Beijer Ref (BEIjb.ST): 2Q in-line, solid underlying growth

Research evidence excerpt

Beijer Ref (BEIjb.ST): 2Q in-line, solid underlying growth

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17 Jul 2026 03:19:27 ET │ 10 pages

Beijer Ref (BEIJb.ST)

2Q in-line, solid underlying growth

CITI'S TAKE

Neutral Beijer Ref’s 2Q26 results are in-line, but commentary around a solid

underlying development should reassure and support consensus Price (16 Jul 26 17:30) SKr143.50

expectations for an improved organic growth in 2H. Revenues are in-line Target price SKr143.00

with VA consensus and 1% above Citi, while EBITA is in-line with cons and Expected share price return -0.3%

Citi (12.1% margin is in-line with cons). Organic growth of +1% is above Expected dividend yield 1.2%

cons of +1.8% though better than Citi of +0.4%. Bejier calculates that Expected total return 0.8%

excluding Eastern Europe, the underlying organic growth was +5%.

Market Cap SKr69,043M

US$7,122M

Divisional detail — EMEA organic growth came in slightly better than we had

expected, at +1.3% vs Citi -1.3%. We had been cautious around the impact of the

tough comparables for the Cool4U business for the quarter, but the underlying

HVAC organic growth was better than we expected. Excluding Eastern Europe, Vivek Midha, CFAAC

EMEA organic growth was a healthy +8%. When combined with margins 20bps +44-20-7500-0732

above consensus, the EMEA division beat our and consensus expectations on EBITA vivek.midha@citi.com

by 5%. The North American division was weaker than expected, with -2.9% organic

growth vs Citi +2.2%, affected by a later start to peak season, but CEO commentary Martin Wilkie

suggests an improvement in June/July. +44-207-986-4077

martin.wilkie@citi.com

Implications — We don't expect major changes to consensus expectations, but with

Klas Bergelindconsensus expecting an improvement in organic growth in 2H26, an improving trend