EEZY PLC -- HALF-YEAR REPORT -- 14 AUGUST 2025 AT 8:00
Eezy Plc's Half-Year Report 1–6/2025: Chain-wide revenue in line with market development, profit improvement program progressing as planned
April–June 2025
- Revenue was EUR 36.2 million (EUR 45.7 million in April–June 2024). Revenue decreased by 21%.
- Chain-wide revenue*, which also includes the revenue of franchisees, was EUR 60.4 million (EUR 67.3 million in April-June 2024). Chain-wide revenue decreased by 10%. (*Detailed calculation formula on half-year report)
- EBITDA was EUR 1.5 million (2.4).
- EBIT was EUR -0.4 million (0.6) and was -1.2% of revenue (1.3%).
- EUR 0.7 (0.1) million in personnel expenses related to severance payments and 0.3 (0.0) other one-time costs were recorded in the result.
- Earnings per share was EUR -0.04 (-0.01).
- The implementation phase of the AI-assisted ERP system for Staffing Services was successfully completed in June.
- In the third phase of the performance improvement programme launched in April, several actions were completed, while some are still in progress. Performance improvement programme is expected to provide annual profit improvement of approx. EUR 4 million.
- Eezy continued to strengthen the franchisee entrepreneur network by partial customer transfers in the retail sector.
January–June 2025
- Revenue was EUR 69.9 million (EUR 87.2 million in January–June 2024). Revenue decreased by 20%.
- Chain-wide revenue*, which also includes the revenue of franchisees, was EUR 113.4 million (EUR 127.4 million in January-June 2024). Chain-wide revenue decreased by 11%. (*Detailed calculation formula on half-year report)
- EBITDA was EUR 2.8 million (4.7).
- EBIT was EUR -0.8 million (1.1) and was -1.2% of revenue (1.2%).
- EUR 0.8 (0.4) million in personnel expenses related to severance payments and 0.3 (0.0) other one-time costs were recorded in the result.
- Earnings per share was EUR -0.08 (0.00).
- Staffing services AI-assisted ERP system has been successfully implemented in use.
- Eezy strengthened the franchisee entrepreneur network with Jyväskylä, Vaasa, and Kuopio offices and partial customer transfers in the retail sector in the early part of the year.
- In April, the third phase of the performance improvement programme commenced. Several actions have since been completed, while others are still underway.
Outlook for 2025
Eezy does not give guidance for 2025.
Key figures (IFRS)
| EUR million, unless otherwise specified |
4–6/2025 | 4–6/2024 | 1–6/2025 | 1–6/2024 | 1–12/2024 |
| Revenue | 36.2 | 45.7 | 69.9 | 87.2 | 174.1 |
| EBITDA | 1.5 | 2.4 | 2.8 | 4.7 | 10.3 |
| EBITDA, % | 4.2% | 5.2% | 4.1% | 5.4% | 5.9% |
| EBIT | -0.4 | 0.6 | -0.8 | 1.1 | 2.3 |
| EBIT, % | -1.2% | 1.3% | -1.2% | 1.2% | 1.3% |
| EPS, basic, EUR | -0.04 | -0.01 | -0.08 | 0.00 | -0.01 |
| EPS, diluted, EUR | -0.04 | -0.01 | -0.08 | 0.00 | -0.01 |
| Net debt / EBITDA | - | - | 6.2 x | 4.7 x | 5.1 x |
| Chain-wide revenue | 60.4 | 67.3 | 113.4 | 127.4 | 257.4 |
Johan Westermarck, CEO:
“I started my journey as CEO in the middle of the second quarter. The quarter was characterized by weak demand. We continued to implement our profit improvement program with determination and kept our focus firmly on our customers. Together we are building a company with profitable growth.
The Group's revenue for the second quarter was EUR 36.2 million (45.7). The main reason for the decline in revenue was the weak performance of Staffing Services and Employment Services in a challenging market.
Revenue from Staffing Services decreased by 22% in April–June. In the entire Staffing services chain, including our franchisees, the revenue decreased by 11% compared to the same period last year, which is in line with market development.
Revenue in the manufacturing and construction sectors continued to decline. In the retail and horeca sectors, demand for temporary labor was weaker than in the comparison period due to weak consumer demand. Consumer confidence has not returned to the expected level due to the weakened employment situation. In the capital area, we performed well in Staffing services relative to the market. Our new franchise entrepreneurs in Vaasa, Kuopio, and Jyväskylä have gotten off to a good start.
In June, we reached a significant milestone when the implementation phase of our customized, unique AI-assisted technology was successfully completed. The technology is reliable from a technical point of view, and implementation has gone well considering the complexity of our operations, including nearly 100 collective agreements. In June, approximately 45% of all shift orders were placed directly by our customers in the system, and approximately 30% of shifts in the horeca sector were filled automatically with the help of AI.
Revenue from Professional services totaled EUR 6.6 million (8.0) in the second quarter. Changes brought about by the TE reform continued to weaken demand for employment services in the municipal sector compared to the comparison period, even though the new organizations and their needs are beginning to become clearer. Demand for headhunting, coaching and consulting is subdued in the challenging economic and employment situation. Sales of employee surveys and transition security services remain at a good level.
Our EBIT for the second quarter was negative at EUR -0.4 million (0.6). The negative EBIT is due to a decline in revenue and one-time costs of EUR 1.0 million (0.1). On the other hand, the cost-cutting measures implemented as part of the profit improvement programs are taking effect and have reduced fixed costs.
We focus on profitability improvement and growth
In April 2025, we launched the third phase of our profit improvement program targeting to improve the profit by EUR 4 million. We have been determinedly implementing the measures identified in the program. As part of the program, approximately 45 employment relationships were terminated, and we have also made decisions on annual savings of more than EUR 1 million in other fixed costs.
In our organization and management model, announced at the end of June and effective as of July 1, the Staffing Services business unit has been divided into three business areas: Helsinki & Tampere, Turku & Seinäjoki, and Franchise Chain. Professional services constitute the fourth business area. The new management model places our customers and profitability improvement at the heart of decision-making.
I have identified many strengths and potential in Eezy. We operate in a significant market worth around EUR 3 billion, whose long-term growth is driven by labor shortages, changes in working life, and increasing cyclicality and rapid changes. We are a major player in our market. We have competitive advantages that are difficult to replicate, such as our new unique technology in Staffing services, which automates and streamlines our operations and creates significant added value for our customers and staffed employees. Customer satisfaction is excellent across our service offering, and we have a broad customer base of both national and local customers. We have the most extensive national network and a well-functioning franchise business model. Eezy employees are professionals and the atmosphere in our offices is good despite the difficult times.
We will review our strategy during the second half of the year, focus on sales and continue to implement our performance improvement program. We are building the company on a path of profitable growth. I would like to thank our customers, partners, and personnel for their warm welcome to Eezy.”
Result publication event:
A Finnish-language briefing for analysts and media will be held on 14 August 2025 at 13.00 Finnish time as a webcast at https://eezy.events.inderes.com/q2-2025
The briefing will be hosted by CEO Johan Westermarck. During the presentation, there will be an opportunity to ask questions. The presentation material will be available at the company website at https://eezy.fi/en/financials/reports-and-presentations/ before the conference. A recording of the audiocast will be available at the same website later.
Attachment: Half-Year Report January–June 2025 in PDF format
Further information:
Eezy Plc
Johan Westermarck
CEO
johan.westermarck@eezy.fi
tel. +358 50 339 7972
Marleena Bask
Communications and Marketing Director
marleena.bask@eezy.fi
tel. +358 50 352 3643