Ework Group

* Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT +9% vs. ABGSCe * Has initiated cost measures, aiming to save SEK 18m (5% of opex) * We expect cons to cut '26e adj. EBIT ~25% Q4 results Q4 sales were SEK 3,639m (+1% vs. ABGSCe 3,609m), -13% y-o-y. Gross...

* Market conditions remain challenging, lowering Q4e volumes* We lower '25e-'27e adj. EBIT by 3-6%* 12x-11x '25e-'26e EV/EBIT adj.Automotive is the main culpritWe expect the recent challenging market conditions to persist in Q4. In addition to generally...

* CFO and new CEO gave a general presentation* Some positive market signs, mainly in public and telecom sectors* Stock trading at 12x-10x '25e-'26e EV/EBIT (10y avg. 12x) Ework in brief Earlier today, we hosted Ework's new CEO, Daniel Almgren, and CFO...

* Continued gross margin expansion, but the market remains tough* We take a more cautious view on the recovery* We cut '25e-'27e adj. EBIT by 10-15%; 12x-10x '25e-'26e EV/EBITGood gross margins, but tough marketThe overall market remains challenging,...

Continued gross margin expansion, but the market remains tough We take a more cautious view on the recovery We cut '25e-'27e adj. EBIT by 10-15%; 12x-10x '25e-'26e EV/EBIT Good gross margins, but tough market The overall market remains challenging, with...

* Sales -1% vs. ABGSCe (-7% y-o-y), adj. EBIT -8% vs. ABGSCe* Solid margin outlook despite weaker volumes* We expect cons to cut '26e EBIT c. 3-5%Q3 resultsQ3 sales were SEK 2,990m (-1% vs. ABGSCe 3,014m), -7% y-o-y. Gross profit was SEK 127m (+2% vs...

* Ework enters its eighth market: Germany* Cost-effective action, while moving along existing clients into new markets* 2025e will be a challenging year, but organic efforts are improving Enters Germany... Today, Ework announced that it is continuing...

The market remains challenging As in recent quarters, Ework's Q2 was affected by a weak market, with ongoing macroeconomic turmoil weighing on sales volumes. Sales declined by 13% y-o-y, of which 5pp stemmed from the recent portfolio rebalancing (vs....

Q2 results Q2 sales were SEK 3,601m (+1% vs. ABGSCe 3,550m), -13% y-o-y. Gross profit was SEK 148m (+2% vs. ABGSCe SEK 145m), -5% y-o-y, while EBIT was SEK 45m (+32% vs. ABGSCe 34m due to 7% lower costs). Encouragingly, the gross margin continued to ...