Interim report
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Q3 Interim report Third quarter 2026 22 October 2026
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Financial highlights Key figures1, SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 Net sales 11,641 9,726 19.7 30,976 28,805 7.5 39,238 37,067 Organic growth, % 8.3 5.0 3.2 3.8 2.6 EBITA excluding items affecting comparability 1,350 1,133 19.1 3,455 3,204 7.9 4,214 3,962 EBITA margin excluding items affecting comparability, % 11.6 11.7 11.2 11.1 10.7 10.7 Items affecting comparability - - - - -150 -150 EBITA 1,350 1,133 19.1 3,455 3,204 7.9 4,063 3,811 Operating profit (EBIT) 1,286 1,079 19.2 3,273 3,041 7.6 3,825 3,594 Net profit excluding items affecting comparability 876 736 18.9 2,191 2,012 8.9 2,636 2,457 Net profit 876 736 18.9 2,191 2,012 8.9 2,521 2,342 Earnings per share after dilution, SEK Excluding items affecting comparability 1.71 1.44 18.6 4.29 3.94 8.7 5.15 4.81 Including items affecting comparability 1.71 1.44 18.6 4.29 3.94 8.7 4.93 4.59 Operating cash flow 2,181 1,617 2,859 2,697 4,584 4,400 Return on operating capital, excluding items affecting comparability, % 11.2 11.4 Interim report I Q3 2026 The totals in tables and calculations do not always add up due to rounding differences. The aim is for each sub- row to conform to its source of origin and therefore rounding differences may occur. 1For impact of items affecting comparability, see the table on page 15. 2 (22) Q3 2026 • Net sales increased by 20 percent and amounted to SEK 11,641 million (9,726). • Organic growth amounted to 8 percent. Acquisition effects amounted to 9 percent, and currency effects amounted to 2 percent. • EBITA amounted to SEK 1,350 million (1,133). EBITA was negatively impacted by acquisition costs of SEK 30 million (1) relating to an acquisition-intensive quarter. • The EBITA margin amounted to 11.6 percent (11.7). Adjusted for acquisition costs of SEK 30 million, the EBITA margin amounted to 11.9 percent (11.7). • Operating cash flow amounted to SEK 2,181 million (1,617), driven by improved tied-up working capital compared with the corresponding period last year. • Earnings per share amounted to SEK 1.71 (1.44). • During the quarter, Beijer Ref signed agreements for four new acquisitions, with a combined annual net sales of approximately SEK 3 billion. 9M 2026 • Net sales increased by 8 percent and amounted to SEK 30,976 million (28,805). • Organic growth amounted to 3 percent. Acquisition effects amounted to 6 percent and currency effects amounted to -2 percent. • EBITA amounted to SEK 3,455 million (3,204). • The EBITA margin amounted to 11.2 percent (11.1). • Operating cash flow amounted to SEK 2 859 million (2 697). • Earnings per share amounted to SEK 4.29 (3.94). • During the first nine months, Beijer Ref signed agreements for six new acquisitions, with a combined annual net sales of approximately SEK 3.7 billion.
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CEO comments Joel Davidsson, acting CEO and CFO 22 October 2026 3 (22) Interim report I Q3 2026 We conclude the third quarter with strong organic growth, a continued high EBITA margin and a high pace of acquisitions. The Group’s net sales and EBITA increased by 20 percent and 19 percent respectively during the quarter, and operating cash flow exceeded SEK 2 billion for the first time ever. Overall, Beijer Ref’s sales, profit and operating cash flow were the highest ever recorded in a single quarter. Record-high sales, profit and operating cash flow Business performance The Group’s net sales for the quarter amounted to SEK 11,641 million, representing an increase of 20 percent. The strong organic growth trend seen in the second quarter, when reported growth was negatively impacted by extremely high comparative figures in Eastern Europe, continued to accelerate during the third quarter to 8 percent. This development was driven by continued strong growth in several major markets in Western Europe as a result of the hot summer and accelerating demand for air conditioning in Europe. We also saw stable organic growth in North America (+3 percent), where our strategic initiatives continue to develop well and are gradually contributing to increased organic sales. Furthermore, our environmentally adapted green OEM companies, SCM Frigo and Fenagy, delivered yet another quarter of very strong growth and a high order intake. The Group’s EBITA amounted to SEK 1,350 million in the third quarter, representing an increase of 19 percent. EBITA was negatively impacted during the quarter by acquisition costs of SEK 30 million relating to an acquisition-intensive quarter. Adjusted for these costs, the EBITA margin amounted to 11.9 percent (11.7), which is a record high for a third quarter. Our operating cash flow was strong, amounting to SEK 2,181 million (1,617), driven by an improvement in tied-up working capital in line with plan. The positive development of our operating cash flow, combined with our strong financial position, supports our continued investments in strategic growth areas. Strategic acquisitions The third quarter was characterised by a high level of acquisition activity, with agreements signed for acquisitions representing combined annual net sales of approximately SEK 3 billion. During the quarter, we acquired Enertrak, marking our entry into the Canadian market and further strengthening our North American platform. We also signed agreements to acquire the Greek company FG Europe and the Lithuanian company Refra. The acquisition of Refra was completed after the end of the quarter. Our acquisition pipeline remains strong. Strengthened position in cooling and heating technology using natural refrigerants The transition towards more sustainable cooling and heating technologies is an important driver of our development. We are seeing growing demand for natural refrigerant solutions, with our environmentally focused green OEM business playing a central role. The acquisition of Refra represents an important strategic step in this development. The company brings proprietary technology and specialist expertise in cooling and heating systems using natural refrigerants, particularly propane and CO₂. This strengthens our OEM portfolio and expands our customer base in CO₂-based refrigeration, while also creating opportunities to leverage our global sales network to further develop the business.. Concluding remarks After the end of the reporting period, Beijer Ref’s Board of Directors appointed Jonas Steen as the new CEO and President, effective 1 November 2026. I would like to thank the Board for the trust placed in me during this transition period. With a strong organisation and clear strategic direction, we continue to strengthen our position and drive the long-term development of our business. I look forward to working with Jonas and all our employees to continue driving the company forward. Beijer Ref’s net sales, profit and operating cash flow were the highest ever recorded in a single quarter
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Third quarter 2026 20% Sales increase 8% Organic growth 19% EBITA increase 19% EPS increase Financial overview1, SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 Net sales 11,641 9,726 19.7 30,976 28,805 7.5 39,238 37,067 Organic growth, % 8.3 5.0 3.2 3.8 2.6 Change through acquisition2, % 9.4 3.5 6.1 7.8 6.7 Currency effect, % 2.0 -6.0 -1.8 -4.3 -5.4 Change total, % 19.7 2.4 7.5 7.3 3.9 EBITA excluding items affecting comparability 1,350 1,133 19.1 3,455 3,204 7.9 4,214 3,962 EBITA margin, excluding items affecting comparability, % 11.6 11.7 11.2 11.1 10.7 10.7 Operating profit (EBIT) excluding items affecting comparability 1,286 1,079 19.2 3,273 3,041 7.6 3,976 3,744 Net financial income/expense -131 -128 2.3 -362 -386 -6.4 -468 -493 Tax, excluding items affecting comparability -279 -214 30.5 -721 -643 12.0 -871 -794 Net profit excluding items affecting comparability 876 736 18.9 2,191 2,012 8.9 2,636 2,457 Earnings per share after dilution, SEK Excluding items affecting comparability 1.71 1.44 18.6 4.29 3.94 8.7 5.15 4.81 Including items affecting comparability 1.71 1.44 18.6 4.29 3.94 8.7 4.93 4.59 1For the impact of items affecting comparability, see the table on page 15. 2Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisi tion table on page 19. 4 (22) Interim report I Q3 2026 Net sales Net sales increased by 20 percent to SEK 11,641 million (9,726). Organic growth amounted to 8 percent. Acquisition effects amounted to 9 percent and currency effects amounted to 2 percent. EMEA reported sales growth of 17 percent, excluding currency effects. The increase in sales was driven by continued strong growth in major regions of Western Europe, as a result of the prolonged summer heat and accelerating demand for air conditioning in Europe, as well as within our environmentally adapted green OEM products. We saw a positive organic growth trend as early as the second quarter, but reported growth was negatively impacted at that time by extremely high comparative figures in Eastern Europe. APAC reported sales growth of 1 percent, excluding currency effects. We saw continued sales growth in Commercial and industrial refrigeration in local markets across Asia and in Australia. North America reported sales growth of 29 percent, excluding currency effects. Sales growth was primarily driven by acquisitions, while the positive organic growth momentum, which increased towards the end of the second quarter, continued into the third quarter. Organic growth for the OEM product segment amounted to 19 percent in the third quarter, driven by strong growth and demand for our environmentally adapted green OEM solutions. The Commercial and industrial refrigeration product segment had an organic growth of 4 percent. The HVAC product segment had an organic growth of 10 percent, driven by a strong season in Western Europe. Results for the quarter The Group’s EBITA amounted to SEK 1,350 million (1,133) in the third quarter, representing an increase of 19 percent. Currency effects are included in EBITA at SEK 17 million (-62). EBITA was negatively impacted during the quarter by acquisition costs of SEK 30 million (1). The EBITA margin amounted to 11.6 percent (11.7). Adjusted for acquisition costs of SEK 30 million, the EBITA margin amounted to 11.9 percent (11.7). Net financial items were in line with the previous year and amounted to SEK -131 million (-128). The tax rate for the quarter was 24 percent (23). Net profit for the period amounted to SEK 876 million (736), representing an increase of 19 percent. Earnings per share, before and after dilution, amounted to SEK 1.71 (1.44), representing an increase of 19 percent.
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Operating cash flow and net debt, SEK M Q3 26 Q3 25 9M 26 9M 25 R12 12M 25 Operating profit, excl. items affecting comparability (EBIT) 1,286 1,079 3,273 3,041 3,976 3,744 Depreciation/write-downs on tangible assets 225 203 648 607 852 812 Amortisation/write-downs on intangible assets 64 55 183 162 238 218 EBITDA excl. items affecting comparability 1,575 1,336 4,103 3,811 5,066 4,774 Changes in working capital 896 479 -446 -419 559 586 Investments in tangible fixed assets -114 -67 -324 -262 -455 -392 Payments related to amortisation of lease liabilities -166 -144 -466 -425 -610 -569 Non-cash generated items -11 14 -8 -8 23 2 Operating cash flow 2,181 1,617 2,859 2,697 4,584 4,400 EBITDA impact of leasing (IFRS 16) -733 -682 EBITDA excl. leasing (IFRS 16) and items affecting comparability 4,333 4,091 Net debt 11,703 9,022 9,608 Of which: Pension debt 116 131 108 Leasing liabilities, according to IFRS 16 2,719 2,200 2,473 Net debt excl. pension and leasing liabilities 8,868 6,691 7,028 Authorised credit limit 24,331 16,132 15,970 Of which remains to be utilised 12,072 6,288 5,678 Net debt/EBITDA excl. items affecting comparability 2.31 1.87 2.01 Net debt/EBITDA excl. leasing liabilities, pension liability and items affecting comparability 2.05 1.61 1.72 Interim report I Q3 2026 Cash flow and net debt Operating cash flow continues to develop well, and the Group reported strong operating cash flow for the quarter of SEK 2,181 million (1,617), driven by an improvement in tied-up working capital compared with the corresponding period last year. Net debt at the end of the quarter amounted to SEK 11,703 million (9,022). Excluding lease liabilities (IFRS 16) and pensions, net financial debt amounted to SEK 8,868 million (6,691). Net debt in relation to EBITDA, excluding items affecting comparability, amounted to 2.31 (1.87). Net debt, excluding lease liabilities (IFRS 16) and pensions, in relation to EBITDA, excluding leases (IFRS 16) and items affecting comparability, amounted to 2.05 (1.61). At the end of the period, the company had approved credit facilities totalling SEK 24,331 million (16,132), of which unutilised credit facilities amounted to SEK 12,072 million (6,288). January–September 2026 Net sales for the first nine months of the year amounted to SEK 30,976 million (28,805), representing an increase of 8 percent compared with the corresponding period last year. Organic sales increased by 3 percent, the acquisition effect amounted to 6 percent and the currency effects amounted to -2 percent. The Group’s EBITA amounted to SEK 3,455 million (3,204) during the first nine months of the year, representing an increase of 8 percent. Currency effects are included in EBITA at SEK -55 million (-132). The EBITA margin amounted to 11.2 percent (11.1). Net financial items amounted to SEK -362 million (-386), positively affected by currency effects and by a lower interest rate level compared with the corresponding period last year. Net profit for the period amounted to SEK 2,191 million (2,012). Earnings per share, before and after dilution, amounted to SEK 4.29 (3.94). Operating cash flow amounted to SEK 2,859 million (2,697). 5 (22)
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0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Commercial and industrial refrigeration OEM HVAC Total Reported net sales per product segment, excluding currency effects Q3-25 Q3-26 SEK M 6% 31% 24% 17% Net sales per product segment, Q3 HVAC 58% (55) OEM 9% (8) Commercial and industrial refrigeration 33% (37) Operating segment EMEA 1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on page 19. Jonas Steen, COO EMEA SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 Net sales 7,031 5,922 18.7 19,035 17,684 7.6 23,909 22,559 Organic growth, % 12.5 5.2 4.6 3.5 2.6 Change through acquisition1, % 5.0 5.9 4.0 10.5 9.1 Currency effect, % 1.2 -3.4 -1.0 -2.7 -3.4 Change total, % 18.7 7.7 7.6 11.3 8.4 EBITA 868 711 22.0 2,216 2,055 7.8 2,680 2,519 EBITA margin, % 12.3 12.0 11.6 11.6 11.2 11.2 6 (22) Interim report I Q3 2026 Sales and market During the third quarter, sales in the EMEA operating segment increased by 17 percent year-on-year, excluding currency effects. Following the prolonged summer heat and accelerating demand for air conditioning in Europe, major regions in Western Europe continued to show strong organic growth during the quarter. We already saw a positive organic growth trend in the second quarter, but reported growth was negatively impacted at that time by extremely high comparative figures in Eastern Europe. Our OEM companies focused on green, environmentally adapted solutions continued to perform very well, with sustained high demand and order intake, contributing positively to EMEA’s strong operating results. Product segment performance The HVAC product segment reported a 24 percent increase in sales, excluding currency effects. Growth was driven by a strong season in Western Europe, with particularly good performance in the UK, Benelux and France. Acquired companies also contributed to solid growth during the quarter. The OEM product segment reported a 31 percent increase in sales, excluding currency effects, primarily driven by strong demand for our environmentally adapted OEM solutions. Both SCM Frigo and Fenagy recorded very strong sales growth compared with the corresponding period last year. The order book remains strong heading into the fourth quarter, with demand continuing at a high level. Profitability and margins Profitability developed well during the quarter, mainly thanks to the strong sales performance. The EBITA margin reached a record high for a third quarter, standing at 12.3 percent (12.0). Activities During the quarter, Beijer Ref signed an agreement to acquire 90 percent of the shares in Refra, with a put/call option to acquire the remaining shares. The acquisition is strategically important and further strengthens our OEM portfolio. Refra has annual net sales of approximately SEK 500 million with good profitability. The acquisition was completed after the end of the reporting period. Furthermore, an agreement was signed to acquire 75 percent of the shares in FG Europe, with a put/call option to acquire the remaining shares. FG Europe has an annual turnover of approximately SEK 1.4 billion. The transaction is subject to approval by the relevant competition authorities.
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0 500 1,000 1,500 2,000 2,500 3,000 Commercial and industrial refrigeration OEM HVAC Total Reported net sales per product segment, excluding currency effects Q3-25 Q3-26 SEK M 9% -3% -2% 1% Net sales per product segment, Q3 HVAC 50% (51) OEM 16% (17) Commercial and industrial refrigeration 34% (33) Operating segment APAC 1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on page 19. 7 (22) Wayne Ferguson, COO APAC SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 Net sales 1,575 1,460 7.9 4,710 4,505 4.6 6,365 6,159 Organic growth, % 0.2 3.2 3.0 3.7 2.3 Change through acquisition1, % 1.1 0.3 0.9 1.0 0.8 Currency effect, % 6.5 -10.7 0.6 -8.1 -9.1 Change total, % 7.9 -7.3 4.6 -3.3 -6.0 EBITA 153 137 11.8 497 462 7.6 687 652 EBITA margin, % 9.7 9.4 10.5 10.2 10.8 10.6 Interim report I Q3 2026 Sales and market During the quarter, the APAC operating segment reported a 1 percent increase in sales year-on-year, excluding currency effects. Organic sales was in line with the previous year, with continued strong market performance in the Commercial and industrial refrigeration segment. Product segment performance The Commercial and industrial refrigeration product segment reported a 9 percent increase in sales, excluding currency effects. We continued to see solid growth in Asia, particularly in the local markets of South Korea and India. Development in Commercial and industrial refrigeration was also positive in Australia. The OEM product segment, which recorded double-digit growth in the first and second quarters, experienced a temporary slowdown in market activity during the quarter. However, we noted a solid level of quoting activity. Profitability and margins During the quarter, EBITA increased by 4 percent year-on- year, excluding currency effects. Reported EBITA amounted to SEK 153 million (137), with an EBITA margin of 9.7 per cent (9.4). The product mix had a positive impact on the EBITA margin. Activities During the quarter, All Air was acquired; a small supplier of HVAC accessories for installers and contractors that will complement Beijer Ref’s existing offering within commercial HVAC. The acquisition of Refspecs, an HVAC/R wholesaler based in Auckland, New Zealand, was also completed during the quarter. The company will continue to operate under its own brand. As part of Beijer Ref’s strategic initiatives, the company also launched its Private Label HVAC offering in Australia and New Zealand during the quarter. The launch is a further step in Beijer Ref’s strategy to strengthen its market presence and broaden its offering in Oceania.
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0 500 1,000 1,500 2,000 2,500 3,000 Commercial and industrial refrigeration HVAC Total Reported net sales per product segment, excluding currency effects Q3-25 Q3-26 SEK M 14% 31% 29% Net sales per product segment, Q3 HVAC 85% (83) Commercial and industrial refrigeration 15% (17) Operating segment North America 1Acquisition effect is calculated 12 months after the date of takeover. For details on Beijer Ref's acquisitions, see the acquisition tabl e on page 19. 8 (22) Alex Averitt, Managing Director North America SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 Net sales 3,061 2,362 29.6 7,335 6,690 9.6 9,094 8,449 Organic growth, % 3.4 6.3 -0.1 5.1 3.1 Change through acquisition1, % 25.2 - 15.2 5.8 5.4 Currency effect, % 1.0 -9.0 -5.4 -5.7 -7.5 Change total, % 29.6 -2.7 9.6 5.2 1.0 EBITA 409 333 22.8 913 837 9.1 1,074 998 EBITA margin, % 13.4 14.1 12.4 12.5 11.8 11.8 Interim report I Q3 2026 Sales and market During the quarter, the North America operating segment reported a 29 percent increase in sales year-on-year, excluding currency effects. Sales growth was primarily driven by acquisitions, while the positive organic growth momentum, which accelerated towards the end of the second quarter, continued into the third quarter. Our newly opened branches continue to perform well and are gradually contributing to increased sales, alongside our ongoing expansion of Private Label. The lower level of activity in the North American residential market remains unchanged, due to high interest rates. Product segment performance The HVAC product segment reported a 31 percent increase in sales, excluding currency effects, driven primarily by acquisitions. We also saw steady progress in our strategic initiatives, which contributed positively to organic growth during the quarter. Profitability and margins During the quarter, EBITA increased by 23 percent year- on-year, excluding currency effects. Reported EBITA amounted to SEK 409 million (333), with an EBITA margin of 13.4 percent (14.1). The EBITA margin was in line with the second quarter but was negatively affected by the product mix and the establishment of new branches, compared with the corresponding period last year. Activities During the quarter, Beijer Ref acquired Enertrak, marking the company’s entry into the Canadian market. The company generates annual net sales of approximately SEK 1.1 billion and demonstrates strong profitability. We continued to advance our strategic initiatives to support long-term growth and operational efficiency. These initiatives include the continued expansion of our Private Label product offering, further development of our branch network, and training in refrigeration technology.
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attributable to business activities with a potential impact on the Group’s results and financial position. Financial risks consist mainly of financing risk, currency risk, interest rate risk and credit risk. Risk-taking as such provides opportunities for continued financial growth, but of course also risks having a negative impact on the business and its objectives. It is therefore of great importance to have a systematic and effective risk assessment process and a well-functioning risk management system in general. Risk management within Beijer Ref is not aimed at avoiding risks but at identifying, managing and reducing the effects of these risks in a controlled manner. This work is based on an assessment of the probability and potential effect of the risks for the Group. Acquisitions are normally associated with risks, such as the loss of key personnel. Other business risks, such as agency and supplier agreements, product liability and delivery commitments, technological development, warranties, personal dependence, etc. are analyzed continuously. The parent company's risk profile is the same as that of the Group. A more detailed description of these risks and risk management can be found in the Group's annual report. Accounting principles Beijer Ref applies IFRS Accounting Standards (IFRS) as adopted by the European Union. The same accounting and valuation principles as in the latest annual report have been applied. No new or amended standards with a material impact on the Group's financial statements have been applied for the first time in 2026. The interim report has been prepared in accordance with IAS 34, the Swedish Annual Accounts Act and RFR 2. Disclosures in accordance with IAS 34.16A are provided not only in the financial statements and related notes but also in other parts of the interim report. All comparative figures for income statement and cash flow measures refer to the corresponding period of the previous year, unless otherwise stated. Comparative figures for the balance sheet refer to the latest year-end, unless otherwise stated. Totals in tables and calculations do not always add up due to rounding differences. The aim is for each sub-line to correspond to its original source and therefore rounding differences may occur. Other transactions Transactions with related parties There have been no significant changes for the Group or the parent company regarding transactions or relation- ships with related parties, compared with the information provided in Note 30 of the 2025 Annual Report. Significant judgements and assumptions for accounting purposes Management and the Board of Directors make judgements and assumptions about the future. These judgements and assumptions affect the reported assets and liabilities, income and expenses, and other information provided. These judgements are based on historical experience and the various assumptions deemed reasonable under the current circumstances. The areas identified as material have not changed since the 2025 Annual Report was published and are described in more detail in Note 4. General information 9 (22) Important events during the quarter During the quarter, Beijer Ref acquired 80 percent of the shares in Enertrak, an HVAC distributor in Canada, with a put/call option to acquire the remaining shares. The company has annual net sales of approximately SEK 1.1 billion and good profitability. Beijer Ref signed an agreement to acquire 90 percent of the shares in Refra, a Lithuanian manufacturer of natural refrigerant HVAC/R systems, with a put/call option to acquire the remaining shares. The company has annual net sales of approximately SEK 500 million and good profitability. Beijer Ref also signed an agreement to acquire 75 percent of the shares in FG Europe, a Greek HVAC distributor with a presence in several European markets as well as in Turkey, with a put/call option to acquire the remaining shares. The company has annual net sales of approximately SEK 1.4 billion. During the quarter, the acquisition of Refspecs, an HVAC/R wholesaler in New Zealand, was completed. On 23 July 2026, Beijer Ref announced that CEO Christopher Norbye had decided to leave the company to pursue new opportunities outside the Group. He left on 14 August 2026, when CFO Joel Davidsson assumed the role of acting CEO and President, alongside his role as CFO. Important events after the end of the period Following the end of the reporting period, the acquisition of Refra was completed. The Board of Directors of Beijer Ref has appointed Jonas Steen as the new CEO and President, with effect from 1 November 2026. Joel Davidsson, acting CEO and President, will thereafter continue in his position as CFO. Sustainability Sustainability is a well integrated part of Beijer Ref. Doing business based on sound standards is a responsibility that the Group takes very seriously. Since August 2025, Beijer Ref is a member of the UN Global Compact, committed to its ten principles covering human rights, labour, environment and anti-corruption. These principles are embedded in our corporate strategy, culture and daily operations. Beijer Ref focuses on the area where the Group has the greatest potential to make a positive impact, which is the environment. To strengthen efforts to develop more environmentally adapted cooling and heating technology, the Group measures the proportion of OEM sales with a low global warming potential (<150 GWP). The target is to reach at least 70 percent of total OEM sales by 2030. At the end of the third quarter of 2026, this proportion stood at 62 percent. Risk description Beijer Ref is an international Group with a wide geographical spread, which means that it is exposed to various forms of strategic, operational and financial risks. Strategic risks refer to changes in the business environment with potentially significant effects on the Group's operations and business objectives. Operational risks are risks directly Interim report I Q3 2026
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10 (22) Webcast and telephone conference Q3-2026 Beijer Ref invites investors, analysts and the media to attend a webcast/telephone conference during which Joel Davidsson, acting CEO and CFO, will present the interim report for the third quarter of 2026. The presentation will be held in English and will last approximately 20 minutes. The meeting will take place on 22 October at 10.00 CET. If you wish to participate via webcast, please register on the following link: Q3 Report 2026 If you wish to participate via teleconference, please register on the following link: Q3 Report 2026 After registration, you will receive a telephone number, a conference ID and a user ID to log in to the conference. You will have the opportunity to ask questions via the teleconference. A presentation will be available on the company’s website www.beijerref.com from 08.00 CET on 22 October. This interim report for Beijer Ref AB (publ) has been submitted following approval by the Board of Directors. This interim report has been subject to a general review by the company’s auditor. Malmö, 22 October 2026 Beijer Ref AB (publ) Joel Davidsson, acting CEO and CFO Contact: IR Joel Davidsson Acting CEO and CFO Telephone: +46 (0)40-35 89 00 Email: jdn@beijerref.com Media contact Anna Fürst Global Communications Director Telephone: +46 (0)40-35 89 00 Email: aft@beijerref.com Review Report Beijer Ref AB (publ), org.no 556040-8113 Introduction We have reviewed the interim report for Beijer Ref AB (publ), for the period 1 January, 2026 – 30 September, 2026. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the 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 Information 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 has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Malmö, 22 October 2026 Deloitte AB Richard Peters Authorized Public Accountant This disclosure contains information that Beijer Ref AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) .The information was submitted for publication, through the agency of the contact person, on 22 October 2026, at 08:00 CET. Interim report I Q3 2026
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Net sales per product segment, Q3 0 2,000 4,000 6,000 8,000 10,000 12,000 Commercial and industrial refrigeration OEM HVAC Total Organic growth per product segment, Q3 Q3-25 Q3-26 Quarter R12 EMEA 60% (61) APAC 14% (15) North America 26% (24) HVAC 64% (61) OEM 7% (7) Commercial and industrial refrigeration 29% (32) 0 7,500 15,000 22,500 30,000 37,500 45,000 0 2,000 4,000 6,000 8,000 10,000 12,000 Q3 24 Q3 25 Q3 26 Net sales, SEK MQ R12 0 750 1,500 2,250 3,000 3,750 4,500 5,250 0 200 400 600 800 1,000 1,200 1,400 Q3 24 Q3 25 Q3 26 EBITA1, SEK MQ R12 0 1,000 2,000 3,000 4,000 5,000 0 500 1,000 1,500 2,000 2,500 Q3 24 Q3 25 Q3 26 Operating cash flow, SEK M R12Q 3.5 3.7 3.9 4.1 4.3 4.5 4.7 4.9 5.1 5.3 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Q3 24 Q3 25 Q3 26 Earnings per share1, SEK 0.0 0.5 1.0 1.5 2.0 2.5 0 2,000 4,000 6,000 8,000 10,000 Q3 24 Q3 25 Q3 26 Net debt/EBITDA2Q QR12 Ratio SEK M 4% 19% 10% 8% Net sales per operating segment, Q3 Financial overview 1Excluding items affecting comparability 2 Excluding lease liabilities, pension liabilities and items affecting comparability 11 (22) Interim report I Q3 2026
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Summarised profit and loss account, SEK M Q3 26 Q3 25 9M 26 9M 25 R12 12M 25 Net sales 11,641 9,726 30,976 28,805 39,238 37,067 Other operating income 33 47 143 197 202 257 Operating expenses -10,099 -8,437 -27,016 -25,192 -34,484 -32,660 Depreciation and write-down of intangible and tangible fixed assets -289 -257 -830 -769 -1,131 -1,070 Operating profit (EBIT) 1,286 1,079 3,273 3,041 3,825 3,594 Net financial income/expense -131 -128 -362 -386 -468 -493 Profit before tax 1,155 950 2,911 2,655 3,357 3,101 Income tax -279 -214 -721 -643 -836 -759 Net profit 876 736 2,191 2,012 2,521 2,342 Net profit attributable to: The parent company’s shareholders 869 732 2,175 1,999 2,501 2,326 Non-controlling interests 7 4 16 13 20 17 Earnings per share before dilution, SEK 1.71 1.44 4.29 3.94 4.93 4.59 Earnings per share after dilution, SEK 1.71 1.44 4.29 3.94 4.93 4.59 The group’s summarised report on other comprehensive income, SEK M Q3 26 Q3 25 9M 26 9M 25 R12 12M 25 Net profit 876 736 2,191 2,012 2,521 2,342 Other comprehensive income 770 -212 2,242 -2,759 1,758 -3,243 Items which will not be reversed in the profit and loss account: Revaluation of the net pension commitment - - - - 26 26 Changes in the fair value of equity investments through other comprehensive income - 0 - 0 -1 -1 Income tax relating to components in above item - - - - -5 -5 Items which can later be reversed in the profit and loss account: Exchange rate differences 908 -181 2,612 -1,868 1,996 -3,910 Hedging of net investments -89 -40 -225 -1,122 -135 393 Income tax relating to components in above item -49 8 -146 231 -123 254 Other comprehensive income 770 -212 2,242 -2,759 1,758 -3,243 Total comprehensive income for the period 1,646 524 4,433 -747 4,279 -901 Attributable to: The parent company’s shareholders 1,645 525 4,427 -737 4,274 -890 Non-controlling interests 1 -1 5 -11 5 -11 12 (22) Interim report I Q3 2026
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Summarised balance sheet, SEK M 30 Sep. 26 30 Sep. 25 31 Dec. 25 ASSETS Intangible fixed assets 23,180 18,776 18,895 Tangible fixed assets 2,752 2,318 2,513 Right of use assets 2,567 2,101 2,339 Deferred tax asset 394 975 539 Other fixed assets 182 203 196 Total fixed assets 29,075 24,374 24,482 Inventories 12,318 11,268 10,800 Trade debtors and other receivables 7,910 6,218 5,821 Liquid funds 3,475 3,515 3,416 Total current assets 23,703 21,002 20,037 Total assets 52,777 45,376 44,519 EQUITY AND LIABILITIES Equity 25,321 22,074 21,891 Total equity 25,321 22,074 21,891 Long-term liabilities 13,697 11,653 8,707 Deferred tax liabilities 737 971 538 Total long-term liabilities 14,433 12,623 9,245 Trade creditors 4,476 3,328 2,994 Other liabilities 8,547 7,350 10,389 Total current liabilities 13,023 10,678 13,383 Total equity and liabilities 52,777 45,376 44,519 Of which interest-bearing liabilities 15,178 12,538 13,025 Specification for changes to equity, SEK M 30 Sep. 26 31 Dec. 25 The parent company’s shareholders Non- controlling interest Total The parent company’s shareholders Non- controlling interest Total Opening balance 21,795 96 21,891 24,066 150 24,216 Net profit 2,175 16 2,191 2,325 17 2,342 Other comprehensive income 2,237 5 2,242 -3,232 -11 -3,243 Total comprehensive income for the year 4,410 22 4,433 -907 7 -901 Dividend to shareholders -760 - -760 -710 - -710 Share-related compensation 4 - 4 28 - 28 Repurchase options - - - -2 - -2 Sale of shares to minority shareholders -12 35 23 - - - Change in fair value of liabilities linked to acquisitions -261 - -261 -679 -48 -726 Dividends to shareholders’ with non-controlling Interest - -8 -8 - -13 -13 Total -1,029 27 -1,002 -1,363 -61 -1,424 Closing balance 25,176 145 25,321 21,795 96 21,891 Interim report I Q3 2026 13 (22)
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14 (22) Summarised consolidated cash flow analysis, SEK M Q3 26 Q3 25 9M 26 9M 25 R12 12M 25 Current operations Operating profit 1,286 1,079 3,273 3,041 3,825 3,594 Non-cash generated items included in operating profit 278 259 822 761 1,133 1,072 Operating profit adjusted for non-cash generated items 1,564 1,337 4,095 3,802 4,958 4,665 Paid interest -125 -109 -353 -345 -458 -450 Paid income tax -159 -138 -529 -392 -791 -654 Cash flow from current operations before changes in working capital 1,279 1,090 3,213 3,065 3,710 3,561 Changes in working capital 896 479 -446 -419 621 648 Cash flow from current operations 2,176 1,569 2,767 2,646 4,331 4,209 Cash flow from investment operations -2,021 -539 -3,747 -1,321 -5,160 -2,735 Cash flow from financial operations 722 -185 871 -708 681 -898 Cash flow for the period 876 845 -109 616 -149 576 Liquid funds at the beginning of the period 2,532 2,692 3,416 3,058 3,515 3,058 Cash flow for the period 876 845 -109 616 -149 576 Exchange rate difference, liquid funds 67 -22 168 -159 109 -218 Liquid funds at the end of the period 3,457 3,515 3,475 3,515 3,475 3,416 Interim report I Q3 2026
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Key figures Key figures1 30 Sep.26 30 Sep. 25 31 Dec. 25 Equity ratio, % 48.0 48.6 49.2 Return on equity (R12), % 10.7 10.9 10.7 Return on operating capital, excluding items affecting comparability, (R12), % 11.2 11.4 11.4 Return on operating capital, excluding intangible assets and items affecting comparability, (R12), % 24.7 24.7 24.6 Net debt/EBITDA excluding leasing liabilities, pension liability and items affecting comparability 2.05 1.61 1.72 Average number of employees 7,357 6,792 7,017 Number of outstanding shares 507,003,022 506,905,526 506,905,526 Holding of own shares 2 2,082,904 2,180,400 2,180,400 Total number of shares 509,085,926 509,085,926 509,085,926 Average number of outstanding shares 507,508,631 506,905,526 507,024,313 1The table contains alternative key figures. 2Holdings of own shares ensure the delivery of shares to participants in the share- based incentive programs. The stock purchase plans expire in June 2027, June 2028 and June 2029. The stock purchase plan that expired June 2026 resulted in an allocation of 97,496 shares to the plans participants. Impact of items affecting comparability, SEK M Q3 26 Q3 25 9M 26 9M 25 R12 12M 25 EBITA, excluding items affecting comparability 1,350 1,133 3,455 3,204 4,214 3,962 Items affecting comparability included in operating costs1 - - - - -150 -150 EBITA 1,350 1,133 3,455 3,204 4,063 3,811 Operating profit (EBIT), excluding items affecting comparability 1,286 1,079 3,273 3,041 3,976 3,744 Items affecting comparability included in operating costs 1 - - - - -150 -150 Operating profit (EBIT) 1,286 1,079 3,273 3,041 3,825 3,594 Net financial income/expense, excluding items affecting comparability -131 -128 -362 -386 -468 -493 Items affecting comparability included in net financial income/expense 2 - - - - - - Net financial income/expense -131 -128 -362 -386 -468 -493 Profit before tax, excluding items affecting comparability 1,155 950 2,911 2,655 3,507 3,251 Items affecting comparability included in profit before tax - - - - -150 -150 Profit before tax 1,155 950 2,911 2,655 3,357 3,101 Tax, excluding items affecting comparability -279 -214 -721 -643 -871 -794 Items affecting comparability included in tax2 - - - - 36 36 Tax -279 -214 -721 -643 -836 -759 Net profit, excluding items affecting comparability 876 736 2,191 2,012 2,636 2,457 Items affecting comparability for the period - - - - -115 -115 Net profit 876 736 2,191 2,012 2,521 2,342 1Items affecting comparability included in the operating costs for R12 and 2025 relate to items affecting comparability related t o changes in the operational organisation. ²Items affecting comparability included in tax for R12 and 2025 relate to the tax impact of the above- mentioned items affecting comparability implemented in the Group during 2025. 15 (22) Beijer Ref applies several alternative performance measures. The Group considers these measures to be useful to users of the financial statements as a complement to the income statement, balance sheet and cash flow statement. Examples of alternative performance measures relating to financial position include return on equity and operating capital, net debt, debt-to-equity ratio and equity ratio. Furthermore, the Group uses the cash flow measure ‘operating cash flow’ to provide an indication of the funds generated by the business to enable strategic investments, debt amortization and returns to shareholders. The performance measures EBITDA, EBITA and EBIT are measures that Beijer Ref considers relevant for investors seeking to understand the business’s earnings generation. For a further description, including calculations of key performance indicators, see the following link: Alternative performance measures Interim report I Q3 2026
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The group’s operations are divided into operating segments based on how the company’s executive decision-makers, i.e. the CEO, follow the operations. The group has the following operating segments: EMEA, APAC and North America. The segment reporting for the operating segments includes net sales, EBITA and the EBITA margin. Internal sales within each segment are eliminated in net sales, internal sales between segments are eliminated at the total level. Reporting per operating segment Overview per segment Net sales, SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 EMEA 7,031 5,922 19 19,035 17,684 8 23,909 22,559 APAC 1,575 1,460 8 4,710 4,505 5 6,365 6,159 North America 3,061 2,362 30 7,335 6,690 10 9,094 8,449 Eliminations -25 -19 -104 -73 -131 -100 Group 11,641 9,726 20 30,976 28,805 8 39,238 37,067 EBITA, SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 EMEA 868 711 22 2,216 2,055 8 2,680 2,519 APAC 153 137 12 497 462 8 687 652 North America 409 333 23 913 837 9 1,074 998 Other -80 -48 -170 -150 -227 -207 Group 1,350 1,133 19 3,455 3,204 8 4,214 3,962 Items affecting comparability - - - - - - -150 -150 Group incl. items affecting comparability 1,350 1,133 19 3,455 3,204 8 4,063 3,811 EBITA, % Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 EMEA 12.3 12.0 0.3 11.6 11.6 0.0 11.2 11.2 APAC 9.7 9.4 0.3 10.5 10.2 0.3 10.8 10.6 North America 13.4 14.1 -0.7 12.4 12.5 -0.1 11.8 11.8 Group 11.6 11.7 -0.1 11.2 11.1 0.0 10.7 10.7 Group incl. items affecting comparability 11.6 11.7 -0.1 11.2 11.1 0.0 10.4 10.3 16 (22) Interim report I Q3 2026
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Sales per product segment Reporting per operating segment In the tables below, net sales are distributed by respective product segment; HVAC, OEM and Commercial and industrial refrigeration. EBITA, SEK M Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 EMEA 868 875 474 463 711 839 505 474 659 APAC 153 147 197 190 137 132 192 204 131 North America 409 332 172 161 333 328 176 168 332 Other -80 -52 -39 -57 -48 -61 -42 -37 -38 Group 1,350 1,301 804 758 1,133 1,238 832 810 1,084 Items affecting comparability - - - -150 - - - - - Group incl. items affecting comparability 1,350 1,301 804 608 1,133 1,238 832 810 1,084 Net sales, SEK M Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 EMEA 7,031 6,826 5,178 4,875 5,922 6,457 5,305 4,934 5,499 APAC 1,575 1,520 1,615 1,655 1,460 1,366 1,678 1,891 1,575 North America 3,061 2,471 1,803 1,760 2,362 2,383 1,944 2,001 2,428 Eliminations -25 -31 -48 -27 -19 -26 -29 -18 -9 Group 11,641 10,785 8,549 8,262 9,726 10,181 8,898 8,808 9,493 EBITA, % Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 EMEA 12.3 12.8 9.2 9.5 12.0 13.0 9.5 9.6 12.0 APAC 9.7 9.6 12.2 11.5 9.4 9.7 11.5 10.8 8.3 North America 13.4 13.4 9.5 9.2 14.1 13.8 9.1 8.4 13.7 Group 11.6 12.1 9.4 9.2 11.7 12.2 9.4 9.2 11.4 Group incl. items affecting comparability 11.6 12.1 9.4 7.4 11.7 12.2 9.4 9.2 11.4 Net sales, SEK M Q3 26 Q3 25 ∆% 9M 26 9M 25 ∆% R12 12M 25 HVAC 7,439 5,959 25 19,362 17,880 8 24,301 22,819 OEM 845 688 23 2,420 2,083 16 3,137 2,799 Commercial and industrial refrigeration 3,357 3,079 9 9,193 8,842 4 11,799 11,448 Group 11,641 9,726 20 30,976 28,805 8 39,238 37,067 Net sales, SEK M Q3 26 Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 HVAC 7,439 6,834 5,090 4,939 5,959 6,582 5,339 5,333 5,660 OEM 845 877 698 717 688 693 701 736 707 Commercial and industrial refrigeration 3,357 3,075 2,761 2,606 3,079 2,906 2,858 2,739 3,127 Group 11,641 10,785 8,549 8,262 9,726 10,181 8,898 8,808 9,493 17 (22) Interim report I Q3 2026
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Company acquisitions 18 (22) For each acquisition, the company conducts a materiality assessment based on net sales, product area and market. Our assessment is that an acquisition is material in cases where the net sales of the acquired company exceeds 5 percent of the Group’s net sales. During the year, five business acquisition has been consolidated into the Group’s accounts. Information regarding the acquisition is provided in the table on page 19. 2026 First quarter During the first quarter, Beijer Ref acquired 75 percent of the shares in Idema, an A/C distributor in Italy, with a put/call option to acquire the remaining shares. Idema has annual net sales of approximately SEK 200 million with good profitability. The company was founded in 1993, has its headquarters in northern Italy and primarily distributes air-conditioning solutions for residential and industrial applications in Italy. The company will continue to operate under its own brand. The acquisition is expected to have a minor positive impact on Beijer Ref’s results. Second quarter During the second quarter, Beijer Ref acquired AM Distributors, an HVAC distributor based in the United States, with annual net sales of approximately SEK 460 million and good profitability. AM Distributors, founded in 2014 and headquartered in Miami, Florida, operates branches across Miami, Miramar and Hialeah, expanding Beijer Ref’s presence into South Florida in the United States. The company brings strong industry expertise and will continue operating under its existing brand. The acquisition is expected to have a minor positive impact on Beijer Ref’s results. Third quarter During the third quarter, Beijer Ref acquired 80 percent of the shares in Enertrak, an HVAC distributor based in Montreal, Quebec, with a put/call option to acquire the remaining share. The company has annual net sales of approximately SEK 1.1 billion with good profitability. Enertrak was founded in 1982 and is headquartered in Montreal, Quebec. The company is a specialised HVAC distributor, supplying contractors with a broad range of products for commercial, industrial and residential applications. Enertrak has 120 employees across seven branches, providing extensive regional coverage and close proximity to customers. Enertrak will continue to operate under its existing brand. The acquisition is expected to have a minor positive impact on Beijer Ref’s result. In Australia, Beijer Ref acquired all assets of All Air, a smaller supplier of HVAC accessories to installers and contractors. The acquisition will complement the company’s existing commercial HVAC offering. During the quarter, the acquisition of Refspecs, an HVAC/R wholesaler in New Zealand, was also completed. In December 2025, Beijer Ref signed a binding agreement to acquire Refspecs. The New Zealand Competition Authority has now approved the acquisition of the business without conditions, and the transaction has subsequently been completed. 2025 First quarter During the quarter, Beijer Ref completed the acquisition of an 80 percent shares in Cool4U, with a put/call option to acquire the remaining share. Cool4U is a leading HVAC distributor in Hungary, providing solutions for both residential and commercial projects. In Australia, the acquisition of Atomic Refrigerants was completed during the quarter; the company holds an import licence and quota with future rights relating to HFC refrigerants. The acquisition strengthens security of supply and, in the long term, reduces the risk associated with the availability of refrigerants. Second quarter During the quarter, Beijer Ref acquired all assets in Central Refrigeration and Air-Conditioning in Singapore, which specializes in refrigeration equipment and spare parts. Third quarter No acquisitions were made. Accounting for acquisitions Identified customer relationships are amortised over 10–15 years, while trademarks are considered to have an indefinite life and are not amortized. Most of the acquisition goodwill arising is motivated to synergies with the Group’s existing operations. The valuation technique applied to put/call options and contingent considerations discounts the present value of expected future cash flows using a risk-adjusted discount rate. Expected cash flows are determined based on likely scenarios for future performance measures, the amounts that will be paid in each outcome and the probability of each outcome. Put/call options and contingent considerations are recognized at valuation level 3. In 2026, two acquisitions were completed, for which the final purchase price will be paid via option rights during the period 2028–2031. The options have been valued at their probable outcome and recognised as a long-term liability; the total liability amounts to SEK 510 million. Acquisitions that include a put/call option where ownership will amount to 100 percent are consolidated in full at the time of acquisition. Acquisition costs charged to the 2026 profit and loss account amount to SEK 37 million (2) and are included in other expenses. Acquisition calculations are preliminary for acquisitions in 2026. Acquisition calculations for the companies acquired during the first nine months of 2025 have now been finalised. No material adjustments have been made to the calculations. Interim report I Q3 2026
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The table shows the total impact on cash flow from acquisition activities. The breakdown of identifiable net assets relates t o acquisitions made during 2026 and 2025 respectively. Consolidated acquisitions Consolidated from Operating segments Net sales, SEK M No. of employees 2025 Companies Cool4U January EMEA 800 58 Atomic Refrigerants March APAC 30 - Central Refrigeration and Air-Conditioning (asset deal) May APAC 20 9 Airwave November EMEA 600 80 Key Refrigeration Supply November North America 300 45 Dennis Supply Company November North America 500 98 Alpine Ref December APAC 40 13 Acquisitions of companies, SEK M 9M 26 9M 25 Fair value in the Group: Intangible assets 571 248 Tangible and financial fixed assets 113 70 Deferred tax asset - 5 Inventories 369 323 Other current assets 358 37 Liquid funds 150 279 Deferred tax liability -117 -15 Provisions -6 - Other current liabilities -399 -163 Liabilities to credit institutions -7 - Total identifiable net assets: 1,033 784 Goodwill 2,029 601 Effect on the cash flow: Consideration 3,062 -1,385 Non-paid consideration 510 279 Paid consideration for previous years’ acquisitions -982 -201 Liquid funds in acquired companies 150 279 Total -3,384 -1,028 Consolidated acquisitions Consolidated from Operating segments Net sales, SEK M No. of employees 2026 Companies Idema January EMEA 200 18 AM Distributors May North America 460 70 All Air (asset deal) August APAC 60 31 Refspecs August APAC 100 34 Enertrak August North America 1,100 120 19 (22) Interim report I Q3 2026
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Parent company profit and loss account in summary, SEK M Q3 26 Q3 25 9M 26 9M 25 R12 12M 25 Operating income 3 35 112 105 166 160 Operating expenses -56 -61 -163 -173 -217 -228 Depreciation and write-down of intangible and tangible fixed assets -1 -1 -4 -2 -6 -4 Operating profit (EBIT) -54 -26 -55 -70 -56 -71 Net financial income/expense 305 24 911 -895 863 -943 Result of participations in Group companies 272 213 1,260 947 1,262 949 Profit before appropriations 523 211 2,116 -17 2,069 -65 Appropriations - - - - 207 207 Profit before tax 523 211 2,116 -17 2,276 142 Income tax -65 1 -185 198 -219 165 Net profit 458 211 1,931 181 2,057 307 Parent company balance sheet in summary, SEK M 30 Sep. 26 30 Sep. 25 31 Dec. 25 ASSETS Intangible fixed assets 21 19 22 Tangible fixed assets 3 3 3 Financial fixed assets 31,266 26,982 27,446 Current assets 975 1,506 1,028 Total assets 32,265 28,511 28,499 EQUITY AND LIABILITIES Shareholders’ equity 16,902 15,592 15,726 Long-term liabilities 9,972 8,875 5,748 Current liabilities 5,391 4,044 7,025 Total equity and liabilities 32,265 28,511 28,499 Interim report I Q3 2026 20 (22)
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Additional information 21 (22) This is Beijer Ref The Beijer Ref Group is focused on trade and distributor activities within refrigeration products, air conditioning and heat pumps. The product range mainly consists of products from leading international manufacturers and in addition some manufacturing of our own products combined with service and support for the products. The Group creates added value by adding technical expertise to the products, providing knowledge and experience about the market and providing efficient logistics and warehousing. Beijer Ref supplies customers across large parts of the world with a wide range of products. Through its more than 170 subsidiaries in Europe, North America, Africa and Asia and Oceania, the company manages sales, purchasing, logistics, and distribution. A portion of sales comes from our own manufacturing. The business is divided into three operating segments: EMEA, APAC and North America. Growth occurs both organically and through the acquisition of companies that complement current operations. Financial calendar • 29 January 2027: Interim report Q4 2026 • 22 April 2027: Interim report Q1 2027 • 22 April 2027: Annual General Meeting • 16 July 2027: Interim report Q2 2027 • 22 October 2027: Interim report Q3 2027 • 28 January 2028: Interim report Q4 2027 The above information will be available at www.beijerref.com upon publication. Industry terminology Industry-specific terms used in this report are explained in more detail on the company’s www.beijerref.com. Seasonal effects Beijer Ref’s sales are seasonally dependent as demand for refrigeration and air conditioning is at its peak during the warm months of the year. It means that demand in the northern hemisphere is at its peak during the second and third quarters whilst demand in the southern hemisphere is at its peak during the first and fourth quarters. This document is a translation of the Swedish language version. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct. Interim report I Q3 2026
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Stortorget 8, 211 34 Malmö Telephone 040-35 89 00 Corporate ID 556040-8113 www.beijerref.com