Beijer Ref (BEIJ) Q4 2024 earnings summary

Executive summary

• Achieved 11% total sales growth for the year to SEK 35,662 million, with 2% organic and 9% acquisition-driven growth, and a strong Q4 finish with 15% sales growth and 6% organic growth.

• Integrated five acquisitions, including Cool4U and Young Supply, strengthening global HVAC and cooling technology position.

• EBITA excluding items affecting comparability grew 11% to SEK 3,776 million for the year, with a Q4 margin of 9.2%.

• EPS grew 6% for the year and 17% in Q4; board proposes an 8% higher dividend of SEK 1.40–1.46 per share.

• Record operating cash flow of SEK 3,464 million for the year, supporting continued growth and acquisitions.

Financial highlights

• Q4 sales grew 15% to SEK 8,808 million, with 6% organic growth and 8% from acquisitions.

• EBITA for Q4 was SEK 810 million, up 12% year-over-year, with a margin of 9.2%.

• Net profit for Q4 reached SEK 457 million, up 16% year-over-year.

• Operating cash flow for the year was SEK 3,464 million, up 39% from last year.

• Net debt at year-end was SEK 9,741 million, mainly due to acquisitions.

Outlook and guidance

• Positive outlook for 2025, with expectations of continued organic and acquisition-driven growth, supported by sustainability, electrification, and regulatory trends.

• U.S. market expected to benefit from A2L refrigerant transition and ongoing branch expansion.

• Integration of Cool4U in Hungary expected to strengthen EMEA operations from January 2025.

• Price pressure on heat pumps in Eastern Europe expected to subside after Q1 2025.

• Focus on sustainable and energy-efficient solutions across all segments.