Interim Report January–June 2023

Stable result

• Quarterly net sales increased by 9 percent and EBITA excluding items affecting comparability improved by 2 percent, with a strong contribution from business areas North.
• Continued strong cash flow from operating activities.
• The acquisition strategy remains unchanged, focusing on identified growth regions in Sweden.
• After the end of the quarter, on July 3, Varbergs Grävteknik AB was acquired with annual sales of SEK 71 m.

Magnus Persson, CEO Bellman Group, comments;

Bellman Group has had a stable quarter despite continued challenging market conditions and economic uncertainty. The Group is mainly exposed to infrastructure and the ongoing investments in major infrastructure projects in Sweden, primarily in Norrland and western Sweden. This gives our business a solid foundation to stand on.

Quarterly net sales increased by 9 percent, mainly due to Holmgrens and Öhmans. Business area North significantly increased sales, primarily due to major infrastructure projects, while other business areas saw a slight decline in sales, partly related to a general market downturn and postponed projects. Quarterly Group EBITA excluding items affecting comparability increased by 2 percent, mainly driven by business area North.

Through its large exposure to infrastructure projects, Bellman Group has been able to increase sales during the year. Efforts to coordinate our subsidiaries in business areas and work across company boundaries are working well. By being involved early in the project planning processes and coordinating our resources in each business area, we have succeeded in increasing our market share.

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 30-08-2023 13:00 CET.

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.