Amadeus Fire Cuts 2026 Forecast on Weak German Hiring Demand

Amadeus Fire Group has lowered its full-year 2026 financial guidance, citing persistently weak demand in the German personnel services market amid ongoing economic uncertainty. The company's announcement on Monday coincided with first-half results that showed a significant decline in profitability and a swing to a net loss.

Revised Outlook Details

The Frankfurt-based staffing and training specialist now projects full-year revenue between €350 million and €365 million, which is roughly flat compared to 2025. The forecast for operating EBITA was set in a range of €17 million to €23 million.

According to the company, this revised guidance sits at the lower end of the forecast previously published in its 2025 annual report. The downgrade was attributed to heightened uncertainty among clients, which has led to a more cautious approach to personnel decisions, particularly affecting demand for permanent placements.

First-Half Profits Decline

The revised outlook follows a challenging first six months of 2026, in which the company reported a significant drop in key profitability metrics compared to the same period last year.

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• Revenue: Fell 8.0% to €171.7 million.
• Operating EBITA: Dropped 45.8% to €3.5 million.
• Operating EBITA Margin: Contracted to 2.0% from 3.4%.
• Net Loss: The company posted a net loss attributable to shareholders of €3.7 million, a reversal from a €0.7 million profit in the first half of 2025.

Segment Performance Diverges

The company's performance showed a clear split between its two main business segments. The Personnel Services division bore the brunt of the downturn, with revenue falling 17.6% and its operating EBITA margin collapsing to 1.4% from 5.2% a year prior.

In contrast, the Training segment provided a bright spot, with revenue increasing by 5.9% to €81.5 million. Its operating EBITA margin expanded significantly to 2.8% from 0.9%. Despite the current headwinds, Amadeus Fire stated it expects revenue development to stabilize in the second half of the year.