Slide 1: Interim Q1 2025
Interim Q1 2025 INTERIM REPORT Q1 2025 1
Slide 2: Table of Content
1. Highlights TABLE OF 2. Financials CONTENT 3. Summary 4. Q&A INTERIM REPORT Q1 2025 2
Slide 3: Highlights Q1 2025 – Group
Highlights Q1 2025 – Group Good quarter with strong EPS growth MSEK Net sales and EBITA, excl. IAC*, % 10 000 • Sales at 8 898 MSEK (7 680), an increase of 16% 8 000 9,5% 9,5% 9,4% • Organic growth +4% 6 000 8,3% 4 000 7 680 8 898 • Acquisition +11% 7 378 2 000 4 903 • FX in line with last year 0 Q1
Slide 4: Highlights Q1 2025 – Group
Highlights Q1 2025 – Group • Stable organic growth across all product segments MSEK Organic sales per product segment Sales split 10 000 9 000 4% • Product segment HVAC, continued good growth 8 000 7 000 32% • Good sales growth from our own brands 6 000 6% 5 000 4 000 60% • OEM segment, organic grow
Slide 5: Highlights Q1 2025 – Division EMEA
Highlights Q1 2025 – Division EMEA Stable quarter with continued good growth in the HVAC segment MSEK Q1 25 Q1 24 Change, % R12 12M 24 Net sales 5 305 4 650 14,1 21 474 20 819 Organic change, % 3,1 • Division EMEA reported YoY growth of 14% – driven by the Change through acquisition, % 10,7 HVAC seg
Slide 6: Highlights Q1 2025 – Division APAC
Highlights Q1 2025 – Division APAC Strong quarter finishes off the high season MSEK Q1 25 Q1 24 Change, % R12 12M 24 • Sales in the quarter increased by 7% – despite Australia being Net sales 1 678 1 566 7,2 6 663 6 551 negatively affected by the Cyclone Alfred, which caused Organic change, % 6,7 te
Slide 7: Highlights Q1 2025 – Division North America
Highlights Q1 2025 – Division North America Good growth in the quarter MSEK Q1 25 Q1 24 Change, % R12 12M 24 • Good sales growth in the quarter of 31%, primarily driven by Net sales 1 944 1 486 30,8 8 821 8 363 acquisitions and increased sales in the commercial and project- Organic change, % 5,9 bas
Slide 8: Sales development, %
Financials Q1 2025 – Sales development, % % 55 50 45 40 35 30 25 50 46 20 42 38 36 15 31 30 31 10 15 16 5 12 12 4 0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Of which organic growth 17,9 15,8 13,3 18,6 17,9 14,5 1,7 -4,4 -4,1 -4,1 2,2 2,7 6,3 4,3 INTERIM REPORT Q1
Slide 9: EBITA development
Financials Q1 2025 – EBITA* development MSEK % 11,7 11,9 1 200 11,4 12 11,3 1 100 11 1 000 9,5 9,5 9,5 9,4 10 900 9,2 800 9 700 8 600 1 148 1 084 7 500 1 016 959 400 810 832 6 702 721 733 300 5 200 4 100 0 3 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 EBITA EBITA % * Excluding items affect
Slide 10: Financials Q1 2025
Financials Q1 2025 Organic EBITA EPS change Sales growth growth (change in EBITA, %) (change in %) 16% 13% 20% 4% INTERIM REPORT Q1 2025 10
Slide 11: P&L
Financials Q1 2025 – P&L MSEK Q1 2025 Q1 2024 Change, % R12 12M 2024 Sales 8 898 7 680 16% 36 880 35 662 EBITA 832 733 13% 3 874 3 776 EBITA margin, % 9,4% 9,5% 10,5% 10,6% EBIT 778 684 14% 3 665 3 571 Net financial income/expense -131 -141 -553 -563 Tax -165 -135 -779 -749 Net profit 482 408 18% 2
Slide 12: Earnings per share
Financials Q1 2025 – Earnings per share SEK 1,1 1,0 +20% 0,9 0,8 0,7 0,6 0,5 0,94 0,4 0,79 0,3 0,2 0,1 0,0 Q1 24 Q1 25 INTERIM REPORT Q1 2025 12
Slide 13: Operating cash flow
Financials Q1 2025 – Operating cash flow MSEK 1 300 1 200 1 100 1 000 900 -340 800 700 -99 600 1 038 -141 500 -14 400 300 200 445 100 0 EBITDA Working capital CapEx Leasing Other Q1 25 INTERIM REPORT Q1 2025 13
Slide 14: Operating cash flow
Financials Q1 2025 – Operating cash flow MSEK 2 000 1 500 1 000 1 810 1 231 1 298 500 1 084 582 445 354 0 -209 -196 -500 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 INTERIM REPORT Q1 2025 14
Slide 15: Net debt
Financials Q1 2025 – Net debt Net debt Net debt / EBITDA* excl. leasing and pension MSEK Q1 25 Q1 24 2,6 LTM EBITDA excl. IAC 4 681 4 144 2,4 2,2 2,1 LTM EBITDA impact of leasing (IFRS 16) -667 -603 2,1 2,0 2,0 1,9 1,9 1,8 1,8 LTM EBITDA excl. leasing (IFRS 16) and IAC 4 014 3 541 1,8 1,7 1,6 Net de
Slide 16: Summary Q1
Summary Q1 Q1 – Good quarter with strong EPS growth • Total sales growth of 16% (organic +4%) – stable organic growth across all product segments • EBITA growth of 13% with a margin of 9,4% (9,5). The EBITA margin was negatively affected by the dilution effect from recently acquired companies in Nor
Slide 17: Q&A
Q&A INTERIM REPORT Q1 2025 17
Slide 18: Thank you
Thank you INTERIM REPORT Q1 2025 18