Forecast adjustment

The Amadeus Fire Group closed the first half of 2024 on a positive note after a weak start to the year and in a significantly challenging economic situation. In the second quarter, Group operating EBITA increased by 4.7 percent compared to the previous year. At the end of the first half of 2024, Group operating EBITA was down 12.1 percent on the previous year at € 28.9 million. The Training segment continued its positive development and once again significantly increased its earnings. By contrast, the specialised personnel services market is under noticeable pressure as a result of the companies' reduced willingness to hire and candidates' reluctance to change jobs. At -2.2 percent, gross profit in the personnel services segment was slightly down on the previous year in the second quarter. The weak specialised personnel services market led to results that were significantly below our own expectations. At present, the Personnel Services segment is expected to fall well short of the segment target set for the end of the year and fall short of the previous year's result. Although the fundamental business drivers for the Personnel Services segment are intact, a significant improvement is no longer expected for the current year. Given the current low market level, the Management Board conservatively assumes that the market will not improve at all over the remainder of the year. In the Training segment, the results for the first half of the year exceeded our own expectations. The positive trend is expected to continue in the second half of the year The Management Board is reducing its forecast for the 2024 financial year and now expects to achieve Group operating EBITA in the range of € 64 million to € 70 million after € 70 million in the previous year. The revised forecast is linked to the expectation of closing the second half of the year at a comparable earnings level to the second half of the previous year. Further information is available on our website at https://group.amadeus-fire.de/en/investor-relations/financial-reports/