Ogunsen (OGUN) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 decreased by 9.0% year-over-year to 116.9 MSEK, reflecting continued weak demand in both consulting and recruitment segments, though signs of stabilization are emerging.

• EBIT fell to 3.8 MSEK (down 63.5%), with a margin of 3.2%, impacted by 2.2 MSEK in one-time personnel costs.

• Net income was 2.9 MSEK, a 64.7% decline year-over-year; EPS was 0.27 SEK (0.77 SEK prior year).

• Cash flow from operations improved to 3.4 MSEK from -2.6 MSEK in Q1 2024.

Financial highlights

• Consulting accounted for 91% of sales (106.7 MSEK, -7.7% YoY); recruitment 9% (10.2 MSEK, -20.2% YoY).

• EBIT for consulting was 2.2 MSEK (margin 2.0%), and for recruitment 1.6 MSEK (margin 15.7%).

• Average number of employees was 369 (398 prior year); sales per employee 1,212 TSEK.

• Return on equity (R12M) was 18.7%; equity ratio 48.4%.

• Liquid assets at quarter-end were 37.5 MSEK (53.7 MSEK prior year).

Outlook and guidance

• Demand remains at similar levels as previous quarters, with some stabilization and a positive trend in consultant assignments.

• Management continues efficiency measures to improve profitability and maintain readiness for potential market upturn.