Bonava (BONAV) Q1 2026 earnings summary

Executive summary

• Net sales grew 11% year-over-year, with EBIT margin improving to 4.8% and ongoing production up nearly 30% year-over-year.

• Financial stability maintained despite market uncertainties, supported by higher disposable income and low unemployment.

• Strong sales in the Baltics and Germany, with Sweden showing rapid growth and Finland remaining challenging.

• Ongoing refinancing discussions and a robust project pipeline support a positive outlook for 2026.

• No major effects from geopolitical turbulence on sales or production costs; full-year 2026 outlook maintained.

Financial highlights

• Net sales reached SEK 1,720M in Q1 2026, up from SEK 1,608M in Q1 2025; EBIT increased to SEK 83M from SEK 65M.

• EBIT margin for Q1 2026 was 4.8%, up from 4.0% last year; gross margin at 13.4%.

• Net profit improved to -SEK 55M from -SEK 118M year-over-year.

• Net debt stood at SEK 3,360M–3,400M, with available liquidity of SEK 0.9–1.0Bn; equity/assets ratio at 41%.

• Completed unsold inventory reduced to 208 units, further down from Q4.

Outlook and guidance

• Full-year 2026 guidance reiterated: 8%-9% EBIT margin and 20%-25% net sales growth over 2025.

• Growth expected to accelerate in Germany and Sweden, with Sweden showing the highest percentage growth.

• Targeting 3,500–4,000 production starts in 2026.

• Investor deals expected to close mainly in Q4, especially in Germany.

• High sales rates and strong pipeline of project starts support confidence in meeting guidance.