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Beijer Ref (BEIJ) investor relations material

Beijer Ref Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary24 Oct, 2025

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.

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Frequently asked questions

Beijer Ref AB (publ), engages in the wholesale of refrigeration products for refrigeration installation contractors, and service and contracting companies. It offers refrigeration systems, products, and solutions that cover commercial and industrial refrigerators, cold storage installations, ice rinks, supermarket solutions, process cooling solutions, custom-made solutions, meat and fish processing applications, industrial applications, and service solutions for end-users operating food retailing stores. Beijer Ref AB (publ) was founded in 1866 and is headquartered in Malmö, Sweden.

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