Bonava (BONAV) Q2 2026 earnings summary

Executive summary

• Q2 saw improved profitability, with EBIT more than doubling year-over-year to SEK 166M, driven by higher sales, cost control, and a strong turnaround in Sweden.

• Net sales grew 14% year-over-year to SEK 2,090M, with 4,455 homes under production and a 59% sales rate (excluding reservations).

• Major refinancing was completed, including a SEK 1,500M green bond and EUR 200M syndicated loan, enhancing financial flexibility and removing dividend restrictions.

• Market conditions varied: strong in the Baltics and Sweden, mixed in Germany, and slow in Finland.

• Outlook for 2026 remains positive, supported by increased ongoing production and a robust project pipeline.

Financial highlights

• EBIT more than doubled to SEK 166M, with a margin of 7.9% for the quarter; net profit improved year-over-year.

• Gross margin improved to 15.5% in Q2.

• Net sales reached SEK 2,090M in Q2 2026, up from SEK 1,839M in Q2 2025.

• Cash flow before financing and tax was SEK -456M in Q2, reflecting increased investments in project assets.

• Net debt increased to SEK 4,023M, with an equity/assets ratio at 38.4%.

Outlook and guidance

• Full-year 2026 outlook reiterated: net sales growth of 20–25% and EBIT margin of 8–9%.

• Achieving targets depends on increasing production starts and building up revenue and earnings.

• Ongoing production and a strong project pipeline support a positive outlook for 2026.