Stronger cash flow and an improved EBITA margin in a still challenging market
- Net sales decreased by 2 percent, to SEK 7,913 (8,108) million
- The order backlog was SEK 15,325 (14,929) million
- EBITA increased by 6 percent, to SEK 641 (604) million
- The EBITA margin increased to 8.1 (7.5) percent
- Profit after tax increased by 16 percent, to SEK 493 (423) million
- Cash flow from operating activities was SEK 1,161 (756) million
- Net debt amounted to SEK -2,637 (-2,192) million, and excluding leasing was SEK -1,177 (-707) million
- Two acquisitions were completed during the quarter, adding annual sales of SEK 63 million
- Basic and diluted earnings per share increased by 17 percent, to SEK 2.41 (2.07) and SEK 2.41 (2.06)
CEO statement
Our EBITA margin increased, with improved margins in Denmark and Norway. Our order backlog remains stable and has few long-term contracts, so when the market improves we can quickly ramp up. The weak markets in Southern Sweden and Finland have picked up somewhat. Cash flow was strong and net debt decreased by more than SEK 800 million.
Net sales and EBITA
Bravida's strategy of careful project selection has resulted in lower sales and a lower order intake in the weak and price pressured market of recent years. However, the strategy ensures that when the market improves, we will have avoided having production in long projects with low profitability. This and our efficient production have helped improve our profit and margin in the current recession. We are seeing that demand is now picking up somewhat and it seems the negative growth has come to an end. It is pleasing that the order intake increased during the quarter, driven by strong growth in Sweden, Denmark and Finland.
The order backlog remains stable, and my assessment is that it is of good quality regarding margins and customers.
EBITA and the EBITA margin increased due to a significant improvement in earnings in Denmark and improved margins in both Denmark and Norway.
Our markets
Net sales in Sweden were unchanged despite a continued challenging market situation, due to low overall demand and price pressure, although with regional variations. The three Sweden divisions, North, Central and South, were merged to form a single Sweden organisation on 1 January 2026. The purpose is to strengthen governance, drive efficiency, grow profitability and enable provision of uniform services across all Bravida's markets. The change has impacted the earnings with SEK 20 million during the quarter. An additional restructuring cost of SEK 70-90 million will impact earnings during 2026. Future annual savings are estimated to approximately SEK 65 million.
The positive earnings development in Denmark continues. Profitability improved significantly during the quarter, and in line with my expectations the EBITA margin for 2025 amounted 5 percent. I expect further improvement in profitability in the coming quarters, based on better margins in the order backlog and a higher proportion of service assignments. One of the disputes in Denmark was resolved during the quarter, with a judgement in line with our previous assessments. The final payment for the project, of around SEK 100 million, was made by the customer during the quarter.
Sales decreased in Norway, although the margin improved mainly driven by decreased administration costs. The project market remains challenging, why it is important that we stay persistent with our strategy of margin before volume.
In Finland, the market situation remains challenging however with geographical differences. The lower profitability is explained by significantly lower sales in some parts of the business and write downs in one branch. In my opinion, the Finnish operations will increase sales and improve profitability during the coming quarters. The order backlog increased during the year and has a good margin. Organisational measures have been implemented to adapt operations to the current market situation.
Cash flow and net debt
Cash flow from operating activities was strong during the quarter and cash conversion improved from 63 percent at the end of September to 79 percent for 2025. Our assessment is that cash flow will be at a good level in 2026, but with seasonal variations. With the strong cash flow during the quarter, net debt decreased to 1.1X EBITDA.
Acquisitions
During the quarter two acquisitions were completed, adding sales of approximately SEK 63 million, and during the year four acquisitions were completed, adding annual sales of approximately SEK 454 million. As always, we focus on selecting the right acquisition candidates that have a suitable culture and create value for Bravida. It is currently difficult to identify good acquisition targets, due to the weak and uncertain market conditions. However, I would like to emphasize that interesting acquisition discussions are ongoing continuously.
In January 2026, we announced an agreement to sell our subsidiary ABEKA El och Kraftanläggningar AB to Vidia Climate Fund I during the first half of 2026. ABEKA's operations are not aligned with Bravida's core business, which is the main reason to sell. The divestment strengthens our balance sheet and gives us new opportunities to develop in a different part of the power segment value chain. A part that is more technology-intensive and suited to our core competences and economies of scale.
Sustainability
In Bravida we have a long-term approach to sustainability, in order to be a good supplier to our customers, a good employer and an industry leader. I am very proud that the important work we are putting into reducing workplace injuries is paying off. The LTIFR improved in 2025, to 4.9 (5.9). The electrification of our vehicle fleet is reducing our climate footprint. In the last year emissions from our vehicles decreased by over 20 percent, and in relation to sales by 59 percent since 2020.
Outlook
I believe the market has stopped declining and demand will slowly pick up in 2026. There was already a slight improvement in demand in the particularly challenging southern Sweden and Finland markets in late 2025. The current price pressure will continue until demand increases. While demand for service is likely to remain stable, the demand for installation is more difficult to predict. There are geographical differences, and the demand for different types of installation work varies. I expect the installation volume to improve, due to more demand in infrastructure investments, electrification, data centers and defence facilities. At Bravida, we continuously adapt our costs and adjust our organisational structure to the current market situation and to utilise our economies of scale. Stringent project and customer selection, as well as risk assessment and efficient production, are key aspects for improving profitability. We are making strong progress and our goal has always been to emerge from the current recession as a stronger company than when we entered it.
Mattias Johansson, Stockholm, February 2026
The report will be presented at 09:30 CET by CEO and Group President Mattias Johansson and CFO Petra Vranjes. The presentation will be held in English and can be followed online or by phone. There will be room for questions in the telephone conference.
Link to webcast:
https://bravida.events.inderes.com/q4-report-2025/register
Telephone conference:
To participate in the conference call, please register via this link:
https://conference.inderes.com/teleconference/?id=50054132
After registration, you will be provided with telephone numbers and a conference ID to access the conference. There will be room for questions in the telephone conference.
The report and presentation will be available:
https://investors.bravida.com/en/reports-and-presentations
For further information, please contact:
Peter Norström, Head of Investor Relations
peter.norstrom@bravida.se
+46 8 695 20 07
This disclosure contains information that Bravida Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 18 February 2026, 07:30 CET.
Good properties make a difference - that's why Bravida exists. As one of the Nordic region's leading suppliers of end-to-end technical solutions in service and installation, we help our customers create effective and sustainable properties.
Bravida's long-term goal is to be carbon-neutral throughout the value chain by 2045. We have 14,000 employees and a presence in about 190 locations in Sweden, Norway, Denmark and Finland. Bravida's shares are listed on Nasdaq Stockholm. www.bravida.com
