Beijer Ref (BEIJ) investor relations material

Executive summary

• Record Q3 sales of SEK 11,641m, up 19.7% YoY; organic growth was 8.3%.

• EBITA rose 19.1% to SEK 1,350m; adjusted for SEK 30m acquisition costs, growth was 22% and margin reached a Q3-record 11.9%.

• Record Q3 operating cash flow of SEK 2,181m and EPS of SEK 1.71; strong EMEA demand and OEM growth supported results.

• Four acquisition agreements signed during Q3 represented ~SEK 3bn in annual sales, expanding the platform geographically and in OEM.

Financial highlights

• Q3 sales of SEK 11,641m rose 19.7%; growth comprised 8.3% organic, 9.4% from acquisitions and 2.0% from currency.

• Q3 EBITA was SEK 1,350m, up 19.1%; EBIT was SEK 1,286m, up 19.2%.

• Net profit rose 18.9% to SEK 876m; diluted EPS increased 18.6% to SEK 1.71.

• 9M sales rose 7.5% to SEK 30,976m; EBITA grew 7.9% to SEK 3,455m and net profit rose 8.9% to SEK 2,191m.

• 9M EPS was SEK 4.29 versus SEK 3.94; Q3 net financial expense was SEK 131m and tax was SEK 279m.

Outlook and guidance

• EMEA and OEM entered Q4 with solid order books and high demand; North American organic growth momentum was positive.

• European outlook was positive, with October trading starting well; management cited underlying HVAC penetration demand alongside weather support.

• U.S. demand was expected to remain stable near term; APAC was stable heading into high season, with Australian housing challenges.

• The acquisition pipeline remained strong globally, supported by balance-sheet capacity and long-term sustainability, electrification and regulatory drivers.