Bravida (BRAV) Q1 2026 earnings summary

Executive summary

• Net sales rose 2% year-over-year to over SEK 7 billion, with organic growth of 1% and a strong order backlog up 7% to SEK 16,727 million; EBITA increased 6% to SEK 325 million, margin at 4.6%, and positive organic growth for the first time in eight quarters.

• Cash conversion improved to 77% in the quarter, and the balance sheet remains strong with net debt/EBITDA at 1.1x and equity/assets ratio at 40.1%.

• No acquisitions in Q1, but a strong M&A pipeline and one non-core business divested; post-quarter divestment expected to generate SEK 200 million in cash flow and SEK 160 million in earnings in Q2.

• SEK 100 million share buyback program initiated, running from May to July 2026, with ongoing evaluation until the next AGM in 2027.

• Business model and geographic presence contributed to resilience, with stable or positive sales progress in all countries, supported by societal transformation and infrastructure projects.

Financial highlights

• Net sales: SEK 7,045 million (+2% year-over-year); organic growth 1%, acquisition-driven growth 3%, currency impact -2%.

• EBITA: SEK 325 million (+6%); EBITA margin 4.6% (up from 4.5%).

• EPS rose to 1.17 (from 1.11) year-over-year.

• Cash flow from operating activities: SEK 354 million (+26%); cash conversion at 77%.

• Net debt/EBITDA at 1.1x (0.6x excluding leasing); equity/assets ratio at 40.1%.

Outlook and guidance

• Management expects continued solid net sales, positive organic growth, and margin development, with guidance for organic growth mainly in late Q2 and beyond.

• Increased order intake and backlog provide a platform for long-term value creation; focus remains on margin over volume.

• Denmark expected to deliver improved results in 2026, with margins guided at 5.5%-6%.

• Additional restructuring costs of SEK 50-60 million expected in Q2 and Q3 2026.