BE Group interim report January – September 2026

Third quarter

• Net sales increased by 13% to SEK 974 M (859)
• The underlying operating result increased to SEK 4 M (-23)
• The operating result increased to SEK 4 M (-30), including inventory gains of SEK 5 M (0) and items affecting comparability of SEK -5 M (-7)
• Result after tax amounted to SEK 0 M (-29)
• Cash flow from operating activities amounted to SEK 24 M (48)
• Earnings per share amounted to SEK -0.01 (-1.95)

Statement from the CEO
Net sales increased to SEK 974 M (859), and the underlying operating result (uEBIT) improved to SEK 4 M (-23). Operating result, including items affecting comparability of SEK -5 M (-7), amounted to SEK 4 M (-30). The items affecting comparability relate to restructuring costs for the consolidation and streamlining of the sheet metal processing operations in Finland to Lapua. The change is expected to strengthen the customer offering and competitiveness and improve EBIT by approximately SEK 20 M annually, with full effect from 2028. The development demonstrates that the measures taken to strengthen margins, increase efficiency and improve commercial management are delivering results, although the level of earnings is not yet satisfactory.

Market
The Nordic steel market was characterized by a gradual but uneven recovery during the third quarter. Activity in the manufacturing industry was more stable than in the previous year, but demand varied and planning horizons remained short. The construction market continued to be weak, with stronger activity in infrastructure, energy and data center-related projects, while residential construction remained at a low level despite some signs of recovery. Competition and price pressure remained significant in parts of the distribution market.

Looking ahead to the fourth quarter, we expect steel demand in the Nordic region to continue to improve at a slow pace. The manufacturing industry is expected to show a positive development, while activity in the construction market is expected to continue to be driven primarily by industrial and infrastructure-related projects. Residential construction is expected to remain subdued, although some market indicators are showing signs of improvement from low levels. Overall, steel prices are expected to remain stable or increase slightly, supported by higher producer and energy costs and more limited supply in certain product areas. However, uncertainty in the external environment and customers’ short planning horizons mean that market developments will continue to require close monitoring.

Operations
Business area Finland continued to develop positively. Efforts related to pricing, product mix and margin improvement have yielded results. The stabilization of operational processes following the implementation of the new business system in the previous year has also contributed to the development, through improved ways of working and gradually higher operational efficiency. At the same time, deliveries of customized steel solutions to data center projects have been successful. The company’s expertise in project management, processing and logistics for this type of infrastructure-related project represents an important competitive advantage.

Business area Sweden was negatively affected by the weaker Swedish krona and a weaker-than-expected result in the reinforcement business. To improve the performance of the reinforcement business, structural measures to enhance profitability will be implemented during the fourth quarter, with tighter commercial management, an adjusted cost base and capacity, and a clearer focus on profitable customer and project segments.

The joint venture ArcelorMittal BE Group SSC AB continued to perform and made a positive contribution to the Group’s earnings during the quarter.

Our focus going forward
Our focus is to continue strengthening our result and accelerate the pace of structural improvements. During the fourth quarter, we continue to prioritize margin improvement, focused sales efforts in selected segments, higher productivity and strict capital discipline. Through consistent execution of the measures already decided, a sharper customer offering and improved operational delivery capabilities, we will gradually strengthen profitability, cash flow and BE Group’s competitiveness.

Johan Wiig
President and CEO