Organic sales decline of 12% y-o-y
EBIT margin of 2.4% (9.6%)
Market tumbles further, H2'25 recovery more likely
Sixth straight quarter of sales decline, still gains market share
Ogunsen reported Q4 sales of SEK 115m (130m), reflecting a y-o-y decline of 12%. Consulting services revenue decreased by 10% y-o-y, while recruitment services saw a steeper drop of 25% y-o-y. This result was 8% below ABGSCe, where we had anticipated that easier comparables would mitigate the sales decline. However, we note that Ogunsen again outperformed the broader market, which contracted by 17% y-o-y, according to Kompetensföretagen. EBIT was SEK 2.8m (12.4m), translating to an EBIT margin of 2.4% (9.5%), significantly underperforming our expectation of SEK 11.2m. The company incurred additional costs of SEK 1.1m in the quarter related to workforce reduction efforts, which negatively impacted EBIT. The board proposed a DPS of SEK 1.90 (3.40).