BE Group (BEGR) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 decreased by 8% year-over-year to SEK 1,022 M, mainly due to weak demand and lower volumes, especially in Sweden.

• Operating result improved to SEK 8 M from SEK -12 M, supported by inventory gains and cost efficiencies.

• Earnings per share rose to SEK 0.25 from SEK -1.08, and profit after tax increased to SEK 5 M from SEK -14 M.

• Finnish operations showed recovery and improved efficiency, while Swedish operations remained challenged, particularly in construction.

Financial highlights

• Gross profit increased to SEK 133 M (from SEK 115 M), with gross margin rising to 13.0% (from 10.4%).

• Underlying operating result (uEBIT) was SEK -2 M, unchanged year-over-year.

• Cash flow from operating activities was SEK -14 M, impacted by higher working capital.

• Net debt (excl. IFRS 16) stood at SEK 339 M, with an equity ratio of 41.0%.

Outlook and guidance

• Construction segment recovery is expected to continue, mainly in infrastructure, but at a slower pace due to weak Nordic housing markets.

• Steel prices in Europe and the Nordics rose 3–5% in Q1 and are expected to keep increasing in Q2, driven by CBAM, protective measures, and higher costs.

• Focus remains on sales intensification in growing segments, margin optimization, and restoring Finnish operational efficiency.