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Interim report January – March 2021

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Strong start to 2021

First 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 comparability amounted to 14.5% (12.5).
  • EBITDA amounted to SEK 63.7 m (45.3), an increase of 40.7%. The EBITDA margin amounted to 13.7% (11.7).
  • Operating profit (EBIT) amounted to SEK 33.7 m (22.1), an increase of 52.4%. The operating margin amounted to 7.2% (5.7).
  • Net profit for the quarter amounted to SEK -0.8 m (8.3).
  • Earnings per share, basic and diluted, equaled SEK -0.6 (3.7).
  • Cash flow from operating activities amounted to SEK
    21.3 m (13.4).

CEO Håkan Lind comments:

"There was strong progress during the first quarter, resulting in the Group achieving net sales of SEK 466.2 m with EBITDA of SEK 67.6 m, an increases of 20 and 39 percent respectively compared to the corresponding period last year. We’re seeing a clear recovery in the haulage sector, which is particulary pleasing.

We continue to deliver on our acquisition strategy and in the beginning of April we acquired Norrvidinge, a company with very strong positioning in southern Sweden with a turnover of over SEK 900 m. Norrvidinge has a similar structure and corporate culture to Bellman Group, and we are really looking forward to starting this partnership. Bellman Group now operates in all three metropolitan regions, which according to the Swedish Construction Federation’s latest report represent as much as 60 percent of the country’s total construction and civil engineering investments. The interest from other companies in the industry to join with us remains high and I expect the group to expand further during the year."

This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 20-05-2021 08:30 CET.

For additional information, please contact:

Håkan Lind, CEO

hakan.lind@bellmangroup.se

+46 (0)70 669 80 28                                                                   

Roger Axelsson, CFO

roger.axelsson@bellmangroup.se

+46 (0)70 874 50 41

About Bellman Group

Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden, primarily in the Stockholm and Gothenburg regions. The Group consists of Bellmans, which is a company active in machinery brokerage and haulage, Uppländska, which performs rockblasting operations, VSM, which carries out excavation work with large machinery, Samgräv, which is active in haulage, machine brokerage, mass handling and operation of own landfills, SÅCAB which is active in haulage and also owns a landfill south of Stockholm and Ivarssons, an excavation and civil engineering company mainly operating in the Gothenburg region.

In 2020, net sales for the Group were SEK 1.7 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 425 employees and approximately 1,000 subcontractors. The parent company’s corporate bonds are listed on Nasdaq Stockholm. Bellman Group is a group of strong growth with an explicit acquisition strategy.

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