<a id="bm-comp-89a9a7d8-a137-4a15-95bd-f6aa76fcc890" name="bm-comp-89a9a7d8-a137-4a15-95bd-f6aa76fcc890" class="BMCustomAnchor"></a><table><tr><td bm-component-id="89a9a7d8-a137-4a15-95bd-f6aa76fcc890" style="vertical-align: top; width:100.000000%;"><ul><li>Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT -2% vs. ABGSCe</li><li>Order intake +5.4% y-o-y, the first increase in several quarters</li><li>We expect cons to leave '26e-'28e adj. EBIT broadly unchanged</li></ul></td></tr></table><a id="bm-comp-a2a70ead-e241-4351-87b4-6b207b607ef0" name="bm-comp-a2a70ead-e241-4351-87b4-6b207b607ef0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a2a70ead-e241-4351-87b4-6b207b607ef0" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Q2 sales were SEK 3,131m (+1% vs. ABGSCe 3,103m), -13% y-o-y. Gross profit was SEK 127m (in line vs. ABGSCe 128m), -14% y-o-y, while EBIT was SEK 28m (-2% vs. ABGSCe 29m). The gross margin came in at 4.06% (-0.06pp vs. ABGSCe), essentially flat y-o-y at ~4.1%. Order intake increased 5.4% y-o-y to SEK 4,367m, a clear improvement from Q1'26's -12%, though management is careful to call this an early signal rather than a broad recovery.</p><h3 class="bm-h3">Q2 thoughts</h3><p>The Nordic consultancy market remains cautious, but we see the first tentative signs of stabilisation. Norway was again the standout, sales +28% y-o-y (+3% vs. ABGSCe) on strength in telecom, public sector and energy, with segment result up 46%. Denmark continues to be weak, sales -24% y-o-y on continued banking weakness, but came in slightly above what we expected. Poland & Slovakia declined 31% following the previously flagged client phase-out, though Slovakia itself is showing improving underlying demand. Sweden (-14%) and Finland (-16%) also declined.</p><h3 class="bm-h3">Estimate changes</h3><p>Following the Q2 report, we expect consensus to leave '26e-'28e adj. EBIT estimates broadly unchanged. The new organisation is also now fully operational, and we see this as positive and expect to see a meaningful impact in the coming quarters. T<font color="#000000">here will be a conference call at 09.00 CET,</font> <a data-bm-trackable="false" href="https://www.youtube.com/live/wOWzI2zaj9s" target="_blank">link.</a></p></td></tr></table><a id="bm-comp-03107de8-0f75-4bf0-b68c-703839093dbb" name="bm-comp-03107de8-0f75-4bf0-b68c-703839093dbb" class="BMCustomAnchor"></a><table><tr><td bm-component-id="03107de8-0f75-4bf0-b68c-703839093dbb" style="vertical-align: top; width:100.000000%;"><table id="bm-img-d87ec6e6-1ef4-4cbb-91db-cf805f39464b" 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="d87ec6e6-1ef4-4cbb-91db-cf805f39464b" bm-img-original-height="755" bm-img-original-width="980" bm-img-svg="image:image_upload/97792_a484d8f2-618c-45b4-be09-a0b23a95c7be.svg" bm-img-width-hint="100%" id="bm-id-d87ec6e6-1ef4-4cbb-91db-cf805f39464b" src="https://abgsc.bluematrix.com/images/image_upload/97792_a484d8f2-618c-45b4-be09-a0b23a95c7be_733.png" svg="/nas/web/clients/abgsc/images/image_upload/97792_a484d8f2-618c-45b4-be09-a0b23a95c7be.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>