Currently, the Eezy shares added to the portfolio for spice are significantly in the red, but I see huge potential here when the economic cycle turns. Unfortunately, the regrettably small trading volume makes buying (and eventually selling) quite difficult.
3 Likes
Here are Petri’s comments after Eezy concluded its financing negotiations. 
In the negotiations, the company agreed on changes to certain of its previous loans and updates to the covenant terms applicable to all its loans. We consider the renegotiation of debt financing in this situation to be a successful solution for the company, especially since the company did not, contrary to our expectations, have to resort to equity financing.
7 Likes
Well, the CFO didn’t stay on board for very long, about 1 year
Joni Aaltonen, CFO of Eezy Plc, has resigned from his position today and will move to another company. Aaltonen will leave the company’s management team on May 9, 2025. Sari Lehto has been appointed as interim CFO and a member of the management team. Eezy has initiated the recruitment process for a new CFO.
Joni Aaltonen was appointed CFO and a member of the management team of Eezy Plc starting April 1, 2024.
A new CEO usually brings in a new one at some point, but I would say that such a short tenure in a company in this situation is certainly not a positive sign.
8 Likes
Perhaps the CFO got a good next position, we await information.
Today Evli brokered 299011 trades at a price of 0.693 eur. So, in the Top15 category.
5 Likes
Here are Petri’s preview comments ahead of Eezy’s Q1 release on Thursday.
In our forecasts, the company’s revenue contraction has continued strongly, which has also pushed the operational profit lines below the comparison period despite the efficiency measures taken. The company recently successfully concluded the ongoing financing negotiations, which has alleviated acute concerns related to the financial situation. However, cash flow development is critical for curbing indebtedness, so in connection with the results, we will particularly monitor the prerequisites for this and the actual development of cash flow.
6 Likes
It was surprisingly subdued in celebrating the removal of a key risk. Now eezy gets a year of breathing room, practically until demand starts to turn around. The financiers have seen the situation and the forecasts, and there is time.
8 Likes
The market priced in almost 50% dilution after the Q4 earnings report. Now, a maximum of just over 4% dilution and Varma as guarantor, so that the current indebtedness doesn’t backfire. It’s also becoming apparent in the market that lenders are turning a blind eye to covenant breaches compared to 6-12 months ago. A turnaround is starting to be at hand, and lenders don’t want to spoil customer relationships.
4 Likes
Here are Petri’s comments on the March HR services market.
2 Likes
The seller of last Friday’s block trade was likely the OP Fin Small Cap Fund, which was previously the third largest owner.
At the turn of the month, the fund held approximately 1.7 million shares, representing 6.75% of the shares.
According to the disclosure notification, there are still just under 1.2 million shares remaining, representing approximately a 4.75% stake.
So, if that block trade accounted for approximately 0.3 million shares, then 0.2 million shares have been sold through other channels in May.
And there’s still plenty to sell; even though financially only 1.2 million shares x 0.7 eur = 0.84 meur remains, the quantity is significant compared to the trading volume.
5 Likes
Not a very good result. It could very well be a sharp down day today. On the other hand, surely many Eezy shareholders are not owners because of the kind of results Eezy makes in 2025, but based on what it could do in the next upcycle.
6 Likes
Quite a plunge in revenue; the construction sector has probably hit rock bottom now. Employment services have also faltered after responsibility shifted to municipalities.
The decline flows through the income statement, with cost savings alleviating the pain.
Operating cash flow negative -0.7 MEUR, however, better than -1.6 MEUR in the first quarter last year, hopefully thanks to permanent measures.
No guidance is given, so we get to ponder where we’re headed ourselves, as before.
January–March 2025
Revenue was EUR 33.7 million (EUR 41.5 million in January–March 2024). Revenue decreased by 19%.
Chain revenue was EUR 53.0 million (EUR 60.0 million in January–March 2024). Chain revenue decreased by 12%.
EBITDA was EUR 1.3 million (2.3).
Operating profit was EUR -0.4 million (0.5) and was -1.1% of revenue (1.2%).
The result includes personnel expenses related to the termination of employment relationships of EUR 0.1 million (EUR 0.3 million).
Earnings per share were EUR -0.04 (0.01) per share.
AI-assisted technology for HR services has been widely deployed.
The franchise entrepreneur network strengthened with offices in Jyväskylä, Vaasa, and Kuopio.
5 Likes
It doesn’t look good for Eezy. The idea was that the financing risk would not have been handled by Varma’s convertible bond. Now, however, the next covenant review is on 30.6.2025 and no covenant level has been given. The debt ratio was 5.9, so unfortunately the lending risk did not disappear. I sold my shares.
4 Likes
Poor result; the decline in revenue just cannot be stopped or even slowed down. Q2 is now critical, even though the financing negotiations were successful. At least by then, there should be credible prospects that the market would improve, and through that, the decline in revenue would be stopped and the 2025 cash flow maintained as positive.
3 Likes
The webcast is also available, and there’s a new feature there - or at least new to me - a transcript button. Excellent development, how did I miss this entirely.
Anyway, at the 32 min mark, there’s a question related to covenants, see below. However, the AI didn’t recognize that the CFO, in my opinion, cut off the word “samantasoisen” (of the same level) midway and corrected it to “samantyyppinen” (of the same type) instead. So, in my opinion - perhaps - an incorrect transcript regarding this key point.
Also at 13:30, there’s talk about the financing agreement. Covenants are not elaborated on, but some easing and room for maneuver have apparently been created, not just a non-waiver for the situation at the end of 1Q2025. Regarding Varma’s loan, it was “written” open - as also stated in the original press release - that the EUR 10 million loan will indeed not be amortized before maturity, with interest likely accruing for payment along the way. “Coven antti-situation” mentioned 
32:00
Then there was a question about what kind of covenants are in the new financing agreement. The covenants are very much at the same level, very similar to the previous ones. We have gained flexibility in these covenants, and through that, we get peace of mind to implement this profit improvement program. And of course, we must succeed in that profit improvement program to bring profitability and key figures to a better level
13:30
We have excellent cooperation with Varma and Nordea, which is reflected in the fact that, despite a rather challenging situation, a mutually satisfactory solution was found for this.
Our overall package consists of.
It consists of a senior loan and a ten-million-euro junior loan agreed with Varma, with a maturity of five years. This junior loan will not be amortized, which gives us room for maneuver. Varma has the right, under certain criteria, to convert a maximum of three million euros of this junior loan into shares, and based on this conversion right, they can subscribe for a maximum of one million shares, which corresponds to approximately 4 percent of the company’s current share capital. The company also has the option to acquire these shares from the market, in which case this dilution effect would not be seen. Based on this solution, the maturity of the senior loans remains unchanged, meaning we have stabilized financing until November 2028.
I consider this a very significant negotiated solution for the company, and it contains elements that guarantee us flexibility even in a growth situation, especially because the proportion of amortized loans decreased with this solution. And on the other hand, we gained room for maneuver in this coven antti-situation. Outlook for 2025..
4 Likes
Unfortunately, I have to agree. The financial release intentionally left the covenant clause open, and now it was only revealed in the longer document attached to the financial statements that “the next review is on 30.6”. In the webcast, Joni let slip that “the covenant levels are similar, sorry, similar in style,” so there’s still no information on whether the waiver’s grace period is 3 months or 6 months?
I sincerely hope they get this year to turn it around.
So far, it looks like a truncated Eezy will remain, as they are scraping the bottom of the barrel, and they’ve already withdrawn from 3 growth centers by giving them to a franchisee.
A grade of 8- for Siina; it was an impossible situation to try to turn the business towards care and office services without money.
4 Likes
CEO Siina Saksi’s comments on the events of the beginning of the year in Petri’s interview:
6 Likes
Target cut by 5c, now 0.75€ & Reduce.
2026’s modesty (P/E 9) is too far away because of the risk involved, due to indebtedness vs. profitability.
2027 P/E = 5
Valuation does not compensate for the high risk level
With our forecasts, the current year’s valuation multiples cannot be calculated due to the loss-making result, or they are rather high (2025e EV/EBITDA 8x). With the clear improvement in results we expect, the 2026 EV/EBITDA multiple, taking into account the significant debt leverage on the balance sheet, falls to 6x, and the P/E multiple to 9x. These valuation multiples are absolutely modest, but in our opinion, they are not enough to compensate for the elevated required rate of return, especially due to indebtedness, so the stock’s risk-reward ratio remains weak in our opinion.
6 Likes
Eezy secures a significant partnership agreement.
Pirkanmaan Voimia Oy is a company owned by the cities of Tampere, Nokia, Virrat, and Ylöjärvi, the municipality of Vesilahti, and the Pirkanmaa wellbeing services county.
What I find noteworthy, in addition to the cooperation agreement, is the client’s comment regarding Eezy’s newly launched digital platform: “We believe that Eezy’s long experience in our field, responsible operating practices, and the new, digital, 24/7 always-on service model will strengthen the quality and continuity of our services.”
I will follow with interest the popularity of that digital platform among customers and their comments. I believe it has the potential to become for Eezy not only something that improves profitability, but also a significant growth driver.
8 Likes
In the Q1 webcast, the CEO said that good work has been done on the sales side and new framework agreements have been signed continuously.
The same trend seems to continue: Eezy on solminut yhteistyösopimuksen Vesivekin kanssa - Eezy
Vesivek is a company with a turnover of approximately 80 million and employs about 500 people.
4 Likes
Here are Tommi’s comments on the staffing services industry in April.
3 Likes