Bravida awarded contract worth around SEK 90 million as Lantmännen Biorefineries builds new protein manufacturing facility in Lidköping

Bravida has secured a roughly SEK 90m contract to deliver electrical, plumbing, HVAC, control and sprinkler systems and district heating connections for Lantmännen Biorefineries’ SEK 1.2bn plant‑based protein facility in Lidköping — Sweden’s largest investment of its kind — with work under way, booked in Bravida’s Q2 2025 order intake and due for completion in October 2026. The plant will process about 35,000 tonnes of peas and 5,000 tonnes of fava beans into roughly 7,000 tonnes of protein isolate annually, boosting domestic pea cultivation by ~50% and cutting soya imports, a development that supports sustainability-driven food sector capex and provides Bravida with visible mid‑term revenue and backlog diversification.

Analysis

Bravida has secured a SEK 90 million contract to deliver electricity, plumbing, HVAC, control and sprinkler systems plus process electricity and district heating connections for Lantmännen Biorefineries’ SEK 1.2 billion plant-based protein facility in Lidköping; the order is already booked into Bravida’s Q2 2025 intake and work is under way with completion scheduled for October 2026. The facility will process ~35,000 tonnes of peas and ~5,000 tonnes of fava beans into roughly 7,000 tonnes of protein isolate annually, a scale that Lantmännen says will raise Swedish pea cultivation by ~50% and reduce soya imports, underscoring the project’s strategic importance for domestic food security and sustainability. For Bravida the assignment provides visible mid-term revenue and backlog diversification in its installation business and reinforces credentials in large, sustainability-driven industrial capex, aligning with its stated carbon-neutral ambitions through 2045. Key risks include execution and schedule risk across the 18-month delivery window, potential margin pressure from installation cost inflation, and the need to convert project delivery into follow-on service revenue; sentiment signals classify the news as mildly positive for market perception.

Key Decisions for Investors

• Treat the SEK 90m award as a positive near-term booking that should show up in Q2 2025 order intake and provide medium-term revenue visibility, monitor subsequent quarterly disclosures to confirm revenue recognition and margin profile
• Watch project execution and schedule milestones through October 2026 and flag any cost or timing slippage that could compress margins or delay cash receipts
• Consider thematic exposure to Nordic installers and suppliers benefiting from sustainability-driven food and protein-industry capex but limit position sizing until execution and repeat-business prospects become evident