Yahoo Finance

• Revenue Increase: 8% increase, primarily acquisition-driven.

• EBITA Increase: 8% increase, maintaining an EBITA margin of 9.5% compared to 9.6% last year.

• EBIT Adjusted Increase: 23% increase, adjusted for goodwill write-down.

• Earnings Per Share (EPS): Improved to SEK8.05 from SEK7.15, adjusted for goodwill write-down.

• Gross Margin: Improved by close to 7-8% units over the last three years, with a slight decrease in the last quarter due to new customer onboarding.

• Inventory Level: SEK1,157 million, reduced by SEK80 million organically since last year.

• Net Debt: Increased to SEK1,278 million from SEK1,057 million last year, with a net debt to EBITDA ratio of 2.3.

• Core Solutions Revenue Increase: 30% increase, with an 11% increase in EBITA.

• Safety Technology Revenue Increase: 7% increase, with a 48% increase in EBITA.

• Industrial Equipment Revenue Decrease: Revenue decreased to SEK417 million, with EBITA down to SEK45 million from SEK51 million.

• Divestment of Skydda Nordic: Agreement to sell for SEK300 million with a potential earn-out of SEK80 million.

• Warning! GuruFocus has detected 10 Warning Signs with FRA:BLRB.

Release Date: May 09, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Bergman & Beving AB (FRA:BLRB) increased turnover by 8%, primarily driven by acquisitions.

• The company maintained its EBITA margin at 9.5%, close to last year's 9.6%.

• Earnings per share improved to SEK8.05 from SEK7.15, adjusted for goodwill write-down.

• The company has a strong acquisition pipeline and plans to continue acquisitions in line with its targets.

• Bergman & Beving AB (FRA:BLRB) has achieved 21 consecutive quarters of increased EBITA, with a CAGR of 26% over the period.

Negative Points

• The market remains sluggish, with a 2% decrease in employees in the construction and industry sectors in the Nordics.

• The company did not make any acquisitions in Q4 due to not meeting high-quality criteria.

• Gross margin was slightly lower due to new customer onboarding and one-off negative effects.

• The Industrial Equipment division faced weaker demand, resulting in decreased revenue and EBITA.

• The divestment of Skydda Nordic will impact the EBIT target of SEK500 million.

Q & A Highlights

Q: Employees in the construction and industry sectors in the Nordics were down 2%, while Bergman & Beving had flat organic sales growth. Is this a spillover from Q4, or are you gaining market share? A: Magnus Soderlind, CEO: In some companies, we are definitely gaining market share. For example, ESSVE has made new agreements with resellers, and Cresto is expanding its customer base. However, the overall market conditions offset these gains, so the impact isn't fully visible in the top line yet.