Kvartalsrapport Q3 2025

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

Beijer Ref
Q3 2025
English version

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

Beijer Ref
Q3 2025
Third quarter
• Net sales increased by 2 per cent and amounted to SEK 9,726 million (9,493). Excluding currency effects, net sales 
increased by 8 per cent.
• Organic sales increased by 5 per cent in the quarter compared with the corresponding period last year. The acquisition 
effects amounted to 3 per cent and currency effects amounted to -6 per cent.
• EBITA amounted to SEK 1,133 million (1,084), which is an increase of 5 per cent compared with the corresponding 
period last year. Excluding currency effects, EBITA increased by 11 per cent. 
• The EBITA margin amounted to 11.7 per cent (11.4), which is a record high for a third quarter. 
• Operating cash flow amounted to SEK 1,617 million (1,231), driven by an improvement in tied-up working capital 
compared with the corresponding period last year. 
• Profit per share amounted to SEK 1.44 (1.30), an increase of 11 per cent.
• After the end of the quarter, Beijer Ref signed an agreement to acquire Airwave, a market-leading HVAC distributor in 
the Baltics, with annual sales of approximately SEK 600 million. 
• Beijer Ref will in the fourth quarter of 2025 launch a strategic consolidation program, with annual cost savings of 
approximately SEK 100 million, to accelerate efficiency and improve customer service levels in selected markets. The 
one-off related costs are projected to amount to approximately SEK 150 million and will be recognized in the fourth 
quarter of 2025.The totals in tables and calculations do not always add upp due to rounding differences. The aim is for each sub- row to conform to its source of origin and 
therefore rounding differences may occour.
Key figures, SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
Net sales 9,726 9,493 2.4 28,805 26,854 7.3 37,613 35,662
Organic sales, % 5.0 2.7 3.8 0.5 1.9
EBITA 1,133 1,084 4.5 3,204 2,966 8.0 4,013 3,776
EBITA margin, % 11.7 11.4 11.1 11.0 10.7 10.6
Operating profit (EBIT) 1,079 1,033 4.4 3,041 2,815 8.1 3,798 3,571
Net profit 736 666 10.6 2,012 1,802 11.7 2,469 2,259
Profit per share after dilution, SEK 1.44 1.30 11.4 3.94 3.50 12.5 4.83 4.39
Operating cash flow 1,617 1,231 2,697 2,166 3,994 3,464
Return on operating capital, % - - - - 11.4 10.8
2Beijer Ref Q3 2025 - published on October 24, 2025

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

growth in all segments over the past five years and annual 
sales of approximately SEK 600 million, the acquisition is in 
line with our strategy to strengthen market presence and 
benefit from synergies and knowledge sharing within Beijer 
Ref. 
The acquisition pipeline is accelerating, and we expect 
good activity for the rest of the year and into 2026.
Launching strategic consolidation program
Beijer Ref will in the fourth quarter of 2025 launch a 
strategic consolidation program to accelerate efficiency and 
improve customer service levels in selected markets. The 
aim of the program is to consolidate warehousing and 
back-office structures established through many years of 
acquisitions. The program is expected to generate annual 
cost savings of approximately SEK 100 million and is 
expected to reach full effect during the end of the first half 
of 2026. The one-off related costs are projected to amount 
to approximately SEK 150 million and will be recognized in 
the fourth quarter of 2025.
Concluding remarks 
In summary, we concluded a strong quarter where the 
result reflects the strength of our business model and the 
consistent implementation of our strategy. A heartfelt thank 
you to all employees who contribute every day to Beijer 
Ref's success.
Christopher Norbye
CEO
Business performance
Total sales for the quarter amounted to SEK 9,726 million, 
an increase of 2 per cent compared to the previous year, of 
which 5 per cent was organic growth, with all operating 
segments reporting stable growth. The product segments 
had stable organic growth in the quarter: HVAC grew by 6 
per cent, while OEM and Commercial and industrial 
refrigeration grew by 4 per cent respectively.
Our green OEM companies, Fenagy and SCM Frigo, 
continued to show strong positive development and 
contributed to the growth in sustainable solutions. SCM 
Frigo secured another CO₂ project in North America. 
During the quarter, the Group's EBITA amounted to SEK 
1,133 million, corresponding to an increase of 5 per cent. 
The EBITA margin amounted to 11.7 per cent compared 
with 11.4 per cent in the corresponding period last year. 
Our positive EBITA margin development is a result of 
continued focus on our strategic initiatives.
Operating cash flow continues to develop well. In the 
quarter, we reported a strong operating cash flow of SEK 
1,617 million (1,231), driven by a continued improvement in 
tied-up working capital compared with the corresponding 
period last year. The cash flow together with our strong 
financial position supports our continued strategic 
investments to drive profitable growth. 
Furthermore, we strengthened our financial flexibility during 
the quarter by establishing a SEK 7 billion MTN program 
and successfully issuing a SEK 1.5 billion bond. The issue 
attracted strong investor interest and represents a strategic 
step towards broadening our funding base for continued 
long-term value creation through acquisitions. 
As part of our long-term sustainability work, Beijer Ref 
joined the UN Global Compact during the quarter and 
supports its ten principles for responsible business.
Strategic acquisitions
After the end of the reporting period, the Group has signed 
an agreement to acquire Airwave, a market-leading HVAC 
distributor in the Baltics. Airwave offers solutions for both 
residential and commercial properties. With steady
We have just completed a strong quarter with a good organic growth of 5 per cent, continued improvement in 
EBITA margin and strong operating cash flow. Sales increased by 8 per cent and EBITA by 11 per cent, excluding 
currency effects. The EBITA margin was record high for a third quarter and amounted to 11.7 per cent, a result of 
continued focus on our strategic initiatives. 
CEO comments
Good organic growth, improved profitability and strong cash flow 
3Beijer Ref Q3 2025 - published on October 24, 2025

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

Third quarter
2025
1Acquisition 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. 
Net sales
Net sales increased by 2 per cent and amounted to SEK 
9,726 million (9,493). Organic sales increased by 5 per 
cent in the quarter, compared with the corresponding 
period last year. Acquisition effects was 3 per cent and 
currency effects was -6 per cent. Excluding currency 
effects, net sales increased by 8 per cent.
EMEA reported sales growth of 11 per cent, excluding 
currency effects, driven by continued strong sales growth in 
the HVAC product segment. APAC reported sales growth 
of 3 per cent, excluding currency effects, negatively 
impacted by lower market activity for larger projects. North 
America reported sales growth of 6 per cent, excluding 
currency effects, driven by the continued execution of our 
strategic initiatives and their positive effect on our market 
position as well as the regulatory transition to lower GWP 
refrigerants. 
All product segments had stable organic growth in the 
quarter: HVAC grew by 6 per cent, while OEM and 
Commercial and industrial refrigeration grew by 4 per cent 
respectively. 
Profit
The Group's EBITA amounted to SEK 1,133 million (1,084) 
in the third quarter, which is an increase of 5 per cent. 
Currency effects of SEK -62 million (-26) are included in 
EBITA. Excluding currency effects, EBITA increased by 11 
per cent compared with the corresponding period last year. 
The EBITA margin was 11.7 per cent (11.4).  
Net financial items amounted to SEK -128 million (-153), 
positively affected by a lower interest rate level. The tax 
rate in the quarter was 23 per cent (24).
Profit for the period amounted to SEK 736 million (666), 
which is an increase of 11 per cent. Profit per share 
amounted to SEK 1.44 (1.30), an increase of 11 per cent. 
Financial overview, SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
Net sales 9,726 9,493 2.4 28,805 26,854 7.3 37,613 35,662
Organic change, % 5.0 2.7 3.8 0.5 1.9
Change through acquisition1, % 3.5 11.7 7.8 9.9 9.5
Currency effect, % -6.0 -2.6 -4.3 -0.8 -0.4
Change total, % 2.4 11.8 7.3 9.5 10.9
EBITA 1,133 1,084 4.5 3,204 2,966 8.0 4,013 3,776
EBITA margin, % 11.7 11.4 11.1 11.0 10.7 10.6
Operating profit (EBIT) 1,079 1,033 4.4 3,041 2,815 8.1 3,798 3,571
Net financial income/expense -128 -153 -386 -432 -516 -563
Tax -214 -215 -643 -580 -812 -749
Net profit 736 666 10.6 2,012 1,802 11.7 2,469 2,259
Profit per share after dilution, SEK 1.44 1.30 11.4 3.94 3.50 12.5 4.83 4.39
4
2% 5% 5% 11%
Sales increase Organic growth EBITA increase Change
result/share
Beijer Ref Q3 2025 - published on October 24, 2025

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

Operating cash flow and net debt, SEK M Q3 25 Q3 24 9M 25 9M 24 R12 12M 24
Operating profit (EBIT) 1,079 1,033 3,041 2,815 3,798 3,571
Depreciation/write-downs on tangible assets 203 201 607 579 812 785
Amortisation/write-downs on intangible assets 55 51 162 151 216 205
EBITDA 1,336 1,285 3,811 3,545 4,825 4,560
Changes in working capital 479 196 -419 -647 100 -127
Investments in tangible fixed assets -67 -94 -262 -329 -361 -428
Payments related to amortisation of lease liabilities -144 -138 -425 -401 -568 -543
Non-cash generated items 14 -18 -8 -3 -2 3
Operating cash flow 1,617 1,231 2,697 2,166 3,994 3,464
EBITDA impact of leasing (IFRS 16) -680 -653
EBITDA excl. leasing (IFRS 16) 4,145 3,908
Net debt 9,022 10,085 9,741
Of which:
Pension debt 131 114 131
Leasing liabilities, according to IFRS 16 2,200 2,296 2,466
Net debt excl. pension and leasing liabilities 6,691 7,675 7,144
Authorised credit limit 16,132 16,068 16,294
Of which remains to be utilised 6,288 6,872 6,407
Net debt/EBITDA excl. items affecting comparability¹ 1.87 2.27 2.14
Net debt/EBITDA excl. leasing liabilities, pension liability and 
items affecting comparability¹ 1.61 2.01 1.83
Cash flow and net debt 
Our operating cash flow continues to develop well, and we 
reported a strong operating cash flow in the quarter of SEK 
1,617 million (1,231), driven by a continued improvement in 
tied-up working capital compared with the corresponding 
period last year.
Net debt at the end of the quarter amounted to SEK 9,022 
million (10,085). Excluding lease liabilities (IFRS 16) and 
pensions, net debt amounted to SEK 6,691 million (7,675). 
The net debt to EBITDA ratio, excluding items affecting 
comparability, was 1.87 (2.27). Net debt, excluding lease 
liabilities (IFRS 16) and pensions, in relation to EBITDA, 
excluding lease (IFRS 16) and items affecting 
comparability, was 1.61 (2.01).  
At the end of the period, the company had credit facilities 
amounting to SEK 16,132 million (16,068), of which 
unutilized credit facilities amounted to SEK 6,288 million 
(6,872). 
January - September 2025 
Net sales for the first nine months of the year amounted to 
SEK 28,805 million (26,854), which is an increase of 7 per 
cent compared with the corresponding period last year. 
Organic sales increased by 4 per cent, acquisition effects 
was 8 per cent and currency effects was -4 per cent. 
The Group's EBITA amounted to SEK 3,204 million (2,966) 
during the first nine months of the year, which is an 
increase of 8 per cent. Currency effects are included in 
EBITA with SEK -132 million (-23). The EBITA margin was 
11.1 per cent (11.0). 
Net financial items amounted to SEK -386 million (-432), 
positively affected by a lower interest rate level compared 
with the previous year. 
Profit for the period amounted to SEK 2,012 million (1,802). 
Profit per share amounted to SEK 3.94 (3.50), an increase 
of 13 per cent.
Operating cash flow amounted to SEK 2,697 million 
(2,166).
5
¹The current period is not affected by items affecting comparability.
Beijer Ref Q3 2025 - published on October 24, 2025

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

Operating segment
EMEA
6
SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
Net sales 5,922 5,499 7.7 17,684 15,885 11.3 22,618 20,819
Organic change, % 5.2 3.5
Change through acquisition1, % 5.9 10.5
Currency effect, % -3.4 -2.7
Change total, % 7.7 11.3
EBITA 711 659 7.9 2,055 1,825 12.6 2,529 2,299
EBITA margin, % 12.0 12.0 11.6 11.5 11.2 11.0
Sales and market 
During the quarter, the EMEA operating segment reported a 
total sales increase of 11 per cent year-on-year, excluding 
currency effects. The organic sales growth was driven by 
stable growth in the larger regions in West Europe, continued 
strong development in our green OEM companies, Fenagy 
and SCM Frigo, as well as strong demand and growth in the 
Africa and UK regions. 
Product segment performance
The HVAC product segment continued its double-digit sales 
development and reported a sales growth of 18 per cent, 
excluding currency effects, driven by solid growth in both our 
own brands and acquisitions.  
The OEM segment had a sales increase of 7 per cent, 
excluding currency effects. This was driven by continued 
good sales growth in our green OEM companies, Fenagy 
and SCM Frigo, which continue to expand geographically. It 
is noteworthy that SCM Frigo secured another CO₂ project in 
the US during the quarter. The OEM segment was negatively 
impacted by lower market activity in our offshore business. 
Profitability and margins
In the quarter, EBITA increased by 11 per cent year-on-
year, excluding currency effects. Reported EBITA 
amounted to SEK 711 million (659) with a stable EBITA 
margin of 12.0 per cent (12.0). 
Activities
During the quarter, we extended our partnership 
agreement with Danfoss. Together we aim to actively drive 
the market towards more sustainable cooling solutions with 
lower climate impact (low GWP).  
Fenagy continues to expand into new markets and have 
secured orders in countries such as Germany, Sweden and 
Poland.
After the end of the quarter, we signed an agreement to 
acquire Airwave, a market-leading HVAC distributor in the 
Baltics, offering solutions for both residential and 
commercial properties. With annual sales of approximately 
SEK 600 million, the acquisition is in line with our strategy 
to strengthen our market presence.
Jonas Steen
COO EMEA
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on p. 19.
External net sales per product segment
HVAC 55% (52)
OEM 8% (8)
Commercial and industrial refrigeration 37% (40)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Commercial
and industrial
refrigeration
OEM HVAC Total
Reported net sales per product segment, excluding 
currency effects
Q3-24 Q3-25
SEK M
4%
7%
18%
11%
Beijer Ref Q3 2025 - published on October 24, 2025

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

Operating segment
APAC
7
SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
Net sales 1,460 1,575 -7.3 4,505 4,660 -3.3 6,396 6,551
Organic change, % 3.2 3.7
Change through acquisition1, % 0.3 1.0
Currency effect, % -10.7 -8.1
Change total, % -7.3 -3.3
EBITA 137 131 4.4 462 438 5.5 666 642
EBITA margin, % 9.4 8.3 10.2 9.4 10.4 9.8
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on p. 19.
Sales and market
During the quarter, the APAC operating segment reported a 
sales increase of 3 per cent year-on-year, excluding 
currency effects. The organic sales growth remained 
negatively impacted by lower market activity for larger 
projects. 
Product segment performance
The HVAC product segment continued to grow during the 
quarter, sustained by its private-label products and targeted 
initiatives. The OEM segment is currently experiencing 
slower activity due to the absence of larger projects in the 
APAC region. However, we noted a strong increase in the 
quoting activities in the same segment. 
Profitability and margins
In the quarter, EBITA increased by 18 per cent year-on-
year, excluding currency effects. Reported EBITA 
amounted to SEK 137 million (131) with an EBITA margin 
of 9.4 per cent (8.3). The EBITA margin development 
remained strong, driven by favourable product mix and 
ongoing focus on accessories and comprehensive HVAC 
solutions. 
Activities
In the third quarter, our operations in China delivered their 
first locally designed and manufactured TCO₂ project for a 
major retail chain with commissioning by the local team 
scheduled for the fourth quarter. TCO₂ projects play an 
important role in lowering both direct and indirect carbon 
emissions, contributing to a more sustainable and future-
resilient industry.
During the period, our operations in New Zealand 
commissioned a refrigerant decanting facility marking an 
important step towards achieving a sustainable refrigerant 
model.
Wayne Ferguson
COO APAC
External net sales per product segment
0
500
1,000
1,500
2,000
Commercial
and industrial
refrigeration
OEM HVAC Total
Reported net sales per product segment, excluding 
currency effects
Q3-24 Q3-25
SEK M
0%
0%
7%
3%
HVAC 51% (49)
OEM 17% (17)
Commercial and industrial refrigeration 33% (34)
Beijer Ref Q3 2025 - published on October 24, 2025

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

8
SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
Net sales 2,362 2,428 -2.7 6,690 6,361 5.2 8,691 8,363
Organic change, % 6.3 5.1
Change through acquisition1, % - 5.8
Currency effect, % -9.0 -5.7
Change total, % -2.7 5.2
EBITA 333 332 0.2 837 838 -0.1 1,005 1,006
EBITA margin, % 14.1 13.7 12.5 13.2 11.6 12.0
Operating segment
North America
Sales and market
During the quarter, the North America operating segment 
reported a sales increase of 6 per cent year-on-year, 
excluding currency effects. The organic sales growth was 
driven by continued execution of our strategic initiatives and 
their positive effect on our market position as well as the 
regulatory transition to lower GWP refrigerants. The 
transition is now largely complete, and our inventory position 
has enabled us to meet customer demand as they transition 
to A2L refrigerants. 
Product segment performance
The establishment of our new branches continues to develop 
well, with good sales results and market share gains during 
the quarter. We also saw steady progress in our commercial 
refrigeration and parts strategies, supported by disciplined 
execution across our North American operations. 
Profitability and margins
In the quarter, EBITA increased by 9 per cent year-on-year, 
excluding currency effects. Reported EBITA amounted to 
SEK 333 million (332) with an EBITA margin of 14.1 per 
cent (13.7). Our improved EBITA and EBITA margin 
demonstrates the impact of our strategic priorities. 
Activities
Our recently launched own brand continued to perform well 
during the quarter, supported by increased sales and 
strengthened market presence.
We expect an active fourth quarter in terms of acquisitions, 
with intensified discussions and a strong pipeline that 
continues to support the Group's growth.
Alex Averitt
Managing Director North America
1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on p. 19.
External net sales per product segment
HVAC 83% (84)
Commercial and industrial refrigeration 17% (16)
0
500
1,000
1,500
2,000
2,500
3,000
Commercial and
industrial
refrigeration
HVAC Total
Reported net sales per product segment, excluding 
currency effects
Q3-24 Q3-25
12%
5%
6%
SEK M
Beijer Ref Q3 2025 - published on October 24, 2025

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

9
Important events during the quarter 
During the quarter, we strengthened our financial flexibility 
by establishing a SEK 7 billion MTN program and issuing a 
SEK 1.5 billion bond.
Important events after the end of the period 
After the end of the quarter, we signed an agreement to 
acquire Airwave, a market-leading HVAC distributor in the 
Baltics that offers solutions for both residential and 
commercial properties, with an annual turnover of 
approximately SEK 600 million.
In the fourth quarter of 2025, Beijer Ref will launch a 
strategic consolidation program to increase efficiency and 
improve customer service levels in selected markets. The 
program is expected to generate annual cost savings of 
approximately SEK 100 million and is expected to reach 
full effect by the end of the first half of 2026. The related 
one-off costs are estimated to amount to approximately 
SEK 150 million and will be reported in the fourth quarter 
of 2025. 
Sustainability
Sustainability is a well integrated part of Beijer Ref. Doing 
business based on sound standards is a responsibility that 
the Group takes very seriously. Since August 2025, Beijer 
Ref is a member of the UN Global Compact, committed to 
its ten principles covering human rights, labor, environment 
and anti-corruption. These principles are embedded in our 
corporate strategy, culture and daily operations. The 
company's sustainability strategy is aligned with the UN 
Sustainable Development Goals and the 2030 Agenda, 
focusing on the economic, social and environmental 
dimensions of sustainable development.
Beijer Ref focuses on the area where the Group has the 
opportunity to make the greatest positive impact, which is 
the environment. To strengthen the work of developing 
more environmentally friendly cooling and heating 
technology, the Group measures the proportion of OEM 
sales that are classified as environmentally friendly. The 
goal is to reach at least 50 per cent of total OEM sales by 
2025. At the end of the third quarter of 2025, Beijer Ref 
had reached a share of 60 per cent.
Risk description 
Beijer Ref is an international Group with a wide 
geographical spread, which means that it is exposed to 
various forms of strategic, operational and financial risks. 
Strategic risks refer to changes in the business 
environment with potentially significant effects on the 
Group's operations and business objectives. Operational 
risks are risks directly attributable to business activities 
with a potential impact on the Group's results and financial 
position. Financial risks consist mainly of financing risk, 
currency risk, interest rate risk and credit risk. 
Risk-taking as such provides opportunities for continued 
financial growth, but of course also risks having a negative 
impact on the business and its objectives.
It is therefore of great importance to have a systematic and 
effective risk assessment process and a well-functioning 
risk management system in general.
Risk management within Beijer Ref is not aimed at 
avoiding risks but at identifying, managing and reducing 
the effects of these risks in a controlled manner. This work 
is based on an assessment of the probability and potential 
effect of the risks for the Group. Acquisitions are normally 
associated with risks, such as the loss of key personnel. 
Other business risks, such as agency and supplier 
agreements, product liability and delivery commitments, 
technological development, warranties, personal 
dependence, etc. are analyzed continuously. The parent 
company's risk profile is the same as that of the Group. A 
more detailed description of these risks and risk 
management can be found in the Group's annual report.
Accounting principles 
Beijer Ref applies IFRS Accounting Standards (IFRS) as 
adopted by the European Union. The same accounting 
and valuation principles as in the latest annual report have 
been applied. No new or amended standards with a 
material impact on the Group's financial statements have 
been applied for the first time in 2025. 
The interim report has been prepared in accordance with 
IAS 34, the Swedish Annual Accounts Act and RFR 2. 
Disclosures in accordance with IAS 34.16A are provided 
not only in the financial statements and related notes but 
also in other parts of the interim report.
All comparative figures for income statement and cash flow 
measures refer to the corresponding period of the previous 
year, unless otherwise stated. Comparative figures for the 
balance sheet refer to the latest year-end, unless 
otherwise stated. 
Totals in tables and calculations do not always add up due 
to rounding differences. The aim is for each sub-line to 
correspond to its original source and therefore rounding 
differences may occur.
Other transactions
Transactions with related parties
There have been no significant changes for the Group or 
for the Parent Company regarding transactions or 
relationships with related parties, compared to what was 
described in note 30 of the 2024 Annual Report.
Significant estimates and assumptions for accounting 
purposes
Management and the Board of Directors make estimates 
and assumptions about the future. These estimates 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 
2024 Annual Report and are described in more detail in 
note 4. 
Beijer Ref Q3 2025 - published on October 24, 2025

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

Webcast and Telephone conference Q3 2025 
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 2025. 
The presentation will be held in English and lasts for about 
20 minutes. The meeting is on October 24, at 10.00 CET. 
To follow the live webcast, please register using the 
following link: 
https://beijer-ref.events.inderes.com/q3-
report-2025/register
If you wish to participate via a telephone conference, 
please register using the below link: 
https://events.inderes.com/beijer-ref/q3-report-2025/dial-in
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 08:30 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, 2025 
Beijer Ref AB (publ) 
Christopher Norbye, CEO
Contact:
IR
Joel Davidsson
CFO
Telephone 040-35 89 00
Email jdn@beijerref.com
Media contact
Anna Fürst
Global Communications Director
Telefon 040-35 89 00
E-post aft@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, 2025. 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, 2025 
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 2025.
10Beijer Ref Q3 2025 - published on October 24, 2025

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

Financial overview
11
Net sales per operating segment
0
7,500
15,000
22,500
30,000
37,500
45,000
0
2,000
4,000
6,000
8,000
10,000
12,000
Q3
23
Q3
24
Q3
25
Net sales, SEK M
0
750
1,500
2,250
3,000
3,750
4,500
5,250
0
200
400
600
800
1,000
1,200
1,400
Q3
23
Q3
24
Q3
25
EBITA1, SEK M
3.5
3.7
3.9
4.1
4.3
4.5
4.7
4.9
5.1
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Q3
23
Q3
24
Q3
25
Profit per share1, SEK
0.0
0.5
1.0
1.5
2.0
2.5
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q3
23
Q3
24
Q3
25
Net debt/EBITDA2
Quarter
R12
Q Q
Q Q
R12 R12
R12 Ratio
0
1,000
2,000
3,000
4,000
5,000
0
500
1,000
1,500
2,000
Q3
23
Q3
24
Q3
25
Operating cash flow, SEK M R12Q
Net sales per product segment
Net sales per operating segment
EMEA 61% (58)
APAC 15% (17)
North America 24% (26)
HVAC 61% (58)
OEM 7% (7)
Commercial and industrial refrigeration 32% (35)
0
1,500
3,000
4,500
6,000
7,500
9,000
10,500
Commercial
and industrial
refrigeration
OEM HVAC Total
Organic sales per product segment
3
Q3-24 Q3-25
SEK M
4%
4%
6%
1 Excluding items affecting comparability
2 Excluding leasing liabilities and pension liability
3 The classification between HVAC and Commercial and 
industrial refrigeration has been updated in North America to 
enable a clearer, fairer and more consistent categorization of 
our product segments. All historical data has been adjusted in 
accordance with the new categorization. The adjustment has 
no material impact on the Group. 
5%
Beijer Ref Q3 2025 - published on October 24, 2025

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

Summarised profit and loss account, SEK M Q3 25 Q3 24 9M 25 9M 24 R12 12M 24
Net sales 9,726 9,493 28,805 26,854 37,613 35,662
Other operating income 47 43 197 99 233 135
Operating expenses -8,437 -8,252 -25,192 -23,408 -33,021 -31,236
Depreciation and write-down of intangible and tangible fixed assets -257 -252 -769 -731 -1,028 -989
Operating profit (EBIT) 1,079 1,033 3,041 2,815 3,798 3,571
Net financial income/expense -128 -153 -386 -432 -516 -563
Profit before tax 950 881 2,655 2,382 3,281 3,008
Tax -214 -215 -643 -580 -812 -749
Net profit 736 666 2,012 1,802 2,469 2,259
Net profit attributable to:
The parent company’s shareholders 732 657 1,999 1,776 2,450 2,227
Non-controlling interests 4 8 13 26 19 32
Net profit per share before diluation, SEK 1.44 1.30 3.94 3.50 4.83 4.39
Net profit per share after diluation, SEK 1.44 1.30 3.94 3.50 4.83 4.39
The group’s summarised report on other comprehensive 
income, SEK M Q3 25 Q3 24 9M 25 9M 24 R12 12M 24
Net profit 736 666 2,012 1,802 2,469 2,259
Other comprehensive income -212 -705 -2,759 212 -1,523 1,449
Items which will not be reversed in the profit and loss account:
Revaluation of the net pension commitment - - - - -14 -14 
Changes in the fair value of equity investments through other 
comprehensive income 0 0 0 0 0 0
Income tax relating to components in above item - - - - 3 3
Items which can later be reversed in the profit and loss account:
Exchange rate differences -181 -12 -1,868 261 -1,068 1,063
Hedging of net investments -40 -765 -1,122 -62 -559 498
Income tax relating to components in above item 8 72 231 13 115 -103
Other comprehensive income -212 -705 -2,759 212 -1,523 1,449
Total comprehensive income for the period 524 -39 -747 2,014 946 3,708
Attributable to:
The parent company’s shareholders 525 -27 -737 2,007 955 3,698
Non-controlling interests -1 -12 -11 7 -9 10
12Beijer Ref Q3 2025 - published on October 24, 2025

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

Summarised balance sheet, SEK M 30 Sept. 25 30 Sept. 24 31 Dec. 24
ASSETS
Intangible fixed assets 18,776 19,016 20,216
Tangible fixed assets 2,318 2,304 2,428
Right of use assets 2,101 2,210 2,372
Deferred tax asset 975 601 363
Other fixed assets 203 211 191
Total fixed assets 24,374 24,343 25,570
Inventories 11,268 11,697 11,723
Trade debtors and other receivables 6,218 6,232 5,797
Liquid funds 3,515 1,901 3,058
Total current assets 21,002 19,830 20,577
Total assets 45,376 44,174 46,147
EQUITY AND LIABILITIES
Equity 22,074 22,617 24,216
Total equity 22,074 22,617 24,216
Long-term liabilities 11,653 8,851 10,595
Deferred tax liabilities 971 732 545
Total long-term liabilities 12,623 9,583 11,140
Trade creditors 3,328 3,638 3,196
Other liabilities 7,350 8,335 7,595
Total current liabilities 10,678 11,973 10,791
Total equity and liabilities 45,376 44,174 46,147
Of which interest-bearing liabilities 12,538 11,986 12,799
Statement of changes in equity, SEK M 
30 Sept. 25 31 Dec. 24
The parent 
company’s 
shareholders
Non-
controlling 
interest
Total
The parent 
company’s 
shareholders
Non-
controlling 
interest
Total
Opening balance 24,066 150 24,216 21,323 120 21,443
Net profit 1,998 14 2,012 2,227 32 2,259
Other comprehensive income -2,748 -11 -2 759 1,439 10 1,449
Total comprehensive income for the year -750 3 -747 3,665 43 3,708
Dividend to shareholders -710 - -710 -659 - -659
Share-based payment 20 - 20 7 - 7
Repurchase options -2 - -2 -28 - -28
Sales of own shares - - - 14 - 14
Change in fair value of liabilities linked to acquisitions -645 -48 -693 -256 - -256
Dividends to shareholders with non-controlling Interest - -10 -10 - -13 -13
Total -1,337 -57 -1,394 -922 -13 -935
Closing balance 21,979 95 22,074 24,066 150 24,216
13Beijer Ref Q3 2025 - published on October 24, 2025

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

Summarised consolidated cash flow 
analysis, SEK M Q3 25 Q3 24 9M 25 9M 24 R12 12M 24
Current operations
Operating profit 1,079 1,033 3,041 2,815 3,798 3,571
Non-cash generated items included in operating profit 259 238 761 761 1,028 1,028
Operating profit adjusted for non-cash 
generated items 1,337 1,271 3,802 3,575 4,825 4,599
Paid interest -109 -155 -345 -434 -482 -572
Paid income tax -138 -192 -392 -469 -743 -819
Cash flow from current operations before 
changes in working capital 1,090 923 3,065 2,671 3,601 3,208
Changes in working capital 479 196 -419 -647 100 -127
Cash flow from current operations 1,569 1,119 2,646 2,024 3,702 3,080
Cash flow from investment operations -539 -801 -1,321 -2,580 -1,576 -2,730
Cash flow from financial operations -185 -283 -708 464 -402 665
Cash flow for the period 845 35 616 -92 1,724 1,016
Liquid funds at the beginning of the period 2,692 1,891 3,058 1,957 1,901 1,957
Cash flow for the period 845 35 616 -92 1,724 1,016
Exchange rate difference, liquid funds -22 -25 -159 36 -109 85
Liquid funds at the end of the period 3,515 1,901 3,515 1,901 3,515 3,058
14Beijer Ref Q3 2025 - published on October 24, 2025

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

Beijer Ref uses a number of alternative performance measures. The Group believes that the key figures are useful to 
users of the financial statements as a complement to the profit and loss account, 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 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. 25 30 Sept. 24 31 Dec. 24
Equity ratio, % 48.6 51.2 52.5
Return on equity (R12), % 10.9 11.5 9.8
Return on operating capital, excluding items affecting comparability2, (R12), % 11.4 10.9 10.8
Return on operating capital, excluding intangible assets and items affecting 
comparability2, (R12), % 24.7 23.6 23.4
Net debt/EBITDA excluding leasing liabilities, pension liability and items affecting 
comparability
2, ratio 1.61 2.01 1.83
Average number of employees 6,792 6,517 6,597
Number of outstanding shares 506,905,526 506,905,526 506,905,526
Holding of own shares3 2,180,400 2,180,400 2,180,400
Total number of shares 509,085,926 509,085,926 509,085,926
Average number of outstanding shares 506,905,526 506,858,226 506,858,226
15
1The table contains alternative key figures. 
2The current period is not affected by items affecting comparability.
3Holdings of own shares ensure the delivery of shares to participants in the options and share based programs. The programs ex pire in June 2026, June 2027 and 
June 2028.
Beijer Ref Q3 2025 - published on October 24, 2025

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

Net sales, SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
EMEA 5,922 5,499 8 17,684 15,885 11 22,618 20,819
APAC 1,460 1,575 -7 4,505 4,660 -3 6,396 6,551
North America 2,362 2,428 -3 6,690 6,361 5 8,691 8,363
Eliminations -19 -9 -73 -52 -92 -71
Group 9,726 9,493 2 28,805 26,854 7 37,613 35,662
EBITA, SEK M Q3 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
EMEA 711 659 8 2,055 1,825 13 2,529 2,299
APAC 137 131 4 462 438 5 666 642
North America 333 332 0 837 838 0 1,005 1,006
Other -48 -38 -150 -134 -187 -171
Group 1,133 1,084 5 3,204 2,966 8 4,013 3,776
EBITA, % Q3 25 Q3 24 ∆ 9M 25 9M 24 ∆ R12 12M 24
EMEA 12.0 12.0 0.0 11.6 11.5 0.1 11.2 11.0
APAC 9.4 8.3 1.0 10.2 9.4 0.9 10.4 9.8
North America 14.1 13.7 0.4 12.5 13.2 -0.7 11.6 12.0
Group 11.7 11.4 0.2 11.1 11.0 0.1 10.7 10.6
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 operating segments 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 2025 - published on October 24, 2025

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

Net sales, SEK M Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23
EMEA 5,922 6,457 5,305 4,934 5,499 5,736 4,650 4,563 5,268
APAC 1,460 1,366 1,678 1,891 1,575 1,519 1,566 1,613 1,314
North America 2,362 2,383 1,944 2,001 2,428 2,447 1,486 1,468 1,924
Eliminations -19 -26 -29 -18 -9 -21 -22 -17 -15
Group 9,726 10,181 8,898 8,808 9,493 9,681 7,680 7,627 8,491
EBITA, SEK M Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23
EMEA 711 839 505 474 659 718 448 472 635
APAC 137 132 192 204 131 135 171 159 100
North America 333 328 176 168 332 355 150 142 262
Other -48 -61 -42 -37 -38 -60 -36 -52 -38
Group 1,133 1,238 832 810 1,084 1,148 733 721 959
Items affecting comparability - - - - - - - -60 -
Group incl. items affecting 
comparability 1,133 1,238 832 810 1,084 1,148 733 661 959
EBITA, % Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23
EMEA 12.0 13.0 9.5 9.6 12.0 12.5 9.6 10.3 12.0
APAC 9.4 9.7 11.5 10.8 8.3 8.9 10.9 9.8 7.6
North America 14.1 13.8 9.1 8.4 13.7 14.5 10.1 9.7 13.6
Group 11.7 12.2 9.4 9.2 11.4 11.9 9.5 9.5 11.3
Group incl. items affecting 
comparability 11.7 12.2
9.4 9.2 11.4 11.9 9.5 8.7 11.3
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 25 Q3 24 ∆% 9M 25 9M 24 ∆% R12 12M 24
HVAC 5,959 5,660 5 17,880 16,002 12 23,213 21,335
OEM 688 707 -3 2,083 2,130 -2 2,818 2,866
Commercial and industrial refrigeration 3,079 3,127 -2 8,842 8,721 1 11,582 11,462
Group 9,726 9,493 2 28,805 26,854 7 37,613 35,662
Net sales, SEK M Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23
HVAC 5,959 6,582 5,339 5,333 5,660 5,933 4,410 4,450 5,087
OEM 688 693 701 736 707 748 676 662 608
Commercial and industrial refrigeration 3,079 2,906 2,858 2,739 3,127 3,000 2,594 2,515 2,796
Group 9,726 10,181 8,898 8,808 9,493 9,681 7,680 7,627 8,491
17
Sales per product segment*
Overview per segment
Reporting per operating segment
*The classification between HVAC and Commercial and industrial refrigeration has been updated in North America to enable a clearer, 
fairer and more consistent categorization of our product segments. All historical data has been adjusted in accordance with the new 
categorization. The adjustment has no material impact on the Group. 
Beijer Ref Q3 2025 - published on October 24, 2025

===== 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, three acquisitions were 
consolidated in the Group's accounts. Information about 
these acquisitions is provided in the table on page 19.
2025 
First quarter
During the quarter, Beijer Ref completed the acquisition of 
80 per cent of the shares in Cool4U, with a put/call option 
to acquire the remaining share. Cool4U is a leading HVAC 
distributor in Hungary, providing solutions for both 
residential and commercial projects. The company has 
annual sales of approximately SEK 500 million with good 
profitability.
In Australia, the acquisition of Atomic Refrigerants, which 
holds an import license and quota with future rights linked 
to HFC refrigerants, was completed during the quarter. The 
acquisition strengthens security of supply and reduces the 
risk associated with the availability of refrigerants in the 
long term.
Second quarter
During the quarter, Beijer Ref acquired all assets in Central 
Refrigeration and Air-Conditioning in Singapore, which 
specializes in refrigeration equipment and spare parts. 
2024
First quarter
Beijer Ref acquired 60 per cent of the shares in Quality Air 
Equipment (QAE), with a put/call option to acquire the 
remaining share. 
During the first quarter, Beijer Ref also acquired 70 per 
cent of the shares in Chillaire Solutions, with a put/call 
option to acquire the remaining share.
Second quarter
Beijer Ref acquired Young Supply, a North American 
distributor in commercial refrigeration and HVAC. Further, 
Beijer Ref acquired 60 per cent of the shares of 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.
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 share. GIA Group is an air conditioning 
company and one of Spain's largest distributors with 
several strong brands of its own. Sales during the closed 
financial year 2023 amounted to SEK 1.1 billion with good 
profitability.
Accounting for acquisitions
Identified customer relationships are amortized over 10-15 
years while trademarks are considered to have an 
indefinite life and are not amortized. Most of the acquisition 
goodwill arising is motivated by synergies with the Group's 
existing businesses. The valuation technique applied to 
put/call options and contingent considerations discounts 
the present value of expected future cash flows using a 
risk-adjusted discount rate. Expected cash flows are 
determined based on likely scenarios for future 
performance measures, the amounts that will be paid in 
each outcome and the probability of each outcome. Put/call 
options and contingent considerations are recognized at 
valuation level 3.
In 2025, an acquisition has been completed where the final 
purchase price will be paid via options in 2028. The options 
have been valued at the probable outcome and recognized 
as a long-term liability, the liability totals SEK 272 million. 
Acquisitions that include a put/call option where ownership 
will amount to 100 per cent are consolidated in full at the 
time of acquisition. 
Acquisition costs for acquisitions completed in 2025 and 
charged to profit 2025 amount to approximately 
SEK 2 million (17) and are included in other expenses. 
Acquisition costs and acquisition calculations are 
preliminary for acquisitions in 2025. Acquisition calculations 
for the companies acquired during the first nine months of 
2024 have now been finalized. No material adjustments 
have been made to the calculations.
18Beijer Ref Q3 2025 - published on October 24, 2025

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

19
Acquisitions of companies, SEK M 9M 25 9M 24
Fair value in the Group:
Intangible assets 248 473
Tangible and financial fixed assets 70 598
Deferred tax asset 5 23
Inventories 323 994
Other current assets 37 426
Liquid funds 279 104
Deferred tax liability -15 -143
Provisions - -1
Other current liabilities -163 -442
Liabilities to credit institutions - -336
Total identifiable net assets: 784 1,697
Goodwill 601 882
Effect on the cash flow:
Consideration -1,385 -2,605
Non-paid consideration 279 830
Paid consideration for previous years’ acquisitions -201 -431
Liquid funds in acquired companies 279 104
Total -1,028 -2,103
Consolidated acquisitions Consolidated from Operating segments Net sales, SEK M No. of employees 
2025
Companies
Cool4U January EMEA 500 58
Atomic Refrigerants March APAC 30 -
Central Refrigeration and Air-Conditioning (asset deal) May APAC 20 9
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
The table shows the total cash flow effect from acquisition activities. The presentation of identifiable net assets refers to acquisitions made during 2025 and 
2024 respectively.
Beijer Ref Q3 2025 - published on October 24, 2025

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

20
Parent company profit and loss account 
in summary, SEK M Q3 25 Q3 24 9M 25 9M 24 R12 12M 24
Operating income 35 30 105 90 155 140
Operating expenses -61 -54 -173 -146 -222 -195
Depreciation and write-down of intangible 
and tangible fixed assets -1 -1 -2 -2 -3 -2
Operating profit (EBIT) -26 -24 -70 -58 -70 -57
Net financial income/expense 24 -278 -895 181 -274 801
Result of participations in Group companies 213 6 947 392 950 396
Profit before appropriations 211 -296 -17 516 607 1,141
Appropriations - - - - -15 -15
Profit before tax 211 -296 -17 516 592 1,126
Tax 1 37 198 -75 74 -199
Net profit 211 -258 181 441 666 927
Parent company balance sheet in summary, SEK M 30 Sept. 25 30 Sept. 24 31 Dec. 24
ASSETS
Intangible fixed assets 19 9 15
Tangible fixed assets 3 4 4
Financial fixed assets 26,982 23,707 24,397
Current assets 1,506 2,419 2,859
Total assets 28,511 26,139 27,274
EQUITY AND LIABILITIES
Shareholders’ equity 15,592 15,614 16,103
Long-term liabilities 8,875 5,902 6,889
Current liabilities 4,044 4,622 4,282
Total equity and liabilities 28,511 26,139 27,274
Beijer Ref Q3 2025 - published on October 24, 2025

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

21
ARW
Air Condition & Refrigeration Wholesale.
Chiller
Liquid refrigeration unit.
CO₂ equivalent
A measurement of greenhouse gas emissions and how 
much carbon dioxide is needed to produce the same effect 
on the climate.
CO₂ project
Project using CO₂ as a refrigerant to reduce GWP. 
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.
TCO₂ project
Project that reduces or offsets carbon dioxide emissions, 
measured in tons CO₂.
Transcritical
Heat transfer with gas cooler.
Other
CSR
Corporate Social Responsibility.
KPI
Key Performance Indicator.
PIM
Product Information Management, centralised 
management of product information that is needed to 
market and sell the products through one or more 
distribution channels.
EMEA
APAC
North America
Operating segments
Beijer Ref Q3 2025 - published on October 24, 2025

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

22
This is Beijer Ref
The Beijer Ref Group is focused on trade and distributor 
activities within refrigeration products, air conditioning and 
heat pumps. The product range mainly consists of products 
from leading international manufacturers and in addition 
some manufacturing of our own products combined with 
service and support for the products. The Group creates 
added value by adding technical expertise to the products, 
providing knowledge and experience about the market and 
providing efficient logistics and warehousing.
Beijer Ref supplies customers across large parts of the 
world with a wide range of products. Through its more than 
150 subsidiaries in Europe, North America, Africa and Asia 
and Oceania, the company manages sales, 
purchasing, logistics, and distribution. A portion of sales 
comes from our own manufacturing.
The business is divided into three operating segments: 
EMEA, APAC and North America. Growth occurs both 
organically and through the acquisition of companies that 
complement current operations.
Seasonal effects
Beijer Ref’s sales are seasonally dependent as demand for 
refrigeration and air conditioning is at its peak during the 
warm months of the year. It means that demand in the 
northern hemisphere is at its peak during the second and 
third quarters whilst demand in the southern hemisphere is 
at its peak during the first and fourth quarters.
Financial calender 
• January 30, 2026: Interim report fourth quarter (Q4)
• April 23, 2026: Interim report first quarter (Q1)
• April 23, 2026: Annual General Meeting
For more information about the Beijer Ref Group, financial 
reports, press releases and more, please visit www.beijerref.com
Beijer Ref Q3 2025 - published on October 24, 2025

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

23
Stortorget 8, 211 34 Malmö
Telephone 040-35 89 00
Corporate ID 556040-8113
www.beijerref.com
This document is a translation of the Swedish language version. In the event of 
any discrepancies between this translation and the original Swedish document, 
the latter shall be deemed correct.
Beijer Ref Q3 2025 - published on October 24, 2025