Beijer Ref reports record quarter as sales rise 20%
Sweden – Swedish HVACR distributor Beijer Ref has reported record third-quarter sales of SEK 11.64 billion, up 20%, supported by strong European air-conditioning demand, organic growth and acquisitions.
EBITA increased by 19% to SEK 1.35 billion, although the margin edged down to 11.6%. Operating cash flow reached a quarterly record of SEK 2.18 billion, while organic sales growth was 8%.
European HVAC demand drives growth
Beijer Ref’s HVAC business recorded organic growth of 10%, supported by a strong summer season in Western Europe.
HVAC sales across Europe, the Middle East and Africa increased by 24%, excluding currency effects, with particularly strong performance in the UK, France and Benelux.
The group’s original equipment manufacturing (OEM) business achieved organic growth of 19%, driven by demand for equipment using natural refrigerants.
Beijer Ref highlighted strong sales growth at SCM Frigo and Fenagy, which operate in natural-refrigerant refrigeration and heat pump technology. The group also reported strong OEM order books heading into the fourth quarter.
Acquisitions strengthen manufacturing operations
Beijer Ref signed agreements for four acquisitions during the quarter, representing combined annual sales of approximately SEK 3 billion.
These included Lithuanian heat pump and refrigeration manufacturer Refra, whose acquisition was completed in October, after the reporting period.
The results come ahead of Jonas Steen taking over as CEO on 1 November.
