Beijer Ref (BEIJ) Q4 2025 earnings summary

Executive summary

• Achieved 9% total sales growth and 3% organic growth year-over-year, with EBITA up 11% and a record EBITA margin of 10.7%, despite currency headwinds and limited market growth.

• Operating cash flow reached a record SEK 4.4 billion, up 27% from the previous year, supporting ongoing M&A activity and a robust balance sheet.

• Integrated seven acquisitions during the year, strengthening global leadership and supporting future growth.

• Proposed a 7% dividend increase to SEK 1.50 per share, representing 31% of net profit.

• Strategic consolidation program initiated, incurring SEK 150 million in one-off costs.

Financial highlights

• Q4 sales were SEK 8,262 million, up 2% year-over-year excluding FX, with organic sales down 1%.

• Q4 EBITA (excluding items affecting comparability) was SEK 758 million, margin 9.2%; full-year EBITA margin reached a record 10.7%.

• Q4 net profit (excluding items affecting comparability) was SEK 445 million, down 3% reported but up 4% currency-neutral.

• Full-year EPS (excluding items affecting comparability) grew 10% to SEK 4.81; Q4 EPS was SEK 0.87.

• Full-year cash flow reached a record SEK 4.4 billion, driven by inventory and capital efficiency improvements.

Outlook and guidance

• Strong acquisition pipeline and balance sheet support continued expansion into 2026.

• Consolidation program expected to yield SEK 100 million in annual cost savings by mid-2026.

• New sustainability target: environmentally friendly OEM sales to reach at least 70% by 2030.

• Anticipate continued improvement in OEM segment, especially green OEM, with double-digit growth expected.

• Cautious on Q1 2026 due to 3-4 days of lost sales in the U.S. from winter storms, but expect recovery as the quarter progresses.