Stabilising but volumes still await

Research evidence excerpt

Stabilising but volumes still await

Equity Research - 30 June 2026 21:16 CEST

Reason: Preview of resultsEwork Group

Stabilising but volumes still await Commissioned research

• Market conditions remain soft Not rated

• We lower '26e-'27e adj. EBIT by 1-4% IT

• 11x-9x '26e-'27e EV/EBIT adj.

Estimate changes (%)

Positive signals in Sweden, but volumes await 2026e 2027e 2028e

The Nordic consultancy downturn has lasted longer than most anticipated, Sales 0.2 1.1 1.1

and while early signs of stabilisation are emerging, a meaningful recovery EBIT -1.4 -4.2 5.6

is unlikely in the near term. We believe the market is broadly flat, EPS -1.7 -4.7 6.3

with pricing pressure persisting across most geographies. Sweden, Source: ABG Sundal Collier

representing ~72% of group sales, is showing early signs of improvement,

EWRK-SE/EWRK SSalthough volume growth will likely remain muted in Q2. Denmark remains

a drag, as large layoffs at major corporates such as Novo Nordisk have Share price (SEK) 29/6/2026 60.80

led to a significant oversupply of consultants. We believe Norway will likely

be the relative outperformer, driven by continued telecom investments.

MCap (SEKm) 1,051We expect Q2 sales of SEK 3.1bn, a decline of 14% y-o-y. On costs, we

expect continued discipline following the reorganisation, although adj. MCap (EURm) 95

EBIT is likely to decrease to SEK 34m (vs. SEK 45m in Q2'25) given the No. of shares (m) 17.3

lower volumes. Free float (%) 12.8

Av. daily volume (k) 4

Uncertainty remains

With the reorganisation now fully implemented and SEK 18m in annualised Next event Q2 report 21 July 2026

cost savings being gradually realised through '26, we think Ework is

better equipped to handle the current environment. Q2 will likely be the Performance