Beijer Ref reports sales of 11,641 million kronor and organic growth of 8.3% in the third quarter
Key Facts
Beijer Ref reported net sales of 11,641 million Swedish kronor in the third quarter of 2026, up 19.7% from the same period a year earlier, according to the company’s published results. Organic growth was 8.3%, compared with 1% in the second quarter, marking a clear acceleration during the quarter. Acting CEO and CFO Joel Davidson said the group’s sales, earnings and operating cash flow reached their highest levels in a single quarter. He added that sales and EBITA rose 20% and 19%, respectively, during the quarter. The interim report was published on 22 October 2026 at 08:00 Central European Time.
Sales growth was split across three factors: organic growth of 8%, an acquisition impact of 9% and a currency impact of 2%, according to the interim report. This means acquisitions contributed a larger share of reported growth than the organic component, while currency movements added a smaller effect. On a quarter-on-quarter basis, organic growth rose from 1% in the second quarter to 8.3% in the third quarter, according to the published results. The company reported a 6% increase in sales and a 5% rise in EBITA in the second quarter, saying at the time that sales and earnings had reached their highest quarterly levels to date. The third-quarter results put those prior-quarter figures in the context of stronger performance, with faster organic growth and larger increases in sales and EBITA.
The company attributed growth in key Western European markets to continued summer heat and accelerating demand for air conditioning. In North America, organic growth was 3.4% during the quarter, according to the published results. The figures highlight differences between regions: North American growth was positive, while the company linked improvement in its key Western European markets to summer conditions and demand for air conditioning. This coincided with an acceleration in overall organic growth compared with the previous quarter. The published information did not include further regional figures or a measure of air-conditioning demand’s contribution to total sales.
Alongside growth in its existing business, Beijer Ref signed agreements for four new acquisitions during the quarter, with combined annual revenue of about 3 billion Swedish kronor. The deals are consistent with acquisitions’ 9% contribution to sales growth, according to the report’s breakdown of growth drivers. The company also acquired Lithuania’s Refra, a specialist in heating and cooling systems that use natural refrigerants. Beijer Ref said Refra has annual revenue of about 500 million Swedish kronor. The deal adds natural-refrigerant cooling solutions to the group’s expansion, while the four agreements signed during the quarter represent a portfolio of businesses with higher combined annual sales.
On the leadership front, Beijer Ref appointed Jonas Steen as CEO and president, effective 1 November 2026. Steen was serving as chief operating officer for the Europe, Middle East and Africa region. His start date follows publication of the third-quarter results on 22 October and comes before year-end, according to the company’s announcement. The appointment puts a leadership transition among the group’s next developments, following a quarter in which the company described sales, earnings and operating cash flow as the highest for any single quarter.