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Third party research

Prevas: Structural headwinds weigh on earnings - ABG

Prevas

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

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Q2'25 details
Prevas reports Q2'25 sales of SEK 409m (-4% vs. ABGSCe 428m), and an organic decline of 9%. Reported adj. EBITA came in at SEK 21m (-27% vs. ABGSCe 28m), with an adj. EBITA margin of 5%, affected by a lower utilisation rate, restructuring costs of SEK ~6m, and negative calendar effect.

Selective momentum in a tough market
Technical consulting remains under pressure from weak demand, lower FTE levels, and pricing headwinds, particularly in software and industrial segments. However, demand seems to continue increase for defence, cybersecurity and energy segments. Moreover, Finland continues to grow, supported by a focused sales agenda though profitability remains affected by integration and cost adjustments.

Slightly negative consensus estimate revisions
Prevas is trading at ~9x '26e EV/EBITA on our unrevised estimates. Based on our initial impression of the report, we expect consensus adj. EBITA to mechanically come down by mid single-digits.
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