BE Group (BEGR) Q2 2025 earnings summary

Executive summary

• Net sales declined 18% year-over-year in Q2 2025 to SEK 1,045 M, with a 17% drop for the first half to SEK 2,150 M, driven by weak demand, lower prices, and operational challenges in Finland.

• Operating result was SEK -492 M in Q2 (vs. SEK 11 M last year), heavily impacted by SEK -463 M in non-recurring items, mainly goodwill and business system write-downs.

• Result after tax was SEK -458 M for Q2 and SEK -472 M for the first half, with EPS at SEK -35.26 and SEK -36.34, respectively.

• Cash flow from operating activities was negative at SEK -4 M in Q2 and SEK -41 M for the first half, reflecting the weak operating result.

Financial highlights

• Gross margin fell to 10.7% in Q2 (from 12.0%) and 10.5% for the first half (from 12.3%).

• Underlying operating result (uEBIT) was SEK -36 M in Q2 (vs. SEK 18 M) and SEK -38 M for the first half (vs. SEK 60 M).

• Net debt (excl. IFRS 16) increased to SEK 429 M (from SEK 289 M), with a net debt/equity ratio of 47.1% (vs. 20.1%).

• Equity per share dropped to SEK 69.77 (from SEK 110.45 a year ago), mainly due to goodwill write-downs.

Outlook and guidance

• Market remains uncertain with low demand, falling steel prices, and high import pressure in the Nordic and European regions.

• Some stabilization expected in autumn as EU trade measures take effect; construction demand is slowly improving, while industrial demand remains under pressure.

• Focus on efficiency improvements in Finland and group-wide savings to regain lost tonnage and improve margins.