<a id="bm-comp-c79ab7d4-b31e-478e-880e-e991ee91c215" name="bm-comp-c79ab7d4-b31e-478e-880e-e991ee91c215" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c79ab7d4-b31e-478e-880e-e991ee91c215" style="vertical-align: top; width:100.000000%;"><ul><li>Market remains soft, but Ework is taking decisive actions on costs</li><li>We raise '26e-'28e adj. EBIT by 4-2% on 1% higher sales</li><li>11x/9x '26e/'27e EV/EBIT adj. – in line with peers</li></ul></td></tr></table><a id="bm-comp-7864143a-e1f2-4e60-b2ba-f537a57431bd" name="bm-comp-7864143a-e1f2-4e60-b2ba-f537a57431bd" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7864143a-e1f2-4e60-b2ba-f537a57431bd" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">No signs of recovery yet, but Ework is taking actions on costs</h3><p>The Nordic consultancy market has yet to recover from its protracted slump, resulting in Ework reported sales -14% y-o-y (vs. -12% y-o-y in Q4'25). Peers have also reported negative org. growth, with Knowit, B3, and Prevas averaging -7% y-o-y. That said, amid better-than-expected cost control, adj. EBIT of SEK 23m (-33% y-o-y) was above our SEK 17m forecast. Here, Ework reported NRIs of SEK 9m relating to the previously communicated reorganisation. While Sweden showed a similar trend to recent quarters, Norway is improving (+19% y-o-y), supported by telecom, the public sector and energy. Denmark had a notably weak quarter (sales -29% y-o-y), albeit this was not too surprising given recent industry news of layoffs at companies such as Novo Nordisk.</p><h3 class="bm-h3">Improved cost base</h3><p>The reorganisation is now fully implemented. As part of the new CEO's strategic shift, Ework is becoming more customer-centric, which includes reducing the management team by around 50%. In light of the recent drop in sales volumes, we believe this move is sensible and will better equip Ework to handle the current dynamic environment. Also, and unlike under the previous management, the company is now prioritising volume growth over improving gross margins. Nonetheless, we lift our '26e-'28e adj. EBIT figures by 4-2% on slightly higher sales assumptions.</p><h3 class="bm-h3">11x/9x '26e/'27e EV/EBIT adj.</h3><p>The overall market remains subdued and visibility into the timing and trajectory of the recovery remains blurred. With that said, we argue that Ework's market-leading position and strong balance sheet mean it is comparatively better at handling the lower volumes. The stock is currently at 11x/9x '26e/'27e EV/EBIT adj., in line with peers.</p></td></tr></table>