Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Beijer Ref
Q1 2025
English version

===== SIDA 2 =====

Beijer Ref
Q1 2025
First quarter
• Net sales increased by 16 per cent and amounted to SEK 8,898 million (7,680). Organic sales increased by 4 per cent 
in the quarter compared with the corresponding period last year. Acquisition effects amounted to 11 per cent and 
currency effects were in line with the previous year.
• EBITA amounted to SEK 832 million (733), which is an increase of 13 per cent compared with the corresponding 
period last year. The EBITA margin was 9.4 per cent (9.5), negatively affected by the dilution effect from recently 
acquired companies in North America.
• Operating cash flow was stable at SEK 445 million (582), despite a seasonal build-up of working capital.
• Profit per share amounted to SEK 0.94 (0.79), an increase of 20 per cent.
• During the quarter, the transaction of the leading Hungarian HVAC distributor Cool4U was completed, and the 
company was consolidated as of 3 January 2025.
The totals in tables and calculations do not always add upp due to rounding differences. The aim is for each sub- row to conform to its source of origin and 
therefore rounding differences may occour.
Key figures, SEK M Q1 25 Q1 24 ∆% R12 12M 24
Net sales 8,898 7,680 15.9 36,880 35,662
Organic sales, % 4.3 -4.1 1.9
EBITA 832 733 13.4 3,874 3,776
EBITA margin, % 9.4 9.5 10.5 10.6
Operating profit (EBIT) 778 684 13.7 3,665 3,571
Net profit 482 408 18.1 2,333 2,259
Profit per share after dilution, SEK 0.94 0.79 19.8 4.55 4.39
Operating cash flow 445 582 3,327 3,464
Return on operating capital, % - - 10.9 10.8
2Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 3 =====

3
All operating segments showed good sales growth; despite 
challenges related to Cyclone Alfred, which temporarily 
affected operations at several branches in Australia. The 
group's sales growth was mainly driven by good continued 
demand in several of our markets and a high level of 
activity within the business. In spite of a seasonal build-up 
of working capital, we generated a stable operating cash 
flow of SEK 445 million. 
During the quarter, the EBITA margin was negatively 
impacted by the dilutive effect of recently acquired 
companies in North America. The negative foreign 
exchange rate effects that weighed on the EBITA margin in 
the fourth quarter reversed in the first quarter and 
contributed positively, due to the strengthening of the euro 
against the US dollar. This partly offset the continued price 
pressure we experienced from the previous quarter on heat 
pumps in Eastern Europe. We expect the price pressure to 
be temporary in nature and to have a limited impact for the 
remainder of 2025. 
Our strong growth in EPS was a result of good continued 
growth, both organically and through acquisitions, 
combined with lower financial costs. This development 
reflects our ability to drive growth while strengthening our 
financial position.
As our exposure to the North American market increases, 
so do issues related to global trade. However, our business 
model, which is largely based on regional supply flows, 
makes us well positioned. The trade policy measures 
introduced between certain continents have therefore not 
had a material impact on our business.
During the quarter, the Hungarian competition authority 
approved the acquisition of Cool4U, a leading HVAC 
distributor, without conditions, after which the transaction 
was finalised. 
In Australia, the acquisition of Atomic Refrigerants, which 
holds an import licence and quota with future rights for HFC 
refrigerants, was completed during the quarter. This 
acquisition strengthens security of supply and reduces the 
risk associated with the availability of refrigerants in the 
long term. 
In 2024, we exceeded our business target of 50 per cent 
OEM sales of products based on natural refrigerants - the 
final figure was 55 per cent. We continue to see a clear 
trend, especially in Europe, where the demand for natural 
refrigerants is increasing as the market transitions. 
We continue to focus on creating long-term value for both 
customers and shareholders and have great confidence in 
our ability to deliver, even in an evolving world. A big thank
you to all our employees for your commitment and efforts.
Christopher Norbye
CEO
“We continue to focus on 
creating long-term value 
for both customers and 
shareholders and have 
great confidence in our 
ability to deliver, even in 
an evolving world”
The group's total sales during the quarter amounted to SEK 8,898 million, with an EBITA of SEK 832 million – an 
increase of 16 and 13 per cent respectively compared with the corresponding period last year. The quarter had 
good profitability with an EBITA margin of 9.4 per cent. A strong growth in EPS of 20 per cent indicates good 
underlying profitability. Organic sales growth was 4 per cent in the quarter. 
CEO comments
A good quarter with strong earnings growth 
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 4 =====

First quarter
2025
16%
Sales increase
4%
Organic growth
13%
EBITA increase
20%
Change
result/share
Net sales
Net sales increased by 15.9 per cent and amounted to SEK 
8,898 million (7,680). Organic sales increased by 4.3 per 
cent in the quarter, compared with the corresponding 
period last year. Acquisition effects amounted to 11.2 per 
cent and currency effects amounted to 0.4 per cent.
All operating segments demonstrated good sales growth, 
despite challenges related to Cyclone Alfred, which 
temporarily affected operations at several branches in 
Australia. The EMEA and APAC operating segments 
reported sales growth of 14 per cent and 7 per cent 
respectively in the quarter. The North America operating 
segment reported a sales growth of 31 per cent in the 
quarter, mainly driven by acquisitions.
All product segments reported positive organic growth in 
the quarter. The HVAC product segment reported organic 
growth of 6 per cent, while OEM and Commercial and 
industrial refrigeration reported organic growth of 3 and 2 
per cent respectively.
Profit for the period
The Group's EBITA amounted to SEK 832 million (733) in 
the first quarter, which is an increase of 13 per cent. 
Currency effects
2 are included in EBITA with SEK 0 million 
(-4). The EBITA margin amounted to 9.4 per cent (9.5). 
The EBITA margin was negatively affected by the dilution 
effect from recently acquired companies in North America. 
The negative foreign exchange rate effects
2 that weighed 
on the EBITA margin in the fourth quarter reversed in the 
first quarter and contributed positively, due to the 
strengthening of the euro against the US dollar. This partly 
offset the continued price pressure we experienced from 
the previous quarter on heat pumps in Eastern Europe. We 
expect the price pressure to be temporary in nature and to 
have a limited impact for the remainder of 2025.
Net financial items amounted to SEK -131 million (-141), 
positively affected by a lower interest rate level. The tax 
rate in the quarter was 25 per cent (25).
Profit for the period amounted to SEK 482 million (408), 
which is an increase of 18 per cent. Profit per share 
amounted to SEK 0.94 (0.79), which is an increase of 20 
per cent.
Financial overview, SEK M Q1 25 Q1 24 ∆% R12 12M 24
Net sales 8,898 7,680 15.9 36,880 35,662
Organic change, % 4.3 -4.1 1.9
Change through acquisition1, % 11.2 8.6 9.5
Currency effect, % 0.4 -0.5 -0.4
Change total, % 15.9 4.0 10.9
EBITA 832 733 13.4 3,874 3,776
EBITA margin, % 9.4 9.5 10.5 10.6
Operating profit (EBIT) 778 684 13.7 3,665 3,571
Net financial income/expense -131 -141 -553 -563
Tax -165 -135 -779 -749
Net profit 482 408 18.1 2,333 2,259
Profit per share after dilution, SEK 0.94 0.79 19.8 4.55 4.39
4Beijer Ref Q1 2025 – published 24 April 2025
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on page 19.
2Currency effects refer only to exchange rate changes arising from the translation of foreign subsidiaries, while f oreign exchange effects refer to exchange rate 
changes on operating receivables and liabilities.

===== SIDA 5 =====

Operating cash flow and net debt, SEK M Q1 25 Q1 24 R12 12M 24
Operating profit (EBIT) 778 684 3,665 3,571
Depreciation/write-downs on tangible assets 206 184 807 785
Amortisation/write-downs on intangible assets 54 49 209 205
EBITDA 1,038 917 4,681 4,560
Changes in working capital -340 -115 -352 -127
Investments in tangible fixed assets -99 -101 -426 -428
Payments related to amortisation of lease liabilities -141 -128 -556 -543
Non-cash generated items -14 9 -20 3
Operating cash flow 445 582 3,327 3,464
EBITDA impact of leasing (IFRS 16) -667 -653
EBITDA excl. leasing (IFRS 16) 4,014 3,908
Net debt 9,807 8,315 9,741
Of which:
Pension debt 125 112 131
Leasing liabilities, according to IFRS 16 2,265 2,425 2,466
Net debt excl. pension and leasing liabilities 7,417 5,778 7,144
Authorised credit limit 15,711 15,885 16,294
Of which remains to be utilised 6,345 7,787 6,407
Net debt/EBITDA excl. items affecting comparability1 2.10 2.01 2.14
Net debt/EBITDA excl. leasing liabilities, pension liability and items affecting 
comparability1 1.85 1.63 1.83
Cash flow and net debt
Despite a seasonal build-up of working capital, we 
generated a stable operating cash flow of SEK 445 million 
(582).
Net debt at the end of the quarter totalled SEK 9,807 
million (8,315). The increase since last year is mainly 
attributable to acquisition activities. Excluding lease 
liabilities (IFRS 16) and pension, net debt totalled SEK 
7,417 million (5,778). The net debt to EBITDA ratio, 
excluding items affecting comparability, was 2.10 (2.01). 
Net debt, excluding lease liabilities (IFRS 16) and 
pensions, in relation to EBITDA, excluding leases (IFRS 
16) and items affecting comparability, was 1.85 (1.63).
At the end of the period, the company had credit facilities 
totalling SEK 15 711 million (15 885), of which unutilised 
credit facilities amounted to SEK 6 345 million (7 787).
5Beijer Ref Q1 2025 – published 24 April 2025
1The current period is not affected by items affecting comparability.

===== SIDA 6 =====

Operating segment
EMEA
External net sales per product segment
0
1,000
2,000
3,000
4,000
5,000
6,000
Commercial
and
industrial
refrigeration
OEM HVAC Total
Reported net sales per 
product segment
Q1 24 Q1 25
6
SEK M Q1 25 Q1 24 ∆% R12 12M 24
Net sales 5,305 4,650 14.1 21,474 20,819
Organic change, % 3.1
Change through acquisition1, % 10.7
Currency effect, % 0.3
Change total, % 14.1
EBITA 505 448 12.8 2,356 2,299
EBITA margin, % 9.5 9.6 11.0 11.0
SEK M
2%
2%
28%
14%
HVAC 53% (47)
OEM 9% (10)
Commercial and industrial 
refrigeration 38% (42)
During the quarter, the EMEA operating segment reported a 
sales increase of 14 per cent. The largest increase was in 
the HVAC product segment, which reported growth of 28 per 
cent. Growth was mainly driven by continued good sales of 
own brands as well as acquisitions. The Eastern Europe and 
Africa regions demonstrated strong growth, and the UK had 
a good start to the year.
The OEM segment reported growth of 2 per cent, reflecting 
longer customer decision cycles towards the end of last year, 
but on the positive side, we saw solid order intake and good 
activity in the segment during the quarter, which will drive 
higher sales in 2025. Commercial and industrial refrigeration 
reported stable sales growth of 2 per cent.
EBITA for the quarter amounted to SEK 505 million (448) 
with an EBITA margin of 9.5 per cent (9.6). The margin 
was positively affected during the quarter by the 
strengthening of the euro against the US dollar. This partly 
offset the continued price pressure we experienced from 
the previous quarter for heat pumps in Eastern Europe. We 
expect the price pressure to be temporary in nature and to 
have a limited impact for the remainder of 2025.
The integration of GIA Group is progressing according to 
plan and at the beginning of the quarter we finalised the 
transaction of Cool4U, which started the year positively.
Jonas Steen
COO EMEA
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on p. 19
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 7 =====

Operating segment
APAC
7
SEK M Q1 25 Q1 24 ∆% R12 12M 24
Net sales 1,678 1,566 7.2 6,663 6,551
Organic change, % 6.7
Change through acquisition1, % 2.3
Currency effect, % -1.7
Change total, % 7.2
EBITA 192 171 12.5 663 642
EBITA margin, % 11.5 10.9 10.0 9.8
External net sales per product segment
0
250
500
750
1,000
1,250
1,500
1,750
2,000
Commercial
and
industrial
refrigeration
OEM HVAC Total
Reported net sales per 
product segment
Q1 24 Q1 25
SEK M
7%
7%
8%
7%
HVAC 55% (54)
OEM 14% (14)
Commercial and industrial 
refrigeration 32% (32)
During the quarter, the APAC operating segment reported a 
sales increase of 7 per cent, despite Australia being 
negatively affected by Cyclone Alfred, which caused 
temporary disruption to trading activity at several branches 
in connection with the end of the high season.
EBITA increased by 12 per cent and amounted to SEK 192 
million (171), with an EBITA margin of 11.5 per cent (10.9). 
The improved EBITA margin can mainly be attributed to 
continued focus on our own brands and the strategic focus 
on complete HVAC solutions.
In Australia, the acquisition of Atomic Refrigerants, which 
holds an import licence and quota with future rights linked 
to HFC refrigerants, was completed during the quarter. The 
acquisition strengthens security of supply and reduces the 
risk associated with the availability of refrigerants in the 
long term. 
Overall, all product segments reported good growth. We 
continue to see a positive outlook for the future and are 
well positioned to meet customer demand in our respective 
markets.
Wayne Ferguson
Interim COO APAC
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on p. 19
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 8 =====

Operating segment
North America
8
SEK M Q1 25 Q1 24 ∆% R12 12M 24
Net sales 1,944 1,486 30.8 8,821 8,363
Organic change, % 5.9
Change through acquisition1, % 22.0
Currency effect, % 2.9
Change total, % 30.8
EBITA 176 150 17.0 1,031 1,006
EBITA margin, % 9.1 10.1 11.7 12.0
0
500
1,000
1,500
2,000
2,500
3,000
Commercial and
industrial
refrigeration
HVAC Total
Reported net sales per 
product segment
Q1 24 Q1 25
SEK M
163%
19%
31%
HVAC 84% (92)
Commercial and industrial 
refrigeration 16% (8)
During the quarter, the North America operating segment 
reported a 31 percent increase in sales, mainly driven by 
acquisitions, good demand and increased sales in the 
commercial and project-based sector. 
EBITA in the quarter amounted to SEK 176 million (150) with 
an EBITA margin of 9.1 percent (10.1). The lower margin 
was driven by dilution effect from recently acquired 
companies. 
During the quarter, new regulations were implemented which 
means that HVAC units in the future must be manufactured 
with more environmentally friendly refrigerants with lower 
GWP. We are well positioned to meet the needs of the 
market as the transition is finalised in the coming months.
Our efforts to identify opportunities to establish new 
branches close to our existing operations have produced 
good results. The next branch is expected to open in May 
and we plan to have additional branches in operation 
before the end of the year. 
In conclusion, we see a positive trend for high-efficiency 
HVAC systems, and we are well positioned to meet the 
growing demand – both through organic growth and a 
strong acquisition pipeline. 
Alex Averitt
Managing Director North America
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on p. 19
Beijer Ref Q1 2025 – published 24 April 2025
External net sales per product segment

===== SIDA 9 =====

Significant events during the quarter
During the quarter, the transaction of the leading Hungarian 
HVAC distributor Cool4U was completed and the company 
was consolidated as of 3 January 2025.
Significant events after the end of the period
There were no significant events after the end of the quarter.
Annual General Meeting and dividend
The Annual General Meeting will be held in Malmö on 24 
April 2025. The Board of Directors proposes a dividend to 
shareholders of SEK 1.40 (1.30) per share from the available 
unrestricted earnings of SEK 15,603 million. The dividend is 
proposed to be paid in two equal instalments. The record 
date for the first payment is proposed to be 28 April 2025 
and the record date for the second payment to be 27 
October 2025. If the Annual General Meeting decides to 
approve this proposal, the first payment will be made on 2 
May 2025 and the second payment on 30 October 2025.
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 being 
woven as a natural approach in all parts of the organisation. 
Beijer Ref's sustainability strategy is based on the UN's 
global goals in Agenda 2030 and includes; economy, society 
and environment.
Beijer Ref focuses on the environmental area as the area 
where the Group has the opportunity to make the greatest 
positive impact.
To strengthen the work of developing more environmentally 
friendly refrigeration technology, the Group measures the 
proportion of OEM sales that are classified as environmen-
tally friendly. The aim is for this proportion to amount to at 
least 50 per cent of total OEM sales by 2025. At the end of 
the last quarter, Beijer Ref had already achieved a share of 
61 per cent of environmentally friendly OEM sales.
Risk description
Beijer Ref is an international group with a wide geographical 
spread, which means exposure to various forms of strategic, 
operational and financial risks. Strategic risks refer to 
changes in the business environment with potentially 
significant effects on the Group's operations and business 
objectives. Operational risks consist of risks directly 
attributable to business activities with a potential impact on 
the Group's earnings and financial position. Financial risks 
consist mainly of financing risk, currency risk, interest rate 
risk and credit risk.
Risk-taking as such provides opportunities for continued 
financial growth, but of course also risks having a negative 
impact on the business and its established objectives. It is 
therefore of great importance to have a systematic and 
effective process for risk assessment and well-functioning 
risk management in general.
Risk management within Beijer Ref is not aimed at 
avoiding risks but at identifying, managing and reducing 
the effects of these risks in a controlled manner. This work 
is based on an assessment of the probability and potential 
effect of the risks for the Group. Acquisitions are normally 
associated with risks, such as the loss of key personnel. 
Other business risks, such as agency and supplier 
agreements, product liability and delivery commitments, 
technological development, warranties, personal 
dependence, etc. are analysed continuously. The parent 
company's risk profile is the same as that of the Group. A 
more detailed description of these risks and risk 
management can be found in the Group's annual report.
Accounting principles
Beijer Ref applies IFRS Accounting Standards (IFRS) as 
adopted by the European Union. The same accounting 
and valuation principles as in the latest annual report have 
been applied. No new or amended standards with a 
material impact on the Group's financial statements have 
been applied for the first time in 2025.
The interim report has been prepared in accordance with 
IAS 34, the Swedish Annual Accounts Act and RFR 2. 
Disclosures in accordance with IAS 34.16A are provided 
not only in the financial statements and their 
accompanying notes but also in other parts of the interim 
report.
All comparative figures for income statement and cash 
flow measures refer to the corresponding period in the 
previous year, unless otherwise stated. Comparative 
figures for the balance sheet refer to the latest year-end, 
unless otherwise stated.
Totals in tables and statements do not always add up due 
to rounding differences. The aim is for each sub-line to 
correspond to its original source and therefore rounding 
differences may occur. 
Other transactions
Transactions with related parties
There have been no significant changes for the Group or 
for the Parent Company regarding transactions or 
relationships with related parties, compared to what was 
described in note 30 of the 2024 Annual Report.
Significant judgements and assumptions for accounting 
purposes
Management and the Board of Directors make judgements 
and assumptions about the future. These judgements and 
assumptions affect the reported amounts of assets and 
liabilities, income and expenses, and other disclosures. 
These judgements are based on historical experience and 
the various assumptions that are considered reasonable 
under the circumstances. The areas identified as 
significant have not changed since the publication of the 
2024 Annual Report and are described in more detail in 
note 4.
9Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 10 =====

Webcast and Telephone conference Q1 2025 
The company invites investors, analysts, and the media to 
attend a combined webcast and telephone conference, 
during which CEO Christopher Norbye and CFO Joel 
Davidsson will present the interim report for the first quarter 
of 2025. The presentation will be held in English and will 
last approximately 20 minutes. The meeting will take place 
on 24 April at 09:00 CET.
Link to the webcast and telephone conference is available 
on the company’s website:
https://www.beijerref.com/cal/webcast-q1-2025
A presentation will be available on the company’s website 
https://www.beijerref.com/investors/reports-and-
presentations/interim from 07:30 CET on 24 April.
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 07.30 CET on 24 April 2025.
10
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 24 April, 2025 
Beijer Ref AB (publ) 
Christopher Norbye, CEO
Contact:
IR
Joel Davidsson
CFO
Telephone +4640 35 89 00
Email jdn@beijerref.com
Media contact
Niklas Willstrand
Director of Global Communications
Telephone +4640 35 89 00
Email nwd@beijerref.com
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 11 =====

0
2,000
4,000
6,000
8,000
10,000
Commercial
and industrial
refrigeration
OEM HVAC Total
Organic sales per product segment3
Q1 24 Q1 25
0
1,000
2,000
3,000
4,000
5,000
-500
0
500
1,000
1,500
2,000
Q1
23
Q1
24
Q1
25
Operating cash flow, SEK M
1Excluding items affecting comparability
2Excluding leasing liabilities and pension liability
3The classification between HVAC and Commercial and industrial refrigeration has 
been updated in North America to enable a clearer, fairer and more consistent 
categorisation of our product segments. All historical data has been adjusted in 
accordance with the new categorisation. The adjustment has no material impact on 
the Group. 
11
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1
23
Q1
24
Q1
25
Net sales, SEK M
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
200
400
600
800
1,000
1,200
1,400
Q1
23
Q1
24
Q1
25
EBITA1, SEK M
3.6
3.7
3.8
3.9
4.0
4.1
4.2
4.3
4.4
4.5
4.6
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Q1
23
Q1
24
Q1
25
Profit per share1, SEK
0.0
0.5
1.0
1.5
2.0
2.5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q1
23
Q1
24
Q1
25
Net debt and net debt
/EBITDA2
Quarter
R12
Q Q Q
Q Q
R12 R12
R12 Ratio
Net sales per product segment3
Net sales per operating segmentSEK M
EMEA 59% (60)
APAC 19% (20)
North America 22% (19)
HVAC 60% (57)
OEM 8% (9)
Commercial and industrial 
refrigeration 32% (34)
2%
3%
6%
4%
Financial overview
R12
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 12 =====

Summarised profit and loss account, SEK M Q1 25 Q1 24 R12 12M 24
Net sales 8,898 7,680 36,880 35,662
Other operating income 55 27 162 135
Operating expenses -7,915 -6,790 -32,362 -31,236
Depreciation and write-down of intangible and tangible fixed assets -260 -233 -1,016 -989
Operating profit (EBIT) 778 684 3,665 3,571
Net financial income/expense -131 -141 -553 -563
Profit before tax 647 543 3,112 3,008
Tax -165 -135 -779 -749
Net profit 482 408 2,333 2,259
Net profit attributable to:
The parent company’s shareholders 478 399 2,306 2,227
Non-controlling interests 4 9 27 32
Net profit per share before diluation, SEK 0.94 0.79 4.55 4.39
Net profit per share after diluation, SEK 0.94 0.79 4.55 4.39
The group’s summarised report on other comprehensive income, SEK M Q1 25 Q1 24 R12 12M 24
Net profit 482 408 2,333 2,259
Other comprehensive income -2,138 1,030 -1,719 1,449
Items which will not be reversed in the profit and loss account:
Revaluation of the net pension commitment - - -14 -14 
Changes in the fair value of equity investments through other comprehensive income 0 0 0 0
Income tax relating to components in above item 0 0 3 3
Items which can later be reversed in the profit and loss account:
Exchange rate differences -1,628 808 -1,373 1,063
Hedging of net investments -642 279 -424 498
Income tax relating to components in above item 132 -58 88 -103
Other comprehensive income -2,138 1,030 -1,719 1,449
Total comprehensive income for the period -1,656 1,438 614 3,708
Attributable to:
The parent company’s shareholders -1,646 1,427 625 3,698
Non-controlling interests -10 11 -11 10
12Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 13 =====

Summarised balance sheet, SEK M 31 Mar. 25 31 Mar. 24 31 Dec. 24
ASSETS
Intangible fixed assets 19,057 18,384 20,216
Tangible fixed assets 2,343 1,805 2,428
Right of use assets 2,172 2,352 2,372
Deferred tax asset 986 433 363
Other fixed assets 178 193 191
Total fixed assets 24,737 23,167 25,570
Inventories 11,958 10,730 11,723
Trade debtors and other receivables 5,971 5,792 5,797
Liquid funds 2,428 1,985 3,058
Total current assets 20,357 18,506 20,577
Total assets 45,093 41,673 46,147
EQUITY AND LIABILITIES
Equity 22,126 22,809 24,216
Total equity 22,126 22,809 24,216
Long-term liabilities 10,290 8,286 10,595
Deferred tax liabilities 1,057 442 545
Total long-term liabilities 11,348 8,728 11,140
Trade creditors 3,702 3,743 3,196
Other current liabilities 7,918 6,393 7,595
Total current liabilities 11,620 10,136 10,791
Total equity and liabilities 45,093 41,673 46,147
Of which interest-bearing liabilities 12,235 10,300 12,799
Specification for changes to equity, SEK M 
31 Mar. 25 31 Dec. 24
The parent
company’s 
shareholders
Non-
controlling
interest
Total
The parent
company’s 
shareholders
Non-
controlling
interest
Total
On 1 January 24,066 150 24,216 21,323 120 21,443
Net profit 478 4 482 2,227 32 2,259
Other comprehensive income -2,129 -10 -2,138 1,439 10 1,449
Total comprehensive income for the year -1,650 -6 -1,656 3,665 43 3,708
Dividend to shareholders - - - -659 - -659
Share-based payments 4 - 4 7 - 7
Repurchase options - - - -28 - -28
Sales of own shares - - - 14 - 14
Change in fair value of liabilities linked to acquisitions -393 -46 -438 -256 - -256
Dividends to shareholders’ with non-controlling
interest - - - - -13 -13
Total -388 -46 -434 -922 -13 -935
On 31 December 22,028 98 22,126 24,066 150 24,216
13Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 14 =====

Summarised consolidated cash flow analysis, SEK M Q1 25 Q1 24 R12 12M 24
Current operations
Operating profit 778 684 3,665 3,571
Non-cash generated items included in operating profit 250 242 1,015 1,028
Operating profit adjusted for non-cash generated items 1,028 926 4,680 4,599
Paid interest -120 -131 -561 -572
Paid income tax -106 -144 -781 -819
Cash flow from current operations before changes in 
working capital 802 651 3,338 3,208
Changes in working capital -340 -115 -352 -127
Cash flow from current operations 462 535 2,987 3,080
Cash flow from investment operations -589 -188 -3,130 -2,730
Cash flow from financial operations -351 -387 722 665
Cash flow for the period -478 -40 578 1,016
Liquid funds at the beginning of the period 3,058 1,957 1,985 1,957
Cash flow for the period -478 -40 578 1,016
Exchange rate difference, liquid funds -152 68 -136 85
Liquid funds at the end of the period 2,428 1,985 2,428 3,058
14Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 15 =====

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 alternative 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 to be able to carry out strategic investments, make amortisations 
and provide returns to shareholders. The performance measurements 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 Alternative performance measures
Key figures
Key figures1 31 Mar. 25 31 Mar. 24 31 Dec. 24
Equity ratio, % 49.1 54.7 52.5
Return on equity (R12), % 10.2 11.1 9.8
Return on operating capital, excluding items affecting comparability2, (R12), % 10.9 10.5 10.8
Return on operating capital, excluding intangible assets and items affecting 
comparability2, (R12), % 23.6 22.9 23.4
Net debt/EBITDA excluding leasing liabilities, pension liability and items affecting 
comparability
2, ratio 1.85 1.63 1.83
Average number of employees 6,733 6,175 6,597
Number of outstanding shares 506,905,526 506,810,926 506,905,526
Holding of own shares3 2,180,400 2,275,000 2,180,400
Total number of shares 509,085,926 509,085,926 509,085,926
Average number of outstanding shares 506,905,526 506,810,926 506,858,226
15Beijer Ref Q1 2025 – published 24 April 2025
1The table contains alternative key figures. 
2The current period is not affected by items affecting comparability.
3Holdings of own shares ensure the delivery of shares to participants in the options programs. The option programes expire in June 2025 and June 2026.

===== SIDA 16 =====

EBITA, SEK M Q1 25 Q1 24 ∆% R12 12M 24
EMEA 505 448 13 2,356 2,299
APAC 192 171 12 663 642
North America 176 150 17 1,031 1,006
Other -42 -36 -177 -171
Group 832 733 13 3,874 3,776
Net sales, SEK M Q1 25 Q1 24 ∆% R12 12M 24
EMEA 5,305 4,650 14 21,474 20,819
APAC 1,678 1,566 7 6,663 6,551
North America 1,944 1,486 31 8,821 8,363
Eliminations -29 -22 -78 -71
Group 8,898 7,680 16 36,880 35,662
Overview per segment
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.
EBITA, % Q1 25 Q1 24 ∆ R12 12M 24
EMEA 9.5 9.6 -0.1 11.0 11.0
APAC 11.5 10.9 0.5 10.0 9.8
North America 9.1 10.1 -1.1 11.7 12.0
Group 9.4 9.5 -0.2 10.5 10.6
16
Reporting per operating segment
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 17 =====

Net sales, SEK M Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23
EMEA 5,305 4,934 5,499 5,736 4,650 4,563 5,268 5,520 4,903
APAC 1,678 1,891 1,575 1,519 1,566 1,613 1,314 1,317 1,389
North America 1,944 2,001 2,428 2,447 1,486 1,468 1,924 1,827 1,118
Eliminations -29 -18 -9 -21 -22 -17 -15 -10 -32
Group 8,898 8,808 9,493 9,681 7,680 7,627 8,491 8,654 7,378
EBITA, MSEK Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23
EMEA 505 474 659 718 448 472 635 698 490
APAC 192 204 131 135 171 159 100 89 141
North America 176 168 332 355 150 142 262 274 121
Other -42 -37 -38 -60 -36 -52 -38 -45 -50
Group 832 810 1,084 1,148 733 721 959 1,016 702
Items affecting comparability - - - - - -60 - - -
Group incl. items affecting
comparability 832 810 1,084 1,148 733 661 959 1,016 702
EBITA, % Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23
EMEA 9.5 9.6 12.0 12.5 9.6 10.3 12.0 12.6 10.0
APAC 11.5 10.8 8.3 8.9 10.9 9.8 7.6 6.8 10.1
North America 9.1 8.4 13.7 14.5 10.1 9.7 13.6 15.0 10.9
Group 9.4 9.2 11.4 11.9 9.5 9.5 11.3 11.7 9.5
Group incl. items affecting
comparability 9.4 9.2 11.4 11.9 9.5 8.7 11.3 11.7 9.5
17
Net sales, SEK M Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23
HVAC 5,339 5,333 5,660 5,933 4,410 4,450 5,087 5,342 4,243
OEM 701 736 707 748 676 662 608 649 608
Commercial and industrial refrigeration 2,858 2,739 3,127 3,000 2,594 2,515 2,796 2,663 2,527
Group 8,898 8,808 9,493 9,681 7,680 7,627 8,491 8,654 7,378
Net sales, SEK M Q1 25 Q1 24 ∆% R12 12M 24
HVAC 5,339 4,410 21 22,265 21,335
OEM 701 676 4 2,891 2,866
Commercial and industrial refrigeration 2,858 2,594 10 11,724 11,462
Group 8,898 7,680 16 36,880 35,662
In the tables below, net sales are distributed by respective product segment, i.e. 
HVAC, OEM and Commercial and industrial refrigeration
Sales per product segment*
Overview per segment
Reporting per operating segment
Beijer Ref Q1 2025 – published 24 April 2025
*The classification between HVAC and Commercial and industrial refrigeration has been updated in North America to enable a cleare r, fairer and more 
consistent categorisation of our product segments. All historical data has been adjusted in accordance with the new categorisation. The adjustment has no 
material impact on the Group.

===== SIDA 18 =====

Acquisitions of companies
The company makes a materiality assessment for each 
acquisition based on turnover, product area and market. 
Our assessment is that an acquisition is material if the 
turnover of the acquired company exceeds 5 per cent of 
the Group's total turnover. During the year, two acquisition 
was consolidated in the Group's accounts. Information on 
the acquisition is provided in the table on page 19.
2025 
First quarter
During the quarter, Beijer Ref acquired 80 per cent of the 
shares in Cool4U, with a put/call option to acquire the 
remaining share. Cool4U is a leading HVAC distributor in 
Hungary, catering for solutions for both residential and 
commercial projects. The company has annual sales of 
approximately SEK 500 million with good profitability.
In Australia, the acquisition of Atomic Refrigerants, which 
holds an import licence and quota with future rights linked 
to HFC refrigerants, was completed during the quarter. The 
acquisition strengthens security of supply and reduces the 
risk associated with the availability of refrigerants in the 
long term.
2024
First quarter
Beijer Ref acquired 60 per cent of the shares in Quality Air 
Equipment (QAE), with a put/call option to acquire the 
remaining share. 
During the first quarter, Beijer Ref also acquired 70 per 
cent of the shares in Chillaire Solutions, with a put/call 
option to acquire the remaining share.
Accounting for acquisitions
Identified customer relationships are amortised over 10-15 
years while trademarks are considered to have an 
indefinite life and are not amortised. Most of the acquisition 
goodwill arising is motivated by synergies with the Group's 
existing businesses. The valuation technique applied to 
put/call options and contingent considerations discounts 
the present value of expected future cash flows using a 
risk-adjusted discount rate. Expected cash flows are 
determined based on likely scenarios for future perfor-
mance measures, the amounts that will be paid in each 
outcome and the probability of each outcome. Put/call 
options and contingent considerations are recognised at 
valuation level 3.
In 2025, an acquisition has been completed where the final 
purchase price will be paid via options in 2028. The options 
have been valued at the probable outcome and recognised 
as a long-term liability, the liability totals SEK 132 million. 
Acquisitions that include a put/call option where ownership 
will amount to 100 per cent are consolidated in full at the 
time of acquisition.
Acquisition costs for acquisitions completed in 2025 and 
charged to 2025 earnings amount to approximately SEK 
0.4 million (1) and are included in other expenses. 
Acquisition costs and acquisition calculations are prelimi-
nary for acquisitions in 2025. Acquisition calculations for 
the companies acquired in the first quarter of 2024 have 
now been finalised. No material adjustments have been 
made to the calculations.
18Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 19 =====

19
The table shows the total cash flow effect from acquisition activities. The presentation of identifiable net assets refers to acquisitions made during 2025 and 2024 
respectively
Consolidated acquisitions Consolidated from Operating segments Net sales, SEK M No. of employees
2025
Companies
Cool4U January EMEA 500 58
Atomic Refrigerants March APAC 30 -
Acquisitions of companies, SEK M Q1 25 Q1 24
Fair value in the Group:
Intangible assets 237 -
Tangible and financial fixed assets 70 6
Deferred tax asset 1 3
Inventories 358 18
Other current assets 36 37
Liquid funds 279 5
Deferred tax liability -14 -1
Provisions - -1
Other current liabilities -163 -49
Liabilities to credit institutions - -
Total identifiable net assets: 804 18
Goodwill 249 76
Effect on the cash flow:
Consideration -1,053 -120
Non-paid consideration 400 46
Paid consideration for previous years’ acquisitions -61 -24
Repaid consideration for previous years’ acquisitions - -
Liquid funds in acquired companies 279 5
Total -434 -93
Consolidated acquisitions Consolidated from Operating segments Net sales, SEK M No. of employees
2024
Companies
QAE Group March APAC 140 74
Young Supply April North America 1,400 200
Luyten BV May EMEA 63 3
Chillaire Solutions July APAC 120 20
GIA Group August EMEA 1,100 100
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 20 =====

20
Parent company profit and loss account in summary, 
SEK M Q1 25 Q1 24 R12 12M 24
Operating income 35 30 145 140
Operating expenses -51 -45 -201 -195
Depreciation and write-down of intangible and tangible
fixed assets -1 -1 -3 -2
Operating profit (EBIT) -16 -16 -58 -57
Net financial income/expense -558 366 -122 801
Result of participations in Group companies 25 95 326 396
Profit before appropriations -549 445 146 1,141
Appropriations - - -15 -15
Profit before tax -549 445 131 1,126
Tax 118 -90 9 -199
Net profit -431 355 140 927
Parent company balance sheet in summary, SEK M 31 Mar. 25 31 Mar. 24 31 Dec. 24
ASSETS
Intangible fixed assets 15 7 15
Tangible fixed assets 4 4 4
Financial fixed assets 24,903 21,627 24,397
Current assets 2,290 3,257 2,859
Total assets 27,212 24,895 27,274
EQUITY AND LIABILITIES
Shareholders’ equity
15,676 16,197 16,103
Long-term liabilities 6,861 5,482 6,889
Current liabilities 4,675 3,216 4,282
Total equity and liabilities 27,212 24,895 27,274
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 21 =====

21
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.
Trade terms
HFC
HydroFluoroCarbons, Fluorised greenhouse gases which 
contribute to global warming.
HFO
HydroFluoroOlefins, synthetic environmentally adapted
refrigerants.
HORECA
Hotels, Restaurants, Catering.
HVAC
Heating, Ventilation, Air Conditioning.
OEM
Original Equipment Manufacturer.
Transcritical
Heat transfer with gas cooler.
Other
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 products through one or more 
distribution channels.
EMEA
APAC
North America
Operating segments
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 22 =====

22
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 warehousing.
Beijer Ref supplies customers across large parts of the 
world with a wide range of products. Through its more than 
150 subsidiaries across Europe, North America, Africa, 
Asia, and Oceania, the company manages sales, 
purchasing, logistics, and distribution. A portion of sales 
comes from our own manufacturing.
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 
refrigeration 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.
24 April 2025 Annual General Meeting
18 July 2025 Second quarter, 2025
24 October 2025 Third quarter, 2025
30 January 2026 Fourth quarter, 2025 
The 2025 Annual Report will be published no later than 3 weeks before the 2026 AGM and will be available on the 
company's website www.beijerref.com
Financial calender
For information about the Beijer Ref Group, financial reports, press releases, and more, please visit 
our website: www.beijerref.com.
Beijer Ref Q1 2025 – published 24 April 2025

===== SIDA 23 =====

23
Stortorget 8, 211 34 Malmö
Telephone 040-35 89 00
Corporate ID 556040-8113
www.beijerref.com
This document is a translation of the Swedish language version. In the event of 
any discrepancies between this translation and the original Swedish document, 
the latter shall be deemed correct.
Beijer Ref Q1 2025 – published 24 April 2025