Kvartalsrapport Q3 2024

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

Beijer Ref
Q3 2024
English version

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

Beijer Ref
Q3 2024
Third quarter
• Net sales increased by 12 per cent and amounted to SEK 9,493 million (8,491). Organic sales increased by 3 per cent 
in the quarter compared with the corresponding period last year. Acquisition effects amounted to 12 per cent and 
currency effects amounted to -3 per cent.
• EBITA amounted to SEK 1,084 million (959), which is an increase of 13 per cent compared with the corresponding 
period last year. The EBITA margin amounted to 11.4 per cent (11.3).
• Operating cash flow amounted to SEK 1,231 million (1,084).
• Profit per share before and after dilution amounted to SEK 1.30 (1.10), which is an increase of 17 per cent.
• During the quarter, Beijer Ref acquired the Spanish company GIA Group, which is one of Spain's largest distributors of 
air conditioning with several own strong brands. The company's turnover during the completed fiscal year 2023 
amounted to approximately SEK 1.1 billion with good profitability. The company was consolidated as of August.
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.
1For 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 Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
Net sales 9,493 8,491 11.8 26,854 24,522 9.5 34,481 32,150
Organic sales, % 2.7 -4.4 0.5 3.2 1.4
EBITA excluding items affecting comparability 1,084 959 13.1 2,966 2,677 10.8 3,687 3,398
EBITA margin excluding items affecting 
comparability, % 11.4 11.3 11.0 10.9 10.7 10.6
Items affecting comparability - - - - -60 -60
EBITA 1,084 959 13.1 2,966 2,677 10.8 3,627 3,338
Operating profit (EBIT) 1,033 912 13.3 2,815 2,548 10.5 3,425 3,159
Net profit excluding items affecting comparability 666 567 17.4 1,802 1,743 3.4 2,195 2,136
Net profit 666 567 17.4 1,802 1,633 10.4 2,570 2,400
Profit per share after dilution, SEK2
Excluding items affecting comparability 1.30 1.10 17.5 3.50 3.60 -2.5 4.26 4.33
Including items affecting comparability 1.30 1.10 17.5 3.50 3.37 4.1 5.00 4.88
Operating cash flow 1,231 1,084 - 2,166 679 - 3,976 2,490
Return on operating capital, excluding items 
affecting comparability, % - - - - - 10.9 10.7
2Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

We leave behind us a stable quarter, with sales growth in all operating segments together with continued good 
profitability. The Group's total sales amounted to SEK 9,493 million, corresponding to a growth of 12 per cent. 
EBITA amounted to SEK 1,084 million, corresponding to an increase of 13 per cent, and the EBITA margin was 
11.4 per cent (11.3). Organic sales increased by 3 per cent during the period. A good operating cash flow of SEK 
1,231 million continues to support expansionary possibilities in the market.
The OEM segment continued to demonstrate good organic 
growth, reporting an increase of 11 per cent. Furthermore, 
organic growth for HVAC was stable at 3 per cent, while 
organic sales for commercial and industrial refrigeration 
was in line with the corresponding period last year.
During the quarter, 75 per cent of the shares in GIA Group 
were acquired, with a put/call option to acquire the 
remaining shares. GIA Group is a leading Spanish 
distributor of air conditioning products and reported sales of 
SEK 1.1 billion with good profitability during the fiscal year 
2023. The company was consolidated as of August and 
strengthens our presence in the Spanish market, where we 
see growing demand. GIA Group employs approximately 
100 people, and we look forward to integrating their 
expertise and creating important synergies.
Our OEM companies reported good growth during the 
quarter, and it is particularly pleasing that our Danish 
refrigeration and heating technology company, Fenagy, 
which focuses on environmentally friendly heat pumps 
based on natural refrigerants, secured its first order in 
Germany. This order is for a 1 MW air source heat pump 
for district heating and marks the start of several potential 
projects in Germany, which will be an important market for 
Fenagy's continued growth.
In North America, a transition to more environmentally 
friendly refrigerants with a lower GWP (Global Warming 
Potential) value is currently underway. To ensure that 
Beijer Ref can meet the increasing demand, we initiated 
cooperation with key partners in the US during the period 
to develop products with a lower climate impact. The 
launch is expected to take place in the first quarter of 2025. 
Beijer Ref is strongly committed to sustainability and works 
proactively to reduce the Group's environmental impact. As 
a company, we have a key role to play in the phase-out of 
fossil fuels, particularly by offering energy-efficient and 
sustainable solutions for both commercial and industrial 
needs. By providing innovative cooling and heating 
systems using natural refrigerants, we are actively 
contributing to shaping a greener future.
Digital sales increased by 24 per cent in the quarter, 
compared to the same period last year. The positive sales 
growth, together with a constant increase in online 
customers, confirms our ongoing digital journey. 
Furthermore, we have several exciting projects, related to 
our digital platform and the implementation of new tools 
and AI.
We summarise another good quarter and have a clear 
strategy that is well anchored in the Group. Our robust 
platform provides us with favorable conditions for continued 
growth and development. A big thank you to all employees 
in the Group, who together contribute to the company's 
success.
Christopher Norbye
CEO
CEO comments
Stable quarter with good profitability
3Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Third quarter
2024
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 19. 
3Average number of outstanding shares has increased due to the rights issue completed in March 2023. For more information, see page 15.
Net sales
Net sales increased by 11.8 per cent and amounted to SEK 
9,493 million (8,491). Organic sales increased by 2.7 per 
cent in the quarter, compared with the corresponding 
period last year. Acquisition effects amounted to 11.7 per 
cent and currency effects amounted to -2.6 per cent.
The EMEA and APAC operating segments reported sales 
growth of 4 per cent and 20 per cent respectively in the 
quarter. The North America operating segment reported 
sales growth of 26 per cent in the quarter, mainly driven by 
acquisitions.
The OEM and HVAC product segments reported stable 
organic growth of 11 per cent and 3 per cent respectively. 
The commercial and industrial refrigeration product 
segment reported organic sales in line with the 
corresponding period last year.
Profit
The Group's EBITA amounted to SEK 1,084 million (959) 
during the third quarter, which is an increase of 13 per 
cent. Currency effects are included in EBITA with SEK -26 
million (57). The EBITA margin amounted to 11.4 per cent 
(11.3).
Net financial items amounted to SEK -153 million (-158). 
The tax rate for the quarter amounted to 24 per cent (25).
Profit for the period amounted to SEK 666 million (567). 
Profit per share before and after dilution amounted to SEK 
1.30 (1.10), which is an increase of 17 per cent.
Financial overview1, SEK M Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
Net sales 9,493 8,491 11.8 26,854 24,522 9.5 34,481 32,150
Organic change, % 2.7 -4.4 0.5 3.2 1.4
Change through acquisition2, % 11.7 39.5 9.9 36.1 35.2
Currency effect, % -2.6 6.9 -0.8 6.5 5.4
Change total, % 11.8 42.0 9.5 45.8 42.0
EBITA excluding items affecting comparability 1,084 959 13.1 2,966 2,677 10.8 3,687 3,398
EBITA margin, excluding items affecting 
comparability, % 11.4 11.3 11.0 10.9 10.7 10.6
Items affecting comparability - - - - -60 -60
EBITA 1,084 959 13.1 2,966 2,677 10.8 3,627 3,338
Operating profit (EBIT) excluding items affecting 
comparability 1,033 912 13.3 2,815 2,548 10.5 3,485 3,219
Operating profit (EBIT) 1,033 912 13.3 2,815 2,548 10.5 3,425 3,159
Net financial income/expense, excluding items
affecting comparability -153 -158 -432 -321 -550 -438
Net financial income/expense -153 -158 -432 -458 -550 -576
Tax, excluding items affecting comparability -215 -186 -580 -485 -741 -645
Tax -215 -186 -580 -457 -306 -183
Net profit excluding items affecting comparability 666 567 17.4 1,802 1,743 3.4 2,195 2,136
Net profit 666 567 17.4 1,802 1,633 10.4 2,570 2,400
Profit per share after dilution, SEK3
Excluding items affecting comparability 1.30 1.10 17.5 3.50 3.60 -2.5 4.26 4.33
Including items affecting comparability 1.30 1.10 17.5 3.50 3.37 4.1 5.00 4.88
4Beijer Ref Q3 2024 Report - Published on October 24, 2024
12% 3% 13% 17%
Sales increase Organic growth EBITA increase Change
result/share

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

Operating cash flow and net debt, SEK M Q3 24 Q3 23 9M 24 9M 23 R12 12M 23
Operating profit, excl. items affecting comparability (EBIT) 1,033 912 2,815 2,548 3,485 3,219
Depreciation/write-downs on tangible assets 201 179 579 513 760 693
Amortisation/write-downs on intangible assets 51 47 151 129 201 179
EBITDA excl. items affecting comparability 1,285 1,138 3,545 3,190 4,446 4,090
Changes in working capital 196 167 -647 -1,923 511 -765
Investments in tangible fixed assets -94 -90 -329 -227 -447 -346
Payments related to amortisation of lease liabilities -138 -125 -401 -360 -531 -490
Non-cash generated items -18 -6 -3 0 -3 0
Operating cash flow 1,231 1,084 2,166 679 3,976 2,490
EBITDA impact of leasing (IFRS 16) -635 -579
EBITDA excl. leasing (IFRS 16) and items affecting 
comparability 3,812 3,511
Net debt 10,085 8,941 8,400
Of which:
Pension debt 114 115 107
Leasing liabilities, according to IFRS 16 2,296 2,312 2,371
Net debt excl. pension and leasing liabilities 7,675 6,514 5,922
Authorised credit limit 16,068 11,000 13,183
Of which remains to be utilised 6,872 2,235 4,668
Net debt/EBITDA excl. items affecting comparability 2.27 2.30 2.05
Net debt/EBITDA excl. leasing liabilities, pension liability and 
items affecting comparability 2.01 1.94 1.69
Cash flow and net debt
Operating cash flow during the quarter amounted to SEK 
1,231 million (1,084).
Net debt at the end of the quarter amounted to SEK 10,085 
million (8,941). The increase since last year is mainly 
attributable to acquisition activities. Excluding lease 
liabilities (IFRS 16) and pension, net debt amounted to 
SEK 7,675 million (6,514). The net debt to EBITDA ratio, 
excluding items affecting comparability, amounted to 2.27 
(2.30). Adjusted net debt in relation to adjusted EBITDA 
amounted to 2.01 (1.94).
At the end of the period, the company had credit facilities 
amounting to SEK 16,068 million (11,000), of which 
unutilised credit facilities amounted to SEK 6,872 million 
(2,235).
January - September 2024
Net sales for the first nine months of the year amounted to 
SEK 26,854 million (24,522), which is an increase of 9.5 
per cent compared with the corresponding period last year. 
Organic sales increased by 0.5 per cent, acquisition effects 
amounted to 9.9 per cent and currency effects amounted to 
-0.8 per cent.
The Group's EBITA amounted to SEK 2,966 million (2,677) 
during the first nine months of the year, which is an 
increase of 11 per cent. Currency effects of SEK -23 million 
(126) are included in EBITA. The EBITA margin amounted 
to 11.0 per cent (10.9).
Net financial items, excluding items affecting comparability, 
amounted to SEK -432 million (-321), affected by higher 
debt and interest rates.
Profit for the period, excluding items affecting 
comparability, amounted to SEK 1,802 million (1,743) and 
profit for the period amounted to SEK 1,802 million (1,633). 
Profit per share before and after dilution, excluding items 
affecting comparability, amounted to SEK 3.50 (3.60). 
Profit per share before and after dilution amounted to SEK 
3.50 (3.37). The average number of shares outstanding 
has increased to 506,858,226 (479,924,649), impacted by 
the rights issue completed in March 2023.
Operating cash flow amounted to SEK 2,166 million (679), 
driven by lower tied-up of working capital.
5Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Operating segment
EMEA
External net sales per product segment
6
SEK M Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
Net sales 5,499 5,268 4.4 15,885 15,691 1.2 20,448 20,254
Of which currency effect, % -2.6 8.5 -0.4 7.5 6.4
EBITA 659 635 3.9 1,825 1,822 0.1 2,297 2,294
EBITA margin, % 12.0 12.0 11.5 11.6 11.2 11.3
HVAC 52% (50)
OEM 8% (8)
Commercial and industrial 
refrigeration 40% (42)
During the quarter, the EMEA operating segment reported 
stable growth of 4 per cent, despite a negative currency 
effect of 3 per cent and continued low activity in the southern 
European markets. The largest increase was within the 
HVAC segment, which reported growth of 8 per cent, driven 
by strong sales in Eastern Europe, good sales growth from 
our own brands, as well as acquisitions.
The OEM segment continued to demonstrate steady growth, 
reporting a sales increase of 6 per cent. Sales growth is 
mainly driven by our own manufactured compressor units 
and heat pumps based on natural refrigerants. Several new 
products, based on environmentally friendly technology, will 
be launched during the fall, including a new heat pump in the 
commercially attractive 30-300 kW range.
Commercial refrigeration and industrial refrigeration was in 
line with the corresponding period last year.
EBITA was reported at SEK 659 million (635) with a good 
EBITA margin of 12.0 per cent (12.0).
The acquisition of the Spanish air conditioning company 
GIA Group was completed during the quarter. GIA Group is 
one of Spain's largest distributors of air conditioning with 
several own strong brands. The company's turnover during 
the completed fiscal year 2023 amounted to approximately 
SEK 1.1 billion with good profitability. The company was 
consolidated as of August.
Simon Karlin
COO EMEA
Beijer Ref Q3 2024 Report - Published on October 24, 2024
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
Q3 23 Q3 24
0%
6%
8%
4%
SEK M

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

Operating segment
APAC
7
During the quarter, the APAC operating segment reported a 
sales increase of 20 per cent, driven by acquisitions and 
growing demand for commercial refrigeration.
EBITA increased by 31 per cent and amounted to SEK 131 
million (100). The EBITA margin increased by 0.7 
percentage points and amounted to 8.3 per cent (7.6). The 
improved EBITA margin can continue to be attributed to a 
greater focus on own our brands and higher demand for 
complete HVAC solutions.
In general, we see a positive trend in demand in APAC, but 
the market for major projects continued to be weak in the 
third quarter, especially in Asia. However, it is positive that 
many of the larger projects that receive financing are usually 
focused on energy-efficient solutions and natural 
refrigerants, which is particularly beneficial for Beijer Ref, 
which offers a comprehensive and strong range in this 
segment.
With a wide assortment in the rapidly growing electrification 
of air conditioning and heating systems, Beijer Ref has a 
solid position in the Southern Hemisphere countries facing 
the seasonally stronger fourth quarter.
Jonas Steen
COO APAC
External net sales per product segment
SEK M Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
Net sales 1,575 1,314 19.9 4,660 4,020 15.9 6,273 5,633
Of which currency effect, % -1.8 -0.5 -2.2 2.0 1.2
EBITA 131 100 31.3 438 330 32.6 596 489
EBITA margin, % 8.3 7.6 9.4 8.2 9.5 8.7
Beijer Ref Q3 2024 Report - Published on October 24, 2024
0
500
1,000
1,500
2,000
Commercial
and industrial
refrigeration
OEM HVAC Total
Reported net sales per product segment
Q3 23 Q3 24
31%
34%
9%
20%
SEK M
HVAC 49% (54)
OEM 17% (15)
Commercial and industrial 
refrigeration 34% (31)

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

8
During the quarter, the North America operating segment 
reported sales growth of 26 per cent, mainly related to 
acquisitions. Regional closures towards the end of the 
quarter, due to Hurricane Helene, had a negative impact on 
sales growth.
EBITA and EBITA margin were reported at SEK 332 million 
(262) and 13.7 per cent (13.6) respectively. Given the 
operating margins of the recently acquired companies, the 
underlying EBITA margin development was strong.
In North America, a transition to more environmentally 
friendly refrigerants with lower GWP value is underway. To 
support this shift, Beijer Ref is collaborating with key US 
players to develop products with reduced climate impact. 
This collaboration ensures that we meet the growing 
demand, with a product launch expected in the first quarter 
of 2025. 
During the quarter, we opened three new branches in 
markets close to our existing operations, one of which is 
linked to our recently acquired company Young Supply. 
Although still in the early stages, we are seeing good sales 
results, demonstrating that establishing new branches is a 
good foundation for further expansion of our North American 
platform.
In addition to our geographic expansion, we have been 
proactively working on several strategic initiatives to 
expand the scope of our North American platform: we are 
broadening the product offering for our own brands, 
expanding into commercial refrigeration in branches that 
currently handle HVAC, and making progress in scaling our 
e-commerce platform across the North American business. 
At the same time, we continue to maintain a strong 
acquisition pipeline.
Alex Averitt
MD North America
SEK M Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
Net sales 2,428 1,924 26.2 6,361 4,868 30.7 7,830 6,336
Of which currency effect, % -3.0 -0.9
EBITA 332 262 26.7 838 657 27.5 980 799
EBITA margin, % 13.7 13.6 13.2 13.5 12.5 12.6
Beijer Ref Q3 2024 Report - Published on October 24, 2024
Operating segment
North America

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

9Beijer Ref Q3 2024 Report - Published on October 24, 2024
Important events during the quarter
Beijer Ref acquired 75 per cent of the shares in GIA 
Group, with a put/call option to acquire the remaining 
shares. GIA Group is an air conditioning company and one 
of Spain's largest distributors with several own strong 
brands. The company was consolidated as of August.
Significant events after the end of the period
There were no significant events 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 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 makes the assessment that it is in the 
environmental field that the Group can make the biggest 
difference. To further strengthen the work of developing 
environmentally friendly refrigeration technology, the 
Group measures the proportion of Beijer Ref's OEM sales 
that are environmentally friendly. The goal is for 
environmentally friendly OEM sales to account for at least 
50% of total OEM sales by 2025. At the end of the quarter, 
environmentally friendly OEM sales accounted for 49% of 
total OEM sales.
Risk description
The Beijer Ref Group's operations are affected by a 
number of external factors, the effects of which on the 
Group's operating profit can be controlled to varying 
degrees. The Group's operations are dependent on the 
general economic development in the regions where the 
business is present, which determines the demand for 
Beijer Ref's products and services.
Acquisitions are normally associated with risks, such as 
the loss of key personnel. Other operational risks, such as 
agency and supplier agreements, product liability and 
delivery commitments, technical development, warranties, 
personal dependency and others, are analyzed 
continuously. If necessary, measures are taken to reduce 
the Group's risk exposure. In its operations, Beijer Ref is 
exposed to financial risks such as currency risk, interest 
rate risk and liquidity risk. The parent company's risk 
profile 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 parties' transaction
There have been no significant changes in the Group's or 
the Parent Company's transactions or relationships with 
related parties compared to those described in note 30 of 
the 2023 Annual Report.
Key assessments and assumptions for accounting 
purposes
The management and the Board of Directors make 
assessments and assumptions about the future. These 
assessments and assumptions affect the reported 
amounts of assets and liabilities, income and expenses, 
and other disclosures. These assessments 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 2023 Annual Report and are described in 
more detail in Note 4.

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

Webcast and Telephone conference Q3 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 third quarter of 2024. 
The presentation will be held in English and lasts for about 
20 minutes. The meeting is on October 24, at 09.00 CET. 
To follow the live webcast, please register using the 
following link: 
https://ir.financialhearings.com/beijer-ref-q3-
report-2024/register
If you wish to participate via a telephone conference, 
please register using the below link: 
https://conference.financialhearings.com/teleconference/?i
d=50049044
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. 
A presentation will be available on the company’s website 
www.beijerref.com from 08:00 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, 2024 
Beijer Ref AB (publ) 
Christopher Norbye, CEO
Contact:
IR
Joel Davidsson
CFO
Telephone 040-35 89 00
Email jdn@beijerref.com
Media contact:
Niklas Willstrand
Director of Global Communications
Telephone 040-35 89 00
Email 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, 2024. The Board of Directors and the 
President are responsible for the preparation and 
presentation of this interim report in accordance 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 analytical 
and other review procedures. A review has a different 
focus and is substantially less in scope than an audit 
conducted in accordance 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 conclusion 
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, 2024 
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 08.00 CET on 24 October 2024.
10Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

0
2,000
4,000
6,000
8,000
10,000
Commercial
and industrial
refrigeration
OEM HVAC Total
Organic sales per product segment
Q3 23 Q3 24
Financial overview
1Excluding items affecting comparability
2Exklusive leasing liabilities, pension liability and items affecting
comparability
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
Q3
22
Q3
23
Q3
24
Net sales, SEK M
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
200
400
600
800
1,000
1,200
1,400
Q3
22
Q3
23
Q3
24
EBITA1, SEK M
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Q3
22
Q3
23
Q3
24
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
Q3
22
Q3
23
Q3
24
Net debt/EBITDA2
Quarter
R12
Q Q Q
Q Q
R12 R12
R12 Ratio
Net sales per product segment
Net sales per operating segment
EMEA 58% (62)
APAC 17% (15)
North America 26% (23)
HVAC 58% (57)
OEM 7% (7)
Commercial and industrial refrigeration 35% (36)
Beijer Ref Q3 2024 Report - Published on October 24, 2024
SEK M
0%
11%
3%
3%
-1,000
0
1,000
2,000
3,000
4,000
5,000
-500
0
500
1,000
1,500
2,000
Q3
22
Q3
23
Q3
24
Operating cash flow, SEK M R12

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

Summarised profit and loss account, SEK M Q3 24 Q3 23 9M 24 9M 23 R12 12M 23
Net sales 9,493 8,491 26,854 24,522 34,481 32,150
Other operating income 43 25 99 90 126 117
Operating expenses -8,252 -7,378 -23,408 -21,423 -30,221 -28,236
Depreciation and write-down of intangible and tangible fixed assets -252 -227 -731 -642 -961 -872
Operating profit (EBIT) 1,033 912 2,815 2,548 3,425 3,159
Net financial income/expense -153 -158 -432 -458 -550 -576
Profit before tax 881 753 2,382 2,089 2,876 2,583
Tax -215 -186 -580 -457 -306 -183
Net profit 666 567 1,802 1,633 2,570 2,400
Net profit attributable to:
The parent company’s shareholders 657 560 1,776 1,616 2,535 2,375
Non-controlling interests 8 7 26 17 34 25
Net profit per share before diluation, SEK1 1.30 1.10 3.50 3.37 5.00 4.88
Net profit per share after diluation, SEK1 1.30 1.10 3.50 3.37 5.00 4.88
The group’s summarised report on other comprehensive
income, SEK M Q3 24 Q3 23 9M 24 9M 23 R12 12M 23
Net profit 666 567 1,802 1,633 2,570 2,400
Other comprehensive income -705 -251 212 614 -1,157 -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 0 -2 -1 -2
Income tax relating to components in above item - - - - -1 -1
Items which can later be reversed in the profit and loss account:
Exchange rate differences -12 -279 261 487 -1 217 -474
Hedging of net investments -765 72 -62 163 -62 -353
Income tax relating to components in above item 72 -45 13 -34 120 73
Other comprehensive income -705 -251 212 614 -1,157 -755
Total comprehensive income for the period -39 316 2,014 2,247 1,412 1,645
Attributable to:
The parent company’s shareholders -27 312 2,007 2,231 1,400 1,624
Non-controlling interests -12 4 7 16 12 21
12
1Average number of outstanding shares has increased due to the rights issue completed in March 2023. For more information, see page 15.
Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Summarised balance sheet, SEK M 30 Sept. 24 30 Sept. 23 31 Dec. 23
ASSETS
Intangible fixed assets 19,016 18,058 17,439
Tangible fixed assets 2,304 1,665 1,687
Right of use assets 2,210 2,251 2,308
Deferred tax asset 601 408 419
Other fixed assets 211 180 208
Total fixed assets 24,343 22,562 22,061
Inventories 11,697 11,033 9,961
Trade debtors and other receivables 6,232 5,929 5,191
Liquid funds 1,901 1,950 1,957
Total current assets 19,830 18,912 17,109
Total assets 44,174 41,475 39,170
EQUITY AND LIABILITIES
Equity 22,617 22,115 21,443
Total equity 22,617 22,115 21,443
Long-term liabilities 8,851 10,166 9,314
Deferred tax liabilities 732 901 439
Total long-term liabilities 9,583 11,068 9,754
Trade creditors 3,638 3,005 2,728
Other liabilities 8,335 5,287 5,245
Total current liabilities 11,973 8,292 7,973
Total equity and liabilities 44,174 41,475 39,170
Of which interest-bearing liabilities 11,986 10,891 10,357
Specification for changes to equity, SEK M 
30 Sept. 24 31 Dec. 23
The parent
company’s 
shareholders
Non-
controlling 
interest
Total
The parent
company’s 
shareholders
Non-
controlling
interest
Total
On 1 January 21,323 120 21,443 6,603 111 6,714
Net profit 1,776 26 1,802 2,375 25 2,400
Other comprehensive income 205 7 212 -756 1 -755
Total comprehensive income for the year 1,981 33 2,014 1,620 26 1,645
Rights Issue - - - 13,756 - 13,756
Dividend to shareholders -659 - -659 -477 - -477
Option premium obtained, LTIP 2023-2026 - - - 7 - 7
Share-related compensation, LTIP 2024-2027 4 - 4 - - -
Repurchase options, LTIP 2021-2024 -28 - -28 - - -
Purchase of own shares - - - -39 - -39
Sales of own shares, LTIP 2021-2024 14 - 14 - - -
Change in fair value of liabilities linked to acquisitions -158 - -158 -148 - -148
Dividends to shareholders’ with non-controlling 
Interest - -13 -13 - -17 -17
Total -827 -13 -840 13,099 -17 13,083
On 31 December 22,476 141 22,617 21,323 120 21,443
13Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Summarised consolidated cash flow 
analysis, SEK M Q3 24 Q3 23 9M 24 9M 23 R12 12M 23
Current operations
Operating profit 1,033 912 2,815 2,548 3,425 3,159
Non-cash generated items included in operating profit 238 216 761 414 982 635
Operating profit adjusted for non-cash 
generated items 1,271 1,128 3,575 2,962 4,408 3,794
Paid interest -155 -132 -434 -467 -585 -618
Paid income tax -192 -136 -469 -472 -654 -658
Cash flow from current operations before 
changes in working capital 923 860 2,671 2,022 3,169 2,518
Changes in working capital 196 167 -647 -1,923 511 -765
Cash flow from current operations 1,119 1,027 2,024 99 3,680 1,753
Cash flow from investment operations -801 -1,076 -2,580 -8,659 -3,155 -9,235
Cash flow from financial operations1 -283 -23 464 8,972 -542 7,967
Cash flow for the period 35 -72 -92 412 -17 485
Liquid funds at the beginning of the period 1,891 2,053 1,957 1,518 1,950 1,518
Cash flow for the period 35 -72 -92 412 -17 485
Exchange rate difference, liquid funds -25 -31 36 20 -31 -46
Liquid funds at the end of the period 1,901 1,950 1,901 1,950 1,901 1,957
1Financing operations 2023 have received SEK 13,707 million in a rights issue.
14Beijer Ref Q3 2024 Report - Published on October 24, 2024

===== 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 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 the following Alternative performance measures
Key figures
Key figures1 30 Sept. 24 30 Sept. 23 31 Dec. 23
Equity ratio, % 51.2 53.3 54.7
Return on equity (R12), % 11.5 10.0 11.2
Return on operating capital, excluding items affecting comparability, (R12), % 10.9 11.7 10.7
Return on operating capital, excluding intangible assets and items affecting 
comparability, (R12), % 23.6 24.2 23.3
Net debt/EBITDA excluding leasing liabilities, pension liability and items 
affecting comparability 2.01 1.94 1.69
Average number of employees 6,517 5,869 6,024
Number of outstanding shares 506,905,526 506,810,926 506,810,926
Holding of own shares2 2,180,400 2,275,000 2,275,000
Total number of shares 509,085,926 509,085,926 509,085,926
Average number of outstanding shares3 506,858,226 479,924,649 486,922,447
Impact of items affecting comparability, SEK M Q3 24 Q3 23 9M 24 9M 23 R12 12M 23
EBITA, excluding items affecting comparability 1,084 959 2,966 2,677 3,687 3,398
Items affecting comparability included in operating 
costs
1 - - - - -60 -60
EBITA 1,084 959 2,966 2,677 3,627 3,338
Operating profit (EBIT), excluding items affecting 
comparabilty 1,033 912 2,815 2,548 3,485 3,219
Items affecting comparability included in operating 
costs1 - - - - -60 -60
Operating profit (EBIT) 1,033 912 2,815 2,548 3,425 3,159
Net financial income/expense, excluding items 
affecting comparability -153 -158 -432 -321 -550 -438
Items affecting comparability included in net financial 
income/expense2 - - - -138 - -138
Net financial income/expense -153 -158 -432 -458 -550 -576
Profit before tax, excluding items affecting 
comparabilty 881 753 2,382 2,227 2,936 2,781
Items affecting comparability included in profit 
before tax - - - -138 -60 -198
Profit before tax 881 753 2,382 2,089 2,876 2,583
Tax, excluding items affecting comparabilty -215 -186 -580 -485 -741 -645
Items affecting comparability included in tax3 - - - 28 435 463
Tax -215 -186 -580 -457 -306 -183
Net profit, excluding items affecting comparabilty 666 567 1,802 1,743 2,195 2,136
Items affecting comparability for the period - - - -110 375 265
Net profit 666 567 1,802 1,633 2,570 2,400
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 2025 and June 2026. 
3The average number of outstanding shares has increased due to the rights issue completed in March 2023.
1Items affecting comparability included in the operating costs for 2023 relate to consulting costs for the tax restructuring i n 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 relati ng 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.
15Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Net sales, SEK M Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
EMEA 5,499 5,268 4 15,885 15,691 1 20,448 20,254
APAC 1,575 1,314 20 4,660 4,020 16 6,273 5,633
North America 2,428 1,924 26 6,361 4,868 31 7,830 6,336
Eliminations -9 -15 -52 -57 -69 -74
Group 9,493 8,491 12 26,854 24,522 10 34,481 32,150
EBITA, SEK M Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
EMEA 659 635 4 1,825 1,822 0 2,297 2,294
APAC 131 100 31 438 330 33 596 489
North America 332 262 27 838 657 27 980 799
Other -38 -38 -134 -133 -186 -184
Group 1,084 959 13 2,966 2,677 11 3,687 3,398
Items affecting comparability - - - - - - -60 -60
Group incl. items affecting comparability 1,084 959 13 2,966 2,677 11 3,627 3,338
EBITA, % Q3 24 Q3 23 ∆ 9M 24 9M 23 ∆ R12 12M 23
EMEA 12.0 12.0 -0.1 11.5 11.6 -0.1 11.2 11.3
APAC 8.3 7.6 0.7 9.4 8.2 1.2 9.5 8.7
North America 13.7 13.6 0.1 13.2 13.5 -0.3 12.5 12.6
Group 11.4 11.3 0.1 11.0 10.9 0.1 10.7 10.6
Group incl. items affecting comparability 11.4 11.3 0.1 11.0 10.9 0.1 10.5 10.4
16
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.
Reporting per operating segment
Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Net sales, SEK M Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22
EMEA 5,499 5,736 4,650 4,563 5,268 5,520 4,903 4,492 4,897
APAC 1,575 1,519 1,566 1,613 1,314 1,317 1,389 1,350 1,090
North America 2,428 2,447 1,486 1,468 1,924 1,827 1,118 - -
Eliminations -9 -21 -22 -17 -15 -10 -32 -24 -8
Group 9,493 9,681 7,680 7,627 8,491 8,654 7,378 5,818 5,979
EBITA, SEK M Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22
EMEA 659 718 448 472 635 698 490 480 588
APAC 131 135 171 159 100 89 141 126 83
North America 332 355 150 142 262 274 121 - -
Other -38 -60 -36 -52 -38 -45 -50 -36 -50
Group 1,084 1,148 733 721 959 1,016 702 570 622
Items affecting comparability - - - -60 - - - -245 -
Group incl. items affecting
comparability 1,084 1,148 733 661 959 1,016 702 325 622
EBITA, % Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22
EMEA 12.0 12.5 9.6 10.3 12.0 12.6 10.0 10.7 12.0
APAC 8.3 8.9 10.9 9.8 7.6 6.8 10.1 9.3 7.6
North America 13.7 14.5 10.1 9.7 13.6 15.0 10.9 - -
Group 11.4 11.9 9.5 9.5 11.3 11.7 9.5 9.8 10.4
Group incl. items affecting
comparability 11.4 11.9 9.5 8.7 11.3 11.7 9.5 5.6 10.4
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 Q3 24 Q3 23 ∆% 9M 24 9M 23 ∆% R12 12M 23
HVAC 5,488 4,852 13 15,498 14,085 10 19,836 18,423
OEM 707 608 16 2,130 1,864 14 2,792 2,526
Commercial and industrial refrigeration 3,299 3,031 9 9,226 8,574 8 11,854 11,201
Group 9,493 8,491 12 26,854 24,522 10 34,481 32,150
Net sales, SEK M Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Q3 22
HVAC 5,488 5,728 4,282 4,338 4,852 5,122 4,110 3,030 3,131
OEM 707 748 676 662 608 649 608 599 577
Commercial and industrial refrigeration 3,299 3,205 2,722 2,627 3,031 2,883 2,660 2,189 2,271
Group 9,493 9,681 7,680 7,627 8,491 8,654 7,378 5,818 5,979
17
Sales per product segment
Overview per segment
Reporting per operating segment
Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

Company acquisitions
The company makes a materiality assessment for each 
acquisition based on sales, product area and market. Our 
assessment is that an acquisition is material if the acquired 
company's sales exceed 5 per cent of the Group's total 
sales. During the year, five acquisitions were consolidated 
in the Group's accounts. Information about these 
acquisitions is provided in the table on page 19.
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 shares. During the first quarter, Beijer Ref also 
acquired 70 per cent of the shares in Chillaire Solutions, 
with an option to acquire the remaining shares.
Second quarter
Beijer Ref acquired the company Young Supply, a North 
American distributor in commercial refrigeration and HVAC. 
Young Supply has annual sales of approximately SEK 1.4 
billion. Furthermore, Beijer Ref acquired 60 per cent of the 
shares in Luyten BV, with a put/call option to acquire the 
remaining shares.
Beijer Ref also signed an agreement to acquire 80 per cent 
of the shares in Cool4U, with a put/call option to acquire 
the remaining shares. Cool4U is a leading HVAC distributor 
in Hungary with annual sales of approximately SEK 500 
million. The transaction is subject to approval by the 
competition authority in Hungary as a condition for closing.
Third quarter
During the third quarter, Beijer Ref acquired 75 per cent of 
the shares in GIA Group, with a put/call option to acquire 
the remaining shares. GIA Group is an air conditioning 
company and one of Spain's largest distributors with 
several own strong brands. Turnover during the completed 
fiscal year 2023 amounted to approximately SEK 1.1 billion 
with good profitability.
2023
First quarter
Beijer Ref acquired Heritage Distribution and Transport 
Cooling. Beijer Ref acquired approximately 95 per cent of 
the shares in Heritage Distribution and holds a put/call 
option to acquire the remaining shares. In addition, Beijer 
Ref acquired Roobear Ltd and the assets of AFM 
(Belgium). AFM has been integrated into the company 
Beijer Ref Belgium.
Second quarter
Beijer Ref acquired 100 per cent of the assets of Shravan 
Engineering (India) and also entered into a binding 
agreement to acquire 70 per cent of the shares in Condex 
(Bulgaria) and holds a put/call option to acquire the 
remaining shares. In addition, Beijer Ref acquired all the 
shares in CFD (France) and GMC Airconditioning (South 
Africa).
Third quarter
During the third quarter of last year, Beijer Ref acquired 95 
per cent of the shares in Industrifiber (Norway) and holds a 
put/call option to acquire the remaining shares. 
Furthermore, Beijer Ref acquired 100 per cent of the 
operations in DS Maref (South Korea) and AMSCO Supply 
(North America) during the quarter. DS Maref and AMSCO 
Supply did not have any impact on the Group's income 
statement in the third quarter of the previous year.
Accounting for acquisitions
Identified customer lists are written off 10-15 years while 
brands are considered to have an indefinite lifespan and 
are not written off. Most accrued acquisition goodwill 
arising is explained by synergies with the Group's existing 
operations. 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 
performance measures, the amounts that will be paid in 
each outcome and the probability of each outcome. Put/call 
options and earn-outs are reported according to valuation 
level 3. 
During 2024, five acquisitions have been completed where 
the final purchase price will be paid via options within the 
time span 2027-2034. The options have been valued at the 
probable outcome and recognised and entered as non-
current liability; this liability amounts to SEK 688 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 acquisition. 
Acquisition costs for acquisitions completed during 2024 
and charged to profit for 2024 amount to approximately 
SEK 17 million (19) and are included in other costs. 
Acquisition costs and acquisition calculations are 
preliminary for acquisitions in 2024. Acquisition calculations 
for the companies acquired during the first nine months of 
2023 have now been determined. No material adjustments 
have been made to the calculations.
18Beijer Ref Q3 2024 Report - Published on October 24, 2024

===== 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 the first six 
months of 2024 and the corresponding period of 2023 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.
Beijer Ref Q3 2024 Report - Published on October 24, 2024
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
Acquisitions not yet consolidated Consolidated from Operating segments Net sales, SEK M No. of employees
Companies
Cool4U Q4 2024 EMEA 500 58
Acquisitions of companies, SEK M 9M 24 Heritage Distribution Other acquisitions 9M 23
Fair value in the Group:
Intangible assets 473 4,435 136 4,571
Tangible and financial fixed assets 598 1,135 120 1,255
Deferred tax asset 23 - 1 1
Inventories 994 1,773 548 2,321
Other current assets 426 570 177 747
Liquid funds 104 432 51 483
Deferred tax liability -143 -494 -14 -508
Provisions -1 - -1 -1
Other current liabilities -442 -1,073 -257 -1,330
Liabilities to credit institutions -336 -5,619 -50 -5,669
Total identifiable net assets: 1,697 1,160 710 1,870
Goodwill 882 6,798 889 7,687
Effect on the cash flow:
Consideration -2,605 -7,958 -1,599 -9,557
Non-paid consideration 830 313 367 680
Paid consideration for previous years’ acquisitions -431 - -73 -73
Repaid consideration for previous years’ acquisitions 0 - 14 14
Liquid funds in acquired companies 104 432 51 483
Total -2,103 -7,213 -1,240 -8,453
Consolidated acquisitions Consolidated from Operating segments Net sales, SEK M No. of employees
2023
Companies
Heritage Distribution 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) September APAC 375 82
AMSCO Supply (asset deal) 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) December North America 200 40

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

20
Parent company profit and loss account 
in summary, SEK M Q3 24 Q3 23 9M 24 9M 23 R12 12M 23
Operating income 30 3 90 7 194 111
Operating expenses -54 -45 -146 -167 -181 -203
Depreciation and write-down of intangible 
and tangible fixed assets -1 -1 -2 -2 -2 -2
Operating profit (EBIT) -24 -43 -58 -162 10 -94
Net financial income/expense -278 73 181 209 -266 -238
Result of participations in Group companies 6 37 392 535 392 534
Profit before appropriations -296 67 516 581 137 202
Appropriations - - - - 198 199
Profit before tax -296 67 516 581 335 401
Tax 37 -6 -75 19 -19 74
Net profit -258 61 441 599 316 475
Parent company balance sheet in summary, SEK M 30 Sept. 24 30 Sept. 23 31 Dec. 23
ASSETS
Intangible fixed assets 9 7 7
Tangible fixed assets 4 4 4
Financial fixed assets 23,707 22,301 21,857
Current assets 2,419 3,305 2,699
Total assets 26,139 25,616 24,567
EQUITY AND LIABILITIES
Shareholders’ equity 15,614 15,968 15,842
Long-term liabilities 5,902 7,068 6,591
Current liabilities 4,622 2,581 2,134
Total equity and liabilities 26,139 25,616 24,567
Beijer Ref Q3 2024 Report - Published on October 24, 2024

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

21Beijer Ref Q3 2024 Report - Published on October 24, 2024
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 friendly 
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

===== 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 >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 
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.
Financial calender 2024
• Report fourth quarter (Q4): January 31, 2025
For more information about the Beijer Ref Group, financial 
reports, press releases and more, please visit www.beijerref.com
Beijer Ref Q3 2024 Report - Published on October 24, 2024

===== 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 Q3 2024 Report - Published on October 24, 2024