This article first appeared on GuruFocus .
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Net Sales:SEK28 billion plus for the fourth quarter.
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EBITDA Margin:Improved by 60 basis points to 8.1% in the quarter.
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Earnings Per Share (EPS):Increased by 17% in the quarter.
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Cash Flow:Strong cash flow of nearly SEK1.2 billion in the quarter, up from SEK756 million.
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Cash Conversion:Improved to 79%.
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Order Intake:Up 11% year-on-year.
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Order Backlog:Improved by 3% year-over-year.
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Dividend Proposal:SEK3.80 per share, equal to 63% of earnings per share.
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Net Debt to EBITDA:1.1 times EBITDA.
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Organic Growth:Negative 5% for the full year.
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Employee Count:Reduced to 13,400 from 14,000.
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Denmark Performance:EBITA margin improved to 6.6% from 4% in the quarter.
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Norway Performance:EBITA margin at 7.7% compared to 7.5%.
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Sweden Performance:EBITA margin at 9.1%, slightly lower year-over-year.
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Finland Performance:EBITA margin at 3.4% in the quarter.
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CO2 Emissions:Decreased by 59% from all vehicles.
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Release Date: February 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Bravida Holding AB ( FRA:BV0 ) reported a 17% increase in earnings per share for the quarter.
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The company achieved a strong cash flow of SEK1.2 billion in the quarter, significantly improving from SEK756 million.
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Denmark showed a solid performance, contributing to a 60 basis point improvement in the group's EBITDA margin to 8.1%.
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Order intake increased by 11% year-on-year, with strong contributions from Finland, Sweden, and Denmark.
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The board of directors proposed a dividend increase to SEK3.80 per share, reflecting a 63% payout of earnings per share.
Negative Points
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Bravida Holding AB ( FRA:BV0 ) experienced a reduction in employee numbers from 14,000 to 13,400 due to scaling down in challenging geographies.
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Organic growth remained negative, with net sales down 2% for the year.
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Finland's performance was disappointing, with a margin of 3.4% in the quarter, attributed to project write-downs.
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Norway experienced a 9% negative growth year-over-year in the quarter.
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The company faced challenges in the M&A pipeline, with fewer acquisitions than desired due to market conditions and target quality issues.
Q & A Highlights
Q: Can you discuss your thoughts on the current leverage and M&A pipeline, given the 1.1 times leverage and recent divestment? A: Mattias Johansson, CEO: We are comfortable with leverage below 2.5 times, providing headroom for strategic actions. We have tools like dividends, M&A, and potential buybacks. The board is discussing these options, and as cash flow improves, we will have more flexibility.
Q: Given your M&A pipeline, do you have room to accelerate acquisition pace beyond the SEK400 million average? A: Mattias Johansson, CEO: We have room to accelerate M&A pace and aim to do more in 2026 than in 2025. While 2025 was a low year for M&A, we hope to return to previous levels, depending on market conditions and opportunities.
Q: Can you explain the factors behind the high group-wide EBITA in the quarter? A: Petra Vranjes, CFO: The strong EBITA is due to excellent performance in Denmark and Norway, with both countries executing well on cost control and pricing. Sweden and Finland also contributed positively, although Finland's performance could improve.
Q: What are your expectations for Denmark's performance in 2026, given the strong order backlog? A: Mattias Johansson, CEO: We expect Denmark to continue improving due to the successful turnaround, which has enhanced processes and cost focus. While we won't provide specific guidance, we are confident in further improvements.
Q: How do you view the market outlook and pricing recovery in 2026? A: Mattias Johansson, CEO: If forecasts are accurate, the market will improve, leading to price recovery. We are positioned to win orders as the market rebounds, maintaining selectivity to ensure good margins. Price recovery can vary by geography and segment, typically taking 2-6 months.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
