Q2 sales of SEK 4,384m (0% vs. ABGSCe 4,393m), up 11% y-o-y. Gross profit was SEK 164m (-3% vs. ABGSCe SEK 169m), +14% y-o-y, while EBIT was SEK 38m (-17% vs. ABGSCe 46m), +9% y-o-y. The gross margin of 3.75% declined slightly from 3.81% in Q1, likely driven by the sales mix. Ework notes that hourly prices grew 2.7% y-o-y, which we believe serves as a good proxy for the entire Nordic market in Q2. It should be noted that Ework did not capitalise any expenses in the quarter, which had a negative impact on EBIT. Looking at EBITDA excl capitalised development costs, it came in -6% vs. ABGSCe.
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