Bravida Holding Ab · OMXSTO:BRAV
Bravida Holding Ab — Q2 2024 Earnings Presentation
22 slides from Bravida Holding Ab's earnings presentation, Jul 12, 2024
Slide 1: Bravida Q2 2024
Bravida Q2 2024 Mattias Johansson, CEO Åsa Neving, CFO 12 July 2024
Slide 2: The experience of when it just works
The experience of when it just works Some things in life we just expect to work. You expect the light to turn on when you press the switch, for water to flow from the tap and to be able to trust the security systems in a building. Bravida provides technical solutions for everyday life and the future
Slide 3: Bravida in figures
Bravida in figures Presence in 80,000 customers 190 >325 branches locations in the Nordic countries Approx. 40 regions 14,000 SEK 29.6 4 Countries employees LTM sales 1 Group
Slide 4: Bravida helps create a resilient society. Today and beyond.
Bravida helps create a resilient society. Today and beyond. Energy efficient technology solutions for Reliable security Automation that industrial customers systems provides energy efficient buildings Future infrastructure Hospital buildings projects with operational Energy saving certainty measures
Slide 5: The Bravida investment case
The Bravida investment case In recent years, Bravida has delivered stable growth while maintaining Stable and profitable growth with strong cash flows EBITA margins and strong cash conversion With our size and broad competence, we are well positioned to grow in Leader in our industry in the Nordic r
Slide 6: Q2 highlights
Q2 highlights Net sales • Organic growth at 1% despite expected challenging markets in Finland and south Sweden +5% • Service sales growth 8% • 4% growth from acquisitions and 0% from FX Service Organic growth • Order intake increased slightly, driven by Sweden 1% sales growth and Norway despite no
Slide 7: Net sales performance in Q2, SEKm
Net sales performance in Q1, SEKm 7,694 7,306 319 24 Sales growth 5% 45 Organic growth 1% Growth in both service and installation business Growth from acquisitions +4% FX effects 0% Net sales Q2 Organic growth M&A Currency effect Net sales Q2 2023 2024 7
Slide 8: EBITA, SEKm
EBITA, SEKm – • EBITA-margin 4.5% (5.6%) 407 – • EBITA-margin improved in Finland and Norway 343 excluding Thunestvedt – • As expected, operational challenges in three Danish regions and a weak market in the south part of Sweden brought down the group margin – • Continued implementation of cost redu
Slide 9: Order intake and backlog, SEKm
Order intake and backlog, SEKm • Order intake increased slightly YoY in Q2, increased in Sweden and Norway • High order backlog decreasing just SEK -276m Order intake LTM and per quarter Order backlog (installation only) 20,000 17,436 17,559 16,597 9,000 35,000 7,462 14,908 8,000 15,000 7,428 30,000
Slide 10: ESG
ESG LTIFR (lost time injury frequency rate) LTM • 33% of all 8,900 vehicles are electric driven 16.0 • Change in CO2 emissions LTM from vehicles, -11% • LTIFR on Group level, -19% 12.9 12.7 • Lower LTIFR in Sweden, Norway and Denmark 12.0 11.7 11.6 • Norway and Sweden below target, <5.5 • As previou
Slide 11: Acquisitions 2024
Acquisitions 2024 • 8 acquisitions completed in 2024, adding SEK 437m in annual sales • Continue to see good acquisition opportunities Finland Sweden • Strong pipeline of potential candidates to continue our strategy of selective M&A growth Norway 2 bolt-ons SEK 150m SEK 6 bolt-ons Acquisitions 2024
Slide 12: Sweden Q2 2024
Sweden Q2 2024 Q2 2024 10,021 Q2 2023 8,736 SEKm Q2 2024 Q2 2023 YTD 2024 YTD 2023 Net sales 3,710 3,690 7,184 7,314 EBITA 221 248 393 446 3,710 3,690 3,870 EBITA-margin 6.0% 6.7% 5.5% 6.1% 3,305 Order intake 3,870 3,305 7,708 7,005 Order backlog 10,021 8,736 10,021 8,736 Net sales Order intake Orde
Slide 13: Norway Q2 2024
Norway Q2 2024 2,820 2,347 Q2 2024 SEKm Q2 2024 Q2 2023 YTD 2024 YTD 2023 Q2 2023 1,619 1,490 Net sales 1,619 1,330 3,240 2,917 1,330 1,188 EBITA 92 75 171 152 EBITA-margin 5.7% 5.7% 5.3% 5.2% Order intake 1,490 1,188 3,005 2,464 Order backlog 2,347 2,820 2,347 2,820 Net sales Order intake Order bac
Slide 14: Denmark Q2 2024
Denmark Q2 2024 3,912 3,672 Q2 2024 SEKm Q2 2024 Q2 2023 YTD 2024 YTD 2023 Q2 2023 Net sales 1,749 1,747 3,382 3,429 2,319 EBITA 2 71 19 139 1,749 1,747 1,571 EBITA-margin 0.1% 4.0% 0.5% 4.0% Order intake 1,571 2,319 3,569 3,661 Order backlog 3,912 3,672 3,912 3,672 Net sales Order intake Order back
Slide 15: Finland Q2 2024
Finland Q2 2024 1,278 1,369 Q2 2024 Q2 2023 SEKm Q2 2024 Q2 2023 YTD 2024 YTD 2023 Net sales 647 553 1,220 1,107 647 631 EBITA 30 16 38 37 553 562 EBITA-margin 4.7% 3.0% 3.1% 3.3% Order intake 562 631 1,152 1,175 Order backlog 1,278 1,369 1,278 1,369 Net sales Order intake Order backlog • Growth in
Slide 16: Net debt and cash flow, SEKm
Net debt and cash flow, SEKm Operating cash flow, SEKm Key highlights 1,200 Strong cash flow improvement, mainly driven by our focus on NWC 947 Cash conversion improved QoQ to 112% Financial position Q2 2024 900 (69) Net debt remains low, providing capacity for Cash balances 936 continued prof
Slide 17: Market outlook
Market outlook • Overall stable demand for service activities, with some challenges in installation continuing – variation between geographies • Favourable market conditions for projects in e.g., infrastructure, industry, defence facilities and civil engineering – providing business opportunities •
Slide 18: Financial targets
Financial targets >7% >100% <2.5x Net debt/EBITDA EBITA margin Cash conversion Target leverage ratio >5% >50% of net profit Sales growth Target pay-out ratio 18
Slide 19: Summary Q2 2024
Summary Q2 2024 • Sales increased, 5%, 8% in Service • Organic growth 1% • Growth from acquisitions +4% • As expected, EBITA-margin affected by challenges in Denmark but also weaker markets in South of Sweden • Good performance in Norway and Finland • Strong order backlog • Improved cash flow and ca
Slide 20: Q&A
Q&A
Slide 21: Upcoming events
Upcoming events Day Event 22 October Interim Report Q3 2024 11 February, 2025 Interim Report Q4 2024 6 May, 2025 Interim Report Q1 2025 21
Slide 22: We bring buildings to life.
We bring buildings to life. <>bravida