Amadeus Fire Group adjusted its financial outlook for 2026 on Monday, signaling that conditions in Germany's personnel services market remain subdued. The company now anticipates full-year revenue between 350 million and 365 million - a level that is effectively unchanged compared with 2025 - and operating EBITA of 17 million to 23 million, which implies growth of roughly 24 to 68 percent.
The updated guidance sits near the bottom of the range the company laid out in its 2025 annual report.
First-half results
For the first six months of 2026 Amadeus Fire reported revenue of 171.7 million, an 8.0 percent decline from 186.6 million in the same period a year earlier. Operating gross profit fell by 10.8 percent, to 85.9 million from 96.3 million. Operating EBITA for the first half came in at 3.5 million, down 45.8 percent from 6.4 million a year earlier, and the operating EBITA margin narrowed to 2.0 percent from 3.4 percent.
Breaking performance down by division, the Personnel Services segment saw revenue decline to 90.4 million in the first half, down 17.6 percent from 109.7 million in the prior-year period. Operating segment EBITA in Personnel Services fell sharply to 1.2 million from 5.7 million, pulling the segments operating EBITA margin down to 1.4 percent from 5.2 percent.
By contrast, the Training segment posted growth: revenue rose 5.9 percent to 81.5 million from 76.9 million, while operating segment EBITA increased to 2.3 million from 0.7 million, lifting the segment margin to 2.8 percent from 0.9 percent.
Profitability, balance sheet and outlook
The group recorded a net loss attributable to shareholders of 3.7 million for the first half, compared with a net profit of 0.7 million in the same period last year. Basic earnings per share were negative 0.69, versus positive 0.12 previously.
Equity at June 30 stood at 127.3 million, down 2.8 percent from 130.9 million at year-end 2025, and the equity ratio edged lower to 35.8 percent from 36.5 percent.
Management attributed the weak top-line and profitability trends to heightened uncertainty among customers following the Iran war and the economic fallout linked to it. The company said many clients adopted a more cautious stance on hiring during the second quarter, which weighed particularly on permanent placement activity.
Looking ahead, Amadeus Fire expects revenue trends to stabilize on a quarter-by-quarter basis in the second half of 2026, with support from a greater number of working days and an anticipated improvement in profitability.