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Bravida (BRAV) investor relations material
Bravida Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- EBITA increased to SEK 342 million (up 17% year-over-year), with margin up to 5.3% from 4.5%, mainly due to strong performance in Denmark. 
- EPS rose by 24% year-over-year, despite a 2.2% decline in net sales, reflecting strong cost control and selective project intake. 
- Order intake rose 5% year-over-year, with backlog stable and quality of orders improved, especially in Sweden and Finland. 
- Acquisitions added over SEK 391 million in annual sales by Q3, with further small, high-margin acquisitions in Q4. 
- ESG progress: CO2 emissions from vehicles down 42% since 2020, and accident rate (LTIFR) improved to 5.0. 
Financial highlights
- Net sales for Q3 were SEK 6,433 million, down 2% year-over-year, mainly due to selective project intake and market conditions. 
- EBITA margin improved to 5.3% (up from 4.5% last year). 
- Organic growth was -3%, with acquisitions contributing 2.5% and currency headwinds present. 
- Operating cash flow weakened, with cash conversion at 63% (down from 134% last year), due to timing of large project invoicing. 
- Net debt at SEK 3,469 million, net debt/EBITDA ratio at 1.5x, well below the target of 2.5. 
Outlook and guidance
- Full-year margin guidance remains close to 5%, with management confident in achieving this. 
- Market is seen as having bottomed out, but recovery is expected to take several more quarters, possibly into 2026. 
- Service activity stable; installation business faces challenges but infrastructure and defense projects offer opportunities. 
- Cash conversion expected to improve sequentially in Q4, but not to previous highs unless large advance payments occur. 
- External forecasts suggest installation market growth in 2026 and 2027, but current order intake does not yet reflect this. 
Next Bravida earnings date

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