<a id="bm-comp-2fe7b485-33ec-46b3-98ba-833436c65aba" name="bm-comp-2fe7b485-33ec-46b3-98ba-833436c65aba" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2fe7b485-33ec-46b3-98ba-833436c65aba" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Sales +3% vs. ABGSCe (-14% y-o-y), adj. EBIT +39% vs. ABGSCe</font></li><li><font color="#000000">Market still hesitant, cost savings to help margins</font></li><li><font color="#000000">We expect cons to raise '26e adj. EBIT by ~5%</font></li></ul></td></tr></table><a id="bm-comp-422538d7-ae8f-4220-80f1-0caee93a9fc7" name="bm-comp-422538d7-ae8f-4220-80f1-0caee93a9fc7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="422538d7-ae8f-4220-80f1-0caee93a9fc7" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p><font color="#000000">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.</font></p><h3 class="bm-h3">Q1 thoughts</h3><p><font color="#000000">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%).</font></p><h3 class="bm-h3">Estimate changes</h3><p><font color="#000000">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,</font> <a data-bm-trackable="false" href="https://financialhearings.com/event/52829" target="_blank">link.</a></p></td></tr></table><a id="bm-comp-34ee6bab-19df-4cd8-9d4d-fc8720c65e42" name="bm-comp-34ee6bab-19df-4cd8-9d4d-fc8720c65e42" class="BMCustomAnchor"></a><table><tr><td bm-component-id="34ee6bab-19df-4cd8-9d4d-fc8720c65e42" style="vertical-align: top; width:100.000000%;"><table id="bm-img-c397554e-ab7a-4445-8f68-cbbeb123cdd2" 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="c397554e-ab7a-4445-8f68-cbbeb123cdd2" bm-img-original-height="779" bm-img-original-width="931" bm-img-svg="image:image_upload/95782_b7e2fa0a-f927-45c8-b3ca-622304713afe.svg" bm-img-width-hint="100%" id="bm-id-c397554e-ab7a-4445-8f68-cbbeb123cdd2" src="https://abgsc.bluematrix.com/images/image_upload/95782_b7e2fa0a-f927-45c8-b3ca-622304713afe_733.png" svg="/nas/web/clients/abgsc/images/image_upload/95782_b7e2fa0a-f927-45c8-b3ca-622304713afe.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>