Interim Report October–December 2023

Strong order book momentum, improved cash flow and proposed higher dividend.

Regulatory press release

• Net sales increased by 2 percent to SEK 8,106 million (7,945)
• The order backlog was SEK 17,000 million (16,881)
• EBITA decreased by 11 percent to SEK 597 million (669)
• The EBITA margin was 7.4 percent (8.4)
• Profit after tax was SEK 413 million (501)
• Cash flow from operating activities was SEK 1,435 million (1,110)
• Net debt amounted to SEK -2,193 million (-1,304)
• Five acquisitions were completed during the quarter, adding annual sales of approximately SEK 979 million
• Basic earnings per share were SEK 2.03 (2.43) and diluted earnings per share were SEK 2.03 (2.42)

CEO statement
We are pleased to propose a higher dividend encouraged by the 25 percent uplift in order intake, a stable service business and improved cash generation in what has otherwise been a challenging market environment.

Net sales growth of two percent was in line with our expectations while our EBITA margin was challenged primarily by projects in three regions in Denmark. A detailed assessment of margin underperformance is being conducted and identified issues are now being addressed. For those of you who have followed us for a while, knows that we did the same when we turned around the results in the Stockholm division in 2019. Our measures then meant that we were back on stable margins the following year. Beyond addressing issues in Denmark, additional cost efficiency opportunities have been identified to support improved margin performance.

The market environment remains uncertain and Bravida will continue to adhere strictly to its ‘margin over volume’ policy. We will benefit from our expertise in infrastructure projects where demand remains strong. Our investments in energy efficiency services and solutions, including building automation which have grown to over SEK 1 billion in annual revenues in 2023, also contributes. Additionally, we will continue to supplement our organic growth with our proven bolt-on M&A strategy.

Net sales and EBITA
Net sales increased by two percent and organic growth was negative by two percent, in line with earlier assessments. Importantly, we have reported organic growth in both Sweden and Norway and total service revenues, 48 percent of total remain robust. In addition, the order intake increased by 25 percent. Two major infrastructure orders relating to the Stockholm metro and the Nordhavn Tunnel in Copenhagen were key drivers of the step-up in order intake. These projects will be run by PMO - Special Projects, our organisation for large projects, who is also responsible for the Stockholm Bypass installation project. The order intake growth supported the order backlog during the quarter which remains at a good level.

Margins improved in Norway and remained strong in Sweden during the quarter, but the identified challenges and resulting write-downs in three regions in Denmark brought down the overall margin. We are conducting a thorough review of the Danish business and have implemented management changes including the departure of the head of division. To ensure full focus on margin improvement, I will be the acting Head of Division Denmark until our new head of division takes over in May.

The margin issues that have arisen are related to certain branches in three Danish regions. I want to emphasise that there are many well-functioning branches and regions that are continuing to deliver good profits in Denmark, and we expect to have normal margin level in Denmark in the fourth quarter 2024, given today's market conditions.

In addition to these measures, we are also conducting a broader cost efficiency review to drive further EBITA margin improvement in the Group. This includes consolidation of central functions to reduce group overhead costs.

Improved cash flow and proposed higher dividend
Cash flow from operating activities improved compared to both the last quarter and the fourth quarter of 2022, and cash conversion improved to its highest level during 2023. We expect this positive trend to continue. Net debt remains low at 0.9x EBITDA and provides capacity for continued profitable M&A growth. Based on the overall financial strength, Bravida’s Board of Directors proposes to increase the dividend by SEK 0.25 per share to SEK 3.50 per share, which corresponds to 58 percent of earnings per share.

17 acquisitions were completed in 2023, adding SEK 1.4 billion in annual sales. We continue to see good opportunities to make acquisitions and are actively working with several potential candidates. In the current tougher economic environment, we see more acquisition opportunities from which Bravida can benefit and continue our strategy of selective M&A growth.

Our employees’ working environment is always a top priority, so it is very gratifying that LTIFR decreased by 3 percent in 2023. We also reduced carbon emissions in relation to sales by 9 percent. Overall, we expect continued focus on sustainability and energy efficiency in buildings to continue to drive the market and benefit Bravida specifically. Furthermore, Bravida plays an important role in society in ensuring, for example, infrastructure and electricity supply in the event of a crisis.

I believe that the overall market demand for service activities will remain stable while demand for installation will continue to be affected by some of the market headwinds we saw during 2023, although this is subject to local variation. We expect a good market for projects in infrastructure, industry, defence facilities and civil engineering which will create opportunities for us. Our strategy will remain focused on strict project selection and cost controls in all our business operations to deliver an attractive and improving margin.

Mattias Johansson
Stockholm, February 2024


The report will be presented at 09:00 CET by CEO and Group President Mattias Johansson and CFO Åsa Neving. The presentation will be held in English and can be followed on the web or on the phone. There will be room for questions in the telephone conference.

Link to webcast

Telephone conference 
Register via the link to participate in the telephone conference. After registration, you will receive a phone number and a conference ID to log in to the conference.

The report and presentation will be available at:


For further information, please contact:
Peter Norström, Head of Investor Relations
+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 15 February 2024, 07:30 CET.