Bonava
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Bonava (BONAV) investor relations material

Bonava Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Achieved a strong turnaround with improved operational control, higher margins, and profitability in 2025, transitioning from consolidation to controlled growth with a 41% increase in Q4 EBIT and 68% for the year.

  • Net sales grew by 15% year-over-year in Q4, with full-year operating EBIT margin reaching 6.7%, exceeding previous outlooks.

  • Ongoing production volumes increased, with a 36% rise in started units and a stable sales rate of 56%.

  • Financial position strengthened with reduced net debt and a higher equity/assets ratio.

  • Market recovery is slow but showing positive signs, especially in Germany and Sweden's investor markets, while consumer demand remains cautious.

Financial highlights

  • Q4 operating EBIT margin improved to 9.9% from 7.6% in the prior year; full-year margin was 6.7%.

  • Net sales for Q4 were SEK 2,603M, up from SEK 2,403M; full-year net sales reached SEK 8,218M.

  • Operating cash flow for the year was SEK 823M, with positive cash flow for seven consecutive quarters.

  • Net debt reduced to SEK 2.8B from SEK 4.3B at the start of 2024.

  • Equity/assets ratio improved to 44.4% at year-end.

Outlook and guidance

  • 2026 guidance: net sales expected to increase 20–25%, with operating EBIT margin between 8–9%.

  • Controlled growth in starts, aiming for 3,500–4,000 units, with quality prioritized over volume.

  • Muted market improvement in 2025 will delay revenue recognition, leading to a slightly lower margin outlook.

  • No dividend proposed for 2025 due to financial agreement restrictions.

Explain balance of growth targets vs market uncertainty
Outline plans to reduce net financial items further
What specific actions will drive Finland's market recovery?
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