===== SIDA 1 ===== Interim Report 1 April–30 June 2024 First quarter (1 April–30 June 2024) ❖ Revenue rose by 2 percent to MSEK 1,253 (1,228). ❖ EBITA increased by 13 percent to MSEK 119 (105) and the EBITA margin improved to 9.5 percent (8.6). ❖ Net profit rose by 21 percent to MSEK 58 (48). ❖ Cash flow from operating activities increased by 8 percent to MSEK 194 (179). ❖ Two acquisitions have been completed, one of which after the end of the period, with total annual revenue of approximately MSEK 75. ❖ Earnings per share for the most recent 12-month period amounted to SEK 7.40 before and after dilution, compared with SEK 7.15 for the 2023/2024 financial year. 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 ∆ % 30 Jun 2024 31 Mar 2024 Revenue 1,253 1,228 2 4,748 4,723 EBITA 119 105 13 452 438 EBITA margin, percent 9.5 8.6 9.5 9.3 Profit after financial items 74 62 19 273 261 Net profit (after taxes) 58 48 21 211 201 Earnings per share before dilution, SEK 1.95 1.70 7.40 7.15 Earnings per share after dilution, SEK 1.95 1.70 7.40 7.15 P/WC, percent 27 26 Cash flow from operating activities 194 179 8 678 663 Equity/assets ratio, percent 37 37 Number of employees at the end of the period 1,339 1,352 -1 1,339 1,340 Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year. ===== SIDA 2 ===== Interim Report 2024/2025 1 April–30 June 2024 2 (20) CEO’s comments A quarter that brought us closer to our goals The new operating year began with a continued positive trend in earnings, profitability and cash flow. EBITA increased by 13 percent to MSEK 119 (105), the EBITA margin rose to 9.5 percent (8.6) and we have now improved our earnings for 18 consecutive quarters. Revenue rose by 2 percent during the quarter. However, in organic terms, we saw a decline of 7 percent, mainly due to weaker underlying demand in both the construction and the manufacturing sectors. Nonetheless, our assessment is that demand has stabilised at the current level. Companies with low profitability continued to phase out low-margin business, which contributed to an increase in the contribution margin ratio of more than 1 percentage point during the quarter, and further efficiency improvements resulted in a continued reduction in the Group’s like-for-like costs. We continued to lower our working capital and reduced our inventories organically by over MSEK 200 year on year. The combination of increased earnings and lower working capital meant that profitability (P/WC) improved to 27 percent (22). Along with the fact that interest rates this quarter were on a par with the same quarter last year, this increase in operating profit meant that profit before tax increased by 19 percent to MSEK 74 million (62). Cash flow from operating activities rose to MSEK 194, enabling a continued reduction of the Group’s net loan liability despite completed acquisitions. New division names reflect our broadened acquisition strategy Ahead of the new financial year, we changed the names of our three divisions to better reflect our strategic development and the Group’s broader focus. The divisions are now called Core Solutions, Industrial Equipment and Safety Technology. The companies in Core Solutions offer products and solutions that form part of the customer’s end product – for example, fastening products, metal suspended ceilings, and fire seals for marine vessels. Industrial Equipment delivers solutions such as tools, instruments and machinery needed to complete the end customer’s products. Safety Technology focuses on safety products and solutions in areas such as personal safety, perimeter protection, technical safety and fire safety. Our acquisition objectives remain unchanged Since the beginning of the financial year, we have conducted two new acquisitions. The first was Maskinab, a leading supplier of machinery for sheet metal processing mainly to Swedish industrial customers. Together with our company Belano, which operates in the same niche but targets the construction market, we are becoming a leader in sheet metal processing machinery for the construction and manufacturing sectors. The most recent acquisition was Spraylat, a leading player that manufactures and sells temporary protective coatings for windows. Since both of these companies have profitability above 45 percent, our focus for them will be growth. We continue to see good market conditions for acquiring high-quality, niche B2B companies in line with our acquisition objectives, and we have the necessary funds, over SEK 1 billion, to finance and execute acquisitions. Strong confidence in our decentralised governance model Although several of our businesses are experiencing weak demand, we have strong confidence in our decentralised governance model, whereby each company acts on an individual basis. This includes streamlining and improving our product mix to strengthen the companies in the short term but also to position them to face a stronger market going forward. We invest for growth in companies with growth potential and satisfactory profitability. The Group’s broad exposure, with 31 profit centres in various sectors, combined with our acquisition strategy means we are well equipped to continue to deliver on our financial targets. Stockholm, July 2024 Magnus Söderlind President & CEO ===== SIDA 3 ===== Interim Report 2024/2025 1 April–30 June 2024 3 (20) Profit and revenue First quarter (April–June 2024) Revenue rose by 2 percent to MSEK 1,253 (1,228). Acquired revenue growth amounted to 9 percent. Exchange-rate fluctuations had a marginal impact on revenue. Revenue decreased by 7 percent organically, primarily as a result of weaker demand related to current economic climate in the construction industry. Demand from customers in the construction sector in the Nordic region remained weak, while demand in commercial real estate and infrastructure projects remained stable. Demand from industrial customers was somewhat weaker in general during the quarter. Demand appears to have stabilised, however, albeit from a low level. EBITA for the first quarter increased by 13 percent to MSEK 119 (105) and the EBITA margin improved to 9.5 percent (8.6). While the improvement operating profit was mainly attributable to acquired units, lower organic costs and improved gross margins also had a positive impact earnings. In line with our strategy, completed acquisitions have reduced our dependency on Nordic resellers and increased the share of sales outside the Nordic region. Profit after financial items rose by 19 percent to MSEK 74 (62). Net profit increased by 21 percent to MSEK 58 (48) and earnings per share for the rolling 12- month period amounted to SEK 7.40 after dilution, compared with SEK 7.15 for the 2023/2024 financial year. 1 200 1 073 1 239 1 237 1 228 1 094 1 187 1 214 1 253 Q1 2022/2023 Q2 Q3 Q4 Q1 2023/2024 Q2 Q3 Q4 Q1 2024/2025 REVENUE MSEK 91 84 103 104 105 107 110 116 119 Q1 2022/2023 Q2 Q3 Q4 Q1 2023/2024 Q2 Q3 Q4 Q1 2024/2025 EBITA MSEK 941) 68% 70% 72% 72% 32% 30% 28% 28% 31 Mar 2022 31 Mar 2023 31 Mar 2024 30 Jun 2024 REVENUE PER TYPE OF BRAND ROLLING 12 MONTHS Own proprietary brands Other brands 40% 36% 35% 36% 27% 25% 24% 23% 9% 11% 11% 10% 3% 3% 5% 6% 21% 25% 25% 25% 31 Mar 2022 31 Mar 2023 31 Mar 2024 30 Jun 2024 REVENUE PER COUNTRY ROLLING 12 MONTHS Sweden Norway Finland The UK Other countries 1) The delivery problems due to the IT attack on Luna’s logistics provider had negative impact of approximately MSEK 10 on EBITA. ===== SIDA 4 ===== Interim Report 2024/2025 1 April–30 June 2024 4 (20) Performance by division 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 ∆ % 30 Jun 2024 31 Mar 2024 Revenue Core Solutions 388 393 -1 1,405 1,410 Safety Technology 416 405 3 1,615 1,604 Industrial Equipment 457 439 4 1,759 1,741 Group-wide/eliminations -8 -9 -31 -32 Total revenue 1,253 1,228 2 4,748 4,723 EBITA Core Solutions 45 50 -10 145 150 Safety Technology 34 34 0 116 116 Industrial Equipment 46 31 48 204 189 Group-wide/eliminations* -6 -10 -13 -17 Total EBITA 119 105 13 452 438 Depreciation and amortisation in connection with acquisitions -19 -14 -71 -66 Operating profit 100 91 381 372 Financial income and expenses -26 -29 -108 -111 Profit before taxes 74 62 273 261 EBITA margin, percent Core Solutions 11.6 12.7 10.3 10.6 Safety Technology 8.2 8.4 7.2 7.2 Industrial Equipment 10.1 7.1 11.6 10.9 Total EBITA margin 9.5 8.6 9.5 9.3 * IFRS 16 does not affect operational follow-up or follow-up of earnings from the divisions. New division names The names of the divisions were changed at the start of the financial year. To better reflect the nature of the operations, the Building Materials division is now Core Solutions, Workplace Safety has changed its name to Safety Technology, and Tools & Consumables is now Industrial Equipment. The corporate structure of the divisions remains unchanged. Core Solutions First quarter (April–June 2024) Core Solutions’ revenue amounted to MSEK 388 (393). EBITA amounted to MSEK 45 (50) and the EBITA margin was 11.6 percent (12.7). Demand from customers in the construction sector in the Nordic region remained weak and revenue declined for ESSVE, the division’s largest company, in most of its geographic areas. The majority of the companies in the division experienced weaker demand. Itaab and Elkington experienced continued strong demand from customers in commercial buildings and infrastructure. As in the previous quarter, marine sales for Fire Protection remained strong, while sales of onshore products were weaker. Safety Technology First quarter (April–June 2024) Safety Technology’s revenue rose by 3 percent to MSEK 416 (405). EBITA amounted to MSEK 34 (34) and the EBITA margin was 8.2 percent (8.4). Demand for the companies in Safety Technology stabilised during the quarter. A slight improvement was noted, primarily for companies delivering to resellers. Guide, Cresto and SIS Group posted increased sales. The weaker demand negatively impacted earnings, particularly as completed cost measures have not yet had their full effect. This was offset by the earnings of the recently acquired company Ateco. ===== SIDA 5 ===== Interim Report 2024/2025 1 April–30 June 2024 5 (20) Industrial Equipment First quarter (April–June 2024) Industrial Equipment’s revenue rose by 4 percent to MSEK 457 (439). EBITA increased by 48 percent to MSEK 46 (31) and the EBITA margin improved to 10.1 percent (7.1). Demand for the division’s companies was varied in the quarter. Companies targeted at resellers continued to experience a weak market, while other companies in the division experienced a stable or favourable market. Luna continued to adjust its costs to combat the effects of the weak reseller market. Earnings and the operating margin both continued to improve, primarily as a result of recently acquired companies. Group-wide expenses and eliminations Group-wide items and eliminations for the first quarter amounted to MSEK -6 (-10). The Parent Company’s revenue amounted to MSEK 10 (10) and profit after financial items amounted to MSEK 10 (15) for the first quarter. Employees At the end of the period, the number of employees in the Group totalled 1,339, compared with 1,340 at the beginning of the financial year. During the period, three employees were gained via acquisitions. The number of employees decreased organically by 136 compared with the same period last year. Corporate acquisitions On 2 April 2024, Industrial Equipment acquired all of the shares in Maskinab Teknik AB. Maskinab is a leading supplier of machinery for sheet metal processing with annual revenue of approximately MSEK 35. Bergman & Beving normally uses an acquisition model with a base consideration and a contingent consideration. The outcome of the contingent consideration depends on the future earnings of the acquired company. Preliminary purchase price allocations for the acquisitions over the past 12 months: Fair value of acquired assets and liabilities, MSEK Total Customer relations, etc. 211 Other non-current assets 16 Other assets 200 Deferred tax liability, net -49 Other operating liabilities -81 Acquired net assets 297 Goodwill 167 Non-controlling interest -40 Purchase considerations 424 Less: Purchase considerations, unpaid -90 Less: Cash and cash equivalents in acquired companies -95 Net change in cash and cash equivalents -239 Goodwill is based on the expected future sales trend and profitability of the acquired companies. The unpaid purchase considerations of MSEK 90 are contingent and are estimated to amount to a maximum of MSEK 100. The contingent considerations will fall due within three years. Acquisition analyses older than 12 months are considered finalised. ===== SIDA 6 ===== Interim Report 2024/2025 1 April–30 June 2024 6 (20) Acquisition Closing Rev. MSEK* No. of empl. Division Tema Norge, Norway Apr 2023 45 8 Industrial Equipment Elkington, Sweden Jun 2023 40 6 Core Solutions Itaab, Sweden Jul 2023 75 23 Core Solutions Sandbergs, Sweden Aug 2023 60 8 Industrial Equipment Ateco, Sweden Nov 2023 50 9 Safety Technology Orbital Fabrications, UK Dec 2023 180 80 Industrial Equipment Maskinab Teknik, Sweden Apr 2024 35 3 Industrial Equipment * Refers to the situation assessed on a full-year basis on the date of acquisition. Considerations of MSEK 7 pertaining to previous years’ acquisitions were paid during the financial year. No remeasurements of contingent considerations or option liabilities related to minority interests were performed during the period. Profitability, cash flow and financial position Profitability, measured as the return on working capital (P/WC), amounted to 27 percent (22). The return on equity was 9 percent (9). Cash flow from operating activities for the quarter totalled MSEK 194 (179). Working capital decreased during the period by MSEK 44, mainly a result of a decline in inventory levels. Cash flow was impacted by net investments in non- current assets of MSEK 17 (18) and MSEK 35 (98) pertaining to acquisitions. The Group’s operational net loan liability at the end of the period amounted to MSEK 962 (1,065), excluding expensed pension obligations of MSEK 553 (485) and lease liabilities of MSEK 429 (433). Cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 1,077 (971). Financial income and expenses amounted to MSEK -26 (-29) for the quarter, of which the net expense for bank financing amounted to MSEK -19 (-17). The equity/assets ratio was 37 percent (40). Equity per share increased to SEK 84.55, compared with SEK 83.00 at the beginning of the year. The Swedish tax rate, which is also the Parent Company’s tax rate, was 20.6 percent. The Group’s weighted average tax rate, with its current geographic mix, was approximately 22 percent. Share structure and repurchase of shares At the end of the period, share capital totalled MSEK 56.9 and was distributed by class of share as follows: SHARE STRUCTURE Class of share No. of shares No. of votes % of capital % of votes Class A shares, 10 votes per share 1,060,656 10,606,560 3.9 28.7 Class B shares, 1 vote per share 26,375,760 26,375,760 96.1 71.3 Total number of shares before repurchasing 27,436,416 36,982,320 100.0 100.0 Of which, repurchased Class B shares -726,043 2.6 2.0 Total number of shares after repurchasing 26,710,373 The share price on 30 June 2024 was SEK 296.00. The average number of treasury shares was 728,276 during the period and 726,043 at the end of the period. The average purchase price for the repurchased shares was SEK 87.88 per share. ===== SIDA 7 ===== Interim Report 2024/2025 1 April–30 June 2024 7 (20) CALL OPTION PROGRAMMES Outstanding programmes No. of options Corresponding no. of shares % of total shares Redemption price Redemption period Call option programme 2021/2025 178,000 178,000 0.6 197.30 16 Sep 2024–12 Jun 2025 Call option programme 2022/2026 210,000 210,000 0.8 106.10 9 Sep 2025–5 Jun 2026 Call option programme 2023/2027 250,000 250,000 0.9 181.10 9 Sep 2026–4 Jun 2027 Call options issued for repurchased shares resulted in an insignificant dilution effect. In the first quarter of the year, the 2020/2024 call option programme expired. Events after the end of the period On 1 July, Division Core Solutions acquired all of the shares in Spraylat International Limited. The company manufactures and sells temporary protective coatings for windows. The company has revenue of approximately MGBP 3. Annual General Meeting The Annual General Meeting (AGM) of Bergman & Beving AB will be held on Thursday, 29 August 2024, at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16, Stockholm. The notice of the AGM will be published in July and will be available at www.bergmanbeving.com. Stockholm, 16 July 2024 Magnus Söderlind President & CEO This report has not been reviewed by the Company’s auditors. Other information Publication The information in this report is such that Bergman & Beving AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 7:45 a.m. CEST on 16 July 2024. Dates for forthcoming financial information ❖ The 2024 AGM will be held on 29 August 2024 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16, Stockholm ❖ Interim Report 1 April–30 September 2024 will be published on 23 October 2024 ❖ Interim Report 1 April–31 December 2024 will be presented on 5 February 2025 ❖ Financial Report 1 April 2024–31 March 2025 will be published on 9 May 2025. Contact information Magnus Söderlind, President and CEO, Tel: +46 10 454 77 00 Peter Schön, CFO, Tel: +46 70 339 89 99 Visit www.bergmanbeving.com to download reports, presentations and press releases. ===== SIDA 8 ===== Interim Report 2024/2025 1 April–30 June 2024 8 (20) Reporting by quarter 2024/2025 2023/2024 2022/2023 MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue Core Solutions 388 349 322 346 393 382 298 310 389 Safety Technology 416 412 433 354 405 425 442 378 411 Industrial Equipment 457 459 441 402 439 438 509 395 410 Group-wide/eliminations -8 -6 -9 -8 -9 -8 -10 -10 -10 Total revenue 1,253 1,214 1,187 1,094 1,228 1,237 1,239 1,073 1,200 EBITA Core Solutions 45 46 17 37 50 40 11 26 37 Safety Technology 34 23 40 19 34 29 49 35 39 Industrial Equipment 46 51 57 50 31 35 45 24 17 Group-wide/eliminations -6 -4 -4 1 -10 0 -2 -1 -2 Total EBITA 119 116 110 107 105 104 103 84 91 EBITA margin, percent Core Solutions 11.6 13.2 5.3 10.7 12.7 10.5 3.7 8.4 9.5 Safety Technology 8.2 5.6 9.2 5.4 8.4 6.8 11.1 9.3 9.5 Industrial Equipment 10.1 11.1 12.9 12.4 7.1 8.0 8.8 6.1 4.1 Total EBITA margin 9.5 9.6 9.3 9.8 8.6 8.4 8.3 7.8 7.6 ===== SIDA 9 ===== Interim Report 2024/2025 1 April–30 June 2024 9 (20) Group summary CONSOLIDATED INCOME STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Revenue 1,253 1,228 4,748 4,723 Other operating income 3 6 36 39 Total operating income 1,256 1,234 4,784 4,762 Cost of goods sold -659 -665 -2,457 -2,463 Personnel costs -267 -253 -1,032 -1,018 Depreciation, amortisation and impairment losses -74 -66 -292 -284 Other operating expenses -156 -159 -622 -625 Total operating expenses -1,156 -1,143 -4,403 -4,390 Operating profit 100 91 381 372 Financial income and expenses -26 -29 -108 -111 Profit after financial items 74 62 273 261 Taxes -16 -14 -62 -60 Net profit 58 48 211 201 Of which, attributable to Parent Company shareholders 52 45 198 191 Of which, attributable to non-controlling interest 6 3 13 10 EBITA 119 105 452 438 Earnings per share before dilution, SEK 1.95 1.70 7.40 7.15 Earnings per share after dilution, SEK 1.95 1.70 7.40 7.15 Number of shares outstanding before dilution, ‘000 26,710 26,638 26,710 26,707 Weighted number of shares before dilution, ‘000 26,708 26,607 26,679 26,654 Weighted number of shares after dilution, ‘000 26,948 26,805 26,823 26,801 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Net profit 58 48 211 201 Other comprehensive income Remeasurement of defined-benefit pension plans – – -91 -91 Tax attributable to components that will not be reclassified – – 19 19 Components that will not be reclassified to net profit – – -72 -72 Translation differences -14 61 -43 32 Fair value changes for the year in cash-flow hedges 0 -3 1 -2 Tax attributable to components that will be reclassified 0 1 -1 0 Components that will be reclassified to net profit -14 59 -43 30 Other comprehensive income -14 59 -115 -42 Total comprehensive income for the period 44 107 96 159 Of which, attributable to Parent Company shareholders 37 102 82 147 Of which, attributable to non-controlling interest 7 5 14 12 ===== SIDA 10 ===== Interim Report 2024/2025 1 April–30 June 2024 10 (20) CONSOLIDATED BALANCE SHEET MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024 Assets Goodwill 2,037 1,884 2,018 Other intangible non-current assets 786 671 781 Tangible non-current assets 156 145 157 Right-of-use assets 427 435 442 Financial non-current assets 4 6 4 Deferred tax assets 58 35 59 Total non-current assets 3,468 3,176 3,461 Inventories 1,127 1,291 1,189 Accounts receivable 925 941 936 Other current receivables 165 178 180 Cash and cash equivalents 340 231 296 Total current assets 2,557 2,641 2,601 Total assets 6,025 5,817 6,062 Equity and liabilities Equity attributable to Parent Company shareholders 2,145 2,289 2,108 Non-controlling interest 111 64 105 Total equity 2,256 2,353 2,213 Non-current interest-bearing liabilities 1,330 1,377 1,374 Provisions for pensions 553 485 558 Other non-current liabilities and provisions 442 239 424 Total non-current liabilities 2,325 2,101 2,356 Current interest-bearing liabilities 401 352 421 Accounts payable 479 448 484 Other current liabilities 564 563 588 Total current liabilities 1,444 1,363 1,493 Total equity and liabilities 6,025 5,817 6,062 CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024 Opening equity 2,108 2,181 2,181 Dividend – – -96 Exercise and purchase of options for repurchased shares 0 6 10 Option liabilities, acquisitions1 – – -134 Total comprehensive income for the period 37 102 147 Closing equity 2,145 2,289 2,108 1 Refers to the value of put options issued in connection with acquisitions of partly owned subsidiaries. The minority shareholders are entitled to sell shares to Bergman & Beving. The option price is based on the expected future financial performance of the acquired operations. ===== SIDA 11 ===== Interim Report 2024/2025 1 April–30 June 2024 11 (20) CONSOLIDATED CASH-FLOW STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Operating activities before changes in working capital 150 140 465 455 Changes in working capital 44 39 213 208 Cash flow from operating activities 194 179 678 663 Investments in intangible and tangible assets -17 -18 -57 -58 Proceeds from sale of intangible and tangible assets 1 0 3 2 Acquisition of businesses -35 -98 -249 -312 Cash flow from investing activities -51 -116 -303 -368 Dividend, Parent Company shareholders – – -96 -96 Borrowings 4 0 139 135 Repayment of loans -55 -14 -134 -93 Repayment of leases -37 -35 -151 -149 Other financing activities -8 -13 -15 -20 Cash flow from financing activities -96 -62 -257 -223 Cash flow for the period 47 1 118 72 Cash and cash equivalents at the beginning of the period 296 220 231 220 Cash flow for the period 47 1 118 72 Exchange-rate differences in cash and cash equivalents -3 10 -9 4 Cash and cash equivalents at the end of the period 340 231 340 296 Compilation of key financial ratios KEY FINANCIAL RATIOS Rolling 12 months MSEK 30 Jun 2024 31 Mar 2024 31 Mar 2023 31 Mar 2022 31 Mar 2021 Revenue 4,748 4,723 4,749 4,575 4,311 EBITDA 673 656 571 503 426 EBITA 452 438 382 331 271 EBITA margin, percent 9.5 9.3 8.0 7.2 6.3 Operating profit 381 372 339 298 247 Operating margin, percent 8.0 7.9 7.1 6.5 5.7 Profit after financial items 273 261 271 259 212 Net profit 211 201 214 202 166 Profit margin, percent 5.7 5.5 5.7 5.7 4.9 Return on working capital (P/WC), percent 27 26 21 22 20 Return on capital employed, percent Return on equity, percent 9 9 9 9 8 10 8 11 7 10 Operational net loan liability (closing balance) 962 1,057 1,090 889 697 Operational net debt/equity ratio 0.4 0.5 0.5 0.5 0.4 Operational net loan liability/EBITDA excl. IFRS 16, multiple 1.9 2.1 2.5 2.3 2.2 Equity (closing balance) 2,256 2,213 2,240 1,932 1,715 Equity/assets ratio, percent 37 37 39 36 35 Number of employees at the end of the period 1,339 1,340 1,348 1,227 1,129 ===== SIDA 12 ===== Interim Report 2024/2025 1 April–30 June 2024 12 (20) KEY PER-SHARE DATA Rolling 12 months SEK 30 Jun 2024 31 Mar 2024 31 Mar 2023 31 Mar 2022 31 Mar 2021 Earnings before dilution 7.40 7.15 7.80 7.55 6.15 Earnings after dilution 7.40 7.15 7.80 7.50 6.15 Cash flow from operating activities 25.40 24.85 12.55 8.50 14.40 Equity 84.55 83.00 84.35 72.85 64.40 Share price 296.00 209.50 128.40 141.40 121.40 Parent Company summary INCOME STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Revenue 10 10 41 41 Other operating income – – 0 0 Total operating income 10 10 41 41 Operating expenses -16 -12 -57 -53 Operating loss -6 -2 -16 -12 Financial income and expenses 16 17 57 58 Profit after financial items 10 15 41 46 Appropriations – – 11 11 Profit before taxes 10 15 52 57 Taxes -2 -3 1 0 Net profit 8 12 53 57 STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Net profit 8 12 53 57 Fair value changes for the year in cash-flow hedges 0 -3 1 -2 Taxes attributable to other comprehensive income 0 1 -1 0 Components that will be reclassified to net profit 0 -2 0 -2 Other comprehensive income 0 -2 0 -2 Total comprehensive income for the period 8 10 53 55 ===== SIDA 13 ===== Interim Report 2024/2025 1 April–30 June 2024 13 (20) BALANCE SHEET MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024 Assets Tangible non-current assets 1 1 1 Financial non-current assets 2,552 2,584 2,570 Current receivables 1,326 996 1,385 Cash and bank 1 0 1 Total assets 3,880 3,581 3,957 Equity, provisions and liabilities Equity 1,121 1,159 1,113 Untaxed reserves – 6 – Provisions 43 42 43 Non-current liabilities 1,239 1,256 1,280 Current liabilities 1,477 1,118 1,521 Total equity, provisions and liabilities 3,880 3,581 3,957 ===== SIDA 14 ===== Interim Report 2024/2025 1 April–30 June 2024 14 (20) Notes 1. Accounting policies This Interim Report was prepared in accordance with IFRS and by applying IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Market Act. The Interim Report for the Parent Company was prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms to the provisions detailed in RFR 2 Accounting for Legal Entities. The same accounting policies and bases of judgement have been applied in this Interim Report as in the Annual Report for 2023/2024. Disclosures are provided in the financial statements and accompanying notes as well as other sections of the interim report. New or amended accounting standards The additions and amendments to standards applicable during the year are not assessed to have any material impact on the financial statements. The amended IFRS to be applied in the future are not expected to have any material impact on the Group’s financial statements. 2. Revenue per geographic area The Group primarily conducts operations in Sweden, Norway and Finland and revenue presented for the geographic markets is based on the domicile of the customers. 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Sweden 453 435 1,677 1,659 Norway 270 281 1,114 1,125 Finland 112 148 474 510 UK 96 51 302 257 Other countries 322 313 1,181 1,172 Revenue 1,253 1,228 4,748 4,723 3. Fair value of financial instruments 30 Jun 2024 31 Mar 2024 MSEK Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3 Derivative hedging instruments 0 0 – 1 1 – Total financial assets at fair value per level 0 0 – 1 1 – Derivative hedging instruments – – – – – – Contingent considerations 173 – 173 172 – 172 Total financial liabilities at fair value per level 173 – 173 172 – 172 Financial instruments measured at fair value are presented in the table above. Derivatives belong to Level 2 of the fair value hierarchy. Derivatives that comprise foreign-exchange forward contracts are measured at fair value by discounting the difference between the contracted forward rate and the forward rate that can be contracted on the balance-sheet date for the remaining contract period. ===== SIDA 15 ===== Interim Report 2024/2025 1 April–30 June 2024 15 (20) Contingent considerations regarding acquired operations are classified in Level 3, meaning that measurement is based on the expected future financial performance of the acquired operations as assessed by management. No transfers between Level 2 and Level 3 took place during the period. For the Group’s other financial assets and liabilities, the fair value is estimated to be equal to the carrying amount. Contingent considerations, MSEK 30 Jun 2024 31 Mar 2024 Opening balance 172 108 Acquisitions for the year 8 107 Purchase consideration paid -7 -8 Revaluation of preliminary purchase price allocations – -21 Reversal through profit or loss – -14 Exchange-rate differences 0 0 Closing balance 173 172 4. Leases Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement. MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024 Right-of-use assets 427 435 442 Non-current lease liabilities 285 292 299 Current lease liabilities 144 141 143 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Depreciation of right-of-use assets -38 -37 -156 -155 Interest on lease liabilities -4 -4 -15 -15 IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions. 5. Risks and uncertainties While the uncertain geopolitical situation, general conditions and inflation remain unchanged, they have had minor impact on the Group to date. During the financial year, no significant changes occurred with respect to risks and uncertainties for the Group or the Parent Company. For information about these risks and uncertainties, refer to pages 62–65 of Bergman & Beving’s Annual Report for 2023/2024. 6. Transactions with related parties No transactions having a material impact on the Group’s position or earnings occurred between Bergman & Beving and its related parties during the financial year. ===== SIDA 16 ===== Interim Report 2024/2025 1 April–30 June 2024 16 (20) Definitions Return on equity1, 2 Net profit for the rolling 12-month period divided by average 12-month equity. Return on equity measures, from an ownership perspective, the return generated by the owners’ invested capital. Return on working capital (P/WC)1 EBITA (P) for the rolling 12-month period as a percentage of average 12 months’ working capital (WC), defined as inventories plus accounts receivable less accounts payable. P /WC is used to analyse profitability and is a measure that encourages high EBITA and low working capital requirements. Bergman & Beving’s profitability target is for each unit in the Group to achieve profitability of at least 45 percent. Refer to the reconciliation table on page 18. Return on capital employed1 Profit after financial items plus financial expenses for the rolling 12-month period divided by the average balance-sheet total less non-interest-bearing liabilities. Return on capital employed shows the Group’s profitability in relation to externally financed capital and equity. EBITA1 Operating profit for the period before impairment of goodwill and amortisation and impairment of other intangible assets in connection with corporate acquisitions and equivalent transactions. EBITA is used to analyse profitability generated from operating activities. Refer to the reconciliation table on page 18. EBITA margin1 EBITA for the period as a percentage of revenue. The EBITA margin is used to show the profitability ratio of operating activities. EBITDA1 Operating profit for the period before depreciation/amortisation and impairment losses. EBITDA is used to analyse profitability generated from operating activities. The Group also uses EBITDA excluding depreciation of right-of-use assets. Refer to the reconciliation table on page 18. Equity per share1, 2 Equity divided by the weighted number of shares at the end of the period. Equity per share measures the amount of equity attributable to each share and is presented to facilitate the analyses and decisions of investors. Change in revenue for comparable units1 Comparable units refer to sales in local currency from units that were part of the Group during the current period and the entire corresponding period in the preceding year. Acquisitions/divestments refer to the acquisition or divestment of units during the corresponding period. Used to analyse the underlying sales growth driven by changes in volume, range and prices for similar products and services between different periods. Refer to the reconciliation table on page 18. Cash flow per share1 Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares. ===== SIDA 17 ===== Interim Report 2024/2025 1 April–30 June 2024 17 (20) The measure is used to enable investors to easily analyse the size of the surplus from operating activities that is generated per share. Operational net loan liability1 Interest-bearing liabilities excluding lease liabilities and provisions for pensions less cash and cash equivalents. Operational net loan liability is used to follow the debt trend and to analyse the Group’s total debt excluding lease liabilities and provisions for pensions. Refer to the reconciliation table on page 19. Operational net debt/equity ratio1, 2 Operational net loan liability divided by equity. Operational net debt/equity ratio measures, from an ownership perspective, the relationship between operational net loan liability and the owners’ invested capital. Refer to the reconciliation table on page 19. Profit after financial items1 Profit before taxes for the period. Used to analyse operational profitability including financial activities. Earnings per share Net profit attributable to the Parent Company shareholders divided by the weighted number of shares. Operating profit1 Operating income less operating expenses. The measure is used to describe the Group’s earnings before interest and taxes. Operating margin1 Operating profit for the period as a percentage of revenue. The measure is used to state the percentage of revenue remaining to cover interest and tax as well as to generate profit after the company’s costs have been paid. Equity/assets ratio1, 2 Equity as a percentage of the balance-sheet total. The equity/assets ratio is used to analyse financial risk and shows the proportion of assets that are financed through equity. Profit margin1 Net profit after financial items as a percentage of revenue. Profit margin is used to assess the Group’s profit generation before tax and shows the proportion of revenue that the Group may retain in profit before taxes. Weighted number of shares Average number of shares outstanding before or after dilution. Shares held by the company are not included in the number of shares outstanding. Dilution effects arise due to call options that can be settled using shares in share-based incentive programmes. The call options have a dilution effect when the average share price during the period is higher than the redemption price of the call options. _____________________________ 1) The performance measure is an alternative performance measure in accordance with ESMA’s guidelines 2) Minority shares are included in equity when this performance measure is calculated ===== SIDA 18 ===== Interim Report 2024/2025 1 April–30 June 2024 18 (20) Reconciliation tables alternative performance measures Bergman & Beving uses certain financial performance measures in its analysis of the operations and their performance that are not calculated in accordance with IFRS. The Company believes that these performance measures provide valuable information for investors, since they enable a more accurate assessment of current trends when combined with other key financial ratios calculated in accordance with IFRS. Since listed companies do not always calculate these performance measures ratios in the same way, there is no guarantee that the information is comparable with other companies’ performance measures of the same name. Change in revenue 3 months Percentage change Apr–Jun 2024 Apr–Jun 2023 Comparable units in local currency -7 -8 Currency effects 0 1 Acquisitions/divestments 9 9 Total – change 2 2 EBITA 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Operating profit 100 91 381 372 Depreciation and amortisation in connection with acquisitions 19 14 71 66 EBITA 119 105 452 438 EBITDA 3 months Rolling 12 months MSEK Apr–Jun 2024 Apr–Jun 2023 30 Jun 2024 31 Mar 2024 Operating profit 100 91 381 372 Depreciation, amortisation and impairment losses 74 66 292 284 EBITDA 174 157 673 656 Depreciation of right-of-use assets -38 -37 -156 -155 EBITDA excl. IFRS 16 136 120 517 501 Return on working capital (P/WC) Rolling 12 months MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024 EBITA (P) 452 396 438 Average working capital (WC) Inventories 1,231 1,398 1,275 Accounts receivable 885 904 892 Accounts payable -455 -489 -453 Total – average WC 1,661 1,813 1,714 P/WC, percent 27 22 26 ===== SIDA 19 ===== Interim Report 2024/2025 1 April–30 June 2024 19 (20) Operational net loan liability and operational net debt/equity ratio MSEK 30 Jun 2024 30 Jun 2023 31 Mar 2024 Financial net liabilities 2,284 2,214 2,353 Pensions -553 -485 -558 Lease liabilities -429 -433 -442 Cash and cash equivalents -340 -231 -296 Operational net loan liability 962 1,065 1,057 Equity 2,256 2,353 2,213 Operational net debt/equity ratio 0.4 0.5 0.5 ===== SIDA 20 ===== Interim Report 2024/2025 1 April–30 June 2024 20 (20) Bergman & Beving in brief ❖ Bergman & Beving, founded in 1906, is a Swedish listed corporate group with extensive experience in acquiring and developing leading niche companies from a long-term ownership perspective. ❖ Bergman & Beving’s vision is to be a leading niche supplier of productive, safe and sustainable solutions to companies. ❖ Our decentralised governance model means that we strive for leading positions through organic growth and add-on acquisitions in existing niches and through acquisitions in new niches. ❖ Through our products, we are represented at over 5,000 sales outlets and by distributors in approximately 25 countries. ❖ Our primary market is the Nordic region, which accounts for approximately 70 percent of revenue. ❖ We aim to be a sustainable company where we actively work to create long-term value for society and our shareholders while limiting the impact of our operations on the environment. ❖ The subsidiaries in the Group are operated with decentralised business responsibility, with a focus on simplicity, responsibility and freedom, efficiency, openness and a willingness to change. Our business units: