Bravida Holding AB (publ)

Good morning, everyone, and welcome to Bravida's presentation of the first quarter.

And as always, together with me, I have... Petra Vranjes, here, CFO, and happy to present the first quarter of 26.

And my name is Mattias Johansson, CEO of Bravida. So with that, we start. And the headline is Solid Sales and Margin Development with Increased Order Backlog. So... We tell you that we are starting the year with a good momentum. Net sales above 7 billion. Cash conversion improves in the quarter, but still on a low level, 77%. Order intake up 5%. EBITDA margin well above consensus at 4.6% and higher than last year. Net debt, strong balance sheet at 1.1 times EBITDA and the order backlog increases with 7%. So and for the first time in a while we have positive organic growth and stable EBITDA margin on top of that. This is very much because of that we are in many different geographies, working in different segments with different types of customers. So we are in a diverse market. Sales is up in the quarter with 2%. 3% is acquired growth and we have 1% organic and FX is actually impacting the growth with minus 2%. So that means in numbers that organic growth is close to 70 million, M&A contributing with 240 million, and then we have some 151 minus millions on the currency side. EBITDA is growing with 6% to 325 million compared to 292 million last year, I think. And in this quarter we have also taken some restructuring costs in Sweden. So adjusted for that we have a margin that is close to 5% in the quarter. And LTA, non-adjusted, is 5.9% margin. And the EBITDA margin in each country is stable or improving. Yesterday evening, the board decided that we should launch a buyback program as part of optimizing our capital structure. We got the decision on the AGM last week to do this. So yesterday the board decided to start a buyback program and the board intends to evaluate the share buyback programs on an ongoing basis until next AGM in 2027. But we start in this quarter with doing the buyback at 100 million SEK and then on running basis the board will evaluate if we will continue or not depending on what we can use the balance sheet to create as much value to you as possible. So this is one of the tools we have in the toolbox and that will be used if we think that is smart. Today we have close to 15,000 shares, you can read this yourself, and 2.5 million Class C shares already. But finally, we launched the buyback program as most of you have been waiting for for a while. The acquisition agenda has been very silent in the Q1. I will though say that we have a very active and good pipeline. So I think that the pace will increase going forward. But we didn't do any acquisitions in the first quarter. But as we have said earlier, we have sold one company that is Abeka and that is because that is not in line with our core business and the core strategy. So we think that both Abeka, Bravida and the new owner can do this in a different and maybe a better way in another solution. You can see in this slide that we have for the last 10-11 years done a lot of acquisitions and that will be an important part of our strategy going forward as well. And it seems like the activity in the whole M&A market has eased up and improved a bit the last quarter. Speaking about our business model and the market we are in, the transformation of the society is actually benefiting Bravida's business going forward. Lately, there has been a lot of focus on the energy prices. That will mean that energy savings in buildings would most likely be more interesting going forward. It has been close to non-interest at all in that segment. I think that that will improve from now on. We see a continued growth in the hospital area, new buildings, but also make sure that the operation is working in a good way so we have a redundancy in those systems. Data center is very interesting as you have heard and seen we signed a small data center contract with one of the partners that we've been working together with since 2017 and that market is really exciting going forward and that is a market that we have been in since 2009. We have the knowledge, we have the resources and we have the will to actually be part of that business. Infrastructure projects is another interesting segment going forward. Reliable security systems. The defense industry, of course, is driving some of the growth in Bravida for now and will continue to do that going forward as well. And then we have some, quite many actually, exciting industry projects in the Nordics as well. And I think this is why we can present an increased order intake and strengthen order backlog today. You see that the order intake is up 5% year on year and the order backlog increased 7% year on year. Mainly small and medium sized orders and not any specific big orders in the quarter, which means that some of them will start quite quick and also be produced in the coming quarters. Very positive support going forward. Let's see if that trend can continue. I still think the organic growth was a bit earlier than expected, but it has now some support of growing order intake and order backlog. So let's see what happens in Q2. But if the world stays in a bit OK, then I think we can have a better momentum going forward than we have had the last two years before this. On the next slide, we have a selection of different customer assignments that we have won during the quarter. I mentioned the data centers in Sweden. We have a partnership with Ekodata Center, who we have been working together with since almost 10 years now. A customer that most likely will continue to invest. This contract is about the electricity supply for the data center, but we also have the industrial piping in this contract from before as well. In Denmark, we have signed a school where we are delivering all the different disciplines needed in the building. So these four cases is somewhat different. We have the data centers where we have the knowledge, we have the resources, competencies, etc. to deliver that one. In Denmark, we are showing you a case where we offer the customer the full scope of our services. Then we have Norway. I think if you're interested in sport and football, you have followed Bodo Glimt, the fantastic football team from north of Norway. They beat Manchester City, they beat Atletico Madrid, they beat also Sporting Lisbon, and they were actually able to reach the quarterfinal in Champions League. And now we have the big honour to help them building a new arena in Bodo as well. and as a football fan I really like that type of project. And then in Finland we have another type of order that is more focused on service where we are going to help Pirkanmaan Åsuskaupa covering technical billing systems in 150 different retail locations in Pirkanma region. Sorry for the pronunciation of the name but four different types of orders that is very significant for Bravida's business and this quarter and many quarters going forward as well so with that I hand over to you Petra and you will tell them something about the financials yes thank you Mattias and good finish there I think so just to recap a bit of what Mattias said about the overall so we have a