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 Sweden

Magnus 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 is mainly exposed to infrastructure and industrial projects and has a low exposure to the uncertain housing market, which provides a solid foundation.

Quarterly net sales increased by five percent, of which three percent was organic growth. The increase was mainly due to business area North and a major industrial project in which three subsidiaries within the Group are active. This was partly offset by lower sales in business area West due to lower activity in the projects on the West Link as a result of project delays. Quarterly Group EBITA excluding items affecting comparability increased by 14 percent, of which 13 percent was organic growth. The earnings improvement was mainly due to the increase in net sales in business area North.

Overall, Bellman Group has a stable business and benefits from the Group's comprehensive offering and geographical spread. We are mainly involved in long-term infrastructure 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