123fahrschule SE Demonstrates Profitability Gains Amidst Market Challenges

123fahrschule SE has shown robust financial performance despite ongoing market challenges. Preliminary figures for the first nine months of the year reveal an improvement in EBITDA, reaching €1.33 million, a 68% rise compared to the previous year. The EBITDA margin expanded to 6.8%. Sales saw a modest growth of 2.1% year-over-year, totaling €19.7 million. This growth is notable as several industry peers face declining volumes.

Cost efficiency measures, such as staff reductions and lease terminations in anticipation of e-learning shifts, have positively impacted earnings. The firm's core driving school segment saw EBITDA increase by 120% year-over-year. Subsidiary FahrerWerk is expected to reach a break-even point in Q4, and demand for simulator subsidiary Foerst is projected to increase following legislative reforms.

Management maintains its FY26 EBITDA guidance of €1.5-2.5 million, highlighting the potential for further growth as market reforms take effect. The research report reiterates a "BUY" recommendation with a target price of €6.10.