Ework Group: Better margins but weaker sales - ABG

Sales -8% vs. ABGSCe (-11% y-o-y), adj. EBIT -7% vs. ABGSCe
Slower market recovery than expected, but positive order growth
We expect cons to lower '24e-'26e adj. EBIT by ~3%


Q3 results

Q3 sales were SEK 3,227m (-8% vs. ABGSCe 3,513m), -11% y-o-y. Gross profit was SEK 128m (-4% vs. ABGSCe SEK 133m), -6% y-o-y, while adj. EBIT was SEK 39m (-7% vs. ABGSCe 42m), +3% y-o-y. The gross margin of 3.98% expanded from 3.75% in Q2, driven by a better sales mix (mainly in terms of product mix, but also by a higher share of senior consultants).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ework/Equity-research/2024/10/ework-group---better-margins-but-weaker-sales/