Bravida Holding AB: Interim Report April-June 2026

• Net sales increased by 9 (-9) percent, to SEK 7,629 (6,974) million, of which organic growth 9 percent
• The order intake increased by 44 (9) percent, to SEK 11,691 (8,109) million
• EBITA increased by 51 (10) percent, to SEK 570 (378) million, with a positive impact of SEK 118 million from non-recurring items
• The EBITA margin increased to 7.5 (5.4) percent, adjusted for non-recurring items the margin was 5.9 percent
• Profit after tax increased by 59 (12) percent, to SEK 429 (269) million
• Cash flow from operating activities was SEK 96 (123) million
• Basic and diluted earnings per share were SEK 2.10 (1.31)

CEO statement
Bravida delivers strong organic growth, improved margins and a significantly larger order backlog in the second quarter of 2026. Our established and resilient business model, strong financial position and high customer confidence, not least for our expertise in large, advanced projects, increase our attractiveness to both customers and employees. Together, this provides a stable platform for continued profitable growth and increased shareholder value.

Strong organic growth in all business segments
Bravida delivered a strong second quarter and first half of 2026, in a world that continues to be characterised by economic and geopolitical uncertainty and, to some extent, a cautious attitude regarding making investments in Bravida's traditional core area of business. 

Net sales increased by 9 (-9) percent during the second quarter, to SEK 7,629 (6,974) million. Organic growth was 9 (-8) percent. Acquisition-related growth amounted to 0 (1) percent, with the divestment of ABEKA El och Kraftanläggningar AB (ABEKA) offsetting the quarter's acquisition-driven growth. The currency effect was 0 (-3) percent. In the first half of the year, net sales increased by 6 (-7) percent, to SEK 14,674 (13,862) million. Organic growth was 6 (-7) percent, with the divestment of ABEKA somewhat offsetting acquisition-related growth during the half-year period as well. The currency effect was negative, at -1 (-2) percent.

Improved profitability as a result of growth and a focus on margins
The underlying profitability improved during both the second quarter and the first half of 2026, driven by increased activity and a well-adjusted cost structure. The measures we have carried out to adapt our operations to the current market situation, combined with a consistent focus on costs and operational efficiency, are now yielding clear results. 

EBITA for the second quarter increased by 51 percent to SEK 570 (378), corresponding to an EBITA margin of 7.5 (5.4) percent. For the first half of the year, EBITA amounted to SEK 895 (685) million and the EBITA margin improved to 6.1 (4.9) percent. 

Earnings for the second quarter were positively impacted by SEK 158 million from the divestment of ABEKA but were at the same time reduced by restructuring costs of SEK -40 million, so the net effect was SEK 118 million. For the first half of the year, the net effect was SEK 98 million, due to restructuring costs totalling SEK -60 million. 

Due to our continued volume growth, good cost control and a selective project portfolio, my assessment is that Bravida is in a good position to gradually strengthen our margins and achieve my goal of emerging from the current recession as a much stronger company than when we entered it.

Significant data centre orders secured
Bravida's order backlog increased significantly during the second quarter and amounted to SEK 20,372 (16,854) million at the end of the period. The order intake improved in general during the quarter, but the increase is primarily due to one particular order for a data centre outside Stavanger in Norway. The assignment, which is a Joint Venture in which Bravida's share amounts to just over SEK 4.3 billion, will run until 2028/2029. I am proud that Bravida has once again been entrusted with delivering installation solutions for a data centre. Since 2009, Bravida has served as a technology partner to customers building data centres, and has established a leading position in the Nordic region in this segment. As specialists in technical systems and advanced projects, we can take responsibility for the entire chain - from design and project management to installation, service and retrofitting. After the end of the period, we have signed two additional major orders relating to data centres in Sweden and Finland, with these being worth SEK 650 million and SEK 2.2 billion respectively.

Financial strength creates shareholder value
Bravida's cash conversion was 77 (80) percent for the rolling twelve months as of the balance sheet date. Cash conversion outcomes are affected by contract structures and payment patterns in larger projects, where cash flow may vary between periods as a result of advance payments being made. Over a longer timeline, our cash conversion is approximately 100 percent, which better reflects the underlying cash flow capability of the business. Cash flow was impacted positively by SEK 208 million during the second quarter as a result of the divestment of ABEKA. 

Bravida's strong balance sheet and low debt put us in a good position to carry out value-creating acquisitions, which include both platform acquisitions and complementary add-on acquisitions. At the same time, we have the capacity to maintain our dividend policy of distributing at least 50 percent of annual net profit. The year's dividend corresponded to 63 (73) percent of net profit. 

To further strengthen returns to our shareholders, we recently completed our first share repurchase programme of SEK 100 million. After the end of the period, the Board of Directors decided to implement an additional repurchasing programme for a maximum of SEK 100 million.

Stable and exciting platform for continued profitable growth
There is good growth in all markets, with a high level of activity and a growing demand relating to larger and more advanced projects, such as data centre and infrastructure projects. This all provides a well-balanced business mix and a stable and very exciting platform for continued growth. In summary, Bravida is financially strong, and has good capacity to invest in continued growth and create long-term value for our shareholders.

Mattias Johansson
CEO and Group President
Stockholm, July 2026

The report will be presented at 13:00 CEST by CEO and Group President Mattias Johansson and CFO Petra Vranjes. The presentation will be held in English and can be followed online or by phone. 

Link to webcast
https://bravida.events.inderes.com/q2-report-2026

Telephone conference 
To participate in the conference call, please register via this link:
https://events.inderes.com/bravida/q2-report-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:
Ann-Charlotte Johansson, Interim Head of Investor Relations
Telephone: +46 70 751 98 31
E-mail: ann-charlotte.johansson@bravida.se

This disclosure contains information that Bravida Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, at 12:00 am CEST on 13 July 2026.