Bonava (BONAV) Q2 2025 earnings summary

Executive summary

• Markets remain stable with support from lower base interest rates, higher disposable income, and pent-up housing demand, though uncertainty prolongs sales cycles, especially in Sweden.

• Increased project starts and maintained sales rates, with 584 homes initiated in Q2 and early ramp-up from a low base.

• Profitability improved with higher margins despite lower net sales year-over-year, driven by cost savings and project mix.

• Ongoing projects and improved operating margins position the business for future sales growth.

• Germany remains the largest and most profitable segment, with significant land acquisition for future growth.

Financial highlights

• Operating EBIT margin improved to 4.3% in Q2, up from 2.9% year-over-year.

• Net sales for Q2 2025 reached SEK 2,281M, up from SEK 1,839M in Q2 2024; Jan–Jun 2025 net sales were SEK 3,447M (3,931), down 12% year-over-year.

• Net profit/loss for Q2 2025 was -SEK 14M, a significant improvement from -SEK 109M in Q2 2024.

• Operating cash flow positive at SEK 34M for Q2 2025; Jan–Jun 2025 at SEK 314M (513).

• Net debt reduced to SEK 3,079M (3,823); equity/assets ratio at 43.0% (38.1%).

Outlook and guidance

• Guidance reiterated for 2025 EBIT margin of 5–6% and at least 10% for 2026.

• Growth in net sales anticipated in the second half of 2025 and beyond, supported by increased production starts.

• Controlled growth strategy continues, with focus on profitability and financial strength.

• Production starts to gradually increase, aiming for 3,500–4,000 units per year by 2026.