BE Group (BEGR) Q4 2025 earnings summary

Executive summary

• Net sales declined 16% year-over-year to SEK 3,934 M, reflecting weak demand in the Nordic steel market and restructuring impacts.

• Operating result fell sharply to SEK -586 M from SEK -49 M, mainly due to significant write-downs and restructuring costs.

• Cash flow from operating activities was SEK 2 M, down from SEK 105 M the previous year.

• Leadership transition: Christoffer Franzén served as Acting CEO; Johan Wiig to assume CEO role in February 2026.

Financial highlights

• Fourth quarter net sales decreased 10% year-over-year to SEK 925 M.

• Underlying operating result for Q4 was SEK -52 M, compared to SEK -15 M last year.

• Full-year earnings per share dropped to SEK -35.54 from SEK -3.21.

• Gross margin for the year was 10.1%, down from 11.1% in 2024.

• Net debt (excl. IFRS 16) at year-end was SEK 297 M, with a net debt/equity ratio of 30.7%.

Outlook and guidance

• Construction segment recovery expected to continue, with steel prices forecasted to rise 3-4% in early 2026 due to CBAM and protective measures.

• Focus remains on capital discipline, cost measures, restoring Finnish efficiency, and sustainability initiatives.