Major Shareholder Scales Back Stake in Amadeus Fire Amid Turnaround Efforts

BNP Paribas reduces stake below 3% as Amadeus Fire reports a €2.4M net loss for 2025, cancels its dividend, and targets a 2026 EBITA recovery up to €31M.

A key institutional investor has further reduced its holding in German staffing firm Amadeus Fire AG. BNP Paribas Asset Management has cut its voting rights stake below a critical reporting threshold, a move that coincides with a period of operational challenges and sustained downward pressure on the company's share price.

Stake Falls Below Reporting Threshold

Recent regulatory filings show that BNP Paribas now holds 157,047 shares in the company, equating to 2.89% of voting rights. This places the asset manager's stake just below the 3% level that triggers mandatory disclosure in Germany. The investor had previously reported a 3.12% holding. This divestment occurs as Amadeus Fire shares trade near €23.15, having faced persistent selling pressure in the market for some time.

The company's recent financial performance has provided little impetus for a positive shift in sentiment. For the 2025 fiscal year, Amadeus Fire reported a consolidated net loss of €2.4 million, a stark reversal from the previous year's profit of over €32 million. In response to these results, the company's management, based in Frankfurt, eliminated its shareholder dividend entirely.

Management Pins Hopes on 2026 Recovery

Company leadership is now focusing on a significant operational turnaround for the current year. While revenue growth is projected to be modest, with a forecast range of 0% to 8% for a maximum of €394 million, the primary target is a substantial improvement in profitability. For 2026, Amadeus Fire is aiming for an adjusted EBITA (earnings before interest, taxes, and amortization) between €20 million and €31 million.

Achieving these targets is viewed as crucial for restoring investor confidence. Analysts suggest that a sustained return to profitability is likely necessary for the stock to establish a solid foundation and regain its appeal to major shareholders. Hitting the upper end of the EBITA target range, at €31 million, is seen as a key benchmark for the success of the ongoing corporate turnaround strategy.