123fahrschule: 9M: Profitability turns visible; chg. - NuWays AG Research
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123fahrschule: 9M: Profitability turns visible; chg. - NuWays AG Research

123f released preliminary 9M figures that continue the earnings momentum seen in H1. Despite the ongoing demand vacuum ahead of the driving school reform, the group has generated a positive EBITDA in every single month of FY26 so far. In detail:

Q3 marks a clear earnings step-up. Reported group EBITDA improved to € 0.49m in Q3 (Q3'25: € -0.19m), lifting 9M EBITDA by 68% yoy to € 1.33m (9M’25: € 0.79m). The 9M EBITDA margin thus expanded to 6.8%, up 2.7pp yoy. Sales grew 4.7% yoy to € 6.7m in Q3, and 2.1% to € 19.7m for 9M. Growth in the core business was partly offset by the investment restraint at Foerst. In a market where many peers are reporting declining volumes, this still stands out positively, in our view.
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