.0 million (9M 2025: € 66.7 million), but grew at a slower rate than revenue.
Accordingly, the segment's operating gross profit margin decreased to a still solid 56.4 percent (9M 2025: 57.3 percent) but increased by 0.5 percentage points compared with the first half of 2026.
The segment's operating result improved significantly by approximately € 9.0 million to € 7.5 million (9M 2025: € -1.5 million) compared with the corresponding prior-year period. The positive performance of GFN, Comcave and Tax College Dr. Endriss contributed to this improvement. The first-time inclusion of Masterplan and eduBITES resulted in a slightly positive earnings contribution from Masterplan in the current financial year, while eduBITES still recorded negative earnings. Operating EBITA in the previous year had been impacted by the restructuring expenses recognised at Comcave in the third quarter of 2025. The operating EBITA margin of 5.9 percent was therefore also significantly higher than in the corresponding prior-year period (9M 2025: -1.3 percent).
* For the definitions of operating gross profit and operating EBITA of the Amadeus Fire Group, please refer to the first footnote on page 2 of the Q3 9M 2026 Interim Statement.
Dial-in details for the explanatory conference call on 3rd November 2026 at 3.00 p.m. CET will be provided in a separate invitation.
The complete Q3 9M 2026 Interim Statement is available on the website at: https://group.amadeus-fire.de/en/investor-relations/financial-reports/
Contact:
Jörg Peters
Head of Investor Relations
Tel.: +49 69 96 87 61 80
e-mail: jpeters@amadeus-fire.de
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| Emitter: |
Amadeus Fire AG Hanauer Landstrasse 160 60314 Frankfurt / Main Germany |
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|---|---|---|
| Contact Person: | Investor Relations | |
| Phone: | +49 69 96876 180 | |
| E-Mail: | IR@amadeus-fire.de | |
| Website: | group.amadeus-fire.de | |
| ISIN(s): | DE0005093108 (Share) | |
| Stock Exchange(s): | Regulated Market in Frankfurt; Free Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate BSX |