Improved profitability and all-time high order backlog in a growing market
- Net sales increased by 9 (-2) percent to SEK 7,027 (6,433) million, with organic growth being 9 (-3) percent
- The order intake increased by 72 (5) percent, to SEK 10,317 (5,997) million
- EBITA increased by 34 (17) percent, to SEK 460 (342) million, with a negative impact of SEK 8 million from non-recurring items
- The EBITA margin increased to 6.5 (5.3) percent; the margin amounted to 6.7 (5.3) percent when adjusted for non-recurring items
- Profit after tax increased by 42 (22) percent, to SEK 347 (245) million
- Cash flow from operating activities was SEK 800 (-111) million
- Basic and diluted earnings per share were SEK 1.70 (1.19)
CEO statement
I am pleased to be able to report that the increased activity seen during the year is now also being reflected in the form of signed contracts and an all-time high order backlog. Our strategy has for a long time been to work continuously on project selection, and we now see that our strong order backlog has the right margin expectations. We are thus well-positioned for continued growth and gradually improving profitability as we convert our order backlog into production.
During the third quarter, the order intake increased by 72 percent, to SEK 10,317 million, and the order backlog reached a record high of SEK 24,216 million, which is an increase of 48 percent compared to the previous year. We also report organic growth of 9 percent and an increase in net sales to SEK 7,027 million.
In addition to this, we have improved our profitability in all markets. The main reasons for this are a combination of generally higher volumes, the ongoing transformation in Denmark, and a focus on project implementation and operational efficiency right across the business. The restructuring efforts that have been carried out in Sweden have further enhanced the organisation, and although some work still remains to be done before we are in the position in which we want to be, we are now better placed for a broad market recovery.
I can report that our installation operations have benefited from good demand for small and medium-sized projects as well as larger, more advanced projects such as data centres, infrastructure and defence facilities. This is despite the fact that demand in certain areas remains weak, for example new construction in Norway and the somewhat hesitant market in parts of southern Sweden. At the same time, our service operations have continued to experience high growth. This has been driven by Sweden and Norway in particular, but there has been good development in all countries.
Scope and flexibility for investments
Cash flow from operating activities amounted to SEK 800 million during the third quarter, and cash conversion for the rolling twelve months was 110 percent. The cash flow will continue to fluctuate depending on seasonal variations and the timing of payments relating to larger projects. Together with net debt in relation to EBITDA of 1.0 times, the strong balance sheet gives us the flexibility and capacity to both invest in the business and carry out value-creating acquisitions.
During the quarter, we also completed one acquisition, Åslunds El, which strengthens our position in Stockholm and Uppsala. However, we are continually identifying and evaluating potential complementary acquisitions. At the same time, as part of our capital allocation we are implementing the buyback programme that was decided by the Board in order to create long-term value for our shareholders.
Stable platform for growth
Our sales growth, together with a continued focus on efficient production, has contributed to us improving our margin, and EBITA increased by 34 percent, to SEK 460 million. The EBITA margin improved by 1.2 percentage points, to 6.5 percent.
As a decentralised company, but with the economies of scale of a large company, small and medium-sized projects are managed by our local units. At the same time, for large, more advanced projects, such as the expansive data centre and infrastructure projects, we work with integrated management and as a unified organisation. I am convinced that this provides us with a well-balanced and stable platform for ensuring good growth going forwards.
An industry with future-proof professions
During 2026, we at Bravida have really positioned ourselves as a strong and reliable partner in large, advanced projects and I am very proud of this. Data centres are – and have been for more than 10 years – an important area in which our wide-ranging technical competence, local presence and experience in carrying out large and advanced projects give us a strong position. The projects have high demands regarding coordination and delivery reliability. This is very suited to Bravida’s integrated range of services and well-established working methods.
We have gone from being a company that delivers electrical, heating, plumbing and ventilation solutions for office buildings to being an integral part of the ongoing transition in society. The fact that our industry, and the professional roles in it, are such important parts of society's transformation also means that we will need a significant workforce in the future. I would therefore like to tell all young people that training to become an electrician or a heating and plumbing technician means stepping into a future-proof profession.
Well positioned for achieving long-term shareholder value
As we now close the accounts on the third quarter, I can once again conclude that the digitalisation and electrification of society, along with increased investment in infrastructure, power supply and defence, are creating attractive long-term opportunities for Bravida.
I believe that we at Bravida are well positioned to meet the growing demand, because we are continually enhancing our working methods, focusing on our sustainability work, strengthening the organisation and ensuring that we have the right competence and capacity in the business. As a result of our close cooperation with clients and suppliers, carefully balanced resource planning and clearly defined contractual terms, we also put in place the right conditions to continue delivering with a high level of quality.
Taken together, all of this combined provides us with a stable foundation for achieving long-term sustainable and profitable growth. With a well-filled order backlog, a strong financial position and an even more efficient organisational structure, I feel confident that Bravida remains in an excellent position to grow profitably and gradually strengthen its margins, thereby creating long-term shareholder value.
Mattias Johansson,
CEO and Group President
Stockholm, October 2026
The report will be presented at 09:30 CEST by CEO and Group President Mattias Johansson and CFO Petra Vranjes. The presentation will be held in English and can be followed on the web or by phone.
Link to webcast:
https://bravida.events.inderes.com/q3-2026
Telephone conference:
To participate in the conference call, please register via this link:
https://events.inderes.com/bravida/q3-2026/dial-in
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://www.bravidagroup.com/en/investors/reports-and-presentations
For further information, please contact:
Dennis Bader
Head of Investor Relations
E-mail: dennis.bader@bravida.se
Mobile: +46 73 592 28 55
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 23 October 2026 at 07:30 CEST.
Good properties make a difference – that’s why Bravida exists. As one of the Nordic region’s leading suppliers of end-to-end technical solutions in service and installation, we help our customers create effective and sustainable properties.
Bravida’s long-term goal is to be carbon-neutral throughout the value chain by 2045. We have 13,000 employees and a presence in about 200 locations in Sweden, Denmark, Norway and Finland. Bravida’s shares are listed on Nasdaq Stockholm. www.bravidagroup.com
 Bravida Interim Report 2026 |