Beijer Alma (BEIA) Q4 2025 earnings summary

Executive summary

• Achieved stable revenue growth and increased profitability in 2025, with strong cash flow and improved capital efficiency despite currency headwinds and a challenging geopolitical and industrial environment.

• Two main divisions: Lesjöfors (global springs) and Beijer Tech (Nordic industrial/niche tech), both operating with decentralized, stand-alone business models.

• Six acquisitions completed in 2025, adding over SEK 600M in revenue and supporting strategic expansion, especially in Europe.

• Strategic shift to focus on EBITDA/EBITA margin growth (targeting at least 15% per year) and capital efficiency (target above 50%).

• Entered 2026 with a robust acquisition agenda and higher profitability than at the start of 2025.

Financial highlights

• Net revenue rose 7.6% year-over-year to SEK 7,750M; Q4 revenue up 3.2% to SEK 1,881M.

• Adjusted EBITA increased 16.4% to SEK 1,166M for the year; Q4 EBITA up 16.1% to SEK 281M.

• Adjusted EBITA margin improved to 15.0% for the year and 14.9% in Q4.

• Cash flow from operating activities increased 41% in Q4 and 39% for the year, reaching SEK 940M.

• Dividend of SEK 4.00 per share proposed, to be paid in two installments.

Outlook and guidance

• Well positioned for continued growth and favorable earnings in 2026, with a focus on acquisitions and capital efficiency.

• Organic EBITDA/EBITA growth target of 3–5% per year, with total EBITDA/EBITA growth of at least 15% per year (including acquisitions).

• Focus on improving capital efficiency to reach above 50% over the business cycle.

• Acquisition strategy to prioritize Europe, with less focus on US and Asia.