<a id="bm-comp-6bc794f3-cbfe-4479-89dc-b32dc858964d" name="bm-comp-6bc794f3-cbfe-4479-89dc-b32dc858964d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6bc794f3-cbfe-4479-89dc-b32dc858964d" style="vertical-align: top; width:100.000000%;"><ul><li>Sales -9% and EBIT -18% vs ABGSCe</li><li>Weak utilisation in the consultant market</li><li>Expecting market stabilisation in H1'26</li></ul></td></tr></table><a id="bm-comp-b0c2739e-851d-480d-9ef4-ff3020cf9f07" name="bm-comp-b0c2739e-851d-480d-9ef4-ff3020cf9f07" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b0c2739e-851d-480d-9ef4-ff3020cf9f07" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q3'25 details</h3><p>Ogunsen reported Q3'25 sales of SEK 100m (-9% vs. ABGSCe 109m), a 3% y-o-y decline. The company increased the number of consultants placed with clients, reflecting improving market demand, but lower utilisation and weak recruitment activity continued to weigh on sales. EBIT was SEK 6m (-18% vs. ABGSCe 7m), corresponding to a margin of 6% (8%).</p><h3 class="bm-h3">Signs of stabilisation emerging</h3><p>Consulting demand was broadly in line with last year, and strengthened through the quarter, ending above Q3 last year. The company also highlights early signs of stabilisation supported by higher activity levels. Recruitment remained subdues but showed sequential stabilisation.</p><h3 class="bm-h3">Estimate revisions</h3><p>While near-term demand indicators are improving, we still see overall market conditions as uncertain into Q4, with more solid stabilisation expected in H1'26. Based on the initial impression of the report, we expect consensus EBIT to come down by mid single-digit.</p><table id="bm-img-b9f08b47-1b02-48a7-a425-9560a70d581e" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="b9f08b47-1b02-48a7-a425-9560a70d581e" bm-img-original-height="524" bm-img-original-width="585" bm-img-svg="image:image_upload/92030_ed016104-f46a-4c51-87ed-feff050b6917.svg" bm-img-width-hint="80.58%" id="bm-id-b9f08b47-1b02-48a7-a425-9560a70d581e" src="https://abgsc.bluematrix.com/images/image_upload/92030_ed016104-f46a-4c51-87ed-feff050b6917_585.png" svg="/nas/web/clients/abgsc/images/image_upload/92030_ed016104-f46a-4c51-87ed-feff050b6917.svg" width="585" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>