Bravida – Quarterly report April–June 2026

Strong organic growth, higher margin and significantly increased order backlog

 

• Net sales increased by 9 (-9) percent and amounted to SEK 7,629 (6,974) million, of which organic growth was 9 percent.
• Order intake increased by 44 (9) percent to SEK 11,691 (8,109) million.
• EBITA increased by 51 (10) percent and amounted to SEK 570 (378) million, positively impacted by non-recurring items of SEK 118 million.
• The EBITA margin increased to 7.5 (5.4) percent, adjusted for non-recurring items the margin was 5.9 percent.
• Profit after tax increased by 59 (12) percent to SEK 429 (269) million
• Cash flow from operating activities amounted to SEK 96 million (123).
• Earnings per share before and after dilution amounted to SEK 2.10 (1.31).

 

CEO Comment

Bravida delivers strong organic growth, improved profitability and a significantly increased order backlog in the second quarter of 2026. Our established and resilient business model, strong financial position and high customer confidence, not least for our expertise in large advanced projects, increase our attractiveness to both customers and employees. Together, this provides a stable platform for continued profitable growth and increased shareholder value.

 

Strong organic growth for all business segments

Bravida delivered a strong second quarter and first half of 2026, in an environment that continues to be characterized by economic and geopolitical uncertainty and, to some extent, a wait-and-see attitude towards investment in Bravida’s traditional core business. 

Net sales in the second quarter increased by 9 (-9) percent and amounted to SEK 7,629 (6,974) million. Organic growth was 9 (-8) percent. Acquisition-driven growth amounted to 0 (1) percent, with the divestment of ABEKA El och Kraftanläggning AB (ABEKA) neutralizing the quarter’s acquisition-driven growth. The currency effect amounted to 0 (-3) percent. For the first half of the year, net sales increased by 6 (-7) percent to SEK 14,674 (13,862) million. Organic growth was 6 (-7) percent, with the divestment of ABEKA dampening acquisition-driven growth during the half-year period as well. The currency effect had a negative impact of -1 (-2) percent.

 

Improved profitability through growth and margin focus

Underlying profitability improved in both the second quarter and the first half of 2026, driven by increased activity and a well-adapted cost structure. The measures we have implemented to adapt the business to the current market situation, combined with a consistent focus on costs and operational efficiency, are now delivering clear results. 

EBITA for the second quarter increased by 51 percent to SEK 570 (378) million, corresponding to an EBITA margin of 7.5 (5.4) percent. For the first half of the year, EBITA amounted to SEK 895 (685) million and the EBITA margin improved to 6.1 (4.9) percent. The result for the second quarter was positively affected by SEK 158 million from the divestment of ABEKA and was also burdened by restructuring costs of SEK -40 million, which gave a net effect of SEK 118 million. For the first half of the year, the net effect amounted to SEK 98 million, after restructuring costs totaling SEK -60 million. 

Against the backdrop of continued volume growth, good cost control and a selective project portfolio, my assessment is that Bravida has good conditions to gradually strengthen our margins and achieve my goal of emerging from the current economic downturn as a significantly stronger company than when we entered it.

 

Significant orders won in data centers

Bravida’s order backlog increased sharply during the second quarter and amounted to SEK 20,372 (16,854) million at the end of the period. Order intake has improved overall during the quarter, but is primarily explained by a single order for a data center outside Stavanger in Norway. The assignment, which is a Joint Venture, in which Bravida’s share amounts to just over SEK 4.3 billion, runs until 2028/2029. I am proud that Bravida has once again been entrusted with delivering installation solutions for a data center. Since 2009, Bravida has served as a technology partner for customers building data centers and today has an established and leading position in the Nordic region in the segment. As specialists in technical systems and advanced projects, we can take responsibility for the entire chain – from design and project management to installation, service and retrofitting. After the balance sheet date, we have signed two additional major orders for data centers in Sweden and Finland, for SEK 650 million and SEK 2.2 billion respectively.

 

Financial strength creates shareholder value

Bravida’s cash generation was 77 (80) percent for the rolling twelve months as of the balance sheet date. The outcome of cash generation is affected by contract structures and payment patterns in larger projects, where cash flow can vary between periods due to advance payments. Over a longer time series, our cash generation is approximately 100 percent, which better reflects the underlying cash flow capacity of the business. Cash flow was positively affected by SEK 208 million in the second quarter as a result of the divestment of ABEKA. 

Bravida’s strong balance sheet and low debt give us good conditions to carry out value-creating acquisitions, both platform acquisitions and complementary add-on acquisitions. At the same time, we have the capacity to maintain our dividend policy of distributing at least 50 percent of the year’s net profit. The year’s dividend corresponded to 63 (73) percent of the net profit. 

To further strengthen the return to our shareholders, we recently completed our first share buyback program of SEK 100 million. After the balance sheet date, the Board of Directors decided on an additional share buyback program of a maximum of SEK 100 million.

 

Stable and exciting platform for continued profitable growth

We see good growth in all markets with a high level of activity and growing demand in larger and more advanced projects, such as data center and infrastructure projects. Together, this provides a well-balanced business mix and a stable and very exciting platform for continued growth. Overall, Bravida is financially strong, with good capacity to invest in continued growth and create long-term value for our shareholders.

Mattias Johansson
President and CEO
Stockholm in July 2026

The report will be presented at 13:00 CEST by President and CEO Mattias Johansson and CFO Petra Vranjes. The presentation will be in English and can be followed online or by telephone.

 

Link to webcast

https://bravida.events.inderes.com/q2-report-2026

 

Conference call

To participate in the conference call, please register via this link: 
https://events.inderes.com/bravida/q2-report-2026/dial-in

After registration, you will receive a phone number and a conference ID to access the conference. There will be an opportunity to ask questions via the conference call.

The report and presentation will be available at:  https://www.bravidagroup.com/sv/investerare/rapporter-och-presentationer