Bergman & Beving (BERG) Q3 25/26 earnings summary

Executive summary

• EBITA increased by 12% year-over-year to MSEK 135, with margin rising to 10.7% from 9.6%, and net profit up 13% to MSEK 61 in Q3.

• Organic growth of 4% marked the first positive organic revenue growth in 14 quarters, despite negative currency and divestment impacts.

• Earnings per share (rolling 12 months, adjusted after dilution) improved to SEK 8.50 from SEK 7.55 year-over-year.

• Eight acquisitions completed in the fiscal year, mainly in the U.K., with SEK 520 million in annual revenue acquired; one logistics business divested.

• Four-division structure implemented to support growth and operational efficiency.

Financial highlights

• Net sales totaled MSEK 1,257 in Q3, with 4% organic growth but a -1% top-line decline due to currency and divestments.

• EBITDA/EBITA margin reached 10.7%, up over 1 percentage point sequentially.

• Profit/Working Capital increased by 5 percentage points to 35%.

• Net debt rose to SEK 1.5 billion (MSEK 1,529) from SEK 1.2 billion year-over-year, mainly due to acquisitions and share repurchases.

• Inventory reduced by SEK 125 million, with organic reduction of SEK 55 million.

Outlook and guidance

• Management remains cautiously optimistic about a market recovery, especially in the Nordic construction sector, but notes ongoing macro and geopolitical risks.

• Focus remains on profit expansion over revenue growth, with capital allocation guided by the Focus Model.

• Targeting further improvements in gross margin, profit, and working capital efficiency.

• No major cost increases expected if demand picks up, due to prior efficiency improvements.

• Gradual demand increase expected in 2026 as construction and industry investments recover.