Lowering net recruitment expectations

Soft, but more insulated under the hood

No signs of additional improvement

On the road towards positive net recruitment

Positively surprised by the margin

Improving demand is positive for '26e

First step in recovery is underway

Enters 2025 with another acquisition

Stabilisation of conditions ahead

SE IT services: 2025 to be better, but far from great

Organic growth comps easy in '25e

Minor beat amid tough conditions

IT consulting market remains challenging

IT services remain challenging - CEO meetings

Easy comps to start in Q4

'24e-'26e adj. EBITA down 3-2%. Increasingly likely that Q3'24 will be the trough. NTM EV/EBITA of ~8x.

Likely at the trough

B3 Poland consolidation coming up

We raise '24e-'26e EBITA by 7-23% due to B3 Poland consolidation. NTM EV/EBITA of ~7.5x.

IT services CEO feedback

Acquires Webstep's Swedish operations

SEK 100m run-rate sales contribution excl. sub-contractors. Potential to earn 8-9% EBIT margin. Acquired at ~4x EV/EBIT on potential earnings.

Recovery still awaits

We lower '24e-'26e adj. EBITA by 35-1%. Potential for utilisation improvement in H2'24. '24e-'25e EV/EBITA of 12-6x.