Bonava (BONAV) Q4 2025 earnings summary

Executive summary

• Achieved strong operational turnaround in 2025 with improved margins, profitability, and cash flow, transitioning to controlled growth for 2026.

• Net sales grew 15% year-over-year in Q4 (currency-adjusted), with full-year EBIT margin at 6.7%, exceeding outlooks.

• Started units increased 36% to 2,800 in 2025, with ongoing projects up 28%–29% to over 4,000 units and a binding sales rate of 56%.

• Positive net profit for the year and seventh consecutive quarter of positive operating cash flow.

• Financial position strengthened with reduced net debt and higher equity/assets ratio.

Financial highlights

• Q4 net sales rose 8% year-over-year to SEK 2,603M; full-year net sales SEK 8,218M, flat or up 3% currency-adjusted.

• Q4 operating EBIT margin improved to 9.9%; full-year EBIT margin at 6.7%.

• Operating cash flow for the year was SEK 823M; net debt reduced to SEK 2.8B.

• Equity/assets ratio improved to 44.4%.

• Earnings per share (IFRS) for the year was SEK -0.28, up from SEK -1.85 in 2024.

Outlook and guidance

• 2026 guidance: net sales expected to grow 20%–25%, operating EBIT margin targeted at 8%–9%.

• Controlled growth phase with a target of 3,500–4,000 annual starts, prioritizing quality and margin.

• Recovery in production starts is slower than forecast, impacting 2026 revenue and earnings.

• No dividend proposed for 2025 due to financial agreement restrictions.