Bravida – Interim report October-December 2025

Strengthened cash flow and an improved EBITA margin in a continued challenging market

 

• Net sales decreased by 2 percent and amounted to SEK 7,913 (8,108) million.
• The order backlog amounted to SEK 15,325 (14,929) million.
• EBITA increased by 6 percent and amounted to SEK 641 (604) million.
• The EBITA margin increased and amounted to 8.1 (7.5) percent
• Profit after tax increased by 16 percent and amounted to SEK 493 million (423).
• Cash flow from operating activities amounted to SEK 1,161 million (756).
• Net debt amounted to SEK -2,637 (-2,192) million and excluding leasing SEK -1,177 (-707) million.
• Two acquisitions were completed during the quarter, which on an annual basis add sales of SEK 63 million.
• Earnings per share before and after dilution increased by 17 percent and amounted to SEK 2.41 (2.07) and SEK 2.41 (2.06)

 

Comment from the CEO

Our EBITA margin increased, with improved margins in Denmark and Norway. Our order backlog remains stable and has few long-term contracts, so when the market improves we can quickly ramp up. The weak markets in Southern Sweden and Finland have picked up somewhat. Cash flow was strong and net debt decreased by more than SEK 800 million.

 

Net sales and EBITA

Bravida’s strategy of careful project selection has resulted in lower sales and a lower order intake in the weak and price pressured market of recent years. However, the strategy ensures that when the market improves, we will have avoided having production in long projects with low profitability. This and our efficient production have helped improve our profit and margin in the current recession. We are seeing that demand is now picking up somewhat and it seems the negative growth has come to an end. It is pleasing that the order intake increased during the quarter, driven by strong growth in Sweden, Denmark and Finland.

The order backlog remains stable, and my assessment is that it is of good quality regarding margins and customers.

EBITA and the EBITA margin increased due to a significant improvement in earnings in Denmark and improved margins in both Denmark and Norway.

 

Our markets

Net sales in Sweden were unchanged despite a continued challenging market situation, due to low general demand and price pressure, although with geographical differences. The three Sweden divisions North, Central and South have been merged into a unified Sweden organization as of January 1, 2026. The purpose is to strengthen governance, drive efficiency and profitability, and improve the possibility of uniform delivery across all of Bravida’s markets. The change has impacted profit by SEK 20 million in the quarter. In 2026, additional costs of SEK 70–90 million related to the restructuring will impact profit. Future annual savings are estimated to amount to approximately SEK 65 million.

The positive earnings trend in Denmark continues. During the quarter, profitability improved significantly and, in line with my previously communicated expectations, the EBITA margin for 2025 amounted to 5 percent. I expect continued improvement in profitability in the coming quarters through better margins in the order backlog and a higher share of service. One of the disputes we have had in Denmark has been resolved during the quarter and the ruling that was announced was in line with our previous assessments. The final payment for the project has been made by the customer in the quarter, a total of approximately SEK 100 million.

In Norway, sales decreased, but the margin has nevertheless improved, mainly through reduced administrative costs. The project market remains challenging and it is therefore important that we are persistent in our strategy, margin before volume.

The market situation in Finland remains challenging, however, with geographical differences. The deterioration in profitability is explained by the significantly lower turnover in some parts of the business and impairments in one department. My assessment is that the Finnish business will increase turnover and improve profitability in the coming quarters. We see a good margin in the order backlog that increased during the year. Organizational measures have been taken to adapt the business to the current market situation.

 

Cash flow and net debt

Cash flow from operating activities was strong in the quarter and cash generation improved from 63 percent as of the end of September to 79 percent for 2025. Our assessment is that cash flow in 2026 will be at a good level, although with seasonal variations during the year. Due to the strong cash flow in the quarter, net debt decreased to 1.1X EBITDA.

 

Acquisitions

Two acquisitions were completed in the quarter, generating sales of approximately SEK 63 million, and during the year we have completed four acquisitions, generating annual sales of approximately SEK 454 million. As always, we focus on selecting the right acquisition candidates that have a suitable culture and are value-adding for Bravida. It is currently challenging to identify good acquisition targets, due to the weak and uncertain market situation. However, I would like to emphasize that interesting acquisition discussions are ongoing.

In January 2026, we announced that an agreement had been signed to sell the subsidiary ABEKA El och Kraftanläggningar AB to Vidia Climate Fund I during the first half of 2026. ABEKA’s operations are not in line with Bravida’s core business, which is the explanation for the sale. The divestment strengthens our balance sheet and gives us new opportunities to develop in another part of the value chain within the power segment that is more technology-intensive and fits better with our existing competencies and economies of scale.

 

Sustainability

At Bravida, we work long-term with sustainability to be a good supplier to our customers, a good employer and a leading player in the industry. I am very proud that the important work we put into reducing occupational injuries is yielding results. LTIFR improved in 2025 and amounted to 4.9 (5.9). The electrification of our vehicle fleet reduces our own climate footprint and in the last 12 months, emissions from our vehicles decreased by just over 20 percent and by 59 percent from 2020 in relation to sales.

 

Outlook

My assessment is that the market has bottomed out and that we will see a gradual but cautious improvement in demand in 2026. We are already seeing some improvement in demand in southern Sweden and Finland at the end of 2025, where the market has been particularly challenging. The current price pressure will persist until demand increases. Demand for service will likely remain stable, but when it comes to demand for installations, it is more difficult to assess. There are geographical differences and demand for different types of installations varies. I assess that the installation volume will improve through increased demand for investments in infrastructure, electrification, data centers and defense facilities. Within Bravida, we are continuously working to adjust costs and adapt our organization to the current market situation, as well as to utilize our economies of scale. Strict project and customer selection and risk assessment, as well as efficient production, are key factors for us to improve profitability. We are making great progress and the goal has always been to emerge from the recession as a stronger company than when we entered it.

Mattias Johansson, Stockholm in February 2026

 

 

The report will be presented at 09:30 by President and CEO Mattias Johansson and CFO Petra Vranjes. The presentation will be in English and can be followed online or by telephone. There will be an opportunity to ask questions via the telephone conference.

Link to webcast:
https://bravida.events.inderes.com/q4-report-2025/register

Telephone conference:
To participate in the telephone conference, please register via this link:
https://conference.inderes.com/teleconference/?id=50054132
After registration, you will receive a telephone number and a conference ID to access the conference. There will be an opportunity to ask questions via the telephone conference.

The report and presentation will be available at:
https://investors.bravida.com/sv/rapporter-och-presentationer

 

This information is information that Bravida Holding AB is required to disclose pursuant to the EU Market Abuse Regulation (EU No. 596/2014). The information was submitted, through the agency of the specified contact person, for publication on 18 February 2026, at 07:30