Beijer Ref (BEIJ) Q3 2025 earnings summary

Executive summary

• Net sales rose 2% to SEK 9,726 million in Q3 2025, with 5% organic growth and 3% from acquisitions; excluding currency effects, sales increased 8%.

• EBITA increased 5% to SEK 1,133 million, with a record Q3 EBITA margin of 11.7%; EPS grew 11% to SEK 1.44.

• Strong operating cash flow of SEK 1,617 million, driven by improved working capital.

• Announced acquisition of Airwave, a leading HVAC distributor in the Baltics, and consolidated three acquisitions in 2025.

• Strategic focus on sustainability, joining the UN Global Compact and achieving 60% of OEM sales as environmentally friendly.

Financial highlights

• Net sales: SEK 9,726 million (up 2% year-over-year); organic sales up 5%.

• EBITA: SEK 1,133 million (up 5%); EBITA margin 11.7% (up from 11.4%).

• Net profit: SEK 736 million (up 11%).

• EPS: SEK 1.44 (up 11%); nine-month EPS at SEK 3.94, up 13%.

• Operating cash flow: SEK 1,617 million (up from SEK 1,231 million); year-to-date cash flow at SEK 2.7 billion.

Outlook and guidance

• Strategic consolidation program in Q4 2025, targeting SEK 100 million in annual savings, with SEK 150 million one-off costs in Q4.

• Acquisition pipeline remains strong, with further activity expected into 2026.

• Guidance indicates no significant inventory build-up in Q4; pricing in the U.S. expected to remain at 4-5% into Q4 and Q1.

• Full effect of consolidation program expected by end of H1 2026.

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