B3 Consulting Group Ab · OMXSTO:B3
B3 Consulting Group Ab — Q2 2025 Earnings Presentation
28 slides from B3 Consulting Group Ab's earnings presentation, Jul 16, 2025
Slide 1: B3 Consulting Group Q2 presentation 2025
Slide 2: Presenters
• Katarina Lundqvist • Head of Communications & IR Martin Stenström Katarina Lundqvist CEO Head of Communications & IR Harald Mæhle Habberstad AS
Slide 3: B3's vision and values
eNPS B3’s vision and values 45 We aim to be the market’s best consulting company B3’s vision Experiences The fact that zebra stripes Is to be Sweden's best Competence and continuous have gradually become part of consulting company - for our learning are important for B3's culture has a clear employe
Slide 4: Habberstad AS
Habberstad AS One of Norway’s oldest consulting firms, founded in 1940 • Established Consultancy: Founded in Norway, with expertise in digital transformation, strategy, recruitment, and business development. • Strong Presence: Based in Oslo, serving public and private clients nationwide, with notabl
Slide 5: Habberstad AS: Q2 and strategy for growth
Habberstad AS Q2 and strategy for growth Increased Focus on Growth • Financial Development – Growth has not been a historical focus, but B3 is now investing to actively drive future expansion. • Recruitment – New Managing partner and 2 new recruits signed. On board in Q3. • Defence and Security sect
Slide 6: Q2 2025
Slide 7: Highlights in Q2 2025
Highlights in Q2 2025 18.5% growth, 6.1% EBITDA, slowly improving but far from good enough • Revenue 315.6 (266.4) MSEK, 18.5% growth - organic growth incl. Poland 3.2% • EBITDA 19.3 (15.0) MSEK, EBITDA margin 6.1 (5.6)% - One-off cost at -3.1 (0) => adjusted EBITDA margin 7.1 (5.6)% • Profit after
Slide 8: Financial overview Q2 2025 – Group
Financial overview Q2 2025 – Group 18.5% growth and strengthened EBITDA margin 6.1% Q2 Jan-Jun Jan-Dec Extract of B3's key figures 2025 2024 Δ% 2025 2024 Δ% 2024 Net Sales, SEK million 315,6 266,4 18,5% 639,3 547,7 16,7% 1 129,3 EBITDA, SEK million 19,3 15,0 28,7% 43,3 29,1 48,8% 57,5 EBITDA margin,
Slide 9: Financial overview Q2 2025 – B3 Sweden
Financial overview Q2 2025 – B3 Sweden Results remain weak – We stimulate growth and cut cost through our ”Fit for Growth” initiative Q2 Jan-Jun Jan-Dec Extract of B3 Sweden key figures 2025 2024 Δ% 2025 2024 Δ% 2024 Net Sales, SEK million 256,5 295,3 -13,1% 529,3 607,6 -12,9% 1 126,3 EBITDA, SEK mi
Slide 10: Financial overview Q2 2025 – B3 Poland
Financial overview Q2 2025 – B3 Poland Negative growth for now, expected to turn… 11.0% EBITDA Q2 Jan-Jun Jan-Dec Extract of B3 Poland key figures 2025 2024 Δ% 2025 2024 Δ% 2024 Net Sales, SEK million 38,3 42,9 -10,7% 81,3 83,4 -2,5% 176,4 EBITDA, SEK million 4,2 5,8 -27,6% 9,6 11,3 -15,0% 23,4 EBIT
Slide 11: Financial overview Q2 2025 – B3 Norway
Financial overview Q2 2025 – B3 Norway Building the foundation for future growth Q2 Jan-Jun Jan-Dec Extract of B3 Norway key figures 2025 2024 Δ% 2025 2024 Δ% 2024 Net Sales, SEK million 21,1 20,3 3,9% 41,3 39,9 3,6% 77,3 EBITDA, SEK million 5,1 6,0 -15,0% 6,3 7,1 -11,3% 6,5 EBITDA margin, % 24,2% 2
Slide 12: Revenue breakdown
Revenue breakdown Positive impact on revenue due to M&A and Poland 18,5% • The negative impact from the reduced number of FTEs continues 2 1 2 4 to diminish each quarter. 5 38 24 316 41 266 Net Sales M&A Organic Utilization Hourly Product/ Working Sub- FTE Net Sales Q2 2024 Poland rate rates License
Slide 13: Utilization rate
Utilization rate Continued improved utilization rate but still not good enough • Overall increase 2.0% QoQ is driven by our international segments. In Sweden, however, utilization declined slightly by -0,5 0.5 p.p. 85,5% 84,7% 84,2% B3CG Total • Modest improvement in from Q1 – up B3GC Sweden from 81
Slide 14: B3 operates across multiple markets – H1 2025
B3 operates across multiple markets – H1 2025 Most of our companies are currently facing challenges in achieving sustainable growth 20 • During 2025, four new clusters have been formed, which have 15 already generated synergies 10 • We are stronger when we EBITDA% cooperate in larger organizational
Slide 15: Market Outlook
Market Outlook Continued high market uncertainty and shifting external demands • We see a mix of clients accelerating and others slowing down, creating uncertainty in the near future. • Growth forecast cut: from +4.5% to +1.5% — uncertainty and lower investment willingness* • We see increase demand
Slide 16: Fit for growth – Growth initiatives
Fit for growth – Growth initiatives New initiatives and a strengthened sales focus to stimulate growth Forward-leaning initiative • Organization o A number of clusters successfully established • Sales o Strengthening our delivery within the defence sector o Expanded bid management to win framework a
Slide 17: Fit for growth – Cost savings
Fit for growth – Cost savings Performance remains aligned with prior targets 30 All decisions implemented 25 25 Cost Savings Program 20 23 • Annual savings of 25 MSEK by adapting to lower-than- 20 expected revenues. Full year effect Q4-26 19 15 ➢ Not including previous Hedgehog program or 15 Harvest
Slide 18: New assignments in Q2
New assignments in Q2 Several new contracts and extended assignments. • Expansion within Kongsberg Gruppen – strategic projects within infrastructure and security. • The Norweigian Tax Agency (Skatteetaten) – major new engagement in digitalization and leadership. • New AI assignment for the Swedish
Slide 19: M&A & Startups – follow up
M&A & Startups – follow up Webstep more challenging than expected - Poland and Habberstad have positive momentum Webstep B3 Consulting Poland • Negative profitability at time of acquisition • B3 Poland’s founder, Rafal Dabkowski, continues to lead the company alongside a strong management team. • De
Slide 20: B3 is launching the new startup B3 Zenith
B3 is launching the new startup B3 Zenith Combines interim finance experts with AI, automation, and transformation leadership • B3 Zenith will be launched as a new startup in Finance & Transformation on September 1 • Founded by Emma Rydén, Head of Business Control at B3, with extensive experience in
Slide 21: B3 & Generative Ai
B3 & Generative Ai Creates new opportunities – internal and external • A strategic priority since 2022, B3 has actively worked with genAI since 2021 • B3 support clients at all levels, from AI strategies and transformation plans to building applications • 50 AI projects won in H1 2025 • Clients incl
Slide 22: Q2 Summary
Q2 Summary The turnaround is still not in sight but expected to come – 18.5% growth and EBITDA up to 6.1% • The Group continues to grow with low but strengthened profitability – still not good enough • ”Fit for Growth” is progressing as planned - will support further profitable growth • We will coll
Slide 23: Q&A
Q&A
Slide 24: APPENDIX
APPENDIX
Slide 25: Revenue and profit
25 Q1 227,8 Q2 233,5 846 2021 Q3 189,0 Q4 271,6 Q1 290,5 Q2 289,5 1 041 2022 Q3 235,8 Q4 332,3 Q1 324,6 Q2 299,3 1 192 2023 Q3 223,3 Q4 293,6 Q1 281,3 Q2 266,4 1 065 2024 Q3 245,4 Revenue MSEK per quarter and R12 Q4 336,2 Revenue and profit Q1 323,6 2025 Q2 315,6 1 221 Development over the past five
Slide 26: Distribution across different industries
Distribution across different industries B3 operates in several interesting industries driven by digitalization Revenue share per industry Jan-June 2025 (Jan-June 2024) Banking, finance, insurance 18% (19%) Industry 17% (16%) Government agencies, municipalities 17% (15%) Care 11% (13%) IT, media, en
Slide 27: Share per segment
Share per segment B3 Poland delivers good growth with high margins Revenue, share per business area EBIT, share per business area Jan-June 2025 (Jan-June 2024) Jan-June 2025 (Jan-June 2024) B3 Sweden 82,9% (100,0%) B3 Sweden 55,3% (100,0%) B3 Poland 12,7% (0,0%) B3 Poland 28,7% (0,0%) 27 B3 Norway 4
Slide 28: ni
ni