Poolia AB Class B (PION.B) AI Stock Analysis

• Market Cap: kr244.73M
• Dividend Yield: N/A
• Average Volume (3M): 23.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.07
• Revenue Growth: -17.32%
• EPS Growth: 36.05%
• Country: SE
• Employees: 2,396
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): 0.07
• Shares Outstanding: 37,311,430
• 10 Day Avg. Volume: 5,428
• 30 Day Avg. Volume: 23,168
• PEG Ratio: 8.36
• Price to Book (P/B): 1.90
• Price to Sales (P/S): 0.18
• P/FCF Ratio: -40.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.81
• Revenue Forecast (FY): kr1.95B

• Rating: 40 Underperform
• Price Target: kr4.50 ▼(-14.45% Downside)
• Action: Downgraded Date: 03/01/26
• Date: Action: Downgraded 03/01/26

The score is driven primarily by weakened financial performance—sharp revenue contraction, compressed margins with losses, and negative operating/free cash flow—despite a relatively resilient balance sheet. Technical indicators reinforce the cautious view with a clear downtrend and bearish momentum. Valuation is constrained by a highly negative P/E and no dividend yield data.

Positive Factors

Balance sheet resilience

Moderate leverage and a stable equity base give Poolia time and capacity to navigate a multi-quarter earnings trough. That balance-sheet resilience lowers refinancing and solvency risk, supports working-capital funding and strategic responses while profitability is restored.

Diversified white-collar staffing mix

A focus on white-collar roles across finance, administration, engineering and IT plus temporary and permanent placements provides diversified end-market exposure. This service mix supports demand persistence from professional hiring needs and reduces reliance on a single sector.

Prior strong cash generation

Historical strong operating and free cash flow demonstrate the company's ability to convert billing into cash under normal conditions. That prior cash-conversion track record indicates operational leverage that can re-emerge with revenue recovery and aids longer-term financial flexibility.

Negative Factors

Sharp revenue contraction

Sustained top-line decline materially reduces scale benefits and client reach. Loss of revenue weakens pricing leverage and raises per-unit overheads, making it harder to restore margins and finance reinvestment; a durable recovery is required to re-establish profitable scale.

Margin deterioration to losses

A multi-year shift into negative gross and operating margins signals structural pressure on pricing or cost base. Persistent losses erode retained capital and limit reinvestment, forcing either business-model adjustments or capital infusions to restore sustainable profitability.

Negative operating and free cash flow

Negative operating and free cash flow constrains the company's ability to fund working capital, capex or restructuring from internal resources. Continued negative cash conversion raises reliance on external financing and heightens liquidity risk if earnings do not rebound.

Poolia AB Class B Business Overview & Revenue Model

Company Description

PION Group AB (publ) operates as a staffing and recruitment company in Sweden, Finland, Norway, and Germany. The company also provides executive search and interim management services. It offers staffing services in the areas of IT, law, life science, sales and marketing, finance, banking and finance, administration, engineering, HR and salary, and purchasing and logistics. The company provides its services under the QRIOS, Workspace Recruit, Poolia, Uniflex, and Roi Rekrytering. The company was formerly known as Poolia AB (publ) and changed its name to PION Group AB (publ) in September 2022. PION Group AB (publ) was founded in 1989 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Poolia AB generates revenue primarily through its staffing services, which include placing temporary and permanent workers in client companies. The company charges clients a fee based on the salaries of the placed employees, which typically includes a markup for the services provided. Key revenue streams include fees from temporary staffing, permanent placements, and consultancy services. Additionally, Poolia has established partnerships with various organizations and businesses, enhancing its ability to fulfill staffing needs and secure contracts. Economic factors such as employment trends and demand for skilled labor also significantly influence the company's earnings potential.

Poolia AB Class B Financial Statement Overview

Summary

Income statement weakness is the key drag: revenue contracted sharply in 2024 and 2025 with margin compression and losses across 2023–2025 (near break-even net in 2025 but still negative gross/operating profit). Cash flow also deteriorated, with operating and free cash flow turning negative in 2025, reducing flexibility. The balance sheet is a partial offset with moderate leverage and stable equity, but ROE has been negative in 2023–2025.

Income Statement

Profitability has deteriorated materially since 2021–2022. Revenue contracted sharply in 2024 and again in 2025 (annual), and margins compressed from solid positive levels in 2021–2022 to losses in 2023–2025. 2025 (annual) shows near break-even net results, but gross profit and operating profit are still negative, indicating the earnings base remains fragile and highly sensitive to volume/pricing.

Balance Sheet

Leverage is moderate overall, with debt-to-equity staying relatively contained across the period despite an uptick in 2025 (annual). Equity remains positive and fairly stable versus the sharp swing in earnings, which provides some balance-sheet resilience. The main weakness is weak returns for shareholders in 2023–2025 (negative return on equity), reflecting that the capital base is not currently producing attractive profits.

Cash Flow

Cash generation has weakened significantly. Operating and free cash flow were strong in 2020–2023, but turned small in 2024 and negative in 2025 (annual), signaling pressure on working capital and/or underlying profitability. While 2025 net loss is minimal, negative operating cash flow highlights lower cash quality of earnings and reduces financial flexibility until cash conversion improves.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.41B	1.60B	2.02B	2.09B	1.90B
Gross Profit	-5.60M	52.60M	83.28M	73.93M	154.82M
EBITDA	27.00M	-900.00K	23.34M	103.31M	124.15M
Net Income	-300.00K	-62.90M	-14.42M	60.90M	80.62M
Balance Sheet
Total Assets	471.20M	440.70M	650.85M	680.03M	636.85M
Cash, Cash Equivalents and Short-Term Investments	8.30M	10.10M	46.79M	101.27M	121.68M
Total Debt	49.10M	21.10M	38.30M	33.99M	27.68M
Total Liabilities	339.70M	308.00M	443.50M	445.95M	423.37M
Stockholders Equity	131.40M	132.50M	206.18M	232.53M	212.69M
Cash Flow
Free Cash Flow	-6.10M	2.50M	32.19M	66.94M	106.98M
Operating Cash Flow	-6.10M	4.10M	34.38M	68.88M	107.70M
Investing Cash Flow	7.80M	-2.60M	-34.93M	-19.35M	-1.17M
Financing Cash Flow	-3.10M	-38.50M	-53.67M	-71.67M	-49.53M

Poolia AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PION.B, the sentiment is Negative. The current price of 5.26 is above the 20-day moving average (MA) of 5.15, below the 50-day MA of 5.31, and below the 200-day MA of 5.59, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 47.28 is Neutral, neither overbought nor oversold. The STOCH value of 44.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PION.B.

Poolia AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
DEDI	56 Neutral	kr386.33M	12.28	―	5.95%	-17.43%	-39.61%
EWRK	54 Neutral	kr1.18B	21.75	―	7.11%	-12.29%	-18.24%
WISE	48 Neutral	kr136.73M	-6.17	-29.57%	―	-20.88%	14.14%
PION.B	40 Underperform	kr244.73M	-831.83	-18.85%	―	-17.32%	36.05%