Bonava (OM:BONAV B) has reported Q2 2026 revenue of SEK1.8b, with a reported net loss of SEK28m and basic EPS of SEK0.09 loss per share, putting the latest quarter in the context of a trailing twelve month EPS of SEK0.28 loss and a net loss of SEK89m on SEK6.9b in revenue. Over recent quarters the company has seen revenue range from SEK713m in Q1 2026 to SEK3.3b in Q4 2025, with EPS moving between a profit of SEK0.71 per share in Q4 2025 and a loss of SEK0.70 per share in Q1 2025. This keeps the focus firmly on how quickly margins can tighten up from here.
See our full analysis for Bonava.The next step is to set these numbers against the most widely followed Bonava narratives to see which stories the latest margins support and which they start to challenge.
See what the community is saying about Bonava
Q2 loss narrows to SEK28 million on SEK1.8 billion revenue
- Bonava reported Q2 2026 revenue of SEK1,768 million and a net loss of SEK28 million, compared with a trailing twelve month loss of SEK89 million on SEK6,934 million of revenue.
- Supporters of the bullish narrative point to forecasts of 13.9% annual revenue growth and 51.86% annual earnings growth. However, the current trailing twelve month loss of SEK89 million shows the company still has to move from loss making to the SEK1.1 billion earnings some bulls reference for 2029.
- Consensus narrative expects margins to rise from about a 0.5% loss today to 7.9% in three years, while the latest quarter still shows a loss despite SEK1,768 million of revenue.
- Bulls also highlight the DCF fair value of SEK36.52 versus the SEK9.66 share price, but that gap remains theoretical until earnings move materially away from the recent losses.
Bulls argue that this quarter is the early part of a recovery story, not the destination, and that the bigger shifts show up when you zoom out beyond a single set of numbers. 🐂 Bonava Bull Case
Loss trend improving versus recent quarters
- The Q2 2026 loss of SEK28 million compares with a loss of SEK173 million in Q1 2026 and SEK117 million in Q3 2025, while Q4 2025 was a profit of SEK229 million, highlighting how Bonava has been moving between profitable and loss making quarters.
- Skeptics in the bearish narrative focus on this patchy pattern, arguing that plans for higher project activity and working capital could pressure earnings if financing costs bite into margins just as the business is trying to stabilise around the recent 5.9% operating EBIT margin cited on a last twelve month basis.
- Bears point out that interest payments were not well covered by earnings over the last twelve months, which lines up with the recurring losses in three of the last four reported quarters despite sizeable quarterly revenue between SEK713 million and SEK3,252 million.
- They also highlight that loss growth over the past five years has been reported at 49.2% per year, which contrasts with the near term improvement from a SEK173 million loss in Q1 to SEK28 million in Q2.
Investors who focus on the cautious narrative see these quarterly swings as a stress test of whether Bonava can really sustain the margin targets that analysts are building into their models. 🐻 Bonava Bear Case
Valuation signals versus current share price
- At a share price of SEK9.66, Bonava is reported to trade on a P/S of 0.4x versus peers at 0.8x and the European Consumer Durables industry at 0.7x, and also below a DCF fair value estimate of SEK36.52 and an analyst consensus target of SEK16.25.
- What stands out in the consensus narrative is the gap between these valuation markers and the trailing twelve month loss of SEK89 million, since analysts are projecting a shift to SEK1.1 billion of earnings by around 2029 while the business is still unprofitable and interest coverage has been described as weak over the last year.
- Analysts are assuming revenue growth of 23.9% per year and margin improvement from a roughly 0.5% loss today to 7.9%, yet the most recent four quarters include three loss making periods alongside just one profitable quarter.
- The implied upside from SEK9.66 to the SEK16.25 consensus target depends on that improvement path, which is why the current loss profile and interest coverage risk remain central to how investors interpret the low P/S multiple.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Bonava on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
This mix of bullish and cautious signals around Bonava will mean different things to different investors, so it is worth moving quickly and testing the numbers against your own expectations. To help with that, you can take a closer look at the balance of risks and rewards highlighted in our analysis by reviewing the 4 key rewards and 1 important warning sign
See What Else Is Out There Beyond Bonava
Bonava is still working through patchy profitability, recurring quarterly losses and weak interest coverage, which together raise questions about balance sheet resilience.
If those issues make you cautious, it is worth urgently comparing this situation with companies screened for stronger financial footing using the solid balance sheet and fundamentals stocks screener (416 results).
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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