* Sales -6% vs. cons, adj. EBITA -14% vs. cons
* Continued growth in Poland and Habberstad
* Consensus EBITA estimates likely down by LSD
Q3'25 report
Q3 came in softer than anticipated, with sales of SEK 255m, representing a 4% y-o-y growth (-6% vs. FactSet cons, -5% vs. ABGSCe). Adj. EBITA was SEK ~7m (-14% vs. cons, -7% vs. ABGSCe). Organic sales declined by approx. 14% y-o-y, and was a bit softer than expected, -4pp by consensus (ABGSCe -4pp), affected by an organic decline in Sweden. More specifically, the decline was primarily attributable to a lower organic headcount as well as a slight reduction in Sweden's utilisation rate.
Thoughts and outlook
While the Swedish operations continue to show negative organic growth and a marginal decline in the utilisation rate, B3 aims to achieve a positive net recruitment rate in 2026 in order to turn the momentum. Given that the company has slimmed its cost base, this initiative could be supportive for B3's future growth, even though it may temporarily (and mechanically) reduce the reported margin. In Poland and Norway, the performance remained solid, with new contract wins in several different sectors. Although market conditions remain uncertain, we think B3 is taking right structural actions to position itself once demand picks up. Finally, we note that Martin Stenström will step down as CEO and will be succeeded by Daniel Juhlin on February 1, 2026.
Consensus estimate revisions
On our unrevised estimates, B3 is trading at ~8x '25e EV/EBITA. Mechanically, the organic impact on consensus estimates should be within a negative mid single-digit range. A presentation by the company will be hosted at 9.00 CET (link).
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