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Bonava (BONAV) investor relations material

Bonava Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary24 Oct, 2025

Executive summary

  • Net sales for Q3 2025 rose 10% year-over-year to SEK 2,167M, with operating EBIT margin more than doubling to 6.8% due to improved project governance and lower overheads.

  • All business units contributed to margin improvements, with ongoing production reaching 3,836 units and a 57% sales rate.

  • Market recovery is slower than expected due to geopolitical challenges, but lower interest rates and rising household incomes support demand.

  • Investor segment activity and B2B pipeline strengthened, though contract conversion times remain long, especially in Sweden.

  • Updated science-based sustainability targets validated, with lifecycle assessments implemented for all projects.

Financial highlights

  • Net sales for Q3 2025 reached SEK 2,167M, up from SEK 1,978M in Q3 2024; operating EBIT margin improved to 6.8% from 2.7% year-over-year.

  • Operating gross margin for Q3 increased to 13.8% (from 10.9%).

  • Net profit for Q3 2025 was SEK 16M, compared to a loss of SEK -157M in Q3 2024.

  • Operating cash flow for Q3 2025 was SEK 140M; available liquidity at SEK 1.3B.

  • Net debt stable at SEK 3,054M; equity/assets ratio improved to 40.6%.

Outlook and guidance

  • 2025 operating EBIT margin guidance raised to about 6%; 2026 target of at least 10% EBIT margin reiterated, though slower market recovery could delay achievement.

  • Continued controlled growth with focus on high sales rates and selective project starts.

  • Market recovery expected to remain gradual, with Germany and the Baltics leading, and Sweden and Finland in early recovery stages.

What market recovery assumptions underpin 2026 EBIT target?
Explain divergence: operating EBIT vs cash flow.
How will building rights portfolio drive future growth?
How to accelerate booking to binding contract conversion
What is the optimal net debt level for growth
What specific actions to achieve 2026 10% EBIT target
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