Kvartalsrapport Q3 2023

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

Beijer Ref AB
Q3-2023
English version

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
2
The total amount in tables and statements might not always sum-up as there are rounding differences. The aim is to have each line item corresponding to the source and 
it might therefore be rounding differences in the total.
1 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.
2 The measure has been adjusted for items affecting comparability regarding transaction costs, financial costs and tax related to the acquisition of Heritage Distribution.
Key figures, SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
Net sales 8 491 5 979 42.0 24 522 16 820 45.8 30 341 22 638
Organic sales, % -4.4 18.6 3.2 15.9 16.4
EBITA excluding items affecting comparability 959 622 54.3 2 677 1 647 62.6 3 247 2 217
EBITA margin excluding items affecting 
comparability, % 11.3 10.4 10.9 9.8 10.7 9.8
Items affecting comparability - - - - -245 -245
EBITA 959 622 54.3 2 677 1 647 62.6 3 002 1 971
Operating profit excluding items affecting 
comparability (EBIT) 912 607 50.3 2 548 1 602 59.0 3 091 2 145
Profit margin excluding items affecting 
comparability, % 10.7 10.1 10.4 9.5 10.2 9.5
Operating profit (EBIT) 912 607 50.3 2 548 1 602 59.0 2 846 1 900
Net profit 567 430 31.9 1 633 1 115 46.5 1 784 1 266
Profit per share after dilution, SEK 1
  Excluding items affecting comparability 2 1.10 1.02 8.0 3.60 2.66 35.4 4.51 3.54
  Including items affecting comparability 1.10 1.02 8.0 3.37 2.66 26.8 3.80 3.00
Operating cash flow 1 084 307 679 -457 1 312 176
Return on operating capital, excluding items 
affecting comparability,  (R12), %
- - - - 11.4 16.2
Return on equity (R12), % - - - - 10.0 20.4
Beijer Ref AB
Q3-2023
Third quarter
• Net sales increased by 42.0 per cent to SEK 8,491 million (5,979). Organic sales fell by -4.4 per cent in the quarter compared to 
the previous year. Acquisition effects amounted to 39.5 per cent and currency effects were 6.9 per cent.  
• EBITA amounted to SEK 959 million (622), which is an increase of 54 per cent over the same period the previous year.  
The EBITA margin amounted to 11.3 per cent, marking a 90-basis point increase compared to the same period previous year 
(10.4 per cent). 
• Operating cash flow was positive and amounted to SEK 1,084 million (307) during the quarter. Goods in stock and accounts 
receivable decreased during the quarter by SEK 525 million and SEK 717 million respectively. Efforts to reduce inventory had a 
negative impact of SEK 848 million on accounts payable and cash flow.  
• The period's result amounted to SEK 567 million (430), which is an increase of 32 per cent.  
• Profit per share before and after dilution amounted to SEK 1.10 (1.02), which is an increase of 8 per cent.  
• In the quarter, Beijer Ref signed an agreement to acquire the assets of AMSCO Supply, a North American HVAC distributor. This 
acquisition is a strategic part of Beijer Ref’s expansion plans in the US.  
• During the quarter, Beijer Ref signed an agreement to acquire the business of DS Maref and thereby established itself on the  
South Korean market.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
3
CEO comments
Good profitability and a strong cash flow
Compared with the same period last year, total sales increased 
by 42 per cent. Operating profit (EBITA) amounted to SEK 959 
million, which is an increase of 54 per cent over the same period 
last year. Operating margin (EBITA margin) was 11.3 per cent, 
marking a 90-basis point increase compared to the same period 
previous year (10.4 per cent).
Given the high comparison figures (19 per cent), as well as one 
fewer sales day, underlying organic sales were slightly negative. 
However, we noted good margins and a strong cash flow.
Organic sales were -4 per cent, mainly due to a negative impact 
from the HVAC segment, which in the quarter was down by 11 
per cent. HVAC’s negative organic growth is mainly attributable 
to the fact that the segment had high comparative figures. The 
organic growth of the HVAC segment amounted to 26 per cent 
in the corresponding period of the previous year. OEM and 
commercial and industrial refrigeration showed positive growth 
during the quarter.
The high comparison figures in HVAC will continue to affect us in 
the fourth quarter (29 per cent Q4 2022) and first quarter (17 per 
cent Q1 2023) of 2024. The strong sales growth in these quarters 
were greatly influenced by the energy situation in Europe. By the 
end of the first quarter in 2024, the high comparative numbers 
will begin to be normalized.
The trend in the USA was good and showed better sales com -
pared to the second quarter.
Operating cash flow for the quarter was strong and amounted to 
SEK 1,084 million – the highest ever in a quarter, driven primarily 
by previously communicated stock reductions. This positive trend 
will continue in the fourth quarter. The EBITA margin continued 
its favourable development and amounted to 11.3 per cent, 
compared with 10.4 per cent in the same period last year.
During the quarter, we welcomed two new companies to the 
group: DS Maref and AMSCO Supply. DS Maref, headquartered 
in Seoul (South Korea), is in a new and exciting market for Beijer 
Ref, where we have identified a variety of growth opportunities. 
AMSCO Supply, which is headquartered in Tulsa, Oklahoma 
(USA), has over 45 years of experience in HVAC and has 
extensive expertise that brings valuable synergies to our existing 
platform in the USA. Both acquisitions are in line with Beijer Ref's 
overall strategy and complement our existing offering. Going 
forward, we continue to see a strong acquisition pipeline in all of 
our regions.
I would also like to take this opportunity to highlight two of our 
subsidiaries in OEM, SCM Frigo and Fenagy. SCM Frigo, with 
its expertise in CO2-based refrigeration technology, introduced 
an innovative series of transcritical CO 2 products during the 
quarter. These are specially suited to larger installations and 
warmer climates. I would also like to congratulate Fenagy, which 
marks yet another milestone in its journey with the largest heat 
pump order to date. The heat pump installation, consisting of five 
H2600 models, will play a key role in the decarbonisation of the 
district heating system in Haderslev (Denmark). The expected 
revenue for an order of this magnitude is approximately SEK 90 
million.
A big thank you to all our dedicated and committed employees 
who together contribute to creating value and sustainable growth 
for all stakeholders. We continue to have a strong position and 
are well equipped to navigate any fluctuations and unforeseen 
events.
Christopher Norbye
CEO

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
4
42%
Sales increase
1 Acquisition effect is calculated 12 months after the date of takeover. For more information regarding Beijer Ref’s acquisitions, please see acquisition table on p. 17. 
2 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.
3  The measure has been adjusted for items affecting comparability regarding transaction costs, financial costs and tax related to the acquisition of Heritage Distribution.
-4%
Organic growth
54%
EBITA-increase
8%
Increase
result/share
Net sales 
Net sales increased by 42.0 per cent to SEK 8,491 million 
(5,979). Organic sales fell -4.4 per cent in the quarter compared 
to the previous year. Acquisition effects amounted to 39.5 per 
cent and currency effects were 6.9 per cent. 
The EMEA and APAC regions reported growth of 8 per cent 
and 21 per cent respectively in the quarter. The trend in North 
America was good and showed better sales compared to the 
second quarter.
HVAC reported negative organic growth in the quarter of -11 per 
cent, impacted by high comparative figures and one less sales 
day compared to the same quarter last year. OEM reported 
organic growth of 3 per cent, impacted by a weak market in 
APAC (mainly in China). Commercial and industrial refrigeration 
reported stable organic growth of 3 per cent in the quarter, in 
spite of one fewer sales day compared to the same quarter last 
year.
Profit 
The group’s EBITA totalled SEK 959 million (622) during the third 
quarter, which is an increase of 54 per cent. Positive exchange 
rate effects of SEK 57 million (21) are included in EBITA. The 
EBITA margin amounted to 11.3 per cent (10.4).  
Net financial items amounted to SEK -158 million (-40), impacted 
by higher debt and interest rates, as well as by a higher interest 
load from IFRS 16, which partly comes from acquired operations. 
Net financial items were also affected by unrealised exchange 
rate differences of SEK -41 million. The tax rate in the quarter 
was 25 per cent (24).  
Profit before tax was SEK 753 million (567). Profit for the period 
totalled SEK 567 million (430). Profit per share before and after 
dilution amounted to SEK 1.10 (1.02), which is an increase of 8 
per cent.  
Financial overview, SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
Net sales 8 491 5 979 42.0 24 522 16 820 45.8 30 341 22 638
   Organic change, % -4.4 18.6 3.2 15.9 16.4
   Change through acquisition 1, % 39.5 12.0 36.1 11.3 10.7
   Exchange rate fluctuation, % 6.9 7.1 6.5 6.0 6.8
   Change total, % 42.0 37.7 45.8 33.1 33.9
EBITA excluding items affecting comparability 959 622 54.3 2 677 1 647 62.6 3 247 2 217
EBITA margin excluding items affecting 
comparability, % 11.3 10.4 10.9 9.8 10.7 9.8
Items affecting comparability - - - - -245 -245
EBITA 959 622 54.3 2 677 1 647 62.6 3 002 1 971
Operating profit excluding items affecting 
comparability (EBIT) 912 607 50.3 2 548 1 602 59.0 3 091 2 145
Profit margin excluding items affecting 
comparability, % 10.7 10.1 10.4 9.5 10.2 9.5
Operating profit (EBIT) 912 607 50.3 2 548 1 602 59.0 2 846 1 900
Net financial income/expense , excluding items 
affecting comparability -158 -40 -321 -119 -381 -179
Net financial income/expense , items affecting 
comparability - - -138 - -138 -
Net financial income/expense -158 -40 -458 -119 -518 -179
Tax -186 -137 -457 -369 -543 -456
Net profit 567 430 31.9 1 633 1 115 46.5 1 784 1 266
Profit per share after dilution, SEK 2
   Excluding items affecting comparability 3 1.10 1.02 8.0 3.60 2.66 35.4 4.51 3.54
   Including items affecting comparability 1.10 1.02 8.0 3.37 2.66 26.8 3.80 3.00
Third quarter
2023

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
5
Operating cash flow and Net debt, SEK M Q3-23 Q3-22 9M 23 9M 22 R12 12M 22
Operating profit excl. items affecting comparability (EBIT) 912 607 2 548 1 602 3 091 2 145
Depreciation/write-downs on tangible assets 179 126 513 366 647 500
Amortisation/write-downs on intangible assets 47 15 129 45 156 72
EBITDA excluding items affecting comparability 1 138 747 3 190 2 012 3 895 2 717
Changes in working capital 167 -314 -1 923 -2 080 -1 813 -1 970
Investments in tangible fixed assets -90 -35 -227 -127 -295 -195
Payments related to amortisation of lease liabilities -125 -98 -360 -283 -463 -386
Non-cash generated items -6 7 0 20 -10 10
Operating cash flow 1 084 307 679 -457 1 312 176
Net debt 8 941 6 413 7 204
Of which:
Pension debt 115 169 110
Leasing liabilities, according to IFRS 16 2 312 1 492 1 814
Net debt excluding pension and leasing liabilities 6 514 4 752 5 280
Authorised credit limit 11 000 9 346 22 620
Of which remains to be utilised 2 235 2 981 16 930
Net debt/EBITDA 2.45 2.61 2.92
Net debt/EBITDA excluding items affecting comparability 2.30 2.61 2.65
Net debt/EBITDA excl leasing liabilities , pension liability and items 
affecting comparability 1.94 2.31 2.30
Cash flow and net liabilities 
Operating cash flow was positive and amounted to SEK 1,084 
million (307) during the quarter. Goods in stock and accounts 
receivable decreased during the quarter by SEK 525 million and 
SEK 717 million respectively. Efforts to reduce goods in stock 
had a negative impact of SEK 848 million on accounts payable 
and cash flow. 
Net liabilities at the end of the quarter amounted to SEK 8,941 
million (6,413). The increase over the previous year is due to a 
higher tie-up of working capital and acquisition activities. Net 
liabilities in relation to EBITDA amounted to 2.45 (2.61). Exclud -
ing lease liabilities (IFRS 16) and pension, financial liabilities 
amount to SEK 6,514 million (4,752). Adjusted net liabilities in 
relation to adjusted EBITDA amounted to 1.94 (2.31).   
At the end of the period, the company had credit facilities 
amounting to SEK 11,000 million (9,346), of which unutilised 
credits amounted to SEK 2,235 million (2,981).
January – September 2023 
Organic sales increased by 3.2 per cent in the first nine months 
of the year compared with the same period the previous year. 
Acquisition effects amounted to 36.1 per cent and currency 
effects were 6.5 per cent. Net sales increased by a total of 45.8 
per cent to SEK 24,522 million (16,820). 
The group’s EBITA totalled SEK 2,677 million (1,647) during the 
first nine months of the year, which is an increase of 62.6 per 
cent. Positive exchange rate effects of SEK 126 million (54) are 
included in EBITA. The EBITA margin amounted to 10.9 per cent 
(9.8).  
Net financial income and expenses amounted to SEK -458 
million (-119), affected by non-recurring costs related to tem-
porary financing of SEK 138 million for the acquisition of the 
North American operation Heritage. Profit after tax for the group 
was SEK 1,633 million (1,115). Profit per share for the group 
before and after dilution, excluding items affecting comparability, 
amounted to SEK 3.60 (2.66). Profit per share before and after 
dilution amounted to SEK 3.37 (2.66). Operating cash flow 
amounted to SEK 679 million (-457).

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
6
Operating segment
EMEA
SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
Net sales 5 268 4 897 7.6 15 691 13 740 14.2 20 183 18 232
   Of which exchange rate fluctuation , % 8.5 5.5 7.5 5.2 6.1
EBITA 635 588 7.9 1 822 1 511 20.6 2 302 1 991
EBITA margin, % 12.0 12.0 11.6 11.0 11.4 10.9
EBIT 619 576 7.3 1 778 1 475 20.5 2 235 1 932
EBIT, % 11.7 11.8 11.3 10.7 11.1 10.6
Sales increased by 8 per cent in the quarter compared to
the same period last year, of which currency effects contributed
8 per cent. OEM and commercial and industrial refrigeration 
reported growth about 25 per cent and 15 per cent respectively. 
Within OEM it is primarily heat pumps, which are based on the 
natural refrigerant CO2, that reported good growth. HVAC reported 
an unchanged sales of 0 per cent affected by high comparative 
figures and a sales day less compared to the same quarter last 
year.
EBITA increased by 8 per cent to SEK 635 million (588). The 
EBITA margin was reported at 12.0 per cent (12.0). 
During the quarter, the acquisition of the Bulgarian company Con-
dex was closed. The company was consolidated on August 1.
External net sales per 
product area
Commercial and industrial
refrigeration 42% (39)
HVAC 50% (54)
OEM 8% (7)
OEM HVAC Total
Q3 2022
Q3 2023
Commercial
and industrial 
refrigeration
Reported sales per
product group
SEK M
0
1 000
2 000
3 000
4 000
5 000
6 000
15%
25%
0%
8%

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
7
Sales increased by 21 per cent in the quarter compared with the 
corresponding period last year, of which currency effects had an 
impact -1 per cent. HVAC reported a growth of 46 per cent, OEM 
a negative growth of -18 per cent and commercial and industrial 
refrigeration reported a growth of 13 per cent during the quarter. 
OEMs were affected by a general reduction in customer activity, 
primarily related to China. 
EBITA increased by 20 per cent to SEK 100 million (83). The 
EBITA margin was reported at 7.6 per cent (7.6). 
During the quarter, the acquisition of DS Maref (South Korea) was 
completed. The company will be consolidated in terms of results 
from October 1.
SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
Net sales 1 314 1 090 20.5 4 020 3 122 28.8 5 370 4 473
   Of which exchange rate fluctuation , % -0.5 14.7 2.0 9.6 9.5
EBITA 100 83 20.1 330 251 31.4 456 377
EBITA margin, % 7.6 7.6 8.2 8.0 8.5 8.4
EBIT 96 81 18.8 318 244 30.3 441 367
EBIT, % 7.3 7.4 7.9 7.8 8.2 8.2
Operating segment
APAC
External net sales per 
product area
Commercial and industrial 
refrigeration 31% (33)
HVAC 54% (44)
OEM 15% (23)
Reported sales per
product group
Commercial
and industrial 
refrigeration
OEM HVAC Total
Q3 2022
Q3 2023
SEK M
0
200
400
600
800
1 000
1 200
1 400
13%
-18%
46%
21%

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
8
Sales in the third quarter were in line with seasonal variations.
The months were impacted differently by the weather, but overall, 
for the quarter, the performance was in line with expectations. 
Sales in the third quarter were higher than the second quarter and 
the supply chain continued to improve during the quarter. EBITA 
and EBITA margin developed well.
The integration strategy is proceeding according to plan. At the 
end of the quarter the acquisition of AMSCO Supply was signed 
and closed. The company will be consolidated in terms of results 
from October 1.
SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
Net sales 1 924 - 4 868 - 4 868 -
EBITA 262 - 657 - 657 -
EBITA margin, % 13.6 - 13.5 - 13.5 -
EBIT 235 - 587 - 587 -
EBIT, % 12.2 - 12.1 - 12.1 -
Operating segment
North America

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
9
Significant events during the quarter
During the quarter, Beijer Ref announced the acquisitions of DS 
Maref (South Korea) and AMSCO Supply (North America).  
On September 8, 2023, the board of Beijer Ref decided, based 
on the authorisation granted by the Annual General Meeting on 
April 25, 2023, to acquire 316,500 of its own class B shares on 
Nasdaq Stockholm. The purpose of the repurchase is to ensure 
Beijer Ref's delivery of shares to participants in the incentive 
programme LTIP 2023/2026.
Significant events after the end of the period
No significant events have occurred after the end of the period. 
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 goal is for it to 
increase from today’s 39 per cent to 50 per cent by 2025. On our 
website and in the annual report, we give more information about 
our goals and how we perform in relation to the goals.
Risk description 
Beijer Ref group’s operations are affected by a number of 
external factors whose effects on the group’s operating profit can 
be monitored to varying degrees. The group’s operations depend 
on general economic developments, which govern 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.
Accounting 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 policies 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. 
Financial instruments
A financial asset or financial liability is recognised in the balance 
sheet when the company becomes a party to the instrument’s 
contractual terms. A financial asset is removed from the balance 
sheet once all the benefits and risks associated with ownership 
have been transferred. A financial liability is removed from the 
balance sheet when the obligation in the agreement is fulfilled or 
otherwise concluded.
Financial instruments are initially valued at fair value and then 
at fair value or accrued acquisition value depending on clas -
sification. Financial instruments reported at acquisition value 
are initially reported at an amount corresponding to the fair 
value of the instrument with an addition for transaction costs. 
Financial instruments reported at fair value are initially reported 
at an amount corresponding to the fair value of the instrument; 
transaction costs are expensed directly. A financial instrument 
is classified when first reported based on the purpose for which 
it has been acquired. The classification determines how the 
financial instrument is measured after the first entry as described 
below.
All financial derivative instruments are reported on an ongoing 
basis at fair value. Purchases and sales of financial assets are 
recognised on the transaction date, which is the date when the 
group commits to purchase or sell the asset. 
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 32 of the 
Annual Report for 2022.
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 2022 annual report was 
issued and are described in more detail in Note 4.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
10
Webcast and Telephone conference Q3 2023 
The company invites investors, analysts and the media to attend 
a combined webcast and telephone conference at which CEO 
Christopher Norbye and CFO Ulf Berghult will present the interim 
report for the third quarter of 2023. The presentation will be held 
in English and lasts for about 20 minutes. The meeting is on 
October 24, at 10.00 CET.
If you wish to participate via a telephone conference, please 
register using the following link. After registration, you will receive 
a phone number, a conference ID and a user ID to log into the 
conference. During the telephone conference, you will have the 
opportunity to ask questions.
To follow the live webcast, please register using the following link.
A presentation will be available on the company’s website 
www.beijerref.com from 08:30 on October 24.
This interim report for Beijer Ref AB (publ) has been submitted 
following approval by the Board of Directors.
This interim report has been subject to a general review by the 
company’s auditor.
Malmö, October 24, 2023
Beijer Ref AB (publ)
Christopher Norbye, CEO
For more information, please contact:
Niklas Willstrand 
Global Corporate Communications Manager
Telefon 040-35 89 00
E-post nwd@beijerref.com
Auditors review report
Beijer Ref AB (publ), org nr 556040-8113
Introduction
We have reviewed the interim report for Beijer Ref AB (publ), corp.
reg. no. 556040-8113, for the period January 1 - September 30, 
2023. The Board of Directors and the President are responsible for 
the preparation and presentation of this interim report in accordan-
ce with IAS 34 and the Annual Accounts Act. Our responsibility is 
to express a conclusion on this interim report based on our review.
Scope of Review
We conducted our review in accordance with the International 
Standard on Review Engagements ISRE 2410, Review of Interim 
Financial Information Performed by the Independent Auditor of the 
Entity. A review consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying ana-
lytical and other review procedures. A review has a different focus 
and is substantially less in scope than an audit conducted in accor-
dance with ISA and other generally accepted auditing practices. 
The procedures performed in a review do not enable us to obtain 
a level of assurance that would make us aware of all significant 
matters that might be identified in an audit. Therefore, the conclu -
sion expressed based on a review does not give the same level of 
assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes 
us to believe that the interim report is not, in all material respects, 
prepared for the Group in accordance with IAS 34 and the Annual 
Accounts Act, and for the Parent Company in accordance with the 
Annual Accounts Act.
Malmö, October 24, 2023
Deloitte AB
Richard Peters
Authorized Public Accountant
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 08.30 CET on 24 October 2023.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
11
Financial overview
R12Quarter
Net sales, SEK M
Net debt/EBITDA excl. items 
aff. comparability
Operating cash flow, SEK M EBITA excl. items aff. 
comparability, SEK M
Profit per share excl. items 
aff. comparability, SEK
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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0
750
1 500
2 250
3 000
3 750
4 500
0
200
400
600
800
1 000
1 200
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q QQR12 R12
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
Net sales per 
product area
Net sales per 
segment
North America 23% (-) Commercial and industrial 
refrigeration 36% (38)
APAC 15% (18) HVAC 57% (52)
EMEA 62% (82) OEM 7% (10)
Organic sales per product group
Commerical and 
industrial 
refrigeration
OEM HVAC Total
3%
3%
-11%
-4%
Q3 2022
Q3 2023
SEK M
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
8 000
9 000
10 000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q R12Q Ratio
-400
-200
0
200
400
600
800
1 000
1 200
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
12
Summarised profit and loss account, SEK M Q3-23 Q3-22 9M 23 9M 22 R12 12M 22
Net sales 8 491 5 979 24 522 16 820 30 341 22 638
Other operating income 25 104 90 123 113 145
Operating expenses -7 378 -5 336 -21 423 -14 930 -26 805 -20 312
Depreciation and write-down of intangible and tangible fixed assets -227 -141 -642 -410 -803 -571
Operating profit (EBIT) 912 607 2 548 1 602 2 846 1 900
Net financial income/expense -158 -40 -458 -119 -518 -179
Profit before tax 753 567 2 089 1 483 2 327 1 721
Tax -186 -137 -457 -369 -543 -456
Net profit 567 430 1 633 1 115 1 784 1 266
Net profit attributable to:
The parent company’s shareholders 560 425 1 616 1 103 1 761 1 248
Non-controlling interests 7 5 17 12 23 17
Net profit per share before diluation, SEK 1 1.10 1.02 3.37 2.66 3.80 3.00
Net profit per share after diluation, SEK 1 1.10 1.02 3.37 2.66 3.80 3.00
The Group’s summarised report on other 
comprehensive income, SEK M Q3-23 Q3-22 9M 23 9M 22 R12 12M 22
Net profit 567 430 1 633 1 115 1 784 1 266
Other comprehensive income:
Items which will not be reversed in the profit and loss account 1 -14 -2 -13 59 48
Income tax relating to components in above item - - - - -13 -13
Items which can later be reversed in the profit and loss account -207 119 650 506 752 608
Income tax relating to components in above items -45 8 -34 6 -29 11
Total comprehensive income for the period 316 543 2 247 1 614 2 552 1 919
Attributable to:
The parent copmany’s shareholders 312 540 2 231 1 599 2 524 1 892
Non-controlling interests 4 2 16 15 28 27
1 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
13
Summarised balance sheet, SEK M 30 Sep 23 30 Sep 22 31 Dec 22
ASSETS
Intangible fixed assets 18 058 4 322 5 484
Tangible fixed assets 1 665 799 872
Right of use assets 2 251 1 451 1 771
Deferred tax asset 408 279 299
Other fixed assets 180 179 167
Total fixed assets 22 562 7 029 8 592
Inventories 11 033 7 144 7 389
Trade debtors 5 097 4 263 3 681
Other receivables 831 710 685
Liquid funds 1 950 1 741 1 518
Total current assets 18 912 13 859 13 272
Total assets 41 475 20 888 21 864
EQUITY AND LIABILITIES
Equity 22 115 6 474 6 714
Total equity 22 115 6 474 6 714
Long-term liabilities 10 166 7 579 6 975
Deferred tax liabilities 901 186 245
Total long-term liabilities 11 068 7 765 7 220
Trade creditors 3 005 3 102 2 586
Other liabilities 5 287 3 547 5 344
Total current liabilities 8 292 6 649 7 930
Total equity and liabilities 41 475 20 888 21 864
Of which interest-bearing liabilities 10 891 8 154 8 722

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
14
Equity, SEK M 30 Sep 2330 Sep 23 30 Sep 2230 Sep 22 31 Dec 2231 Dec 22
Opening balance 6 714 5 266 5 266
Net profit 1 633 1 115 1 266
Other comprehensive income for the period 614 499 654
Total comprehensive income for the period 2 247 1 614 1 919
Rights issue 13 757 - -
Option premium obtained with the issue of option programme LTIP 2022-2025 - 7 7
Option premium obtained with the issue of option programme LTIP 2023-2026 7 - -
Purchase of own shares -39 - -21
Dividend to shareholders for 2022 -477 - -
Dividend to shareholders for 2021 - -419 -419
Dividend to shareholders’ with non-controlling interest -45 -9 -9
Non-controlling interest arising on business combinations - 12 -
Change in fair value of liabilities linked to acquisitions -49 3 -29
Closing balance 22 115 6 474 6 714
Summarised consolidated cash flow analysis, SEK M Q3-23 Q3-22 9M 23 9M 22 R12 12M 22
Operating profit (EBIT) 912 607 2 548 1 602 2 846 1 900
Non-cash generated items 222 50 647 443 814 610
Impact of transaction costs related to Heritage -5 - -228 - 8 236
Paid interest -132 -73 -467 -129 -522 -184
Paid income tax -136 -122 -472 -338 -625 -491
Realisation result on sale of tangible fixed assets -1 -13 -5 -14 -11 -20
Changes in working capital 167 -314 -1 923 -2 080 -1 813 -1 970
Cash flow from current operations 1 027 134 99 -515 695 81
Cash flow from investment operations -1 076 -404 -8 659 -793 -9 197 -1 331
Cash flow from financial operations 107 1 202 -4 120 2 485 -4 094 2 511
Payments related to amortisation of lease liabilities -125 -98 -360 -283 -463 -386
Rights issue, net after costs and tax - - 13 708 - 13 708 -
Dividend paid -5 -6 -256 -246 -443 -434
Change in liquid funds -72 828 412 649 205 442
Exchange rate difference in liquid funds -31 44 20 89 4 72
Liquid funds at the beginning of the period 2 053 869 1 518 1 004 1 741 1 004
Liquid funds at the period end 1 950 1 741 1 950 1 741 1 950 1 518
Key figures* 30 Sep 23 30 Sep 22 31 Dec 22
Equity ratio, % 53.3 31.0 30.7
Return on equity (R12), % 10.0 23.2 20.4
Return on operating capital, excluding items affecting comparability,  (R12), % 11.4 16.0 16.2
Debt/equity, ratio 0.4 1.0 1.1
Interest coverage, excluding items affecting comparability, ratio 7.6 10.6 11.8
Net debt/EBITDA 2.45 2.61 2.92
Net debt/EBITDA excluding items affecting comparability 2.30 2.61 2.65
Net debt/EBITDA excluding leasing liabilities , pension liability and items affecting comparability 1.94 2.31 2.30
Average number of employees 5 869 4 550 4 720
Number of outstanding shares 506 810 926 380 468 980 380 345 570
Holding of own shares1 2 275 000 1 835 090 1 958 500
Total number of shares 509 085 926 382 304 070 382 304 070
Average number of outstanding shares 2 479 924 649 415 512 175 415 478 482
1 Holdings of own shares ensure the delivery of shares to participants in the options programme. The option programmes expire in June 2024, June 2025 and June 2026.
2 Comparative figures are recalculated as a result of the rights issue that was completed in March 2023.
*The table contains alternative key figures, for more details see p. 19.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
15
Net sales, SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
APAC 1 314 1 090 21 4 020 3 122 29 5 370 4 473
EMEA 5 268 4 897 8 15 691 13 740 14 20 183 18 232
North America 1 924 - - 4 868 - - 4 868 -
Eliminations -15 -8 - -57 -42 - -81 -66
Group 8 491 5 979 42 24 522 16 820 46 30 341 22 638
Operating profit (EBIT), SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
APAC 96 81 19 318 244 30 441 367
EMEA 619 576 7 1 778 1 475 20 2 235 1 932
North America 235 - - 587 - - 587 -
Other -38 -50 - -135 -117 - -171 -154
Group 912 607 50 2 548 1 602 59 3 091 2 145
Items affecting comparability - - - - - - -245 -245
Group incl. items affecting 
comparability 912 607 50 2 548 1 602 59 2 846 1 900
EBIT % Q3-23 Q3-22 ∆ 9M 23 9M 22 ∆ R12 12M 22
APAC 7.3 7.4 -0.1 7.9 7.8 0.1 8.2 8.2
EMEA 11.7 11.8 0.0 11.3 10.7 0.6 11.1 10.6
North America 12.2 - 12.2 12.1 - 12.1 12.1 -
Group 10.7 10.1 0.6 10.4 9.5 0.9 10.2 9.5
Group incl. items affecting 
comparability 10.7 10.1 0.6 10.4 9.5 0.9 9.4 8.4
Overview per segment
Reporting for segments
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. As of the first quarter of 2023,
the group has the following segments; EMEA, APAC and North
America.
The previous operating segments Nordics, Central Europe,
Southern Europe, Eastern Europe and Africa, which were
reported separately, are now included in EMEA. The former
operating segment Asia Pacific is included in APAC. All acquisi-
tions closed on the North American market are included in the 
operating segment North America.
The segment report for the regions contains net sales, EBIT and
EBIT per cent. Internal sales within each segment are eliminated
in net sales, internal sales between segments are eliminated at
the total level.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
16
Net sales, SEK M Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21
APAC 1 314 1 317 1 389 1 350 1 090 993 1 039 1 017 778
EMEA 5 268 5 520 4 903 4 492 4 897 4 956 3 886 3 265 3 568
North America 1 924 1 827 1 118 - - - - - -
Eliminations -15 -10 -32 -24 -8 -11 -23 -11 -5
Group 8 491 8 654 7 378 5 818 5 979 5 938 4 903 4 271 4 341
Operating profit (EBIT), SEK M Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21
APAC 96 85 137 123 81 70 93 102 38
EMEA 619 683 476 457 576 570 329 264 342
North America 235 247 104 - - - - - -
Other -38 -45 -51 -37 -50 -37 -30 -40 -26
Group 912 970 666 543 607 603 393 326 354
Items affecting comparability - - - -245 - - - - -
Group incl. items affecting 
comparability 912 970 666 298 607 603 393 326 354
EBIT % Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21
APAC 7.3 6.5 9.8 9.1 7.4 7.0 9.0 10.0 4.9
EMEA 11.7 12.4 9.7 10.2 11.8 11.5 8.5 8.1 9.6
North America 12.2 13.5 9.3 - - - - - -
Group 10.7 11.2 9.0 9.3 10.1 10.2 8.0 7.6 8.2
Group incl. items affecting 
comparability 10.7 11.2 9.0 5.1 10.1 10.2 8.0 7.6 8.2
Sales per product group
In the tables below, net sales are distributed by respective 
product group, i.e. HVAC, OEM and Commercial and Industrial 
Refrigeration
Net sales, SEK M Q3-23 Q3-22 ∆% 9M 23 9M 22 ∆% R12 12M 22
HVAC 4 852 3 131 55 14 085 8 693 62 17 115 11 724
OEM 608 577 5 1 864 1 573 18 2 463 2 172
Commercial and industrial refrigeration 3 031 2 271 33 8 574 6 553 31 10 763 8 742
Group 8 491 5 979 42 24 522 16 820 46 30 341 22 638
Net sales, SEK M Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Q2-22 Q1-22 Q4-21 Q3-21
HVAC 4 852 5 122 4 110 3 030 3 131 3 175 2 387 1 926 1 998
OEM 608 649 608 599 577 527 469 448 400
Commercial and Industrial 
Refrigeration 3 031 2 883 2 660 2 189 2 271 2 236 2 047 1 897 1 943
Group 8 491 8 654 7 378 5 818 5 979 5 938 4 903 4 271 4 341

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
17
Company acquisitions  
For each acquisition, the company performs a materiality assess-
ment based on sales, product area and market. It is our assess-
ment 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, eleven acquisitions have been consolidat-
ed in the group's accounts, of which Heritage Distribution was as-
sessed as a material acquisition; the other ten acquisitions were 
each deemed to be immaterial. Of the consolidated acquisitions 
for the year, five of the acquisitions are acquisitions of assets and 
liabilities. Information about the acquisitions is provided in the 
table below.  
2023  
Third quarter  
During the third quarter, Beijer Ref acquired 95 per cent of the 
shares of Industrifiber (Norway) and has a put/call option to ac-
quire the remaining shares. Beijer Ref also acquired 100 per cent 
of the business of DS Maref (South Korea) and AMSCO Supply 
(North America) during the quarter. DS Maref and AMSCO Supply 
have had no effect on the consolidated income statement during 
the third quarter. 
2022
Third quarter  
During the corresponding quarter last year, Beijer Ref acquired 
85 per cent of the shares of EID, with an option to acquire the 
remaining shares. Beijer Ref signed agreements to acquire AAD 
and HVAC Consolidated and Transport Cooling SA.  
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 writ-
ten off. Most accrued acquisition goodwill is explained by synergy 
gains with the group's existing operations. In 2023, shares and 
asset deals have been executed, wherein portions of the final pur-
chase considerations will be settled through option rights within 
the timeframe of 2023-2027. The options have been valued at the 
likely outcome and entered as current and non-current liability; 
this liability amounts to SEK 633 million in total. Acquisitions that 
include a put/call option, where ownership will amount to 100 per 
cent, are consolidated in their entirety at the time of acquisition.
Acquisition costs for acquisitions completed in 2023 and charged 
to profit for 2023 amount to approximately SEK 19 million and are 
included in other costs. Acquisition costs and acquisition calcula-
tions are preliminary. The acquisition calculations for the compa-
nies acquired during the first nine months of 2022 have now been 
determined. No significant adjustments have been made to the 
calculations.
Consolidated acquisitions Consolidated from Segments Net sales, SEK M Number of employees
2023
Companies
Heritage Distribution January 20 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) September 30 APAC 375 82
AMSCO Supply (asset deal) September 30 North America 500 50
2022
Companies
Deltron January EMEA 400 110
Mackay Air Supply and GMR Supplies (asset deal) April APAC 50 8
EID August EMEA 170 20
Easy Air Conditioning October EMEA 70 8
AAD and HVAC Consolidated November APAC 800 125
Acquisitions not yet consolidated Consolidated from Segments Net sales, SEK M Number of employees
HVAC Depot (asset deal) Q4 2023 APAC 20 13

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

18
Acquisitions of companies, SEK M Heritage Distribution Other acquisitions 9M 23 9M 22
Fair value in the Group:
Intangible assets 4 435 136 4 571 62
Tangible and financial fixed assets 1 135 120 1 255 36
Deferred tax asset - 1 1 2
Inventories 1 891 548 2 438 86
Other current assets 558 177 735 122
Liquid funds 432 51 483 109
Deferred tax liability -533 -14 -547 -13
Provisions - -1 -1 -3
Other current liabilities -1 014 -257 -1 272 -118
Liabilities to credit institutions -5 619 -50 -5 669 -30
Total identifiable net assets: 1 285 710 1 994 253
Goodwill 6 673 889 7 562 523
Effect on the cash flow:
Consideration -7 958 -1 599 -9 556 -776
Non-paid consideration 317 367 683 248
Paid consideration for previous years’ acquisitions - -73 -73 -
Repaid consideration for previous years’ acquisitions - 14 14 -
Liquid funds in acquired companies 432 51 483 109
Total -7 209 -1 240 -8 449 -418
Parent company balance sheet in summary, SEK M 30 Sep 23 30 Sep 22 31 Dec 22
ASSETS
Intangible fixed assets 7 6 6
Tangible fixed assets 4 4 4
Financial fixed assets 22 301 7 399 7 472
Current assets 3 305 2 074 2 284
Total assets 25 616 9 483 9 766
EQUITY AND LIABILITIES
Shareholders’ equity 15 968 2 032 2 119
Long-term liabilities 7 068 6 208 4 810
Current liabilities 2 581 1 243 2 837
Total equity and liabilities 25 616 9 483 9 766
Parent company profit and loss account in summary, SEK M Q3-23 Q3-22 9M 23 9M 22 R12 12M 22
Operating income 3 1 7 6 125 124
Operating expenses -45 -43 -167 -126 -218 -177
Depreciation and write-down of intangible 
and tangible fixed assets
-1 -1 -2 -3 -2 -3
Operating profit (EBIT) -43 -43 -162 -123 -95 -56
Net financial income/expense 73 14 209 -26 140 -95
Result of participations in Group companies 37 12 535 632 535 632
Profit before appropriations 67 -17 581 483 579 481
Appropriations - - - - 102 102
Profit before tax 67 -17 581 483 681 583
Tax -6 -6 19 - 29 10
Net profit 61 -23 599 483 709 593
The table shows the total cash flow effect from acquisition activities. The presentation of identifiable net assets refers to acquisitions made during the first nine months of 
2023 and the corresponding period of 2022 respectively. Other acquisitions include the effects of all acquisitions consolidated in 2023 excluding Heritage Distribution. These 
companies have been aggregated in the above table as the respective acquisitions are not material individually.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
19
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
Definitions of key figures
Other
Beijer Ref uses a number of alternative key figures. The group believes that the key figures are useful to users of the financial state -
ments 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 liabilities, 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 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 https://www.beijerref.com/alternative-performan -
ce-measures/.

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
20
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 >140 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 2023
• Interim report for the fourth quarter will be published  
January 31, 2024
Beijer Ref in brief

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

Beijer Ref AB
Q3 2023 – Published on October 24, 2023
21
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.