Ework Group

* Continued gross margin expansion, but the market remains tough* We take a more cautious view on the recovery* We cut '25e-'27e adj. EBIT by 10-15%; 12x-10x '25e-'26e EV/EBITGood gross margins, but tough marketThe overall market remains challenging,...

Continued gross margin expansion, but the market remains tough We take a more cautious view on the recovery We cut '25e-'27e adj. EBIT by 10-15%; 12x-10x '25e-'26e EV/EBIT Good gross margins, but tough market The overall market remains challenging, with...

* Sales -1% vs. ABGSCe (-7% y-o-y), adj. EBIT -8% vs. ABGSCe* Solid margin outlook despite weaker volumes* We expect cons to cut '26e EBIT c. 3-5%Q3 resultsQ3 sales were SEK 2,990m (-1% vs. ABGSCe 3,014m), -7% y-o-y. Gross profit was SEK 127m (+2% vs...

* Ework enters its eighth market: Germany* Cost-effective action, while moving along existing clients into new markets* 2025e will be a challenging year, but organic efforts are improving Enters Germany... Today, Ework announced that it is continuing...

The market remains challenging As in recent quarters, Ework's Q2 was affected by a weak market, with ongoing macroeconomic turmoil weighing on sales volumes. Sales declined by 13% y-o-y, of which 5pp stemmed from the recent portfolio rebalancing (vs....

Q2 results Q2 sales were SEK 3,601m (+1% vs. ABGSCe 3,550m), -13% y-o-y. Gross profit was SEK 148m (+2% vs. ABGSCe SEK 145m), -5% y-o-y, while EBIT was SEK 45m (+32% vs. ABGSCe 34m due to 7% lower costs). Encouragingly, the gross margin continued to ...

Karin Schreil, CEO, leaves her position at the end of 2025 She has implemented significant internal changes since 2021 Surprising, but undramatic CEO informs that she is leaving her position Ework has announced that CEO, Karin Schreil (54 years old),...

Portfolio rebalancing and weak market behind PW We lower '25e-'27e EBIT by 31-22% on lower sales We expect some market recovery in '26e Still no signs of meaningful market improvement Ework's full Q1 figures were in line with the preliminary numbers,...

Preliminary Q1 figures: sales -17% y-o-y, -13% vs. ABGSCe Weak market and client phase-outs, but surprising softness Full report due 14 May; FY'25 EBIT likely down >15% Sales -17% y-o-y amid challenging market and client exits This evening Ework released...