The last cost initiative done for now?

Q4 hit by restructuring costs. We lower estimates again. Positive update on the cost savings for office space.

Cost savings accelerated in Q3

Challenging market environment currently. Adj. numbers show signs of progress. No help from the construction market in 2024.

Persistent challenges going into Q3

Challenging market conditions remain. Important that the company delivers on cost savings. Report due 26 October.

Still an uphill battle as market worsens

Weakness in Architecture behind negative growth. Long-term negative EBIT revisions of 9%. Needs help from a better construction market.

Weak demand for architects a headwind

We expect a return to sales growth in H2 '23. Resilient despite the tight market conditions. Focus on ability to offset wage inflation in Q2.

Solid performance in a challenging market

Weakness in Architecture behind negative growth. Settlement fee explains '23e EBITA revisions. Strong cash flow in Q1 from one-time effects.

A winding road ahead

We expect continued headwinds in Q4. '23e EBIT down 3% on lower utilisation. New fair value range of SEK 14-25.

ABGSC's Investor Days feedback