BTS Group: North American recovery, guidance unchanged - ABG

* Sales 0% vs cons (2% organic growth), adj. EBITA +1% vs cons
* North America and Europe better, Other markets (southeast Asia) weaker
* FY guidance unchanged, estimates +1-3%, share +2-4% on good mix


Q1 details

Sales SEK 602m (2% vs ABG 590m, 0% vs cons 601m), adj. EBITA 62m (-2% vs ABG 63m, 1% vs cons 61m), adj. EBITA margin 10.3% (ABG 10.7%, cons 10.1%). Adj. EBITA -3% y-o-y (ABG -1%, cons -4%). Organic growth 2% (ABG 5%, cons 1%).


North American recovery as planned

Positive organic growth in both North America (4%) and Europe (17%), while negative in Other markets (-7%). EBITA beats in North America (+12% vs cons) and Europe (+54% vs cons), see strengthening client demand in North America among energy, healthcare and AI companies. Other markets miss vs cons related to Southeast Asia, but grew double-digit in Middle East. Good mix in returning North America to growth again. Unchanged guidance of “higher EBITA in 2026 vs 2025” as expected (cons +13% y-o-y), and says that actions taken in Other markets will show effects in H2.


Unchanged guidance, small positive estimate changes

We expect consensus to make small changes to 2026 EBITA due to the in-line report and unchanged guidance (+1-3% likely), while the mix is positive with North America and Europe better than expected, which should support the share today (+2-4%).