Amadeus Fire lowered the outlook for revenue and earnings a few days ago. The market is disappointed and has dropped the share price from € 76 to € 66. ‘We are feeling significant headwinds,’ admits CEO Robert von Wülfing, who identifies the ‘very opaque future prospects’ of the company’s customers as the reasons for this. The much-heralded ‘jolt’ from the new German government has not yet been felt, but von Wülfing wants to give Merz and Co. a little more time to get things up and running. This hope also applies to the second half of the year. Fortunately, Amadeus only operates in Germany, so the EU Commission President’s wrangling over the trade agreement with the US is not a major factor. ‘Even a swallow in recruitment does not make a summer. We have therefore built caution into our outlook.‘

Permanent placement, interim management and training: that’s the Amadeus Fire Group. The German government also has new personnel, including possibly one or two skilled workers – in a country that is still suffering from a shortage of skilled labour. CEO and CFO Robert von Wülfing hopes that the economy’s reluctance to invest will come to an end. He also sees opportunities for his company in AI: ‘Working life will change. But I don’t believe that many roles and activities will disappear.’ Amadeus Fire uses digital technology for data processing and personalised training and recorded the peak of its IT investment cycle in 2024 with over €30 million. Q1 figures 2025: Revenue down 14.5 percent to 98.2 million, EBITA drop of around 70 percent to 4.3 million, earnings after tax of € 1.6 million.

‘I consider myself a permanent fixture in turbulent times,’ says Amadeus Fire CEO Robert von Wülfing about his contract extension until 2030. His share purchase (400 shares) underlines his belief in the future of Amadeus Fire. The economic situation remains tight, but von Wülfing recognises an opportunity in specialisation: ‘The demand for special skills is driving temporary staffing. The company has adapted flexibly to the changes in the personnel market. Temporary staffing, permanent placement, interim management and training form the stable business model. Training in particular is growing strongly. ‘Our customers invest in future skills.’ Recruitment remains high-margin, interim management is gaining in importance. Despite a reduced dividend, the payout policy remains constant. Von Wülfing does not anticipate a strong upturn in 2025, but is focussing on new technologies. ‘We will remain active in order to be competitive.’ He is also keeping a close eye on political developments in the training sector.

How good are the chances of finding a job in the current recession in Germany? ‘The situation is not as negative as the mood,’ says Jörg Peters from the temporary employment company Amadeus Fire AG. Banks, insurance companies, pharmaceuticals: Some sectors are even achieving top results. However, Amadeus Fire also has to recognise that there is no growth in placements in the commercial professions and IT sector this year. In the first nine months of 2024, Amadeus had a gross profit margin of 54.6 percent. Revenue at the end of September rose by 1.9% to € 337.7 million (previous year: € 331.5 million). EPS after 9 months was €4.79 after €5.67 in the previous year. ‘The Training segment has grown’ Otherwise, Peters is looking forward to the upcoming federal elections and a new government: ‘This change in mood is much more important than the actual facts. Because there will be anticipatory recruitment and dismissals.’

‘We don’t see any optimism in the first half of 2026 either,’ says Jörg Peters (Investor Relations, Amadeus Fire AG) about the economy and the personnel services industry. The situation is slightly different when it comes to training and AI (keyword: delegated knowledge): ‘Extracting knowledge and turning it into a tradable asset in a company. We see enormous potential in this.’ Amadeus Fire has prepared for this potential with two acquisitions (including the e-learning platform Masterplan). But when will this investment in the future pay off? One thing is certain: sales power should help. ‘The demand is there, but most companies are not yet prepared,’ said Peters at the Montega Investor Days in Hamburg. Amadeus Fire wants to be back on the growth path by 2027.

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In this deep dive, Amadeus Fire Group’s Chief Operating Officer, Monika Wiederhold, outlines a comprehensive framework for building AI-literate organisations, addressing one of the most pressing structural challenges in today’s corporate landscape. However, organizations may face barriers such as resource constraints, resistance to change, or skill gaps that could hinder implementation. Recognizing these challenges upfront enables leaders to develop targeted strategies for overcoming them.

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Robert von Wülfing, CEO of Amadeus Fire AG, considers the situation to remain challenging: ‘The wind is constantly blowing, and it’s still coming from the front.’ After nine months, revenue is around 18 percent below the previous year’s level, and operating profit has fallen by 80 percent. Nevertheless, he remains optimistic: ‘The positive thing about storms is that they will pass at some point.’ With the acquisition of masterplan.com, Amadeus Fire is specifically strengthening the training segment. ‘Corporate e-learning, combined with AI, is a market of the future.’ At the same time, the group is restructuring the Comcave education division and aims to achieve rising results again from 2026 onwards. Von Wülfing believes in the fundamentals: ‘I have substantial faith in the business – and in the bottom line.’ Conclusion: Amadeus Fire is realigning itself – with a focus on digital learning and profitability.

Amadeus Fire AG – Elevator Pitch by CEO Robert von Wülfing

In this special elevator pitch, Robert von Wülfing, CEO of Amadeus Fire AG, offers a dynamic, high-level walkthrough of one of Germany’s most respected players in white-collar staffing and vocational education.

Exclusive Insights from Jörg Peters

In this exclusive investor deep dive, Jörg Peters addresses the most commonly asked questions by financial analysts and institutional investors. The video in English explores the current performance, strategic direction, challenges in the Personnel Services and Training segments, and the long-term vision driving value creation of the Amadeus Fire Group.