Beijer Ref (BEIJ) Q1 2026 earnings summary

Executive summary

• Net sales reached SEK 8,549 million, a 3% increase year-over-year excluding currency effects, with organic growth flat and acquisitions contributing 3%.

• EBITA was SEK 804 million, up 4% excluding currency effects, with a stable EBITA margin of 9.4%.

• Operating cash flow remained robust at SEK 385 million, marking eleven consecutive quarters of positive cash flow.

• Acquisition of Idema in Italy closed in Q1, adding annual sales of approximately SEK 200 million and strengthening market presence.

• Record order intake and backlog in green OEM segment, especially Fenagy, supporting a positive outlook.

Financial highlights

• Net sales for Q1 2026 were SEK 8,549 million, down 4% year-over-year due to negative currency effects; up 3% excluding FX.

• EBITA (excluding IAC) was SEK 804 million, down 3% year-over-year; EBITA margin held steady at 9.4%.

• Net profit and EPS were flat year-over-year; EPS after dilution was SEK 0.94, with 5% growth excluding FX.

• Operating cash flow for Q1 was SEK 385 million.

• Leverage ratio at 1.90–1.93, stable year-over-year, reflecting a strong balance sheet.

Outlook and guidance

• Order books for green OEM products are at record highs, with major new projects secured.

• Expecting ramp-up in activity and sales through Q2 and Q3, with strong inventory and cash flow positions.

• Acquisition pipeline remains strong, with expectations for continued M&A activity in both halves of the year.

• Anticipates price increases in EMEA HVAC in the second half of the year, following material cost rises.

• Focus remains on operational efficiency, AI integration, and sustainability initiatives.