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During the quarter, we continued to strengthen our commercial focus through closer customer engagement.
Magnus Persson, CEO
Our assessment is that competition will remain high during 2026 and that a broader recovery will be delayed, with a more noticed upturn only in the latter part of 2026.
Magnus Persson, CEO
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Interim report January - March 2026

Strong Cash flow, lower earnings·Quarterly net sales declined by 20 percent and EBITA excluding items affecting comparability declined by SEK 75.6 m.  ·Free cash flow from operating activities amounted to SEK 82 m, a significant improvement compared with the same quarter in the previous year.  ·Favourable Administrative Court ruling regarding Uppländska’s blasting permit.  ·Acquisition of Väghyveltjänst Peter Gunnarsson AB (VHT), expanding Bellman Group’s offering in infrastructure related services.  ·Agreement signed to acquire BS Åkeri Bengt Strömvall

Year-end Report 2025

Lower sales, improved cash flow·Quarterly net sales declined by 7 percent and EBITA excluding items affecting comparability  declined by 44 percent.   ·Free cash flow from operating activities amounted to SEK 116 m, slightly lower than in the same quarter of the previous year, but higher for the full year. The cash position remains strong. ·The market remains sluggish, and a broader recovery is not expected until the end of 2026. ·The Group is therefore implementing proactive measures to strengthen sales and reduce costs, including a more coordinated and structured

Interim Report January - September 2025

Lower sales and earnings·Quarterly net sales declined by 16 percent and EBITA excluding items affecting comparability declined by 57 percent. ·Free cash flow from operations amounted to SEK 28 m, slightly lower than in the same quarter last year. ·The market remains challenging, and broader recovery is expected to take at least twelve months. ·The Group is implementing proactive measures to strengthen sales and reduce costs. Magnus Persson, CEO of Bellman Group comments: "The third quarter was characterized by continued weak demand and notable price pressure in

Interim Report January - June 2025

Reduced earnings, improved cash flow· Quarterly net sales declined by 18 percent and EBITA excluding items affecting comparabilitydeclined by 27 percent. · Free cash flow from operations improved compared to the previous year. · Successful refinancing further strengthening the company’s operational activities and acquisition agenda. · The market remains challenging, and recovery is expected to take at least six to twelve months. · The Group is implementing proactive measures to strengthen sales and reduce costs. Magnus Persson, CEO of Bellman Group comments: "The market

Interim Report January - March 2025

Improved earnings and cash flow· Quarterly net sales declined by 8.5 percent, but EBITA excluding items affecting comparability improved by 11.2 percent. · Free cash flow from operations improved compared to the previous year. · The company’s refinancing was successfully completed after the end of the quarter, further supporting the company’s acquisition agenda. · While the market remains somewhat cautious, Sweden is expected to see historically large investments in infrastructure ahead. · The Group is handling growing material volumes at its site , which constitute an important

Strong growth in business area North

Year-end Report 2024· Quarterly net sales increased by 7.1 percent but increased by 8.0 percent for the full year of 2024. · EBITA excluding items affecting comparability improved by 7.2 percent in the quarter and by 12.7 percent for the full year. · Continued strong growth in the North business area, while other business areas experience a more cautious market. · During the quarter, Wixner & Rödin Entreprenad AB (Wixner & Rödin) and Kraftverksbyggarna i Söderhamn AB (Kraftverksbyggarna) were acquired. These companies are part of the North business area. Magnus Persson, CEO of

Interim Report January–September 2024

A stable quarter · Quarterly net sales increaInterised by 7.7 percent. · EBITA excluding items affecting comparability improved by 2.8 percent. · Continued strong growth in business area North. · Stable cashflow flow from operating activities during the third quarter.Magnus Persson, CEO Bellman Group, comments: The third quarter of the year proved stable for Bellman Group, with improvements in both revenue and operating income, despite the ongoing economic downturn. This can primarily be attributed to large infrastructure and industrial projects, some of which are related

Interim Report January–June 2024

Continued growth · Quarterly net sales increased by 17.7 percent, of which 11.5 percent was organic growth. · EBITA excluding items affecting comparability improved by 22.2 percent, of which 21.3 percent was organic growth. · All business areas contributed with significantly improved earnings. · Strong cash flow from operating activities during the second quarter.Magnus Persson, CEO Bellman Group, comments: During the second quarter of 2024, Bellman Group’s positive development has continued with both sales and earnings growth. Our business was only affected to a limited

Interim Report January – March 2024

A good start to 2024 · Quarterly net sales increased by 17.3 percent, of which 11.6 percent was organic growth. · EBITA excluding items affecting comparability improved by 16.6 percent, of which 13.2 percent was organic growth. · Business areas North and South contributed with significantly improved net sales and earnings. · Cash flow from operating activities was lower than expected.Magnus Persson, CEO of Bellman Group, comments: Bellman Group got off to a good start in 2024 with both sales and earnings growth, despite economic uncertainty in our operating environment. Our

A strong fourth quarter

· Quarterly net sales increased by 13 percent and EBITA excluding items affecting comparability improved by 6 percent. · Continued strong cash flow from operating activities. · During the quarter, Lastbilcentralen Värnamo Ljungby AB (Värnamo) was acquired, with annual sales of SEK 100 m. The company will be part of business area South. · The acquisition strategy remains unchanged, focusing on identified growth regions in Sweden.Magnus Persson, CEO of Bellman Group, comments: We can conclude that the fourth quarter showed an increase in sales with an improved EBITA result,

A strong quarter in northern Sweden

· Quarterly net sales increased by 5 percent and EBITA excluding items affecting comparability improved by 14 percent, with a strong contribution from business area North. · During the quarter, Varbergs Grävteknik AB was acquired, with annual sales of SEK 71 m. · Strong financial flexibility enables continued acquisitions, focusing on identified growth regions in SwedenMagnus Persson, CEO of Bellman Group, comments: Bellman Group has had a stable quarter, where the Group’s comprehensive offering and geographical breadth enables stabliity in times of economic uncertainty. The Group

Interim Report January–June 2023

Stable result · Quarterly net sales increased by 9 percent and EBITA excluding items affecting comparability improved by 2 percent, with a strong contribution from business areas North. · Continued strong cash flow from operating activities. · The acquisition strategy remains unchanged, focusing on identified growth regions in Sweden. · After the end of the quarter, on July 3, Varbergs Grävteknik AB was acquired with annual sales of SEK 71 m.Magnus Persson, CEO Bellman Group, comments; Bellman Group has had a stable quarter despite continued challenging market conditions

Interim Report January - March 2023

A strong first quarter · Quarterly net sales increased by 12 percent and EBITA excluding items affecting comparability improved by 156 percent,with a strong contribution from business areas East, West and North. · Continued good cash flow from operating activities, despite economic uncertainty. · Strong financial flexibility enables continued acquisitions in identified Swedish growth regions.Magnus Persson, CEO Bellman Group, comments: Bellman group got off to a good start in 2023, despite global economic uncertainty and increasingly challenging market conditions.  Both

Year-end Report 2022

Increased sales and strong earnings Quarterly net sales increased by 22 percent and EBITDA before items affecting comparability increased by 135 percent, due to organic and acquisition growth. Price increases for fuel and raw materials continue to put pressure on margins. Continued strong quarterly cash flow from operating activities. In 2022, annual net sales increased by 35 percent and EBITDA before items affecting comparability increased by 43 percent. The acquisition strategy remains firm, focusing on identified growth regions in Sweden."We can conclude that the fourth

Interim Report, January – September 2022

Establishment in Norrland · Quarterly net sales increased by 13 percent and EBITDA before items affecting comparability increased by 15 percent, with a strong contribution from the acquisitions of Holmgrens and Öhmans. · Norrland establishment accomplished through the acquisition of Bröderna Öhman AB. · Major price increases for fuel and raw materials put pressure on margins. · Strong cash flow from operating activities. · Successful expansion of existing corporate bond by SEK 250 m, providing the conditions for continued acquisitions in accordance with the Group’s

Bellman Group publishes prospectus and applies for admission of trading of corporate bonds

On 20 September 2022, Bellman Group AB (”Bellman Group” or the “Company”) announced its successful issue of SEK 250 million subsequent bonds (“Subsequent Bonds” or the “Issue”) under the Company’s existing senior secured bond framework 2021/2026 with ISIN SE0015221999 (the “Bonds”). Following the Issue, the total amount outstanding under the Bonds is SEK 1,150 million under the existing framework of SEK 1,500 million.According to the terms and conditions for the Bonds, the Company has undertaken to apply for admission to trading of the Subsequent Bonds on Nasdaq Stockholm, for which purpose

Bellman Group successfully issues subsequent bonds of SEK 250 million

Bellman Group AB (“Bellman Group” or the “Company”) has successfully issued SEK 250 million of subsequent bonds (“Subsequent Bonds” or the “Issue”) under the Company’s existing senior secured bond framework 2021/2026 with ISIN SE0015221999 (the “Bonds”). Following the Issue, the total amount outstanding under the Bonds is SEK 1,150 million.The Issue received strong interest from Nordic institutional investors and was well oversubscribed. The Bonds carry a floating interest rate of 3m STIBOR + 500bps and the Subsequent Bonds were placed at a price of 97.00% of par. The net proceeds from the

Bellman Group contemplates a SEK bond tap issue

Bellman Group AB (“Bellman Group” or the “Company”) has mandated Arctic Securities and Swedbank to arrange a series of fixed income investor meetings commencing on the 19 September 2022. A subsequent bond issue of up to SEK 250 million under the Company’s existing senior secured bond framework with ISIN SE0015221999 may follow, subject to inter alia market conditions.Bellman Group have since the initial bond issue continued to deliver on the Group’s growth strategy and completed several acquisitions where the senior secured revolving credit facility of SEK 250 million has as a result been

Interim Report, January - June 2022

Increased sales and earnings · Quarterly net sales increased by 45 percent and EBITDA before items affecting comparability increased by 51 percent,with a strong contribution from the Norrvidinge acquisition. · Major price increase for fuel and raw materials were partly compensated by contractual customer agreements and successful customer dialogues.   · The acquisition of Börje Holmgrens Åkeri AB, based outside Uppsala, was completed on June 1, 2022. · Bröderna Öhman AB, based in Norrland, was acquired after the end of the quarter. · The acquisition strategy remains firm,

Bellman Group completes acquisition of Bröderna Öhman

Bellman Group AB (“Bellman Group”) has today completed the acquisition of Bröderna Öhman AB which was announced on June 10, 2022.On June 10, 2022, Bellman Group entered into an agreement to acquire all shares in Bröderna Öhman, a company in northern Norrland with a comprehensive range of services in contracting, excavation, crushing, rock blasting, road and railway construction and mass handling. The acquisition was conditional on the Swedish Competition Authority's approval, which has been received and the entire cash consideration of SEK 165.6 million has been paid today. The owners of

Interim Report January – March 2022

Continued strong growth Quarterly net sales increased by 85 percent, with a strong contribution from the Norrvidinge acquisition. High market demand, but a global pandemic and the war in Ukraine have resulted in large price increases in fuels and raw materials, which has led to lower margins. Cash flow from operating activities improved during the quarter. The acquisition strategy remains firm, focusing on identified growth region in Sweden.“We live in a troubled world. A global pandemic has been accompanied by the war in Ukraine with major humanitarian consequences. This has reinforced

2021 Annual Report now published

Bellman Group has today published the Annual Report for the fiscal year 2021 including the Sustainability report, on www.bellmangroup.se.2021 was yet another eventful year for Bellman Group, a year marked by the pandemic and its effects, even if there was limited impact on the Group. Bellman Goup grew through the acquisition of Ivarssons and Norrvidinge, acquisitions that strengthen our offerings and geographical presence. “Bellman Group operates in an attractive market related to infrastructure investments, and we will keep developing our comprehensive offering and sustainability work.

Year-end report 2021

Strong growth - lower marginsQuarterly net sales increase above 120 percent, growth in all subsidiaries with a strong contribution of the Norrvidinge acquisition. High market demand has resulted in increased utilization of and price increases from subcontractors, which in combination with higher cost of fuel and other consumables, has lowered margins. Delayed permits, for new profitable landfills, also affected the Group margins. Group full year 2021 EBITDA before items affecting comparability improved by 20 percent. “The final quarter of the year generated a continued strong sales

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