Projektengagemang's Q1 came in roughly in line with SEBe and Factset consensus on top line but fell short on profitability. Adj. EBIT down 55% y/y and missed Factset consensus estimate by SEK 5m, or -40% below consensus. Adj. EBIT margin is 4.2%, down from 8.3% last year. Utilization rate is flat y/y and hourly rates are said to increase. We expect negative revisions on the back of the report given the lower profitability.
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