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Third party research

Ogunsen: Sales beat but pressured profitability - ABG

Ogunsen

This is a third party research report and does not necessarily reflect our views or values

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* Sales +4% and adj. EBIT -47% vs ABGSCe* Weak demand in consulting and recruitment market* Consensus adj. EBIT likely down by high single-digit to low teensQ2'25 detailsOgunsen reports Q2'25 sales of SEK 112m (+4% vs. ABGSCe 107m), despite softer consultant demand. Adj. EBIT came in at SEK 3m (-47% vs. ABGSCe 6m), with an adj. EBIT margin of 3% (5%), impacted by negative calendar effects and restructuring costs of SEK 0.3m.Market headwinds persistConsulting demand was broadly in line with last year but remains under pressure. Recruitment activity showed some sequential stabilisation but was still lower year-on-year. Ogunsen is balancing cost efficiency with investments in automation and AI, which may continue to weigh on near-term profitability.Estimate revisionsWe believe market demand will remain uncertain into H2'25, and expect stabilisation into H1'26 instead. Based on the initial impression of the report, we expect consensus adj. EBIT to come down by high single-digit to low teens range.
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