Projektengagemang: Persistent challenges going into Q3 - ABG

Challenging market conditions remain
Important that the company delivers on cost savings
Report due 26 October


Q3e: We think we will have to wait for a return to growth
>Projektengagemang (PE) will report its Q3 numbers on 26 October and we think it will be another challenging quarter, unfortunately. The market for architects remains grim, and according to Innovationsföretagen's latest report, the weakness seems to be spreading to other parts of the consultancy market as well. PE has yet to recover after the COVID-19 turmoil, as it has struggled with internal issues, although it has significantly improved its employer branding initiatives during 2022-23 and sentiment seems to hold that it is now mostly the weaker construction market that is currently holding it back. For Q3, we expect sales to decline 2% y-o-y with an EBITA margin of -6.3% (-2.9%).

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