Kvartalsrapport Q1 2024

===== 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