Ework Group: Margins improve but sales decline - ABG

Sales -4% vs. ABGSCe (-11% y-o-y), EBIT -24% vs. ABGSCe
Weaker orders but improving margins, partly from portfolio rebalancing
We expect cons to lower '25e-'26e adj. EBIT by ~3%
Q4 results
Q4 sales were SEK 4,161m (-4% vs. ABGSCe 4,319m), -11% y-o-y. Gross profit was SEK 168m (-4% vs. ABGSCe SEK 174m), -8% y-o-y, while EBIT was SEK 54m (-24% vs. ABGSCe 72m), -7% y-o-y. Encouragingly, the gross margin increased to 4.03% from 3.98% in Q3, driven by Eworks' continued focus on a better sales mix combined with the recent portfolio rebalancing. The Board of Directors proposes a DPS of SEK 7.0/share (vs. SEK 7.0/share in 2023).
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ework/Equity-research/2025/2/ework-group---margins-improve-but-sales-decline/