Interim report
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Interim Report 2026/2027 1 April–30 September 2026 Interim Report 1 April–30 September 2026 Second quarter (1 July–30 September 2026) Revenue increased to MSEK 1,222 (1,127). Operating profit (EBITA) increased by 9 percent to MSEK 145 (133) and the EBITA margin improved to 11.9 percent (11.8). Net profit increased to MSEK 67 (31). Cash flow from operating activities increased to MSEK 130 (112). One acquisition was completed, with annual revenue of approximately MSEK 17. Six months (1 April–30 September 2026) Revenue increased to MSEK 2,545 (2,446). Operating profit (EBITA) increased by 9 percent to MSEK 287 (263) and the EBITA margin improved to 11.3 percent (10.8). Net profit increased to MSEK 128 (91). Cash flow from operating activities increased to MSEK 320 (294). Two acquisitions were completed, with annual revenue of approximately MSEK 42. Earnings per share for the most recent 12-month period increased to SEK 9.85 after dilution, compared with SEK 8.50 for the 2025/2026 financial year. Adjusted earnings per share1) after dilution amounted to SEK 8.85 (8.45). 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 ∆ % Apr–Sep 2026 Apr–Sep 2025 ∆ % 30 Sep 2026 31 Mar 2026 Revenue 1,222 1,127 8 2,545 2,446 4 5,071 4,972 Adjusted EBITA1) 145 133 9 287 263 9 561 537 Adjusted EBITA margin, percent1) 11.9 11.8 11.3 10.8 11.1 10.8 EBITA 145 97 49 287 227 26 592 532 EBITA margin, percent 11.9 8.6 11.3 9.3 11.7 10.7 Adjusted EBIT1) 110 104 6 218 207 5 429 418 Adjusted EBIT margin, percent1) 9.0 9.2 8.6 8.5 8.5 8.4 EBIT 110 68 62 218 171 27 460 413 EBIT margin, percent 9.0 6.0 8.6 7.0 9.1 8.3 Profit after financial items 85 37 130 162 113 43 350 301 Net profit (after taxes) 67 31 116 128 91 41 280 243 Adjusted earnings per share after dilution, SEK1) 2.35 2.00 4.45 4.05 8.85 8.45 Earnings per share before dilution, SEK 2.35 1.00 4.45 3.10 9.95 8.55 Earnings per share after dilution, SEK 2.35 1.00 4.45 3.05 9.85 8.50 P/WC, percent 38 36 Cash flow from operating activities 130 112 16 320 294 9 519 493 Equity/assets ratio, percent 32 31 Number of employees at the end of the period 1,369 1,409 -3 1,369 1,409 -3 1,369 1,347 1) Adjusted for items affecting comparability, refer to “Reconciliation tables alternative performance measures” . Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year.
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Interim Report 2026/2027 1 April–30 September 2026 2 (23) CEO’s comments Higher profit, return and earnings per share along with stronger cash flow We continued to increase our profit in the second quarter and can now report 27 consecutive quarters of improved earnings. Operating profit (EBITA) rose by 9 percent to MSEK 145 (133) and net sales increased by 8 percent. Several of our Finnish and Swedish companies noted increased activity in the construction and manufacturing sectors, while the Norwegian construction market was dominated by a wait-and-see attitude following the interest rate hike in the autumn. Demand remained strong for several of our companies in the UK, despite weak macroeconomic indicators. The EBITA margin improved further to 11.9 percent (11.8). The gross margin remained on a par with last year at just over 50 percent. Several of our companies have faced rising raw material and freight costs, and the EU Carbon Border Adjustment Mechanism (CBAM) is driving up purchase prices for certain inputs. The companies have largely offset this development by implementing their own price increases, demonstrating the strength of our niche positions and offerings. The return on working capital (P/WC) improved to 38 percent (33), providing a clear indication that our focus on profitability and capital efficiency is yielding results. The improvement was attributable to both higher profit and lower average working capital, due in particular to a reduction in inventory. Cash flow from operating activities increased to MSEK 130 (112). All divisions except PPE & Utilities noted an increase in revenue – including organic growth – as well as higher profit, profit margins and returns. Core Solutions continued to deliver a strong performance, with most of the division’s companies contributing to this development. Safety Technology grew primarily as a result of acquisitions, while organic growth was more mixed as certain customers continued to postpone their purchases. During the quarter, Collinder – a subsidiary in the division – acquired Håva-Skyltar, which manufactures and sells custom-made specialty signs and safety products and has revenue of just under MSEK 20, with favourable profitability. Machinery & Equipment recovered after a weak first quarter, and I expect the division to continue to increase its earnings and returns. PPE & Utilities reported lower earnings, margins and returns. Luna continued to feel the effects of weak demand, particularly in Norway. Sales from our PPE companies have temporarily been held back by the integration of Skydda under its new owner, where the acquired inventory is now being sold off. However, new direct customers have also been added, which will strengthen the division’s position in the long term. Continued focus on profitable growth My assessment remains unchanged: overall demand in the Group’s markets is expected to continue to improve gradually over the coming quarters. Our direction is unwavering. While our acquisition rate has been slower so far this operating year, our goal is to grow the Group both organically and through acquisitions, with a portfolio of technology companies that are well placed in niche markets and offer good margins, high profitability and growth potential. With a higher return on working capital, stronger margins and increased efficiency, we will be well positioned as demand in the construction and manufacturing sectors continues to improve. Stockholm, October 2026 Magnus Söderlind President & CEO
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Interim Report 2026/2027 1 April–30 September 2026 3 (23) Profit and revenue Second quarter (July–September 2026) Revenue increased by 8 percent to MSEK 1,222 (1,127). Acquired and divested units had a positive impact of 6 percent on revenue. Organic revenue growth had a marginal impact. All divisions except PPE & Utilities posted positive organic growth. Exchange-rate fluctuations had a positive impact of 2 percent on revenue. Demand varied across the Group’s customer segments, with some early signs of recovery. Companies exposed to public properties, infrastructure and fire safety continued to experience good demand. The Nordic construction sector remained cautious during the summer but showed some signs of improvement towards the end of the quarter, with the exception of Norway. For companies with industrial customers, demand varied considerably across different market segments, but investment decisions relating to machinery and equipment remained prolonged. EBITA amounted to MSEK 145, up 9 percent from adjusted EBITA of MSEK 133 in the year-earlier period. The EBITA margin increased to 11.9 percent, compared with an adjusted EBITA margin of 11.8 percent last year. The increase in earnings was attributable both to acquired companies and to strong organic growth in several of the Group’s existing operations, particularly in Core Solutions and Safety Technology as well as certain product companies in PPE. At the same time, earnings were negatively impacted by continued weak performance by Luna as well as low activity levels at certain companies in the Machinery & Equipment segment. Profit after financial items increased to MSEK 85 (37). Net profit increased to MSEK 67 (31). The comparative period was impacted by items affecting comparability. Six months (April–September 2026) Revenue rose by 4 percent to MSEK 2,545 (2,446). Acquired and divested units had a positive impact of 2 percent on revenue. Exchange-rate fluctuations had a positive impact of 1 percent on revenue. Revenue increased by 1 percent organically. Operating profit (EBITA) amounted to MSEK 287, up 9 percent from adjusted EBITA of MSEK 263 in the year- earlier period. The EBITA margin increased to 11.3 percent, compared with an adjusted EBITA margin of 10.8 percent last year. Profit after financial items increased to MSEK 162 (113). Net profit increased to MSEK 128 (91). The comparative period was impacted by items affecting comparability. 1 144 1 264 1 311 1 319 1 127 1 257 1 269 1 323 1 222 Q2 Q3 Q4 Q1 2025/2026 Q2 Q3 Q4 Q1 2026/2027 Q2 MSEK REVENUE 120 121 125 130 133 135 139 142 145 Q2 Q3 Q4 Q1 2025/2026 Q2 Q3 Q4 Q1 2026/2027 Q2 MSEK ADJUSTED EBITA 35% 36% 35% 36% 24% 21% 18% 18% 5% 8% 13% 15% 11% 11% 11% 9% 25% 24% 23% 22% 31 Mar 2024 31 Mar 2025 31 Mar 2026 30 Sep 2026 ROLLING 12 MONTHS REVENUE PER COUNTRY Sweden Norway The UK Finland Other countries 72% 74% 80% 83% 28% 26% 20% 17% 31 Mar 2024 31 Mar 2025 31 Mar 2026 30 Sep 2026 ROLLING 12 MONTHS REVENUE PER TYPE OF BRAND Own proprietary brands Other brands
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Interim Report 2026/2027 1 April–30 September 2026 4 (23) Performance by division 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 ∆ % Apr–Sep 2026 Apr–Sep 2025 ∆ % 30 Sep 2026 31 Mar 2026 Revenue Core Solutions 415 394 5 885 816 8 1,681 1,612 Safety Technology 346 277 25 716 569 26 1,387 1,240 Machinery & Equipment 115 102 13 235 223 5 495 483 PPE & Utilities 344 350 -2 704 835 -16 1,495 1,626 Group-wide/eliminations 2 4 5 3 13 11 Total revenue 1,222 1,127 8 2,545 2,446 4 5,071 4,972 EBITA Core Solutions 65 56 16 134 109 23 243 218 Safety Technology 51 37 38 113 85 33 221 193 Machinery & Equipment 13 9 44 18 23 -22 55 60 PPE & Utilities 18 30 -40 27 49 -45 70 92 Group-wide/eliminations -2 1 -5 -3 -28 -26 Total adjusted EBITA* 145 133 9 287 263 9 561 537 Items affecting comparability - -36 - -36 31 -5 Total EBITA 145 97 49 287 227 26 592 532 Depreciation, amortisation and impairment in connection with acquisitions -35 -29 -69 -56 -132 -119 Operating profit 110 68 218 171 460 413 Financial income and expenses -25 -31 -56 -58 -110 -112 Profit before taxes 85 37 162 113 350 301 Adjusted EBITA margin, percent Core Solutions 15.7 14.2 15.1 13.4 14.5 13.5 Safety Technology 14.7 13.4 15.8 14.9 15.9 15.6 Machinery & Equipment 11.3 8.8 7.7 10.3 11.1 12.4 PPE & Utilities 5.2 8.6 3.8 5.9 4.7 5.7 Total adjusted EBITA margin 11.9 11.8 11.3 10.8 11.1 10.8 * The effects of IFRS 16 Leases and adjustments for items affecting comparability are not included in the follow-up of earnings from the divisions. Core Solutions Second quarter (July–September 2026) Core Solutions’ revenue rose by 5 percent to MSEK 415 (394). EBITA increased by 16 percent to MSEK 65 (56) and the EBITA margin improved to 15.7 percent (14.2). Demand from customers in the Nordic construction sector was unchanged and varied between segments. Requests for quotes increased after the summer, and a clear increase in volumes was noted in certain product areas. At the same time, resellers remained cautious, which meant that sales to the building materials trade were in line with last year. Demand from infrastructure and engineering projects remained favourable. The strong increase in earnings was mainly organic. ESSVE continued to improve its earnings, and H C Coils, Elkington and Levypinta also posted robust earnings. Safety Technology Second quarter (July–September 2026) Safety Technology’s revenue rose by 25 percent to MSEK 346 (277). EBITA increased by 38 percent to MSEK 51 (37) and the EBITA margin improved to 14.7 percent (13.4). Demand improved somewhat compared with last year, although the trend varied according to customer group and market. This performance improvement reflects a combination of organic growth and acquisitions. Cresto, FireSeal, Germ and JO Safety performed
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Interim Report 2026/2027 1 April–30 September 2026 5 (23) particularly well, and Systemtext continued to improve its earnings. Orbital was impacted by a temporary slowdown in project activity among its customers but continued to secure new business. Machinery & Equipment Second quarter (July–September 2026) Machinery & Equipment’s revenue rose by 13 percent to MSEK 115 (102). EBITA increased to MSEK 13 (9) and the EBITA margin improved to 11.3 percent (8.8). Market conditions continued to be characterised by customer caution and prolonged decision-making processes, which dampened customers’ willingness to invest in machinery and equipment. However, the number of inquiries increased during the quarter. The quarter was impacted by a low activity level during the summer months and a less favourable product mix. Deliveries from Polartherm were limited for most of the quarter but increased sharply in September, and the order intake ahead of the winter season is strong. A. T .E. Solutions reported slightly higher project invoicing in the quarter, and the underlying activity level in the defence segment remains strong. Retco saw an increase in sales following a period of weak demand. PPE & Utilities Second quarter (July–September 2026) PPE & Utilities’ revenue amounted to MSEK 344 (350). EBITA amounted to MSEK 18 (30) and the EBITA margin was 5.2 percent (8.6). Most of the division’s PPE product companies continued to perform well during the quarter. Guide continued to deliver a strong performance, with solid growth in the Nordic region and the rest of Europe, supported by an improved customer and product mix. Zekler also increased its sales, with improved profitability. Arbesko had a weak quarter as resellers held off on ordering winter products. Luna and Teng Tools, which primarily conduct sales through industrial resellers, was negatively impacted by weak demand, particularly in the Norwegian market. Earnings in the division were also impacted by costs for the restructuring of the remaining Skydda business, totalling approximately MSEK 7 for the quarter. Group-wide expenses and eliminations Group-wide items and eliminations for the second quarter amounted to MSEK -2 (1). The Parent Company’s revenue increased to MSEK 14 (13) and profit after financial items amounted to MSEK 18 (19) for the second quarter. Employees At the end of the period, the number of employees in the Group increased to 1,369, compared with 1,347 at the beginning of the financial year. During the period, nine employees were gained via acquisitions.
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Interim Report 2026/2027 1 April–30 September 2026 6 (23) Corporate acquisitions Uveco, a company in Division Machinery & Equipment, acquired all of the shares in All-Coating Industrilackering AB in April 2026. Under the Flexcoat product brand, the company offers sheet metal in customer-specific colours based on a proprietary method that allows the sheet metal to be further processed afterwards. The company has revenue of approximately MSEK 25, with very good profitability. On 1 September 2026, Collinder, a company in Division Safety Technology, acquired all of the shares in Håva- Skyltar Aktiebolag. The company manufactures and sells a wide assortment of signs and safety products, supplemented by custom-made specialty signs. The company has revenue of approximately MSEK 17, with favourable profitability. Bergman & Beving normally uses an acquisition model with a base consideration and a contingent consideration. The outcome of the contingent consideration depends on the future earnings of the acquired company. Goodwill is based on the expected future sales trend and profitability of the acquired companies. Preliminary purchase price allocations for the acquisitions over the past 12 months: The unpaid purchase considerations of MSEK 97 are contingent and are estimated to amount to a maximum of MSEK 110. The majority of the contingent considerations will fall due within two years. Acquisition analyses older than 12 months are considered finalised. Purchase considerations of MSEK 34 (2) pertaining to previous years’ acquisitions have been paid during the financial year. Remeasurements of contingent considerations had a positive effect of MSEK 4 on earnings for the financial year, of which MSEK 6 in the quarter. The corresponding positive effect in the preceding year amounted to MSEK 10 for the financial year and to 4 MSEK for the quarter, excluding MSEK 37 recognised as an item affecting comparability. Acquisition-related transaction costs for the year’s acquisitions, which are recognised in other operating expenses in the income statement, amounted to MSEK 0 (8), of which MSEK 0 (8) for the quarter. No remeasurements of option liabilities related to minority interests have been performed during the financial year. MSEK 72 in option liabilities were reclassified from non-current to current. The likelihood that the short-term options will be exercised within one year was deemed low. Fair value of acquired assets and liabilities, MSEK Total Customer relations, etc. 208 Other non-current assets 15 Other assets 273 Deferred tax liability, net -35 Other operating liabilities -29 Acquired net assets 432 Goodwill 232 Non-controlling interest -10 Purchase considerations 654 Less: Purchase considerations, unpaid -97 Less: Cash and cash equivalents in acquired companies -221 Net change in cash and cash equivalents -336 Acquisition Closing Rev. MSEK* No. of empl. * Division Ontec, Finland Apr 2025 45 12 Safety Technology Raintite Trading, UK Apr 2025 90 18 Core Solutions Mann & Co, Sweden HC Coils, UK Donut Safety Systems, UK May 2025 Jul 2025 Aug 2025 30 130 40 6 70 14 Safety Technology Core Solutions Safety Technology Modus Gauges, UK Oct 2025 25 8 Safety Technology DataLase, UK Nov 2025 50 15 Safety Technology A1 Shutters, UK Feb 2026 110 54 Safety Technology All-Coating Industrilackeringar, Sweden Apr 2026 25 5 Machinery & Equipment Håva-Skyltar, Sweden Sep 2026 17 4 Safety Technology * Refers to the situation assessed on a full-year basis on the date of acquisition.
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Interim Report 2026/2027 1 April–30 September 2026 7 (23) Profitability, cash flow and financial position Profitability, measured as the return on working capital (P/WC), amounted to 38 percent (33). The return on equity increased to 14 percent (11). Cash flow from operating activities for the first six months improved to MSEK 320 (294). Working capital decreased by MSEK 35 during the same period. Cash flow was impacted by net investments in non-current assets of MSEK 35 (29) and MSEK 78 (466) pertaining to acquisitions. The Group’s operational net loan liability at the end of the period amounted to MSEK 1,610 (1,424), excluding expensed pension obligations of MSEK 444 (483) and lease liabilities of MSEK 358 (435). Cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 893 (1,080). Financial income and expenses amounted to MSEK -56 (-58) for the first six months of the year. Financial income and expenses for the quarter amounted to MSEK -25 (-31). Both comparative periods include items affecting comparability of MSEK -5. The equity/assets ratio increased to 32 percent (31). Equity per share improved to SEK 81.35, compared with SEK 76.55 at the beginning of the year. The Swedish tax rate, which is also the Parent Company’s tax rate, was 20.6 percent. The Group’s weighted average tax rate, with its current company mix, was approximately 22 percent. Share structure and repurchase of shares At the end of the period, share capital totalled MSEK 56.9 and was distributed by class of share as follows: SHARE STRUCTURE Class of share No. of shares No. of votes % of capital % of votes Class A shares, 10 votes per share 1,060,656 10,606,560 3.9 28.7 Class B shares, 1 vote per share 26,375,760 26,375,760 96.1 71.3 Total number of shares before repurchasing 27,436,416 36,982,320 100.0 100.0 Of which, repurchased Class B shares -720,043 2.6 1.9 Total number of shares after repurchasing 26,716,373 The share price on 30 September 2026 was SEK 264.00. The average number of treasury shares during the period was 749,214, and the number of treasury shares at the end of the period was 720,043. The average purchase price for the repurchased shares was SEK 145.36 per share. Call options issued for repurchased shares resulted in an immaterial dilution effect. In the first quarter of the year, the 2022/2026 call option programme expired. In the second quarter, the 2026/2030 call option programme resolved on by the Annual General Meeting in August 2026 was issued. CALL OPTION PROGRAMMES Outstanding programmes No. of options Corresponding no. of shares % of total shares Redemption price Redemption period Call option programme 2023/2027 245,000 245,000 0.9 181.10 9 Sep 2026–4 Jun 2027 Call option programme 2024/2028 250,000 250,000 0.9 378.30 10 Sep 2027–2 Jun 2028 Call option programme 2025/2029 Call option programme 2026/2030 200,000 200,000 200,000 200,000 0.7 0.7 395.30 318.30 11 Sep 2028–8 June 2029 14 Sep 2029–10 Jun 2030
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Interim Report 2026/2027 1 April–30 September 2026 8 (23) Events after the end of the period No significant changes occurred after the end of the quarter. Affirmation The Board of Directors and the President & CEO affirm that this interim report provides a true and fair overview of the operations, position and earnings of the Parent Company and the Group, and that it describes the material risks and uncertainties to which the Parent Company and the companies within the Group are exposed. Stockholm, 21 October 2026 This report has not been reviewed by the Company’s auditors. Other information Publication The information in this report is such that Bergman & Beving AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 7:45 a.m. CEST on 21 October 2026. Dates for forthcoming financial information Interim Report 1 April–31 December 2026 will be presented on 5 February 2027. Financial Report 1 April 2026–31 March 2027 will be published on 14 May 2027. Contact information Magnus Söderlind, President and CEO, Tel: +46 10 454 77 00 Peter Schön, CFO, Tel: +46 70 339 89 99 Visit www.bergmanbeving.com to download reports, presentations and press releases. Bergman & Beving Aktiebolag (publ). Corp. Reg. No. 556034-8590, Box 10024, SE-100 55 Stockholm, Sweden. Visiting address: Cardellgatan 1, Stockholm. Tel: +46 10 454 77 00, info@bb.se Jörgen Wigh Chairman Fredrik Börjesson Director Natalia Borelius Director Henrik Hedelius Director Malin Nordesjö Director Niklas Stenberg Director Jörgen Bengtsson Director – employee representative Ellinor Vegborn Director – employee representative Magnus Söderlind President & CEO
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Interim Report 2026/2027 1 April–30 September 2026 9 (23) Reporting by quarter 2026/2027 2025/2026 2024/2025 MSEK Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue Core Solutions 415 470 418 378 394 422 411 329 298 346 Safety Technology 346 370 355 316 277 292 266 251 232 237 Machinery & Equipment 115 120 126 134 102 121 118 131 115 141 PPE & Utilities 344 360 367 424 350 485 517 558 505 535 Group-wide/eliminations 2 3 3 5 4 -1 -1 -5 -6 -6 Total revenue 1,222 1,323 1,269 1,257 1,127 1,319 1,311 1,264 1,144 1,253 Adjusted EBITA Core Solutions 65 69 56 53 56 53 49 26 41 44 Safety Technology 51 62 57 51 37 48 25 34 30 38 Machinery & Equipment 13 5 27 10 9 14 22 25 10 18 PPE & Utilities 18 9 11 32 30 19 34 44 42 24 Group-wide/eliminations -2 -3 -12 -11 1 -4 -5 -8 -3 -5 Total adjusted EBITA 145 142 139 135 133 130 125 121 120 119 EBITA margin, percent Core Solutions 15.7 14.7 13.4 14.0 14.2 12.6 11.9 7.9 13.8 12.7 Safety Technology 14.7 16.8 16.1 16.1 13.4 16.4 9.4 13.5 12.9 16.0 Machinery & Equipment 11.3 4.2 21.4 7.5 8.8 11.6 18.6 19.1 8.7 12.8 PPE & Utilities 5.2 2.5 3.0 7.5 8.6 3.9 6.6 7.9 8.3 4.5 Total adjusted EBITA margin 11.9 10.7 11.0 10.7 11.8 9.9 9.5 9.6 10.5 9.5
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Interim Report 2026/2027 1 April–30 September 2026 10 (23) Group summary CONSOLIDATED INCOME STATEMENT 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Revenue 1,222 1,127 2,545 2,446 5,071 4,972 Other operating income 11 58 13 65 62 114 Total operating income 1,233 1,185 2,558 2,511 5,133 5,086 Cost of goods sold -606 -579 -1,271 -1,274 -2,520 -2,523 Personnel costs -252 -252 -529 -539 -1,081 -1,091 Depreciation, amortisation and impairment losses -87 -99 -172 -183 -343 -354 Other operating expenses -178 -187 -368 -344 -729 -705 Total operating expenses -1,123 -1,117 -2,340 -2,340 -4,673 -4,673 Operating profit1) 110 68 218 171 460 413 Financial income and expenses -25 -31 -56 -58 -110 -112 Profit after financial items 85 37 162 113 350 301 Taxes -18 -6 -34 -22 -70 -58 Net profit 67 31 128 91 280 243 Of which, attributable to Parent Company shareholders 63 27 119 83 265 229 Of which, attributable to non-controlling interest 4 4 9 8 15 14 EBITA 145 97 287 227 592 532 Earnings per share before dilution, SEK 2.35 1.00 4.45 3.10 9.95 8.55 Earnings per share after dilution, SEK 2.35 1.00 4.45 3.05 9.85 8.50 Number of shares outstanding before dilution, ‘000 26,716 26,836 26,716 26,836 26,716 26,640 Weighted number of shares before dilution, ‘000 26,712 26,780 26,687 26,766 26,685 26,725 Weighted number of shares after dilution, ‘000 26,798 27,022 26,803 27,017 26,842 26,937 1) Items affecting comparability recognised in operating profit are presented under “Reconciliation tables alternative performance m e a s u r e s ”. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Net profit 67 31 128 91 280 243 Other comprehensive income Remeasurement of defined-benefit pension plans 38 - 18 - 37 19 Tax attributable to components that will not be reclassified -8 - -4 - -8 -4 Components that will not be reclassified to net profit 30 - 14 - 29 15 Translation differences 59 -40 92 -13 94 -11 Fair value changes for the year in cash-flow hedges -1 0 -1 0 -1 0 Tax attributable to components that will be reclassified 2 0 2 0 2 0 Components that will be reclassified to net profit/loss 60 -40 93 -13 95 -11 Other comprehensive income 90 -40 107 -13 124 4 Total comprehensive income for the period 157 -9 235 78 404 247 Of which, attributable to Parent Company shareholders 150 -10 222 72 385 235 Of which, attributable to non-controlling interest 7 1 13 6 19 12
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Interim Report 2026/2027 1 April–30 September 2026 11 (23) CONSOLIDATED BALANCE SHEET MSEK 30 Sep 2026 30 Sep 2025 31 Mar 2026 Assets Goodwill 2,208 1,942 2,140 Other intangible non-current assets 1,230 1,143 1,234 Tangible non-current assets 199 178 184 Right-of-use assets 350 416 344 Financial non-current assets 11 12 10 Deferred tax assets 88 67 84 Total non-current assets 4,086 3,758 3,996 Inventory 1,142 1,075 1,086 Accounts receivable 991 854 979 Other current receivables 181 190 178 Cash and cash equivalents 426 484 382 Total current assets 2,740 2,603 2,625 Total assets 6,826 6,361 6,621 Equity and liabilities Equity attributable to Parent Company shareholders 2,062 1,865 1,943 Non-controlling interest 109 87 103 Total equity 2,171 1,952 2,046 Non-current interest-bearing liabilities 1,963 1,886 1,966 Provisions for pensions 444 483 465 Other non-current liabilities and provisions 561 530 634 Total non-current liabilities 2,968 2,899 3,065 Current interest-bearing liabilities 431 457 424 Accounts payable 602 507 497 Other current liabilities 654 546 589 Total current liabilities 1,687 1,510 1,510 Total equity and liabilities 6,826 6,361 6,621 CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS MSEK 30 Sep 2026 30 Sep 2025 31 Mar 2026 Opening equity 1,943 1,871 1,871 Dividend -112 -107 -107 Exercise and purchase of options for repurchased shares 9 13 6 Repurchase of own shares - - -64 Option liabilities, acquisitions1) - 20 6 Other changes to non-controlling interests - -4 -4 Total comprehensive income for the period 222 72 235 Closing equity 2,062 1,865 1,943 1) Refers to the change in value for the year and additional put options issued in connection with acquisitions of partly owned subsidiaries. The minority shareholders are entitled to sell shares to Bergman & Beving. The option price is based on the expected future financial performance of the acquired operations.
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Interim Report 2026/2027 1 April–30 September 2026 12 (23) CONSOLIDATED CASH-FLOW STATEMENT 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Operating activities before changes in working capital 123 88 285 233 525 473 Changes in working capital 7 24 35 61 -6 20 Cash flow from operating activities 130 112 320 294 519 493 Investments in non-current assets -17 -15 -35 -30 -71 -66 Divestment of non-current assets 0 0 0 1 4 5 Acquisition of businesses -24 -205 -78 -466 -366 -754 Divestment of businesses - 241 - 241 36 277 Cash flow from investing activities -41 21 -113 -254 -397 -538 Dividend, Parent Company shareholders -112 -107 -112 -107 -112 -107 Borrowings 77 0 77 296 209 428 Repayment of loans 0 -14 -79 -14 -81 -16 Repayment of leases -35 -40 -70 -80 -145 -155 Repurchase of own shares - - - - -64 -64 Other financing activities 4 9 2 2 -5 -5 Cash flow from financing activities -66 -152 -182 97 -198 81 Cash flow for the period 23 -19 25 137 -76 36 Cash and cash equivalents at the beginning of the period 392 510 382 348 484 348 Cash flow for the period 23 -19 25 137 -76 36 Exchange-rate differences in cash and cash equivalents 11 -7 19 -1 18 -2 Cash and cash equivalents at the end of the period 426 484 426 484 426 382
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Interim Report 2026/2027 1 April–30 September 2026 13 (23) Compilation of key financial ratios KEY FINANCIAL RATIOS Rolling 12 months MSEK 30 Sep 2026 31 Mar 2026 31 Mar 2025 31 Mar 2024 31 Mar 2023 Revenue 5,071 4,972 4,972 4,723 4,749 EBITDA 803 767 712 656 571 Adjusted EBITA1) 561 537 485 438 382 Adjusted EBITA margin, percent1) 11.1 10.8 9.8 9.3 8.0 EBITA 592 532 485 438 382 EBITA margin, percent 11.7 10.7 9.8 9.3 8.0 Adjusted EBIT1) 429 418 399 372 339 Adjusted EBIT margin, percent1) 8.5 8.4 8.0 7.9 7.1 EBIT 460 413 129 372 339 EBIT margin, percent 9.1 8.3 2.6 7.9 7.1 Profit after financial items 350 301 27 261 271 Net profit/loss 280 243 -40 201 214 Profit margin, percent 6.9 6.1 0.5 5.5 5.7 Return on working capital (P/WC), percent 38 36 31 26 21 Return on capital employed, percent Return on equity, percent 10 14 9 12 3 -2 9 9 8 10 Operational net loan liability (closing balance) 1,610 1,656 1,278 1,057 1,090 Operational net debt/equity ratio 0.7 0.8 0.6 0.5 0.5 Operational net loan liability/Adjusted EBITDA excl. IFRS 16, multiple 2.6 2.7 2.3 2.1 2.5 Equity (closing balance) 2,171 2,046 1,978 2,213 2,240 Equity/assets ratio, percent 32 31 32 37 39 Number of employees at the end of the period 1,369 1,347 1,403 1,340 1,348 KEY PER-SHARE DATA Rolling 12 months SEK 30 Sep 2026 31 Mar 2026 31 Mar 2025 31 Mar 2024 31 Mar 2023 Adjusted earnings before dilution1) 8.90 8.55 8.15 7.15 7.80 Adjusted earnings after dilution1) 8.85 8.45 8.05 7.15 7.80 Earnings before dilution 9.95 8.55 -1.95 7.15 7.80 Earnings after dilution 9.85 8.50 -1.95 7.15 7.80 Cash flow from operating activities 19.45 18.45 19.05 23.85 12.55 Equity 81.35 76.55 74.00 83.00 84.35 Share price 264.00 270.00 290.00 209.50 128.40 1) Adjusted for items affecting comparability. As of 2025, these alternative performance measures are included as a complement to other financial information, with the aim to further clarify the Group’s performance.
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Interim Report 2026/2027 1 April–30 September 2026 14 (23) Parent Company summary INCOME STATEMENT 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Revenue 14 13 29 25 54 50 Other operating income - - - - 1 1 Total operating income 14 13 29 25 55 51 Operating expenses -17 -14 -35 -30 -68 -63 Operating loss -3 -1 -6 -5 -13 -12 Financial income and expenses 21 20 42 36 81 75 Profit after financial items 18 19 36 31 68 63 Appropriations - - - - 15 15 Profit before taxes 18 19 36 31 83 78 Taxes -4 -4 -7 -6 -1 0 Net profit 14 15 29 25 82 78 STATEMENT OF COMPREHENSIVE INCOME 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2026 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Net profit 14 15 29 25 82 78 Fair value changes for the year in cash-flow hedges -1 0 -1 0 -1 0 Taxes attributable to other comprehensive income 0 0 0 0 0 0 Components that will be reclassified to net profit/loss -1 0 -1 0 -1 0 Other comprehensive income -1 0 -1 0 -1 0 Total comprehensive income for the period 13 15 28 25 81 78 BALANCE SHEET MSEK 30 Sep 2026 30 Sep 2025 31 Mar 2026 Assets Tangible non-current assets 1 1 1 Financial non-current assets 3,511 3,042 3,333 Current receivables 1,935 1,961 2,256 Cash and bank 5 54 22 Total assets 5,452 5,058 5,612 Equity, provisions and liabilities Equity 925 1,018 1,000 Provisions 39 40 40 Non-current liabilities 2,229 1,788 2,226 Current liabilities 2,259 2,212 2,346 Total equity, provisions and liabilities 5,452 5,058 5,612
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Interim Report 2026/2027 1 April–30 September 2026 15 (23) Notes 1. Accounting policies This Interim Report was prepared in accordance with IFRS and by applying IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Market Act. The Interim Report for the Parent Company was prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms to the provisions detailed in RFR 2 Accounting for Legal Entities. The same accounting policies and bases of judgement have been applied in this Interim Report as in the Annual Report for 2025/2026, with the addition of hedge accounting for net investments in foreign subsidiaries. Disclosures are provided in the financial statements and accompanying notes as well as other sections of the interim report. Hedge accounting for net investments Investments in foreign subsidiaries have been hedged to a certain extent through borrowings in the corresponding currency. Such investments are recognised at the balance-sheet rate. Translation differences for the period on financial instruments used as hedging instruments in a hedge of a net investment in a Group company are recognised, insofar as the hedge is effective, in other comprehensive income, and the accumulated changes are recognised in a separate component of equity (translation reserve). This is done to offset the translation differences that impact other comprehensive income upon consolidation. New or amended accounting standards The additions and amendments to standards applicable during the year are not assessed to have any material impact on the financial statements. The amended IFRS to be applied in the future is IFRS 18. A complete analysis of its impact on Bergman & Beving’s financial statements has not yet been finalised. The standard is not expected to impact the Group’s earnings or financial position, but will impact the presentation of the financial statements and associated disclosures. The standard will be applied as of the 2027/2028 financial year, with the first effect on the interim report for the first quarter published on 30 June 2027.
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Interim Report 2026/2027 1 April–30 September 2026 16 (23) 2. Revenue per geographic area The Group primarily conducts operations in Sweden, Norway, the UK and Finland. Revenue presented for the geographic markets is based on the domicile of the customers. 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Sweden 402 372 870 812 1,810 1,752 Norway 220 212 451 474 895 918 UK 224 166 428 303 767 642 Finland 113 90 230 291 464 525 Other countries 263 287 566 566 1,135 1,135 Revenue 1,222 1,127 2,545 2,446 5,071 4,972 3. Leases Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement. MSEK 30 Sep 2026 30 Sep 2025 31 Mar 2026 Right-of-use assets 350 416 344 Non-current lease liabilities 211 282 214 Current lease liabilities 147 153 138 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Depreciation and impairment of right-of-use assets -35 -54 -70 -95 -144 -169 Interest on lease liabilities -5 -5 -9 -10 -18 -19 IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions.
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Interim Report 2026/2027 1 April–30 September 2026 17 (23) 4. Fair value of financial instruments 30 Sep 2026 31 Mar 2026 MSEK Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3 Derivative hedging instruments - - - - - - Total financial assets at fair value per level - - - - - - Derivative hedging instruments 2 2 - 0 0 - Contingent considerations 232 - 232 248 - 248 Total financial liabilities at fair value per level 234 2 232 248 0 248 Financial instruments measured at fair value are presented in the table above. Derivatives belong to Level 2 of the fair value hierarchy. Derivatives that comprise foreign-exchange forward contracts are measured at fair value by discounting the difference between the contracted forward rate and the forward rate that can be contracted on the balance-sheet date for the remaining contract period. Contingent considerations regarding acquired operations are classified in Level 3, meaning that measurement is based on the expected future financial performance of the acquired operations as assessed by management. No transfers between Level 2 and Level 3 took place during the period. For the Group’s other financial assets and liabilities, the fair value is estimated to be equal to the carrying amount. 1) Of which, MSEK 37 was recognised as an item affecting comparability in 2025/26. 5. Risks and uncertainties While the uncertain geopolitical situation, increased protectionism, general conditions and inflation remain unchanged, they have had a minor impact on the Group to date. During the period, no other significant changes occurred with respect to risks and uncertainties for the Group or the Parent Company. For information about these risks and uncertainties, refer to pages 43–46 of Bergman & Beving’s Annual Report for 2025/2026. 6. Transactions with related parties No transactions having a material impact on the Group’s position or earnings occurred between Bergman & Beving and its related parties during the period. Contingent considerations, MSEK 30 Sep 2026 31 Mar 2026 Opening balance 248 184 Acquisitions for the year 10 129 Purchase consideration paid -22 -7 Revaluation of preliminary purchase price allocations -5 - Reversal through profit or loss -4 -541) Exchange-rate differences 5 -4 Closing balance 232 248
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Interim Report 2026/2027 1 April–30 September 2026 18 (23) Definitions Return on equity1, 2 Net profit for the rolling 12-month period divided by average 12-month equity. Return on equity measures, from an ownership perspective, the return generated by the owners’ invested capital. Return on working capital (P/WC)1 Adjusted EBITA (P) for the rolling 12-month period as a percentage of average 12 months’ working capital (WC), defined as inventories plus accounts receivable less accounts payable. P /WC is used to analyse profitability and is a measure that encourages high EBITA and low working capital requirements. Bergman & Beving’s profitability target is for each unit in the Group to achieve profitability of at least 45 percent. Refer to the reconciliation table on page 22. Return on capital employed1 Profit after financial items plus financial expenses for the rolling 12-month period divided by the average balance-sheet total less non-interest-bearing liabilities. Return on capital employed shows the Group’s profitability in relation to externally financed capital and equity. EBITA1 Operating profit for the period before impairment of goodwill and amortisation and impairment of other intangible assets in connection with corporate acquisitions and equivalent transactions. EBITA is used to analyse profitability generated from operating activities. Refer to the reconciliation table on page 21. EBITA margin1 EBITA for the period as a percentage of revenue. The EBITA margin is used to show the profitability ratio of operating activities. EBITDA1 Operating profit for the period before depreciation/amortisation and impairment losses. EBITDA is used to analyse profitability generated from operating activities. The Group also uses EBITDA excluding depreciation of right-of-use assets. Refer to the reconciliation table on page 22. Equity per share1, 2 Equity divided by the weighted number of shares at the end of the period. Equity per share measures the amount of equity attributable to each share and is presented to facilitate the analyses and decisions of investors. Change in revenue for comparable units1 Comparable units refer to sales in local currency from units that were part of the Group during the current period and the entire corresponding period in the preceding year. Acquisitions/divestments refer to the acquisition or divestment of units during the corresponding period. Used to analyse the underlying sales growth driven by changes in volume, range and prices for similar products and services between different periods. Refer to the reconciliation table on page 21.
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Interim Report 2026/2027 1 April–30 September 2026 19 (23) Cash flow per share1 Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares. The measure is used to enable investors to easily analyse the size of the surplus from operating activities that is generated per share. Items affecting comparability1 Items affecting comparability include revenue and expenses that do not arise regularly in the operating activities. Separate disclosure of items affecting comparability clearly highlights the performance of the operating activities. Operational net loan liability1 Interest-bearing liabilities excluding lease liabilities and provisions for pensions less cash and cash equivalents. Operational net loan liability is used to follow the debt trend and to analyse the Group’s total debt excluding lease liabilities and provisions for pensions. Refer to the reconciliation table on page 22. Operational net debt/equity ratio1, 2 Operational net loan liability divided by equity. Operational net debt/equity ratio measures, from an ownership perspective, the relationship between operational net loan liability and the owners’ invested capital. Refer to the reconciliation table on page 22. Profit after financial items1 Profit before taxes for the period. Used to analyse operational profitability including financial activities. Earnings per share Net profit attributable to the Parent Company shareholders divided by the weighted number of shares. Operating profit1 Operating income less operating expenses. Also referred to as EBIT . The measure is used to describe the Group’s earnings before interest and taxes. Operating margin1 Operating profit for the period as a percentage of revenue. Also referred to as EBIT margin. The measure is used to state the percentage of revenue remaining to cover interest and tax as well as to generate profit after the company’s costs have been paid. Equity/assets ratio1, 2 Equity as a percentage of the balance-sheet total. The equity/assets ratio is used to analyse financial risk and shows the proportion of assets that are financed through equity. Profit margin1 Net profit after financial items as a percentage of revenue. Profit margin is used to assess the Group’s profit generation before tax and shows the proportion of revenue that the Group may retain in profit before taxes.
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Interim Report 2026/2027 1 April–30 September 2026 20 (23) Weighted number of shares Average number of shares outstanding before or after dilution. Shares held by the company are not included in the number of shares outstanding. Dilution effects arise due to call options that can be settled using shares in share-based incentive programmes. The call options have a dilution effect when the average share price during the period is higher than the redemption price of the call options. _____________________________ 1) The performance measure is an alternative performance measure in accordance with ESMA’s guidelines 2) Minority shares are included in equity when this performance measure is calculated
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Interim Report 2026/2027 1 April–30 September 2026 21 (23) Reconciliation tables alternative performance measures Bergman & Beving uses certain financial performance measures in its analysis of the operations and their performance that are not calculated in accordance with IFRS. The Company believes that these performance measures provide valuable information for investors, since they enable a more accurate assessment of current trends when combined with other key financial ratios calculated in accordance with IFRS. Since listed companies do not always calculate these performance measures ratios in the same way, there is no guarantee that the information is comparable with other companies’ performance measures of the same name. Change in revenue 3 months 6 months Percentage change Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 Comparable units in local currency 0 -4 1 -3 Currency effects 2 -2 1 -3 Acquisitions/divestments 6 5 2 8 Total – change 8 -1 4 2 Items affecting comparability 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Restructuring and non-recurring items, divested operations - 73 - 73 -31 42 Cancellation of additional purchase considerations - -37 - -37 - -37 Total items affecting comparability - 36 - 36 -31 5 Adjusted EBIT 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Operating profit 110 68 218 171 460 413 Items affecting comparability - 36 - 36 -31 5 Adjusted EBIT 110 104 218 207 429 418 EBITA 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Operating profit 110 68 218 171 460 413 Depreciation, amortisation and impairment losses of 35 29 69 56 132 119 EBITA 145 97 287 227 592 532 Adjusted EBITA 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Operating profit 110 68 218 171 460 413 Items affecting comparability - 36 - 36 -31 5 Depreciation, amortisation and impairment losses of 35 29 69 56 132 119 Adjusted EBITA 145 133 287 263 561 537
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Interim Report 2026/2027 1 April–30 September 2026 22 (23) EBITDA 3 months 6 months Rolling 12 months MSEK Jul–Sep 2026 Jul–Sep 2025 Apr–Sep 2026 Apr–Sep 2025 30 Sep 2026 31 Mar 2026 Operating profit 110 68 218 171 460 413 Depreciation, amortisation and impairment losses 87 99 172 183 343 354 EBITDA 197 167 390 354 803 767 Depreciation of right-of-use assets -35 -54 -70 -95 -144 -169 EBITDA excl. IFRS 16 162 113 320 259 659 598 Items affecting comparability - 36 - 36 -31 5 Adjusted EBITDA excl. IFRS 16 162 149 320 295 628 603 Return on working capital (P/WC) Rolling 12 months MSEK 30 Sep 2026 30 Sep 2025 31 Mar 2026 Adjusted EBITA (P) 561 509 537 Average working capital (WC) Inventory 1,102 1,166 1,120 Accounts receivable 903 890 886 Accounts payable -526 -526 -516 Total – average WC 1,479 1,530 1,490 P/WC, percent 38 33 36 Operational net loan liability and operational net debt/equity ratio MSEK 30 Sep 2026 30 Sep 2025 31 Mar 2026 Financial net liabilities 2,412 2,342 2,473 Pensions -444 -483 -465 Lease liabilities -358 -435 -352 Operational net loan liability 1,610 1,424 1,656 Equity 2,171 1,952 2,046 Operational net debt/equity ratio 0.7 0.7 0.8
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Interim Report 2026/2027 1 April–30 September 2026 23 (23) Bergman & Beving in brief Bergman & Beving, founded in 1906, is a Swedish listed corporate group with extensive experience in acquiring and developing leading niche companies from a long-term ownership perspective. Bergman & Beving’s vision is to be a leading niche supplier of productive, safe and sustainable solutions to companies. Our decentralised governance model means that we strive for leading positions through organic growth and add-on acquisitions in existing niches and through acquisitions in new niches. Through our products, we are represented at over 5,000 sales outlets and by distributors in approximately 25 countries. Our primary market is the Nordic region, which accounts for approximately 65 percent of revenue. We aim to be a sustainable company where we actively work to create long-term value for society and our shareholders while limiting the impact of our operations on the environment. The subsidiaries in the Group are operated with decentralised business responsibility, with a focus on simplicity, responsibility and freedom, efficiency, openness and a willingness to change. Our business units