Ogunsen (OGUN) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 decreased by 3.0% year-over-year to 99.5 MSEK, with EBIT down 26.4% to 5.7 MSEK and a margin of 5.8%.

• For January–September 2025, net sales fell 6.3% to 327.7 MSEK, EBIT dropped 48.5% to 12.2 MSEK, and net income was 9.4 MSEK, down 48.4% year-over-year.

• Consultant headcount increased in Q3, marking the first year-over-year rise since Q2 2023, but overall sales were still below last year due to lower utilization.

• Demand in recruitment remained weak, but signs of economic improvement and increased market presence were noted.

Financial highlights

• Q3 2025 net sales: 99.5 MSEK (down 3.0% year-over-year); EBIT: 5.7 MSEK (down 26.4%); net income: 4.5 MSEK (down 26.1%).

• January–September 2025 net sales: 327.7 MSEK (down 6.3%); EBIT: 12.2 MSEK (down 48.5%); net income: 9.4 MSEK (down 48.4%).

• Cash flow from operations in Q3: -2.2 MSEK (improved from -8.2 MSEK last year); for January–September: 9.9 MSEK (down from 14.0 MSEK).

• Cash and equivalents at September 30, 2025: 19.7 MSEK (down from 28.9 MSEK a year earlier).

Outlook and guidance

• Consultant demand started Q4 at a good level, while recruitment demand remained flat; management sees early signs of economic recovery and is prepared to capitalize on an upturn.