Q3: Sales -15% y-o-y, adj. EBITA margin of -4.6% (-2.9%)
Projektengagemang's (PE) Q3 numbers marked a step back from the progress seen in Q2, as the sales decline accelerated to 15% y-o-y and underlying profitability (adj. EBITA margin) decreased. Sales was SEK 144.5m (170.4m) and adj. EBITA was SEK -6.6m (-4.9m); we expected SEK 152.6m and 0.2m, respectively. The deviation was primarily driven by a lower number of FTEs and a lower utilisation rate than expected. We are within a long downturn for the Swedish contracting market that started in '23, but according to Veidekke's latest market update, there are positive signs going into '25. The company sees the Swedish contracting market increasing by 4% in '25e and a further 7% in '26e. We think this development will benefit PE, and that '24 should mark the low-point in this cycle.
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