Nibe Industrier Ab Class B · OMXSTO:NIBE_B
Nibe Industrier Ab Class B — Q3 2025 Earnings Presentation
36 slides from Nibe Industrier Ab Class B's earnings presentation, Nov 14, 2025
Slide 1: Q1-3 2025
Q1-3 2025 Q1-3 2025
Slide 2: A Quarter of Continued Recovery
Q3 2025 A QUARTER OF CONTINUED RECOVERY • The third quarter confirms the continued recovery we have seen since the end of last year • Customs duties, tariffs and a politically unstable climate have a negative impact on consumer confidence • Strong Swedish currency obscures parts of the positive sale
Slide 3: A Quarter of Continued Recovery
Q3 2025 A QUARTER OF CONTINUED RECOVERY Our ambition to be back at operating margin levels, within the historical range for each respective business area, during the full year 2025 remains We realize that the uncertain global situation and the strengthening of the Swedish currency will be troublesom
Slide 4: Group key figures Q1-Q3 2025
Q1-3 2025 2025 2024 Past 12 2024 Q1-Q3 Q1-Q3 months Full year Invoiced sales MSEK 29,841 29,496 40,866 40,521 Growth % +1.2** -15.7 -0.7 -13.1 of which acquired % +0.1 +4.3 +0.2 +3.3 Gross margin % 30.8 28.8* 30.6* 29.1* Operating profit MSEK 2,865 2,097* 3,994* 3,226* Growth % +36.6 -61.0 +8.2 -53.
Slide 5: Group key figures Q3 2025
Q3 2025 2025 2024 Q3 Q3 Invoiced sales MSEK 10,086 9,967 Growth % 1.2* -13.4 of which acquired % +0.1 +1.8 Gross margin % 32.3 29.8 Operating profit MSEK 1,139 912 Growth % +24.9 -48.6 Operating margin % 11.3 9.2 Profit after net financial items MSEK 906 626 Growth % +44.7 -60.8 Net profit margin %
Slide 6: Net Sales, Past Nine Quarters
Q1-3 2025 NET SALES PAST NINE QUARTERS (IN MILLIONS OF SEK) 6
Slide 7: Profit After Financial Items, Past Nine Quarters
Q1-3 2025 PROFIT AFTER FINANCIAL ITEMS PAST NINE QUARTERS (IN MILLIONS OF SEK)* 7 *Key ratios have been calculated excluding items affecting comparability
Slide 8: Continued Sales Growth and Improved Operating Margin
Q3 2025 CONTINUED SALES GROWTH AND IMPROVED OPERATING MARGIN • Third quarter shows improvement in both sales and margin • Confirmation of earlier signs of recovery in heat pump sales particularly in Sweden, Germany and the Netherlands • Implemented reductions in interest rates have had a positive im
Slide 9: Continued Sales Growth and Improved Operating Margin
Q3 2025 CONTINUED SALES GROWTH AND IMPROVED OPERATING MARGIN Our ambition to return to an operating margin level within the business area’s historical range during the full year 2025, i.e. within the span of 13 –15 %, remains Given the unpredictable external environment and the strengthened Swedish
Slide 10: NIBE Climate Solutions Q1-Q3
Q1-3 2025 2025 2024 Q1-Q3 Q1-Q3 Net sales MSEK 19,569 18,852 Operating profit MSEK 2,337 1,564* Operating margin % 11.9 8.3* *Profit and key ratios have been calculated excluding items affecting comparability 10
Slide 11: Stable Demand in a Subdued Market
Q3 2025 STABLE DEMAND IN A SUBDUED MARKET • Relatively stable demand in most product segments • Strong demand linked to electrification in general • Continued positive indications in the rail segment • We expect a continuous improvement in sales to the heat pump industry going forward, but with a sl
Slide 12: Stable Demand in a Subdued Market
Q3 2025 STABLE DEMAND IN A SUBDUED MARKET Our ambition to be back at an operating margin level, within the historical range during the full year 2025, i.e. within the range of 8–11% remains, but has been significantly hampered by currency developments, tariffs and turbulent political environment Our
Slide 13: NIBE Element Q1-Q3
Q1-3 2025 Q1-3 2025 2025 2024 Q1-Q3 Q1-Q3 Net sales MSEK 8,480 8,241 Operating profit MSEK 573 439* Operating margin % 6.8 5.3* *Profit and key ratios have been calculated excluding items affecting comparability 13
Slide 14: Subdued Start to the Fall with Continued Investments for the Future
Q3 2025 Q1-3 2025 SUBDUED START TO THE FALL WITH CONTINUED INVESTMENTS FOR THE FUTURE • Positive development in North America, weaker consumer confidence in Europe • Low energy prices, weak consumer confidence and continued low level of new construction and renovation contribute to a challenging mar
Slide 15: Subdued Start to the Fall with Continued Investments for the Future
Q3 2025 Q1-3 2025 SUBDUED START TO THE FALL WITH CONTINUED INVESTMENTS FOR THE FUTURE Our ambition to be back at an operating margin level, within the historical range during the full year 2025, i.e. within the span of 10–13 %, will fall short and the full recovery will take a few more quarters 15
Slide 16: NIBE Stoves Q1-Q3
Q1-3 2025 Q1-3 2025 2025 2024 Q1-Q3 Q1-Q3 Net sales MSEK 2,392 2,701 Operating profit MSEK 34 86* Operating margin % 1.4 3.2* *Profit and key ratios have been calculated excluding items affecting comparability 16
Slide 17: Distribution of Net Sales
Q1-3 2025 DISTRIBUTION NIBE STOVES OF NET SALES NIBE ELEMENT NIBE CLIMATE SOLUTIONS 17
Slide 18: Distribution of Operating Profit
Q1-3 2025 NIBE STOVES DISTRIBUTION OF OPERATING PROFIT NIBE ELEMENT NIBE CLIMATE SOLUTIONS 18
Slide 19: Geographical Distribution of Group Sales
Q1-3 2025 GEOGRAPHICAL DISTRIBUTION OTHERS OF GROUP SALES NORDIC COUNTRIES NORTH AMERICA EUROPE EXCL THE NORDIC COUNTRIES 19
Slide 20: NIBE Climate Solutions Q1-Q3 2025
Q1-3 2025 2025 2024 Past 12 2024 Q1-Q3 Q1-Q3 months Full year Net sales MSEK 19,569 18,852 26,755 26,037 Growth % +3.8** -20.4 +0.9 -17.0 of which acquired % 0.0 +5.5 0.0 +4.2 Gross margin % 33.5 31.5* 33.1* 31.6* Operating profit MSEK 2,337 1,564* 3,198* 2,425* Growth % +49.4 -64.3 +14.8 -56.7 Oper
Slide 21: NIBE Climate Solutions Q3 2025
Q3 2025 2025 2024 Q3 Q3 Net sales MSEK 6,722 6,502 Growth % +3.4* -17.1 of which acquired % 0.0 2.0 Gross margin % 35.4 32.5 Operating profit MSEK 940 726 Growth % +29.4 -51.1 Operating margin % 14.0 11.2 *Key ratios have been calculated excluding items affecting comparability **Organic growth of 7.
Slide 22: Geographical Distribution of Group Sales
Q3 2025 GEOGRAPHICAL DISTRIBUTION OF GROUP SALES OTHERS NORDIC COUNTRIES NORTH AMERICA EUROPE EXCL THE NORDIC COUNTRIES 22
Slide 23: NIBE Element Q1-Q3 2025
Q1-3 2025 2024 2025 2024 Past 12 Full Q1-Q3 Q1-Q3 months year Net sales MSEK 8,480 8,241 11,331 11,092 Growth % +2.9** -7.6 +1.0 -6.8 of which acquired % +0.5 +1.7 +0.6 +1.6 Gross margin % 21.1 19.8* 21.2* 20.2* Operating profit MSEK 573 439* 764* 629* Growth % +30.5 -42.1 +22.8 -33.2 Operating marg
Slide 24: NIBE Element Q3 2025
Q3 2025 2025 2024 Q3 Q3 Net sales MSEK 2,800 2,711 Growth % +3.3* -8.0 of which acquired % +0.5 +1.5 Gross margin % 21.8 20.9 Operating profit MSEK 210 160 Growth % +31.3 -31.9 Operating margin % 7.5 5.9 *Organic growth of 8.8 % when excluding the currency effects 24
Slide 25: Geographical Distribution of Group Sales
Q3 2025 GEOGRAPHICAL DISTRIBUTION NORDIC OF GROUP SALES COUNTRIES OTHERS EUROPE EXCL THE NORTH NORDIC COUNTRIES AMERICA 25
Slide 26: NIBE Stoves Q1-Q3 2025
Q1-3 2025 2025 2024 Past 12 2024 Q1-Q3 Q1-Q3 months Full year Net sales MSEK 2,392 2,701 3,555 3,864 Growth % -11.4** -21.3 -11.7 -18.8 of which acquired % 0.0 +1.3 0.0 +1.0 Gross margin % 34.0 33.6* 34.2* 34.0* Operating profit MSEK 34 86* 151* 203* Growth % -60.5 -76.4 -40.6 -61.9 Operating margin
Slide 27: NIBE Stoves Q3 2025
Q3 2025 2025 2024 Q3 Q3 Net sales MSEK 788 847 Growth % -7.0* -22.7 of which acquired % 0.0 +0.5 Gross margin % 33.8 34.0 Operating profit MSEK 24 24 Growth % +0.0 -75.8 Operating margin % 3.0 2.8 *A negative growth of 1.6% when excluding the currency effects 27
Slide 28: Geographical Distribution of Group Sales
Q3 2025 GEOGRAPHICAL DISTRIBUTION OF GROUP SALES OTHERS NORDIC COUNTRIES NORTH AMERICA EUROPE EXCL THE NORDIC COUNTRIES 28
Slide 29: Balance Sheet
Q1-3 2025 BALANCE SHEET 2025 2024 2024 30 Sep 30 Sep 31 Dec Intangible assets MSEK 29,779 30,922 32,241 Tangible assets MSEK 12,560 12,758 13,214 Financial assets MSEK 1,662 1,443 1,524 Non-financial current assets MSEK 17,756 18,948 17,820 Financial current assets MSEK 4,704 4,486 5,607 Total asset
Slide 30: Balance Sheet
Q1-3 2025 BALANCE SHEET 2025 2024 2024 30 Sep 30 Sep 31 Dec Equity MSEK 30,154 29,320 32,140 Long term liabilities – Non interest-bearing MSEK 4,443 5,107 4,990 Long term liabilities – Interest-bearing MSEK 17,025 17,815 17,625 Current liabilities – Non interest-bearing MSEK 7,953 8,549 8,565 Curren
Slide 31: Cash Flow Analysis
Q1-3 2025 CASH FLOW ANALYSIS 2025 2024 2024 Jan-Sep Jan-Sep Jan-Dec Cash flow – operating MSEK 2,913 1,788 3,826 activities Change in working capital MSEK -1,063 -251 180 Investments – current MSEK -1,427 -1,989 -2,224 operations Operating cash flow MSEK 423 -452 1,782 Acquisitions MSEK 0 -595 -621
Slide 32: Key Financial Figures
Q1-3 2025 KEY FINANCIAL FIGURES 2025 2024 2024 Jan-Sep Jan-Sep Jan-Dec Investments MSEK 1,427 2,018 2,328 of which in current operations MSEK 1,427 1,989 2,224 Unappropriated liq, assets MSEK 5,119 5,119 6,177 Interest bearing % 79.3 87.2 76.9 liabilities/Equity Net debt/EBITDA times 2.9 3.5* 3.5* E
Slide 33: Key Financial Figures
Q1-3 2025 KEY FINANCIAL FIGURES 2025 2024 2024 Jan-Sep Jan-Sep Jan-Dec Working capital MSEK 14,507 14,885 14,862 incl cash and bank Working capital % 35.5 36.2 36.7 incl cash and bank Working capital MSEK 9,803 10,399 9,255 excl cash and bank Working capital % 24.0 25.3 22.8 excl cash and bank 33
Slide 34: Key Financial Figures
Q1-3 2025 KEY FINANCIAL FIGURES 2025 2024 2024 Jan-Sep Jan-Sep Jan-Dec Return on % 9.0 7.6* 6.8* capital employed Return on equity % 9.1 6.9* 5.4* Net profit/share SEK 0.74 0.34* 0.80* Equity/share SEK 14.94 14.52 15.92 Closing day share price SEK 37.04 55.66 43.24 *Key ratios have been calculated e
Slide 35: Q&A
Q1-3 2025 Q&A 35
Slide 36: Thank You for Your Attention
Q1-3 2025 THANK YOU FOR YOUR ATTENTION 36