Year-end Report 2025
Lower sales, improved cash flow
-
Quarterly net sales declined by 7 percent and EBITA excluding items affecting comparability declined by 44 percent.
-
Free cash flow from operating activities amounted to SEK 116 m, slightly lower than in the same quarter of the previous year, but higher for the full year. The cash position remains strong.
-
The market remains sluggish, and a broader recovery is not expected until the end of 2026.
-
The Group is therefore implementing proactive measures to strengthen sales and reduce costs, including a more coordinated and structured approach to accounts receivable.
Magnus Persson, CEO of Bellman Group comments:
"The fourth quarter was characterized by a continued weak market with intense competition and pronounced price pressure in several regions, reinforced by seasonal effects around Christmas and New Year. We remain committed to our plan and are working proactively on trade receivables, selectivity in our business, and measures to reduce our costs, with a clear focus on profitability and disciplined execution. Cash flow from operating activities improved compared with the previous year, and we have a strong cash position."
| Financial overview1) | ||||
| SEK m (unless stated otherwise) | Q4 2025 |
Q4 2024 |
YTD 2025 |
YTD 2024 |
| Net Sales | 1,083.5 | 1,166.9 | 4,002.5 | 4,577.5 |
| EBITA excluding items affecting comparability | 45.7 | 82.3 | 196.4 | 273.4 |
| EBITA margin excluding items affecting comparability, % | 4.2 | 7.1 | 4.9 | 6.0 |
| Operating profit (EBIT) | 32.3 | 74.4 | 161.9 | 256.3 |
| Operating margin, % | 3.0 | 6.4 | 4.0 | 5.6 |
| Net profit | -17.9 | 43.5 | 6.5 | 100.8 |
| Basic and diluted earnings per share, SEK | -8.8 | 20.7 | 2.8 | 47.6 |
| Cash flow from operating activities | 116.2 | 143.9 | 248.7 | 239.1 |
1) The 2024 data include all legal entities for the period January—December, except for Wixner & Rödin and Kraftverksbyggarna that are included for the period October—December.
The 2025 data include all legal entities for the period January—December.
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 24-02-2026 14:00 CET.
For more information:
Magnus Persson, CEO Bellman Group
Tel: +46 (0) 70 583 52 30
E-post: magnus.persson@bellmangroup.se
Fredrik Breitung, CFO Bellman Group
Tel: +46 (0) 70 340 76 79
E-post: fredrik.breitung@bellmangroup.se
About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden. In 2025, net sales for the Group were SEK 4.0 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 800 employees and approximately 1.600 subcontractors. The parent company’s corporate bonds are listed on Nasdaq Stockholm. Bellman Group is a group of strong growth with an explicit acquisition strategy. www.bellmangroup.se