Beijer Ref stock trades near record levels as refrigeration group digests strong 2024 earnings

Beijer Ref stock has been trading close to its recent 52-week high on Nasdaq Stockholm as investors continue to price in the refrigeration and HVAC group's strong 2024 performance, including SEK 32.0 billion in net sales and a 23 percent increase in EBITA compared with 2023, according to the company’s 2024 annual report published in March 2025.

EBITA up 23 percent in 2024

According to Beijer Ref’s 2024 annual report, the company generated net sales of SEK 32.0 billion in 2024, up from SEK 28.0 billion in 2023, corresponding to growth of approximately 14 percent year on year.

EBITA reached SEK 3.2 billion in 2024, compared with SEK 2.6 billion in 2023, which represents a 23 percent increase driven by both organic growth and acquisitions in the HVAC and refrigeration distribution network.

The EBITA margin improved from 9.3 percent in 2023 to 10.0 percent in 2024, indicating that profitability expanded as the company scaled its operations and continued to shift its mix towards higher-efficiency cooling solutions and heat pumps.

Revenue growth and regional mix

Beijer Ref’s annual report shows that organic sales growth in 2024 was approximately 8 percent, with the remaining growth coming from acquisitions and currency effects that added to the SEK 4.0 billion increase in total net sales versus 2023.

Europe remained the largest region by revenue, contributing about 60 percent of group net sales in 2024, while the Asia-Pacific region and Africa together accounted for roughly 25 percent, and the remaining share came from other markets.

The company highlighted that demand for energy-efficient commercial refrigeration and air-conditioning solutions, including heat pumps, was a key driver of the 14 percent net sales uplift from 2023 to 2024 as customers invested to reduce energy consumption and comply with environmental regulations.

Dividend and cash generation

In conjunction with the 2024 results, Beijer Ref’s board proposed a dividend of SEK 3.00 per share for the 2024 financial year, up from SEK 2.50 per share paid for 2023, which represents a 20 percent increase and reflects the stronger earnings and cash flow.

Operating cash flow amounted to SEK 2.8 billion in 2024, compared with SEK 2.3 billion in 2023, indicating that cash generation broadly tracked the 23 percent increase in EBITA and provided capacity to fund both dividends and continued acquisitions.

Net debt stood at SEK 10.5 billion at the end of 2024 versus SEK 9.8 billion a year earlier, while the net debt to EBITDA ratio remained around 3.0 times, showing that leverage was broadly stable despite continued investment in expansion.

Heat pumps support SEK 32.0 billion sales base

Heat pumps, which are a growing part of Beijer Ref’s product offering, benefit directly from the company’s broad distribution network and contributed to the SEK 32.0 billion net sales figure reported for 2024.

Management has emphasized that demand for heat pumps in Europe and other regions is supported by regulatory incentives and the need to replace older, less efficient heating systems, which helped underpin the approximately 14 percent year-on-year increase in group net sales from 2023 to 2024.

Beijer Ref stock and market valuation

Beijer Ref shares trade on Nasdaq Stockholm under the symbol BEIJ B, and the stock’s recent price has been close to its 52-week high, leaving the company with a market capitalization in the tens of billions of Swedish kronor based on the latest available data.

At this level, investors are effectively valuing Beijer Ref on the basis of its 2024 EBITA of SEK 3.2 billion and net sales of SEK 32.0 billion, as well as the demonstrated ability to grow revenue by about 14 percent and lift the EBITA margin from 9.3 percent to 10.0 percent within one year.

Cooling solutions and heat pump portfolio

Beijer Ref’s portfolio spans commercial refrigeration systems, air-conditioning equipment, and heat pumps that are distributed through a large network of wholesale branches across Europe, Asia-Pacific, and Africa.

The company supplies components, condensing units, and complete systems designed for supermarkets, food processing, cold storage, and residential as well as commercial buildings, with a focus on energy-efficient and environmentally friendlier refrigerants.

Beijer Ref stock on Nasdaq Stockholm

Beijer Ref stock is listed on Nasdaq Stockholm under the ticker BEIJ B, giving international investors access to the company’s growth in refrigeration and HVAC distribution through the Swedish equity market.