Eezy Oyj — Audit Report / Information 2025

Feb 11, 2026

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Eezy Plc

January-December 2025

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EBITDA improved, determinedly towards profitable growth

In Brief

October–December 2025

• Chain-wide revenue*, which also includes the revenue of franchisees, was EUR 58.2 million (EUR 63.5 million in October-December 2024). Chain-wide revenue decreased by 8%. (*Detailed calculation formula on page 21).
• Group revenue was EUR 34.0 million (EUR 41.9 million in October–December 2024). Revenue decreased by 19%.
• EBITDA was EUR 2.5 million (2.3).
• EBIT was EUR -0.2 million (0.1) and was -0.7% of revenue (0.3%).
• EUR 0.1 (0.1) million in personnel expenses related to severance payments and other one-time costs EUR 1.1 (0.8) million were recorded in the result.
• Earnings per share was EUR -0.02 (-0.03).
• The performance improvement programme measures were visible as improved EBITDA.
• The AI-assisted ERP system for Staffing services is in full use in daily resourcing for customers. We are able to fulfill our customers' staffing needs significantly faster than before.
• We published our updated strategy in December. We seek profitable growth by focusing on our core business of staffing and recruitment services and related business operations.

Dividend proposal

Board of Directors proposes that no dividend will be distributed for year 2025.

January–December 2025

• Chain-wide revenue*, which also includes the revenue of franchisees, was EUR 233.8 million (EUR 257.4 million in January-December 2024). Chain-wide revenue decreased by 9 %. (*Detailed calculation formula on page 21).
• Group revenue was EUR 139.3 million (EUR 174.1 million in January–December 2024). Revenue decreased by 20%.
• EBITDA was EUR 9.0 million (10.3).
• EBIT was EUR 0.2 million (2.3) and was 0.1% of revenue (1.3%).
• EUR 1.2 (0.9) million in personnel expenses related to severance payments and other one-time costs EUR 2.1 (1.4) million were recorded in the result.
• Earnings per share was EUR -0.09 (-0.01).
• The third performance improvement programme commenced in April and the effects were visible the improved EBITDA during the second half of the year.
• The AI-assisted ERP system for Staffing services is in use all areas and industries; we have moved as planned from implementation phase to the further development phase.
• We focused on sales, customer work and simplifying administrative work.
• 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.
• We published our strategy In December.

Outlook for 2026

Eezy does not give guidance for 2026.

Key figures (IFRS)

EUR million,

unless otherwise specified	10–12/2025	10–12/2024	1–12/2025	1–12/2024
Revenue	34.0	41.9	139.3	174.1
EBITDA	2.5	2.3	9.0	10.3
EBITDA, %	7.4 %	5.5 %	6.5 %	5.9 %
EBIT	-0.2	0.1	0.2	2.3
EBIT, %	-0.7 %	0.3 %	0.1 %	1.3 %
EPS, basic, EUR	-0.02	-0.03	-0.09	-0.01
EPS, diluted, EUR	-0.02	-0.03	-0.09	-0.01
Net debt / EBITDA	-	-	5.1 x	5.1 x
Chain-wide revenue	58.2	63.5	233.8	257.4

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Johan Westermarck, CEO:

"Challenging market situation continued during the last quarter of 2025. Profit improvement program progressed as planned and we continued to adapt our operations to current market conditions. This is reflected in improved EBITDA compared to reference period. We published our updated strategy and longterm financial targets at the end of the year. We are now moving forward systematically in implementing our strategy for profitable growth.

The Group's revenue was EUR 34.0 million (41.9) in the last quarter and EUR 139.3 million (174.1) in January-December. The decline in the Group's revenue in 2025 was primarily driven by transferring operations to franchise entrepreneurs in first quarter of the year, as well as the challenging market.

Revenue of Staffing services was EUR 27.4 million (34.3) in the last quarter and EUR 115.7 million (145.5) in January-December. In the last quarter, demand for staffing services remained weak. Performance in the capital region was slightly better compared with other regions. The entire Staffing services chain-wide revenue declined by 10% in the fourth quarter, underperforming market development (HELA). The Staffing services chain-wide revenue declined less in the second half of the year than in the first half.

The revenue of Professional services was EUR 6.6 million (7.7) in October-December and EUR 24.0 million (29.0) in January-December. In the last quarter, demand for headhunting and assessment services showed improvement compared with previous quarter. Sales of transition security services remained at a solid level, while demand for consulting services continued to be weak.

The measures implemented under the performance improvement programs were reflected in lower fixed costs, and the EBITDA improvement compared to the reference period that began in the third quarter continued. EBITDA was EUR 2.5 million (2.3) in October–December and EUR 9.0 million (10.3) in January–December. EBIT for the final quarter was EUR -0.2 million (0.1) and EUR 0.2 million (2.3) for January–December. The decline in EBIT in the final quarter was impacted mainly by non-recurring expenses EUR 1.2 million (0.9).

We built the conditions for profitable growth

First indications of the effectiveness of the performance improvement program started to materialize in the third quarter. The continued EBITDA improvement compared to reference period in October–December further confirmed that we are moving in the right direction.

We focused on sales, customer work, and simplifying administrative work. During the last quarter, we initiated phased rollout of a customer relationship management system. During the autumn, we strengthened business representation within the group management team.

The AI-assisted operations management system for Staffing Services is in full use in daily resourcing for customers. In December, 74% of all shift orders were entered directly into the system by customers themselves. Artificial intelligence assigns nearly half of the shifts ordered through the Eezy Asiakkaat service, and a quarter of all orders are now filled within one minute.

We focus on profitable growth

According to strategy updated in December 2025, our focus is on staffing and recruitment services, the development of new service and pricing models within staffing services, and continued development of nationwide entrepreneurial operations. Our target is chain-wide revenue of over EUR 330 million, group revenue of over EUR 200 million, and EBIT exceeding 5% of group revenue by 2028. Our core task is to match work and workforce efficiently.

Our AI-assisted 24/7 operating model and technology provide us with a strong competitive position in staffing services. The service delivers a competitive advantage that is difficult to copy, driven by speed, efficiency, and superior user experience for both customers and staffed employees. We will continue to develop the service with a user-centric approach. In addition, we will begin to explore other application areas for the AI-powered technology that connects work with workforce efficiently.

We will also continue to focus on sales and customer work. We are systematically implementing strategy-driven operating models in sales into day-to-day work and will continue the phased rollout of the customer relationship management system during spring 2026.

We have a strong market position, satisfied customers, an efficient cost structure, and clear strategic focus which we are taking forward systematically. We operate nationwide and responsibly, providing our customers with the best talent. We closely monitor market developments and enter the new year with a realistic plan, aiming for profitable growth. I would like to thank our employees, customers, partners, and other stakeholders for good cooperation during year 2025."

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Market review

Eezy's business consists of a range of workplace services: staffing services, employment, research and recruitment services, management and employee experience development, corporate culture design and light entrepreneurship services. Due to the working life megatrends and the increased need for flexible workforce we believe in the growth potential of the market during the strategy period.

In Finland, the share of flexible forms of working in relation to all work remains significantly lower than in comparable European countries (Euromonitor). Management believes that the market will continue its structural growth as flexible forms of working become more common.

According to an estimate by the company, the size of the entire HR services market in Finland was approx. EUR 3.1 billion in 2025, of which the staffing services were approx. EUR 2.6 billion. The market size of the relevant recruitment services was approx. EUR 110 million according to an estimate by the company. The invoicing volume of light entrepreneurship services market has been estimated to be approx. EUR 600 million and revenue to be approx. EUR 30 million. Market for employment services is estimated to be EUR 150 million. Employee experience surveys and consulting services markets are approx. EUR 120-140 million.

The economic cycle continued to be challenging, which affected largely the demand of Eezy's services. According to the Employment Industry Finland (HELA) association, the revenue of the 20 largest companies in the staffing service market decreased approx. 6 % in October-December and 8 % in January–December compared to last year. According to HELA, the economic situation in HR services was still in decline, but the economic outlook reflects cautious hope for the better. The relevant recruitment services market has experienced a steep decline due to difficult economic cycle. According to HELA, the revenue decreased approx. 13 % in October-December and 18 % in January-December compared to previous year.

Revenue & business development

October–December

Eezy's group revenue amounted to EUR 34.0 million (41.9), decreasing by 19% compared to the corresponding period in the previous year.

Revenue decreased by 20% in the staffing services area. The decline in revenue compared to corresponding period was partially due to transferring offices to franchisee entrepreneur network and partial customer transfers in the retail sector at the beginning of June. On the other hand, these transfers increased the franchise fees. The chainwide revenue from staffing services decreased by 10%, which is a weaker development than the HELA market statistic, which decreased approx. 6 %.

The demand for staffing services continued subdued in industry and construction sectors. The volumes in retail and horeca sectors were generally affected by consumer caution due to continued economic cycle. In the capital area we succeeded modestly compared to the market and other areas.

In the professional services area, the revenue decreased by 14%. Especially the demand for consulting services was weak in a challenging economic and employment cycle.

Eezy's chain-wide revenue amounted to EUR 58.2 million (63.5) decreasing by 8%. Franchise fees totaled EUR 1.5 million (1.3). The invoicing volume of light entrepreneurship services was EUR 9.3 million (9.0).

January–December

Eezy's group revenue amounted to EUR 139.3 million (174.1), decreasing by 20% compared to the corresponding period in the previous year. The decline in revenue was due to transferring offices to franchisee entrepreneur network and partial customer transfers in the retail sector at the beginning of June. On the other hand, these transfers increased the franchise fees. The chainwide revenue in staffing services decreased by 9%, which is slightly weaker compared to the HELA market statistic, which decreased 8 %.

The demand in staffing services industry and construction sectors has remained subdued throughout the year. Also the demand in retail and horeca-sectors has been lower due to weakened consumer demand. In the capital area our performance was modestly better than the market and other areas.

In the Professional services the decrease in revenue was due to changes in employment services as a result of TE services reform in municipal sector. The subdued demand of direct search and consulting services in a challenging economic cycle affected in decreased revenue compared to corresponding period.

Eezy's chain-wide revenue amounted to EUR 233.8 million (257.4) decreasing by 9%. Franchise fees totaled EUR 6.0 million (5.1). The invoicing volume of light entrepreneurship services was EUR 34.3 million (34.7).

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Revenue by service area

EUR million	10–12/2025	10–12/2024	Change %	1–12/2025	1–12/2024	Change %
Staffing services	27.4	34.3	-20 %	115.7	145.5	-21 %
Professional services	6.6	7.7	-14 %	24.0	29.0	-17 %
Common functions and
eliminations	-0.0	-0.1	-	-0.3	-0.5	-
Total	34.0	41.9	-19 %	139.3	174.1	-20 %

Result

October–December

EBITDA was EUR 2.5 million (2.3). The result is particularly affected by the decrease in revenue. On the other hand, profitability was improved by the lower personnel expenses of group employees and other operating expenses. EBITDA included EUR 0.1 million (0.1) in personnel expenses related to severance payments and other one-time costs EUR 0.3 million (0.4)

Operating profit was EUR -0.2 million (0.1). Total depreciation, amortization and impairment was EUR 2.7 million (2.2), of which EUR 1.5 million (0.8) was acquisition related amortization and impairments. Operating profit included EUR 0.8 million (0.5) impairment related to the non-current assets.

The result before taxes was EUR -1.1 million (-0.7) and the result for the period was EUR -0.5 million (-0.6). Earnings per share was EUR -0.02 (-0.03).

January–December

EBITDA was EUR 9.0 million (10.3). In addition to the decrease in revenue, the result is particularly affected by the decrease in the share of industry and construction sectors in the staffing services, which has weakened profitability. On the other hand, the profitability was improved by the lower personnel expenses of group employees and other operating expenses in accordance with the performance improvement program. EBITDA included EUR 1.2 million (0.9) in personnel expenses related to severance payments and other one-time costs EUR 0.7 million (0.5).

Operating profit was EUR 0.2 million (2.3). Total depreciation, amortization and impairment was EUR 8.9 million (7.9), of which EUR 4.1 million (3.2) was acquisition related amortization and impairment. Operating profit included EUR 1.4 million (0.9) impairment related to the non-current assets.

The result before taxes was EUR -3.4 million (-0.4) and the result for the period was EUR -2.2 million (-0.2). Earnings per share was EUR -0.09 (-0.01).

Financial position and cash flow

Eezy's consolidated balance sheet on 31 December 2025 amounted to EUR 188.5 million (194.8), of which equity made up EUR 106.1 million (108.6).

As of 31 December 2025, the Group has liabilities to credit institutions amounting to EUR 46.4 million (48.6), of which EUR 43.9 million (45.0) was non-current. The company fulfilled the covenant terms as of 31 December 2025. The company has estimated to fulfill the covenant terms in the current loan agreement within the next 12 months. Liabilities to credit institutions (EUR 46.4 million) are subject to covenant terms, which are quarterly ratio of interest-bearing net debt compared to adjusted EBITDA and monthly the minimum cash balance.

Cash balance on 31 December 2025 was EUR 4.1 million (1.6). The Group has overdraft facilities in total of EUR 10.0 million, all of which were unused on 31 December 2025.

Equity ratio stood at 56.3% (55.8%). The Group's net debt including IFRS16 leasing items on 31 December 2025 amounted to EUR 46.2 million (52.7). Net debt excluding IFRS 16 leasing items was EUR 42.4 million (47.1). The net debt/EBITDA ratio was 5.1 x (5.1 x).

Operative free cash flow amounted to EUR 5.6 million (5.6) in October–December and EUR 8.9 million (7.5) in January–December.

Investments

Investments in tangible and intangible assets totaled EUR 0.9 million (1.0) in October–December and EUR 4.5 million (3.2) in January–December. Investments were mainly related to IT investments.

Employees

Eezy' s personnel consist of employees in Group functions and staffed employees assigned to customer companies.

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In October–December, Eezy employed average of 338 (408) and in January–December 354 (452) people in Group functions and on average 1 902 (2 442) in October– December and 2 033 (2 499) in January–December staffed employees on FTE basis.

Due to the nature of the staffing service business, Eezy's total number of personnel employed is higher than the number of personnel employed on average. In the calculation of the average number of staffed employees, the work input of the employees has been converted into person-years. The users of light entrepreneurship services are not included in the Group's personnel numbers.

Changes in management

Eezy Plc has made changes to its Group Management Team to improve profitability and strengthen the foundations for business growth. The new organization took effect on 1 July 2025.

Jaakko Koivisto was appointed to Business Director, Staffing Services Helsinki & Tampere and a member of the group's management team. Markus Muurinen was appointed to Business Director, Staffing Services Turku & Seinäjoki and a member of the group's management team. Markus Jussila was appointed Business Director, Franchising network and Professional Services business areas.

On 7 January 2026 Director, Business Solutions Päivi Salo has resigned. Salo will step down from the management team on 28th February 2026, and her responsibilities have been divided within the group.

On 3 October 2025 Esko Puolusmäki was appointed as Chief Financial Officer and member of the group's management Team. He started in his position on January 4, 2026.

On 2 October 2025 Heikki Tyrväinen was appointed as Business and Sales Director, Franchise Entrepreneur Network and National Customers and a member of the group's management team. He started in his position on October 6, 2025. Markus Jussila will focus on Professional services management and will continue as a member of the group's management team.

On 11 September 2025 Chief Communication and Sustainability Officer Marleena Bask resigned. Laura Kauppinen, Chief HR and Development Officer responsibility for communication- and sustainability.

On 13 June 2025 Chief Business Officer Mia Lindström resigned. Markus Jussila, Chief Commercial Officer, took responsibility for the growth business.

On 5 June 2025 HR Officer Minna Gentz resigned. Laura Kauppinen, Chief Development Officer, took responsibility as HR Officer.

On 16 May 2025 Laura Kauppinen was appointed Chief Development Officer and a member of the group's management team.

On 2 May 2025 CFO Joni Aaltonen resigned. Sari Lehto started as Acting CFO and a member of the group's management team on 12 May 2025.

On 2 April 2025 CEO Siina Saksi resigned. Johan Westermarck, appointed as new CEO, started on 15 May 2025.

On 31 December 2025 the management team included:

• Johan Westermarck, CEO
• Jaakko Koivisto, Business Director, Staffing services, Helsinki & Tampere
• Markus Muurinen, Business Director, Staffing services, Turku & Seinäjoki
• Markus Jussila, Chief Business Officer, Professional Services
• Heikki Tyrväinen, Business and Sales Director, Franchise Entrepreneur Network and National Customers
• Laura Kauppinen, Chief Corporate Officer
• Sari Lehto, CFO (acting)
• Päivi Salo, Director, Business Solutions

Shares and shareholders

On 31 December 2025, Eezy Plc had 25 046 815 (25 046 815) registered shares. The company holds no treasury shares. The company had 3 586 (3 248) shareholders, including nominee registered shareholders.

In January–December 2025, a total of 6 672 658 (9 556 315) shares were traded, and the total trading volume was EUR 5.4 million (13.2). During this period, the highest quotation was EUR 1.30 (1.76) and the lowest EUR 0.60 (1.04). The volume-weighted average price of the share was EUR 0.81 (1.39). The closing price of the share at the end of December was EUR 0.75 (1.12) and the market value stood at EUR 18.8 million (28.1).

On 31 December 2025, the members of the Board of Directors and the members of the management team owned a total of 2 468 819 (2 488 803) Eezy shares, corresponding to approximately 9.9% (9.9%) of shares and of the votes to which they entitle. The share numbers include the direct holdings of the persons in question and their controlled companies. In addition, Board members are employed in managerial duties by significant shareholders.

On 5 May 2025, the company received flagging notices: The ownership of OP-rahastoyhtiö Oy decreased below 5 %.

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Ten largest shareholders as of 31 December 2025:

Shareholder	Shares	%
1. Sentica Buyout V Ky	7 065 658	28.21
2. Meissa-Capital Oy	3 223 071	12.87
3. Evli Suomi Small Cap fund	1 585 592	6.33
4. SVP-Invest Oy	1 500 000	5.99
5. Op-Suomi Small Cap fund	1 091 251	4.36
6. WestStar Oy	490 464	1.96
7. Oy Jobinvest Ltd	365 877	1.46
8. Kirkon Eläkerahasto	350 000	1.40
9. Tapio Pajuharju	333 942	1.33
10. Notacon Oy	331 353	1.32
10 largest in total	16 337 208	65.23
Nominee-registered	963 027	3.84
Others	7 746 580	30.93
Total	25 046 815	100.00

Governance

Annual General Meeting

The Annual General Meeting (AGM) was held on 8 April 2025.

The financial statements and consolidated financial statements for the financial year 2024 were adopted. The members of the board of directors and the CEOs were discharged from liability for financial year 2024. The remuneration report for governing bodies were approved.

The AGM decided that no dividend is paid based on the balance sheet adopted for the financial year 2024.

Seven members were elected to the board of directors. Tapio Pajuharju, Kati Hagros, Tomi Laaksola, Maria Pajamo, Paul-Petteri Savolainen, Mika Uotila and Mikko Wirén were re-elected as members of the board of directors.

The members of the board of directors will be paid monthly remuneration EUR 5 000 per month for the chairperson of the board and EUR 2 500 per month for all other members of the board each. In addition, for members of the board of directors' committees will be paid a meeting fee of EUR 300 for each committee meeting.

The AGM re-elected the company's current auditor, KPMG Oy Ab, which has stated that Niklas Oikia, APA, will act as the responsible auditor. KPMG Oy Ab as the auditor of the company will also carry out the assurance of the company's sustainability reporting for the financial year 2025.

In a formation meeting of the board, held after the AGM, Tapio Pajuharju was elected to continue as the chairman. Mika Uotila (chair), Kati Hagros and Paul-Petteri Savolainen will be the Audit committee. Maria Pajamo (chair), Tapio Pajuharju and Mikko Wirén will be the Sustainability and HR Committee.

Valid authorizations

The authorisations given by the AGM on 8 April 2025 are described in detail in the stock exchange release about the AGM's decisions.

The AGM authorised the board of directors to decide on the repurchase of the company's own shares using the company's unrestricted equity. The total maximum number of shares to be repurchased under the authorisation shall be 2 500 000 shares. The authorisation is valid until the end of the annual general meeting of 2026, however, for a maximum of 18 months. The authorization is unused.

The AGM authorised the board of directors to decide, in one or more tranches, on the issuance of shares as well as on the issuance of option rights and other special rights entitling to shares as referred to in chapter 10(1) of the Finnish Limited Liability Companies Act. The total maximum number of shares to be issued under the authorisation shall be 2 500 000 shares. The authorisation is valid until the end of the annual general meeting of 2026, however, for a maximum of 18 months. The authorization is unused.

Long-term incentive plan

In December 2024, Eezy Plc's board of directors decided on the fifth earning period of the share-based incentive plan for the company's key employees. The fifth earning period is 24 months, started on 1 January 2025 and ending on 31 December 2026. The reward criteria for the fifth earning period are based on Eezy Plc's total shareholder return, operating profit percent and an ESG component. A maximum of 256 000 reward shares could be awarded for the fifth earning period.

Strategy and long-term financial targets

In December 2025, the Board of Directors of Eezy Plc approved the company's updated strategy and long-term financial targets for 2026–2028. In its updated strategy, the company aims to achieve a chain-wide revenue of more than 330 million euros, a group revenue of more than 200 million euros, and an EBIT of more than 5% of group revenue in 2028. Eezy seeks profitable growth by focusing on its core business of staffing and recruitment services and related business operations. Eezy will focus particularly on services that enable it to meet the changing staffing requirements of its client companies nationwide. Eezy provides services through its group companies as

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well as a strong network of entrepreneurs. In addition, Eezy's service portfolio includes professional services that support its core business and generate added value for the customers. A more detailed description of the current strategy and long-term goals can be found on the company's website.

Performance improvement programme

In April 2025, Eezy launched the third phase of the performance improvement programme, which aimed to review the performance of the different businesses as well as the organisation and management models of the company as a whole. The objective of the performance improvement programme was an EUR 4 million profitability improvement. The measures started to have an impact in the second half of 2025. As part of the program, approximately 45 employment relationships terminated, and also made decisions on annual savings of more than EUR 1 million in other fixed costs.

Risks and uncertainties

Eezy's risk management principles are based on the Finnish Corporate Governance Code for Listed Companies. The objective of risk management is to ensure that the group's targets are reached and to safeguard the continuity of operations. The risks affecting Eezy's operations are assessed annually. The latest risk assessment was carried out in June 2025. There were no major changes in the identified risks.

Poor economic development in Finland may have an adverse impact on Eezy's business and result. In economic downturn it is possible that companies use less staffing services and other HR services offered by Eezy. It may be challenging for the company to meet the terms of its financing agreements if its revenue and EBITDA decline in a subdued market situation, or if its business grows rapidly and ties up more working capital.

More information:

Johan Westermarck, CEO tel. +358 50 339 7972

Other material risks identified for Eezy's operations are: motivation and commitment of personnel, insufficient investment in technological development and harmonization of operational models and supplier dependence. If there is insufficient investment in technological development and harmonization and implementation of a new digital operational model and other processes, this may lead to inefficiencies and weakened customer satisfaction.

More information about risk management is available on the company website.

Guidance for 2026

Eezy does not give guidance for 2026.

Dividend proposal

The parent company's distributable funds in the financial statement on 31 December 2025 was EUR 122.3 million, of which loss for the financial period was EUR 1.0 million. Board of Directors proposes that no dividend will be distributed for the year 2025.

Events after the review period

On 7 January 2026 Director, Business Solutions Päivi Salo has resigned. Salo will step down from the management team on 28th February 2026, and her responsibilities have been divided within the group.

Eezy Plc Board of Directors

Result publication event:

A Finnish-language briefing for analysts and media will be held on 11 February 2026 at 13.00 Finnish time as a webcast at eezy.fi/q4-2025

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/investors/financials/reports-andpresentations/ before the conference. A recording of the audiocast will be available at the same website later.

Result dates

Financial Statements 2025	at the latest, week 11/2026
Interim Report January-March 2026	7 May 2026
Half-Year Report January-June 2026	13 August 2026
Interim Report January-September 2026	5 November 2026

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Consolidated statement of comprehensive income (IFRS)

(unaudited)

EUR thousand	1 Oct – 31 Dec 2025	1 Oct – 31 Dec 2024	1 Jan – 31 Dec 2025	1 Jan – 31 Dec 2024
Revenue	33 955	41 945	139 335	174 054
Other operating income	115	200	587	504
Materials and services	-1 760	-2 111	-6 721	-8 562
Personnel expenses	-26 528	-33 399	-111 945	-141 510
Other operating expenses	-3 258	-4 346	-12 226	-14 204
Depreciation, amortization and impairment
losses	-2 747	-2 179	-8 866	-7 942
Operating profit	-223	110	164	2 339
Financial income	48	66	205	687
Financial expense	-963	-905	-3 799	-3 434
Financial income and expenses	-915	-839	-3 595	-2 747
Profit before taxes	-1 137	-728	-3 430	-409
Income taxes	622	104	1 186	210
Profit for the period	-515	-625	-2 244	-199
Comprehensive income for the period	-515	-625	-2 244	-199
Profit attributable to
Owners of the parent company	-583	-772	-2 322	-306
Non-controlling interests	68	147	78	108
Profit for the period	-515	-625	-2 244	-199
Earnings per share, basic (EUR)	-0.02	-0.03	-0.09	-0.01
Earnings per share, diluted (EUR)	-0.02	-0.03	-0.09	-0.01

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Consolidated balance sheet (IFRS)

EUR thousand	31 Dec 2025	31 Dec 2024
ASSETS
Non-current assets
Goodwill	141 654	141 654
Intangible assets	20 033	22 197
Property, plant and equipment	3 355	5 016
Investments in shares	240	240
Receivables	822	1 460
Deferred tax asset	668	396
Total non-current assets	166 774	170 963
Current assets
Trade receivables and other receivables	17 624	22 060
Current income tax receivables	49	154
Cash and cash equivalents	4 102	1 619
Total current assets	21 775	23 833
TOTAL ASSETS	188 549	194 795
EQUITY AND LIABILITIES
Equity attributable to the owners of the parent company
Share capital	80	80
Reserve for invested unrestricted equity	107 876	107 876
Retained earnings	-4 603	-2 286
Total equity attributable to the owners of the parent company	103 353	105 670
Non-controlling interests	2 777	2 968
Total equity	106 130	108 638
Non-current liabilities
Loans from financial institutions	43 893	44 988
Lease liabilities	2 060	3 274
Other liabilities	24	78
Deferred tax liability	2 103	3 241
Total non-current liabilities	48 079	51 582
Current liabilities
Loans from financial institutions	2 485	3 600
Lease liabilities	1 746	2 399
Trade payables and other liabilities	29 901	28 284
Current income tax liabilities	208	293
Total current liabilities	34 340	34 575
Total liabilities	82 419	86 157
TOTAL EQUITY AND LIABILITIES	188 549	194 795

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Consolidated cash flow statement (IFRS)

EUR thousand	1 Oct – 31 Dec 2025	1 Oct – 31 Dec 2024	1 Jan – 31 Dec 2025	1 Jan – 31 Dec 2024
Cash flows from operating activities
Customer payments received	37 008	46 958	144 149	182 371
Cash paid to suppliers and employees	-29 935	-39 744	-128 521	-169 170
Cash flows from operating activities before financial items and taxes	7 073	7 213	15 628	13 201
Interest paid	-1 092	-1 223	-3 124	-3 239
Interest received	37	39	146	111
Other financial items	-52	-11	-329	30
Income taxes paid	-59	279	-204	-598
Net cash flows from operating activities	5 906	6 297	12 117	9 505
Cash flows from investing activities
Purchase of tangible and intangible assets	-912	-1 002	-4 460	-3 229
Proceeds from sale of tangible assets	-	-	0	133
Acquisition of subsidiaries, net of cash acquired	-	-	-	-476
Net cash flows from investing activities	-912	-1 002	-4 460	-3 571
Cash flows from financing activities
Change in non-controlling interests	-	-	-	-557
Proceeds from current borrowings	-323	-2 647	-	-
Repayment of current borrowings	-43	-543	-2 600	-2 106
Payment of lease liabilities	-523	-622	-2 304	-2 483
Dividends paid	-135	-	-269	-438
Net cash flows from financing activities	-1 024	-3 812	-5 173	-5 585
Net change in cash and cash equivalents	3 969	1 483	2 484	348
Cash and cash equivalents at the beginning of the reporting period	133	135	1 619	1 270
Cash and cash equivalents at the end of the reporting period	4 102	1 619	4 102	1 619

{11}------------------------------------------------

Changes in equity (IFRS)

		Attributable to owners of the parent company
EUR thousand	Share capital	Reserve for invested unrestricted equity	Retained earnings	Total	Non controlling interests	Total equity
Equity 1 Jan 2025	80	107 876	-2 286	105 670	2 968	108 638
Result for the period	-	-	-2 322	-2 322	78	-2 244
Total comprehensive income	-	-	-2 322	-2 322	78	-2 244
Transactions with owners
Dividend distribution	-	-	-	-	-269	-269
Share based payments	-	-	5	5	-	5
Total equity 31 Dec 2025	80	107 876	-4 603	103 353	2 777	106 130

		Attributable to owners of the parent company
EUR thousand	Share capital	Reserve for invested unrestricted equity	Retained earnings	Total	Non controlling interests	Total equity
Equity 1 Jan 2024	80	107 876	-1 819	106 137	3 774	109 911
Result for the period	-	-	-306	-306	108	-199
Total comprehensive income	-	-	-306	-306	108	-199
Transactions with owners
Dividend distribution	-	-	-	-	-447	-447
Changes in non-controlling interests	-	-	-168	-168	-467	-635
Share based payments	-	-	7	7	-	7
Total equity 31 Dec 2024	80	107 876	-2 286	105 670	2 968	108 638

{12}------------------------------------------------

Notes to the Financial Statements Bulletin

Eezy's services include staffing services, professional services as well as light entrepreneurship services. Staffing services are provided through franchisees in addition to Group companies. Services are provided to a broad range of sectors including the hotel and restaurant, retail, manufacturing, construction, and health care services sectors.

Eezy Plc ("parent company", "Eezy Plc"), the parent company of Eezy Group ("Eezy", "Group"), is a Finnish public limited company with a business ID of 2854570-7. The domicile of Eezy Plc is in Helsinki, Finland and the registered postal address is PL 901, 20101 Turku.

Basis of preparation

Eezy Plc has prepared this Financial Statements Bulletin in accordance with IAS 34 Interim Financial Reporting. The financial information in the Financial Statements Bulletin has been prepared in accordance with International Financial Reporting Standards (IFRS) and the accounting policies comply with the IFRS standards and IFRIC interpretations effective as at 31 December 2025. The accounting policies in the Financial Statements Bulletin are the same as in Financial Statements 2024.

The information presented in the Financial Statements Bulletin is unaudited. All figures presented have been rounded and consequently the sum of individual figures may deviate from the presented sum figure.

Accounting estimates

In preparing this Financial Statements Bulletin, management has been required to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The business growth and EBITDA used in goodwill impairment testing are based on management's assessment of future development considering the general weak economic development in Finland and their effect on the economic outlook in HR services. In addition, the increased competition in the personnel service and recruitment market has been taken into account. Goodwill is tested regularly for impairment.

Revenue

Eezy's revenue comprises income from staffing services delivered both by group's own staffing units and through the franchise chain, and from professional services including light entrepreneurship services.

In staffing services Eezy provides the customer the resources agreed. Eezy seeks employees through open applications as well as through its own employee pool in order to find an employee fulfilling the customer requirements within a short notice. The employee signs the employment contract with Eezy and Eezy is responsible for all the employer obligations, but work is performed under the customer company's management. Staffing services' revenue consists of income from services performed and invoiced by Eezy Group companies.

In franchising services Eezy signs a contract with local franchisees, which gives the local company a right to sell services using Eezy's business concept and brand. Eezy also offers business support services to their customers. Franchising revenue comprises charges based on cooperation agreements.

In the professional services area, Eezy provides consulting services for organizational development, cultural design, and personnel surveys. Eezy also provides recruitment, aptitude testing, training, and executive search services. Additionally, Eezy provides workforce training, coaching, guidance, and rehabilitation services to public sector as well as entrance examination courses and courses for upper secondary school students for private customers.

Light entrepreneurship services comprise the invoicing and business support services provided to the employee customers and the revenue from light entrepreneurship services comprise the fees collected from the employee customers. With the light entrepreneurship services provided to private persons they can operate as independent entrepreneurs without establishing a company of their own.

{13}------------------------------------------------

Revenue is reported divided into two service areas: Staffing services and Professional services. The revenue from staffing services includes both the group's own staffing services and the franchise fees. The revenue of professional services includes professional services and light entrepreneurship services.

Revenue by service area:

EUR thousand	1 Oct – 31 Dec 2025	1 Oct – 31 Dec 2024	1 Jan – 31 Dec 2025	1 Jan – 31 Dec 2024
Staffing services	27 414	34 343	115 666	145 506
Professional services	6 592	7 684	24 013	29 011
Common functions and				-464
eliminations	-50	-81	-344
Total revenue	33 955	41 945	139 335	174 054

Business combinations

Acquisitions 1–12/2025

During January-December 2025 there were no acquisitions.

Acquisitions 1–12/2024

Eezy increased its ownership in Eezy Valmennuskeskus Ltd by 10%, which decreased the contingent consideration related to Eezy Valmennuskeskus by approx. EUR 0.9 million and resulted in financial income of approx. EUR 0.5 million. Eezy Valmennuskeskus Ltd has been consolidated by 100-percent to Eezy Group (IFRS) since its initial acquisition date.

Businesses sold

January–December 2025

During the reporting period there were no divestments.

January–December 2024

During the reporting period there were no divestments.

{14}------------------------------------------------

Goodwill and intangible assets

					Non		Total
EUR thousand		Goodwill Trademarks	IT software	Customer relationships	competition agreements	Development costs	intangible assets
Cost at 1 Jan 2025	141 654	3 640	16 955	28 618	1 284	1 610	52 106
Additions	-	-	3 797	-	-	501	4 298
Disposals	-	-	-1	-	-	-	-1
Cost at 31 Dec 2025	141 654	3 640	20 751	28 618	1 284	2 110	56 402
Accumulated amortization and impairment at 1 Jan 2025	-	-3 143	-9 587	-15 775	-711	-693	-29 909
Disposals	-	-	1	-	-	-	1
Amortization	-	-74	-1 875	-2 823	-218	-405	-5 395
Impairment	-	-12	-57	-961	-36	-	-1 066
Accumulated amortization and impairment at 31 Dec 2025	-	-3 229	-11 517	-19 560	-965	-1 098	-36 369
Net carrying value at 1 Jan 2025	141 654	497	7 368	12 842	572	917	22 197
Net carrying value at 31 Dec 2025	141 654	411	9 233	9 058	319	1 012	20 033

					Non		Total
EUR thousand		Goodwill Trademarks	IT software	Customer relationships	competition agreements	Development costs	intangible assets
Cost at 1 Jan 2024	141 654	3 639	14 251	28 618	1 613	1 147	49 269
Additions	-	0	2 705	-	-	462	3 168
Disposals	-	-	-2	-	-329	-	-331
Cost at 31 Dec 2024	141 654	3 640	16 955	28 618	1 284	1 610	52 106
Accumulated amortization and impairment at 1 Jan 2024	-	-3 068	-8 669	-12 932	-729	-369	-25 767
Disposals	-	-	-	-	329	-	329
Amortization	-	-75	-917	-2 843	-311	-324	-4 471
Accumulated amortization and impairment at 31 Dec 2024	-	-3 143	-9 587	-15 775	-711	-693	-29 909
Net carrying value at 1 Jan 2024	141 654	571	5 582	15 686	884	778	23 500
Net carrying value at 31 Dec 2024	141 654	497	7 368	12 842	572	917	22 197

{15}------------------------------------------------

Property, plant and equipment

			Machinery	Machinery and
		Buildings	and	equipment
EUR thousand	Buildings	right-of-use	equipment	right-of-use	Other	Total
Cost at 1 Jan 2025	789	10 513	1 144	702	96	13 243
Additions	141	852	3	48	-	1 044
Disposals	-	-924	-114	-317	-	-1 372
Revaluation	-	-256	-	-40	0	-296
Cost at 31 Dec 2025	931	10 167	1 033	393	97	12 619
Accumulated depreciation and impairment at 1 Jan 2025	-656	-6 054	-1 076	-407	-34	-8 228
Disposals	-	942	112	317	0	1 370
Depreciation	-75	-1 787	-12	-156	-21	-2 051
Impairment	-3	-327	-26	-	-	-356
Accumulated depreciation and impairment at 31 Dec 2025	-735	-7 227	-1 001	-246	-55	-9 264
Net book value at 1 Jan 2025	133	4 458	68	294	62	5 016
Net book value at 31 Dec 2025	196	2 940	31	146	41	3 355

			Machinery	Machinery and
EUR thousand	Buildings	Buildings right-of-use	and equipment	equipment right-of-use	Other	Total
Cost at 1 Jan 2024	887	10 134	1 224	738	95	13 078
Additions	25	310	10	239	-	583
Disposals	-123	-24	-90	-201	-	-438
Revaluation	-	94	-	-74	1	20
Cost at 31 Dec 2024	789	10 513	1 144	702	96	13 243
Accumulated depreciation and
impairment at 1 Jan 2024	-585	-3 032	-1 066	-415	-14	-5 110
Disposals	104	24	24	201	-	353
Depreciation	-76	-2 256	-34	-193	-21	-2 579
Impairment	-100	-792	-	-	-	-892
Accumulated depreciation and
impairment at 31 Dec 2024	-656	-6 054	-1 076	-407	-34	-8 228
Net book value at 1 Jan 2024	302	7 102	159	323	81	7 969
Net book value at 31 Dec 2024	133	4 458	68	294	62	5 016

{16}------------------------------------------------

Financial assets and liabilities measured at fair value

Below is presented the fair value hierarchy of the financial instruments recognized at fair value.

	31 Dec 2025		31 Dec 2024
EUR thousand	Fair value	Level	Fair value	Level
Investments in shares, unlisted	240	3	240	3
Contingent consideration	101	3	106	3

During the reporting period there were no transfers between hierarchy levels 1, 2 or 3.

Fair values of the financial assets and liabilities measured at amortized cost are not materially different from the carrying values.

Dividend payments

The Annual General Meeting (AGM) was held on 8 April 2025. The AGM decided that no dividend is paid based on the balance sheet adopted for the financial year 2024.

Share based payments

The board of directors of Eezy Plc decided on 17 December 2019 on a long-term share-based compensation plan (LTIP 2019- 2026) targeted to key employees. The aim of the incentive plan is to align the objectives of the shareholders and the key personnel to increase the value of the company as well as to ensure the execution of business strategy on a long-term basis. In addition, the aim is to engage the key personnel of the company and to offer them a competitive incentive plan based on share ownership and the development of the company's value. The payment of the compensation is subject to the condition that the key employee's employment or service relationship has not been terminated prior to the payment. The amount of compensation paid is subject to the achievement levels of the performance targets.

The share-based incentive plan contains five earning periods. The first 13 months earning period started on 1 December 2019 and ended on 31 December 2020. The second 13 months earning period started on 1 December 2020 and ended on 31 December 2021. The third 16 months earning period started on 1 December 2021 and ended on 31 March 2023. The fourth 24 months earning period started on 1 January 2023 and ended on 31 December 2024. The fifth 24 months earning period started on 1 January 2025 and ends on 31 December 2026. The Company's board of directors determines the reward criteria and their target levels as well as the employees covered by the incentive plan before the beginning of each earning period.

No shares were issued for the first, second, third and fourth earning periods.

In December 2024, Eezy Plc's board of directors decided on the fifth earning period of the share-based incentive plan for the company's key employees. The fifth earning period is 24 months, started on 1 January 2025 and ending on 31 December 2026. The reward criteria for the fifth earning period are based on Eezy Plc's total shareholder return, operating profit percent and an ESG component. A maximum of 256 000 reward shares could be awarded for the fifth earning period.

{17}------------------------------------------------

Commitments and contingencies

Eezy has a group cash pooling arrangement managed by Eezy Plc and the arrangement includes all subsidiaries. All current and future cash pool receivables are used as a comprehensive guarantee for liabilities on the bank accounts included in the cash pool agreement.

EUR thousand	31 Dec 2025	31 Dec 2024
Liabilities in balance sheet for which collaterals given
Borrowings, non-current	43 893	44 988
Borrowings, current	2 485	3 600
Total	46 378	48 588

The group's loans include covenants defined in the financial agreements, which were updated in April 2025. The company fulfilled the covenant terms as of 31 December 2025. The company has estimated to fulfill the covenant terms in the current loan agreement within the next 12 months. Liabilities to credit institutions (EUR 46.4 million) are subject to covenant terms, which are quarterly ratio of interest-bearing net debt compared to adjusted EBITDA and monthly the minimum cash balance. As part of the renewed arrangement, EUR 10 million of the senior loans converted into a convertible loan. The convertible loan has a maturity of five years, during which Varma has the right to convert up to EUR 3 million of the from time-to-time outstanding principal amount of the convertible loan to new shares in accordance with the terms of the special rights attached to the loan.

EUR thousand	31 Dec 2025	31 Dec 2024
Mortgages on own behalf
Company mortgages	100 000	100 000
Total	100 000	100 000

Related party transactions

Transactions and balances with related parties:

EUR thousand	1 Jan – 31 Dec 2025	1 Jan – 31 Dec 2024
Companies that have significant influence
Sales	165	3 094
Purchases	-1	-58
Trade receivables and other receivables	5	12

Related party transactions are made on the same terms and conditions as transactions with independent parties.

Transactions with NoHo Partners have been reported as related party transactions until beginning of April 2024.

Events after the review period

On 7 January 2026 Director, Business Solutions Päivi Salo has resigned. Salo will step down from the management team on 28th February 2026, and her responsibilities have been divided within the group.

{18}------------------------------------------------

Key figures, their calculation and reconciliations

Eezy presents selected key figures which relate to the performance and financial position of the company. All these key figures are not measures defined in the IFRS and they are thus considered as alternative performance measures.

Alternative performance measures should not be viewed in isolation and they are not substitutes to the key figures presented in the audited financial statements. The companies do not calculate alternative performance measures in a uniform way, and thus the alternative performance measures presented by Eezy may not be comparable with the similarly named key figures presented by other companies.

Key figures

EUR thousand, unless otherwise specified	1 Oct – 31 Dec 2025	1 Oct – 31 Dec 2024	Change %	1 Jan – 31 Dec 2025	1 Jan – 31 Dec 2024	Change %
Key figures for income statement
Revenue	33 955	41 945	-19 %	139 335	174 054	-20 %
EBITDA	2 525	2 289	10 %	9 031	10 281	-12 %
EBITDA margin, %	7.4 %	5.5 %	-	6.5 %	5.9 %	-
EBIT	-233	110	-302 %	164	2 339	-93 %
EBIT margin, %	-0.7 %	0.3 %	-	0.1 %	1.3 %	-
Earnings per share, basic, EUR	-0.02	-0.03	-	-0.09	-0.01	-
Earnings per share, diluted, EUR	-0.02	-0.03	-	-0.09	-0.01	-
Weighted average number of outstanding shares, pcs	25 046 815	25 046 815	-	25 046 815	25 046 815	-
Weighted average number of outstanding shares, diluted, pcs	25 266 619	25 213 793	-	25 263 553	25 225 236	-
Number of outstanding shares at the end of reporting period, pcs	-	-	-	25 046 815	25 046 815	-
Key figures for balance sheet
Net debt	-	-	-	46 182	52 749	-
Net debt excluding IFRS16	-	-	-	42 377	47 076	-
Net debt / EBITDA	-	-	-	5.1 x	5.1 x	-
Gearing, %	-	-	-	43.5 %	48.6 %	-
Equity ratio, %	-	-	-	56.3 %	55.8 %	-
Equity per share, EUR	-	-	-	4.24	4.34	-
Key figures for cash flow
Operative free cash flow	5 638	5 589	-	8 864	7 489	-
Purchase of tangible and intangible assets	-912	-1 002	-	-4 460	-3 229	-
Acquisition of subsidiaries, net of cash acquired	-	-	-	-	-476	-
Operative key figures
Chain-wide revenue, EUR million	58.2	63.5	-8 %	233.8	257.4	-9 %
Franchise fees, EUR million	1.5	1.3	20 %	6.0	5.1	17 %
Light entrepreneurship invoicing volume, EUR million	9.3	9.0	3 %	34.3	34.7	-1 %

{19}------------------------------------------------

Reconciliation of Certain Alternative Performance Measures

	1 Oct – 31 Dec	1 Oct – 31 Dec	1 Jan – 31 Dec	1 Jan – 31 Dec
EUR thousand	2025	2024	2025	2024
EBITDA
EBIT	-223	110	164	2 339
Acquisition related amortization 1) and impairment losses	1 548	790	4 110	3 215
Other depreciation, amortization and impairment losses	1 200	1 389	4 756	4 727
Total depreciation, amortization and impairment losses	2 747	2 179	8 866	7 942
EBITDA	2 525	2 289	9 031	10 281
Operative free cash flow
Cash flows from operating activities before financial items and taxes	7 073	7 213	15 628	13 201
Purchase of tangible and intangible assets	-912	-1 002	-4 460	-3 229
Payment of lease liabilities	-523	-622	-2 304	-2 483
Operative free cash flow	5 638	5 589	8 864	7 489

¹⁾ The acquisition-related amortization comprises the amortization made on the recognized fair value adjustments arisen from business combinations.

{20}------------------------------------------------

Calculation of key figures

Key figures for income statement

EBITDA = Operating profit + Depreciation, amortization and impairment losses

EBITDA margin, % = EBITDA / Revenue x100

Operating profit (EBIT) = Operating profit

Operating profit margin, % = Operating profit / Revenue x100

Earnings per share, basic = Profit for the period attributable to the owners of the parent company /

Weighted average number of outstanding shares

Earnings per share, diluted = Profit for the period attributable to the owners of the parent company /

Weighted average number of outstanding shares taking into account obligations arising from potential dilutive share issues of the Parent

Company in the future

Key figures for balance sheet

Net debt = Interest bearing liabilities - Interest-bearing receivables - Cash at bank

and in hand

Net debt excluding IFRS16 = Net debt - IFRS 16 items

Net debt / EBITDA = Net debt / EBITDA

Gearing = Net debt / Equity x100

Equity ratio = Equity / (Total equity and liabilities - Advances received) x100

Equity per share = Equity / Number of outstanding shares at the end of reporting period

Key figures for cash flow

Operative free cash flow = Cash flow from operating activities presented in the cash flow statement

before financing items and taxes - Purchase of tangible and intangible

assets - Payment of lease liabilities

Purchase of tangible and intangible

assets

= Investments in tangible and intangible assets presented in the cash flow

statement

Acquisition of subsidiaries, net of cash

acquired

= Acquired shares of subsidiaries presented in the cash flow statement

Operative key figures

Chain-wide revenue = Consolidated revenue + Revenue of chain franchisees - Franchise fees

(and other significant internal chain revenue) + Light entrepreneurship invoicing volume to the extent it is excluded from consolidated revenue

Franchise fees = Fees paid by franchisees based on revenue and/or gross profit + entry

fees

Light entrepreneurship invoicing

volume

= Invoicing volume of the light entrepreneurship services