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Introduction & Market Context
Eezy Plc (HEL:EEZY), Finland’s second-largest staffing services provider, presented its Q2 2025 interim results on August 14, 2025, revealing significant revenue declines across all business segments amid challenging economic conditions. The company continues to implement its multi-phase profitability improvement program while advancing strategic initiatives including AI technology implementation and organizational restructuring.
Operating in a market valued at over €3 billion, Eezy faces headwinds from weak demand in industrial and construction sectors, along with consumer caution affecting retail and hospitality businesses. The company’s shares closed at €0.89 on August 13, 2025, down 2.2% for the day and trading well below the 52-week high of €1.50.
Quarterly Performance Highlights
Eezy reported Q2 2025 revenue of €36.2 million, representing a 21% year-over-year decline from €45.7 million in Q2 2024. Chain-wide revenue, which includes both group and entrepreneur operations, decreased by 10% to €60.4 million. The company’s EBITDA fell to €1.5 million (4.2% margin) from €2.4 million (5.2% margin) a year earlier, while EBIT turned negative at -€0.4 million (-1.2% margin) compared to €0.6 million (1.3% margin) in Q2 2024.
As shown in the following comprehensive financial overview:
The company noted that Q2 EBIT included one-time costs of €1.0 million, primarily related to employment relationship terminations (€0.7 million) and other one-time expenses (€0.3 million). Despite revenue challenges, Eezy reported improved operating cash flow of €3.7 million for Q2 2025, up from €1.5 million in the comparable period.
Segment Performance Analysis
Eezy’s core Staffing services segment experienced a 22% revenue decline to €29.7 million in Q2 2025. Chain-wide revenue in this segment decreased by 11% compared to Q2 2024. The company attributed this performance to weak demand in industrial and construction sectors, along with reduced volumes in retail and hospitality due to consumer caution amid economic uncertainty.
The following slide details the staffing segment’s performance:
In the Professional services segment, revenue fell 17% to €6.6 million, with employment services particularly affected by Finland’s TE reform in the municipal sector. Demand for headhunting, coaching, and consulting services remained subdued in the challenging economic environment, though the company noted that sales of employee surveys and transition security services maintained good levels, and the number of light entrepreneurs continued to increase.
The detailed profit and loss statement provides a comprehensive view of the company’s financial performance:
Strategic Initiatives
Eezy highlighted the successful completion of its AI-assisted ERP implementation, which now covers all group units, entrepreneurs, and business areas. According to the company, 65% of customer orders are now placed through the system, and 34% of quick orders are filled by artificial intelligence as of July 2025. The company continues to develop the system, focusing on improving applicant experience and implementing new automation targets in payroll and invoicing.
The company’s entrepreneur network strategy advanced with the transfer of Jyväskylä, Vaasa, and Kuopio offices to entrepreneurs during Q1 2025. From March 1, 2025, group offices are located in Helsinki, Turku, Tampere, and Seinäjoki, with the annual revenue impact estimated at approximately €20 million.
Eezy’s profitability improvement program is progressing as planned, as illustrated in this timeline:
The company has identified annual profit improvement measures exceeding €4 million, including the termination of approximately 45 employment relationships and over €1 million in other expense reductions. For H2 2025, Eezy expects fixed cost reductions of approximately €2 million.
Additionally, Eezy has implemented a new organizational structure designed to prioritize customers and profitability:
Financial Position
Eezy’s balance sheet as of June 2025 showed total equity of €106.4 million, resulting in an equity ratio of 55.0%. The company reported net debt of €52.2 million (excluding IFRS 16 impact:€47.9 million), with loans from financial institutions totaling €47.9 million.
The company’s net debt/EBITDA ratio has increased to 6.2x, up from 4.5x in Q1 2024, reflecting both higher debt levels and reduced profitability:
Cash flow from operating activities improved to €3.7 million in Q2 2025 compared to €1.5 million in Q2 2024. Investments during the quarter were primarily related to IT development, while financing activities included €1.8 million in credit facility repayments and €0.6 million in lease agreement repayments.
Forward-Looking Statements
Eezy declined to provide specific guidance for 2025, citing continued economic uncertainty and customers’ unclear views on labor needs and investment capacity. The company noted that the staffing industry typically responds quickly to economic cycles.
For the second half of 2025, Eezy will focus on implementing its profitability improvement program, leveraging its new AI-assisted technology, and strengthening its market position in core areas of strength. The company also indicated plans for a strategy review in H2 2025.
As an investment proposition, Eezy highlighted its position as the second-largest player in Finland’s staffing market, its AI-assisted technology, nationwide network, customer base of approximately 5,000 across dozens of industries, and network of 50,000 staffed employees:
While the company faces significant challenges in the current economic environment, management emphasized its focus on returning to a path of profitable growth through the implementation of its performance improvement program and efficient operating model enabled by new technology.
Full presentation:
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