Earnings call transcript: Bravida’s Q1 2025 shows resilience amid market challenges

Bravida Holding AB, a prominent player in the Commercial Services & Supplies industry, reported its Q1 2025 earnings on May 6, revealing a mixed picture of financial resilience and market challenges. The company’s net sales reached SEK 6,888 million, reflecting a 5% decline year-over-year. The EBITA improved slightly to €297 million from €294 million last year, with the EBITA margin increasing to 4.5% from 4%. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations. Despite these gains, Bravida’s stock price saw a decline of 2.47% in pre-market trading, reflecting investor concerns over the broader market outlook and specific operational challenges. However, the stock has shown strong momentum with a 21.17% year-to-date return, as reported by InvestingPro, which offers 8 additional key insights about the company’s performance and prospects.

Key Takeaways

• Bravida’s Q1 2025 net sales decreased by 5% year-over-year.
• EBITA margin improved to 4.5% from 4% in the previous year.
• Stock price fell by 2.47% in pre-market trading.
• The company emphasized a focus on margin improvement over volume.
• Bravida’s service business remains stable, contributing to 50% of revenue.

Company Performance

Bravida’s performance in Q1 2025 was marked by strategic efforts to enhance margins amid declining sales. The company maintained a strict project selection strategy and closed underperforming branches in Sweden, aiming to bolster profitability. Despite challenges in the installation segment, the service business remained stable, providing a steady revenue stream.

Financial Highlights

• Revenue: SEK 6,888 million (down 5% year-over-year)
• EBITA: €297 million (up from €294 million last year)
• EBITA margin: 4.5% (improved from 4% last year)
• Operating cash flow: Close to $300 million
• Net debt to EBITDA ratio: 1.0

Market Reaction

Bravida’s stock price fell by 2.47% in pre-market trading, reflecting investor concerns over the declining sales and market challenges. The stock’s performance was also influenced by broader market trends and sector-specific issues. Despite the decline, the company’s strong financial stability and strategic focus on margin improvement provided some reassurance to investors.

Outlook & Guidance

Bravida views 2025 as a transition year, targeting further margin improvement and expecting easier comparables in upcoming quarters. The company aims for a margin close to 5% in Denmark and anticipates that projects won now are likely to start in 2026. The market is expected to bottom out in 2025, with positive signals in infrastructure, industry, and defense facilities.

Executive Commentary

CEO Matthias Johansson emphasized the company’s strategic focus, stating, "We will focus on margin before volume." He also noted the stability of the service business, saying, "Service activity continues to be very stable." Johansson acknowledged the challenges ahead, commenting, "2025 will be a difficult year, but we think it has bottomed out."

Risks and Challenges

• Declining sales in the installation segment.
• Market saturation and competitive pressures in key regions.
• Economic uncertainties affecting infrastructure and industry demand.
• Potential operational disruptions from ongoing branch closures.
• Fluctuations in service revenue impacting overall performance.

Q&A

During the earnings call, analysts inquired about regional margin challenges and service revenue fluctuations. Bravida provided insights into its order backlog and market conditions, highlighting potential growth opportunities in Norway and Finland despite current market difficulties.

Full transcript - Bravida Holding AB (BRAV) Q1 2025:

Matthias Johansson, CEO, Bravida: Good morning, everyone, and welcome to this presentation of Bravida’s first quarter report of 2025. My name is Matthias Johansson, CEO of Bravida. And on my side is?

Orsan Newing, CFO, Bravida: Orsan Newing, CFO. Then we

Matthias Johansson, CEO, Bravida: Then we start. Yes. Thank you, everyone, for joining. And as you know, Braavida is a partner company who makes your life much lot easier. We make sure that your daily routines is working.

We help you with systems regarding heating and plumbing, electricity, ventilation, security system, etcetera. So we actually want to create the experience of when it just works and make your life to a better place to be in. Bermuda, we are acting in a very tricky market for the moment. And still, we are able to show quite a stable performance, I would say. And the reason behind that is that we are in many different places.

We work with a lot of different types of customers in different segments. And we are providing our services throughout all 14,000 skilled employees. 84,000 customers, three fifty branches in 40 regions in four countries. And when we sum this up, it’s actually add up to close to SEK 30,000,000,000 in revenue. So and the highlights from the first quarter.

As you all know, we are in a very tricky market and still or maybe because of a very selective way of working with new projects, customers, etcetera, and a high focus on cost control, we have been able to present an improved margin in all four countries. The net sales is down with 5%. The order intake decreased 1%. And the reason behind that is because the only way to handle a market like this is to be very selective on the business we try to win. Growing this business is the same as we are exposing ourselves to high risk.

So we are very selective. But we can see an increased order intake in Norway, Finland and Denmark. The order backlog increased in all countries compared to the previous quarter, and all in all, with six fifty eight million. EBITDA margin is up to 4.5% compared to 4% last year. And one of the reasons is, of course, that we can see continued improvement in our Danish business.

And you also should remember that we have some seasonality regarding margin. The Q1 is always the lowest the quarter with the lowest margin. The cash flow is good. The operating cash flow, close to $300,000,000 Cash conversion, above 100%. And we have a very strong balance sheet, low debt level and debt compared to EBITDA is around one percent.

And that, of course, gives us opportunity to continue to develop RAVIDA going forward. We have really good scores on the sustainability KPIs like the injuries and the CO2 emissions in our business. The net sales, the bridge from Q1 last year is that we have a negative organic growth with €460,000,000 We are adding M and A, 120,000,000 plus. And then we have some currency effect around 50,000,000, and that actually is taking us to the SEK 6,888,000,000.000 in sales. Organic growth is negative.

We can still see a stable performance in the service business, which is good, and that is something that is one of the advantages of Bravida. Close to 05% of our sales revenue is service, and the other part is installation. EBITA in Q1. Despite the fact that revenue is down, we are able to increase our EBITA money wise and also improve the margin. So the EBITA is $3.00 €7,000,000 compared to $294,000,000 last year, and the margin is 4.5% compared to 4%.

We see margin improvements in all countries. And Denmark is the country who’s done the best improvement from 1% to 3.5%, and that is pretty much in line with what we have expected and what we have communicated from before as well. EBITA margin in Sweden and Finland is up 10 basis points. And Norway, who has the highest margin in this quarter, is 5.2% compared to 4.9 The order intake and the backlog, we still are acting in a very tough market. But the order intake, much depending on the strong service business, is up.

It’s up in Norway, Denmark and Finland. It decreased in Sweden. But you should remember that last year, we had a really big contract coming into the books in Q1 twenty twenty four. That was the underground in Stockholm. And the order backlog increased in all countries.

And the order backlog is only containing the business regarding the installation and not the service business. ESG, we want to be the market leader in this segment. And today, we have close to 40% of all our 8,800 vehicles electrically driven. And that, of course, give a really solid improvement in the CO2 emissions from vehicles, down 15% the last twelve months. And if we compare to 2020 as a base and also take into consideration the high growth we have had since that, the improvement is actually 38%.

The injuries, LTIFR is close to our group target now at five point five percent. Sweden and Finland is improving a lot. Norway are already in low numbers. So we hope that we can improve this in Denmark the coming quarters so we, on group level, can reach our target because it’s, of course, very important for us to have a safe environment for all our employees as well as the customers we are working together with. Acquisitions.

It has been a slow quarter in Q1. But last year, we did 10 acquisitions, slightly less than we normally do in a normal year, but that is not depending on the low amount of opportunities we’re having. We still have a really strong pipeline, but we are very thorough about what acquisitions we are doing. And we have started Q2 by doing one quite large acquisition, adding close to €350,000,000 in the second quarter. And we think that we can continue to use our balance sheet going forward because of the strong pipeline and the momentum we have due to our model of doing acquisitions as well because we see that our way of doing acquisition is seen as a more favorable one than some of the other players in the market are using.

In Denmark, we haven’t focused on acquisitions so far. We have focused on improving our own profitability. But now we are opening up for discussions, starting to work in Denmark with acquisitions as well. And Norway had been a bit of blocked as well for internal reasons because of the integration of Tunestwet, which is going due to plan. In Q1, they actually were merged into our ERP system, and it is still in line with what we have expected.

Opportunities are many. Pipeline is strong, and we still see that the price levels are very stable. So with that, I hand over to you, Ossa, and let you present the different

Orsan Newing, CFO, Bravida: Thank you. Then I will take you through the countries. And as usual, we will start with Sweden, where we had a decrease in sales of six percent, ending up at SEK 3,300,000,000.0. And this is explained by the soft market that we have in the Southern part of Sweden and also our strict project selection due to that. The Southern part of Sweden had a volume decrease of SEK250 million year on year.

So we had a sales service sales that was down minus 10% and installation was down minus 3%. The organic growth was 8% negative and we had some growth from acquisitions of 1%. EBITDA was $165,000,000 versus 172,000,000 But even though we had a soft market and the decreased sales, we managed to defend and also increased slightly our margin to 5.1% compared to 5.2% last year. The order intake was 10% minus year on year. And if you look at last year, we had two larger orders coming into the books in Q1.

We had an order backlog that increased during the quarter in Sweden. Moving on to Norway. Net sales was down 12% to $1,400,000,000 This is due to decreasing sales in the installation business. And last year, we had a couple of projects, mainly hospitals with high production in the first quarter. So the comps were pretty tough.

The organic growth was negative 10% and there was a negative effect of FX also on 2%. But I can say that installation growth was actually down 25% due to this high comps that we had last year. EBITDA, 74,000,000 versus $79,000,000 And also here, we managed to improve the EBITDA margin despite the lower sales to 5.2% compared to 4.9%, and the margin improvement is coming from the installation business. The order intake in Norway was plus 8% and the order intake is coming from installation that was up 37% in the quarter. And we’re happy to see that.

We’re also happy to see that it’s healthy projects that we are getting into the order backlog and the order backlog increased by $173,000,000 in the quarter. Denmark, happy to see that Denmark is continuing to improve as planned. And in Denmark, we have a growth in sales of 5%, so ending up at $1,700,000,000 And this is due to a strong growth in the service business, plus 5%. We also have organic growth in Denmark on 5%. EBITDA is SEK60 billion versus SEK16 last year.

So we are I’m really happy to see that this improvement is continuing and the EBITDA margin improved to 3.5% versus 1% last year. And it’s due to better performance in both installation and the service business. Order intake is up 4%. This is coming from the service business. And the order backlog increased by $142,000,000 in the quarter.

Then Finland. Finland is a tough market. The sales growth was down 4% and the growth in the installation business was minus 10% and the growth in service business was plus 11%. Net sales ended up at $548,000,000 It was a negative organic growth of minus 17%. We’ve done some acquisitions in Finland, so the growth from acquisitions was plus 13%.

EBITDA 8% versus 7% last year. And also here, the EBITDA margin improved. We managed to defend the margin in this tough market also and the improved margins coming from the installation business. Order intake increased by 20% year on year and this is also a strong order intake from installation, which is improving by 43% in local currency. Order backlog increased by SEK150 million in the quarter.

So that was the countries. And to summarize that, just to stress what Matthias said that we have even though that the sales is decreasing in all countries except for Denmark, we have managed to defend the margin in this very tough market and also improve margin in all countries, and we have a growing order backlog with healthy projects. By that, we will move into the financial position, which is continuing to be strong. If you look at the chart in the middle, you see the operating cash flow, it’s still on a strong level, $280,000,000 versus SEK $399,000,000 last year. And the difference here is actually a supplementary tax payment that we did in Denmark this quarter.

That’s the main difference here between these quarters. Looking at the financial position on the left hand side, you can see that we have a cash balance of $6.00 $8,000,000 We have a debt of 1,300,000.0 and we we have a term loan and we are using commercial papers. We’re not drawing anything from the RCF right now. And the leasing according to IFRS 16 is 1.4 This leads to net debt of $200,000,000 and with the LTM EBITDA also on $2,000,000 we have a net debt EBITDA LTM EBITDA ratio of one. Cash conversion improved, as Matthias said, to 101 versus 90% last year.

We still have two large unpaid receivables, one in Denmark, One in Norway, that we expect to be resolved in end of this year, so last quarter. And then we still have one additional large unpaid receivable in Denmark that is not to be that hasn’t changed anything since the last quarter. It will not we don’t expect it to be resolved until 2028. But to summarize, low net debt, strong cash flow. By that, Matthias, I will hand it back to you.

Matthias Johansson, CEO, Bravida: Thank you. Can I then get the opportunity to talk about the market? First, I think I want to say that service activity continues to be very stable. And that is a big reason why we can be as stable as we are today. Close to 50% of the revenue is service, as you know.

The challenges in the installation business is probably going to continue for a while. There are big differences between different geographies. It is some areas where we have normal markets, some areas where we actually have a quite good market, and then we have areas where the market is really, really tough. So again, that is what you get when you invest in Bravida. We don’t have low demand in all places at the same time, but we still see that there will be some challenges going forward.

We saw in the end of Q4, beginning of Q1, there were positive discussions with customers, and there still are in some areas. We are actually a bit positive regarding the underlying demand in the market. But as I said in the report, it seems like some customers have paused the decision a bit because of the uncertainty in the global environment for the moment. So we are a bit positive at the same time as we really don’t know when it starts to kick in. So but we can probably see say that 25,000,000 will be a difficult year, not tougher.

I think it has bottomed out definitely. We will have some easier comps going forward. But the orders we are winning now or the coming quarters won’t start until 2026. There are some areas where there are very favorable market conditions, and that is, for example, in infrastructure, industry, defense facilities and civil engineering, and that gives us business opportunities. And we, Bravida, is a solid, strong, competent partner to our clients in those type of projects.

So we think that we are in a good position to actually win these type of contracts. We have the knowledge. We have the financial stability. And we also hear from the organization now that we are not winning projects on price. We can and also said that we have the orders we have been winning is actually decent or good margin in those projects.

And that is because customers are very interested in buying from a financial stable partner, and that’s us. We will maintain our project selective strategy because that is the only way to go through this type of cycle in the market. We will focus on margin before volume. And I think we have proven that in the first quarter whether when the revenue is down 5%, and we still are improving the margin and have strong cash flows. And then on top of that, we still see an attractive pipeline of possible acquisitions to do, and we have a balance sheet that supports that action, and we will do acquisitions going forward.

Shortly about the financial targets. You all know that we have a margin target at above 7%, which we won’t reach this year. That is a target over the cycle. We will get closer to it for every year now. We have a strong cash conversion.

We have reached that target for many, many Debt level is below target. Sales growth for the moment is not met. And the dividend, I think, it’s paid out tomorrow, and that is well above the target of 50%. So if we should summarize the quarter, top line is down 5%, and that is mainly due to the installation business. Service business, really, really stable.

We are growing from acquisitions with 2%. We have increased order intake in Denmark, Norway and Finland year on year. We have increased order backlog with good margins in those contracts in all countries compared to last quarter. And we see improved margin in all countries. Stable cash conversion and good cash flow and the ESG KPIs like LTIFR and the CO2 emissions is improving a lot.

So before we take questions, just want to mention that we have the next report in July, and then we have the third quarter in October 24. Seems quite distanced now because we have a lot of work to do before that. But with that, we open up for questions, please.

Moderator/Operator: The next question comes from Karl Naughlin from SEB.

Karl Naughlin, Analyst, SEB: A couple of questions from my side. And maybe if we start on Denmark. You stated that you still have a negative margin in the installation business driven by that you still have production of low margin projects. I was wondering how long do you think you will have to produce on these low margin projects? Or when are they finished?

And will we then see more step up change in the margin, think? First question, thanks.

Matthias Johansson, CEO, Bravida: Yes. Should you start, Osha? Yes.

Orsan Newing, CFO, Bravida: I think, I mean, there will be some projects that are from the sort of the old days. They will continuously get out from the books. There are also some provisions to take care of those. So I mean they will fade out. There will maybe some left in this quarter, but by the end of the year they will be out of the books.

Matthias Johansson, CEO, Bravida: But it’s not correct that we have negative margin in installation business. Are making money on installation business, but it’s impacted to some part of few projects, yeah.

Karl Naughlin, Analyst, SEB: Okay. Yes, yes, that’s clear. Maybe I read it the wrong way there, but that’s good. And then I have a question on Sweden. I mean, the market environment continues to look quite challenging, especially in the South Of Sweden, as you mentioned.

Despite this, your margins are quite stable. I’m just wondering, do you think you can expect to continue to protect the margins at similar levels compared to last year? Or is it possible to see kind of slightly improved margins year over year underlying, I mean, adjusted for the Norfolk write downs and the one that you had last year? Do you think it’s reasonable to expect continued margin resilience in Sweden?

Matthias Johansson, CEO, Bravida: I think we will be very stable if that means that we are improving the margin or if we are a bit on the negative side, of course, that’s very hard to answer. But we expect that the South Part Of Sweden will improve in 25% compared to 24% because we did some quite big measures last year, which was actually giving us some cost and actually impacted the margin as well when we scaled down the business. We have a flexible cost structure, as you know, but that costed something to take out all those resources in ’twenty four. So we think that we can continue to improve our margin in the South Part of Sweden, be stable in the central part of Sweden, Stockholm area. And then it’s, I think, the key question is that if the market keeps up in the North part.

If it does, then I think we will have a stable margin in north, high margin in North. It might be a small risk that the market weakens a bit in the North Part of Sweden, which automatically will impact our earnings. But all in all, I think that we will see stable margins in Sweden and hopefully a bit improved in 2025. But that needs to be proved.

Karl Naughlin, Analyst, SEB: Yes. Good. And then just a final one for me on your recent acquisition there in Borlaingen. I mean, just looking at it, it’s quite big, but it has varied quite a lot in sales during the last couple of years. I’m just wondering what you expect from that going forward in terms of sales.

Should we think that the SEK $350,000,000 level, is that reasonable? Or do you expect it to come down? Or how should we think?

Matthias Johansson, CEO, Bravida: No, I don’t. We are very thorough in our due diligence work with due diligence. And I think that is why we have taken down the pace of acquisitions a bit. We think that they have a solid order Then it’s always a question of timing.

If you look at 25 specifically, then it might vary a bit. But if you’re looking on the Rolling 12, we think that we can keep the top line. And I guess that will be we think we can keep the revenue and top line for 25% and develop it. That is our ambition.

Moderator/Operator: The next question comes from Johan Lonkvist Sundin from Carnegie. Go ahead.

Johan Lonkvist Sundin, Analyst, Carnegie: Good morning, Matthias and Ossa. Thanks for taking my questions.

Karl Naughlin, Analyst, SEB: Good morning. Good morning, First

Johan Lonkvist Sundin, Analyst, Carnegie: question from my side is on the Swedish business. And I note your comment, Matthias, during the presentation that the service business is stable. But can you please give some more color? Because when I look at Slide Page 17 in your report, it seems like the service revenue in Sweden is down some 10%. How come that?

Matthias Johansson, CEO, Bravida: Yes. Maybe you should.

Orsan Newing, CFO, Bravida: It’s actually there are some smaller projects in service also, and they have actually disappeared during this period, you can say. There are less smaller projects that are related to service.

Matthias Johansson, CEO, Bravida: Yes. Then I also think that we have closed down some poor performing branches throughout ’twenty four, which was in our books in Q1 twenty twenty four, which are no longer there. So I think I don’t know how you measure that or label that. If that is negative organic or actually business that we have taken out, of course, impacts the organic growth. I think that is the reason as well.

Johan Lonkvist Sundin, Analyst, Carnegie: So you’re not losing the market share on the certain

Matthias Johansson, CEO, Bravida: No, we don’t think so because if we do, for example, the investigation to public customers in the South Part Of Sweden, last time we looked, those have increased. It can be that we are losing I would say like this. In the beginning of this phase where we are probably the first one now to scale down because we know what to do, Then we’re probably initially losing some market shares because many of our competitors are still trying to keep up the revenue. But in the end, we know that when they are forced to do the same, then we are ready to take the growth. So all in all, we think we have done smart things, and we are not losing market shares because we are not good enough.

What you see in the numbers is that we have closed down branches. And as you know, we have lost a lot of volume in that area throughout from Q2 to Q4 because of closing down our branches. And I think that is what you see now when we compare to Q1 in yes, between 2524%.

Johan Lonkvist Sundin, Analyst, Carnegie: Yes. But I tried to quickly look through the last four quarters. And it seems like there was a step down also here in Q1 in the year over year development. So that was why I was a little bit curious. If we go to Norway, just curious to hear, we’re now seeing the order backlog on the installation side improving.

How I know it’s hard to assess, but given what you see and how the kind of timing of when you start to deliver on the projects, When do you believe the installation side in the Norwegian business should start growing again?

Matthias Johansson, CEO, Bravida: I think that’s a tricky question because the Norwegian society is such. They are struggling with inflation. They have high pressure on salaries, which means that we won’t see, I guess, we can’t expect any lowering of the interest rates in Norway, which is something our industry has been, we think, in need of. So I think the installation business in Norway will be tough a couple of quarters before we can see it’s going up. But again, we are focusing on margin in orders, quality orders when we are selling.

And in Norway as well, in some other countries, there are some positive signals in the industry related to NATO expansions, for example, the weapons industry but also some infrastructure projects. So we I don’t think I can give you a better answer on that one. But optimal, we had wanted to have a slightly higher order backlog in Norway. But again, we are not stressed. We know what to do and we want to do the right things.

Johan Lonkvist Sundin, Analyst, Carnegie: So when you say a couple of quarters, are we you’re thinking Q4 twenty twenty five Q1 ’20 ’20 ’6?

Matthias Johansson, CEO, Bravida: Think that’s guessing. Let’s see what happens in the coming months, but it doesn’t seems like there will be a dramatic pickup the coming quarter at least. But still, Norway is also the country where we have the highest part of service revenue, which is around 60%, I think.

Johan Lonkvist Sundin, Analyst, Carnegie: Yes. Perfect. And my last question is on Denmark. And I think Karl, he touched upon it before. But just to get a better sense of the seasonality in Denmark throughout 2025 and how we should view margins there.

3,500,000,000.0 beginning of or at least in Q1, should Q1 is often the kind of weakest quarter in a year. Do you think there’s other kind of seasonalities that we should be aware of when doing our forecast for the I

Matthias Johansson, CEO, Bravida: think there can probably be some different positives and negatives throughout the years. But we are still very confident that we will deliver on what we have said before, that we will be closer to 5% this year. And if we are above 5%, I think we are very glad because we still see 25% as a year of transition, you can say. And I think that is something we stay to.

Johan Lonkvist Sundin, Analyst, Carnegie: And then when you say just to be clear, when you say 5%, you mean that full year 20

Matthias Johansson, CEO, Bravida: five should end

Somewhere between I think we have said somewhere slightly better than 5%.

Johan Lonkvist Sundin, Analyst, Carnegie: Excellent. I’ll get back in line and see. Maybe I can come back with follow ups

Matthias Johansson, CEO, Bravida: later on. You,

Moderator/Operator: The next question comes from Karl Naughan from SEB. Please go ahead.

Karl Naughlin, Analyst, SEB: Back again, Eri. Just a follow-up on Finland. I mean you had a quite big negative organic growth there, but I also noticed that order intake was quite strong in the quarter. So I was wondering if that’s related to products that will be coming in the coming, let’s say, already in Q2? Or should we expect quite weakish development also in the near term in Finland?

Or how should we look upon that segment?

Matthias Johansson, CEO, Bravida: Finland is a tricky market, as we have said a couple of times. But on the other hand, we have won some projects recently. And I think it’s more a question of when those come into production. And I don’t have that answer here now, Karl, but we have been quite successful the last two months, I think, in Finland, but it takes some time before they start to produce.

Karl Naughlin, Analyst, SEB: Okay. That’s good. And then one on Sweden as well. I think you got a quite big data center ordering, was it in Q1, but you started to produce some in Q2 and throughout the year. I’m just wondering a little bit how that will impact the coming quarter?

Or what is the comparison? How much did you produce on that in Q2 and Q3 last year? If you could provide that or if you have that, would be helpful.

Matthias Johansson, CEO, Bravida: Yes, I think that will be produced throughout the year.

Orsan Newing, CFO, Bravida: The one that we got last year, was that what your question?

Matthias Johansson, CEO, Bravida: Because we don’t have any

Orsan Newing, CFO, Bravida: Yes, exactly. No,

Karl Naughlin, Analyst, SEB: exactly. I was

Johan Lonkvist Sundin, Analyst, Carnegie: wondering how

Orsan Newing, CFO, Bravida: much was the production That was pretty short production time on that one. It was I think it was finished in Q No, there was some in Q4 also, production on But around

Karl Naughlin, Analyst, SEB: SEK 200,000,000 in Q2 and Q3 from that last year, so to say?

Orsan Newing, CFO, Bravida: Yes. I think that would be at least, yes.

Karl Naughlin, Analyst, SEB: Yes. Perfect. Thank you.

Matthias Johansson, CEO, Bravida: Good. Thank you.

Moderator/Operator: There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Matthias Johansson, CEO, Bravida: Okay. Thank you so much for the questions. It is a busy day for our analysts I know. Plenty of companies to cover. But with that, I say thank you so much for joining and have a great day.

Orsan Newing, CFO, Bravida: Thank you.

Karl Naughlin, Analyst, SEB: Have a

Orsan Newing, CFO, Bravida: nice day.

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