Slides
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Q1, 2025
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Continued signs of recovery, in a still somewhat cautious market Our Business environment • The first quarter continues the trend – signs of recovery in the market, but with a noticeable cautiousness • Underlying demand from end customers is, to a larger extent, visible among manufacturers • A return to traditional seasonal patterns • The action program is fully implemented • Lower interest rates predicted to have positive impact on the overall economy • Difficult to assess the impact of the global economic and political uncertainty • We expect a gradual improvement in all three business areas going forward • Our ambition is to be back at operating margin levels, within the historical range for each business area, during 2025 Q1 2025
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2025 Q1 2024 Q1 Past 12 months 2024 Full year Invoiced sales MSEK 9,673 9,494 40,700 40,521 Growth % +1,9 -18.5 -8,5 -13.1 of which acquired % +0.1 +5.5 +2.0 +3.3 Gross margin % 29.7 28.3* 29.7* 29.1* Operating profit MSEK 782 516* 3,492* 3,226* Growth % +51.5 -70.6 -24.7 -53.7 Operating margin % 8.1 5.4* 8.6* 8.0* Profit after net financial items MSEK 514 184* 2,421* 2,091* Growth % +179.3 -88.9 -35.7 -66.9 Net profit margin % 5.3 1.9* 5.9* 5.2* Q 1 2 0 2 5
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Q 1 2 0 2 5 Net sales Past nine quarters (in millions of SEK)
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Q 1 2 0 2 5 Profit after financial items* Past nine quarters (in millions of SEK) *Profit and key ratios for 2024 have been calculated excluding items affecting comparability
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• A continued improved underlying demand for heat pumps at the manufactures level in Europe • Stable demand for heat pumps in North America • The demand is expected to return to a more traditional seasonal pattern • Acceptable inventory levels in the distribution chains in most major European markets • Better resilience in the commercial business segment • We expect a gradual improvement going forward • Our ambition is to be back at an operating margin level, within our historical range, during 2025 Slight increase in sales and improved margins Q1, 2025
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2025 Q1 2024 Q1 Net sales MSEK 6,022 5,834 Operating profit MSEK 555 332* Operating margin % 9.2 5.7* Q 1 2 0 2 5
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• Continued significant variations in demand between different business segments • Gradually more acceptable inventory levels among our customers • Continued positive indications from the Rail and the Semiconductor industry • A generally weaker climate in the Industrial segment • We expect a continuous improvement in sales to the Heat pump industry going forward, but with a slightly deferred business cycle compared to the business cycles of the HVAC and White goods’ segments themselves • Continued low new construction and low investments in Wind power • Our ambition is to be back at an operating margin level, within the historical range, during 2025 Stable demand in an unpredictable enivornment Q1, 2025
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2025 Q1 2024 Q1 Net sales MSEK 2,888 2,711 Operating profit MSEK 179 137* Operating margin % 6.2 5.1* Q 1 2 0 2 5
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• We expect a gradual improvement going forward mainly due to stronger North American demand recovery • Clear return to a traditional seasonal pattern where autumn and winter represent stronger sales • Acceptable inventory levels among our customers in all major markets • Still low level of new construction and renovation continue to create a challenging market • Our ambition is to be back at an operating margin level, within the historical range, during 2025 Marketing activities and production adjustments Q1, 2025
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2025 Q1 2024 Q1 Net sales MSEK 926 1,052 Operating profit MSEK 61 65* Operating margin % 6.6 6.2* Q 1 2 0 2 5
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NIBE Element NIBE Climate Solutions Distribution of net sales NIBE Stoves Q 1 2 0 2 5
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NIBE Stoves Distribution of operating profit NIBE Element NIBE Climate Solutions Q 1 2 0 2 5
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Others Europe excl the Nordic countries North America Nordic countries Geographical distribution of Group sales Q 1 2 0 2 5
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2025 Q1 2024 Q1 Past 12 months 2024 Full year Net sales MSEK 6,022 5,834 26,225 26,037 Growth % +3.2 -24.6 -11.0 -17.0 of which acquired % 0 +7.3 +2.5 +4.2 Gross margin % 32.1 31.2* 32.2* 31.6* Operating profit MSEK 555 332* 2,648* 2,425* Growth % +67.2 -75.4 -29.9 -56.7 Operating margin % 9.2 5.7* 10.1* 9.3* Q 1 2 0 2 5
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Others Europe excl the Nordic countries North America Nordic countries Geographical distribution of sales Q 1 2 0 2 5
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2025 Q1 2024 Q1 Past 12 months 2024 Full year Net sales MSEK 2,888 2,711 11,269 11,092 Growth % +6.5 -10.0 -2.8 -6.8 of which acquired % +0.5 +1.9 +1.2 +1.6 Gross margin % 20.2 18.6* 20.7* 20.2* Operating profit MSEK 179 137* 671* 629 Growth % +30.7 -51.1 +24.9 -33.2* Operating margin % 6.2 5.1* 6.0* 5.7* Q 1 2 0 2 5
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Others Europe excl the Nordic countries North America Nordic countries Q 1 2 0 2 5 Geographical distribution of sales
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2025 Q1 2024 Q1 Past 12 months 2024 Full year Net sales MSEK 926 1,052 3,738 3,864 Growth % -12.0 -15.8 -18.0 -18.8 of which acquired % 0 +1.9 +0.5 +1.0 Gross margin % 37.0 35.0* 34.5* 34.0* Operating profit MSEK 61 65* 199* 203 Growth % -6.2 -60.6 -49.6 -61.9* Operating margin % 6.6 6.2* 5.3* 5.3* Q 1 2 0 2 5
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Others Europe excl the Nordic countries North America Nordic countries Q 1 2 0 2 5 Geographical distribution of sales
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Q 1 2 0 2 5 Balance sheet 2025 31 Mar 2024 31 Mar 2024 31 Dec Intangible assets MSEK 30,055 31,997 32,241 Tangible assets MSEK 12,612 12,145 13,214 Financial assets MSEK 1,566 1,500 1,524 Non-financial current assets MSEK 17,111 19,896 17,820 Financial current assets MSEK 4,639 3,841 5,607 Total assets MSEK 65,983 69,379 70,406
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Q 1 2 0 2 5 Balance sheet 2025 31 Mar 2024 31 Mar 2024 31 Dec Equity MSEK 29,946 30,831 32,140 Long term liabilities– Non interest-bearing MSEK 4,578 5,778 4,990 Long term liabilities– Interest-bearing MSEK 16,990 17,185 17,625 Current liabilities– Non interest-bearing MSEK 7,859 9,448 8,565 Current liabilities– Interest-bearing MSEK 6,610 6,137 7,086 Total equity and liabilities MSEK 65,983 69,379 70,406
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Q 1 2 0 2 5 Cash flow analysis 2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec Cash flow – operating activities MSEK 658 -318 3,826 Change in working capital MSEK -415 59 180 Investments – current operations MSEK -619 -470 -2,224 Operating cash flow MSEK -376 -729 1,782 Acquisitions MSEK 0 0 -621 Financing activities MSEK -245 126 -64 Exchange rate difference in liquid assets MSEK -346 161 226 Change in liquid assets MSEK -967 -442 1,323
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Q 1 2 0 2 5 Key financial figures 2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec Investments MSEK 619 470 2,328 of which in current operations MSEK 619 470 2,224 Unappropriated liq, assets MSEK 5,082 4,492 6,177 Interest bearing liabilities/Equity % 78.8 75.6 76.9 Net debt/EBITDA times 3.1* 2.5* 3.2* Equity/assets ratio % 45.4 44.4 45.6 *Key ratios have been calculated excluding items affecting comparability
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Q 1 2 0 2 5 Key financial figures 2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec Working capital incl cash and bank MSEK 13,891 14,289 14,862 Working capital incl cash and bank % 34.1 32.1 36.7 Working capital excl cash and bank MSEK 9,252 10,448 9,255 Working capital excl cash and bank % 22.7 23.5 22.8
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Q 1 2 0 2 5 Key financial figures 2025 Jan-Mar 2024 Jan-Mar 2024 Jan-Dec Return on capital employed % 7.3* 11.7* 6.8* Return on equity % 6.2* 12.7* 5.4* Net profit/share SEK 0.19 0.02* 0.80* Equity/share SEK 14.84 15.27 15.92 Closing day share price SEK 37.93 52.56 43.24 *Key ratios have been calculated excluding items affecting comparability
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Grand Opening NIBE World of Energy, Markaryd Yesterday, May 14, NIBE’s new meeting place for future energy solutions - NIBE World of Energy - was officially inaugurated. It is a place for meetings, education and inspiration, practical training on the company's products and more. The building is also the crowning of NIBE's extensive investment program in the area.
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ISH, the most important meeting place for the HVAC-industry ISH, March 17 – 21, is Europe's most important and comprehensive meeting place, held every other year, for the HVAC industry. NIBE Group was present with several brands and different types of product solutions for residential as well as commercial. Business Area NIBE Element was also represented as a significant supplier of components within the industry.
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Several examples of investments in the railway sector Business Area NIBE Element experience a positive trend in the Railway sector. This applies to both the infrastructure and heating of the railway vehicles themselves. A prominent example is products for the iconic Orient Express to create comfort and heating for passengers on board. In Japan, they have a sophisticated system for heating the track switches. A technology based on electric heating elements enables the Japanese railway network to avoid icy switches that cause delays and traffic problems.
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‘World of Fireplaces’ in Leipzig and ‘HPBQ’ in New Orleans The ‘World of Fireplaces” fair in Leipzig, Germany, and the ‘Hearth, Patio & Barbecue Expo’ in New Orleans, USA, are the two main meeting places for the Business Area NIBE Stoves on both sides of the Atlantic. NIBE Group was well represented at both fairs with a number of in both design and functionality.
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Q 1 2 0 2 5 Q & A
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Q 1 2 0 2 5 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. • The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. • This presentation may contain various forward-looking comments that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking comments. Others can be identified from the context in which the comments are made. These forward-looking comments involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause actual results or performance to differ materially from those expressed or implied from such forward-looking comments. These risks include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks. • The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. • No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. 32
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