Bravida (BRAV) Q4 2025 earnings summary

Executive summary

• Net sales declined 2% in Q4 2025 to SEK 7,913 million, with organic growth at -3% and total annual net sales down 5%.

• EBITA margin improved to 8.1% in Q4 (up from 7.5%), driven by strong performance in Denmark and Norway.

• EPS increased 17% in Q4 and 16% for the full year, reaching SEK 6.02.

• Cash flow from operating activities was robust, at SEK 1,161 million in Q4 and SEK 1,453 million for the year, with cash conversion at 79%.

• The board proposed a dividend of SEK 3.80 per share, representing 63% of EPS.

Financial highlights

• Q4 2025 net sales: SEK 7,913m (down from SEK 8,108m in Q4 2024); EBITA: SEK 641m (up from SEK 604m); full-year EBITA margin improved to 5.9%.

• Order intake rose 11% in Q4 and 5% for the year, with backlog up 3% to SEK 15,325 million.

• Service sales declined 3%, installation sales declined 1% in Q4.

• Net debt/EBITDA was 1.1x at year-end.

• Equity/assets ratio improved to 38.9%.

Outlook and guidance

• Market decline has ended, with slow demand recovery expected in 2026 and 4% annual installation growth forecast.

• Service demand expected to remain stable through 2026-2027.

• Organic growth not expected before summer 2026; stepwise recovery anticipated in the second half.

• Continued focus on margin, cost control, and selective project bidding.

• Price pressure to persist until demand increases.