Prevas reported solid Q2 numbers that were nonetheless slightly below our expectations. Net sales was SEK 378m (335m) for a sales growth of 13% y-o-y, of which half was from organic growth and the rest from M&A. Adj. EBITA was SEK 34.8m (35.0m), corresponding to an EBITA margin of 9.2% (10.4%). The lower margin y-o-y was entirely driven by calendar effects, as the price/wage balance remains sound. In fact, the H1'23 profitability level is flat to H1'22, which contained an equal amount of working days. We have seen some negative KPIs from Swedish IT consultants and Architects and it is clear that the market is normalising, but Prevas has apparently been able to put its consultants to work in areas such as automation, electrification, defence and energy. Another positive is that client satisfaction in ongoing projects increased to 8.5 from 8.1 in Q1.
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