Results in the Swedish and Finnish consulting sectors were mixed during Q1 2026. According to the most recent findings of Cinodes’ analysis of publicly listed consulting firms Q1 financial statements, growth for the period continues to be slightly negative, and headcount has continued to decline after several quarters of improvement following the second half of 2025.
Average growth across the reviewed companies was -0.4% and the median growth rate was reported as -1.1% which is in line with reported Q4 2025 growth rates; calendar impacts were also noted by Cinode to positively or negatively influence results. Companies who reported the highest growth rates during Q1 2026, as calculated by Cinodes, were Gofore (+29.5%), Softronic (+17.2%), Combitech (+15.7%) and Norconsult (+14.0%). It should also be noted that a significant proportion of these companies’ growth during the period occurred via acquisition.
“The year started positively, but the more turmoil we have seen in the world, the more hesitant clients have become. Sales cycles are lengthening, decisions are being postponed, and several companies report that they clearly noticed a slowdown during the second half of the quarter,” said Mattias Loxi, co-founder of Cinode.
The report has also shown that overall employees (headcount) at consulting firms decreased over the quarter. Seven of 25 companies reported to have net gain in employees at end of the period compared to beginning of the period. This is weaker than Q3 and Q4 of 2025 when a majority of firms increased their staffing levels.
“It’s a setback that headcount is declining again after last autumn’s upturn. It signals that several companies don’t dare to ramp up the pace of recruitment until they see a clearer shift in demand,” said Loxi.
The median operating margins for the reviewed companies in Q1 2026 was 7.9%, consistent with prior quarters. Of the companies in the review, Exsitec reported the highest operating margin (17.0%) along with Tieto (ex-Tietoevry rebranded in 2025) (13.3%), and Bouvet (12.3%), with Cinodes’ comments indicating consulting markets vary by sector, noting defence, energy and infrastructure, were less volatile compared to companies with exposure primarily to real estate, housing and industrial markets experienced weaker demand. With IT consulting companies, results were mixed.
“The direction is still positive compared to how things looked a year ago. But it’s clear that the recovery is not linear. Geopolitical risks and a hesitant client base mean that Q2 and Q3 will be decisive in determining whether we can speak of a confirmed turnaround. The most important thing in Q1 is that growth is near zero and that profitability is holding up. That’s a considerably better starting position than twelve months ago,” Loxi added.
