Beijer Alma (BEIA) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong results with 8.2% net revenue growth to MSEK 1,960, driven by both organic and acquisition-led expansion, especially in the Nordics and industry segment.

• Order bookings rose 8.5% to MSEK 2,034, with organic growth of 4% and acquisitions contributing 5%.

• Three acquisitions completed: International Industrial Springs (India), Swemas (Sweden), and UPH (Finland), supporting growth strategy.

• Market conditions remain unstable, but the group achieved good performance, with Lesjöfors as a major contributor.

• Strategic focus is on margin improvement in Lesjöfors and continued organic and acquisition-driven growth in Beijer Tech.

Financial highlights

• Adjusted operating profit (EBITA) increased 8.1% to MSEK 282, with a stable margin of 14.4%.

• Adjusted EBIT reached MSEK 262, up 8% year-over-year; margin at 13.4%.

• Earnings per share rose 6.5% to SEK 2.60.

• Cash flow from operating activities increased to MSEK 52, up from MSEK 15 in Q1 2024.

• Net debt increased to MSEK 2,585, with net debt/adjusted EBITDA at 2.0x.

Outlook and guidance

• Margin improvement is a key target, aiming for Lesjöfors to return to a 20% margin and Beijer Tech to increase margins by 3-4 percentage points over time.

• Management continues to prioritize organic growth and improved profitability while seeking further acquisitions.

• Q2 demand trends are uncertain, with no clear forecast yet.

• Alcomex is expected to show gradual margin improvement through cost reductions, with some one-off costs in Q2.

• Demand remains favorable in the Nordics, with mixed trends in other regions; US sales declined due to a specific project.