Copyright © Inderes 2011 - present. All rights reserved.
  • Uusimmat
  • Pörssi
    • Aamukatsaus
    • Osakevertailu
    • Pörssikalenteri
    • Osinkokalenteri
    • Analyysi
    • Artikkelit
    • Sisäpiirin kaupat
    • Transkriptit
  • inderesTV
  • Mallisalkku
  • Foorumi
  • Premium
  • Femme
  • Nora AI
  • Opi
    • Sijoituskoulu
    • Q&A
    • Analyysikoulu
  • Meistä
    • Seurantayhtiöt
    • Tiimi
Kolmannen osapuolen analyysi

Ework Group: Soft orders, taking actions on costs - ABG

Ework Group

Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja

Lataa raportti (PDF)
* Sales +1% vs. ABGSCe (-13% y-o-y), adj. EBIT +9% vs. ABGSCe
* Has initiated cost measures, aiming to save SEK 18m (5% of opex)
* We expect cons to cut '26e adj. EBIT ~25%


Q4 results

Q4 sales were SEK 3,639m (+1% vs. ABGSCe 3,609m), -13% y-o-y. Gross profit was SEK 150m (0% vs. ABGSCe SEK 150m), -10% y-o-y, while adj. EBIT was SEK 36m (+9% vs. ABGSCe 33m), down 33% y-o-y. Note that we have adjusted for a SEK 20m amortisation of immaterial assets (capitalised development costs). The gross margin improved well in y-o-y terms, but took a step back sequentially after a period of significant improvements. Q4 orders declined 14% y-o-y.


Q4 thoughts

The Nordic consultancy market has recently been challenging, which continues to affect demand for Ework's services. In particular, we have observed weakness in the automotive industry, a situation that has been exacerbated recently by Volvo Car's layoffs. As this is a significant end market for Ework, the impact is substantial. Alongside the results, Ework announced that it has initiated a transformation programme to increase operational efficiency, including changes to the management framework. This will drive annual cost savings of ~SEK 18m, with an impact that will build gradually throughout 2026, and corresponds to ~5% of opex. In light of the recent profitability trend, this is welcome news and will support margins going forward. Even so, the outlook is lacklustre, with Ework noting a weak market, and that it has entered 2026 with lower volumes and a weak trend in orders. Consequently, it expects 2026 EPS down 10-20% versus 2025.


Estimate changes

Following the Q4 report, we expect consensus to cut '26e adj. EBIT estimates by ~25% due to lower sales assumptions, slightly offset by the cost out measures.
Sosiaalinen media
  • Inderes Foorumi
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Yhteystiedot
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • Meistä
  • Tiimi
  • Avoimet työpaikat
  • Inderes sijoituskohteena
  • Palvelut pörssiyhtiöille
Sivusto
  • UKK
  • Käyttöehdot
  • Tietosuojaseloste
  • Vastuuvapauslauseke
Inderesin vastuuvapauslauseke löytyy täältä. Kunkin Inderesin aktiivisessa seurannassa olevan osakkeen tarkemmat tiedot löytyvät kunkin osakkeen omilta yhtiösivuilta Inderes-sivustolla. © Inderes Oyj. Kaikki oikeudet pidätetään.