• Sales +3% vs. ABGSCe (-14% y-o-y), adj. EBIT +39% vs. ABGSCe
• Market still hesitant, cost savings to help margins
• We expect cons to raise '26e adj. EBIT by ~5%

Q1 results

Q1 sales were SEK 3,022m (+3% vs. ABGSCe 2,948m), -14% y-o-y. Gross profit was SEK 124m (2% vs. ABGSCe 121m), -13% y-o-y, while adj. EBIT was SEK 23m (+39% vs. ABGSCe 17m), -33% y-o-y. The gross margin was at a similar level as in Q4, which we assess is a decent level. In line with the company's previous communication, Q1 was affected by SEK ~9m in restructuring costs. This will lend gradual tailwinds to profitability, with the company targeting annuals savings of SEK 18m in 2027. Finally, orders remained in negative territory, down 12% y-o-y (vs. -14% y-o-y in Q4) to SEK 3,693m.

Q1 thoughts

The Nordic consultancy market remains soft, with cautious demand amid geopolitical uncertainty, higher energy prices and continued cost focus among clients. Denmark is the weakest region, declining -30% y-o-y, with weakness across most sectors, but Life Science was particularly soft (likely connected to layoffs at Novo Nordisk). Poland & Slovakia was affected by the previously flagged loss of a major client contract, but underlying demand was largely unchanged. On the positive side, Norway saw sales +19% y-o-y, mainly driven by a strong telecom market. Ework's 2026 guidande of EPS down 10-20% was reiterated (ABGSCe -16%).

Estimate changes

Following the Q1 report, we expect consensus to raise '26e adj. EBIT estimates by ~5%, mainly driven by slightly higher sales assumptions. There will be a conference call at 09.30 CET,link.