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, despite times of economic uncertainty. Our business has only been limitedly affected by the high inflation and high interest rates. We continue to see investments in large infrastructure and industrial projects in the country's growth regions, which is positive as the Group has a large exposure to these market segments.

Quarterly net sales increased by 12.6 percent, of which 8.6 percent was organic growth. The increase was due to all business areas, but primarily to North and West as a result of two large industrial projects in which several subsidiaries within the Group are active. Quarterly Group EBITA excluding items affecting comparability increased by 6.0 percent. The earnings improvement in the fourth quarter was mainly due to the acquisitions of VG-teknik and Värnamo

Overall, Bellman Group has so far been relatively unaffected by the changed market conditions. We have a stable business, and we benefit from the Group's comprehensive offering and geographical spread. We are involved in long-term infrastructure and industrial projects that provide stable revenues over time. I am very pleased that the Group's subsidiaries are cooperating on an increasing number of projects, which bodes well for the future.

For more information, please contact:

Magnus Persson, CEO
magnus.persson@bellmangroup.se
+46 (0)70 583 52 30

Roger Axelsson, CFO
roger.axelsson@bellmangroup.se
+46 (0)70 874 50 41

About Bellman Group
Bellman Group is a construction company undergoing strong growth with a pronounced acquisition strategy. The Group operates in rock blasting, excavation, haulage, and handling of masses in Sweden. In 2022, Group net sales were SEK 3.9 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 720 employees and approximately 1,700 subcontractors. The parent company’s corporate bond is listed on Nasdaq Stockholm. www.bellmangroup.se