Interim Report January–June 2024

Continued growth

• Quarterly net sales increased by 17.7 percent, of which 11.5 percent was organic growth.
• EBITA excluding items affecting comparability improved by 22.2 percent, of which 21.3 percent was organic growth.
• All business areas contributed with significantly improved earnings.
• Strong cash flow from operating activities during the second quarter.

Magnus Persson, CEO Bellman Group, comments:

During the second quarter of 2024, Bellman Group’s positive development has continued with both sales and earnings growth. Our business was only affected to a limited extent by the high inflation and the high interest rates. The Group is mainly exposed to large infrastructure and industrial projects within the country's growth regions, which enables a solid business foundation.

Quarterly net sales increased by 17.7 percent, of which 11.5 percent was organic growth. The increase was mainly due to major industrial projects in business area North and West, where several subsidiaries within the Group are active, as well as to two acquisitions in business area South related to the second half of 2023. Quarterly Group EBITA excluding items affecting comparability increased by 22.1 percent, of which 21.3 percent was organic growth. The improvement in earnings was mainly due to business area North and was a result of high efficiency in production related to a large industrial project. Other business areas also improved their results in the second quarter. Order intakes are on a par with last year and several of our subsidiaries are working on projects that run for a longer period. The collaboration between the subsidiaries is deepening, which results in new business opportunities and at the same time provides an exchange of experience and improved processes.

Overall, Bellman Group has so far been relatively unaffected by the recession. A broad comprehensive offering, a large geographical spread, and exposure to long-term infrastructure and industrial projects enables stable income over time.

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 28-08-2024 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 2023, Group net sales were SEK 4.2 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 770 employees and approximately 2,000 subcontractors. The parent company’s corporate bond is listed on Nasdaq Stockholm. www.bellmangroup.se