Slides
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1 Conference call Interim report Q3 2026
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2 Interim report I Q3 2026 Overall strong quarter Q3 2026 Highlights • The strong underlying organic growth trend from Q2 continued to accelerate in Q3 • Record-high underlying EBITA margin for Q3 • Operating cash flow exceeded 2 BSEK for the first time ever • All in all, the strong quarter resulted in an EPS growth of 19% • Continued platform expansion with signed M&A of ~3 BSEK in annual net sales • Entered the Canadian market (Enertrak) • Strengthened our OEM portfolio (Refra) • Valuable addition to our HVAC offering (FG Europe) Net sales, MSEK 11,641 +20% YoY · +8% organic EBITA, MSEK 1,350 +19% YoY · 11.6% margin Operating cash flow, MSEK 2,181 improvement in tied-up WC Earnings per share +19% strong earnings
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3 Continued strong organic growth momentum Group Q3 2026 Organic +8% YTD +3% FX +2% YTD -2% Total Sales Growth +20% YTD +8% Acquisitions +9% YTD +6% Beijer Ref Group Q3 Q3 sales growth of 20% • Hot summer and accelerating demand for air conditioning in Europe • Continued strong growth in several major markets in Europe • Positive organic growth momentum in the US, in line with the end of Q2 • Mixed performance within the product segments in APAC – overall, in line with LY • Solid growth in acquisitions Reported sales per quarter 9,726 11,641 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +20% MSEK Interim report I Q3 2026
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4 Good organic growth across all product segments Group Q3 2026 OEM ~7% of Group sales HVAC ~64% of Group sales Commercial & Industrial Ref. ~29% of Group sales -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 125 250 375 500 625 750 875 1,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Reported sales, MSEK Organic growth, % (Quarter) -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Reported sales, MSEK Organic growth, % (Quarter) -5% 0% 5% 10% 15% 20% 25% 30% 35% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Reported sales, MSEK Organic growth, % (Quarter) Organic growth, Q3 +19% Organic growth, Q3 +10% Organic growth, Q3 +4% Continued strong growth and demand for our environmentally adapted green OEM solutions • Entering Q4 with continued solid order books, with demand continuing at a high level • The acquisition of Refra was completed after the quarter Strong season in Western Europe and steady progress in our strategic initiatives in the US • Particularly good performance in the UK, Benelux and France • Reported sales +25% YoY on strong organic growth and solid growth in acquisitions Solid organic growth in the product segment Commercial & Industrial Refrigeration • Continued sales growth in local markets across Asia and in Australia • Stable sales growth across all divisions Interim report I Q3 2026
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5 Record underlying EBITA% Group Q3 2026 EBITA growth +19% YTD +8% • EBITA impacted by acquisition costs of 30 MSEK • Adjusted EBITA growth of +22% 959 1,084 1,133 1,350 0 300 600 900 1,200 1,500 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Reported EBITA% in line with the record Q3 level LY • Record underlying EBITA% of 11.9%, adjusted for the acquisition costs of 30 MSEK EBITA margin 11.6% YTD 11.2% (11.1) 11.3% 11.4% 11.7% 11.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Interim report I Q3 2026 EBITA, excl. IAC, MSEK (Quarter) EBITA, excl. IAC, % (Quarter) IAC: items affecting comparability
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6 Q3 2026 Division EMEA ~60% of Group sales Strong sales and profitability 5,499 5,922 7,031 12.0% 12.0% 12.3% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales and EBITA, % Net sales EBITA, % MSEK 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Commercial and industrial refrigeration OEM HVAC Total Q3 2025 Q3 2026 Reported sales per product segment, excl. FX 24% 31% 17% 6% MSEK EMEA Q3 sales growth of 19% • The strong underlying organic growth trend in Q2, adjusted for Eastern Europe, continued to accelerate during Q3 • Prolonged summer heat and accelerating demand for air conditioning in Europe • Strong performance within the HVAC sector in the UK, Benelux and France • SCM Frigo and Fenagy delivered another strong quarter, and the order books remains solid entering Q4 • The EBITA% was record high for Q3 • Signed two new acquisitions with a combined annual net sales of ~1.9 BSEK • Refra (~500 MSEK), was closed early Q4 • FG Europe (~1.4 BSEK), completion subject to competition authority approval Organic +12% YTD +5% Total Sales Growth +19% YTD +8% Total EBITA Growth +22% YTD +8% Acquisitions +5% YTD +4% Interim report I Q3 2026
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7 Q3 2026 Division APAC ~14% of Group sales Continued margin expansion Organic 0% YTD +3% Total Sales Growth +8% YTD +5% Total EBITA Growth +12% YTD +8% Acquisitions +1% YTD +1% 1,575 1,460 1,575 8.3% 9.4% 9.7% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales and EBITA, % Net sales EBITA, % MSEK 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Commercial and industrial refrigeration OEM HVAC Total Q3 2025 Q3 2026 Reported sales per product segment, excl. FXMSEK Interim report I Q3 2026 -2% -3% 1% 9% APAC Q3 sales growth of 8% (+1%, adjusted for FX) • Continued strong market performance in the Commercial and Industrial Refrigeration segment • OEM project pipeline continues to look promising • Launched Private Label HVAC offering in Australia and New Zealand during the quarter • Continued margin expansion and record-high EBITA margin for Q3 • Two new acquisitions were consolidated during the quarter (All Air and Refspecs)
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8 Q3 2026 Division North America ~26% of Group sales Our North America platform continues to expand Organic +3% YTD 0% Total Sales Growth +30% YTD +10% Total EBITA Growth +23% YTD +9% Acquisitions +25% YTD +15% 2,428 2,362 3,061 13.7% 14.1% 13.4% 0 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000 3,300 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales and EBITA, % Net sales EBITA, % MSEK 0 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000 3,300 Commercial and industrial refrigeration HVAC Total Q3 2025 Q3 2026 Reported sales per product segment, excl. FXMSEK Interim report I Q3 2026 North America Q3 sales growth of 30% • Strong M&A contribution • Positive organic growth momentum, but no major trend shift in market dynamics • Continued strategic focus on private label and branch expansion • Stable margin in line with Q2 • The acquisition of Enertrak was closed in Q3, with annual sales of ~1.1 BSEK, expanding our presence into the Canadian market 14% 31% 29%
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9 EPS growth of 19% Financials Q3 2026 MSEK Q3 2026 Q3 2025 Δ 9M 2026 9M 2025 Δ Sales 11,641 9,726 20% 30,976 28,805 8% EBITA 1,350 1,133 19% 3,455 3,204 8% EBITA margin, % 11.6% 11.7% 11.2% 11.1% EBIT 1,286 1,079 19% 3,273 3,041 8% Net financial income/expense -131 -128 -362 -386 Tax -279 -214 -721 -643 Net profit 876 736 19% 2,191 2,012 9% EPS after full dilution, SEK 1.71 1.44 4.29 3.94 EPS Growth 1.44 1.71 3.94 4.29 Q3 25 Q3 26 9M 25 9M 26 +19% +9% Interim report I Q3 2026
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10 Strong operating cash flow driven by earnings growth and working capital improvement Financials Q3 2026 1,231 1,617 2,181 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating cash flow, Q3 2.2 BSEK (1.6) YTD 2.9 BSEK (2.7) Operating cash flow, MSEK Interim report I Q3 2026 1,575 2,181 896 0 500 1,000 1,500 2,000 2,500 3,000 EBITDA Working capital -114 CapEx -166 Leasing -11 Other Q3 26 MSEK
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11 Continued strong balance sheet Financials Q3 2026 MSEK Q3 26 Q3 25 LTM EBITDA excl. IAC 5,066 4,825 LTM EBITDA impact of leasing (IFRS 16) -733 -680 LTM EBITDA excl. leasing (IF RS 16) and IAC 4,333 4,145 Net debt 11,703 9,022 Of which Pension debt 116 131 Leasing liabilities, according to IFRS 16 2,719 2,200 Net debt excl. pension and leasing liabilities 8,868 6,691 Net debt / EBITDA* 2.31 1.87 Net debt / EBITDA* excl. leasing and pension 2.05 1.61 Net debt Net debt / EBITDA* excl. leasing and pension Interim report I Q3 2026 2.0 1.8 1.8 1.9 1.6 1.7 1.9 2.2 2.0 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 * Excl. items affecting comparability (IAC)
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12 Overall strong quarter Q3 2026 Concluding remarks Interim report I Q3 2026 • Record sales of ~11.6 BSEK (+20%) – organic growth +8% • Record EBITA of ~1.4 BSEK (+19%) – underlying EBITA margin at 11.9% • Operating cash flow exceeded 2 BSEK for the first time ever • Earnings per share of 1.71 SEK (1.44). EPS growth of 19% • Continued platform expansion with signed M&A of ~3 BSEK in annual net sales Continued solid foundation for long term growth • Continued good long-term tailwinds supporting our business • Sustainability, Electrification and Regulation • OEM business accelerating in Europe with continued strong backlogs • Green transformation • The North America platform continues to build up very well, and trends and activity supports our long-term growth ambitions • Good balance sheet position to continue to expand our business – the acquisition pipeline is strong across the globe
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13 Conference call Q&A
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14 Forward-looking statements Disclaimer This presentation may contain forward-looking statements regarding Beijer Ref’s future development, performance and market conditions. Such statements reflect management’s current expectations and are subject to risks and uncertainties that may cause future outcomes to differ from those anticipated. Forward-looking statements are based on information and assumptions available at the date of this presentation and should not be regarded as guarantees of future performance. Interim report I Q3 2026
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