Market remains challenging

Still waiting for a recovery

Q1 profitability was not a one-off

More focus on growth. Market still a headwind, but positive signs emerging. We raise '24e-'26e EBITA by 3-1%.

Clear profitability improvement in Q1

Excellent cost control behind beat. Market conditions still challenging. Positive update on cost savings for office space.

Projektengagemang - Almost back to organic growth in Q3

Positive net recruitment but lower profitability We decrease our margin assumption slightly for ‘23e Demand is holding up, but uncertainty is increasing

Projektengagemang - Tougher market ahead

Internal improvements offset by cautious customers Recession risk reflected in update, ‘23e EBIT down ~20% Makes a smaller acquisition within Environment

Projektengagemang - A welcome increase in FTEs q-o-q

Q2 net sales 6% below ABGSCe We trim our long-term EBIT estimates by 10% Fair value range of SEK 17-29 (20-33)

Projektengagemang - R12-month EBITA on the rise

Still looking for growth but signs are promising Feels like we have been one quarter too early New fair value range of SEK 20-33 (20-35)

Projektengagemang - Entering 2022 in better shape

Improving eNPS bodes well in a tough hiring market Revisions from lower number of consultants DCF valuation range of SEK 20-35

Projektengagemang - Still struggling with employee turnover

Q3 too soon for a recovery Employees down q-o-q leads to estimate revisions Mgmt. note increased demand & improved backlog

Projektengagemang - ABGSC’s Investor Day seminar feedback

Solid order intake at beginning of Q3 Lower staff turnover than in the beginning of the year ‘22e EV/EBITA of 8.7x for ABGSCe

Projektengagemang - Higher staff turnover slows down the recovery

New financial targets signal increased profitability Estimates down to reflect lower employee base DCF valuation range SEK 20-39 (21-41)

Projektengagemang - Still waiting for sales initiatives to bite

Solid profitability in Q1 Recovery will take longer than previously expected DCF valuation range SEK 21-41 (22-42)

Projektengagemang - Drawing a sustainable future

A leading engineering and architecture consultancy firm 13% EBITA and 28% EPS CAGR ’20-‘23e DCF valuation range of SEK 22-42