Interim Report July–September 2025

• Net sales decreased by 2 percent, to SEK 6,433 (6,575) million
• The order backlog decreased by 1 percent, to SEK 16,381 (16,610) million
• EBITA increased by 17 percent, to SEK 342 (294) million
• The EBITA margin increased to 5.3 (4.5) percent
• Profit after tax increased by 22 percent, to SEK 245 (200) million
• Cash flow from operating activities was SEK -111 (193) million
• Net debt amounted to SEK -3,469 (-2,579) million
• One acquisition was completed during the quarter, adding annual sales of SEK 45 million
• Basic and diluted earnings per share increased by 24 percent, to SEK 1.19 (0.96)

CEO statement
Despite an increase in activity, with more enquiries being made and interesting discussions being conducted during the quarter, we continue to experience a challenging market with few signs of imminent change. We have, nevertheless, been able to improve the EBITA margin, mainly due to a significant increase in earnings in Denmark. Our order backlog remains stable. Cash flow remains weak due to work performed that has not yet been possible to invoice pursuant to contractual terms.

Net sales and EBITA
Our strategy of restrictive project selection, with a focus on margins, has resulted in lower sales. This is a deliberate prioritisation on our part to ensure a good balance between profitability and exposure to risk.

This strategy, along with efficient production, has helped us improve our margins and earnings, despite the current market situation and the weak economic conditions. However, this is not sufficiently satisfactory, and my ambition is to improve further through better cost control and better utilisation of our economies of scale. EBITA increased as a result of a significant improvement in earnings in Denmark, and the EBITA margin amounted to 5.3 (4.5) percent.

The order intake increased by 5 percent during the quarter, and the order backlog remained stable and of good quality as a result of our stringent project selection approach, combined with careful customer selection and risk assessment.

Our markets
The market situation in Sweden remains challenging but has major geographical differences. Sales decreased, and the project mix shifted towards a higher proportion of installation projects with a slightly lower margin. This had a negative impact on the EBITA margin. A review of the Swedish organisation is currently underway to clarify the governance structure and improve efficiency.

The trend in Denmark continues to be positive, despite the challenging market. Profitability improved significantly during the quarter, in line with my previously communicated expectations. I expect the profitability to continue to improve during the coming quarters as well, because we have better margins in new orders, and sales from old loss-making projects are gradually decreasing. I expect the EBITA margin for 2025 to end up close to 5 percent.

Sales decreased by 10 percent in Norway. Despite this decrease, the margin stabilised due to having a sales mix with a high proportion of service projects. The project market remains challenging, so it is important that we continue to adhere to our strategy of margin before volume.

In Finland, the market remains challenging and characterised by geographical differences. Profitability has decreased due to significantly lower sales and write downs in certain branches. I expect sales and profitability to increase in the Finnish operations during the coming quarters. The order backlog increased during the quarter, displaying a good margin. At the same time, organisational measures have been implemented to adapt the operations to the current local market situation.

Cash flow and net debt
The cash flow from operating activities and cash conversion decreased during the quarter, which resulted in an increase in our net debt. This is primarily due to increased accrued revenues in some large projects that will be invoiced on a ongoing basis in accordance with agreements.

Acquisitions
During the quarter, we completed one acquisition, which added annual sales of approximately SEK 45 million. The two companies that we have acquired so far in 2025 will add annual sales of approximately SEK 391 million to Bravida. We are continuously involved in interesting acquisition discussions, but such transactions are currently taking longer to complete due to the market uncertainty. It is important for Bravida that the companies we acquire add value right from the start.

Sustainability
Our pursuit of sustainability is a long-term focus and includes being a safe and reliable employer. I am very proud that our continuous hard work to reduce workplace injuries is paying off. The LTIFR improved further during the quarter, to 5.0, which is better than our current target of 5.5. Our sustainability efforts also include reducing our climate footprint. The electrification of our vehicle fleet has reduced emissions from our vehicles by 15 percent over the last 12 months. Compared to 2020, emissions in relation to sales have decreased by no less than 42 percent.

Outlook
Looking ahead, my assessment is that market conditions will remain challenging well into 2026, although with geographical differences. During the last quarter, I have not experienced any change in the overall market situation. The external forecasts we receive point to an improved market, yet I do not see this being reflected in either our order intake or our order backlog. While demand for services is likely to remain stable, demand for installation is much 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 an increase in the demand for renovations, infrastructure investments, electrification and defence installations. The current price pressure will probably continue until demand increases.

At Bravida, we continuously strive to adapt our costs and organisational structure to the current market situation and to utilise our economies of scale. Strict project and customer selection, as well as risk assessment and efficient production, are key aspects in terms of improving our profitability. We are making great progress and Bravida will develop to emerge from the current recession as a much stronger company than when we entered it.

Mattias Johansson, Stockholm, October 2025

The report will be presented at 09:00 CEST 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. 

Link to webcast
https://bravida.events.inderes.com/q3-report-2025

Telephone conference 
To participate in the conference call, please register via this link: 
https://conference.inderes.com/teleconference/?id=50052433
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 at:
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 24 October 2025 at 07:30.