Slides
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Q1-4 2025 Q4 and Full year2025
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Q4 2025 CONFIRMATION OF RECOVERY FOR THE YEAR AS A WHOLE – ROBUST DEVELOPMENT IN THE FOURTH QUARTER 2 •The fourth quarter confirms the continued recoverywe have seen since the end of 2024•Customs duties, tariffs and a politically unstable climate have had a negative impact on consumer confidence•The strengthend Swedish krona obscures part of the positive sales increase in the quarter•Increased sales, better productivity and good cost control, main contributors for the robust operating profit development in the quarter but was adversely affected by acquisition-related revaluations
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Q4 2025 3 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 CONFIRMATION OF RECOVERY FOR THE YEAR AS A WHOLE – ROBUST DEVELOPMENT IN THE FOURTH QUARTER
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Q1-4 20252025Q42024Q420252024Invoiced sales MSEK11,00011,02540,84140,521Growth%-0.2**-5.4+0.8**-13.1of which acquired%+0.4+0.3+0.2+3.3Gross margin%33.630.2*31.529.1*Operating profitMSEK1,438*1,129*4,303*3,226*Growth%+27.4-29.1+33.4-53.7Operating margin%13.1*10.2*10.5*8.0*Profit after net financial itemsMSEK1,213*885*3,333*2,091*Growth%+37.1-35.8+59.4-67.0Net profit margin%11.0*8.0*8.2*5.2* 4 **Organic growth of +6.8 % in Q4-2025 and +5.3% for full year 2025 when excluding the currency effects*Key ratios have been calculated excluding items affecting comparability
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NET SALESPAST NINE QUARTERS (IN MILLIONS OF SEK) 5
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PROFIT AFTER FINANCIAL ITEMSPAST NINE QUARTERS (IN MILLIONS OF SEK)* *Key ratios have been calculated excluding items affecting comparability6
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Q4 2025 •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 had a positive impact on demand•Assessed long-term positive growth – despite consumer demand currently being significantly dampened by the uncertain global situation•Stable development in the commercial sector for both heating and cooling•Successful joint product development and cross-selling within the Group•Return to a more traditional seasonal sales pattern implying stronger sales in the second half of the year•Healthy organic growth, but obscured by the strengthened Swedish krona STRONG FINISH TO THE YEAR AND RESTORED OPERATING MARGIN LEVEL 7
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Q4 2025 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 comprehensive investment program over the last years• Discontinued US tax credits for residential homes – too early to assess the impact 8 STRONG FINISH TO THE YEAR AND RESTORED OPERATING MARGIN LEVEL
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Q1-4 2025 20252024Net salesMSEK26,91826,037Operating profitMSEK3,4932,425*Operating margin%13.09.3* *Profit and key ratios have been calculated excluding items affecting comparability 9
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% OPERATING MARGIN1997 -2025 13-15%
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•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 sales to the heat pump industry•A generally weaker climate in the industrial segment as well as in the white goods segment•Trade conflicts and political uncertainty have led to a general slowdown in a number of product segments•The strengthened Swedish krona obscures the organic growth INCREASED BUT VARYING DEMAND IN A TURBULENT EXTERNAL ENVIRONMENT 11
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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 INCREASED BUT VARYING DEMAND IN A TURBULENT EXTERNAL ENVIRONMENT
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Q1-4 2025 20252024Net salesMSEK11,28411,092Operating profitMSEK795629*Operating margin%7.05.7* *Profit and key ratios have been calculated excluding items affecting comparability Q1-3 2025 13
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%8-11% OPERATING MARGIN1997 -2025
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Q4 2025 •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 market•Clear return to a traditional seasonal pattern where the fall and winter represent stronger sales•Significant product launches and marketing activities in all markets will ensure future growth•The strengthened Swedish krona has burdened the visible organic growth, but market shares have been maintained and in some markets even also increased•Lower total sales and increased trade tariffs between the US and Canada have negatively affected our margin A CHALLANGING YEAR WITH CONTINUED INVESTMENTS FOR THE FUTURE Q1-3 2025 15
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Q4 2025 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, together with focus on increased sales A CHALLANGING YEAR WITH CONTINUED INVESTMENTS FOR THE FUTURE Q1-3 2025 16
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Q1-4 2025 20252024Net salesMSEK3,4753,864Operating profitMSEK144203*Operating margin%4.15.3* Q1-3 2025 17 *Profit and key ratios have been calculated excluding items affecting comparability
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% 10-13% OPERATING MARGIN1997 -2025
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YEARLY AVERAGEGROWTH16,5% MSEK TURNOVER DEVELOPMENT1993 -2025
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Q1-4 2025 DEVELOPMENT OF PROFIT AFTER FINANCIAL ITEMS YEARLY AVERAGEGROWTH17,8% MSEK1993 -2025
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Q1-4 2025 NIBEELEMENTNIBECLIMATE SOLUTIONS NIBE STOVES Distribution of Net sales 21 DISTRIBUTION OF NET SALES
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Q1-4 2025 NIBE STOVES NIBEELEMENT NIBECLIMATE SOLUTIONS 22 DISTRIBUTION OF OPERATING PROFIT
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Q1-4 2025 OTHERS EUROPE EXCL THE NORDIC COUNTRIES NORTH AMERICA NORDIC COUNTRIES 23 GEOGRAPHICAL DISTRIBUTION OF GROUP SALES
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Q1-4 2025 2025Q42024Q420252024Net salesMSEK7,3507,18526,91826,037Growth%+2.3**-6.4+3.4**-17.0of which acquired%000+4.2Gross margin%35.832.1*34.231.6*Operating profitMSEK1,156861*3,4932,425*Growth%+34.3-29.4+44.0-56.7Operating margin%15.712.0*13.09.3* 24 *Key ratios have been calculated excluding items affecting comparability** Organic growth of +8.7 % in Q4-2025 and +7.6% for full year 2025 when excluding the currency effects
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Q4 2025 OTHERS EUROPEEXCL THE NORDIC COUNTRIES NORTH AMERICA NORDIC COUNTRIES GEOGRAPHICAL DISTRIBUTION OF GROUP SALES 25
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Q1-4 2025 2025Q42024Q420252024Net salesMSEK2,8042,85111,28411,092Growth%-1.6**-4.4+1.7**-6.8of which acquired%+1.4+1.0+0.7+1.6Gross margin%23.421.5*21.620.2*Operating profitMSEK222190*795629*Growth%+16.8+3.3+26.4-33.2Operating margin%7.96.7*7.05.7* 26 *Key ratios have been calculated excluding items affecting comparability** Organic growth of +5.2 % in Q4-2025 and +5.9 % for full year 2025 when excluding the currency effects
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Q4 2025 27 OTHERS EUROPEEXCL THE NORDIC COUNTRIESNORTH AMERICA NORDIC COUNTRIES GEOGRAPHICAL DISTRIBUTION OF GROUP SALES
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Q1-4 2025 2025Q42024Q420252024Net salesMSEK1,0831,1633,4753,864Growth%-6.8**-12.3-10.1**-18.8of which acquired%000+1.0Gross margin%36.334.8*34.734.0*Operating profitMSEK110117*144203*Growth%-6.0-30.5-29.1-61.9Operating margin%10.210.1*4.15.3* 28 *Key ratios have been calculated excluding items affecting comparability** Organic growth of +0.1 % in Q4 and -5.5% for full year 2025 when excluding the currency effects
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Q4 2025 OTHERS EUROPEEXCL THE NORDIC COUNTRIES NORTH AMERICA NORDIC COUNTRIES 29 GEOGRAPHICAL DISTRIBUTION OF GROUP SALES
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Q1-4 2025 BALANCE SHEET202531 Dec202431 DecIntangible assetsMSEK29,48332,241Tangible assetsMSEK12,41613,214Financial assetsMSEK1,5051,524Non-financial current assetsMSEK16,19317,820Financial current assetsMSEK5,4585,607Total assetsMSEK65,05570,406 30
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Q1-4 2025 202531 Dec202431 DecEquityMSEK30,29032,140Long term liabilities–Non interest-bearingMSEK4,6854,990Long term liabilities–Interest-bearingMSEK16,12917,625Current liabilities–Non interest-bearingMSEK7,5238,565Current liabilities–Interest-bearingMSEK6,4287,086Total equity and liabilitiesMSEK65,05570,406 BALANCE SHEET 31
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Q1-4 2025 202531 Dec202431 DecCash flow –operating activitiesMSEK4,1923,826Change in working capitalMSEK696180Investments –current operationsMSEK-2,000-2,224Operating cash flowMSEK2,8881,782Acquisitions MSEK-943-621Financing activitiesMSEK-1,492-64Exchange rate difference in liquid assets MSEK-602226Change in liquid assetsMSEK-1491,32332 CASH FLOW ANALYSIS
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Q1-4 2025 2025Jan-Dec2024Jan-DecInvestmentsMSEK2,2622,328of which in current operationsMSEK2,0002,224Unappropriated liq, assetsMSEK5,8776,177Interest bearingliabilities/Equity%74.576.9Net debt/EBITDAtimes2.7*3.5*Equity/assets ratio%46.645.6 *Key ratios have been calculated excluding items affecting comparability33 KEY FINANCIAL FIGURES
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Q1-4 2025 2025Jan-Dec2024Jan-DecWorking capital incl cash and bankMSEK14,12814,862Working capital incl cash and bank%34.636.7Working capital excl cash and bankMSEK8,6709,255Working capital excl cash and bank%21.222.8 34 KEY FINANCIAL FIGURES
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Q1-4 2025 2025Jan-Dec2024Jan-DecReturn oncapital employed%8.5*6.8*Return on equity%8.5*5.4*Net profit/shareSEK1.20*0.80*Equity/shareSEK15.0115.92Closing day share priceSEK35.6243.24 KEY FINANCIAL FIGURES *Key ratios have been calculated excluding items affecting comparability35
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Q1-4 2025 *Key ratiosfor 2024 havebeen calculated excluding items affecting comparability DEVELOPMENT OF KEY FINANCIAL FIGURES
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Q1-4 2025 37 Q & A
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Q1-4 2025 3838 THANK YOU FOR YOUR ATTENTION