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.
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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..
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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.
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CEO Siina Saksi’s comments on the events of the beginning of the year in Petri’s interview:
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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.
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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.
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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.
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Here are Tommi’s comments on the staffing services industry in April. 
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So AI was just ‘made’ intelligence after all?
HS scandal story, I can’t read it myself…
Temp work | Eezy’s new AI service offers temp workers absurd shifts
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I was just about to link the same. The app offers jobs hundreds of kilometers away, rating in the Apple store 1.6 / 5, users furious. Fixes promised sometime after summer holidays. Fortunately, according to Eezy’s digital director, the AI project has been a great success.
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That article is specifically talking about the retail sector situation that was just recently / this month implemented in the application. That retail sector is somehow different / caused difficulties from the start / was probably implemented last for that reason. Apparently, it should have been refined longer.
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I worked at Staffpoint 12 years ago, and even then, they had a system that automatically offered shifts based on one’s skills. The client company would place a shift order, which would automatically appear in the application, and a message would be sent to the phone. Then it was a rush to book the Sunday evening shifts through the app.
I don’t know what additional features Eezy has, but the CEO at least raved about that automatic shift allocation as if it were something unprecedented. For competitors, it was already a completely normal setup 12 years ago.
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Here are Kaisa’s comments on the staffing services industry for May.
According to the staffing industry’s revenue inquiry, the revenue of the 20 largest companies in the sector was approximately EUR 119 million in May, which corresponds to a decrease of over 12% from the previous year. The development of the overall market is essentially linked to temporary staffing services, which accounted for approximately 81% of the largest players’ revenue in May. Consequently, the revenue from temporary staffing services was approximately EUR 96 million, corresponding to a decrease of just under 13% from the comparison period.
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Perhaps Eezy wanted to publish a ‘response’ to Helsingin Sanomat’s article, either way, the AI-based system has been implemented, and will, of course, be further developed in interaction with users.
EEZY PLC – INVESTOR NEWS – JUNE 26, 2025 AT 11:15 AM
Eezy’s AI-assisted enterprise resource planning system implementation phase has been successfully completed
Eezy’s HR Services business unit’s AI-assisted enterprise resource planning system is now in use across all of the company’s HR services business. Eezy’s franchise entrepreneurs have also transitioned to using the new enterprise resource planning system.
”The system functions reliably from a technical standpoint. Implementations have proceeded well, and our staff has done an excellent job in deploying the system across various operational areas. The benefits of the new system have first been seen by customers in the speed of shift order fulfillment and by employees in more efficient employment. Currently, approximately 45% of all shift orders are made directly into the system by our customers, and for example, about 30% of shifts in the hotel and restaurant sector are now automatically filled with the assistance of AI. This is a significant change in our operations,” says Eezy’s CEO Johan Westermarck.
Eezy’s new system revolutionizes operating models in the HR services sector. It enables the digitalization of the entire business process, from customer orders to invoicing and from recruitment to payroll. In line with its strategy, Eezy aims for competitive advantage and productivity benefits by leveraging technology and artificial intelligence. With the system now implemented, Eezy can efficiently replicate operating models nationwide and across industries.
”The implementation of the system is a significant step in executing our strategy. We are very pleased that we have successfully completed such a substantial reform as planned. System reforms and changes in operating models naturally always involve feedback – both positive and suggestions for improvement. Dialogue with customers and employees is paramount. We have developed the system based on user needs throughout the project, and we intend to continue doing so", states Eezy’s Chief Digital Officer Päivi Salo.
Press Releases - Eezy Tiedotteet - Eezy
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Are the heatwaves bothering, or what might have caused DNB Carnegie to raise Eezy’s target price?
Unfortunately not ‘commissioned research’, so no further information is available from their pages…
As a line item in last night’s KL-feed
DNB Carnegie: 0.70 (Hold) → 1.10 eur & Hold
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Here are Petri’s preliminary comments as Eezy publishes its Q2 results on Thursday.
We predict the company’s revenue decreased significantly in the second quarter, partly due to a contraction in market demand. Thanks to efficiency measures, however, we expect profitability to have been approximately at the comparison period’s level and to have supported the result. The company has not provided guidance for the current year, and we do not, in principle, expect any to be given at this point either.
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This is quite an unpleasant-looking table. I think I dodged a bullet when I sold Eezy.
Operating profit in the red is already a very bad starting point when Eezy has a lot of debt, and operating profit (EBIT) is the line before interest expenses.
Edit. However, the situation is not quite so hopeless, as cash flow from operations was approximately €3.7M and investments were €1.2M. Cash flow from financing was approx. -€2.5M. Cash reserves remained approximately unchanged.
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Here are Petri’s comments on Eezy’s Q2 results.
Eezy published its Q2 report this morning. The company’s revenue decline in Q2 was roughly as strong as expected, but the company’s profitability fell lower than we anticipated. Thus, the key earnings lines clearly fell short of our expectations. The company had not previously provided guidance for the current year, nor was it provided now, as expected. Eezy’s Q2 briefing, starting at 1:00 PM, can be followed via this link.
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Eezy’s fixed cost structure is constantly too heavy for shrinking revenue. If revenue does not increase, losses are incurred quarter after quarter, and the company is entirely at the mercy of creditors. Nothing is left for the owners, as financing costs absorb even the meager profits. The balance sheet is shocking to look at, and no improvement is in sight for now.
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That balance sheet is indeed weak. Equity stands at a fine €106.4M. Behind the low P/B ratio are the terribly bad acquisitions made in the past. Eezy has goodwill of €141.654M, and no regular amortizations are made from it. One could therefore think that there is no equity or that it is negative. Certainly, a fair impairment of that goodwill should be made, but that would make the situation look even worse.
Then, if Eezy can be made to generate real profit, then certainly impairment write-downs would be made to goodwill, and there’s plenty of it.
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