Earnings call transcript: eWork Group Q4 2024 sees EPS growth, stock dips

eWork Group reported its fourth-quarter 2024 earnings, revealing a 16% increase in earnings per share (EPS) despite a 10% decline in net sales compared to the previous quarter. The company’s stock price, however, saw a 1.37% dip during market trading. The proposed dividend stands at SEK 7 per share, representing an attractive 4.78% yield. The earnings call highlighted strategic expansions and operational efficiencies aimed at future growth. According to InvestingPro analysis, the stock currently appears undervalued based on its Fair Value assessment.

Key Takeaways

• EPS grew by 16% in Q4 2024.
• Net sales for Q4 were SEK 4,200 million, down 10% from the previous quarter.
• The stock price decreased by 1.37% following the earnings release.
• Proposed dividend exceeds 75% of net profit.
• Focus on geographical expansion and operational efficiency.

Company Performance

eWork Group demonstrated resilience in Q4 2024 with a notable increase in EPS, even as net sales fell to SEK 4,200 million. While operating with a modest gross profit margin of 2.14%, the company has been adjusting its operations to align with market trends such as increased digitalization and cost optimization. Despite challenges in the public sector and telecom, eWork Group saw strong demand in automotive, manufacturing, and banking sectors. InvestingPro identifies several additional growth indicators and industry insights available to subscribers.

Financial Highlights

• Net Sales: SEK 4,200 million for Q4 2024, down 10% from the previous quarter.
• Full Year 2024 Net Sales: SEK 15,800 million.
• EBIT: SEK 54.3 million for Q4 2024.
• EPS Growth: +16% in Q4 2024.
• Proposed Dividend: SEK 7 per share.

Market Reaction

Following the earnings announcement, eWork Group’s stock experienced a 1.37% decline, closing at SEK 144.4. Trading at a P/E ratio of 18.9x and a Price/Book ratio of 9.8x, this movement contrasts with the company’s positive earnings growth and may reflect market volatility and investor caution amid uncertain demand. Notably, InvestingPro data shows the stock generally trades with low price volatility, with a beta of 0.67.

Outlook & Guidance

eWork Group is set to continue its geographical expansion, particularly into Belgium, and is focusing on enhancing its engineering and IT consulting services. The company aims to improve profitability through operational efficiencies and by exploring nearshoring opportunities.

Executive Commentary

CEO Karin Sgre emphasized the company’s innovative approach: "We are not just providing workforce solutions, we are shaping the future of work." CFO Johanna Eriksson added, "We are on the right track and have a positive development." These statements underscore the company’s strategic direction and confidence in its growth trajectory.

Risks and Challenges

• Market Volatility: Uncertain demand could impact future sales.
• Regulatory Changes: New Swedish labor legislation could affect operations.
• Sector Weakness: Ongoing challenges in the public sector and telecom.
• Operational Risks: Implementation of a new operating model poses potential challenges.

eWork Group remains committed to its strategic initiatives, focusing on expanding its service offerings and geographical presence to drive future growth. For deeper insights into eWork Group’s valuation, financial health, and growth prospects, investors can access the comprehensive Pro Research Report available exclusively on InvestingPro, covering over 1,400 top stocks with expert analysis and actionable intelligence.

Full transcript - eWork Group AB (EWRK) Q4 2024:

Karin Sgre, CEO and Group Chief Executive, eWork Group: A warm welcome to the presentation of eWork Group’s results for the fourth quarter twenty twenty four. My name is Karin Sgre, and I’m the CEO and Group Chief Executive of eWork Group. I’m here together with Johanna Eriksson for the first time. Johanna is our new CFO for eWork Group since fourth quarter last year.

Johanna and I will now join to review the results and developments during the quarter. After which, we will open up for questions. We are recording this presentation to be able to share it with stakeholders who are unable to join us during the live broadcast. So first of all, eWork Group at a glance. EWork Group is a leading European talent and workforce solutions partner.

We are built on a strong foundation as an independent provider of consultants since twenty five years. Today, we serve more than 500 clients across public and private sectors, such as automotive, manufacturing, banking, telecom, life science, retail and energy. With a vast talent network of more than 200,000 consultants and 29,000 partner companies, we connect organisations with highly skilled experts in IT and engineering. We support organisations who are navigating rapid growth, transformation and large scale projects, delivering both individual consultants and specialized teams to meet complex business needs. At the end of the fourth quarter, we had over 11,500 consultants on assignment, delivering critical expertise from more than 50 countries around the globe.

EWork is powered by a dedicated team of around 300 employees. And in 2024, we reported a turnover of just under SEK16 billion. We operate across six markets with 13 offices in Sweden, Norway, Denmark, Finland, Poland and Slovakia. And we are headquartered in Stockholm. EWork’s business model is designed for scalability and long term stability.

While our sales has historically been generated through margin based fees on consultant contracts, we are increasingly diversifying our revenue streams. At eWork, we are not just providing workforce solutions, we are shaping the future of work. We are creating value through a powerhouse for total talent solutions. We have a complete offering that is continuous improvement and optimization. And this enables us to serve as a full stop shop and a trusted partner to our clients.

Our offering is built around our base services where find and select consultants is our core. All services can be delivered individually or in combination, just like LEGO pieces. And this way, we can tailor our proposition and the value we create to individual client needs while ensuring high efficiency, quality and security in delivery. In addition to the base services, we have a range of add on services aimed at partners and consultants in our talent network on the one hand, such as eWorks Services and PayExpress, and our clients on the other hand, such as permanent recruitment, background checks, digital platforms and near shoring. In 2024, we enhanced our base and add on offering, and we developed new services for program management and compliance.

This was done in response to the new landscape and legislation affecting our clients. In 2025, we will continue and refine our offering while paying particular attention to talent advisory as a way to provide our clients with insights, best practices and knowledge. We will also take further steps in supporting our clients’ cost optimization agendas through a comprehensive suite of nearshore services. Over to the fourth quarter, where our first highlight is that eWe’re continued to take steps towards a more profitable growth. We had a positive trend in margin development with an increased contribution from both base and add on services despite a challenging market.

It is evident that our refined and expanded offering for total talent solutions is enabling us to move up the value chain and strengthen our position with clients. Throughout the fiscal year twenty twenty four, E Work achieved 11% growth in framework agreements, including a new strategic framework agreement with Swedish National Grid (LON:NG) for the provision of consultants in engineering and IT. We saw an increased interest in nearshoring to Poland among private sector clients, and this was driven by cost focus and geopolitics. And at the turn of the year, we were thrilled to announce the next step on a continued geographical expansion to a seventh European market, Belgium. Our work to streamline operations based on our refined service portfolio and best practice ways of working together with an updated digital platform has now positioned us for more scalable and profitable growth going forward.

And finally, E Works Board of Directors has proposed a dividend of SEK 7 per share to our shareholders. Among new business wins in the quarter, one that stands out is our new strategic framework agreement with Swedish National Grid, which was announced at the end of twenty twenty four. The agreement covers consulting services with a focus on technical engineering and IT, and it extends over up to eight years, making eWork a long term comprehensive provider of strategic talent management to Swedish National Grid. The scope of services is based on eWork’s flexible talent solutions, where we independently match the client’s needs to eWorks’ consultant network. It also covers eWorks’ efficient, user friendly and relieving administrative services related to the procurement of consultants.

The agreement is a key step in Ework’s growing focus on engineering, an area with significant growth potential for our company. Through the collaboration with Swedish National Grid, we will contribute to the green transition and secure energy supply, which is well aligned with our ambition to be a sustainable partner and a societal actor. During Q4, we also signed a new framework agreement for IT consulting with the Swedish Police Authority. The agreement means that eWork will continue to provide IT consultants for the police authority from north to south across Sweden. The estimated value of the agreement is SEK 200,000,000 per year over a four year period.

I’m very proud of this re win because it demonstrates our ability to provide qualified IT expertise and meet the expectations of clients with high demands for quality, efficiency and sustainability. Finally, we also won a new framework agreement with the Swedish Board of Agriculture, which I’m really happy about. Under this agreement, E WAC will support the authority with a robust supply of IT consulting services. The framework agreement runs for two years with an option for a two year extension and has a maximum contract value of SEK $450,000,000. Looking at the service revenue in the industries that eWOC serves, automotive, manufacturing and life science maintained steady growth, and automotive continued to be the largest industry segment in Q4, surpassing public sector in Q3.

Demand remained high for specialists in electrification, autonomy, connectivity and AI. Banking, finance and insurance showed steady increase compared to previous year, partly driven by the new framework agreement with one of our large banking clients. Public sector and telecom remained restrained, declining by two and three percentage points respectively versus 2023. As seen also during the previous quarter, the share of total service revenue in retail increased compared to last year to 4% from 3%. Looking into the service revenue development in our markets, Poland showed good progress in the fourth quarter with substantial improvement in service revenue and a continued focus on margins.

The volume growth was essentially driven by near shoring, which in turn has to do with our clients’ cost focus. In Sweden, margins improved despite lower net sales, and this was driven by the new operating model, cost efficiency and growth in higher margin services, such as, for instance, PMO, Programme Management Office. Increased volumes of add on services also contributed positively. Service revenue grew in Denmark, driven by strong demand from large clients and a favorable mix of clients in manufacturing, life science and banking. We also saw higher demand for matched consultants, especially at mid sized clients.

In Norway, we are gradually reshaping our business to help clients navigate in the new regulatory environment, and we bring our full range of services and solutions to the market. Despite continued market challenges, we saw our margins in Norway improve in the fourth quarter. With new local leadership and an updated service portfolio in place, we are now well positioned for growth and development in the new market landscape. In Finland, both net sales and profitability improved, and we gained larger clients in banking and finance. Manufacturing clients were also an important contribution.

Looking into market trends and insights, we see several trends in the global arena that affect our clients and the talent industry in one way or the other. The market landscape is currently challenging to navigate, and it’s characterized by general uncertainty, digitalization and globalization, increased cost focus and change in legislation that affects client purchasing behaviors. Following this, the demand for talent continues to be volatile, as we saw, across industries and clients, but the underlying need for expertise as well as the skills shortage within IT and engineering remains high. We see an increasing number of clients wanting to acquire talent in the form of work packages, such as project or statement of work, which aligns well with eWorks’ offering called Project Provider. We also see that clients’ cost cutting initiatives and the geopolitical uncertainty has increased the interest in near shoring.

Here, eWork has a broad suite of services that are delivered with Poland as a backbone. There are many available IT consultants on the market, and we continue to see high numbers of applications for each assignment, especially in skill areas such as project management. The situation for engineering, however, is slightly different than IT. And here we see an increasing demand, primarily driven by societal trends in green transition and infrastructure development. Finally, we are following the development of the Agency Work Act.

We welcome the developments that unfolded recently with the ruling in Malmo District Court, which supports our position further that the consultants provided by eWork are not in need of protective legislation. So a few words about the geographical expansion, which is driven by our ambition to be a global partner to our clients. This aligns very well with the pool we are currently seeing from existing clients to support them across multiple geographies. During the fourth quarter, we continued to grow and expand our operations in Kosice, Slovakia, where in addition to our existing clients, we won a new client, Deutsche Telekom (OTC:DTEGY) T Systems, earlier in 2024. We continued to capture business needs from our clients, and we explored scenarios for expansion into more countries in the fourth quarter.

Building on our establishment in Slovakia, we now have a blueprint in place for organic sustainable growth with low risk. At the turn of the year, we launched the plan to establish operations in Belgium during the spring twenty twenty five. The initial establishment will be in Ghent to meet the growing demand for talent solutions from both existing and new clients, particularly within the manufacturing and automotive industries. In addition, Belgium and The Netherlands together form one of Europe’s largest consulting markets. So Ewoks’ presence in Ghent also enhances opportunities to develop the talent network across the Benelux region.

With Belgium in place, Eberk will have own operations in seven European countries. Along with our global talent network, agent of record partnerships in countries where Eberk does not have its own presence and a global operating model for sales and delivery, we have all the capabilities necessary to serve as a global partner to our clients. And with this, I’m handing over to you, Johanna, to talk about our financials.

Johanna Eriksson, CFO, eWork Group: Thank you, Karin. And we will move on to the Q4 financials. And I would like to start with a financial overview of the fourth quarter and the full year of 2024. As you can see, if we start at the top, we reported net sales of SEK 4,200,000,000.0, and that is about 10% lower than last quarter where we reported SEK 4,600,000,000.0. And we have mentioned this before.

This is due to the planned phase out of the nonprofitable client contracts that are resulting in lower volumes. And this is part of the eWorks strategy that we are moving towards more profitable growth, which means that we are pruning our contract portfolio as well as working on operational efficiency and cost reduction. And this is, of course, with an aim to increase our margins going forward. But transition takes time, and the effects will be seen gradually in our P and L. We have also mentioned the challenges in the Norwegian market, and the status is about the same as before, part partly causing this reduced volumes in net sales.

And we also have one less working day in the quarter compared to last year, and that is also adding on to negative development in revenue growth. But this has been partly compensated with more billable hours. If we look at the profit side, we are happy to report an EBIT of SEK 54,300,000.0 for the quarter compared to SEK 58,200,000.0 last quarter. And of course, the EBIT is negatively impacted by the lower business volumes, but this has been compensated by a lower cost base. Ework has launched before in the past a cost reduction program that we are following, and we do not expect a rebound on the cost side.

So this is the new normal, and that is important to emphasize. We’re happy to see an EBIT margin increase of plus five basis points Q on Q, and that is, of course, partly due to the focus on improving our profitability. And we do see a positive trend here. What’s also positive is our financial net that increased with 90%, and that is due to the growth in our add on services and also positive currency effects in the quarter. We are working on improving our financial net, amongst other the working capital in Poland, and this is starting to give effect.

We are also building a stronger treasury function because we see a positive potential in this area. The EPS growth, which is one of our financial targets, was plus 16% in the quarter. We are very happy to report that. Do we if we look at the financial year of 2024, we’re not really able to reach our ambitious goal of 30% EPS growth. We are also closing 2025, and we’re happy to report a net sale of SEK 15,800,000,000.0 that is lower than 2023, but also due to the planned phase out.

We continue to improve our EBIT margin full year plus eight basis points, and this is due to the cost reduction and focus on improving our business margins. And as Karin mentioned, we’re happy also that the board has decided to propose a dividend of SEK 7 per share, which is above our target of 75% of our net profit. Moving on to our order intake. It’s the reported order intake for Q4 is SEK 7,600,000,000.0. That is also lower than last year.

And it’s again, you will hear this many times, the pruning of our contract portfolio. And that is, of course, to push the for the profitable growth and the higher business margins instead. And we can see that the margins in our new deals are higher, and that is really, really positive. We are hitting all time high on a regular basis in this area. Overall, the market remains slow, which is, of course, something we’ve seen during the year.

And we see a volatile demand, both in industries and geographies. As Karin mentioned, public sector is slow, which is kind of unusual in a recession, and banking and finance remain strong. But we’re happy to report that we managed to increase our contract length, and that is part of our strategy to be a long term partner to our clients and deliver the total talent solutions. And we’re also happy that we managed to maintain and increase our hourly rates in new frame agreements, and that is due to the consultancy mix with more senior expertise. Looking at the net sales development.

Of course, you can see in this slide the negative effect of the phase out. This is something that we will continue to see in 2025 given that we started this phase out in the first half of twenty twenty four. And of course, the challenges in Norway has had a negative effect in net sales. So these two are still the main explanations for the decrease. On the positive side, we see an increased interest in our add on services that is contributing positively.

And we see also a big potential in this area to have bigger volumes and share of business, which is really positive. And we do also see, as mentioned, the higher hourly rates in the new contracts. Looking at the EBIT development, of course, it’s been impacted by the lower business volumes, and that is partly met by the lower cost base And the actions taken on the cost side to increase efficiency and lower the cost base has given effect, and that will continue to do so. And we are also happy that we now have a basis to stand on where we can take on the profitable growth in a more scalable way. So this makes me positive that we will be able to further increase our profitability going forward.

And also, as you can see in this slide, the add on services are contributing positively to our EBIT. Service revenue is a new definition. Evert stands apart in the market. We have a unique business model that differentiates us from a traditional consultancy firm And to better reflect our financial performance, we have introduced an alternative KPI, service revenue or gross profit. And this we believe that this will help clarify the true value that E Work actually creates and also to see our profit development over time.

So we will report this on a quarterly basis from now on. And if we look at the development, we’re happy to report service revenue margin or EBIT in relation to service revenue of 32%. And for the full year 2024, we managed to increase this KPI with one percentage point. And this shows that we are on the right track and that we have a positive development.

Karin Sgre, CEO and Group Chief Executive, eWork Group: Okay. So to summarize, we saw in the fourth quarter a continued positive trend in margin development and in our value adding services growth, and this was despite continued challenging markets and volatile purchasing behaviors across industries and markets. We saw the trend with higher margins in order intake continue, which was very positive. And our refined service offering for total talent solutions is enabling us to be a trusted partner to our clients, and this is evident in the development of our client engagements. Our work to transform and streamline our operations, for instance, the new internal digital platform, has positioned us for more scalable and profitable growth going forward.

And our geographical expansion to Belgium and own presence now in seven European countries means further opportunity to support existing clients and to grow into new markets. We’re also happy to be celebrating twenty five successful years since the start in the year February. For twenty five years now, we have built a strong foundation navigating industry shifts and continuously evolved to meet the changing needs of clients and consultants. And this long standing presence is a testament to our ability to create sustainable growth and value, but also to adapt to market trends and drive long term value for our stakeholders. So with this, we conclude the presentation of our Q4 results 2024, and we’ll open up for

Conference Operator: If you wish to ask a question, please dial 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial 6 on your telephone keypad. The next question comes from Simon Granath from ABG. Please go ahead.

Simon Granath, Analyst, ABG: Good afternoon, Karim and Johanna. And thank you for the presentation. I have a question initially on the current legislation as there have now been some months since the new legislation in Sweden was implemented. Has there been any impact so far that you’ve noticed? And perhaps I could also put this question in light of this week’s news around Sigma, which I presume bodes relatively well for the future?

Karin Sgre, CEO and Group Chief Executive, eWork Group: Thanks for the good question. So the new legislation, Utenings Lagenas, it’s called the rental act in Sweden, the twenty four month rule. It, of course, means that clients are considering the way they acquire talent, whether they do it to support them on a time and material basis, meaning they lead the clients throughout their engagements, or whether they do it in form of engagements, as mentioned, statement of work or project, for instance. And we do see an increasing demand for clients who wish to acquire talent through projects and statement of work. So that’s one implication that we’ve seen, and we think it’s a positive development because it means that consultants and clients will together work towards creating maximum value for the client’s business.

And this is also a field where we want to increase and grow our volumes. So that’s something that, of course, is related to some extent to the new legislation. We can’t see any impact to our volumes really, but we know that clients are acting in different ways to be compliant with the new legislation. And it means that some clients, for instance, they decide to close client consultant engagements and ask for new consultants, where others, as I mentioned, they decide to, for instance, acquire talent in different forms. Now as you said, there was a ruling in the Malmo Court that was announced a week ago.

And it basically says, as you mentioned, Simon, that IT specialists and engineering consultants are now excluded from the new legislation, which is totally in line with the view we have. And I know that many of our industry peers have as well that there is no need for additional legislation in this field. So we believe this to be very positive, and we are really happy to continue and have dialogues with our clients on how we can best support them.

Simon Granath, Analyst, ABG: Thank you so much for a very informative answer. Moving on, you have nicely expanded gross margins in recent quarters on the back of the increased focus in this area. Have the low hanging fruits been taken here? Or have you just started on this journey towards rich and margins? And perhaps this question should also be put in context of the recent portfolio balancing.

So I’m wondering if there is more work to do here.

Karin Sgre, CEO and Group Chief Executive, eWork Group: Definitely, I can start off. Yes. You can continue, Johanna. But there is definitely much more potential here. As we said, we are pruning and extending our service portfolio with more value adding services.

And I mentioned, for example, talent advisory, which is an important component when it comes to positioning ourselves with our clients as a trusted partner. And this is what we’re aiming for with our clients to really be their trusted partner and provide them with as many and as much value adding services and solutions as we possibly can. So definitely more to do on that end, both with the base services and our add on offering. We can continue.

Johanna Eriksson, CFO, eWork Group: Good answer. Covered it all.

Simon Granath, Analyst, ABG: Very good. And I do also have a follow-up on the portfolio adjustments. We know that your business has network effects. So I’m wondering, do you see any risk of reduced network effects as you phase out some of these large but less profitable contracts? Or perhaps your broad presence is already enough to offset any negative effect, so an increased focus on hand margin.

Customers not only help your margin, but also improves your services. Thank you.

Karin Sgre, CEO and Group Chief Executive, eWork Group: Yes. Would you like to comment, Janne? Go ahead. No. So we don’t really see any big risks related to that.

We’d rather see, as I said before, the opportunity to work close with our clients to make sure that we can provide them with the expertise, with the consultants and the solutions that they are in need of. And we aim to be very proactive with that. And therefore, the closer we are to our clients and the more we understand about their needs, short term and long term, the better we can provide them with the right solutions and skills and network.

Simon Granath, Analyst, ABG: Thank you. And I have one or two more questions, if I may. You did mention that competition is fierce in some areas. Are you seeing a similar competitive landscape in areas that you want to expand further into, I. E.

Technical or engineering consultant? And then I think you mentioned this briefly during the presentation, but what makes you so optimistic in this area going forward? Yes.

Karin Sgre, CEO and Group Chief Executive, eWork Group: So one thing that we see is that there is an increasing demand for engineers and engineering consultants. And this is driven much by the green transition and the infrastructure developments that are taking place now, but also the needs when it comes to further infrastructure upgrades in the future. Our frame agreement with Swedish National Grid is a good example of this. And we do see a great activity actually with many clients, both in public and private sectors when it comes to wind transition and infrastructure related projects and development. So this is driving the demand basically.

And of course, we want to position ourselves here with a very strong network. So one of our priorities for the next year is to continue and grow our network in engineering. And we will do that together with our consulting partners, of course, but also with freelancers as we have in our network also for IT. So growing and developing the network to meet the increasing demands is really, really key here.

Simon Granath, Analyst, ABG: Thank you once again. And a follow-up question from me is that costs were a bit higher than at least what I expected. Are there anything is there anything else to specific to point out there? And furthermore, is it fair to assume that you are leaving a, call it, cost saving mode into a more balanced mode between growth and cost?

Johanna Eriksson, CFO, eWork Group: Yes. I would say it’s nothing in particular. And we have worked on the cost base, and we expect it to remain on these levels. Of course, we will do investments, but we also are focusing on efficiency and continuous cost savings. So this is a work that has started and a lot of work has been done.

But of course, we need to be cost mindful also going forward.

Simon Granath, Analyst, ABG: Appreciate it. Thanks for having my questions.

Conference Operator: Pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any written questions.

Johanna Eriksson, CFO, eWork Group: Yes. And we have gotten some questions from the viewers. Thank you very much. And one of the questions is, how has the implementation of the new operative model developed? And how do you see the risks of this impacting client satisfaction and quality in eWorks delivery?

Karin Sgre, CEO and Group Chief Executive, eWork Group: Yes, very good question. Yes, we have talked about the implementation of our updated operating model in previous quarter presentations. And we are continuing to develop and enhance our operating model according to our plan. So overall, this is according to plan. Of course, when implementing new ways of working, it takes some time before everything falls into place in terms of processes, ways of working, roles and also the allocation of work, meaning the workload in each role.

And this is something we continue to improve and enhance to make sure that we will be able to operate in an efficient and smooth way going forward. And as I said, we can already see some positive effects from the new model in terms of efficiency and quality in delivery. But we also see that the new model is enabling us to drive, for instance, geographical growth in an efficient way and also to serve our clients, both in new engagements but also to improve the way we work in existing deliveries. And in terms of client satisfaction, which is very, very important to us as well as partner satisfaction, this is something we assess through a regular process. And the last results that we received from the assessment in Q4 showed that we continue to have a good level of client satisfaction, actually exactly the same level as we saw in 2023.

So we remain on a high level there, which is really good. And on the partner side, basically the same thing. We remain on the same level as in 2023. And from that, of course, we are drawing conclusions. All the inputs and comments that we get in these assessments are very valid and valuable, and we bring them with us and implement them in our ways of working.

And during the spring, we are doing a piece of work to further enhance the way we assess client satisfaction and partner satisfaction. We will, going forward, do it more frequently and also across a broader base of respondents in our clients and partners businesses.

Johanna Eriksson, CFO, eWork Group: One last question then. What’s your expectation in Norway the upcoming years?

Karin Sgre, CEO and Group Chief Executive, eWork Group: Yes. So as mentioned, we are doing some changes in Norway to adjust and adapt to the new circumstances. Since Q4 last year, we have a new leadership in place. We are focusing now on our updated service and solution portfolio and in particular, the services and solutions that are a good fit in the new regulatory landscape, such as, for instance, program management office, recruitment, providing projects or work as a statement to work, statement of work to clients, etcetera. So this is now what we are gearing up to bring to the Norwegian market and to our clients.

And so I am optimistic when I’m looking at Norway this year, and I hope that we will see some good progress.

Johanna Eriksson, CFO, eWork Group: Yes. I think we’ll round it up. Do you wanna to send some fast messages? Yes.

Karin Sgre, CEO and Group Chief Executive, eWork Group: Thank you so much. Thank you, Johanna. It was a pleasure being here with you today. And thank you to all the viewers and listeners. And as usual, if you have any further questions, please don’t hesitate to reach out to any of us.

We look forward to hearing and seeing you soon again. And until then, thank you and bye bye.

Johanna Eriksson, CFO, eWork Group: Thank you. Bye.

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