Interim report
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INTERIM REPORT BE Group AB (publ) January – September 2025 Third quarter 2025 Net sales decreased by 19% to SEK 859 M (1,057) The underlying operating result amounted to SEK -23 M (6) The operating result amounted to SEK -30 M (5), including inventory gains and losses of SEK 0 M (-9) and items affecting comparability of SEK -7 M (8) Result after tax amounted to SEK -29 M (18) Cash flow from operating activities increased to SEK 48 M (-13) Earnings per share amounted to SEK -1.95 (1.36) The company has entered into an updated credit agreement of SEK 775 M with a term of three years with the possibility of an extension of another two years An oversubscribed rights issue was completed with net proceeds amounting to SEK 135 M Peter Andersson resigned as President and CEO, the recruitment process is ongoing First nine months 2025 Net sales decreased by 17% to SEK 3,009 M (3,634) The underlying operating result amounted to SEK -61 M (66) The period was affected by items affecting comparability of SEK -470 M (-19) mainly related to write-down of goodwill and capitalized expenses for a new business system and restructuring of business The operating result amounted to SEK -534 M (20), including inventory losses of SEK -3 M (-27) and items affecting comparability Result after tax amounted to SEK -501 M (15) Cash flow from operating activities amounted to SEK 7 M (52) Earnings per share amounted to SEK -36.64 (1.15) ”In the third quarter, net sales fell to SEK 859 M (1,057), which is mainly attributable to a negative development in the Finnish part of the operations. Initially, the transition to a new ERP system led to a considerable decrease in efficiency in the Finnish company. The technical challenges have largely been resolved, and the organization is now fully focused on regaining market share. ” – Peter Andersson, President and CEO Results overview 2025 Jul-Sep 2024 Jul-Sep Change 2025 Jan-Sep 2024 Jan-Sep Change Tonnage, thousands of tonnes 52 62 -10 184 211 -27 -of which organic tonnage, thousands of tonnes 52 61 -9 184 201 -17 Net sales, SEK M 859 1,057 -198 3,009 3,634 -625 Underlying operating result, SEK M -23 6 -29 -61 66 -127 Operating result, SEK M -30 5 -35 -534 20 -554 Profit/loss for the period, SEK M -29 18 -47 -501 15 -516 Earnings per share, SEK -1.95 1.36 -3.31 -36.64 1.15 -37.79 Cash flow from operating activities, SEK M 48 -13 61 7 52 -45 Based on average number of shares 1) 1) BE Group AB (publ), which is listed on the Nasdaq Stockholm exchange, is a leading independent steel distributor that stores and processes steel, stainless steel, and aluminium for customers pri- marily in the construction and manufacturing industries. Through the companyʼs pr oduction services, customers can order customized steel components to optimize their production processes. In 2024, the Group reported sales of SEK 4.7 billion. BE Group has approximately 560 employees, with Sweden and Finland as its largest markets. The headquarters is located in Malmö, Sweden. Read more about BE Group at www.begroup.com. BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 1
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Statement from the CEO Positive cash flow and signs of a brighter market ahead In the third quarter, net sales fell to SEK 859 M (1,057), which is mainly attributable to a negative de- velopment in the Finnish part of the operations. The prevailing economy and market situation con- tinued to pressure the gross margins and the underlying operating result amounted to SEK -23 M (6), corresponding to an operating margin of -2.7% (0.6). Cash flow from operating activities increased to SEK 48 M (-13, indicating that our efforts in capital management and cost control has an impact even in a challenging market. The joint venture ArcelorMittal BE Group SSC AB continues to deliver satisfactory results and again exceeds its operating result target despite a challenging economic and market situation here as well. Work on cost rationalization has paid off and sales and administration costs in the Swedish company have decreased by 10% compared with the same period the previous year. For the Finnish part, the work has essentially been completed and will improve the results in the future. The total cost reduc- tion amounts to approximately SEK 60 M compared with SEK 50 M announced in connection with the report for the first quarter. During the quarter, a rights issue was carried out of approximately SEK 143 M, which was subscribed for at 229%. The strong interest from our shareholders confirms their confidence in our ability to cre- ate long-term value. Market outlook The EU recently announced increased tariff rates for imports outside the quotas of 50% instead of the current 25%. In addition, they propose an increased requirement for traceability to prevent rerouting for the purpose of circumventing customs duties. The proposal should reasonably create a better balance between supply and demand and enable strengthened gross margins for both steel produc- ers and steel distributors. The construction segment, at least in Sweden, has already bottomed out. In the first nine months of the year, sales of rebar increased by 55% and the interest rate situation combined with infrastructure investments point to a continued recovery. Forecasts from a number of industrial customers also in- dicate a more favorable economic situation going forward. Our focus Initially, the transition to a new ERP system led to a considerable decrease in efficiency in the Finnish company. The technical challenges have largely been resolved, and the organization is now fully fo- cused on regaining market share. In early October, the number of quotes was at the same level as be- fore the transition and order bookings were at the same level as the previous year. For the Swedish part of the company, clear business plans have been prepared for the parts of the business burdened by losses and I confidently look forward to delivering on these plans. Peter Andersson President and CEO ”Work on cost rationalization has borne fruit and sales and administration costs in the Swedish company have decreased by 10% compared with the same period the previous year. ” Bridge 2024-2025 operating result SEK M Q1 Q2 Q3 Q4 Jan-Sep Operating result 2024 4 11 5 -69 20 Reversal of inventory gains (-)/losses (+) 11 7 9 26 27 Items affecting comparability 27 – -8 28 19 Underlying operating result 2024 42 18 6 -15 66 Change in sales -27 -28 -23 – -78 Change in underlying gross margin -26 -25 -13 – -64 Change in overhead costs 9 -1 7 – 15 Underlying operating result 2025 -2 -36 -23 – -61 Reversal of inventory gains (+)/losses (-) -10 7 0 – -3 Items affecting comparability 0 -463 -7 – -470 Operating result 2025 -12 -492 -30 – -534 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 2
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Comments on the report Third quarter The Groupʼs consolidated net sales for the period decreased by 19 percent compared to last year and amounted to SEK 859 M (1,057). The decline is explained by negative organic tonnage growth of -14 per- cent directly connected to the Finnish unit, negative price and mix effects of -2 percent, currency effects of -2 percent and closure of the Polish unit of -1 percent. During the third quarter, the steel prices in Europe and the Nordic region continued to be negatively af- fected by low demand and a high share of imports. The Finnish operations was, however, continously negatively affected by lower efficiency since the transition to a new business system in the beginning of March. Thus, sales and tonnage significantly decreased during the quarter. Tonnage decreased by 26 percent, to compare with an estimated decrease of the Finnish market as a whole by approximately 7 percent. A number of measures have been implemented during the latter part of the quarter to stabilize operations and improving efficiency. The beginning of the fourth quarter indicates improved delivery capacity and higher efficiency. The measures implemented are assessed to provide favorable condi- tions for enhancing customer satisfaction and gradually regaining lost tonnage and market shares. Tonnage in the Swedish operations increased by 1 percent driven by increased demand from OEM and the construction segment while demand from other industry segments continued to be weak. The challenging market situation and, at the same time, decreased tonnage and increased costs related to the transition to a new business system in the Finnish operations contributed to gross profit decreas- ing to SEK 89 M (118) and led to a gross margin of 10.4 percent (11.1). The operating result amounted to SEK -30 M (5). Adjusted for items affecting comparability of SEK -7 M (8) and inventory gains and losses of SEK 0 M (-9), the underlying operating result amounted to SEK -23 M (6). The underlying operating margin for the period amounted to -2.7 percent (0.6). During the quarter, BE Group conducted a rights issue that provided the company with gross proceeds of around SEK 143 M before issue costs of about SEK 8 M, of which about SEK 1 M constituted cash com- pensation for guarantors. Net proceeds thereby amounted to around SEK 135 M. First nine months During the first nine months, the Groupʼs net sales decreased by 17 percent compared to last year and amounted to SEK 3,009 M (3,634). This is explained by negative organic tonnage of -9 percent, negative price and mix effects of -4 percent, closure of the Baltic and Polish units of -3 percent and currency ef- fects of -1 percent. Tonnage in the Swedish unit increased by 2 percent while the Finnish unit delivered -19 percent less. Gross profit amounted to SEK 315 M (435) and the gross margin amounted to 10.5 per- cent (12.0). The operating result amounted to SEK -534 M (20), corresponding to an operating margin of -17.7 per- cent (0.5). Adjusted for items affecting comparability of SEK -470 M (-19) and inventory losses of SEK -3 M (-27), the underlying operating result amounted to SEK -61 M (66). During the period, the underlying operating margin amounted to -2.0 percent (1.8). Items affecting comparability In the second quarter, a review of the book value of BE Groupʼs assets was conducted as a result of the market environment and the continued high yield requirements from the market which puts pressure on the value of the assets. The impairment testing of goodwill and participations in shares in sub- sidiaries indicated that there was a need for a goodwill impairment of SEK -409 M to better calibrate with the current market situation. The impairment test has been carried out in accordance with the method described in the annual report. The company has conducted sensitivity analyses based on up- dated forecasts and assessed growth. Furthermore, assumptions have been updated regarding steel price development, operating margin, cost levels, working capital requirements, and investment needs. Impairment of goodwill resulted in the parent company to write-down its shares in the Swedish sub- sidiary with SEK -234 M. The book value of the new business system was also reviewed. Certain func- tionality and configuration have not met the requirements and needed to be adjusted to increase effi- ciency, which led to a write-down of SEK -31 M. The write-downs have been recognized as items affect- ing comparability during the first nine months, see note 4. During the period, the closure of the units in Arvika and Poland has been finalized and the restructuring has been completed in the Swedish and Finnish units. One-off costs of SEK -30 M are recognized as items affecting comparability during the first nine months, see note 4. SALES GROWTH AND UNDERLYING OPERATING RESUL T PER QUARTER GROSS MARGIN AND GROSS PROFIT PER QUARTER SEK M % Q3-2023Q1-2024Q3-2024Q1-2025Q3-2025 -50 -40 -30 -20 -10 0 10 20 30 40 50 -50 -40 -30 -20 -10 0 10 20 30 40 50 uEBIT, SEK M Sales growth, % SEK M % Q3-2023Q4-2023Q1-2024Q2-2024Q3-2024Q4-2024Q1-2025Q2-2025Q3-2025 0 25 50 75 100 125 150 175 200 0 2 4 6 8 10 12 14 16 Gross profit, SEK M Gross margin, % BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 3
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BUSINESS AREA SWEDEN & POLAND The business area includes the Groupʼs operations in Sweden consisting of the companies BE Group Sverige and the joint venture ArcelorMittal BE Group SSC AB. The closure of the Polish unit was completed during the second quarter. Third quarter Net sales decreased by 9 percent in the third quarter compared to last year and amounted to SEK 468 M (512). The decrease is explained by negative price and mix effects of -7 percent, closure of the Polish unit of -3 percent while the organic tonnge increased by 1 percent, driven by increased demand from the construction sector. Sales of rebar, measured in tonnage, increased compared to last year. The op- erating result amounted to SEK -7 M (-10). Adjusted for inventory losses of SEK -3 M (-8) and items af- fecting comparability of SEK -3 M (0), the underlying operating result amounted to SEK -1 M (-1). The Swedish operations provided a negative underlying operating result despite a volume increase of 1 percent driven by OEM and the construction segment. The lower demand from other parts of the manu- facturing industry, combined with lower steel prices, resulted in a gross margin continuosly under pressure. Our joint venture AMBE provided an increased operating result due to increased volumes and strenghtened gross margin despite lower steel prices. First nine months Net sales for the first nine months decreased by 9 percent compared to last year, amounting to SEK 1,702 M (1,862). The decline is explained by negative price and mix effects of -9 percent, closure of the Polish unit of -2 percent while the organic tonnage increased by 2 percent, driven by increased demand from the construction sector. Operating result amounted to SEK -247 M (14). Adjusted for items affect- ing comparability of SEK -243 M (-) and inventory losses of SEK -7 M (-28), the underlying operating re- sult amounted to SEK 3 M (43). The closure of the unit in Arvika was completed and operations has been moved to the main facility in Norrköping. The move of the Polish operations to Sweden and Finland was completed during the sec- ond quarter. BUSINESS AREA SWEDEN & POLAND, SALES GROWTH AND UNDERLYING OPERATING RESUL T PER QUARTER SEK M % Q3-2023Q1-2024Q3-2024Q1-2025Q3-2025 -30 -20 -10 0 10 20 30 40 -30 -20 -10 0 10 20 30 40 uEBIT, SEK M Sales growth, % Results overview 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Tonnage, thousands of tonnes 28 30 102 103 134 -of which organic tonnage, thousands of tonnes 28 28 101 99 129 Net sales, SEK M 468 512 1,702 1,862 2,423 Operating result, SEK M -7 -10 -247 14 -32 Operating margin, % -1.6 -1.9 -14.5 0.8 -1.3 Underlying operating result, SEK M -1 -1 3 43 44 Underlying operating margin, % -0.3 -0.3 0.1 2.3 1.8 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 4
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BUSINESS AREA FINLAND & BAL TICS The business area includes the Groupʼs operations in Finland. The Baltic unit was closed dur- ing 2024. Third quarter Net sales decreased by 25 percent in the third quarter compared to last year and amounted to SEK 415 M (554). It is explained by negative organic tonnage growth of -24 percent, negative currency effects of -3 percent and positive price and mix effects of 2 percent. The operating result amounted to SEK -20 M (14). Adjusted for items affecting comparability of SEK -3 M (8) and inventory gains of SEK 2 M (0), the underlying operating result amounted to SEK -19 M (7). The Finnish operations delivered a negative result during the quarter. Besides weak market conditions, sales and tonnage has been negatively affected through lower efficiency since the transition to a new business system in the beginning of March. External tonnage in the Finnish operations decreased by 26 percent, to compare with an estimated decrease on the Finnish market by approximately 7 percent. In the latter part of the quarter, a number of measures were implemented to stabilize operations and increase efficiency. The start of the fourth quarter is showing improved delivery capacity and improved efficiency. These improvements are estimated to create good conditions for strengthening customer satisfaction and gradually regaining lost tonnage and market share. In the long term, the system change is expected to contribute to further rationalization, primarily through increased digitalization. As part of the Groupʼs savings program, the Finnish unit implemented personnel reductions in various administrative functions during the quarter. Restructuring costs of just over SEK 3 M were charged to earnings in the quarter. First nine months Net sales for the first nine months decreased by 23 percent compared to last year, amounting to SEK 1,389 M (1,807). The decline is explained by negative organic tonnage growth of -16 percent, closure of the Baltic unit of -3 percent, negative currency effects of -3 percent and negative price and mix effects of -1 percent. Operating result amounted to SEK -243 M (4). Adjusted for items affecting comparability of SEK -195 M (-19), of which goodwill of SEK -190 M, and inventory gains of SEK 3 M (2), the underlying op- erating result amounted to SEK -51 M (22). BUSINESS AREA FINLAND & BAL TICS SALES GROWTH AND UNDERLYING OPERATING RESUL T PER QUARTER SEK M % Q3-2023Q1-2024Q3-2024Q1-2025Q3-2025 -30 -25 -20 -15 -10 -5 0 5 10 15 -30 -25 -20 -15 -10 -5 0 5 10 15 uEBIT, SEK M Sales growth, % Results overview 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Tonnage, thousands of tonnes 26 34 88 111 140 -of which organic tonnage, thousands of tonnes 24 33 83 102 131 Net sales, SEK M 415 554 1,389 1,807 2,290 Operating result, SEK M -20 14 -243 4 -11 Operating margin, % -4.8 2.6 -17.5 0.2 -0.5 Underlying operating result, SEK M -19 7 -51 22 12 Underlying operating margin, % -4.6 1.3 -3.7 1.2 0.5 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 5
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The Group & Parent Company Net financial items and tax The Groupʼs consolidated net financial items in the third quarter amounted to SEK -7 M (-7), of which net interest was SEK -9 M (-7). During the quarter, interest expenses related to leasing according to IFRS 16 amounted to SEK -3 M (-2). Net financial items for the first nine months amounted to SEK -22 M (-20) and net interest to SEK -20 M (-21), of which SEK -7 M (-7) relates to leasing accord- ing to IFRS 16. Taxes for the third quarter amounted to SEK 8 M (20) and was SEK 55 M (15) for the first nine months. The positive tax effect of SEK 55 M is mainly attributable to tax reversal of the impairment in Finland of SEK 24 M and the remainder mainly attributable to capi- talized loss carryforwards. Profit after tax amounted to SEK -29 M (18) and was SEK -501 M (15) for the first nine months. Cash flow The Groupʼs consolidated working capital amounted to SEK 573 M (703) at the end of the period and the average working capital tied-up for the third quarter was 17.5 percent (16.4). The lower working capital is mainly explained by decreased inventory value, which amounted to SEK 639 M (860) at the end of the period. The decrease in inventory value is due to lower average prices and decreased inventory levels. Cash flow from operating activities increased to SEK 48 M (-13) during the quarter and amounted to SEK 7 M (52) for the first nine months. Cash flow from investing activities amounted to SEK -7 M (-16) during the third quarter and to SEK -9 M (-58) for the first nine months. Cash flow after investments thus increased to SEK 41 M (-29) during the third quarter and amounted to SEK -2 M (-6) for the first nine months. Financial position and liquidity During the quarter, BE Group conducted a rights issue that provided the company with gross proceeds of around SEK 143 M before issue costs of about SEK 8 M, of which about SEK 1 M constituted cash compensation for guarantors. Net proceeds thereby amounted to around SEK 135 M. Through the rights issue the share in capital increased by SEK 130 M to SEK 390 M. The total num- ber of shares increased by 6 491 602 to 19 501 726, of which 26 920 represent BE Groupʼs holding of own shares. At the end of the period, consolidated cash and cash equivalents, including overdraft facilities, amounted to SEK 247 M (175) and the interest-bearing net debt excl. IFRS 16 was SEK 278 M (341). Equity amounted to SEK 1,010 M (1,449) at the end of the period. The decrease is mainly connected to write-down of goodwill of SEK -409 M, which was carried out during the second quarter. Organization, structure and employees The number of employees amounted to 519 compared to 634 at the same time last year. The average number of employees during the third quarter amounted to 522 (636). The decrease is mainly attributable to the closure of the Polish unit and the site in Arvika. Parent Company & consolidated items Parent Company & consolidated items include the Parent Company and Group eliminations. For additional information see the Annual Report for 2024. The effects regarding IFRS 16 were reported under Parent Company & consolidated items and have not been allocated to the two business areas. Parent Company Sales for the third quarter of the Parent Company, BE Group AB (publ), amounted to SEK 33 M (32) and derived from intra-Group services. These intra-Group services mainly include the subsidiariesʼ use of the BE Group brand and central expenses for IT and Finance. These expenses are distributed and invoiced to all subsidiaries in the Group. In the result follow-up of the business areas, these intra-group expenses have been eliminated except for expenses for IT and business systems. Out of the total costs for the Parent Company, of SEK -21 M (-15), SEK 18 M (15) was allocated to the subsidiaries. The operating result amounted to SEK 13 M (17). Sales for the first nine months amounted to SEK 101 M (99) and the operating result was SEK 6 M (52). The lower operating re- sult is related to the write-down of capitalized expenses for a new business system of SEK -31 M, which was carried out in the sec- ond quarter. Net financial items for the quarter amounted to SEK 1 M (2). Profit before tax amounted to SEK 14 M (19) and profit after tax amounted to SEK 11 M (15). Investments in the Parent Company during the quarter amounted to SEK 1 M (12). At the end of the pe- riod, cash and equivalents in the Parent Company amounted to SEK 97 M (14). Net financial items for the first nine months amounted to SEK -230 M (10) mainly attributable to write-down of shares in group company of SEK -234 M, which was carried out in the second quarter. Profit before tax amounted to SEK -224 M (62) and profit after tax amounted to SEK -226 M (49). Investments in the Parent Company amounted to SEK 17 M (49). BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 6
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Other information Significant events after the end of the period No significant events have taken place after the end of the period. Transactions with related parties In connection with the completed rights issue, guarantee compensations have been paid out in accordance with the published in- formation document regarding the rights issue to AB Traction and Svedulf Fastighets AB. No other transactions took place between BE Group and related parties that had a material impact on the companyʼs financial po- sition and results. Nomination Committee In accordance with the companyʼs procedures, a Nomination Committee has been appointed. The Nomination Committee consists of Petter Stillström (AB Traction), Alf Svedulf (Svedulf Fastighets AB), Johan Ahldin (own holdings) and Anders Rothstein, Chairman of BE Group AB, who is also the convener for the Nomination Committee. Annual General Meeting 2026 BE Groupʼs Annual General Meeting will take place on April 22, 2026, at 4:00 pm in Malmö, Sweden. Further information will be published on the companyʼs w ebsite. Significant risks and uncertainties Through its operations, BE Group is exposed to global macroeconomic factors, the competitive situation, structural changes in the market and the economy, as well as financial risks such as currency risks, interest risks, credit and counterparty risks. Within the companies of the Group, continuous processes are ongoing to identify existing risks and assess how these should be handled. The risk exposure is explained in the 2024 Annual Report, which was published in March 2025. Risks related to tariffs are decribed below. Tariffs BE Group has several business partners with global operations. At current levels, the tariffs may have an impact on the companyʼs result, but it is difficult to fully quantify due to the uncertainty of the situation. However, an indirect impact of a weaker global economy is a risk that could have material impact. BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 7
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Future information Future reporting dates BE Group AB (publ) intends to publish financial information on the following dates: The Year-end report 2025 will be published on January 27, 2026 The Annual report 2025 will be published in March 2026 The Interim report for January-March 2026 will be published on April 22, 2026 The Interim report for January-June 2026 will be published on July 14, 2026 The Interim report for January-September 2026 will be published on October 21, 2026 The Year-end report 2026 will be published on January 26, 2027 Financial information is available in Swedish and English from BE Groupʼs website and can be ordered by phone +46 (0) 40 38 42 00 or e-mail: info@begroup.com. Malmö, October 23, 2025 BE Group AB (publ) Peter Andersson President and CEO Questions concerning this report may be directed to: Peter Andersson, President and CEO Tel: +46 (0)706 53 76 55, e-mail: peter.andersson@begroup.com Christoffer Franzén, CFO Tel: +46 (0)705 46 90 05, e-mail: christoffer.franzen@begroup.com BE Group AB (publ), Box 225, 201 22 Malmö, Sweden; Street address: Krusegatan 19B Corp. Reg. No: 556578-4724, Tel: +46 (0)40 38 42 00 info@begroup.com, www.begroup.com This report has been reviewed by the companyʼs auditors. This information is information that BE Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sub- mitted for publication through the agency of the contact persons set out above at 2:00 p.m. CEST on October 23, 2025. BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 8
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Auditorʼs report BE Group AB (publ). reg. no. 556578-4724 Introduction We have reviewed the condensed interim report for BE Group AB (publ) as at September 30, 2025 and for the nine months period then ended. The Board of Directors and the Managing Director are responsi- ble for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted audit- ing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim re- port is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Malmö den 23 oktober 2025 Ernst & Young AB Peter Gunnarsson Authorized Public Accountant BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 9
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Condensed consolidated income statement (SEK M) Note 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Net sales 2 859 1,057 3,009 3,634 4,667 4,042 Cost of goods sold 3 -770 -939 -2,694 -3,199 -4,150 -3,645 Gross profit 89 118 315 435 517 397 Selling expenses 3 -86 -98 -296 -323 -427 -400 Administrative expenses 3 -31 -27 -102 -96 -130 -136 Other operating income and expenses 4 -6 9 -463 -10 -27 -480 Participation in earnings of joint venture 4 3 12 14 18 16 Operating profit/loss -30 5 -534 20 -49 -603 Financial items -7 -7 -22 -20 -22 -24 Profit/loss before tax -37 -2 -556 0 -71 -627 Tax 8 20 55 15 29 69 Profit/loss for the period -29 18 -501 15 -42 -558 Earnings per share (SEK) -1.95 1.36 -36.64 1.15 -3.21 -41.30 Earnings per share after dilution (SEK) -1.95 1.36 -36.64 1.15 -3.21 -41.30 Consolidated statement of comprehensive income (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Profit/loss for the period -29 18 -501 15 -42 -558 Other comprehensive income Items that may later be reclassified to profit/loss for the period Translation differences -2 -3 -14 10 8 -16 Total other comprehensive income -2 -3 -14 10 8 -16 Comprehensive income for the period -31 15 -515 25 -34 -574 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 10
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Condensed consolidated balance sheet (SEK M) Note 2025 Sep 30 2024 Sep 30 2024 Dec 31 Goodwill 173 587 592 Other intangible assets 115 96 138 Tangible assets 203 219 222 Right of use assets 341 410 395 Participations in joint venture 193 189 192 Financial assets 0 0 1 Deferred tax assets 70 39 38 Total non-current assets 1,095 1,540 1,578 Inventories 639 860 858 Accounts receivable 556 632 419 Other receivables 5 34 89 60 Cash and cash equivalents 97 25 9 Total current assets 1,326 1,606 1,346 Total assets 2,421 3,146 2,924 Equity 1,010 1,449 1,390 Non-current interest-bearing liabilities 375 366 350 Non-current lease liabilities 262 314 321 Deferred tax liability 7 32 33 Total non-current liabilities 644 712 704 Current interest-bearing liabilities 0 0 0 Current lease liabilities 108 102 107 Accounts payable 486 674 544 Other current liabilities 5 169 204 165 Current provisions 4 5 14 Total current liabilities 767 985 830 Total equity and liabilities 2,421 3,146 2,924 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 11
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Condensed consolidated cash-flow statement (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Operating result -30 5 -534 20 -49 -603 Adjustment for non-cash items 28 19 515 72 99 542 – of which, amortization/depreciation 35 32 104 96 128 136 – of which, write-down – – 440 – – 440 – of which, other items -7 -13 -29 -24 -29 -33 Interest received -3 3 2 10 14 6 Interest paid -5 -9 -23 -30 -39 -32 Income tax paid 0 7 -3 -41 -21 17 Change in working capital 58 -38 50 21 101 130 Cash flow from operating activities 48 -13 7 52 105 60 Acquisitions and divestments of businesses – – 8 – – 8 Changes in intangible assets -1 -12 -17 -49 -64 -32 Changes in tangible assets -6 -4 -12 -25 -36 -23 Changes in shares in joint venture – – 12 16 16 12 Other cash flow from investing activities 0 0 0 0 0 0 Cash flow after investments 41 -29 -2 -6 21 25 Change in loans -10 30 32 29 11 14 Amortization of lease -29 -24 -79 -72 -97 -104 Rights issue 135 – 135 – – 135 Cash flow for the period 137 -23 86 -49 -65 70 Translation differences in cash and cash equivalents 2 0 2 0 0 2 Change in cash and cash equivalents 139 -23 88 -49 -65 72 Condensed statement of changes in equity (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Equity at beginning of period 906 1,434 1,390 1,424 1,424 1,449 Result for the period -29 18 -501 15 -42 -558 Rights issue 135 – 135 – – 135 Other comprehensive income -2 -3 -14 10 8 -16 Transactions with owners Dividend – – – – – – Equity at end of period 1,010 1,449 1,010 1,449 1,390 1,010 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 12
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Condensed parent company income statement (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Net sales 33 32 101 99 111 113 Administrative expenses -21 -15 -65 -47 -65 -83 Other operating income and expenses 1 0 -30 0 0 -30 Operating profit/loss 13 17 6 52 46 0 Financial items 1 2 -230 10 -2 -242 Profit/loss after financial items 14 19 -224 62 44 -242 Appropriations – – – – -55 -55 Profit/loss before tax 14 19 -224 62 -11 -297 Tax -3 -4 -2 -13 1 12 Profit/loss for the period 11 15 -226 49 -10 -285 Condensed parent company statement of comprehensive income (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Profit/loss for the period 11 15 -226 49 -10 -285 Other comprehensive income Items that may later be reclassified to profit/loss for the period Total other comprehensive income – – – – – – Comprehensive income for the period 11 15 -226 49 -10 -285 Condensed parent company balance sheet (SEK M) 2025 Sep 30 2024 Sep 30 2024 Dec 31 Intangible assets 114 93 136 Tangible assets 0 0 0 Financial assets 630 880 865 Total non-current assets 744 973 1,001 Current receivables 184 205 172 Cash and cash equivalents 97 14 5 Total current assets 281 219 177 Total assets 1,025 1,192 1,178 Equity 976 1,126 1,067 Non-current liabilities 20 – 24 Current liabilities 29 66 87 Total equity and liabilities 1,025 1,192 1,178 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 13
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Note 1 – Accounting principles Accounting principles The Groupʼs interim report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Companyʼs int erim report is prepared in compliance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Boardʼs recommendation RFR 2 Accounting for Legal Entities. For a detailed description of the Groupʼs accounting principles, please refer to the annual report for 2024 and for definitions of key performance measures, please refer to page 19, Financial definitions. The principles applied are unchanged in relation to the Annual Report. In other regards, the new or revised standards and interpretations that have come into effect from the financial year 2025 have had no significant effect on the financial reporting. Note 2 – Segment reporting Net sales by business area and product group 2025 Sweden & Poland Finland & Baltics Other & Group adjustments Total (SEK M) Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jul-Sep Jan-Sep Rolling 12 months Long steel products 222 814 104 351 0 0 326 1,165 1,559 Flat steel products 176 644 211 696 0 0 387 1,340 1,797 Stainless steel 54 190 60 200 0 0 114 390 525 Aluminium 9 33 17 62 0 0 26 95 133 Other 7 21 23 80 -24 -82 6 19 28 Total 468 1,702 415 1,389 -24 -82 859 3,009 4,042 2024 Sweden & Poland Finland & Baltics Other & Group adjustments Total (SEK M) Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jul-Sep Jan-Sep Jul-Sep Jan-Sep Full-year 2024 Long steel products 234 822 165 524 0 0 399 1,346 1,740 Flat steel products 202 774 266 898 0 0 468 1,672 2,129 Stainless steel 59 206 82 256 0 0 141 462 597 Aluminium 10 36 29 88 0 0 39 124 162 Other 7 24 12 41 -9 -35 10 30 39 Total 512 1,862 554 1,807 -9 -35 1,057 3,634 4,667 Net sales by country based on customer´s domicile (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden 447 481 1,621 1,745 2,276 2,152 Finland 391 545 1,308 1,693 2,175 1,790 Other 21 31 80 196 216 100 Group 859 1,057 3,009 3,634 4,667 4,042 BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 14
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Shipped tonnage per segment (Thousands of tonnes) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland 28 30 102 103 134 133 Finland & Baltics 26 34 88 111 140 117 Parent Company & consolidated items -2 -2 -6 -3 -3 -6 Group 52 62 184 211 271 244 Operating result (EBIT) per segment (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland -7 -10 -247 14 -32 -293 Finland & Baltics -20 14 -243 4 -11 -258 Parent Company & consolidated items -3 1 -44 2 -6 -52 Group -30 5 -534 20 -49 -603 Operating margin per segment 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland -1.6% -1.9% -14.5% 0.8% -1.3% -12.9% Finland & Baltics -4.8% 2.6% -17.5% 0.2% -0.5% -13.8% Parent Company & consolidated items N/A N/A N/A N/A N/A N/A Group -3.5% 0.5% -17.7% 0.5% -1.0% -14.9% Underlying operating result (uEBIT) per segment (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland -1 -1 3 43 44 4 Finland & Baltics -19 7 -51 22 12 -61 Parent Company & consolidated items -3 0 -13 1 -5 -19 Group -23 6 -61 66 51 -76 Underlying operating margin per segment 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland -0.3% -0.3% 0.1% 2.3% 1.8% 0.2% Finland & Baltics -4.6% 1.3% -3.7% 1.2% 0.5% -3.3% Parent Company & consolidated items N/A N/A N/A N/A N/A N/A Group -2.7% 0.6% -2.0% 1.8% 1.1% -1.9% Investments in tangible and intangible assets per segment (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland 6 3 18 19 24 23 Finland & Baltics 0 2 5 7 12 10 Parent Company & consolidated items 1 12 17 49 92 60 Group 7 17 40 75 128 93 Operating profit/loss (EBIT) adjusted for inventory gains and losses and items affecting comparability. Inventory gains and losses are the differences between the cost of goods sold at acquisition value and the cost of goods sold at replacement cost. The Groupʼs internal model is used to calculate inventory gains and losses and has not been subject for review by the Groupʼs auditor. Underlying operating result (uEBIT) as a percentage of net sales. 1) 2) 1) 2) BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 15
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Note 3 – Amortizations and depreciations (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Amortization of intangible assets 3 0 9 2 2 9 Depreciation of tangible assets 8 8 22 22 29 29 Depreciation of right of use assets 24 24 73 72 97 98 Total amortizations and depreciations 35 32 104 96 128 136 Depreciation per segment (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Sweden & Poland 3 4 9 10 14 13 Finland & Baltics 5 4 13 13 17 17 Parent Company & consolidated items 27 24 82 73 97 106 Group 35 32 104 96 128 136 Note 4 – Items affecting comparability (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Write-down of goodwill – – -409 – – -409 Write-down of intangible assets – – -31 – – -31 Closure expenses the Baltics and Poland 0 8 2 -19 -47 -26 Restructuring costs -7 – -32 – – -32 Total items affecting comparability -7 8 -470 -19 -47 -498 Note 5 – Valuation of financial assets and liabilities Fair value for long-term borrowing corresponds in all material respects with the carrying amount as the borrowing runs at a variable interest rate and the own credit risk has not changed significantly. Fair value for other financial assets and liabilities corresponds in all material respects with the carrying amount as they are short-term and the discounting effect is not considered to be significant. All financial instruments estimated at fair value is included in level 2. Derivative instruments (SEK M) 2025 Sep 30 2024 Sep 30 2024 Dec 31 Financial assets Currency derivatives 0 – 1 Total 0 – 1 Financial liabilities Currency derivatives – -3 – Total – -3 – BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 16
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Key data (SEK M unless otherwise stated) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Net sales 859 1,057 3,009 3,634 4,667 4,042 Earnings measurements Gross result 89 118 315 435 517 397 Underlying gross result 88 124 313 455 559 417 Operating result (EBIT) -30 5 -534 20 -49 -603 Underlying operating result (uEBIT) -23 6 -61 66 51 -76 Margin measurements Gross margin 10.4% 11.1% 10.5% 12.0% 11.1% 9.8% Underlying gross margin 10.2% 11.7% 10.4% 12.5% 12.0% 10.3% Operating margin -3.5% 0.5% -17.7% 0.5% -1.0% -14.9% Underlying operating margin -2.7% 0.6% -2.0% 1.8% 1.1% -1.9% Capital structure Net debt excl. IFRS 16 278 341 278 341 340 278 Net debt/equity ratio excl. IFRS 16 27.4% 23.5% 27.4% 23.5% 24.4% 27.4% Working capital at end of period 573 703 573 703 628 573 Working capital (average) 602 691 619 688 676 635 Capital employed at end of period excl. IFRS 16 1,388 1,822 1,388 1,822 1,746 1,388 Capital employed (average) excl. IFRS 16 1,364 1,800 1,555 1,779 1,777 1,608 Working capital tied-up 17.5% 16.4% 15.4% 14.2% 14.5% 15.7% Return Return on capital employed excl. IFRS 16 -3.3% 1.0% -37.4% 1.4% -2.9% -37.3% Per share data Earnings per share (SEK) -1.95 1.36 -36.64 1.15 -3.21 -41.30 Earnings per share after dilution (SEK) -1.95 1.36 -36.64 1.15 -3.21 -41.30 Equity per share (SEK) 51.84 111.59 51.84 111.59 107.06 51.84 Cash flow from operating activities per share (SEK) 2.47 -1.02 0.36 3.99 8.11 3.11 Shares outstanding at period end (thousands) 19,475 12,983 19,475 12,983 12,983 19,475 Average number of shares (thousands) 15,029 12,983 13,673 12,983 12,983 13,499 Growth Sales growth -19% -11% -17% -12% -12% -16% – of which organic tonnage growth -14% 4% -9% 0% -1% -7% – of which price and mix changes -2% -7% -4% -9% -8% -4% – of which currency effects -2% -2% -1% 0% 0% -1% – of which acquisitions – – – – – – – of which divestments -1% -6% -3% -3% -3% -4% Other Average number of employees 522 636 566 644 640 580 Inventory gains and losses 0 -9 -3 -27 -53 -29 Shipped tonnage (thousands of tonnes) 52 62 184 211 271 244 To visualize the development of BE Groupʼs financial position, some information is in the key figure overview that is not defined in IFRS. A reconciliation/bridge between alternative performance measures used in this report and the closest IFRS measure is presented under Alternative performance measures. 1) 1) 1) 1) 1) 1) BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 17
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Key data – multi-quarter summary (SEK M unless otherwise stated) 2025 Jul-Sep 2025 Apr-Jun 2025 Jan-Mar 2024 Oct-Dec 2024 Jul-Sep 2024 Apr-Jun 2024 Jan-Mar 2023 Oct-Dec 2023 Jul-Sep Net sales 859 1,045 1,105 1,033 1,057 1,272 1,305 1,177 1,187 Earnings measurements Gross result 89 111 115 82 118 152 165 114 99 Underlying gross result 88 104 121 104 124 157 174 131 134 Operating result (EBIT) -30 -492 -12 -69 5 11 4 -37 -42 Underlying operating result (uEBIT) -23 -36 -2 -15 6 18 42 -17 4 Margin measurements Gross margin 10.4% 10.7% 10.4% 8.0% 11.1% 12.0% 12.6% 9.6% 8.3% Underlying gross margin 10.2% 10.0% 10.9% 10.1% 11.7% 12.4% 13.3% 11.1% 11.3% Operating margin -3.5% -47.1% -1.1% -6.6% 0.5% 0.8% 0.3% -3.2% -3.5% Underlying operating margin -2.7% -3.4% -0.2% -1.5% 0.6% 1.4% 3.2% -1.4% 0.3% Capital structure Net debt excl. IFRS 16 278 429 380 340 341 289 271 259 251 Net debt/equity ratio excl. IFRS 16 27.4% 47.1% 28.1% 24.4% 23.5% 20.1% 18.7% 18.1% 16.9% Working capital at end of period 573 632 643 628 703 681 686 683 777 Working capital (average) 602 637 635 665 691 684 684 730 784 Capital employed at end of period excl. IFRS 16 1,388 1,339 1,746 1,746 1,822 1,778 1,750 1,765 1,749 Capital employed (average) excl. IFRS 16 1,364 1,542 1,746 1,796 1,800 1,764 1,757 1,757 1,842 Working capital tied-up 17.5% 15.2% 14.4% 16.1% 16.4% 13.4% 13.1% 15.5% 16.5% Return Return on capital employed excl. IFRS 16 -3.3% -127.8% -2.9% -15.4% 1.0% 2.1% 1.0% -8.6% -9.5% Per share data Earnings per share (SEK) -1.95 -35.26 -1.08 -4.36 1.36 0.13 -0.35 -2.58 -3.27 Earnings per share after dilution (SEK) -1.95 -35.26 -1.08 -4.36 1.36 0.13 -0.35 -2.58 -3.27 Equity per share (SEK) 51.84 69.77 103.99 107.06 111.59 110.45 110.87 109.68 113.75 Cash flow from operating activities per share (SEK) 2.47 -0.34 -2.84 4.13 -1.02 1.63 3.38 11.62 -1.31 Shares outstanding at period end (thousands) 19,475 12,983 12,983 12,983 12,983 12,983 12,983 12,983 12,983 Average number of shares (thousands) 15,029 12,983 12,983 12,983 12,983 12,983 12,983 12,983 12,983 Growth Sales growth -19% -18% -15% -12% -11% -10% -16% -20% -22% – of which organic tonnage growth -14% -10% -3% -3% 4% 5% -7% -6% -6% – of which price and mix changes -2% -4% -6% -4% -7% -12% -10% -16% -21% – of which currency effects -2% -2% 0% 0% -2% 0% 1% 2% 5% – of which acquisitions – – – – – – – 0% 0% – of which divestments -1% -2% -6% -5% -6% -3% 0% 0% 0% Other Average number of employees 522 560 611 630 636 643 652 673 692 Inventory gains and losses 0 7 -10 -26 -9 -7 -11 -20 -40 Shipped tonnage (thousands of tonnes) 52 64 68 60 62 73 76 67 64 To visualize the development of BE Groupʼs financial position, some information is in the key figure overview that is not defined in IFRS. A reconciliation/bridge between alternative performance measures used in this report and the closest IFRS measure is presented under Alternative performance measures. 1) 1) 1) 1) 1) 1) BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 18
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Alternative performance measures BE Group present certain alternative performance measures that are not defined in accordance with IFRS accounting standards. These alternative perfor- mance measures should be seen as a complement and not a substitute for financial information presented in accordance with the standards. Group manage- ment believes that these alternative performance measures provide useful information to analysts, other stakeholders and readers of the interim report about the Groupʼs operational and financial development. Underlying operating result (uEBIT) (SEK M) 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Full-year Rolling 12 months Operating result -30 5 -534 20 -49 -603 Reversal of inventory gains (-)/losses (+) 0 9 3 27 53 29 Adjustment for items affecting comparability 7 -8 470 19 47 498 Group -23 6 -61 66 51 -76 Working capital (SEK M) 2025 Sep 30 2024 Sep 30 2024 Dec 31 Inventories 639 860 858 Accounts receivable 556 632 419 Other receivables 34 89 60 Deduction accounts payable -486 -674 -544 Deduction other current liabilities -169 -204 -165 Rounding -1 – – Group 573 703 628 Average working capital is an average for each period based on quarterly data. Net debt excl. IFRS 16 (SEK M) 2025 Sep 30 2024 Sep 30 2024 Dec 31 Non-current interest-bearing liabilities and lease liabilities 637 680 671 Current interest-bearing liabilities and lease liabilities 108 102 107 Deduction lease liabilities -370 -416 -428 Deduction financial assets 0 0 -1 Deduction cash and cash equivalents -97 -25 -9 Rounding – – – Group 278 341 340 Net debt/equity ratio excl. IFRS 16 is calculated as net debt excl. IFRS 16 divided by Equity. Capital employed excl. IFRS 16 (SEK M) 2025 Sep 30 2024 Sep 30 2024 Dec 31 Equity excl. IFRS 16 1,013 1,455 1,396 Non-current interest-bearing liabilities and lease liabilities 637 680 671 Current interest-bearing liabilities and lease liabilities 108 102 107 Deduction lease liabilities -370 -416 -428 Rounding – 1 – Group 1,388 1,822 1,746 Average capital employed excl. IFRS 16 is an average for each period based on quarterly data. BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 19
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Definitions of key data Adjusted results measurements Underlying gross result The underlying gross result is the reported gross result adjusted for inventory gains and losses (deductions for gains and additions for losses). Underlying operating result (uEBIT) Operating result (EBIT) before items affecting comparability adjusted for inventory gains and losses (deductions for gains and additions for losses). Items affecting comparability Items that do not have any link to the normal operations of the Group or that are of a non-recurring nature, where a reporting together with other items in the consolidated comprehensive income statement would have given a comparison distortion effect that would have made it diffcult to judge the development of the ordinary operations for an outside viewer. Adjusted margin measurements Underlying gross margin Underlying gross result as a percentage of net sales. Underlying operating margin Underlying operating result (uEBIT) as a percentage of net sales. Capital structure Net debt excl. IFRS 16 Interest-bearing liabilities excluding lease liabilities acc. to IFRS 16 less cash and cash equivalents and financial assets. Net debt/equity ratio excl. IFRS 16 Net debt excl. IFRS 16 divided by equity excl. IFRS 16. Working capital Inventories and current receivables less current liabilities, excluding provisions and interest-bearing liabilities. Working capital (average) Inventories and current receivables less current liabilities, excluding provisions and interest-bearing liabilities. This measure represents an average for each period based on published quarterly data. Capital employed excl. IFRS 16 Equity excl. IFRS 16 plus interest-bearing liabilities excl. lease liabilities acc. to IFRS 16. Capital employed (average) excl. IFRS 16 Equity excl. IFRS 16 plus interest-bearing liabilities excl. lease liabilities acc. to IFRS 16. This measure represents an average for each period based on published quarterly data. Working capital tied-up Average working capital, as a percentage of annually adjusted net sales. Return on capital Return on capital employed excl. IFRS 16 Annually adjusted operating result excl. IFRS 16, as a percentage of average capital employed excl. IFRS 16. Per share data Earnings per share Profit/loss for the period divided by the average number of shares (before and after dilution) outstanding during the period. Equity per share Equity divided by the number of shares outstanding at the end of the period. Cash flow per share from operating activities Cash flow from operating activities divided by the average number of shares for the period. Shares outstanding at the end of the period Shares outstanding at the end of the period adjusted for rights issues and share splits. Average number of shares Weighted average number of shares outstanding during the period, adjusted for rights issued and share splits. Growth Sales growth Change in net sales from the preceding period in percent. Other Inventory gains and losses The difference between the cost of goods sold at acquisition value and the cost of goods sold at replacement cost. Please refer to the 2024 annual report for other definitions of key data. BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 20
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About BE Group A leading independent steel distributor in Northern Europe BE Group is a leading independent steel distributor that stores and processes steel, stain- less steel, and aluminium for customers primarily in the construction and manufacturing industries. Through the companyʼs production services, customers can order customized steel components to optimize their production processes. BE Group has approximately 560 employees and sales of SEK 4.7 billion in 2024. The headquar- ters is located in Malmö, Sweden. BUSINESS IDEA BE Group is an independent efficient distributor of steel, stainless steel, aluminum and value adding services to Nordic manufacturing and construction companies. Number of employees approx. 560 Net sales SEK 4.7 billion Sales Production Warehouse BE Group AB (publ) / Corp. Reg. No. 556578-4724 / Interim report January-September 2025 21