Slide 1: Interim Q1 2024
Interim Q1 2024 INTERIM REPORT Q1 2024 1
Slide 2: Table of Content
1. Highlights TABLE OF 2. Financials CONTENT 3. Summary 4. Q&A INTERIM REPORT Q1 2024 2
Slide 3: Beijer Ref in brief
Beijer Ref in brief Net sales Employees Markets Branches Customers 32 452 6 175 45 500+ 200 000+ (LTM MSEK) INTERIM REPORT Q1 2024 3
Slide 4: Highlights Q1 2024 – Group
Highlights Q1 2024 – Group MSEK Net sales and EBITA, excl. IAC, % 10 000 Good start to the year 8 000 9,5% 9,5% 7,4% 8,3% Sales at 7 680 MSEK (7 378), an increase of 4% 6 000 4 000 • Organic sales decreased by 4% (LY +15%) 7 378 7 680 2 000 3 731 4 903 • Acquisition impact of +9% 0 • FX impact of 0%
Slide 5: Highlights Q1 2024 – Group
Highlights Q1 2024 – Group MSEK Organic sales per product segment Sales split 8 000 -4% 7 000 • Product segment HVAC had a negative organic growth in Q1 of 7% – mainly due to a very strong Q1 2023 (+17%), driven by 6 000 35% the energy situation in Europe 2022/2023, and two less trading 5 000 -7% da
Slide 6: Highlights Q1 2024 – Division EMEA
Highlights Q1 2024 – Division EMEA A quarter affected by high comps and two less trading MSEK Q1 24 Q1 23 Change, % R12 12M 23 days Net sales 4 650 4 903 -5 20 001 20 254 • Division EMEA reported YoY growth of -5% – as the quarter was Of which currency effect, % 0,5 affected by high comps (+26%) and
Slide 7: Highlights Q1 2024 – Division APAC
Highlights Q1 2024 – Division APAC Strong quarter MSEK Q1 24 Q1 23 Change, % R12 12M 23 • Sales in the quarter increased by 17%, excluding currency Net sales 1 566 1 389 13 5 810 5 633 effects, – driven by our acquired business in South Korea and Of which currency effect, % -4,3 strong development i
Slide 8: Highlights Q1 2024 – Division North America
Highlights Q1 2024 – Division North America Our US platform continues to grow MSEK Q1 24 Q1 23 Change, % R12 12M 23 • Sales growth in the quarter of 33%, primarily driven by Net sales 1 486 1 118 33 6 705 6 336 acquisitions and that Heritage Distribution is included in the Of which currency effect,
Slide 9: Financials Q1 2024
Financials Q1 2024 Organic EBITA EPS change Sales growth growth (change in EBITA, %) (change in %) 4% 4% -4%* -4% * Excl. IAC and adjusted to reflect the same average number of outstanding shares for both periods, the change in EPS amounts to -13% INTERIM REPORT Q1 2024 9
Slide 10: Sales
Financials Q1 2024 – Sales MSEK 8 500 8 000 +9% 7 500 0% -4% 37 636 298 7 000 7 680 7 378 0 Q1 23 FX Organic M&A Q1 24 INTERIM REPORT Q1 2024 10
Slide 11: Sales development, %
Financials Q1 2024 – Sales development, % % 55 50 45 40 35 30 25 50 46 20 42 37 38 36 15 31 30 31 25 10 13 5 7 4 0 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 INTERIM REPORT Q1 2024 11
Slide 12: HVAC organic sales development, %
Financials Q1 2024 – HVAC organic sales development, % % 45 40 35 30 25 20 42 15 29 26 10 20 17 15 12 15 5 6 0 -1 -5 -8 -7 -11 -10 -15 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 INTERIM REPORT Q1 2024 12
Slide 13: EBITA
Financials Q1 2024 – EBITA +4% 702 733 9,5 9,5 Q1 23 Q1 24 Q1 23 Q1 24 EBITA MSEK EBITA % INTERIM REPORT Q1 2024 13
Slide 14: EBITA development
Financials Q1 2024 – EBITA* development MSEK % 1 100 11,7 12 11,3 1 000 11 10,4 10,4 900 9,8 9,5 9,5 9,5 10 800 9 700 8,3 600 8 500 1 016 7 959 400 702 721 733 6 300 618 622 570 5 200 407 100 4 0 3 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 EBITA EBITA % * Excluding items affecting compar
Slide 15: P&L
Financials Q1 2024 – P&L MSEK Q1 2024 Q1 2023 Change, % R12 12M 2023 Sales 7 680 7 378 4% 32 452 32 150 EBITA excl. items affecting comparability (IAC) 733 702 4% 3 429 3 398 EBITA margin excl. IAC, % 9,5% 9,5% 10,6% 10,6% IAC - - -60 -60 EBITA 733 702 3 369 3 338 EBIT excl. IAC 684 666 3% 3 237 3 2
Slide 16: Earnings per share
Financials Q1 2024 – Earnings per share SEK 1,0 -13% 0,9 -4% 0,8 0,7 0,6 0,5 0,91 0,4 0,82 0,79 0,79 0,3 0,2 0,1 0,0 Q1 23 Q1 24 Q1 23* Q1 24 * Excl. IAC and adjusted to reflect the same average number of outstanding shares for both periods INTERIM REPORT Q1 2024 16
Slide 17: Operating cash flow
Financials Q1 2024 – Operating cash flow MSEK 1 100 1 000 900 115 800 101 700 128 600 9 500 917 400 300 582 200 100 0 EBITDA Working capital CapEx Leasing Other Q1 24 INTERIM REPORT Q1 2024 17
Slide 18: Operating cash flow
Financials Q1 2024 – Operating cash flow MSEK 2 000 1 500 1 000 1 810 500 1 084 633 582 307 0 -295 -209 -196 -358 -500 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 INTERIM REPORT Q1 2024 18
Slide 19: Net debt
Financials Q1 2024 – Net debt Net debt Net debt / EBITDA* excl. leasing and pension MSEK Q1 24 Q1 23 2,6 2,5 LTM EBITDA excl. IAC 4 144 3 054 2,4 2,3 2,3 2,3 2,2 2,1 LTM EBITDA impact of leasing (IFRS 16) -603 -454 2,0 1,9 1,9 LTM EBITDA excl. leasing (IFRS 16) and IAC 3 541 2 600 1,8 1,7 1,6 Net de
Slide 20: Summary Q1
Summary Q1 Q1 – Solid start to the year with good profitability and positive cash flow • Total sales growth of 4% (organic -4%) – affected by high comps and two less trading days • EBITA growth of 4% with a margin of 9,5% – in line with Q1 23 • Strong operating cash flow of +582 MSEK – driven by lim
Slide 21: Q&A
Q&A INTERIM REPORT Q1 2024 21
Slide 22: Thank you
Thank you INTERIM REPORT Q1 2024 22