eWork Group (EWRK) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a 13% year-over-year decline in net sales to SEK 3,639M, with continued challenging market conditions, especially in Sweden, and no clear signs of short-term recovery.

• A new CEO was appointed in November 2025 with a transformation mandate, prioritizing digitalization and AI-powered services.

• Expansion into Belgium was completed, with operations in Germany planned for 2026 to support geographic diversification.

• Organizational restructuring reduced the senior leadership team and is expected to yield annual cost savings of SEK 18 million.

• Several new and renewed strategic agreements were secured, enhancing the company's position in the Nordics.

Financial highlights

• Q4 net sales were SEK 3,639M, down 13% year-over-year; full-year net sales were SEK 13,741M, down 13%.

• Gross margin improved to 4.1% in Q4 and for the full year, driven by more profitable contracts and value-adding services.

• Q4 EBIT was SEK 16M, down 70% year-over-year, impacted by a SEK 20M write-off of legacy IT investments; adjusted EBIT was SEK 36M.

• Q4 profit for the period was SEK 10M, down from SEK 42M year-over-year; full-year profit after financial items was SEK 95M.

• The Board proposes a dividend of SEK 4 per share, down from SEK 7.

Outlook and guidance

• Market uncertainty and declining volumes are expected to persist into 2026, with EPS projected to decrease by 10–20%.

• Organizational restructuring aims to increase agility, sales focus, and long-term cost efficiency.

• Continued focus on profitable growth, sales, and expansion into new markets, with further digitalization and AI integration planned.