Slide 1: B3 Consulting Group Q4 presentation 2025
Slide 2: Presenters: CEO, CFO, Head of Communications & IR
Daniel Juhlin André Karlsson CEO CFO Katarina Lundqvist Head of Communications & IR
Slide 3: Daniel Juhlin new CEO of B3
Daniel Juhlin new CEO of B3 Experienced leader in consulting, retail, and digital transformation • Daniel Juhlin has succeeded Martin Stenström as CEO on February 1, 2026. • Experienced leader with a background in management consulting, retail, and digitalization. • Previously CEO of Order Impact, a
Slide 4: Highlights FY 2025
Highlights FY 2025 Growth driven by acquisitions (+7.1%), with EBITDA margin up 1.8 p.p. • Revenue 1 209,1 (1 129,3) MSEK, 7.1% growth (-1% organic growth incl. Poland) • EBITDA 82.9 (57.5) MSEK, EBITDA margin 6.9 (5.1)% • Profit after tax 14.5 (85.2*) MSEK, Earnings per share after dillution 1,20 (
Slide 5: Highlights in Q4 2025
Highlights in Q4 2025 Margins improving (+3.2 p.p.) but still below target. Growth not achieved - time to recruit and sell. • Revenue 314.9 (336.2) MSEK, -6.3% growth • Organic growth -14.1%, EBITDA 26.8 (17.8) MSEK, EBITDA margin 8.5 (5.3)% • Profit after tax 7.7 MSEK (-1.0) MSEK, Earnings per shar
Slide 6: Financial overview Q4 2025 – B3 Poland
Financial overview Q4 2025 – B3 Poland Negative growth after losing two major deals – Full-year EBIT of 10.7 Q4 Jan-Dec Extract of B3 Poland key figures 2025 2024 Δ% 2025 2024 Δ% Net Sales, SEK million 36,2 47,4 -23,6% 156,0 176,4 -11,5% EBITDA, SEK million 3,1 6,0 -48,3% 16,7 23,4 -28,6% EBITDA mar
Slide 7: Financial overview Q4 2025 – B3 Norway
Financial overview Q4 2025 – B3 Norway Growth 17.6% - negative EBITDA driven by new investments Q4 Jan-Dec Extract of B3 Norway key figures 2025 2024 Δ% 2025 2024 Δ% Net Sales, SEK million 26,1 22,2 17,6% 85,8 77,3 10,9% EBITDA, SEK million -0,3 1,1 -127,3% 3,6 5,6 -35,7% EBITDA margin, % -1,1% 5,0%
Slide 8: Revenue breakdown
Revenue breakdown A need to increase FTEs to capture future market opportunities -6,3% • Decline in consultant FTE continued 2 0 0 1 5 in Q4 18 • Q4 year-over-year revenue decline 26 was partly mitigated by international 336 acquisitions 35 • FX-effect includes Poland; 315 consolidated as group comp
Slide 9: Utilization rate
Utilization rate Stable but too low utilization rate in Sweden – room for improvement +0,8 • Paid public holidays (Christmas) lower 87,8 86,7 85,5 85,3 productivity related KPIs 84,2 84,7 82,7 81,7 • +1,0 p.p. YoY utilization in B3 Sweden; 80,3 81,2 78,4 79,1 slight decline at group level driven by
Slide 10: B3 operates across multiple markets
B3 operates across multiple markets Reduced variance and comparable starting position as last year 2024 YTD Dec Comments 2025 YTD Dec 20 20 • During 2025 clusters 15 15 have been formed in 10 10 order to create EBITDA% synergies EBITDA% 5 5 0 0 • Clustes are still experiencing difficulties -5 -5 in
Slide 11: Fit for growth
Fit for growth Results in line with target 30 All decisions implemented 25 25 • The program ends after one year, transitioning the project 20 23 into daily improvements. No further follow-up in 2026 20 19 • Annual savings of 25 MSEK by adapting to lower-than- 15 expected revenues. Full year effect Q
Slide 12: New assignments in Q4
New assignments in Q4 New frame agreements and strengthened position with several clients • New framework agreement with the Swedish National Board of Health and Welfare (Socialstyrelsen) – two areas • New framework agreement with Sinfra, enabling deliveries to nearly 700 members in critical infrast
Slide 13: New start up B3 Now
New start up B3 Now A new company launched to strengthen B3’s digital transformation offering with ServiceNow • Focus on modernizing and automating business processes using the ServiceNow platform. • Operations started on 1 January 2026 • Led by Stefan Saarnak CEO and Pontus Thell as Deputy CEO • Of
Slide 14: Correlation between BNP, IT-investments & IT-services market
Correlation between BNP, IT- investments & IT-services market Indication of a better balance between supply and demand in IT consultant market in the near future Sweden’s BNP growth and IT investments (grey area indicates recession) BNP growth Growth in IT-in vestments • There is a clear but delayed
Slide 15: Progress utilization B3 Sweden
Progress utilization B3 Sweden YoY improvement, but utilization not yet at normalized ~83% level 96 94% • Normalized utilization ~83% represents 94 92% 92% a sustainable mid-cycle level 92 93% 92% 90 91% • 2021 and 2022 were two exceptional 90% high-demand years with structurally 88 87% 87% 87% elev
Slide 16: Market outlook 2026
Market outlook 2026 2026 – Expected gradual recovery and margin improvement Expected impact on consulting firms • Higher utilization as projects restart • IT investments and transformation are being prioritized again • The war for talent is expected to return in the longer term • Consensus growth fo
Slide 17: Summary and focus going forward
Summary and focus going forward Growth and improved margins - focus on recruitment and maintaining a leading position in key areas. • 7.1% growth in 2025 driven by expansion in Norway by the acquisition of Habberstad • Negative growth in Sweden and Poland driven by a lower number of consultants • EB
Slide 18: Q&A
Q&A
Slide 19: Appendix
APPENDIX
Slide 20: Revenue and profit
21 Q1 227.8 Q2 233.5 2021 Q3 189.0 Q4 271.6 922 Q1 290.5 Q2 289.5 2022 Q3 235.8 Q4 332.3 1,148 Q1 324.6 Q2 299.3 2023 Q3 223.3 Q4 293.6 1,141 Q1 281.3 Q2 266.4 2024 Q3 245.4 Q4 336.2 Q1 323.6 1,129 Revenue MSEK per quarter and R12 Q2 315.6 2025 254.9 Revenue and profit Q3 Q4 314.9 1 209 Development
Slide 21: Distribution across different industries
Distribution across different industries B3 operates in several interesting industries driven by digitalization Revenue share per industry Jan-Dec 2025 (Jan-Dec 2024) Banking, finance, insurance 18% (18%) Industry 17% (15%) Government agencies, municipalities 15% (14%) Care 10% (13%) IT, media, ente
Slide 22: Share per segment
Share per segment B3 Poland grows in total share of revenue because of full year effects Revenue, share per business area EBIT, share per business area Jan-Dec 2025 (Jan-Dec 2024) Jan-Dec 2025 (Jan-Dec 2024) B3 Sweden 81,1% (94,5%) B3 Sweden 66,0% (73,7%) B3 Poland 12,9% (5,5%) B3 Poland 29,6% (26,3
Slide 23: ni
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