Letter from CEO to stakeholders

Dear shareholders,

It is with pride that I look back on Beijer Ref's achievements and progress over the years. Our journey is characterised by continuous growth and innovation, which has strengthened our position as a world leader in refrigeration and HVAC. The Group's success is a testament to the dedication of our fantastic employees, our strong business model and the mutual trust of both customers and partners.

Expansion and acquisitions

Beijer Ref has had an impressive expansion journey over the years, reinforced by strategic acquisitions in key regions. Each acquisition is in line with our overall strategy and adds important synergies, strengthened market positions and increased operational efficiency. A significant step in our history was the acquisition of the North American HVAC company Heritage Distribution, which has a solid platform for continued consolidation and expansion in the US.

Capital markets day and financial targets

At our Capital Markets Day in November 2023, we presented the group's strategic objectives and outlook for sustainable growth. We also introduced updated financial targets that reflect the positive market development and our commitment to create value for all stakeholders. These targets will guide us in the years to come and ensure that we continue on our performance-rich trajectory.

Sustainability and innovation

Sustainability is a central part of Beijer Ref's strategy. We focus on offering complete climate control solutions with a strong emphasis on environmentally friendly products. Green OEM sales continue to show strong growth, which has a significant positive impact on the environment and helps to avoid large amounts of CO2 emissions.

Climate targets and training

In 2023, we had our climate targets approved by the Science Based Target initiative (SBTi), placing us among the companies actively working to combat climate change. Our training centre, Beijer Ref Academy, continues to attract interest and we are constantly increasing the number of training hours, supporting our customers' growing interest in sustainable solutions.

Diversity and inclusion

Beijer Ref actively promotes diversity and inclusion, in line with our core values - Committed, United, Engaged and Straightforward. Our exchange programme has promoted talent development and strengthened the Beijer Ref spirit globally. Over the years, we have also seen an increase in the number of female managers, which is a result of our efforts to create a stronger network for women in the industry.

Digitalisation

Our centralised approach to digitalisation has led to economies of scale and streamlined processes within the Group. Going forward, we will continue to develop our e-commerce platform and implement AI-based tools to optimise customer relationships and processes.

Thank you and looking ahead

I would like to express my gratitude to Beijer Ref's Board of Directors and all the fantastic employees who have contributed to the Group's success. With a solid business model, new financial targets, a well-developed strategy and an ambitious sustainability agenda, I am positive about the future. Beijer Ref is ready to take on new and exciting opportunities and continue to deliver sustainable growth and value for all shareholders, customers and employees.

‍

Christopher Norbye
CEO, Beijer Ref