FULLTEXT DEL 1 AV 1

Kvartalsrapport Q3 2026

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

Interim Report 1 April–30 June 2026
First quarter (1 April–30 June 2026)
 Revenue amounted to MSEK 1,323 (1,319).
 EBITA increased by 9 percent to MSEK 142 (130) and the EBITA margin improved to 10.7 percent (9.9).
 Net profit totalled MSEK 61 (60).
 Cash flow from operating activities increased to MSEK 190 (182).
 One acquisition was completed, with annual revenue of approximately MSEK 25.
 Earnings per share for the most recent 12-month period amounted to SEK 8.55 after dilution, compared with SEK 8.50
for the 2025/2026 financial year. Adjusted earnings per share1) after dilution amounted to SEK 8.50 (8.45).

3 months Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025

∆ %
30 Jun
2026
31 Mar
2026
Revenue 1,323 1,319 0 4,976 4,972
Adjusted EBITA1) 142 130 9 549 537
Adjusted EBITA margin, percent1) 10.7 9.9 11.0 10.8
EBITA 142 130 9 544 532
EBITA margin, percent 10.7 9.9 10.9 10.7
Adjusted EBIT1) 108 103 5 423 418
Adjusted EBIT margin, percent1) 8.2 7.8 8.5 8.4
EBIT 108 103 5 418 413
EBIT margin, percent 8.2 7.8 8.4 8.3
Profit after financial items 77 76 1 302 301
Net profit (after taxes) 61 60 2 244 243
Adjusted earnings per share after dilution, SEK1) 2.10 2.05 8.50 8.45
Earnings per share before dilution, SEK 2.10 2.10 8.60 8.55
Earnings per share after dilution, SEK 2.10 2.05 8.55 8.50
P/WC, percent 37 36
Cash flow from operating activities 190 182 4 501 493
Equity/assets ratio, percent 32 31
Number of employees at the end of the period 1,364 1,448 -6 1,364 1,347
1) Adjusted for items aﬀecting comparability, refer to “Reconciliation tables alternative performance measures” .

Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year.

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

Interim Report 2026/2027
1 April–30 June 2026

2 (23)

CEO’s comments
Improved earnings and stronger margins, returns and cash ﬂow
We delivered another quarter of improved earnings, a higher profit margin and stronger returns, despite a cautious
underlying market in construction and industry, with revenue growth of only 1 percent for comparable units. EBITA
increased to MSEK 142 (130), up just over 9 percent, and we can now report 26 consecutive quarters of improved
earnings. The EBITA margin improved by 0.8 percentage points to 10.7 percent. The return on working capital (P/WC)
moved in the right direction and is now at 37 percent (32), and cash flow from operating activities for the quarter
increased to MSEK 190 (182).
Core Solutions and Safety Technology continued to deliver good returns, with increased profit and stronger margins.
Adjusted for divestments, revenue and earnings for PPE & Utilities remained unchanged. While several companies in the
division increased their profit during the quarter, Luna’s performance remained weak. Machinery & Equipment was a
disappointment during the quarter. Several customers at the division’s companies chose to delay their investments in
machinery and equipment. In combination with a less favourable business mix and some non-recurring costs, this led to
weaker revenue and lower earnings for the quarter. Since these customers’ investment needs remain unchanged, and the
mix and cost eﬀects are deemed to be temporary, I expect that the division will return it profit growth and increased
returns.
The Group’s gross margin remained at 50 percent for the third consecutive quarter. Several of our companies have seen
rising raw material and energy prices as well as increased shipping costs. Thanks to our decentralised way of working,
with decisions made close to the customer, these companies have been able to respond quickly and mitigate these
eﬀects.
Acquisitions continue
Our acquisition work continued, and in April our subsidiary Uveco acquired the company All-Coating. Under the Flexcoat
product brand, All-Coating oﬀers sheet metal in customer-specific colours based on a proprietary method that allows the
sheet metal to be further processed afterwards. I’m pleased to welcome the company, which will strengthen our sheet
metal oﬀering.
Long-term value creation
It is still my assessment that demand will gradually pick up in 2026, although it could take a few quarters before customer
investments are reflected in our companies’ invoicing. Our direction remains unchanged. We are continuing to build,
organically as well as through acquisitions, a portfolio of technology companies with strong market positions in niches
that oﬀer good margins, high returns and growth potential. With a lower cost base and continued strong margins, we are
well equipped for when the economy and the construction market once again gain momentum. Thanks to our clear focus
and disciplined capital allocation, we have a good foundation for continued profitable growth.

Stockholm, July 2026

Magnus Söderlind
President & CEO

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

Interim Report 2026/2027
1 April–30 June 2026

3 (23)

Profit and revenue
First quarter (April–June 2026)
Revenue amounted to MSEK 1,323 (1,319). Revenue
increased by 1 percent organically. Acquired and
divested units had a negative impact of 1 percent on
revenue. Exchange-rate fluctuations had a marginal
impact.
Demand varied between customer segments.
Companies exposed to public properties and
infrastructure continued to experience good demand.
Demand was also stable in the Nordic construction
sector, although customers remained cautious despite
some signs of a recovery among end customers.
Demand from industrial customers varied significantly
between submarkets.
EBITA for the first quarter increased by 9 percent to
MSEK 142 (130) and the EBITA margin improved to 10.7
percent (9.9). This positive earnings trend was
attributable both to acquired companies and to strong
performances by several of the Group’s existing
operations.
Profit after financial items increased to MSEK 77 (76).
Net profit totalled MSEK 61 (60).

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

Interim Report 2026/2027
1 April–30 June 2026

4 (23)

Performance by division
3 months Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025

∆ %
30 Jun
2026
31 Mar
2026
Revenue
Core Solutions 470 422 11 1,660 1,612
Safety Technology 370 292 27 1,318 1,240
Machinery & Equipment 120 121 -1 482 483
PPE & Utilities 360 485 -26 1,501 1,626
Group-wide/eliminations 3 -1 15 11
Total revenue 1,323 1,319 0 4,976 4,972

EBITA

Core Solutions 69 53 30 234 218
Safety Technology 62 48 29 207 193
Machinery & Equipment 5 14 -64 51 60
PPE & Utilities 9 19 -53 82 92
Group-wide/eliminations -3 -4 -25 -26
Total adjusted EBITA* 142 130 9 549 537
Items aﬀecting comparability - - -5 -5
Total EBITA 142 130 9 544 532
Depreciation, amortisation and impairment in
connection with acquisitions -34 -27
-126 -119
Of which, items aﬀecting comparability - - - -
Operating profit 108 103 418 413
Financial income and expenses -31 -27 -116 -112
Profit before taxes 77 76 302 301

Adjusted EBITA margin, percent

Core Solutions 14.7 12.6 14.1 13.5
Safety Technology 16.8 16.4 15.7 15.6
Machinery & Equipment 4.2 11.6 10.6 12.4
PPE & Utilities 2.5 3.9 5.5 5.7
Total adjusted EBITA margin 10.7 9.9 11.0 10.8
* The eﬀects of IFRS 16 Leases and adjustments for items aﬀecting comparability are not included in the follow-up of earnings from the
divisions.
Core Solutions
First quarter (April–June 2026)
Core Solutions’ revenue rose by 11 percent to MSEK 470
(422). EBITA increased by 30 percent to MSEK 69 (53)
and the EBITA margin improved to 14.7 percent (12.6).
Demand from customers in the Nordic construction
sector varied between segments. Resellers remained
cautious despite the early signs of a recovery in
demand.
The sharp increase in earnings in the division was
attributable to strong organic growth combined with
the earnings contribution from H C Coils.
Safety Technology
First quarter (April–June 2026)
Safety Technology’s revenue rose by 27 percent to
MSEK 370 (292). EBITA increased by 29 percent to MSEK
62 (48) and the EBITA margin improved to 16.8 percent
(16.4).
Demand improved somewhat compared with previous
periods, although the trend continued to vary
according to customer group and market. However, it is
too early to start discussing a genuine market upturn,
since the performance of several companies depends
on when project orders come in.
The stronger performance in the division reflects a
combination of organic growth and successful

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

Interim Report 2026/2027
1 April–30 June 2026

5 (23)

acquisitions. Several operations noted robust organic
growth, with especially strong contributions from fire
safety, safety signage and safety equipment.
Machinery & Equipment
First quarter (April–June 2026)
Machinery & Equipment’s revenue amounted to MSEK
120 (121). EBITA amounted to MSEK 5 (14) and the
EBITA margin was 4.2 percent (11.6).
Market conditions continued to be characterised by
customer caution, which dampened customers’
willingness to invest in machinery and equipment. The
weaker earnings were primarily due to a less favourable
business mix and certain non-recurring costs during the
quarter. Polartherm had another quarter with limited
deliveries following the high levels noted in the fourth
quarter. A. T .E. Solutions’ project-based business also
reported lower invoicing compared with the strong
fourth quarter, despite a good underlying activity level
in the defence segment.
PPE & Utilities
First quarter (April–June 2026)
PPE & Utilities’ revenue amounted to MSEK 360 (485).
EBITA amounted to MSEK 9 (19) and the EBITA margin
was 2.5 percent (3.9).
The divested company Skydda was part of the division
until 1 July 2025. Skydda’s revenue in the same quarter
last year amounted to approximately MSEK 100, net.
Luna Baltic, which was divested in September 2025,
was also part of the division in the comparative period
and posted revenue of approximately MSEK 25 last year.
Adjusted for divestments, the division’s revenue and
profit were on a par with the preceding year.
The division’s product companies in personal protective
equipment performed well during the quarter. Luna,
which primarily conducts sales through industrial
resellers, continued to be impacted by weak demand.
Group-wide expenses and
eliminations
Group-wide items and eliminations for the first quarter
amounted to MSEK -3 (-4).
The Parent Company’s revenue amounted to MSEK 15
(12) and profit after financial items amounted to MSEK
18 (12) for the first quarter.
Items affecting comparability
The divisions are followed up excluding items aﬀecting
comparability and are measured based on adjusted
EBITA.
The Group’s accumulated profit after financial items for
the rolling 12-month period on 30 June 2026 and on 31
March 2026 includes items aﬀecting comparability
totalling MSEK -10. These items pertain to divestments,
restructuring measures and the revaluation of large
contingent considerations. For a complete breakdown
of these items, refer to the Financial Report for
2025/2026. A summary is presented in the 2025/2026
Annual Report. There were no items aﬀecting
comparability in the first quarter or the corresponding
period last year.
Employees
At the end of the period, the number of employees in
the Group totalled 1,364, compared with 1,347 at the
beginning of the financial year. During the period, five
employees were gained via acquisitions.

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

Interim Report 2026/2027
1 April–30 June 2026

6 (23)

Corporate acquisitions
Uveco, a company in Division Machinery & Equipment,
acquired all of the shares in All-Coating
Industrilackeringar AB in April 2026. Under the Flexcoat
product brand, the company oﬀers sheet metal in
customer-specific colours based on a proprietary
method that allows the sheet metal to be further
processed afterwards. The company has revenue of
approximately MSEK 25, with very good profitability.
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.
Goodwill is based on the expected future sales trend
and profitability of the acquired companies.

Preliminary purchase price allocations for the
acquisitions over the past 12 months:

The unpaid purchase considerations of MSEK 104 are
contingent and are estimated to amount to a maximum
of MSEK 136. The majority of the contingent
considerations will fall due within two years.
Acquisition analyses older than 12 months are
considered finalised.
Additional purchase considerations of MSEK 15 (2)
pertaining to previous years’ acquisitions were paid
during the period. The revaluation of contingent
considerations had a negative eﬀect of MSEK -2 (6) on
the financial year. The eﬀect on earnings is recognised
in Other operating income or Other operating expenses,
respectively.
Acquisition-related transaction costs for the year’s
acquisitions, which are recognised in other operating
expenses in the income statement, amounted to MSEK
0 (1).
No remeasurements of option liabilities related to
minority interests were performed during the period.
Option liabilities were reclassified from non-current to
current in an amount of MSEK 48. The likelihood that
the short-term options will be exercised within one year
was deemed low.

* Refers to the situation assessed on a full-year basis on the date of acquisition.

Fair value of
acquired assets and liabilities, MSEK

Total
Customer relations, etc. 313
Other non-current assets 28
Other assets 343
Deferred tax liability, net -65
Other operating liabilities -63
Acquired net assets 556
Goodwill 316
Non-controlling interest -10
Purchase considerations 862
Less: Purchase considerations, unpaid -104
Less: Cash and cash equivalents in
acquired companies
-253
Net change in cash and cash equivalents -505

Acquisition

Closing
Rev.
MSEK*
No. of
empl. *

Division
Ontec, Finland Apr 2025 45 12 Safety Technology
Raintite Trading, UK Apr 2025 90 18 Core Solutions
Mann & Co, Sweden
H C Coils, UK
Donut Safety Systems, UK
May 2025
Jul 2025
Aug 2025
30
130
40
6
70
14
Safety Technology
Core Solutions
Safety Technology
Modus Gauges, UK Oct 2025 25 8 Safety Technology
DataLase, UK Nov 2025 50 15 Safety Technology
A1 Shutters, UK Feb 2026 110 54 Safety Technology
All-Coating Industrilackeringar, Sweden Apr 2026 25 5 Machinery & Equipment

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

Interim Report 2026/2027
1 April–30 June 2026

7 (23)

Profitability, cash flow and
financial position
Since the balance sheet historically includes the divested
operations, the performance measures for cash flow and
return have been impacted by the divestment and do
not provide a representative assessment of the
continuing operations.
In the comparative figures for the quarter, assets and
liabilities held for sale pertain to the divested company
Skydda.
Profitability, measured as the return on working capital
(P/WC), amounted to 37 percent (32). The return on
equity increased to 12 percent (-2), and adjusted for
items aﬀecting comparability, the return was 12 percent
(10).
Cash flow from operating activities for the quarter
improved to MSEK 190 (182). Working capital decreased
by MSEK 28 during the same period. Cash flow was
impacted by net investments in non-current assets of
MSEK 18 (14) and MSEK 54 (261) pertaining to
acquisitions.

The Group’s operational net loan liability at the end of
the period amounted to MSEK 1,566 (1,412), excluding
expensed pension obligations of MSEK 487 (516) and
lease liabilities of MSEK 377 (454).
Cash and cash equivalents, including unutilised granted
credit facilities, totalled MSEK 937 (1,092).

Financial income and expenses amounted to MSEK -31
(-27) for the quarter.
The equity/assets ratio was 32 percent (31). Equity per
share amounted to SEK 79.50, compared with SEK 76.55
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 -725,043 2.6 2.0
Total number of shares after
repurchasing
26,711,373

The share price on 30 June 2026 was SEK 291.50. The average number of treasury shares was 774,107 during the period and
725,043 at the end of the period. The average purchase price for the repurchased shares was SEK 145.36 per share.

Call options issued for repurchased shares resulted in an immaterial dilution eﬀect. In the first quarter of the year, the
2022/2026 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 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
Call option programme 2025/2029 200,000 200,000 0.7 395.30 11 Sep 2028–8 Jun 2029

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

Interim Report 2026/2027
1 April–30 June 2026

8 (23)

Events after the end of the period

No significant changes occurred after the end of the quarter.

Annual General Meeting
The Annual General Meeting (AGM) of Bergman & Beving AB will be held on Thursday, 27 August 2026, 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 2026

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 2026.
Dates for forthcoming financial information
 The 2026 AGM will be held on 27 August 2026 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16,
Stockholm.
 Interim Report 1 April–30 September 2026 will be published on 21 October 2026.
 Interim Report 1 April–31 December 2026 will be presented on 5 February 2027.
 Financial Report 1 April 2026–31 March 2027 will be published on 14 May 2027.
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.
Bergman & Beving Aktiebolag (publ). Corp. Reg. No. 556034-8590, Box 10024, SE-100 55 Stockholm, Sweden. Visiting
address: Cardellgatan 1, Stockholm. Tel: +46 10 454 77 00, info@bb.se

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

Interim Report 2026/2027
1 April–30 June 2026

9 (23)

Reporting by quarter
2026/2027 2025/2026 2024/2025
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenue
Core Solutions 470 418 378 394 422 411 329 298 346
Safety Technology 370 355 316 277 292 266 251 232 237
Machinery & Equipment 120 126 134 102 121 118 131 115 141
PPE & Utilities 360 367 424 350 485 517 558 505 535
Group-wide/eliminations 3 3 5 4 -1 -1 -5 -6 -6
Total revenue 1,323 1,269 1,257 1,127 1,319 1,311 1,264 1,144 1,253

Adjusted EBITA

Core Solutions 69 56 53 56 53 49 26 41 44
Safety Technology 62 57 51 37 48 25 34 30 38
Machinery & Equipment 5 27 10 9 14 22 25 10 18
PPE & Utilities 9 11 32 30 19 34 44 42 24
Group-wide/eliminations -3 -12 -11 1 -4 -5 -8 -3 -5
Total adjusted EBITA 142 139 135 133 130 125 121 120 119

EBITA margin, percent

Core Solutions 14.7 13.4 14.0 14.2 12.6 11.9 7.9 13.8 12.7
Safety Technology 16.8 16.1 16.1 13.4 16.4 9.4 13.5 12.9 16.0
Machinery & Equipment 4.2 21.4 7.5 8.8 11.6 18.6 19.1 8.7 12.8
PPE & Utilities 2.5 3.0 7.5 8.6 3.9 6.6 7.9 8.3 4.5
Total adjusted EBITA margin 10.7 11.0 10.7 11.8 9.9 9.5 9.6 10.5 9.5

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

Interim Report 2026/2027
1 April–30 June 2026

10 (23)

Group summary

CONSOLIDATED INCOME STATEMENT

3 months

Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Revenue 1,323 1,319 4,976 4,972
Other operating income 2 7 109 114
Total operating income 1,325 1,326 5,085 5,086
Cost of goods sold -665 -695 -2,493 -2,523
Personnel costs -277 -287 -1,081 -1,091
Depreciation, amortisation and impairment losses -85 -84 -355 -354
Other operating expenses -190 -157 -738 -705
Total operating expenses -1,217 -1,223 -4,667 -4,673
Operating profit1) 108 103 418 413
Financial income and expenses -31 -27 -116 -112
Profit after financial items 77 76 302 301
Taxes -16 -16 -58 -58
Net profit 61 60 244 243

Of which, attributable to Parent Company shareholders

229

229
Of which, attributable to non-controlling interest 5 4 15 14

EBITA 142 130 544 532

Earnings per share before dilution, SEK 2.10 2.10 8.60 8.55
Earnings per share after dilution, SEK 2.10 2.05 8.55 8.50
Number of shares outstanding before dilution, ‘000 26,711 26,768 26,711 26,640
Weighted number of shares before dilution, ‘000 26,662 26,753 26,702 26,725
Weighted number of shares after dilution, ‘000 26,810 27,010 26,854 26,937
1) Items aﬀecting comparability recognised in operating profit are presented under “Reconciliation tables alternative performance
m e a s u r e s ”.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

3 months Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Net profit 61 60 244 243
Other comprehensive income
Remeasurement of defined-benefit pension plans -20 - -1 19
Tax attributable to components that will not be reclassified 4 - 0 -4
Components that will not be reclassified to net profit -16 - -1 15
Translation diﬀerences 33 27 -5 -11
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 33 27 -5 -11
Other comprehensive income 17 27 -6 4
Total comprehensive income for the period 78 87 238 247
Of which, attributable to Parent Company shareholders 72 82 225 235
Of which, attributable to non-controlling interest 6 5 13 12

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

Interim Report 2026/2027
1 April–30 June 2026

11 (23)

CONSOLIDATED BALANCE SHEET

MSEK
30 Jun
2026
30 Jun
2025
31 Mar
2026
Assets
Goodwill 2,179 1,867 2,140
Other intangible non-current assets 1,232 1,068 1,234
Tangible non-current assets 190 165 184
Right-of-use assets 370 443 344
Financial non-current assets 10 12 10
Deferred tax assets 90 58 84
Total non-current assets 4,071 3,613 3,996
Inventory 1,093 1,071 1,086
Accounts receivable 1,006 871 979
Other current receivables 171 187 178
Cash and cash equivalents 392 428 382
Assets held for sale - 456 -
Total current assets 2,662 3,013 2,625
Total assets 6,733 6,626 6,621

Equity and liabilities

Equity attributable to Parent Company shareholders 2,017 1,954 1,943
Non-controlling interest 105 112 103
Total equity 2,122 2,066 2,046
Non-current interest-bearing liabilities 1,983 1,849 1,966
Provisions for pensions 487 484 465
Other non-current liabilities and provisions 581 590 634
Total non-current liabilities 3,051 2,923 3,065
Current interest-bearing liabilities 352 521 424
Accounts payable 558 514 497
Other current liabilities 650 526 589
Liabilities held for sale - 76 -
Total current liabilities 1,560 1,637 1,510
Total equity and liabilities 6,733 6,626 6,621

CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS

MSEK
30 Jun
2026
30 Jun
2025
31 Mar
2026
Opening equity 1,943 1,871 1,871
Dividend - - -107
Exercise and purchase of options for repurchased shares 2 -3 6
Repurchase of own shares - - -64
Option liabilities, acquisitions1) - 4 6
Other changes to non-controlling interests - - -4
Total comprehensive income for the period 72 82 235
Closing equity 2,017 1,954 1,943
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 2026/2027
1 April–30 June 2026

12 (23)

CONSOLIDATED CASH-FLOW STATEMENT

3 months

Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Operating activities before changes in working capital 162 145 490 473
Changes in working capital 28 37 11 20
Cash flow from operating activities 190 182 501 493
Investments in non-current assets -18 -15 -69 -66
Divestment of non-current assets 0 1 4 5
Acquisition of businesses -54 -261 -547 -754
Divestment of businesses - - 277 277
Cash flow from investing activities -72 -275 -335 -538
Dividend, Parent Company shareholders - - -107 -107
Borrowings - 296 132 428
Repayment of loans -79 - -95 -16
Repayment of leases -35 -40 -150 -155
Repurchase of own shares - - -64 -64
Other financing activities -2 -7 0 -5
Cash flow from financing activities -116 249 -284 81
Cash flow for the period 2 156 -118 36
Cash and cash equivalents at the beginning of the period 382 348 510 348
Cash flow for the period 2 156 -118 36
Exchange-rate diﬀerences in cash and cash equivalents 8 6 0 -2
Cash and cash equivalents at the end of the period 392 5101) 392 382
1) Cash and cash equivalents at the end of the period also include Cash and cash equivalents under the item Assets held for sale.

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

Interim Report 2026/2027
1 April–30 June 2026

13 (23)

Compilation of key financial ratios

KEY FINANCIAL RATIOS Rolling 12 months

MSEK
30 Jun
2026
31 Mar
2026
31 Mar
2025
31 Mar
2024
31 Mar
2023
Revenue 4,976 4,972 4,972 4,723 4,749
EBITDA 773 767 712 656 571
Adjusted EBITA1) 549 537 485 438 382
Adjusted EBITA margin, percent1) 11.0 10.8 9.8 9.3 8.0
EBITA 544 532 485 438 382
EBITA margin, percent 10.9 10.7 9.8 9.3 8.0
Adjusted EBIT1) 423 418 399 372 339
Adjusted EBIT margin, percent1) 8.5 8.4 8.0 7.9 7.1
EBIT 418 413 129 372 339
EBIT margin, percent 8.4 8.3 2.6 7.9 7.1
Profit after financial items 302 301 27 261 271
Net profit/loss 244 243 -40 201 214
Profit margin, percent 6.1 6.1 0.5 5.5 5.7
Return on working capital (P/WC), percent 37 36 31 26 21
Return on capital employed, percent
Return on equity, percent
9
12
9
12
3
-2
9
9
8
10
Operational net loan liability (closing balance) 1,566 1,656 1,278 1,057 1,090
Operational net debt/equity ratio 0.7 0.8 0.6 0.5 0.5
Operational net loan liability/Adjusted EBITDA excl. IFRS
16, multiple
2.5 2.7 2.3 2.1 2.5
Equity (closing balance) 2,122 2,046 1,978 2,213 2,240
Equity/assets ratio, percent 32 31 32 37 39
Number of employees at the end of the period 1,364 1,347 1,403 1,340 1,348

KEY PER-SHARE DATA Rolling 12 months

SEK
30 Jun
2026
31 Mar
2026
31 Mar
2025
31 Mar
2024
31 Mar
2023
Adjusted earnings before dilution1) 8.55 8.55 8.15 7.15 7.80
Adjusted earnings after dilution1) 8.50 8.45 8.05 7.15 7.80
Earnings before dilution 8.60 8.55 -1.95 7.15 7.80
Earnings after dilution 8.55 8.50 -1.95 7.15 7.80
Cash flow from operating activities 18.75 18.45 19.05 23.85 12.55
Equity 79.50 76.55 74.00 83.00 84.35
Share price 291.50 270.00 290.00 209.50 128.40
1) Adjusted for items aﬀecting comparability. As of 2025, these alternative performance measures are included as a complement to other
financial information, with the aim to further clarify the Group’s performance.

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1 April–30 June 2026

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Parent Company summary

INCOME STATEMENT

3 months

Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Revenue 15 12 53 50
Other operating income 0 - 1 1
Total operating income 15 12 54 51
Operating expenses -18 -16 -65 -63
Operating profit/loss -3 -4 -11 -12
Financial income and expenses 21 16 80 75
Profit after financial items 18 12 69 63
Appropriations - - 15 15
Profit before taxes 18 12 84 78
Taxes -3 -2 -1 0
Net profit 15 10 83 78

STATEMENT OF COMPREHENSIVE INCOME

3 months

Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Net profit 15 10 83 78
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/loss 0 0 0 0
Other comprehensive income 0 0 0 0
Total comprehensive income for the period 15 10 83 78

BALANCE SHEET

MSEK
30 Jun
2026
30 Jun
2025
31 Mar
2026
Assets
Tangible non-current assets 1 1 1
Financial non-current assets 3,365 2,835 3,333
Current receivables 2,028 1,907 2,256
Cash and bank 11 1 22
Total assets 5,405 4,744 5,612

Equity, provisions and liabilities

Equity 1,017 1,093 1,000
Provisions 39 42 40
Non-current liabilities 2,215 1,749 2,226
Current liabilities 2,134 1,860 2,346
Total equity, provisions and liabilities 5,405 4,744 5,612

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1 April–30 June 2026

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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
As of 30 June 2025/2026, Bergman & Beving’s assessment was 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 had been met with regard to
the divestment of Skydda i Sverige AB, Skydda Suomi Oy and Skydda Norge AS. This classification principle was applied as
of the first quarter of 2025/2026 and is therefore reflected in the comparative figures for the quarter.

In other respects, the same accounting policies and bases of judgement have been applied in this Interim Report as in the
Annual Report for 2025/2026. 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 is IFRS 18. A complete analysis of its impact on
Bergman & Beving’s financial statements has not yet been finalised. The standard is not expected to impact the Group’s
earnings or financial position, but will impact the presentation of the financial statements and associated disclosures. The
standard will be applied as of the 2027/2028 financial year, with the first eﬀect on the interim report for the first quarter
published on 30 June 2027.

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1 April–30 June 2026

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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
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Sweden 468 459 1,761 1,752
Norway 231 262 887 918
UK 204 137 709 642
Finland 117 182 460 525
Other countries 303 279 1,159 1,135
Revenue 1,323 1,319 4,976 4,972

3. Leases
Leases under IFRS 16 have the following eﬀect on the consolidated balance sheet or income statement.

MSEK
30 Jun
2026
30 Jun
2025
31 Mar
2026
Right-of-use assets 370 443 344
Right-of-use assets under Assets held for sale - 6 -
Non-current lease liabilities 231 295 214
Current lease liabilities 146 153 138
Lease liabilities under Liabilities held for sale - 6 -

3 months

Rolling 12 months

MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Depreciation and impairment of right-of-use assets
-35 -41 -163 -169

Interest on lease liabilities -4

-5 -18

-19

IFRS 16 will not aﬀect operational follow-up or follow-up of earnings from the divisions.

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1 April–30 June 2026

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4. Fair value of financial instruments
30 Jun 2026 31 Mar 2026

MSEK
Carrying
amount

Level 2

Level 3
Carrying
amount

Level 2

Level 3
Derivative hedging instruments 2 2 - - - -
Total financial assets at fair value per level 2 2 - - - -

Derivative hedging instruments

-
Contingent considerations 242 - 242 248 - 248
Total financial liabilities at fair value per level 242 - 242 248 0 248

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.

1) Of which, MSEK 37 was recognised as an item aﬀecting comparability in 2025/26.

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 43–46 of Bergman & Beving’s Annual Report for 2025/2026.

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 2026 31 Mar 2026
Opening balance 248 184
Acquisitions for the year 10 129
Purchase consideration paid -15 -7
Revaluation of preliminary purchase price allocations -5 -
Reversal through profit or loss 2 -541)
Exchange-rate diﬀerences 2 -4
Closing balance 242 248

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1 April–30 June 2026

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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
Adjusted 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 22.

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 21.

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 22.

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 21.

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1 April–30 June 2026

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Cash flow per share1
Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares.

The measure is used to enable investors to easily analyse the size of the surplus from operating activities that is generated per
share.

Items aﬀecting comparability1
Items aﬀecting comparability include revenue and expenses that do not arise regularly in the operating activities. Separate
disclosure of items aﬀecting comparability clearly highlights the performance of the operating activities.

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 22.

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 22.

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.

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1 April–30 June 2026

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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

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1 April–30 June 2026

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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
2026
Apr–Jun
2025
Comparable units in local currency 1 -3
Currency eﬀects 0 -3
Acquisitions/divestments -1 11
Total – change 0 5

Items aﬀecting comparability 3 months Rolling 12 months
MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Restructuring and non-recurring items, divested operations - - 42 42
Cancellation of additional purchase considerations - - -37 -37
Total items aﬀecting comparability - - 5 5

Adjusted EBIT 3 months Rolling 12 months
MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Operating profit 108 103 418 413
Items aﬀecting comparability - - 5 5
Adjusted EBIT 108 103 423 418

EBITA 3 months Rolling 12 months
MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Operating profit 108 103 418 413

Depreciation, amortisation and impairment losses of

34 27 126 119
EBITA 142 130 544 532

Adjusted EBITA 3 months Rolling 12 months
MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Operating profit 108 103 418 413
Items aﬀecting comparability - - 5 5
Depreciation, amortisation and impairment losses of

34 27 126 119
Adjusted EBITA 142 130 549 537

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1 April–30 June 2026

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EBITDA
MSEK
Apr–Jun
2026
Apr–Jun
2025
30 Jun
2026
31 Mar
2026
Operating profit 108 103 418 413
Depreciation, amortisation and impairment losses 85 84 355 354
EBITDA 193 187 773 767
Depreciation of right-of-use assets -35 -41 -163 -169
EBITDA excl. IFRS16 158 146 610 598

Items aﬀecting comparability - - 5 5
Adjusted EBITDA excl. IFRS16 158 146 615 603

Return on working capital (P/WC) Rolling 12 months
MSEK
30 Jun
2026
30 Jun
2025
31 Mar
2026
Adjusted EBITA (P) 549 496 537
Average working capital (WC)
Inventory 1,103 1,176 1,120
Accounts receivable 886 899 886
Accounts payable -512 -517 -516
Total – average WC 1,477 1,558 1,490
P/WC, percent 37 32 36
The performance measure has been calculated without adjustment for the inclusion of the divested operations in working
capital for prior periods.

Operational net loan liability and operational net debt/equity ratio
MSEK
30 Jun
2026
30 Jun
2025
31 Mar
2026
Financial net liabilities 2,430 2,382 2,473
Pensions -487 -516 -465
Lease liabilities -377 -454 -352
Operational net loan liability 1,566 1,412 1,656
Equity 2,122 2,066 2,046
Operational net debt/equity ratio 0.7 0.7 0.8
The performance measures were calculated without adjustment for the inclusion of the divested operations in balance
sheet items for prior periods.

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1 April–30 June 2026

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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 65 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