Beijer Ref AB Class B

Beijer Ref AB Class B

13.39
EUR
+0.37
(+2.84%)
0.43EPS
29.73P/E
6.49BMarket Cap
Oct 22Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
15.83
17.25
20.07
21.71
23.59
31.33
35.74
33.92
40.71
54.49
66.03
70.35
73.12
74.41
Basic EPS, GAAP
0.56
0.76
0.88
0.93
1.23
1.85
2.08
1.74
2.36
3
4.88
4.39
4.59
4.77
Free Cash Flow per Basic Share
0.6
0.43
1.05
-0.08
1
1.28
2.63
2.76
-0.27
-0.33
2.86
5.2
7.47
5.45
Dividend per Share
0.48
0.48
0.51
0.53
0.56
0.59
0.92
0.53
0.92
1.02
0.98
1.38
1.66
- -
Book Value per Share
2.96
3.24
3.24
7
7.76
8.93
10.33
10.64
12.45
15.9
42.07
47.48
43
46.52
Tangible Book Value per Share
1.26
1.41
1.38
3.05
3.73
3.93
5.18
5.57
4.1
2.69
7.66
7.59
5.72
5.38
Basic Weighted Avg Shares
417
417
417
417
417
415
415
415
415
415
487
507
507
508
Sales/Revenue/Turnover
6,595
7,189
8,361
9,045
9,830
13,015
14,817
14,062
16,905
22,638
32,150
35,662
37,067
37,777
Operating Margin (%)
5.62
6.59
6.68
6.47
7.3
8.27
8.24
7.3
7.91
8.03
9.58
9.79
9.3
9.86
Depreciation Expense
61
62
69
78
85
106
424
442
474
571
872
990
1,062
1,053
Net Income, GAAP
234
316
366
389
511
769
864
722
979
1,248
2,375
2,227
2,326
2,421
Effective Tax Rate (%)
29.54
27.33
28.9
28.82
25.44
26.1
25.65
25.43
23.37
26.5
7.08
24.9
24.48
25.15
Profit Margin (%)
3.54
4.4
4.38
4.3
5.2
5.91
5.83
5.14
5.79
5.51
7.39
6.24
6.28
6.41
Working Capital
1,548
1,888
2,123
2,597
2,935
4,026
2,633
4,193
4,320
5,342
9,136
9,786
6,654
8,582
LT Debt
811
1,074
1,286
1,551
1,626
2,823
1,910
3,540
4,130
5,568
8,004
7,930
6,257
- -
Total Equity
2,417
2,619
2,634
2,967
3,294
3,785
4,369
4,489
5,266
6,714
21,443
24,216
21,891
23,688
Return on Invested Capital (%)
7.06
8.77
9.35
8.94
10.31
12.68
11.78
9.19
10.79
10.59
12.39
7.78
7.53
12.17
Return on Capital (%)
6.63
8.45
9.08
8.61
10.1
12.68
11.79
9.2
10.74
10.48
12.13
7.74
7.51
10.49
Return on Common Equity (%)
9.9
12.76
14.13
14.12
16.63
22.18
21.62
16.62
20.43
21.2
17.01
9.81
10.14
10.59

Capital Structure

SEK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
6,660
- -
- -
LT Borrowings
4,381
- -
- -
LT Finance Leases
1,876
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
507
507
507
Market Capitalization
75,421
65,392
71,881

Working Capital

SEK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
20,037
21,297
22,679
Cash, Cash Equivalents & STI
3,416
2,867
2,532
Accounts Receivable, Net
4,412
6,419
7,763
Inventories
10,573
12,012
12,384
Total Current Liabilities
13,383
14,165
14,097
Payables & Accruals
- -
- -
- -
ST Debt
6,660
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

SEK

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
32.42%
53.51%
-9.6%
Free Cash Flow
-244.78%
-211.22%
43.76%
Net Income, GAAP
23.55%
30.31%
4.45%
Sales/Revenue/Turnover
16.9%
22.2%
3.94%
Total Cash Common Dividend
19.08%
32.49%
20%

Quarterly Revenue

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7,680
9,681
9,493
8,808
35,662
2025
8,898
10,181
- -
8,262
37,067
2026
8,549
10,785
- -
- -
- -

Quarterly Earnings Per Share

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.79
1.42
1.3
0.89
4.39
2025
0.94
1.56
- -
0.64
4.59
2026
0.94
1.63
- -
- -
- -

Quarterly Dividends Per Share

SEK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.38
2025
- -
- -
- -
- -
1.66
2026
- -
- -
- -
- -
- -

Company Description

CEO
Joel Davidsson
Full Time Employees
6,755
Sector
Distribution services
Industry
Wholesale distributors
Address
Stortorget 8 Malmö SN Sweden 211 34
IPO Date
Dec 5, 1988
Business
Beijer Ref AB (publ) is a leading global technology-oriented trading group specializing in added-value products within refrigeration and climate control. The company operates through three main business segments: Refrigeration, HVAC, and OEM. Its refrigeration segment supplies commercial refrigeration systems for retail shops, catering, hotels, industrial refrigeration, central refrigeration systems, and refrigeration plants for various applications including food processing, manufacturing, and offshore industries. The HVAC segment offers air conditioning, comfort cooling, heating products, and advanced air-to-water heat pumps. The OEM segment focuses on developing sustainable refrigeration technology using natural refrigerants such as carbon dioxide, ammonia, and propane. Beijer Ref distributes products through an extensive network of more than 150 subsidiaries and logistics centers across Europe, North America, Africa, Asia, and Oceania, connecting over 1,000 suppliers with more than 100,000 customers globally. Founded in 1866 and headquartered in Malmö, Sweden, Beijer Ref is one of the largest refrigeration wholesalers worldwide, operating in over 45 countries. It serves diverse markets including commercial retail, hospitality, industrial sectors, and residential HVAC. The company emphasizes sustainable innovation to support regulatory shifts away from harmful refrigerants by 2030. Recent major developments include the acquisition of leading regional HVAC distributors to strengthen its market presence and capabilities. In 2025, Beijer Ref completed acquisitions of Airwave, a leading HVAC distributor in the Baltic region, and earlier acquired Cool4U in Hungary, expanding its footprint in Europe. In the United States, the company acquired Key Refrigeration Supply and Dennis Supply Company, broadening its North American distribution network. These acquisitions reinforce Beijer Ref’s strategic growth, enhancing product offerings and regional presence while maintaining operations under existing brand names. Additionally, the company underwent notable ownership changes in 2025 that further support its long-term development strategy. Beijer Ref’s core products and services include commercial and industrial refrigeration systems, commercial refrigeration components, air conditioning units, heat pumps, chillers, and climate control solutions using natural refrigerants. The company focuses on sustainable and technologically advanced solutions to meet diverse customer needs across multiple geographic markets. This comprehensive approach positions Beijer Ref AB as a global leader in refrigeration and HVAC distribution, driven by innovation, sustainability, and extensive regional expertise.