123fahrschule: Solid Q1 against market trend; reform momentum building - NuWays AG Research
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123fahrschule: Solid Q1 against market trend; reform momentum building - NuWays AG Research

123f started FY26 on a resilient note, delivering Q1 sales of € 6.7m (+1.5% yoy) in a market that continues to show broadly declining volumes. The ability to grow revenues against this trend reflects 123f's stronger brand and digital reach relative to smaller peers, which are facing increasing cost and compliance pressure in the current environment. Notably, this outperformance comes despite the ongoing demand vacuum created by prospective students deferring enrollment ahead of the reform, waiting for lower fees and digital learning options to become available, a dynamic that disproportionately affects less digitised competitors.

We reiterate our BUY rating with a PT of € 6.10.
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