123fahrschule SE: A Resilient Performance Amid Market Challenges

123fahrschule SE, amidst a tough market environment, released H1 2026 figures showing a slight increase in group sales to €13.0m, a minor dip from expectations but noteworthy given market decline trends. The ongoing reform has led prospective learners to delay enrollment, impacting sales. Nonetheless, the reported EBITDA of approximately €0.85m and an adjusted EBITDA rise of 12% to €1.1m confirm the company's operational strength.

The core segment saw improved profitability due to operational efficiencies and a successful transition to e-learning. The simulator subsidiary, Foerst, experienced minor challenges but anticipates a stronger H2 as new regulations boost demand. FahrerWerk prepares for expansion, expecting improved participant acquisition and utilization in the second half. Management holds steady on FY26 EBITDA guidance, eyeing potential market gains post-reform.