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.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/b3-consulting-group/Equity-research/2025/4/b3-consulting-group---improving-demand-is-positive-for-26e/