Slides
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Bravida Q1 2025 ( Mattias Johansson, CEO Åsa Neving, CFO 6 May 2025
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The experience of when it just works Some things in life we just expect to work. You expect the light to turn on when you press the switch, for water to flow from the tap and to be able to trust the security systems in a building. Bravida provides technical solutions for everyday life and the future, in a way that cares for properties, people and the environment.
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Bravida in figures 14,000 employees SEK 29.7 billion sales in 2024 84,000 customers 40 regions 4 Countries 1 Group 350 branches Presence in 190 locations in the Nordic countries
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Q1 highlights Service sales growth -1% Installation sales growth -9% Net sales growth -5% EBITA-margin 4.5% Cash conversion 101% Order backlog +SEK 658m • Organic growth -6% and growth from acquisitions +2% and currency effect -1% • Order intake decreased -1%, based on a selective tender strategy but increasing order intake in Norway, Denmark and Finland • The order backlog increased during the quarter in all countries, SEK 658m • EBITA-margin improved to 4.5% (4.0%), positively affected by better performance in Denmark but also improved EBITA-margin in the other countries • Continued good operating cash flow SEK 280m • Cash conversion improving to 101% (90%) • Low net debt 1.0x EBITDA • LTIFR LTM unchanged YoY at 5.6 versus target <5.5 • Reduced CO2 emissions LTM from vehicles, -15% 4
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5 Net sales performance in Q1, SEKm Sales growth -5% Organic growth -6% Growth in service -1% Growth in installation -9% Growth from acquisitions +2% FX effects -1% M&ANet sales Q1 2024 Net sales Q1 2025 Currency effectOrganic growth 7,275 -460 122 -49 6,888
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6 EBITA in Q1, SEKm • EBITA-margin 4.5% (4.0%) • EBITA-margin improved in all countries • Denmark improved EBITA-margin to 3.5% (1.0%) • EBITA-margin in Norway improved to 5.2% (4.9%) • EBITA-margin in Sweden and Finland improved 0.1 percentage point Q1 2025 Q1 2024 307 294 – – – – – 4.5% 4.0%
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7 2203 2206 2209 2212 2303 2306 2309 2312 2403 2406 2409 2412 2503 6,553 6,844 7,915 7,823 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2203 2206 2209 2212 2303 2306 2309 2312 2403 2406 2409 2412 2503 17,334 16,243 17,835 15,586 0 5,000 10,000 15,000 20,000 Order intake and backlog, SEKm Order backlog (installation only) Order intake LTM and per quarter • Order intake increased in Norway, Denmark and Finland YoY • Order intake in Sweden decreased due to strong comps YoY • The Order backlog increased in all countries in total, SEK 658m
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• 38 % of all 8,800 vehicles are electric driven • Change in CO2 emissions LTM from vehicles, -15% • The change in CO2 vehicles in relation to net sales LTM compared to 2020 was -38 percent • Stable LTIFR on Group level close to target, <5.5 • Lower LTIFR in Sweden and Finland • Norway and Sweden below target, <5.5 8 LTIFR (Lost Time Injury Frequency Rate) LTM ESG Group FinlandNorwaySweden Denmark 5.6 5.6 3.7 4.9 1.9 1.1 14.8 10.3 7.6 11.5 0.0 5.0 10.0 15.0 2025 2024
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• 10 acquisitions completed in 2024, adding SEK 580m in annual sales • One acquisition in the beginning of Q2 in Sweden. SEK 346m in net sales • No acquisitions in Denmark due to our focus on improving profitability • No acquisitions in Norway due to the extensive integration of Thunestvedt Group • Continue to see good acquisition opportunities • Strong pipeline of potential candidates to continue our strategy of selective M&A growth 9 Sweden Norway Finland Denmark 6 bolt-ons SEK 287m (2024) 4 bolt-ons SEK 293m (2024) Acquisitions 2025
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10 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q1 2025 3,256 165 5.1% 3,442 8,326 Q1 2024 3,473 172 5.0% 3,838 9,862 • Sales decreased -6% explained by the soft market in the south part of Sweden, sales in the south part of Sweden declined by SEK 250m YoY • Service sales growth -10%, and installation sales growth -3% • Organic growth approximately -8%, growth from acquisitions approximately +1% • EBITA-margin improved to 5.1% • Order intake -10% YoY , two large order were received 2024, SEK 700m • The order backlog increased by SEK 186m in the quarter Sweden Q1 2025 Q1 2025 EBITA Q1 2024 EBITA 165 172 Q1 2025 Q1 2024 Net sales Order intake Order backlog 3,256 3,473 3,442 3,838 8,326 9,862
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11 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q1 2025 1,419 74 5.2% 1,634 2,151 Q1 2024 1,621 79 4.9% 1,514 2,447 • Growth in sales -12% related to decreasing sales in the installation business • Organic growth -10%, growth and FX -2% • Growth in the installation business, -25%, explained by high production in some large projects 2024 • Growth in the service business -1% • EBITA-margin improved to 5.2%, improved margin in the installation business • Order intake +8% YoY • The order backlog increased by SEK 173m in the quarter Norway Q1 2025 Net sales Order intake Order backlog 1,419 1,621 1,634 1,514 2,151 2,447 Q1 2025 EBITA Q1 2024 EBITA 74 79 Q1 2025 Q1 2024
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12 • Growth in sales +5% due to strong growth in the service business, +16% • Organic growth +5% • EBITA-margin improved to 3.5% (1.0%) due to better performance in both the service and the installation business • Order intake +4% YoY • The order backlog increased by SEK 142m in the quarter Denmark Q1 2025 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q1 2025 1,708 60 3.5% 2,082 4,080 Q1 2024 1,633 16 1.0% 1,998 4,151 Net sales Order intake Order backlog 1,708 1,633 2,082 1,998 4,080 4,151 Q1 2025 EBITA Q1 2024 EBITA 60 16 Q1 2025 Q1 2024
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13 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q1 2025 548 8 1.4% 709 1,030 Q1 2024 573 7 1.3% 590 1,375 • Growth in sales -4% • Growth in the installation business, -10% • Growth in the service business, +11% • Organic growth -17%, growth from acquisitions +13% and from FX 0% • EBITA-margin improved to 1.4%, improved margin in the installation business • Order intake increased by +20% YoY • The order backlog increased by SEK 150m in the quarter Finland Q1 2025 Net sales Order intake Order backlog 548 573 709 590 1,030 1,375 Q1 2025 EBITA Q1 2024 EBITA 8 7 Q1 2025 Q1 2024
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1414 Key highlights Cash conversion improved to 101% (90%) Net debt remains low, providing capacity for continued profitable M&A growth and shareholder distributions Two larger unpaid receivables, expected to be resolved within the next 9 months One large unpaid receivable, expected to be resolved 2028 RCF SEK 2,500m ‒ Maturity 2027-02-14 with options 1+1 year Commercial paper programme SEK 1,500m and EUR 50m 3-year term loan, SEK 500m, maturity August 2025 Operating cash flow, SEKm Net debt and cash flow, SEKm Financial position Q1 2025 Cash balances 608 Term loan,RCF, Commercial paper -1,309 Leasing, IFRS 16 -1,455 Net debt -2,156 LTM EBITDA 2,186 Net debt/LTM EBITDA 1.0x LTMQ1 2025 Q1 2024 280 399 1,777 0 500 1,000 1,500 2,000
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Market outlook 2025 1.Service activity continues to be stable 2.Challenges in installation continuing – variation between geographies 3.Favourable market conditions for projects in e.g., infrastructure, industry, defence facilities and civil engineering – providing business opportunities 4.We will maintain our project-selective strategy with continued focus on cost control across all projects – ‘margin over volume’ 5.We continue to see an attractive pipeline of acquisition opportunities 15
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16 Financial targets >5% Sales growth >7% EBITA margin >50% of net profit Target pay-out ratio >100% Cash conversion <2.5x Net debt/EBITDA Target leverage ratio
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Summary Q1 2025 17 • Sales growth -5%, mainly related to decreasing installation sales, -9% • Growth from acquisitions +2% • Increased order intake in Norway, Denmark and Finland YoY • Increased order backlog in all countries compared to last quarter • Improved EBITA-margin in all countries • Stable cash flow and cash conversion • Stable LTIFR and decreasing CO2 emissions from vehicles
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11 July 2025 Interim Report Q2 2025 18 Upcoming events 24 October 2025 Interim Report Q3 2025
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Q&A