Slide 1: Interim Q2 2025
Interim Q2 2025 INTERIM REPORT Q2 2025 1
Slide 2: Table of Content
1. Highlights TABLE OF 2. Financials CONTENT 3. Summary 4. Q&A INTERIM REPORT Q2 2025 2
Slide 3: Highlights Q2 2025 – Group
Highlights Q2 2025 – Group Strong quarter with record-high EBITA margin MSEK Net sales and EBITA, excl. IAC*, % 12 000 11,9% 12,2% • Sales at 10 181 MSEK (9 681), an increase of 12%, excl. FX 10 000 11,7% 10,4% 8 000 • Organic growth +2%, one less trading day in most 6 000 countries 9 681 10 181 8 6
Slide 4: Highlights Q2 2025 – Group
Highlights Q2 2025 – Group • Product segment HVAC, continued stable growth MSEK Organic sales per product segment Sales split 10 000 • Good sales growth from our own brands 2% 9 000 8 000 7 000 29% • OEM segment, sales in line with last year 6 000 3% 5 000 • Negatively affected by lower market activ
Slide 5: Highlights Q2 2025 – Division EMEA
Highlights Q2 2025 – Division EMEA Good growth with record EBITA margin MSEK Q2 25 Q2 24 Change, % 6M 25 6M 24 Net sales 6 457 5 736 12,6 11 762 10 385 • Division EMEA reported YoY growth of 17%, excl. FX – driven by the HVAC segment: Organic change, % 2,2 Change through acquisition, % 14,8 • Good s
Slide 6: Highlights Q2 2025 – Division APAC
Highlights Q2 2025 – Division APAC Continued strong EBITA margin development MSEK Q2 25 Q2 24 Change, % 6M 25 6M 24 • Slower sales growth in the quarter (+1%, excl. FX) – negatively Net sales 1 366 1 519 -10,1 3 045 3 085 impacted by lower market activity for larger projects, particularly Organic ch
Slide 7: Highlights Q2 2025 – Division North America
Highlights Q2 2025 – Division North America US transition to A2L refrigerants continues MSEK Q2 25 Q2 24 Change, % 6M 25 6M 24 • Sales growth in the quarter of 5%, excl. FX, negatively Net sales 2 383 2 447 -2,6 4 327 3 933 affected by cooler and rainier weather YoY Organic change, % 2,4 Change thro
Slide 8: Sales development, %
Financials Q2 2025 – Sales development, % % 55 50 45 40 35 30 25 50 46 20 42 38 36 15 30 31 10 15 16 5 12 12 4 5 0 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Of which organic growth 17,9 13,3 18,6 17,9 14,5 1,7 -4,4 -4,1 -4,1 2,2 2,7 6,3 4,3 2,0 INTERIM REPORT Q2 2
Slide 9: EBITA development
Financials Q2 2025 – EBITA* development MSEK % 1 300 13 12,2 1 200 11,7 11,9 11,4 12 11,3 1 100 11 1 000 900 9,5 9,5 9,4 10 9,2 800 9 700 1 238 8 600 1 148 1 084 7 500 1 016 959 400 810 832 6 721 733 300 5 200 100 4 0 3 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 EBITA EBITA % * Excluding
Slide 10: Financials Q2 2025
Financials Q2 2025 Organic EBITA EPS change Sales growth growth (change in EBITA, %) (change in %) 5% 8% 10% 2% INTERIM REPORT Q2 2025 10
Slide 11: P&L
Financials Q2 2025 – P&L MSEK Q2 2025 Q2 2024 Change, % 6M 2025 6M 2024 Change, % Sales 10 181 9 681 5% 19 079 17 360 10% EBITA 1 238 1 148 8% 2 070 1 882 10% EBITA margin, % 12,2% 11,9% 10,9% 10,8% EBIT 1 185 1 097 8% 1 963 1 781 10% Net financial income/expense -127 -139 -258 -280 Tax -264 -230 -4
Slide 12: Earnings per share
Financials Q2 2025 – Earnings per share SEK 3,0 +13% 2,5 2,0 +10% 1,5 2,50 2,21 1,0 1,42 1,56 0,5 0,0 Q2 24 Q2 25 6M 24 6M 25 INTERIM REPORT Q2 2025 12
Slide 13: Operating cash flow
Financials Q2 2025 – Operating cash flow MSEK 1 500 1 400 1 300 1 200 -559 1 100 1 000 900 -95 800 700 1 437 -140 -7 600 500 400 300 635 200 100 0 EBITDA Working capital CapEx Leasing Other Q2 25 INTERIM REPORT Q2 2025 13
Slide 14: Operating cash flow
Financials Q2 2025 – Operating cash flow MSEK 2 000 1 500 1 000 1 810 1 231 1 298 500 1 084 582 635 354 445 0 -196 -500 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 INTERIM REPORT Q2 2025 14
Slide 15: Net debt
Financials Q2 2025 – Net debt Net debt Net debt / EBITDA* excl. leasing and pension MSEK Q2 25 Q2 24 2,6 LTM EBITDA excl. IAC 4 775 4 300 2,4 2,2 2,1 LTM EBITDA impact of leasing (IFRS 16) -674 -621 2,1 2,0 2,0 1,9 1,8 1,8 1,9 LTM EBITDA excl. leasing (IFRS 16) and IAC 4 101 3 679 1,8 1,7 1,6 Net de
Slide 16: Summary Q2
Summary Q2 Q2 – Strong quarter with record-high EBITA margin • Total sales growth of 12%, excl. FX (organic +2%) – one less trading day in most countries • EBITA growth of 15%, excl. FX, with an all time high EBITA margin at 12,2% (11,9) • Good seasonal operating cash flow of 635 MSEK (354) • Earnin
Slide 17: Q&A
Q&A INTERIM REPORT Q2 2025 17
Slide 18: Thank you
Thank you INTERIM REPORT Q2 2025 18