Bonava (BONAV) Q3 2026 earnings summary

Executive summary

• Q3 segment EBIT rose to SEK 168m from SEK 148m, with a 7.6% margin; homes sold more than doubled to 959, mainly from the 506-unit Norrbodahöjden transaction.

• 9M segment net sales increased 7% to SEK 6,026m and EBIT rose 43% to SEK 417m; currency-adjusted growth was 9% and 46%, respectively.

• Sweden and the Baltics strengthened, while higher German long-term rates weighed on consumer and investor demand; ongoing production and working-capital needs increased.

• FY2026 outlook was revised to ~10% currency-adjusted sales growth and ~7% EBIT margin, excluding potential Q4 restructuring costs.

Financial highlights

• Q3 net sales were SEK 2,216m vs SEK 2,167m; gross profit was SEK 313m vs SEK 299m, gross margin 14.1% vs 13.8%, and EBIT SEK 168m vs SEK 148m.

• Q3 net profit was SEK 36m vs SEK 16m; net financial items were SEK -123m vs SEK -87m, including SEK 29m in non-recurring refinancing costs.

• 9M segment gross margin was 14.4% vs 13.5% and EBIT margin 6.9% vs 5.2%; 9M EBITDA rose to SEK 183m from SEK 90m.

• 9M IFRS net sales fell 11% to SEK 3,992m as deliveries declined to 1,125 from 1,185; EBIT rose to SEK 123m from SEK 24m, and net loss narrowed to SEK 228m from SEK 318m.

• Cash flow before financing and tax was SEK -536m in Q3, including a SEK -629m working-capital outflow; 9M cash flow was SEK -1,128m vs SEK 136m inflow.

Outlook and guidance

• FY2026 sales growth outlook was cut to ~10% at constant FX from 20%–25%; EBIT margin guidance fell to ~7% from 8%–9%, excluding potential Q4 restructuring costs.

• Germany cost reductions affect ~100 employees and carry SEK 75m in structural costs; annual savings are estimated at SEK 100m, with full run rate after mid-2027.

• Up to 1,000 Q4 handovers are expected to support cash flow and reduce net debt; completion timing remains a cash-conversion dependency.

• Starts guidance remained 3,500–4,000; the 2027 start run rate is expected to increase from 2,973 over the latest 12 months, though the level remains uncertain.

• Existing projects and signed contracts cover a large portion of guidance; German investor transactions and ongoing-project sales remain key variables.