120 years of generating value – 50 years on the stock exchange

Annual and Sustainability Report 2025/2026

Bergman & Beving is a Swedish industrial group that acquires and develops niche technology companies from a long-term ownership perspective. Its around 40 independent business units deliver productive, safe and sustainable solutions to the construction and manufacturing sectors, with annual revenue of approximately SEK 5 billion and around 1,300 employees in about 25 countries.

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120 years of generating value

Since its founding in 1906, Bergman & Beving has created value for customers, suppliers and shareholders through two world wars and multiple economic cycles – always with a focus on building long-term value and self-financed growth.

Since 2001, we have spun off three companies that now represent five separate listed companies – Addtech, AddLife, Alligo, Lagercrantz Group and Momentum Group – with a combined market capitalisation of over SEK 175 billion.

120 Years of generating value

50 Years since listing

25 Years since the spin-off of Lagercrantz and Addtech

A year of tangible improvements

“This past year has meant a clear, positive shift for Bergman & Beving. EBITA increased by 11 percent to MSEK 537 and the EBITA margin improved to 10.8 percent. We are proud to report that we have now improved our earnings for 25 consecutive quarters. Bergman & Beving is well equipped for the future.”

Magnus Söderlind, President & CEO

1906

Bergman & Beving is founded in Norrköping.

1976

Listed on the Stockholm Stock Exchange.

1980–2000

Acquisitive growth; the P/WC profitability metric is introduced.

2001

Lagercrantz and Addtech are spun off.

2012–2017

Return to decentralisation; Momentum Group spun off in 2017.

2021

Transition and expansion, with an increased rate of acquisitions.

2026

Anniversary year: 120 years since founding and 50 years on the stock exchange.

Revenue, MSEK 4,972

EBITA (+11%), MSEK 537

EBITA margin 10.8%

Return on working capital (P/WC) 36%

Earnings per share after dilution, SEK 8.45

Proposed dividend per share, SEK 4.20

A well-proven serial acquirer model

Acquisitions are a cornerstone of our strategy, and Bergman & Beving is considered by many to be the architect of the Scandinavian serial acquisition model. We acquire and develop highly profitable, capital-efficient technology companies with strong market positions in niches with limited competition and high barriers to entry. As an owner, we promote evolution rather than revolution, and capital allocation is governed by our Focus Model.

500/ten/45

Our long-term targets: annual profit growth of at least 15 percent over a business cycle, self-financed, and a return on working capital (P/WC) of at least 45 percent. Since 2020/2021, we have also had an interim target of MSEK 500 in EBIT with a margin above 10 percent and a P/WC of 45 percent – summarised under the banner "500/ten/45". This year's outcome: MSEK 418, 8.4 percent and 36 percent.

Eight acquisitions that strengthen the Group

During the year, eight acquisitions were completed with a total annual revenue of approximately MSEK 520 – six in the UK and two in the Nordics. They establish the Group in new, attractive niches and strengthen the positions of existing companies. In parallel, Skydda’s Nordic operations and Luna’s Baltic operations were among the units divested, in line with the ambition to focus on autonomous, profitable, market-leading niche companies.

An investment in Bergman & Beving

Proven shareholder return over time

One share purchased in 2001 for SEK 37 is now worth approximately SEK 14,000, including the spun-off companies – an average annual return of approximately 24 percent.

Experienced management with proven implementation ability

Group management and the Board have extensive experience in efficient capital allocation and acquisitions, having completed over 150 corporate acquisitions.

Leading positions in attractive growth niches

Highly profitable technology companies with strong market positions; 80 percent of revenue comes from proprietary products with a high level of technological content.

A well-proven, scalable and profitable business model

The decentralised model combines entrepreneurial speed with professional governance and Group-wide support.

Our Divisions

Core Solutions

Components and solutions such as fastening elements, metal roofs, heat exchangers and inspection hatches.

1,612 Revenue (MSEK)

218 EBITA (MSEK)

13.5 % EBITA margin

Safety Technology

Personal, area, perimeter, technical and fire safety solutions.

1,240 Revenue (MSEK)

193 EBITA (MSEK)

15.6 % EBITA margin

Machinery & Equipment

Machinery, equipment, tools, instruments and appliances.

483 Revenue (MSEK)

60 EBITA (MSEK)

12.4 % EBITA margin

PPE & Utilities

Personal protective equipment and consumables.

1,626 Revenue (MSEK)

92 EBITA (MSEK)

5.7 % EBITA margin

Sustainability – a natural part of business

Business-oriented and relevant sustainability work is an important part of our long-term competitiveness. The Group’s companies pursue initiatives both in their own operations and in the value chain, focusing on the areas where we can make the biggest positive difference. The Sustainability Report is prepared in accordance with CSRD and ESRS.

Read the Sustainability Report

Bergman & Beving’s Class B share has been listed on Nasdaq Stockholm Mid Cap (BERG B) since 1976. Market capitalisation as of 31 March 2026 amounted to MSEK 7,408 and the Board proposes a dividend of SEK 4.20 per share, corresponding to 49 percent of adjusted earnings per share.

Listing: Nasdaq Mid Cap · Ticker: BERG B · ISIN: SE0000101362