BTS Group: Focus on US activity and guidance - ABG
Q1 likely solid, Q2 comments on activity in focus We expect FY guidance to be reiterated EBITA -3-4% '25-27e on neg. underlying/FX and pos. M&A
ANNONS
Focus on the US market and 2025 guidance
BTS delivers its Q1 report on 16 May, where we expect relatively solid momentum on the back of Accenture's Q2'25 report (corresponding to BTS' Q1), with 8.5% growth in constant currency, up from 8% in Q1'25. We estimate 4% organic growth in BTS, up from 0% in Q4, where mainly other markets disappointed. In terms of outlook for 2025, we will focus on comments in the US market from the start of Q2 and potential project delays in April due to the ongoing tariff discussions. Some companies may have paused projects, which could affect BTS negatively. However, we expect the FY guidance of "higher EBITA than in 2025" to remain in effect, although the negative FX developments will increasingly serve as a headwind, albeit somewhat offset by the latest acquisition of Nexo in Brasil.
