Interim Report January – March 2024

A good start to 2024

• Quarterly net sales increased by 17.3 percent, of which 11.6 percent was organic growth.
• EBITA excluding items affecting comparability improved by 16.6 percent, of which 13.2 percent was organic growth.
• Business areas North and South contributed with significantly improved net sales and earnings.
• Cash flow from operating activities was lower than expected.

Magnus Persson, CEO of Bellman Group, comments:

Bellman Group got off to a good start in 2024 with both sales and earnings growth, despite economic uncertainty in our operating environment. Our business has only been marginally affected by the high inflation and high interest rates. We continue to see investments in large infrastructure and industrial projects in the country's growth regions, especially in western Sweden and in Norrland, which provides stability for our operations.

Quarterly net sales increased by 17.3 percent, of which 11.6 percent was organic growth. All business areas -North, South and West - contributed to this growth, mainly through two large industrial projects in North and West where several subsidiaries within the Group are active, and due to two acquisitions in South in the second half of 2023. Quarterly Group EBITA excluding items affecting comparability increased by 16.6 percent, of which 13.2 percent was organic growth. The earnings improvement was mainly due to business areas North and South, while business area West could not demonstrate satisfactory profitability due to temporary production inefficiencies, which have now been addressed.

Quarterly net sales increased by 17.3 percent, of which 11.6 percent was organic growth. All business areas - North, South and West - contributed to this growth, mainly through two large industrial projects in North and West where several subsidiaries within the Group are active, and due to two acquisitions in South in the second half of 2023. Quarterly Group EBITA excluding items affecting comparability increased by 16.6 percent, of which 13.2 percent was organic growth. The earnings improvement was mainly due to business areas North and South, while business area West could not demonstrate satisfactory profitability due to temporary production inefficiencies, which have now been addressed.

For more information, please contact:

Magnus Persson, vd
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