Amadeus Fire Aktie

So I do think it's all set. Just waiting one more second.

And welcome, ladies and gentlemen, to our today's earnings call of Amadeus FiRe Group on our interim statement for the third quarter and for the first 9 months of 2026, just one second. '26.

In the third quarter, Amadeus FiRe Group generated revenues broadly in line with the prior year quarter, while earnings improved significantly. In this comparison, please bear in mind that the prior year quarter has been burdened by one-off restructuring expenses in the Training segment. So '26 remains a highly challenging year for the German economy after a decline in GDP of 0.5% in 2024 and growth of just 0.2% in '25, the economy grew by only 0.2% in the second quarter of '26 and economists expect growth of only slightly above 0 for the third quarter.

The outlook for growth and business sentiment has recently improved and the available indicators pointed to a moderate economic recovery at the end of the third quarter. However, this improvement is driven primarily by robust exports and government-backed investments in infrastructure and defense. It has not yet translated into a broad-based recovery of the domestic economy.

Corporate clients remain very cautious. And by the end of the reporting period, there were no signs of a corresponding recovery in the labor market. The unemployment rate remains elevated at 6.4%, which represents close to 3 million unemployed people in Germany.

As a result, the improved macroeconomic forecast had not yet translated into a recovery of the corporate demand that is relevant to the Amadeus FiRe Group. Our underlying assumption remains unchanged. The challenging situation among our corporate clients will continue. We, therefore, expect revenues and earnings growth to be driven primarily by the Training segment, while Personnel Services is expected to remain below the prior year level.

And currently, the Training segment achieved both its revenues and earnings targets in the third quarter of '26. As our management of cost, capacity and productivity continues unchanged. We expect the positive performance of the Training segment to continue.

Overall, business performance in the third quarter of '26 was in line with expectations of the Management Board, and we do not assume any fundamental changes in the market environment for the fourth quarter. Persistently weak demand for Personnel Services weighted on the group's business volume. However, the decline in revenues slowed across all 3 Personnel Services, although there were not yet any signs of a sustained recovery in demand.

Temporary staffing as well as interim and project management performed in line with expectations. Permanent placement a little below. By contrast, the Training segment continued its positive development. At group level, the decline in revenue slowed in the third quarter. The decline in revenue slowed in the third quarter compared with the first half of the year. Earnings in the third quarter improved compared with the first and second quarter, driven in particular by the significant improvement in earnings in the Training segment. On this basis, Management Board confirms the general guidance adjusted in the '26 half year financial report and has narrowed the ranges. I will come back to this in a few minutes.

Let me turn to the group figures for the third quarter. In the third quarter '26, the Amadeus FiRe Group generated revenues of EUR 89.8 million, 0.9% below the EUR 90.7 million in the prior year quarter. Operating gross profit was almost unchanged at EUR 46.6 million. The operating gross profit margin increased slightly from 21.5% to 21.8%.

Operating EBITA rose to EUR 8.2 million compared with the EUR 3.3 million in the third quarter of '25. The operating EBITA margin reached 9.1% after 3.6% in the prior year quarter, a development in the right direction.

Earnings per share returned to positive territory at EUR 0.43 compared with a minus EUR 0.21 in prior year. This improvement was driven in particular by the significant improvement in earnings in the Training segment. The prior year quarter has been substantially burdened by the restructuring initiated at Comcave in the third quarter '25 with restructuring expenses of EUR 5.3 million that quarter. No restructuring expenses were included in '26. In addition, the measures implemented since '25 to adjust our cost and organizational structure had a positive effect.

Turning to the 5 months of '26 -- the 9 months of '26, Group revenue amounted to EUR 261.5 million, which is 5.7% below prior year figure. Operating gross profit decreased by 7.4% to EUR 132.5 million. The operating gross profit margin declined by only slightly 1 percentage point from 50.6% to 51% compared with 51.6% last year.

Despite the lower operating gross profit, particularly in staffing, operating EBITA increased by 20% to EUR 11.7 million compared with EUR 9.7 million in the prior year period. The margin improved to 4.5% from 3.5%.

When comparing these figures, please bear in mind that operating EBITA has been burdened last year, as I mentioned, with the EUR 5.3 million restructuring expenses.

Special items affecting EBITA increased from EUR 2.1 million to EUR 4.4 million, mainly to the PPA amortization relating to Masterplan and eduBITES, the acquisitions we did last year. As a result, the group reported a net loss of EUR 1.3 million for the first 9 months compared with a net loss of EUR 0.4 million in the prior year period.

Let me now move to the Personnel Service segment. So demand for labor showed first signs of stabilization in the third quarter '26. but remained subdued overall. Although the number of new vacancies was higher than a year ago, it remained low by long-term standards.

Company's -- in industry trade continued mainly to plan workforce reductions, while among services -- service companies, plans to hire and to reduce staff were a little more balanced. Hiring decisions continued to be postponed. Recruitment processes became longer and both clients and candidates remained cautious in the uncertain economic environment. As a result, the conversion of inquiries into actual hires remained weak throughout the quarter, and permanent placement remained the service most affected by the difficult B2B market conditions.

The assessment for temporary staffing was somewhat more optimistic, although there were still no signs of a sustained recovery in demand. And currently, the rate of decline moderated in our flexible staffing services, temporary staffing and interim and project management. In interim project management, it remained the most stable service within the segment with third quarter revenue slightly above prior year's quarter. This points to an initial stabilization of customer demand, but not yet to a sustained recovery.

In the third quarter ' 26, revenue in Personnel Services amounted to EUR 45.5 million compared with EUR 71.2 million (sic) [ EUR 51.2 ] prior year. This represents a decline of 11.2%, which is a noticeable smaller than the decline of 18% in the first and second quarter. Operating gross profit fell by 16.5% from EUR 25.3 million to EUR 21.1 million, mainly due to the decline in permanent placement. Here, too, the decline slowed compared with the second quarter when it amounted to 23.1%.

In response to the challenging market conditions, we continuously reviewed staffing levels in our sales and recruiting organizations on the basis of performance. The number of fee earners was reduced by around 20% year-on-year. Despite these ongoing cost and capacity measures, the lower business volume had a significant impact on profitability.

Operating EBITA declined from EUR 5.5 million in the third quarter '25 to EUR 3 million in '26, but improved compared with a weak second quarter.

In summary, the decline in revenue, earnings and margins slowed slightly in the third quarter, but performance was at the lower end of our expectations.

Looking at the first 9 months, revenue in Personnel Services amounted to EUR 135.8 million, which is a 15.6% decline. Temporary Staffing declined by 13.2%, permanent placement by 27.2% and interim project management by 5.6%. Over the course of the year, the decline slowed in all 3 services, but they are -- but as I said, the sustained recovery is not yet foreseeable.

Operating gross profit decreased by 19.4% to EUR 61.6 million. Accordingly, the segment operating gross profit margin fell by 2.2 percentage points to 45.3%, mainly due to the service mix. Our continued management of costs and staffing capacity limited the impact of the lower business volume. Operating earnings improved compared with the weak second quarter, but remained significantly below the prior year level for the 9-month period.

Operating EBITA amounted to EUR 4.2 million compared with the EUR 11.2 million in the prior year. This corresponds to an operating EBITA margin of 3.1% after 7% last year.

Let me now turn to the Training segment. After the first 9 months of '26, the segment again delivered a positive revenue and earnings performance in line with our expectations. Conditions in the publicly funded B2G training market were stable or improved slightly, while the economic environment for our B2B corporate clients remained challenging, same like in the staffing segment.

In September '26, the number of participants entering publicly funded training program rose by 22.2% compared with the same month last year. Over the rolling 12-month period from October to September '26, entries were 9.4% higher than in the comparable 12 months before. However, this increase was not reflected equally across all areas of the public funded market training vouchers continue to be awarded selectively with an increasing focus on shorter programs.

In addition to the number of entrants participants -- participant numbers, program durations and the scope of approved training offerings are particularly important for the financial performance of training providers. Higher entry numbers alone, therefore, do not indicate a corresponding recovery in the relevant market volume, but it is a nice indicator.

In the B2B corporate client business, demand remained selective given the subdued economy and the continued cautious budget planning of many companies. Training measures were prioritized, particularly where they offered an immediate operational benefit. At the same time, structural demand for training in niche markets continue to grow as a result of the increasing use of artificial intelligence and the resulting skill requirements.

The B2C business with private individuals remained comparably resilient to economic fluctuations and cycles. Demand here is driven mainly by individual career planning and the need to adopt personal skills to changing professional requirements.

Coming to Q3 '26 for Training. Here, the segment clearly accelerated its turnaround in revenue and earnings in the third quarter of '26. Revenue rose by 12.4% to EUR 44.4 million. Growth in the other businesses and the contribution from the acquired companies more than offset lower revenues at Comcave. Operating gross profit increased more strongly by 18.8% from EUR 21.5 million to EUR 25.5 million. The operating gross profit margin improved by more than 3 percentage points from 24.3% to -- sorry, 54.3% to 57.4%.

Operating EBITA improved from a negative EUR 2.2 million last year to a positive EUR 5.2 million this year, including the restructuring impact or effect. This development was driven by the adjusted cost structure at Comcave and the positive performance at GFN and the Dr Endriss Tax College.

Of the companies acquired last year, Masterplan made a slight positive operating result and contributed while eduBITES still recorded negative earnings.

Looking at the first 9 months, the performance of the individual businesses within the Training segment continued to vary. At Comcave, revenue remained a little below prior year level, although the decline narrowed during the year and the adjustments to capacity and training sites made in the second half year of '25 lowered the cost base.

GFN recorded the most strongest organic growth within the sector, supported by demand for IT trainings and its new locations opened end of '25 -- end of '24, beginning of '25, sorry. Overall, the segment revenue rose by 8.1% to EUR 125.9 million from EUR 116.4 million before. Gross profit increased by 6.5% with a solid margin of 56.4% compared with 57.3% last year. Most importantly, operating EBITA improved by EUR 9 million from a negative EUR 1.5 million to a positive EUR 7.5 million, resulting now in a positive margin of almost 6%.

Here, too, the prior year was burdened by the restructuring, as mentioned. Nevertheless, this development reflects the improved operating performance across the segment and the effects of the measures implemented over the past year.

Let me briefly turn to our business model. Amadeus FiRe Group is focusing strongly on AI skills these days. That is qualifications and capabilities related to artificial intelligence, obviously, as well as on agentic AI skills. For example, to support companies with onboarding and offboarding. With our combination of Personnel Service and Training, we can support companies comprehensively. We recruit the talent they need, train their staff, identify their needs and outline suitable courses of action.

We expect momentum in this market to continue to grow and to open further opportunities. Our access to candidates, our extensive corporate contacts across Germany, a strong corporate AI learning program and a growing network of AI-focused partner companies mean that we are well positioned to benefit from this.

Let's move to the outlook. The current financial year remains a year of transformation for the group, ongoing geopolitical conflicts, volatile energy prices and the high uncertainty in international markets continue to weigh on business confidence and investment decisions. The economic outlook in Germany has improved slightly, but is still characterized by limited momentum and only selective signs of stabilization. The broad-based recovery is not yet visible and the structural challenge such as a weak productivity growth, delays in digital transformation and regulatory burdens continue to constrain economic development.

Against this backdrop, the market for B2B services remains challenging. Decisions that trigger costs of service are taken with a long lead time or they are proposed or canceled. This affects both our staffing and our training businesses with corporate clients. Consequently, the improved macroeconomic forecast had not yet translated into a recovery in the corporate demand relevant to the Amadeus FiRe Group during the reporting period.

Overall, business performance in the third quarter was in line with our expectations. in Personnel Services more at the lower end. We do not assume any fundamental change in the market environment for the fourth quarter. In Personnel Services, we continue to expect business volume to remain below prior year level.

In Training, we expect the positive development to continue. Our management of cost and capacity and productivity will continue unchanged. Against this backdrop, management Board confirms but narrows the guidance adjusted in the '26 half year financial report. For the 2026 financial year, we expect group revenues between EUR 350 million and EUR 355 million, which was before EUR 350 million to EUR 365 million and operating EBITA of between EUR 17 million and EUR 20 million, which was before EUR 17 million to EUR 73 million (sic) [ EUR 13.7 million ]. This reflects the current economic situation and the expectations of our corporate clients, particularly in Personnel Services.

Nevertheless, should business confidence in Germany improve, we believe attractive opportunities for growth and profitability will emerge again, unlikely in fourth quarter, but if so, we are happy to take it.

So ladies and gentlemen, let me briefly summarize before we open the line for your questions. So the third quarter developed somewhat more favorable than the first half of '26. Group revenue was almost back again at prior year's level and operating EBITA improved to more than EUR 8 million. Personnel Services remains clearly below prior year. The decline has slowed in all 3 services, but the sustained recovery in demand is not yet visible.

Training continued its positive development and after 9 months is clearly profitable again. We do not assume any fundamental change in the market environment for the fourth quarter. We will continue our management of cost and capacities and increased productivity. And on this basis, we do see our earnings forecast of EUR 17 million to EUR 20 million this year.

So thank you for your attention and for your continuing trust in our company.

So very happy to take your questions now.

[Operator Instructions] We have already received some risen hands, for example, by Mr. [ Metzner ] I just sent you an invite to unmute yourself. Mr. [ Metzner ] can you hear us?

May we then switch over to Thomas Wissler, first.

Yes, so too. So Mr. Wissler, can you hear us?

I can hear you. I hope you can hear me as well.

Yes, we do.

Congratulations to these numbers and the stabilization and the business seems to be the market is appreciating these numbers, looking at your share price, so do I. I have a question regarding your outlook. If I'm not mistaken, the Q4 comes with 2 less public holidays than in the previous year. Could you maybe remind us the impact of one less bank holiday on your P&L?

And the second question would be your operating EBITA was around EUR 8 million in Q3. If I do the math for Q4, you expect some EUR 5 million to EUR 8 million in the fourth quarter. Should we take these numbers with caution? And is it probably very conservative? Or how should we read it in these numbers?

So first of all, I just had a quick look compared with prior year, I think the fourth quarter is more favorable this year. I just had a quick look at my calendar, and I do think it's 2 days more. I actually have to look it up to be 100% sure. It is a little less days than in Q3. So -- and basically, the impact of the billable days always is that mainly in temporary staffing, you're missing out a day of revenues, which here is currently around EUR 0.4 million.

And as we do pay fixed monthly salaries to our external employees or temporary employees, this is directly impacting pretax profit. So this should be then the impact, and we do have more time available than we had last year.

First, second, yes, we have to closely match third quarter and fourth quarter. I think it's 2 days less in comparison -- direct comparison Q3 and Q4 and this time not in favor of fourth quarter. Nevertheless, on the other hand side, we do have in our Training program, we have a lot of program and products ongoing in third and in fourth quarter. So this is why the guidance is in the direction that we have to deliver up to the level of third quarter to achieve the top point of the range. So well, I wouldn't call it conservative, but I neither would call it overambitious. So we tried to address the range straightforward.

Okay. Maybe just a quick follow-up. Given that we are almost half through Q4, well, optimistically speaking, what could you -- can you give us a feeling about how business is running in the fourth quarter so far, at least in the October month?

Well, I would say comparable with third quarter, especially in terms of the environment we are operating in, we haven't seen any significant change.

We have another risen hand by Mr. Van Oppen. Mr. Van Oppen, can you hear us? In the meantime, maybe we can go over to Mr. Peters for the Q&A in our chat box.

Yes. Thank you. May I start with the first question from Klaus Breitenbach from ODDO BHF.

He asks if -- is Q3 the beginning of the earnings inflection? How much recovery is possible without stronger revenue? And when could Personnel Services start contributing to growth again?

How much recovery is possible without stronger revenues? Well, I do think in the end, we need both. As I stated, we are growing in training. And as I also stating, the decline in staffing is slowing down. This should continue, which help us to see a real also earnings momentum in staffing, the productivity per head of our fee earners should regain ground, which is the case, stabilization and slight increase in the temporary services, which is temporary staffing and interim management. But in that regard, the permanent placement still is under pressure. So this is the momentum we should see to contribute to growth in staffing back again. I hope this answers your question.

Okay. May I switch to the next gentleman, Carsten X, who asked into the same direction. Assuming the economic situation were to improve to some extent in 2 to 3 years' time, how do you assess the outlook for the recruitment sector? Will it be possible to return to previous figures or even exceed them?

Hard to answer briefly. So you see what we are stating currently is that the demand side and the behavior of our corporate clients is bringing down productivity, meaning the conversion of our sales organization, delivering net fees, as we say in the industry or gross profit.

Historically, we saw gross profit conversion in EBITA of around 35% to 40%. Currently, we are far away from that. In a normalized environment, given that there are no structural elements in a performing organization should regain these levels. Now we do have some elements in the labor market, technology, some pressure structurally on temporary staffing market, which is not really growing in Germany since even before pandemic times, 2017, 2018.

But even if you take that in mind and would reduce the conversion rate we achieved in the past and you would regain a level of some percentage points below that would mean a significant growth momentum in staffing. So are we able to regain the levels we already achieved in terms of performance? We will see. In terms of organizational growth, well, in a relaxing environment, we will restart also to build up back again our organization, which is, in the meantime, reduced, I said before, 20% year-on-year currently, which we brought down our branch office network in terms of headcount. So in a positive outlook, a significant improvement is possible, absolutely. To what extent? We will see.

I just saw that Mr. Van Oppen just unmuted himself. So I would say we just switch to him for a second. Mr. Oppen.

Can you hear me?

Yes, perfectly.

I have a question on your Training business. I noticed that GFN's revenues were up 21% in the third quarter, whereas Comcave still seems to be lagging behind a bit, if you will. Can you maybe talk about the improvement in the public funded training side and the mixed performance between the 2? Yes, I have another question on operating EBITA, but I'll start with this one first.

Yes. Well, it's a little less in third quarter. So Comcave was around 4% down and GFN, let me quickly look up, if I'm right here, a little above 10% increase. Nevertheless, what's the difference? Part of it is the product portfolio. GFN is very much focused on IT. And here, we see some more momentum also in the underlying market.

And Comcave is offering is much broader with a lot of commercial content in their portfolio, which is not regaining that much ground than IT does. So the momentum of both companies, how the quarter by quarter by quarter, how the revenues develop is quite similar. But with GFN showing a growth rate and Comcave on the way to match prior year levels.

That's very helpful. And maybe on the...

Sorry, just to add one thing. Little bit bear in mind that in third quarter last year, including fourth quarter, we also stressed the organization with a restructuring and laying of around 100 persons, which is giving some pressure and is taking out performance. So they were -- and then it is about new entries and then you have some pressure in these quarters with new entries, which is showing the quarters after.

Right. That's very helpful. Then maybe on the operating EBITA margin. If I'm correct, it was around 12% in the third quarter within training. I was wondering, if you look at next year, you mentioned the improved operational performance -- improved market performance for training, especially on the publicly funded side. How soon do you think you can get to your 15% operating EBITA margin target within Training? And is that already a realistic scenario for next year?

Well, I want to keep you also a little curious, so I cannot fully answer that question. But especially for Comcave in GFN, I always said it's a year in between this '26 year after we saw a really difficult market environment in '25 to regain a normalized earnings level. So we should see some improvement there next year, at least this would be the target. Also, the new companies should deliver positive, meaning that we do foresee a growth path and also a higher margin that we should be able to achieve. Will that already be at the level of 15%? Well, we will see. But to improve further from the current level we saw the first 9 months, definitely.

Thank you, Robert. Thank you, Simon. May I hand back to the questions asked in the chat. And Mr. [ Eichler ] had a second question. Is it possible to use the crisis in a way to reduce the impairment goodwill in the balance sheet?

That implies that you want to reduce the goodwill in the balance sheet. Well, also this year at the end of the year and also in between, we will closely monitor and calculate the values of the cash-generating units. And the most interesting one here in terms of goodwill impairment clearly is Comcave.

By the end of last year, we did not impair. Currently, this year, we are fully in plan with Comcave. So at least if looking at the last year planning regarding the first year of the multiple year planning and so on and so forth, you have in a DCF model, we are in line with expectations. And well, we will make up the new rolling DCF model and we'll check the goodwill back again at the end of the year. But for us, it's not a specific goal to reduce the goodwill. Me personally, I would prefer to have a different IFRS standard, allowing to depreciate goodwill as we did in the past because there's no asset with value forever. So I don't like actually the procedure, but it's not my choice.

Okay. There are 2 more questions from Mr. Johannes [ Wilde ]. First question is, how large is the free cash flow reserve at the date 30th of September? And why don't you report them?

The free cash flow reserve.

The free cash flow reserve.

Yes. Well, the terms and conditions we have in our financing, you find in the annual report, it's a revolving credit line we have of EUR 122 million for general purpose. This line we do have till end of 2029. The current usage, I have to look it up, but it is in the high 70s. So headroom of EUR 40 million to EUR 45 million. This is in terms of financing capacities, we have the headroom. I hope that answers your question.

And to add this, Robert, this information you just gave can be read in the interim statement Q3 9 months already. It's written in there as well.

Next question from Mr. [ Wilde ] There are entrants in September plus 22%, but the Comcave revenue in Q3 is only on last year's level. When we will see these in revenue? And how will be the development of the entrants?

Yes. This is what I tried to point out talking about the B2G market. Well, it's a significant higher number of entries. But this is not reflecting the addressable market exactly for Comcave or for GFN. Already said that in IT, it was more favorable, part of Comcave's business, much more of GFN. We have a lot of individual coachings, for example, in the market, which is not addressed at all at Comcave.

And we have a lot of entries in shorter measures and not in retraining. Retraining is part of Comcave and GFN business and is well of high value because with one entry, you have a program running for 2 years. So the comparable market for Comcave is significantly lower. Because of the development last year, what I described and was Comcave was facing, they are regaining ground, but it is still against a declining trend last year. So it takes some time to overcome prior year's level.

In -- if you just take the market segment in a market not growing by double-digit figures as this 22% mentioned here for the overall entries in September. And the recurring level was 9% and in the commercial part, even lower. Nevertheless, Comcave also had to work -- had to restructure. And in the ongoing year of restructuring, which is still part of the last 12 months, it is also not realistic to outperform the market.

Okay. Thank you, Robert. Currently, there are no more questions on the chat board. There's a new one from [ Roger Eichler ] how much was Comcave shrinking year-to-date and when it will start to grow?

I just said I look just for the third quarter, it was 4%. And well, next or the over next quarter is then the first quarter of growth. I can look at the fourth quarter, just a second.

Maybe next question in the meantime, if there's one.

No, currently, there are no further questions in the chat or in the Q&A, and there's no one who raised hand to ask a question live.

But what I see is just briefly I got -- is that sorry, in Comcave, the third quarter already almost matched prior year's level.

Yes. And on the 9 months cumulative basis, we have shown in the presentation. So it's 4.5%...

What I said -- sorry, what I said with the 4% is for the 9 months. Third quarter, it's equal. So we are in the moment of, well, let's say, overtaking quarter-by-quarter prior year's level.

Thank you, Robert. There is a question from Milko Brinkman coming in.

What product is growing the most at Training business? What problems does it solve?

Any products we have in direct correlation with AI are the best-performing products. There is a lot of AI basically in all curriculums throughout the whole portfolio has to be addressed. But the more spot on it is in terms of gaining skills and knowledge around artificial intelligence. This is the most performing market, although it is -- it started as a small market.

So for me, in that niche of a training market, it is also from a market perspective is the most dynamic. The training activities of corporations around AI are not really matching the initiatives and the cultural change they want to have and they are talking about and addressing for their organizations. So quite an interesting outlook from my point of view for the next years because if you use technology, you also have to train and skill up the people to deliver the corresponding efficiency and performance with the tools. But the clear answer is AI training products.

Okay. [ Mr. Cedric Schwan ] asked the next question. What are the current growth rates of Masterplan and eduBITES?

The -- well, in the B2B environment, they are -- it's not a growing business. It's basically the challenge is to match prior year levels, and it's not about increasing. We have the same with the B2B part of the [ Endriss ] Business. We see it in our staffing segment. So B2B training overall is certainly under pressure. It's about not losing too much ground.

So there is another question from [ Roger Eichler ] about the realistic interest expenses for 2026 of the group.

You should take the 9-month run rate, actually, I have to calculate it in detail. But the current level and also free cash generating is not significantly reducing the level we are in terms of financing in our balance sheet. So that should be it.

Okay. Thank you, Robert. So currently, there are no more questions on the chat board. There's another one from Milko Brinkman.

Again, on the AI products. So are the AI products for clients also recurring business? Do clients come back every year to update their knowledge?

Partly yes, partly no. There are certain specific one-off products on the one hand side. On the other hand side, for example, on our training platform with Masterplan, most new content is actually -- is AI training content. And if you use that platform, for example, for all your employees, we are in recurring revenues. So and also some update products we do have, which you can, well, join annually, but you don't have to, but that also is recurring in that regard.

Okay. Thank you. So currently, there are no more questions in the Q&A chat room and no one raised hands. So maybe, Robert, time for the final remark from your side.

Thanks for the very interesting discussion. As I mentioned in my presentation for us now is to bring '26 to a good end and to, well, use the momentum we have in training to deliver increasing results next year and find a good path in the staffing environment to also here improve the productivity over the next quarters. So thanks for today and looking forward to talking to you when it's about the full year figures.

Good morning, everyone, at the earnings call of Amadeus FiRe AG regarding the Q2 6 months interim report we disclosed yesterday after the trading hours of the stock exchange. I'd like to welcome our CEO, Robert Von Wulfing, who will guide us through the presentation in a moment, followed by a Q&A session via audio line and chat.

And with that, I hand over to you, Robert.

Thanks, Jorg. Good morning, everybody. So half year figures of Amadeus FiRe what will be our message for today. We started the current year on a positive note in Q1 and experienced a second quarter that surprised with a worsening sentiment in German economy. Well, nevertheless, earning opportunities in the second half year should be better than in the first half year.

2026 remains a highly challenging year for the German economy following a decline in GDP in '24 and '25. The economy expanded by only 0.2% again in the second quarter of '26. The persistently high level of uncertainty intensified in the second quarter following the Iran war and the associated economic implications. A good indicator here in Germany is the ifo Business Climate Index. The ifo Index is composed of the current situation of corporations and the business expectation, while the assessment of the current situation remained stable at an exceptionally low level but stable throughout 2026, the expectation level worsened. The significant fall here from 90.4 points in February to 83.5 points in April reflects the pronounced deterioration and sentiment in the German economy. This results in weaker investment activities, delayed decision-making and slower business processes.

Unemployment remains at 6.4%, representing more than 3 million unemployed people in Germany, while inflation increased to 2.8% in July. The highlights, the macroeconomic environment, as I said, remained challenging, characterized by increasing uncertainties throughout the second quarter. That was clearly reflected in customers' demand and consequently, in the development, especially in permanent placement revenues within the permanent -- the Personal Services segment. As a result, our second quarter targets in Personal Services overall were not achieved, although temporary staffing as well as interim project management performed in line with expectations. Looking ahead, our revised forecast does not assume any improvement in the weakening market conditions for Personal Services for the remainder of the year although the index in July improved a little.

Against this backdrop, the management Board has adjusted its expectations to the lower end of the guidance range before published in the annual report '25. We now expect group revenues between EUR 350 million and EUR 365 million compared to EUR 362 million to EUR 394 million. This would be broadly in line with prior year's level. Our underlying assumption remains unchanged that the challenging situation among corporate customers will continue. Consequently, we expect revenue and earnings growth to be driven primarily by the Training segment, while Personal Services is anticipated to remain below prior year's level. Encouragingly, the Training segment achieved both its revenue and earnings targets in the second quarter, also in the second quarter of '26.

For financial year '26, we now expect operating EBITA in the range between EUR 17 million and EUR 23 million compared with our previous guidance of EUR 20 million to EUR 31 million. Despite this adjustment, the forecast should still represent growth of approximately 24% to 68% compared with financial year '25, which was affected by restructuring measures. Revenue should stabilize over the remainder of the year and earnings performance should improve sequentially from quarter-to-quarter compared with the first half year of '26. This development is supported by a significantly higher number of working days in the second half of the year and a positive seasonality in training calendars, providing a more favorable operating environment for the group.

The business development in Q1 '26. As I said, in the given conditions we had the additional effect from the Iran war. Labor demand remained weak, especially in cyclical sectors while public sector related growth could not offset these declines. Group revenue declined by 6.8% to EUR 82.3 million. Operating gross profit margin decreased to 48.7% from 51.2% while the operating EBITA margin fell to 0.6%. Previous Q2 '25 was 2.4%. According to the ifo Institute, Germany remains some distance away from a sustained recovery in employment. At the same time, structural drivers such as digitalization, AI, evolving skill requirements, and demographic developments continue to support long-term demand for training and staffing services.

Overall, the first half of '26 was characterized by 2 contrasting developments within the group, while Personal Services segment continued to face a challenging market environment with cautious hiring activities, delayed decision-making and replacement dynamics, the Training segment delivered a resilient performance and generated both revenue growth and a significant improvement in profitability. Overall, group revenue declined by 8% to EUR 171.7 million, and operating gross profit decreased by 10.8% to EUR 85.9 million. Operating EBITA amounted to a low number of EUR 3.5 million compared with EUR 6.4 million in the previous year. The decline was primarily driven by the significantly lower business volume in Personal Services, particularly in permanent placement, while training made a positive contribution and continue to benefit from the operational measures implemented over the last year.

In addition, higher financing costs and increased PPA amortization from the acquisitions completed in 2025 weighed on group earnings. As a result, the group reported a net loss of EUR 3.6 million in the first half year of '26 compared with a positive net result of EUR 0.7 million in prior year. Looking ahead, we expect improvement in earnings performance over the second half of the year. This should be, as I said before, supported by the seasonal factors and the significant higher number of working days influencing training as well as the flexible staffing services. And we should benefit of our costs and efficiency measures and the continued positive development of the Training segment.

Some more details on Personal Services. Overall, the conversion of inquiries into actual hires remained subdued throughout the second quarter. This is the general issues we discussed already a couple of times in the past that we do not convert as normal. And currently, the rate of decline in our flexible staffing service, temporary staffing, and interim project management moderated somewhat. This trend indicates an initial stabilization of customer demand and from today's perspective is expected to continue over the coming quarters.

In permanent placement, however, market conditions remained significantly more challenging with revenues declining more than 30% compared with the prior year quarter, demand and placement activity weakened noticeably compared with the previous quarter. Hiring decisions continue to be postponed. Recruitment processes became even longer and both clients and candidates remained cautious in the uncertain economic environment. As a result, permanent placement was the service most significantly affected by the poor B2B market conditions during the second quarter.

Diving a little deeper in second quarter. The revenue in staffing amounted to EUR 42.7 million, 17.7% lower than in prior year's period. Operating gross profit declined over proportionally by 23.1% to EUR 24.1 million driven by the permanent placement decline. In response to the challenging market conditions, staffing levels within the sales and recruiting organization were continuously reviewed based on performance indicators. The number of fee earners was reduced by approximately 19% year-over-year. Despite ongoing cost and capacity management measures, the lower business volume had a significant impact on profitability. Operating EBITA turned negative, declining from EUR 3 million to minus EUR 0.5 million in '26. The placement results, combined with the lower number of billable days in the second quarter, which is the lowest level over the course of the year, were the main reasons for this unsatisfactory earnings performance. Thus, the Q2 performance and results were below our own expectations.

Following the Q2 figures for the first half year, the segment revenues declined 17.6% to EUR 90.4 million compared with the EUR 109.7 million the prior year. As a consequence of the lower business volume, operating gross profit decreased by 20.9% to a little more than EUR 40 million. The decline in profitability was even more pronounced. A decline of EUR 10.6 million in gross profits translated in a decline of operating EBITA of EUR 4.5 million. Thus, operating EBITA fell by 78.6% to EUR 1.2 million compared with EUR 5.7 million in the first half year of previous year. At the same time, costs capacity utilization and productivity remain under close management, while investment in systems and processes were prioritized to further strengthen operational efficiency and prepare the organization for future growth opportunities.

Regarding the Training segment. The segment delivered a robust overall performance in line with management expectations. All 3 customer groups or addressable markets achieved growth in the first half year of '26. Publicly funded training was marginally above prior year's level. In the B2G market, we first had to overcome the downward trend throughout 2025, which was achieved as expected. Private customer business in the B2C market developed accordingly to plan, growing with middle single-digit numbers and corporate training in the B2B market more than doubled from a small base, supported by the new companies, Masterplan and eduBITES. Here, B2B market conditions are as tough as we experienced in the Staffing segment and business is slightly behind planned levels.

At the same time, we continued to execute our AI-first strategy by expanding AI-related learning offerings and corporate AI learning solutions for companies. The Training segment achieved a clear turnaround in earnings during the second quarter. Revenues increased by 8.6% to close to EUR 40 million as growth in the other businesses and contributions from acquisitions more than compensated for lower revenues at Comcave coming from a declining '25. Operating gross profit increased slightly, while operating EBITA improved from a negative EUR 0.9 million to a positive EUR 0.9 million. This development was driven by the adjusted cost structure, strong performance at GFN and Endriss. The newly acquired companies contributed a small loss in Q2. Overall, the segment performed as expected in both revenues and earnings.

For the full half year, as mentioned, the segment delivered, although developments were right across the individual businesses and continued to reflect the respective markets demand and funding environments. GFN and Endriss continued to make good progress, while Masterplan and eduBITES further strengthened our digital learning offering and expanded our corporate training capabilities. At Comcave revenues remained below prior year's level as expected due to the declining trend in 2025. However, the organizational restructuring and site adjustments implemented in second half year '25 continued to improve the cost base and supported a strong earnings development. Overall, the Training segment generated revenues of EUR 81.5 million, almost 6% increase on prior year's level. Operating gross profit increased as well to EUR 45.5 million, while the operating gross profit margin remained at around 56% compared with close to 59% in H1 '25.

Most importantly, operating EBITA improved significantly from a negative EUR 0.5 million to EUR 2.3 million earnings, resulting in an operating EBITA margin of 2.8%. This development reflects the improved operational performance across the segment and the benefits of the measures implemented over the past year.

The Amadeus FiRe Group focuses intensively on AI skills that is qualifications and capabilities relating to AI as well as agent-based skills such as those used to support companies with onboarding and offboarding just as an example. Thanks to our unique combination of staffing and training, we can provide companies with comprehensive support, recruiting the necessary talent, training staff, identifying needs, and outlining suitable courses of action. The momentum in this market will continue to grow and open further opportunities. Our access to candidates, our extensive corporate contracts across Germany, a strong corporate AI learning program, and the growing network of AI-focused partner companies mean that we are very well positioned to capitalize on this.

Regarding the outlook, the current financial year remains a year of transformation for the group. Ongoing conflicts, particular Ukraine and Middle East, together with energy prices and uncertainty across international markets, continue to weigh on business confidence and investment decisions. The economic outlook for Germany remains subdued, characterized by limited momentum and only selective signs of stabilization. The broad-based recovery is not yet visible by structural challenges such as weak productivity growth, delays in digital transformation and regulatory burdens continue to constrain economic development. Against this backdrop, the market for B2B services remains challenging. Decisions and activities triggering service costs are taken either with long lead times are canceled and/or postponed. This affects both staffing and training B2B markets.

Our adjusted outlook as followed. We continue to assume that the strained situation across corporate customers will persist and that business sentiment will remain broadly at the subdued level experienced in the second quarter. Against this backdrop, revenues and earnings growth is expected to come primarily from the Training segment, while staffing is anticipated to remain below prior year's level. As a result, we, as the management board, have adjusted our expectations to the lower end of the guidance range communicated in the annual report. We now expect group revenues for '26 to end between EUR 350 million and EUR 365 million compared with the previous range of EUR 362 million to EUR 394 million. That should be broadly in line with prior year levels in the end.

At the same time, operating EBITA is forecast is in the range of EUR 17 million to EUR 23 million versus the previous guidance of EUR 20 million to EUR 31 million. Even at this lower level, this would still represent a growth of approximately 24% to 68% compared with prior year level, which what I said already before, was affected by the restructuring measures at Comcave, what we did. Looking ahead, we expect revenues to stabilize and earnings to improve progressively over the second half year, as already mentioned, supported by a higher number of working days. Across the group, we remain fully focused on overcoming the current earning weakness as quickly as possible. If the business confidence in Germany improves, we believe attractive opportunities for growth and profitability will emerge once again.

So this gave you an overview of our first half year. As I said, initially, not satisfying second quarter, improving earnings situation over the course of the year turning the negative bottom line to a positive one for the full year. Nevertheless, I have to state that Amadeus FiRe is in tough waters, especially in staffing and in permanent placement in Germany still, which we will see if there will be opportunities in second half year if the sentiment improves.

So thank you. And now happy to answer your Q&A.

Thank you very much, Robert, for the detailed analysis of the first half year this year. Ladies and gentlemen, now it's your turn. We are opening the Q&A session. [Operator Instructions]

So I got the first question in the chat from [ Borja Soldevila ] asked the question, with the new level of guidance, will you be able to reduce leverage at year-end?

Well, the -- as I said, the earnings in second half year are improving. Cash flow in first half year was positive. So we expect some more effect here in second half year, which will reduce leverage to a certain extent, but the given earnings level not dramatically. I think what I see is that Simon raised his hand.

Yes. May I take first, Klaus Breitenbach, who had a similar question in the same direction, what specific assumptions underpin your expectation for an improving earnings level in second half 2026? Are you already seeing improvements in July and early August trading?

Well, in the -- let's start with training. Here, we have some topics in our specific training calendars over the year, strengthening more the second half year than the first half year, which is also reflected in our planning. Looking at the earnings level at half year, this is on plan. And you see that the full year goal is not doubling the first half year results, but even more. And here, we are in line with what we planned beginning of the year.

In training also having more working days is affecting revenues because it's -- you simply have more time to proceed trainings and revenues are generated by the hour of training. So this favors also by a seasonality effect from calendar our earnings here.

Same accounts for staffing. In staffing, just as an example, in third quarter, you have, what is it, 7 more workable days -- working days than in Q2. Every day represents around EUR 0.5 million sales in temporary staffing, for example, and we pay monthly salaries to our employees. So cost of sales remained stable on the individual temp base and revenues increased overall by EUR 0.5 million a day around that. So alone from that, you will see, what is it, 7 days, EUR 3.5 million higher earnings than what we saw in second quarter in staffing. Same accounts for interim project management, more time available, more sales. Well, here also the cost base increases as the interim manager also is paid by the hour. So this as some remarks why in a stable weak environment, earnings will nevertheless improve.

Okay, Simon, now it's up to you. Please ask your question.

Can you hear me?

Yes.

Wonderful. I have a question first on temporary staffing. It shows that temporary staffing, you've shown a weaker sequential improvement versus some of your peers. Could you please elaborate on what is driving this? Is it primarily a function of your end market exposure or business mix? And also in your prepared remarks, you sounded noticeably more cautious about the near-term outlook than some of your peers. So I was wondering, yes, what gives you the confidence that the recovery is likely to remain more subdued from your end? That's my first question.

Well, first, on temp, what we see here is that we actually in numbers of assignments bottomed out already around the turn of the year. And since then, we are stable in number of assignments we are working on. So quarter-by-quarter, currently, our decline, which we saw on a higher level last year is bottoming out, but we are not in a reverted trend that the number of assignments are already increasing.

So I would call this a stabilized situation with some also price increases, which should lead then to more solid figures on prior year's comparison over the next quarters. Hard to state exactly whether our niche, the white collar niche is more affected than the blue collar reading, doing cross-reads throughout the sector. It looks like that the blue collar bottomed out. It dropped earlier and even deeper, but it bottomed out already last year and is now on a more solid trend when I do the cross-reads.

Are we more negative in terms of our outlook? Well, here, at least one thing you have to bear in mind that we are focused on the German market. If you read -- cross-read peers, they do have some positive signals in different geographic areas. A lot of statements here reflect the improved situation in few parts of Europe, but more in U.S. or Asia. Will that somewhen also affect Germany? I do think so. Just hard to project when that will be. That might be already in second half year, but we took the decision to be more cautious on our outlook and rolling forward the experience, especially in permanent placement, what we saw in second quarter, where you saw, well, as I described, a quite passive behavior of corporations in Germany. A better situation would be an upside.

That's very helpful. And then maybe as an extension to my first question on your internal head count, it seems to be down only 1% year-on-year at the end of H1, which, of course, includes some contributions from acquisitions. But do you feel that you have now taken out sufficient amount of cost? And with temporary staffing and project management are going to stabilize, is it fair to assume that further cost reductions are no longer the priority and that you want to be well positioned to capture an eventual upturn? Because with your workforce only down 1% year-on-year, it seems a bit of conflicting to your outlook.

In the 1%, I should cross-check. In staffing organization, as I said, the fee earners are down 19%. We have some counter effects, as you said, inorganically with the new companies added, first. Second, we replaced a lot of external lectures by internal lectures, which is bringing down costs actually, but is increasing head count. So this is an effect we have in the training segment, an increase here. Overall, we are focusing on the cost measures still and are very cautious in terms of hiring, although the part of your statement that we want to be ready in an upturn, and we have to find the right way not to cut too deep. That's correct.

Okay. Then I may switch to a question we got on the chat from [ Klaus Schilling ]. He asked, Robert, thanks for the very detailed rundown in the relevant slides. Two questions. Are you planning further cost-cutting measures? And if yes, of what kind? And second, to combine sales in staffing and training services, what is the situation at the customer end? Are responsible persons, the same for staffing and training budgets? Or do you have to identify different people?

Good question. The second one, Klaus. So it's a yes and no. Sometimes it is actually the same person, which gives us quite an easy access here. Sometimes it differs. Nevertheless, if you're in a good relation with your customer, both responsibilities should be headquarter located and, well, know each other. So -- and it's 2 sides of the same medal basically. So the access is positive.

Currently, no matter if it's 1 person or 2, the topic is more that in a huge number of companies in Germany, no decision is taken without heavy involvement of C-level, which will take some time and the cost measures or cost programs are broadly in place. So the direct value-driving effect of the measure -- of any measure must be very clear that it passes C-level in the end. So for us, the topic more is not to identify the right person or the right persons, as you said, but to have projects or hirings decided positively on the top level of the companies.

And your first question was cost cuttings. We are in the middle, not of the first, but an ongoing cost-cutting program, turning actually every penny. And given the earnings situation in the first half year, you look even deeper. Also in our administration, we try or we initiated a lot of activities to use technology to find some, well, free capacities there, which will bring down the number of staff in administration further, but not in a way of a restructuring in administration, neither in the organizational parts of the business. Here, as I said, in the staffing organization, I already described what we do. In the Comcave organization, we did the restructuring already and where also are a larger number of employees in Tax College Endriss and in GFN, these organizations are profitable and are performing as planned. So no direct restructuring plans actually in place.

Okay. Next question comes from [ Borja Soldevila ]. He asked, can you detail the allocation of lease liabilities? Are these premises more related to training or to staffing? The level of lease payments is close or higher than your EBITDA. If things do not get better, what could you do about leases?

The split, to be honest, I have to look up, and we have to deliver actually later. It is not that one sector is, well, over proportionately heavy in terms of lease liabilities. Well, here, in the lease contracts, you are normally in a multiyear contract situation. So the lease liabilities, most of it is office space, as you indicated. And yes, we do have some opportunity to decrease the space over the next years. But you are in these longer-lasting contracts and to re-rent spaces currently in Germany is not that easy.

So we have some effects here already, and we have some spare square meters, which we offer to the market and some first, well, successes here, but most of it will take some time to bring down these expenditures. Depreciation in that case.

Okay. Thank you, Robert. Next question comes from [ Alexander Dominicus ], and he is asking on the Training segment. For second half 2026, you need more than EUR 10 million operating EBITDA to meet EUR 11 million to EUR 13 million full year guidance. This would be around EUR 4 million higher than second half 2025 adjusted for restructuring costs last year. Can you share what gives you confidence to achieve that as working days should be similar compared to last year and Comcave restructuring benefits seems to be negatively offset by lower revenue?

Just to bear in mind, the lower revenue at Comcave, we saw a declining trend in '25, right? So we see this more positive for second half year. Same goes for GFN. GFN was also affected last year by the declining trend with quite a poor second half year in earnings, same for Comcave, so additional earnings here apart from the restructuring effect. We see a solid performance or a positive performance of Endriss, which will also deliver.

So -- and you said more than EUR 10 million. Well, it's close to EUR 10 million if you take the mid-range. But this is given the top line trend that we counter the downward trend in '25 starting in first half year, but accelerating in terms of relative comparison in second half year, plus the renovated cost base. And for example, in case of Endriss, the structure more performing second half year. So they achieved just around 1/3 of their earnings in the first half year delivers the higher result in second half year.

Okay. Thank you, Robert. Currently, there are no further new questions on the chat or no one has raised his hand. [Operator Instructions] If this is not the case, then maybe Robert, final words are given to you.

Well, we had our discussions. So I want to say thank you for participating. Thank you for your interest in our Amadeus FiRe Group. Tough times, but a lot of opportunities I talked a little about the AI development in our segments. It is something which is not so big so far, not so many positions, and the training of AI is accelerating to back up the usage, but also the positions and the skill needed in AI is coming more and more into reality. So from a small base, interesting perspective here.

Apart from that, well, I would like also that what you said was it, I think, Simon, that the cross-read that it will be a little more positive in terms of sentiment in Germany will become effective, which will deliver some opportunities and will improve the weak earnings situation we are in currently. So thank you very much, and see you next in 3 months. Bye.

Thank you, Robert. Just as an information for all participants, this call was recorded, and you will have it as a download on our website during the day as well as a transcript tomorrow or the day after tomorrow. Thank you very much.

Bye.

Okay, let's start. Good morning, ladies and gentlemen, for the conference call regarding the publication of our interim statement Q1 2026 of Amadeus FiRe Group. Robert Von Wulfing, our CEO, will give you some insights into the business development in the first quarter this year and will be available for a Q&A session afterwards and will be at your disposal.

So Robert, the stage is yours.

Well, thanks, Jorg. Good morning, everybody. So next round, Q1 figures, Amadeus FiRe. So first glance, we can take in new fiscal year 2026. And overall, I would say we saw a quarter where business, from our point of view, was in line with our expectations and in comparison to last quarter Q4 2025 stabilized. So we saw some positive signs in the continuation of the quarters, Q1 to -- comparison to Q4. In comparison to Q1 last year, in some key figures, we still see a decline because of the development over the course of the year last year with a declining trend.

So for us, a good start in '26. And overall, my picture for the next year, also next years, remains unchanged. Skills and qualifications will be needed. Scarcity is still existing. And the change we will see will accelerate. So overall, our positioning, doing both services, staffing and training around certain skills should pay off. So for this year, our commitment is to take step-by-step back to profitability and to regain the position for the strengths we saw within this Amadeus FiRe Group for many years.

Some market remarks. So the overall situation in Germany, well, was a weak one in Q1 '26, again, and not surprisingly, as expected. So GDP growth was around 0, give and take, and some cautious positive indicators we saw in January and February, in the end, after the war in the Middle East started -- fell back. So some glimmer of improvement actually was taken out by this geopolitical development.

And for example, the ifo Business Climate Index fell the last 2 months, March and April, to a level of 84.4 points in April '26 again, which is a low level and indicates that currently the situation in Germany within corporate clients still is not a positive one. Unemployment is ongoing high at a rate of 6.4% in April this year, so more than 3 million people in Germany unemployed.

So some highlights on -- just one second, switch page. Some highlights on Q1. So as I said, for us, a quite acceptable start in this fiscal year in a tight B2B service market in Germany. In training, we also do have the B2C and the B2G market, which were more positive and starting with a positive trend in '26. We have put in, in '25 and ongoing in '26, a lot of cost measures and structural optimizations. So they are paying off and showing their effects in the operational performance. So more looking at the top line, stabilizing over the course of this quarter.

So some key figures improved quarter-on-quarter, like revenues and gross profit and also some earnings. So we see here a picture of what we wanted to see for the first quarter to deliver what we forecasted for the full year. So in a year-on-year comparison, we are still 9% down in revenues. In a quarter-on-quarter comparison, we are 3.5% up. Margin is slightly declining, operating gross margin, but well, on a high level and also is exceeding prior quarters' level.

And the operating result is EUR 3 million for the quarter, in line with our expectations as well as the -- for the first quarter, negative earnings per share, EUR 0.16. Last year, we saw EUR 0.18 positive. Last year, that turned negative at the end of the year. This year, we see the picture the other way around to deliver earnings per share positively at the end of the year.

Some remarks on the business development in Q1. So as forecasted, the B2B markets, as I said, remained tight, more positive in B2C and B2G training. So the demand was cautious over the course of the quarter, and the willingness to change jobs also on the candidate side remained low. The gross profit overall declined by 10% year-on-year. Quarter-on-quarter, it increased by 6.3%. Within the quarter, we saw a slower start in January than expected, but then a stabilized and solid situation in February and March. So in the full picture of the quarter, exactly what we expected.

Diving in the 2 segments, and first some statements on the services, in staffing, temporary staffing, permanent placement and interim management. For all services, we still see the situation that the conversion, how inquiries or requests convert into actual hires and placements is subdued still. In temporary staffing, there is a cautious demand of many customers, and this still has a noticeable impact.

At the beginning of the year, we regularly, in temporary staffing, see a setback because a lot of orders do end overproportionately at year-end every year. But afterwards, so that was, well, a normal setback what we saw. Afterwards, we saw a stable order development to date. And well, this is a different trend than what we saw for, well, around the last 2 years where we saw months on months declining development in the number of the overall orders. So here, it looks that it is bottoming out and stabilizing in permanent placement.

Also, year-on-year, we see a decline still. Nevertheless, the quarter-on-quarter performance also for a couple of declines before, quarter-by-quarter, we saw an increase in revenues slightly above Q4 level. Here, specifically, we had a slow start in January and then a solid February and March. Interim management, our slowest -- sorry, our smallest service. Here the market is probably the most robust. We saw a small decline, but also a little bit like in temporary staffing, quite a stable development of the orders we have currently at the level of prior year at this moment.

Some more detailed figures in staffing. So the gross profits overall in Q1 was around 19% down, around 6% higher than what we delivered in the fourth quarter. The last 2 years before, we saw a decline in gross profits, Q4 to Q1. So the first year now, we see an increase in gross profit here around year-end, Q4 to Q1. So also in staffing, there's still a strict management of all expenditures, OpEx and CapEx, in place, and a lot of work on productivity and cautious management of the branch office organization.

Regarding our sales organization fee earners year-on-year, end of March, we are 17% down. So the trend, what we saw, that we cautiously replace fluctuation and monitor every position in detail is continuing. At the same time, we do some investments in systems and processes and in technology to, well, improve also step-by-step and use the opportunities we see in technology, in AI, also for staffing processes to position ourselves for the next years in the market.

So overall in Q1, the EUR 5.2 million decline in gross profit translated in EUR 1.0 million decline in EBITA. So we saw an EBITA of EUR 1.7 million for the first quarter. So overall, in line with our expectation, stabilizing or bottoming out in top line and improving profitability quarter-by-quarter over the course of the year.

Let's have a look at the training segment. Here, I would say we recorded a robust overall performance in Q1 '26. In the -- we saw -- if you look at the 3 different markets or client groups we serve, market-wise, we saw improved situation in B2G, a solid development within private customers. And also here, clearly, B2B services in Germany are under pressure. So the market environment for our B2B business in training also is not a good one. So in the B2C market, we saw actually in our business a slight increase. In B2G, we are still below prior year's level, which is because of the development throughout the year '25, where we saw a declining trend, but we have -- we are increasing the number of new participants, and there is a beginning dynamic development also compared to Q4 where sales are already increasing. So this, in the end, will translate in a positive top line development.

In the B2B market, year-over-year, well, we have significant positive momentum due to inorganic growth. Masterplan and eduBITES joined our group end of last year. But overall, with our -- all our B2B services and training, we are operating, obviously, in the weak B2B environment we have in Germany. Strategically, segment development continued consistently throughout the quarter in line with the AI-first orientation we have. So the goal is to systematically expand the service portfolio with AI-related training offerings and to address the growing need for companies' systematic AI skilling development throughout our corporate AI learning approach we have.

Some figures on training. So revenues increased by 3.4%. Nevertheless, it is a flat organic development and the growth is delivered by our new companies, Masterplan and eduBITES. We still see a declining volume at COMCAVE because after the development we saw especially in the first half year last year, the comparison year-on-year is still high. The trend also here is positive, but with the significant staff reduction we did and downsizing of the training facilities in the restructuring. We are now in a leaner company, which forms the base for back economic strength. And the Q1 results of COMCAVE are already above prior year's level.

The new business entities, they started in line with our expectations. Regarding the revenues, I already stated that the growth we saw is delivered by these companies, some over EUR 2 million sales. And the result for the first quarter was as planned, a small negative figure. For the full year, we expect them to slightly deliver also a positive result. Operating profit fell by 0.7%. And overall, in EBITA, we ended up at EUR 1.3 million for the quarter. Because of the training calendar, the first quarter is not the strongest one in terms of seasonality. And if you would have a look at the organic development, it is a flat development year-over-year and an increasing development in terms of profitability compared to fourth quarter. Overall, in training, we ended slightly ahead of our own expectations for the first quarter in sales and in result.

Some statements regarding our outlook overall. So the information you will find here is basically what is stated also in our annual report. So our picture about the framework and also some activities and milestones we take is unchanged. We are expecting or we set a framework also in our forecasting of a consistent weak year '26. Well, as I said, beginning of the year, we had some slight indicators of improvement. The current development in the Middle East took that out back again. And I think the assumption to see no real momentum in '26 is still an acceptable one. In case the sentiment will turn somewhere in '26, this, from our perspective, would be an upside. Further weakening, obviously a downside.

So in staffing, we will continue with the cautious management, but also focus on improving the usage of technology, which is, for, well, some time, already crawling in, in our business, and step by step, we see some effects and improvements and quite like what we see. And in training, the focus here is to gain also from the opportunities we now have in our organization. As I said before, we did the 2 acquisitions. It's 2 buy-and-build cases. So beginning of the year, some integration work and some integration cost, as I mentioned, which you have to take.

But the idea is here to use our good relationship with a lot of B2B clients around -- in Germany to deliver the full service of the Amadeus FiRe Group, which means that you can either hire qualifications or you can train qualifications. So here, it is starting that the, well, overall basket of services is served to our clients with some beginning success stories, but quite early to state on where this will end up end of the year. But we see some positive development in an overall weak B2B market, as I said a couple of times already in this call. But this is, I think, important to state that sales cycles, et cetera, are quite long these days in the B2B environment.

And also in training, a solid B2C environment where we want to improve our business step by step again this year, and positive momentum we see in the B2G environment. And in the end, a year-over-year significant higher result in training compared to prior year's development where we actually were not able to deliver a result, what we expect from ourselves in the end, including a restructuring we had to start in second half year.

This ends up in the outlook which we gave already. Publishing the annual report, it is unchanged. So we do see ourselves ending in a group revenue of, well, around EUR 380 million for the year and an operating EBITA of around EUR 25 million. So the range here is EUR 20 million to EUR 31 million, and following the Q1 compared to our planning and forecasting we did before, we are well in the middle of what we forecasted.

In terms of the 2 segments, in staffing this year, given the assumption that '26 stays weak, it is about repeating the results of last year. And in training, it is about to significantly improve the earnings situation to, well, EUR 11 million to EUR 15 million or around EUR 13 million. And as I said, at least after Q1, we were a little bit ahead of the middle corridor we saw at the beginning of the year in forecasting for that segment.

So for the moment, this would be it. A brief view in our development in Q1. Well, I know that year-on-year, the KPIs, sales and results declined, but we saw a year of -- with the downward trend in '25. So for us -- and this is what we said before -- in a year-on-year comparison, we will start slow in '26. But for us, the important, well, development and achievement is to improve the situation quarter-by-quarter, to have a solid start in '26, being able now to improve top and bottom line quarter by quarter over the course of the year. This would be it for the moment. And now very happy to answer your questions.

Thank you very much, Robert, for the deep insight into the first quarter. And I may give the word to Thomas Wissler for the first question.

I can't hear you, Thomas. I don't know whether we have to do anything, but...

I'm here, sorry.

Now we can hear you, Thomas. Okay.

Well, thanks for the presentation, first of all. And as you mentioned, the most important thing is that we have seen a sequential improvement because the year-on-year comparison that your numbers are down should be not a big surprise. Maybe you can give us some idea of the sentiment of your sales team and obviously also of your customers. Do you see kind of an improvement in the first quarter concerning the sentiment? And 2 months into the second quarter, can you maybe also give us some idea whether the situation has already also stabilized in the second quarter? And maybe the third question regarding leverage. Can we expect year-end leverage to be down versus 2025? Or would you also consider to spend more money on acquisitions if opportunities arise?

Well, Thomas, thanks. So first sentiment, you asked within our organization, our sales organization and clients. Well, here, I would say sentiment in our organization is -- I would call it somewhere in between acceptable and good. And I want to state that cautious because -- if you are a salesperson and you do less net fees, as we call it, and your incentivization is lower than it was -- you're used to, there is some feeling about that. Nevertheless, I do see and I realize that when I'm traveling around -- and in these times I do visit our branch offices more than I do in regular and good times, they are very positively Amadeus FiRe-minded, and they are positive regarding their market. But they are waiting for a turn in the sentiment of their clients. And this is what they do not see. This was the second part of your first question.

Here, I have to state clearly -- and I talk to a lot of our salespeople -- that they feel that the cautious behavior, the restrictions clients have given their management to allow recruitment activities, no matter whether with providers like Amadeus FiRe or with their own recruiting resources. This is still slowed down and limited. Same on the candidate side. In tough times, you're more cautious regarding taking a decision to change jobs. So here, the environment is unchanged. Second question was how we entered second quarter. B2B, market-wise, well, solid and stable, but no momentum. Different statement I said about the B2G market where we are quite happy with the development, but B2B is still burdened by the overall environment.

Leverage. As I said, earnings should improve over the course of the year. Deleveraging automatically, step-by-step on the one hand side. On the other hand side, you asked about capital allocation. Well, we did the 2 acquisitions end of last year, so I would call ourselves not hungry at the moment because we do have to do some integration. But even more, we said it's buy and build cases, and the build also takes some energy and resources. So this is what we want to do first. Nevertheless, we will have a close look at any opportunity. So acquisition-wise, you shouldn't expect too much of us this year. Hope that answers.

There are currently no questions in the chat, so I have to look back if someone raised the hand. No, it's currently not the case. There's a question from [ Olga Eichler ]. COMCAVE will start growing second half year-over-year, will be net income negative in first half?

Well, [ Olga ], I said that earnings increased already, but top line didn't. And here, it is our expectation for the full year is that we, well, should regain the level we entered last year over the course of the year. Will we exceed in sales? If this is the case, then in second half year. In terms of earnings, well, we are ahead of prior year already. And we want to deliver this year a clear positive result for COMCAVE following the negative result we saw in last year. And here, we are well on plan.

Will be net income -- here it is -- not planned. So will be negative -- will be net income negative in first half year. Well, we saw earnings per share below 0 in first quarter. Second quarter, in terms of seasonality, has just a few chargeable days. Let's put it that way, the dynamic development in earnings per share I do expect in second half year.

Thank you, Robert. Some more questions from investors currently not to be seen. So if there will be some more questions later during the day, we are at your disposal at any time for your questions. Robert, thank you very much for the detailed view into the development of the first quarter and the outlook for the current year. And so next time, we'll be available with half-year figures beginning of August. So thank you very much all for your interest in Amadeus FiRe and thank you very much for joining the call.

Thanks, everybody. Bye.

Good morning, ladies and gentlemen, dear friends of Amadeus FiRe Group, and a warm welcome to today's conference call of the Amadeus FiRe AG following the publication of the consolidated financial statements of the fiscal year 2025, we disclosed yesterday evening after the closing of the German Stock Exchange.

Robert Von Wulfing, our CEO, will guide you through the presentation and will be available for your Q&A afterwards.

Okay. Thanks, Jorg. Welcome, everybody, to our today's call. So my first message for today would be that we confirm our preliminary unaudited financial key figures for the fiscal year 2025, which we presented already 5 weeks ago, middle of February. More details I will have in a few minutes.

So overall, the Amadeus FiRe Group, our company, shows, well, let's say, a good level of resilience in the past financial year 2025 within a persistently challenging economic environment, characterized by multiple weaknesses. Nevertheless, we found ourselves on a significantly lower level of profitability compared to historic levels we delivered before.

The sentiment within the company is even worse than the actual macro situation. Company's willingness to invest worsened throughout 2025. Expansion plans were put on hold and decisions also on staff recruiting activities were made with massive caution or staff was even cut in the view of the continuing uncertainty regarding future economic development.

Challenges such as demographic change, slow progress in digitalization and the aftermath of the energy price crisis as well as the deteriorating consumer confidence play a central role. The long-standing phase of economic stagnation in Germany is escalating into a profound growth crisis in which companies lack any sense of optimism. Well, lack any sense, not really, but to a very large extent.

The minimal growth in real gross domestic product of 0.5 percentage points fell far short from the expectations of the stakeholders. The unemployment rate in Germany increased already to 6.5% in February, representing 3.1 million people unemployed in Germany. In Q3 2025, we saw the first time since 2015, so 10 years ago, unemployment above 3 million in Germany. This is not a historic high, but the highest level of unemployment since the financial crisis.

Added to this are multilateral trade barriers in East and West and unpredictably volatile U.S. tariffs which are hampering the export business and, thus, one of the most important growth drivers for German economy. Global uncertainties and international trade conflicts are leading to geopolitical tensions, which are currently being played out in open armed conflicts. The new war in the Middle East is starting to burden the global economy again.

The sharply negative revenue trend in 2025 financial year across both segments of the group, so Staffing and Training, the one-off restructuring costs of around EUR 6 million we had and forward-looking investments in digital transformation of the Amadeus FiRe Group resulted in a decline in gross operating profit and a disproportionately large drop in operating EBITA in 2025.

Revenues of EUR 364 million is 16.6% (sic) [ 16.8% ] below the previous year figure of EUR 435 million (sic) [ EUR 437 million ]. Revenues ended up within the range of EUR 355 million to EUR 385 million, which we forecasted. Operating gross profit of EUR 187 million, previous year was EUR 237 million, resulted in an operating gross profit margin of 51.4%, which remains significantly above the market average, following 55.2% (sic) [ 54.2% ] in the previous year.

Operating EBITA in 2025 is, therefore, down to EUR 14 million from EUR 56 million in the previous year. The current forecast following the restructuring initiated in the third quarter '25 to achieve a result at the low end of the before forecasted range of EUR 15 million to EUR 25 million for the 2025 financial year, thus, has been realized. Operating profit, excluding the one-off effects of restructuring costs, ultimately, stood at EUR 20 million.

At year-end, we were able to complete 2 acquisitions, 2 technology and AI-driven buy-and-build cases in the corporate learning environment, Masterplan and eduBITES. The business climate in Germany continued to deteriorate in the course of 2025. We do see a generally weak economic momentum, which was noticeable in almost all sectors. Companies continue responded to this situation with great cautions. Investments were postponed, expansion plans put on hold and personnel decisions were made with extreme restraint. The number of registered jobs has fallen in most sectors of the economy compared with December '24, in some cases, in double-digit percentages -- in most cases, actually. The exceptions are the public sector, health care and construction, which are above previous year level.

Fourth quarter ended in line with our expectations. Staffing looks like bottoming out on a low level. And in training, we do see some momentum emerging, especially in the upper funnel. Walking down the P&L for the 2025 financial year below operating EBITA level, the Amadeus FiRe Group generated an operating profit after tax -- operating profit income of EUR 4.9 million. Previous year level was EUR 36.8 million.

The consolidated net loss for the financial year 2025 attributed to the shareholders of Amadeus FiRe AG amounts to EUR 2.2 million, following a profit of EUR 32.8 million in the previous year. Basic earnings per share, thus, amounted to minus EUR 0.44, following EUR 6 in the previous year.

Following the negative result and in line with the current dividend policy we have outlined, the Management Board and the Supervisory Board will propose to the Annual General Meeting -- Shareholder Meeting that in view of the negative result achieved, no dividend will be paid and that the retained earnings of Amadeus FiRe will be carried forward to new accounts.

Diving a little deeper in the segments, the Personnel Services segment continued to be significantly affected by the weak climate. In addition to cyclical pressure, changes in labor markets are becoming increasingly significant and are having a lasting impact on demand patterns. Despite the ongoing shortage of skilled workers in many sectors, there was no noticeable upturn in the short term. Furthermore, candidates remain remarkably reluctant to change jobs as job security and stability are the top priorities in the current uncertainty people are facing.

The interplay of cyclical and structural factors made filling vacant positions significantly more difficult and had a negative impact on the conversions of inquiries into contracts. As a result of these effects, the segment's total revenue was, as expected, below the previous year level, meaning that the downward trend continued into the end of the year. The revenue in Training segment declined during the reporting year against the backdrop of a challenging market environment and fell below the previous year level also.

While the companies within the B2C market were once again able to increase revenues, our providers of publicly funded trainings, Comcave and GFN, recorded a year-on-year decline in revenues. The pro rata revenues of the newly acquired companies, Masterplan and eduBITES, were included in the segment for the first time at the end of the year for 3 and 1 months, respectively.

Having a look at our Staffing business, temporary staffing services continued to face a challenging market environment once again in 2025. Revenue fell sharply by 23%. The decline in turnovers, which had been evident for some time, continued. The sector as a whole has been recording a decline in volume for some time with customer demand remaining subdued across all service areas. As a result, the gross profit margin achieved in 2025 financial year also fell below previous year level.

Like temporary staffing, also permanent placement is heavily influenced by the persistently recessionary sentiment in the German economy. Revenues here fell sharply by 30%. Many companies remain extremely cautious when it comes to new hires. Positions that would normally need to be filled are often left vacant with the existing workforce taking on additional duties instead. So we do face a backlog here in the German market.

The current uncertainty within companies overweighs the impact of the skill shortage, which has been a key driver of the market in recent years. No direct costs are allocated to the provision of recruitment services. Consequently, gross profit essentially corresponds to revenues.

In 2025, the interim project management also was affected by the general economic situation for the first time. Nevertheless, the interim management market turns out to be the most resilient. Amadeus FiRe revenues declined by 6% in 2025. The downturn and decrease in demand has reached the commercial and IT professionals. Conversion requests and placements are at a low level. As a result of these effects, the segment's revenue in total was EUR 208 million, 22.8% below previous year level. The segment gross profit fell by 26.9% to EUR 97 million.

Accordingly, the segment operating profit margin fell to 46.8%, compared to 49.4% previous year. Ultimately, an operating EBITA margin of 6.1%, previous year 13%, was achieved. This is an unusual low figure for Amadeus FiRe compared with the significantly double-digit profit margins of the past. Overall, the reduction in sales and administrative costs across almost all areas supported segment result.

Vacancies arising from natural staff turnover were only filled in a very targeted manner. Active staff turnover managed has led to a reduction of around 20% in the number of employees within the branch organization at year-end '25 compared to year-end '24. Thus, the maturity of the sales organization improved throughout the year '25 because a lot of the turnover was also performance management.

To point out very clearly, for Amadeus FiRe, an operating margin of 6% is not satisfying. But being able to achieve a margin of 6% in this staffing market environment is rarely seen throughout the whole industry. So we know what to do, but some tailwind is needed to regain ground in the direction of double-digit margin levels.

Having a look into Training. Against the backdrop of an equally challenging market environment in Training segment, particularly in the area of public-funded training, Training revenues in 2025 has also declined and fell below previous year level. The decline in participant numbers in public-funded training, B2G, continued in Q4 '25. But activities are improving and, as expected, revenue in Training segment slightly increased in the fourth quarter.

In particular, the reorganization of responsibilities for training vouchers and the delayed clarification of budgetary policy and clarity led to a cautious approach to funding and had a noticeable impact on demand. The reduced funding volume consequently affected capacity utilization and revenues. In the second half of '25, the restructuring of Comcave with the reduction of training facilities and a significant reduction in staff laid the foundation for the company's sustainable economic situation and stabilization.

Due to these effects, the segment's revenue in total of EUR 156 million was 7.2% below the previous year figure of EUR 169 million. Operating segment gross profit fell by 13.7% to EUR 90 million. Accordingly, the gross profit margin declined to a still solid 57.6%. Operating EBITA was additionally impacted by restructuring costs of EUR 6.1 million, meaning that the operating EBITA margin of 0.7% achieved in 2025 financial year is likely to remain an exception. The adjusted margin of close to 5%, nevertheless, reflects the challenging year 2025.

Briefly on the 2 acquisitions we made. The acquisition of Masterplan is a key component of the technology-driven B2B growth strategy and complements the Amadeus FiRe Group's existing training portfolio with an established scalable SaaS platform with a strong focus on B2B customers. Masterplan enables Training segment to accelerate the positioning in the B2B segment with a ready-to-use digital solution for our clients. The acquisition of Masterplan is a typical buy-and-build case with significant cross-selling potential.

The same accounts for eduBITES, also, from our point of view, a buy-and-build case and another key component of a technology-driven B2B growth strategy. EduBITES uses AI agents to conduct interviews during so-called knowledge sprints to systematically capture internal company knowledge. The AI-based automatic transfer of this knowledge into multimedia learning formats opens up a path for knowledge extraction and leads to multiple opportunities using this knowledge capture for improving the knowledge situation of the company. Just as an example, offboarding and onboarding can be facilitated significantly.

Let me touch one, from our point, very important and strategic element for the next years, and this is about corporate AI learning. Germany invests too little in AI expertise. Germany's AI offensive is in danger, already at the starting point of failure due to a lack of qualification architecture. This is the conclusion of the Corporate AI Learning study Amadeus FiRe Group conducted on behalf of the Allianz der Chancen. This is an organization representing a lot of the large caps in Germany, representing a huge number of employees throughout the German labor market.

Although 91% of the companies surveyed consider AI to be central to their business model and 82% plan to increase their investments, whereby only 25% are investing substantially in further training of their employees in the near future. We are investing billions in AI technology, but without a measurable and scalable skill strategy, productivity gains will remain random. And if training is not organized systematically, the business location will lose its competitive edge. Beyond analyzing the problem, the Allianz and the Amadeus Group presented accompanying playbook that can also be understood as a blueprint for Corporate AI Learning. It describes how companies can strategically anchor and operationalize AI training.

The playbook outlines key success factors from leadership, anchoring and governance to role-specific learning path and the direct integration of AI tools into day-to-day work. So it's about who and what and how. And we want to play a significant role in the how element. AI skill is a bottleneck in the future. Amadeus FiRe is building up an ecosystem around Corporate AI Learning and is the right partner for our customers to face this challenge.

Just recently a new element with this is the launch of a strategic partnership in between Amadeus FiRe Group and Leaders of AI to systematically train management levels in the use of AI. The economic impact of this depends largely on whether companies empower their management and teams to strategically integrate new technologies and use them productively. Everyone knows that we are in the middle of a change and that we have to learn around AI, but who is organizing the learning? We will and be part of that solution.

So let's dive deeper in the outlook for 2026 for Amadeus FiRe Group. Regardless of the current economic weakness, there remains a structural shortage of skilled workers that will persist in the long term. In the short term, however, this is overshadowed by economic uncertainty and a lower willingness to change jobs. A certain backlog of leftover vacancies is building up. Demand from corporate clients for further training services will continue to operate within an economically challenging environment in 2026.

Investment decisions are made selectively and focus on training measures with clearly identifiable operational benefits. At this -- at the same time, it is to be expected that training programs relating to digitalization and AI, in particular, will continue to gain importance as companies increasingly support the introduction and productive use of such technologies through targeted training measures. The integration of the 2 segments, Training and Personnel Services, will be strengthened, in particular, through the systematic incorporation of training programs into existing sales and marketing activities within the corporate client sector.

The current financial year will continue to be a year of transformation shaped by ongoing conflicts, in particular, the war in the Ukraine and the armed conflict in the Middle East. Rising energy price volatility and uncertainty on international markets are dampening the confidence of businesses and investors. These uncertainties are complicating economic planning and influencing investment and trade decisions across national borders.

The economic outlook for Germany remains weak overall for 2026 and is characterized by uncertainty and limited momentum. Although there are signs of certain stabilization in individual economic conditions, a sustained and broad-based economic recovery cannot currently be anticipated. Furthermore, productivity growth in Germany remains comparatively low. Delays in the digital transformation, high regulatory burden and investment barriers in key infrastructure sectors are holding back efficiency gains in the economy and public administration.

The market for Personnel Services in the skilled white collar sectors continued to be significantly influenced by the weak macroeconomic conditions and marked reluctance to make hiring decisions. Companies are proceeding cautiously when filling new or vacant positions, and are frequently postponing staffing decisions. At the same time, candidates' willingness to change jobs remains limited in the face of economic uncertainties.

Not a really nice picture, but this is the picture we are facing again in '26 as an assumption. Against this backdrop, demand for skilled temporary staffing remains subdued. Increased costs resulting from collective wage agreements and regulatory frameworks have noticeably reduced the appeal of temporary staffing solutions for many companies.

Flexible employment models are still being used, but in a far more selective manner than in previous years. Accordingly, a revival in demand for skilled temporary staff is not foreseeable in the short term. Overall, no relevant improvement in the market situation is anticipated for the coming financial year. Rather, the overall trend is likely to be similar to that of 2025.

This is the overall assumption for our Staffing outlook, whereas the Training segment expects an overall more positive performance in 2026. A key strategic focus will be on the consistent AI-first orientation of the Training segment. The aim is to systematically expand the service portfolio and include AI-related training programs to the -- into new target groups. The thematic development will be driven beyond traditional commercial and IT trainings.

The acquisition of Masterplan and eduBITES end of '25 strengthens the technology-driven training offering and the expansion of the corporate client business, B2B. The integration of the businesses with recurring revenue structures enables access to new customer segments, the development of individual learning pathways and the systematic use of AI-supported learnings and knowledge formats.

In addition to a slight increase in participant numbers and revenues in the private customer business, B2C, new enrollments in public-funded training programs, B2G, are expected to show a more positive trend throughout the year compared to 2025. Following the downward trend in the number of training participants and the corresponding decline in revenues in the previous year, the start of the year will be below the previous year level.

Current enrollments and those expected later in the year should generate positive momentum in revenue growth, leading to a further significant expansion in business volume by the start of 2027 and throughout the year 2027. Even against the backdrop of an assumed consistently weak market environment in 2026, the aim is to stabilize group revenues.

The revenue growth targeted for 2026 is in the range of 0% to 8%, so between EUR 362 million and EUR 394 million. A stabilized revenue situation and effective cost management are leading to increased earnings expectations. The target for operating EBITA for the '26 financial year is in the range of EUR 20 million to EUR 31 million. This corresponds to growth rates of between 46% and 130%.

Based on these expectations, the operating [ EBITDA ] margin would be around 5% to 9%. The earnings target is a first step on the path back to significantly higher profit margins and the level of profitability we have seen in previous years. Over the course of the financial year, a continuous quarter-on-quarter improvement in earnings compared with the corresponding quarters of the previous year is expected, following a start to '26 that is anticipated to be below previous year level, in line with the declining business performance in the course of the year '25.

The Personnel Service segment expects revenues of EUR 190 million to EUR 210 million with an operating EBITA of EUR 9 million to EUR 16 million. This corresponds to revenue development in the range of a decline of 9% to a slight increase of 1%. Uncertainty in the market is reflected in a wider revenue and earnings range for 2026. Overall, throughout the year, the development -- the negative development of 2025 will bottom out, which already started, and will achieve a slight increase by the end of the year.

The overall trend in earnings is expected to be similar. Potential decline in revenues should be offset by some cost savings. The expected operating EBITA margin is projected to be around 4% to 8%. An economic recovery starting earlier than expected would offer upside potential for the earnings forecast. Depending on the tailwind we will see, in terms of conversion and performance, this might be significant. But, again, from today's perspective, we cannot see this clearly for '26.

The Training segment expects a significant increase in revenues to between EUR 172 million and EUR 184 million. This will correspond to revenue growth of between 10% and 18%. Adjusted for inorganic growth effects from acquisition, this corresponds to a more single-digit growth target for the existing business. The forecasted operating EBITA stands at EUR 11 million to EUR 15 million.

This represents a significant increase compared to the operating EBITA for '25 of just around EUR 1 million, which was, however, significantly impacted by the restructuring costs. But also adjusted for this effect, it is targeted to somewhat double the earnings level this year.

This would be the round-up information for all of you of our 2025 year and the outlook for '26. So from this point, we do see that we saw probably our toughest year in '25. We see some positive trends in Training and stabilization in Staffing for '26. Nevertheless, in an, again, tough environment, but '26, we target as the first step to the way back to achieving operating profit levels and growth figures, which we saw in the past for the upcoming years. In the end, therefore, we need some tailwind in terms of development of the German and global economy.

So now happy to answer your questions.

Robert, thank you very much for the detailed analysis of what happened last year and the looking forward statement into the challenging tasks for this year and 2026. Ladies and gentlemen, now it's your turn. [Operator Instructions]

Well, we are still searching for some questions. No question would be unusual. So probably it's technology. You found someone?

No, we can't see anyone.

Sometimes it takes some time to type in.

Okay. We get the first question in the chat from Thomas Wissler of mwb research. Question is, are there any further plans to acquire more companies in AI?

I love that formulation, companies in AI. Let me start my answer with another remark. AI is something which is, obviously, impacting both segments and also something which is impacting our internal activities. So in Staffing and in Training, in terms of, well, top line products, but also in internal processes and technology used, this is affecting a lot of our activities and a lot of our resources we invest in our business.

Regarding acquisitions, I just said that the 2 acquisitions we just made are buy-and-build cases. Well, buy is done, build also needs a lot of effort. So priority here clearly is to focus now on, well, using the opportunity we have with these 2 companies and to build up these cases. So in terms of acquisition, I would say, we are not that hungry currently.

It does not mean that we do stop all our activities. And if there are some interesting targets, we will have a look at, but the probability that there will be acquisitions coming through short term, on the other hand, is low as we are focusing now on developing these 2 cases with a lot of resources and some other things we have to do in our established businesses.

So far, that question of Thomas was the only one in the chat.

If there are some more questions from your side to a later point of time, you're welcome to contact us and my Department of Investor Relations at any time. We are at your disposal and looking forward to discuss the challenges of the current year.

So if there are no additional questions, thanks. Here we...

There's another question from [ Olgerd Eichler ]. AI, if I add EUR 6 million restructuring costs to your 2026 guidance, I end up with your low end of EUR 20 million, no improvement for 2026.

Well, I tried to -- if you do the math on the low end, this would be the case. It's a range, as you know. And the range also includes, depending on the environment, we will find that in Staffing, it is not automatically an achievement of prior year's level again in '26.

Well, we are positive that we can bottom out the business and deliver results comparable to prior year's level in Staffing, but the math you did is actually -- would include a decline in Personnel Services. So in Training, taking in or not the restructuring effect, there will be an improvement in '26.

Well, now the questions are coming in. I try to read them.

Further activities and costs for restructuring in '26, no. The characterization of a restructuring is that you well describe the whole program and then you do the accrual for the whole effect, no matter how long these effects otherwise would impact your P&L. So the EUR 6.1 million is the one-off effect for the restructuring and no further impact by restructuring planned in '26. Also, the restructuring, well, basically is completed.

So there are neither unknown structural elements of the program. Well, not every position is finalized, as you might imagine, because if you lay off a lot of people, there are some following negotiations to be done, but most of this is completed already. So the restructuring accrual is very solid for end of year '25.

Initiatives to increase efficiency. A lot of we have done already in the last years, but further steps will be taken in '26. A lot of the initiatives include technology. And the idea is either to impact top line or to save cost. And here we are, in the middle of a couple of programs regarding our major business applications, but also multiple other projects throughout both segments.

Expectations for deleveraging in '26. Well, I said that the -- first on the profitability side that quarter-by-quarter, we expect the situation to improve on the one hand side. This will also generate some free cash and will, throughout the year, more the second half of the year, as I described, than the first half of the year, also deleveraging in '26, which basically also answers the next questions for debt reduction this year and the following years.

I think this is the current -- hopefully, that answered all questions in the chat room so far. Some more coming.

Revenues for the -- of the 2 acquisitions made, the revenue level of these 2 companies at current level is around EUR 10 million combined.

What level of sales must be achieved to achieve the old EBIT margins? Well, here, the answer is a little different. I prefer not to talk about the sales level, but about the conversion rates we need, especially in the Staffing segment. The sales level in the end depends on, first, the size of the organization, which is a smaller one, in the meantime, compared to peak levels.

And second, also, a question of mix of services because of the different gross profit margins they do deliver. But basically, it is about converting gross profits in operating results or operating EBITA. And here, it is more the positive sentiment we need than a certain level of sales.

I just said through -- during the presentation that the organization we have in Staffing is more mature than the years before, and it's actually the same people, so -- a lot of them and probably the best of the team, they are all -- they are still on board. So it is about conversion and expanding the gross profit level with the organization, and that will deliver back a normalized level of results.

In Training, what I said is that in -- throughout '26, we have to regain the full usage of our organizations and we have to overcome the decline of 2025, improving quarter-by-quarter, to find even better situation beginning of '27. And the comparison then beginning '26 to '27 will be more favorable. And from today's perspective, also, here, the outlook for '27 will be on a higher margin than what we do think that we can achieve in '26. So '26, in Training, I would consider more a year in between. Also, the new companies we have to lead in profitability. They are currently at a break-even level, and this will also deliver the upcoming years, but the following years more than in '26.

Headroom for further acquisitions, well, and statement regarding dividend payments or more, in general, capital allocation. First, well, the headroom, technically, we have -- what's the name? Revolving credit line, I was looking for the word revolving. We have a revolving credit line of EUR 121 million for free usage, which we used at a level of around EUR 80 million currently. So there would be headroom.

Regarding acquisitions, I just said, we are definitely less hungry than we were before we did the 2 acquisitions recently, and we are focusing on growing these opportunities.

And regarding capital allocation, well, first, throughout the year, we have to deliver results and build up capital. And then for us, it will be still always the 3 considerations in between dividend, share buybacks and allocating capital in the operating business by doing acquisitions or CapEx. But as you know, we are not that CapEx-intense.

The dividend policy forward, this, well, now we have to discuss and let the market know. But this year, on the -- with the background of a negative result, the decision was not to distribute because we always said that we distribute a part of the earnings.

Next question about the Iran war just started with a mild German recession. Is the outlook still possible?

Well, the outlook is given as of today, and this includes the information that we are in that war. The visibility and the uncertainty, well, increased by that information. In February, if you look, for example, at the BA-X index, this is an indicator of the job vacancies in Germany, we saw quite a positive momentum in February. Also, the business climate, on a very low level, was improving recently.

And the Iran war definitely is a counter-information, let's put it that way. And if it lasts, I do think that we will have, again, pressure on energy prices, what we see, but then it's longer lasting. So yes, the outlook is possible because the outlook is made with the information set we currently have. And the Iran war is part of the story. I tried to explain that we assume a consistently poor environment throughout the whole year '26 and try to be, let's say, cautious enough in terms of also including the risk portfolio we see in our outlook.

Thank you, Robert. As we have no further questions on the chat, we have come to an end of today's earnings call. Thank you very much for your interest in Amadeus FiRe Group. And a very big thank you also to you, Robert, for the presentation and the discussion afterwards in the Q&A session. Should you have any further questions to a later date, please feel free to contact Investor Relations at [email protected].

Thank you very much for your interest. Looking forward to the challenges of the year. And I wish you all a successful day and upcoming weekend. And thank you, Robert. Maybe some closing remarks from your side.

Yes. Thanks, Jorg. Thank you very much. The last questions showed that we are in a, if I want to put it positive, in a very interesting environment. So we try day by day to do our work. We're forecasting a tough environment in Staffing and an improving environment in Training.

I do think we saw the toughest year for Amadeus FiRe already in '25, and we'll see -- despite the background of the weak environment, we still will be in -- we see an improving situation in '26. So our teams, my team, and we, as a Management Board, will work on that. And we will try also to harvest the opportunity we see in learning, but also in Staffing and in learning around what I tried to point out, Corporate AI Learning.

This is a gap which is opening up in terms of technology used and skills in corporations regarding handling technology. And I think here, in sourcing these people and in training these people, we can -- and skills, we can be a relevant partner also in the next years. So exciting times ahead of us. Thank you very much, and thanks for your interest in Amadeus FiRe.

Good afternoon, ladies and gentlemen. Dear friends of Amadeus FiRe Group, welcome to today's conference call on the Amadeus FiRe AG publication of the preliminary unaudited financial key figures of the fiscal year 2025 we published yesterday evening after the closing of the German Stock Exchange. Robert von Wulfing, our CEO, would like to explain these preliminary unaudited financial key figures to you and will be at your disposal for some questions and Q&A discussion afterwards.

So may I hand over to you, Robert. The stage is yours.

Thanks, Jorg. Welcome, everybody. Well, that was the signal already. Sorry for maybe coughing in between and being hopefully understandable. I caught a little flu something, but I try my very, very best in the next hour.

So I would like to start with some general remarks regarding the German economy to give you a brief overview of the current situation we are operating in. Compared to the last calls and meetings we had, the situation in Germany is, I would say, basically unchanged. It was a challenging situation in 2025, running a business in Germany, especially in a B2B service environment. So the macro indicators remain at a low level. And there's actually no sense of change of the pessimistic sentiment we feel currently in Germany.

The long-lasting stagnation or recession in Germany is ongoing following the '23 and '24 recession. We saw a marginal statistic positive development in 2025 of around 0.2 percentage points. But basically, we saw now for many, many quarters, a flatline development in Germany without momentum. This pessimistic situation we have in Germany is still leading to a reluctance to invest. Decisions are delayed and the day-to-day business basically is slowed down.

And the companies, our clients describe the current situation as quite negative. This is what is indicated also in the German Business Climate Index by the ifo Institute, which in December '25 declined by another 0.4 points to 87.6 points and is on a continuous very low level, below 90 points, indicating a poor business environment overall. The unemployment rate in Germany is still high, at very high level at 6.2 percentage points or 2.9 million people unemployed. In Q3 last year, we saw the first time since 2015, 10 years ago, unemployment above 3 million people in Germany. This is not a historic high, but the highest level of unemployment since the financial crisis.

In addition to global uncertainties and geopolitical tensions, structural challenges such as demographic change, slow technological change in Germany, the aftermath of the energy price crisis and the gloomy customer climate are playing a key role. Added to this, we see international trade conflicts, and in particular, the ongoing U.S. tariff discussion, slowing down export business. Company's willingness to invest remains slow in 2025. Expansion plans were put on hold and decisions on hiring were made with extreme caution. [ All ] staff was already laid off in view of the continuing uncertainty about future economic developments.

The Personnel Services segment was significantly affected by the weak economic situation in 2025. Despite the ongoing shortage of skilled workers in many areas, there was no noticeable upturn, but rather a further increase of market weakness over the course of the year. Demand decreased and time to hire is expanding. Candidates continue to be very reluctant to change jobs as job security and stability are top priorities of people in the current climate of uncertainty. The interplay of these various factors made it significantly more difficult to find and fill vacant positions and had a negative impact on the conversion of inquiries into orders.

As expected, the segment's revenue and the gross profit in total was significantly below the previous year level due to these effects burdening the performance of the staffing organization. The size and headcount of the organization was continuously brought down throughout the year and additional cost measures were in place, but this could only partly counter the market-driven pressure on performance.

Regarding the Training segment against the backdrop of -- for different reasons, but also challenging market environment, particularly in the area of public funded training, revenues in the Training segment also declined in 2025 and were below the previous year level.

In the B2C environment, mainly the companies of Steuer-Fachschule Dr. Endriss, we were able to increase revenues once again, whereas the providers of publicly funded trainings, Comcave and GFN recorded declines in revenues. In particular, the reorganization of responsibilities for training vouchers or for training voucher issuing at the beginning of the year and the delay in budgetary clarity led to a cautious funding policy and had a noticeable impact on the issuing of vouchers.

So we found a poor market environment despite increasing unemployment in Germany. The decreasing number of participants in training had an impact on capacity utilization of the training organizations and as well on revenues. As a consequence, we announced the restructuring program for Comcave in Q3. It was executed within the remaining time of second half year in 2025. A reduction in training space and the layoff of a significant number of employees laid the foundation for the company's, so Comcave's economic stabilization and for growth and earning opportunities as of 2026.

Overall, this resulted -- the restructuring resulted in a one-off impact of just over EUR 6 million on operating results for the Training segment as well as on the group's result. Following the final set of measures taken and the execution of the program, the final restructuring cost increased by around EUR 1 million more compared with the interim booking status we had end of September in 2025 to the EUR 6 million I already mentioned.

According to the preliminary and unaudited figures, the Amadeus FiRe Group generated consolidated revenues of around EUR 364 million in 2025, down around 17% on previous year revenue level of EUR 436.9 million. Therewith, the revenues ended up within the forecast range of EUR 355 million to EUR 385 million.

Lower operating gross profit in both segments of the group and one-off restructuring expenses and forward-looking investments in the digital transformation of the Amadeus FiRe Group put pressure on profitability in 2025. The pressure was countered with multiple cost measures throughout the year, but only to a certain extent. Overall, this led to a disproportionate decline in operating EBITA in 2025 to a level of around EUR 14 million, down from EUR 55.5 million in the previous year.

Our latest forecast given by us as Management Board following the restructuring indicated in the third quarter or following the third quarter of achieving a result at the low end of the before forecasted range of EUR 15 million to EUR 25 million for the 2025 fiscal year thus has realized. Amadeus FiRe operating profit, excluding the EUR 6 million one-off effect of the Comcave restructuring ultimately amounted to around EUR 20 million. That would equal to a margin of 5.5%, actually far below the double-digit margins we were used to deliver over many years.

Let me please do just one remark on our acquisitional growth activities last year. The 2 companies acquired in September and November 2025, Masterplan.com GmbH, Software-as-a-Service based e-learning platform for corporate customers and eduBITES GmbH, an AI-supported platform for the structural extraction and processing of internal companies' knowledge into digital learning formats, are specifically expanding the group's offering in the digital B2B training market with a focus and clear focus on corporate AI learning.

The companies were acquired late in the financial year, so their contribution to 2025 results were just marginal as they were consolidated on a pro rata basis according to their respective acquisition date. Having these businesses on board, it opens multiple B2B opportunities in the next years, offering our client services around skills needed no matter if a company wants to recruit or train these capabilities in the fast-changing environment we will see in the next years. As an additional information, the consolidated annual financial statements, so the final figures, including the in-detail forecast for 2026 will be published on 25th of March 2026.

So at this point in time, thanks for your attention. Happy to answer your questions now in detail. Thank you very much.

Robert, thank you very much for the overview. And now it's your turn, ladies and gentlemen, we are opening the Q&A session. [Operator Instructions]

And there is already one hand up from Simon Van Oppen.

So Simon, please ask your question.

Can you hear me?

Yes.

So three questions, if I may. So first one, over the past couple of years, we have seen the number of direct employees in your temporary staffing division going down. Could you please help us understand to what extent this is a function of a slowing German economy and to what other perhaps more structural factors such as regulation or AI play a role in this slowdown?

Secondly, can you please elaborate on the integration of your recent acquisitions, eduBITES and Masterplan? What do you believe is the demand for these services in a still depressed German economy? And how much do you believe these acquisitions will add in EBITA in 2026?

And then lastly, on your leverage ratio. If we include lease liabilities, then your leverage ratio somewhat peaked in Q3 at 2.5x EBITA. And what level will you have ended the year? And to what level you believe you can bring it down over the course of 2026?

Thanks, Simon, for the questions. Very interesting, 3 of them. So first one, temporary staffing in Germany. What's cycle and what's structural? So regarding temporary staffing, and this is something I'm well talking about now for some years, also at the beginning of the crisis. Temporary staffing in Germany was at a peak level, clearly before the pandemic in 2017 or 2018 of more than 1 million people in Germany employed on temporary contracts in temporary staffing. And this almost halved in the meantime.

Well, the market overall is mainly driven by blue collar. So around 85% is blue collar and technical. Nevertheless, both in blue and white collar, the numbers came down. And here, I do think it's -- actually it's a mixture. The first years, the scarcity of personnel we have had in Germany. And from my point of view, we still have in [indiscernible] a lot of skills gave pressure on temporary staffing as the first choice of employees in Germany still is a perm direct contract with the company. And it's not that popular like, for example, in the Netherlands also to be on flexible contracts.

And also the wages in temporary staffing increased over the last year significantly. So it's also a question -- an economic question, whether you want to have a flexible workforce on your belt, for example, as a production company or whether this is, in the meantime, let's say, too expensive. So I do think there's a structural element in there, and this is what we saw for many years now that in normal environment in our business, permanent placement was outperforming temporary staffing every year. So in temporary staffing over the years, there's a structural element. But obviously, the cycle also brought down demand. So a relevant part of it currently is also cycle.

Second question, integration of the 2 new companies. Well, the integration work is ongoing from my point of view because in both cases, we said it's buy and build. So that we want to leverage the opportunity we have with our broad B2B customer base and our access we have in Germany to a lot of corporate clients via our staffing business and the reputation we built up here over many years is that we are also able to market B2B training product, e-learning platform and knowledge capture and converting that internal training material is something what we can do with our sales force.

And this process we started end of the year, we onboarded our sales team on Masterplan products. Currently or just the last few weeks, we onboarded on eduBITES products. And our teams in -- throughout Germany and our branch office networks now are starting to generate leads for these 2 companies, new companies throughout our sales force. So from today's perspective, I'm quite happy how integration goes. The results as lead times and converting leads into actually logging on corporations on these platforms takes some time. We will see the upcoming months.

And last, the -- well, the leverage, I mean, obviously, with declining results, the leverage is increasing. As you realized, I haven't -- I have not given a in-detail outlook so far for 2026. But what I can say is that in '25, first, we had this one-off impact. And second, in 2026, at least in the funded training, we feel that we will find a better market condition in '26 than in '25. So some upside potential throughout the year, step-by-step kicking in over the quarters will help also with leverage. A number in detail, I would like to postpone that to give that numbers in detail when we publish the full set of results, the outlook, and I can then be more specific on that.

Okay. Thank you, Robert. May I read the question we got in from [ Josh Wool ]. First question is, what are the annualized savings expected from the EUR 6 million of restructuring expenses?

As you can imagine, it's not the full EUR 6 million, obviously, as, for example, some rental restructuring provisions for rental contracts are affecting more than 1 year. And if you lay off personnel, you also have redundancy costs, which are one-off. But in the end, annualized, it's around EUR 2 million to EUR 3 million.

Okay. And the second question, by the end of 2025, with the government releasing B2G vouchers normally, and do you expect any benefit in 2026 from the release of delayed vouchers and/or just lapping the 2025 period where vouchers were delayed?

No, I have to be very honest. I don't know what lapping means. Maybe someone can give me a translation. But the thing is that it's not that if a voucher is not issued and an unemployed person in the meantime reentered the labor market, most of the times, these vouchers when the process was not completed in 2025. It's not that we have a significant backlog in terms of delayed issuing, but the process normalized and also the budgetary situation is clear now. So it changed from a dysfunctional market mainly in first half year 2025 to a normalized market in the meantime and also budgeting security we have now for 2026. So we -- in the end, should benefit from that by increasing number of -- well, requests turning into issued vouchers, so more participants, so we can counter the declining effect we saw from the impact of the first half year's effect last year.

Okay. Yes, I think you gave the right answer, Robert. Josh just said lapping means a favorable comparison period because 2025 was negatively impacted. That's exactly what you said. Thank you very much.

We got another question on the chat room from [ Simon Pliquett ] regarding the Personnel Services. Has the cost structure now been adjusted to the current demand? Or will further adjustments be necessary if demand does not pick up? If it gets worse, how are you going to scale down the cost structure? Which office locations to close first?

Well, it is -- in the end, it's not so much about locations, but about teams. But what we do is that we -- the focus is on low performance management, and that can be an individual person, that can be a team or this can be a location and no location closed so far, and we will see how the markets will develop. One remark I want to make clear. We do -- the staffing segment is delivering a positive result. Yes, the performance is on a much lower level, and we are not happy with that, but we are earning money. So a strict management of performance, turning every penny that will continue.

And when it is about to close locations, I just want to restate, this is more about teams in specific markets, and this is what we are looking at that we keep the high-performing part of our organization, and this is what we are managing now for almost 2 years, which brought down the staffing organization from a peak level in somewhere during first half year in '24, down a little more than 20% over that period of time.

Okay. There's another question, which came in from [ Simon Pliquett ] about the impairment testing of Comcave. Is it still pending?

Well, as you wrote in our Q3 publication, we already did testing there very much in detail. And there was no impairment in the end to be done or no write-off to be done. And well, the final information regarding that, you will see in the final annual result. From Q3 -- end of Q3 perspective till today, nothing significant changed. Let's put it that way.

Okay. Next question we got is are competitors -- from [ Sascha Gerhardt ]. Are competitors currently going bankrupt or out of the market? And is the market further consolidating? I think it's meant about Personnel Services.

Yes, yes, absolutely. But it accounts for both segments, but much more as a clear B2B market for staffing. On a regional level, yes, we do know a couple of competitors left the market. On a national scale, there's no large players so far we know leaving the market, but a lot of measures taken throughout the, well, staffing landscape in Germany because what we -- what is affecting us as Amadeus FiRe is affecting also our competitors. And as you know, Amadeus FiRe is starting from probably the highest level of profitability you find in the market. So if margins were already lower of some competitors before, I do think a lot of companies do struggle more severely, which is giving us some space in these markets and what we try to gain from.

Okay. So further on, I haven't seen any hand raised. For now, we have no further questions. So I will hold the room for a moment. Feel invited to place your questions in the chat or raise your hand.

The next one is coming from [ Cedric Schwan ]. How stressed is the current financial leverage and cash flow development? How much is left within the existing credit lines? How are the covenants defined?

First, the covenants we haven't disclosed and actually we're not planning to. So this is not disclosed. But what we did is before we did the Masterplan transaction, we reviewed also our financing situation. You know probably we had a revolving credit line of EUR 100 million. And well, we increased that before to -- now it's EUR 121 million revolving credit line. And we revised also the whole details of the contracts, including covenants. And we extended the revolving credit line for another 2 years. So this agreement now lasts till end of '29, so quite some time. And within this line of EUR 121 million, we still have a lot of headroom. So well, the balance sheet is more stressed than it was in the past. But this is the situation, increased revolving line, long-lasting contract and some place to move within that credit line already.

Okay. The next question from [ Gian Hessami ] is about the analyst report from mwb research, who says that the real operating recovery is not probably before 2027. Do you think also this way?

Well, I stated already that if you just look at the operating result, we have a one-off in '25, and we have more favorable environment in the funded training environment. So for these 2 topics, I disagree. And the rest of the business, especially the B2B business, the question here is, will we be in a poor market environment, the whole year '26 or not?

I would love to have that crystal ball. I don't have it. If the sentiment turns, I do think this will have a positive impact on all our B2B activities, so mainly staffing, but also training that we -- in the end, some way will have some tailwind and performance can start to recover. Will that be in '26? Yes or no. From today's perspective, it's simply impossible to forecast that element of a recovery. So timing also depends on the development of the cycle.

Okay. So thank you very much, Robert. For now, we have no further questions.

There's another one coming from [ Simon Pliquett ]. Do you see competitors leaving the market in Personnel Services?

Yes. Yes. As I said, no large players so far, although some large players left regions, so closed certain branch offices or merged brands, for example, to focus activities in a weaker market environment. So these are developments we see on a national scale. On a regional scale, yes, there are competitors leaving the market. And here, you will find a lot of small players, so hard to check in detail who that might be. But also throughout the clients, sometimes we know whom they on a regional base work with. And if there is some movement, we are able to gain from that. So there is a certain consolidation in the market ongoing.

Okay. Thank you, Robert, very much. So if there are no further questions, thank you very much for your participation, for your interesting questions. And as Robert announced already, we will disclose the consolidated financial statements on 25th of March after the closing of trading hours at the German Stock Exchange. And there will be another conference call offered to you on the 26th of March at 8:30 Central European Time, and you are invited and you will get a separate invitation to this as well. So thank you very much for your interest today and for your lively discussion and looking forward to hear and to see you again end of March. Thank you, Robert.

So also from my side, thank you very much. Thanks for listening to my poor voice today. And thanks for being interested in Amadeus FiRe. I already said it a couple of times ago, but well, it was a tough year 2025. We all know that. And we are not happy in the end with the results we were able to deliver, but working on improving that situation every day.

I do think that we have some nice new elements in our portfolio to bring together the story of training and staffing. So to deliver corporate clients around skills, solutions that you can either recruit or you can train your staff. And I do think that the upcoming years in this changing environment and changing skill profiles corporations need, this is a good path to follow. Nevertheless, still today, we have to steer our Amadeus FiRe ship through this stormy weather, but somewhere that storm will end. So thank you very much, and bye.

Good morning, ladies and gentlemen, and a warm welcome to today's conference call of the Amadeus FiRe AG following the publication of the Q3 figures of 2025. I'm delighted to welcome the CEO, Robert Von Wulfing, who will speak in a moment and who will guide us through the presentation and the results. [Operator Instructions]

So let's dive into the numbers. Robert Von Wulfing, the stage is yours.

Thank you very much. And also from my side, a warm welcome to everybody to have a look at our development in Q3. I would like to start with some general remarks regarding the German economy to give a brief overview describing the situation where we are in. Compared to, well, also the last calls and meetings we had, the situation in Germany, I would say, is basically unchanged. It's still a challenging situation in 2025 if you're running a business in Germany. So the macroeconomic indicators remain well at a low level.

The long-lasting stagnation or recession we have in Germany is ongoing. The 2024 figures were restated. It is now minus 0.5% decline in Germany last year and '23 also was restated to minus 0.9%. So in the end, what is expected for this year is a 0.2% statistic positive development. But basically, what we see now for many, many quarters is a flatline development in Germany without momentum.

This pessimistic situation you have in Germany, well, is still leading to a reluctance to invest, decisions are delayed and the day-to-day business basically is slowed down. And the companies describe the current situation as quite negative. The outlook is improving a little. This is what is indicated in the Business Climate Index by the ifo Institute, which in September declined in October increased a little, but basically is on a continuous low level below 90 points, which is indicating a poor business environment overall.

The unemployment rate in Germany is increasing. And in Q3, we saw the first time since 2015. So 10 years ago, unemployment above 3 million people in Germany. So this is not a historic high, but since 10 years, the highest level of unemployment we currently have in Germany.

For Amadeus FiRe, some highlights before I dive deeper for Q3 or the first 9 months. So in both business segments, we continuously saw a decline in the current development in revenues and also year-on-year in earnings. In staffing, we found ourselves on a, I would say, comparable business level as what we saw in second quarter. So no positive momentum kicked in, in the third quarter. We see some signs of stabilization in the B2G Training market and a continuous positive environment for B2C trainings in Germany. Overall, the revenues are down 18% after 9 months. So we continuously work on efficiency and also on cost discipline, putting in a lot of cost measures.

We had one additional program we initiated with Comcave. We announced in August a restructuring program, and this is impacting Q3 with EUR 5.3 million restructuring accrual impacting the operating profit for this year. So following that additional effect and one-off effect we had in third quarter, the operating EBITA currently is at a level of around EUR 10 million after 9 months, clearly below prior year's figure of EUR 46.4 million after 9 months.

Overall, we are confirming our outlook, which we gave after half year in the revenue range of EUR 355 million to EUR 385 million and the operating EBITA level of EUR 15 million to EUR 25 million. And here, we specificated that we will see because of the restructuring accruals we had to build to be at the lower end of the range of EUR 15 million to EUR 25 million.

Also some good news in third quarter regarding our inorganic development. We acquired a company called Masterplan e-learning, corporate e-learning platform, a SaaS business, and I will dive deeper in that acquisition later.

Just a brief look on how the dimension is of the different segments. So around 40% currently is Training, 60% of revenues is staffing. And within staffing, you should focus more on the net revenue -- on the gross profit, sorry, and the gross profit level here indicates that permanent placement continues to be our largest service in the staffing segment.

Some remarks on the third quarter. Well, as I said, the recession is having a noticeable impact on our business and on the performance also in the third quarter. Companies are quite cautious regarding their human resources and their recruiting activities. We fear that a relevant number of positions in the meantime is left vacant, although some of them are quite necessary also for our clients to operate their business. But here, a certain backlog is developing.

In the B2G market, which is a large part of our Training business, the number of participants for the year '25 is still below prior year's level. The -- well, the activities and the interest here are improving. B2C is independent from cycles. And here, we see quite stable business. Overall, third quarter delivers a 19% decrease in revenues on prior year's level. The operating gross profit is 24% down and a clear decline in operating EBITA to EUR 3.3 million in third quarter. If you bear in mind the EUR 5.3 million of restructuring effect and adjust for that, it would have been EUR 8.3 million, which equals to an operating EBITA margin of 9.5%, so quite an acceptable level, including the restructuring, it was EUR 3.6 million.

For the full year, the picture basically in terms of the overall environment, as I said, is the same. The bottleneck of -- following the demographic change is still existing, but the current economic cycle is overlying that scarcity in human resources currently. Well, cost measures are in place and implemented to increase efficiency and to be disciplined in terms of expenditure. Nevertheless, the decrease in revenues overall of 18% this year could not be covered by these cost measures in place.

The adjusted [ EBIT ] for the periods, excluding the restructuring would have been EUR 15 million. The operating EBITA is EUR 9.7 million for the year. Just one remark on Masterplan in terms of P&L impact. The company will be included as of fourth quarter as the acquisition was end of September. So these figures are not including any Masterplan revenues or profits.

Having a look at the staffing segment and here the different services. On the left-hand side, you see the graph how the different services developed quarter-wise year-over-year. And still all 3 services, permanent placement, temporary staffing and interim project management are declining. Temp 17%, perm 33%, and interim management 15% quarter-on-quarter. So pressure remains high. The level of business is comparable to what we saw in second quarter. In temporary staffing, I would say we are bottoming out, meaning the number of assignments is not decreasing anymore, but on a low level. And in permanent placement, as in second quarter, also in third quarter, we saw a poor market environment. Overall, as expected.

The behavior of the corporate clients here in the B2B market is, as I described already in the quarters before, the number of assignments we have to work on to convert in the same number of placements is much higher, meaning a lot of processes are canceled, time to hire is much longer and also candidates turned down a higher number of offers. So the overall performance of the sales organization, although our sales consultant in average are getting more and more mature and are experienced in the staffing market in Germany, there is a performance pressure driven by the -- by clients and candidates behavior.

The underlying shortage in skilled professionals is nevertheless in place. So even in that market environment, it is not an easy part of the business to find the right candidate, especially as the corporate clients now become more and more elective and they are looking for the ideal candidate and not the basically fitting candidate.

For Q3, we resulted in a 25% decline in revenues, some percentage points more in net fees, delivering EUR 5.5 million of operating profit, still a margin above 10%, but declining from a margin of 18% in prior year. So no recovery, but stable situation in the market environment we already saw in second quarter.

For the 9 months, that delivers in the end in this segment, EUR 11.2 million operating result, 7% margin. Well, a margin -- which is not a margin we have seen in the past for Amadeus FiRe business. If you do some cross reads in the industry, a lot of companies, no matter whether it's blue collar or white collar, currently do have issues to operate their business profitable at all in Germany. A significant part of the market is loss-making from the information we receive. So we are still in the situation that we have profitable -- and clearly profitable business with 7% margin. So our strategy remains to very carefully assess replacing personnel. So our organization is declining month by month. But structurally, we keep the organization, the staffing organization in place that in a point in time in the future when the market condition is improving and business is picking up to be ready to participate in that.

Nevertheless, the whole organization, if you compare end of Q3 this year and end of Q3 last year, declined in terms of fee earners or also the whole staffing organization by around 15%. From the peak level, which we saw in Q1 last year in terms of size of organization, it's a little above 20% in the meantime that we reduced the headcount.

So let's have a look at the Training segment. Also here, in Q3, we saw a revenue development, which was somewhat more steady than what we saw in the first half year, minus 8%, but still declining also in terms of gross profit. The operating result, operating EBITA was impacted by the restructuring, I already mentioned. So instead of a profitable EUR 3.1 million result in third quarter, we have minus EUR 2 million in the books following the restructuring at Comcave. What is this restructuring? It's a significant reduction of personnel and also downsizing of the Training facilities we have.

Given lower number of participants in Training, the transition was necessary first and by doing that restructuring and also reorganizing the entity and having a new management, which we brought in some times ago, we do feel that this forms the base to regain the economic strength, but also to regain the profitability in 2026.

In September, we were able to acquire 100% of the shares of the Masterplan.com GmbH, an investment in the B2B Training market. The 9 months overall picture, let me just give you an overview of the revenue development in the individual entities we have. The Tax College is increasing in revenues by almost 10%, whereas the 2 companies in the B2G market are both declining in revenues given the difficult market environment we found here and discussed a couple of times over the last quarters of 4 points around 5% of GFN and around 20% of Comcave.

Here, the market environment is improving. We have a budget -- federal budget 2025 now. So uncertainty is out of the market and also the change in processes, how the Training vouchers are issued well, the processes are more and more established after the change and the outflow improves. So indicators here in the market are more positive than it has been in the last 3 quarters.

Some remarks on where we wanted to go in Training and also to give a picture where we put the Masterplan acquisition in. In Training, overall, there is a clear trend to use technology. The targeted clients on top of our B2C and B2G business, we wanted to establish much more business in the B2B environment. Beyond the professional trainings in IT and the commercial fields, we are also looking here for corresponding trainings like leadership, compliance, business soft skills, et cetera.

Inorganic growth is one key element of our strategy and from there forming partnerships, developing a platform or a digital training ecosystem. In this regard, for us, in the different markets we operate in and the different qualifications, we felt that we had to -- well, too big white spot in the B2B market. And here, we were quite happy to be able to achieve that acquisition in September.

So what is about Masterplan and what do we want to do with that company? It's younger than 10 years old business based in Berlin, and it's a corporate e-learning platform run as a SaaS business model. So you can license in your organization and having well a nice lock-in effect, this leads to renewable revenues in the end. The current level of business is around EUR 8 million revenues. And Masterplan is on the platform they provide is running -- as training. So you can do your trainings whenever you want. As a user of the platform, it's well, let's say, Netflix high-level, high-end content, own content of Masterplan. So it should be fun to learn.

There's a lot of third-party content integrated on top to round up the portfolio and the clients can add their individual content on the platform on top to use it as a common learning platform for the whole organization. A lot of technical elements put in like individual learning paths that you can use. So the platform is well used already in large enterprises and a lot of medium-sized businesses. Nevertheless, the addressable market overall, I would say, for corporate e-learning platforms is significant in Germany. A lot of companies surprisingly don't use a learning platform at all also of mid- and large-sized clients, potential clients.

Well, -- and loyalty in the end is generated through deep integration. So you have a nice lock-in effect here. And what's the rationale behind for us as Amadeus FiRe to acquire that company. Clearly, it's a buy-and-build case. So we have a high level of reputation and access to a lot of corporate clients throughout our sales and marketing organization already. This is something Masterplan needs, something we can provide. And over the next quarters, add clients and revenues step by step to develop already nice market position they have within the corporate e-learning platforms to even more profound market position and be one of the leading platforms here in the market. This is where we want to go together. So a platform for skills and qualifications for corporate clients in training is what we are aiming for.

Some remarks on, well, the main market drivers and the outlook '25. Value drivers for our business, despite the weak situation we are currently in, in '25 from our point of view, are intact and for both segments, well, very interesting. The limited human resources became a critical success for also in Germany over the last 10, 20 years. And we are clear here that this will continue in the next years. The shortage of qualified employees is even increasing because of the baby boomer effect we have that decade on 55 to 65 retiring currently and a lot of qualification is leaving the market. So companies are at a high level of willingness to invest in recruitment and also in qualification and retention of personnel.

The -- what is stated above, the requirements for professional qualifications will be exposed to a high level of change over the next years. So as well individuals as corporations will have the need to -- well, to requalify and upqualify their personnel or themselves as individuals. So a very interesting training environment also we find over the next years. Competitive pressure is high on the one hand side. On the other hand side, there are high regulations in. So market barriers are relevant in our segments. And finally, in the funded market, qualification will remain. This is the statement of all stakeholders, the most important labor policy instrument to answer or counteract the shortage of skilled workers. So this -- let this be the remarks on the value drivers.

The outlook, as I said, we are well confirming or renewing our outlook we already gave. So third quarter was in line with what we expected in both quarters, but also no upside was seen in third quarter. So no improvement of the overall economic climate we found in Germany in 2025. In -- at midyear, we saw quite a broad range of earnings. So far, there wasn't a market recovery. We had to do a structural adjustment by initiating a restructuring program at Comcave. So we are renewing the forecast, but we do see ourselves more in the lower part of the range than in the upper part of the range for the full year.

In staffing, well, I described what our current activity and behavior is. This will continue. And our expectations are fully unchanged compared to midyear. And in Training, the business performance also was in line with what we expected. B2G, we see a normalization, which will more impact '26 than '25 actually. So also here, focus on productivity, cost reductions and now on top of restructuring is in place. The restructuring of Comcave and the uptick in B2G, we leave the segment with a much more positive earnings outlook for '26 and a comparable year-on-year upside potential. And in B2C Training, we see the well, excellent performance this year to continue till year-end.

In numbers, this is the outlook you already know, stated in half year report and also in the 9 months report, which you can already download on our homepage to also find additional information and more details in figures, numbers and all the tables we published. Some information where you can meet Amadeus FiRe in the upcoming months. Quite busy.

And at that point, thank you very much. That was my presentation. And I'm happy to answer your questions on Amadeus FiRe business now.

[Operator Instructions] We move on to Mr. Van Oppen. You should be able to speak now. No, this is Mr. Tonn, Mr. Tonn, you are able to speak now.

Yes. And I hope you can understand me well. Basically, two questions. First would be on the Personnel Services. First, when would you, let's say, expect the dynamic to shift going into 2026? What would be, let's say, the first indication to look at? Do you expect any major tailwind perhaps from the government spending program, which has now been initiated? Or should we expect, let's say, at least the first half year to remain very challenging? And perhaps secondly, and related to that, do you see any negative impact from the weak environment on the turnover you have with the temporary staff? Or do people also tend to stay for longer with you in this segment?

Second question would be around the Training segment. Firstly, I think you already mentioned it at least to a large degree, but the payback from the Comcave restructuring, how much in savings or earnings improvement do you expect from the EUR 5.3 million you pay in 2026 already? Or do you already expect the full run rate to be achieved in 2026? And secondly, in the Training segment, do you have -- can you give us any indication on the purchase price allocation or special effects you are expecting going forward perhaps from the acquisition of Masterplan?

Okay. All right. The first part of the first question was, well, the question for the crystal ball, let's put it that way. Well, I clearly have to state here that from today's perspective, to state anything on timing, therefore, visibility actually is too low. I do think that when there will be a change, it will be not long time before foreseeable. This, I mean, more as a positive note. And I do think that the first indicator in our business will permanent placement. Also because we do feel that there are a certain number of positions pulled back because of cost measures, et cetera, and well, the situation that currently the corporations do not want to take the final decision, but that we have throughout the landscape positions, which actually are vacant, but need to be filled. And these should, in the first moment, influence more the perm placement requests.

In general, temporary staffing and permanent placement development from our point of view is more in line in terms of development than it has been historically. So I do not think that a pickup in temporary staffing would last much longer than before indicating permanent placement. Interim management is more stable in general in up and downturns.

Tailwinds because of federal spending, I think that the program quarter-by-quarter will develop a tailwind. How much that will be and when exactly we will realize the impact, we will see. But I do expect here some -- from that individual topic, some tailwind in '26, definitely. I think we need some more news to have a general change in climate than this, but very likely, this will be part then of a positive story.

Then if I understood that right, you asked about temporary staffing, whether the structure here changed. So the average duration of the assignments and also the average duration, how long temps stay with us are almost unchanged. Also the number of temps staying with the customers. So what we call the retention rate is quite stable. So no significant changes here. We have a little increase in prices, but a relevant part of that is, I would say, now also a shift in qualifications. So the higher qualified profiles are more requested than lower qualified profiles. So it's not wage inflation only. Wage inflation came down from our point of view.

So this is on the staffing part, on the Training part, -- what was it the restructuring? Well, it will not fully materialize the whole accrual in '26, but a large part of it, but some is one-off and some is longer-lasting impacts, but a relevant part of it, plus the market environment and also what we initiated in terms of, well, improved organization, improved management structure should deliver additional performance. So we see a clear step-up compared to this year's level.

And last was PPA on Masterplan. This is already -- you will find that in the report, it's EUR 13 million. So we have -- we don't have the profit in, but in the balance sheet, you already find the Masterplan impacts in the interim statement.

And we move on to the next participant, Mr. Van Oppen.

Maybe you have to unmute or something.

[Operator Instructions] Well, then we try and move on to questions in our chat box. And there is one, how are you testing your underlying core thesis, there's a skill shortage, what if there never was a skill shortage. But there was underinvestment in digitalization in the past. German employers just use more people rather than digitalizing their processes. Now with AI and cost pressure on HQ jobs, they no longer can do that. And the real skill demand is much lower. For example, no shortage. If you came to this conclusion, what would you do?

I don't come to that conclusion. So it's a different topic. So what if there is no shortage, I don't think so. We have clear and severe shortage seen for 10 or 15 years. And it was not that 10 or 15 years, there was no digitalization at all. If you, for example, take the field of accounting where we have quite market insights, the automatization, digitalization and the improvement of processes over the last 10, 20 years was significant and the number of accountants increased every year by a CAGR of 2%, quite stable, unchanged till -- well, the latest figures we hear was '23 or '24.

So yes, before the AI discussion, will AI or technology take out some pressure here and replace tasks? Yes, I absolutely agree. We need desperately some counter initiatives in terms of performance to overcome the situation of scarcity that will help, but that will not change the situation short term.

So at least midterm, my picture here is unchanged. But AI and technology will help the overall economy maybe to gain momentum. For me, this is another element on top of what we already discussed, for example, of the public spending next year. We need some additional performance and improvement of climate, and there are skills needed still from humans.

We try again to connect with Mr. Van Oppen, you should be able to speak now and place your question. Otherwise, I will read it out because Mr. Van Oppen places his question again in our chat box, but Mr. Van Oppen, you should be able to speak to us.

Well, then I will read the question out in our chat box. Why is the situation at Comcave so much more negative. Then at GFN, they are both B2G Training businesses previously. You mentioned the limited visibility of Comcave on the government websites to play a role, but you no longer seem to refer to that. Is this still the case? Or how should we look at this difference?

So Simon, yes, you're right. This is still the case. This is impacting -- or impacted the business. Clearly, the effect started in May, June 2024 and the full year impact is seen in the first 3 quarters this year. The effect will fade out the next quarters. Therefore, we did not restate it again, but this is the main reason for the difference.

And the second part, can you also please talk about the exit rate of B2G Training businesses? What developments are you seeing in the first few weeks of Q4?

I'm not sure whether I understand the question what you mean with exit rates. We have more participants entering the Training following a higher level of interest over the last weeks already, which will transfer in an increasing number of participants over the next weeks -- sorry, months and quarters. Exit rate general is low, at least before a measure ends. So no specific KPI we have here.

Mr. [ Friedmann ] is asking, can you elaborate on synergies the Masterplan acquisition brings for your existing business?

What I tried to point out is, yes, top line synergies. Well, there are some other minor topics like we can use it as our learning platform, the same as our clients. So some elements here. And we also can use some skills in terms of content creation and others in the Training segment overall. But the main idea is to have here first an additional channel also for our other businesses, Training businesses to promote their content.

But the most relevant topic is that here, the buy-and-build idea is that we can use our access to a large number of corporate clients, small, mid- and large caps in Germany. We do have the direct contact with the relevant HR or general management roles to accelerate their sales activities. And this is just now starting. First indications are very positive. It's a good part of the sales story we have within our staffing teams to deliver additional value around the qualifications we are dealing with in commercial and IT. And the synergy here is the acceleration of the Masterplan business by using the sales power of the Amadeus FiRe Group overall.

And another question in our chat box. Please let us know the criteria for the earn-out of Masterplan and why does it have such a higher debt?

The earn-out is related to challenging revenue targets the next 3 years, first. And second, well, so far, the company quite typically developed technology and developed high-end and high-volume content over the last years. And therefore, they needed funding and accelerated debt. So that was the balance sheet situation we found. They were loss-making in the past. They are well at a neutral result currently. And from next year on, we see a nice path in profitability as the SaaS model and the licenses you can sell, should well accelerate and deliver revenues and then also the corresponding results. But the debt is from building up the business in the past.

And we move on to one question we already have in our chat box. Do you see any segments or categories of employees where AI is impacting demand on staffing?

Yes. It's more that there are some which are maybe not that much impacted, but this is not in our fields of qualifications. I think every single -- if you -- typically our -- the roles we serve, you find in corporate headquarters in the different functions. And every job role will be impacted by AI in the upcoming years. There will be new skills required. There will be new profiles, full job profiles, which will be implemented over the next years on one hand side and certain tasks will be replaced by technology. So what we will have securely will be an environment of change and adjustments in terms of the qualification mix and requirements you have throughout the roles we are serving, and that will influence our business.

And we have one upcoming question. Can you please go back to midterm strategic orientation in more...

This is just the Training slide. Overall, the picture midterm, I tried to elaborate on the value drivers we have, the -- Training you will find here. So in Training, it is about, well, building up a Training ecosystem throughout different markets and the different qualifications and additional Training content we serve and accompanying our staffing portfolio. In staffing, the midterm goal remains organic growth, regain the profitability level we were used to or at least a major part of it. If you have a look at the level of conversion of net fees or gross profit in operational result, we are in this environment currently on a significant lower level than what you saw in the past.

A good part of that decrease in a normalized -- not in a perfect, but in a normalized market environment, we are sure to regain. And then from that higher level, we can continue our organic and very profitable growth path in staffing, accompanied with what I already stated here in Training. So this is the midterm orientation.

And in the meantime, we have received no further questions. I'll wait a few seconds. But if everything seems to be clear by now, we, therefore, come to the end of today's earnings call. Thank you for joining and the lively conversation. Should further questions arise at a later time, please feel free to contact Mr. Jorg Peters from Investor Relations. A big thank you to you, Mr. Robert Von Wulfing, for your presentation and for the time you took to answer the questions. I wish you all a lovely remaining week.

And with this, I hand over again to Mr. Von Wulfing for some final remarks.

Thank you very much. From my side, well, thanks for taking part in that conference call. As I said, we will continue until the end of the year to push back the difficult environment we are in and gain ground to end the year successful and to start in a more positive 2026 with a lot of opportunities, but still a very low visibility in terms of what change can we, in fact, expect in Germany. But some momentum we will see. I do think market-wise, first and second, we have an improved environment in the Training already. So well, 2026 then should be a year of gaining background and taking some steps forward.

With this, I want to close the call. Thank you very much, and hope to see you soon in person. Bye.