FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
Interim Report 1 April–30 June 2025
First quarter (1 April–30 June 2025)
❖ Revenue rose by 5 percent to MSEK 1,319 (1,253).
❖ EBITA increased by 9 percent to MSEK 130 (119) and the EBITA margin improved to 9.9 percent (9.5).
❖ Net profit increased to MSEK 60 (58).
❖ Cash flow from operating activities totalled MSEK 182 (187).
❖ Four acquisitions have been completed, one of which after the end of the period, with total annual revenue of
approximately MSEK 300.
❖ Earnings per share for the most recent 12-month period amounted to SEK -1.80 before and after dilution, compared
with SEK -1.95 for the 2024/2025 financial year. Adjusted earnings per share1) amounted to SEK 8.20 after dilution.
❖ The competition authorities in Sweden, Finland and Norway approved the divestment of Skydda companies to
Ahlsell, which took over as owner after the end of the period.
1) Adjusted for reversal of impairment of goodwill, MSEK 270, on 31 March 2025.
Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year.
3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
∆ %
30 Jun
2025
31 Mar
2025
Revenue 1,319 1,253 5 5,038 4,972
EBITA 130 119 9 496 485
EBITA margin, percent 9.9 9.5 9.8 9.8
EBIT 103 100 3 132 129
EBIT margin, percent 7.8 8.0 2.6 2.6
Adjusted EBIT1) 103 100 3 402 399
Adjusted EBIT margin, percent1) 7.8 8.0 8.0 8.0
Profit after financial items 76 74 3 29 27
Net profit (after taxes) 60 58 3 -38 -40
Earnings per share before dilution, SEK 2.10 1.95 -1.80 -1.95
Earnings per share after dilution, SEK 2.05 1.95 -1.80 -1.95
Adjusted earnings per share after dilution, SEK1) 2.05 1.95 8.20 8.05
P/WC, percent 32 31
Cash flow from operating activities 182 187 -3 504 509
Equity/assets ratio, percent 31 32
Number of employees at the end of the period 1,448 1,339 8 1,448 1,403
===== SIDA 2 =====
Interim Report 2025/2026
1 April–30 June 2025
2 (22)
CEO’s comments
Increased profit despite a challenging market
The first quarter of the operating year resulted in continued improvements in earnings, higher profitability and stronger
cash flow despite the fact that demand in the construction and industrial segments remained weak. EBITA increased by 9
percent to MSEK 130 (119) and the EBITA margin improved to 9.9 percent (9.5). We have now improved our earnings for 22
consecutive quarters, which in my opinion proves the strength of our business model and the initiatives of our
companies. Revenue rose by 5 percent, primarily due to acquisitions. Higher acquisition-related amortisation and
unchanged net financial items meant that profit before tax increased 3 percent to MSEK 76 (74).
Working capital continued to decrease organically. Together with improved earnings, this led to a strong trend in
profitability (P/WC), which increased to 32 percent (27). Cash flow from operating activities totalled MSEK 182 (187).
Strategic divestment strengthens focus
The divestment of Skydda’s Nordic operations to Ahlsell was completed after the end of the quarter. Now that Ahlsell is
the new owner of Skydda, we see good opportunities to increase volumes from our product companies in the area of
personal protective equipment. Skydda’s operations outside the Nordic region will not be affected by the transaction and
will remain an important channel for our product companies. Initially, the divestment results in an EBITA shortfall of
around MSEK 45 but will strengthen the group’s long-term conditions. The earnings will be substituted by high-quality
acquisitions, which will further make us reach the targets MSEK 500 EBIT and 10 percent operating margin, albeit with a
few quarters delay compared to what has previously been communicated.
Acquisition pace continues – focus on niche growth companies
Three acquisitions were conducted during the quarter. Following our acquisition of Mann & Co we are now, together with
our companies Germ and Sandberg, a market leader in Sweden when it comes to fluid handling equipment. Through our
acquisition of 97 percent of the UK company Raintite, which specialises in PVC-laminated steel products for roof
applications such as guttering, we expanded our offering within commercial construction-related solutions. We
established ourselves in the growing control and measurement systems niche for the oil, gas, chemical and aviation
industries through the acquisition of Ontec in Finland. After the end of the quarter, we acquired H C Coils in the UK, which
offers bespoke industrial heat exchangers for customers in, for example, the processing or pharmaceutical industries.
Collectively, these companies have annual revenue of approximately MSEK 300, with good profitability and attractive
growth prospects. The focus going forward for these units is therefore to drive growth while retaining profitability. Our
focus on acquiring product companies means that we have reached our interim target of 75 percent proprietary products
– a gratifying milestone. Overall, we see good opportunities to acquire high-quality niche technology companies that
meet our criteria for acquisition. We have the scope to continue conducting acquisitions, thanks to a strong balance sheet
and access to cash and cash equivalents.
Well equipped to create long-term value growth
While certain segments of the market are cautious, we draw strength from our decentralised model, with companies that
act independently within clear financial frameworks. We are continuing to streamline operations in addition to improving
the sales mix and investing where we see potential for profit growth. Our broad exposure to various product and
customer segments, combined with structured capital allocation and an active acquisition agenda, makes us well
positioned to continue to create profit and profitability growth over time.
Stockholm, July 2025
Magnus Söderlind
President & CEO
===== SIDA 3 =====
Interim Report 2025/2026
1 April–30 June 2025
3 (22)
Profit and revenue
First quarter (April–June 2025)
Revenue rose by 5 percent to MSEK 1,319 (1,253).
Acquired revenue growth amounted to 11 percent.
Exchange-rate fluctuations had a negative impact of 3
percent on revenue. Revenue decreased by 3 percent
organically.
The previous quarter’s trend of weak demand in the
Nordic construction sector continued. While our
companies that deliver to industrial customers saw
varying demand, demand from the manufacturing
sector in the Nordic region was somewhat weaker
overall.
EBITA for the first quarter increased by 9 percent to
MSEK 130 (119) and the EBITA margin increased to 9.9
percent (9.5). This improvement was primarily due to
earnings contributions from acquired companies.
Despite a weaker market, several companies made
positive contributions. Profit after financial items
amounted to MSEK 76 (74). Net profit amounted to
MSEK 60 (58).
1 228
1 094
1 187 1 214 1 253
1 144
1 264 1 311 1 319
Q1
2023/2024
Q2 Q3 Q4 Q1
2024/2025
Q2 Q3 Q4 Q1
2025/2026
REVENUE
MSEK
105 107 110 116 119 120 121 125 130
Q1
2023/2024
Q2 Q3 Q4 Q1
2024/2025
Q2 Q3 Q4 Q1
2025/2026
EBITA
MSEK
70% 72% 74% 75%
30% 28% 26% 25%
31 Mar 2023 31 Mar 2024 31 Mar 2025 30 Jun 2025
REVENUE PER TYPE OF BRAND
ROLLING 12 MONTHS
Own proprietary brands Other brands
36% 35% 36% 35%
25% 24% 21% 21%
11% 11% 11% 13%
3% 5% 8% 9%
25% 25% 24% 22%
31 Mar 2023 31 Mar 2024 31 Mar 2025 30 Jun 2025
REVENUE PER COUNTRY
ROLLING 12 MONTHS
Sweden Norway Finland
The UK Other countries
===== SIDA 4 =====
Interim Report 2025/2026
1 April–30 June 2025
4 (22)
Performance by division
3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
∆ %
30 Jun
2025
31 Mar
2025
Revenue
Core Solutions 464 388 20 1,626 1,550
Safety Technology 434 416 4 1,676 1,658
Industrial Equipment 427 457 -7 1,763 1,793
Group-wide/eliminations -6 -8 -27 -29
Total revenue 1,319 1,253 5 5,038 4,972
EBITA
Core Solutions 55 45 22 171 161
Safety Technology 35 34 3 138 137
Industrial Equipment 45 46 -2 208 209
Group-wide/eliminations* -5 -6 -21 -22
Total EBITA 130 119 9 496 485
Depreciation, amortisation and impairment in
connection with acquisitions -27
-19
-364
-356
Operating profit 103 100 132 129
Financial income and expenses -27 -26 -103 -102
Profit before taxes 76 74 29 27
EBITA margin, percent
Core Solutions 11.9 11.6 10.5 10.4
Safety Technology 8.1 8.2 8.2 8.3
Industrial Equipment 10.5 10.1 11.8 11.7
Total EBITA margin 9.9 9.5 9.8 9.8
* IFRS 16 does not affect operational follow-up or follow-up of earnings from the divisions.
Core Solutions
First quarter (April–June 2025)
Core Solutions’ revenue rose by 20 percent to MSEK 464
(388). EBITA increased by 22 percent to MSEK 55 (45)
and the EBITA margin was 11.9 percent (11.6).
Demand from customers in the construction sector in
the Nordic region remained stable, but low. ESSVE
compensated for weak demand by continuing to deliver
on new customer contracts in Norway as well as
Sweden. The division’s Finnish companies noted
somewhat improved demand, albeit from a previously
low level. However, the division’s UK company enjoyed
good demand. The higher earnings were mainly
attributable to acquisitions.
Safety Technology
First quarter (April–June 2025)
Safety Technology’s revenue rose by 4 percent to MSEK
434 (416). EBITA increased by 3 percent to MSEK 35 (34)
and the EBITA margin was 8.1 percent (8.2).
While demand increased for several of the division’s
companies, the market remained relatively weak.
Cresto continued to experience good demand based on
global wind power customers’ need for rescue
equipment and increased demand for training in the
US. The newly acquired company Ontec delivered
according to expectations.
Industrial Equipment
First quarter (April–June 2025)
Industrial Equipment’s revenue amounted to MSEK 427
(457). EBITA amounted to MSEK 45 (46) and the EBITA
margin was 10.5 percent (10.1).
As before, demand for companies varied depending on
their end markets. Luna and Teng Tools, which sell to
resellers, faced weak demand. Polartherm, which
===== SIDA 5 =====
Interim Report 2025/2026
1 April–30 June 2025
5 (22)
manufactures mobile heaters, also experienced
continued low demand, primarily from construction
customers and rental companies in Europe. At the same
time, demand for the newly acquired companies in the
UK was strong.
Group-wide expenses and
eliminations
Group-wide items and eliminations for the first quarter
amounted to MSEK -5 (-6). The Parent Company’s
revenue amounted to MSEK 12 (10) and profit after
financial items amounted to MSEK 12 (10) for the first
quarter.
Employees
At the end of the period, the number of employees in
the Group totalled 1,448, compared with 1,403 at the
beginning of the financial year. During the period, 36
employees were added to the Group via acquisitions.
Divestment
On 27 March, an agreement was signed with Ahlsell to
divest the Nordic operations of the subsidiary Skydda.
The decision to divest Skydda was based on the
assessment that Skydda will have better conditions for
successful growth with Ahlsell as its owner. The
proceeds from the sale will be used to acquire highly
profitable niche technology companies, in line with
Bergman & Beving’s acquisition strategy and financial
targets.
For the last 12 months, Skydda had combined revenue
of approximately MSEK 550 and underlying EBITA of
approximately MSEK 45. The divested operations are
valued at MSEK 300, excluding a possible additional
purchase consideration amounting to a maximum of
MSEK 80. Skydda’s operations outside the Nordic
region, with annual revenue of approximately MSEK
175, are not included in the transaction and will remain
part of Bergman & Beving since they are an important
sales channel for Bergman & Beving’s product
companies active in personal protective equipment.
The divestment was contingent on approval from the
competition authorities in Sweden, Finland and
Norway, which was received during the quarter. An
impairment of goodwill of MSEK 270 related to the
divestment was recognised in the fourth quarter of
2024/2025. The estimated restructuring cost in the
subsequent periods is expected to amount to
approximately MSEK 70.
Ahlsell took over as owner on 1 July 2025. Refer to the
section Events after the end of the period.
A summary of the assets and liabilities that are deemed
to be assets held for sale under IFRS 5 is presented in
the table below.
Assets held for sale
MSEK
30 Jun 2025
Goodwill 200
Other non-current assets 12
Deferred tax assets 1
Inventory 87
Accounts receivable 71
Cash and bank 82
Other current assets 3
Assets held for sale 456
Non-current liabilities 2
Provisions for pensions 32
Accounts payable 6
Other current liabilities 36
Liabilities held for sale 76
In the consolidated balance sheet as of 30 June, the
assets and liabilities of the Skydda companies are
classified according to the above categories. The
original categorisation was used when calculating
performance measures, since the Skydda companies
were part of Bergman & Beving for the entire quarter.
===== SIDA 6 =====
Interim Report 2025/2026
1 April–30 June 2025
6 (22)
Corporate acquisitions
On 4 April 2025, Division Safety Technology acquired all
of the shares in Ontec Oy. Ontec Oy is a leading
company providing certified control and measurement
systems for oil, gas, chemical and aviation industries
with annual revenue of approximately MSEK 45.
On 16 April 2025, Division Core Solutions acquired 97
percent of the shares in Raintite Trading Ltd, a leading
manufacturer of PVC-laminated steel products used in
roof applications such as guttering. The company has
annual revenue of approximately MSEK 90.
On 15 May 2025, Germ AB, a company in Division
Industrial Equipment, acquired all of the shares in Mann
& Co AB, a leading supplier of hoses and couplings for
fluid handling applications. The company has annual
revenue of approximately MSEK 30.
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:
* Refers to the situation assessed on a full-year basis on the
date of acquisition.
Goodwill is based on the expected future sales trend
and profitability of the acquired companies.
The unpaid purchase considerations of MSEK 129 are
contingent and are estimated to amount to a maximum
of MSEK 178. The majority of the contingent
considerations will fall due within three years.
Acquisition analyses older than 12 months are
considered finalised.
Considerations of MSEK 2 (7) pertaining to previous
years’ acquisitions were paid during the period.
Remeasurements of contingent considerations had a
positive effect of MSEK 6 (-) on the period. The effect on
earnings is recognised in Other operating income.
Acquisition-related transaction costs for the year’s
acquisitions, which are recognised in other operating
expenses in the income statement, amounted to MSEK
1 (0).
Remeasurements of option liabilities related to
minority interests were performed during the period,
which had an impact of MSEK 4 (-) on the equity of
majority shareholders.
Fair value of
acquired assets and liabilities, MSEK
Total
Customer relations, etc. 396
Other non-current assets 29
Other assets 309
Deferred tax liability, net -88
Other operating liabilities -78
Acquired net assets 568
Goodwill 316
Non-controlling interest -4
Purchase considerations 880
Less: Purchase considerations, unpaid -129
Less: Cash and cash equivalents in
acquired companies
-172
Net change in cash and cash equivalents -579
Acquisition
Closing
Rev.
MSEK*
No. of
empl. *
Division
Maskinab, Sweden Apr 2024 35 3 Industrial Equipment
Spraylat, UK Jul 2024 40 15 Core Solutions
Levypinta, Finland Oct 2024 180 23 Core Solutions
Collinder, Sweden Dec 2024 60 23 Safety Technology
Ovesta, Finland Dec 2024 35 16 Core Solutions
Labsense, Finland Dec 2024 35 6 Industrial Equipment
Ontec, Finland Apr 2025 45 12 Safety Technology
Raintite Trading, UK Apr 2025 90 18 Core Solutions
Mann & Co, Sweden May 2025 30 6 Industrial Equipment
===== SIDA 7 =====
Interim Report 2025/2026
1 April–30 June 2025
7 (22)
Profitability, cash flow and
financial position
Profitability, measured as the return on working capital
(P/WC), amounted to 32 percent (27). The return on
equity was -2 percent (9), but adjusted for the
impairment of MSEK 270 the return was 10 percent (9).
Cash flow from operating activities for the quarter
totalled MSEK 182 (187). Working capital decreased by
MSEK 37 during the period, mainly as a result of lower
inventory.
Cash flow was impacted by net investments in non-
current assets of MSEK 14 (16) and MSEK 261 (35)
pertaining to acquisitions.
The Group’s operational net loan liability at the end of
the period amounted to MSEK 1,412 (962), excluding
expensed pension obligations of MSEK 516 (553) and
lease liabilities of MSEK 454 (429). Cash and cash
equivalents, including unutilised granted credit
facilities, totalled MSEK 1,092 (1,077).
The performance measures are calculated with the
Skydda companies’ original categorisation of balance-
sheet items.
Financial income and expenses amounted to MSEK -27
(-26) for the quarter, of which the net expense for bank
financing was MSEK -16 (-19).
The equity/assets ratio was 31 percent (37). Equity per
share amounted to SEK 77.25, compared with SEK 74.00
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 23 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 -668,543 2.4 1.8
Total number of shares after repurchasing 26,767,873
The share price on 30 June 2025 was SEK 292.00. The number of treasury shares averaged 683,943 during the period and
amounted to 668,543 at the end of the period. The average purchase price for the repurchased shares was SEK 87.88 per share.
Call options issued for repurchased shares resulted in an immaterial dilution effect. In the first quarter of the year, the
2021/2025 call option programme expired.
CALL OPTION PROGRAMMES
Outstanding programmes
No. of options
Corresponding
no. of shares
% of
total shares
Redemption
price
Redemption period
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 option programme 2024/2028 250,000 250,000 0.9 378.30 10 Sep 2027–2 Jun 2028
===== SIDA 8 =====
Interim Report 2025/2026
1 April–30 June 2025
8 (22)
Events after the end of the period
On 1 July, Ahlsell took over as owner of Skydda’s operations in Sweden, Finland and Norway and, as of this date, Skydda i
Sverige AB, Skydda Suomi Oy and Skydda Norge AS are no longer consolidated into Bergman & Beving.
On 15 July, Division Core Solutions acquired all of the shares in H C Coils Ltd. The company is a leading manufacturer of
bespoke heat exchangers used within temperature regulation, air conditioning and cooling. H C Coils is based in Fareham, UK,
with over 70 employees and revenue of approximately MGBP 10.
Annual General Meeting
The Annual General Meeting (AGM) of Bergman & Beving AB will be held on Thursday, 28 August 2025, 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 2025
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 2025.
Dates for forthcoming financial information
❖ The 2025 AGM will be held on 28 August 2025 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16,
Stockholm.
❖ Interim Report 1 April–30 September 2025 will be published on 22 October 2025
❖ Interim Report 1 April–31 December 2025 will be presented on 4 February 2026
❖ Financial Report 1 April 2025–31 March 2026 will be published on 13 May 2026
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 9 =====
Interim Report 2025/2026
1 April–30 June 2025
9 (22)
Reporting by quarter
2025/2026 2024/2025 2023/2024
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue
Core Solutions 464 455 373 334 388 349 322 346 393
Safety Technology 434 439 441 362 416 412 433 354 405
Industrial Equipment 427 417 464 455 457 459 441 402 439
Group-wide/eliminations -6 0 -14 -7 -8 -6 -9 -8 -9
Total revenue 1,319 1,311 1,264 1,144 1,253 1,214 1,187 1,094 1,228
EBITA
Core Solutions 55 51 26 39 45 46 17 37 50
Safety Technology 35 34 40 29 34 23 40 19 34
Industrial Equipment 45 45 63 55 46 51 57 50 31
Group-wide/eliminations -5 -5 -8 -3 -6 -4 -4 1 -10
Total EBITA 130 125 121 120 119 116 110 107 105
EBITA margin, percent
Core Solutions 11.9 11.2 7.0 11.7 11.6 13.2 5.3 10.7 12.7
Safety Technology 8.1 7.7 9.1 8.0 8.2 5.6 9.2 5.4 8.4
Industrial Equipment 10.5 10.8 13.6 12.1 10.1 11.1 12.9 12.4 7.1
Total EBITA margin 9.9 9.5 9.6 10.5 9.5 9.6 9.3 9.8 8.6
===== SIDA 10 =====
Interim Report 2025/2026
1 April–30 June 2025
10 (22)
Group summary
CONSOLIDATED INCOME STATEMENT 3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Revenue 1,319 1,253 5,038 4,972
Other operating income 7 3 35 31
Total operating income 1,326 1,256 5,073 5,003
Cost of goods sold -695 -659 -2,654 -2,618
Personnel costs -287 -267 -1,101 -1,081
Depreciation, amortisation and impairment losses -84 -74 -593 -583
Other operating expenses -157 -156 -593 -592
Total operating expenses -1,223 -1,156 -4,941 -4,874
Operating profit 103 100 132 129
Financial income and expenses -27 -26 -103 -102
Profit after financial items 76 74 29 27
Taxes -16 -16 -67 -67
Net profit/loss 60 58 -38 -40
Of which, attributable to Parent Company shareholders
56
52
-48
-52
Of which, attributable to non-controlling interest 4 6 10 12
EBITA 130 119 496 485
Earnings per share before dilution, SEK 2.10 1.95 -1.80 -1.95
Earnings per share after dilution, SEK 2.05 1.95 -1.80 -1.95
Number of shares outstanding before dilution, ‘000 26,768 26,710 26,768 26,747
Weighted number of shares before dilution, ‘000 26,753 26,708 26,739 26,728
Weighted number of shares after dilution, ‘000 27,010 26,948 26,998 27,001
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Net profit/loss 60 58 -38 -40
Other comprehensive income
Remeasurement of defined-benefit pension plans – - 23 23
Tax attributable to components that will not be reclassified – - -5 -5
Components that will not be reclassified to net profit – - 18 18
Translation differences 27 -14 -65 -106
Fair value changes for the year in cash-flow hedges 0 0 0 0
Tax attributable to components that will be reclassified 0 0 0 0
Components that will be reclassified to net profit 27 -14 -65 -106
Other comprehensive income 27 -14 -47 -88
Total comprehensive income for the period 87 44 -85 -128
Of which, attributable to Parent Company shareholders 82 37 -93 -138
Of which, attributable to non-controlling interest 5 7 8 10
===== SIDA 11 =====
Interim Report 2025/2026
1 April–30 June 2025
11 (22)
CONSOLIDATED BALANCE SHEET
MSEK
30 Jun
2025
30 Jun
2024
31 Mar
2025
Assets
Goodwill 1,867 2,037 1,924
Other intangible non-current assets 1,068 786 917
Tangible non-current assets 165 156 158
Right-of-use assets 443 427 430
Financial non-current assets 12 4 9
Deferred tax assets 58 58 58
Total non-current assets 3,613 3,468 3,496
Inventory 1,071 1,127 1,157
Accounts receivable 871 925 987
Other current receivables 187 165 149
Cash and cash equivalents 428 340 348
Assets held for sale 456 – –
Total current assets 3,013 2,557 2,641
Total assets 6,626 6,025 6,137
Equity and liabilities
Equity attributable to Parent Company shareholders 1,954 2,145 1,871
Non-controlling interest 112 111 107
Total equity 2,066 2,256 1,978
Non-current interest-bearing liabilities 1,849 1,330 1,586
Provisions for pensions 484 553 523
Other non-current liabilities and provisions 590 442 522
Total non-current liabilities 2,923 2,325 2,631
Current interest-bearing liabilities 521 401 476
Accounts payable 514 479 538
Other current liabilities 526 564 514
Liabilities held for sale 76 – –
Total current liabilities 1,637 1,444 1,528
Total equity and liabilities 6,626 6,025 6,137
CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT
COMPANY SHAREHOLDERS
MSEK
30 Jun
2025
30 Jun
2024
31 Mar
2025
Opening equity 1,871 2,108 2,108
Dividend – - -102
Exercise and purchase of options for repurchased shares -3 0 11
Option liabilities, acquisitions1) 4 – -12
Other changes to non-controlling interests – - 4
Total comprehensive income for the period 82 37 -138
Closing equity 1,954 2,145 1,871
1) Refers to the change in value for the year and additional 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 12 =====
Interim Report 2025/2026
1 April–30 June 2025
12 (22)
CONSOLIDATED CASH-FLOW STATEMENT 3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Operating activities before changes in working capital1) 145 143 507 505
Changes in working capital 37 44 -3 4
Cash flow from operating activities 182 187 504 509
Investments in intangible and tangible assets -15 -17 -61 -63
Proceeds from sale of intangible and tangible assets 1 1 2 2
Acquisition of businesses -261 -35 -628 -402
Cash flow from investing activities -275 -51 -687 -463
Dividend, Parent Company shareholders – - -102 -102
Borrowings 296 4 645 353
Repayment of loans 0 -55 -25 -80
Repayment of leases -40 -37 -156 -153
Other financing activities1) -7 -1 1 7
Cash flow from financing activities 249 -89 363 25
Cash flow for the period 156 47 180 71
Cash and cash equivalents at the beginning of the period 348 296 340 296
Cash flow for the period 156 47 180 71
Exchange-rate differences in cash and cash equivalents 6 -3 -10 -19
Cash and cash equivalents at the end of the period2) 510 340 510 348
1) Adjusted pension classification in comparative figures.
2) Cash and cash equivalents at the end of the period also include Cash and cash equivalents under the item Assets held for sale.
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1 April–30 June 2025
13 (22)
Compilation of key financial ratios
KEY FINANCIAL RATIOS Rolling 12 months
MSEK
30 Jun
2025
31 Mar
2025
31 Mar
2024
31 Mar
2023
31 Mar
2022
Revenue 5,038 4,972 4,723 4,749 4,575
EBITDA 725 712 656 571 503
EBITA 496 485 438 382 331
EBITA margin, percent 9.8 9.8 9.3 8.0 7.2
Adjusted EBIT1) 402 399 372 339 298
Adjusted EBIT margin, percent1) 8.0 8.0 7.9 7.1 6.5
EBIT 132 129 372 339 298
EBIT margin, percent 2.6 2.6 7.9 7.1 6.5
Profit after financial items 29 27 261 271 259
Net profit/loss -38 -40 201 214 202
Profit margin, percent 0.6 0.5 5.5 5.7 5.7
Return on working capital (P/WC), percent 32 31 26 21 22
Return on capital employed, percent
Return on equity, percent
3
-2
3
-2
9
9
8
10
8
11
Operational net loan liability (closing balance) 1,412 1,278 1,057 1,090 889
Operational net debt/equity ratio 0.7 0.6 0.5 0.5 0.5
Operational net loan liability/EBITDA excl. IFRS 16, multiple 2.5 2.3 2.1 2.5 2.3
Equity (closing balance) 2,066 1,978 2,213 2,240 1,932
Equity/assets ratio, percent 31 32 37 39 36
Number of employees at the end of the period 1,448 1,403 1,340 1,348 1,227
The performance measures are calculated with the Skydda companies’ original categorisation of balance-sheet items.
KEY PER-SHARE DATA Rolling 12 months
SEK
30 Jun
2025
31 Mar
2025
31 Mar
2024
31 Mar
2023
31 Mar
2022
Earnings before dilution -1.80 -1.95 7.15 7.80 7.55
Earnings after dilution -1.80 -1.95 7.15 7.80 7.50
Adjusted earnings before dilution1) 8.30 8.15 7.15 7.80 7.55
Adjusted earnings after dilution1) 8.20 8.05 7.15 7.80 7.50
Cash flow from operating activities 18.85 19.05 23.85 12.55 8.50
Equity 77.25 74.00 83.00 84.35 72.85
Share price 292.00 290.00 209.50 128.40 141.40
1) Adjusted for reversal of impairment of goodwill, MSEK 270, on 31 March 2025.
===== SIDA 14 =====
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1 April–30 June 2025
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Parent Company summary
INCOME STATEMENT
3 months
Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Revenue 12 10 45 43
Other operating income – – - -
Total operating income 12 10 45 43
Operating expenses -16 -16 -59 -59
Operating loss -4 -6 -14 -16
Financial income and expenses 16 16 65 65
Profit after financial items 12 10 51 49
Appropriations – - 16 16
Profit before taxes 12 10 67 65
Taxes -2 -2 0 0
Net profit 10 8 67 65
STATEMENT OF COMPREHENSIVE INCOME
3 months
Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Net profit 10 8 67 65
Fair value changes for the year in cash-flow hedges 0 0 0 0
Taxes attributable to other comprehensive income 0 0 0 0
Components that will be reclassified to net profit 0 0 0 0
Other comprehensive income 0 0 0 0
Total comprehensive income for the period 10 8 67 65
BALANCE SHEET
MSEK
30 Jun
2025
30 Jun
2024
31 Mar
2025
Assets
Tangible non-current assets 1 1 1
Financial non-current assets 2,835 2,552 2,467
Current receivables 1,907 1,326 1,940
Cash and bank 1 1 1
Total assets 4,744 3,880 4,409
Equity, provisions and liabilities
Equity 1,093 1,121 1,087
Provisions 42 43 42
Non-current liabilities 1,749 1,239 1,444
Current liabilities 1,860 1,477 1,836
Total equity, provisions and liabilities 4,744 3,880 4,409
===== SIDA 15 =====
Interim Report 2025/2026
1 April–30 June 2025
15 (22)
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.
Assets and liabilities held for sale
It is Bergman & Beving’s assessment that the criteria for recognising assets and liabilities held for sale in accordance with IFRS 5
Non-current Assets Held for Sale and Discontinued Operations were met as of the balance-sheet date with regard to the
divestment of Skydda i Sverige AB, Skydda Suomi Oy and Skydda Norge AS. This classification principle will be applied as of the
first quarter of 2025/2026. The criteria for discontinued operations were deemed not to have been met.
In other respects, the same accounting policies and bases of judgement have been applied in this Interim Report as in the
Annual Report for 2024/2025. 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.
===== SIDA 16 =====
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1 April–30 June 2025
16 (22)
2. Revenue per geographic area
The Group primarily conducts operations in Sweden, Norway, Finland and the UK. Revenue presented for the geographic
markets is based on the domicile of the customers.
3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Sweden 440 453 1,748 1,761
Norway 278 270 1,076 1,068
Finland 185 112 629 556
UK 137 96 461 420
Other countries 279 322 1,124 1,167
Revenue 1,319 1,253 5,038 4,972
3. Leases
Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement.
MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025
Right-of-use assets 443 427 430
Right-of-use assets under Assets held for sale 6 - -
Non-current lease liabilities 295 285 282
Current lease liabilities 153 144 154
Lease liabilities under Liabilities held for sale 6 - -
3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Depreciation of right-of-use assets -41 -38 -163 -160
Interest on lease liabilities -5 -4 -19 -18
IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions.
===== SIDA 17 =====
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1 April–30 June 2025
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4. Fair value of financial instruments
30 Jun 2025 31 Mar 2025
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 227 - 227 184 – 184
Total financial liabilities at fair value per level 227 - 227 184 – 184
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.
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.
5. Risks and uncertainties
While the uncertain geopolitical situation, increased protectionism, general conditions and inflation remain unchanged, they
have had a minor impact on the Group to date. During the period, no other 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 40–
43 of Bergman & Beving’s Annual Report for 2024/2025.
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 period.
Contingent considerations, MSEK 30 Jun 2025 31 Mar 2025
Opening balance 184 172
Acquisitions for the year 51 86
Purchase consideration paid -2 -57
Revaluation of preliminary purchase price allocations – -
Reversal through profit or loss -6 -17
Exchange-rate differences 0 0
Closing balance 227 184
===== SIDA 18 =====
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1 April–30 June 2025
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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 20.
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 20.
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 20.
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 20.
Cash flow per share1
Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares.
===== SIDA 19 =====
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1 April–30 June 2025
19 (22)
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 21.
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 21.
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. Also referred to as EBIT .
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. Also referred to as EBIT margin.
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 20 =====
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1 April–30 June 2025
20 (22)
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
2025
Apr–Jun
2024
Comparable units in local currency -3 -7
Currency effects -3 0
Acquisitions/divestments 11 9
Total – change 5 2
EBITA 3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Operating profit 103 100 132 129
Depreciation, amortisation and impairment in connection with acquisitions 27 19 364 356
EBITA 130 119 496 485
EBITDA 3 months Rolling 12 months
MSEK
Apr–Jun
2025
Apr–Jun
2024
30 Jun
2025
31 Mar
2025
Operating profit 103 100 132 129
Depreciation, amortisation and impairment losses 84 74 593 583
EBITDA 187 174 725 712
Depreciation of right-of-use assets -41 -38 -163 -160
EBITDA excl. IFRS 16 146 136 562 552
Return on working capital (P/WC) Rolling 12 months
MSEK
30 Jun
2025
30 Jun
2024
31 Mar
2025
EBITA (P) 496 452 485
Average working capital (WC)
Inventory 1,176 1,231 1,176
Accounts receivable 899 885 888
Accounts payable -517 -455 -504
Total – average WC 1,558 1,661 1,560
P/WC, percent 32 27 31
The performance measures are calculated with the Skydda companies’ original categorisation of balance-sheet items.
===== SIDA 21 =====
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1 April–30 June 2025
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Operational net loan liability and operational net
debt/equity ratio
MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025
Financial net liabilities 2,892 2,284 2,585
Pensions -516 -553 -523
Lease liabilities -454 -429 -436
Cash and cash equivalents -510 -340 -348
Operational net loan liability 1,412 962 1,278
Equity 2,066 2,256 1,978
Operational net debt/equity ratio 0.7 0.4 0.6
The performance measures are calculated with the Skydda companies’ original categorisation of balance-sheet items.
===== SIDA 22 =====
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1 April–30 June 2025
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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: