1. Sweden Stocks

  2. •

    Distribution services

  3. •

    Wholesale distributors
Beijer Ref AB Class B

Beijer Ref AB Class B

13.65
EUR
+0.36
(+2.71%)
0.43EPS
29.80P/E
6.50BMarket 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
74,491
65,946
72,050

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

Company Profile APIChatGPT
CEO
Joel Davidsson
Full Time Employees
6,755
Sector
Distribution services
Industry
Wholesale distributors
Address
Stortorget 8 Malmö Sweden 211 34
IPO Date
Dec 5, 1988
Website
beijerref.com
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Business
Beijer Ref AB (publ) is a Sweden-based technology-oriented trading group that provides added-value products and competitive solutions in refrigeration, heating, ventilation, air conditioning, and climate control worldwide. Founded in 1866 and headquartered in Malmö, the company operates through more than 150 subsidiaries and approximately 500 branches across 45 countries in Europe, North America, Africa, Asia, and Oceania, employing around 6,000 people; it serves over 200,000 customers, primarily through wholesale and distribution activities complemented by its own OEM production. Beijer Ref conducts business in three main segments: Refrigeration, which supplies systems for commercial environments such as shops and hotels as well as industrial applications; HVAC, offering efficient climate control solutions including advanced air-to-water heat pumps from suppliers like Toshiba, Mitsubishi Heavy Industries, and Gree; and OEM, focusing on sustainable refrigeration technology utilizing natural refrigerants to align with regulatory shifts away from harmful substances by 2030; its product portfolio encompasses refrigeration components, air conditioning units, heat pumps, systems, spare parts, and aftermarket services for residential, commercial, and industrial installations. Recent developments include the completion of the acquisition of Airwave, a leading HVAC distributor in the Baltic region (Estonia, Latvia, Lithuania), in November 2025 following a binding agreement signed in October 2025 for 80% of shares with an option for the remainder; the acquisition of two U.S. HVAC/R distributors, Key Refrigeration Supply and Dennis Supply Company, in November 2025, adding SEK 800 million in combined annual turnover and expanding presence in Kansas, Missouri, Iowa, South Dakota, Nebraska, and Wyoming; the completion of the Cool4U acquisition in Hungary in 2024; the establishment of a SEK 7 billion MTN program and issuance of a SEK 1.5 billion bond in September 2025 to support flexible financing for acquisitions; and the launch of LTI 2025, a long-term share-based incentive program approved at the 2025 Annual General Meeting, targeting profit per share growth and Scope 3 emissions reductions.