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Eksterne analyser

Ework Group: Solid margin resilience - ABG

Ework Group

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

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* Sales -1% vs. ABGSCe (-7% y-o-y), adj. EBIT -8% vs. ABGSCe* Solid margin outlook despite weaker volumes* We expect cons to cut '26e EBIT c. 3-5%Q3 resultsQ3 sales were SEK 2,990m (-1% vs. ABGSCe 3,014m), -7% y-o-y. Gross profit was SEK 127m (+2% vs. ABGSCe SEK 124m), -1% y-o-y, while EBIT was SEK 28m (-25% vs. ABGSCe 37m). Also, please note NRIs of SEK 6m, meaning that adj. EBIT was SEK 34m, -8% vs. our forecast. The gross margin continued to increase in y-o-y terms, coming in at 4.2%, driven by Ework's continued focus on a better sales mix combined with the recent portfolio rebalancing. This is in line with the company's strategy, and is thus encouraging to see.Q3 thoughtsThe Nordic consultancy market has recently been tough, but Ework is managing rough waters solidly. On the back of recent changes - including churning out margin-dilutive contracts - the portfolio is now in a much better place than a couple of quarters ago, and comps are gradually becoming easier. Regarding the outlook, Ework highlights that its new digital platform is now established across the Nordics, with implementation in Poland and Slovakia planned for Q4’25. We believe this positions Ework well to drive automation, efficiency, and improved matching capabilities across its operations.Estimate changesFollowing the Q3 report, we expect consensus to cut '26e adj. EBIT estimates 3-5% on the back of slightly lower sales.
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