Slide 1: NIBE Q1-2 2025
NIBE Q1-2 2025
Slide 2: Our Business environment
Q1-2 2025 Our Business environment A quarter of continued recovery and brighter outlook • The second quarter confirms the brighter • Positive momentum in consumers' preference to outlook we have seen since the end of last year invest in heat pumps vs. fossil alternatives • Customs duties, tariffs an
Slide 3: Improved performance
Q1-2 2025 Improved performance 2025 2024 Q1-Q2 Q1-Q2 REVENUE +1.2% (-16.8%) OPERATING PROFIT +45.7% (-67.1*) adjusted OPERATING MARGIN +8.7% (+6.1%*) adjusted
Slide 4: Group Q1-Q2 2025 key figures
Q1-2 2025 2025 2024 Past 12 2024 Q1-Q2 Q1-Q2 months Full year Invoiced sales MSEK 19,755 19,529 40,747 40,521 Growth % +1.2 -16.8 -4.6 -13.1 of which acquired % +0.2 +5.5 +0.6 +3.3 Gross margin % 30.0 28.2* 30.0* 29.1* Operating profit MSEK 1,726 1,185* 3,767* 3,226* Growth % +45.7 -67.1 +8.8 -53.7
Slide 5: Group Q2 2025 key figures
Q1-2 2025 2025 2024 Q2 Q2 Invoiced sales MSEK 10,082 10,035 Growth % 0.5 -15.2 of which acquired % +0.2 +5.5 Gross margin % 30.3 29.0 Operating profit MSEK 944 669 Growth % +41.1 -63.7 Operating margin % 9.4 6.7 Profit after net financial items MSEK 700 396 Growth % +76.8 -76.7 Net profit margin % 6
Slide 6: Net sales
Q1-2 2025 Net sales Past nine quarters (in millions of SEK) 6
Slide 7: Profit after financial items
Q1-2 2025 Profit after financial items Past nine quarters (in millions of SEK)* *Profit has been calculated excluding items affecting comparability 7
Slide 8: Continued increase in sales and improved margins
Q1-2 2025 Continued increase in sales and improved margins • Second quarter shows improvement in • Successful efforts for increased joint sales and margin product development and cross-selling within the Group • Confirmation of earlier signs of recovery in heat pump sales • Return to more traditiona
Slide 9: NIBE Climate Solutions Q1-Q2 2025
Q1-2 2025 2025 2024 Q1-Q2 Q1-Q2 Net sales MSEK 12,846 12,350 Operating profit MSEK 1 397 838* Operating margin % 10.8 6.8* *Profit and key ratios have been calculated excluding items effecting comparability 9
Slide 10: Fluctuating demand in a turbulent environment
Q1-2 2025 Fluctuating demand in a turbulent environment • Relatively stable demand in most product • A generally weaker climate in the segments industrial segment • Strong demand linked to electrification • Imminent risk that trade conflicts and political uncertainty will lead to a general • Continu
Slide 11: NIBE Element Q1-Q2 2025
Q1-2 2025 2025 2024 Q1-Q2 Q1-Q2 Net sales MSEK 5,680 5,530 Operating profit MSEK 363 279* Operating margin % 6.4 5.0* *Profit and key ratios have been calculated excluding items effecting comparability 11
Slide 12: A continued challenging market but with future oriented initiatives
Q1-2 2025 A continued challenging market but with future oriented initiatives • Positive development in North America, weaker • A first half-year with significant product launches consumer confidence in Europe and marketing activities in all markets • Low energy prices, weak consumer confidence and
Slide 13: NIBE Stoves Q1-Q2 2025
Q1-2 2025 2025 2024 Q1-Q2 Q1-Q2 Net sales MSEK 1,604 1,854 Operating profit MSEK 10 62* Operating margin % 0.6 3.3* *Profit and key ratios have been calculated excluding items effecting comparability 13
Slide 14: Distribution of Net sales
Q1-2 2025 Distribution of Net sales NIBE Stoves NIBE Element NIBE Climate Solutions 14
Slide 15: Distribution of operating profit
Q1-2 2025 Distribution of operating profit NIBE Stoves NIBE Element NIBE Climate Solutions 15
Slide 16: Geographical distribution of Group sales
Q1-2 2025 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries 16
Slide 17: NIBE Climate Solutions Q1-Q2 2025
Q1-2 2025 2025 2024 Past 12 2024 Q1-Q2 Q1-Q2 months Full year Net sales MSEK 12,846 12,350 26,534 26,037 Growth % +4.0 -22.1 -4.8 -17.0 of which acquired % 0 +7.2 +0.6 +4.2 Gross margin % 32.6 30.9* 32.4* 31.6* Operating profit MSEK 1,397 838* 2,984* 2,425* Growth % +66.7 -71.0 +7.4 -56.7 Operating
Slide 18: NIBE Climate Solutions Q2 2025
Q1-2 2025 2025 2024 Q2 Q2 Net sales MSEK 6,824 6,516 Growth % +4.7 -19.8 of which acquired % 0.0 7.1 Gross margin % 33.0 31.9 Operating profit MSEK 842 506 Growth % +66.4 -67.1 Operating margin % 12.3 7.8
Slide 19: Geographical distribution of Group sales
Q1-2 2025 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 20: NIBE Element Q1-Q2 2025
Q1-2 2025 2025 2024 Past 12 2024 Q1-Q2 Q1-Q2 months Full year Net sales MSEK 5,680 5,530 11,241 11,092 Growth % +2.7 -7.4 -1.9 -6.8 of which acquired % +0.5 +1.9 +0.9 +1.6 Gross margin % 20.7 19.2* 20.9* 20.2* Operating profit MSEK 363 279* 713* 629* Growth % +30.1 -46.7 +64.5 -33.2 Operating margin
Slide 21: NIBE Element Q2 2025
Q1-2 2025 2025 2024 Q2 Q2 Net sales MSEK 2,792 2,819 Growth % -1.0 -4.6 of which acquired % +0.6 +1.9 Gross margin % 21.1 20.3 Operating profit MSEK 184 142 Growth % +29.6 -41.6 Operating margin % 6.6 5.0
Slide 22: Geographical distribution of Group sales
Q1-2 2025 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 23: NIBE Stoves Q1-Q2 2025
Q1-2 2025 2025 2024 Past 12 2024 Q1-Q2 Q1-Q2 months Full year Net sales MSEK 1,604 1,854 3,614 3,864 Growth % -13.5 -20.6 -15.5 -18.8 of which acquired % 0 +1.7 +0.1 +1.0 Gross margin % 34.0 33.5* 34.3* 34.0* Operating profit MSEK 10 62* 151* 203* Growth % -83.9 -76.7 -48.1 -61.9 Operating margin %
Slide 24: NIBE Stoves Q2 2025
Q1-2 2025 2025 2024 Q2 Q2 Net sales MSEK 678 802 Growth % -15.5 -26.1 of which acquired % 0 +1.5 Gross margin % 30.0 31.6 Operating profit MSEK -51 -3 Growth % -1600.0 -103.0 Operating margin % -7.5 -0.3
Slide 25: Geographical distribution of Group sales
Q1-2 2025 Geographical distribution of Group sales Others Nordic countries North America Europe excl the Nordic countries
Slide 26: Balance sheet
Q1-2 2025 Balance sheet 2025 2024 2024 30 Jun 30 Jun 31 Dec Intangible assets MSEK 30,067 31,856 32,241 Tangible assets MSEK 12,687 12,389 13,214 Financial assets MSEK 1,708 1,383 1,524 Non-financial current assets MSEK 17,799 19,522 17,820 Financial current assets MSEK 5,623 4,081 5,607 Total asset
Slide 27: Balance sheet
Q1-2 2025 Balance sheet 2025 2024 2024 30 Jun 30 Jun 31 Dec Equity MSEK 29,863 29,458 32,140 Long term liabilities– Non interest-bearing MSEK 4,327 5,393 4,990 Long term liabilities– Interest-bearing MSEK 17,195 19,906 17,625 Current liabilities– Non interest-bearing MSEK 7,886 8,864 8,565 Current l
Slide 28: Cash flow analysis
Q1-2 2025 Cash flow analysis 2025 2024 2024 Jan-Jun Jan-Jun Jan-Dec Cash flow – operating MSEK 1,615 721 3,826 activities Change in working capital MSEK -1,006 -374 180 Investments – current MSEK -1,101 -1,234 -2,224 operations Operating cash flow MSEK -492 -887 1,782 Acquisitions MSEK 0 -536 -621 F
Slide 29: Key financial figures
Q1-2 2025 Key financial figures 2025 2024 2024 Jan-Jun Jan-Jun Jan-Dec Investments MSEK 1,101 1,263 2,328 of which in current MSEK 1,101 1,234 2,224 operations Unappropriated liq, assets MSEK 6,033 4,643 6,177 Interest bearing % 86.4 86.6 76.9 liabilities/Equity Net debt/EBITDA times 3.2 3.1* 3.5* E
Slide 30: Key financial figures
Q1-2 2025 Key financial figures 2025 2024 2024 Jan-Jun Jan-Jun Jan-Dec Working capital MSEK 15,536 14,739 14,862 incl cash and bank Working capital % 38.1 34.5 36.7 incl cash and bank Working capital MSEK 9,913 10,658 9,255 excl cash and bank Working capital % 24.3 25.0 22.8 excl cash and bank
Slide 31: Key financial figures
Q1-2 2025 Key financial figures 2025 2024 2024 Jan-Jun Jan-Jun Jan-Dec Return on % 8.5 9.3* 6.8* capital employed Return on equity % 8.4 9.5* 5.4* Net profit/share SEK 0.44 0.13* 0.80* Equity/share SEK 14.79 14.59 15.92 Closing day share price SEK 40.34 44.94 43.24 *Key ratios have been calculated e
Slide 32: Q&A
Q&A
Slide 33: Thank your for your attention.
Thank your for your attention.
Slide 34: NIBE
NIBE