Interim Report January - June 2025

Reduced earnings, improved cash flow

• Quarterly net sales declined by 18 percent and EBITA excluding items affecting comparability
  declined by 27 percent.
• Free cash flow from operations improved compared to the previous year.
• Successful refinancing further strengthening the company’s operational activities and acquisition agenda.
• The market remains challenging, and recovery is expected to take at least six to twelve months.
• The Group is implementing proactive measures to strengthen sales and reduce costs.

Magnus Persson, CEO of Bellman Group comments:

"The market remained challenging during the second quarter of the year. As in previous periods, it was characterized by strong growth in the North business area. At the same time, the market in other parts of the country was highly challenging, particularly in business areas West and South. This regional imbalance continues to require a high level of operational adaptability within the Group.
Demand continues to be constrained by prevailing macroeconomic conditions, tariffrelated uncertainty, intensified competition, and price pressure. We are therefore implementing more proactive sales activities combined with administrative cost savings. Although we saw a decline in revenue and operating profit, it is encouraging that we report an improved cash flow compared with the same period last year. This is the result of effective internal project management and an increased focus on payments, which has strengthened cash flow."

This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 27-08-2025 15:00 CET.