Beijer Ref (BEIJ) Q3 2024 earnings summary

Executive summary

• Net sales grew 12% year-over-year to SEK 9,493 million in Q3 2024, with 3% organic growth and a 3% negative currency impact; EBITA increased 13% to SEK 1,084 million, margin at 11.4% (11.3%).

• Earnings per share increased 17% to SEK 1.30; net profit reached SEK 666 million, up 17% year-over-year.

• Operating cash flow reached SEK 1,231 million, supporting expansion and investments.

• Acquisition of GIA Group in Spain consolidated as of August, strengthening private label strategy and presence in a growing market.

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

Financial highlights

• Net sales: SEK 9,493 million (Q3 2024) vs SEK 8,491 million (Q3 2023), up 12%.

• EBITA: SEK 1,084 million (Q3 2024) vs SEK 959 million (Q3 2023), up 13%; margin 11.4% (11.3%).

• Net profit: SEK 666 million (Q3 2024) vs SEK 567 million (Q3 2023), up 17%.

• EPS: SEK 1.30 (Q3 2024) vs SEK 1.10 (Q3 2023), up 17% year-over-year.

• Operating cash flow: SEK 1,231 million (Q3 2024) vs SEK 1,084 million (Q3 2023).

Outlook and guidance

• Positive long-term outlook driven by sustainability, electrification, and regulatory changes.

• US transition to A2L refrigerants in HVAC for 2025 underway; EU F-gas phase-out accelerating in 2024.

• Strong acquisition pipeline and continued expansion in North America, APAC, and EMEA.

• Digital sales up 24% year-over-year, with ongoing investments in digital platforms and AI tools.

• Product launch of low-GWP refrigerants in North America expected in Q1 2025.