Bonava (BONAV) Q2 2026 earnings summary

Executive summary

• Profitability improved significantly with EBIT more than doubling year-over-year for the quarter, driven by higher sales, improved project margins, and cost control, especially in Sweden.

• Net sales grew 14% year-over-year, with 4,455 homes under production and a 59% sales rate (excluding reservations).

• Major refinancing was completed, enhancing financial flexibility and removing dividend restrictions.

• Market conditions varied: strong in the Baltics, improving in Sweden, mixed in Germany, and slow in Finland.

Financial highlights

• Segment reporting: Q2 net sales SEK 2,090M (+14%), EBIT SEK 166M (+111%), EBIT margin 7.9% (4.3%).

• Gross margin improved to 15.5% in the quarter.

• Net profit improved both in the quarter and on a rolling 12-month basis.

• Net debt increased to SEK 4,023M (3,079), equity/assets ratio at 38.4% (43.0%).

• Cash flow before financing and tax was SEK -456M in Q2, mainly due to increased investments in project assets.

Outlook and guidance

• Full-year 2026 outlook reiterated: net sales growth of 20–25% and EBIT margin of 8–9%.

• Ongoing production and a strong project pipeline support a positive outlook for 2026.

• Achieving targets depends on increasing production starts and building up revenue and earnings.