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Eksterne analyser

Ework Group: Soft orders, taking actions on costs - ABG

Ework Group

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

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* Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT +9% vs. ABGSCe
* Has initiated cost measures, aiming to save SEK 18m (5% of opex)
* We expect cons to cut '26e adj. EBIT ~25%


Q4 results

Q4 sales were SEK 3,639m (+1% vs. ABGSCe 3,609m), -13% y-o-y. Gross profit was SEK 150m (0% vs. ABGSCe SEK 150m), -10% y-o-y, while adj. EBIT was SEK 36m (+9% vs. ABGSCe 33m), down 33% y-o-y. Note that we have adjusted for a SEK 20m amortisation of immaterial assets (capitalised development costs). The gross margin improved well in y-o-y terms, but took a step back sequentially after a period of significant improvements. Q4 orders declined 14% y-o-y.


Q4 thoughts

The Nordic consultancy market has recently been challenging, which continues to affect demand for Ework's services. In particular, we have observed weakness in the automotive industry, a situation that has been exacerbated recently by Volvo Car's layoffs. As this is a significant end market for Ework, the impact is substantial. Alongside the results, Ework announced that it has initiated a transformation programme to increase operational efficiency, including changes to the management framework. This will drive annual cost savings of ~SEK 18m, with an impact that will build gradually throughout 2026, and corresponds to ~5% of opex. In light of the recent profitability trend, this is welcome news and will support margins going forward. Even so, the outlook is lacklustre, with Ework noting a weak market, and that it has entered 2026 with lower volumes and a weak trend in orders. Consequently, it expects 2026 EPS down 10-20% versus 2025.


Estimate changes

Following the Q4 report, we expect consensus to cut '26e adj. EBIT estimates by ~25% due to lower sales assumptions, slightly offset by the cost out measures.
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