Battling a challenging market

Waiting for the recovery to start

Tough Q2, but it's not getting worse

Still too early for a broader recovery

Organic sales decline of 11% y-o-y. EBIT margin of 8.1% (11.7%). Demand in Q2 at the same level as Q1.

Ogunsen - An impressive Q3 on the books

EBIT beat of 32% vs ABGSCe We are cautious to extrapolate, ’23e EBIT up 4% ’23e EV/EBIT of 7.5x, 8.2% expected dividend yield

Ogunsen - Still strong demand in Q2

Q2 sales +6% above ABGSCe We make positive revisions on the back of the report Good start to Q3, monitoring any market weakness

Ogunsen - Good start to the year, EBIT up <100% y-o-y

Demand is holding up well initially in Q2 Small negative adjustments for ’22e-’23e Share of recruitment revenues normalising in Q1

Ogunsen - Beats financial targets for 2021

Q4 EBIT in top end of pre-announced range High demand has continued in Q1‘22 Proposes dividend of SEK 3.30 (2.00) per share

Ogunsen - Strong results for Q4 pre-announced

Net sales +34% y-o-y, EBIT of SEK 15-16m We think momentum can be extrapolated to ‘22e In a good position to reach financial targets next year

SJR in Scandinavia - Demand remains high

Impressive profitability in Q3 Estimates up on higher expected margins Changing name to Ogunsen AB

SJR in Scandinavia - Strong recovery in Q2

Recruitment business bounces back Positive revisions, mainly from increased margins Company adopts new growth strategy

SJR in Scandinavia - Q2 likely stronger than expected

EBIT margin rebound in Q2 Positive revisions from increased margin assumption Share trading at a P/E of 11.9x for ‘22e

SJR in Scandinavia - Gradual improvement during Q1

Profitability has bounced back Positive estimate revisions on higher margins Share trades at EV/EBIT 11.0x for ’21e

SJR in Scandinavia - Signs of a recovery starting to show

We were a bit optimistic about the timing of a recovery Negative revisions as a consequence Trading at a ‘21e EV/EBIT of 8.2x

SJR in Scandinavia - Manages to show profit in a tough Q2

Staffing demand held up better than expected Recruiting looks more challenging short-term Positive EBIT revisions of 7-3% for ‘21e-‘22e

SJR in Scandinavia - Low demand for recruitment

Staffing less affected by COVID-19 in Q1 Short-term layoffs from April Trading at 6.6x EV/EBIT ’21e, 8.9% div. yield

SJR in Scandinavia - Capable of enduring this crisis

Facing demand uncertainties due to COVID-19 Major revisions to reflect current conditions Trades at ’21e EV/EBIT of 6.1x, div. yield of 10%

SJR in Scandinavia - Solid performance in a challenging year

Ending 2019 with cautious optimism New office in Uppsala should drive growth in 2020 Staffing market outlook still cumbersome

SJR in Scandinavia - A surprisingly strong Q3

Sales up 11%, 8% above ABGSCe Remember that Q3 is a small quarter EV/EBIT 9.1x for 2020e

SJR in Scandinavia - Challenges persist in Q2

Sales up 1% y-o-y, 2% below ABGSCe Uncertainty regarding growth leads to estimate cuts EV/EBIT 8.2x for 2020e