Q2 2025 Beijer Ref AB (publ) Earnings Call Transcript
Key Points
- Beijer Ref AB (FRA:BRZ0) reported a strong Q2 with a 12% sales increase, excluding currency effects, and a 15% increase in EBITDA.
- The company achieved a record EBITDA margin of 12% for the first time, driven by strategic initiatives in private label synergies and acquisition purchasing.
- There was significant growth in the EMEA region, with a 17% increase, and stable organic growth, particularly in Eastern Europe.
- The company experienced strong double-digit growth in its green OEM segment, particularly with SCM Frigo products.
- Beijer Ref AB (FRA:BRZ0) reported a positive cash flow trend, with operational cash flow reaching SEK 1.1 billion year-to-date, up from SEK 900 million last year.
- Currency effects negatively impacted sales by 6%, affecting overall financial performance.
- The North American market faced challenges due to a shortage of refrigerants and adverse weather conditions, impacting sales.
- The APAC region experienced slower market conditions in Australia and New Zealand, particularly in the food retail sector.
- The transition to lower GWP refrigerants in North America is ongoing, with only 30-40% completion in Q2, potentially affecting short-term sales.
- The OEM segment faced setbacks in non-green projects, particularly in heat exchangers, which are expected to improve only in the second half of the year.
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(technical difficulty)
Welcome, everyone. Christian Norbye, Joel Davidsson here. Thanks for calling in. We'll get right started. I'm having short presentation of the second quarter, and then we'll go into some Q&A. So moving on to slide 3. So summarizing Q2, a very good quarter. Of course, there is some uncertainties out there. But as we described before, a very good and stable underlying business model, we believe we can navigate well in this environment as well.
And if you summarize on the financials, it was a very strong Q2 for us. Q2, it's usually our biggest quarter of the year, so a very important quarter. And with the sales increase of 12%, excluding currency, I'm sure we'll come back a little bit currency, 2% organic, one that working day, which is working days is very correlated to our business as we do a lot of daily trading.
So underlying, I would say, on organic side continue at the same pace as last quarter. Very good on the acquisition side,
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