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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.
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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