123fahrschule SE: Resilient Q1 Performance Amid Market Challenges

123fahrschule SE has demonstrated resilience in the first quarter of FY26 with sales reaching €6.7 million, a 1.5% year-on-year increase. This growth contrasts with the general market trend of declining volumes, emphasizing the company's strong brand and digital presence. Smaller competitors face increased cost and compliance difficulties. Despite a decrease in EBITDA to €0.56 million from €0.67 million in the previous year, 123fahrschule continues to invest in vehicle fleets and marketing to secure market share.

Management maintains FY26 EBITDA guidance between €1.5 million and €2.5 million. Strategic investments are seen as a prelude to capturing expected demand from FY27 onward as reforms are set to expand the market with lower price points and digital learning options. The reform, effective January 1, 2027, includes full e-learning and simulator training, areas where 123fahrschule has proactively invested.

The report reaffirms a BUY rating with a target price of €6.10, highlighting 123fahrschule's market share gains and strategic positioning for future growth.