Strong Cash flow, lower earnings
Quarterly net sales declined by 20 percent and EBITA excluding items affecting comparability declined by SEK 75.6 m.
Free cash flow from operating activities amounted to SEK 82 m, a significant improvement compared with the same quarter in the previous year.
Favourable Administrative Court ruling regarding Uppländska's blasting permit.
Acquisition of Väghyveltjänst Peter Gunnarsson AB (VHT), expanding Bellman Group's offering in infrastructure related services.
Agreement signed to acquire BS Åkeri Bengt Strömvall AB (Strömvalls) in Örebro, further strengthening Bellman Group's contract operations.
The Group continues to implement proactive measures to strengthen sales, adjust the cost base and improve cash flow, including a more coordinated and structured approach to accounts receivable.
Signed mass handling contract of SEK 658 m within Ostlänken Kolmården, with planned production start during the first half of 2027.
Historically large infrastructure investments have recently been announced by the Swedish Transport Administration. However, the market remains challenging, and a clearer recovery is expected only later in 2026.
Magnus Persson, CEO of Bellman Group comments:
"The first quarter of 2026 was characterised by a continued challenging market, with lower activity, postponed project starts with price pressure evident in several parts of the country. Against this backdrop, our revenue and earnings decreased compared with the previous year. At the same time, we delivered very strong free cash flow and exited the quarter with a strong cash position. During the quarter, we continued to prioritise profitability over volume, strengthen commercial efforts, adapt the cost base and work systematically with follow-ups, payment flows and resource utilisation."
| Financial overview1) | |||
| SEK m (unless stated otherwise) | Q1 2026 | Q1 2025 | Year-end 2025 |
| Net Sales | 835.1 | 1,038.7 | 4,002.5 |
| EBITA excluding items affecting comparability | -3.8 | 71.8 | 196.4 |
| EBITA margin excluding items affecting comparability, % | -0.5 | 6.9 | 4.9 |
| Operating profit (EBIT) | -7.6 | 63.0 | 161.9 |
| Operating margin, % | -0.9 | 6.1 | 4.0 |
| Net profit | -28.2 | 16.4 | 6.5 |
| Basic and diluted earnings per share, SEK | -13.5 | 7.8 | 2.8 |
| Cash flow from operating activities | 81.7 | -1.7 | 248.7 |
1) The 2025 data include all legal entities for the period January-December, except for VHT. The 2026 data include all legal entities for the period January-March.
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 21-05-2026 13:08 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 2025, net sales for the Group were SEK 4.0 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
