• Market is stabilising, yet uncertain
• We lower our short- to medium-term assumptions
• New permanent CEO will start this autumn
Q2: 2% sales decline y-o-y, 4% below ABGSCe
PION Group reported revenues of SEK 528m (540m), which was 4% below ABGSCe despite M&A contributions from Dreamwork of SEK 35m. The uncertain market conditions and the continued restructuring in Q2 had a larger impact on the business than we anticipated. Adj. EBITA was SEK -0.3m (18.7m) versus ABGSCe at SEK 8.8m. The deviation was caused by lower profitability in QRIOS and Poolia. On a more positive note, Uniflex maintained its profitability y-o-y and the strategic decision to focus on higher-margin assignments started to show its effect in the quarter. The market conditions are challenging, but the company now sees some stabilisation.