eWork Group (EWRK) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 were SEK 2,990M, down 7% year-over-year, mainly due to weaker demand in Sweden and consultancy freezes at large clients.

• Gross margin improved to 4.2% from 4% year-over-year, driven by growth in add-on services and higher contract margins.

• Strategic investments in digitalization, automation, and AI are ongoing, with a new digital platform operational across the Nordics and further rollout planned.

• Expansion into Germany is planned for 2026, with Belgium operations recently established.

• Daniel Almgren appointed as new CEO, effective November 3, 2025.

Financial highlights

• EBIT for Q3 was SEK 28M, down 29% year-over-year from SEK 39M, impacted by restructuring and group conference costs totaling SEK 6.3M.

• Order intake for Q3 was approximately SEK 2,970M, down 7% year-over-year, with notable declines in Denmark and Finland.

• Earnings per share after dilution for Q3 was SEK 0.91, down from SEK 1.49 year-over-year.

• Cash flow from operating activities was negative SEK 83.2M in Q3, mainly due to working capital changes.

• Equity/assets ratio was 7.8% for Q3.

Outlook and guidance

• No clear signs of short-term market recovery; consultancy freezes and cost reductions at large clients expected to persist through year-end.

• Continued focus on profitable growth, cost adaptation, and leveraging automation and AI for scalability.

• Scalability benefits anticipated over time, with a need for higher volumes and a broader client base to drive profitability.