Slides
Page 1
Bravida Q4 2025 Mattias Johansson, Group President & CEO Petra Vranjes, Group CFO 18 February 2026
Page 2
13,400 Employees in 2025 SEK 28.2 billion sales in 2025 91,000 customers 43 regions 4 Countries 1 Group 330 branches Presence in 206 locations in the Nordic countries
Page 3
Q4 highlights Order intake +11% Order backlog +3% Net sales growth -2% Cash conversion 79% Net debt/EBITDA 1.1x • Net sales -2% organic growth -3% and acquisition +3% and FX -2% • Service sales -3% and installation sales -1% • Good performance in Denmark and Norway contributing to a positive impact on the EBITA-margin, up 60 bps for the group • Denmark continues to drive a solid performance in accordance with the transformation plan initiated in 2024 • EPS increased +17% • Strong order intake in Finland and good in Sweden and Denmark • Strong operating cash flow, SEK1,161m (SEK 756m) • Cash conversion and net debt/EBITDA improved sequentially 3 EBITA-margin 8.1%
Page 4
2025 highlights Order backlog +3% Net sales growth -5% Service sales 49% Order intake +5% 4 EBITA-margin 5.9% • Total growth, -5%, organic growth -5%, growth from acquisitions +2% and -2% from FX • Order intake +5%, increased in Sweden, Denmark and Finland • Turnaround in Denmark, organic growth +8% and improved EBITA-margin to 5.0% (1.3%) • EBITA-margin improved to 5.9% (5.2%) • Operating cash flow SEK 1,453m (SEK1,896m) • EPS +16% • The Board of Directors proposes a dividend of 3.80 (3.75) SEK per share, 63% of EPS EPS SEK 6.01
Page 5
5 We delivered a good cash flows and a low net debt. The Board of Directors proposes a dividend of 3.80 SEK per share Net debt/EBITDA 1.1x 2025 Dividend increase per share from IPO, SEK and CAGR 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 +14% 1.00 1.25 1.55 2.00 2.25 2.50 3.00 3.25 3.50 3.75 3.80 Cash conversion 79% Dividend proposal 63% of EPS
Page 6
6 Organic growth -3% Growth in service -3% Growth in installation -1% Growth from acquisitions +3% FX effects -2% M&ANet sales Q4 2024 Net sales Q4 2025 Currency effectOrganic growth 8,108 -208 209 -196 7,913 Our strategy of restricted project selection, with a focus on margins, has resulted in lower sales. Net sales performance in Q4, SEKm Sales growth -2 %
Page 7
7 EBITA-margin increased to 8.1% (7.5%) EBITA-margin in Denmark improved to 6.6% (4.0%) EBITA-margin in Norway improved to 7.7% (7.5%) EBITA-margin in Sweden decreased from 9.6% to 9.1% EBITA-margin in Finland decreased to 3.4% (6.4%) Q4 2025 Q4 2024 604 641 – – – – – 8.1% 7.5% The driver behind our improved EBITA-margin is the significantly improved profitability in Denmark. EBITA in Q4, SEKm
Page 8
8 2212 2303 2306 2309 2312 2403 2406 2409 2412 2503 2506 2509 2512 6,816 8,544 6,327 7,000 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 2212 2303 2306 2309 2312 2403 2406 2409 2412 2503 2506 2509 2512 15,325 16,881 17,000 14,929 0 5,000 10,000 15,000 20,000 Order backlog (installation only)Order intake LTM and per quarter Order intake increased 11% YoY Order intake and backlog, SEKm The order backlog increased +3% YoY Order intake increased in Sweden, Denmark and Finland YoY The order backlog increased in Denmark, Norway and Finland in 2025 Organic growth +5% YoY
Page 9
The change in CO2 vehicles in relation to net sales LTM compared to 2020 was -59 percent 45% of all vehicles are electric driven and the change in CO2 emissions LTM from vehicles is -20.5% Decreasing LTIFR on Group level to 4.9 (5.9) Improved LTIFR in Denmark and Finland Norway and Sweden better than target, <5.5 9 LTIFR (Lost Time Injury Frequency Rate) LTM Group FinlandNorwaySweden Denmark 10.0 4.9 5.9 4.5 3.7 8.7 15.3 2.0 1.7 7.8 0.0 5.0 10.0 15.0 20.0 2025 2024 Target ESG
Page 10
Four acquisitions completed 2025. Two in Sweden and one in Finland and Norway, adding SEK 454m in annual sales Strong pipeline, active M&A discussions but longer lead times due to a weak and uncertain market Divestment of subsidiary in H1 2026 of ABEKA El and Power with annual sales SEK 472m. Bravida owns 87 percent of ABEKA 10 Sweden Norway Finland Denmark 2 bolt-ons SEK 361m 1 bolt-on SEK 45m Acquisitions 2025 1 bolt-on SEK 48m
Page 11
11 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q4 2025 3,854 349 9.1% 3,184 7,680 Q4 2024 3,854 368 9.6% 2,850 8,141 2025 13,373 891 6.7% 12,913 7,680 2024 14,118 954 6.8% 12,761 8,141 • Sales were unchanged • Service sales growth -6%, and installation sales growth +6% • Organic growth -4% and growth from acquisitions +4% • EBITA-margin decreased to 9.1%, due to negative impact from the sales mix • Order intake increased by 12% YoY • Order backlog -6% YoY Q4 2025 EBITA Q4 2024 EBITA 368 349 Q4 2025 Q4 2024 Net sales Order intake Order backlog 8,141 3,854 3,854 3,184 2,850 7,680 Sweden Q4 2025
Page 12
12 • Growth in sales -3% • Service sales growth -1%, and installation sales growth -5% • Organic growth 2% and effect from FX -5% • EBITA-margin improved to 6.6% (4.0%) due to better performance in both the service and the installation business • Order intake increased by +19% YoY • Order backlog +13% YoY Denmark Q4 2025 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q4 2025 1,957 130 6.6% 1,871 4,465 Q4 2024 2,015 81 4.0% 1,578 3,938 2025 7,339 370 5.0% 8,117 4,465 2024 6,993 92 1.3% 7,165 3,938 Net sales Order intake Order backlog 3,938 1,957 2,015 1,871 1,578 4,465 Q4 2025 EBITA Q4 2024 EBITA 81 130 Q4 2025 Q4 2024
Page 13
13 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q4 2025 1,506 116 7.7% 1,388 1,991 Q4 2024 1,661 124 7.5% 1,558 1,978 2025 5,412 334 6.2% 5,501 1,991 2024 6,198 369 5.9% 5,655 1,978 • Growth in sales -9% • Service sales growth -8%, and installation sales growth -11% • Organic growth -6%, growth from acquisitions +1% and effect from FX -4% • EBITA-margin improved to 7.7% explained by a lower administration cost • Order intake decreased by -11% YoY • Order backlog +1% YoY Norway Q4 2025 Net sales Order intake Order backlog 1,978 1,506 1,661 1,388 1,558 1,991 Q4 2025 EBITA Q4 2024 EBITA 124116 Q4 2025 Q4 2024
Page 14
14 SEKm Net sales EBITA EBITA-margin Order intake Order backlog Q4 2025 636 22 3.4% 596 1,188 Q4 2024 623 40 6.4% 388 872 2025 2,264 48 2.1% 2,577 1,188 2024 2,489 111 4.5% 1,991 872 • Growth in sales +2% • Service sales growth +45%, and installation sales growth -10% • Organic growth +1%, growth from acquisitions +6% and from FX -5% • EBITA-margin decreased to 3.4%, mainly driven by two projects in one branch • High order intake, increased by +54% YoY • Significantly higher order backlog, +36% YoY Finland Q4 2025 Net sales Order intake Order backlog 872 636 623 596 388 1,188 Q4 2025 EBITA Q4 2024 EBITA 40 22 Q4 2025 Q4 2024
Page 15
N 1515 Key highlights Cash conversion declined to 79% (105%) mainly due to large projects execution cycle One large unpaid receivables is in litigation in 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 Q4 2025 Cash balances 956 Term loan,RCF, Commercial paper -2,133 Leasing, IFRS 16 -1,460 Net debt -2,637 LTM EBITDA 2,301 Net debt/LTM EBITDA 1.1x 2025 2024Q4 2025 Q4 2024 1,896 1,161 756 1,453 0 500 1,000 1,500 2,000 Net debt and cash flow, SEKm Net debt excluding leasing 1,177
Page 16
16 • Improved EBITA to SEK 641m (604), and EBITA-margin to 8.1% (7.5%) driven by Denmark and Norway • EPS increased 17% • Sales growth -2 % due to weak markets in all Nordic countries together with restricted project selection – Installation sales -1% and service sales -3% • Growth from acquisitions +3% and FX -2% • Increased order intake in Sweden, Denmark and Finland • Strong operating cash flow, cash conversion, and net debt/EBITDA improved sequentially • The Board of Directors proposes a dividend of 3.80 SEK per share Summary Q4 2025
Page 17
The new organisation in Sweden from 2026 • Bravida's three Swedish divisions, North, Central and South, are being merged into a single Swedish organisation • The aim of this change is to strengthen the focus on governance, increase efficiency and profitability, and improve the conditions for ensuring a uniform range of services in all Bravida’s markets • Head of Sweden is Lars Täuber, who previously led the Division Central and most recently oversaw a turnaround in the Division South. The change came into force on 1 January 2026 • The new structure has resulted in a one-off cost of SEK 20 million, which is included in the results for Sweden in Q4 2025. In conjunction with the implementation, an additional one-off cost of around SEK 70–90 million is expected in 2026 • Annual savings around SEK 65m per year 17 Lars Täuber, Head of Sweden
Page 18
1. Service activity continues to be stable 2. Challenges in installation continuing – variation between geographies 3. External prognosis forecast an annual growth in installation around 4 percent and a stable service demand 4. Favourable market conditions for projects in e.g., infrastructure, industry, defence facilities and data centers – providing business opportunities 5. We will maintain our project-selective strategy with continued focus on cost control across all projects – ‘margin over volume’ 18 Market outlook 2026-2027
Page 19
28 April 2026 AGM 2026 19 Upcoming events 5 May 2026 Interim Report Q1 2026 13 July 2026 Interim Report Q2 2026 23 October 2026 Interim Report Q3 2026
Page 20
Q&A The experience of when it just works