Year-end Report 2022

Increased sales and strong earnings

Quarterly net sales increased by 22 percent and EBITDA before items affecting comparability increased by 135 percent, due to organic and acquisition growth.

Price increases for fuel and raw materials continue to put pressure on margins.

Continued strong quarterly cash flow from operating activities.

In 2022, annual net sales increased by 35 percent and EBITDA before items affecting comparability increased by 43 percent.

The acquisition strategy remains firm, focusing on identified growth regions in Sweden.

"We can conclude that the fourth quarter delivered a strong sales increase with a significantly improved operating profit, despite economic uncertainty and increased market challenges. The effects of higher inflation and interest rates reinforce the development of major price increases for fuel and raw materials, as well as delivery delays of material and production equipment. We see continued investments in large infrastructure projects in the Swedish growth regions, not least in Norrland, which is positive for our business", says Magnus Persson, CEO of Bellman Group.

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 23-02-2023 13:33 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 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.