===== SIDA 1 ===== Beijer Ref AB Q1 2024 ===== SIDA 2 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 2 First quarter • Net sales increased by 4 per cent to SEK 7,680 million (7,378). Organic sales fell 4.1 per cent in the quarter compared with the previous year. Acquisition effects amounted to 8.6 per cent and currency effects were -0.5 per cent. • EBITA amounted to SEK 733 million (702), which is an increase of 4 per cent compared with the same period last year. The EBITA margin amounted to 9.5 per cent (9.5). • Operating cash flow amounted to SEK 582 million (-209). The strong cash flow can be attributed to controlled inventory build-up, adapted to seasonal variations. • Profit per share after dilution and excluding items affecting comparability amounted to SEK 0.79 (1.08). Profit per share after dilution amounted to SEK 0.79 (0.82). The average number of outstanding shares has increased to 506,810,926 (425,571,846), affected by the rights issue completed in March 2023. • After the end of the period, Beijer Ref signed an agreement to acquire Young Supply, a North American commercial refrigeration and HVAC distributor. Young Supply has annual sales of approximately SEK 1.4 billion. The acquisition will be an important com - plement to Beijer Ref’s existing platform in the USA. The totals in tables and calculations do not always add up due to rounding differences. The aim is for each sub-row to conform to its source of origin and therefore rounding differences may occur. 1For the impact of items affecting comparability, see the table on page 15. 2The average number of outstanding shares has increased due to the rights issue completed in March 2023. For more information, see page 15. Key figures1, SEK M Q1 24 Q1 23 ∆% R12 12M 23 Net sales 7,680 7,378 4.1 32,452 32,150 Organic sales, % - 4.1 14.5 - 1.4 EBITA excluding items affecting comparability 733 702 4.5 3,429 3,398 EBITA margin excluding items affecting comparability, % 9.5 9.5 10.6 10.6 Items affecting comparability - - -60 -60 EBITA 733 702 4.5 3,369 3,338 Operating profit (EBIT) 684 666 2.7 3,177 3,159 Net profit excluding items affecting comparability 408 465 -12.3 2,079 2,136 Net profit 408 355 14.9 2,453 2,400 Profit per share after dilution, SEK 2 Excluding items affecting comparability 0.79 1.08 -27.2 4.04 4.33 Including items affecting comparability 0.79 0.82 -4.5 4.78 4.88 Operating cash flow 582 -209 - 3,281 2,490 Return on operating capital, excluding items affecting comparability, (R12), % - - 10.5 10.7 Beijer Ref AB Q1 2024 ===== SIDA 3 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 3 The group’s total sales during the quarter amounted to SEK 7,680 million, which is an increase of 4 per cent compared with the same period last year. EBITA amounted to SEK 733 million, which is an increase of 4 per cent compared with the same period last year. The EBITA margin was in line with the same period last year and amounted to 9.5 per cent. The quarter was affected by high comparative figures and two fewer trading days. Organic sales amounted to -4 per cent (+15%), mainly related to negative growth in HVAC of 7 per cent (+17%). Despite high comparative figures, OEM reported good organic growth of 9 per cent (+24%). Commercial and industrial refrigeration had a slight negative organic growth of 3 per cent (+10%). Towards the end of the quarter, we noted a normalisation of the high comparative figures. A controlled inventory build-up, adapted to seasonal variations, contributed to a strong operational cash flow of SEK 582 million. We continued to expand our market presence and during the quarter a new acquisition was added to the group, Quality Air Equipment (Australia). The acquisition is in line with the overall acquisition strategy of the business and strengthen our position in the region. Furthermore, our active acquisition pipeline supports continued positive growth in 2024. After the end of the quarter, Beijer Ref signed an agreement to acquire Young Supply, a North American commercial refrigera - tion and HVAC distributor headquartered in Detroit, Michigan. The company serves installers in the Midwestern USA, including Michigan and Ohio – territories adjacent to Beijer Ref’s current holdings in the USA. Young Supply has annual sales of approx - imately SEK 1.4 billion and provides a platform for commercial refrigeration that will be an important complement to Beijer Ref’s existing platform in the USA. One month that stood out during the quarter was March, when Beijer Ref was included in the new OMX Sweden Small Cap 30 ESG Responsible Index on Nasdaq Stockholm. The index recognises companies that demonstrate leadership in environ - mental, social and corporate governance (ESG) issues in the Swedish stock market. I am very proud of this inclusion, which is a testament to the strong sustainability profile of the business and its commitment to promoting sustainable business principles and positive change. Digital sales showed good growth during the quarter and increased by over 10 per cent compared to the same period the previous year. The increase is the result of a targeted strategy and the confidence our customers have in our products and services. We continue to consistently improve the digital customer journey and are currently evaluating several AI initia - CEO comments Solid start to the year with good profitability and positive cash flow tives where we can use new technology to optimise our internal and external processes. We enter the second quarter with confidence and we are consistently working on our strategy to ensure long-term and favourable development for the group. I would like to thank all of our employees for their dedication and commitment. An exciting year lies ahead and together we continue to deliver value for our employees, customers and shareholders. Christopher Norbye CEO ===== SIDA 4 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 4 4% Sales increase 1For the impact of items affecting comparability, see the table on page 15. 2Acquisition effect is calculated 12 months after the date of takeover. For more information regarding Beijer Ref’s acquisitions, see the acquisition table on page 18. 3Average number of outstanding shares has increased due to the rights issue completed in March 2023. For more information, see page 15. -4% Organic growth 4% EBITA-increase - 4%* Change result/share Net sales Net sales increased by 4 per cent to SEK 7,680 million (7,378). Organic sales fell 4.1 per cent in the quarter compared with the previous year. Acquisition effects amounted to 8.6 per cent and currency effects were -0.5 per cent. EMEA reported negative sales growth of 5 per cent – since the quarter was affected by high comparative figures, especially in the product segment HVAC (+30%), and two fewer trading days compared to the corresponding quarter the previous year. APAC reported strong growth of 17 per cent, excluding currency effects, in which acquired operation in South Korea and a better summer season (especially in Australia) contributed to strong growth. North America reported sales growth of 33 per cent, mainly driven by acquisitions and Heritage Distribution being included in the entire reporting period 2024 (it was consolidated from 20 January 2023). The first quarter is seasonally weaker and the product segments HVAC and commercial and industrial refrigeration reported ne - gative organic growth in the quarter of 7 per cent and 3 per cent, respectively. The negative organic growth is affected by high comparative figures, HVAC (+17%) and commercial and industrial refrigeration (+10%), as well as two fewer trading days compared to the same period last year. OEM reported good organic growth of 9 per cent, in spite of high comparative figures (+24%). Profit The group’s EBITA totalled SEK 733 million (702) during the first quarter, which is an increase of 4 per cent. Exchange rate effects of SEK -4 million (23) are included in EBITA. The EBITA margin was in line with the same period last year and amounted to 9.5 per cent (9.5). Net financial items, excluding items affecting comparability, amounted to SEK -141 million (-69), affected by higher inde- btedness and interest rates, as well as the negative effect of exchange rate differences compared with the previous year. The tax rate in the quarter was 25 per cent (23). Profit for the period excluding items affecting comparability amounted to SEK 408 million (465) and profit for the period amounted to SEK 408 million (355). Profit per share after dilution and excluding items affecting comparability amounted to SEK Financial overview 1, SEK M Q1 24 Q1 23 ∆% R12 12M 23 Net sales 7,680 7,378 4.1 32,452 32,150 Organic change, % - 4.1 14.5 1.4 Change through acquisition 2, % 8.6 30.2 35.2 Currency effect, % -0.5 5.8 5.4 Change total, % 4.0 50.5 42.0 EBITA excluding items affecting comparability 733 702 4.5 3,429 3,398 EBITA margin excluding items affecting comparability, % 9.5 9.5 10.6 10.6 Items affecting comparability - - -60 -60 EBITA 733 702 4.5 3,369 3,338 Operating profit (EBIT) excluding items affecting comparability 684 666 2.7 3,237 3,219 Operating profit (EBIT) 684 666 2.7 3,177 3,159 Net financial income/expense , excluding items affecting comparability -141 -69 -510 -438 Net financial income/expense -141 -207 -510 -576 Tax, excluding items affecting comparability -135 -132 -648 -645 Tax -135 -104 -214 -183 Net profit excluding items affecting comparability 408 465 -12.3 2,079 2,136 Net profit 408 355 14.9 2,453 2,400 Profit per share after dilution, SEK 3 Excluding items affecting comparability 0.79 1.08 -27.2 4.04 4.33 Including items affecting comparability 0.79 0.82 -4.5 4.78 4.88 First quarter 2024 *Excluding items affecting comparability, and adjusted to reflect the same average number of outstanding shares for both periods, the change in earnings per share amounts to -13 per cent. ===== SIDA 5 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 5 Operating cash flow and Net debt, SEK M Q1 24 Q1 23 R12 12M 23 Operating profit excl. items affecting comparability (EBIT) 684 666 3,237 3,219 Depreciation/write-downs on tangible assets 184 161 716 693 Amortisation/write-downs on intangible assets 49 36 192 179 EBITDA excl. items affecting comparability 917 863 4,144 4,090 Changes in working capital -115 -892 12 -765 Investments in tangible fixed assets -101 -65 -382 -346 Payments related to amortisation of lease liabilities -128 -114 -504 -490 Non-cash generated items 9 -2 11 0 Operating cash flow 582 -209 3,281 2,490 EBITDA impact of leasing (IFRS 16) -603 -579 EBITDA excl. leasing (IFRS 16) and items affecting comparability 3,541 3,511 Net debt 8,315 7,259 8,400 Of which: Pension debt 112 110 107 Leasing liabilities, according to IFRS 16 2,425 2,318 2,371 Net debt excl. pension and leasing liabilities 5,778 4,832 5,922 Authorised credit limit 15,885 10,010 13,183 Of which remains to be utilised 7,787 3,647 4,668 Net debt/EBITDA excl. items affecting comparability 2.01 2.38 2.05 Net debt/EBITDA excl. leasing liabilities , pension liability and items affecting comparability 1.63 1.86 1.69 0.79 (1.08). Profit per share after dilution amounted to SEK 0.79 (0.82). The average number of outstanding shares has increased to 506,810,926 (425,571,846), affected by the rights issue completed in March 2023. Cash flow and net debt Operating cash flow amounted to SEK 582 million (-209) during the quarter. The strong cash flow can be attributed to controlled inventory build-up, adapted to seasonal variations. Net debt at the end of the quarter amounted to SEK 8,315 million (7,259). The increase since the previous year is mainly attributa - ble to acquisition activities. Excluding lease liabilities (IFRS 16) and pension, financial liabilities amounted to SEK 5,778 million (4,832). Net debt in relation to EBITDA, excluding items affecting comparability, amounted to SEK 2.0 (2.4) million. Adjusted net debt in relation to adjusted EBITDA amounted to 1.6 (1.9). At the end of the period, the company had credit facilities amounting to SEK 15,885 million (10,010), of which unutilised credits amounted to SEK 7,787 million (3,647). ===== SIDA 6 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 6 0 1 000 2 000 3 000 4 000 5 000 6 000 Operating segment EMEA SEK M Q1 24 Q1 23 % R12 12M 23 Net sales 4,650 4,903 -5.2 20,001 20,254 Of which currency effect, % 0.5 5.8 6.4 EBITA 448 490 -8.7 2,252 2,294 EBITA margin, % 9.6 10.0 11.3 11.3 Sales for the EMEA operating segment were affected during the quarter by high comparative figures (+26%) and approximate- ly two fewer trading days, corresponding to a decrease of 2-3 percentage points. Sales decreased by 5 per cent. The high comparative figures were mainly affected by the HVAC product segment (+30%) – which reported a decrease of 11 per cent. Commercial and industrial refrigeration reported a marginal 3 per cent reduction while the OEM segment continued to show good growth and reported sales growth of 16 per cent. EBITA and the EBITA margin were reported at SEK 448 million (490) and 9.6 per cent (10.0) respectively. Like the fourth quarter, marginal decline relates to lower volumes within the HVAC segment. We saw continued strong growth in OEM refrigeration units and industrial heat pumps, based on the natural refrigerant R744 (car- bon dioxide). We continue to make strategic investments in this area and are at the forefront of adapting to the industry’s transi- tion to green technology. The OEM companies SCM Frigo and Fenagy had strong invoicing during the quarter and made important investments in production, which has improved turnaround times and efficiency. During the quarter, retail and larger HVAC projects had increased activity. Simon Karlin COO EMEA External net sales per product segment Commercial and industrial refrigeration 42% (42) HVAC 47% (50) OEM 10% (8) Reported sales per product segment OEM HVAC Total Q1 2023 Q1 2024 Commercial and industrial refrigeration -3% 16% -11% -5% SEK M ===== SIDA 7 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 7 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 Operating segment APAC External net sales per product segment During the quarter, the APAC operating segment increased its sales by 17 per cent, excluding currency effects. The acquisition in South Korea and a slightly better summer season (especially in Australia) contributed to the positive sales increase. EBITA increased by 22 per cent and amounted to SEK 171 million (141) and the EBITA margin was 10.9 per cent (10.1). The stronger EB- ITA margin can be attributed to continued focus on own brands, greater demand for comprehensive HVAC solutions and the implementation of new initiatives within pricing excellence. On February 29th, the acquisition of Quality Air Equipment (QAE), headquartered in Sydney (Australia), was announced. This acqui- sition is expected to accelerate APAC’s market penetration in the region. The acquisition of QAE is also expected to open up new opportunities in the commercial HVAC sector. We continued to implement proactive measures within our OEM segment, which was challenged by high comparative figures (+15%). It is positive that the interest in environmentally friend- ly refrigeration and freezing solutions is greater than ever; it is retail trading especially that needs to execute on strategies within Net-Zero. Jonas Steen COO APAC Commercial and industrial refrigeration 32% (30) HVAC 54% (55) OEM 14% (16) SEK M Q1 24 Q1 23 % R12 12M 23 Net sales 1,566 1,389 12.7 5,810 5,633 Of which currency effect, % -4.3 5.5 1.2 EBITA 171 141 21.6 519 489 EBITA margin, % 10.9 10.1 8.9 8.7 Reported sales per product segment OEM HVAC Total Q1 2023 Q1 2024 SEK M Commercial and industrial refrigeration 22% -2% 12% 13% ===== SIDA 8 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 8 Operating segment North America Sales growth in the quarter for the operating segment North America amounted to 33 per cent, primarily driven by acquisitions and that Heritage Distribution is included in the entire reporting period 2024 (consolidated from January 20, 2023). EBITA and the EBITA margin developed well and amounted to SEK 150 million and 10.1 per cent, respectively, which is in line with our expectations. Comparisons with the same period last year are affected by the fact that the seasonally slow period at the beginning of January is included in the reporting period in 2024, unlike 2023 when Heritage Distribution was consolidated from January 20th. This had a negative impact on the EBITA margin of approximately 1 percentage point compared to the same period last year. During the quarter, the last practical integration activities related to AMSCO were carried out, while the integration of Webb Supply is progressing according to plan. After the end of the quarter, an agreement was signed to acquire Young Supply, a North American distributor in commercial refrigeration and HVAC with annual sales of approximately SEK 1.4 billion. Young Supply will significantly increase our presence in the upper parts of the Midwestern USA. Young Supply also has a strong refrigeration business and the acquisition enables continued expansion in this segment. There are also a number of organic growth opportunities for continued expansion of our North American platform. During the quarter, we launched our own brand of HVAC equipment in parallel, as we continue to expand our refrigeration portfolio. We are actively evaluating new branches and planning to roll out ecommerce. Finally, we have initiated implementations of our strategy to transition to the more environmentally friendly A2L refrigerant during the year. Alex Averitt MD North America SEK M Q1 24 Q1 23 % R12 12M 23 Net sales 1,486 1,118 33.0 6,705 6,336 Of which currency effect, % -0.4 EBITA 150 121 24.1 828 799 EBITA margin, % 10.1 10.9 12.4 12.6 ===== SIDA 9 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 9 Significant events during the quarter During the quarter, a new acquisition was added to the group, Quality Air Equipment (Australia). Significant events after the end of the period Beijer Ref signed an agreement to acquire Young Supply, a North American commercial refrigeration and HVAC distributor headquartered in Detroit, Michigan. Annual sales amount to approximately SEK 1.4 billion and operations will be included in Beijer Ref's accounts from the second quarter of 2024. Annual General Meeting and dividend The Annual General Meeting will be held in Malmö on April 23, 2024. From the available unappropriated earnings of SEK 15,342,626,017, dividend shall be paid in the total amount of SEK 1.30 per share. Payment shall be made in two instalments of SEK 0.65 per share for the first instalment and SEK 0.65 per share for the second instalment. It is proposed that the record date for the first instalment be 25 April 2024 and for the second instalment 25 October 2024. If the Annual General Meeting resolves to accept this proposal, the first instalment will be due to be paid from Euroclear on 30 April 2024 and the second instalment on 30 October 2024. Sustainability Sustainability is a well-integrated part of Beijer Ref. Doing business based on sound standards is a responsibility that the group takes very seriously, while at the same time it is woven in as a natural approach in all parts of the organisation. Beijer Ref's sustainability strategy is based on the UN's sustainable develop - ment goals in Agenda 2030, which cover economy, society and the environment. Beijer Ref believes that it is in the environmental field that Beijer Ref can make the biggest difference. In order to further strength - en the work to develop environmentally friendly refrigeration technology, the group measures the proportion of Beijer Ref's OEM sales that is environmentally friendly. The target is for environmentally friendly OEM sales to make up at least 50 per cent of the total OEM sales by the year 2025. On our website and in the annual report, we give more information about our targets and how we perform in relation to the targets. Risk description The Beijer Ref group’s operations are affected by a number of external factors whose effects on the group’s operating profit can be controlled to varying degrees. The group’s operations are dependent on general economic developments, primarily in the regions where the operations are present, which will determine demand for Beijer Ref's products and services. Acquisitions are normally associated with risks, such as loss of key personnel. Other operating risks, such as agency and supplier agreements, product liability and delivery commitments, technical development, guarantees, dependence on individuals etc., are continuously analysed. If necessary, measures are taken to reduce the group's risk exposure. In its operations, Beijer Ref is exposed to financial risks such as foreign exchange risk, interest rate risk and liquidity risk. The parent company’s risk pattern is the same as that of the group. For further information, see the group's annual report. Reporting principles This interim report was prepared in accordance with IAS 34, the Swedish Annual Reports Act and RFR 2. Beijer Ref continues to apply the same accounting principles and valuation methods as described in the most recent annual report. Information pursuant to IAS 34.16A, in addition to disclosure in the financial reports and their associated notes, also appears in other parts of the interim report. Other Related party transactions No significant changes have occurred for the group or for the parent company regarding transactions or relationships with related parties, compared to what is described in note 30 of the Annual Report for 2023. Key assessments and assumptions for accounting purposes The management and board make assessments and assump - tions about the future. These assessments and assumptions affect reported assets and liabilities, income and expenses and other information provided. These assessments are based on historical experience and the different assumptions deemed reasonable under the circumstances. The areas identified as important have not changed since the 2023 annual report was issued and are described in more detail in note 4. ===== SIDA 10 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 10 Webcast and Telephone conference Q1 2024 The company invites investors, analysts and the media to attend a combined webcast and telephone conference at which CEO Christopher Norbye and CFO Joel Davidsson will present the interim report for the first quarter of 2024. The presentation will be held in English and lasts for about 20 minutes. The meeting is on 23 April, at 13.00 CET. If you wish to participate via webcast please follow this link: https://ir.financialhearings.com/beijer-ref-q1-report-2024/register If you wish to participate via teleconference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://conference.financialhearings.com/teleconference/?id=50049042. A presentation will be available on the company’s website www.beijerref.com from 12.00 on April 23, 2024. This interim report for Beijer Ref AB (publ) has been submitted following approval by the Board of Directors. This interim report has not been the subject of examination by the Company’s Auditors. Malmö April 23, 2024 Beijer Ref AB (publ) Christopher Norbye, CEO For more information, please contact: Niklas Willstrand Director of Global Communications Telephone +4640-35 89 00 Email nwd@beijerref.com This disclosure contains information that Beijer Ref AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, at 12.00 CET on April 23, 2024. ===== SIDA 11 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 11 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Financial overview Net sales per product segment Net sales per operating segment North America 19% (15) Commercial and industrial refrigeration 35% (36) APAC 20% (19) HVAC 56% (56) EMEA 60% (66) OEM 9% (8) Organic sales per product segment Commercial and industrial refrigeration OEM HVAC Total Q1 2023 Q1 2024 R12Quarter Q Q QQR12 R12 Q R12Ratio SEK M -3% 9% -7% -4% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -500 0 500 1,000 1,500 2,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 750 1,500 2,250 3,000 3,750 4,500 0 200 400 600 800 1,000 1,200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net sales, SEK M Net debt/EBITDA* Operating cash flow, SEK M EBITA excl. items aff. comparability, SEK M Profit per share excl. items aff. comparability, SEK *Excluding leasing liabilities , pension liability and items affecting comparability ===== SIDA 12 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 12 Summarised profit and loss account, SEK M Q1 24 Q1 23 R12 12M 23 Net sales 7,680 7,378 32,452 32,150 Other operating income 27 26 118 117 Operating expenses -6,790 -6,540 -28,486 -28,236 Depreciation and write-down of intangible and tangible fixed assets -233 -197 -908 -872 Operating profit (EBIT) 684 666 3,177 3,159 Net financial income/expense -141 -207 -510 -576 Profit before tax 543 459 2,667 2,583 Tax -135 -104 -214 -183 Net profit 408 355 2,453 2,400 Net profit attributable to: The parent company’s shareholders 399 351 2,423 2,375 Non-controlling interests 9 4 30 25 Net profit per share before diluation. SEK 1 0.79 0.82 4.78 4.88 Net profit per share after diluation. SEK 1 0.79 0.82 4.78 4.88 The Group’s summarised report on other comprehensive income, SEK M Q1 24 Q1 23 R12 12M 23 Net profit 408 355 2,453 2,400 Other comprehensive income 1,030 -77 351 -755 Items which will not be reversed in the profit and loss account: Revaluation of the net pension commitment - - 3 3 Changes in the fair value of equity investments through other comprehensive income 0 -1 -2 -2 Income tax relating to components in above item 0 0 -1 -1 Items which can later be reversed in the profit and loss account: Exchange rate differences 808 -1 335 -474 Hedging of net investments 279 -86 12 -353 Income tax relating to components in above item -58 11 4 73 Other comprehensive income 1,030 -77 351 -755 Total comprehensive income for the period 1,438 279 2,804 1,645 Attributable to: The parent copmany’s shareholders 1,427 275 2,776 1,624 Non-controlling interests 11 4 28 21 1Average number of outstanding shares has increased due to the rights issue completed in March 2023. For more information, see page 15. ===== SIDA 13 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 13 Summarised balance sheet, SEK M 31 Mar. 24 31 Mar. 23 31 Dec. 23 ASSETS Intangible fixed assets 18,384 16,663 17,439 Tangible fixed assets 1,805 1,492 1,687 Right of use assets 2,352 2,271 2,308 Deferred tax asset 433 333 419 Other fixed assets 193 167 208 Total fixed assets 23,167 20,926 22,061 Inventories 10,730 10,589 9,961 Trade debtors and other receivables 5,792 5,504 5,191 Liquid funds 1,985 1,689 1,957 Total current assets 18,506 17,781 17,109 Total assets 41,673 38,707 39,170 EQUITY AND LIABILITIES Equity 22,809 20,675 21,443 Total equity 22,809 20,675 21,443 Long-term liabilities 8,286 7,023 9,314 Deferred tax liabilities 442 848 439 Total long-term liabilities 8,728 7,870 9,754 Trade creditors 3,743 3,896 2,728 Other liabilities 6,393 6,265 5,245 Total current liabilities 10,136 10,161 7,973 Total equity and liabilities 41,673 38,707 39,170 Of which interest-bearing liabilities 10,300 8,948 10,357 Specification for changes to equity, SEK M 31 Mar. 24 31 Dec. 23 The parent company’s shareholders Non-controlling interests Total The parent company’s shareholders Non-controlling interests Total On 1 January 21,323 120 21,443 6,603 111 6,714 Net profit 399 9 408 2,375 25 2,400 Other comprehensive income 1,028 3 1,030 -756 1 -755 Total comprehensive income for the year 1,427 12 1,438 1,619 26 1,645 Rights Issue - - - 13,756 - 13,756 Dividend for 2022 - - - -477 - -477 Repurchase options, LTIP 2023-2026 - - - 7 - 7 Purchase of own shares - - - -39 - -39 Change in fair value of liabilities linked to acquisitions -72 - -72 -148 - -148 Dividends to shareholders’ with noncontrolling interest - - - - -17 -17 Total -72 - -72 13,099 -17 13,083 On 31 December 22,678 131 22,809 21,323 120 21,443 ===== SIDA 14 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 14 Summarised consolidated cash flow analysis, SEK M Q1 24 Q1 23 R12 12M 23 Current operations Operating profit 684 666 3,177 3,159 Non-cash generated items included in operating profit 242 195 682 635 Operating profit adjusted for non-cash generated items 926 861 3,859 3,794 Paid interest -131 -221 -528 -618 Paid income tax -144 -153 -649 -658 Cash flow from current operations before changes in working capital 651 487 2,682 2,518 Changes in working capital -115 -892 12 -765 Cash flow from current operations 535 -405 2,693 1,753 Cash flow from investment operations -188 -7,241 -2,182 -9,235 Cash flow from financial operations1 -387 7,816 -236 7,967 Cash flow for the period -40 170 275 485 Liquid funds at the beginning of the period 1,957 1,518 1,957 1,518 Cash flow for the period -40 170 275 485 Exchange rate difference, liquid funds 68 0 22 -46 Liquid funds at the end of the period 1,985 1,689 2,253 1,957 1Financing operations 2023 have received SEK 13,707 million in a rights issue. ===== SIDA 15 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 15 Key figures Key figures1 31 Mar. 24 31 Mar. 23 31 Dec. 23 Equity ratio, % 54.7 53.4 54.7 Return on equity (R12), % 11.1 13.6 11.2 Return on operating capital, excluding items affecting comparability, (R12), % 10.5 14.1 10.7 Return on operating capital, excluding intangible assets and items affecting comparability, (R12), % 22.9 24.3 23.3 Net debt/EBITDA excluding leasing liabilities , pension liability and items affecting comparability 1.63 1.86 1.69 Average number of employees 6,175 5,734 6,024 Number of outstanding shares 506,810,926 507,127,426 506,810,926 Holding of own shares 2 2,275,000 1,958,500 2,275,000 Total number of shares 509,085,926 509,085,926 509,085,926 Average number of outstanding shares 3 506,810,926 425,571,846 486,922,447 Impact of items affecting comparability, SEK M Q1 24 Q1 23 R12 12M 23 EBITA, excluding items affecting comparabilty 733 702 3,429 3,398 Items affecting comparability included in operating costs 1 - - -60 -60 EBITA 733 702 3,369 3,338 Operating profit (EBIT), excluding items affecting comparabilty 684 666 3,237 3,219 Items affecting comparability included in operating costs 1 - - -60 -60 Operating profit (EBIT) 684 666 3,177 3,159 Net financial income/expense, excluding items affecting comparability -141 -69 -510 -438 Items affecting comparability included in net financial income/expense 2 - -138 - -138 Net financial income/expense -141 -207 -510 -576 Profit before tax, excluding items affecting comparabilty 543 597 2,727 2,781 Items affecting comparability included in profit before tax - -138 -60 -198 Profit before tax 543 459 2,667 2,583 Tax, excluding items affecting comparabilty -135 -132 -648 -645 Items affecting comparability included in tax 3 - 28 435 463 Tax -135 -104 -214 -183 Net profit, excluding items affecting comparabilty 408 465 2,079 2,136 Items affecting comparability for the period - -110 375 265 Net profit 408 355 2,453 2,400 Beijer Ref uses a number of alternative performance measures. The group believes that the key figures are useful to users of the financial statements as a complement to the profit and loss account and balance sheet and cash flow statement. Examples of alterna - tive key figures linked to financial position: return on equity and operating capital, net debt, debt to equity ratio and equity/assets ratio. The group also uses the cash flow measurement of operating cash flow to give an indication of the funds that the business generates in order to be able to carry out strategic investments, make amortisations and provide returns to shareholders. The performance me - asurements EBITDA, EBITA and EBIT are measurements that Beijer Ref considers relevant for investors who wish to understand the business’s profit generation. For further description including calculations and key figures, see the following link: https://www.beijerref.com/alternative-performance-measures/ 1Items affecting comparability included in the operating costs for 2023 relate to consulting costs for the tax restructuring in the USA and costs related to structural changes in the operational organisation. 2Items affecting comparability included in the net financial items for 2023 relate to costs for the temporary financing relating to the acquisition of Heritage Distribution. 3Items affecting comparability included in tax for 2023 relate to the tax impact of the above-mentioned items affecting comparability and the effect of the tax restructuring carried out in the USA during 2023. 1The table contains alternative key figures. 2Holdings of own shares ensure the delivery of shares to participants in the options programs. The option programmes expire in June 2024, June 2025 and June 2026. 3The average number of outstanding shares has increased due to the rights issue completed in March 2023. ===== SIDA 16 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 16 Overview per segment Reporting for segments Net sales, SEK M Q1 24 Q1 23 ∆% R12 12M 23 EMEA 4,650 4,903 -5 20,001 20,254 APAC 1,566 1,389 13 5,810 5,633 North America 1,486 1,118 33 6,705 6,336 Eliminations -22 -32 -64 -74 Group 7,680 7,378 4 32,452 32,150 EBITA, SEK M Q1 24 Q1 23 ∆% R12 12M 23 EMEA 448 490 -9 2,252 2,294 APAC 171 141 22 519 489 North America 150 121 24 828 799 Other -36 -50 -170 -184 Group 733 702 4 3,429 3,398 Items affecting comparability - - -60 -60 Group incl. items affecting comparability 733 702 4 3,369 3,338 EBITA, % Q1 24 Q1 23 ∆ R12 12M 23 EMEA 9.6 10.0 -0.4 11.3 11.3 APAC 10.9 10.1 0.8 8.9 8.7 North America 10.1 10.9 -0.7 12.4 12.6 Group 9.5 9.5 0.0 10.6 10.6 Group incl. items affecting comparability 9.5 9.5 0.0 10.4 10.4 The group’s operations are divided into operating segments based on how the company’s executive decision-makers, i.e. the CEO, follow the operations. The group has the following operating segments: EMEA, APAC and North America. The segment report for the regions contains net sales, EBITA and EBITA per cent. Internal sales within each segment are eliminated in net sales, internal sales between segments are eliminated at the total level. ===== SIDA 17 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 17 Sales per product segment In the tables below, net sales are distributed by respective product segment, i.e. HVAC, OEM and commercial and industrial refrigeration Net sales, SEK M Q1 24 Q1 23 ∆% R12 12M 23 HVAC 4,282 4,110 4 18,594 18,423 OEM 676 608 11 2,594 2,526 Commercial and industrial refrigeration 2,722 2,660 2 11,263 11,201 Group 7,680 7,378 4 32,452 32,150 Net sales SEK M Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22 Q2 22 Q1 22 HVAC 4,282 4,338 4,852 5,122 4,110 3,030 3,131 3,175 2,387 OEM 676 662 608 649 608 599 577 527 469 Commercial and industrial refrigeration 2,722 2,627 3,031 2,883 2,660 2,189 2,271 2,236 2,047 Koncernen 7,680 7,627 8,491 8,654 7,378 5,818 5,979 5,938 4,903 Net sales, SEK M Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22 Q2 22 Q1 22 EMEA 4,650 4,563 5,268 5,520 4,903 4,492 4,897 4,956 3,886 APAC 1,566 1,613 1,314 1,317 1,389 1,350 1,090 993 1,039 North America 1,486 1,468 1,924 1,827 1,118 - - - - Eliminations -22 -17 -15 -10 -32 -24 -8 -11 -23 Group 7,680 7,627 8,491 8,654 7,378 5,818 5,979 5,938 4,903 EBITA, SEK M Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22 Q2 22 Q1 22 EMEA 448 472 635 698 490 480 588 582 340 APAC 171 159 100 89 141 126 83 72 96 North America 150 142 262 274 121 - - - - Others -36 -52 -38 -45 -50 -36 -50 -36 -29 Group 733 721 959 1,016 702 570 622 618 407 Items affecting comparability - -60 - - - -245 - - - Group incl. items affecting comparability 733 661 959 1,016 702 325 622 618 407 EBITA, % Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22 Q2 22 Q1 22 EMEA 9.6 10.3 12.0 12.6 10.0 10.7 12.0 11.7 8.8 APAC 10.9 9.8 7.6 6.8 10.1 9.3 7.6 7.3 9.2 North America 10.1 9.7 13.6 15.0 10.9 - - - - Group 9.5 9.5 11.3 11.7 9.5 9.8 10.4 10.4 8.3 Group incl. items affecting comparability 9.5 8.7 11.3 11.7 9.5 5.6 10.4 10.4 8.3 ===== SIDA 18 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 18 Company acquisitions For each acquisition, the company performs a materiality assessment based on sales, product area and market. It is our assessment that an acquisition is material in cases where the sales of the acquired company exceed 5 per cent of the group’s total sales. During the year, one company acquisition has been consolidated into the group’s accounts. Information about the acquisition is provided in the table below. 2024 First quarter During the first quarter, Beijer Ref acquired 60 per cent of the shares of Quality Air Equipment (QAE), with an option to acquire the remaining shares. 2023 First quarter In the corresponding quarter last year, Beijer Ref acquired Her - itage Distribution and Transport Cooling. Beijer Ref acquired ap - proximately 95 per cent of the shares of Heritage Distribution and holds a put/call option to acquire the remaining shares. Beijer Ref also acquired Roobear Ltd and the assets of AFM, Belgium, during the quarter. AFM has been integrated into the company Beijer Ref Belgium. Accounting for acquisitions Identified customer lists are written off over 10-15 years, while brands are judged to have an indefinite lifespan and are not written off. Most accrued acquisition goodwill is explained by syn - ergy gains within the group's existing operations. The valuation technique used for put/call options and earn-outs discounts the present value of expected future cash flows with a risk-adjusted discount rate. Expected cash flows are determined based on likely scenarios for future performance measurements, amounts that will be paid at each outcome and the probability of each outcome. Put/call options and earn-outs are reported according to valuation level 3. In 2024, one acquisition was carried out where the final purchase price will be paid through option rights during 2027. The option has been valued at the likely outcome and entered as a non-cur - rent liability; this liability amounts to SEK 46 million. Acquisitions that include a put/call option, where ownership will amount to 100 per cent, are consolidated in their entirety at the time of acquisi - tion. Acquisition costs for acquisitions completed in 2024 and charged to profit for 2024 amount to approximately SEK 1,592 thousand and are included in other costs. Acquisition costs and acquisition calculations are preliminary for acquisitions in 2024. The acqui - sition calculations for the companies acquired during Q1 2023 have now been determined. No significant adjustments have been made to the calculations. Acquisitions after the balance sheet date Beijer Ref signed an agreement to acquire Young Supply, a North American commercial refrigeration and HVAC distributor head - quartered in Detroit, Michigan. Annual sales amount to approx - imately SEK 1.4 billion and operations will be included in Beijer Ref's accounts from the second quarter of 2024. Consolidated acquisitions Consolidated from Segments Net sales, SEK M Number of employees 2024 Companies QAE Group March APAC 140 74 2023 Companies Heritage Distribution 20 January North America 6 492 800 Transport Cooling SA (asset deal) February EMEA 150 90 Roobear Ltd February EMEA 3 1 AFM (asset deal) March EMEA 20 4 Shravan Engineering (asset deal) April APAC 53 22 CFD June EMEA 75 10 GMC Airconditioning June EMEA 40 17 Industrifiber July EMEA 8 2 Condex August EMEA 350 41 DS Maref (asset deal) 30 September APAC 375 82 AMSCO Supply (asset deal) 30 September North America 500 50 HVAC Depot (asset deal) October APAC 20 13 Turner Engineering November APAC 200 17 Grönt Klima December EMEA 95 5 Webb Supply (asset deal) 31 December North America 200 40 Acquisitions not yet consolidated Consolidated from Segments Net sales, SEK M Number of employees Chillaire Solutions Q2 2024 APAC 120 20 Young Supply Q2 2024 North America 1 400 200 ===== SIDA 19 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 19 Parent company balance sheet in summary, SEK M 31 Mar. 24 31 Mar. 23 31 Dec. 23 ASSETS Intangible fixed assets 7 7 7 Tangible fixed assets 4 4 4 Financial fixed assets 21,627 19,457 21,857 Current assets 3,257 3,794 2,699 Total assets 24,895 23,261 24,567 EQUITY AND LIABILITIES Shareholders’ equity 16,197 15,811 15,842 Long-term liabilities 5,482 4,132 6,591 Current liabilities 3,216 3,318 2,134 Total equity and liabilities 24,895 23,261 24,567 Parent company profit and loss account in summary, SEK M Q1 24 Q1 23 R12 12M 23 Operating income 30 2 139 111 Operating expenses -45 -58 -190 -203 Depreciation and write-down of intangible and tangible fixed assets -1 -1 -2 -2 Operating profit (EBIT) -16 -57 -53 -94 Net financial income/expense 366 -102 230 -238 Result of participations in Group companies 95 56 573 534 Profit before appropriations 445 -103 750 202 Appropriations - - 199 199 Profit before tax 445 -103 949 401 Tax -90 34 -50 74 Net profit 355 -69 899 475 The table shows the total cash flow effect from acquisition activities. The set-up of identifiable net assets refers to acquisitions made during the first quarter of 2024 and the first quarter of 2023, respectively. Other acquisitions include the impact of the acquisitions in 2023 of Transport Cooling, Roobear and AFM. These companies have been aggregated in the above table as the respective acquisitions are not material individually. Acquisitions of companies, SEK M Q1 24 Heritage Distribution Other acquisitions Q1 23 Fair value in the Group: Intangible assets - 4,435 8 4,443 Tangible and financial fixed assets 6 1,135 14 1,149 Deferred tax asset 3 - - - Inventories 18 1,773 110 1,883 Other current assets 37 570 26 596 Liquid funds 5 432 1 433 Deferred tax liability -1 -494 -2 -495 Provisions -1 - - - Other current liabilities -49 -1,073 -52 -1,124 Liabilities to credit institutions - -5,619 - -5,619 Total identifiable net assets: 18 1,160 106 1,265 Goodwill 76 6,798 41 6,839 Effect on the cash flow: Consideration -120 -7,958 -146 -8,104 Non-paid consideration 46 313 - 313 Paid consideration for previous years’ acquisitions -24 - - - Repaid consideration for previous years’ acquisitions - - 14 14 Liquid funds in acquired companies 5 432 1 433 Total -93 -7,213 -132 -7,344 ===== SIDA 20 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 20 ARW Air Condition & Refrigeration Wholesale. Chiller Liquid refrigeration unit. CO2 equivalent A measurement of greenhouse gas emissions and how much carbon dioxide is needed to produce the same effect on the climate. F-gas Synthetic gases containing fluorine, such as HCFCs and HFCs. GWP Global Warming Potential. HCFC HydroChloroFluoroCarbons, which affects the ozone layer and contribute to global warming. HFC HydroFluoroCarbons, Fluorised greenhouse gases which contri - bute to global warming. HFO HydroFluoroOlefins, synthetic environmentally friendly refrige - rants. HORECA Hotels, Restaurants, Catering. HVAC Heating, Ventilation, Air Conditioning. OEM Original Equipment Manufacturer. Transcritical Heat transfer with gas cooler. EMEA APAC North America CSR Corporate Social Responsibility. KPI Key Performance Indicator. PIM Product Information Management, centralised management of product information that is needed to market and sell the pro - ducts through one or more distribution channels. Trade terms Operating segments Other ===== SIDA 21 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 21 This is Beijer Ref The Beijer Ref Group is focused on trade and distributor activities within refrigeration products, air conditioning and heat pumps. The product range mainly consists of products from leading international manufacturers and in addition some manufacturing of our own products combined with service and support for the products. The group creates added value by adding technical expertise to the products, providing knowledge and experience about the market and providing efficient logistics and ware- housing. Beijer Ref supplies customers across large parts of the world with a wide range of products. Through its >150 subsidiaries in Europe, North America, Africa and Asia and Oceania, sales, purchasing, logistics and distribution are handled. Part of the sales comes from own production. The business is divided into three operating segments: EMEA, APAC and North America. Growth occurs both organically and through the acquisition of companies that complement current operations. Seasonal effects Beijer Ref’s sales are seasonally dependent as demand for refri - geration and air conditioning is at its peak during the warm months of the year. It means that demand in the northern hemisphere is at its peak during the second and third quarters whilst demand in the southern hemisphere is at its peak during the first and fourth quarters. Financial calender 2024 • Annual General Meeting 23 April, 2024 • Report second quarter (Q2) 19 July, 2024 • Report third quarter (Q3) 24 October, 2024 • Report fourth quarter (Q4) 31 January, 2025 Beijer Ref in brief For more information about the Beijer Ref Group, financial reports, press releases and more, please visit www.beijerref.com ===== SIDA 22 ===== Beijer Ref AB Q1 2024 – published on 23 April, 2024 22 Stortorget 8, 211 34 Malmö Telephone 040-35 89 00 Corporate ID 556040-8113 www.beijerref.com