Beijer Ref AB

Equities

BEIJ B

SE0015949748

Electrical Components & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 12:00:00 2025-12-12 pm EST			5-day change	1st Jan Change
155.55 ^SEK	+1.37%		+0.94%	-4.63%

Dec. 11	SEB Fonder increases its stake in Beijer Ref	FW
Dec. 05	Stockholm Bullets - Boliden sees positive one-off item in Q4	FW

Beijer Ref : Q3 - October 24, 2025 Presentation

Published on 10/24/2025 at 02:39 am EDT

Publicnow

Beijer Ref AB

+1.37%

‌Interim Q3 2025

INTERIM REPORT Q3 2025 1

‌TABLE OF CONTENT

Highlights
Financials
Summary
Q&A

INTERIM REPORT Q3 2025

‌Highlights Q3 2025 - Group

11,7%

Good organic growth, improved profitability and strong cashflow

MSEK 12 000

10 000

8 000

6 000

4 000

2 000

10,4%

9 726

5 979

Net sales and EBITA, excl. IAC*, %

11,3%

11,4%

9 493

8 491

Sales at 9 726 MSEK (9 493), an increase of 2% (+8%, excl. FX)
- Organic growth +5%
- Acquisition +3%
- FX -6%
  Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
  Net sales EBITA, excl. IAC, %
  - EBITA at 1 133 MSEK (1 084), corresponding to a growth of 5%
    (+11%, excl. FX)
    - Record Q3 EBITA margin at 11,7% (11,4)
  Organic growth, %
  20
  15
  2 000
  1 500
  Operating cash flow, MSEK
Strong operating cash flow at 1 617 MSEK (1 231), driven by a continued improvement in tied-up working capital vs. LY
Earnings per share of 1,44 SEK (1,30), an increase of 11%
10
5
19
0
-5
Q3 Q4
22 22
Q1 Q2
23 23
-4

Q3 Q4

23 23

Q1 Q2

24 24

Q3 Q4

24 24

Q1 Q2 Q3

25 25 25

1 000

500

-500

307

Q3 Q4

22 22

Q1 Q2

23 23

1 084

Q3 Q4

23 23

Q1 Q2

24 24

1 231

Q3 Q4 Q1

24 24 25

1 617

Q2 Q3

25 25

The acquisition of Airwave, a market-leading HVAC distributor in the Baltics with annual sales of ~600 MSEK
Launching strategic consolidation program in Q4 2025

* Excl. items affecting comparability (IAC)

INTERIM REPORT Q3 2025 3

‌Launching strategic consolidation program

A strategic consolidation program will be launched in Q4 2025

Program to accelerate efficiency and improve customer service levels in selected markets
- Consolidation of warehousing and back-office structures
- Europe main focus, following years of acquisitions
- Technology investment already done in warehouse automation and digital solutions supporting the customer service levels and efficiencies
Expected annualized savings of ~100 MSEK
- Full effect at the end of Q2 2026
Related one-off costs of ~150 MSEK
- Recognized in Q4 2025 as items affecting comparability
- Q4 cash effect of ~50 MSEK
  INTERIM REPORT Q3 2025 4
  
  ‌Highlights Q3 2025 - Group
  - Good organic growth across all product segments
    MSEK 10 500
    9 000
    7 500
    6 000
    4 500
    3 000
    1 500
    0
    Organic sales per product segment
    5%
    6%
    4%
    4%
    61%
    Sales split
    32%
    7%
  - Product segment HVAC, good organic growth of 6%
    - Good sales growth across our divisions
  - OEM segment, organic growth of 4%
    - Negatively affected by slower market activity for larger projects in APAC
      - However, we noted a strong increase in the quoting activities and expect increased activity going forward
    - Our green OEM companies, SCM Frigo and Fenagy, continued to show strong double-digit development
      Commercial and industrial refrigeration
      OEM HVAC Total
      Q3 2024 Q3 2025
      Commercial & Industrial Refrigeration OEM HVAC
      - SCM Frigo secured another CO2project in the US
      - Fenagy secured orders in Germany, Sweden and Poland

Commercial & Industrial Refrigeration, organic growth of 4%

INTERIM REPORT Q3 2025 5

‌Highlights Q3 2025 - Division EMEA

MSEK	Q3 25	Q3 24	Change, %	9M 25	9M 24
Net sales	5 922	5 499	7,7	17 684	15 885
Organic change, %	5,2			3,5
Change through acquisition, %	5,9			10,5
Currency effect, %	-3,4			-2,7
Change total, %	7,7			11,3
EBITA	711	659	7,9	2 055	1 825
EBITA margin, %	12,0	12,0		11,6	11,5

Stable quarter with continued double-digit growth in the HVAC segment

Division EMEA reported YoY growth of 11%, excl. FX
- Stable growth in the larger regions in West Europe
- Continued strong development in our green OEM companies
- Strong demand and growth in the Africa and UK regions
- Solid growth in our own brands as well as acquisitions

MSEK 7 000

Net sales and EBITA, %

MSEK 7 000

Reported sales per product segment, excl. FX

Our green OEM companies, SCM Frigo and Fenagy,
continues to expand geographically
- SCM Frigo secured another CO2project in the US
- Fenagy secured orders in Germany, Sweden and Poland
  6 000
  5 000
  4 000
  3 000
  2 000
  1 000
  0
  12,0%

5 268

12,0%

5 499

12,0%

5 922

6 000

5 000

4 000

3 000

2 000

1 000

18%

11%

Stable EBITA margin, in line with last year

The acquisition of Airwave was announced after the quarter

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25

Net sales EBITA, %

Commercial and industrial refrigeration

OEM HVAC Total

Q3 2024 Q3 2025

INTERIM REPORT Q3 2025 6

‌Highlights Q3 2025 - Division APAC

MSEK	Q3 25	Q3 24	Change, %	9M 25	9M 24
Net sales	1 460	1 575	-7,3	4 505	4 660
Organic change, %	3,2			3,7
Change through acquisition, %	0,3			1,0
Currency effect, %	-10,7			-8,1
Change total, %	-7,3			-3,3
EBITA	137	131	4,4	462	438
EBITA margin, %	9,4	8,3		10,2	9,4

Continued strong EBITA margin development

Slower sales growth in the quarter (+3%, excl. FX) - remained negatively impacted by lower market activity for larger projects
HVAC continues to grow well and taking market share
Slower activity in the OEM segment due to the absence of larger projects
- However, we noted a strong increase in the quoting activities and expect increased activity going forward
  MSEK 2 000
  1 800
  1 600
  1 400
  7,6%

1 200

1 000

800

314

600 1

400

200

Net sales and EBITA, %

9,4%

8,3%

460

575

1 1

MSEK 2 000

1 800

1 600

1 400

1 200

1 000

800

600

400

200

Reported sales per product segment, excl. FX

The improved EBITA margin is driven by ongoing focus on accessories and comprehensive HVAC solutions with higher margins

During the quarter, our operations in New Zealand commissioned a refrigerant decanting facility

Important step towards achieving a sustainable refrigerant model

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25

Net sales EBITA, %

Commercial and industrial refrigeration

OEM HVAC Total

Q3 2024 Q3 2025

INTERIM REPORT Q3 2025 7

‌Highlights Q3 2025 - Division North America

MSEK	Q3 25	Q3 24	Change, %	9M 25	9M 24
Net sales	2 362	2 428	-2,7	6 690	6 361
Organic change, %	6,3			5,1
Change through acquisition, %	-			5,8
Currency effect, %	-9,0			-5,7
Change total, %	-2,7			5,2
EBITA	333	332	0,2	837	838
EBITA margin, %	14,1	13,7		12,5	13,2

US transition to A2L refrigerants is now largely complete

MSEK 3 000

Net sales and EBITA, %

MSEK 2 700

Reported sales per product segment, excl. FX

Organic sales growth in the quarter of 6%
- Continued execution of our strategic initiatives
  - The establishment of our new branches continues to develop well
  - Steady progress in our commercial refrigeration and parts strategies
  - Our recently launched own brand continued to perform well during the quarter
- The regulatory transition to lower GWP refrigerants is now largely complete
  13,6%

2 500

2 000

1 500

924

1 000 1

500

2 400

13,7%

14,1%

2 100

1 800

1 500

362

428

1 200

2 2

900

600

300

12%

The improved EBITA margin demonstrates the impact of our strategic priorities
We expect an active Q4 in terms of acquisitions, with a good pipeline

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25

Net sales EBITA, %

Commercial and industrial refrigeration

HVAC Total

Q3 2024 Q3 2025

INTERIM REPORT Q3 2025 8

‌Financials Q3 2025 - Sales development, %

Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25

Of which organic growth

5,0

2,0

4,3

6,3

2,7

2,2

-4,1

-4,4

1,7

14,5

17,9

18,6

INTERIM REPORT Q3 2025

‌Financials Q3 2025 - EBITA* development

11,9

12,2

11,3

11,4

11,7

9,5

9,2

9,4

1 148

1 238

1 084

1 133

959

832

721

733

810

MSEK 1 300

1 200

1 100

1 000

900

800

700

600

500

400

300

200

100

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Q2 25 Q3 25

EBITA EBITA %

* Excluding items affecting comparability

INTERIM REPORT Q3 2025 10

‌Financials Q3 2025

Sales growth 2%

Organic growth 5%

EBITA

(change in EBITA, %)

EPS change

(change in %)

11%

INTERIM REPORT Q3 2025 11

‌Financials Q3 2025 - P&L

MSEK	Q3 2025	Q3 2024	Change, %	9M 2025	9M 2024	Change, %
Sales	9 726	9 493	2%	28 805	26 854	7%
EBITA	1 133	1 084	5%	3 204	2 966	8%
EBITA margin, %	11,7%	11,4%		11,1%	11,0%
EBIT	1 079	1 033	4%	3 041	2 815	8%
Net financial income/expense	-128	-153		-386	-432
Tax	-214	-215		-643	-580
Net profit	736	666	11%	2 012	1 802	12%
Earnings per share, SEK	1,44	1,30	11%	3,94	3,50	13%

INTERIM REPORT Q3 2025 12

‌Financials Q3 2025 - Earnings per share

SEK 4,0

+13%

3,50

3,5

3,0

2,5

2,0

1,5

+11%

3,94

1,0

0,5

1,44

0,0

1,30

Q3 24 Q3 25 9M 24 9M 25

INTERIM REPORT Q3 2025 13

‌Financials Q3 2025 - Operating cash flow

MSEK 2 400

2 200

2 000

1 800

1 600

1 400

479

-67

-144

1 200

1 000

800

600

1 336

1 617

400

200

EBITDA Working capital

CapEx

Leasing

Other Q3 25

INTERIM REPORT Q3 2025 14

‌Financials Q3 2025 - Operating cash flow

1 810

1 617

1 084

1 231

1 298

582

354

445

635

MSEK 2 000

1 500

1 000

500

-500

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25

INTERIM REPORT Q3 2025 15

‌Financials Q3 2025 - Net debt

Net debt Net debt / EBITDA* excl. leasing and pension

MSEK		Q3 25	Q3 24
LTM EBITDA excl. IAC	4 825		4 446
LTM EBITDA impact of leasing (IFRS 16)	-680		-635
LTM EBITDA excl. leasing (IFRS 16) and IAC	4 145		3 812
Net debt	9 022		10 085
Of which
Pension debt	131		114
Leasing liabilities, according to IFRS 16	2 200		2 296
Net debt excl. pension and leasing liabilities	6 691		7 675
Net debt / EBITDA*	1,87		2,27
Net debt / EBITDA* excl. leasing and pension	1,61		2,01

2,6

2,4

2,2

2,0

1,8

1,6

1,4

1,2

1,0

0,8

0,6

0,4

0,2

0,0

2,1

1,9

2,0

1,8

1,9

1,7

1,6

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25

* Excluding items affecting comparability

INTERIM REPORT Q3 2025 16

‌Summary Q3

Q3 - Good organic growth, improved profitability and strong cash flow

Total sales growth of 8%, excl. FX (organic +5%)
EBITA growth of 11%, excl. FX, with a record Q3 EBITA margin at 11,7% (11,4)
Strong operating cash flow of 1 617 MSEK (1 231)
Earnings per share of 1,44 SEK (1,30), an increase of 11%
The acquisition of Airwave was announced after the quarter
Launching strategic consolidation program in Q4 2025
Continued solid foundation for long term growth
Continued good long-term tailwinds supporting our business - Sustainability, Electrification and Regulation
The strong global business model (45 countries) and product mix continues to drive market share and good performance in a flat market
US transition to A2L refrigerants in HVAC is now largely complete
The US platform continues to build up very well, and trends and activity supports our long-term growth ambitions
- Refrigeration expansion, private label continues expand as transactional brand, new branches driving market share and strategic agreements to drive growth with our partners
The acquisition pipeline is strong across the globe, and we expect good activity for the rest of the year and into 2026
Good balance sheet position to continue to expand our business

INTERIM REPORT Q3 2025 17

‌Q&A

INTERIM REPORT Q3 2025 18

‌Thank you

INTERIM REPORT Q3 2025 19

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Disclaimer

Beijer Ref AB published this content on October 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 24, 2025 at 06:38 UTC.

Latest news about Beijer Ref AB

Dec. 11	SEB Fonder increases its stake in Beijer Ref	FW
Dec. 05	Stockholm Bullets - Boliden sees positive one-off item in Q4	FW
Dec. 05	Beijer Ref to Acquire Refspecs in New Zealand	MT
Dec. 05	Beijer Ref acquires HVAC/R wholesaler in New Zealand	RE
Dec. 05	Beijer Ref Acquires Refspecs in New Zealand	FW
Dec. 04	Beijer Ref AB (OM:BEIJ B) signed an agreement to acquire Refspecs Refrigeration Specialties Ltd.	CI
Dec. 01	Nathalie Delbreuve becomes CFO of Vallourec
Nov. 28	Vallourec Appoints Nathalie Delbreuve to the Executive Committee , Effective December 1, 2025	CI
Nov. 25	Beijer Ref Completes Acquisition of Baltic HVAC Distributor Airwave	FW
Nov. 20	Beijer Ref AB (OM:BEIJ B) completed the acquisition of 80% stake in Airwave OÜ.	CI
Nov. 18	Beijer Ref AB (OM:BEIJ B) acquired Key Refrigeration Supply Of Kansas City, Llc and Dennis Supply Company Inc.	CI
Nov. 18	Beijer Ref Buys US-based Key Refrigeration Supply, Dennis Supply Co.	MT
Nov. 18	Stockholm Bullets - ABB and Skanska Retreat Despite Raised Margin Targets	FW
Nov. 18	Beijer Ref Acquires Two Midwest Companies with Combined Turnover of SEK 800 Million	FW
Nov. 18	Beijer Ref acquires two wholesale HVAC/R distributors in North America	RE
Nov. 11	SKF Drops on New Financial Targets, OMXS30 Index Climbs 1.1 Percent	FW
Nov. 11	SKF falls on new financial targets, OMXS30 index up 0.4 percent	FW
Nov. 11	Stockholm Bullets - SKF falls on new financial targets	FW
Nov. 11	Berenberg Upgrades Beijer Ref to Buy (Hold), Sets Price Target at 180 Kronor - BN	FW
Nov. 07	Citigroup Raises Target Price for Beijer Ref to SEK 160 (158), Maintains Neutral Rating - BN	FW
Oct. 28	Handelsbanken Reiterates Buy Recommendation on Beijer Ref	FW
Oct. 24	Beijer Ref AB Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI
Oct. 24	Beijer Ref AB, Q3 2025 Earnings Call, Oct 24, 2025
Oct. 24	Beijer Ref to launch cost savings program in Q4	RE
Oct. 24	Beijer Ref Reports Results in Line with Expectations, Anticipates Strong Acquisition Activity for Remainder of the Year	FW

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Company Profile

Beijer Ref publ AB, formerly G & L Beijer AB, is a Sweden-based technology company active in the fields of refrigeration and air conditioning. The Company operates one business area, Beijer Ref, which carries out operations in over 20 countries in Europe, South Africa, Australia, New Zealand, India, Namibia, Botswana, Mozambique and Thailand. Its product portfolio also includes comfort cooling products and related operations, such as heat pumps, aside from the standard offering. The Company offers commercial refrigeration products, which are installed in supermarkets, restaurants and food retail outlets; comfort cooling products, which include a range of heating and cooling air conditioning products for commercial and domestic use, as well as products for the industrial refrigeration sector for large refrigerated distribution centers, such as ice rinks. The Company operates Real Cold and DX Por as subsidiaries.

Employees

6,792

Sector

Electrical Components & Equipment

Calendar

Jan. 30 - Q4 2025 Earnings Release

More about the company