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 part of the circular flow.
Magnus Persson, CEO of Bellman Group comments:
"The first quarter, like the fourth quarter of last year, was characterized by very strong growth in the North business area, while the rest of the market remained challenging. During the quarter, the Group’s revenue declined, but earnings improved notably, driven by a significantly strengthened gross margin and further supported by improved cash flow from operations. We observe that many projects are being planned across Sweden and maintain a cautiously optimistic view of the market situation, although a certain degree of caution and delay persists."
| FINANCIAL OVERVIEW | |||
| Q1 | Q1 | Year-end | |
| SEK m (unless stated otherwise) | 2025 | 2024 | 2024 |
| Net Sales | 1 038,7 | 1 135,7 | 4 577,5 |
| EBITA excluding items affecting comparability |
71,8 | 64,6 | 273,4 |
| EBITA margin excluding items affecting comparability, % | 6,9 | 5,7 | 6,0 |
| Operating profit (EBIT) | 63,0 | 59,1 | 256,3 |
| Operating margin, % | 6,1 | 5,2 | 5,6 |
| Net profit | 16,4 | 17,3 | 100,8 |
| Basic and diluted earnings per share, SEK | 7,8 | 8,2 | 47,6 |
| Cash flow from operating activities | -1,7 | -16,9 | 239,1 |
This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 22-05-2025 14:00 CET.
For more information:
Magnus Persson, VD Bellman Group
Tel: +46 (0) 70 583 52 30
E-post: magnus.persson@bellmangroup.se
Fredrik Breitung, CFO Bellman Group
Tel: +46 (0) 70 340 76 79
E-post: fredrik.breitung@bellmangroup.se
About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden. In 2024, net sales for the Group were SEK 4.6 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 800 employees and approximately 1.600 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. www.bellmangroup.se