Hi, and good morning, everyone, and welcome to this presentation of our Q3 interim report in Bravida for 2026. We are today presenting improved profitability and an all-time high order backlog in a market that we consider as growing.

As usual, it's myself, Mattias Johansson, and...

Petra Vranjes.

CFO and CEO is here to take you through this presentation. We kick off this immediately.

I will leave you to it.

Thank you so much. Thanks.

As you probably already have seen, we are presenting a really strong quarter this time again, I would say. We have a net sales above 7 billion compared to 6.4 last year.

Organic growth at 9%, the same as in the second quarter, we continue the path on creating value for the company and as well as you as shareholder. The margin is 6.5%, up with 120 basis points.

Order intake impressive, plus 72%, and the order backlog is up 48%. Coming back to those numbers later to explain it a bit more.

Then the balance sheet is really, really strong. We had net debt in relation to EBITDA at 1.0.

If we exclude the leasing cost, Petra will describe that later, we are well below that number. Strong organic growth and increased margin.

We are increasing or improving the profitability in all markets with higher volumes. 9% sales growth, and all of that is organic.

We have some currency effects, but also some negative effects on the acquisition part due to the fact that we sold Abeka earlier this year. We see good demand for small and mid-sized installation and larger projects in data centers, but also in infrastructures and defense.

34% EBITA growth in the quarter, up to 460 million, fantastic number. The margin was 6.5%.

In those numbers, we have some negative impact of restructuring costs in Sweden, 8 million. If we are adjusting for that, we have a margin at 6.7%.

That is the same as the margin last 12 months as well, 6.7%. We're getting closer to our financial target at 7%.

As I said, improved EBITA margins in all markets. Bravida is in a fantastic situation in the market.

The society's transformation, and that benefits Bravida's business clearly. We see a high demand in the defense industry, industrial projects, but also regarding infrastructure, and especially data centers, I would say.

When we look at the increased order intake and the order backlog, you see that the order intake is up 72%, and we are at above 10 billion in the quarter, which is an all-time high number. The order backlog has increased with close to 50% to 24 billion plus.

I see that some of you is commenting that a lot of this is data centers, but if you exclude or adjust for the big project in Norway and the big project in Finland, and we consider the ongoing data centers in Sweden to EcoDataCenter so as an example, and put that into the normal order backlog that we have been working with that type of project for 6, 7 years, we are on an all-time high backlog situation even if we adjust for the new market. With that said, I think the new market is here and it's here to stay for a while.

We consider the order backlog as really high, and that will support the growth going forward. It would also support the margin expansion going forward because of the type of contract and the price models we have.

We are really, really pleased with the situation we are in. On this slide, we have some selection of new customer assignments during Q3.

I think it's important to mention the example we have in Norway, where we have signed a new frame agreement with Avinor for electrical services at Flesland Airport in Bergen. This is an agreement that we're winning because we have a really strong or good reputation in the area.

We have been winning this contract not only price, we have been winning that also because we have the competencies and organization in place, and the customer think it's a good place to place the new agreement in. Then in Finland, I would say that is the big contract in Finland we won in August, the big data center in Kouvola.

That is part of the new industry that is growing within the order books of Bravida and for the whole industry. In Denmark, you see that we are also building some smaller data centers as a partner to an important client.

In Sweden, we continue the collaboration with EcoDataCenter, and that is also something we focusing a lot on, to continue to serve existing customers. We are still doing important frame agreements in the local areas.

It's not only data centers. With that said, of course data center is important part of our business going forward.

I take the chance another time to tell you that we have a good knowledge, we have the history of delivering data centers. We have been working with data centers in a lot smaller scale, of course, earlier, but we started in 2009 to build together with Meta in Luleå in Sweden, and we have continued to do that in Denmark as well, in other parts of Sweden, and also in Finland the last years.

We have done some in Norway as well. This has always been a part of our portfolio, and we have done more than 200 200 megawatts in total earlier.

We have been winning six new data centers in recent months. You all know the Norwegian one outside Stavanger, 4.3 billion SEK.

We won the Finnish one in June to STX, another phase. In July, we also won the new phase for the secret client we have, where we have a really good collaboration and a partnership with that client, and that we hope that will continue as well.

In Finland, we signed another big contract in July, and that is the project we are calling FIN04 to at North. Then in August, we signed another deal in Sweden to the secret client.

I mixed them up, sorry for that. The one in July was to EcoDataCenter, and then we signed one in Denmark in August as well: electrical installation, HVAC, plumbing, cooling, and BMS in Esbjerg, Denmark.

This is not some stochastic business we're winning sometimes. We see a good inflow of new possibilities coming in, and we are sorting and are very what to say, selective regarding who customers we want to work with.

The demand is high, but we try to act very smart in this, try to create partnership with our clients to make sure that we can provide the right service with the right quality to customers who know what they are building. That was about data centers, but we also have another type of advanced projects.

Bravida, still close to 50% of our sales is service. If you add revenue from renovation and maintenance, we get above 60%, and that is still very important.

The market changes. Already in 2016-17, we in Bravida started to build an organization and competences to be able to deliver this more complex and large projects.

We won the Bypass Stockholm in 2017. We have been building to Meta since 2009.

That all together means that we have an organization with a historical track record that we are now using on other large contracts, because that is how the market has been developing. Today, the base market is developing slightly positive compared to last year.

It's still not a fantastic market, but it's better than last year. All in relative terms, that market is improving.

It is important for us in Bravida to participate and deliver the large projects as well, and the customers sees us as a very natural partner because we have the resources, we have the size, we have the competences, and we also have the financial stability that they want to see from a supplier. On this slide, you see 12 examples on another type of projects that is really important in our portfolio.

We have a factory to Fazer in Finland, we have hospitals in Finland, we have airports in Norway, we have yeah, expansion of Stockholm metro, Novo Nordisk Foundation, the headquarter, we have the service agreement at Great Belt and Øresund Link in Denmark, we have a science park in Hamar, we are building to Hitachi, the science park there, quite complex building as well. This is a big part of the market, and Bravida is well positioned to use our position in the market to drive growth and profitability from this market.

Acquisitions, we have done one acquisition in the quarter. We have acquired Åslunds El, fantastic company that will strengthen our position in the area around Uppsala and Stockholm.

The pipeline and the discussion is good, but we are very selective. We are very thorough in our way of doing the due diligences.

If they don't have the right quality in the order backlog or the right margin development throughout the last couple of years, which has been tough, we don't think they're good enough to acquire. We have been struggling to find good enough targets.

So Åslunds El is a fantastic example of a company with strong management and good profitability even in tough market conditions. M&A acquisitions is still the highest priority within Bravida.

We have a strong balance sheet, and the first thing we want to use the money to is, of course, to continue to do acquisitions. Still, organic growth at 9%, we're delivering a very good growth this quarter even if we have been not good enough on the acquisition side, but that will come.

That is for sure. With that, I hand over to Petra and the financials.

Thank you, Mattias. Looking a little bit deeper on the financials, we are going to go to Sweden and see how we close the third quarter in Sweden.

Here we can see that we had organic growth of 9%. That growth is somewhat offset by the divestment of Abeka, which was mentioned earlier by Mattias.

We do have Åslunds El as an acquisition, but the Abeka divestment is, of course, a little bit bigger, giving a -3% growth on the Swedish market. We closed on 3 billion 47 million in Sweden, and that is then up 6% in total, including the divestment.

Sweden has a good demand in the northern part of Sweden, and now we can also see that the southern part is gradually improving. We will still have a gradual improvement at that part, so that's to be expected, but it's now showing an improvement.

With a 53% installation to service sales ratio, we are bringing Sweden to 6.1% EBITA margin. In that EBITA margin, we have a small restructuring charge, which is a one-off of 8 million SEK.

That's the last restructuring charge for the transformation that we have done in Sweden. Now we land on 68 million totally year to date of restructuring in the margins.

If I adjust for the small restructuring charge, the Swedish EBITA margin lands on 6.4%, just as a comparison. If we then look at the order intake, we see that Sweden is growing 47% year-over-year and is reporting an order intake of close to 4.3 billion SEK.

Very strong order booking, and of course here as well, we do have data centers with customers we have worked for a long time with, but you might have read about Citylink, for instance, came out the other day, there are lots of other businesses, and not to forget all this small and mid-sized businesses, which we don't announce always. With that, Sweden is landing a backlog of close to 9 billion.

In the backlog, you also have a negative effect of the Abeka divestment with approximately 500 million. Then if we go to Denmark, you will see that we have closed Denmark on 1 billion 929 million, which is on par, a little bit stronger with 1% growth year-over-year compared to the same quarter last year.

Then we should remember that Denmark had a very strong Q3 in '25 with 23% organic growth in that quarter. Strong results also this quarter.

With a 55% installation to service sales, Denmark is closing the quarter with a 7.5% EBITA margin. This is due to the very good selection of business, where Denmark is focusing on good margin business, but also the turnaround that they have been doing or we have been doing for the last almost 2 years now.

On the order intake side, we have a 30% increase of the order intake, and Denmark is landing on 1.853 billion in Swedish crowns then on the order. Very good uptake on the order intake as well and a strong backlog on close to 4.6 billion SEK.

Looking at Norway, Norway is increasing the sales with 19%, of which 11% is the organic growth, and then we have a currency effect of 7%. 1% impact also positive on acquisitions with Nitek bought last year or acquired.

With that, Norway is landing on 1 billion 388 million, 19% up year-over-year. Good growth, but also good margin increase.

Norway is reporting 6.2% EBITA margin and has been working a lot on the cost side and is now also benefiting from the uptake on the revenue side. On the order intake, we have a 47% increase in Norway, also increasing quite heavily, and with that, Norway is landing on 1 billion 462 million.

Here we should remember that the large data center contract was booked in Q2, so that one we can see in the backlog of 7 billion Swedish crowns, which is up almost 5 billion year-over-year. As our last market, maybe the least, but definitely improving, is Finland.

Here we can see Finland is reporting a net sales of 701 million. That is up 33% year-over-year, and it's all organic growth, very strong numbers from Finland.

The operations is positive in the underlying business. We have good progress and demand in a lot of branches in Finland, but we want to mention inner Finland and Ostrobothnia region as the strong ones.

Of course, we do have data centers also in Finland driving sales. With now 70% installation to service ratio, Finland is closing at 5.1% EBITA margin.

Some of you might remember that we did have a one-off in Q3 in 2025. Haven't really adjusted for that margin, but that would land somewhere on 4, just north of 4%, a very strong margin this quarter this year as well.

In the order intake side, Finland is up 2 billion SEK. In Finland, we did book the large data center order in Q3, so that's part of it, but also good intake from other businesses, small and mid-sized contracts.

On the backlog side, Finland is closing at 3 billion 665 million, promising a lot of ramp-up going forward. Those were the markets.

If we then look at our balance sheet items, we have a very stable cash position, a very stable financial position. It gives us a lot of possibilities for the future for investments.

Just looking at the operating cash flow for the quarter, which was in 800 million, and with that, the cash conversion came in at 110%. We have a revolving credit facility of 2.5 billion, and with that, we also have a commercial paper program of 1 billion 850 million plus a 15 million €50 million program.

On top of that, there is a 3-year term loan of 750 million. When we look at our cash balances, short- and long-term loans, and the leasing according to IFRS 16, we land on a net debt of 2 billion 564 million, or 1 times net debt to EBITDA ratio, as Mattias was mentioning.

Excluding the leasing, we are at 0.45 times net debt to EBITDA ratio at this moment. You probably read yesterday that we are launching our third share buyback program.

In Q3, Bravida has repurchased 705,200 own ordinary shares at an average price of 141.79 crowns, and in total, that makes 100 million. Yesterday, the board decided to carry on the third buyback program, and we will be buying back shares during Q4 and before the Q4 interim report at the maximum of 100 million Swedish crowns.

With that said, I will go to the ESG, our sustainability efforts. We do want to see all our employees going home safe and healthy after the workday, and we are reporting an LTIFR at 4.9 in the quarter, which is below our target of 5.5.

We do have an increase in our electrical vehicles for the climate, and right now, we are at 51% electrical vehicles, up from 42% in the same quarter of last year. This gives us a part of that is then driving the CO2 emission decrease, which is down 33% compared to the base year of 2023.

Also, the tons are then changing compared to net sales and going down 34%, also compared to the 2023 base numbers. With that, I will welcome back Mattias, and he will do some conclusions for us.

Thank you, Petra, and thank you for presenting the strong balance sheet. The third quarter in key metrics: 9% organic growth, which is fantastic and the same as in Q2, we're now entering a new phase, growth phase, you can say, and we expect to continue growing in the next quarter.

The margin is up to 6.5%, and the EPS is increasing a lot from 1.19 to 1.70. I think the result after taxes, etc., is up more than 30%.

Cash conversion, as we have guided earlier, we have had a bit of a lower cash conversion before, but that is something we have been knowing the reason behind and we have been very confident that it will come back. This quarter, we are presenting 110% cash conversion, which is expected and a really, really strong number.

Net debt, as Petra told you, is low, 1 time, the ratio is 1, and the injuries, the LTIFR for all our employees, is also below the target and improved since last year at 4.9. I think we are presenting a quarter today with improved numbers all over the field, you can say.

Yeah.

Which is something we are really proud of, of course. Solid and exciting platform for long-term value creation.

We have a strong organic growth and improved margin development throughout all countries. That is combination with a really strong order intake and a record high order backlog.

In the order backlog, you also have the adjustment you need to do with 500 million approximately due to the divestment of Abeka, really, really strong. We as a company, Bravida is an enabler of the AI-driven digital transformation at the same time as we're benefiting from a workforce that cannot be automated as I see it at least.

We are the solution of the digitalization and the AI transformation, and our services is some kind of AI-secured. High customer trust and attractiveness as an employer.

A lot of people is apply for job in Bravida, and customers see us as the very clear supplier in projects where you need competencies that are a bit different and a big number of resources. We are also in their eyes a very stable financial partner.

We see that our attractiveness is stronger than ever in the market as well. That is, as I said, due to the stable financial position.

That also gives us not only the opportunity to win good contracts and create good relations with the customers, it also gives us a capacity to invest in continued growth and doing acquisitions and pay out dividend, and also as you said, do some buybacks.

Yeah.

Yeah. Last but not least, our market position and balanced project mix provides a solid and exciting platform for long-term value creation.

With that, before we open up for some questions, I just want to say that our next report is in the 10th of February, and I guess that will be the same time as usual, 9:30. Schedule that in your calendar, and then we open up for questions.

Thank you so much for listening.

Thank you. Good morning.

Thanks for taking my questions. Surprisingly, I'm going to start with a data center question.

The first one is just if you could add any color on how much of the large data center orders during the summer that was delivered in Q3, i.e., how much that supported the growth figure. Then just moving on to capacity and pipeline, etc., could you give a little bit more flavor?

I know we've talked about this before, but just how much more data center projects can you actually take on with the current capacity, or hiring potential? Also, what the pipeline looks like if you're in any current talks with the new data centers, or if that's on hold for a bit while you're delivering on the large ones now.

Thanks.

Thank you, Oskar, and good morning. I want to start to not answer your question, but a bit of answering it anyway.

Because I think a big part of the growth is actually coming from our ordinary business, if we call it like that. We have discussed this morning that data center is also the ordinary business,

that's

the new market. Yeah.

You can say we are growing approximately 470 million, I think. And 2/3 of that is coming from our ordinary business.

With ordinary business, we are excluding the two big projects in Norway and Finland, because the other data center project is something we have been doing for many, many years, we consider that as base business, normal business. You can say 1/3 of the growth is coming from the business you're asking for.

I think we're growing approximately 600, but

2/3, it's

approximately. Maybe.

2/3, yeah.

I calculated 31% is coming from the data center, the new business as you call it. We have a strong growth in the base business, that's for sure.

When it comes to the pipeline, we read in the papers that the hype is over. I think it is just started.

It's accelerating. We see more and more demand for this every month.

We are very selective. We want to work with clients who know what they're doing.

We try to create partnership. I also think that the clients is doing the same.

They want to secure the production. They want to work with suppliers who know what this is all about.

Because building a data center, if you don't want to be a subcontractor far below in the value chain, then you need a management on each data centers with 50, 60 white-collars to be able to provide the services. I think that is a bit of the bottleneck, to find enough and good enough white-collars who can work in this sector.

Blue-collars is not the problem, as we see it today. The pipeline is strong.

How much we can do, I think we pass on that question. No one knows how this market will develop.

I can guarantee you, when we are bringing a contract in, it is a good contract with healthy margins. I think that is what we can say and want to say.

Yeah.

Did I miss anything, Oskar or Petra?

Oskar, I don't know if you think we missed something. I'm thinking the capacity, it's obviously a growing market, and with a growing market, that's always top of mind with the capacity, whether it be the data centers or other business that's growing.

No, that's very helpful. I don't think you missed any part of that question.

All right. The next one just moving on to the margin, I think it's obviously very strong.

I think on an adjusted basis, you're at like 6.5% on a rolling 12-month basis at the moment, and this is likely before the large contribution from the possibly margin-accretive centers. Is there anything more to do on the underlying basis, and also what are the key elements of this improvements?

I'm thinking if it's execution, or have you seen any difference in project margins, operating leverage from the staff reductions that you've made, and also primarily with the large demand for data centers, does that eat up capacity, the project competition gets a little bit lower? Thanks.

I think what we expect from the margins, you can see this quarter we are presenting improving margins in all countries. I would say with some small impact from the big data centers, this is the normal business who is improving.

That is very much in because of growing volumes, but it also because of the restructurings we have been doing in Sweden as one example. In all countries, we have been doing some restructuring work.

It's only in Sweden where we have had this big work with this, we have been communicating that as a specified cost to you. We see improved margins all over the field.

We expect it to to continue the coming quarters. I think it's getting a bit of a less impact maybe for every quarter.

We see Denmark continue to deliver really strong quarter, the third quarter this year. You shouldn't expect them to to climb as much in Q4, I don't think.

We have earlier said that they should be well above or above 6%, not well above, above 6% we've said. Now I think after this third quarter they are on rolling 12 at 6.1%.

We think that can improve a bit more the last quarter. We see Finland and Norway when they get the impact, as as you said, impact from the large contracts with slightly higher margins in the data center business, that will add on top of the existing improvement.

I think Sweden is on a journey where they are slowly coming back to old margins because of the restructuring work they've been doing. There are And I would say a really big thank you to all people in Bravida who has done a fantastic job with underperforming units, taking out cost, focusing on the market, relations with the clients.

I think the positive thing with the data center is also that we, with this strong order backlog, get an even better confidence when we are pricing other services. Because we don't need to sign contracts with low margins.

This give us gives us confidence to to continue to bring in healthy projects. One part of your question was also if we can allocate resources from our existing business to data centers.

We prefer not to do that, because our ambition is to do the data center as well, not instead of. We will continue to serve our local customers, our local partners that we have been having for the last 30, 40 years.

That will be important, and that is something we pay a lot of attention to. I think we can see improved margin going forward as well.

Or we will see.

Yes.

Perfect. Thank you.

This is maybe a long shot, but obviously you have an

EBITA

margin target of above 7%. I think you've said previously that you should be able to do that without any market contribution, etc.

Now you have improving margins underlying and you also have a better market and see a better market outlook. Then on top of that, you have significant data orders which should be margin-accretive, all else equal.

How do you think about the margin target, and what do you think that would be in sense of all the things I said?

No, but I think you are right. I think we're getting closer and closer to the margin target.

If we adjust for the costs we have had, we are closer to 7% that we are presenting. On the other hand, we have had a quite tough start of this year.

We have had a really strong second and third quarter, but you have to remember that the Q1 this year was a tough quarter for everyone in this industry. The market has recovered a bit in the base business, but it's relative.

It's much better than last year. I think we're getting closer and closer to the margin target.

I think also that when we meet that target is not very important. I think it is to capture the growth opportunity at the same time as we are delivering a higher margin.

That is what we are focusing at now. If that is 7% rolling 12 in next summer or in 2 years, I think that depends also how much we are growing.

That we will increase the EPS every quarter going forward for quite a long time, I'm very confident with.

All right, that was all for me. Thank you very much.

Thanks.

Thank you.

Yes. Hi.

Good morning. Thank you for taking my questions.

I wanted to ask firstly on Denmark. I appreciate the flavor on sort of the sustainability of the current quarter's print and that you should at least be above 6%, but still, it was a very healthy margin uplift.

Could you elaborate a bit here sort of on what drove this, and anything in particular that you'd want to flag as a bit elevated or temporary, just so we can understand that a bit?

Do you want to take that, Petra, or...

I can start,

and

you can

try to

fill in the gaps. Thank you for the question.

Yes, the margin uplift, I think, if we would start where we see the uplift, obviously there is a contribution from the top-line growth. When we get more sales, that transpires to higher margin.

That is one of the parts, and that's of course one of the parts why we want to grow as well. We have talked a lot about Finland needing to have a bit more body, a bit more size, to get up on the margins, so that's one piece of the puzzle.

I think the other part is a very good turnaround and margin focus in Denmark, contributing in a nice way in the quarter. I would like to really contrary specify one single bit and piece, because all countries, all our segments are contributing in a good way in this quarter from where they stand.

Sorry, I was asking specifically on Denmark. Sorry if I was unclear, because Denmark's really what stood out, I thought.

Oh, okay.

Denmark was the specific one. Okay.

Then for sure, then...

Specifically Denmark.

Yes, for sure. Denmark is delivering a good margin in the quarter.

There is nothing one-off in Denmark. It's the business mix, and that will look different in different quarters, depending on which contracts and which projects you're executing on.

We are, to Mattias's earlier point, expecting Denmark to go in this direction. We, since the turnaround and margin focus getting more of the older low-margin projects out, we are expecting Denmark to climb the margin ladder, if you will.

Then 7.5% is a very strong and good quarter with margin that we have to say, but there's nothing of the extraordinary, it's just good business in the quarter.

Just want to overall comment the margin. I think we have done a fantastic job in all countries, but an improved margin because of different reasons, you can say.

Mr. Stålskov in Denmark has been, together with his team, delivered growth for a while with improved margin by applying the Bravida way of working, with clearer leadership, with a lot more customer focus as a couple of example.

Mr. Bakke in Norway has been taking out a lot of cost in a very difficult market, and by that, being able to improve the margin, and it's going to be really exciting to see what can happens in the fourth quarter with the data center production going up.

Then we have Mr. Holopainen in Finland with his team, who has been really done a turnaround, struggled last quarter with the problems we had in Tampere.

That region itself, with new regional manager, etc., has improved the profitability locally. We can also see close to all over the line in Finland that they have improved the normal business as well.

I think, as well as in Norway, it's going to be exciting to see what happens in the fourth quarter when we ramp up the production on the data center in Finland. Then you have Mr.

Töyrä in Sweden, who has been led a really big turnaround, merging three divisions in Sweden with all the changes they have been doing, worked a lot with underperforming units. I think a lot of people is behind this fantastic report this quarter.

I another time just want to say a big thank you to the organizations, the work they have done. I think it's a lot of things that is positive.

Then behind all this, we have a really supportive cash flow through the business. It's not only that we are winning new contracts, we have a really strong support from a cash flow that is fantastic.

Okay. Perfect.

Thank you. Thank you for the flavor.

I wanted to ask a bit as well sort of on the margin gain from the perspective of headcount relative sort of gross margins. You delivered obviously healthy organic growth while you're currently employing at least fewer people.

Given that you have quite a significant backlog to deliver on, how sustainable should we view that sort of operating leverage going forward? Should we expect overhead and employees to rise in line with sales going forward, or how should we think about that?

I think it depends on how we categorize the overhead, but we see that we still have a bit of an underutilization. We have, for the last couple of quarters, been telling you that we have been investing in keeping resources after tough markets because we know the market will come back.

That is partly what you see now. I still think that we have a growth to capture by using our existing personnel even more efficient.

With that said, we need to hire more people, mainly production people or productive white-collars. We don't need a new CEO or a new CFO.

I think the overhead costs won't increase more than the type of people we need to controllers, etc., procurement people that we might not be able to charge the customers. All in all, it's mostly productive people we need to hire.

Mm. Got it.

Makes sense. A final one if I may, I know it's difficult to speculate on, but following sort of quarter end, with the recent interest rate uptick, it would be interesting to hear just if you've seen anything in terms of sort of current customer activity and how that's impacting that angle.

No, we haven't seen anything on that yet. We expect the interest rates to go up.

I think everyone does. I think if you need to build something because you have a demand in your value chain where you're acting, I think it will never be less expensive or cheaper to build than it is now.

The inflation will do impact the prices, of course, but it will never be as cheap as it is today to build if you want and have to build something. Of course, that will impact.

I don't think it will impact the defense industry, infrastructure, data center in that perspective as long as you are choosing customers wisely. We haven't seen anything on that yet.

Very

makes sense. Thank you.

Thanks for the presentation. Have a good day.

Thank you.

Thank you.

Thank you, Anders.

Yes, good morning, everyone. Just a couple of brief questions.

Firstly, on the very interesting comments here, Mattias, on the contribution to growth from incremental DC invoicing in the quarter. I appreciate it's early days as you ramp up invoicing there.

Can you sort of at this stage, can you validate that this is accretive to group margins in those projects that you have started? If you're a bit of a devil's advocate, look at sort of the performance here in Q3, take out Denmark.

Just interested to hear your comments there, how they contribute to DC invoicing to your margins.

No, but I think still, we think we have good, healthy contracts, balanced contracts. I think it's more supplier-friendly now than it was 6, 7 months ago, that's the first.

We think we still have good contracts. Then I think on the contribution to the margin, I think that is not a lot this quarter.

It is, of course, depending on the growth it is contributing with, but otherwise it's not impacting a lot. We are early in the projects, and we have a lot of respect for that as always, we try to be conservative when it comes to all types of projects in the beginning before we have 100% control of it.

That is something we are doing in this type of projects as well, as well as we're building a new school, new hospital, new tunnel, whatever. We are working in the same way with these data centers.

We have a model, we follow it, and we know that we're following it because we have a solid structure to control and deliver this type of project in.

Yeah.

Good. Also, excluding the data centers, can you remind us of any big sort of facing out of big projects that will impact you next year, just on top of your heads?

On top of our heads comes the very big project of Bypass Stockholm, which will not be totally phased out, but definitely I would expect it to decrease during next year if you look at full year. There are probably a lot more projects, Johan, but as we typically have the very large on top of our minds, and then there's a lot of going ins and outs.

That one is probably the one I would mention.

I agree. Otherwise, I don't think there are any, more than maybe the different phases we are building to EcoDataCenter and STX.

On the other hand, it seems like there will hopefully come some new phases.

Yeah.

I think that is more that can be some couple of months where you have some lower activity, but no, except for Bypass Stockholm, which I think we will have a high production in at least the first three quarters.

I think so too. Yeah.

Got you. Thanks a lot.

Thanks.

Thank you.

Hello, can you hear me?

Absolutely. Hi.

Oh, perfect. Good morning.

I just have a super short question actually, and it has to do with a bit of recruitment and also acquisition, I'm guessing. Have you think about adding more capabilities within prefabrication or more modular installments?

I'm thinking you have some larger peers internationally that's been doing quite well in there, and I also know that you perhaps have been started to look into this, or how do you think about this more and more broad-based, how it fits into the Bravida model?

Interesting question. Part of some of the data centers, we are already doing some prefabrication because there is what to say, some you don't have enough spaces on-site, etc.

It's more efficient to do some production in a production hall instead of on-site. I know what you're referring to.

We don't have the same kind of modular production that you're referring to, but we have prefabrication that we have started just to make sure that we are doing more work off-site instead of on-site, and that is because it's cheaper, more efficient, and the quality is easier to maintain on that type of services. Of course, when we win these projects, we try to develop different things, but we have just started that.

We are not near to what you're referring to, I would say, but we have started some work on it.

Yeah. I think we are always looking for how can we do things cheaper, quicker, better.

It's always top of our minds to do that, and that goes with a lot of things, like working shifts or doing some modular, not just prefabrication, but putting together things outside of the sites if it's possible. We are looking at many of those aspects, I would say.

I also think this is a developing market,

and

I think that is also why the competition is a bit different, because as a normal electrical company or plumbing company, you can't really participate in this type of business, because you need to have the muscles to do prefabrication yourself, you need to be able to put 50, 60 white-collars on-site that is not near your own office. In Norway, for example, we have build, you can say, hotel on-site for several hundred people to be able to live.

This is not a work for anyone, and prefabrication and modular production is one part of that, of course. Interesting thing to look into even more, of course.

As Petra said, we always try to be working smarter, to use our resources better and safer to improve both the working environment as well as the profitability and the speed in projects.

That's perfect. Thanks for a good answer, and I'll think I take my place back in the queue.

Thank you.

Thank you.

Yes, good morning, Mattias and Petra. Thank you for taking my questions.

I have a couple of questions. The first one is on backlog with the backlog up sharply, how much visibility do you have on organic growth in 2027, and how should we think about the phasing of the large data center projects between Q4, 2027, and beyond?

My second question on broader market recovery, beyond the data centers and other large projects, are you seeing a broad-based recovery in smaller installation projects, and which markets offer the greatest recovery potential in 2027? Thank you.

Good morning. Thank you for a good question.

It's not very easy to answer, I think, but if we start with the easiest one is if you to look at the normal market, as I want to put it. Again, data center is a normal market going forward, I think, but the base business, if you say.

I think it's improving from very low levels everywhere, you can say. We are working relative demand, it is better today than it was a year ago.

My expectation, and we can see some publicly announced forecasts as well, that it will be improving next year as well. There will always be some geographical differences within countries or within regions of countries, but I would expect the market to recover basically all over the geography where we're in.

When it comes to the phasing of the data center, it is a bit of a problem. We are struggling a bit ourselves, because what's happening with close to all the data center clients we're having, there is a technical shift in the delivery.

That means that the technique is improving and changing very quick, and everyone wants to have the latest equipment installed. It is a bit hard to know when the production will ramp up to a certain level.

What we can say is, and we normally not guide on the organic growth either, but I can say that we think that the growth will continue, and I think the growth will absolutely improve if you compare quarter to quarter, at least for the first half of next year minimum. I think that is as far as we can see.

It's also, of course, depending on how much new orders we get, how the phasing looks like, etc. Please ask again if I missed something in your question.

Hela, maybe I can also...

Very clear.

Maybe I can also, because to the point, of course, we have a good view on our backlog, and some of the large projects are, of course, not just for 2027. They are for 2 years, for instance.

To Mattias's point, it's difficult to understand exactly when it's going to turn around into sales, because projects live project lives, they can be delayed, they can be advanced, it can go both quicker and more longer term then. When it comes to the smaller projects, I just wanted to mention.

On the smaller project side, it's important, and I think that's a very good question, because we have a lot of our business is in smaller projects, it's in service business. That part, service business is not in backlog.

We do have a good view of service business anyway. A lot of it is recurrent as well.

Those parts are also movable targets. The smaller projects are typically run in our locations out in the branches, and they also are seeing a good market.

Of course, it's very segmented. If we are looking at housing markets, it's not very good.

It's actually not good at all in southern part of Sweden and Norway, and it's not good, but there are other projects that come up, other markets. There's defense, they can be both small and large,

and

there are other pieces that come in, we do see a good uptake in the smaller projects as well. We think that business is very important.

Also just mention one more time, if we look at the order backlog, which is really, really high for the moment, if we adjust for the two large contracts, which we shouldn't do, and then also adjust for the divestment, we are still on the record high level regarding the order backlog, and that is very much the business you're referring to. We see an increased demand for that type of services, and we can see that in the orders coming in as well.

Very clear and very helpful. Thank you.

Thank you so much. Have a nice day.

Thank you.

Thanks.

Thank you so much, and thanks for all the questions and good discussions. I'm a bit surprised that you didn't ask about the inflation, what we see in inflation, and regarding the blue-collars.

Today, we still don't see any restraints regarding the blue-collars. Regarding the inflation, I think if you are in this industry and you are not protecting yourself against higher labor costs, higher material costs going forward, or that you have index clauses in your contract, I think you will have to pay that bill after the summer next year.

That is something we in Bravida focus a lot on, to make sure that we are protected against price increases. We do that in terms of good, solid contract terms, but also how we price our services.

I think that is important to understand as well, and I think that is important to understand for everyone who is in this business. If you don't protect yourself against inflation, I think then you can struggle and you have to pay a lot, and profitable projects can be loss-making quite quickly.

With that, I very pleased to be able, together with Petra, to present a really solid report. It's very good to see that the tough year with the low demand in the market is a bit of over, I think.

We in Bravida, we are ready to continue to perform very well. With that, we say thank you so much for listening.

Bye.

Thank you.