Nibe Industrier Ab Class B · OMXSTO:NIBE_B
Nibe Industrier Ab Class B — Q4 2025 Earnings Presentation
38 slides from Nibe Industrier Ab Class B's earnings presentation, 2025
Slide 1: Q4 and Full year 2025
Q1-4 2025 Q4 and Full year 2025
Slide 2: Confirmation of recovery for the year as a whole – robust development in the fourth quarter
Q4 2025 CONFIRMATION OF RECOVERY FOR THE YEAR AS A WHOLE – ROBUST DEVELOPMENT IN THE FOURTH QUARTER • The fourth quarter confirms the continued recovery we have seen since the end of 2024 • Customs duties, tariffs and a politically unstable climate have had a negative impact on consumer confidence •
Slide 3: Confirmation of recovery for the year as a whole – robust development in the fourth quarter
Q4 2025 CONFIRMATION OF RECOVERY FOR THE YEAR AS A WHOLE – ROBUST DEVELOPMENT IN THE FOURTH QUARTER Our ambition to be back at operating margin levels within the historical range for each respective business area during the full year 2025, fell short of 0.78 percentage points 3
Slide 4: Group key figures Q4 and full year 2025
Q1-4 2025 2025 2024 2025 2024 Q4 Q4 Invoiced sales MSEK 11,000 11,025 40,841 40,521 Growth % -0.2** -5.4 +0.8** -13.1 of which acquired % +0.4 +0.3 +0.2 +3.3 Gross margin % 33.6 30.2* 31.5 29.1* Operating profit MSEK 1,438* 1,129* 4,303* 3,226* Growth % +27.4 -29.1 +33.4 -53.7 Operating margin % 13.
Slide 5: Net sales past nine quarters
NET SALES PAST NINE QUARTERS (IN MILLIONS OF SEK) 5
Slide 6: Profit after financial items past nine quarters
PROFIT AFTER FINANCIAL ITEMS PAST NINE QUARTERS (IN MILLIONS OF SEK)* 6 *Key ratios have been calculated excluding items affecting comparability
Slide 7: Strong finish to the year and restored operating margin level
Q4 2025 STRONG FINISH TO THE YEAR AND RESTORED OPERATING MARGIN LEVEL • The fourth quarter shows solid improvements in both sales and margin • Confirmation of earlier signs of recovery in heat pump sales particularly in Sweden, Germany, the Netherlands, Denmark and the UK • Lower interest rates have
Slide 8: Strong finish to the year and restored operating margin level
Q4 2025 STRONG FINISH TO THE YEAR AND RESTORED OPERATING MARGIN LEVEL 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 %, was fulfilled • Well positioned for future growth following the comprehen
Slide 9: Net sales, operating profit and operating margin
Q1-4 2025 2025 2024 Net sales MSEK 26,918 26,037 Operating profit MSEK 3,493 2,425* Operating margin % 13.0 9.3* *Profit and key ratios have been calculated excluding items affecting comparability 9
Slide 10: Operating margin 1997–2025
OPERATING MARGIN 1997 - 2025 % 13-15%
Slide 11: Increased but varying demand in a turbulent external environment
INCREASED BUT VARYING DEMAND IN A TURBULENT EXTERNAL ENVIRONMENT • Relatively stable demand in most product segments • Solid demand linked to electrification in general • Continued positive indications in the rail segment and good recovery for the semiconductor segment • Continued improvement in sal
Slide 12: Increased but varying demand in a turbulent external environment
INCREASED BUT VARYING DEMAND IN A TURBULENT EXTERNAL ENVIRONMENT 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%, fell short with one percentage point Focus on further growth and margin recovery in 2026 12
Slide 13: Q1-3 2025 Net sales and operating profit
Q1-4 2025 Q1-3 2025 2025 2024 Net sales MSEK 11,284 11,092 Operating profit MSEK 795 629* Operating margin % 7.0 5.7* *Profit and key ratios have been calculated excluding items affecting comparability 13
Slide 14: Operating margin 1997–2025
OPERATING MARGIN 1997 - 2025 % 8-11%
Slide 15: A challenging year with continued investments for the future
Q4 2025 Q1-3 2025 A CHALLANGING YEAR WITH CONTINUED INVESTMENTS FOR THE FUTURE • Positive development in North America, weaker consumer confidence in Europe • Low energy prices, weaker consumer confidence and continued low level of new construction and renovation have contributed to a challenging ma
Slide 16: A challenging year with continued investments for the future
Q4 2025 Q1-3 2025 A CHALLANGING YEAR 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 range of 10–13%, fell short of 5.9 percentage points which has to be restored in 2026 instead, to
Slide 17: Net sales and operating profit
Q1-4 2025 Q1-3 2025 2025 2024 Net sales MSEK 3,475 3,864 Operating profit MSEK 144 203* Operating margin % 4.1 5.3* *Profit and key ratios have been calculated excluding items affecting comparability 17
Slide 18: Operating margin 1997–2025
OPERATING MARGIN 1997 - 2025 % 10-13%
Slide 19: Yearly average growth – turnover development
TURNOVER DEVELOPMENT 1993 - 2025 MSEK YEARLY AVERAGE GROWTH 16,5%
Slide 20: Yearly average growth – profit after financial items
DEVELOPMENT OF PROFIT AFTER FINANCIAL ITEMS Q1-4 2025 1993 - 2025 MSEK YEARLY AVERAGE GROWTH 17,8%
Slide 21: Distribution of net sales
Q1-4 2025 DISTRIBUTION NIBE STOVES OF NET SALES NIBE ELEMENT NIBE CLIMATE SOLUTIONS 21
Slide 22: Distribution of operating profit
Q1-4 2025 NIBE STOVES DISTRIBUTION OF OPERATING PROFIT NIBE ELEMENT NIBE CLIMATE SOLUTIONS 22
Slide 23: Geographical distribution of group sales
Q1-4 2025 GEOGRAPHICAL DISTRIBUTION OTHERS OF GROUP SALES NORDIC COUNTRIES NORTH AMERICA EUROPE EXCL THE NORDIC COUNTRIES 23
Slide 24: Q4 2025 key figures, NIBE Climate Solutions
Q1-4 2025 2025 2024 2025 2024 Q4 Q4 Net sales MSEK 7,350 7,185 26,918 26,037 Growth % +2.3** -6.4 +3.4** -17.0 of which acquired % 0 0 0 +4.2 Gross margin % 35.8 32.1* 34.2 31.6* Operating profit MSEK 1,156 861* 3,493 2,425* Growth % +34.3 -29.4 +44.0 -56.7 Operating margin % 15.7 12.0* 13.0 9.3* *K
Slide 25: Geographical distribution of group sales
Q4 2025 GEOGRAPHICAL DISTRIBUTION OF GROUP SALES OTHERS NORDIC COUNTRIES NORTH AMERICA EUROPE EXCL THE NORDIC COUNTRIES 25
Slide 26: Q4 2025 key figures, NIBE Element
Q1-4 2025 2025 2024 2025 2024 Q4 Q4 Net sales MSEK 2,804 2,851 11,284 11,092 Growth % -1.6** -4.4 +1.7** -6.8 of which acquired % +1.4 +1.0 +0.7 +1.6 Gross margin % 23.4 21.5* 21.6 20.2* Operating profit MSEK 222 190* 795 629* Growth % +16.8 +3.3 +26.4 -33.2 Operating margin % 7.9 6.7* 7.0 5.7* *Key
Slide 27: Geographical distribution of group sales
Q4 2025 GEOGRAPHICAL DISTRIBUTION NORDIC OF GROUP SALES COUNTRIES OTHERS EUROPE EXCL THE NORTH NORDIC COUNTRIES AMERICA 27
Slide 28: Q4 2025 key figures, NIBE Stoves
Q1-4 2025 2025 2024 2025 2024 Q4 Q4 Net sales MSEK 1,083 1,163 3,475 3,864 Growth % -6.8** -12.3 -10.1** -18.8 of which acquired % 0 0 0 +1.0 Gross margin % 36.3 34.8* 34.7 34.0* Operating profit MSEK 110 117* 144 203* Growth % -6.0 -30.5 -29.1 -61.9 Operating margin % 10.2 10.1* 4.1 5.3* *Key ratio
Slide 29: Geographical distribution of group sales
Q4 2025 GEOGRAPHICAL DISTRIBUTION OF GROUP SALES OTHERS NORDIC COUNTRIES NORTH AMERICA EUROPE EXCL THE NORDIC COUNTRIES 29
Slide 30: Balance sheet
Q1-4 2025 BALANCE SHEET 2025 2024 31 Dec 31 Dec Intangible assets MSEK 29,483 32,241 Tangible assets MSEK 12,416 13,214 Financial assets MSEK 1,505 1,524 Non-financial current assets MSEK 16,193 17,820 Financial current assets MSEK 5,458 5,607 Total assets MSEK 65,055 70,406 30
Slide 31: Balance sheet
Q1-4 2025 BALANCE SHEET 2025 2024 31 Dec 31 Dec Equity MSEK 30,290 32,140 Long term liabilities – Non interest-bearing MSEK 4,685 4,990 Long term liabilities – Interest-bearing MSEK 16,129 17,625 Current liabilities – Non interest-bearing MSEK 7,523 8,565 Current liabilities – Interest-bearing MSEK
Slide 32: Cash flow analysis
Q1-4 2025 CASH FLOW ANALYSIS 2025 2024 31 Dec 31 Dec Cash flow – operating MSEK 4,192 3,826 activities Change in working capital MSEK 696 180 Investments – current MSEK operations -2,000 -2,224 Operating cash flow MSEK 2,888 1,782 Acquisitions MSEK -943 -621 Financing activities MSEK -1,492 -64 Exch
Slide 33: Key financial figures
Q1-4 2025 KEY FINANCIAL FIGURES 2025 2024 Jan-Dec Jan-Dec Investments MSEK 2,262 2,328 of which in current operations MSEK 2,000 2,224 Unappropriated liq, assets MSEK 5,877 6,177 Interest bearing % liabilities/Equity 74.5 76.9 Net debt/EBITDA times 2.7* 3.5* Equity/assets ratio % 46.6 45.6 *Key rati
Slide 34: Key financial figures
Q1-4 2025 KEY FINANCIAL FIGURES 2025 2024 Jan-Dec Jan-Dec Working capital MSEK 14,128 14,862 incl cash and bank Working capital % 34.6 36.7 incl cash and bank Working capital MSEK 8,670 9,255 excl cash and bank Working capital % 21.2 22.8 excl cash and bank 34
Slide 35: Key financial figures
Q1-4 2025 KEY FINANCIAL FIGURES 2025 2024 Jan-Dec Jan-Dec Return on % 8.5* 6.8* capital employed Return on equity % 8.5* 5.4* Net profit/share SEK 1.20* 0.80* Equity/share SEK 15.01 15.92 Closing day share price SEK 35.62 43.24 *Key ratios have been calculated excluding items affecting comparability
Slide 36: Development of key financial figures
Q1-4 2025 DEVELOPMENT OF KEY FINANCIAL FIGURES *Key ratios for 2024 have been calculated excluding items affecting comparability
Slide 37: Q&A
Q1-4 2025 Q&A 37
Slide 38: Thank you for your attention
Q1-4 2025 THANK YOU FOR YOUR ATTENTION 38