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Bergman & Beving Annual Report 2026
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Annual Report
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BERGMAN & BEVING
Financial Report 1 April 2025–31 March 2026
Fourth quarter (1 January–31 March 2026)
- Revenue amounted to MSEK 1,269 (1,311).
- Adjusted operating profit (EBITA) increased by 11 percent to MSEK 139 (125) and the adjusted EBITA margin improved to 11.0 percent (9.5).
- Net profit increased to MSEK 91 (-207) and earnings per share after dilution increased to SEK 3.30 (-7.75).
- Cash flow from operating activities increased to MSEK 74 (28).
- One acquisition was completed, with annual revenue of approximately MSEK 110.
- Logistikpartner i Ulricehamn AB was divested in January.
12 months (1 April 2025–31 March 2026)
- Revenue amounted to MSEK 4,972 (4,972).
- Adjusted operating profit (EBITA) increased by 11 percent to MSEK 537 (485) and the adjusted EBITA margin improved to 10.8 percent (9.8).
- Net profit increased to MSEK 243 (-40).
- Cash flow from operating activities totalled MSEK 493 (509).
- Nine acquisitions have been completed, one of which after the end of the period, with total annual revenue of approximately MSEK 545.
- Adjusted earnings per share¹ after dilution amounted to SEK 8.45. Earnings per share after dilution amounted to SEK 8.50 (-1.95).
- The Board proposes a dividend of SEK 4.20 (4.00) per share.
| MSEK | 3 months | Full year | ||||
|---|---|---|---|---|---|---|
| Jan–Mar 2026 | Jan–Mar 2025 | Δ % | 31 Mar 2026 | 31 Mar 2025 | Δ % | |
| Revenue | 1,269 | 1,311 | -3 | 4,972 | 4,972 | 0 |
| Adjusted EBITA¹ | 139 | 125 | 11 | 537 | 485 | 11 |
| Adjusted EBITA margin, percent¹ | 11.0 | 9.5 | 10.8 | 9.8 | ||
| EBITA | 170 | 125 | 36 | 532 | 485 | 10 |
| EBITA margin, percent | 13.4 | 9.5 | 10.7 | 9.8 | ||
| Adjusted EBIT¹ | 107 | 101 | 6 | 418 | 399 | 5 |
| Adjusted EBIT margin, percent¹ | 8.4 | 7.7 | 8.4 | 8.0 | ||
| EBIT | 138 | -169 | n/a | 413 | 129 | 220 |
| EBIT margin, percent | 10.9 | -12.9 | 8.3 | 2.6 | ||
| Profit/loss after financial items | 112 | -190 | n/a | 301 | 27 | 1,015 |
| Net profit/loss (after taxes) | 91 | -207 | n/a | 243 | -40 | n/a |
| Adjusted earnings per share after dilution, SEK¹ | 2.25 | 2.25 | 8.45 | 8.05 | ||
| Earnings per share before dilution, SEK | 3.30 | -7.80 | 8.55 | -1.95 | ||
| Earnings per share after dilution, SEK | 3.30 | -7.75 | 8.50 | -1.95 | ||
| P/WC, percent | 36 | 31 | ||||
| Cash flow from operating activities | 74 | 28 | 164 | 493 | 509 | -3 |
| Equity/assets ratio, percent | 31 | 32 | ||||
| Number of employees at the end of the period | 1,347 | 1,403 | -4 | 1,347 | 1,403 | -4 |
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.
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
CEO's comments
A year of tangible improvements
The past year marked a clear, positive shift for Bergman & Beving. Through structural changes, a high pace in acquisition activities, and a consistent focus on operational improvements, we have delivered higher profits, improved profitability, and strong cash conversion. This despite a cautious underlying market and an operating environment dominated by geopolitical uncertainty and trade barriers. However, the direct impact of this global turbulence has been limited. Our sales to the US account for barely 3 percent of our total sales, and our presence in the Middle East is almost non-existent. The Group has continued to focus on the construction and industrial segments in Northern Europe.
Our markets were stable during the year, but largely without growth. Nevertheless, we delivered organic revenue growth during the last two quarters of the year.
Increased profit, return and earnings per share
We are proud to report that we have now improved our earnings for 25 consecutive quarters. This is the result of determined efforts related to acquisitions as well as organic improvements.
Adjusted EBITA increased by 11 percent for both the quarter and the full year. EBITA in the quarter amounted to MSEK 170, with divestments of companies generating a capital gain of MSEK 31. The adjusted EBITA margin improved to 11.0 percent for the quarter and 10.8 percent for the full year. Despite increased depreciation and amortisation as well as higher net financial items, adjusted profit before tax improved for both the quarter and the full year.
In combination with increased capital efficiency, higher operating profit meant that the return on working capital (P/WC) increased to 36 percent, an improvement of 5 percentage points. Operating cash flow for the quarter increased to MSEK 74, up MSEK 46 year-on-year. Adjusted earnings per share have increased for the full year to SEK 8.45 (8.05).
Over five years, we have strengthened our gross margin by more than 10 percentage points. The gross margin was 51 percent for the quarter and 49 percent for the full year. This improvement was attributable to the phase-out of various low-margin businesses and an increase in the share of proprietary products to 80 percent (74). I consider these improvements in our key figures to be a testament to the strength of our business model and our approach, with a focus on profitable growth.
Group structure for long-term, profitable growth
During the year, we implemented several structural measures and a new organisation with four divisions has been implemented, with the aim of creating better conditions for driving both profitable organic growth and acquisition-driven expansion.
Three of the four divisions increased their earnings in the quarter and two divisions – Core Solutions and Safety Technology – are now posting EBIT margins above 10 percent and a return on working capital above 45 percent. Essve, the Group's largest company, delivered a particularly encouraging performance, having increased its annual profit by 20 percent, while strengthening its operating margin by several percentage points and improving its capital efficiency considerably. The Cresto Group also finished the year on a strong note.
Machinery & Equipment reported EBIT margins of more than 17 percent for the quarter and is now posting margins around the level I expect to see going forward. Over the short term, I expect the division to achieve a return on working capital (P/WC) of over 45 percent.
PPE & Utilities had a challenging quarter and full year, with a decrease in earnings in Luna and Teng Tools in particular. We are not yet seeing any clear trend toward improvement and have therefore taken additional measures to strengthen profitability and efficiency. However, the division will need time to achieve the Group's financial targets.
Measures for long-term value creation
The divestment of Skydda's Nordic operations meant an initial loss of revenue of approximately MSEK 550 and a loss of EBIT of approximately MSEK 45, but strengthened the Group's long-term prospects. Luna's Baltic operations, with annual revenue of approximately MSEK 100, were also divested. This has resulted in clearer positioning and decreased complexity, both for Luna and for the Group as a whole.
Finally, Logistikpartner i Ulricehamn AB was divested in the most recent quarter. The company is a logistics company that primarily provides services to our B&B companies. This divestment marked a step in our ambition to focus on autonomous, profitable niche companies that are leaders in their markets.
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN & BEVING
Acquisitions that strengthen the Group's long-term potential
Our acquisition focus during the year was on highly profitable, niche B2B tech companies with strong market positions in the Nordics and the UK. Eight acquisitions in total were completed, which together represent annual revenue of MSEK 520, with good profitability and attractive growth opportunities. The acquisitions of DataLase, Modus Gauges, H C Coils, Raintite and Ontec have established us in new and attractive niches. With A1 Shutters Limited, we have expanded geographically in a market niche where we are already present. The add-on acquisitions of Donut Safety Systems and Mann & Co strengthened the positions of existing companies in their niches. All Coating was also acquired by our subsidiary Uveco after the end of the year.
Our acquisition activities have yielded clear, positive results, and going forward, acquisitions will also be a central component of our growth agenda.
Sustainability – a natural part of business
Business-oriented and relevant sustainability activities are an important element in our long-term competitiveness. Our companies pursue initiatives both in their own operations and in their value chains, with a focus on the areas where, as an industrial group, we can make the biggest positive difference for customers, employees and society while ensuring our compliance with all legal requirements.
Continued focus on earnings growth
Our successes over the past year would not have been possible without our dedicated and talented employees. I would like to extend my sincerest thanks to all of my B&B colleagues for valuable contributions, and with whom I confidently look forward to continuing to develop the Group together with. Our decentralised model has proven robust in challenging markets and our broad exposure to niche B2B technology companies puts us in a good position to continue to grow our earnings per share over time, despite the persistently turbulent global situation and an economy that is difficult to assess.
Going forward, we will continue to prioritise profit growth over volume growth and to allocate capital to companies with high profitability and attractive growth opportunities. With a stronger organisation in place, a clear acquisition agenda and a culture characterised by business acumen and a proactive approach, we are well positioned to navigate an environment where energy and freight prices may continue to increase, especially if the conflict in the Middle East drags on.
In summary, Bergman & Beving is well equipped for the future and I see good opportunities to continue improving the Group's margins, cash flow and earnings per share.
Stockholm, May 2026
Magnus Söderlind
President & CEO
3 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Profit and revenue
Fourth quarter (January–March 2026)
Revenue amounted to MSEK 1,269 (1,311). Revenue increased by 1 percent organically. Excluding a start-up delivery to a new, major ESSVE customer last year, revenue increased organically by 3 percent. Exchange-rate fluctuations had a negative impact of 3 percent on revenue. Acquired and divested units had a negative impact of 1 percent on revenue.
Demand for the Group's companies varied, since demand for companies exposed to the Nordic construction sector was stable, but weak. However, demand for companies exposed to public properties and infrastructure remained favourable. The signs of recovery noted in the previous quarter have not yet materialised as an increase in order intake, likely due to the prevailing geopolitical uncertainty. For the companies focused on industrial customers, demand continues to vary across different submarkets.
Adjusted operating profit (EBITA) increased by 11 percent to MSEK 139 (125) and the adjusted EBITA margin improved to 11.0 percent (9.5). The earnings improvement was due to contributions from acquired companies and a strong performance in several of our existing operations.
Profit after financial items, which was impacted by items affecting comparability, increased to MSEK 112 (-190). Net profit increased to MSEK 91 (-207).
12 months (April 2025–March 2026)
Revenue amounted to MSEK 4,972 (4,972). Revenue decreased by 2 percent organically. Exchange-rate fluctuations had a negative impact of 3 percent on revenue. Acquired and divested units had a positive impact of 5 percent on revenue.
Adjusted operating profit (EBITA) for the period increased by 11 percent to MSEK 537 (485) and the adjusted EBITA margin improved to 10.8 percent (9.8).
Profit after financial items, which was charged with items affecting comparability, increased to MSEK 301 (27). Net profit increased to MSEK 243 (-40).
Adjusted earnings per share after dilution increased to SEK 8.45 (8.05).
For a detailed summary of items affecting comparability and their impact, refer to the heading "Items affecting comparability" on page 6
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Performance by division
| MSEK | 3 months | Full year | ||||
|---|---|---|---|---|---|---|
| Jan–Mar 2026 | Jan–Mar 2025 | Δ % | 31 Mar 2026 | 31 Mar 2025 | Δ % | |
| Revenue | ||||||
| Core Solutions | 418 | 411 | 2 | 1,612 | 1,384 | 16 |
| Safety Technology | 355 | 266 | 33 | 1,240 | 986 | 26 |
| Machinery & Equipment | 126 | 118 | 7 | 483 | 505 | -4 |
| PPE & Utilities | 367 | 517 | -29 | 1,626 | 2,115 | -23 |
| Group-wide/eliminations | 3 | -1 | 11 | -18 | ||
| Total revenue | 1,269 | 1,311 | -3 | 4,972 | 4,972 | 0 |
| EBITA | ||||||
| Core Solutions | 56 | 49 | 14 | 218 | 160 | 36 |
| Safety Technology | 57 | 25 | 128 | 193 | 127 | 52 |
| Machinery & Equipment | 27 | 22 | 23 | 60 | 75 | -20 |
| PPE & Utilities | 11 | 34 | -68 | 92 | 144 | -36 |
| Group-wide/eliminations | -12 | -5 | -26 | -21 | ||
| Total adjusted EBITA* | 139 | 125 | 11 | 537 | 485 | 11 |
| Items affecting comparability | 31 | - | -5 | - | ||
| Total EBITA | 170 | 125 | 36 | 532 | 485 | 10 |
| Depreciation, amortisation and impairment in connection with acquisitions | -32 | -294 | -119 | -356 | ||
| Of which, items affecting comparability | - | -270 | - | -270 | ||
| Operating profit/loss | 138 | -169 | 413 | 129 | ||
| Financial income and expenses | -26 | -21 | -112 | -102 | ||
| Profit/loss before taxes | 112 | -190 | 301 | 27 | ||
| Adjusted EBITA margin, percent | ||||||
| Core Solutions | 13.4 | 11.9 | 13.5 | 11.6 | ||
| Safety Technology | 16.1 | 9.4 | 15.6 | 12.9 | ||
| Machinery & Equipment | 21.4 | 18.6 | 12.4 | 14.9 | ||
| PPE & Utilities | 3.0 | 6.6 | 5.7 | 6.8 | ||
| Total adjusted EBITA margin | 11.0 | 9.5 | 10.8 | 9.8 |
- IFRS 16 and adjustments for items affecting comparability do not affect operational follow-up or follow-up of earnings from the divisions.
Core Solutions
Fourth quarter (January–March 2026)
Core Solutions’ revenue rose by 2 percent to MSEK 418 (411). EBITA increased by 14 percent to MSEK 56 (49) and the EBITA margin improved to 13.4 percent (11.9).
Demand from customers in the Nordic construction sector remained largely unchanged, but varied between various segments. Earlier signs of recovery have not yet materialised as an increase in order intake and companies that sell to resellers faced a continued cautious market.
The improved earnings in the division were primarily due to acquisitions, while ESSVE and several of the division’s other companies performed positively.
12 months (April 2025–March 2026)
Revenue rose by 16 percent to MSEK 1,612 (1,384). EBITA increased by 36 percent to MSEK 218 (160) and the EBITA margin for the full year was 13.5 percent (11.6).
Despite a generally weak market, the division’s companies have been able to effectively meet these challenges through targeted measures, thereby continuing to deliver long-term earnings growth.
Safety Technology
Fourth quarter (January–March 2026)
Safety Technology’s revenue rose by 33 percent to MSEK 355 (266). EBITA increased by 128 percent to
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
MSEK 57 (25) and the EBITA margin improved to 16.1 percent (9.4).
Demand varied, but the trend of slightly stronger demand continued. However, it is too early to draw conclusions about a long-term market recovery, especially given the recent political uncertainty.
The improved earnings in the division reflect a strong organic performance and effects from acquisitions. Cresto and Orbital performed particularly well during the quarter, but other companies also contributed positively.
12 months (April 2025–March 2026)
Revenue increased by 26 percent to MSEK 1,240 (986). EBITA increased by 52 percent to MSEK 193 (127) and the EBITA margin improved to 15.6 percent (12.9).
The improved earnings in the division were primarily due to acquisitions, while several of the division's companies performed positively. Cresto and Orbital delivered a particularly strong performance, driven by increased demand.
Machinery & Equipment
Fourth quarter (January–March 2026)
Machinery & Equipment's revenue rose by 7 percent to MSEK 126 (118). EBITA increased by 23 percent to MSEK 27 (22) and the EBITA margin improved to 21.4 percent (18.6).
Demand for the division's welding and sheet metal working companies was generally weak. A.T.E. Solutions, with exposure to the defence industry, experienced strong demand, and KGC posted positive growth. Polartherm delivered several heaters to the US during the quarter after a long delay due to tariffs.
12 months (April 2025–March 2026)
Revenue amounted to MSEK 483 (505). EBITA amounted to MSEK 60 (75) and the EBITA margin was 12.4 percent (14.9).
Demand during the year was low for most of the division's companies, while Polartherm was impacted by the tariffs imposed by the US.
PPE & Utilities
Fourth quarter (January–March 2026)
PPE & Utilities' revenue amounted to MSEK 367 (517). EBITA amounted to MSEK 11 (34) and the EBITA margin was 3.0 percent (6.6).
The divested company Sydda was part of the division until 1 July. Skydda's revenue in the same quarter last year amounted to approximately MSEK 95, net. Luna Baltic, which was divested in the second quarter of the year, was also part of the division in the comparative period and posted revenue of approximately MSEK 25 last year.
While Luna and Teng Tools, whose sales are mainly conducted through industrial resellers, continued to experience weaker demand, the division's personal protective equipment product companies performed well. Measures were taken to offset lower demand.
12 months (April 2025–March 2026)
Revenue amounted to MSEK 1,626 (2,115). EBITA amounted to MSEK 92 (144) and the EBITA margin was 5.7 percent (6.8).
This year has been challenging, especially for Luna and Teng Tools. Demand remained stable, albeit at a low level, for the division's other companies.
Group-wide and eliminations
Group-wide items and eliminations for the fourth quarter amounted to MSEK -12 (-5), primarily due to higher acquisition costs as well as earnings in the divested company Logistikpartner in the year-earlier period.
The Parent Company's revenue amounted to MSEK 50 (43) and profit after financial items amounted to MSEK 63 (49) for the full year.
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 includes items affecting comparability totalling MSEK -10.
Skydda's Nordic operations were divested during the second quarter, which resulted in a capital gain of MSEK 15 recognised in the item "Other operating income".
Luna's Baltic operations were also divested during the second quarter, which resulted in a capital loss of MSEK -22 recognised in the item "Other operating expenses".
In addition to the above realisation effects, the second quarter was negatively impacted by items affecting comparability of MSEK -71 – mainly related to the Skydda transaction – of which MSEK -66 was charged to operating profit and MSEK -5 to financial items. These items include unutilised premises, recognised as impairment of right-of-use assets.
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
During the second quarter, unusually large additional purchase considerations related to acquisitions in Core Solutions were also cancelled. These amounts have also been classified as items affecting comparability and had a positive impact of MSEK 37 on operating profit.
Logistikpartner was divested during the fourth quarter, which resulted in a capital gain of MSEK 31 recognised in the item “Other operating income”.
Employees
At the end of the period, the number of employees in the Group totalled 1,347, compared with 1,403 at the beginning of the financial year. During the period, 197 employees were gained via acquisitions and 226 were included in the divestments.
Divestment
In March 2025, an agreement was signed to divest the Nordic operations of the subsidiary Skydda. Non-recurring impairment of goodwill amounting to MSEK 270 was charged to the financial statements for the previous year.
Approval from the competition authorities was received in June, and Skydda's operations were classified as "Assets and liabilities held for sale" in the financial statements as of 30 June.
The divestment was completed on 1 July, and the transaction was finalised in the second quarter. The transaction resulted in cash flow of MSEK 250. Prior to the divestment, Skydda's Nordic operations generated revenue of approximately MSEK 550. As part of the transaction, 66 employees were transferred to the buyer's organisation.
On 30 September, two entities in Luna with total revenue of approximately MSEK 100 were also divested in the Baltics. These operations are no longer included in the Group's earnings as of the third quarter. The sale is expected to have a marginal effect on the Group's earnings.
Logistikpartner i Ulricehamn AB was divested in January. With 123 employees, Logistikpartner has gone from being Bergman & Beving's internal logistics company to being an external supplier. This unit is no longer included in the Group's earnings as of the fourth quarter. The sale is expected to have a marginal effect on the Group's earnings.
7 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Corporate acquisitions
In 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.
In 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.
In May 2025, Germ AB, a company in Division Safety Technology, 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.
In July 2025, Division Core Solutions acquired all of the shares in H C Coils, a leading manufacturer of made-to-order heat exchangers used for temperature control, air conditioning and refrigeration. The company has annual revenue of approximately MSEK 130.
In August 2025, Cresto Group, a company in Division Safety Technology, acquired all of the shares in Donut Safety Systems, a leading player in certified escape systems for individual descent in emergency situations, mainly offshore. The company has annual revenue of approximately MSEK 40.
In October 2025, Division Safety Technology acquired all of the shares in Modus Gauges Limited, one of UK's leading suppliers of high-quality pressure and temperature instrumentation. The company has annual revenue of approximately MSEK 25.
In November 2025, Division Safety Technology acquired 90 percent of the shares in DataLase Holding Ltd, a global leader in photonic printing, providing patented, sustainable, inkless and customised printing solutions for products and packaging. The company has revenue of approximately MSEK 50.
In February 2026, Division Safety Technology acquired all of the shares in A1 Shutters Limited ("A1S"). A1S is the UK's leading supplier of certified fire curtains and fire shutters. The company has revenue of approximately MSEK 110.
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:
| Fair value of acquired assets and liabilities, MSEK | Total |
|---|---|
| Customer relations, etc. | 452 |
| Other non-current assets | 39 |
| Other assets | 515 |
| Deferred tax liability, net | -100 |
| Other operating liabilities | -84 |
| Acquired net assets | 822 |
| Goodwill | 417 |
| Non-controlling interest | -14 |
| Purchase considerations | 1,225 |
| Less: Purchase considerations, unpaid | -129 |
| Less: Cash and cash equivalents in acquired companies | -371 |
| Net change in cash and cash equivalents | -725 |
The unpaid purchase considerations of MSEK 129 are contingent and are estimated to amount to a maximum of MSEK 203. The majority of the contingent considerations will fall due within three years.
Acquisition analyses older than 12 months are considered finalised. Adjustments of MSEK -22 were made to the initial valuation of unpaid contingent considerations.
Additional purchase considerations of MSEK 7 (57) pertaining to previous years' acquisitions have been paid during the financial year. In addition to the MSEK 37 recognised as an item affecting comparability in the second quarter, remeasurements of contingent considerations had a positive effect of MSEK 21 (17) on the financial year, of which MSEK 2 (0) in the quarter. 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 19 (5), of which MSEK 3 (0) for the quarter.
During the year, option liabilities related to minority interests arose in connection with acquisitions, remeasurements of existing option liabilities were conducted and a minority interest redemption took place. In total, these events resulted in an increase of MSEK 2 in majority shareholders' equity.
8 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
| Acquisition | Closing | Rev. MSEK* | No. of empl.* | Division |
|---|---|---|---|---|
| Maskinab, Sweden | Apr 2024 | 35 | 3 | Machinery & 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 | Machinery & 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 | Safety Technology |
| H C Coils, UK | Jul 2025 | 130 | 70 | Core Solutions |
| Donut Safety Systems, UK | Aug 2025 | 40 | 14 | 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 |
- Refers to the situation assessed on a full-year basis on the date of acquisition.
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.
Profitability, measured as the return on working capital (P/WC), amounted to 36 percent (31). The return on equity was 12 percent (-2), and adjusted for items affecting comparability, the return was 12 percent (10).
Cash flow from operating activities for the full year totalled MSEK 493 (509). Working capital decreased by MSEK 20 during the same period. Cash flow was impacted by net investments in non-current assets of MSEK 61 (61) and MSEK 754 (402) pertaining to acquisitions.
The Group's operational net loan liability at the end of the period amounted to MSEK 1,656 (1,278), excluding expensed pension obligations of MSEK 465 (523) and lease liabilities of MSEK 352 (436).
Cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 847 (1,226).
Financial income and expenses amounted to MSEK -112 (-102) for the full year, including items affecting comparability of MSEK -5 (-). Financial income and expenses amounted to MSEK -26 (-21) for the quarter.
The equity/assets ratio was 31 percent (32) and was impacted by the impairment of goodwill during the year arising from the sale of Skydda. Equity per share amounted to SEK 76.55, 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. The reported tax expense was impacted by anticipated tax-free capital gains related to divested subsidiaries as well as how items affecting comparability otherwise differ between expected tax on consolidated profit and estimated actual corporate tax in the relevant tax objects.
9 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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 | -796,343 | 2.9 | 2.2 | |
| Total number of shares after repurchasing | 26,640,073 |
The share price on 31 March 2026 was SEK 270.00. The number of treasury shares averaged 711,595 during the period and amounted to 796,343 at the end of the period. The average purchase price for the repurchased shares was SEK 145.36 per share. During the year, 200,000 shares were repurchased.
CALL OPTION PROGRAMMES
| Outstanding programmes | No. of options | Corresponding no. of shares | % of total shares | Redemption price | Redemption period |
|---|---|---|---|---|---|
| Call option programme 2022/2026 | 102,800 | 102,800 | 0.4 | 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 |
| Call option programme 2025/2029 | 200,000 | 200,000 | 0.7 | 395.30 | 11 Sep 2028–8 Jun 2029 |
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. In the second quarter, the 2025/2029 call option programme resolved on by the Annual General Meeting in August 2025 was issued.
Events after the end of the period
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. All Coating is based in Gothenburg, has five employees, and generates approximately MSEK 25 in revenue with very strong profitability.
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, 13 May 2026
Magnus Söderlind
President & CEO
This report has not been reviewed by the Company's auditors.
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN & BEVING
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 13 May 2026.
Dates for forthcoming financial information
- The 2025/2026 Annual Report will be published on Bergman & Beving's website at the beginning of July.
- Interim Report 1 April–30 June 2026 will be published on 16 July 2026.
- 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.
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, [email protected]
11 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Reporting by quarter
| MSEK | 2025/2026 | 2024/2025 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Revenue | ||||||||
| Core Solutions | 418 | 378 | 394 | 422 | 411 | 329 | 298 | 346 |
| Safety Technology | 355 | 316 | 277 | 292 | 266 | 251 | 232 | 237 |
| Machinery & Equipment | 126 | 134 | 102 | 121 | 118 | 131 | 115 | 141 |
| PPE & Utilities | 367 | 424 | 350 | 485 | 517 | 558 | 505 | 535 |
| Group-wide/eliminations | 3 | 5 | 4 | -1 | -1 | -5 | -6 | -6 |
| Total revenue | 1,269 | 1,257 | 1,127 | 1,319 | 1,311 | 1,264 | 1,144 | 1,253 |
| Adjusted EBITA | ||||||||
| Core Solutions | 56 | 53 | 56 | 53 | 49 | 26 | 41 | 44 |
| Safety Technology | 57 | 51 | 37 | 48 | 25 | 34 | 30 | 38 |
| Machinery & Equipment | 27 | 10 | 9 | 14 | 22 | 25 | 10 | 18 |
| PPE & Utilities | 11 | 32 | 30 | 19 | 34 | 44 | 42 | 24 |
| Group-wide/eliminations | -12 | -11 | 1 | -4 | -5 | -8 | -3 | -5 |
| Total adjusted EBITA | 139 | 135 | 133 | 130 | 125 | 121 | 120 | 119 |
| EBITA margin, percent | ||||||||
| Core Solutions | 13.4 | 14.0 | 14.2 | 12.6 | 11.9 | 7.9 | 13.8 | 12.7 |
| Safety Technology | 16.1 | 16.1 | 13.4 | 16.4 | 9.4 | 13.5 | 12.9 | 16.0 |
| Machinery & Equipment | 21.4 | 7.5 | 8.8 | 11.6 | 18.6 | 19.1 | 8.7 | 12.8 |
| PPE & Utilities | 3.0 | 7.5 | 8.6 | 3.9 | 6.6 | 7.9 | 8.3 | 4.5 |
| Total adjusted EBITA margin | 11.0 | 10.7 | 11.8 | 9.9 | 9.5 | 9.6 | 10.5 | 9.5 |
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Group summary
| CONSOLIDATED INCOME STATEMENT | 3 months | Full year | ||
|---|---|---|---|---|
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Revenue | 1,269 | 1,311 | 4,972 | 4,972 |
| Other operating income | 38 | 4 | 114 | 31 |
| Total operating income | 1,307 | 1,315 | 5,086 | 5,003 |
| Cost of goods sold | -621 | -702 | -2,523 | -2,618 |
| Personnel costs | -268 | -285 | -1,091 | -1,081 |
| Depreciation, amortisation and impairment losses | -82 | -353 | -354 | -583 |
| Other operating expenses | -198 | -144 | -705 | -592 |
| Total operating expenses | -1,169 | -1,484 | -4,673 | -4,874 |
| Operating profit/loss^{1)} | 138 | -169 | 413 | 129 |
| Financial income and expenses | -26 | -21 | -112 | -102 |
| Profit/loss after financial items | 112 | -190 | 301 | 27 |
| Taxes | -21 | -17 | -58 | -67 |
| Net profit/loss | 91 | -207 | 243 | -40 |
| Of which, attributable to Parent Company shareholders | 88 | -209 | 229 | -52 |
| Of which, attributable to non-controlling interest | 3 | 2 | 14 | 12 |
| EBITA | 170 | 125 | 532 | 485 |
| Earnings per share before dilution, SEK | 3.30 | -7.80 | 8.55 | -1.95 |
| Earnings per share after dilution, SEK | 3.30 | -7.75 | 8.50 | -1.95 |
| Number of shares outstanding before dilution, '000 | 26,640 | 26,747 | 26,640 | 26,747 |
| Weighted number of shares before dilution, '000 | 26,638 | 26,747 | 26,725 | 26,728 |
| Weighted number of shares after dilution, '000 | 26,795 | 27,021 | 26,937 | 27,001 |
1) Items affecting comparability recognised in operating profit are presented under “Reconciliation tables alternative performance measures”.
| STATEMENT OF COMPREHENSIVE INCOME | 3 months | Full year | ||
|---|---|---|---|---|
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Net profit/loss | 91 | -207 | 243 | -40 |
| Other comprehensive income | ||||
| Remeasurement of defined-benefit pension plans | 0 | 23 | 19 | 23 |
| Tax attributable to components that will not be reclassified | 0 | -5 | -4 | -5 |
| Components that will not be reclassified to net profit | 0 | 18 | 15 | 18 |
| Translation differences | 45 | -108 | -11 | -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/loss | 45 | -108 | -11 | -106 |
| Other comprehensive income | 45 | -90 | 4 | -88 |
| Total comprehensive income for the period | 136 | -297 | 247 | -128 |
| Of which, attributable to Parent Company shareholders | 132 | -295 | 235 | -138 |
| Of which, attributable to non-controlling interest | 4 | -2 | 12 | 10 |
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN & BEVING
CONSOLIDATED BALANCE SHEET
| MSEK | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Assets | ||
| Goodwill | 2,140 | 1,924 |
| Other intangible non-current assets | 1,234 | 917 |
| Tangible non-current assets | 184 | 158 |
| Right-of-use assets | 344 | 430 |
| Financial non-current assets | 10 | 9 |
| Deferred tax assets | 84 | 58 |
| Total non-current assets | 3,996 | 3,496 |
| Inventory | 1,086 | 1,157 |
| Accounts receivable | 979 | 987 |
| Other current receivables | 178 | 149 |
| Cash and cash equivalents | 382 | 348 |
| Total current assets | 2,625 | 2,641 |
| Total assets | 6,621 | 6,137 |
| Equity and liabilities | ||
| Equity attributable to Parent Company shareholders | 1,943 | 1,871 |
| Non-controlling interest | 103 | 107 |
| Total equity | 2,046 | 1,978 |
| Non-current interest-bearing liabilities | 1,966 | 1,586 |
| Provisions for pensions | 465 | 523 |
| Other non-current liabilities and provisions | 634 | 522 |
| Total non-current liabilities | 3,065 | 2,631 |
| Current interest-bearing liabilities | 424 | 476 |
| Accounts payable | 497 | 538 |
| Other current liabilities | 589 | 514 |
| Total current liabilities | 1,510 | 1,528 |
| Total equity and liabilities | 6,621 | 6,137 |
CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS
| MSEK | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Opening equity | 1,871 | 2,108 |
| Dividend | -107 | -102 |
| Exercise and purchase of options for repurchased shares | 6 | 11 |
| Repurchase of own shares | -64 | - |
| Option liabilities, acquisitions^{1)} | 6 | -12 |
| Other changes to non-controlling interests | -4 | 4 |
| Total comprehensive income for the period | 235 | -138 |
| Closing equity | 1,943 | 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.
14 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
| CONSOLIDATED CASH-FLOW STATEMENT | 3 months | Full year | ||
|---|---|---|---|---|
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Operating activities before changes in working capital | 130 | 150 | 473 | 505 |
| Changes in working capital | -56 | -122 | 20 | 4 |
| Cash flow from operating activities | 74 | 28 | 493 | 509 |
| Investments in non-current assets | -10 | -15 | -66 | -63 |
| Divestment of non-current assets | 2 | 1 | 5 | 2 |
| Acquisition of businesses | -201 | -8 | -754 | -402 |
| Divestment of businesses | 36 | - | 277 | - |
| Cash flow from investing activities | -173 | -22 | -538 | -463 |
| Dividend, Parent Company shareholders | - | - | -107 | -102 |
| Borrowings | 132 | 55 | 428 | 353 |
| Repayment of loans | 0 | -6 | -16 | -80 |
| Repayment of leases | -35 | -40 | -155 | -153 |
| Repurchase of own shares | - | - | -64 | - |
| Other financing activities | 0 | -2 | -5 | 7 |
| Cash flow from financing activities | 97 | 7 | 81 | 25 |
| Cash flow for the period | -2 | 13 | 36 | 71 |
| Cash and cash equivalents at the beginning of the period | 377 | 354 | 348 | 296 |
| Cash flow for the period | -2 | 13 | 36 | 71 |
| Exchange-rate differences in cash and cash equivalents | 7 | -19 | -2 | -19 |
| Cash and cash equivalents at the end of the period | 382 | 348 | 382 | 348 |
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Compilation of key financial ratios
| KEY FINANCIAL RATIOS | |||||
|---|---|---|---|---|---|
| MSEK | Full year | ||||
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |
| Revenue | 4,972 | 4,972 | 4,723 | 4,749 | 4,575 |
| EBITDA | 767 | 712 | 656 | 571 | 503 |
| Adjusted EBITA^{1)} | 537 | 485 | 438 | 382 | 331 |
| Adjusted EBITA margin, percent^{1)} | 10.8 | 9.8 | 9.3 | 8.0 | 7.2 |
| EBITA | 532 | 485 | 438 | 382 | 331 |
| EBITA margin, percent | 10.7 | 9.8 | 9.3 | 8.0 | 7.2 |
| Adjusted EBIT^{1)} | 418 | 399 | 372 | 339 | 298 |
| Adjusted EBIT margin, percent^{1)} | 8.4 | 8.0 | 7.9 | 7.1 | 6.5 |
| EBIT | 413 | 129 | 372 | 339 | 298 |
| EBIT margin, percent | 8.3 | 2.6 | 7.9 | 7.1 | 6.5 |
| Profit/loss after financial items | 301 | 27 | 261 | 271 | 259 |
| Net profit/loss | 243 | -40 | 201 | 214 | 202 |
| Profit margin, percent | 6.1 | 0.5 | 5.5 | 5.7 | 5.7 |
| Return on working capital (P/WC), percent | 36 | 31 | 26 | 21 | 22 |
| Return on capital employed, percent | 9 | 3 | 9 | 8 | 8 |
| Return on equity, percent | 12 | -2 | 9 | 10 | 11 |
| Operational net loan liability (closing balance) | 1,656 | 1,278 | 1,057 | 1,090 | 889 |
| Operational net debt/equity ratio | 0.8 | 0.6 | 0.5 | 0.5 | 0.5 |
| Operational net loan liability/Adjusted EBITDA excl. IFRS | 2.7 | 2.3 | 2.1 | 2.5 | 2.3 |
| 16, multiple | |||||
| Equity (closing balance) | 2,046 | 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 | 1,347 | 1,403 | 1,340 | 1,348 | 1,227 |
| KEY PER-SHARE DATA | |||||
| --- | --- | --- | --- | --- | --- |
| SEK | Full year | ||||
| 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | |
| Adjusted earnings before dilution^{1)} | 8.55 | 8.15 | 7.15 | 7.80 | 7.55 |
| Adjusted earnings after dilution^{1)} | 8.45 | 8.05 | 7.15 | 7.80 | 7.50 |
| Earnings before dilution | 8.55 | -1.95 | 7.15 | 7.80 | 7.55 |
| Earnings after dilution | 8.50 | -1.95 | 7.15 | 7.80 | 7.50 |
| Cash flow from operating activities | 18.45 | 19.05 | 23.85 | 12.55 | 8.50 |
| Equity | 76.55 | 74.00 | 83.00 | 84.35 | 72.85 |
| Share price | 270.00 | 290.00 | 209.50 | 128.40 | 141.40 |
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.
16 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
Parent Company summary
| INCOME STATEMENT | 3 months | Full year | ||
|---|---|---|---|---|
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Revenue | 13 | 12 | 50 | 43 |
| Other operating income | - | - | 1 | - |
| Total operating income | 13 | 12 | 51 | 43 |
| Operating expenses | -18 | -15 | -63 | -59 |
| Operating profit/loss | -5 | -3 | -12 | -16 |
| Financial income and expenses | 19 | 17 | 75 | 65 |
| Profit/loss after financial items | 14 | 14 | 63 | 49 |
| Appropriations | 15 | 16 | 15 | 16 |
| Profit/loss before taxes | 29 | 30 | 78 | 65 |
| Taxes | 10 | 7 | 0 | 0 |
| Net profit/loss | 39 | 37 | 78 | 65 |
| STATEMENT OF COMPREHENSIVE INCOME | 3 months | Full year | ||
| --- | --- | --- | --- | --- |
| MSEK | Jan-Mar 2026 | Jan-Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Net profit/loss | 39 | 37 | 78 | 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/loss | 0 | 0 | 0 | 0 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income for the period | 39 | 37 | 78 | 65 |
| BALANCE SHEET | ||||
| --- | --- | --- | ||
| MSEK | 31 Mar 2026 | 31 Mar 2025 | ||
| Assets | ||||
| Tangible non-current assets | 1 | 1 | ||
| Financial non-current assets | 3,333 | 2,467 | ||
| Current receivables | 2,256 | 1,940 | ||
| Cash and bank | 22 | 1 | ||
| Total assets | 5,612 | 4,409 | ||
| Equity, provisions and liabilities | ||||
| Equity | 1,000 | 1,087 | ||
| Provisions | 40 | 42 | ||
| Non-current liabilities | 2,226 | 1,444 | ||
| Current liabilities | 2,346 | 1,836 | ||
| Total equity, provisions and liabilities | 5,612 | 4,409 |
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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 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 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.
18 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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 | Full year | |||
|---|---|---|---|---|
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Sweden | 447 | 486 | 1,752 | 1,761 |
| Norway | 209 | 301 | 918 | 1,068 |
| Finland | 144 | 161 | 525 | 556 |
| UK | 170 | 97 | 642 | 420 |
| Other countries | 299 | 266 | 1,135 | 1,167 |
| Revenue | 1,269 | 1,311 | 4,972 | 4,972 |
3. Leases
Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement.
| MSEK | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Right-of-use assets | 344 | 430 |
| Non-current lease liabilities | 214 | 282 |
| Current lease liabilities | 138 | 154 |
| 3 months | ||
| --- | --- | --- |
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 |
| Depreciation and impairment of right-of-use assets | -34 | -41 |
| Interest on lease liabilities | -4 | -5 |
IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions.
19 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN & BEVING
4. Fair value of financial instruments
| MSEK | 31 Mar 2026 | 31 Mar 2025 | ||||
|---|---|---|---|---|---|---|
| Carrying amount | Level 2 | Level 3 | Carrying amount | Level 2 | Level 3 | |
| Derivative hedging instruments | - | - | - | 1 | 1 | - |
| Total financial assets at fair value per level | - | - | - | 1 | 1 | - |
| Derivative hedging instruments | 0 | 0 | - | - | - | - |
| Contingent considerations | 248 | - | 248 | 184 | - | 184 |
| Total financial liabilities at fair value per level | 248 | 0 | 248 | 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.
| Contingent considerations, MSEK | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Opening balance | 184 | 172 |
| Acquisitions for the year | 129 | 86 |
| Purchase consideration paid | -7 | -57 |
| Reversal through profit or loss | -54¹) | -17 |
| Exchange-rate differences | -4 | 0 |
| Closing balance | 248 | 184 |
¹) Of which, MSEK 37 was recognised as an item affecting comparability in the second quarter of the year
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.
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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 24.
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 23.
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 24.
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 23.
Cash flow per share¹
Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares.
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Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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 24.
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 24.
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 profit²
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
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Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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 | Full year | ||
|---|---|---|---|---|
| Percentage change | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Comparable units in local currency | 1 | 0 | -2 | -4 |
| Currency effects | -3 | -1 | -3 | 0 |
| Acquisitions/divestments | -1 | 9 | 5 | 9 |
| Total – change | -3 | 8 | 0 | 5 |
| Items affecting comparability | 3 months | Full year | ||
| --- | --- | --- | --- | --- |
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Operating profit/loss | 138 | -169 | 413 | 129 |
| Impairment, goodwill | - | 270 | - | 270 |
| Restructuring and non-recurring items, divested operations | -31 | - | 42 | - |
| Cancellation of additional purchase considerations | - | - | -37 | - |
| Adjusted EBIT | 107 | 101 | 418 | 399 |
| EBITA | 3 months | Full year | ||
| --- | --- | --- | --- | --- |
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Operating profit/loss | 138 | -169 | 413 | 129 |
| Depreciation, amortisation and impairment in connection with acquisitions | 32 | 294 | 119 | 356 |
| EBITA | 170 | 125 | 532 | 485 |
| Adjusted EBITA | 3 months | Full year | ||
| --- | --- | --- | --- | --- |
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Adjusted EBIT | 107 | 101 | 418 | 399 |
| Depreciation, amortisation and impairment in connection with acquisitions excl. items affecting comparability | 32 | 24 | 119 | 86 |
| Adjusted EBITA | 139 | 125 | 537 | 485 |
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
| EBITDA | 3 months | Full year | ||
|---|---|---|---|---|
| MSEK | Jan–Mar 2026 | Jan–Mar 2025 | 31 Mar 2026 | 31 Mar 2025 |
| Operating profit/loss | 138 | -169 | 413 | 129 |
| Depreciation, amortisation and impairment losses | 82 | 353 | 354 | 583 |
| EBITDA | 220 | 184 | 767 | 712 |
| Depreciation and impairment of right-of-use assets | -34 | -41 | -169 | -160 |
| EBITDA excl. IFRS 16 | 186 | 143 | 598 | 552 |
| Items affecting comparability | -31 | - | 5 | - |
| Adjusted EBITDA excl. IFRS 16 | 155 | 143 | 603 | 552 |
| Return on working capital (P/WC) | Full year | |||
| --- | --- | --- | ||
| MSEK | 31 Mar 2026 | 31 Mar 2025 | ||
| Adjusted EBITA (P) | 537 | 485 | ||
| Average working capital (WC) | ||||
| Inventory | 1,120 | 1,176 | ||
| Accounts receivable | 886 | 888 | ||
| Accounts payable | -516 | -504 | ||
| Total – average WC | 1,490 | 1,560 | ||
| P/WC, percent | 36 | 31 |
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 | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Financial net liabilities | 2,473 | 2,237 |
| Pensions | -465 | -523 |
| Lease liabilities | -352 | -436 |
| Operational net loan liability | 1,656 | 1,278 |
| Equity | 2,046 | 1,978 |
| Operational net debt/equity ratio | 0.8 | 0.6 |
The performance measure has been calculated without adjustment for the inclusion of the divested operations in working capital for prior periods.
24 (25)
Financial Report 2025/2026
1 April 2025–31 March 2026
BERGMAN BEVING
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
| CORE SOLUTIONS | ESSE
KiiLAX
Festt
Itaab
Raintite
E
E I S T R E T O N
SPRAYLAT INTERNATIONAL
LEVYFIKTA FINLAND OY
ARTSCOILS... |
| --- | --- |
| CORE SOLUTIONS | SAFETY TECHNOLOGY |
| Products and solutions in personal safety, area protection, perimeter protection, technical safety and fire safety. | CHESTO GROUP
CABINET
3VS A1S
Orbital
ONTEC
SISGROUP
DataLase
ateco |
| MACHINERY & EQUIPMENT | BELANO
AE A.T.E. SOLUTIONS
TEMPO
NORGE
maskinab
KGC
LIDEN
SUVEC0
Labsense
RETCO
Solar
Ducta |
| PPE & UTILITIES | GUIDE
LUNA GROUP
Safety
ZEKLER
VISKYDVISKERING AS
ARBESKO
TENSIBOLY |