Q1 2026 Beijer Ref AB (publ) Earnings Call Transcript
Key Points
- Beijer Ref AB (FRA:BRZ0) reported stable development across most markets, with organic growth being flat but acquisitions adding 3% to growth.
- Margins improved in the US and APAC regions, with a stable overall margin performance despite some currency headwinds.
- The company maintained positive cash flow and demonstrated strong cash flow management, even while building inventory for the upcoming summer season.
- The green OEM segment, including SCM Frigo and Fenagy, showed strong order intake and record backlogs, indicating robust demand.
- The company has a strong acquisition pipeline and is well-positioned for future expansion, supported by a solid balance sheet.
- Organic growth was flat for the quarter, impacted by weather-related branch closures in the US and tough comparisons in parts of Europe.
- Currency headwinds negatively affected financial results, with a 4% decrease in EBIT compared to the previous year.
- The EMEA region experienced margin dilution due to acquisitions and currency effects, with some headwinds from strong prior-year comparisons.
- The North American market faced challenges due to extreme weather, leading to branch closures and impacting sales.
- Despite stable cash flow, the company acknowledges ongoing opportunities for improvement in inventory efficiency and working capital management.
Welcome to the Beijer Ref Q1 presentation for 2026. (Operator Instructions) Now I will hand the conference over to the CEO, Christopher Norbye; and CFO, Joel Davidsson. Please go ahead.
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Good morning, and welcome, and thanks for calling in. Christopher over here together with Joel. So we'll go over some slides and explain a little bit how we look at the first quarter of the year. And then, of course, we'll have some Q&A to wrap it up. So maybe we'll get started right away.
So if you summarize this quarter, I would say stable is a very good word. As you all know, Q4 and Q1 for us are a somewhat smaller quarter as we're just now starting ramping up for the summer season in most of our key countries around Europe and the US.
But in general, we had a stable development in most of our markets across the world. Our organic growth for the quarter was flat. We had some effects of weather, if you remember, in the US closing down
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