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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

Interim report January-September 2021

Strong acquisitions and organic growthQuarterly net sales increased by 94.4 percent mainly driven by growth in all entities and strong contribution from the Norrvidinge acquisition in the south of Sweden. A high market demand has increased utilization of subcontractors, and in combination with higher fuel costs, has negatively affected gross profit. A favorable market with continued challenges linked to resources in the form of competence and machines. “We are back to pre-pandemic levels and see a strong market recovery, especially in our haulage business. Quarterly net sales increased

Interim report January-June 2021

Continued strong growth in the second quarter of the year. New acquisition with a strong base and solid establishment in the south of Sweden and a significant increase in net sales, despite continued challenges linked to resource and competence supply in an expansive market.“Like the first quarter of the year, the second quarter has shown solid growth. We welcomed Norrvidinge into the Bellman Group, which has established a strong base for Bellman Group in the south of Sweden. The quarter shows a significant increased Group net sale (SEK 662.2 million), an increase of 45.7 percent compared

Bellman Group completes acquisition of Norrvidinge

Bellman Group AB (“Bellman Group”) has today completed the acquisition of Norrvidinge (“Norrvidinge”) consisting of Norrvidinge Lastbilscentral AB, Grus & Makadam Syd AB and EliaExpress i Halmstad AB, which was announced on 21 April, 2021.On 21 April, 2021 Bellman Group entered into an agreement to acquire Norrvidinge, a company providing haulage and machine services, as well as civil engineering materials, across southern Sweden. Norrvidinge has 169 employees and employs 195 subcontractors involving more than 350 transport and machine units with drivers. The purchase consideration is

Interim report January – March 2021

Strong start to 2021First quarter, January – March 2021 · Net Sales amounted to SEK 466.2 m (387.8), an increase of 20.2%. · EBITDA before items affecting comparability amounted to SEK 67.6 m (48.5),an increase of 39.3%. The EBITDA margin before items affecting comparabilityamounted to 14.5% (12.5). · EBITDA amounted to SEK 63.7 m (45.3), an increase of 40.7%. The EBITDAmargin amounted to 13.7% (11.7). · Operating profit (EBIT) amounted to SEK 33.7 m (22.1), an increase of52.4%. The operating margin amounted to 7.2% (5.7). · Net profit for the quarter amounted to

Bellman Group AB´s Annual Report 2020 now available

Bellman Group has today published the Annual Report 2020 including the Sustainability Report on www.bellmangroup.seCompared with the year-end report, which was published on February 19, 2021 untaxed reserves for the Parent Company have been reclassified. This affects the Parent Company's earnings, which decrease by SEK 8.6 million, as well as the Parent Company's equity, which is reduced by the corresponding amount.

Bellman Group AB acquires Norrvidinge

Bellman Group has signed an agreement to acquire Norrvidinge[1], a company providing haulage and machine services, as well as civil engineering materials, across southern Sweden. The Norrvidinge group has a similar structure to Bellman Group, and the acquisition is another step in the strategy of creating a complete provider for the construction and civil engineering sector. Bellman Group did not previously have a presence in southern Sweden, where Norrvidinge has very strong positioning. The purchase consideration is SEK 283 m, paid in cash and through a vendor take-back. A

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

On 27 January 2021, Bellman Group AB (”Bellman Group”) announced its successful issue of corporate bonds on an amount of SEK 900 million within a framework amount of SEK 1.5 billion (the “Bonds”).The Bonds have a tenor of 5 years and bear a floating rate of 3 months STIBOR plus 500 basis points and have a final redemption date falling on 10 February 2026. According to the terms and conditions for the Bonds, the company has undertaken to apply for admission to trading of the Bods on Nasdaq Stockholm, for which purpose a listing prospectus has been drafted which has been approved by the

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