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 acquisition strategy.

Magnus Persson, CEO of Bellman Group, comments:

"Overall, we delivered a stable result in the third quarter despite global economic uncertainty and increased market challenges. Tangible effects of higher interest rates and inflation reinforce the development of major price increases for fuel and raw materials, as well as delivery delays of material and production equipment. We continue to manage the cost increases well even if we do not get full coverage. At the same time, we see continued investments in large infrastructure projects in the Swedish growth regions, not least in Norrland, which is positive for our business.

Bellman Group has a broad comprehensive offering that includes infrastructure, housing, and industry- and commercial facilities with an emphasis on infrastructure. Even if our business is affected by a challenging market, I feel confident that the Group is built on a solid foundation. Our proven business model, with a variable remuneration and the fact that we always operate as a subcontractor, also contributes to operational flexibilbity."

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 16-11-2022 10:45 CET.

Contacts
Magnus Persson, CEO
magnus.persson@bellmangroup.se
+46 (0) 70 583 5230

Roger Axelsson, CFO
roger.axelsson@bellmangroup.se
+46 (0) 70 874 5041

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 2021, Group net sales were SEK 2.9 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 720 employees and approximately 1,500 subcontractors. The parent company’s corporate bond is listed on Nasdaq Stockholm.