BE Group AB (BEGR) AI Stock Analysis

• Market Cap: kr477.13M
• Dividend Yield: N/A
• Average Volume (3M): 23.07K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: -15.98%
• EPS Growth: -2831.45%
• Country: SE
• Employees: 596
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): -1.90
• Shares Outstanding: 19,501,726
• 10 Day Avg. Volume: 19,471
• 30 Day Avg. Volume: 23,072
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.42
• Price to Sales (P/S): 0.10
• P/FCF Ratio: -20.43
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: kr24.00 ▼(-12.73% Downside)

The score is primarily held down by deteriorating fundamentals—multi-year revenue declines, a swing to significant losses, and sharply weaker 2025 cash generation with negative free cash flow. Technicals also weigh on the score with the stock trading below key moving averages and negative MACD, though momentum is near oversold. Valuation offers limited support because the negative P/E reflects ongoing losses and dividend yield data is unavailable.

Positive Factors

Value-added distribution model

BE Group combines bulk steel distribution with value‑added processing (cutting, plate work) and logistics, creating recurring B2B revenue and stickier customer relationships. Over the medium term this supports higher-margin service revenue versus pure commodity trading, aiding margin recovery when volumes improve.

Nordic market focus

Concentrated presence in Northern Europe gives BE Group regional scale, local customer relationships and service-center density that reduce competitive friction. This geographic focus supports structural resilience across diversified Nordic industrial and construction end markets, aiding steady revenue recovery potential.

Proven cash generation in up-cycles

Historical ability to generate meaningful free cash flow in stronger years shows the operating model can self-fund working capital and investment when steel markets normalize. That cyclical cash conversion capacity provides a credible path to deleveraging and rebuilding balance-sheet flexibility over multiple quarters.

Negative Factors

Multi-year revenue decline

Top-line decline since 2022 (Fundamentals shows material negative growth) signals structural demand or market-share pressures. Sustained revenue erosion reduces scale benefits and fixed-cost absorption, constrains margin recovery and limits reinvestment capacity, making profit restoration harder over coming quarters.

Severe margin erosion

Gross margin compression from ~20% to ~9.7% and deeply negative 2025 operating/net margins show structural price and cost pressure. Persistent margin damage erodes return on capital, weakens the firm's ability to cover operating leverage, and limits cash available for capex or debt reduction over the medium term.

Weakened leverage and cash conversion

Leverage increased (debt/equity ~0.94 in 2025) while operating cash flow fell to near breakeven and FCF turned negative. This combination reduces financial flexibility, raises refinancing and liquidity risk, and constrains the firm's ability to invest or withstand prolonged industry weakness without corrective measures.

BE Group AB Business Overview & Revenue Model

Company Description

BE Group AB (publ) operates as a trading and service company in steel, stainless steel, and aluminum products in Sweden, Poland, Finland, and the Baltic States. The company offers long steel products comprising beams, hollow sections, steel bars, and steel tubes; flat steel products, such as plates and sheets in various forms, including hot-rolled, cold-rolled, or metal-coated; and engineering steel comprising rods and hollow cast blanks. It also provides stainless steel assortments, including plates, sheets, bars, tubes, and tube parts; reinforcement steel and reinforcement mesh products; and aluminium products, such as plates, sheets, profiles, and bars and tubes. In addition, the company offers production services, such as thermal cutting, drilling, sawing, slitting, blasting, and painting of hollow sections, as well as material advice, logistics solutions, and timesaving IT services that include web-based e-commerce, EDI, digital notifications, and electronic invoices. It offers its products through distributors and value-adding production services primarily to construction and manufacturing industries. BE Group AB (publ) was founded in 1868 and is headquartered in Malmö, Sweden.

How the Company Makes Money

BE Group generates revenue through multiple key streams. Its primary source of income comes from the sale of steel and metal products to various industries including construction, automotive, and engineering. The company also earns revenue through its processing services, which add value to raw materials and provide custom solutions to meet specific customer needs. Additionally, BE Group benefits from strategic partnerships with suppliers and manufacturers, allowing it to maintain competitive pricing and a diverse product range. The company's efficiency in logistics and distribution further optimizes its operations, contributing to its overall profitability.

BE Group AB Financial Statement Overview

Summary

Financial performance is under significant stress: revenue has declined since 2022 and profitability has swung to losses in 2023–2025, with sharply compressed gross margin and deeply negative 2025 operating/net margins. Balance sheet leverage has worsened (debt-to-equity rising to ~0.94 in 2025) as equity declined. Cash flow is a major concern with 2025 operating cash flow near breakeven and free cash flow turning negative.

Income Statement

Earnings quality and trajectory have deteriorated materially. Revenue has been declining since 2022 (2025 down ~2.7% YoY after larger declines in 2023–2024), while profitability swung from strong positive in 2021–2022 to losses in 2023–2025. Margins compressed sharply: gross margin fell from ~20% (2021) to ~9.7% (2025), and 2025 posted deeply negative operating and net margins, indicating significant pricing/volume pressure and/or cost deleverage. Strength: the company previously demonstrated the ability to generate solid profits in the up-cycle (2021–2022), but the current down-cycle impact is severe.

Balance Sheet

Leverage is moderate but has worsened as equity declined with recent losses. Debt relative to equity moved from ~0.56–0.57 (2022–2024) to ~0.94 in 2025, reducing balance-sheet flexibility. Total debt is broadly stable, but the sharp negative return on equity in 2025 reflects heavy value erosion for shareholders. Strength: the company still reports positive equity and is not excessively levered for the sector; weakness: the trend in leverage and returns is moving the wrong direction.

Cash Flow

Cash generation weakened significantly in the most recent year. Operating cash flow fell to near breakeven in 2025 (vs. strong levels in 2023–2024), and free cash flow turned negative in 2025 after being positive in prior years, pointing to reduced cash conversion and/or working-capital strain. Strength: the business has shown an ability to produce meaningful free cash flow in stronger years (notably 2023 and 2020); weakness: the latest period shows very limited operating cash support and negative free cash flow, which can pressure liquidity if sustained.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.93B	4.67B	5.33B	6.88B	5.39B
Gross Profit	383.00M	517.00M	544.00M	1.01B	1.10B
EBITDA	-468.00M	93.00M	46.00M	534.00M	736.00M
Net Income	-538.00M	-42.00M	-60.00M	324.00M	495.00M
Balance Sheet
Total Assets	2.19B	2.92B	3.02B	3.34B	3.10B
Cash, Cash Equivalents and Short-Term Investments	61.00M	9.00M	74.00M	50.00M	54.00M
Total Debt	912.00M	778.00M	813.00M	906.00M	776.00M
Total Liabilities	1.22B	1.53B	1.60B	1.70B	1.69B
Stockholders Equity	967.00M	1.39B	1.42B	1.64B	1.41B
Cash Flow
Free Cash Flow	-20.00M	5.00M	346.00M	150.00M	6.00M
Operating Cash Flow	2.00M	105.00M	491.00M	204.00M	32.00M
Investing Cash Flow	-18.00M	-84.00M	-145.00M	-56.00M	-25.00M
Financing Cash Flow	65.00M	-86.00M	-322.00M	-155.00M	-121.00M

BE Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 27.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BEGR, the sentiment is Negative. The current price of 27.5 is above the 20-day moving average (MA) of 26.20, above the 50-day MA of 26.84, and below the 200-day MA of 29.84, indicating a bearish trend. The MACD of -0.68 indicates Positive momentum. The RSI at 31.77 is Neutral, neither overbought nor oversold. The STOCH value of 4.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BEGR.

BE Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SSAB.A	69 Neutral	kr73.22B	14.99	7.29%	3.75%	-8.04%	-37.18%
SSAB.B	65 Neutral	kr73.22B	14.91	7.29%	3.80%	-8.04%	-37.18%
ALLEI	65 Neutral	kr20.64B	30.72	―	2.85%	-2.06%	-26.19%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GRNG	60 Neutral	kr16.50B	16.23	9.93%	2.29%	22.58%	0.31%
BILL	53 Neutral	kr18.75B	26.37	4.43%	3.81%	2.55%	98.53%
BEGR	43 Neutral	kr477.13M	-0.67	-46.11%	―	-15.98%	-2831.45%

BE Group AB Corporate Events

BE Group Swings to Heavy Loss in 2025 as Nordic Steel Slump and Write-Downs Bite

BE Group AB reported a sharp downturn for 2025 as weak demand in the Nordic steel market, especially in manufacturing, and disruptions from a new business system in Finland pushed the group to a full-year operating loss of SEK 586 million and a net loss of SEK 538 million, with net sales declining 16% to SEK 3.9 billion. The company booked substantial non-recurring charges tied to goodwill write-downs, IT investments and restructuring, posted negative underlying earnings, and generated only marginal operating cash flow, but shored up its balance sheet through an oversubscribed rights issue and a new SEK 775 million credit facility, while the board proposed scrapping the dividend; management highlights a recovering construction segment, early signs of rising steel prices driven in part by regulatory factors such as CBAM, and a strategic focus on capital discipline, cost measures, restoring efficiency in Finland and advancing low-carbon sourcing as it navigates a difficult market.

The most recent analyst rating on (SE:BEGR) stock is a Sell with a SEK25.00 price target. To see the full list of analyst forecasts on BE Group AB stock, see the SE:BEGR Stock Forecast page.

BE Group AB Appoints Acting CEO Amid Leadership Transition

BE Group AB has announced the appointment of Christoffer Franzén as Acting President and CEO, effective December 17, 2025, following the departure of Peter Andersson. Franzén, who is currently the CFO, will hold the position until Johan Wiig takes over on February 2, 2026. This leadership transition is crucial for the company’s strategic continuity and operational stability as it continues to serve its core markets in the steel distribution industry.

The most recent analyst rating on (SE:BEGR) stock is a Hold with a SEK30.00 price target. To see the full list of analyst forecasts on BE Group AB stock, see the SE:BEGR Stock Forecast page.

BE Group AB Announces Share Capital Reduction and Articles of Association Amendment

BE Group AB held an extraordinary general meeting on December 16, 2025, where it was resolved to reduce the company’s share capital without canceling shares, reallocating it to non-restricted equity. This decision, pending approval from the Swedish Companies Registration Office or a general court, is expected to be implemented in February 2026. Additionally, amendments to the articles of association were approved, adjusting the limits for share capital to facilitate this reduction. These changes aim to optimize the company’s financial structure while maintaining shareholder ownership unchanged.

The most recent analyst rating on (SE:BEGR) stock is a Hold with a SEK30.00 price target. To see the full list of analyst forecasts on BE Group AB stock, see the SE:BEGR Stock Forecast page.

BE Group AB Announces Extraordinary General Meeting for Strategic Financial Resolutions

BE Group AB has announced an extraordinary general meeting to discuss key resolutions, including a reduction of share capital without cancellation of shares, which will allow the company to transfer funds from restricted to unrestricted equity. This move follows a successful rights issue, indicating strategic financial restructuring aimed at enhancing operational flexibility and potentially improving shareholder value.

The most recent analyst rating on (SE:BEGR) stock is a Hold with a SEK26.00 price target. To see the full list of analyst forecasts on BE Group AB stock, see the SE:BEGR Stock Forecast page.

BE Group Appoints Johan Wiig as New CEO

BE Group has announced the appointment of Johan Wiig as its new President and CEO, effective March 2, 2026. Johan Wiig brings extensive experience and a successful track record from global industrial companies like SSAB, Scania, and Uddeholm. The Board of Directors is confident in his ability to lead the company through its upcoming development and transformation journey, aiming to strengthen BE Group’s position as a valuable partner for customers and employees.

The most recent analyst rating on (SE:BEGR) stock is a Hold with a SEK26.00 price target. To see the full list of analyst forecasts on BE Group AB stock, see the SE:BEGR Stock Forecast page.