Bravida (BRAV) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 decreased by 2% year-over-year to SEK 7,913 million, with organic growth at -3%, acquisition growth at +3%, and FX impact at -2%.

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

• EPS increased 17% in Q4 and 16% for the full year.

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

• Board proposes 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.

• Q4 2025 EBITA: SEK 641m, up from SEK 604m in Q4 2024.

• Full-year EBITA margin improved to 5.9% from 5.2% in 2024.

• Order intake rose 11% in Q4 and 5% for the full year; order backlog up 3% year-over-year to SEK 15,325 million.

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

Outlook and guidance

• Management expects continued margin improvement, especially in Denmark and Norway, with slow demand recovery anticipated in 2026.

• External forecasts predict 4% annual installation growth and stable service demand in 2026-2027.

• Organic growth is not expected before late Q2 2026; stepwise recovery anticipated in the second half.

• M&A activity expected to accelerate in 2026, returning to historical levels.

• Price pressure expected to persist until demand increases.