Amadeus Fire Meets Revised Targets Amid Market Downturn

Amadeus Fire hits revised 2025 guidance despite revenue drop, sees cautious 2026 optimism. Restructuring costs and a steep share price decline highlight challenges.

German staffing and training specialist Amadeus Fire has concluded a challenging fiscal 2025 within its own revised guidance. Preliminary figures reveal a company navigating a significant economic slowdown, with management suggesting the cyclical low point may have been reached. The confirmation of its updated targets, however, comes after a severe share price decline, leaving investors to weigh the company's resilience.

Cautious Optimism for 2026

Looking ahead, the management team has expressed guarded optimism for the current 2026 fiscal year. They anticipate a gradual release of the investment backlog that has constrained hiring among German corporations. The market will gain a clearer picture when the full, audited annual report is published, scheduled for release after market close on March 25, 2026. This document will show whether these expectations are translating into financial performance.

Economic Slowdown Hits Core Business

The primary driver behind the weaker annual figures was the broad economic stagnation across Germany. A climate of caution led many businesses to delay new hires, directly impacting the core temporary staffing division. Group revenue fell to approximately €364 million, a figure that lands precisely within the adjusted forecast range of €355 million to €385 million.

On the profitability front, the adjusted operating EBITA result—which excludes restructuring costs—came in at about €20 million. This hits the exact midpoint of the company's corrected €15 million to €25 million projection. The severity of the market shift is starkly illustrated when comparing this to the prior year's adjusted result of €55.5 million.

Restructuring Costs Add Further Pressure

Beyond the difficult market environment, internal reorganization weighed on the bottom line. The restructuring of the training segment, particularly at its subsidiary Comcave, resulted in one-time charges exceeding €6 million. These costs, related to workforce reductions and the downsizing of training facilities, pushed the unadjusted operating result down to €14 million.

Strategically, Amadeus Fire is attempting to pivot. The acquisition of the e-learning platform Masterplan.com in the autumn of 2025 signals a stronger push into digital B2B training solutions, aiming to modernize its educational offerings.

Share Price Reflects Persistent Investor Skepticism

The skepticism in the equity market remains pronounced. Closing at €29.10 on Friday, the shares trade nearly 69% below their 52-week high of €93.40. The significant gap to the 200-day moving average of €54.20 underscores a sustained downward trend, even as the Relative Strength Index (RSI) reading of 49.2 currently indicates a neutral phase without immediate selling pressure.