Slide 1: Bravida Q4 2025
Bravida Q4 2025 Mattias Johansson, Group President & CEO Petra Vranjes, Group CFO 18 February 2026
Slide 2: Bravida at a glance
Presence in 91,000 customers 206 330 branches locations in the Nordic countries 43 regions 13,400 SEK 28.2 4 Countries Employees in 2025 billion sales in 2025 1 Group
Slide 3: Q4 highlights
Q4 highlights • Net sales -2% organic growth -3% and acquisition +3% and Net sales growth EBITA-margin FX -2% -2% 8.1% • Service sales -3% and installation sales -1% • Good performance in Denmark and Norway contributing to a Net debt/EBITDA Cash conversion positive impact on the EBITA-margin, up 60
Slide 4: 2025 highlights
2025 highlights • Total growth, -5%, organic growth -5%, growth from acquisitions Net sales growth EBITA-margin +2% and -2% from FX -5% 5.9% • Order intake +5%, increased in Sweden, Denmark and Finland • Turnaround in Denmark, organic growth +8% and improved Order intake Order backlog EBITA-margin t
Slide 5: We delivered a good cash flows and a low net debt
We delivered a good cash flows and a low net debt. The Board of Directors proposes a dividend of 3.80 SEK per share 2025 Dividend increase per share from IPO, SEK and CAGR 3.75 3.80 Cash conversion 3.50 79% 3.25 +14% 3.00 2.50 2.25 Net debt/EBITDA 2.00 1.1x 1.55 1.25 1.00 Dividend proposal 63% of EP
Slide 6: Net sales performance in Q4, SEKm
Net sales performance in Q4, SEKm Sales growth -2 % 8,108 209 7,913 Organic growth -3% -208 -196 Growth in service -3% Growth in installation -1% Growth from acquisitions +3% FX effects -2% Our strategy of restricted project selection, Net sales Q4 Organic growth M&A Currency effect Net sa
Slide 7: EBITA in Q4, SEKm
EBITA in Q4, SEKm – EBITA-margin increased to 8.1% (7.5%) 641 EBITA-margin in Denmark improved to 6.6% (4.0%) 604 – EBITA-margin in Norway improved to 7.7% (7.5%) EBITA-margin in Sweden decreased from 9.6% to 9.1% – EBITA-margin in Finland decreased to 3.4% (6.4%) 8.1% 7.5% The driver behind
Slide 8: Order intake and backlog, SEKm
Order intake and backlog, SEKm Order intake LTM and per quarter Order backlog (installation only) 20,000 16,881 17,000 9,000 8,544 35,000 15,325 14,929 8,000 15,000 7,000 30,000 7,000 6,816 6,327 25,000 6,000 10,000 5,000 20,000 4,000 15,000 3,000 10,000 5,000 2,000 5,000 1,000 0 0 0 2212 2303 2306
Slide 9: ESG
ESG LTIFR (Lost Time Injury Frequency Rate) LTM 20.0 The change in CO2 vehicles in relation to net sales LTM compared to 2020 was -59 percent 15.3 15.0 45% of all vehicles are electric driven and the change in CO2 emissions LTM from vehicles is -20.5% 10.0 10.0 Decreasing LTIFR on Group level
Slide 10: Acquisitions 2025
Acquisitions 2025 Four acquisitions completed 2025. Two in Sweden and one in Finland and Norway, adding SEK 454m in annual sales 1 bolt-on SEK 48m Strong pipeline, active M&A discussions but Finland Sweden longer lead times due to a weak and uncertain market Norway Divestment of subsidiary in
Slide 11: Sweden Q4 2025
Sweden Q4 2025 SEKm Q4 2025 Q4 2024 2025 2024 Q4 2025 8,141 Net sales 3,854 3,854 13,373 14,118 7,680 Q4 2024 EBITA 349 368 891 954 EBITA-margin 9.1% 9.6% 6.7% 6.8% 3,854 3,854 Order intake 3,184 2,850 12,913 12,761 3,184 2,850 Order backlog 7,680 8,141 7,680 8,141 • Sales were unchanged Net sales O
Slide 12: Denmark Q4 2025
Denmark Q4 2025 4,465 3,938 Q4 2025 SEKm Q4 2025 Q4 2024 2025 2024 Q4 2024 Net sales 1,957 2,015 7,339 6,993 EBITA 130 81 370 92 2,015 1,957 1,871 EBITA-margin 6.6% 4.0% 5.0% 1.3% 1,578 Order intake 1,871 1,578 8,117 7,165 Order backlog 4,465 3,938 4,465 3,938 Net sales Order intake Order backlog •
Slide 13: Norway Q4 2025
Norway Q4 2025 1,991 1,978 1,661 1,506 1,558 1,388 Q4 2025 SEKm Q4 2025 Q4 2024 2025 2024 Q4 2024 Net sales 1,506 1,661 5,412 6,198 EBITA 116 124 334 369 EBITA-margin 7.7% 7.5% 6.2% 5.9% Order intake 1,388 1,558 5,501 5,655 Order backlog 1,991 1,978 1,991 1,978 Net sales Order intake Order backlog •
Slide 14: Finland Q4 2025
Finland Q4 2025 1,188 Q4 2025 Q4 2024 872 SEKm Q4 2025 Q4 2024 2025 2024 Net sales 636 623 2,264 2,489 636 623 596 EBITA 22 40 48 111 EBITA-margin 3.4% 6.4% 2.1% 4.5% 388 Order intake 596 388 2,577 1,991 Order backlog 1,188 872 1,188 872 Net sales Order intake Order backlog • Growth in sales +2% 40
Slide 15: Net debt and cash flow, SEKm
Net debt and cash flow, SEKm Operating cash flow, SEKm 2,000 1,896 Key highlights Financial position Q4 2025 Cash balances 956 Cash conversion declined to 79% (105%) 1,500 1,453 mainly due to large projects execution cycle Term loan, RCF, Commercial paper -2,133 One large unpaid receivables is i
Slide 16: Summary Q4 2025
Summary Q4 2025 • Improved EBITA to SEK 641m (604), and EBITA-margin to 8.1% (7.5%) driven by Denmark and Norway • EPS increased 17% • Sales growth -2 % due to weak markets in all Nordic countries together with restricted project selection – Installation sales -1% and service sales -3% • Growth from
Slide 17: The new organisation in Sweden from 2026
The new organisation in Sweden from 2026 • Bravida's three Swedish divisions, North, Central and South, are being merged into a single Swedish organisation • The aim of this change is to strengthen the focus on governance, increase efficiency and profitability, and improve the conditions for ensurin
Slide 18: Market outlook 2026-2027
Market outlook 2026-2027 1. Service activity continues to be stable 2. Challenges in installation continuing – variation between geographies 3. External prognosis forecast an annual growth in installation around 4 percent and a stable service demand 4. Favourable market conditions for projects in e.
Slide 19: Upcoming events
Upcoming events 28 April 2026 AGM 2026 5 May 2026 Interim Report Q1 2026 13 July 2026 Interim Report Q2 2026 23 October 2026 Interim Report Q3 2026 19
Slide 20: Q&A
Q&A The experience of when it just works