Eezy has fallen into a financial crisis and did not provide guidance for 2025 when the company published its financial statements a couple of weeks ago.
However, in its annual report published yesterday, Eezy stated that it will not meet the covenant conditions regarding net debt and EBITDA in 2025. The net debt/EBITDA ratio was 4.2x at the end of 2024, so it can be assumed that the company’s results are not improving from the poor 2024 level, as only a marginal improvement in results or a small free cash flow would have brought Eezy’s net debt to EBITDA ratio within the required 4.0x, as @Opa commendably calculates here.
Eezy’s results have been in a nosedive, but Eezy’s free cash flow has historically been at a healthy level. With this information, Eezy is the next casualty on the Helsinki Stock Exchange that will have to arrange a large share issue relative to its market value. Eezy has net debt of €52.7M and the company’s market value is €20.5M. 
Inderes predicts that the net debt/EBITDA ratio would be 4.06x at the end of 2025.