B3 Consulting Group (B3) investor relations material

Executive summary

• Revenue declined by 3.4% year-over-year to 304.9 MSEK in Q2 2026, with EBIT improving to 12.1 MSEK and EBIT margin rising to 4.0% from 3.3% year-over-year; adjusted EBIT margin was 4.9% after non-recurring costs.

• Utilization rates increased, reaching 83.9% in Sweden and 86.1% for the group, the highest since Q2 2023.

• Demand for AI services is rising, with new business models and internal pilots advancing the offering.

• Divestment of a 51% stake in Habberstad AS to HAS Gruppen, with closing expected in August 2026 and continued collaboration.

• Secured long-term financing through a SEK 250 million bond issue, extending maturity to July 2029 and enhancing financial flexibility.

Financial highlights

• Net sales for Q2 2026 were 304.9 MSEK, down 3.4% year-over-year; EBITA rose 18.3% to 13.7 MSEK; Q2 EBITDA was 20.2 MSEK (6.6% margin).

• Profit after tax was 1.9 MSEK, a 26.5% decrease year-over-year; EPS after dilution was -0.07 SEK.

• Cash flow from operating activities increased 46.6% to 29.5 MSEK in Q2.

• Cash and cash equivalents at period end: SEK 84.8 million.

• Average number of co-workers decreased by 9.3% to 885.

Outlook and guidance

• Market conditions are improving, with volume decline slowing and utilization at its strongest since Q2 2023.

• AI is expected to drive further demand for consulting services and business opportunities.

• Financing is secured through 2029, supporting continued growth initiatives.

• Delayed project starts in e-health expected to launch gradually in the autumn.