Beijer Ref (BEIJ) Q2 2025 earnings summary

Executive summary

• Q2 delivered record-high EBITA margin of 12.2%, with EBITA at SEK 1,238 million, up 15% excluding FX effects, and net sales at SEK 10,181 million, up 12% excluding currency, with 2% organic growth and significant acquisition contributions.

• Earnings per share rose 10% to SEK 1.56, with net profit at SEK 793 million, up 9% year-over-year.

• Operating cash flow in Q2 was SEK 635 million, nearly SEK 300 million higher than last year, driven by lower working capital.

• All-time high sales, profit, and margin achieved in the quarter, with positive trends in June and July and expectations for continued momentum into H2.

• Long-term growth supported by sustainability, electrification, and regulatory trends.

Financial highlights

• Net sales reached SEK 10,181 million, up 12% excluding currency, with organic growth at 2% and acquisition effects of 10%.

• EBITA margin reached a record 12.2% (up from 11.9% last year), with EBITA at SEK 1,238 million, up 8% year-over-year.

• Net profit was SEK 793 million, up 9% year-over-year; EPS at SEK 1.56, up 10%.

• Operating cash flow for Q2 was SEK 635 million, up from SEK 354 million last year.

• EPS for the first half rose 13% to SEK 2.50.

Outlook and guidance

• Expectation of strong cash flow in Q3 and Q4, with positive sales and margin trends continuing.

• Full transition to new refrigerant solutions in the US anticipated by end of Q3, supporting higher pricing.

• M&A pipeline remains robust, with several deals expected to close by year-end and continued expansion in refrigeration and private label.

• Anticipate improvement in non-green OEM segment in H2, with green OEMs continuing double-digit growth.

• Long-term growth supported by regulatory and sustainability trends.