Note 28 – Pledged assets and contingent liabilities

Financial assets pledged as collateral

The Parent Company has promissory notes receivable from BE Group Sverige AB and BE Group Oy Ab pledged as collateral for external loan agreements. The carrying amount is equal to the amount reported as pledged collateral. Please see Note 33 Financial risk management with regard to significant terms and conditions of external loan agreements.

Of the Group’s total accounts receivables of SEK 422 M as of 31 December 2025, SEK 361 M are pledged. Of the pledged accounts receivables of SEK 361 M, SEK 334 M are covered by the Group’s credit insurance. Total accounts receivables for which security has been provided but which are not insured amount to SEK 27 M, which represents the portion that may constitute a financial risk.

The Parent Company provides a joint and several guarantee covering subsidiaries’ payment of receivables to materials suppliers. In addition to these reported commitments, the Parent Company has also provided customary guarantees for subsidiaries’ obligations to pay rent to property owners. Please see Note 16 for further information about lease agreements.

Future commitments

In 2022, BE Group AB entered into a purchasing commitment for cooperation and distribution of steel with a very low carbon footprint with Stegra (formerly H2 Green Steel) for the Nordic market. The agreement strengthens BE Group’s position in sustainable steel solutions and enables an expanded offering to customers in both the construction sector and the manufacturing industry.

The steel is considered particularly relevant for projects and applications where customers must be able to report and verify low climate impact, for example in construction projects with climate requirements or products where carbon data is required in customers’ reporting. Commercially, the offering is assessed to be viable for customer segments with ambitious sustainability targets, including companies affiliated with the Science Based Targets initiative (SBTi) or those otherwise driving clear requirements for reduced carbon footprint in the supply chain.

The commitment is based on market prices for steel including a fixed green premium for fossil-free steel as of December 31, 2025, in line with the market pricing for steel with significantly lower climate impact. Variations in steel prices and demand may result in deviations.

BE Group is already conducting commercial activities to introduce the offering to both existing and new customers, including dialogue regarding applications, specifications, and access to relevant climate data. In the event of lower demand for fossil-free steel, the material can be sold as conventional steel. The estimated financial risk is limited to approximately SEK 15 M per year if the green premium is not realised.

The first deliveries to BE Group Sverige AB and BE Group Oy Ab are expected to take place during 2028 ans the agreement is valid until 2034, in line with Stegra’s gradual scale‑up of production. The validity of the agreement and delivery timeline are dependent on Stegra meeting the agreed schedule. There is an option to transfer up to 10 percent of the volume to a subsequent period, which may reduce the annual payment obligation (annual payment of approximately SEK 130 M).