Slides
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Bravida Q3 2025 Mattias Johansson, Group President & CEO Petra Vranjes, Group CFO 24 October 2025
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14,000 Employees in 2024 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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Q3 highlights Service sales growth -4% Installation sales growth 0% Net sales growth -2.2% Cash conversion 63% Net debt 1.5x • Strong performance in Denmark contributing to a positive impact on the EBITA-margin, up 80 bps for the group • EPS increased 24% • Denmark executing better than previously communicated • Acquisitions contributed to a 2.5% growth in the quarter • Finland contributed significantly with order intake in the quarter with healthy margins • Operating cash flow and cash conversion decreased mainly driven by the execution cycle in large projects 3 EBITA-margin 5.3%
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4 Organic growth -3.0% Growth in service -4% Growth in installation 0% Growth from acquisitions +2.5% FX effects -1.6% M&ANet sales Q3 2024 Net sales Q3 2025 Currency effectOrganic growth 6,575 -199 162 -105 6,433 Our strategy of restricted project selection, with a focus on margins, has resulted in lower sales. Net sales performance in Q3, SEKm Sales growth -2.2%
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5 EBITA-margin increased to 5.3% (4.5%) EBITA-margin in Denmark improved to 5.5% (-0.4%) EBITA-margin in Sweden decreased from 6.3 to 6.0% EBITA-margin in Norway unchanged at 5.7% EBITA-margin in Finland decreased to 0.6% (5.1%) Q3 2025 Q3 2024 294 342 – – – – – 5.3% 4.5% The driver behind our improved EBITA-margin is the significantly improved profitability in Denmark, despite the weak market. EBITA in Q3, SEKm
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6 2209 2212 2303 2306 2309 2312 2403 2406 2409 2412 2503 2506 2509 5,900 6,539 5,724 5,997 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 2209 2212 2303 2306 2309 2312 2403 2406 2409 2412 2503 2506 2509 16,381 17,895 16,459 16,610 0 5,000 10,000 15,000 20,000 Order backlog (installation only)Order intake LTM and per quarter Order intake increased 5% YoY Order intake and backlog, SEKm The order backlog decreased -1% YoY Order intake increased in Sweden and Finland YoY but decreased in the other countries The order backlog increased in Sweden and Finland in the quarter
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The change in CO2 vehicles in relation to net sales LTM compared to 2020 was -42 percent 42% of all vehicles are electric driven and the change in CO2 emissions LTM from vehicles is -14.5% Decreasing LTIFR on Group level to 5.0 (5.9) Improved LTIFR in Sweden, Denmark and Finland Norway and Sweden better than target, <5.5 7 LTIFR (Lost Time Injury Frequency Rate) LTM Group FinlandNorwaySweden Denmark 16.4 5.0 5.9 4.0 4.9 2.5 1.0 10.3 11.1 6.7 0.0 5.0 10.0 15.0 20.0 2025 2024 Target ESG
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Two acquisitions completed YTD. One in Sweden and one in Finland, adding SEK 391m in annual sales One acquisition in Norway in the beginning of Q4 adding SEK 48m in annual sales One acquisition in Sweden in the beginning of Q4 adding SEK 15m in annual sales Strong pipeline, active M&A discussions but longer lead times due to a weak and uncertain market 8 Sweden Norway Finland Denmark 1 bolt-on SEK 346m 1 bolt-on SEK 45m Acquisitions 2025
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9 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q3 2025 2,878 172 6.0% 2,925 8,350 Q3 2024 3,080 193 6.3% 2,204 9,145 YTD 2025 9,520 542 5.7% 9,729 8,350 YTD 2024 10,264 586 5.7% 9,912 9,145 • Sales decreased -7% explained by the soft market in the south part of Sweden • Service sales growth -11%, and installation sales growth -3% • Organic growth -11%, growth from acquisitions +4% • EBITA-margin decreased to 6.0%, negative impact from the sales mix and decreased sales • Order intake increased by 33% YoY • Order backlog -9% YoY Q3 2025 EBITA Q3 2024 EBITA 193 172 Q3 2025 Q3 2024 Net sales Order intake Order backlog 9,145 2,878 3,080 2,925 2,204 8,350 Sweden Q3 2025
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10 • Growth in sales +20% • Service sales growth +15%, and installation sales growth +24% • Organic growth +23% and effect from FX -3% • EBITA-margin improved to 5.5% (-0.4%) due to better performance in both the service and the installation business • Order intake decreased by -32% YoY • Order backlog +8% YoY Denmark Q3 2025 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q3 2025 1,910 105 5.5% 1,375 4,649 Q3 2024 1,595 -7 -0.4% 2,018 4,313 YTD 2025 5,382 240 4.5% 6,247 4,649 YTD 2024 4,977 12 0.2% 5,587 4,313 Net sales Order intake Order backlog 4,313 1,910 1,595 1,375 2,018 4,649 Q3 2025 EBITA Q3 2024 EBITA -7 105 Q3 2025 Q3 2024
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11 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q3 2025 1,165 66 5.7% 996 2,129 Q3 2024 1,297 73 5.7% 1,093 2,061 YTD 2025 3,906 218 5.6% 4,113 2,129 YTD 2024 4,537 245 5.4% 4,097 2,061 • Growth in sales -10%, decreasing sales in both the installation and the service business • Organic growth -7% and effect from FX -3% • Growth in the installation business, -20%, explained by high production in some large projects 2024 • Growth in the service business -4% • EBITA-margin unchanged at 5.7% • Order intake decreased by -9% YoY • Order backlog 3% YoY Norway Q3 2025 Net sales Order intake Order backlog 2,061 1,165 1,297 996 1,093 2,129 Q3 2025 EBITA Q3 2024 EBITA 7366 Q3 2025 Q3 2024
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12 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q3 2025 528 3 0.6% 749 1,253 Q3 2024 646 33 5.1% 452 1,090 YTD 2025 1,628 26 1.6% 1,980 1,253 YTD 2024 1,866 71 3.8% 1,603 1,090 • Growth in sales -18% • Growth in the installation business, -13% • Growth in the service business, -28% • Organic growth -21%, growth from acquisitions +5% and from FX -2% • EBITA-margin decreased to 0.6%, explained by write-down in some branches and the significant lower sales • Order intake increased by 66% YoY • Order backlog +15% YoY Finland Q3 2025 Net sales Order intake Order backlog 1,090 528 646 749 452 1,253 Q3 2025 EBITA Q3 2024 EBITA 33 3 Q3 2025 Q3 2024
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1313 Key highlights Cash conversion declined to 63% (134%) mainly due to large projects execution cycle Two large unpaid receivables, are in litigation in Denmark and Norway and one is expected to be processed by the arbitration court in Denmark, 2028 RCF SEK 2,500m with maturity February 2028 with options +1 year Commercial paper programme SEK 1,750m and EUR 250m 3-year term loan refinanced, SEK 750m, maturity August 2028 Operating cash flow, SEKm Financial position Q3 2025 Cash balances 616 Term loan,RCF, Commercial paper -2,691 Leasing, IFRS 16 -1,394 Net debt -3,469 LTM EBITDA 2,268 Net debt/LTM EBITDA 1.5x LTM2025 YTD 2024 YTD Q3 2025 Q3 2024 1,048 -111 193 292 1,140 -400 0 400 800 1,200 Net debt and cash flow, SEKm
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14 • Improved EBITA to SEK 342m (294) and EBITA-margin to 5.3% (4.5%) driven by Denmark • EPS increased 24% • Sales growth -2.2% due to weak markets in all Nordic countries together with restricted project selection – Installation sales 0% and service sales -4% • Also, the decrease in organic growth of -3.0% relates to weak market conditions • Growth from acquisitions +2.5% and FX -1.6% • Increased order intake and backlog in Sweden and Finland • Operating cash flow and cash conversion decreased mainly driven by the execution cycle in large projects • Improved LTIFR and decreasing CO2 emissions from vehicles. Summary Q3 2025
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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’ 15 Market outlook 2025-2026
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Q&A The experience of when it just works