<a id="bm-comp-c2222418-ed84-4ab4-9570-3c231308d0bd" name="bm-comp-c2222418-ed84-4ab4-9570-3c231308d0bd" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c2222418-ed84-4ab4-9570-3c231308d0bd" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Sales -9% but adj. EBITA +7% vs. consensus</font></li><li><font color="#000000">Margin improvement supported by cost efforts and Habberstad</font></li><li><font color="#000000">Consensus EBITA estimates likely down by mid single-digits</font></li></ul></td></tr></table><a id="bm-comp-cdeb5f80-b86e-4b3c-97a1-d39bd1db7ff2" name="bm-comp-cdeb5f80-b86e-4b3c-97a1-d39bd1db7ff2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cdeb5f80-b86e-4b3c-97a1-d39bd1db7ff2" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4'25 report</h3><p>B3 reported Q4'25 sales of SEK 315m (-8% vs. ABGSCe 343m, -9% vs. FactSet consensus), representing an organic decline of 14%. The decline was primarily driven by fewer B3 consultants and subcontractors. Two, slightly offsetting factors were higher hourly prices and utilisation rates. Adj. EBITA came in at SEK 17m (+8% vs. ABGSCe 16m, +7% vs. consensus), representing a margin of 5.4%, which was better than we expected, but it was also cost-driven. More specifically, it was due to lower overhead costs in Sweden.</p><h3 class="bm-h3">Thoughts and outlook</h3><p>The market environment remains soft, with negative net recruitment and cautious customer behaviour. However, B3 has adjusted its cost base relatively meaningfully as avg. FTEs declined ~10% y-o-y to 899 (1,005). While volumes remain somewhat soft in Sweden, the operations in Poland and Norway should help support earnings growth going forward.</p><h3 class="bm-h3">Consensus estimate revisions</h3><p><font color="#000000">On our unrevised estimates, B3 is trading at 5x '26e EV/EBITA. Mechanically, the impact on consensus EBITA estimates should be within a negative mid single-digit range when considering the reduced number of consultants and the somewhat lower overhead costs that offset the negative impact a bit. A presentation by the company will be hosted at 9.00 CET (<a data-bm-trackable="false" href="https://www.finwire.tv/webcast/b3-consulting-group/q4-2025/" target="_blank">link</a></font><font color="#000000">).</font></p><table id="bm-img-aa604d38-6b9a-4f94-a8f6-d6c08432ca55" 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="aa604d38-6b9a-4f94-a8f6-d6c08432ca55" bm-img-original-height="225" bm-img-original-width="953" bm-img-svg="image:image_upload/94254_0eabc52b-0223-4677-b594-5935951411c2.svg" bm-img-width-hint="100%" id="bm-id-aa604d38-6b9a-4f94-a8f6-d6c08432ca55" src="https://abgsc.bluematrix.com/images/image_upload/94254_0eabc52b-0223-4677-b594-5935951411c2_732.png" svg="/nas/web/clients/abgsc/images/image_upload/94254_0eabc52b-0223-4677-b594-5935951411c2.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet, Company data.</td></tr></table></td></tr></table>