Eezy Oyj

Interim / Quarterly Report • Aug 9, 2022

Eezy Plc Q2/2022

Half-Year Report

January–June 2022

Growth continued strong, profitability not yet at the target level

In Brief

April–June 2022

• Revenue was EUR 67.1 million (EUR 48.0 million in April–June 2021).
• EBITDA was EUR 4.3 million (5.0*).
• EBIT was EUR 2.1 million (3.1*) and was 3.2% of revenue (6.4%).
• Earnings per share was EUR 0.07 (0.08).
• Revenue grew by 40% exceeding the market growth.
• Business continued to normalize from Corona
• conditions, but high sick-leave costs affected the result, approx. 0.7 million euro more costs than last year.

*) 4-6/2021 EBITDA and EBIT included EUR 1.0 million Corona subsidy.

January–June 2022

• Revenue was EUR 118.1 million (EUR 84.6 million in January–June 2021).
• EBITDA was EUR 6.8 million (7.7*).
• EBIT was EUR 2.6 million (4.0*) and was 2.2% of revenue (4.7%).
• Earnings per share was EUR 0.07 (0.09).
• Revenue grew by 40% exceeding the market growth.
• Business continued to normalize from Corona conditions, but high sick-leave costs affected the result, approx. EUR 1.7 million more than last year.

*) 1-6/2021 EBITDA and EBIT included EUR 2.7 million non-recurring income (Corona subsidy, VAT refund).

Outlook for 2022 (since 8 August 2022)

Eezy expects revenue to grow and EBIT to be 5-6% of revenue in 2022.

Old guidance:

Eezy expects revenue to grow and EBIT-% to increase during 2022. The guidance will be made more precise during the year.

Key figures (IFRS)

EUR million, unless otherwise specified	4–6/2022	4–6/2021	1–6/2022	1–6/2021	1–12/2021
Revenue	67.1	48.0	118.1	84.6	203.3
EBITDA	4.3	5.0	6.8	7.7	19.5
EBITDA, %	6.4%	10.4%	5.7%	9.1%	9.6%
EBIT	2.1	3.1	2.6	4.0	11.8
EBIT, %	3.2%	6.4%	2.2%	4.7%	5.8%
EPS, undiluted, EUR	0.07	0.08	0.07	0.09	0.31
EPS, diluted, EUR	0.07	0.08	0.07	0.09	0.30
Net debt / EBITDA1	-	-	3.3 x	2.9 x	2.4 x
Chain-wide revenue	94.1	73.3	171.1	129.7	305.5

1 EBITDA is based on estimated pro forma EBITDA of last 12 months.

Strong growth not yet fully reflected in profit

"In the second quarter Eezy's revenue grew by 40 percent compared to last year and was 67 million euro. This is the highest quarterly revenue reported by Eezy. We have grown on a wide front, both in the staffing services as well as in the professional services. Our growth clearly exceeds the market growth and the recovery from Corona is showing up especially in the demand for HoReCa staff.

The undisputed stars of the quarter were our working-life professional services businesses, whose revenue doubled from last year. This is based both on good organic growth and on the acquisitions done. I am also delighted that our long-term development work in our light entrepreneur business materializes as good growth.

Sick-leave costs and investments into future have burdened our results

Our profit has nicely doubled in the first six months when taking the 2.7 million euro non-recurring items (1.0 million euro Corona subsidy and 1.7 million euro VAT refund) last year into account. Although the comparable profit develops into right direction, we are still far away from our long-term goals. Our profit has been burdened by the clearly higher than normal sick-leave rates in the first year-half. The integration of the acquired companies is also still ongoing, and some business areas still weaken our profitability.

The goal is to continue strong growth during the whole strategy period. To ensure organic growth, we have invested into our organization in the first year-half. We have hired new group employees and our headcount has already exceeded 550. After the long period of remote work during Corona the significance of our employees' commitment is emphasized. During the year we have significantly invested into training and employee wellbeing. A positive, professional and courageous culture in Eezy is our most important and hardest-to-copy competitive advantage.

We also aim to significantly improve our profitability, especially by increasing efficiency. We aim to improve efficiency with increased usage of automation and machine learning in our operations. To ensure the wide scope of our digital development, with have strengthened our organization and found strategic partners to support us in the development. The implementation of our digital strategy progresses according to plans, and I believe that we will achieve significant competitive advantage through the ongoing development projects, both in the staffing and in the professional services businesses.

Growth strategy progresses widely

We have done three strategic acquisitions in the first yearhalf. Those acquisitions generate some 10 million euro

inorganic growth for 2022. The new revenue scales our fixed costs and creates synergies for our businesses.

Of the new companies, Eezy Farenta expands our staffing services into the pharmacy sector and complements our existing services in the healthcare sector. Eezy Siqni is a fast-growing surveyor of employee experience and Eezy Leidenschaft is a unique specialist in business culture development. They nicely boost Eezy Flow's already strong position in employee experience surveys, related consulting and management development.

Regarding organic growth, Eezy United, specializing to staffing of athletes, has expanded its geographical presence. We have also focused on international recruiting and the amount of foreign labor grows steadily. During Q2 approx. 500 internationally recruited persons worked in Finnish companies.

We have also started a strategic co-operation with VeggArt's Oy that offers employment services for immigrants. Together we have already employed over 200 immigrants into Finnish companies. During the remaining part of the year, we will launch new training and employment services for this important target group. Our mission is to create successes, both by solving the companies' labor shortages as well as employing people. Every new job builds a more diversified and stronger society.

Growth also in second year-half

Growth in 2022 seems to be strong. We have started cost and pricing related actions, so that profitability can be increased.

Corona continues to affect our business for the third year in row. The effects of Corona restrictions were relatively easy to forecast and to react to. Thus in 2020-2021 we proved ourselves with great performance in the declining markets. But we didn't succeed in forecasting the surprisingly high sick-leave costs this year, and the sick-leaves have also decreased possibilities for operational flexibility. Fortunately, the sick-leaves are on a decreasing trend.

The darkening economic outlook, inflation and war in Ukraine increase our cautiousness regarding the remaining part of the year. However, Eezy in is strong shape and we can focus in implementing our strategy. Our operations have expanded and became more diversified in the last few years, which has increased our resilience for economic downshifts.

Big picture is unchanged

Labor shortage, age demographics, significance of work, digitalization, workplace wellbeing and working-life changes are permanent trends that grow our markets. The current demand situation is reflected in the over 1200 currently open positions and in the good order backlog of our working-life professional services. I believe that the need for workforce and for the working-life professional services will continue to grow also in future. In uncertain times also our role in providing flexibility for our customers creates growth potential for us.

We have grown already five quarters in a row, so I confidently look forward into the important quarters of the second year-half."

"2022 is a year of growth"

Sami Asikainen, CEO

Market review

The HR services market relevant to Eezy's business includes staffing services, light entrepreneurship services and selected professional services. Markets are estimated to have contracted temporarily by 15-25% and to have already recovered to near the previous levels. Due to the working life megatrends and the increased need for flexible workforce we expect the markets to continue on growth track.

According to an estimate by management, the size of the entire HR services market in Finland was EUR 3 billion in 2021, of which the staffing services were EUR 2.4 billion. The market size of the relevant recruitment services was somewhat over EUR 100 million. The market size of light entrepreneurship services has been estimated to be approx. EUR 250 million.

According to The Private Employment Agencies Association (HPL), the revenue of the largest companies in the staffing service market increased approx. 24% in May and approx. 22% in January–May compared to last year. According to HPL, the economic outlook in staffing services has weakened.

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

Business developments

Corona virus has strongly affected our business for the last two years. The epidemic caused by the Omicron variants still continues, but the society has been normalized. The restrictions related to Corona have mainly ended, but they impacted especially the horeca sector negatively during the first quarter.

Our customers currently worry about the economic impacts of inflation, interest rates and war in Ukraine. Growth slowed toward the end of the quarter in most of our businesses. The role of workforce availability has an important role for all our sectors, but the increased cautiousness by customers increases the importance of flexibility.

Industry sector has mainly recovered well from Corona, and our business has grown, but Corona and the material shortages due to the war in Ukraine are affecting some of our customers negatively. In the construction sector the material costs and shortages have slowed down the growth during the spring. Recruiting foreign labor from Eastern Europe has been lower than expected.

After the difficult start for the year, the Horeca sector has recovered well and volumes have been clearly ahead of 2021, when restrictions were still in force. The cold weather in June decreased the labor needs in the early summer.

Volumes in the retail sector have been stabilizing toward summer.

The sick-leaves have continues to be clearly higher than normally. The sick-leave rates were going down in the second quarter but were still higher than normal. During the quarter, the sickness costs have varied between 1-3% of revenue in different customer sectors.

The demand for working-life professional services developed strongly in the period.

Revenue

April–June

Eezy's revenue amounted to EUR 67.1 million (48.0), increasing by 40% compared to the corresponding period in the previous year.

Revenue increased by 38% in the staffing service area. In the professional services area revenue increased by 94% due both organic growth and the Valmennuskeskus acquisition in late 2021 and Leidenschaft/Siqni acquisition in April 2022. In the light entrepreneurship service area revenue increased by 7%.

Eezy's chain-wide revenue amounted to EUR 94.1 million (73.3) increasing by 29%. Franchise fees totaled EUR 1.7 million (1.7). The invoicing volume of light entrepreneurship services was EUR 10.4 million (10.4).

January–June

Eezy's revenue amounted to EUR 118.1 million (84.6), increasing by 40% compared to the corresponding period in the previous year.

Revenue increased by 36% in the staffing service area. In the professional services area revenue increased by 95% due both organic growth and the Valmennuskeskus acquisition in late 2021 and Leidenschaft/Siqni acquisition in April 2022. In the light entrepreneurship service area revenue increased by 4%.

Eezy's chain-wide revenue amounted to EUR 171.1 million (129.7) increasing by 32%. Franchise fees totaled EUR 3.3 million (3.1). The invoicing volume of light entrepreneurship services was EUR 19.8 million (19.1).

Revenue by service area

EUR million	4–6/2022	4–6/2021	Change %	1–6/2022	1–6/2021	Change %	1–12/2021
Staffing services	57.8	42.0	38%	100.7	73.8	36%	178.1
Franchise fees	1.7	1.7	-3%	3.3	3.1	8%	7.1
Professional services	7.0	3.6	94%	12.9	6.6	95%	15.7
Light entrepreneurship services	0.7	0.6	7%	1.2	1.1	4%	2.5
Total	67.1	48.0	40%	118.1	84.6	40%	203.3

Result

April–June

EBITDA was EUR 4.3 million (5.0). Operating profit was EUR 2.1 million (3.1). A corona subsidy from State treasury totaling of EUR 1.0 million was included in the result in comparative period last year. Higher than normal sickleave costs continued to affect the profit negatively, being approx. EUR 1.3 million. Additionally, the investments into marketing and into the training of our employees were higher than normally.

Total depreciation, amortization and impairment was EUR 2.2 million (1.9), of which EUR 1.1 million (1.0) was acquisition related amortization. The result before taxes was EUR 2.4 million (2.7) and the result for the period was EUR 1.8 million (2.1). Earnings per share was EUR 0.07 (0.08).

January–June

EBITDA was EUR 6.8 million (7.7). Operating profit was EUR 2.6 million (4.0). A non-recurring income of EUR 1.7 million and a corona subsidy from State treasury totaling EUR 1.0 million were included in the result in comparative period last year. The sick leave costs have been on a clearly higher than normal level the whole period, in total approx. EUR 2.8 million.

Total depreciation, amortization and impairment was EUR 4.2 million (3.7), of which EUR 2.1 million (2.0) was acquisition related amortization. The result before taxes was EUR 2.5 million (3.2) and the result for the period was EUR 1.9 million (2.4). Earnings per share was EUR 0.07 (0.09).

Financial position and cash flow

Eezy's consolidated balance sheet on 30 June 2022 amounted to EUR 220.1 million (201.3), of which equity made up EUR 107.6 million (103.5).

In March, a new bank loan of EUR 8.0 million was drawn to finance the acquisitions in April 2022. As of 30 June 2022, the Group has liabilities to credit institutions amounting to EUR 55.2 million (50.7). of which EUR 50.9 (46.5) was non-current.

Cash balance on 30 June 2022 was EUR 1.5 million (7.3). The Group has overdraft facilities in total of EUR 10.0 million, all of which were unused on 30 June 2022.

Equity ratio stood at 48.9% (51.4%). The Group's net debt including IFRS16 leasing items on 30 June 2022 amounted to EUR 60.3 million (48.9). Net debt excluding IFRS16 leasing items was EUR 54.8 million (43.5). The net debt/EBITDA ratio was 3.3 x (2.9 x).

Operative free cash flow amounted to EUR 6.0 million (3.9) in April–June and EUR 4.3 million (-1.7) in January–June.

Investments and acquisitions

Eezy's investments in subsidiary shares presented in the cash flow statement amounted to EUR 6.1 million (0.0) in April–June and EUR 6.1 million (0.0) in January–June. Investments include acquisitions of Farenta Oy, The Siqnificant Company Oy and Leidenschaft Oy as well as increasing the ownership in Eezy Valmennuskeskus Ltd.

In line with its strategy, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd from Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest pharmacy staffing service operator in Finland. Farenta's annual revenue is less than EUR 10 million.

In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture companies The Siqnificant Company Ltd and Leidenschaft Ltd on 1 April 2022. The companies will become part of Eezy Flow Ltd, which belongs to the Eezy Group and offers management, strategy, research and change management services. Leidenschaft is Finland's first business culture agency, whose mission is to develop business culture into real competitive advantage. The Siqnificant Company's product, Siqni, is the world's first tool for gaining employee understanding and measuring employee experience. In 2021, the combined revenue of Siqni and Leidenschaft was approx. EUR 3 million.

Additionally, Eezy made an investment of EUR 0.2 million in minority shareholding of VeggArt's Oy that offers services for immigrants.

Investments in tangible and intangible assets totaled EUR 1.0 million (0.6) in April–June and EUR 1.4 million (1.0) in January–June. Investments in tangible and intangible assets were mainly related to IT investments.

Employees

Eezy employs people in Group functions and as staffed employees assigned to customer companies. In April– June, Eezy employed on average of 561 (352) and in January–June 518 (353) people in Group functions and on average 4 253 (3 171) in April–June and 3 730 (2 752) in January–June 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 announced in February that Content Director Isa Merikallio has a change in her responsibilities and will leave the management team. Merikallio will continue to work for the company.

Shares and shareholders

On 30 June 2022, Eezy Plc had 25 046 815 (24 849 375) registered shares. The company holds no treasury shares. The company had 2 715 (2 544) shareholders, including nominee registered shareholders.

In January–June 2022, a total of 1 391 933 (2 187 335) shares were traded and the total trading volume was EUR 7.8 million (11.5). During the period, the highest quotation was EUR 6.38 (6.26) and the lowest EUR 4.63 (4.90). The volume-weighted average price of the share was EUR 5.62 (5.24). The closing price of the share at the end of June was EUR 4.98 (6.22) and the market value stood at EUR 124.7 million (154.6).

On 30 June 2022, the members of the Board of Directors and the members of the management team owned a total of 768 820 (1 496 604) Eezy shares, corresponding to approximately 3.1% (6.0%) 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.

Ten largest shareholders as of 30 June 2022:

Shareholder	Shares	%
1. Sentica Buyout V Ky	6 105 458	24.38
2. NoHo Partners Oyj	5 139 745	20.52
3. Meissa-Capital Oy	3 223 071	12.87
4. Evli Finnish Small Cap Fund	1 365 619	5.45
5. OP Finland Micro Cap Fund	694 668	2.77
6. S-Bank Fenno Equity Fund	446 062	1.78
7. Asikainen Sami	414 350	1.65
8. Säästöpankki Small Cap Fund	322 200	1.29
9. WestStar Oy	293 398	1.17
10. Church Pension Fund	283 655	1.13
10 largest in total	18 288 226	73.02
Nominee-registered	2 154 829	8.60
Others	4 603 760	18.38
Total	25 046 815	100.00

The company has received a flagging notice during the period: The ownership of Evli Bank Plc has exceeded 5%.

Governance

Annual General Meeting

The Annual General Meeting (AGM) was held on 12 April 2022. The AGM adopted the Financial Statements for the year 2021.

The AGM decided that for year 2021 a dividend of EUR 0.15 per share is distributed in two tranches. The first tranche of the dividend, EUR 0.10 per share and EUR 2.5 million in total, was paid in April 2022. The second tranche of the dividend, EUR 0.05 per share, will be paid in October 2022.

The AGM elected eight members to the board of directors. Tapio Pajuharju, Kati Hagros, Liisa Harjula, Timo Mänty, Paul-Petteri Savolainen, Jarno Suominen and Mika Uotila were re-elected as members of the board of directors. Mikko Wirén was elected as a new member of the board of directors.

The members of the board of directors will be paid monthly remuneration EUR 4 000 per month for the chairperson of the board and EUR 2 000 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.

Authorized Public Accountant KPMG Oy Ab was re-elected as the company's auditor. KPMG Oy Ab has informed that Authorized Public Accountant Mr. Esa Kailiala will act as the principal auditor.

In the organization meeting held on the same day, the Board of Directors elected Tapio Pajuharju as its Chairman. Liisa Harjula was elected as Chairman of the Audit Committee and Jarno Suominen and Kati Hagros as members of the Audit Committee. The Board decided to establish a Human Resources Committee which assists the Board by preparing matters pertaining to the remuneration and nomination of the Company's CEO and other management, as well as the Company's remuneration principles. Tapio Pajuharju was elected as Chairman of the Human Resources Committee and Mika Uotila and Mikko Wirén as members of the Human Resources Committee.

Valid authorizations

The authorizations given by the AGM on 12 April 2022 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 2023, 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 2023, however, for a maximum of 18 months. The authorization is unused.

Long-term incentive plan

In March, Eezy Plc's board of directors resolved to extend the third earning period of the long-term incentive plan for the company's key employees, which has been announced in November 2021. The third earning period shall be 16 months, starting on 1 December 2021 and ending on 31 March 2023. According to the previous decision a maximum of 246 000 reward shares could be awarded for the third earning period. The reward criteria for the third earning period are based on Eezy Plc's revenue and operating profit margin.

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.

Corona virus and the restrictions related to it may continue to weaken the general economic conditions. This may negatively affect Eezy by customers' businesses stopping or disturbing, or by customers' financial difficulties. The virus can also directly affect Eezy through the sick leaves of either staffed employees or employees in group functions.

The war in Ukraine and sanctions related to that may weaken Eezy's development mainly through difficulties caused to our customers' businesses.

Poor economic development and high inflation in Finland may have an indirect 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.

Material short-term risks also include tighter competition in the HR and recruitment market, changes in legislation or collective agreements, and the cyclical nature of the business.

There are also significant risks related to acquisitions. If the performance of the acquired company does not match expectations, the integration fails, or other targets set for the acquisition are not reached, there may be material effects for Eezy's profitability and financial position.

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

Guidance for 2022

(since 8 August 2022)

Eezy expects revenue to grow and EBIT to be 5-6% of revenue in 2022.

Old guidance:

Eezy expects revenue to grow and EBIT-% to increase during 2022. The guidance will be made more precise during the year.

Eezy Plc Board of Directors

More information:

Sami Asikainen. CEO tel. +358 (0)40 700 9915

Hannu Nyman. CFO tel. +358 (0)50 306 9913

Result publication event:

A Finnish-language briefing for analysts and media will be held on 9 August 2022 at 13.00 Finnish time as a webcast at https://eezy.videosync.fi/2022-q2

The briefing will be hosted by CEO Sami Asikainen and CFO Hannu Nyman. 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

Interim Report January–September 2022 8 Nov 2022

Consolidated statement of comprehensive income (IFRS)

(unaudited)

EUR thousand	1 Apr – 30 Jun 2022	1 Apr – 30 Jun 2021	1 Jan – 30 Jun 2022	1 Jan – 30 Jun 2021	1 Jan – 31 Dec 2021
Revenue	67 148	47 999	118 053	84 598	203 328
Other operating income	91	1 090	190	2 926	3 070
Materials and services	-3 026	-1 426	-4 945	-2 665	-6 059
Personnel expenses	-55 082	-38 915	-97 719	-69 625	-165 576
Other operating expenses	-4 862	-3 775	-8 796	-7 513	-15 270
Depreciation, amortization and
impairment losses	-2 151	-1 897	-4 172	-3 748	-7 680
Operating profit	2 118	3 075	2 610	3 974	11 812
Financial income	634	24	676	78	149
Financial expense	-396	-384	-739	-819	-1 614
Financial income and expenses	238	-360	-63	-741	-1 465
Profit before taxes	2 356	2 715	2 547	3 233	10 348
Income taxes	-522	-592	-607	-820	-2 266
Profit for the period	1 834	2 123	1 939	2 413	8 081
Profit attributable to
Owners of the parent company	1 725	2 000	1 801	2 258	7 601
Non-controlling interests	110	123	138	154	480
Profit for the period	1 834	2 123	1 939	2 413	8 081
Earnings per share, basic (EUR)	0.07	0.08	0.07	0.09	0.31
Earnings per share, diluted (EUR)	0.07	0.08	0.07	0.09	0.30
Other comprehensive income Items that will not be reclassified to
profit or loss Changes in the fair value of share investments	-	-	-	3	3
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-	-	-	50	50
Other comprehensive income for the period, net of tax	-	-	-	52	52
Total comprehensive income for the period	1 834	2 123	1 939	2 465	8 134
Total comprehensive income attributable to
Owners of the parent company	1 725	2 000	1 801	2 311	7 653
Non-controlling interests	110	123	138	154	480
Total comprehensive income for the period	1 834	2 123	1 939	2 465	8 134

Consolidated balance sheet (IFRS)

EUR thousand	30 Jun 2022	30 Jun 2021	31 Dec 2021
ASSETS
Non-current assets
Goodwill	141 654	128 011	134 054
Intangible assets	29 422	28 072	28 314
Property, plant and equipment	5 959	6 166	5 095
Equity accounted investments	245	-	-
Investments in shares	240	240	240
Receivables	953	1 168	1 152
Deferred tax asset	1 360	1 482	201
Total non-current assets	179 833	165 139	169 056
Current assets
Trade receivables and other receivables	38 684	28 828	31 649
Current income tax receivables	113	8	14
Cash and cash equivalents	1 511	7 342	6 106
Total current assets	40 308	36 179	37 769
TOTAL ASSETS	220 141	201 318	206 825
EQUITY AND LIABILITIES
Equity attributable to the owners of the parent company
Share capital	80	80	80
Reserve for invested unrestricted equity	107 876	106 572	107 876
Retained earnings	-3 802	-5 909	-1 857
Total equity attributable to the owners of the parent
company	104 154	100 743	106 099
Non-controlling interests	3 453	2 711	3 037
Total equity	107 607	103 454	109 136
Non-current liabilities
Loans from financial institutions	50 939	46 500	43 924
Lease liabilities	3 034	3 355	2 527
Other liabilities	974	110	1 944
Deferred tax liability	5 204	5 167	5 190
Total non-current liabilities	60 151	55 133	53 586
Current liabilities
Loans from financial institutions	4 308	4 229	4 400
Lease liabilities	2 420	1 978	1 975
Trade payables and other liabilities	43 366	34 508	35 499
Current income tax liabilities	2 288	2 016	2 228
Total current liabilities	52 382	42 731	44 102
Total liabilities	112 533	97 864	97 688
TOTAL EQUITY AND LIABILITIES	220 141	201 318	206 825

Consolidated cash flow statement (IFRS)

	1 Apr – 30 Jun	1 Apr – 30 Jun	1 Jan – 30 Jun	1 Jan – 30 Jun	1 Jan – 31 Dec
EUR thousand	2022	2021	2022	2021	2021
Cash flows from operating activities
Customer payments received	63 432	41 665	115 198	79 781	196 950
Cash paid to suppliers and employees	-56 478	-37 216	-109 496	-80 523	-186 967
Cash flows from operating activities before financial items and taxes	6 954	4 448	5 702	-742	9 982
Interest paid	-395	-400	-457	-499	-1 497
Interest received	29	10	44	30	64
Other financial items	18	8	31	31	67
Income taxes paid	-241	-107	-2 331	-1 937	-2 497
Proceeds from repayments of loans	3	8	6	14	43
Net cash flows from operating activities	6 368	3 968	2 995	-3 102	6 163
Cash flows from investing activities
Purchase of tangible and intangible
assets	-952	-550	-1 368	-1 007	-1 688
Proceeds from sale of tangible assets	44	64	93	127	231
Acquisition of subsidiaries, net of cash acquired	-6 125	-	-6 125	-	-4 609
Disposal of subsidiaries	-	-	-	500	500
Purchase of equity accounted
investments	-245	-	-245	-	-
Proceeds from sale of investments	-	-	-	311	311
Proceeds from repayments of loans	2	2	4	4	190
Net cash flows from investing
activities	-7 276	-484	-7 641	-66	-5 065
Cash flows from financing activities
Change in non-controlling interests	-	-	-80	-41	-41
Proceeds from non-current borrowings	-	-	8 000	-	-
Repayment of non-current borrowings	-92	-	-92	-	-
Repayment of current borrowings	-3 701	-1 116	-3 744	-1 120	-4 328
Payment of lease liabilities	-657	-492	-1 248	-1 007	-2 050
Dividends paid	-2 505	-2 485	-2 784	-2 768	-4 021
Net cash flows from financing activities	-6 955	-4 093	50	-4 937	-10 439
Net change in cash and cash equivalents	-7 864	-610	-4 595	-8 105	-9 341
Cash and cash equivalents at the beginning of the reporting period	9 374	7 952	6 106	15 447	15 447
Cash and cash equivalents at the
end of the reporting period	1 511	7 342	1 511	7 342	6 106

Changes in equity (IFRS)

	Attributable to owners of the parent
EUR thousand	Share capital	Reserve for invested unrestricted equity	Fair value reserve	Translation differences	Retained earnings	Total	Non controlling interests	Total equity
Equity
1 Jan 2022	80	107 876	-	-	-1 857	106 099	3 037	109 136
Result for the period	-	-	-	-	1 801	1 801	138	1 939
Other comprehensive income:
Change in fair value	-	-	-	-	-	-	-	-
Translation differences	-	-	-	-	-	-	-	-
Other comprehensive income for the period, net of tax	-	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	-	1 801	1 801	138	1 939
Transactions with owners
Dividend distribution	-	-	-	-	-3 757	-3 757	-279	-4 036
Changes in non controlling interests	-	-	-	-	-38	-38	557	518
Share based payments	-	-	-	-	50	50	-	50
Total equity 30 Jun 2022	80	107 876	-	-	-3 802	104 154	3 453	107 607

	Attributable to owners of the parent
EUR thousand	Share capital	Reserve for invested unrestricted equity	Fair value reserve	Translation differences	Retained earnings	Total	Non controlling interests	Total equity
Equity
1 Jan 2021	80	106 572	-3	-50	-5 714	100 885	2 859	103 744
Result for the period	-	-	-	-	2 258	2 258	154	2 413
Other comprehensive income:
Change in fair value	-	-	3	-	-	3	-	3
Translation differences	-	-	-	50	-	50	-	50
Other comprehensive income for the period, net of tax	-	-	3	50	-	52	-	52
Total comprehensive income	-	-	3	50	2 258	2 311	154	2 465
Transactions with owners
Dividend distribution	-	-	-	-	-2 485	-2 485	-284	-2 768
Changes in non controlling interests	-	-	-	-	-23	-23	-18	-41
Share based payments	-	-	-	-	54	54	-	54
Total equity 30 Jun 2021	80	106 572	-	-	-5 909	100 743	2 711	103 454

	Attributable to owners of the parent
EUR thousand	Share capital	Reserve for invested unrestricted equity	Fair value reserve	Translation differences	Retained earnings	Total	Non controlling interests	Total equity
Equity 1 Jan 2021	80	106 572	-3	-50	-5 714	100 885	2 859	103 744
Result for the period	-	-	-	-	7 601	7 601	480	8 081
Other comprehensive income:
Change in fair value	-	-	3	-	-	3	-	3
Translation differences	-	-	-	50	-	50	-	50
Other comprehensive income for the period, net of tax	-	-	3	50	-	52	-	52
Total comprehensive income	-	-	3	50	7 601	7 653	480	8 134
Transactions with owners
Dividend distribution	-	-	-	-	-3 737	-3 737	-284	-4 021
Share issue	-	1 305	-	-	-	1 305	-	1 305
Changes in non controlling interests	-	-	-	-	-23	-23	-18	-41
Share based payments	-	-	-	-	16	16	-	16
Total equity 31 Dec 2021	80	107 876	-	-	-1 857	106 099	3 037	109 136

Notes to the Half-Year Report

Eezy Group is a versatile HR services company creating successful work experiences by offering staffing services and light entrepreneurship services as well as a wide range of professional services and training services for the working life.

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 Half-Year Report in accordance with IAS 34 Interim Financial Reporting. The financial information in the Half-Year Report 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 30 June 2022. The accounting policies in the Half-Year Report are the same as in Financial Statements 2021.

The information presented in the Half-Year Report 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 Half-Year Report, 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 the impact of the corona virus pandemic as well as the future market demand and workforce availability. Goodwill is tested regularly for impairment.

Revenue

Eezy's revenue comprises income from staffing services, professional services and 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 recruitment, aptitude testing, training and development and executive search services. Additionally, Eezy provides consulting services for organizational development and personnel surveys. Flow acquisition in 2020 increased the share of consulting services and the Valmennuskeskus acquisition in late 2021 increased the amount of training and coaching services. Valmennuskeskus offers workforce training, coaching, guidance and rehabilitation services 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.

Revenue by service area:

	1 Apr – 30 Jun	1 Apr – 30 Jun	1 Jan – 30 Jun	1 Jan – 30 Jun	1 Jan – 31 Dec
EUR thousand	2022	2021	2022	2021	2021
Staffing services	57 771	42 014	100 668	73 768	178 054
Franchise fees	1 700	1 749	3 333	3 089	7 058
Professional services	7 023	3 625	12 866	6 597	15 723
Light entrepreneurship
services	654	612	1 186	1 144	2 493
Total revenue	67 148	47 999	118 053	84 598	203 328

Eezy has two business units. The Work and Talent business unit offers services for staff leasing, recruitment, headhunting and relocation, through its own business units as well as through its franchise units. The Growth and Renewal business unit offers organisational and management research and consulting services, as well as training and coaching services. It also develops and sells services and platforms that promote the renewal of the working life, such as light entrepreneurship services.

Revenue by business unit:

	1 Apr – 30 Jun	1 Apr – 30 Jun	1 Jan – 30 Jun	1 Jan – 30 Jun	1 Jan – 31 Dec
EUR thousand	2022	2021	2022	2021	2021
Work and Talent	61 722	45 915	108 158	80 755	193 138
Growth and Renewal	5 426	2 084	9 895	3 843	10 190
Total revenue	67 148	47 999	118 053	84 598	203 328

Business combinations

Acquisitions 1–6/2022

Acquisitions of Eezy Farenta, Eezy Siqni and Eezy Leidenschaft

In line with its strategy, Eezy strengthened its professional staffing services by purchasing the share capital of Farenta Ltd (current Eezy Farenta Ltd) from Oriola Plc on 1 April 2022. Farenta supports around 350 pharmacies yearly with over 300 employees and it is the largest pharmacy staffing service operator in Finland. Farenta's annual revenue is less than EUR 10 million.

In line with its strategy, Eezy strengthened its research and coaching services by acquiring research and business culture companies The Siqnificant Company Ltd (current Eezy Siqni Ltd) and Leidenschaft Ltd (current Eezy Leidenschaft Ltd) on 1 April 2022. The companies will become part of Eezy Flow Ltd, which belongs to the Eezy Group and offers management, strategy, research and change management services. Leidenschaft is Finland's first business culture agency, whose mission is to develop business culture into a real competitive advantage. The Siqnificant Company's product, Siqni, is the world's first tool for gaining employee understanding and measuring employee experience. In 2021, the combined revenue of Siqni and Leidenschaft was approx. EUR 3 million.

EUR thousand	Eezy Farenta	Eezy Siqni and Eezy Leidenschaft
Purchase considerations
Cash consideration	881	5 009
Shares issued	-	599
Total purchase consideration	881	5 608

Shares of Eezy Flow issued in exchange for Eezy Siqni and Eezy Leidenschaft

The fair value of Eezy Flow shares issued in exchange for Eezy Siqni and Eezy Leidenschaft is EUR 599 thousand.

Fair values of the acquired assets and liabilities assumed in the business combination at the acquisition date

EUR thousand	Eezy Farenta	Eezy Siqni and Eezy Leidenschaft
ASSETS
Non-current assets
Intangible assets	1 048	1 597
Property, plant and equipment	85	34
Receivables	-	67
Total non-current assets	1 133	1 698
Current assets
Trade receivables and other receivables	823	793
Cash and cash equivalents	71	44
Total current assets	894	837
TOTAL ASSETS	2 028	2 535
LIABILITIES
Non-current liabilities
Loans from financial institutions	-	229
Lease liabilities	23	-
Deferred tax liability	165	250
Total non-current liabilities	188	479
Current liabilities
Loans from financial institutions	-	147
Lease liabilities	39	46
Trade payables and other liabilities	3 896	753
Current income tax liabilities	-	126
Total current liabilities	3 935	1 072
TOTAL LIABILITIES	4 122	1 551
Total net assets acquired	-2 095	984
Goodwill	2 976	4 625
Purchase consideration	881	5 608

Fair values of the acquired identified intangible assets at the acquisition date

EUR thousand	Eezy Farenta	Eezy Siqni and Eezy Leidenschaft
Customer relationships	486	328
Trademarks	336	168
Non-competition agreements	-	754
Total	823	1 250

Eezy Farenta

The gross amount of trade receivables at the date of the acquisition was EUR 815 thousand and it was estimated to be fully collectable.

Goodwill arising from the acquisition of Eezy Farenta amounted to EUR 2 976 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible.

The transaction costs of the acquisition amounted to EUR 61 thousand and are recorded in other operating expenses for the period 2022.

Eezy Siqni and Eezy Leidenschaft

The gross amount of trade receivables at the date of the acquisition was EUR 507 thousand and it was estimated to be fully collectable.

Goodwill arising from the acquisition of Eezy Siqni and Eezy Leidenschaft amounted to EUR 4 625 thousand which comprises mainly workforce, synergies and market position. The goodwill recognized in connection with the acquisition is not tax deductible.

The transaction costs of the acquisition amounted to EUR 203 thousand and are recorded in other operating expenses for the period 2022.

Cash flows from purchase considerations

EUR thousand	Eezy Farenta	Eezy Siqni and Eezy Leidenschaft
Cash consideration	881	5 009
Deducted: Cash and cash equivalents acquired	-71	-44
Net cash flow	810	4 965

Other acquisitions

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 0.6 million. Eezy Valmennuskeskus Ltd has been consolidated by 100-percent to Eezy Group (IFRS) since initial acquisition date.

Eezy made an investment of approx. EUR 0.2 million in minority shareholding of VeggArt's Oy which specializes in employment services for immigrants.

Acquisitions 1–6/2021

Eezy strengthened its research business by acquiring ValueScout research method business on 1 June 2021. ValueScout is a research method which examines emotional experience and finds hidden growth potential in customer, brand and personnel experience.

Businesses sold

Divestments in 1–6/2022

During review period there were no divestments.

Divestments in 1–6/2021

Eezy sold its Swedish subsidiary VMP-Group Sweden AB to Palm & Partners Bemanning AB on 4 January 2021. The sale had no significant impact on Eezy's result in January–June 2021.

Intangible assets

					Non		Total
			IT	Customer	competition	Development	intangible
EUR thousand	Goodwill	Trademarks	software	relationships	agreements	costs	assets
Cost at 1 Jan 2022	134 054	3 184	9 458	27 804	3 674	515	44 636
Acquisitions	7 600	505	573	814	754	-	2 646
Additions	-	4	995	-	-	292	1 291
Disposals	-	-	-403	-	-623	-	-1 026
Cost
at 30 Jun 2022	141 654	3 693	10 623	28 618	3 805	808	47 547
Accumulated amortization and impairment at 1 Jan 2022	-	-693	-6 691	-6 507	-2 415	-14	-16 320
Disposals	-	-	403	-	623	-	1 026
Amortization	-	-171	-652	-1 448	-510	-53	-2 834
Accumulated amortization and impairment at 30 Jun 2022	-	-864	-6 940	-7 955	-2 302	-67	-18 128
Net carrying value at 1 Jan 2022	134 054	2 491	2 767	21 297	1 259	501	28 314
Net carrying value at 30 Jun 2022	141 654	2 830	3 683	20 663	1 503	740	29 422

					Non		Total
			IT	Customer	competition	Development	intangible
EUR thousand	Goodwill	Trademarks	software	relationships	agreements	costs	assets
Cost at 1 Jan 2021	127 938	2 623	8 144	26 870	3 315	-	40 953
Additions	73	33	881	-	13	-	927
Cost
at 30 Jun 2021	128 011	2 656	9 025	26 870	3 328	-	41 880
Accumulated
amortization and
impairment
at 1 Jan 2021	-	-420	-5 526	-3 780	-1 496	-	-11 222
Amortization	-	-130	-432	-1 354	-524	-	-2 440
Impairment	-	-	-147	-	-	-	-147
Accumulated
amortization and
impairment
at 30 Jun 2021	-	-550	-6 105	-5 134	-2 020	-	-13 809
Net carrying value
at 1 Jan 2021	127 938	2 203	2 619	23 090	1 819	-	29 731
Net carrying value
at 30 Jun 2021	128 011	2 106	2 920	21 736	1 309	-	28 072

					Non		Total
			IT	Customer	competition	Development	intangible
EUR thousand	Goodwill	Trademarks	software	relationships	agreements	costs	assets
Cost at 1 Jan 2021	127 938	2 623	8 144	26 870	3 315	-	40 953
Acquisitions	6 116	527	16	934	508	342	2 327
Additions	-	34	1 298	-	-	174	1 506
Disposals	-	-	-	-	-150	-	-150
Cost at 31 Dec
2021	134 054	3 184	9 458	27 804	3 674	515	44 636
Accumulated
amortization and
impairment
at 1 Jan 2021	-	-420	-5 526	-3 780	-1 496	-	-11 222
Disposals	-	-	-	-	150	-	150
Amortization	-	-273	-1 008	-2 727	-1 068	-14	-5 090
Impairment	-	-	-157	-	-	-	-157
Accumulated
amortization and
impairment
at 31 Dec 2021	-	-693	-6 691	-6 507	-2 415	-14	-16 320
Net carrying value
at 1 Jan 2021	127 938	2 203	2 619	23 090	1 819	-	29 731
Net carrying
value at 31 Dec
2021	134 054	2 491	2 767	21 297	1 259	501	28 314

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 2022	827	7 296	1 481	849	102	10 556
Acquisitions	-	46	58	62	-	166
Additions	20	2 014	-	135	-	2 169
Disposals	-	-	-73	-	-	-73
Revaluation	-	9	-	-66	-	-57
Cost at 30 Jun 2022	848	9 366	1 466	980	102	12 761
Accumulated depreciation and
impairment at 1 Jan 2022	-415	-3 647	-1 098	-229	-73	-5 462
Depreciation	-81	-1 070	-45	-146	-	-1 342
Accumulated depreciation and impairment
at 30 Jun 2022	-495	-4 717	-1 143	-375	-73	-6 804
Net book value at 1 Jan 2022	413	3 650	383	620	29	5 095
Net book value at 30 Jun 2022	352	4 649	323	605	29	5 959

				Machinery
			Machinery	and
EUR thousand	Buildings	Buildings right-of-use	and equipment	equipment right-of-use	Other	Total
Cost at 1 Jan 2021	1 080	9 616	1 646	341	102	12 786
Additions	95	331	-	490	-	916
Disposals	-	-22	-110	-134	-	-266
Revaluation	-	-325	-	-2	-	-327
Cost at 30 Jun 2021	1 174	9 599	1 536	695	102	13 106
Accumulated depreciation and
impairment at 1 Jan 2021	-658	-3 871	-959	-241	-73	-5 802
Disposals	-	22	-	-	-	22
Depreciation	-71	-932	-75	-74	-	-1 152
Impairment	-	-	-10	-	-	-10
Accumulated depreciation and
impairment at 30 Jun 2021	-728	-4 781	-1 044	-315	-73	-6 941
Net book value at 1 Jan 2021	422	5 745	687	100	29	6 984
Net book value at 30 Jun 2021	446	4 818	492	380	29	6 166

				Machinery
			Machinery	and
		Buildings	and	equipment
EUR thousand	Buildings	right-of-use	equipment	right-of-use	Other	Total
Cost at 1 Jan 2021	1 080	9 616	1 646	341	102	12 786
Acquisitions	-	-	24	-	-	24
Additions	137	624	25	690	-	1 476
Disposals	-390	-2 198	-214	-185	-	-2 987
Revaluation	-	-746	-	3	-	-743
Cost at 31 Dec 2021	827	7 296	1 481	849	102	10 556
Accumulated depreciation and impairment at 1 Jan 2021	-658	-3 871	-959	-241	-73	-5 802
Disposals	390	2 198	-	185	-	2 773
Depreciation	-147	-1 858	-129	-173	-	-2 307
Impairment	-	-116	-10	-	-	-126
Accumulated depreciation and impairment
at 31 Dec 2021	-415	-3 647	-1 098	-229	-73	-5 462
Net book value at 1 Jan 2021	422	5 745	687	100	29	6 984
Net book value at 31 Dec 2021	413	3 650	383	620	29	5 095

Financial assets and liabilities measured at fair value

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

	30 Jun 2022	30 Jun 2021		31 Dec 2021
EUR thousand	Fair value	Level	Fair value	Level	Fair value	Level
Investments in shares, unlisted	240	3	240	3	240	3
Contingent consideration	1 053	3	142	3	1 981	3

During the reporting period there were no transfers between hierarchy levels 1, 2 or 3. The fair values of the financial assets and liabilities measured at amortized cost are not materially different from the carrying values.

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 and on 28 March 2022 to extend the third earning period of the incentive plan.

The aim of the incentive plan is to align the objectives of the shareholders and the key personnel in order 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 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 ends on 31 March 2023. The fourth 24 months earning period starts on 1 January 2023 and ends on 31 December 2024. The fifth 24 months earning period starts 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 and second earning periods.

From the third period a maximum of 246 000 shares can be paid as compensation. The compensation will be paid to the key personnel in the summer of 2023. 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. Additionally, the payment is subject to achieving the set revenue and operating profit margin targets. The amount of compensation paid is subject to the achievement levels of the performance targets. The board of directors has the right to pay the compensation in shares, cash or as a combination of these. Based on management's judgement, the compensation will be paid as a combination of shares and cash.

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 a used as a comprehensive guarantee for liabilities on the bank accounts included in the cash pool agreement.

EUR thousand	30 Jun 2022	30 Jun 2021	31 Dec 2021
Liabilities in balance sheet for which collaterals given
Borrowings, non-current	50 939	46 500	43 924
Borrowings, current	4 308	4 229	4 400
Total	55 247	50 729	48 325
EUR thousand	30 Jun 2022	30 Jun 2021	31 Dec 2021
Mortgages on own behalf
Company mortgages	100 000	100 000	100 000
Property, plant and equipment	-	19	16
Total	100 000	100 019	100 016

Related party transactions

Transactions and balances with related parties:

EUR thousand	1 Jan – 30 Jun 2022	1 Jan – 30 Jun 2021	1 Jan – 31 Dec 2021
Companies that have significant influence
Sales	7 674	2 609	10 566
Purchases	-115	-32	-257
Trade receivables	1 976	1 464	2 016
Trade payables and other liabilities	3	-2	10
Associated companies
Loan receivables	-	61	-

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

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 Apr – 30 Jun 2022	1 Apr – 30 Jun 2021	Change %	1 Jan – 30 Jun 2022	1 Jan – 30 Jun 2021	Change %	1 Jan – 31 Dec 2021
Key figures for income statement
Revenue	67 148	47 999	40%	118 053	84 598	40%	203 328
EBITDA	4 269	4 972	-14%	6 782	7 722	-12%	19 492
EBITDA margin, %	6.4%	10.4%	-	5.7%	9.1%	-	9.6%
EBIT	2 118	3 075	-31%	2 610	3 974	-34%	11 812
EBIT margin, %	3.2%	6.4%	-	2.2%	4.7%	-	5.8%
Earnings per share, basic, EUR	0.07	0.08	-	0.07	0.09	-	0.31
Earnings per share, diluted, EUR	0.07	0.08	-	0.07	0.09	-	0.30
Weighted average number of outstanding shares, pcs	25 046 815	24 849 375	-	25 046 815	24 849 375	-	24 883 655
Weighted average number of outstanding shares, diluted, pcs	25 292 815	25 028 466	-	25 292 815	25 028 466	-	25 081 134
Number of outstanding shares at the end of reporting period, pcs	-	-	-	25 046 815	24 849 375	-	25 046 815
Key figures for balance sheet
Net debt	-	-	-	60 260	48 862	-	48 702
Net debt excluding IFRS16	-	-	-	54 806	43 528	-	44 200
Net debt/EBITDA1	-	-	-	3.3 x	2.9 x	-	2.4 x
Gearing, %	-	-	-	56.0%	47.2%	-	44.6%
Equity ratio, %	-	-	-	48.9%	51.4%	-	52.8%
Equity per share, EUR	-	-	-	4.30	4.16	-	4.36
Key figures for cash flow
Operative free cash flow	6 002	3 898	-	4 334	-1 749	-	8 295
Purchase of tangible and intangible assets	-952	-550	-	-1 368	-1 007	-	-1 688
Acquisition of subsidiaries, net of cash acquired	-6 125	-	-	-6 125	-	-	-4 609
Operative key figures
Chain-wide revenue, EUR million	94.1	73.3	29%	171.1	129.7	32%	305.5
Franchise-fees, EUR million	1.7	1.7	-3%	3.3	3.1	8%	7.1
Light entrepreneurship invoicing volume, EUR million	10.4	10.4	1%	19.8	19.1	3%	41.4

1 EBITDA is based on estimated pro forma EBITDA of last 12 months.

Reconciliation of Certain Alternative Performance Measures

	1 Apr – 30 Jun	1 Apr – 30 Jun	1 Jan – 30 Jun	1 Jan – 30 Jun	1 Jan – 31 Dec
EUR thousand	2022	2021	2022	2021	2021
EBITDA
EBIT	2 118	3 075	2 610	3 974	11 812
Acquisiton related amortization1)	1 092	1 000	2 121	2 000	4 045
Other depreciation, amortization and impairment losses	1 059	897	2 051	1 748	3 636
Total depreciation, amortization and impairment losses	2 151	1 897	4 172	3 748	7 680
EBITDA	4 269	4 972	6 782	7 722	19 492
Operative free cash flow
Cash flows from operating activities before financial items
and taxes	6 954	4 448	5 702	-742	9 982
Purchase of tangible and
intangible assets	-952	-550	-1 368	-1 007	-1 688
Operative free cash flow	6 002	3 898	4 334	-1 749	8 295

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

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
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 + initial fees
Light entrepreneurship invoicing volume	=	Invoicing volume of the light entrepreneurship services