BE Group AB (BEGR) AI Stock Analysis

BE Group AB

(Nasdaq OMX AB:BEGR)

Select Model

Rating:44Neutral

Price Target:SEK 27.00▲(12.50% Upside)

Action:upgraded

Date:10/23/26

BE Group scores poorly overall, driven primarily by weak financial performance: four straight years of losses, a near-halving of revenue since 2022, a heavy 2025 loss that consumed roughly a third of equity, and cash generation that has thinned to almost nothing. Valuation offers little cushion, with a negative P/E and no dividend. Partially offsetting these risks are tentative turnaround signs — stabilizing revenue, gross margin recovery to about 12%, positive EBITDA and a much narrower TTM loss — alongside a still-adequate balance sheet with equity funding close to 40% of assets. Technicals are the most supportive element, with the price holding above its 20- and 200-day averages, though momentum indicators are mixed. Investors should look for a sustained return to positive operating earnings and real cash generation before the risk profile improves.

Positive Factors

Revenue and margin stabilizationThe return to modest revenue growth and improved gross margin indicates that trading and processing economics have begun to recover after the downturn. If sustained, better gross profit conversion can support operating stability and provide a stronger base for future earnings improvement.

Negative Factors

Persistent losses and earnings volatilityThe continuing TTM loss shows that the recent revenue and margin recovery has not yet translated into sustainable bottom-line profitability. The sharp swing between earlier profits and the 2025 loss also makes earnings power less predictable and weakens confidence in near-term returns.

BE Group AB (BEGR) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 484.92M
Dividend Yield: ―
Average Volume (3M): 8,536
Price to Earnings (P/E): -26.8
Beta (1Y): 0.25
Revenue Growth: -1.61%
EPS Growth: 97.59%
Country: Sweden
Employees: 513
Sector: Basic Materials
Sector Strength: 61
Industry: Steel

BE Group AB Business Overview & Revenue Model

Company Description

BE Group AB (publ) functions as a leading supplier and service provider specializing in a diverse range of metals, including steel, stainless steel, and aluminum. Its operations extend across Sweden, Poland, Finland, and the Baltic States. The compan...

How the Company Makes Money

BE Group makes money primarily by purchasing steel and metal products from mills and other suppliers, holding inventory, and selling these products to customers at a margin through its distribution network. A core revenue stream is the sale of standa...

BE Group AB Financial Statement Overview

Summary

Financial results remain weak across the board. Revenue has nearly halved since 2022 (SEK 6.88bn to SEK 3.93bn in 2025) and the company has posted four consecutive loss-making years, including a SEK 538 million loss in 2025 that erased roughly a third of shareholders' equity (Income Statement score 28). Cash generation is the weakest link, with operating cash flow collapsing from SEK 491 million in 2023 to just SEK 27 million on a trailing-twelve-month basis and free cash flow barely positive at SEK 6 million (Cash Flow score 27). The balance sheet is the relative bright spot (score 50): absolute debt has been cut to SEK 713 million and equity still funds about 39% of assets, though debt-to-equity has risen to 0.72 as losses eroded capital. Early turnaround signals exist — revenue appears to be bottoming, gross margin has improved to roughly 12%, EBITDA has returned to positive SEK 103 million and the TTM net loss has narrowed to SEK 18 million — but profitability and cash coverage remain unproven.

Income Statement

28Negative

Balance Sheet

50Neutral

Cash Flow

27Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.98B	3.93B	4.67B	5.33B	6.88B	5.39B
Gross Profit	476.00M	383.00M	517.00M	544.00M	1.01B	1.10B
EBITDA	103.00M	-468.00M	93.00M	46.00M	534.00M	736.00M
Net Income	-18.00M	-538.00M	-42.00M	-60.00M	324.00M	495.00M
Balance Sheet
Total Assets	2.53B	2.19B	2.92B	3.02B	3.34B	3.10B
Cash, Cash Equivalents and Short-Term Investments	46.00M	61.00M	9.00M	74.00M	50.00M	54.00M
Total Debt	713.00M	687.00M	778.00M	813.00M	906.00M	776.00M
Total Liabilities	1.53B	1.22B	1.53B	1.60B	1.70B	1.69B
Stockholders Equity	997.00M	967.00M	1.39B	1.42B	1.64B	1.41B
Cash Flow
Free Cash Flow	6.00M	-20.00M	5.00M	346.00M	150.00M	6.00M
Operating Cash Flow	27.00M	2.00M	105.00M	491.00M	204.00M	32.00M
Investing Cash Flow	2.00M	-18.00M	-84.00M	-145.00M	-56.00M	-25.00M
Financing Cash Flow	-77.00M	65.00M	-86.00M	-322.00M	-155.00M	-121.00M

BE Group AB Technical Analysis

Technical Analysis SentimentNegative

Last Price24.00

Price Trends

50DMA27.83Negative

100DMA28.04Negative

200DMA26.74Negative

Market Momentum

MACD-0.67Positive

RSI40.38Neutral

STOCH15.00Positive

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 24.00 is below the 20-day moving average (MA) of 25.94, below the 50-day MA of 27.83, and below the 200-day MA of 26.74, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 40.38 is Neutral, neither overbought nor oversold. The STOCH value of 15.00 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

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:BEGR against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:ARPL	72Outperform	SEK 805.63M	11.03	10.54%	4.17%	-13.36%	-31.32%
SE:ALLEI	62Neutral	SEK 22.38B	21.66	―	2.80%	-5.24%	5.48%
Sector *	61Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SE:SCA.A	60Neutral	SEK 84.54B	39.09	2.14%	2.50%	-3.07%	-38.98%
SE:SSAB.B	58Neutral	SEK 93.82B	16.55	8.05%	2.12%	2.90%	14.62%
SE:BEGR	44Neutral	SEK 484.92M	-26.77	-1.83%	―	-1.61%	97.59%
SE:NIO	43Neutral	SEK 199.67M	-11.88	-6.67%	―	―	16.50%

* Basic Materials Sector Average

Performance Comparison

SE:BEGR and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:BEGR	BE Group AB	24.90	-1.55	-5.86%
SE:SSAB.B	SSAB Corporation	94.34	38.24	68.16%
SE:NIO	Nordic Iron Ore AB	2.94	-2.48	-45.76%
SE:SCA.A	Svenska Cellulosa Aktiebolaget Class A	120.00	-1.18	-0.97%
SE:ARPL	Arla Plast AB	38.40	-19.75	-33.97%
SE:ALLEI	Alleima AB	89.35	11.09	14.17%

BE Group AB Corporate Events

BE Group Returns to Profit as Nordic Steel Market Slowly Recovers

Oct 21, 2026

BE Group AB reported a 13 percent rise in third-quarter net sales to SEK 974 million, with underlying operating profit turning positive at SEK 4 million. For the first nine months, net sales grew modestly to SEK 3,052 million, but operating profit re...

BE Group Appoints Nomination Committee Ahead of 2027 AGM

Oct 14, 2026

BE Group AB has appointed the members of its Nomination Committee ahead of the 2027 Annual General Meeting, reflecting representation from its three largest shareholders alongside the chairman of the board. The committee includes Petter Stillstr&#246...

BE Group Consolidates Finnish Sheet Metal Operations to Boost Efficiency

Aug 24, 2026

BE Group is consolidating its sheet metal processing operations in Finland by relocating laser cutting, bending, CNC machining and heavy plate cutting to its Lapua facility. The move is designed to create a stronger center of expertise with broader c...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 23, 2026

BE Group AB AI Stock Analysis