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Third party research

BTS Group: Focus on US activity and guidance - ABG

BTS Group

This is a third party research report and does not necessarily reflect our views or values

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Q1 likely solid, Q2 comments on activity in focus
We expect FY guidance to be reiterated
EBITA -3-4% '25-27e on neg. underlying/FX and pos. M&A


Focus on the US market and 2025 guidance

BTS delivers its Q1 report on 16 May, where we expect relatively solid momentum on the back of Accenture's Q2'25 report (corresponding to BTS' Q1), with 8.5% growth in constant currency, up from 8% in Q1'25. We estimate 4% organic growth in BTS, up from 0% in Q4, where mainly other markets disappointed. In terms of outlook for 2025, we will focus on comments in the US market from the start of Q2 and potential project delays in April due to the ongoing tariff discussions. Some companies may have paused projects, which could affect BTS negatively. However, we expect the FY guidance of "higher EBITA than in 2025" to remain in effect, although the negative FX developments will increasingly serve as a headwind, albeit somewhat offset by the latest acquisition of Nexo in Brasil.
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