<a id="bm-comp-4536a881-ab27-4916-aa66-995120b438aa" name="bm-comp-4536a881-ab27-4916-aa66-995120b438aa" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4536a881-ab27-4916-aa66-995120b438aa" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">An EBIT increase to SEK 6m (3m) in Q4'25</font></li><li><font color="#000000">We raise EBIT by 2-3% for '26e-'27e</font></li><li><font color="#000000">Well positioned for a market recovery in 2026</font></li></ul></td></tr></table><a id="bm-comp-feed0a06-7c40-457b-950d-0058dacb1265" name="bm-comp-feed0a06-7c40-457b-950d-0058dacb1265" class="BMCustomAnchor"></a><table><tr><td bm-component-id="feed0a06-7c40-457b-950d-0058dacb1265" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4'25 report</h3><p>Ogusen reported Q4'25 sales of SEK 115m, up 1% y-o-y, ending nine consecutive quarters of declining revenue. The consulting segment grew 2% y-o-y, to SEK 106m, reflecting gradually improving demand. Recruitment sales (~8% of total sales LTM) declined 16% y-o-y, to SEK 9m, as the market remains weak and slightly volatile. Overall, competition continues to be tough, and pricing pressure remains high, limiting the margin expansion potential. Demand is somewhat stable but dependent on winning new assignments, and pricing continues to vary by client. Total FTEs amounted to 372, up q-o-q and flat y-o-y. We expect the headcount to remain broadly stable in the near term. EBIT improved to SEK 6m, with a 5.2% margin, compared to SEK 3m last year, supported by stable volumes. The company proposed a dividend of SEK 1.50 for a payout ratio of ~100%, which is in line with the five-year average.</p><h3 class="bm-h3">EBIT up by 2-3% for '26e-'27e</h3><p>With signs of stabilisation and easier comparables in 26'e, we increase our estimates slightly. We raise sales by 2% and EBIT by 2-3% for '26e-'27e. We expect a gradual market improvement, although margin expansion is likely to remain limited in the near team due to continued price sensitivity. As demand gradually improves and activity levels normalise, we expect revenue momentum to continue building through '26.</p><h3 class="bm-h3">Trading at 10-8x EV/EBIT for '26e-'27e</h3><p>Ogunsen is trading at 10-8x EV/EBIT for '26e-'27e. 2026 should benefit from easier comps and gradual improvement in activity. The consulting segment continues to show relative strength, positioning the company well in the early phase of a recovery cycle. As recruitment activity normalises, this could provide additional upside to estimates. Overall, we see improving fundamentals supporting a stronger earnings profile over the coming years.</p></td></tr></table>