Amadeus FiRe : Report 2023

Amadeus Fire Group I Annual report 2023 140

Compensation report

Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154. . . . . . . . . . .

Compensation of the members of the Management Board . . . 154 Compensation of the members of the Supervisory Board . . . . . 166 Comparison of performance and annual change in compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168

Other information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170. . . . . . . . . . . . .

Outlook for fiscal 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170 Auditor's report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171

Key figures

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

Compensation report

Foreword

The compensation report includes a detailed summary of the principles applied to setting the total compensation paid to members of the Management Board of Amadeus Fire AG. It also describes the structure and amount of the compensation paid to the current and former members of the Management Board. Furthermore, it sets out the principles and amounts of compensation for the members of the Supervisory Board and the committees.. The compensation report satisfies the applicable requirements of section 162 AktG.

The compensation report for fiscal 2023 was prepared in accordance with section 162 AktG and, in addition to the requirement of section 162(3) sentence 1 and 2 AktG, its content was also reviewed by the auditor. . The compensation report on the compensation individually granted and owed to the members of the Management Board and the Supervisory Board of Amadeus Fire AG in fiscal 2022 was approved by the Annual General Meeting on 17 May 2023 by a majority of 80.40 percent (previous year: 71.22 percent). The Management Board and the Supervisory Board see this vote as a confirmation of the format used for the 2022 compensation report and the higher level of approval as a result of the revision that was carried out in 2022 of the structure and inclusion of the target compensation in the compensation report.. As it has been approved, it is not felt necessary to amend the implementation of the compensation system..

The current system of compensation for the members of the Management Board of Amadeus Fire AG was adopted by the Supervisory Board - following preparatory work by the Personnel Committee - in accordance with sections 87(1), 87a(1) AktG and approved by the Annual General Meeting on 17 June 2020 with 91.2 percent of the vote..

The current system of compensation for the members of the Supervisory Board was adopted in accordance with sections 87(1), 87a(1) AktG and approved by the Annual General Meeting on 27 May 2021 with 99.1 percent of the vote..

Amadeus Fire Group I Annual report 2023 141

Compensation of the members of the Management Board

Overview of the compensation system

The compensation system of the Amadeus Fire Group for the Management Board governs the compensation of the Management Board members and complies with the requirements of the Stock Corporation Act and the recommendations and suggestions of the German Corporate Governance Code as amended on 28 April 2022.. The aim is to ensure that the members of the Management Board are appropriately remunerated for their complex work. This compensation must be competitive in terms of the industry in which the company operates and its size. Management Board compensation is designed to offer sufficient incentives to achieve a positive long-term performance centred on the company's best interests and to discourage short-term and risky decisions.. Its structure is founded on the creation of long-term business value..

In accordance with section 120a AktG, the Annual General Meeting votes on whether to approve the compensation system presented by the Supervisory Board. It adopts a corresponding resolution whenever there have been significant changes to the approved system or at least every four years. The long-term variable compensation (LTI) was redesigned with the approval of the Annual General Meeting on 17 June 2020. The changes are described in detail in the section "Long-term incentive (LTI)"..

Total compensation of the Management Board comprises a fixed component and a performance-based bonus, taking into account the respective responsibilities of the members of the Management Board. The structure of the Management Board's compensation system is discussed by the Supervisory Board as proposed by the Personnel Committee and reviewed on a regular basis. It does not provide for any subsequent amendments to the defined targets or contractual inputs and provisions..

Key figures

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

Amadeus Fire Group I Annual report 2023

142

Operating EBITA is the Amadeus Fire Group's most significant perfor-

Performance-based compensation components

mance indicator.. For this reason, the variable compensation compo-

nents of Amadeus Fire AG's members of the Management Board are

The bonus is the performance-based component of the Management

linked to this indicator.. Target compensation is therefore directly linked

Board compensation and consists of a short-term(short-term incen-

to the budgets and forecasts of the Amadeus Fire Group, as the varia-

tive, STI) compensation model and a long-term(long-term incentive,

ble component of target compensation for a fiscal year is calculated

LTI) compensation model. . The STI and LTI compensation models do

on the basis of forecast operating EBITA for the respective fiscal year.

not contain any discretionary component, nor is any such component

Non-performance-based compensation components

planned..

Short-termincentive (STI) - The short-termperformance-based

Fixed compensation - Fixed compensation is a non-perfor-

bonus for the members of Amadeus Fire AG's Management Board

mance-based component of compensation that is paid in equal

consists of an earnings bonus and a growth bonus.

monthly instalments as a basic salary and ensures that the member

of the Management Board has a secure and predictable income. The

The earnings bonus is calculated as a fixed percentage of the operat-

current annual fixed compensation is shown in Table 075.

ing EBITA achieved in the fiscal year based on operating EBITA before

deduction of the Management Board bonuses. An earnings bonus

Fringe benefits - In addition to the fixed compensation, the members

is paid out once an operating EBITA margin of at least 6 percent is

of the Management Board receive fringe benefits in the form of com-

achieved.. If this threshold is not reached, no earnings bonus is paid for

pensation in kind, which consists of the amounts recognised under tax

the fiscal year.

law for the use of company cars. The fringe benefits of the members of

Amadeus Fire AG's Management Board comprise non-monetary ben-

The growth bonus is based on the increase in operating EBITA achieved

efits in the form of a company car and accident insurance.

in the fiscal year relative to an EBITA high-water mark (HWM) achieved

in the past, i.e. the highest figure attained to date, during the contract

Other compensation components - There are no other compensation

term. Only once the HWM is surpassed is a fixed percentage of the

components such as pension or benefit commitments or third-party

share of operating EBITA above this mark is paid as a growth bonus.

benefit plans.

The earnings and growth bonuses are calculated based on the consol-

Basic salary

Table 075

€ thousand

Robert von Wülfing

Dennis Gerlitzki

Thomas Surwald

CEO since 11/2020

Executive board member for Personnel Services

Executive board member for Training segment

Member of the management board since 11/2012

segment since 01/2019

since 11/2020

2023

2022

2023

2022

2023

2022

Basic salary

420

420

330

330

386

386

Key figures

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

idated operating EBITA of the Amadeus Fire Group.. While the earnings and growth bonus for the chair of the Management Board Robert von Wülfing is based exclusively on consolidated earnings, the bonuses for the segment directors Dennis Gerlitzki and Thomas Surwald are each divided into an amount for consolidated earnings and an amount for their respective segments..

This earnings and growth bonus structure ensures that a short-termperformance-based bonus is only distributed to the members of the Management Board if the Group performs well and its operating EBITA develops positively. Negative business performance in a fiscal year reduces the short-termperformance-based bonus and can result in claims to the short-termperformance-based bonus for the respective fiscal year being forfeited entirely. In order to limit the payment of a short-term bonus for particularly positive business performance and to uphold the principles of fair compensation commensurate with per- formance, the maximum possible total annual short-term bonus (STI) of the Management Board member is capped at five times the amount of the annual fixed component.

Long-termincentive (LTI) - In addition to the STI, the members of Amadeus Fire AG's Management Board are potentially entitled to a long-termperformance-based bonus under a defined long-term incentive plan (LTI plan)..

The Supervisory Board modified the design of the long-term variable compensation (LTI plan) of members of the Management Board under the Management Board member compensation system with effect from 20 March 2019. The compensation system is reviewed and adjusted every four years and was last approved by the Annual General Meeting in 2020. The changes were already effective for the chair Robert von Wülfing and the member of the Management Board Thomas Surwald in fiscal 2021. Only the member of the Management Board Dennis Gerlitzki was granted an LTI in fiscal 2021 on the basis of the plan in place until March 2019. His contract was extended with effect from 1 January 2022. The current LTI concept now also applies here, and the new LTI regulations will thus apply to all members of the Management Board from fiscal 2022. To present the compensation awarded in fiscal 2022 and 2023, only the calculation that is currently

Amadeus Fire Group I Annual report 2023 143

applied is described in detail below. The objective of the LTI plans is to achieve a long-term and sustainable increase in operating EBITA over the respective contract terms..

The LTI plan in place since March 2019, which now applies to all three members of the Management Board from fiscal 2022, also establishes a link to the share price of Amadeus Fire AG. Members of the Management Board receive a long-term,performance-based earnings bonus under the LTI plan if the average operating EBITA (bench- mark A; term of the Management Board contract) achieved over the full term of their contract exceeds the operating EBITA of the baseline year (benchmark B; last fiscal year immediately preceding the Management Board contract) by a minimum percentage rate. If this minimum percentage rate, which can be determined only at the end of the plan's term, is not complied with, the claim to the long-term,performance-based bonus under the LTI plan is forfeited altogether..

The LTI earnings bonus/the grant amount for the current year intended for the LTI is calculated as a fixed percentage of the operating EBITA achieved in the fiscal year based on operating EBITA before deduction of the Management Board bonuses. The long-term, performance -based earnings bonus is set individually for each fiscal year of the contract term and is tied to the achievement of an operating EBITA margin of at least 12 percent in the respective fiscal year. The grant amount calculated for each fiscal year is converted into performance share units (PSU) using the average of the daily, non-volume- weighted closing prices for Amadeus Fire's shares (average Amadeus Fire share price) in the respective fiscal year. Dividend payments result in an additional grant amount through the PSUs already awarded. The dividend per share is multiplied by the total PSUs already awarded and, using the PSU price determined for the past fiscal year (average Amadeus Fire share price), converted into a number of new PSUs that are added to the PSUs already awarded. At the end of the plan's term, an assigned performance factor based on thresholds is calculated from the percentage increase in benchmark A in relation to benchmark B (graded, see Table 078)..

If the requirements are met, the respective Management Board member is entitled to a pay-out at the end of the LTI term.. The payment

Amadeus Fire Group I Annual report 2023 144

Key figures

1.	To our shareholders
2.	Combined management report
3.	Consolidated financial state-
	ments
4. Compensation report

is due after approval of the Company's consolidated financial statements for the last fiscal year of the term.

The product of performance factor and the total number of the PSUs awarded at the end of the term is calculated first. The calculated number of PSUs is then multiplied by the PSU price of the last fiscal year of the term to determine the pay-out amount.. The total LTI entitlement is also capped at 150 percent of the total short-term variable compensation (STI) granted as a maximum during the term of the LTI plan..

The figure below illustrates the LTI plan. To simplify, PSUs from dividend payments are not included here..

If a Management Board member leaves the Company before their contract expires for reasons other than long-term illness or death, their entitlement to a long-termperformance-based bonus under the LTI plan is forfeited.. If the member is terminated by mutual consent, the LTI is paid pro rata..

Foreword

Compensation of the Management

Board

Example of terms and conditions of a management board LTI plan

Compensation of the Supervisory

Board

Comparative presentation

Others

Outlook for fiscal 2023

Auditor's report

5. Further information

Reference period:

From year1	To yearx
Average =	(EBITA1 + … + EBITAx)
EBITA(R)	x

The basis for calculating the average EBITA- increase(W) is the average EBITA for a (multiyear) reference period (R) .

Duration of management board contract:

From year1	To yearn
Average =	(EBITA1 + … + EBITAn)
EBITA(V)	n

The second component for calculating the average EBITA increase (W) is the average EBITA

for the duration of the management board contract (V).

LTI entitlement:

Basic condition

Average	=	Average EBITA (V)
EBITA(W)		Average EBITA (R)	-1

An LTI entitlement exists after the end of the contract if predened thresholds for the average EBITA increase(W) are reached.

1. performance factor (PF) is dened for each threshold.

Duration of management board contract:

LTI entitlement:

Year 1

…

Year n

Calculation

Annual

+

+

Annual

PSU1 =

amount 1

…

PSUn =

amount n

LTI = PF*

(PSU 1+ … + PSUn) x Average PSU pricen

Average

Average

PSU-price1

PSU-pricen

A percentage of annual EBITA (annual amount) is granted for each year of the management

If the basic condition is met, the payment amount

board contract and included in the LTI plan as a number of performance share units (PSUs).

(LTI) is calculated as the product of the

This is conditional upon a predened threshold for the annual EBITA margin having been exceeded.

performance factor (PF), the number of granted

The number of granted PSUs is calculated by dividing the granted annual amount and the average

PSUs and the average Amadeus FiRe share price

Amadeus FiRe share price for the year.

for the last year of the term.

Key figures

1.	To our shareholders
2.	Combined management report
3.	Consolidated financial state-
	ments
4. Compensation report
	Foreword

Principles for determining compensation

Target compensation and compensation structure

The determination and regular review of the system and structure of Management Board compensation is the responsibility of the Supervisory Board as a whole. The Personnel Committee of the Supervisory Board performs a preparatory function in determining and reviewing the compensation system and the compensation of the individual members of the Management Board.

Amadeus Fire Group I Annual report 2023 145

As explained above, the target compensation of members of the Management Board for a given fiscal year is directly linked to the budgets and forecasts of the Amadeus Fire Group. The following table shows the individual target compensation of the members of the Management Board and the relative share of the respective compensation component in total target compensation:

Compensation of the Management

Board

Compensation of the Supervisory

Board

Comparative presentation

Others

Outlook for fiscal 2023

Target compensation for the fiscal year 2023/2022

Robert von Wülfing

CEO since 11/2020

Member of the management board since 11/2012

Table 076

Dennis Gerlitzki	Thomas Surwald
Executive board member for Personnel Executive board member for Training
Services segment since 01/2019	segment since 11/2020

Auditor's report

5. Further information

2023

2022

2023

2022

2023

2022

in €

As a %

in €

As a % of

in €

As a %

in €

As a %

in €

As a %

in €

As a %

thou-

thou-

thou-

thou-

thou-

thou-

sand

of TC

sand

TC

sand

of TC

sand

of TC

sand

of TC

sand

of TC

Fixed			Basic salary
+		Fringe benefits
compen-
sation
=		Total
		+		Short-term variable compen-
			sation
Variable			Bonus for the fiscal year
compen-
		Long-term variable compen-
sation	+
			sation
				Share-based compensation

420 26% 420

12 1% 13

432 27% 433

1,158 73% 992

0

0%

0

29% 330 25%

1% 16 1%

30% 346 26%

70% 999 74%

0%

0

0%

330

15

345

842

0

28%

1%

29%

71%

0%

386

10

396

764

2,211

11%

0%

12%

23%

66%

386 31%

8 1%

394 32%

847 68%

0

0%

=	Total target compensation

1,590 100% 1,425

100% 1,345 100%

1,187 100% 3,371 100%

1,241

100%

Key figures

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

Amadeus Fire Group I Annual report 2023

146

Under the chosen method of presentation, share-based compensa-

performance-related ceiling. . The compensation of the members of

tion will not be disclosed until it becomes due, i.e. in the final year of the

the Management Board is capped in two respects. The amount of the

plan. The compensation system in place since March 2019 increases the

short-termperformance-based compensation (STI) is capped at five

weighting of the target amount for the long-termperformance-based

times the fixed compensation. For all Management Board contracts in

bonus. The LTI as a percentage of target compensation is now given

place in 2023, the long-termperformance-based compensation (LTI)

a higher weighting than in earlier calculations. The aim is for the LTI

is capped at 150 percent of the total short-term variable compensa-

share resulting from the achievement of long-term targets to be at

tion (STI) granted as a maximum during the contract term..

least equal to or greater than the STI share resulting from short-term

targets. This weighting of the variable compensation components is

The Supervisory Board thus ensures that the compensation system

now taken into account in the contracts for all three members of the

for members of the Management Board provides for minimum com-

Management Board.

pensation in the amount of the fixed component and a clearly defined

amount of maximum achievable compensation through specified

Maximum and minimum compensation for fiscal 2023

caps for the STI and LTI..

The defined maximum compensation inputs were (see tables 080 -

The minimum compensation of members of the Management Board

082) adhered to for all three members of the Management Board in

is their fixed compensation, i.e. the fixed salary and the fringe benefits

the fiscal year.

described.. Performance-based compensation including both the STI

Appropriateness of compensation

and LTI is contingent and may be forfeited altogether..

The maximum achievable Management Board compensation is the

The Supervisory Board conducted a review of the compensation of

fixed compensation plus the performance-based compensation (STI

the Management Board to determine whether it is appropriate and in

and LTI). . Performance-based compensation is linked to the operat-

line with market standards. A comparison with a suitable peer group

ing EBITA of the Amadeus Fire Group, which has a natural market and

should be used to assess whether the actual total compensation of

Maximum and mimimum compensation for the fiscal year 2023

Table 077

€ thousand

Robert von Wülfing

Dennis Gerlitzki

Thomas Surwald

CEO since 11/2020

Executive board member for Personnel

Executive board member for Training

Services segment since 01/2019

segment since 11/2020

Max.

Min.

Max.

Min.

Max.

Min.

Fixed

Basic salary

420

420

330

330

386

386

+

Fringe benefits

13

12

16

15

10

8

compen-

sation

=

Total

433

432

346

345

396

394

+

Short-term variable compen-

sation

Variable

Bonus for the fiscal year (5

times the basic salary)

2,100

-

1,650

-

1,932

-

compen-

sation

Long-term variable compen-

• sation

				Share-based compensation		-		-		-		-		8,694		-
		=	Total target compensation		2,533	432		1,996	345		11,022	394

Key figures

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

the members of the Management Board is customary for the indus- try. However, the Supervisory Board does not consider there to be any appropriate peer group in the industry.. As Germany's only listed personnel services provider operating exclusively as a niche provider in Germany, it is difficult to define an industry peer group. The Supervisory Board considers the compensation of the Management Board in fiscal 2023 to be appropriate..

In 2023, in line with the planning, the Supervisory Board will discuss and review the Company's current compensation system for the Management Board and whether it is appropriate and in line with market standards. This will be put to the vote at the 2024 Annual General Meeting.

Other provisions in Management Board contracts

If a Management Board contract is terminated early, outstanding variable compensation components relating to the period before termination of the contract are paid out in accordance with the defined tar- gets..

Early dismissal of a Management Board member and cancellation of a Management Board contract may result in severance payment enti- tlements. All Management Board contracts cap severance payments at a maximum of two annual salaries (fixed compensation and the performance-based compensation components) or compensation for the remaining term of the employment contract, whichever is lower.

None of the current Management Board contracts contain special provisions governing a potential change of control..

The current Management Board contracts for Robert von Wülfing, Dennis Gerlitzki and Thomas Surwald include a clawback provision as a further basic component of the compensation system. Variable compensation could then be retained or reclaimed in justified cases. This would allow the Supervisory Board to give appropriate consideration to extraordinary developments.. The Supervisory Board did not exercise the option of reclaiming variable compensation components in fiscal 2023..

Amadeus Fire Group I Annual report 2023 147

If a Management Board contract is terminated early, all members of the Management Board of Amadeus Fire AG have to comply with subsequent non-compete agreements for 24 months from the date on which the contract ends. This applies to all possible reasons for terminating the contract except for a permanent inability to work. Severance payments are not deducted from compensation for non-competition..

The Management Board contract of Mr Thomas Surwald was not renewed, and he thus left the Management Board on 31 December 2023.. The subsequent non-compete agreement of 24 months from the end of the contract was cancelled in September 2023, which means that the non-compete period has been shortened in accordance with section 75a HGB and is applicable up to September 2024.

The subsequent non-compete period of two years agreed with Mr Thomas Surwald was terminated with effect from 27 September 2023. The termination period means that Mr Thomas Surwald is entitled to payments for non-competition until 26 September 2024.. The payment for non-competition is calculated pro rata temporis based on the total compensation (fixed compensation, STI, LTI, non-monetary benefits) granted on average over the last three years..

Members of the Management board do not receive any additional compensation for mandates they accept at affiliated companies.

Individual compensation of members of the Management Board

Presentation of the individual parameters of variable compensation

The overview of the individual inputs for the bonuses shows the compensation inputs for the variable components for the three members of the Management Board Robert von Wülfing, Dennis Gerlitzki and Thomas Surwald. The current Management Board contracts for Mr von Wülfing and Mr Gerlitzki have terms of five years and expire on 31 December 2025 and 31 December 2026 respectively. Mr Thomas Surwald's Management Board contract had a term of three years and ended on 31 December 2023..

Key figures

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

		Amadeus Fire Group I Annual report 2023	148
Overview of the individual bonus parameters*		Table 078
	Robert von Wülfing	Dennis Gerlitzki	Thomas Surwald
	valid from 1 Jan 2021	valid from 1 Jan 2022	valid from 3 Nov 2020**
STI
Earnings bonus	0.7% of consolidated EBITA	0.4% of consolidated EBITA	0.4% of consolidated EBITA
		0.4% of Personnel Services EBITA	0.8% of Training EBITA
Basic condition for earnings bonus***	Consolidated EBITA margin >= 6%	Consolidated EBITA margin >= 6%	Consolidated EBITA margin >= 6%
Growth bonus	5% of consolidated EBITA above conso-	2.5% of consolidated EBITA above con-	2.5% of consolidated EBITA above con-
	lidated HWM	solidated HWM	solidated HWM
		2.5% of consolidated EBITA above Per-	2.5% of consolidated EBITA above Trai-
		sonnel Services HWM	ning HWM
Basic condition for growth bonus***	> HWM	> HWM	> HWM
LTI
Term under contract	5 years (2021-2025)	5 years (2022-2026)	3 years (2021-2023)
Annual amount	0.7% of consolidated EBITA	0.4% of consolidated EBITA	0.4% of consolidated EBITA
Basic condition for annual amount***	Consolidated EBITA margin >= 12%	Consolidated EBITA margin >= 12%	Consolidated EBITA margin >= 12%
Performance factor (PF) depending on average	Threshold >= average 10%	Threshold >= average 10%	Threshold >= average 6%
EBITA increase (threshold) ****	= PF 65%	= PF 65%	= PF 65%
	Threshold >= average 15%	Threshold >= average 15%	Threshold >= average 9%
	= PF 80%	= PF 80%	= PF 80%
	Threshold >= average 20%	Threshold >= average 20%	Threshold >= average 12%
	= PF 100%	= PF 100%	= PF 100%
	Threshold >= average 25%	Threshold >= average 25%	Threshold >= average 15%
	= PF 120%	= PF 120%	= PF 120%
	Threshold >= average 30%	Threshold >= average 30%	Threshold >= average 18%
	= PF 145%	= PF 145%	= PF 145%
	Threshold >= average 35%	Threshold >= average 35%	Threshold >= average 21%
	= PF 165%	= PF 165%	= PF 165%
	Threshold >= average 40%	Threshold >= average 40%	Threshold >= average 24%
	= PF 185%	= PF 185%	= PF 185%
	Threshold >= average 45%	Threshold >= average 45%	Threshold >= average 27%
	= PF 210%	= PF 210%	= PF 210%
	Threshold >= average 50%	Threshold >= average 50%	Threshold >= average 30%
	= PF 230%	= PF 230%	= PF 230%
Basic condition for granting LTI***	Threshold >= average 10%	Threshold >= average 10%	Threshold >= average 6%

*All EBITA figures relate to the "operating EBITA" generated in a fiscal year **Variable compensation components adjusted as of 1 Jan 2021

***If the defined basic conditions are not archieved, the compensation component is forfeited in full

****Average EBITA increase over term of LTI compared with average EBITA for a reference period

Key figures

Amadeus Fire Group I Annual report 2023 149

1. To our shareholders
2. Combined management report
3. Consolidated financial state- ments
4. Compensation report
   Foreword
   Compensation of the Management
   Board
   Compensation of the Supervisory Board
   Comparative presentation Others
   Outlook for fiscal 2023
   Auditor's report
5. Further information

Presentation of the calculation of the short-term variable compensation

The individual inputs for variable Management Board compensation presented in Table 078 are explained in detail in Table 079 based on the results achieved in fiscal 2023.

in € thousand

Robert von Wülfing Dennis Gerlitzki

	Group	Personnel Services
		segment
Group revenue	442,357	289,244
Operating EBITA - before management board bonus	74,433	51,476
Operating EBITA margin	16.8%	17.8%
Short-term variable earnings bonus
Margin threshold	6.0%	6.0%
Operating EBITA - before management board bonus	74,433	51,476
Applicable percentage	0.7%	0.4%
Earnings bonus	521	206
	521
Short-term variable growth bonus
Applicable percentage	5.0%	2.5%
Operating EBITA - after short-term variable earnings bonus	72,927	50,660
Operating EBITA - prior year	68,025	57,169
Operating EBITA growth	4,902	-6,509
Growth bonus	245	0
	245
Computed variable bonus	766
Maximum compensation (5 times the fixed annual salary)	2,100
Short-term bonus	766

				Table 079
		Thomas Surwald
Group		Training segment		Group
442,357		153,695		442,357
74,433		22,957		74,433
16.8%		14.9%		16.8%
6.0%		6.0%		6.0%
74,433		22,957		74,433
0.4%		0.8%		0.4%
298		184		298
504			481
2.5%		2.5%		2.5%
72,927		22,267		72,927
68,025		20,032		68,025
4,902		2,235		4,902
122		56		122
122				177
626				659
1,650				1,932
626			659