Fourth quarter (1 January–31 March 2025)

• Revenue rose by 8 percent to MSEK 1,311 (1,214).
• EBITA increased by 8 percent to MSEK 125 (116) and the EBITA margin was 9.5 percent (9.6).
• Impairment of goodwill related to the Safety Technology division (resulting from the expected divestment of Skydda) had a negative impact of MSEK 270 on EBIT.
• Adjusted EBIT totalled MSEK 101 (97).
• Net loss totalled MSEK -207 (49).
• Cash flow from operating activities totalled MSEK 28 (94).

12 months (1 April 2024–31 March 2025)

• Revenue rose by 5 percent to MSEK 4,972 (4,723).
• EBITA increased by 11 percent to MSEK 485 (438) and the EBITA margin improved to 9.8 percent (9.3).
• Impairment of goodwill related to the Safety Technology division (resulting from the expected divestment of Skydda) had a negative impact of MSEK 270 on EBIT.
• Adjusted EBIT totalled MSEK 399 (372).
• Net loss totalled MSEK -40 (201).
• Earnings per share for the 2024/2025 operating year totalled SEK -1.95 (7.15) before and after dilution. Adjusted earnings per share amounted to SEK 8.05 (7.15) after dilution.
• Cash flow from operating activities totalled MSEK 509 (636).
• Eight acquisitions have been completed, two of which after the end of the period, with total annual revenue of approximately MSEK 520.
• An agreement was signed with Ahlsell to divest the Nordic operations of the subsidiary Skydda, on 27 March.
• The Board proposes a dividend of SEK 4.00 (3.80) per share.

CEO’s comments

A quarter and full year of increased profit and profitability
During the year we have strengthened the group, increased profit, improved profitability and strengthened EBITA margin, despite a weaker underlying market. EBITA increased by 11 percent during the year to MSEK 485 and the EBITA margin improved 0.5 percentage points to 9.8 percent. Lower net financial items led to an improvement of 14 percent in underlying EBT to MSEK 297. Adjusted earnings per share amounted to SEK 8.05, an increase of 13 percent and a new record high.

In the fourth quarter, EBITA rose by 8 percent to MSEK 125, and lower net financial items led to an increase of 23 percent in underlying EBT to MSEK 80. Our focus on profitability has yielded results, with the return on working capital (P/WC) improving 5 percentage points to 31 percent.

I’m especially proud of how, over the past year, we’ve reinforced our approach to business acumen, decentralization, management by objectives, and acquisitions, while also positioning our investments to drive higher earnings and profitability across all three divisions. EBITA increased by 7 percent for Core Solutions, 18 percent for Safety Technology and 11 percent for Industrial Equipment. Industrial Equipment and Core Solutions achieved EBITA margins above 10 percent, while Safety Technology improved its margin by more than 1 percentage point to 8.3 percent – moving a step closer to a double-digit margin.

Structural changes for a stronger Group
Our basic approach is to be a long-term and responsible owner. At the same time, this does not mean that we are opposed to evaluating whether we are the right owner for any individual company. We therefore introduced structural measures during the year in areas of the Group where we did not see a long-term strategic match.

During the quarter an agreement was signed to divest Skydda’s Nordic operations to Ahlsell. We have owned Skydda since it was founded in 1994, and I am proud and happy that we have found a structural solution that will be good for the company’s employees, customers and suppliers. With Ahlsell as the new owner of Skydda, we see opportunities to increase our product companies’ sales volumes to Ahlsell in the area of personal protective equipment. Skydda’s operations outside the Nordic region will not be affected by the transaction and will remain an important sales channel outside the region for our personal protective equipment product companies.

Expanding the acquisition strategy
During the year, we expanded our acquisition strategy to increase our exposure to technological areas with high growth potential. Our focus is on niche B2B technology companies with strong market positions and proven earnings abilities, primarily in the Nordic region and the UK. To clarity our expanded focus we changed the names of our divisions during the year to Core Solutions, Industrial Equipment and Safety Technology.

As part of our risk diversification strategy, we also reduced our exposure to the Nordic construction and industrial market, particularly to sales through resellers. The UK has become our fourth-largest market in terms of organic growth as well as acquisitions. We see good future opportunities to continue adding highly profitable niche companies to the Group, and we’ve taken steps to support a faster acquisition pace.

Six highly profitable acquisitions during the year – two after year-end
We completed six acquisitions during the year. Maskinab, Ovesta, Collinder and Labsense were add-on acquisitions in niches where we already operate, while Spraylat and Levypinta allowed us to establish a presence in new niches. The companies have aggregate annual revenue of about MSEK 380, with high profitability and good growth conditions. After year-end, we acquired two more highly profitable companies, Ontec and Raintite, enabling us to establish a presence in two new and attractive niches.

Our successes of the past year would not have been possible without our dedicated and talented employees, whose work was essential to the operational improvements, structural changes and acquisitions carried out in the Group. I would therefore like to extend my warmest thanks to all of my B&B colleagues for their valuable contributions to the Group’s continued development.

Outlook – profit growth despite an uncertain operating environment
Over the past year, we have streamlined the Group in order to continue refining our business and to increase both profit and profitability going forward. The Group’s export sales to the US account for approximately 2 percent of its revenue. How the uncertain geopolitical situation will impact the construction and industrial market in northern Europe is difficult to predict, and I have the utmost respect for this sense of uncertainty. However, our decentralised model has proven to be robust and our broad exposure in niche B2B technology companies offers long-term growth potential as we quickly adapt to the current market conditions. Despite an uncertain global operating environment and uncertainty as to when the economy will pick up, I am confident about the future and look forward to continuing to develop the Group together with our employees.

Stockholm, May 2025

Magnus Söderlind
President & CEO