B3 Consulting Group: Improving demand is positive for '26e - ABG
Bildkälla: Stockfoto

B3 Consulting Group: Improving demand is positive for '26e - ABG

We cut '25e-'27e adj. EBITA by 13-1%
Gross profit per consultant at normal levels in '26e
'25e EV/EBITA of 7.5x


What to expect in Q1'25e

We expect sales of SEK 335m for Q1'25e, implying y-o-y growth of 19% (of which the organic decline is -5%), along with EBITA of ~SEK 17m, corresponding to an EBITA margin of 5.1%. YTD data for IT consultants showed demand improvement, coupled with expectations for worsened hourly prices and a continued negative net recruitment. It is likely that IT consulting businesses are waiting for improved margins prior to resuming a recruitment agenda in line with historical averages.
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