Shares of Beijer Ref fell after the HVAC and refrigeration technology distributor reported disappointing fourth-quarter results. Net sales declined 6.2% year-over-year to SEK 8,262 million, missing estimates. Organic sales also decreased by 1%. The company attributed the poor performance to tough comparisons in commercial projects and unusually mild weather across regions.

Adjusted EBITA for the quarter was down 6.4% from the previous year. However, the company maintained a stable EBITA margin of 9.2%. Beijer Ref noted that acquisition costs negatively impacted results. The OEM product segment delivered 6% organic growth, serving as a bright spot. The Board proposed a 7% dividend increase to SEK 1.50 per share.

For the full year 2025, Beijer Ref saw a 4% increase in net sales, with organic sales growth of 3%. The company achieved its highest-ever annual EBITA margin of 10.7%, excluding items affecting comparability. Investors are now assessing if the proposed dividend increase indicates confidence in future prospects, despite current challenges.

Beijer Ref's performance is closely tied to the construction and industrial sectors. The miss in sales and earnings could signal broader economic headwinds. The company's future performance will depend on its ability to navigate the organic sales declines across regions, particularly in North America, and manage acquisition costs.