Explanatory notes on the preliminary unaudited financial key figures for FY 2024

Frankfurt/Main, 10th February 2025

The Amadeus Fire Group (ISIN: DE0005093108, Prime Standard, SDAX) continued to achieve
operating gross profit* margins well above the market and an operating profit margin
(EBITA*) of approx. 13 percent in the 2024 financial year.

The German economy has been in an unusually long phase of economic stagnation for around
four years. Growth in real gross domestic product (GDP) has consistently and exclusively
remained around zero since the third quarter of 2021. With the exception of the immediate
months of the coronavirus crisis, the ifo Business Climate Index fell in December 2024 to the
lowest level since the 2009 financial crisis. The ifo Employment Barometer also indicates a
negative trend – particularly in manufacturing, trade and services. The mood within companies
is even worse than the actual situation. The pessimistic view has increasingly led to a
reluctance to invest, delayed decisions and slowed down day-to-day business.

The weak economic performance resulted in a -0.2 percent drop in GDP in Germany in 2024;
adjusted for price, gross value added even fell by -0.4 percent. This is in contrast to the
European neighbouring countries, which are already back on a growth path. Declining exports
in key industries, production cuts and a weak order situation in the manufacturing industry
are also having a negative impact. Inflation remains above expectations and reached 2.6
percent in December 2024, leading to a further loss of purchasing power and economic
burdens.

The ongoing decline in employment is pressuring the labour market, with the unemployment
rate rising to 6.4 percent in January 2025, following an increase to 6.0 percent in the previous
month of December 2024, while demand for labour fell significantly. The number of
unemployed people in Germany has reached around 3.0 million for the first time in a long
period, despite a high level of employment on the other hand. Once again, the manufacturing
industry and business services are particularly affected.

The increasingly negative sentiment in the German economy in the previous year, which
intensified again in the fourth quarter in particular, and the associated reluctance to place
orders had a noticeable impact on the Amadeus Fire Group’s results for the 2024 financial year.

This results in a differentiated development of the Group’s preliminary and as yet unaudited
key financial figures for the 2024 financial year. The increases in revenue and operating gross
profit* in the Training segment correspond to an operating result (EBITA*) on a par with the
previous year. In the Personnel Services segment, uncertainty among clients and candidates
regarding future economic developments in Germany led to a decline in revenue and
operating gross profit*. As the expenses for the current personnel services organisation are
only adjustable to a limited extent and with a time lag, this had a disproportionate impact on
the operating result (EBITA*).

Within the Personnel Services segment, the ongoing increase in revenue from Interim
Management / Project Management can only offset the current decline in revenue from
temporary staffing and permanent placement to a limited extent. Here, the increasingly
negative business climate, particularly in Q4/2024, is noticeably impacting revenue and
operating gross profit* and subsequently earnings. The economic decline and fall in demand
has reached the commercial and IT sectors relevant to the Amadeus Fire Group. In addition,
the conversion of enquiries into successful placements in temporary staffing and permanent
placement has deteriorated over the course of 2024. Companies are noticeably reluctant to
recruit for new or vacant positions and the willingness of candidates to change jobs remains
inhibited. November and December were the months with the weakest performance over the
year.

According to preliminary and as yet unaudited financial key figures, the Amadeus Fire Group
achieved slightly lower revenue of € 436.9 million in the 2024 financial year, down 1.2 percent
on the previous year’s figure of € 442.4 million. With an operating gross profit* margin of 54.2
percent, slightly below the previous year’s figure of 55.0 percent, operating gross profit* was
also slightly lower at € 236.7 million (previous year: € 243.4 million), a decrease of 2.8 percent.

Lower operating gross profits* in the Personnel Services segment and forward-looking
investments in the digital transformation of the Amadeus Fire Group lead to a
disproportionately large decline in operating earnings (EBITA*) of around 21 percent. The
operating EBITA* achieved in 2024 amounts to € 55.5 million (previous year: € 70.4 million) and
is below the lower end of the range of the Group’s own forecast for operating EBITA* for the
2024 financial year of € 57 million by € 1.5 million.

* Definition of operating gross profit respectively operating EBITA Amadeus Fire Group: Operating gross profit
respectively operating EBITA result from operating activities before goodwill amortisation and amortisation of intangible
assets from the purchase price allocation and before effects from the measurement of the purchase price liability of the
non-controlling interests in Amadeus Fire Weiterbildung Verwaltungs GmbH.

Publication of the 2024 consolidated financial statement on 26th March 2025 post trading hours.
You will receive the dial-in details for the explanatory conference call on 11th February 2025 at
15:00 CET by separate invitation.

The corresponding ad-hoc announcement is published on our homepage at:
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