<a id="bm-comp-f1fe3ab7-b8bb-4455-8c41-ac7c78ab4c65" name="bm-comp-f1fe3ab7-b8bb-4455-8c41-ac7c78ab4c65" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f1fe3ab7-b8bb-4455-8c41-ac7c78ab4c65" style="vertical-align: top; width:100.000000%;"><ul><li>Order intake +5% y-o-y – an early sign of stabilisation?</li><li>We keep '26e adj. EBIT broadly unchanged, raise '27e-'28e by 1-2%</li><li>9x '27e EV/EBIT adj., in line with peers</li></ul></td></tr></table><a id="bm-comp-e71c5549-1258-4256-84e1-16fbe63b76ad" name="bm-comp-e71c5549-1258-4256-84e1-16fbe63b76ad" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e71c5549-1258-4256-84e1-16fbe63b76ad" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Early signs of recovery</h3><p>It is still too early to say whether the market is bottoming out, but positive Q2 order intake (+5% y-o-y) could mark an early, tentative sign before we start seeing a broader turnaround in the Nordic consultancy market, particularly as this was the first y-o-y order intake increase since Q3'24. Adj. EBIT came in at SEK 28m, SEK 1m below our forecast, but the report was in line with our expectations overall. Sales continued to decline (-13% y-o-y), with Norway representing the growth pillar (+28% y-o-y) while all other regions declined. The gross margin has also held steady at 4.1% for six consecutive quarters, supported by add-on services and long framework agreements despite continued volume pressure. Peers have also reported negative organic growth, with Knowit, B3, and Prevas averaging around -5% y-o-y. The company has now completed its restructuring, with all costs taken in Q1, and we expect most of the SEK 18m in annual savings to land in EBIT from '27e onwards. Ework is also leaning into the AI shift, launching new AI services to capture rising demand for AI skills.</p><h3 class="bm-h3">Small changes to '26 estimates</h3><p>On the back of the report, we slightly increase '26 sales estimates but lower adj. EBIT by 1%, as we expect most cost efficiencies to be realised next year rather than in H2'26, alongside a modest sales recovery in the second half. We therefore raise sales and adj. EBIT by 1-2% for '27e-'28e.</p><h3 class="bm-h3">9x '27e EV/EBIT adj.</h3><p>The share is currently trading at 9x '27e EV/EBIT adj., in line with peers. While visibility into the timing and trajectory of the recovery remains limited, the combination of stabilising order intake, resilient gross margins and a fully implemented cost programme provides a stable foundation heading into H2'26. We continue to expect earnings to pick up once demand returns.</p></td></tr></table>