* Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT -2% vs. ABGSCe
* Order intake +5.4% y-o-y, the first increase in several quarters
* We expect cons to leave '26e-'28e adj. EBIT broadly unchanged
Q2 results
Q2 sales were SEK 3,131m (+1% vs. ABGSCe 3,103m), -13% y-o-y. Gross profit was SEK 127m (in line vs. ABGSCe 128m), -14% y-o-y, while EBIT was SEK 28m (-2% vs. ABGSCe 29m). The gross margin came in at 4.06% (-0.06pp vs. ABGSCe), essentially flat y-o-y at ~4.1%. Order intake increased 5.4% y-o-y to SEK 4,367m, a clear improvement from Q1'26's -12%, though management is careful to call this an early signal rather than a broad recovery.
Q2 thoughts
The Nordic consultancy market remains cautious, but we see the first tentative signs of stabilisation. Norway was again the standout, sales +28% y-o-y (+3% vs. ABGSCe) on strength in telecom, public sector and energy, with segment result up 46%. Denmark continues to be weak, sales -24% y-o-y on continued banking weakness, but came in slightly above what we expected. Poland & Slovakia declined 31% following the previously flagged client phase-out, though Slovakia itself is showing improving underlying demand. Sweden (-14%) and Finland (-16%) also declined.
Estimate changes
Following the Q2 report, we expect consensus to leave '26e-'28e adj. EBIT estimates broadly unchanged. The new organisation is also now fully operational, and we see this as positive and expect to see a meaningful impact in the coming quarters. There will be a conference call at 09.00 CET, link.