Q2 expectations
Prevas will release its Q2'25 report on 17 July, and we expect SEK 428m in sales, implying y-o-y growth of 8%. However, this includes an organic decline of 4%, which is driven by a drop in organic FTEs, negative calendar effects and impacts from price and utilisation. M&A contribution is expected to deliver soft numbers due to market headwinds in Finland. We estimate adj. EBITA of SEK 28m, corresponding to a margin of 7%, a decrease of ~2pp q-o-q. Looking ahead, we remain cautious on segments such as automotive, life science and telecom, but expect defence and energy to continue supporting resilience.
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