Interim Report January–September 2024

A stable quarter

• Quarterly net sales increaInterised by 7.7 percent.
• EBITA excluding items affecting comparability improved by 2.8 percent.
• Continued strong growth in business area North.
• Stable cashflow flow from operating activities during the third quarter.

Magnus Persson, CEO Bellman Group, comments:

The third quarter of the year proved stable for Bellman Group, with improvements in both revenue and operating income, despite the ongoing economic downturn. This can primarily be attributed to large infrastructure and industrial projects, some of which are related to the green transition. However, we observe that the market remains somewhat cautious, and we are still awaiting the positive impacts of recent and anticipated
interest rate cuts.

Quarterly net sales increased by 7.7 percent, of which 6.0 percent was organic growth. This growth was mainly driven by large industrial projects within our Nord and West business areas, due to the green transition. EBITA, before items affecting comparability, improved by 2.8 percent this quarter, with organic growth accounting for 5.1 percent. This was mainly due to business area North and the mentioned industrial projects, though the East business area also saw improvements thanks to a favorable operational mix.

In the coming years, we anticipate an improved market for our entire offering. However, we currently perceive the market as somewhat cautious and are still awaiting the positive effects of implemented and expected interest rate cuts. In the meantime, we remain focused on delivering our core value—managing complex infrastructure and industrial projects to achive the best results for our customers.With another stable quarter, we take yet another step forward on this journey.

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 21-11-2024 14:30 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