Bravida (BRAV) Q2 2025 earnings summary

Executive summary

• Net sales declined 9% year-over-year to SEK 6,974 million in Q2 2025, with organic growth at -8% and acquisition growth at +1%.

• Order intake increased 9% year-over-year, mainly driven by Denmark, with backlog up SEK 1.3 billion.

• EBITA/EBITDA margin improved to 5.4% from 4.5% year-over-year, attributed to selective project intake, cost control, and better pricing.

• EPS increased by 13% year-over-year.

• CO₂ emissions reduced by 15% over the last 12 months, and LTIFR decreased by 12%.

Financial highlights

• Net sales for Q2 2025 were SEK 6,974m, down from SEK 7,694m in Q2 2024.

• EBITA increased to SEK 378m from SEK 343m year-over-year.

• Cash conversion at 80%, impacted by milestone-based billing and contract assets from a large project.

• Net debt at SEK 3,131 million, net debt/EBITDA at 1.4x.

• Dividend of SEK 3.75 per share approved at AGM.

Outlook and guidance

• Market has stabilized but remains challenging; service activity expected to remain stable or improve slightly.

• Installation market continues to face headwinds, with growth not expected to return in 2025.

• Market recovery anticipated in 2026 and 2027, with some areas forecasted for significant improvement.

• Focus remains on margin over volume, with continued cost control and selective project intake.

• Third-party forecasts predict 1% annual service growth and installation volume growth of 7% in 2026 and 4% in 2027.