Third quarter (1 October–31 December 2025)

• Revenue amounted to MSEK 1,257 (1,264).
• Operating profit (EBITA) increased by 12 percent to MSEK 135 (121) and the EBITA margin improved to 10.7 percent (9.6).
• Net profit increased by 13 percent to MSEK 61 (54) and earnings per share after dilution increased to SEK 2.15 (1.95).
• Cash flow from operating activities totalled MSEK 125 (207).
• Two acquisitions were completed, with annual revenue of approximately MSEK 75.
• A new divisional structure was introduced.

Nine months (1 April–31 December 2025)

• Revenue amounted to MSEK 3,703 (3,661).
• Adjusted for items affecting comparability, operating profit (EBITA) increased by 11 percent to MSEK 398 (360) and the adjusted EBITA margin improved to 10.7 percent (9.8).
• Net profit totalled MSEK 152 (167).
• Cash flow from operating activities amounted to MSEK 419 (481).
• Eight acquisitions have been completed, one of which after the end of the period, with total annual revenue of approximately MSEK 520.
• For the most recent 12-month period, adjusted earnings per share after dilution amounted to SEK 8.50. Earnings per share after dilution amounted to SEK -2.50 (-1.95 for the 2024/2025 financial year).
• Logistikpartner i Ulricehamn AB was divested on 13 January.

CEO’s comments
Earnings continue to improve, with strong cash flow and a more robust profitability
We are continuing to improve our earnings, despite persistent market variations in both construction and industry. Operating profit (EBITA) increased to MSEK 135 for the quarter, an improvement of 12 percent, in spite of the divestments we conducted which corresponded to annual EBITA of just over MSEK 45. We also improved our EBITA margin by 1.1 percentage points to 10.7 percent.

After several quarters of negative organic revenue growth, partly due to a deliberate phase-out of certain business, it is encouraging that we can once again report revenue growth of 4 percent for comparable units. This comes while Luna, which is in a transition phase, has reduced its revenue in the quarter. Our profitability (P/WC) was positive and now amounts to 35 percent. Cash flow from operating activities remains strong, highlighting our ability to increase our capital efficiency while also increasing our profit. Adjusted earnings per share continued to improve and we delivered SEK 8.50 per share for the rolling 12-month period, compared with SEK 7.55 for the year-earlier period.

Overall, the quarter was a reflection of the business acumen, adaptability and operational discipline of our Group and our companies.

Structural measures for an even stronger B&B
In recent quarters, we divested Skydda Nordic, Luna Baltic and Fastit Asia. We continued to refine and strengthen the Group, and after the end of the period Logistikpartner i Ulricehamn AB, a logistics company that provide logistics services to our B&B companies with marginal impact on earnings, was divested. This marked an additional step in our long-term strategy to build a portfolio of profitable, market-leading niche companies. During the quarter, we continued to execute our acquisition agenda, completing two acquisitions in the UK.

To strengthen the Group’s long-term conditions for profitable growth and create more opportunities for acquisition-driven expansion, we have now established a fourth division. At the same time, we have transferred some companies between divisions to strengthen our strategic focus and operational efficiency. The Group is divided into Core Solutions, Safety Technology, Machinery & Equipment and PPE & Utilities. PPE & Utilities includes company in personal protective equipment and consumables as well as the wholesaler Luna. These companies primarily conduct sales through construction and industrial resellers in the Nordic region. This division is headed by Jan Lundmark, who has held senior roles within B&B for 20 years, most recently as CEO of Guide Gloves. Machinery & Equipment includes our machinery, equipment and services offerings. It is headed by Johan Cederstrand, who has returned to B&B after a period of time away from the Group. The companies in this division have performed well historically, with good margins and profitability, and I expect the division will soon return to its previous levels. As before, Core Solutions and Safety Technology are headed by Mats Gullbrandsson and Eric Persson, respectively.

This change provides us a strong and experienced management team with a deep understanding of how we work and an excellent ability to execute on plans, which will allow us to continue delivering organic profit growth and to act on our value-creating acquisition agenda.

Stable outlook for 2026 despite prevailing uncertainty
The geopolitical situation is difficult to assess. There are certainly macroscenarios that could throw a wet blanket on some of the more positive developments that were prevailing when we rang in the New Year, such as increased investments in the Nordic construction sector. However, we believe that there are still good opportunities for a gradual increase in demand in 2026, though historically speaking it often takes several quarters before new customer investments impact order intake at our companies.

Our strategy remains unchanged: build a portfolio of niched, highly profitable technology companies with strong market positions and attractive growth potential. As demand in construction and industry grows, our “acquisition engine” and our “organic engine” are both well positioned to shift up a gear.

Stockholm, February 2026

Magnus Söderlind
President & CEO