Lower sales and earnings
Quarterly net sales declined by 16 percent and EBITA excluding items affecting comparability declined by 57 percent.
Free cash flow from operations amounted to SEK 28 m, slightly lower than in the same quarter last year.
The market remains challenging, and broader recovery is expected to take at least twelve months.
The Group is implementing proactive measures to strengthen sales and reduce costs.
Magnus Persson, CEO of Bellman Group comments:
"The third quarter was characterized by continued weak demand and notable price pressure in several regions. Revenue, earnings, and cash flow declined compared with the same quarter last year. However, we remain committed to our plan and are working proactively on customer relations, reducing administrative costs, and prioritizing on executing transactions with an emphasis on profitability. Historically large investments in infrastructure and defense are planned for the coming years, but decision-making in these areas is delayed. The market is therefore expected to take off only in the latter part of next year."
| Financial overview | |||||
| SEK m (unless stated otherwise) | Q32025 | Q32024 | YTD2025 | YTD2024 | Year-end 2024 |
| Net Sales | 875.3 | 1,047.6 | 2,919.0 | 3,410.5 | 4,577.5 |
| EBITA excluding items affecting comparability | 19.0 | 44.1 | 150.6 | 191.1 | 273.4 |
| EBITA margin excluding items affecting comparability, % | 2.2 | 4.2 | 5.2 | 5.6 | 6.0 |
| Operating profit (EBIT) | 13.2 | 41.7 | 129.6 | 181.9 | 256.3 |
| Operating margin, % | 1.5 | 4.0 | 4.4 | 5.3 | 5.6 |
| Net profit | 7.8 | 4.7 | 24.3 | 57.4 | 100.8 |
| Basic and diluted earnings per share, SEK | 3.8 | 2.1 | 11.6 | 26.9 | 47.6 |
| Cash flow from operating activities | 28.5 | 34.6 | 132.5 | 95.2 | 239.1 |
This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 20-11-2025 13:34 CET.
For more information:
Magnus Persson, CEO Bellman Group
Tel: +46 (0) 70 583 52 30
E-post: magnus.persson@bellmangroup.se
Fredrik Breitung, CFO Bellman Group
Tel: +46 (0) 70 340 76 79
E-post: fredrik.breitung@bellmangroup.se
About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden. In 2024, net sales for the Group were SEK 4.6 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 800 employees and approximately 1.600 subcontractors. The parent company's corporate bonds are listed on Nasdaq Stockholm. Bellman Group is a group of strong growth with an explicit acquisition strategy. www.bellmangroup.se