Amadeus Fire Ag · XETR:AAD
Amadeus Fire — H1 2026 Earnings Presentation
98 slides from Amadeus Fire's earnings presentation, Aug 12, 2026
Slide 1: Financial key figures FY 2024, FY 2025, H1 2026 & adjusted Outlook FY 2026e
Financial key figures FY 2024, FY 2025, H1 2026 & adjusted Outlook FY 2026e Investors Fact Book 12th August 2026
Slide 2: Focused specialist provider in Germany
Focused specialist provider in Germany Personnel Services Training ▪ Specialist for white collar ▪ Training and retraining professionals focusing on the in the fields of commercial commercial and IT sectors. and IT qualifications. ▪ Temporary staffing, ▪ Publicly funded training (B2G), permanent pla
Slide 3: Development of the real Gross Domestic Product (GDP)
Group Development of the real Gross Domestic Product (GDP) ▪ 2026 remains a year of major challenges with a tiny sense of optimism only. +0,2% ▪ 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 wel
Slide 4: Stable operating growth in the long term
Stable operating growth in the long term Group Steady, stable and positive development of revenue (in € million) 2020 and 2021 Comcave & GFN are additionally recognised • Organic growth as a basis. 372 • Staffing and training businesses stabilising 280 100 each other. 67 407 442 437 364 • Continuous
Slide 5: Steep increase in cash flow due to rebound in PDL
Steep increase in cash flow due to rebound in PDL post CoVid-19 and acquisitions in training segment Group (in € million) Cash Flow from operating activities • Steady, stable and positive development • Organic growth as a basis. • Steep increase in operating cash flow resulting from rebound in the P
Slide 6: Highlights at a glance of Q2/2026
Highlights at a glance of Q2/2026 Group The macroeconomic conditions in Germany remained tense and characterised by an increasing degree of uncertainty in the second quarter of 2026 ▪ Plans for Personnel Services were not achieved especially not in permanent placement despite the targets being met i
Slide 7: Business development – Q2 2026
Group Business development – Q2 2026 (in € million) Operating gross profit and Operating EBITA* and oper. Group revenue EBITA* margin oper. gross profit margin - 6.8% 51.2% 48.7% 88.4 - 11.3% 82.3 2.4% 45.2 40.1 0.6% 2.1 - 77.6% 0.5 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 ▪ The market enviro
Slide 8: Business development – First half 2026
Business development – First half 2026 Group (in € million) Operating gross profit and Operating EBITA* and Net result Group revenue oper. gross profit margin oper. EBITA* margin for the period -8.0% 51.6% 50.0% -10.8% 186.6 171.7 3.4% 2.0% 96.3 85.9 -45.8% 6.4 3.5 0.7 n.a. -3.6 H1 2025 H1 2026 H1 2
Slide 9: Segment Personnel Services
Group Revenue per segment and service Revenue and gross profit Q2 2026 Development of revenue 2019 – 2025 Personnel Services segment Acquisitions within the Training segment Temporary Training segment 19% 283 289 Personnel Services Staffing 32% 269 segment 244 24% 207 208 Permanent 12% Placement 191
Slide 10: Personnel Services Segment
Group Revenue per segment and service Revenue and gross profit FY 2025 Development of revenue 2019 – 2025 Personnel Services segment Acquisitions within the Training segment Training segment 20% 283 289 Personnel Services 34% Temporary 269 staffing 244 segment 28% 207 208 Permanent 191 14% placement
Slide 11: Low dependence on industries or single corporate customers
Low dependence on industries or single corporate customers Industry distribution of client companies in Personnel Services - very well diversified business mix 11% 10% 2025 2024 • Nearly no industry 9% larger than 10% of revenue in 2025 8% 7% • Largest customer 6% at around 0.8% 5% of revenue in 202
Slide 12: Highlights at a glance of FY 2024
Group Highlights at a glance of FY 2024 Amadeus Fire Group remains committed to a profitable growth trajectory, prioritising investments in the expansion of the operational business ▪ First time Amadeus Fire Group experienced stagnation in the previously dominant Personnel Services segment in revenu
Slide 13: Business development – Q4 2024
Business development – Q4 2024 Group (in € million) Operating gross profit and Operating EBITA* and Group revenue oper. gross profit margin oper. EBITA* margin -10.6% 54.1% 52.6% 14.3% -13.0 % 9.2% 110.9 99.2 60.0 -42.8% 52.2 15.9 9.1 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 • The economic de
Slide 14: Business development – FY 2024
Business development – FY 2024 Group (in € million) Operating gross profit and Operating EBITA* and Net result Group revenue oper. gross profit margin oper. EBITA* margin for the period 55.0% -1.2% 54.2% 442.4 436.9 -2.8% 15.9% 243.4 12.7% 236.7 9.3% -21.2% 7.5% -20.4% 70.4 55.5 41.3 32.8 FY 2023 FY
Slide 15: Highlights at a glance of Q1/2025
Highlights at a glance of Q1/2025 Group Amadeus Fire Group remains committed to a profitable growth trajectory, prioritising investments in the expansion of the operational business ▪ 2024 showed a declining development with lowest business level in November and December. Comparable weak start in Ja
Slide 16: Business development – First quarter 2025
Business development – First quarter 2025 Group (in € million) Operating gross profit and Operating EBITA* and Group revenue oper. gross profit margin oper. EBITA* margin 54.6% - 14.5 % 52.0% 12.6% - 18.6 % 114.8 98.2 62.7 51.1 14.4 - 70.2 % 4.4% 4.3 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 •
Slide 17: Highlights at a glance of H1/2025
Highlights at a glance of H1/2025 Group Amadeus Fire Group remains committed to a long-term profitable growth trajectory, prioritising investments in the expansion of the operational business ▪ Amadeus Fire Group (AFG) experienced again a decrease in the Personnel Services segment in revenue and dec
Slide 18: Business development – Second quarter 2025
Business development – Second quarter 2025 Group (in € million) Operating gross profit and Operating EBITA* and Group revenue oper. gross profit margin oper. EBITA* margin 54.2% -20.6% 51.2% 13.0% -24.9% 111.2 88.4 60.3 45.2 14.5 -85.3% 2.4% 2.1 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 • The
Slide 19: Business development – First half 2025
Business development – First half 2025 Group (in € million) Operating gross profit and Operating EBITA* and Net result Group revenue oper. gross profit margin oper. EBITA* margin for the period 54.4% 51.6% 12.8% -17.5% -21.7% 226.1 186.6 123.0 -77.7% 3.4% 96.3 -95.8% 28.9 6.4 0.7 16.8 H1 2024 H1 202
Slide 20: Highlights at a glance after 9M/2025
Group Highlights at a glance after 9M/2025 Amadeus Fire Group remains committed to a long-term profitable growth trajectory, prioritising investments in the expansion of the operational business ▪ Amadeus Fire Group experienced again a decrease in the Personnel Services segment in revenue and declin
Slide 21: Business development – Third quarter 2025
Group Business development – Third quarter 2025 (in € million) Operating gross profit and Operating EBITA* and oper. Group revenue EBITA* margin oper. gross profit margin 55.1% -18.8% 51.5% - 24.1% 15.7% 8.6 adj. 111.6 90.7 3.6% 61.5 46.7 17.6 - 81.3% 3.3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2
Slide 22: Business development – First nine months 2025
Group Business development – First nine months 2025 (in € million) Operating gross profit and Operating EBITA* and oper. Net result Group revenue oper. gross profit margin EBITA* margin for the period - 17.9% 54.6% 51.6% - 22.5% 13.8% 337.7 15.0 adj. 277.3 184.5 143.0 7.8% - 79.1% 3.5% 46.4 9.7 26.4
Slide 23: Full year 2025 at a glance
Group Full year 2025 at a glance Amadeus Fire Group remains committed to a long-term profitable growth trajectory, prioritising investments in the expansion of the operational business ▪ Amadeus Fire Group experienced a decrease in the Personnel Services & the Training segment in revenue and earning
Slide 24: Business development FY 2025
Group Business development FY 2025 (in € million) Group revenue Operating gross profit and Operating EBITA* and oper. gross profit margin oper. EBITA* margin -16.8% [355 – 385 / Range of outlook FY 2025] 54.2% 51.4% 436.9 -21.1% [15 – 25] 363.6 12.7% 236.7 19.8 adj. 186.8 3.8% -75.4% 55.5 13.7 FY 20
Slide 25: Business development – Q4 2025
Group Business development – Q4 2025 (in € million) Operating gross profit and Operating EBITA* and oper. Group revenue EBITA* margin oper. gross profit margin - 13.0% 52.6% 50.7% 99.2 - 16.0% 86.3 9.2% 52.2 43.8 4.6% 9.1 - 56.7% 3.9 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 ▪ Germanys ongoing
Slide 26: Business development FY 2025
Group Business development FY 2025 (in € million) Operating gross profit and Operating EBITA* and oper. Net result Group revenue oper. gross profit margin EBITA* margin for the period - 16.8% 54.2% 51.4% 436.9 - 21.1% 363.6 12.7% 236.7 19.8 adj. 186.8 7.5% - 75.4% 3.8% 55.5 32.8 n.a. 13.7 - 2.2 FY 2
Slide 27: Highlights at a glance of Q1/2026
Highlights at a glance of Q1/2026 Group Amadeus Fire Group has successfully started the financial year 2026 and confirms the outlook for FY 2026 to achieve a significant increase in earnings ▪ Despite a market environment that remains challenging, the business is performing in line with the expectat
Slide 28: Business development – Q1 2026
Group Business development – Q1 2026 (in € million) Operating gross profit and Operating EBITA* and oper. Group revenue EBITA* margin oper. gross profit margin - 9.0% 52.0% 51.2% 98.2 - 10.4% 89.4 4.4% 51.1 45.8 3.4% 4.3 - 30.0% 3.0 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 ▪ Germanys ongoing
Slide 29: Personnel Services segment
Personnel Services segment Amadeus Fire Group | Group presentation l 29 29
Slide 30: Business development – Q4 2024
Business development – Q4 2024 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 49.4% 47.4% 15.2% -15.7% -19.1% 11.5% 71.0 -46.3% 59.9 10.8 5.8 35.1 28.4 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 • T
Slide 31: Business development – FY 2024
Business development – FY 2024 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin -4.8% 51.1% 49.4% 289.2 268.8 17.1% -10.2% 13.0% 147.7 132.7 49.5 -29.5% 34.9 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024
Slide 32: Business development – Q1/2025
Business development – Q1/2025 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 48.9% 46.8% - 19.4 % 11.0% - 23.0 % 71.8 57.9 7.9 - 65.4 % 35.1 27.1 2.7 4.7% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025
Slide 33: Business development – Q2/2025
Business development – Q2/2025 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin -24.1% -28.1% -65.5% • As anticipated in the first quarter, no recovery was recorded in the Personnel Services segment in the
Slide 34: Business development – H1 2025
Business development – H1 2025 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin -21.7% -25.5% 140.1 109.7 -65.5% H1 2024 H1 2025 • The conversion of customer enquiries into concrete orders remains at a low
Slide 35: Business development – Q3 2025
Personnel Services Business development – Q3 2025 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. EBITA* margin oper. gross profit margin - 25.5% 51.9% 49.3% 18.1% 68.8 - 29.1% 10.7% 51.2 12.5 - 56.0% 35.7 25.3 5.5 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ▪ The de
Slide 36: Business development – 9M 2025
Personnel Services Business development – 9M 2025 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 22.9% 49.9% 208.9 47.5% 161.0 - 26.7% 13.9% 104.3 76.4 29.1 - 61.4% 7.0% 11.2 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 ▪ The
Slide 37: Business development – Q4 2025
Business development – Q4 2025 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 22.2% 47.5% 44.3% 59.9 46.6 - 27.4% 9.6% 28.4 5.8 - 76.3% 2.9% 20.6 1.4 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 • T
Slide 38: Business development – FY 2025
Business development – FY 2025 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 22.8% 268.8 49.4% 46.8% - 26.9% 207.5 13.0% 132.7 34.9 - 63.9% 6.1% 97.0 12.6 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 20
Slide 39: Quarterly development of services
Personnel Services Quarterly development of services Revenue development over the prior-year quarter / FY 2025 ▪ Temporary staffing (in € million) Temporary staffing Permanent placement Interim and Project Management 37.4 122.8 2023 2024 2025 ▪ Permanent placement 65 59 65 62 63 60 66 62 63 59 66 62
Slide 40: Business development – Q1 2026
Business development – Q1 2026 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 17.6% 46.8% 46.0% 57.9 47.7 - 18.9% 4.7% 3.6% 27.1 2.7 - 37.7% 21.9 1.7 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 • T
Slide 41: Business development – Q2 2026
Business development – Q2 2026 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 46.4% - 17.7% 43.4% 51.9 - 23.1% 42.7 5.2% n.a. 24.1 3.0 >- 100% 18.5 -0.5 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 •
Slide 42: Quarterly development of services
Personnel Services Quarterly development of services Revenue development over the prior-year quarter / Q2 2026 Temporary staffing Permanent placement ▪ Temporary staffing (in € million) 2023 2024 2025 2026 7.4 25.8 ▪ Permanent placement 65 59 65 62 63 60 66 62 63 59 66 62 63 59 9.3 billable days ▪ D
Slide 43: Business development – First half 2026
Business development – First half 2026 Personnel Services segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 17.6% 46.6% 109.7 44.8% 90.4 - 20.9% 51.1 5.2% 40.5 1.4% 5.7 - 78.6% 1.2 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1
Slide 44: Training segment
Training segment Amadeus Fire Group | Group presentation l 44 44
Slide 45: Business development – fourth quarter 2024
Training Business development – fourth quarter 2024 Training segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 62.8% 60.7% -1.5% 12.8% -4.8% 8.4% 40.0 39.4 -35.3% 25.1 23.9 5.1 3.3 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2
Slide 46: Business development – FY 2024
Training Business development – FY 2024 Training segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin +9.6% 62.6% 61.9% +8.3% 153.7 168.5 13.6% 12.2% 96.3 104.3 20.9 -1.1% 20.6 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 • S
Slide 47: Business development – Q1/2025
Training Business development – Q1/2025 Training segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 64.1% - 6.5 % 59.6% 15.1% - 13.1 % 43.2 40.4 27.7 6.5 - 75.9 % 24.1 1.6 3.9% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 •
Slide 48: Business development – Q2/2025
Training Business development – Q2/2025 Training segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 62.4% - 15.0 % 57.9% 43.0 36.5 26.8 21.2 > -100.0% Q1 2024 Q1 2025 Q1 2024 Q1 2025 -0.9 • Struggling B2G market: First due to
Slide 49: Business development – H1 2025
Training Business development – H1 2025 Training segment (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin -10.7% -17.1% 86.2 76.9 54.5 45.2 -94.4% • Mixed revenue development in H1/2025 at the three subsidiaries: • Tax College Dr. E
Slide 50: Business development – Q3 2025
Training Business development – Q3 2025 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin 60.3% -8.0% 54.3% -17.0% 43.0 11.8% 39.5 3.1 adj. 25.9 5.1 21.5 - 2.2 n.a. Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ▪ As expected, reven
Slide 51: Business development – 9M 2025
Training Business development – 9M 2025 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 9.8% 62.3% 129.1 57.3% 116.4 -17.1% 80.4 13.4% 66.7 3.8 adj. 17.3 -1.5 n.a. 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 ▪ Mixed revenue d
Slide 52: Business development – Q4 2025
Training Business development – Q4 2025 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin + 1.2% 60.6% 58.4% 39.4 39.9 - 2.5% 8.4% 23.9 23.3 6.5% 3.3 - 22.6% 2.6 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 ▪ As expected, revenue
Slide 53: Business development – FY 2025
Training Business development – FY 2025 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin - 7.2% 168.5 61.9% 156.3 57.6% - 13.7% 104.3 12.3% 7.2 adj. 90.0 20.6 - 94.9% 0.7% 1.1 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 ▪ Mixed
Slide 54: Delimitation of training markets
Training Delimitation of training markets Distribution of revenue from training B2B 7% according to markets in FY 2025 74% B2G B2C 19% B2G - publicly funded training B2B – Business clients B2C – Private customers Professional training measures are The corporate client business is clearly The markets
Slide 55: Business development – Q1 2026
Training Business development – Q1 2026 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin + 3.4% 59.6% 41.8 57.2% 40.4 - 0.7% 24.1 3.9% 23.9 3.1% 1.6 - 16.8% 1.3 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 ▪ Training segment reco
Slide 56: Delimitation of training markets
Training Delimitation of training markets Distribution of revenue from training B2B 9% according to markets in Q1 2026 76% B2G B2C 15% B2G - publicly funded training B2B – Business clients B2C – Private customers Professional training measures are The corporate client business is clearly The markets
Slide 57: Business development – Q2 2026
Training Business development – Q2 2026 (in € million) Operating gross profit and Operating EBITA* and Revenue oper. gross profit margin oper. EBITA* margin + 8.6% 57.9% 54.6% 39.7 36.5 + 2.3% 21.2 21.7 n.a. 2.4% -0.9 >+ 100% 0.9 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 ▪ Training segment ach
Slide 58: Business development – First half 2026
Training Business development – First half 2026 (in € million) Revenue Operating gross profit and Operating EBITA* and + 5.9% oper. gross profit margin oper. EBITA* margin 81.5 76.9 58.8% 55.9% + 0.7% 45.2 45.5 2.8% 0.9% >+ 100% 2.3 0.7 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 ▪ Training segm
Slide 59: Delimitation of training markets
Training Delimitation of training markets Distribution of revenue from training B2B 9% according to markets in H1 2026 75% B2G B2C 16% B2G - publicly funded training B2B – Business clients B2C – Private customers Professional training measures are The corporate client business is clearly The markets
Slide 60: Mid-term strategic orientation
Training Mid-term strategic orientation Strategic Growth initiatives „AI-First“ in Training Expansion of target groups Thematic expansion beyond IT and commercial training topics Inorganic growth (Mergers & Acquisitions, Ventures) 60 Forming partnerships and embarking on a journey into a digital eco
Slide 61: Training segment offerings
Training Training segment offerings Publicly funded Corp. Customers Private customers The Training segment offers a broad range of Training training opportunities in the commercial and Seminars Courses, seminars, (open and inhouse) degree programmes IT sectors at multiple locations in Germany. B2G B
Slide 62: Acquisition of Masterplan.com
Training Acquisition of Masterplan.com 62 Amadeus Fire Group | Group presentation l 62
Slide 63: Rationale of the Masterplan.com acquisition
Training Rationale of the Masterplan.com acquisition Masterplan is one of the leading B2B e-learning platforms for employee training in Germany ▪ Key component of the B2B growth strategy ▪ Scalable SaaS platform with a strong focus on B2B customers ▪ Offers a ready-to-use digital solution ▪ Targets
Slide 64: Acquisition of eduBITES
Training Acquisition of eduBITES 65 Amadeus Fire Group | Group presentation l 65
Slide 65: Rationale of the eduBITES acquisition
Training Rationale of the eduBITES acquisition eduBITES turns internal corporate knowledge into a productive asset ▪ Uses AI agents to conduct interviews during so-called “knowledge sprints” ▪ Transforms systematically existing internal company knowledge into multimedia learning formats ▪ Opens up i
Slide 66: Corporate AI Learning
nadeus Fire GROUP ag thulind ' Al Vy 1° Corporate Al Learning 3 2
Slide 67: Systematic AI training within the company
Training Systematic AI training within the company WHO? WHAT? HOW? Everyone Horizontal learning Personalised & systemised Basic knowledge, hybrid skills learning platform Vertical learning All levels Specialised knowledge Nuggets - continuously All functions Continous learning Up-to-date knowledge i
Slide 68: Systematic content is needed for Corporate AI Learning
Training Systematic content is needed for Corporate AI Learning Horizontal learning (basic knowledge for everyone) Mandatory Microsoft AI-Basics Agentic AI… AI-Courses CoPilot Vertical learning (in-depth specialised knowledge per function) Finance & Marketing Sales …. WHAT? Accounting Stay up-to-dat
Slide 69: Companies should enable systematic AI learning for all employee groups
Training Companies should enable systematic AI learning for all employee groups Role Modeling: learning & experimenting Asynchron Daily Company Experimental HOW! interactive Bites specific Expert knowledge without barriers Learning platform Agentic AI (horizontal & vertical knowledge) (knowledge ext
Slide 70: Business model & Outlook FY 2026e
Business model & Outlook FY 2026e
Slide 71: Strategic direction
Strategic direction Group Excellence & speed Professional partner for life Steady expansion Best marketplace for Establish lifelong partnership Expanding a strong and less specialised HR services in with clients, employees, vulnerable market position commercial and IT sectors candidates and particip
Slide 72: Value drivers of the business model
Group Value drivers of the business model Market for Personnel Services & Training Amadeus Fire Group ▪ Limited human resources in Germany became critical ▪ Unique portfolio that comprehensively solves success factor. HR requirements in the administrative sector. ▪ Further shortage of qualified empl
Slide 73: People always come first
Group People always come first ▪ Integration of company- specific learning content ▪ Corporate know-how and Center of long-standig expertise ▪ Company-specific Competence Academies-as-a-Serivce / White Label Academies ▪ AI-based knowledge extraction for companies & professionals People Agentic ▪ Age
Slide 74: Outlook FY 2026e
Group Outlook FY 2026e Group Personnel Services segment Training segment Uncertain economic outlook for GER, Despite the current economic downturn, Unemployment rate of 6.4% in GER is still high limited momentum overall and there continues to be a structural shortage representing >3.0 million people
Slide 75: Adjusted Outlook FY 2026e
Business development – Adjusted Outlook FY 2026e Group (in € million) Group Revenue Segment Revenue Personnel Services Segment Revenue Training 365 to 363.6 350 190 207.5 175 to to 180 156.3 170 FY 2025e FY 2026e FY 2025 FY 2026e FY 2025 FY 2026e Operating EBITA* and Operating EBITA* and Operating E
Slide 76: Dividend policy
Dividend policy Amadeus Fire Group | Group presentation
Slide 77: AGM resolved that no dividend will be paid for FY 2025
Group AGM resolved that no dividend will be paid for FY 2025 Overview of dividend payments (in € per share) 2013 – 2018: 100% 2020/21: 50% 2022 – 2024: 67% Payout ratio 5,50 As a consequence of the acquisition of the 5,00 Comcave College and the corona pandemic, 4,50 the dividend was suspended in 20
Slide 78: Management Board
Management Board Amadeus Fire Group | Group presentation
Slide 79: Management Board
Group Management Board 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 Robert von Wülfing started his business
Slide 80: Management Board
Group Management Board Dennis Gerlitzki (German, born 1976) Chief Operating Officer Personnel Services Member of the Management Board since January 2019 Reappointed until 31st December 2031 Dennis Gerlitzki studied business administration with a special focus on marketing and technology management a
Slide 81: Management Board
Group Management Board Monika Wiederhold (German, born 1969) Chief Operating Officer Training Member of the Management Board since November 2024 Appointed until 31st December 2027 Monika Wiederhold holds a diploma in mathematics (TU Darmstadt) and a Master of Business Administration (MBA, Hult Inter
Slide 82: Corporate Governance
Group Corporate Governance ▪ Commitment to Diversity & Inclusion in our Supervisory & Management Board as well as in leadership positions. Supervisory Board Management Board 1 5 41.7 percent 33.0 percent women women 7 2 Female Female Male Male Amadeus Fire Group | Group presentation l 84
Slide 83: Corporate Goverance
Group Corporate Goverance ▪ Code of Conduct & Corporate Culture promote transparency, integrity, and ethical business behavior and help to mitigate risks in corporate governance and support marginalised groups. ▪ Strong Whistleblower & Compliance System that enables anonymous reporting and ensures c
Slide 84: Sustainability
Sustainability Amadeus Fire Group | Group presentation
Slide 85: Sustainability Goals
Sustainability Goals Group • Focus on Social & Governance issues due to business model. • Specialised in Personnel Services & Training. • Material topics in accordance with ESRS: S1 Own workforce S2 Workers in the value chain S4 Consumers and end-users G1 Business conduct • Environmental protection
Slide 86: Social Commitment
Social Commitment Group • We foster an open, fair, an appreciative culture respecting individuality and embracing diversity and inclusion within our sphere of influence. • We consistently support and challenge our employees in a gender-neutral manner. We achieve this through a transparent and unders
Slide 87: Employee Benefits
Employee Benefits Group • Flexible working model: The possibility of mobile working and flexible working hours support the work-life balance. • Health programmes: Occupational medical examinations, company pension schemes and subsidised fitness and sports programmes promote well-being. • Work bicycl
Slide 88: Employee Education
Employee Education Group • Training and education: Mandatory employee training courses — for example on the General Equal Treatment Act, data protection or IT security — guarantee a standardised level of knowledge and promote professional development. • Mentorship model: New employees are supported
Slide 89: Diversity & Gender Equality
Diversity & Gender Equality Group Number of employees and contract type (2025 on average) 5.000 4.000 3,376 ▪ 93% permanent contracts overall. 287 3.000 ▪ Approximately equal number of 1,770 1,606 2.000 female (52%) and male (48%) 159 3,089 128 employees. 1.000 1,611 1,478 0 Female Male Total Perman
Slide 90: Environmental protection
Environmental protection Group • Our Commitment to Climate Action: • Environmental protection and climate change mitigation as key priorities. • Sustainable Business Operations: • Modern office spaces / leased properties meeting the latest energy efficiency standards. • Focus on green energy so near
Slide 91: Investor Relations
Investor Relations Amadeus Fire Group | Group presentation
Slide 92: Investor Relations
Group Investor Relations Shareholder Structure (as of 27th July 2026) Market Capitalisation: ~ 130 million EUR 18.75% Active Ownership Corporation S.à r.l. (LUX) # Shares: 5,432,157 (since 7th November 2023) Major investors within the free float: 4.8% Allianz Global Investors GmbH (GER) 3.3% Invesco
Slide 93: Investor Relations – Financial calendar 2026 (I)
Group Investor Relations Financial calendar 2026 (I) 19 Jan 2026 Kepler Cheuvreux GCC German Corporate Conference, Frankfurt/Main 26 Jan 2026 ODDO BHF Small & Mid Cap Equity Forum, Frankfurt/Main 05 Feb 2026 montega 15th HIT Hamburg Investors Days, Hamburg 17 Feb 2026 Publication of preliminary unau
Slide 94: Investor Relations – Financial calendar 2026 (II)
Group Investor Relations Financial calendar 2026 (II) 29 May 2026 Kepler Cheuvreux’s Virtual SMID CEO-CFO Week at 02.00 p.m. CEST 11 Jun 2026 Quirin Champions Conference 2026, Frankfurt/Main 29-30 Jun 2026 DIRK Conference 2026 (German Investor Relations Association), Frankfurt/Main 03 Aug 2026 Publi
Slide 95: Investor Relations – Financial calendar 2027 (I)
Group Investor Relations Financial calendar 2027 (I) 20 Jan 2027 Kepler Cheuvreux 26th GCC German Corporate Conference, Frankfurt/Main Mid-Feb 2027 Publication of preliminary unaudited Financial Key Figures FY 2026 (post trading hours) Mid-Feb (+1) 2027 Conference Call preliminary unaudited Financia
Slide 96: Investor Relations – Financial calendar 2027 (II)
Group Investor Relations Financial calendar 2027 (II) 04 Aug 2027 Publication of Q2/6M Interim Report 2027 (post trading hours) 05 Aug 2027 Conference Call Q2/6M Interim Report 2027 at 08.30 a.m. CET 03 Nov 2027 Publication of Q3/9M Interim Statement 2027 (post trading hours) 04 Nov 2027 Conference
Slide 97: Investor Relations
Group Investor Relations Amadeus Fire share Investor Relations ISIN DE0005093108 Contact Jörg Peters Ticker symbol AAD (Deutsche Börse AG) Phone +49 69 96 87 61 80 AAD:PZ (Bloomberg) AMDG.DE (Reuters) Mail ir@amadeus-fire.de Homepage https://group.amadeus-fire.de Free Float > 81% (as defined by Deut
Slide 98: Definition operating EBITA: Legal Disclaimer
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