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Eksterne analyser

Ework Group: Automotive drag and rebalancing impact - ABG

Ework Group

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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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.
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