• Quarterly net sales increased by 7.1 percent but increased by 8.0 percent for the full year of 2024.
• EBITA excluding items affecting comparability improved by 7.2 percent in the quarter and by 12.7 percent for the full year.
• Continued strong growth in the North business area, while other business areas experience a more cautious market.
• During the quarter, Wixner & Rödin Entreprenad AB (Wixner & Rödin) and Kraftverksbyggarna i Söderhamn AB (Kraftverksbyggarna) were acquired. These companies are part of the North business area.

Magnus Persson, CEO of Bellman Group, comments:

The fourth quarter was characterized by strong growth in the North business area but a cautious market in other parts of the country. During the quarter, the Group’s revenue decreased while earnings increased, whereas both revenue and earnings grew for the full year 2024. We are still awaiting clearer effects from the implemented interest rate cuts, but our assessment is that major infrastructure and industrial projects in the country's growth regions will start during the first half of 2025.

Quarterly net sales increased by 7.1 percent compared to the same quarter the previous year. This was primarily due to a cautious market with few project starts in the West, East, and South business areas, partially offset by a strong market in the North business area. EBITA before items affecting comparability improved by 7.2 percent, due to high production in the North business area, the acquisitions of Wixner & Rödin Entreprenad AB and Kraftverksbyggarna i Söderhamn AB, as well as the revaluation of previously owned shares in the latter company (associate).

Yearly revenue increased by 8.0 percent, of which 3.7 percent was organic growth, mainly due to the North business area. EBITA before items affecting comparability improved by 12.7 percent, where efficient production in the North business area compensated for weak results in the West business area.

Given the market conditions, I consider the full year 2024 to be satisfactory in terms of both revenue and earnings. In the second half of 2025, we expect an improved market, and we will continue to focus on our core offering.