Portfolio rebalancing and weak market behind PW We lower '25e-'27e EBIT by 31-22% on lower sales We expect some market recovery in '26e Still no signs of meaningful market improvement Ework's full Q1 figures were in line with the preliminary numbers,...

Preliminary Q1 figures: sales -17% y-o-y, -13% vs. ABGSCe Weak market and client phase-outs, but surprising softness Full report due 14 May; FY'25 EBIT likely down >15% Sales -17% y-o-y amid challenging market and client exits This evening Ework released...

Weak market coupled with portfolio rebalancing headwinds We lower '25e-'26e EBIT by 4-3% Poised for improved margins, 11x '25e EV/EBIT Market remains subdued The subdued market for Nordic consultants continued in Q4, putting pressure on utilisation and...

Sales -4% vs. ABGSCe (-11% y-o-y), EBIT -24% vs. ABGSCe Weaker orders but improving margins, partly from portfolio rebalancing We expect cons to lower '25e-'26e adj. EBIT by ~3% Q4 results Q4 sales were SEK 4,161m (-4% vs. ABGSCe 4,319m), -11% y-o-y....

Ework is not just a consultancy broker Demand will gradually pick up, but the pace is uncertain Margins to improve with better GMs and increased efficiency Introduction to the offering Yesterday we hosted Ework's CEO (Karin Schreil) and CFO (Johanna ...

- Slower recovery, but positive gross margin trend - We lower '24e-'26e adj. EBIT by 4% - Poised for improved profit growth, 10x '25e EV/EBIT Tough market, but some positive signs The Nordic consultancy market has been weak for >18 months. Although we...

Sales -8% vs. ABGSCe (-11% y-o-y), adj. EBIT -7% vs. ABGSCe Slower market recovery than expected, but positive order growth We expect cons to lower '24e-'26e adj. EBIT by ~3% Q3 results Q3 sales were SEK 3,227m (-8% vs. ABGSCe 3,513m), -11% y-o-y. Gross...