* Sales were SEK 2,751m (+6% vs. ABGSCe), -8% y-o-y
* Order intake decreased 9% y-o-y to SEK 2,706m
* We expect cons to lift '27e-'28e adj. EBIT by roughly 7-5%
Q3 results
Q3 sales were SEK 2,751m (+6% vs. ABGSCe 2,596m), -8% y-o-y. Gross profit was SEK 117m (+10% vs. ABGSCe 107m), -7% y-o-y, while adj. EBIT was SEK 27m (+44% vs. ABGSCe 19m). The gross margin came in at 4.27% (+0.15pp vs. ABGSCe) and reached its highest level in several years. Order intake decreased 9% y-o-y to SEK 2,706m (-38% from Q2'26).
Q3 thoughts
The Nordic consultancy market remains cautious, and while we see the first tentative signs of stabilisation in KPIs, we think a turnaround will take time, especially in organic growth. We therefore think it is too early to speak of a broad recovery. Momentum is somewhat positive, but lead times from client dialogue to won business and placed consultants are still long, so the positive effect on the numbers will likely materialise in '27. Looking at the specific regions, Norway continues to be a growth driver, with sales up ~21%. Denmark (-25%), which has been a slow region for some time, continues to be weak, with subdued demand in Banking, Finance & Insurance, Manufacturing and Life Science. Sweden (-6%), Finland (-19%) and Poland (-28%) also saw declining sales and remain soft, and we think Sweden is gradually bottoming out, given the slower rate of decline vs. Q2, the 3% increase in segment result and the new sole MSP agreement with Tetra Pak.
Estimate changes
Following the Q3 report, we expect consensus to lift '27e-'28e adj. EBIT estimates by roughly 7-5%. Looking ahead, we expect the lower cost base and larger pipeline to support earnings once volumes recover in '27. There will be a conference call at 09.00 CEST, link.