eWork Group (EWRK) investor relations material

Executive summary

• Second quarter performance aligned with internal plans, supported by a fully implemented leaner organization and renewed customer focus, with new AI-related services launched and growing demand for AI skills.

• Business development progressed as planned, with notable business wins, increased demand for AI competencies, and geographical expansion across Europe, including first consultant placements in Belgium.

• Mixed market conditions persisted: public sector and industry were more resilient, while private sector remained weaker.

• Order intake increased 5.4% year-over-year to SEK 4,367M, the first rise since Q3 2024, mainly driven by Norway and Sweden, though management remains cautious about a sustained turnaround.

• Net sales for Q2 2026 fell 13.0% year-over-year to SEK 3,130.8M, with gross profit down 13.9% to SEK 127.2M and EBIT down 37.4% to SEK 28.0M, reflecting a cautious market and lower assignment volumes.

Financial highlights

• Q2 2026 net sales: SEK 3,130.8M (-13.0% YoY); gross profit: SEK 127.2M (-13.9% YoY); EBIT: SEK 28.0M (-37.4% YoY); profit for the period: SEK 17.3M (33.3M prior year).

• Gross margin remained stable at 4.1% for the sixth consecutive quarter.

• Order intake rose to SEK 4,367M from SEK 4,141M in the prior year period.

• Earnings per share Q2: SEK 1.00 (1.92 prior year); H1: SEK 1.42 (2.90 prior year).

• Cash flow from operating activities Q2: SEK 70.7M (151.9 prior year); H1: SEK -27.8M (33.7 prior year).

Outlook and guidance

• Management aims for continued order intake growth in Q3 before confirming a market recovery, with cost efficiency measures expected to yield SEK 18M in annual savings from 2027.

• Investments in sales capacity and AI/commercial capabilities are expected to support growth and profitability by year-end.

• No significant investments are planned in the near term; expansion will be capital-light and organic.