Bergman & Beving (BERG) Q4 25/26 earnings summary

Executive summary

• Achieved 25 consecutive quarters of improved adjusted EBITA, with Q4 EBITA up 11% year-over-year to MSEK 139 (125), driven by acquisitions and operational improvements despite market caution and geopolitical uncertainty.

• Revenue for the year was MSEK 4,972, with organic revenue down 2% but offset by acquisitions; Q4 turnover reached MSEK 1,269 with 1% organic growth.

• EPS (R12, adjusted) improved to SEK 8.45 (8.05) after dilution; net profit rose to MSEK 243 from a loss of MSEK -40 year-over-year.

• Structural initiatives included the divestment of Logistikpartner and Skydda, and several acquisitions (A1S, All Coating), strengthening long-term positioning.

• Nine acquisitions completed, adding annual revenue of approximately MSEK 545; several divestments streamlined operations.

Financial highlights

• Adjusted EBITA margin increased to 11.0% (9.5) in Q4; full-year adjusted EBITA margin rose to 10.8% from 9.8%.

• Cash flow from operating activities for the year was MSEK 493, slightly down from MSEK 509; Q4 cash flow was MSEK 74 (28).

• Inventory reduced to MSEK 1,086 (1,157), with organic reduction of MSEK 20; inventory reduced by SEK 70 million year-over-year.

• Return on working capital increased to 36% from 31%, with a target of 45%.

• Proposed dividend of SEK 4.20 per share, up from SEK 4.00.

Outlook and guidance

• Market outlook remains uncertain due to geopolitical and economic factors, with no clear forecast for demand recovery.

• Continued focus on profit before revenue growth, margin protection, and capital allocation to high-potential companies.

• Acquisition strategy remains a key growth driver, with ongoing pursuit of highly profitable B2B companies.

• Ongoing efforts to proactively manage price increases and cost inflation, especially in raw materials and freight.