Nibe Industrier Ab Class B · OMXSTO:NIBE_B
Nibe Industrier Ab Class B — Q4 2024 Earnings Presentation
36 slides from Nibe Industrier Ab Class B's earnings presentation, Feb 14, 2025
Slide 1: Q4 and Full Year 2024
NIBE Q4 and Full Year 2024
Slide 2: Our Business environment
Q4 and Full Year 2 0 2 4 Our Business environment A year characterized by several challenges, but with clear signs of improvements in a still somewhat cautious market • The last quarter of the year confirms the • Falling interest rates predicted to have clear signs of improvements we have seen posit
Slide 3: Group key figures 2024
2024 2024 2023 2024 2023 Q4 Q4 Invoiced sales MSEK 11,025 11,656 40,521 46,649 Growth % -5.4 -0.1 -13.1 +16.4 of which acquired % +0.3 +7.0 +3.3 +6.2 Gross margin % 30.2* 33.4 29.1* 33.6 Operating profit MSEK 1,129* 1,592 3,226* 6,973 Growth % -29.1 -15.7 -53.7 +18.9 Operating margin % 10.2* 13.7 8.
Slide 4: Net sales, past nine quarters
2024 Net sales Past nine quarters (in millions of SEK) 0 Past 12 months 4
Slide 5: Profit after financial items, past nine quarters
2024 Profit after financial items Past nine quarters (in millions of SEK)* 0 Past 12 months *Profit and key ratios for 2024 have been calculated excluding items affecting comparability 5
Slide 6: NIBE Climate Solutions: market commentary
Q4 and Full Year 2 0 2 4 Healthy demand and more acceptable inventory levels in the distribution chains, but still an overall cautious market • An underlying healthy demand for • The action program is fully heat pumps from end consumers in implemented with expected full both the EU and North America
Slide 7: NIBE Climate Solutions: net sales and operating profit
2024 2024 2023 Net sales MSEK 26,037 31,373 Operating profit MSEK 2,425* 5,596 Operating margin % 9.3* 17.8 *Profit and key ratios have been calculated excluding items affecting comparability 7
Slide 8: NIBE Element: market commentary
Q4 and Full Year 2 0 2 4 More acceptable inventory levels among our customers – big variations between business segments • Continued significant variations between • Continued low new construction and low different segments in the business area investments in wind power have a negative impact • A mo
Slide 9: NIBE Element: net sales and operating profit
2024 2024 2023 Net sales MSEK 11,092 11,898 Operating profit MSEK 629* 942 Operating margin % 5.7* 7.9 *Profit and key ratios have been calculated excluding items affecting comparability 9
Slide 10: NIBE Stoves: market commentary
Q4 and Full Year 2 0 2 4 Acceptable inventory levels among our customers, and return to a traditional seasonal pattern • Acceptable inventory levels among our • We expect a gradual improvement is sales customers in all major markets going forward due to lower interest rates and an overall improved e
Slide 11: NIBE Stoves: net sales and operating profit
2024 2024 2023 Net sales MSEK 3,864 4,758 Operating profit MSEK 203* 533 Operating margin % 5.3* 11.2 *Profit and key ratios have been calculated excluding items affecting comparability 11
Slide 12: Turnover development
Turnover development MSEK Yearly average growth 1993–2024 17,0% 12
Slide 13: Development of profit after financial items
Development of profit after financial items MSEK Yearly average growth 1993–2024 16,8% *Profit for 2024 has been calculated excluding items affecting comparability 13
Slide 14: Distribution of net sales
2024 Distribution of net sales NIBE Stoves NIBE Element NIBE Climate Solutions 14
Slide 15: Distribution of adjusted operating profit
2024 Distribution of adjusted operating profit NIBE Stoves NIBE Element NIBE Climate Solutions 15
Slide 16: Geographical distribution of Group sales
2024 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries 16
Slide 17: NIBE Climate Solutions: Q4 key figures
2024 2024 2023 2024 2023 Q4 Q4 Net sales MSEK 7,185 7,676 26,037 31,373 Growth % -6.4 -1.4 -17.0 +20.3 of which acquired % 0 +8.0 +4.2 +5.9 Gross margin % 32.1* 37.0 31.6* 36.7 Operating profit MSEK 861* 1,221 2,425* 5,596 Growth % -29.4 -18.7 -56.7 +29.0 Operating margin % 12.0* 15.9 9.3* 17.8 *Pro
Slide 18: Geographical distribution of sales
2024 Geographical distribution of sales Others Nordic countries North America Europe excl the Nordic countries 18
Slide 19: Operating margin 2024, NIBE Climate Solutions
Operating margin 2024 % Business Area NIBE Climate Solutions 1997-2024 *Operating margin for 2024 has been calculated excluding items affecting comparability 19
Slide 20: NIBE Element: Q4 key figures
2024 2024 2023 2024 2023 Q4 Q4 Net sales MSEK 2,851 2,983 11,092 11,898 Growth % -4.4 +1.5 -6.8 +8.9 of which acquired % +1.0 +1.0 +1.6 +2.6 Gross margin % 21.5* 19.5 20.2* 20.6 Operating profit MSEK 190* 184 629* 942 Growth % +3.3 -26.4 -33.2 -16.1 Operating margin % 6.7* 6.2 5.7* 7.9 *Profit and k
Slide 21: Geographical distribution of sales
2024 Geographical distribution of sales Others Nordic countries North America Europe excl the Nordic countries 21
Slide 22: Operating margin 2024, NIBE Element
Operating margin 2024 % Business Area NIBE Element 1997-2024 *Operating margin for 2024 has been calculated excluding items affecting comparability 22
Slide 23: NIBE Stoves: Q4 key figures
2024 2024 2023 2024 2023 Q4 Q4 Net sales MSEK 1,163 1,326 3,864 4,758 Growth % -12.3 +7.0 -18.8 +18.6 of which acquired % 0 +13.8 +1.0 +16.3 Gross margin % 34.8* 36.1 34.0* 36.6 Operating profit MSEK 117* 168 203* 533 Growth % -30.5 -21.4 -61.9 -3.3 Operating margin % 10.1* 12.7 5.3* 11.2 *Profit an
Slide 24: Geographical distribution of sales
2024 Geographical distribution of sales Others Nordic countries North America Europe excl the Nordic countries 24
Slide 25: Operating margin 2024, NIBE Stoves
Operating margin 2024 % Business Area NIBE Stoves 1997-2024 *Operating margin for 2024 has been calculated excluding items affecting comparability 25
Slide 26: Balance sheet
2024 Balance sheet 2024 2023 31 Dec 31 Dec Intangible assets MSEK 32,241 31,014 Tangible assets MSEK 13,214 11,568 Financial assets MSEK 1,524 1,324 Non-financial current assets MSEK 17,820 19,915 Financial current assets MSEK 5,607 4,283 Total assets MSEK 70,406 68,104 26
Slide 27: Balance sheet
2024 Balance sheet 2024 2023 31 Dec 31 Dec Equity MSEK 32,140 30,207 Long term liabilities– Non interest-bearing MSEK 4,990 5,410 Long term liabilities– Interest-bearing MSEK 17,625 16,922 Current liabilities– Non interest-bearing MSEK 8,565 9,716 Current liabilities– Interest-bearing MSEK 7,086 5,8
Slide 28: Cash flow analysis
2024 Cash flow analysis 2024 2023 31 Dec 31 Dec Cash flow – operating activities MSEK 3,826 6,473 Change in working capital MSEK 180 -3,893 Investments – current operations MSEK -2,224 -3,852 Operating cash flow MSEK 1,782 -1,272 Acquisitions MSEK -621 -8,752 Financing activities MSEK -64 9,602 Exch
Slide 29: Key financial figures
2024 Key financial figures 2024 2023 Jan-Dec Jan-Dec Investments MSEK 2,328 13,038 of which in current operations MSEK 2,224 3,852 Unappropriated liq, assets MSEK 6,177 4,979 Interest bearing liabilities/Equity % 76.9 75.4 Net debt/EBITDA times 3.5* 2.1 Equity/assets ratio % 45.6 44.4 * Net debt/EBI
Slide 30: Key financial figures
2024 Key financial figures 2024 2023 Jan-Dec Jan-Dec Working capital MSEK 14,862 14,482 incl cash and bank Working capital MSEK 36.7 31.0 incl cash and bank Working capital MSEK 9,255 10,199 excl cash and bank Working capital MSEK 22.8 21.9 excl cash and bank 30
Slide 31: Key financial figures
2024 Key financial figures 2024 2023 Jan-Dec Jan-Dec Return on % 6.8* 16.1 capital employed Return on equity % 5.4* 17.3 Net profit/share SEK 0.80* 2.37 Equity/share SEK 15.92 14.96 Closing day share price SEK 43.24 70.80 *Key ratios have been calculated excluding items affecting comparability 31
Slide 32: Development of key financial figures
Development of key financial figures *Key ratios for 2024 have been calculated excluding items affecting comparability 32
Slide 33: Summary of Action Program
Summary of Action Program • In conjunction with the year-end report on February 16, we announced an action program costing around SEK 900 million, with the aim to achieve annual savings of around SEK 600 million. • Three months later, after more detailed analysis, the program was estimated to cost S
Slide 34: Q&A
Q&A 34
Slide 35: Disclaimer NIBE Industrier AB (publ)
2024 Disclaimer NIBE Industrier AB (publ) • This presentation has been prepared by NIBE Industrier (publ) (the “Company”) solely for use at this presentation and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. • Th
Slide 36: NIBE
NIBE