Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Ework Group: Automotive drag and rebalancing impact - ABG

Ework Group

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

Download report (PDF)
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, with adj. EBIT -38% y-o-y due to a surprisingly weak top line (-17% y-o-y, -13% vs. ABGSCe). This was due to recent portfolio rebalancing (8pp headwind), together with a continued weak market. We also note that most of Ework's peers, including Knowit, B3, CAG and TietoEVRY, have reported negative organic growth rates in Q1. The impact of the portfolio rebalancing has taken much longer to affect Ework's numbers than we initially expected (the Vattenfall churn was announced in Q1'24), and we anticipate a comparable effect in Q2e before comps become much easier in Q3e and beyond. In the broader market, we have observed ongoing weakness in the public sector, with few signs of imminent improvement. Meanwhile, the automotive sector (23% of GP) has deteriorated since Q4, as also evidenced by DevPort's Q1 figures. We expect these trends to continue in Q2e.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.