Bravida (BRAV) investor relations material

Executive summary

• Q3 net sales rose 9% YoY to SEK 7,027m, with 9% organic growth; EBITA increased 34% to SEK 460m and margin reached 6.5%.

• Order intake climbed 72% to SEK 10,317m and backlog rose 48% to a record SEK 24,216m; profitability improved across all markets.

• Higher volumes, improved project execution and efficiency supported profitability; strong backlog and data-centre demand underpin expected growth and gradual margin improvement.

Financial highlights

• Q3 net sales were SEK 7,027m versus SEK 6,433m; organic growth was 9%, with currency contributing 1%.

• Q3 EBITA was SEK 460m versus SEK 342m; reported margin was 6.5%, or 6.7% adjusted for SEK 8m of non-recurring costs.

• Profit after tax rose 42% to SEK 347m; EPS increased to SEK 1.70 from SEK 1.19.

• 9M net sales increased 7% to SEK 21,701m; EBITA rose 32% to SEK 1,355m and profit after tax increased 37% to SEK 1,016m.

• 9M EBITA included a SEK 158m gain on the ABEKA divestment and SEK 68m of Swedish restructuring costs; adjusted EBITA margin was 5.8% versus 5.1%.

Outlook and guidance

• Nordic markets are expected to grow gradually; data centres, defence, hospitals, transport infrastructure, electrification and digitalisation are key demand areas, while housing new-build activity is expected to remain weak.

• Record backlog with appropriate margin expectations, operating efficiency and balanced capacity support continued growth and gradual profitability improvement as projects convert to production.

• Management expects quarter-on-quarter growth to improve at least through H1 2027; timing depends on new orders and project phasing.

• Margins are expected to improve further and remain above 6%; a modest Q4 improvement is possible, while timing for the 7% target partly depends on growth.

• Data-centre pipeline is strong, but execution capacity depends on recruiting experienced white-collar project staff; housing remains weak in southern Sweden and Norway.