Annual report
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SUSTAINABLE WORLD-CLASS ENERGY SOLUTIONS ANNUAL REPORT 2025
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NIBE’s mission is to provide the world with better sustainable energy solu - tions. From our earliest beginnings we have been committed to developing new methods that improve energy efficiency. Today we take great pride in the fact that NIBE is playing an important role in the global transition towards a more sustainable society. At NIBE, we are by nature persistent and never give up. But, at NIBE, we also believe in good, old-fashioned virtues like honesty, compassion and honoring the promises we make. We are proud of our history and embrace our heritage. We care about the places where we work and about the peo - ple who live there. At the same time, we are also a result-oriented world leader in innovation, continuously exploring new technological solutions in our constant quest to improve our products and services, and firmly focused on cre - ating true value in the form of customer benefits and savings. We aim to combine growth with good, sustained profitability, and this means that we place high demands on both ourselves and our partners. These are the attributes that make NIBE unique. Our feet are planted firm - ly on the ground while our eyes are fixed resolutely on the future. We work tirelessly to serve the world with more sustainable energy solutions. Backer and NIBE were founded in 1949 and 1952 respectively. BRAND PROMISE Sustainable world-class energy solutions BUSINESS CONCEPT To provide the market with sustainable, high- quality, innovative and energy-efficient products and solutions within our three different business areas. MISSION To daily work wisely and with dedica - tion in order to develop sustainable world-class energy solutions.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 3 · • AUDIT The financial information has been audited by NIBE Group’s external auditor and the sustainability report has been subject to a limited assurance engagement. Auditor’s report, see pages 191–195. Limited assurance report on the sustainability report, see page 196. ANNUAL REPORT The Swedish version is the original version and has been audited by NIBE Industrier’s auditor. This version is an adapted version of the statutory annual report prepared for layout purposes. The statutory annual report is available in ESEF format. COVER PHOTO Close-up of NIBE AB’s acoustic chamber at the Innovation Center in Markaryd, Sweden. Rigorous acoustic testing is carried out here before new products are launched. FINANCIAL STATEMENTS 118 • A dministration Report 2025 118 • F ive-year overview 120 • Consolida ted income statement 122 • Business ar eas 12 4 • Consolida ted balance sheet 126 • Consolida ted statement of cash flows 129 • K ey ratios 130 • P arent Company 134 • Risk s and risk management 137 • No tes 139 Companies in the Group 17 6 CONTENTS NIBE GROUP 4 NIBE Gr oup in numbers 4 CE O’s Report 6 STRATEGY AND MANAGEMENT PHILOSOPHY 9 Strategic focus areas 10 – Gr owth and expansion 12 – Pr oduct development and innovation 14 – R esponsibility 16 – Sus tainability 18 Emplo yees 20 Management philosophy – Our business principles 22 – Our values 2 4 SUSTAINABILITY REPORT 63 Gener al disclosures 65 En vironmental information 80 – P ollution 87 – Water and marine resources 88 – R esource use 90 EU Taxonomy 9 4 Social information 98 – Social conditions in the value chain 104 Go vernance 108 Appendix 110 DRIVERS AND TRENDS 26 NIBE Gr oup in properties 28 NIBE Gr oup as industrial partner 30 NIBE Gr oup around the home 32 BUSINESS AREAS NIBE Climate Solutions 34 NIBE Elemen t 44 NIBE Sto ves 54 GOVERNANCE 181 Corpor ate Governance Report 182 T he Board of Directors’ statement 187 NIBE’ s Board 188– 189 NIBE’s management 190 • A uditor’s report 191 Limited assur ance report on the Sustainability Report 19 6 NIBE share performance 198 Shar eholder information 201 Glossary 202
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20252025 NET SALES, SEK M 40,841 EQUIT Y/ ASSETS RATIO, % 46.6 PROFIT AFTER TAX, SEK M 2,421 OPERATING MARGIN, % 10.5 RETURN ON EQUITY, % 8.5 PROFIT AFTER NET FINANCIAL ITEMS, SEK M 3,333 EARNINGS PER SHARE, SEK 1.20 PROPOSED DIVIDEND, SEK 0.35 NIBE GROUP SALES THIS IS NIBE GROWTH % 0.8 6% 18% 45% 31% Others Nordic countries North America Europe Financial key ratios 2025* 2024** 2023 2022 2021 Net sales SEK m 40,841 40,521 46,649 40,071 30,832 Growth % 0.8 -13.1 16.4 30.0 13.6 Operating margin % 10.5 8.0 14.9 14.6 14.5 Profit after net financial items SEK m 3,333 2,091 6,331 5,675 4,318 Profit after tax SEK m 2,421 1,614 4,796 4,395 3,378 Equity/assets ratio % 46.6 45.6 44.4 51.8 49.9 Earnings per share SEK 1.20 0.80 2.37 2.16 1.65 Proposed dividend SEK 0.35 0.30 0.65 0.65 0.50 Items affecting comparability * Negative effect of acquisition-related revaluations: SEK 178 million ** Action plan costs: SEK 1,152 million, Positive effect of acquisition-related revaluations: SEK 597 million As of 2025, the effect of the Swedish krona (SEK) on net sales is reported. This effect will be reported both quarterly and annually in the future. The Group’s net sales amounted to SEK 40,841 (40,521) million, corresponding to growth of 0.8%, of which acquired sales accounted for 0.2%. The stronger Swedish krona had a negative impact of SEK 1,818 million on net sales, which meant that organic growth was 5.1%. NIBE’S VISION Our sustainable world-class energy solutions contribute to a faster transition to a resource-efficient and fossil-free society.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 5 · NIBE GROUP’S BUSINESS AREAS NIBE CLIMATE SOLUTIONS MAIN PRODUCTS Heat pumps, water heaters, refrigeration systems, accumulator tanks, ventilation systems and district heating. NIBE ELEMENT MAIN SECTORS Energy, environment, transport, industry, technology, heating, cooling and ventilation equipment and household appliances. NIBE STOVES MAIN PRODUCTS Stoves, inserts, fireplace cassettes, chimney systems, outdoor stoves and accessories. Net sales SEK m 26,918 2025 Growth 3.4% Operating margin 13% Number of employees 8,528 Net sales SEK m 11,282 2025 Growth 1.7% Operating margin 7% Number of employees 10,623 Net sales SEK m 3,475 2025 Growth -10.1% Operating margin 4.1% Number of employees 1,412
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· 6 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB THE RECOVERY IN 2025 IS A SIGN OF STRENGTH – ENABLING FUTURE FOCUS ON PROFITABLE GROWTH Despite the sharp decline in demand in 2024 and a turbulent external environment in 2025, we were able to maintain relatively stable and positive development in both net sales and operating profit. We see this as confirmation that our strategy of a decentral- ized organization, an extensive international presence and a broad, high-performance product range is working well. This strategy has proved hard to beat for many decades from both a defensive and an offensive perspective. The political tension and turbulence in the world around us were the factors that probably had the most negative impact on consumption and willingness to invest among both individual consumers and companies. Imposed and changing customs duties and tariffs have, for obvious reasons, been challenging to manage, but overall we have handled them well. In many respects, the stronger Swedish krona has been welcome, but when comparing this year’s net sales and operating profit with last year’s, the positive underlying organic growth is obscured. THE YEAR AS A WHOLE With well-adapted cost structures, strong product ranges, a solid market presence and well-invested, streamlined facilities, all three of our business areas are well positioned for the future. Our strategy of focusing on regional manufacturing, with primarily regional suppliers, also creates more secure supply chains and reduces vulnerability to trade barriers. We are also convinced that our prod- ucts are a good fit for the times, with the whole of society needing to CEO’S REPORT 2025 gradually transition to reduced dependence on fossil fuels. Overall, we look to the future with confidence. The Group’s net sales for the full year amounted to SEK 40,841 million. The stronger Swedish krona had a negative impact of SEK 1,818 million on net sales, which meant that growth at fixed exchange rates was 5.3%. Adjusted operating profit for the full year amounted to SEK 4,303 million. The main reasons behind the posi- tive performance were increased organic sales, good cost control and improved productivity. Another effect of the recovery was that the net debt/EBITDA ratio improved from 3.5 in 2024 to 2.7 in 2025. Our clear ambition for the full year 2025 was to return to our three business areas’ historically demonstrated operating margin ranges. In summary, we returned to clear organic growth and a strong improvement in operating profit and operating margin in 2025. Busi- ness Area NIBE Climate Solutions achieved the stated ambition, with an operating margin of 13%. However, Business Area NIBE Element fell one percentage point short of its 8% target, corresponding to SEK 113 million. Business Area NIBE Stoves was as much as 5.9 percentage points below its 10% target, corresponding to SEK 205 million. For the Group, this represented a total shortfall of SEK 318 million relative to the target, corresponding to a deviation of 0.78 percentage points excluding currency effects. It may not need repeating, but our clear ambition for 2026 is continued organic growth and, naturally, for all three business areas to return to their respective historically demonstrated operating margin ranges.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 7 · During the year, the Group invested a total of SEK 2,038 million. The investment program of SEK 10 billion that was decided in 2020 has now been completed. One of the major investments during the year was the completion of the new production facility for stainless steel water heaters. OUR GOALS ARE UNCHANGED We remain steadfast in our ambition to realize both our financial and sustainability-related targets, which we have clearly commu- nicated. One of our targets is to continue to achieve growth of 20% per year through a combination of organic growth and acquisitions. In purely mathematical terms, this equates to a doubling of sales every four years. Our average performance over more than 30 years underscores the realistic nature of this goal. Against this back- ground, our target is to reach SEK 80 billion in net sales by 2029. NIBE CLIMATE SOLUTIONS The relative improvement in demand for heat pumps in Europe reflects growth in most markets, with Germany, Italy, the Nether- lands, Sweden and, more recently, Denmark showing the strongest growth. Our assessment, shared by the sector as a whole, is that the heat pump market will continue to show stable annual growth for many years to come. Through extensive investments in product develop- ment and more efficient manufacturing capacity in recent years, we have future-proofed our operations and we are well prepared to continue playing a leading role in this development. The North American geothermal heat pump market remained stable. As already described, the customs duties and tariffs intro- duced have had virtually no impact on us, as the vast majority of manufacturing takes place in the US, with only a marginal share produced in Canada. After the turn of the year, the previously available US tax subsi- dies for the installation of heat pumps in private homes were removed. It is still too early to assess the consequences, but we continue our work on further market development and identifying alternative financing solutions. The development of both net sales and operating profit during the year supports our assumptions about a continued gradual recovery and a more traditional seasonal demand pattern, with a stronger second half of the year. We also achieved our aim of returning to a full-year operating margin in the range of 13–15%, which represents the business area’s historically demonstrated capacity. However, the uncertain external environment and the stronger Swedish krona presented significant challenges. The operating margin of 15.7% in the fourth quarter and 13.0% for the full year is, therefore, clear evidence of strength. NIBE ELEMENT Demand was stable during the year, but with significant varia- tions between the business area’s various market segments. The positive development in rail-based transport and HVAC (Heating, Ventilation, Air Conditioning) continued. However, the low level of new residential construction meant that demand for construc- tion-related products remained subdued, and the same applied to consumer-related products. The industrial sector, which is strongly linked to the automotive industry, was also weaker. However, demand in the semiconductor segment returned. The overall ambition during the year was for the operating margin to return to the business area’s historically demonstrated capacity, which is within the range of 8–11%. However, a slight slow- down in sales in the third quarter made it impossible to achieve the target and the full-year operating margin was 7.0%. The continuing improvement was confirmed by the fact that the operating margin in the fourth quarter was 7.9%. NIBE STOVES NIBE Stoves has remained the business area with the weakest performance compared with 2024. The main reason is that the European stove market has continued to be characterized by cautious end-consumer demand, primarily a reflection of uncertain economic conditions and a turbu- lent external environment. To some extent, the excess demand during the pandemic and the sharp rise in energy prices that resulted from Russia’s invasion of Ukraine might also have resulted in some temporary market saturation. Regional manufacturing, with primarily regional suppliers, creates more secure supply chains and reduces vulnerability to trade barriers. We are also convinced that our prod- ucts are a good fit for the times, with our whole society needing to gradually transition to reduced dependence on fossil fuels. Overall, we look to the future with confidence.
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· 8 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB ” The traditional seasonal pattern has been re-established but due to the conditions referred to above and an unusually warm fall, this was not enough to reverse the trend. In North America, primarily the US, demand showed a more posi- tive trend, which to some extent offset the weaker performance in Europe. However, the trade tariffs introduced between the US and Canada during the year had a negative impact and reduced the operating margin, despite our own cost savings and moderate price increases. Despite weaker demand, it is nevertheless encouraging to note that we have consistently retained our market shares and, in several markets, increased them. We take this as confirmation that our broad and constantly renewed product offering, combined with consistent marketing efforts, represents a winning strategy. The operating margin for the full year was just 4.1%, and was, therefore, well below the ambition to bring the business area back to the 10–13% range, which represents its historically demonstrated operating margin capacity. In the fourth quarter, the operating margin remained at 10.2%, the same level as in the corresponding period in the previous year, despite the decline in net sales. This Our strategy of a decentralized orga- nization, an extensive international presence and a broad, high-perfor- mance product range has proved hard to beat for many decades. confirmed our assumption that we have adapted our cost structure to the historically low level of demand. OUTLOOK FOR 2026 • Our corporate philosophy and our strong range of products, with their focus on sustainability and energy efficiency, are in tune with the times in which we are living. • W e have broad experience and are, therefore, well prepared to continue being proactive on acquisitions. • Our internal efforts to enhance efficiency, combined with investments made in our facilities and our rigorous cost control measures, will ensure consistently healthy margins. • All three business areas have a good geographical spread, which makes us less vulnerable to local downturns in demand. • Our decentralized organization, based on independent units, is well proven and creates the conditions for greater motivation and flexibility. Our new meeting and training center in Markaryd was officially opened in during the Annual General Meeting in May 2025. A large number of guests attended the opening and the County Governor of Kronoberg County, Maria Arnholen, gave a well-received speech and cut the blue-yel - low ribbon. The beautiful and striking building, located at the center of NIBE’s industrial park, has been named the NIBE World of Energy. The name reflects both the energy of all NIBE employees and our products and their role in society at large. • T he effects of the current security situation around the world, exchange rate developments and price volatility in relation to different types of energy are difficult to predict. • Ho wever, as is our habit, and based on experience, we remain optimistic about our own performance both in 2026 and in the longer term, although, in light of the above, the external outlook is naturally difficult to assess. Markaryd, April 2026 Gerteric Lindquist, Managing Director and CEO
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> NIBE ELEMENT > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 9 · STRATEGY AND MANAGEMENT PHILOSOPHY
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· 10 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB STRATEGIC FOCUS AREAS THAT COMBINE GOOD PROFITABILITY AND RESPONSIBLE VALUE CREATION Our goals are sharply focused on financially profitable growth and responsible value creation. Our strategies for achieving the goals are well proven and based on our Business principles, focusing on four strategic areas: Growth and Expansion, Product development and Innova - tion, Responsibility, and Sustainability. GROWTH AND EXPANSION Durable and profitable growth Our total growth target of an average of 20% a year should be achieved half through organic growth and half through strategic acquisitions. Healthy growth creates prospects for good profitability. Our long-term vision is that our sustainable, world-class energy solutions will contribute to a faster transition to a resource- efficient and fossil-free society. Efficient production High productivity is a prerequisite for good competitiveness. Our productivity philosophy is grounded in the belief that everything can always be improved and that, if you can’t measure it, you can’t improve it. Purchasing synergies Coordinated purchasing, both in each business area and between the business areas, provides noticeable advantages such as effi- cient use of resources and reduced costs. Collaboration with newly acquired companies starts immediately on completion of acquisi- tion to quickly reduce both direct and indirect costs. PRODUCT DEVELOPMENT AND INNOVATION Active, proactive and successful product development is a prerequi- site for our growth and expansion in all three business areas. Product development is carried out in most of our manufac- turing subsidiaries, but the majority is concentrated at development centers linked to our largest companies and business areas. Product development is also carried out as collaboration between the business areas, with different skills and industrial backgrounds complementing each other. Innovative products from the start The development of innovative products has been fundamental right from the start. The manufacture of NIBE’ s w ater heaters began in 1952, the s a m e y e a r a l a w e n t e r e d i n t o f o r c e r e q u i r i n g m i l k p r o d u c e r s t o have hot water in their milking parlors. With innovative product development based on this platform, our very first heat pump was introduced in 1981. This was then further developed into the busi - ness area NIBE Climate Solutions. T h e m a n u f a c t u r e o f t h e t u b u l a r e l e m e n t , w h i c h w a s a n e w , easily applicable heating component for households and industry, began back in 1949 and laid the foundation for today’s business area NIBE Element. In 1965 NIBE won a contract to manufacture stoves under the trademark Handöl. We later acquired the entire Handöl business. This was the start of establishing the business area NIBE Stoves. Products and new development In 2025, the global trend of a faster and faster rise in demand for energy continued 1. This means that global energy efficiency initia- tives must increase and the transition towards renewable energy production must accelerate. NIBE Group’s products are well placed to support this development. Energy efficiency, ecodesign and life cycle perspective are key aspects of our new product development. RESPONSIBILITY Sound business ethics Sound business ethics are a fundamental responsibility throughout our value chain. Our business relationships and business methods are based on us complying with legislation and ethical guidelines. We comply with international market regulations and sanctions deci- sions. Individual markets may have local laws, rules and customer requirements that must be adhered to. We are transparent in our communication and reporting. 1 IEA, Global Energy Review 2025
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 11 · management approach is based on decentralization in our three business areas with clear responsibility for profits in well-defined profit centers. Management by objectives is important. Clear goals linked to both finances and sustainability create a firm framework for busi- ness development and accountability in each profit center. Our management strategy is based on a combination of values, business ethics and respect for common standards. SUSTAINABILITY Climate impact In our innovative product development, we focus on reducing products’ climate impact throughout their life cycle. Our LCE-2classified prod- ucts support the transition to a smaller carbon footprint and help customers improve energy efficiency and convert to renewable energy. We have a long-term target of reducing our direct and indirect carbon dioxide emissions 3 by 65% by 2030 (compared with the 2019 base year), with the ambition of carbon neutrality by 2050. 2 *FTSE LCE ICS™ (Financial Times Stock Exchange Low Carbon Economy Indus- trial Classification System) is a quantitative model designed to enable investors to assess a company’s ability to adapt its business to the requirements associated with reduced climate impact. Product groups included in LCE are heat pumps, ven- tilation, building cooling, district heating, boilers and stoves for burning pellets and wood, PV panels, heat exchangers, components for rail, electric and hybrid vehicles and renewable energy production. 3 Scope 1 and 2 Our climate-related work is based around energy efficiency, reducing energy consumption and carbon dioxide emissions and sparing use of our shared resources. In addition to our goals in respect of continuous reduction in energy consumption and reduction of carbon dioxide emissions, we are actively working on eliminating fossil fuel in the heating of production plants where we own the buildings. In operations where we lease the buildings, we engage in discussions with the respective property owners regarding installation of fossil-free alternatives. Quality and environmental certification With a requirement for quality and environmental certification in all companies, we guarantee continuous activities to achieve good quality and reduced environmental impact while we eliminate risks in the working environment. Sustainable workplaces Our employees should thrive, develop and take pride in their work and their place of work. If you want to thrive in our company, initia- tive, humility and common sense make a winning combination. Our ambition is to ensure that we as a company and workplace are an attractive employer offering numerous opportunities for development. We work systematically to improve the working environment at all our plants to create safe workplaces and reduce ill-health, regard- less of employment status. Business conduct and risk assessment Our business principles and values are based on the conviction that a high degree of autonomy, combined with responsibility, creates strong profitability and long-term sustainability. Responsible busi- ness conduct and sustainability are fundamental to our ability to live up to our management philosophy and be a stable Group. Our governance model for each individual subsidiary in each business area is closely linked to our business model, which is based on local boards of directors and strong management in the individual companies. Every year, a risk assessment is carried out in our evaluation of business risks in accordance with our NIBE Internal Control Stan- dard (NICS). International guidelines and initiatives We follow and work according to several internationally recognized standards, guidelines and principles. Our guidelines and policies are based on international conventions and initiatives such as the UN Global Compact, ISO 26000 (international guidelines for handling social responsibility issues) and the Swedish Anti-Corruption Insti- tute and its Code for business. We submit an annual progress report to the UN Global Compact in accordance with the principles we have signed and committed to work with in our value chain. Governance and monitoring Long-term profitable growth and responsible value creation require professional, structured governance and effective monitoring. Our
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· 12 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB GROWTH AND EXPANSION Our total average growth target of 20% per year should be achieved half through organic growth and half through strategic acquisitions. Healthy and sustainable growth creates prospects for good profitability. The internationalization of our business is based on regional manufacturing with primarily regional suppliers, enabling us to be present in the right locations with the right partners. With our decentralized organization, we can scale our businesses and de - velop locally in the best possible way while still leveraging the benefits of belonging to a financially strong international Group. ORGANIC GROWTH Proactive product development Large investments in product development and innovation in all three business areas ensure that the Group’s subsidiaries always have product portfolios that are aligned with market conditions and expectations in terms of both advanced technology and performance. The Group’s brands have strong positions in their local markets and, through their local presence and physical prox - imity, are able to quickly identify and respond to local demand and the need for adaptation. T h e l e v e l o f c o n n e c t i v i t y o f b o t h t h e p r o d u c t s a n d s e r v i c e s we offer is constantly increasing. Digital product development is therefore becoming increasingly important. NIBE Group is developing shared platforms for digital solutions that will make i t e a s i e r f o r t h e G r o u p ’ s s u b s i d i a r i e s t o s t a y a t t h e f o r e f r o n t o f development. Our entire value chain, from product concept to customer delivery, should be based on the principles for responsible value creation contained in Our Business Principles and Our Values . Assured quality High quality in everything we do is the fundamental factor behind long-term success and sustained growth. To ensure that all our manufacturing companies actively implement quality control, acquired companies must achieve ISO 9001 certification within two full years of acquisition. Efficient production High productivity is a prerequisite for good competitiveness. Our productivity philosophy is grounded in the belief that everything can be continuously improved and that what is not measured cannot be improved. Time measurement of processes and tasks provides a sound basis for accurate costings and calculations, efficient produc- tion planning, reliable investment data and opportunities to follow up business activities correctly. Performance-based pay systems based on time measurement create good productivity, high time utilization and fair wages. Purchasing and acquisition synergies Coordinated purchasing, both in and between the business areas, provides noticeable advantages such as efficient use of resources and reduced costs. Collaboration with newly acquired companies starts immediately on completion of acquisition to quickly reduce both direct and indirect costs. We are constantly working on finding further synergies both between subsidiaries and within the business areas. We invest in attractive market segments and thereby ensure an optimal market presence internationally. An efficient, competitive organizational structure also helps us to develop different offerings that allow for simplification and thereby increase customer value. The large number of completed acquisitions has among other things added new technologies, new products, new markets, new expertise and new production capacity. Continuous investments in existing operations in terms of product development, new technology and skilled employees are also crucial for continued market-oriented, long-term expansion.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 13 · ACQUIRED GROWTH We prioritize the acquisition of companies with strong brands and products that complement our existing range and strengthen our presence in both new and existing markets. Companies acquired during the year Opportunities in the acquisition market in 2025 were limited and we carried out just one company acquisition, Selmo S.r.l., within Busi- ness Area NIBE Element. Decisive assessment criteria for acquisitions The prerequisites for a potential acquisition are that it must add new technology, enable us to establish a presence in new geographical markets and/or increase our share in existing markets. We apply a clear acquisition model where the basic requirements are that a company must have: • a s trong position in terms of the market and technology • compe tent management • a r eal entrepreneurial spirit • de velopment potential within the framework of NIBE Group’s strategies • a sound financial position, or clear potential to improve profitability within a reasonable timeframe if profitability is not satisfactory at the time of acquisition. Continued autonomy By actively encouraging continued curiosity, creativity and commit- ment, we motivate acquired companies to remain entrepreneurial. This is essential to their future potential. Permitting acquired companies to retain their identity and brands creates continuity on local markets. The objectives and manage- ment philosophy of the NIBE Group are implemented but in all other respects the acquired companies retain a high level of autonomy. The affiliation with NIBE Group is about leveraging the benefits of belonging to a much larger and financially stronger cluster of companies. Through our decentralized leadership, we can maintain simple orga- nizational structures with an independent operational leadership with a clear local character. Retained local presence Our business model is based on acquired companies continuing to operate as far as possible in the location where they were based at the time of acquisition. This way, companies remain part of the local community, providing jobs and engaging in the community. Regard- less of whether they are large or small operations, the management team is usually also local. We are convinced that this strengthens the company and fosters loyalty as well as good productivity. In many communities where we are a major player, local devel- opment is positively affected by our presence and our need for sub-suppliers and services. As employers, taxpayers and customers to many local entrepreneurs, we have a major positive impact on local economies and investments in infrastructure. Companies can also continue to operate as energizing and responsible players in their respective places of establishment and regions. An intensive era of acquisitions since 1997 Strong profit generation combined with the stock market listing in 1997, and the associated opportunities for access to fresh capital, created the conditions for an intensive era of acquisitions and development into an international Group. The acquisitions today make us: • a leading European heat pump supplier as well as a market- leading supplier in North America in geothermal heat pumps, both for single-family homes and commercial properties. • a global, leading industrial partner that has a strong local presence in a large number of countries around the world and supplies producers and users with components and solutions for intelligent heating and control. • a European market leader in stoves, with a stable platform for stoves also in North America. ACQUISITION MODEL ANALYSIS The analysis phase is precise but fast. Our three business areas are well defined and with our history we have good insight into the acquisition objects that are available and access to relevant key ratios for conducting comparisons and analyses. Our financial, as well as legal, due diligence is rigorous. We also carry out environ- mental investigations and prioritize a review of the IT security of the potential acquisition target. IMPLEMENTATION In the implementation phase, there is always complete transparency about our objectives concerning the acquisition. We are always very clear and open about the information we provide on our manage- ment philosophy and strategy, which facilitates the process. INTEGRATION In the integration phase, we aim to retain not only brands, but also skilled employees at every level. As soon as the acquisition has been completed, we begin to collaborate with the local management to be able to realize obvious synergies such purchasing and knowl- edge transfer within many areas. STRONGER WITH NIBE, SAN ELECTRO HEAT WAS ACQUIRED IN 2001. SAN Electro Heat was established in 1950 and has grown strongly since becoming part of NIBE Group in 2001. Key acquisitions include Lübcke Rail (2007) and HeatPoint (2017). With NIBE’s support, SAN Electro Heat has developed into a leading player in railway point heating systems and supplies rail operators in several countries, including the Nordic region, Europe, Japan and the US. The company’s process heating solutions are also used in many industries globally. SAN Electro Heat takes a positive view of the future, with a continued focus on quality, innovation and responsible pro - duction. The company celebrated its 75th anniversary in 2025, when it also moved into new premises.
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· 14 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB PRODUCT DEVELOPMENT AND INNOVATION At NIBE Group, we are ambitious and persistent in our product development and innovation in all three business areas. Our motto is to always be world-class in our product areas and to always drive, rather than follow, development in our areas. Product development is carried out in most of our manufacturing subsidiaries, but the majority is concentrated at development centers linked to our largest companies and business areas. In 2025, NIBE Group invested a total of SEK 1.4 (1.4) billion in product devel- opment, corresponding to 3.4% of net sales. Basis for profitable growth Active and successful product development is a prerequisite for our growth and expansion in all three business areas. Commercialization The strength of our brands is based on products that combine high quality, innovation, sustainability and competitive pricing. With a carefully considered marketing strategy, we are well positioned to increase our market share in existing geographical markets and expand into new ones. Efficient and intelligent products result in reduced environmental impact With a high rate of product development, continuously based on research and new technology and the use of new, more suitable substances and materials, we can offer products and solutions that appeal to the market while helping to reduce environmental impact. By modifying existing products, and through our development of completely new products, we carry out preventive environmental risk assessments. The precautionary principle is part of our system- atic approach to work and we apply this throughout the entire life cycle of the product. We are also working to reduce the amount of hazardous waste and for more recycling throughout the process. Our LCE-classified products support the transition to a smaller carbon footprint and help customers improve energy efficiency and convert to renewable energy. Our modern climate control solutions are becoming increasingly intelligent, and demand for remote control of the products and their functions via digital platforms is constantly growing. We use AI tools to constantly evaluate various solutions that enable the products to respond to their surroundings and events without direct human interaction. Cross-border collaboration, synergies between compa - nies There are many interactions between our subsidiaries. While there is overall clear autonomy with regard to marketing and sales, there is close collaboration around the development of new products and processes. The companies share knowledge and experience in a methodical way. An example of this is the development of shared digital platforms for control of heat pumps that can be used in several of our compa- nies to lower the hurdle of starting to use new technology. Another example is the development of the Contura Zero stove, which reduces emissions from wood burning to near zero. This is the result of close collaboration between the business areas NIBE Element and NIBE Stoves to come up with efficient technology for eliminating soot particles by capturing them and burning them in the chimney. Modern and timeless design Several of the products in the business areas NIBE Climate Solu- tions and NIBE Stoves provide a visual focal point in the home or just outside the building. In some cases, the product should take center stage, in others it should blend into the background. The products have a long service life and will remain an integral part of the home environment for several decades. In these cases, we always prioritize development of the appearance of the product to enable it to naturally blend into the background. CLIMATE SIMULATION CHAMBER CREATES NEW OPPORTUNITIES NIBE AB’s Innovation Center has several climate chambers con- nected to test rigs used in the development of new air-to-water heat pumps. The outdoor component is placed in a climate simu- lation chamber where a number of different operating conditions, such as temperature, wind speed and humidity, can be simulated. The indoor component is placed in a test rig at room temperature and connected to the outdoor component, in the same way as in a real-world installation. The purpose of the test rig is to simulate a number of different operating conditions to ensure that the outdoor and indoor components always work perfectly together, regardless of the weather, and that the air-to-water heat pump’s various functions always perform as intended.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 15 ·
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· 16 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB RESPONSIBILITY Sound business ethics Our decisions and our day-to-day operations are guided by our shared values and a clear code of conduct, which cover all employees worldwide. During the induction process, all new employees receive training in our code of conduct and associated policies. We must treat each other with respect and leaders and managers must set a good example in terms of honesty and straightforward communication. Through our decentralized leadership, we can maintain simple organiza- tional structures with an independent operational leadership with a local character. Responsible business conduct and related risks Our business principles and values1 are based on the conviction that great freedom coupled with responsibility creates good profitability and longevity. Responsible business conduct and sustainability are fundamental to our ability to live up to our management philosophy and create the necessary conditions for a stable Group. Risk assessment and evaluation of both new and existing suppliers and their performance is carried out on a continuous basis. This provides support and security around our choice of supplier and ensures continued strong cooperation. If we identify unacceptable risks or a lack of desire to make improve- ments, we will terminate the collaboration. 1 F ind out more on pages 22 and 24. International guidelines and initiatives We follow and work according to several internationally recog- nized standards, guidelines and principles. Our guidelines and policies are based on international conventions and initia- tives such as the Global Compact, ISO 26000 (international guidelines for matters relating to social responsibility) and the Swedish Anti-Corruption Institute and its business code (IMM). We submit an annual progress report to the UN Global Compact in accordance with the principles we have signed and committed to work with in our value chain. Our report is published on the Group’s website. Respect for human rights Our employees, with their unique experience, knowledge and talents, add great value to our operations. We conduct an international business with significant cultural and social differences, and so it is important for us to have a framework for both diversity and equal treatment. Everyone should have the same development, training and career opportunities. No one should be subjected to discrimination. We operate in countries where human rights that seem obvious to us may be restricted but in our own companies, respect for human rights is unequivocal. Our employees have the right to freedom of association and negotiation via a trade Since our beginnings more than 70 years ago, we have created an international Group and a presence in large parts of the world, as well as a solid platform for further profitable expansion. Clear shared values and long-term, stable owner - ship are the foundation for the Group’s continuity and stability.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 17 · union, but also the right to refuse to join an association. In cases where our companies have dormitories for employees adjacent to the workplace, we work continuously on improvements to ensure that the accommodation meets local standards. Local partnerships for the future For us it is important to take local social responsibility in the places where we have operations, for example, with regard to jobs and skill retention. This makes us a natural part of the development of the local community while we also take long-term responsibility. Our values and our business principles entail zero tolerance for all forms of corruption and apply to all parts of our business. Our zero tolerance for corruption is clearly communicated to our business partners. In addition to mandatory anti-corruption training that all employees who may be exposed to corruption must undertake on a continuous basis, all our employees are urged to be obser- vant, ask for advice if unsure and to report incidents if they have been exposed to any form of bribery or other unethical influence. The Group has developed a whistleblowing process and an associ- ated policy that has been translated into all local languages where we have operations. We carry out annual updated evaluations of the risks of corruption. Governance and monitoring Long-term profitable growth and responsible value creation require professional, structured governance and effective monitoring. Our management approach is based on decentralization in our three business areas with clear responsibility for profits in well-defined profit centers. Management by objectives is important. Clear goals linked to both finances and sustainability create a firm framework for business development and accountability in each profit center. Our manage- ment strategy is based on a combination of values, business ethics and respect for common standards. All companies must ensure compliance with legal requirements and agreements that have been concluded. Monitoring takes place efficiently at all levels of the organiza - tion via the Group’s shared reporting and consolidation systems. Deviations from assumptions made can then be quickly followed up and dealt with. We regularly conduct on-site visits to our oper - ations to follow up on compliance with our business conduct requirements. NIBE’S COMPANY CULTURE Always greeting others, saying thank you and being willing to apologize are three fundamental pillars of NIBE’s values. This is an approach that Managing Director and CEO Gerteric Lindquist encourages among all employees and business partners. “Something happens when you greet people you meet. You receive a smile in return from someone who has been treated with respect and consideration.” CORPORATE CITIZENSHIP NIBE Group has for many years collaborated with the NOBEL PRIZE MUSEUM and the NATIONAL MUSEUM OF SCIENCE AND TECHNOLOGY in Stockholm through its Science Center in Markaryd. Several projects are carried out every year with the aim of providing inspiration for schoolchildren. In 2025, the center held a themed event where stu- dents built space stations and rockets together with ESERO Sverige, an educational initiative run in collaboration with the European Space Agency (ESA). The rockets were launched from the snow-covered lawn outside the Science Center.
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· 18 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB Honesty and transparency In a world where it is becoming increasingly difficult to know what is real and what is artificial, stakeholders are looking for transparency, authenticity and honesty. To an ever greater extent, this is reflected in requirements for sustainability information of various kinds and of ever greater complexity. At the same time as technological development is improving the opportunities for transparency, we are also seeing a growing demand for sustainability information to be produced more quickly and be more easily accessible to various stakeholders. We are also seeing a shift in the requirements from fundamental information to insight into value chains and the business, covering everything from suppliers and manufacturing processes to life cycles and use, and also strategic initiatives in areas such as social sustainability both internally and externally. Overall, this requires the collection of more detailed information throughout the value chain, and, moreover, this must be carried out on a recurring basis to create a sense of security and place a premium on ownership of the company and products. It is important to be careful and report facts while also retaining internal unique information involving competitive advantages. At the same time, we are committed to being genuine, taking responsi- bility and providing transparency to avoid the risk of greenwashing. Decarbonization In our own operations, we are constantly working on strategies that will enable us to become fossil-free. Currently, we have a good idea of our own direct and indirect carbon dioxide emissions (Scope 1 and 2). In 2025, we continued our steadfast work on converting our factories and operations to become fossil-free. The next step is to continue to improve the collection of data, particularly under Scope 3, and to continue working on creating activities that will also reduce these indirect emissions. Towards a circular economy The transition from a linear to a circular economy does bring chal- lenges, where new business models need to be evaluated and incorporated into existing models to be able to implement the change while maintaining or improving the business. We are aware that the entire value chain needs to be involved to meet future demand and new regulatory requirements in the EU. This is why we are continuously developing new collaborations with e.g. university colleges and various suppliers. We are also continuously working on improvements in our focus areas, paying particular attention to product content, risk analyses, evaluations, energy efficiency and stakeholder consultations. We are also collaborating with suppliers on projects involving reuse of components. Ecodesign and life cycle perspective We are seeing an increase in environmental requirements for our products. One of the requirements is the Ecodesign Directive, which is being continuously updated with stricter requirements for resource efficiency. As a company we strive to be as resource-efficient and environmentally aware as possible with regard to our products, but also in our operations and in the value chain. Our guiding principle and core concept is long-term, responsible and innovative business conduct that contributes to society and earns trust and legitimacy. By continuously improving these concepts and further building on our company culture, these aspects are incorporated into our daily work. SUSTAINABILITY – A LIFE-LONG, GENUINE COMMITMENT We assess our products from a life cycle perspective. This contrib- utes to optimal use of resources and drives circular flows and waste generation throughout the product’s service life. Conducting life cycle assessments of our most sold products forms a key part of our sustainability efforts. Increased product responsibility Requirements relating to product responsibility are becoming increasingly detailed in areas such as product safety, environ- mental impact, materials and packaging, and are a natural part of the development process. Our products comply with agreed norms, standards and legal requirements. Each product manufactured within the Group meets the requirements for product and service information in each country of sale. Quality and environmental certification We work with certified quality and environmental management systems for all our production units with more than 25 employees. In acquired companies the target is for these systems to be imple- mented within two full years of completion of the acquisition. To create the same structured, systematic approach to improving the working environment and reducing the risk of accidents, certifica- tion is being expanded to also include the working environment in some parts of our operations.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 19 · 2025 In 2025, we implemented the CSRD reporting requirements in full. We continued to develop our future strategies and plans for the various material reporting areas in order to reduce our risks and improve our opportunities. A REAL FIGHTER Ingemar Nilsson’s exhaust air heat pump from NIBE lasted for 36 years. Now he is replacing it with a top-of-the-range successor and is looking forward to lower energy consumption, a cooling function and app-based control. His NIBE Fighter Twin – the first exhaust air heat pump product family manufactured in Markaryd – has now been replaced with a NIBE S735C, which provides both heating, cooling, hot water and ventilation. The replacement has meant an increase from 2 kW to 7 kW, which provides a higher output but lower energy consumption. In recent years, we have largely focused on implementing and meeting the requirements under sustainability laws and regulations such as the EU Taxonomy, Corporate Sustainability Reporting Direc- tive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD). In future, our work will focus on continuing to build on the processes and practices we have adopted. One example is our work around risk assessment and evaluation of suppliers, where we have adopted the target that all of our suppliers in high-risk countries should have completed or started evaluation in our supplier evalua- tion system Ecovadis in 2026. We are continuing to develop a systematic approach to life cycle assessments (LCA) and environmental product declarations (EPD), with the primary focus being the carbon footprint of our products. As a result, we were able to present such data for a large number of our products during the year. We will continue our efforts to cover an even larger proportion of our product portfolio in order to meet market requirements. We foresee significantly stricter requirements in future in areas such as substances in products and components. Our own five sustainability targets continue to serve as key guidelines for how to conduct our business. We continue to focus on these areas, with particular emphasis on our carbon dioxide and energy targets, including our 2030 targets to reduce energy use and emissions in our operations. We reported a continued positive downward trend in respect of our target for work-related injuries (L TIF), which we take as confirmation that our work and processes are working well.
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· 20 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB Good working conditions We work systematically to improve the working environment at all our facilities to create safe workplaces and reduce ill-health, regard- less of employment status. A key part of our strategy for achieving this goal is that our facilities should have management systems for health and safety and, in some cases, also systems certified by a third party. We regularly follow up on working conditions in our operations through in-person site visits to ensure they meet our standards. Our companies have the same rules and values regarding wages. We adhere to the laws of each individual country in respect of wage. Naturally, we are respectful of applicable minimum wages. The majority of our employees are permanent employees. Our employees must also avoid conflicts of interest between private financial matters and the company’s business activities. We do not provide financial support to political organizations or to individuals. If situations arise where there is a risk of anti-competi- tive behavior, we use external resources to manage and resolve the situation. Employee pride Our employees should thrive, develop and take pride in their work and their place of work. If you want to thrive in our company, initia- tive, humility and common sense make a winning combination. Our ambition is for the company to be perceived as attractive and full of opportunities in an inclusive and gender-equal environment. Because of our constantly growing need for skilled employees, we both develop our existing employees and recruit for the future. Our internal training initiatives and our training collaborations with external partners are important factors in our ability to ensure long- term skills supply. To ensure long-term access to the right skills in our operations, we also collaborate with a number of schools and higher education institutions. Young people of all ages are invited to visit our compa- nies to obtain information about the opportunities to become future employees and to encourage them to study. We form networks and bilateral partnerships with a number of universities and higher education institutions, offering opportunities for joint development projects, degree projects and internships. Employee dedication Motivated, committed employees and management are essential to continued success. Leadership plays an important role in carrying forward our corporate culture, which is based on diligence and enjoyment of work. Internal recruitment is a key part of employee development and also helps ensure long-term access to the right skills by leveraging the expertise and company knowledge of leaders at different levels of the organization. We continuously update our employees’ skills through training initiatives but also use external recruitment to obtain new expertise. Committed, innovative leaders The commitment and innovative approach of both the original founders and senior management have been a cornerstone of NIBE’s steady growth and strong financial performance. The Bernerup family, landowners from Scania, founded the two companies Backer Electro-Värme AB and NIBE-Verken AB and, from the initials in Nils Bernerup’s first and last names the company name NIBE was born. The family ran the companies successfully for 40 years. When the family decided to sell both companies in 1989, several employees and two external investors formed NIBE Industrier AB and acquired all operations. At the same time, Gerteric Lindquist was appointed Managing Director and CEO. EMPLOYEES
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 21 · Jelle van der Jagt joined the Dutch company Nathan, which is part of NIBE Climate Solutions, as a specialized consultant 10 years ago. The company was looking for someone who could provide practical, efficient advice when the workload was getting particularly high. After two years, Jelle was appointed to the role as a planning exec- utive in their service department. As a planning executive he and 14 other colleagues at Nathan Service scheduled appointments for the nine field-based service engineers, creating work orders that were as complete as possible and with the correct spare parts. A short while later, he took on the role as team leader for the department. As team leader, he is responsible for a team of 23 colleagues and coordinates their work tasks, provides coaching and motivates them to work towards shared goals. He also conducts employee performance reviews, manages sickness absence and books cover staff as necessary. All in all, it is a very broad role where no two days are the same. “At Nathan I get to work with many real professionals every day. As part of my role, I have many different contacts – from project developers to end users, and from installers to installation compa- nies – all with the same goal: a well-conceived, end-to-end solution in sustainable climate and energy technology solution. This can only be achieved through strong, reliable collaboration between all parties. As Henry Ford once said: “Coming together is a beginning, keeping together is progress, working together is success!” FACTS ABOUT – NATHAN NIBE Group acquired Nathan in 2020. The Netherlands-based company offers products, systems and expertise in sustain- able climate technology. The company offers a comprehensive range of reliable, high-quality products from leading brands in Benelux. Nathan represents alpha innotec, Uponor (now part of GF), Komfort and Metro Therm. “COMING TOGETHER IS A BEGINNING, KEEPING TOGETHER IS PROGRESS, WORKING TOGETHER IS SUCCESS!” JELLE VAN DER JAGT TEAM LEADER FOR THE SERVICE DEPARTMENT AT THE COMPANY NATHAN IN THE NETHERLANDS JELLE VAN DER JAGT lives in the small town of Huissen, just outside Arnhem in the Netherlands, with his wife Lotte and their two children Joep and Guusje. He is 42 years old and has been working – very happily – at Nathan for 10 years.
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· 22 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB Our management philosophy is deeply rooted in eight basic principles that constitute the foun- dation of all our operations and create the conditions for our continued success. Although our top priority is profitability, which is essential to our ability to operate, we will never com - promise on our values to achieve it. Our attitude is that long-term profitability can only be based on respect for legislation, honesty, good relations and transparency. The handbook Our Business Principles is available in 20 languages . PROFITABILITY Good profitability is and always has been our tradition and is the most fundamental and important factor behind long-term success and sustained growth. It ensures freedom of action and independence, generates well-being and security for employees and makes us an attractive employer when we recruit new employees. HIGH PRODUCTIVITY High productivity is essential to competitiveness, and our productivity philosophy is based on the belief that everything can always be improved and that, if you can’t measure it, you can’t improve it. Performance-based pay systems based on time measurement create good productivity, high time utilization, a sound basis for investment decisions and fair wages. PROACTIVE PRODUCT DEVELOPMENT Proactive product development with the objective of always having the best-performing range is a prereq- uisite for good organic growth and expansion into new markets. Our focus is on leading the way in intelligent, energy-efficient, environmentally friendly products that help reduce climate impact and promote sustain- able development. QUALITY IN EVERYTHING – FOCUS ON THE CUSTOMER We must be a secure partner on whom customers can always rely. NIBE must have certified quality and environmental manage- ment systems in place in its production facilities. NIBE must be available to deal with its customers in a professional manner and to help them choose the right solutions that will help reduce their costs and their environ- mental impact. MARKET-ORIENTED EXPANSION BUILT ON COMMON SENSE Continuous growth is essential to our development. A combination of good organic growth and prudent acquisitions is the best way to maintain the vitality of the organization. Expansion into new markets must be carefully considered and consistently implemented. FOCUS ON THREE CORE OPERATIONS A clear focus on three business areas creates clarity both internally and externally. It also spreads risk and results in reasonable risk exposure. Another benefit is the constant increase in knowledge in each area, which gives us an analytical advantage that can be used for acquisitions. DEDICATED EMPLOYEES Dedication is created by clear, sincere leadership that sets a good example and clear objectives. Shared values, simple organizational forms and development opportunities for all create a culture characterized by initiative, humility and common sense in which everyone can thrive. A LONG-TERM APPROACH A long-term approach means that responsibility, resilience and continuity will always win in the long run. Changes are only implemented after careful consid- eration and testing. Our ambition to create long-term relationships, internally as well as externally, creates the conditions necessary for truly sustainable business activities. MANAGEMENT PHILOSOPHY OUR BUSINESS PRINCIPLES OUR BUSINESS PRINCIPLES
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 23 · Operating margin Operating profit for each business area and for the Group shall be at least 10% of sales over a full business cycle. Average year-on-year growth shall be 20%, half organic and half acquired. 1 0%2 0% Growth Return on equity Equity/assets ratio Return on equity over a business cycle must be at least 20%. The equity/assets ratio must not fall below 30%. 2 0% 30% 2025 2024 202320222021 Growth past five years (%) Target 20%0.8 13.6 30.0 16.4 -13.1 20252024202320222021 Operating margin past five years (%) Target 10% 14.6* 14.5 14.6 10.5* 8.0* 14.9 *Excl. items affecting comparability 20252024202320222021 Return on equity past five years (%) 5.4* 18.1 17.3 8.5* 17.3 *Excl. items affecting comparability Target 20% 20252024202320222021 Equity/assets ratio past five years (%) Target 30% 44.4 46.3 49.9 45.6 51.8 FINANCIAL TARGETS
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· 24 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB MANAGEMENT PHILOSOPHY OUR VALUES Our values are an important part of our management philosophy and our corporate culture, and they emphasize that we want to act as a responsible company in relation to people both internally and externally, our external stakeholders and the environment. Our values are firmly rooted in our long and proud tradition of responsible business conduct. We work consistently to communicate our core values to all employees in the Group. The handbook Our Values is available in 20 languages. OUR VALUES RESPECT FOR HUMAN RIGHTS Our most fundamental undertaking is to respect the people who are affected by our operations and their human rights. GOOD WORKING CONDITIONS The working environment in our operations must maintain a high standard and contribute to employee well-being and development. Our suppliers and other partners must also share this approach. REDUCED ENVIRONMENTAL IMPACT A holistic approach to environ- mental issues must play a key role in everything from product development activities, manufac- turing and choice of materials to transportation, product function- ality and end-of-life recycling. PRODUCT LIABILITY Our basic principle is that NIBE will pay due regard to all factors that have a bearing on the quality, safety and environmental performance of products. SOUND BUSINESS ETHICS We comply with applicable legis- lation and have zero tolerance for bribery and corruption. We also communicate honestly. TRANSPARENCY To build trust and create rela- tionships, we must be open and honest in our communication and follow rules and standards. RESPONSIBLE PUR - CHASING We collaborate only with suppliers who apply the same principles as we do ourselves in terms of code of conduct, quality requirements and business principles. CORPORATE CITIZENSHIP We should be good citizens in the local communities in which we operate and support local initiatives to contribute to positive development. We also partici- pate in social action internationally, for example, by helping victims of war and terror and by providing help in connec- tion with natural disasters.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 25 · SUSTAINABILITY TARGETS 20252024202320222021 Interim Target 70 % Percentage LCE- classified products 67.5 63,0 56.8 62.2 63.2 20252024202320222019 Power consumption (MWh/SEK m) Interim Target 6.6% 7.4 11.0 7.9 8.3 7.8 (MWh/SEK m) 20252024202320222021 Accident frequency per million hours worked (number) 5.9 5,4 6.6 6.9 6.7 Interim Target 4 20252024202320222019 Carbon dioxide emissions, tonnes 16,400 metric tons Interim Target 37,871 46,775 31,172 36,676 29,705 70% The target is for 70% of our sales to consist of LCE-classified products by the end of 2026. 40% The target is to reduce energy use by 40% by 2030 compared with 2019 as the base year (measured in MWh/SEK million per net revenue). 0 6 5 % Our long-term goal is zero acci- dents, though of course this is difficult to achieve. We achieved our interim target of an accident frequency rate of six accidents in 2024 and our new interim target is four by the end of 2030. Our long-term goal is to be carbon neutral by 2050. The target is to reduce our direct and indirect (Scope 1 and 2) carbon dioxide emissions by 65% by 2030 compared with the 2019 base year. 100% Continuously declining energy use Increased climate benefit in our product portfolio A safe workplace with no accidents. Ensure systematic quality and environmental initiatives Reduction of CO2 emissions The target is for 100% of our production units with more than 25 employees to have certified management systems for ISO 9001 and ISO 14001. Number of certified companies, % ISO 9001 9 9 ISO 14001 9 8
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· 26 · ANNUAL REPORT 202 4 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS CLIMATE CHANGE – ONE OF THE GREATEST CHALLENGES OF OUR AGE DRIVERS AND TRENDS One of the biggest challenges involved in achieving a global sustainable society is to reduce emissions of greenhouse gases and slow down the cur - rent rate of climate change. There is great international awareness of how climate change, which contributes to natural disasters and extreme weath - er conditions, is threatening our living conditions, biodiversity and politi - cal stability in society. There is also widespread awareness of and a strong momentum around the need to accelerate the transition to a fossil-free society. A great deal of research and development is being carried out in both energy optimization and renewable energy. We believe that all three of NIBE Group’s business areas stand at the forefront of this work.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 27 · CITIES ACCOUNT FOR 80% OF CARBON DIOXIDE EMISSIONS As the global population grows and be - comes increasingly concentrated in the world’s cities, pressure on infrastructure increases, along with demand for resourc - es, particularly energy. Cities currently account for 75% of world energy consump - tion and nearly 80% of carbon dioxide emissions. ENERGY-EFFICIENT INFRASTRUC - TURE AND CLEAN TECHNOLOGY Demand for technology that supports the climate transition will increase and, as this technology becomes more available, the market will grow. Population growth and urbanization increase demand for the transportation of both products and people. The transport sector is regarded as one of the greatest challenges as it is responsible for a significant proportion of societal GHG emissions and energy consumption. A great deal of research and development is being carried out in both energy optimization and renewable energy. We believe that we stand at the forefront in our industry sectors. ENERGY EFFICIENCY REQUIRED FOR A MORE RESOURCE-EFFICIENT SOCIETY The international ambition to limit the increase in the global average temperature to no more than 2 °C requires a 70% reduction in GHG emissions by 2050 (compared with the 2010 base year). This is equivalent to an annual reduction of 6.5% in GHG emissions. NIBE Group’s products contribute both to the transition to a fossil-free society and to reduced energy consumption. We are ambitious and persistent in our work on developing a product portfolio of ener- gy-efficient energy solutions that support this transition. SIGNIFICANT COMMITMENT Paying attention to detail is an important parameter to be able to comply with regulatory requirements for our products. CLIMATE CHANGE – ONE OF THE GREATEST CHALLENGES OF OUR AGE DRIVERS AND TRENDS
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· 28 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB ECOSYSTEM FOR ENERGY EFFICIENCY IN LARGE PROPERTIES Technological change is required to achieve a reduction in emis- sions of GHG emissions from buildings and this will involve phasing out fossil fuels in favor of energy-efficient systems based on renewable energy. Because buildings are long-term investments that are active for many years, the energy-related and environment-related product choices made today are important because they will affect the envi- ronment for several decades to come. The new generation of energy efficiency products will be inte- grated into an “ecosystem for well-being” and various mobile digital solutions will provide real-time information between the various systems and users. BUILDINGS ACCOUNT FOR 40% OF GLOBAL ENERGY CONSUMPTION The world’s combined property assets cur - rently account for approximately 40% of total energy consumption and about one-third of global GHG emissions. The majority of emis - sions occur when fossil fuels are used to oper - ate facilities. Geothermal heating is solar energy stored deep underground in rocks, at the bottom of lakes or at depths of a few meters in the soil. A geothermal system enables you to create a comfortable indoor climate and provide the property with both heating and hot water, as well as cooling on warm summer days. This type of renewable energy reduces customers’ energy costs while also benefiting the environment through lower CO 2 emissions. COMPLETE CLIMATE CONTROL SYSTEM THAT IS EASY TO INSTALL, OPERATE AND MAINTAIN VENTILATION SYSTEMS ARE GROWING IN POPULARITY An increasing number of major energy consumers, are updating their properties and improving their energy efficiency by installing not just heating and cooling but also ventilation systems.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 29 · Cost-effective indoor climate comfort in hotels Heating, air conditioning and ventilation are some of the biggest cost items and some of the biggest environmental aspects of commercial properties. The entire indoor climate comfort system can be automated and controlled remotely using NIBE Group’s sustainable digital heat pump solutions. Heat pumps save energy even when idle, and the units have active cooling modules that produce excellent air conditioning. Energy-efficient solutions growing in popularity In apartment blocks, apartments may have individual or shared heating, but in both cases the building can have a shared control and monitoring center with NIBE’s concept solutions. These make it possible to optimize energy use in the property. Heat pumps produce heat and hot water and enable both air condi- tioning and ventilation. High demand for energy efficiency in public buildings Public buildings have traditionally been heated with oil, gas or coal. A huge number of buildings are still heated in this way, and they need to switch to cleaner, more modern, greener technology. NIBE offers climate control solutions based on technology such as geothermal energy, which is good for the environ- ment and saves costs. Older buildings get a new life to modern indoor comfort Old country houses and mansions present a challenge when it comes to reducing heating costs. Consequently, it makes financial sense to invest in a modern climate control system when they are renovated. NIBE can offer products and knowledge when it comes to all areas of renewable energy tech- nology, which permits old properties to be climate-friendly without losing their charm and beauty. Our products are found in most modern energy solutions that form part of everyday life. We create comfort, well-being and security in the home by supplying products for heating, air conditioning, ventilation and other solutions for a pleasant indoor climate. We are manufacturers of either end products and system solutions, or of the components found in the equipment. Our products enable us to contribute in a natural way to international ambitions to limit climate change and achieve a more stable world. NIBE GROUP – FOR ENERGY- EFFICIENT PROPERTIES
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· 30 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB THE WAY FORWARD IS ENERGY OPTIMIZATION AND CONTROL The use of private cars and heavy goods vehicles on roads both present a major challenge when it comes to reducing car- bon dioxide emissions. Several countries are therefore currently implementing major projects to renew and improve infrastruc - ture, particularly that of rail-based trans - port. HEAT SOLUTIONS FOR VEHICLES AND RAILWAY TRACKS The ongoing electrification of the vehicle fleet requires e.g. battery heating, regenerative braking and heating of cameras and rear view mirrors. We customize heating solutions, such as sensors and resis- tors, for the more advanced automotive and aerospace industry that includes spaceships, ships and airplanes, all of which require optimal performance and safety. For the railway sector we offer several complete concepts with a large range of heating solutions and complete systems that enable railway tracks to be kept free of ice and ensure good indoor climate comfort in rail carriages. We develop, produce and sell customized solutions and products for electric heating, measurement and control for all industry sectors, including HVAC, transport, energy and environment, domestic appliances, manufacturing and process industry, advanced technology and commercial equipment, all of which have their own specific requirements and demands. Digital development means that tubular heating elements can be combined with smarter control, for example, in order to save energy and therefore costs. OPTIMAL ENERGY SOLUTIONS THAT CONTRIBUTE TO REDUCED GHG EMISSIONS
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Rapid development of equipment that saves lives In the medtech industry, development is rapid and new solutions save lives. A number of NIBE Group’s subsidiaries contribute by being at the cutting edge of product development based on foil elements for various applications such as operating tables, sterilization equipment, DNA analysis and respirators. Cleaner air in cities thanks to electrification New electric and hybrid models are constantly being launched for both passenger cars and commercial vehicles. We play an active part in the development of prod- ucts for efficient energy utilization, for example, delivering elements for battery heaters and interior heaters using sources such as regenerative braking. Heat solutions in battery production Heat solutions that ensure stable and controlled processes in battery production. The products are used for heating, drying and temperature control in critical process stages, where precision and cleanliness are essential for safety and performance. Energy efficiency in the transport sector Large investment projects for improved infrastructure, including in rail-based transport, are underway all over the world. A number of NIBE Group’s subsidiaries are contributing by developing and supplying equipment both for vehicles and for heating rails and switches, which are controlled and regulated automatically. NIBE AN INDUSTRIAL PARTNER TO MANY COMPANIES Our product development, in collaboration with business partners in the trans- port sector, continuously results in new solutions for energy optimization and control. We are a partner to many companies in a wide range of industries, developing and manufacturing components and solutions for intelligent heating and control. Many companies within a wide range of different industries, which require different solutions for their specific products, have found their industrial partner in NIBE Group. ANNUAL REPORT 2024 NIBE INDUSTRIER AB · 31 · Advanced systems for the process industry For the process industry, we develop advanced heating and control systems that meet high requirements in terms of performance and operational reliability. Our solutions are designed to optimize processes, reduce energy consumption and ensure full control in demanding industrial environments.
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* Energy-efficient components for domestic appliances Our modern kitchens today contain many domestic appliances that are used frequently. Most of them, such as coffee makers, ovens and dishwashers, incorporate components produced by NIBE Group, which helps them be as energy efficient as possible when they are used. Energy efficiency and indoor climate comfort H e a t i n g t h e h o m e w i t h a h e a t p u m p i s o n e o f t h e m o s t e n e r g y - efficient and environmentally friendly solutions available. This reduces costs and saves the environment for both current consumers and future generations. Combined with waterborne underfloor heating, it also produces a comfortable indoor climate.Modern stoves save both money and the planet A stove really makes a house cozy. It gently heats and becomes a natural place to gather on winter days and evenings. A stove saves money and, as combustion is very efficient and wood is a renewable energy source, it helps save the planet too. Stoves are also a secure source of heating in the event of power outages and energy price volatility. Modern technology for secure access to hot water Constant access to hot water is an important part of our quality of life. We offer households peace of mind with reliable, energy-efficient water heaters. Washing machines and tumble dryers make life easier for many of us but they also need to be energy efficient. They also contain several components made by a number of companies in NIBE Group. NIBE GROUP – FOR A SAFE EVERYDAY LIFE IN THE HOME Our products are found in most modern energy solutions that form part of everyday life. We create comfort, well-being and security in the home by supplying products for heating, air conditioning, ventilation and other solutions for a pleasant indoor climate. We are manufacturers of either end products and system solutions, or of the components found in the equipment. Our products enable us to contribute in a natural way to international ambitions to limit climate change and thus achieve a more stable world. · 32 · ANNUAL REPORT 202 4 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 33 · BUSINESS AREAS NIBE CLIMATE SOLUTIONS page 34 NIBE ELEMENT page 44 3 NIBE STOVES page 54
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· 34 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS BUSINESS AREA NIBE CLIMATE SOLUTIONS Energy-efficient, environ - mentally friendly and intel - ligent products for climate control, improved indoor climate comfort and water heating. Thanks to our prod - ucts and services, the energy consumption of properties, and the related climate im - pact is dramatically reduced with no reduction in comfort. AIR-TO-WATER HEAT PUMP S2125 A heat pump from NIBE AB that takes energy from the outdoor air and uses intelligent control to provide optimal indoor climate all year round.
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> NIBE CLIMATE SOLUTIONS > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 35 · BUSINESS MODEL NIBE CLIMATE SOLUTIONS Local presence in prioritized markets Via our international presence, we have a comprehensive distribution system with our own subsidiaries or local importers/agents in each prioritized market. The products are principally distributed to wholesalers or directly to installers. The local installer is usually the end consumer’s closest contact and the person who ultimately sells and installs the product. There may be different distribution systems in the same geographical market if we are represented by several brands. Our end customers are private homeowners and owners of rented properties and commercial premises. Other partners who have a strong influence in the decision-making process may include installers, architects, planners, designers, builders, consultants and energy consultants. A large number of operators are involved in the commercial properties segment and the projects are quite complex, so the decision-making process tends to take a long time. At the same time, there is increasing direct contact between us as the producer and end customers, as deliveries of the products are often made directly to the property. Marketing We market our products through several channels to our end customers, but also to different partners. An ever increasing proportion of marketing takes place via digital channels, which also enables follow-up of our marketing reach. The relationship with installers and distributors is very important. Good knowledge about our products, how they are installed and calibrated, but also about the service and advice we offer during the process is often a prerequisite for an installer to choose a NIBE Group brand. We enhance our relationships by continuously offering training in our prod- ucts and system solutions combined with visits to our production units. Our subsidiaries operate their own training centers for customers and installers, and much of the training is also delivered digitally. Trade fairs remain an import arena for meeting our customers. HEAT PUMPS ARE A KEY PART OF THE TRANSITION TO A MORE SUSTAINABLE SOCIETY A fundamental driving force for our business is the energy efficiency improvement and global transition to more sustainable energy solutions that is necessary to reduce negative climate impact and conserve the earth’s finite resources. According to the United Nations Environ- ment Programme, UNEP, properties account for around 40% of the world’s total energy consumption. This corresponds to around one-third of total GHG emissions. Reducing GHG emissions from buildings demands a tech- nology shift. Systems based on fossil energy sources such as oil, coal and natural gas must be reduced and over time completely phased out in favor of systems based on renewable energy and which require less input energy for the same power. The International Energy Agency (IEA) has formulated a sustainable energy scenario (SDS 1), which quantifies what is required to achieve the UN Sustainable Development Goals (SDG). Heat pumps are one of the solu- tions in this scenario. Heat pumps currently meet only 10% of global heating needs in resi- dential buildings, which according to the IEA must double by 2030 2 if climate goals are to be realized. 1 www.iea.org/events/ 2 www.iea.org/reports/ The pace of transition depends on many factors: • Ener gy price trends – particularly with regard to the price difference between electricity and fossil fuels such as oil and natural gas. • P olicy instruments – partly direct financial assistance and subsidies for conversion and energy taxes and partly indirect aid affecting new or rebuilding costs. • R egulatory requirements for products – including the Ecodesign Directive, which sets minimum require- ments for energy performance of products in the EU market. The directive aims to improve products’ environmental performance throughout their life cycles. • R estrictions on installation of gas boilers in connection with replacement of heating systems, and prohibition on installation of gas systems in new builds. • Expansion o f fossil-free infrastructure for climate control and hot water. • Smart buildings – which result in increased demand for better energy performance and control of the climate systems of both single-family homes and commercial properties. • T he development of the property and construction market, where new construction and renovation often involve sustainable energy solutions. • Cos ts to the end consumer are crucial for investment and operating costs, depending on the type of energy. • T he prevailing economic situation – which could reduce consumers’ purchasing power temporarily, but could also unleash pent-up demand when the economy starts to improve.
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· 36 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2025 2024 202320222021 12 30 -17 20 3 Target 20% Outcomes Growth (%) 20252024202320222021 Outcomes Operating margin (%) Target 10% 14.7 15.5 13.7 17.8 16.1 13.0 16.6 9.3* *Excl. items affecting comparability Growth target We shall achieve growth of at least 20% annually, of which half is organic. In 2025, total growth was 3.4% (-17.0%), of which 3.4% (-21.2%) was organic. At fixed exchange rates, organic growth for 2025 was 7.6%. Growth has been 8.4% on average over the last five years. Operating margin target Operating profit shall be at least 10% of sales over a business cycle. Operating profit in 2025 was 13.0% (6.1%, adjusted 9.3%) of sales. The operating margin has been 14.0% on average over the last five years. BUSINESS FOCUS We supply the market with world-class solutions in sustain- able energy through intelligent, environmentally-friendly products for domestic hot water heating and indoor climate comfort designed for both single-family houses and larger properties. The product range comprises both individual prod- ucts and systems for heating, air conditioning, ventilation and heat recovery. BUSINESS OBJECTIVE Our business objective is to consolidate our market-leading position in Europe and North America. Continued growth in our prioritized markets involves a combination of organic growth and acquired growth. TARGETS GROWTH AND RE-ESTABLISHED OPERATING MARGIN LEVEL Demand for our products is assessed to be healthy and stable and inventories in the distribution chain have returned to normal. The gradual improvement in sales re - sulted in organic growth for the full year and we achieved our ambition to return to an operating margin level within the business area’s historically demonstrated range. Ongoing efforts in product development and marketing, as well as investments already made in efficient production, have enabled the business area to strengthen its compet- itiveness and we are now well prepared for further expan- sion. Focus on product development Highly targeted product development aimed at broadening the product range within both the single-family homes and the commercial property segments culminated in further success during the year. AS a result of these efforts, a number of additional products will be launched in 2026. Several of these product series are partially based on Group-wide developed platforms and will be marketed and sold by several companies within the Group across a number of markets. Product development prioritizes energy efficiency, improved product performance, use of environmentally friendly refrigerants, increased connectivity and intelligent control, as well as lower noise levels. Stronger position for commercial ventilation During the year, we strengthened our position in the market for commercial ventilation. Among other things, our Swedish, in-house developed ventilation range NIBE Flow was strengthened through Eurovent certification. Several of the business area’s companies in both Europe and North America already have established and strong market positions in this segment. Commercial ventilation is an important and complementary offering to heat pumps and the segment is a priority area for the business area’s continued growth. america 25% 49% 3% 23% Norden Europa (exkl Norden) Nordamerika Övriga länder america 26% 49% 3% 22% Nordic countries Europe (excl Nordics) North America Other markets Geographical distribution of business area’s sales
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> NIBE CLIMATE SOLUTIONS > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 37 · Net sales Percentage of Group 20252024202320222021 Net sales (SEK m) 31,373 20,127 26,076 26,037 26,918 20252024202320222021 Operating profit (SEK m) 3,238 4,338 5,596 2,425* *Excl. items affecting comparability 3,493 32% 16% 64 % Nettoomsättning Nettoomsättning Nettoomsättning Andel av koncernen Nibe BrasvärmeNibe VillavärmeNibe Element 21% 21% 77 % Rörelseresultat Rörelseresultat Andel av koncernen Operating profit Percentage of Group Net sales increased by 3.4% compared with 2024. During the year, we intensified our product development and strength - ened our sales in the commercial segment, and we intend to continue our growth in this area. “ Operating profit increased by 44.0% compared with adjusted operating profit in 2024. Operating profit accounted for 77% of the Group’s operating profit. 2025 Increased capacity and efficient production Despite the current political uncertainty, especially in relation to future energy policy decisions, our assessment is that demand for heat pumps for both single-family homes and commercial property in Europe and North America will continue to show stable development in the long term. The majority of the previously adopted comprehensive investment program for increased manufacturing capacity has been implemented. The investments are also contributing to increased productivity, higher delivery reliability and improved quality. Overall, this creates the conditions necessary for continued efficient and competitive production. Realization of synergies The Group’s business model is based on a decentralized structure with strong local responsibility. At the same time, we see significant opportunities for further strengthening the internal collaboration. During the year, work on realizing synergies intensified in areas such as purchasing, quality, production tech- nology and product development. This work has been given high priority and is expected to contribute to increased efficiency throughout the value chain. A concrete result of this increased collaboration is the growing proportion of internal sales, including through increased purchasing by Business Area NIBE Element and through cross-selling within the business area itself. The high level of activity in product and business development, together with the investments carried out in our facilities in recent years, has significantly strengthened the Group’s operational platform. The platform is today charac- terized by high efficiency, good scalability and increased flexibility, ensuring we are well prepared to meet the expected continued increase in demand. Re-established operating margin level Extensive work involving targeted efficiency measures at all levels contrib- uted to our re-establishment of an operating margin level within the business area’s previous historically demonstrated range of 13–15% in 2025. Despite the challenges presented by the geopolitical situation and the stronger Swedish krona, we are confident that we will be able to utilize our strengths and continue efforts to improve both net sales and operating margin in 2026. SIMON KARLIN Head of Business Area NIBE Climate Solutions
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· 38 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS SEVERAL CLEAR TRENDS NIBE Group is focused on sustainable, world-class energy solutions. Our heat pumps are part of our offering and several trends indicate that they form a significant part of the global tran - sition to a more sustainable society. Electrification There is a clear trend towards increased electrification of society. The increased transition from heating based on fossil fuels to solutions based on electricity also results in increased awareness, knowledge and interest in heat pumps as a source of energy for indoor climate and hot water. A positive change in attitude to electricity as a source of energy for indoor climate is underway, largely thanks to increased interest in hybrid and electric vehicles. At the same time, intensive research into renewable electricity is underway. Property owners are also contributing to the electrification trend through a growing willingness to invest in renewable energy, for example through the installation of solar panels and batteries. Digitalization Digitalization enables smart home systems to be set up by inter- connecting the different parts of the house that affect climate and comfort: heating, cooling, ventilation and hot water. Digitalization also offers an opportunity for better management of energy costs for households and commercial properties. For example, as energy costs have fluctuated sharply, the focus has been on using smart price adaption to improve energy efficiency. Digitalization also facilitates large systems for built-up areas in which consumers and producers of energy are connected to achieve optimal efficiency and price optimization. Phasing out of gas networks benefits district heating and heat pumps When gas-based networks for water-based (hydronic) heating and domestic hot water are phased out, fifth-generation district heating systems based on lower supply temperatures will offer an increas- ingly popular solution. Heat pump technology will play a vital role in these systems, enabling the energy in district heating to be used to raise tempera- tures in buildings to a higher level at the point of demand. Recovered heat can also be returned to the district heating network, for example, from exhaust air ventilation or from heat generating operations such as data centers or industry. Renewable electricity production is inte- grated in the system while digital control of energy consumption is linked to energy production. Huge market potential There is great potential in the climate control sector (heating/ ventilation/cooling) with good opportunities for future expansion of product solutions for indoor climate comfort. We estimate that the global market for climate control prod- ucts in our product segments is worth at least SEK 1,200 billion. The annual replacement demand for heating systems for single- and two-family homes within the EU and in Switzerland, Norway and the UK is estimated at at least six million units. In addition, at least one million units are installed annually in newly built single- and two-family homes. The underlying need for a transition to more sustainable climate solutions remains and will, in the long term, lead to significantly increased demand for heat pumps, even though the current economic situation in Europe is temporarily dampening demand. Nordics lead the way The proportion of heat pumps in single- and two-family homes is high in the Nordic countries. The alternative is primarily district heating in urban areas. A change to a fifth generation district heating network opens up an even greater overall market for heat pumps. The proportion of heat pumps is lower in the rest of Europe, where gas and oil-fired boilers are predominant. As willingness to replace fossil fuel-based systems increases, we are seeing a rise in demand for various types of heat pump solutions. When single- and two-family homes are connected to the fifth generation district heating network, these heat pumps will have a lower output. At the same time, apartment blocks and commer- cial properties will need one or more large heat pumps, installed in a central system that meets the heating demand of the entire building. Political ambition for sustainable heating Political support for mitigation of global environmental and climate challenges has faced obstacles in many markets in the last year. Direct financial support and tax relief have been cut in many countries as a result of competition with other political initiatives. However, long term we see a continued ambition and growing desire to phase out heating products that use the fossil fuels oil and gas. The EU member states have previously adopted climate goals for 2020 and 2030 respectively to cut collective emissions. They now aim to be climate-neutral by 2050 through the EU Green Deal, which will rely on legislation and action plans to promote more effi- cient use of resources through a transition to a clean and circular economy. Energy efficiency in buildings is one of the focus areas and in connection with this, the importance of urgently improving the energy efficiency of existing properties has also been highlighted. In the North American market, the climate transition was strengthened by the previous US Administration’s Inflation Reduc- tion Act (IRA), which had been expected to remain in force through 2033. The legislation covered significant tax incentives for energy efficiency and installation of heat pumps in private dwellings as well as commercial property. This was expected to create structural drivers for increased transition from fossil heating solutions to more energy-efficient, intelligent and electrified alternatives. However, the previous tax subsidies for the installation of heat pumps in private homes were removed after the turn of the year. To ease the transition to the new conditions, we are working on alternative financing solutions for private individuals. NIBE Group contributes to the policy dialogue by continuously informing politicians and decision-makers in both the EU and the US about heat pump technology and its central role in the transition to a more sustainable society based on efficient, fossil-free energy use. Strong position in a growing market Following the downturn in the European heat pump market in 2024, when higher inflation and sharp rises in interest rates led to a significant drop in activity in both renovation and new construction, demand has gradually recovered. The market potential remains unchanged and by maintaining and reinforcing our already strong market position, we will benefit from the continued long-term growth in the market. Systematic marketing has also been carried out to safeguard and reinforce our market position. The heat pump market in North America is also growing, although from lower relative levels. Growth has benefited from new long- term tax subsidies and we are actively participating in the ongoing market transformation. However, the effects of the discontinued tax subsidies for the installation of heat pumps in private homes are currently difficult to assess. Based on our experience from the Euro- pean market, we are working to increase end-consumer awareness of the need to switch from fossil fuels to renewable indoor comfort solutions, where geothermal heat pumps represent a sustainable and financially attractive long-term alternative.
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> NIBE CLIMATE SOLUTIONS > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 39 · Nedzad is the welding and stainless steel super- visor at Beredarfabriken (water heater facility) in Markaryd. He is responsible for practical and strategic planning at the department and also handles personnel and quality matters. Nedzad started out as a welder and for a while also worked as a forklift driver. After that, he was asked to choose whether he wanted to work in technology or in supervision of work. He chose supervision as he felt it offered the most potential for personal development. He has now worked in this position for seven years and really enjoys it. “As a manager I have to be versatile and use all available resources and coordinate functions to ensure production is as efficient as possible. This is not something that can be done by one person and it is my job to get the best out of my colleagues. In my 29 years at NIBE, I have seen the company grow. To start with, all manufacturing took place here at Beredarfabriken, but as we have grown, more and more facilities have been added. It is great to be able to be part of this journey,” says Nedzad. Commercial properties increasingly important The international market for climate control products in commercial properties is becoming increasingly important. This market is growing steadily in line with increasing interest among property owners in energy-efficient and more envi- ronmentally friendly climate control solutions. Thanks to a number of acquisitions in recent years, combined with our own product development, our competitiveness in these product categories has increased. We see great potential in both future new production and in upgrading to modern technology, both in Sweden and internationally. We are therefore continuously developing both the product range and organization to strengthen our market position in this area. Stable market for water heaters and district heating As regards traditional water heaters, demand remains stable in both the Nordic countries and the rest of Europe. Under the Ecodesign Directive, these products are subject to stricter specifications for insulation and control. We welcome these requirements for improved performance, which our product portfolio already meets. Water heaters intended to provide for an entire household’s hot-water needs are supplied with a heat-pump module to meet the standard requirements. Both the Nordic market and the rest of the European market for district heating products experienced relatively stable growth. Fragmented market The market for our product areas remains fragmented We are continuing to grow, yet the competition is growing too. International HVAC groups are also focusing on energy conservation and environmentally sound products. Oppor- tunities for acquisitions of both small and large actors benefit our growth strategy, which involves growth of an average of 20% per year, half of which should be achieved through strategic acquisitions and half through organic growth. FACTS ABOUT – NIBE’s Beredarfabrik Beredarfabriken in Markaryd is NIBE’s oldest production fa- cility. It was built in 1962 and inaugurated by NIBE’s founder Nils Bernerup, in the presence of the county governor, municipal leadership and the Board. “IT TAKES THE RIGHT KIND OF PERSON, AS YOU NEED TO JUGGLE MANY TASKS AND SOLVE CHALLENGES TO KEEP EVERYTHING RUNNING SMOOTHLY.” NEDZAD MUSIC, SUPERVISOR, NIBE SWEDEN
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> NIBE CLIMATE SOLUTIONS > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 41 · NIBE CLIMATE SOLUTIONS – PRODUCT DEVELOPMENT AND PRODUCTION STAINLESS STEEL PRESSURE VESSELS PLAY A KEY ROLE IN FUTURE DEVELOPMENT Product development takes place at all our manufacturing subsidiaries. NIBE has product development centers focusing on the development of heat pumps and systems for indoor climate comfort not only in Sweden, but also at multiple other locations in the Nordic countries, Europe and North America. Product development focuses on continuously improved perfor- mance, intelligent controls and the design of systems in which renewable energy production is linked to climate systems and energy recovery via heat pumps. Software development is a major focus. The business area invested around 4.8% of net sales in product development, of which 1.3% was capitalized and is amortized on an ongoing basis. Synergies International exchanges and collaboration occur between the product development centers at our various companies, resulting in positive effects in the designing of new products in terms of both time-to-market and level of technology. Development to achieve climate targets Sustainability is an important factor throughout a product’s life cycle. Proactive market-based product development has several target criteria. Our products must be resource-efficient in both production and operation and thus help reduce climate impact. Although we have long used the natural refrigerant R290, with a GWP value of just 3, in many of our heat pumps, the EU’s F-Gas Regulation requires continued intensive efforts to convert the entire product range to this environmentally friendly refrigerant, while maintaining high standards of energy efficiency, safety and quality. We develop our products according to a number of main criteria: • Con tinuous improvement of energy efficiency • Utiliz e renewable energy • S ystem solutions (partial or whole) • Incr eased efficiency via advanced control • Con vertible (heat in winter/cooling in summer) • R ecyclability • En vironmentally adapted and lower GWP for refrigerants • Appealing and timeless design • L ower noise level • Be tter overall cost efficiency • Sa fety We practice what we preach We are leading by example and using our heat pumps and related products to improve energy efficiency and indoor climate at the Group’s production facilities worldwide. This reduces our use of oil and gas in favor of heat pumps and renewable energy throughout the Group. For example. by installing heat pumps in our own facil- ities within Climate Solutions, we have increased the production of self-generated heating by 100% since 2019. Efficient and flexible production Production takes place in some twenty modern facilities in Europe and North America and is continuously streamlined through robotics and automation. Our production units in Sweden, Germany, the Netherlands, Italy and the US are the business area’s largest facilities, but some of our production also takes place in Denmark, Norway and Canada. We also have manufacturing in the Czech Republic, Poland, Turkey and Serbia, all of which have lower labor costs compared with western Europe. Manufacturing methods in NIBE Group are evaluated regularly to optimize production processes and reduce environmental impact. The strategy is to gradually build up specialized manufacturing units. We invest continuously in all production units to improve the opportunities for cost-efficient production for both domestic markets and segments in our other priority markets that face fierce price competition. In 2025, we invested SEK 1,786 (1,767) million in the business area’s facilities. NEW IMPROVED AND SAFER PICKLING PROCESS FOR STAINLESS STEEL PRESSURE VESSELS – A UNIQUE PRODUCTION ASSET In 2025, NIBE completed the investment in a new facility for the production of stainless steel pressure vessels. The facility is fully automated both in respect of the actual production of pressure vessels and the finishing process (pickling). The pickling process involves several steps during which the inside of the vessels undergo treatment with acid. The treatment removes weld oxides, scale and discoloration from the weld joints. The vessels are then rinsed, dried and subjected to quality control. Following this process, the vessels have a clean metal surface without oxides, better corrosion resistance and reduced risk of rust. The term pickling comes from the Swedish verb beta, which in older Swedish meant something like etching or treating the sur - face in a controlled way to clean it.
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· 42 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS NIBE Climate Solutions offers a wide range of products and services for intelli- gent, energy-efficient indoor climate comfort, including heating, air condition- ing, heat recovery, ventilation and water heating for homes, apartment blocks and commercial properties. PRODUCTS THAT CONTRIBUTE TO A SUSTAINABLE SOCIETY HEAT PUMPS The principle is based on indirectly extracting energy from the sun, which is stored in rock, soil, air and water or surplus heat from ventilation exhaust air. The heat pump can also be used for air conditioning in both single- family homes and large properties and industry. WATER HEATERS AND ACCUMULATOR TANKS Water heaters that are designed for ener- gy-efficient heating either with electricity, a heat pump or solar energy. Accumulator tanks that make use of the heat from a wood burner or heat pump, designed for both single-family homes and installations in large properties. REFRIGERATION SYSTEMS Complete systems for optimization of indoor climate, for air conditioning and air handling, including cooling units, multipurpose systems, fans and air handling units for commercial properties and single-family homes.
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OUR FUTURE VISION Our products and services for all types of properties can be combined in system solutions comprising both existing and new systems. Most of our solutions are based on recovering renewable energy from soil, rock, sun, water or air. DISTRICT HEATING PRODUCTS Local and district heating centers for distributing district heating to individual single-family homes as well as individual apartments. CLIMATE CONTROL SYSTEMS FOR LARGER PROPERTIES Large residential properties and commercial properties usually have a climate control system that ensures good ventilation, a steady tempera- ture and the correct humidity in all seasons. By combining these prod- ucts with heat pumps it is possible to achieve both energy recovery and optimal operational efficiency.
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· 44 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE ELEMENT BUSINESS AREA NIBE ELEMENT An industrial partner with cus - tomized components and intel- ligent solutions for heating and control with a focus on sustain - ability. Most product groups enhance energy efficiency, op - timize energy consumption and contribute to a smaller carbon footprint. NIBE ELEMENT IS A SUPPLIER TO THE SEMICONDUCTOR INDUSTRY We saw a gradual improvement in demand in the semiconductor segment in 2025 and we expect this to continue in 2026.
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> NIBE ELEMENT > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 45 · Our operations O u r o p e r a t i o n s c o n t i n u e t o b e p o s i t i v e l y a ff e c t e d by developments in the areas of energy and the environment. These developments drive our busi - ness, which is directed towards the need to make end products more energy-efficient and adapted to stricter requirements for reduced climate impact. This is particularly relevant in industries that also have a focus on sustainable development such as wind power, heat pumps, rail-based transport and electric and hybrid vehicles. In line with the require - ments for increased energy efficiency, driven by new laws and directives, the category of traditional domestic and small household appliances can be added to these types of product. Digitalization is also a significant driver, both in terms of function in our solutions and demand from the semiconductor industry. Our focus on increasing our added value by also supplying intelligent controls for our products continued to develop well during the year. This applies to several important market segments, such as the semiconductor and automotive industries, as well as sectors for various forms of energy solutions. The semiconductor industry is a growing market segment for the business area as products in many BUSINESS MODEL NIBE ELEMENT growth segments use a large volume of semicon- ductors. The industry has performed well over the long term, but with significant cyclical fluctua- tions that do not correspond to traditional business cycles in industry. Following very strong growth in the early 2020s, the US introduced new trade restric- tions concerning technology exports to China, which negatively impacted demand in the short term. However, in the long term, this will be compensated for by increased demand linked to investments in new production units in both North America and Europe, and to new areas of application. Good potential for increased market shares The addressable market for NIBE Element’s product areas is currently estimated at approximately SEK 160 billion. The market is generally fragmented, with many local operators and some large regional and global ones. However , the North American market is more homogeneous and can be regarded as a common market. NIBE Element is a global supplier in most product categories of elements. The markets for our product areas tend to keep pace with national industrial development and growth in GDP. STRICTER REQUIREMENTS FOR REDUCED CLIMATE IMPACT AND ENERGY-EFFICIENT SOLUTIONS DRIVE DEMAND Customers in several industries Our OEM (Original Equipment Manufacturer) customers in, for example, HVAC, domestic appliances and commercial equipment, are increasingly part of large, global groups of companies with coordinated purchasing. The Groups’ purchasing is to a large degree managed centrally, but also through regional suppliers. Consequently, it is important to establish good relationships centrally as well as regionally and locally. For industrial customers, our aim is to gradually increase our local presence so that we can deliver small runs and specialist products adapted to local needs with short lead times and local technical support. Where, perhaps for cost reasons, we have chosen not to set up our own manu- facturing operations, in many cases we have established a presence in the form of a sales and technical support office. We market our products by industry or country, depending on the size and structure of each industry. Two main customer groups: OEM – where the customer buys our products and systems for use as a part of their end product. INDUSTRY – where the components or system solutions are used primarily in the customer’s own manufacturing process. As one of the world-leading operators, we are represented globally and can distribute our products to both these customer groups in a cost-efficient and sustainable way, with good service as well as short transport distances. Marketing and shared sales platforms As a subcontractor, we market our offering to the Business-to-Business market primarily via sales staff and the internet. Trade fairs are normally an important marketing and sales channel but the importance of digital marketing has also increased sharply and an online presence is now crucial to ensure visibility. For some special segments, such as industry, wind power, semiconductors and transport, we have global marketing managers and shared sales platforms and marketing campaigns for groups of subsidiaries.
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· 46 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE ELEMENT 20252024202320222021 2005 2006 2007 30 16 9 -7 2 Outcomes Growth (%) Target 20% 20252024202320222021 Outcomes Operating margin (%) Target 10% 10.3 10.3 10.4 7.9 7.0 *Excl. items affecting comparability 5.7* BUSINESS FOCUS We provide the market with world-class solutions in sustain- able energy by supplying both manufacturers and users with components and solutions for intelligent heating and control. BUSINESS OBJECTIVE We will be one of the internation- ally leading suppliers, with a local presence and a complete product range marketed in a growing number of domestic markets through suitable acquisitions and start-ups. Medium-sized series are marketed by country or industry, while unique special products and large bulk products are marketed globally. Growth target We shall achieve growth of at least 20% annually, of which half is organic. In 2025, total growth was 1.7% (-6.8%), of which 1.0% (-8.4%) was organic. At fixed exchange rates, organic growth for 2025 was 5.9%. Growth has been 9.2% on average over the last five years. Operating margin target Operating profit shall be at least 10% of sales over a business cycle. Operating profit in 2025 was 7.0% (3.3%, adjusted 5.7%) of sales. The operating margin has been 7.6% on average over the last five years. TARGETS A STABLE MARKET WITH LARGE VARIATIONS Organic growth was stable, but with large variations between the business area’s different market segments. Demand in the semiconductor segment showed good growth but with significant variations between quarters. The heat pump market has gradual - ly recovered and reported good growth. However, willingness to invest and demand in the industrial sector declined, particularly in Europe. The ambition to return to an operating margin within the business area’s historically demonstrated range was hampered by the stronger Swedish krona as well as the introduction of tariffs. The full-year operating margin improved significantly as a result of decisive measures combined with significant flexibility. Stable, but with large variations Despite significant variations between the various market segments, the busi- ness area’s organic growth in the period was stable. The continued demand in the semiconductor segment is primarily driven by major investments in new data centers linked to AI rollout and expansion of semiconductor production in the US and Europe. During the fall, we also noted a continued recovery in the HVAC segment, primarily as a result of the recovery in the heat pump industry and the fact that heat pump manufac- turers’ inventories returned to more normal levels. Demand in the industrial sector was weak, which was largely due to invest- ment plans in industry, with the automotive industry in Europe, and Germany in particular, facing well-known challenges. However, there is continued strong commitment and interest within the industrial sector in technological solutions to reduce harmful CO2 emissions. Most solutions involve electrification and some form of electrical heating, and we and our products are well positioned for such solutions. There are also several projects underway in the area of energy storage and energy transfer, where our products play a significant part. Although sales of fully electric vehicles declined in the latter part of the year, electrification in the automotive segment offers a significant business opportunity. The proportion of hybrid solutions is increasing and we are also seeing growing interest in various technological solutions involving cameras. These functions often require components for heating, which is positive for Geographical distribution of business area’s sales 42% 32% 12% 14% Norden Europa (exkl Norden) Nordamerika Övriga länder 41% 31% 15% 13% Nordic countries Europe (excl Nordics) North America Other markets
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> NIBE ELEMENT > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 47 · 20252024202320222021 Operating profit (SEK m) 876 795 1,123 942 *Excl. items affecting comparability 629* 20252024202320222021 Net sales (SEK m) 8,422 11,898 10,925 11,284 11,092 Net sales increased by 1.7% compared with 2024. Nibe StovesNibe Energy SystemsNibe Element 28 % Nettoomsättning Nettoomsättning Net sales Percentage of Group Operating profit Percentage of Group “ CHRISTER FREDRIKSSON Head of Business Area NIBE Element Demand linked to the electrification of public infrastructure and investments in the semi - conductor industry showed positive development. Operating profit increased by 26.4% compared with adjusted operating profit in 2024. Operating profit accounted for 21% of the Group’s operating profit. Nibe StovesNibe ElementNibe Energy Systems 58% 21% 21% RörelseresultatRörelseresultat Rörelseresultat 2025 us. Rail-based transport continued to experience good demand both in terms of investments in infrastructure and in vehicles. The majority of the business area’s market segments were significantly affected by the current geopolitical uncertainty. This particularly applied to customs, sanctions and subsidies as well as legislation linked to the sustain- able transition. Our assessment is that in this uncertain external environment, we benefit from a presence in several market segments, technologies and different geographical areas. Strength as local industrial partner The technological development in respect of energy efficiency, heating and control continues to create new business opportunities for us globally. We see significant potential in all our business segments but cyclicality means devel- opment will differ between the segments, We have a large number of subsidiaries in several markets, which have good internal collaboration. In the wake of increasing trade policy tensions, having a local presence in a global market gives us a competitive advan - tage. We are well equipped to develop relationships with existing local customers, identify new customers and identify new acquisition opportu - nities in a fragmented market with many local, owner-led entities. Italian acquisition In November, we acquired 70% of the shares in the Italian company Selmo S.r.l., which is a leading manufacturer of thermostats and electronic control solu- tions for electric heating. Annual net sales amount to approximately EUR 18 million. The acquisition underlines our ambition to create growth by expanding our product offering to include additional solutions and components. Return to previous margins Despite the adaptations to current demand in each business and good cost control, the operating margin was affected by clearly lower sales in certain product areas. This meant that we were unable to fully achieve a return to the business area’s previous, historically demonstrated operating margin range of 8–11%. Our clear ambition to achieve this target, together with continued growth, forms the basis of our overall goals for 2026.
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· 48 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE ELEMENT Our product development is a key factor in our ability to survive on the competitive global market. Requirements for the various industries and technologies differ significantly from each other in terms of performance and standards. The trend also involves growing demand for system solu - tions and thus increased technological content. This is also reflected in increased value added, which involves elements being supplied with control. NIBE ELEMENT – PRODUCT DEVELOPMENT AND PRODUCTION SUSTAINABILITY DRIVES DEVELOPMENT PRODUCT DEVELOPMENT IN FOUR DIMENSIONS Our development process can be divided into four parts: • Pr oduct development for brand new products, new functions for existing products and improved properties for existing products. • Pr oduct customization mainly occurs in consultation with the customer to develop unique solutions for the customer’s special needs and customized solutions where we take a larger system responsibility. • Pr ocess development optimizes products in terms of choice of materials, quality and technical performance. • T echnical production development improves production in terms of machines, reduced environmental impact, production methods and efficiency. OUR PRODUCTION UNITS Production that provides flexibility Production takes place at some 100 facilities in Europe, North America and Asia. Having production facilities for bulk prod - ucts on different continents gives us great flexibility, allowing us to relocate production based on the cost, tariff and currency situation. Local production constitutes an important and major element o f o u r c o m p e t i t i v e s t r e n g t h f o r d e l i v e r i e s o f s m a l l a n d m e d i- um-sized series with short lead times. For larger series and special products, production is based at specialist units. More efficient production Measures to increase productivity and quality are implemented continuously, both through minor, continual improvements and major investment programs in robotization and automation, even in low-cost countries in eastern Europe, Asia and Mexico. These long- term investments contribute to higher, more consistent quality, resource efficiency and an improved working environment. In 2025, we invested SEK 381 (571) million in improved production capacity and efficiency. We have well-developed testing facilities in modern laboratories, where we collaborate closely with our customers to ensure that the products meet current standards and requirements. Sustainability is an important factor throughout a prod- uct’s life cycle. Our products must, of course, be produced in a resource-efficient manner, but it is equally important that they are energy-efficient in use and help reduce climate impact. The business area invested around 3.2% of net sales in product development. Local product development in networks Greater specialization combined with proactive, fast-paced devel- opment in partnership with our customers is the reason why product development is largely decentralized at our subsidiaries. At the same time, we have an open climate for knowledge exchange between all subsidiaries, a network to which all newly acquired companies also have direct access. A unit responsible for knowl- edge and technology transfer is involved in raising awareness and encouraging our companies to take part. This technology transfer creates continuous synergies that considerably reduce time-to- market in several areas. We intend to increasingly use AI for this work.
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> NIBE ELEMENT > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 49 · DARE TO THINK OUTSIDE THE BOX – WITHOUT CREATIVITY AND INNOVATION, DEVELOPMENT STOPS . HELLE TOXI DESIGN ENGINEER Helle Toxi is one of our dedicated design engineers, whose passion for technology and design has led her to the role as lead design engineer at Backer for the key engine heater segment. Her journey from engineer to a key role in develop- ment of engine heaters stems from a combination of talent and an indefatigable thirst for knowledge and improvement. Helle completed her internship at Backer, which led to an offer of employment after she finished her training. She started out in tool design. This early work laid the foundation for her under- standing of the production process – an invaluable experience that she would later bring with her to more advanced design projects in the development department. She is deeply involved in every step of the product develop- ment process, from the initial technical suggestion based on the customer’s specifications, to final approval of the first series-produced product. She carries out test calculations of heating elements, ensures that the product can be manufac- tured and then leads the work through the critical phases of test production, where she acts as the main contact for any questions or decisions. FACTS ABOUT – BACKER Backer AB was established in 1949 with the aim of manufacturing tubular elements. Together with NIBE AB, the company formed the platform for the creation of NIBE Industrier in 1989. Today, Backer produces elements and system solutions for many differ- ent sectors and has customers all over the world. Helle also plays a crucial role in updates to product design and component structure and works closely with the purchasing department for the approval of components for series production. At Backer we support our employees in their continuing development and learning, something Helle really values. In the design department you can select specialization based on interests. I have had the privilege of working on large variety of products.
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· 50 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE ELEMENT We are at the forefront of technological development so that we can con - tinue to be a key partner in a world of growing technological content and increasing specialization. Our offers can be divided into several product groups where the product is sold either as a component or as a more complete system. ENERGY EFFICIENCY IN MANY SECTORS ADVANCED TECHNOLOGY Solutions for highly specialized, demanding areas of expertise such as frequency converters, medical equipment/laboratories, electronics, the semiconductor industry, defense and industrial robots, all with their specific specifications and rules. ENERGY/ENVIRONMENT Products for renewable energy production, such as electrical resistors for wind power that improve power quality and allow shorter grid interruptions without the need to shut down the turbine. Energy storage accounts for a growing proportion of this segment. INDUSTRY/PROJECTS Customized design and construction, but also complete solutions, including installation and commissioning of control and associated control panels. Also a wide range of standard components for electric heating, measurement and control.
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HOUSEHOLD APPLIANCES A complete range adapted for large-scale bulk production of solutions for heat generation and control for domestic and household appliances. HEATING, COOLING AND VENTILATION Includes converters and soft start relays that increase the service life of electric motors by protecting them from sudden loads. Heat exchangers, which are a key component for heat pump efficiency. Flow-through heaters for peak load and security. COMMERCIAL EQUIPMENT Customized solutions as well as standard components based on various technologies, such as thick film, vacuum brazing and heat pump modules, all designed to meet international regulations and standards. Examples of use include professional coffee machines, equipment for professional kitchens and the refrigeration industry. > NIBE ELEMENT > ANNUAL REPORT 2024 NIBE INDUSTRIER AB · 51 · TRANSPORT Intelligent solutions in the railway sector for both infrastructure and rail-based vehicles. A wide range of components for the automotive industry, including electric and hybrid vehicles. Products for electric heating also within the aviation industry.
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ENERGY CONTROL IN MANY SOLUTIONS · 52 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE ELEMENT CONTROL EQUIPMENT Electronics with processor power and embedded software that can also be connected for remote control and monitoring of e.g. rail switches. HIGH-POWER ELEMENTS These are used in many applications in the plastics industry and in medical equipment where high power is required for a limited area. THICK FILM ELEMENTS For heat generation in electric kettles, exhaust emission control, copiers, electric vehicles and irons. CERAMIC ELEMENTS Ceramic heating elements are placed inside a tube and can therefore be easily replaced without needing to empty the tank or container in which the element is located. PLATE HEAT EXCHANGERS Production of plate heat exchangers is carried out by means of soldering under vacuum conditions. This is a method used for technically demanding items such as laboratory equipment and heat pumps. NIBE Element is a quality supplier that offers a wide range of components with long life and intelligent solutions for heating and control for optimal energy consumption. The offering is aimed at several market segments ranging from producers of highly specialized industrial systems to producers of consumer products. We are steadily expanding our product program to include more technologies. We also offer measurement and control options, as well as tests and simulations in customer product development processes. FOIL ELEMENTS Foil elements are used, for example, as defrosters in vehicle wing mirrors and camera systems.
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> NIBE ELEMENT > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 53 · TEMPERATURE SENSORS For industrial control and measurement in the semicon- ductor, solar energy, medical and space industries. HEATING JACKETS AND HEATING CABLES Flexible elements for wrapping around vessels or pipes to maintain temperatures at a constant level in gases and liquids in, for example, the semiconductor industry. TUBULAR ELEMENTS Used, for example, in heating fans, ovens, water heaters, dishwashers, washing machines and process heaters. Their use in energy production and energy storage is increasing. PTC ELEMENTS For rapid heat generation in car heaters, towel rails, air dehumidifiers, air heaters and dryers. INFRARED HEATERS Used to heat specific objects and not the surrounding air, for example car headlights.
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· 54 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE STOVES BUSINESS AREA NIBE STOVES Energy-efficient stoves for var - ious heating needs and design requirements. Increasing the exchange of old stoves for new ones with our modern technol- ogy has an immediate positive effect on the environment. MYCUBE FS CONTURA
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> NIBE STOVES > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 55 · BUSINESS MODEL NIBE STOVES STILL IMPORTANT TO SEE THE STOVE BEFORE BUYING Own subsidiaries We are well represented in all our main markets through our subsidiaries and cooperate closely with our retailers in each market, a prerequisite for being able to reach the end customers. Sales channels Our products reach our end customers via a well-developed network of retailers, usually without any intermediary. The retailers display our products and offer a high level of service compared with builders’ merchants, which primarily focus on low-cost products, a segment where we have only a minor presence. Spare parts and accessories are increasingly sold online. Marketing Decisions to purchase our products are largely based on how customers experience them. Consequently, in-store displays are an important marketing channel, and much of our marketing resources are spent on displaying our products in store. Other channels are digital marketing, inte- rior design publications, social media and local consumer shows. Our operations The business area operates in the consumer durables market. Consumers’ buying decisions tend to be emotional as well as rational, as a stove is not just a functional item but using it is also an experience. The buying process is therefore important to consumers. Customers want to see and touch the stove and preferably also feel the warmth of the fire. At the same time, today’s customers are generally much better informed through digital channels before visiting a store to make a purchase. Brand names matter most to dealers and installers but are some- what less important to consumers, who usually choose a model based on taste. To remain an interesting partner, we work consciously on deepening our relationships with dealers. Together, we attract end consumers with our products and our store concept in the dealers’ exhibitions. The market is fragmented with mostly regional suppliers. A contrib- uting factor is regional stove preferences in terms of appearance and the most commonly used fuel, i.e. wood, pellets, gas or electricity. Our main markets are in Europe, North America and Australia. The addressable market for NIBE Stoves is estimated at approxi- mately SEK 50 billion in these markets. Wood, gas, pellets or electricity The three major energy sources for stoves are wood, gas and pellets. Traditional wood burning dominates the market in Europe overall. A fourth category is the electric stove, which resembles a wood-burning stove with natural flames that are generated using electricity. Wood-burning stove products are available on all markets and have the highest volume. Wood-burning stove products vary depending on the market. In North America, they are mainly targeted to cope with extensive heating needs and must have long burn times. The products are fired with many large logs, while in Europe they are made for smaller logs in smaller volumes. There is a strong tradition of using gas in the UK, Ireland, the Neth- erlands and North America because there are extensive gas supply networks, with the result that gas-fired stove products are popular. The Italian market is dominated by firing with pellets, and France has also become a large market for pellet products. Pellet stoves often constitute a supplementary heat source during cooler periods of the year. Electric stoves are used where it is not possible to install a flue gas duct. They are primarily decorative but can also emit heat if they are fitted with elements. Market drivers • E conomic conditions and developments in disposable income. • External uncertain ty, when the safety and comfort of home is prioritized. • In terior design trends. • De velopments in the property market, where the degree of new construction and price trends and turnover of properties on the market is often directly related to renovation tendencies. • Seasonal variations and weather conditions before and during the fall/winter season. • Supplemen tary heat source for longer power outages. • Ener gy price trends, both the prices of fossil fuels such as oil and natural gas and electricity prices. Higher energy prices offer an incentive to buy supplementary heating products. • En vironmental requirements for new lower limits on hydrocarbon and particulate emissions. • P olicy decisions on the phasing out of older products in favor of new, more environmentally friendly products.
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· 56 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE STOVES 20252024 202320222021 19 -10 31 -19 Outcomes Growth (%) Target 20% 18 20252024202320222021 Outcomes Operating margin (%) Target 10% 13.7 11.2 13.5 4.1 *Excl. items affecting comparability 5.3* Growth target We shall achieve growth of at least 20% annually, of which half is organic. In 2025, the total decline was -10.1% (-18.8%), of which -10.1% (-19.8%) was organic. At fixed exchange rates, organic growth declined by 5.5% in 2025. Growth has been 6.1% on average over the last five years. Operating margin target Operating profit shall be at least 10% of sales over a business cycle. Operating profit in 2025 was 4.1% (3.7%, adjusted 5.3%) of sales. The operating margin has been 9.3% on average over the last five years. BUSINESS FOCUS We supply the market with world-class solutions in sustainable energy by offering energy-efficient stove products in attractive designs as well as chimney systems, all developed and manufactured with minimum environmental impact. BUSINESS OBJECTIVE Our objective is to supply a wide and complete range of stove products in order to confirm and consolidate our position as the market leader. Expansion abroad will be supported by the contin- uous development of products tailored to new markets, This will be combined with moves into new markets through acquisitions, the establishment of new subsidiaries or the use of other existing sales channels. TARGETS A CHALLENGING YEAR, BUT WITH INVESTMENTS FOR THE FUTURE Demand for stove products in Europe declined for the second year running while North America saw more positive development. Continued cost savings and ac - tions to manage the new tariffs between Canada and the US affected operations. Despite significant ef - forts and cost reductions, the lower sales meant that we were unable to achieve our historically demon - strated level of profitability. However, we did not stop our long-term investments in product development and marketing to ensure future growth. After several years of excessive demand for stove products in Europe, demand has fallen sharply for two consecutive years. Additionally, the year was marked by significant external uncertainty, which further increased consumer caution and reluctance to invest in consumer durables. Low new construction of resi- dential property was another factor that hampered demand. Challenging, but brighter outlook The market for the stove heating sector as a whole remains challenging but there has been a slight improvement in demand in North America and there are signs in the European market that the fall in demand is slowing down and in some cases even bottoming out. Inflation and interest rates have stabi- lized, which should act as a stimulus for renovation and new construction. Inventories at retailers have normalized, meaning that order intake from manufacturers is now more closely aligned with sales to end customers. With a healthier inventory situation at retailers, we predict a return to a historical market dynamic and seasonal pattern of higher sales in the fall and signifi- cantly higher market activity in the spring. Geographical distribution of business area’s sales 37% 42% 3% 18% Norden Europa (exkl Norden) Nordamerika Övriga länder 34% 45% 2% 19% Nordic countries Europe (excl Nordics) North America Other markets
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> NIBE STOVES > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 57 · 20252024202320222021 Net sales (SEK m) 3,051 4,011 4,758 3,475 3,864 20252024202320222021 551 533 413 144 203* Operating profit (SEK m) *Excl. items affecting comparability Net sales decreased by 10.1% compared with 2024. Nibe BrasvärmeNibe VillavärmeNibe Element 32% 52% 8 % Nettoomsättning Net sales Net sales Net sales Nettoumsatz Nibe StovesNibe ElementNibe Energy Systems 58% 21% 2% RörelseresultatRörelseresultat Net sales Percentage of Group Operating profit Percentage of Group We now predict a healthy return to a histor- ical market dynamic and seasonal pattern of higher sales in the fall and sig - nificantly higher market activity in the spring. 2025 Operating profit decreased by 29.1% compared with adjusted operating profit in 2024. Operating profit accounted for 2% of the Group’s operating profit. “ Introduction of tariffs between Canada and the US All our North American operations with their own manufacturing and distribu- tion units have for a long time been located in Canada. However, the majority of our sales take place in the US, which means our products are affected by the recently introduced trade tariffs between Canada and the US. Carefully considered price rises to ensure we retain the strong market position we have built up, together with cost-saving measures, have enabled us to offset the high costs of customs duties to some extent, but overall this is having a nega- tive effect on our operating margin. However, we are pleased to say that we increased our sales in the US and also retained our market shares. Completion of acquisition of Miles Industries The remaining 35% of the shares in Miles Industries Inc. of Canada were acquired during the year. The company, which has been part of the business area since 2023, has a very strong market position in North America with its well-known Valor brand. Market and sales in focus With leading brands in every category and solid resources for marketing and sales, NIBE Stoves is well prepared for the future. Marketing activities further strengthen our relationships with the retailers and our brands’ premium posi- tions, while the visibility to end customers is prioritized in both traditional channels and via digital initiatives and PR. Continued cost-cutting measures Due to the decline in demand, further cost-cutting measures were imple- mented in a number of different areas, primarily by reducing the number of employees in production, distribution and administration. The departments for product development, marketing and sales were left more or less untouched in order to have the strength required to penetrate the market when demand returns. Return to previous margins Our clear ambition is to return to the business area’s historically demonstrated operating margin range of 10–13% in 2026. NIKLAS GUNNARSSON Head of Business Area NIBE Stoves
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· 58 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE STOVES NIBE STOVES – PRODUCT DEVELOPMENT AND PRODUCTION Product development, with a focus on performance and design, is ongoing and is essential for our future growth and development. Our various brands have completely independent product development de - partments that are governed by our shared guidelines on the environment and sustainability. This helps retain each brand's distinctive character and gives our customers great freedom of choice. Better performance than current statutory requirements We design and manufacture our products based on directives such as Ecodesign, REACH and RoHS. Our products usually perform better than the existing statutory requirements and our ambition is always to anticipate more stringent future requirements. As new modern stoves have considerably higher efficiency and lower particulate emissions than older products, replacement has an immediate positive impact on the environment. Our production units NIBE Stoves has its own production facilities in Sweden, the UK, Poland, Canada and Portugal. Most of our wood-fired products are made in Sweden and sold all over Europe. The Swedish production facility is largely robot- ized and flow-optimized, making it one of the most efficient in our industry. We have come a long way in terms of both high quality and productivity, and we keep our environmental impact and energy consumption at low levels. The Canadian companies Regency and Pacific Energy have corresponding complete production facilities for the production of their brands. The subsidiary Miles Industries, which sells its products under the Valor brand, has a small production facility earmarked solely for the assembly of gas-fired products. For the past few years, the manufacturer Solzaima has had a cutting edge production facility in Portugal for the production of pellet-fired and wood-fired stoves. I n t h e U K , t h e s u b s i d i a r y G a z c o m a n u f a c t u r e s i t s g a s - fi r e d products in its own facility, while wood-burning products under t h e S t o v a x b r a n d a r e p r o d u c e d a t c a r e f u l l y s e l e c t e d s u b - s u p- pliers. The British company Evonicfires also has its own production unit in the UK for electric stoves. Concrete surrounds, fireplace materials and heat-retaining prod- ucts are manufactured in our facility in Poland. This unit mainly supplies our own brands with components, but it is also a supplier to other manufacturers in the industry. Measures to increase productivity and improve quality are implemented continuously. We also invest long-term to achieve higher resource efficiency and an improved working environment. In 2025, investments of SEK 66 (154) million were made in our operations. DEVELOPMENT OF STRONG BRANDS Knowledge about technology for efficient combustion is exchanged regularly and naturally within the business area. This allows us to retain the flexibility we desire, while responding to regional product requirements and trends. Registration of designs is important. In addition to the production of new models based on existing technology, we have continuously invested significant resources in developing combustion technology to meet the demands of future consumers. We have also intensified our efforts to find solutions for a commercially viable solution with minimal particulate emissions. Among other things, this has resulted in the development of the Contura Zero concept, in which particulate emissions have been almost completely eliminated. The business area invested around 3.0% of net sales in product development. Our product development can be divided into three areas: DESIGN is essential to overall perception and may often be what determines whether a customer chooses one product over another. A stove product must match the style of a home with the right appearance and proportions. It should also be possible to see the fire through large glazed areas from as many angles as possible. COMBUSTION TECHNOLOGY is a very important area as all combustion entails some level of emissions with an impact on our environment and health. Efficient combustion is an important part of our responsible approach to producing sustainable products, and we constantly employ significant resources to develop the best possible technology. FUNCTION is important as stove products need to be more than just beautiful. They need to heat homes. The products must be reli- able, safe, easy to install and easy to use. For this reason, we have both the components and the complete product thoroughly tested before a new product is introduced on the market. CONTURA I51A WITH LOG BOX
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> NIBE STOVES > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 59 · TEAM BEFORE SELF AND CONTINUOUS FEEDBACK ARE ESSENTIAL NIKLAS ÅHS H EAD OF PRODUCTION AT CONTURA Niklas Åhs is a true teambuilder and wants everyone to be seen for what they do both as a colleague and a professional. It is extremely important to provide support, coaching and help where needed. Niklas played football at a competitive level, and the plan was for him to combine an elite football career with training to become a PE teacher at GIH (the Swedish School of Sport and Health Sciences). But the admission requirements were demanding, and pursuing an elite football career in Division 2 came at a cost. Niklas started working in assembly at NIBE AB in 1995. After a few years he moved on to working in field testing. As a football player, he was used to teamwork and had a clear under- standing of what a well-functioning team can achieve. When the Värmepumpsfabriken (VPC) heat pump plant opened in 2000, the workshop manager needed support, and Niklas was given the opportunity to take on greater responsibility, first as a team leader and later as a supervisor. In 2011, he became Head of the Geothermal Heat Pump Department, and in 2021 Production Manager at the plant, with responsibility for the entire facility, including around 300 blue-collar employees and around ten salaried staff with whom he works closely. FACTS ABOUT – CONTURA Contura was acquired by NIBE in 1994. Contura is the market leader in Sweden in stove products and one of the leading man- ufacturers in the rest of Europe. Contura is part of NIBE Stoves, which is a business area in the listed NIBE Group. Niklas believes it is very important that everyone feels included. The most important level is the operator level. What happens on the factory floor determines how well the team is able to deliver. This means ensuring individual employees are motivated, encouraging commitment and allowing individuals to grow into new roles. This insight is the very cornerstone of Niklas’s view of leadership and of NIBE as a workplace. Niklas has now taken the next step in his NIBE journey and switched business areas, moving to NIBE Stoves, where he is the Production Manager at Contura AB’s production in Mark- aryd. Here, he wants to contribute to ongoing development of the production environment and his three guiding words are: safety, quality and productivity. In line with this, he is participating in an EU project that aims to promote language development in the workplace. Niklas lives in Markaryd with his partner. He has two children, one living at home and the other studying in another town. He is interested in sports and has actively participated in football all his life. Niklas welcomes innovation and chal- lenges and has a strong competitive drive.
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· 60 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB > NIBE STOVES FREE-STANDING STOVES A free-standing stove is easy to install and place in most homes. Available for wood, gas, pellets or electricity. HEAT-RETAINING PRODUCTS A heat-retaining fireplace is very heavy and has the ability to retain a lot of heat for a long time. The most common materials are concrete, stone or tile. Only available for use with wood. OUTDOOR FIRE PRODUCTS A fireplace for outdoor use creates a cozy outdoor environment. Primarily for use with wood or gas. Our different brands have their own profile and product design but all the products are based on modern combustion technol- ogy, which ensures high efficiency and significantly lower par- ticulate emissions than in older stove products. All our products already comply with the European Ecodesign Directive and simi- lar requirements in North American in respect of lower emission levels. PRODUCTS FOR HEAT, COMFORT AND SECURITY
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> NIBE STOVES > ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 61 · CHIMNEY SYSTEMS The most common chimney systems are made from stainless steel flue pipes covered with an insulating material. ACCESSORIES INSERTS Inserts are often integrated into the interior design of the home and positioned against a wall. Primarily for use with wood, gas and electricity. All types of stoves come with a very large range of accessories. FIREPLACE CASSETTES A cassette stove is often installed in open fireplaces to increase heat output and improve efficiency. Primarily for use with wood, gas and electricity. CONTURA 996G STYLE
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· 62 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB NORSKE BACKER ® TRENT NORDICS ASIA AUSTRALIA NORTH- AMERICA EUROPE NIBE STOVES EUROPE NIBE ELEMENT EUROPE NIBE CLIMATE SOLUTIONS BRANDS/COMPANIES IN NIBE GROUP
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SUSTAINABILITY REPORT
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CONTENTS We are reducing customers’ emissions A reduction in emissions of greenhouse gases is essential if the ambi- tions of the Paris Agreement and the Group’s sustainability strategies are to be met. One of the most important things we can do to realize this ambition is to reduce our customers’ emissions. 433,448 metric tons of carbon dioxide Reduction of 433,448 metric tons of carbon dioxide Based on the cuts in emissions from the type of heating systems our heat pumps replaced in the respective markets in 2024 alone, the reduction was 433,448 metric tons of CO2 in that year. 1. G ENERAL INFORMATION ESRS 2 B asis for preparation ................................................................................................. 65 ESRS 2 G overnance .................................................................................................................. 66 ESRS 2 I mpact, risk and opportunity management ......................................................... 74 2. E NVIRONMENTAL INFORMATION ESRS E1 C limate change ........................................................................................................... 80 ESRS E2 P ollution ........................................................................................................................ 87 ESRS E3 W ater and marine resources .................................................................................... 88 ESRS E5 R esource use and circular economy ..................................................................... 90 E U Taxonomy ............................................................................................................... 94 3. S OCIAL INFORMATION ESRS S1 O wn workforce ............................................................................................................ 98 ESRS S2 W orkers in the value chain ....................................................................................... 104 4. G OVERNANCE INFORMATION ESRS G1 B usiness conduct ....................................................................................................... 108 5. APPENDIX D isclosure requirements in the sustainability statement ............................... 110 L ist of datapoints derived from other EU legislation ........................................ 113 GLOSSARY BP B asis for preparation of the sustainability statement and disclosures relating to sp ecific circumstances. GOV T he processes, controls and procedures for corporate governance used to monitor, m anage and oversee impacts, risks and opportunities. IRO T he process(es) used by NIBE to identify impacts, risks and opportunities, as sess their materiality, and to manage material sustainability topics through p olicies and actions. SBM H ow NIBE’s strategy and business model interact with our material impacts, risks a nd opportunities, including the strategy for managing them.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 65 · GENERAL INFORMATION ESRS 2 GENERAL DISCLOSURES BASIS FOR PREPARATION BP-2 Disclosures in relation to specific circumstances This report uses two different definitions of short-, medium- and long-term. The double materiality assessment uses the time horizons defined in ESRS while in the climate scenario analysis the following definitions have been used for short-, medium- and long-term: 1–5 years, 5–10 years and 10–30 years. The time horizons used are based on previous analyses and established industry practice in order to improve comparability with other companies. For more information on the time horizons applied, see page 75 in the section IRO-1 E1. Calculation and reporting of sustainability data often involves the use of estimates, assumptions and simplifications. This applies to some extent to E3 and E5, but particularly to indirect Scope 3 greenhouse gas (GHG) emissions, where data quality and the availability of primary data are limited. Calculations in all Scope 3 sub-categories are therefore based to a varying extent on estimates and secondary data, meaning the results are subject to a high degree of uncertainty. This is particularly true in two categories: • F or Category 3.1, Purchased Goods and Services, the calcu - lations were primarily based on volumes of materials and components multiplied by general emission factors for each type of material. • F or Category 3.11, Use of sold products, emissions were esti - mated using assumptions about the type of energy used by customers when using the products. The calculations assume that purchased electricity corresponds to the average elec- tricity mix in each country. If customers are instead using fossil-free electricity, the emissions in this category would be significantly lower. In 2026, we will continue to work towards reducing the use of estimates and measurement uncertainty by improving the quality of the information used for these Scope 3 categories. For more information on uncertainties and measurement methodologies, see each topical standard in the section Metrics and Targets. With effect from 2025, NIBE Industrier AB is subject to the new EU Corporate Sustainability Reporting Directive (CSRD), which means that we have changed the way we prepare and present information in the sustainability report The following bullet points show the main changes compared with the previous reporting structure: • O ur reporting is now fully structured in accordance with the ESRS standards and reflects the available implementation guidance. • W ith effect from 2025, acquired companies are consolidated in sustainability reporting from the year of acquisition, whereas in prior years consolidation took place after we had owned the company for a full calendar year. Identification and correction of reporting errors for 2024: • W ater withdrawals (m3) were incorrectly reported by some companies as water consumption and water reuse, resulting in corrections to the respective key metrics for 2024. This report meets the requirements for reporting of sustainability data in accordance with the Greenhouse Gas Protocol (GHG Protocol) and Task force on Climate related Financial Disclosures (TCFD) and also meets the requirements of the Swedish Annual Accounts Act for the preparation of a sustainability report. 1 (a) Short-term time horizon: the period adopted by the company as the reporting period in its financial statements. (b) Medium-term time horizon: from the end of the short-term reporting period defined in (a) up to five years. (c) Long-term time horizon: more than five years. BP-1 General basis for preparation of sustainability statements This sustainability report has been prepared in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD), as implemented in Swedish legislation, and the European Sustainability Reporting Standards (ESRS). All disclo- sure requirements and datapoints included in this report have been assessed as material based on the outcome of our double materiality assessment. For an overview of NIBE’s material topics, see disclosure requirements IRO-1 and SBM-3 on pages 70–74. The sustainability report has been prepared on a consolidated basis for the Group. The scope of consolidation is the same as for financial reporting and includes the parent company, NIBE Indus - trier AB, and subsidiaries controlled by NIBE Industrier AB. The only exception is a subsidiary in which we have a 50% ownership interest. This company has been included in financial reporting on a voluntary basis but in the sustainability report it is included only in Taxonomy reporting and in the calculation of total number of employees. NIBE Group’s entire value chain, which includes both direct and indirect business relationships in the upstream and downstream value chain, has been taken into account in the preparation of this sustainability report.
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· 66 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT • T he CEO and Group management are responsible for overall internal control and for Group-wide implementation of NICS. • H eads of business areas are responsible for ensuring that the prescribed process is in place in their respective business areas, which in turn means that all local boards apply the process to each lower-tier subsidiary. • T he local boards are responsible for ensuring that NICS is implemented in their companies and, where applicable, lower-tier subsidiaries. Local boards must also ensure that additional national requirements are met. • L ocal management at our subsidiaries are responsible for internal control in the respective operations and own the action plans for reducing risks within their individual areas of responsibility. Impact and opportunity management NIBE’s Board has the ultimate responsibility for ensuring that impacts and opportunities are managed and that sustainability initiatives comply with the requirements of authorities, share - holders and other stakeholders. The Board is also responsible for ensuring adherence to good business ethics and responsible business conduct, in accordance with NIBE’s Code of Conduct and policies. The heads of the business areas are responsible for communicating and implementing their strategic work at local board level. At local level, each subsidiary is responsible for taking advantage of and managing any identified material opportunities and communicating these to the Group. Opportunity manage - ment follows a similar process to risk management but is currently less formalized. Process for sustainability targets The setting and follow-up of targets for NIBE’s material topics is carried out by the sustainability team and communicated to the Sustainability Council. The Board follows up five strategic sustainability targets presented on pages 84, 91 and 102, covering the areas climate, energy, health and safety, quality management and environmental management systems. If targets adopted by the Sustainability Council are deemed to require material invest - ments or comprehensive changes in strategy, the support of the Board is obtained before the targets are adopted. Sustainability expertise To ensure that the Board has relevant expertise in NIBE’s material sustainability topics, the sustainability team provides ongoing internal training linked to current projects and initiatives within the Group. If necessary, the Board of Directors and the Sustain - ability Council may consult external experts in NIBE’s material topics such as climate, pollution and circular economy. External GOVERNANCE GOV-1 The role of the administrative, management and su - pervisory bodies Board of Directors and management The Annual General Meeting (AGM) is NIBE’s highest deci - sion-making body. The AGM determines the number of Board members and elects the Board members and auditors. The AGM also adopts the accounts, makes decisions on dividends and other appropriations of profits/losses, and discharges the Board of Directors and CEO from liability. The Board of Directors comprises seven members, who are appointed by the AGM. The Board is both an administrative and supervisory body and is ultimately responsible for the development and follow-up of strategies, including NIBE’s sustainability strategies and internal control processes. The responsibilities of the Board of Directors are clarified in our policy documents and governing directives. With the exception of the Managing Director and CEO, none of the Board members is employed by or has any operational responsibility in the company. With the exception of the Managing Director and CEO, all Board members are considered independent of the company, which means the percentage of independent Board members is 85%. All Board members have the right of deci - sion. There is no employee representation on the Board of the Parent Company, but employees are represented on most subsid - iary boards within the Group. The Board of Directors elected by the 2025 AGM comprises Hans Linnarson (Chairman), Anders Pålsson, Eva Karlsson, Eva Thunholm, Camilla Ekdahl and James Ahlgren, as well as Gerteric Lindquist, Managing Director and CEO. .The gender distribution of the seven Board members is 43% women and 57% men, corre - sponding to three women and four men. Group management consists of the Managing Director and CEO, the CFO, General Counsel, the Communications and Investor Relations Manager and the heads of business areas. The gender distribution of the seven members of Group management is approximately 15% women and 85% men. As is the case with other parts of the NIBE organization, the Board and Group management are subject to the company’s diversity policy. For more detailed information on the composi - tion of the Board of Directors and Group management and their experience and working methods, see the Corporate governance report on pages 182–186. See also pages 188–190 for further information on the experience of the Board of Directors and Group management. Sustainability Council The Sustainability Council’s task is to lead the operational sustain - ability work and be responsible for Group-wide initiatives relating to NIBE’s material impacts, risks and opportunities. The decisions taken by the Sustainability Council are presented to the Audit Committee when necessary, for example, when major changes to NIBE’s strategy are required or there is an increased need for investment. The Sustainability Council consists of the Managing Director and CEO, the CFO, a head of business area and the Group’s sustainability team, which comprises the Sustainability Manager and the sustainability controllers. For more information about the sustainability team’s roles and responsibilities, see GOV-2. Risk management NIBE takes a systematic and proactive approach to the manage - ment of identified risks that may impact the Group. The approach is based on our common framework and the NICS (NIBE Internal Control Standard) tool, which ensure a uniform risk management process and facilitate ongoing efforts. The work is initiated locally in each company and then summarized at Group level. Risks and opportunities are divided into four main areas: Business, Finance, IT and Sustainability. Identified risks are assessed based on likeli - hood and impact. The outcome is evaluated annually by the Board, which decides which topics should be prioritized within each area. Business risks are managed locally at company level and are coordinated at Group level if deemed necessary. The work is structured around ongoing reporting, risk assessment and action plans. Financial risks are managed through the Group’s financial policy and manuals for annual accounts, system access, authori - zation arrangements and system changes. IT and sustainability risks are to a large extent coordinated at Group level, but risk assessment and action plans are prepared and implemented locally by each company’s Board. Identified risks are managed in line with Group-wide policies and NIBE’s values. Follow-up takes place at subsidiary level in the form of quarterly Board meetings and through a number of internal control audits. To further limit risk impacts, a crisis management program is in place, with local processes and policies that cover the risk areas identified in the risk assessments. In the event of major incidents that may be deemed to have a material impact on the Group, the Group’s crisis organization, including the Board of Directors, is activated, to assess and decide on appropriate actions. Several of NIBE’s identified material sustainability topics, which are reported under section SBM-3 on pages 70–73, are included in NICS. Roles, responsibilities and expertise related to risk man- agement Responsibility for long-term and overall risk management follows NIBE’s organizational structure. More specifically, the roles related to the risk management process are divided as follows:
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 67 · expertise is also available for the assessment of topics assessed as non-material, such as biodiversity, to ensure the assessment is correct. The company’s diversity policy states that the Board of Directors as a whole must have expertise and experience appro - priate to the business, as well as the competence required to identify and analyze opportunities and risks for the Group. GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administra - tive, management and supervisory bodies NIBE’s Board is ultimately responsible for ensuring that the sustainability efforts support the Group’s business strategy and comply with the requirements of authorities, shareholders and other stakeholders. The Board is also responsible for developing and monitoring the company’s strategies through policies, plans and objectives, decisions on acquisitions, major investments, managerial appointments and ongoing supervision of operations during the year. Policies must be reviewed and revised at least every three years or as needed. The Sustainability Manager is responsible for the work at stra - tegic level and reports on sustainability matters to the boards at Group and business area level in connection with strategy meet - ings and on other similar occasions. The Sustainability Council regularly follows up outcomes, assesses risks, opportunities and due diligence and takes deci - sions on the continuing sustainability efforts. Much of the work is regulated in national legislation, e.g. in environmental laws and labor law. In addition, NIBE’s sustainability efforts are governed by voluntary commitments such as the OECD Guidelines for Multi - national Enterprises, the principles of the UN Global Compact and the UN Sustainable Development Goals under Agenda 2030. NIBE’s Sustainability Manager reports directly to the CEO and the Sustainability Council and suggests sustainability strategy and goals. In addition, the Sustainability Manager and the CFO provide information on the Group’s compliance with the compa - ny’s values, policies and guidelines. In order to ensure awareness of values and policies, all employees receive information on these in connection with onboarding. Values and all policies are avail - able on NIBE’s intranet and are translated to several different languages to increase accessibility. The CEO together with senior management at each subsidiary are responsible for implementing both values and policies. See SBM-3 on pages 70–73 for a summary of the material impacts, risks and opportunities that were addressed during the reporting period. GOV-3 Integration of sustainability-related performance in incentive schemes Given that the NIBE Group’s entire business model is based on developing product portfolios that actively contribute to the transition to increased use of renewable energy technology and improved energy efficiency, the Group has not established a global incentive program specifically linked to sustainability targets, although such programs may exist at company level. The focus has instead been on increasing sales and market share by leveraging the Group’s product portfolio, as this is considered to have the greatest impact on the climate transition. GOV-4 Statement on due diligence NIBE Group has well-established due diligence processes that integrate environmental and financial aspects in the mapping of new acquisitions. Processes are in place for suppliers, own opera - tions and customers We are continuously working to improve and implement these processes. In newly acquired companies, some of the processes required to assess risks relating to social matters, such as human rights and certain aspects of labor rights, may be lacking. For major investments (investments approved by NIBE’s Board) a local due diligence process relating to the environment is partially in place, but it needs to be supplemented with social aspects to provide more complete information for decisions. A process will be devel - oped to ensure that the Board is given the decision and information inputs required to be able to assess the risk of environmental and social impacts in connection with major investments such as the construction of a new facility. Manufacturing companies are evaluated on an ongoing basis through sustainability visits carried out at intervals of several years. Sustainability visits are prioritized based on factors including risk level and company size, which means that follow-up visits are sometimes prioritized ahead of visits to newly acquired companies. At the time of writing, visits have been made to 74% of the production facilities of the Group’s subsidiaries. In addition to sustainability visits, the due diligence process also includes continuous sustainability reporting, energy mapping and commu - nication with companies. NIBE takes into account international, national and regional legislation and regulations where trade sanctions have been introduced and affect sales, delivery and exports of NIBE prod - ucts, services and technical data globally. This is set out in more detail in our Trade Compliance Policy, which among other things establishes when screening of cooperation partners is required. For a further description of the due diligence process for suppliers, see ESRS S2 on pages 104–105. Also see the explanation of due diligence in Table 1, page 68. GOV-5 Risk management and internal controls over sustainability reporting To minimize risks and ensure good internal control over sustain - ability reporting, NIBE uses its risk assessment method NICS, which is described in more detail in GOV-1. The outcome of this work is integrated on a continuous basis on the basis of described roles and responsibilities. Risks in sustainability reporting include compliance failure, regulatory offences or companies failing to report in accordance with external requirements and expectations. Incorrect or inconsis- tent definitions of datapoints and terminology can also lead to poor quality reporting. To manage risks we have appointed roles respon- sible for each material sustainability matter and we are taking a systematic approach to the work based on each topical ESRS to obtain a good understanding of the data that should be collected. The information is collected via the Group’s reporting system Worldfavor. The sustainability team is responsible for the quality of reported data through various control activities. These include reasonableness checks against previous reporting periods, analysis of results against expected outcomes and discussions at company and Group level. Finally, the entire report, together with the rest of the Annual Report, is examined by the CEO, the Audit Committee and the Board before being published on NIBE’s website. Together with the examination by the auditors, this is an important addi- tional measure to ascertain that the information that is published is correct and that internal controls have been carried out. To safeguard regulatory requirements, we carry out reviews of legislation on a regular basis and receive support from specialists and lawyers with regard to interpretations and scope. In future, we will also increase the frequency of random sampling of the reporting inputs of local companies to strengthen the quality of the reported input data and ensure it is of a high level. We use a template, aligned with ESRS requirements, for the double materiality assessment and our process for evaluation and prioritization of our material topics is well documented.
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· 68 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT TABLE 1 - Disclosure requirements and relevant page references to information on due diligence in the sustainability report. CORE ELEMENTS OF DUE DILIGENCE DISCLOSURE REQUIREMENTS PAGE NUMBER Embedding due diligence in governance, strategy and business model ESRS 2 GOV-2 67 ESRS 2 GOV-3 67 ESRS 2 SBM-3 70–73 Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 GOV-2 67 ESRS 2 SBM-2 70 ESRS 2 IRO-1 74 E1-2 81 E2-1 87 E3-1 88 E5-1 90 S1-1 99 S2-1 105–106 G1-1 108 S1-2 99 S2-2 106 Identifying and assessing adverse impacts ESRS 2 IRO-1 74 ESRS 2 SBM-3 70–73 Taking actions to address those adverse impacts E1-3 81–82 E2-2 87 E3-2 88 CORE ELEMENTS OF DUE DILIGENCE DISCLOSURE REQUIREMENTS PAGE NUMBER Taking actions to address those adverse impacts E5-2 90–91 S1-4 100 S2-4 107 Tracking the effectiveness of these efforts and communicating E1-4 82 E1-5 82 E1-6 83 E2-3 87 E3-3 89 E3-4 89 E5-3 91 E5-4 92 E5-5 92–93 S1-5 100 S1-6 100 S1-7 100 S1-9 100–101 S1-10 101 S1-13 101 S1-14 101 S1-16 101 S2-5 107
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 69 · breakdown. • N IBE Climate Solutions: Energy-efficient and intelligent prod - ucts that increase climate control, improve indoor climate and enables efficient heating of hot water. Our solutions contribute towards reducing the energy consumption and climate impact of properties without compromising on comfort. • N IBE Element: An industrial partner that supplies customized components and intelligent solutions for heating and control. Our product groups promote energy efficiency, optimize energy consumption and may contribute to reducing climate impact. • N IBE Stoves: Energy-efficient stoves that meet different heating needs and design requirements. Replacing older stoves with modern alternatives, improves the efficiency of energy consumption and reduces particulate emissions. There were no material changes in the year in respect of our prod - ucts, markets or customer groups. NIBE’s products and services are allowed in all the markets where we have operations and we ensure that our operations always comply with relevant require - ments and regulations. Strategies related to sustainability topics Our long-term strategy focuses on supplying the market with world-class, sustainable energy solutions, which has a positive impact on societal energy efficiency and can contribute to the transition to a more sustainable society and reduced climate impact. We support all 17 UN Sustainable Development Goals and have chosen to focus in particular on seven that are clearly linked to our sustainability targets and action plans and where we believe we can make an impact. A key aspect of our business strategy is to ensure good working conditions that enable our employees to thrive and continue working at NIBE for a long time. This is achieved by introducing occupational health and safety management systems in all Group companies. At the same time, it is of strategic importance to mini - mize our own climate impact and support our customers in their efforts to reduce their GHG emissions, which contributes to miti - gating climate change. As part of the strategy, our goal is for a significant proportion of our sales to be generated from LCE-clas - sified products. Read more about this under ESRS E1 on page 82. Our sustainability targets cover the entire organization and include all employees. Sustainability-related challenges One of the greatest challenges in achieving a sustainable global society is reducing GHG emissions and slowing the rate of climate change. Extreme weather events and natural disasters are already impacting living conditions, biodiversity and the stability of communities. This creates uncertainty around the sustainability measures and regulations that will be decided and monitored internationally. Accordingly, a reduction in GHG emis - sions is a key priority for NIBE. The way we approach this challenge is by carrying out energy mapping and efficiency measures on a regular basis to continuously improve our processes. Our extensive value chain also involves challenges in ensuring that there are no material adverse impacts on people and the environment. For a more comprehensive picture of climate impact in the value chain, we are working on improving the quality of our Scope 3 calculations. By strengthening data collection and analysis methods, we are able to report more precise indirect emissions data. Future legal requirements regarding materials and substances mean that new, alternative solutions need to be developed to meet future sustainability requirements. This involves risk of changes to the value chain and significantly increased costs for our products. The challenge comes from the fact that this material development is taking place in our value chain, where our direct influence is limited. We are therefore working closely together with our suppliers and partners to ensure that the devel - opment is aligned with our sustainability targets. Finally, we are striving to promote a circular value chain. Factors that may prevent us from achieving our ambitions in the coming years include limited access to low-cost, high-quality recycled and reused materials and underdeveloped recycling and reuse systems in many of the countries where we operate. Value creation for stakeholders Our intelligent and energy-efficient solutions contribute to our customers being able to reduce their energy consumption, while health and safety at work and reduced risks of work-related injury improve our employees’ commitment, health and productivity. We provide good and safe working conditions by collaborating with our suppliers and requiring compliance with our Code of Conduct. We focus on innovation and development of products that strengthen our competitiveness and contribute to global climate goals. We create long-term value for our shareholders by priori - tizing sustainable energy solutions, increased energy efficiency and profitability. SBM-1 Strategy, business model and value chain NIBE is a global player with a presence in several international markets, including the Nordic countries, Europe and North America. Our products are mainly aimed at the following customer categories: private individuals looking for sustainable heating solutions for their homes, commercial property owners and industrial customers within manufacture and infrastructure. Our business is classified within the “Machinery & Equipment” sector, and revenue in this sector is the same as the Group’s total revenue. NIBE’s three segments all fall within the same sector and are accounted for in detail on page 142 in Note 2 in the financial statements. NIBE’s business model is based on developing our product portfolios to actively contribute to the transition to increased renewable energy technology and improved energy efficiency. NIBE has an international presence with more than 20,000 employees operating in several continents. For more details on our geographical presence, see section S1-6. Our revenue primarily comes from the sale of products, while costs are predominantly related to purchases of materials and components, as well as personnel. Key resources, which contribute to the Group’s value creation, are our employees, materials in the form of metals and plastics, and electronic components The products are designed, processed and assembled at our facilities, where we also carry out surface treatment prior to distribution. Distribution primarily takes place via wholesalers, Business-to-Business (B2B) or directly for instal - lation in properties. We rely on close collaboration with key actors in the value chain, including industrial partners, Original Equipment Manufac - turers (OEMs), installation companies, structural engineers and specialized trade, for the delivery of the majority of our solutions. These collaborations play a central role in ensuring our products reach the market. We provide innovative indoor climate and industrial heating solutions through the three business areas listed below. See Note 2 for financial information on cost structure and revenue
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· 70 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT Value chain NIBE’s business operations are based on strong relationships with suppliers, distribution partners and end consumers, with sustainability and energy efficiency as core elements. Long-term collaborations enable us to ensure quality and delivery reliability throughout the value chain. Below is an illustration of NIBE’s value chain: Main business actors Key suppliers NIBE has a global network of suppliers who meet our require - ments in respect of quality, delivery reliability and sustainability. Distribution channels Retailers, wholesalers and direct sales to major customers. End consumers Private individuals, commercial property owners and industrial customers within manufacture and infrastructure looking for energy-efficient heating solutions. SBM-2 Interests and views of stakeholders NIBE maintains ongoing engagement with key stakeholder groups through various channels, including face-to-face meetings, partner site visits and surveys and questionnaires. We see a greater interest in sustainability from analysts, banks and funds, as well as from research institutes and universities. The issues that remain most topical from their perspective are climate, gender equality, health and safety and circular resource flows. In addition to the usual surveys, interviews or visits are often requested. The topics include inputs in our products, the introduction of new technology in the products due to new regulatory requirements, and also our approach to diversity and human resource management. We also receive questions from customers relating to the sustainability performance of our prod - ucts in respect of the environment and social aspects such as carbon footprint, substances and human rights. These questions indicate topics that our stakeholders consider to be important and contribute to the underlying data used in our materiality assessment. Table 3 shows NIBE’s key stakeholder groups, together with information on engagement methods and the topics identified as material. The purpose of our stakeholder engagement is to identify and understand the sustainability topics that are most important to our stakeholders. The outcomes of these analyses provide key inputs for the development of NIBE’s sustainability efforts, strategy and business model. The continuous engagement enables us to adjust our strategy and strengthen our offering on a continuous basis. Examples of initiatives that have been implemented at the request of stake - holders include the development of life cycle assessments for our products, reporting according to CDP and our plan to map the requirements for alignment with the Science Based Targets initia - tive (SBTi). The insights from our stakeholders have also been analyzed and integrated into our due diligence process and our double materiality assessment, thus strengthening our efforts to meet both business and sustainability goals. NIBE’s administrative, management and supervisory bodies are informed of relevant stakeholders’ views and interests related to our sustainability matters at quarterly Board meetings. Effect of identified material topics on the business We see no current or anticipated effects on either our business model or strategy based on the impacts, risks and opportuni - ties identified in our double materiality assessment. The work on preparing processes, design of products and adaptation of working methods continues to support our current business model as a decentralized organization across three business areas. As part of this work we also believe that expectations concerning the sustainability expertise of senior executives will continue to grow. Read more about implemented or planned actions under each area of sustainability. Financial effects of identified material risks and opportu- nities In our materiality assessment we identified three financial risks within the topics climate change and pollution. We also identified three financial opportunities within climate change that all lead to increased net revenue due to a rise in sales volume of existing products and a broader product portfolio. The opportunities identified below are based on our finan - cial target of average annual growth of 20%, which significantly exceeds the level of SEK >250 million shown in Table 2. In our materiality assessment we did not carry out detailed assessment of expected annual growth as a result of the opportunities identi - fied, and we therefore used the figure SEK >250 million. OWN OPERATIONS DOWNSTREAMUPSTREAM ACTIVITIES Raw materials Processing Suppliers Employees Use Repair Reuse Waste management Research Development Assembly Warehousing DistributionSaleProduct manufacturing Local community Installation Owners Wholesalers Suppliers Customers End-consumer STAKEHOLDERS SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model NIBE’s double materiality assessment has resulted in seven mate - rial sustainability topics and 16 associated sub-topics. These topics are categorized according to the topical ESRS and are assessed as material based on impact, risk and/or opportunity.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 71 · TABLE 3 List of NIBE’s stakeholders, how the company engages with each stakeholder and the material topics relevant to them. STAKEHOLDER GROUP ENGAGEMENT METHOD MATERIAL TOPICS CUSTOMERS Surveys Business engagement Contracts Safe products Sustainable products Business relationships EMPLOYEES Employee engagement Security Expertise SUPPLIERS Surveys Business engagement Contracts A long-term approach Performance INVESTORS/ ANALYSTS Surveys Quarterly reports Face-to-face meetings Risk minimization Return A long-term approach Climate issues MANAGEMENT Sustainability Council Management by objectives Focus areas Resources SHAREHOLDERS General Meeting Face-to-face meetings Management discussions Return A long-term approach Risk minimization AUTHORITIES Reports Visits/Audits Lobbying Laws and compli - ance with laws Human resource management Infrastructure LOCAL COMMUNITIES Local partnerships Involvement in stakeholder groups School partnerships Sponsorships Standard committee issues FINANCIAL EFFECTS OVER DIFFERENT TIME HORIZONS (SEK MILLION) Short-term Medium-term Long-term (R1) Costs of higher carbon fees – <50 >250 (R2) Costs of moving operations as a result of heat and water stress – >250 >250 (R3) Increased production costs as a result of new legal requirements relating to sub- stances and materials. – >250 >250 (O1-O3) Increased revenue as a result of increased demand for NIBE’s products and a broader product portfolio >250 >250 >250 TABLE 2 - The current and anticipated financial effects of NIBE Group’s material risks and opportunities on the company’s financial position, financial performance and cash flows. Resilience of strategy and business model NIBE carries out an annual risk assessment of our business risks in accordance with NIBE Internal Control Standard (NICS), which covers all NIBE companies. As part of this process we also analyze our strategy and business model in respect of our resilience related to material impacts, risks and opportunities. Our strategy and business model are also evaluated on an annual basis in accordance with the double materiality assessment process, where we define the extent to which we are expected to be impacted by the material risks. In this assessment we take into account the recommended time horizons in ESRS and the climate scenario analyses (formerly TCFD). See BP-2 on page 65. In addition, a sensitivity analysis is carried out for Group-wide business risks, see the section Risks and risk management in the administration report on pages 137–138. Our assessment is that strategy and business model are robust enough to manage short and medium-term risks and that we may be able to benefit from long-term opportunities by making well-informed investment decisions and continuing to use inno- vative business development methods. NIBE is not dependent on individual suppliers or customer groups and thanks to our global presence risks are spread when it comes to access to raw mate - rials, changing business cycles and demand variability. Our three business areas further improve resilience, with each business area having its own economic cycles and customer segments, meaning we are not dependent on the performance of any single industry sector. Additionally, we have business areas, primarily NIBE Climate Solutions and NIBE Element, where we can see that demand will rise in line with a warmer climate and the transition to fossil-free energy. Resilience to identified risks is evaluated on an annual basis to ensure that we can adapt to changes in circumstances. Changes in reporting No changes were made during 2025 to the material topics iden - tified for NIBE. Material topics included in ESRS disclosure requirements NIBE has included all material disclosure requirements in accor - dance with ESRS that are relevant to our material sustainability topics. Additionally, we have chosen to include a number of enti - ty-specific disclosure requirements linked to E1 Climate change, which are described in more detail in the relevant sections. For a complete overview of which disclosure requirements are included in the sustainability report, see the index on pages 113–116.
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· 72 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT E5 RESOURCE USE AND CIRCULAR ECONOMY Impact, risk or opportunity Material sub-topic Description Time horizon Value chain RESOURCE INFLOWS AND RESOURCE USE Actual adverse impact _ NIBE and its subsidiaries use primary raw materials. Short-, medium- and long-term Upstream and own operations RESOURCE OUTFLOWS RELATED TO PRODUCTS AND SERVICES Actual adverse impact _ Our products are sold in a global market and many of them have long lives. Some of the materials and components from our products are recycled to a limited extent. Short-, medium- and long-term Entire value chain WASTE Actual adverse impact _ Some of our waste is sent for incineration or to landfill without being recycled. The waste generated also includes some hazardous waste. Short-, medium- and long-term Own operations Potential adverse impact _ Waste in the value chain is not recycled. Short-, medium- and long-term Upstream and downstream E2 POLLUTION Impact, risk or opportunity Material sub-topic Description Time horizon Value chain SUBSTANCES OF CONCERN/SUBSTANCES OF VERY HIGH CONCERN Risk (R3) _ Prohibitions or stricter requirements regarding substances that affect our choice of material may entail increased development and material costs. Medium- and long-term Own operations E3 WATER AND MARINE RESOURCES Impact, risk or opportunity Material sub-topic Description Time horizon Value chain WATER Actual adverse impact • Water consumption • Water withdrawals • Water discharges NIBE has several sub- sidiaries with water use and freshwater withdrawals in water- stressed areas, as well as water consumption in the production of input materials. Short-, medium- and long-term Upstream and own operations E1 CLIMATE CHANGE Impact, risk or opportunity Material sub- topic Description Time horizon Value chain CLIMATE CHANGE MITIGATION Actual adverse impact _ GHG emissions from NIBE’s value chain, for example in connection with upstream production of material and components, in NIBE’s own operations and during the use phase of NIBE’s products in connec- tion with consumption of non-renewable energy in the use phase. Short-, medium- and long- term Entire value chain Risk (R1) _ Costs for carbon taxes and emissions allowances may increase due to changes in legal requirements (e.g. CBAM). This is expected to lead to increased purchase prices, higher taxes and potentially higher final prices to customers. Medium- and long- term Own operations Opportunity (O1) _ Increased demand for NIBE’s products as a result of increased focus on sustainability, higher energy prices (incl. oil and gas prices) and increased energy efficiency requirements. This benefits products that are already energy-efficient today, such as heat pumps. Short-, medium- and long- term Own operations Opportunity (O2) _ Leading the way in the development of products with lower GHG emissions. Having highly skilled employees creates opportunities to refine existing products and develop new products. Potential areas are circularity, material selection and energy effi- ciency. Medium- and long- term Own operations CLIMATE CHANGE ADAPTATION Risk (R2) – Increased heat and water stress may result in affected operations no longer being able to contin- ue at their current locations. The likelihood of the risk occurring is assessed as low but the cost if it occurs is relatively high. Medium- and long- term Own operations ENERGY Actual adverse impact _ NIBE and some suppliers use a relatively large pro- portion of non-renewable energy. Short-, medium- and long- term Upstream and own operations Actual positive impact _ NIBE’s products contribute to reduced energy con- sumption and thus to reduced emissions. Short-, medium- and long- term Own oper- ations and down- stream Opportunity (O3) Opportunity to broaden the energy-efficient prod- uct portfolio by developing the product portfolios of existing companies and through acquisitions. This gives us an opportunity to reach more customer groups and market segments. Medium- and long- term Own opera- tions TABLE 4 – Identified material impacts, risks and opportunities connected to the topical standards.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 73 · S1 OWN WORKFORCE Impact, risk or opportunity Material sub-topic Description Time horizon Value chain WORKING CONDITIONS Actual adverse impact • Adequate wages NIBE has subsidiaries which pay a mini- mum wage that is lower than the cost of living in the region. Short-, medium- and long-term Own operations Actual adverse impact • Health and safety Work-related injuries occur that result in sickness absence of at least one day, caus- ing problems for employees as well as the company. Short-, medium- and long-term Own operations EQUAL TREATMENT AND OPPORTUNITIES FOR ALL Actual adverse impact • Gender equality and equal pay for work of equal value Women are underrepresented on the boards and management of subsidiaries in relation to the gender distribution in the total workforce. Short-, medium- and long-term Own operations Actual adverse impact • Training and skills development Not all employees receive regular perfor- mance and/or career development reviews and NIBE has relatively few training hours per employee. _ Own oper- ations S2 WORKERS IN THE VALUE CHAIN Impact, risk or opportunity Material sub-topic Description Time horizon Value chain WORKING CONDITIONS Potential adverse impact Health and safety It is likely that there are failures in the health and safety manage- ment system among some of our suppliers that are spread across 20 countries . Short-, medium- and long- term Upstream EQUAL TREATMENT AND OPPORTUNITIES FOR ALL Potential adverse impact • Gender equality and equal pay for work of equal value • Training and skills development • Employment and inclusion of persons with disabilities • Measures against violence and harassment in the workplace • Diversity NIBE has suppliers in several coun- tries where there is a high risk of discrimination of women, limited access to training for women, diffi- culties for persons with disabilities in finding work and a lack of mea- sures against violence and other forms of discrimination. Short-, medium- and long- term Upstream OTHER WORK-RELATED RIGHTS Potential adverse impact • Child labor • Forced labor NIBE has suppliers in several coun- tries where there is a risk of child labor and forced labor occurring. Short-, medium- and long- term Upstream G1 BUSINESS CONDUCT Impact, risk or opportunity Material sub-topic Description Time horizon Value chain POLITICAL ENGAGEMENT Actual positive impact _ NIBE is actively working to advance reg- ulations and research that drive develop- ment of energy-efficient and fossil-free products. Short-, medium- and long-term Own operations MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS, INCLUDING PAYMENT PRACTICES Potential adverse impact _ Risk that we are exposed to corruption or attempted corruption by our suppliers or partners. Short-, medium- and long-term Upstream and own operations CORRUPTION AND BRIBERY Potential adverse impact • Preven- tion and detection, including training • Incidents Risk that employees within NIBE try to influence customers, suppliers or other partners by means of bribery and cor- ruption. Short-, medium- and long-term Entire value chain
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· 74 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT· 74 · ANNUAL REPORT 2024 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT IMPACT, RISK AND OPPORTUNITY MANAGEMENT Assessment of impact The actual and potential impacts of the Group were assessed in terms of the severity of the impact on each sub-sub-topic, together with the likelihood of the impact. Severity was assessed on the basis of three parameters: scale, scope and the irreme - diable character of the impact, in accordance with ESRS. The likelihood of potential impact is always less than 100%. All severity parameters were evaluated using a five-point scale, while likeli - hood was evaluated on a four-point scale. The total materiality of the sub-sub-topic was calculated by multiplying the likelihood by the sum of the three severity parameters. Where the likelihood of negative impact was uncertain, we applied a higher likelihood. In several cases a lack of comprehensive supporting data prevented us from carrying out a complete assessment of our impact. Therefore, we have also estimated the level of assurance of the materiality assessment per sub-sub-topic in order to systemat - ically introduce measures to gradually improve the assessment. Materiality thresholds The threshold for materiality of negative impact was determined as 19 on a scale from two to 60, where two means minor impact. The threshold was determined based on a balance between impact on people and nature, what is considered material for stakeholders and maintaining a clear focus in and high quality of reporting. For positive impact where the irremediable character of the impact is not included as an assessment parameter, the threshold for materiality was set at 15 on a scale of one to 40. Financial materiality Long list of potential risks and opportunities 17 sustainability-related potential risks and three opportunities were identified. The opportunities are identified at a higher level based on the following inputs: previous internal risk assess - ments, existing business relationships, sector-specific factors and general sustainability trends. We took into consideration our material impact and identified dependencies on resources in the form of energy, material and healthy workers throughout the value chain. Each risk and opportunity was described in terms of its cause and potential impact. All risks and opportunities were associated with one or more of the sub-sub-topics described in ESRS. IRO-1 Double materiality assessment process General information about the process NIBE performed a double materiality assessment in accordance with ESRS for the first time in 2024. The assessment will be reviewed annually and supplemented if more detailed information or data is available. NIBE’s entire organization and value chain was taken into consideration in the double materiality assessment. Knowledge obtained from stakeholder engagement was used to describe impacts, risks and opportunities. In addition, information from risk management tools that describe the risks of negative sustainability impact from business relationships has been used. We reconcile our outcomes and assumptions from the materiality assessment with our key stakeholders on an ongoing basis. Impact materiality Long list of potentially material areas The materiality of sustainability topics was assessed at the level of sub-sub-topic, as described in ESRS. The sub-sub-topics assessed as being non-material were excluded from the materi - ality assessment without further analysis to enable us to focus in greater depth on more relevant areas of sustainability. A description of NIBE’s impact on people and nature was developed for each sub-sub-topic based on our stakeholder engagement, data collected from the Group and impact assess - ments from external partners. We also used information from internal experts and specialist consultants, as well as knowledge obtained from the various networks we are members of. Public data on industry impacts, knowledge gained through engagement with our current suppliers and analyses from tools providing information on the external environment and risks were used to describe impacts in the supply chain. The assessment of positive impacts looked only at sustain - ability topics where NIBE contributes to a more sustainable society. Areas where we are taking measures to reduce our nega - tive impact are not assessed as positive impact. Thresholds for likelihood and financial effects Five levels, ranging from very low to very high, were defined for the assessment of financial effects. Very low financial effect was defined as less than SEK 50 million and very high financial effect as more than SEK 250 million. Likelihood was also divided into five ranges, from 0–20% to 80–100%. Assessment of risks and opportunities The likelihood of the occurrence of risks and opportunities was assessed by the sustainability team while the financial effects were established by the sustainability team together with the CFO. A final value for risks and opportunities was calculated by multiplying likelihood (level 1–5) by effect (level 1–5) A value above 12 was assessed as material. First, we assessed all risks and opportunities in the medium-term. Thereafter, we assessed risk level in the short- and long-term. Outcome The outcomes of the double materiality assessment were compiled by the sustainability department and validated by the Sustain - ability Council, which comprises representatives of management and the Board. Other key personnel in the organization have also examined the final outcome, to ensure relevance and integration into the material areas. Finally, the outcome and process have been audited by external experts and NIBE’s auditors. Integration into other organizational processes The outcome of the risk assessment is integrated into the Group’s overall work with risk management (NICS) and assessed for priority in the same way as other risks. For more informa - tion, see Risk and risk management on pages 137–138. Identified opportunities are integrated into ongoing business development, the majority of which takes place at local level in the respective subsidiaries. None of the identified opportunities or risks necessi - tated a change to our overall management process. Changes to process compared with prior years In 2025 we carried out a review of the double materiality assess - ment, with all topical matters being assessed based on new available information, primarily relating to our climate efforts and biodiversity. Based on these inputs, we assessed that our existing material topics should remain unchanged.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 75 · IRO-1, E1 Processes to identify climate-related im - pacts, risks and opportunities We have identified several climate-related risks, both physical and transition risks. The assessment of physical climate-related risks is based on the physical addresses of our operations, with geographical coordinates or addresses used for a more precise risk assessment. Acute risks are defined locally, chronic risks are assessed on a national or regional level and transition risks are global. The first scenario analysis was carried out in 2022 and since then has been updated on an annual basis to ensure the assess - ments are relevant and current. The scenario analysis covers all Group companies but is limited to our own operations and there - fore does not include the upstream and downstream value chain. Physical risks The effects of physical risks on our operations was mapped using the Verisk Maplecroft climate risk index. Mapping was based on the specific addresses of our operations. We used this anal - ysis to identify the most material physical climate risks for the four regions where we have operations: Europe, North America, Australia and Southeast Asia Risk scoring is based on a relative scale from zero to ten, where zero is the highest risk rating. For each index there is a recommended materiality threshold that indicates if further investigation is required. If a location has an index score below the threshold, more in-depth analysis is recommended to assess vulnerability. As added support for the assessment, we weigh the rating against commercial considerations and our own risk management capacity. In our mapping we did not identify any extreme risks in the areas where we have operations and the need for reorganization of our operations as a result of the climate scenarios is minor. Our expo - sure to acute physical risks is low, while our exposure to chronic physical risks is assessed as moderate. The analysis shows that changing temperature is a constant risk area for all regions. The analysis also identified an extreme risk of heat stress in Southeast Asia, which is not a risk that occurs in the other regions. Transition risks and opportunities For transition risks and opportunities, a literature review was conducted to identify a long-list of sector-specific actual and potential risks and opportunities. The risks identified related to policy, technology, market and reputation, while opportunities included resource efficiency, energy sources, products, services and markets. The risks and opportunities were then ranked based on their potential to impact the business as a whole using a conse - quence/impact rating scale. The potential effects of the most material transition risks and opportunities are then assessed under three different emis - sions scenarios, in the short-, medium- and long-term (0–5 years, 5–10 years and 10–30 years respectively). By undertaking this assessment, we can enhance our strategic decision-making and demonstrate to stakeholders how we test the resilience of our business strategy against a range of possible future scenarios. The scenario analyses were carried out using supporting information from the International Energy Agency (IEA). The two scenarios deemed relevant for inclusion were: - N et-Zero Pathway, which is based on the IEA’s Net Zero Emissions by 2050 Scenario (the NZE). It assumes the rapid implementation of clean energy policies that put the planet on course to meet the goals of the Paris Agreement and limit warming to 1.5°C. - S tated Policies Scenario (STEPS), which is a more conservative view of the future, in which only current and planned policies are enacted, and fossil fuels play a greater role in the energy system, and society more widely, for a longer period. We also carried out desk research of the current political situ - ation in key regions and identified important global trends. This analysis complements the global trends described by IEA in the NZE and STEPS scenarios. Where relevant, assumptions about future policy measures in key countries have been included in both scenarios. In the assessment of transition risks and opportunities we have considered likelihood and impact. Risks and opportunities are presented in the table on pages 76–77.
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· 76 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT TRANSITION RISK IDENTIFICATION AND PRIORITIZATION RISK AREA RISK DESCRIPTION POSSIBLE ENVIRONMENTAL IMPACT MANAGEMENT Financial Increasing focus on climate change by investors. Increasing pressure by investment community to disclose sustainability information. Screening of companies by sustainability performance for financing. May also lead to reputational risk if the company does not meet stakehold- er expectations or set sustainability standards. Loss of investors, negative impact on share price, reduced access to capital, business losses, undervaluation, difficul- ties attracting long-term investors. Set a carbon dioxide target and invest in low carbon technologies, transparent reporting of carbon dioxide emissions, offsetting of residual emissions. Reporting of climate risks. Including ESG assessment in all acquisitions. Insurance Rising cost of insurance from increasing physical risks to facilities. Rising costs, asset writedowns. Set a carbon dioxide target. Conduct scenario analysis and take appropriate actions. Legal Liability exposure. Acts or omissions that result in litigation. Liability exposure could result in high legal fees and lead to a risk of access to capital finance. Transparent disclosure of climate risks and carbon reporting, as well as regulatory compliance. Increased price of carbon dioxide. Increased price of carbon through national and interna- tional schemes. Higher operating expenses, higher capital investment, reduced demand due to rising product prices. Invest in greener technologies to reduce emissions ahead of rising carbon dioxide taxes, offsetting of residual emissions and alignment of GHG with the Paris Agreement. Market Increased energy and raw materials prices. Oil and gas and renewable energy price volatility impacts energy prices. Increase in prices for raw materials due to supply and demand and wider commodity price volatility. Rising product prices as a result of higher operating expenses and increased raw materials prices. Diversification of sources of supply for energy and key raw materi- als, negotiated long term contracts with minimum purchase obliga- tions, productivity improvements, cost reduction. Customers’ Scope 3 GHG emissions targets Growing pressure from customers for NIBE to reduce its GHG emissions to enable them to meet SBT. Reduced revenue from loss of customers. Set a carbon dioxide target, invest in greener technologies, diversi- fy to greener products/products that will be required for the transi- tion. Product life cycle assessments (LCA). Technology New technologies in low-carbon energy sector. Failure to keep up with new technologies, such as for energy storage, and integrate them into production processes. Declining sales as a result of reduced competitiveness, increased need for technology investments. Evaluate ground-breaking technologies, invest in product and pro- duction development, conduct product life cycle assessments. Repu- tational Strong reaction from stakeholders due to action/inaction. Media headlines or social media activity reflecting strong reaction from stakeholders as a result of negative impact from company regarding GHG emissions. Could also lead to financial risk. Reduced access to capital as a result of reputational damage. Set a carbon dioxide target, invest in low carbon technologies for long-term offsetting of residual emissions. Reporting of climate risks. Including ESG assessment in all acquisitions. Internal frustration from employees. Frustration may arise from a lack of action on climate change. Impact on the ability to attract and retain talent. Set a carbon dioxide target, invest in low carbon technologies. Conduct scenario analysis and take appropriate actions. Regula- tory Relaxation of regulations or commitments relating to decarbonization. Reduced demand for energy-efficient electricity-pow- ered products as a result of relaxation of national and international regulations or commitments relating to decarbonization. Declining sales as a result of reduced demand for ener- gy-efficient products. Engage with trade associations. Evaluate ground-breaking tech- nologies, invest in product and production development to be competitive. Regulatory changes. New disclosure requirements. New regulations and disclosure requirements may result in increased costs. Transparent disclosure of climate risks and carbon reporting. Engage with trade associations and monitor strategy development. Non-compliance with standards or targets. Non-compliance with current sustainability regulations or standards such as the CSRD. Non-compliance with climate change policies could result in lower level of investor trust. This could also result in fines or additional taxes. Transparent disclosure of climate risks and carbon reporting.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 77 · T Y P E O F RISK CLIMATE-RELATED RISK RISK LEVEL 1 AVERAGE POTENTIAL FINANCIAL EFFECT Physical risks ACUTE Flood risk in coastal areas 9.62 8.32 – Risk of drought 6.72 – Risk of extratropical cyclones 8.10 – Flood risk 9.50 – Risk of landslides 8.95 – Risk of severe storms 6.88 – Risk of tropical storms and cyclones 9.80 – Risk of forest fires 6.35 – Physical risks CHRONIC Cooling degree days (future climate) 6.02 6.34 – Cooling degree days (current climate) 6.40 – Heating degree days (future climate) 4.35 An increase in costs and possible investment may be incurred at external temperatures below 18.3°C because of increased demand for energy. Heating degree days (current climate) 4.17 An increase in costs and possible investment may be incurred at external temperatures below 18.3°C because of increased demand for energy. Heat stress (future climate) 5.58 An increase in costs due to increased demand for energy and possible investment due to need for climate control. Heat stress (current climate) 5.89 An increase in costs due to increased demand for energy and possible investment due to need for climate control. Rise in sea level 9.86 – Water stress 6.63 – RISK LEVEL 1 Risk scoring is based on a relative scale from zero to ten, where zero is the highest risk rating. Potential financial effects are stated for the risks where we are below, or close to, Maplecroft’s thresholds for more in-depth risk assessment. Region Number of entities Overall physical risk score Chronic risk score Acute risk score Europe 115 7.80 6.87 7.35 Australia 4 7.34 5.79 7.84 North America 30 7.21 5.93 6.83 Southeast Asia 12 6.76 5.84 7.16 OPPORTUNITIES RISK AREA OPPORTUNITIES DESCRIPTION POSSIBLE ENVIRONMENTAL IMPACT MANAGEMENT Market Increased demand for products required for climate adaptation and resilience. Increased demand for heat pumps and other low carbon technol- ogies. Increased revenue from higher sales of new products. Invest in product and production development and plan for market growth. Product life cycle assessments (LCA). Increasing oil and gas prices. A rise in oil and gas prices presents an opportunity for heat pump technology to step in as the low cost option (heat pumps still linked to fluctuating electricity prices). Increased revenue from higher sales of existing products. Invest in product and production development to plan for increased demand. Regulatory Political engagement in the energy transition. Reduced regulatory certainty, help in guidance on investment decisions, drive growth in demand for energy efficient products. New regulations may increase demand for heat pump technology. Invest in product and production development to plan for increased demand. Product life cycle assessments (LCA). New standards for green buildings. New building standards encourage the use of heat pumps because of the focus on energy efficiency and regulations. Increased revenue from higher sales of products. Invest in product and production development to plan for increased demand. Technological Increased demand for products with a low carbon footprint. Reduction of company and downstream GHG emissions through product enhancements using breakthrough technologies. Capital investment needed in technology, increased revenue from higher sales, lower fines/taxes for high GHG emissions. Invest in product and production development and plan for market growth. Product life cycle assessments (LCA).
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· 78 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT Selection of climate scenarios We have used various simulations of future scenarios based on changes in GHG emissions. Verisk Maplecroft, which we have partnered with, updates the scenarios according to the latest published standards, and NIBE also ensures this. The most recent update was carried out in 2025, with the outcome showing only minor changes compared with 2021. The use of scenario analysis allows an organization to show the resilience of its business strate- gies to a number of transition and physical risks that may manifest in various emission scenarios. The selected scenarios differ from financial reporting, where the time horizon is traditionally shorter and the methodology different. Financial reporting takes little account of the outcome of the climate scenario analysis. Climate scenario 1 (RCP 2.6) – We achieve the goals of the Paris Agreement RCP 2.6 is a scenario in which we achieve the goals of the Paris Agreement. The world has succeeded in limiting temperature rise and greenhouse gases have stabilized at the current level. We achieve a global temperature increase of +1.5–3°C. New, renew - able energy technology is introduced on a large scale, we have low energy intensity and the world population is stabilized at around 9 billion. Significant changes have been implemented in society, infrastructure and buildings. Climate scenario 2 (RCP 4.5) RCP 4.5 is a climate scenario in which GHG emissions have fallen due to current and planned actions, resulting in global warming stabilizing at around 2.5–3°C by the end of the century. Society is impacted by more numerous and more powerful extreme weather events, rising sea levels and ecosystem change, leading to infra - structure, food supply and public health challenges. Climate scenario 3 (RCP 8.5) – Business-as-usual RCP 8.5 is a scenario in which GHG emissions continue to rise sharply, causing global temperature to rise by 2 to 4°C. This results in rising sea levels, more extreme weather events, floods and wildfires. The scenario is characterized by continued dependence on fossil fuels, failed climate initiatives and a growing population. We assess RCP 4.5 as the most likely scenario based on the investments and actions that are currently being implemented. We have selected these scenarios because they are the most well-established and are based on scientific assumptions. Our selection is compatible with the assumptions made in the risk assessment in the financial statements. Results of resilience analysis Having identified the risks, we involved our subsidiaries, which assessed the need to take action. Each subsidiary is responsible for implementing the actions, following which a Group-wide assessment is carried out to see if additional action is required to increase our resilience and address our identified risks. Before decisions on investments in new production, additional supporting evidence in the form of evaluations of climate risks, focusing on precipitation, extreme weather events and flood risk, is prepared. Environmental certification and environmental inventories of buildings will be implemented prior to refurbishment and new construction. Energy audits are also conducted to identify energy efficiency opportunities, thus reducing our demand for energy. We are continuing our work relating to climate control in our oper - ations, which will enable us to reduce the impact of heat stress on our employees and to efficiently manage days with tempera - ture variations in respect of heating and cooling. Production of renewable energy through the installation of solar panels, in combination with installation of heat pumps, helps to ensure that we have access to energy to be able to produce products and that we have a comfortable work environment. The resilience analysis also resulted in us adopting a climate target for carbon emissions. For more information on the climate target, see ESRS E1 on page 82. We will continue our work on transition risks and risks related to our suppliers and their location. We will also work on explaining the companies’ climate risks in NICS. Uncertainty factors Our assessment is that there are no major uncertainties in the scenario analysis, other than in respect of decisions by the authorities and legal requirements. There is also some uncertainty about the kind of new technology that may need to be developed to manage climate risks, whether locally or internationally. The political situation may also be an uncertainty factor, depending on the location of our operations. We have a clear picture of investment requirements up until 2030 for our own operations, including buildings, transport and reinforcement measures for extreme weather events. In the case of subsidiaries that are more exposed, we take their assets and business activities into consideration by collating invest - ment decisions, planning activities and preparing action plans to reduce risk. These investment plans are linked to our short- and medium-term risks and focus on the useful lives of assets and the distribution of capital. We have established an investment framework to implement these actions. Managing these risks is an important part of NIBE’s strategy and we evaluate and identify new risks on an ongoing basis. We have a good understanding of our own climate impact in Scope 1 and 2, but there is still uncertainty related to our indirect Scope 3 emissions. We are working on improving the reliability of this data, which will enable us to gain increased understanding of the kind of activities that increase or reduce our climate impact. Total GHG emissions are reported for our different Scopes in ESRS E1-6 on page 83 and page 85. IRO-1, E2 Processes to identify pollution-related impacts, risks and opportunities All production companies with more than 25 employees are required to obtain ISO 14001 certification two years after acquisi- tion. The outcome for 2025 was 98% (98). Because the companies are certified and audited by third parties, we consider the risks of serious accidents to be low. In many cases operations require a permit, which means that measurements are carried out on a regular basis and any failures to comply with permit conditions are reported to the environmental authorities in the country concerned and to the Group’s sustainability department. Water is monitored for water quality by measuring levels of metals and organic substances. Emissions of NOx, SOx, VOC and dust into the air from our own production facilities are measured and monitored to ensure compliance with applicable environ - mental permits and regulatory requirements. In addition to measurements, we use information from suppliers and safety data sheets for chemicals. Because our products mainly comprise metals and compo - nents, we have not yet carried out an in-depth assessment of the impacts and risks of microplastics that are directly or indirectly caused by NIBE. Based on current knowledge, there are no indi - cations that our processes or products give rise to significant discharge of microplastics. In connection with land acquisitions, we carry out environ - mental assessments to evaluate soil conditions and identify how NIBE can best manage any contamination. The assessment includes an investigation into whether the contamination was caused by us or the former owners. Engagement with stakeholder groups In our stakeholder engagement, we address the issue of discharges and emissions into the environment. Each subsidiary is responsible for consultation with the affected parties in the local community. Consultation is carried out on an as-needed basis. The sustainability team carries out continuous monitoring together with local facilities to ensure that no material impact occurs. Outcome of the double materiality assessment The materiality assessment considered locations and business activities linked to material pollution both in respect of NIBE’s own operations and in the value chain.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 79 · IRO-1, E3 Processes to identify water and marine resourc - es-related impacts, risks and opportunities To identify any negative impact on water availability, NIBE has carried out a mapping of facilities located in areas of water stress. See Table 5 on page the right for detailed information about the geographical areas identified as areas of high or extremely high water stress. In addition, we monitor water withdrawal from all manufacturing facilities. Facilities with significant water with - drawals that are also located in water stressed areas have a large impact on water availability. The proportion of fresh water with - drawals of the total amount of water used is also followed up to enable us to gain deeper understanding of the impact. Water withdrawals in the upstream value chain are likely to occur. This is an assumption associated with some uncertainty because we did not carry out any measurements of this water withdrawal in 2025. Water use related to operation of NIBE’s prod - ucts is considered to be negligible. NIBE is not dependent on other raw materials from marine resources and has therefore not carried out further assessment of impacts, risks or opportunities related to this. Engagement with stakeholder groups In our stakeholder engagement, we address the issue of water withdrawals. Each subsidiary is responsible for consultation with the affected parties in the local community on an as-needed basis. The sustainability team carries out continuous monitoring together with local facilities. Outcome of the double materiality assessment The outcome is presented together with other thematic areas under SBM-3 on pages 70–73. IRO-1, E4 Processes to identify biodiversity and ecosys - tems-related impacts, risks and opportunities In 2025 an analysis was conducted in line with Taskforce on Nature-related Financial Disclosures (TNFD) recommendations. External experts helped conduct the analysis. The assessments included all of NIBE’s business areas. The risk assessment included the aspects significant biodiversity, proximity to protected areas, air quality, deforestation, mercury contamination, persistent organic pollutants (POPs) and water pollution. The outcome showed that there is no material impact on biodiversity across NIBE’s entire business operations. Additional impact may occur upstream in the value chain but this was not assessed as material. IRO-1, E5 Processes to identify resource use and circular econ- omy-related impacts, risks and opportunities Raw material production involving metals, minerals, composites, stone, plastics and components in the form of electronics are likely to have negative impacts on communities in the upstream value chain. The scope of impacts of raw material production is currently assessed as non-material but additional systematic and in-depth work together with the supply chain is required to increase the level of assurance of the assessment. Engagement with stakeholder groups We conduct stakeholder engagement with, e.g., customers, in which circular economy and its link to life cycle assessments is raised as a key and recurring topic. Open consultations with affected local communities and their authorities take place as necessary and also form part of the environmental permit appli - cation process and the systematic work relating to ISO 14001. The sustainability team carries out ongoing follow-up linked to the Group’s requirement for subsidiaries to obtain ISO 14001 certi - fication. For a more detailed explanation of how the interests of stakeholders are consolidated, see SBM-2 on pages 70–71. Screening of material topics We have a good understanding of the quantities of purchased materials in NIBE’s entire value chain, which also gives us rela - tively good insight into the proportion of recycled material. As a manufacturing group, we may have potential negative impact in respect of purchased materials and raw materials. Materials selection also has a large impact on opportunities for recycling and reuse. The statements above concerning materials flows to the busi - ness also apply to the products we bring to market. Many of our products can be repaired and it is possible to replace supply parts. However, we have limited opportunity to take back used products and materials. Currently, we do not have any specific require - ments in place or carry out supervision of suppliers with regard to measures taken to increase circularity in the value chain. In addition, there is material negative impact in respect of waste generated in our own operations and in the value chain. Waste management varies according to the opportunities avail - able for recycling of materials and implementation of a circular system. We have limited insight into waste management in the value chain, which means that some materials and components risk being treated as waste and are not circulated. COUNTRY WATER STRESS LEVEL Australia High water stress Italy High to extreme water stress China High water stress Malaysia High water stress Mexico Extreme water stress Netherlands Extreme water stress Portugal High water stress Singapore Extreme water stress Spain High water stress UK High water stress Turkey Extreme water stress Germany High water stress US High to extreme water stress Vietnam High water stress The risks are taken from the third-party system Verisk Maplecroft, for more information see IRO, E1 on page 75. TABLE 5 - Countries at high risk of water stress. IRO-1, G1 Processes to identify business conduct-related impacts, risks and opportunities In this process, management of relationships with suppliers, including payment practices and corruption and bribery, have been the criteria for the assessment of material negative impact. The assessment has taken into consideration that NIBE has a potential impact in view of the fact that we are an international group with more than 20,000 employees located in a number of countries with high risk of corruption and bribery. The assess- ment was based on e.g. reported incidents and information obtained from NICS.
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· 80 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION ENVIRONMENTAL INFORMATION NIBE GROUP’S IMPACT One of the biggest challenges involved in achieving a global sustainable society is to reduce GHG emissions and slow the current rate of climate change. There is clear scientific evidence that climate change is causing natural disasters and extreme weather conditions, reducing biodiversity, threatening our living standards and undermining political stability in society. Since 2011, we have worked more systematically in a number of ways to reduce our climate impact. We can achieve the largest reductions in GHG emissions in our direct and energy-related emissions (Scope 1 and 2) by switching to renewable energy in our own buildings, by making changes to production processes and by using electricity or renewable fuels for transport. Our largest impact comes from indirect emissions (Scope 3), primarily through use of energy for the products we sell, but also from purchased transport and purchased products and services. NIBE’s products help most of our customers to avoid GHG emissions. This is due to the fact that we place LCE (Low Carbon Economy) classified products on the market, such as heat pumps that reduce customers’ fuel and energy use. Growing global demand for products with low climate impact therefore also entails a business opportu - nity for us. STRATEGY E1-1 Transition plan for climate change mitigation Climate goals for transition and concrete actions Through our products, we naturally contribute to the Paris Agree - ment’s goal of limiting global warming to well below 2°C. Top priorities in our sustainability strategy are to develop innovative and competitive solutions that both offer higher energy effi - ciency and reduce GHG emissions. In our own operations, we are continuously working on strategic initiatives aimed at becoming fossil-free. Currently, we have a good understanding of our own direct and indirect carbon dioxide emissions. In 2025, we continued to make changes to our facil - ities and operations to reduce carbon dioxide emissions and we have reported our Scope 1 and 2 direct and indirect emissions for many years. During the year, we also continued to map our indirect emissions in the value chain (Scope 3). Our climate-related targets, which are described in more detail in E1-4, include reducing GHG emissions in Scope 1 and 2 by 65% by 2030, compared with the 2019 base year. The target is aligned with the 1.5°C goal of the Paris Agreement. We have not yet set targets for our indirect Scope 3 emissions, which is also required in order for our overall goal to be validated by SBTi. We intend to continue our work relating to our targets and to map the actions required to have them validated by SBTi in the next few years. Our product development is important if we are to be able to achieve net-zero emissions in our entire value chain in the long term. Our product development enables us to use a larger propor - tion of input materials with a low carbon footprint and achieve higher energy efficiency in our products. For products running on electricity, it is also critical that international electricity networks supply fossil-free electricity to enable us to achieve net zero. Overall, our transition plan consists of improving energy and material efficiency, switching to renewable fuels, using renewable electricity and phasing out and replacing products and processes. Investment and financing NIBE carries out investments supporting the implementation of our transition plan in the form of Taxonomy-eligible capital expen - diture (CapEx) related to e.g. the Taxonomy activities Installation, maintenance and repair of renewable energy technologies and Manufacture of energy efficiency equipment for buildings. The latter activity includes investments in facilities manufacturing the products referred to in our transition plan above, but also investments in our buildings. See our Taxonomy report on pages 94–97. Potential locked-in effects We can see a risk of potential locked-in effects from our assets and products. These effects could jeopardize our ability to achieve our climate goals and drive the transition risk. Locked-in emissions from our assets include the vehicle fleet, machinery and other product engineering equipment and heating of properties. There are electric or renewable alternatives, but investments in these alternatives are not always justified finan - ESRS E1 CLIMATE CHANGE
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 81 · ENVIRONMENTAL INFORMATION cially. In addition to our activities to continuously reduce energy consumption, we are actively working on eliminating fossil fuel in heating of production facilities where we own the buildings. In operations where we lease the buildings, we are engaged in discussions with the respective property owners regarding instal - lation of fossil-free alternatives. The majority of our products are powered by electricity, which involves electricity consumption by our customers. However, we do not consider this to comprise locked-in emissions because the customer is able to make an active choice to use electricity with lower carbon dioxide emissions. Additionally, we predict that most the world’s electricity grids will move to a higher proportion of renewable electricity in the coming years. A small proportion of our products comprise products that can run on fossil fuels, e.g. gas-fired stoves. In these cases we foresee a larger chal - lenge concerning locked-in emissions, which will partly limit our opportunities to reduce our Scope 3 emissions in the short- to medium-term. The investments in assets that contribute to the transition and the reduction of GHG emissions are included in the Taxonomy report on page 97. During the reporting period, no CapEx was allo - cated to in coal-, oil- or gas-related economic activities. The transition plan is part of the business plan Our transition plan is included in and adapted to our overall business strategy and vision, which is to provide sustainable, world-class energy solutions that contribute to a faster transition to a resource-efficient and fossil-free society. The transition plan is a work in progress and although we have made progress in the form of reductions of our GHG emissions, we still have much to do. At the end of 2025, energy mapping had been carried out for around 47% of our production facilities, corresponding to around 84% of our total energy consumption. The transition plan has been approved by both NIBE’s Sustainability Council and the Board of Directors of NIBE Industrier AB. NIBE is not excluded from the EU Paris-aligned Benchmarks. This means that our strategy, operations and sustainability gover - nance are in alignment with the transition required under the Paris Agreement, providing better opportunities for attracting capital from sustainable investments and institutional investors. IMPACT, RISK AND OPPORTUNITY MANAGEMENT including a new pickling line used to treat materials to make surfaces suitable for further processing, such as coating or painting. The line is powered partly by heat pumps and is the most efficient pickling line out of all our facilities. We also commis - sioned a large, ground-mounted solar panel system and in one of our plants a gas-fired furnace was replaced with an electric furnace. The investments carried out in 2025 took place within our subsidiaries’ own direct operations. Actions in the value chain To reduce our indirect climate impact in the supply chain, we select input materials with lower climate impact and suppliers with lower energy use. Innovative product development also enables us to reduce products’ climate impact throughout their life cycle. We are taking measures to replace our refrigerants with natural substances with a lower Global Warming Potential (GWP) in both current and future product ranges. This means that the climate impact from any refrigerant leaks at customers’ sites and in production is significantly reduced. We are implementing these measures on a continuous basis and there are different time frames for a number of key measures that need to be implemented if we are to achieve our climate goal by 2030. The majority of our heat pumps in Europe have already switched, or will switch, to the R290 refrigerant, which has a GWP close to zero, by 2027. A similar transition to refrigerants with lower GWP has also taken place in our operations in the US. Climate change adaptation actions We carry out regular climate risk assessments to map risks and opportunities for our operations and suppliers. We implement adaptation solutions in our operations to mitigate identified climate risks, e.g. by installing climate control systems for heating and cooling, limiting our water consumption in areas of water scarcity and by maintaining buildings at risk of severe storms. We also collaborate with external partners such as trade associations and authorities concerning the exchange of experiences, tech - nical development to understand risks and opportunities and to improve our resilience to climate change. Allocated resources for climate action The Board of NIBE Industrier AB has decided on an investment frame of SEK 1 billion in the Group to enable us to achieve our target for reducing carbon dioxide emissions by 2030. Our assess - ment is that operating costs will not change significantly because the investments are expected to improve our energy efficiency. The investments will be allocated over the year up until the target year 2030. The investments, which are intended to be included in the Group’s total investments, are presented in Note 15 on page 154. Up until the end of 2025, investments of just over SEK 200 million had been made in relation to the Group’s transition plan. In addition, we have invested in, for example, the construction of new energy-efficient facilities certified at Gold level Gold under the Green Building certification. E1-2 Policies related to climate change mitigation and adaptation Our climate policy contains guidelines on climate change mitiga - tion and adaptation The policy was developed taking into account our understanding of our stakeholders’ needs and interests. Our guidelines on climate change mitigation state that we should continuously reduce emissions in our own operations, carry out energy efficiency measures, increase our self-gener - ated renewable energy and increase the proportion of purchased renewable energy. The policy addresses not only our own opera - tions but also parts of our value chain in the form of suppliers and customers who purchase our products. In our work relating to climate change adaptation, we have guidelines on the use of risk assessments, on the introduction of adaptations where required and on collaboration with external partners. The policy also describes that we should be transparent about our work relating to our goals, outcomes and activities aimed at reducing our climate impact. E1-3 Actions and resources in relation to climate change policies Actions in our own operations To reduce our climate impact, we are working to reduce the use of fossil fuel in our production units and replace heating systems with heat pump and ventilation solutions. This is done through systematic energy mapping that identifies small and large improvements in our properties as regards cooling, heating and ventilation systems and energy losses in manufacturing processes. The largest opportunities for reducing our climate impact are in: Buildings: B y installing our own product solutions, we can make the transition from fossil fuel to renewable energy. Processes: W here the technology exists, we can replace processes with renewable alternatives. Transport: W e can switch from fossil fuels to electricity or hybrid solutions where appropriate and where the necessary infrastructure exists. We are continuously investing in technical and purification equipment. To be able to achieve our climate-related targets, work is underway on converting our climate control facility from fossil fuels to renewable solutions, and we will be able to use products from our own product portfolio to do this. We also intend to increase the proportion of self-generated renewable energy and change our process heating from fossil fuel sources to biogas or electricity as soon as this becomes technically and commer - cially feasible. During 2025, a number of major investments were made,
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· 82 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION Emission reductions linked to our actions Achieved and expected GHG emission reductions due to actions taken are presented under targets and outcomes below. We assess that we will be able to achieve the adopted targets. There is a strong relationship between our opportunities for reducing our GHG emissions and the access to resources such as funding. In years when the financial situation has been strained, we have carried out fewer investments. However, long term we often see that operating expenditure decreases after we have invested in new, more efficient machinery. The actions we have taken during the year as part of our tran - sition plan are part of the activities described in our Taxonomy report, in the form of investments. The expenditure reported in the Taxonomy report is included in Note 15 in the financial statements. recommended by SBTi‘s Corporate Net-Zero Standard requires a reduction of at least 58% in the same period. The target is an absolute target. It has not been externally validated and does not include indirect Scope 3 GHG emissions. The GHG emissions are calculated based on adopted emission factors. All six greenhouse gases defined in the GHG protocol are included in the report and are converted into CO2 equivalents (CO2eq). We carry out base year recalculation in line with the GHG Protocol guidance in order for our annual results to be comparable with the base year. The base year recalculation includes all companies, including acquired companies, and an assumption is made that reported data from the first year of reporting is the same as for the years since the base year, as we do not have actual reported data for the years between the base year and the year of acquisition. The GHG emission reduction target is a gross target, which means that we do not include GHG removals, carbon credits or avoided emissions. The target is linked to our climate and environment focus areas as well as use of our own energy-efficient products. We defined the target taking into account future technological developments that will enable us to be more energy-efficient and facilitate the use of renewable fuels. We also took into consider - ation a number of different climate scenarios, the most important of which was the scenario in which we succeed in limiting global warming to 1.5°C. Because our target was determined on the basis of this scenario, we consider it to be science-based. In 2025, we achieved a reduction of 36% (17,070 metric tons in absolute terms) compared with the 2019 base year. The reduc - tion was the result of implemented investments in e.g. the vehicle fleet, work on phasing out fossil fuels and the implementation of new climate control systems. Many of the investments have been carried out in connection with energy mapping. The reduction in GHG emissions is also the result of the transition to renewable electricity in acquired companies, increased energy efficiency in existing operations and changes to processes. To some extent, the reduction in emissions was also due to new technology and installation of new, energy-efficient machinery. We believe that we will be able carry out all planned emission reduction measures to achieve our target using technology that already exists on the market. However, additional cuts in GHG emissions will require development of new technology to manage emissions from our process gases 1. The estimated quantitative contribution from planned future measures to enable us to achieve our targets for Scopes 1 and 2 is 13,333 metric tons CO2eq. This is also visualized in a diagram. This is in line with our transition plan for climate change mitiga - tion presented in E1-1 and our decarbonization drive. NIBE has not yet set any detailed Scope 3 targets, but aims to achieve net zero by 2050. 70% LCE-classified products Our target for increased climate benefit in our product portfolio is for 70% of our sales to consist of LCE-classified products 2 by the end of 2026. Our LCE-classified products support the shift to a smaller carbon footprint and help customers improve energy effi - ciency and convert to renewable energy. LCE-classified products are determined using a classification system designed by FTSE Environmental Markets Classification System (EMCS), where environmental markets are defined as companies that supply products and services involving solutions to environmental issues or which facilitate efficient use of natural resources. The LCE classification is a quantitative model designed to permit investors to assess a company’s ability to adapt its business to the requirements related to reduced climate impact. NIBE’s sales from the stated products are reported as a ratio of NIBE’s total sales. Our target covers all subsidiaries and is calculated as the ratio of LCE-classified products in relation to the entire Group’s sales over a financial year. FTSE’s advisory environmental markets committee is responsible for supervision of the FTSE classification system for environmental markets. The target is not externally validated. Of our total 2025 sales, 63% (62.2) consisted of LCE-classified products. E1-5 Energy consumption and mix NIBE is part of the “Manufacturing” sector, which is assessed as having significant climate impact according to the EU direc - tive 3. All energy consumption in NIBE’s operations is therefore labeled as energy from high climate impact sectors. NIBE’s energy intensity, calculated as total energy consumption in the financial year in relation to net revenue in the same period, from these sectors amounted to 8.5 in 2025. A reconciliation to the financial statements has been carried out, see Note 4 on page 86. Energy consumption comes from all of our own companies and is predominantly based on billing data. For companies where energy is included in the rent and not paid separately, electricity and energy consumption has been estimated, and where necessary, amounts are extrapolated if not all billing data has been received at the time of reporting. Net revenue was audited in connection with the financial audit and energy consumption was audited in connection with the sustainability audit. E1-4 Targets related to climate change mitigation and adaptation NIBE has established three energy and climate-related targets related to climate change mitigation and adaptation. The climate topic is material to many of our stakeholders, such as customers, shareholders and investors. Our targets have largely been developed based on insights gained through our stakeholder engagement and the objectives described in our climate policy. All of NIBE’s operations are covered by the targets. Our targets are followed up and evaluated annually. Both our energy and climate targets use 2019 as their base year, which we consider representative Reduce energy use by 40% According to our energy target, we aim to reduce our energy use by 40% by 2030 compared with 2019 (measured as MWh per SEK million of net revenue). The energy included in the target calcu - lation is purchased energy in the form of electricity and fuels for our operations and vehicles, but not our self-generated energy. However, self-generated energy is included in the presentation of energy consumption and mix and in the calculation of energy intensity on page 86. The target is linked to our sustainability topics energy and climate. In 2025 we achieved energy intensity of 7.9 MWh/SEK million, which corresponds to a decrease of 28% compared with the 2019 base year. The decrease was mainly due to implemented ener - gy-saving measures and investments in solar panels. Progress is in line with our adopted targets. Reduce GHG emissions by 65% Our GHG emissions target is aimed at reducing direct (Scope 1) and indirect (market-based Scope 2) GHG emissions by 65% by 2030 compared with the 2019 base year. We consider this to be an ambitious target because the cross-sector emission pathway 1 Process gases are gases used in technical production. These could include inert gases used in welding, soldering and cutting processes. 3 Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council. 2 FTSE LCE ICS™ (Financial Times Stock Exchange Low Carbon Economy Industrial Classification System) is a quantitative model designed to permit investors to assess a company’s ability to adapt its business to the requirements related to reduced climate impact. Product groups included in LCE: heat pumps, district heating, boilers, stoves for burning pellets and wood, PV panels, heat exchangers, components for rail, electric and hybrid vehicles, ventilation and building cooling, and renewable energy production.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 83 · ENVIRONMENTAL INFORMATION E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions The sustainability report covers the same reporting companies as the financial statements, which include companies where we own 50% or more of the shares. All disclosed GHG emissions are attrib - utable to the consolidated Group (parent and subsidiaries). There are no investees that are not fully consolidated in the Group’s financial statements and no subsidiaries where we have control but own 50% or less of the shares. Neither are there any contrac - tual arrangements that are joint arrangements not structured through an entity for which we have operational control. No Scope 1 GHG emissions are from regulated emission trading schemes. Scope 1 and 2 The calculation of our GHG emissions was carried out in accor - dance with the principles, requirements and guidance in the GHG Protocol. 4The emission factors for Scope 1 and 2 are from Swedish Energy Agency Heat Values, Swedish Environmental Protection Agency Emission Factors, DEFRA (UK Government GHG Conver - sion Factors for Company Reporting), IEA - International Energy Agency and the cooling and heat pump trade association Svenska Kyl & värmepumpföreningen. Conversion factors were obtained from the Swedish Energy Agency and the Energigas.se website. We used the most recently published Global Warming Potential (GWP) values, based on a 100-year time horizon, to calculate carbon dioxide equivalents (CO2eq) for GHG emissions other than CO2. Our Scope 1 biogenic emissions come from combustion of bioethanol, biodiesel, pellets and biogas, all of which increased in 2025. Biogenic emissions also occur in Scope 2 in connection with production of electricity and district heating. However, we do not have information on these emissions from district heating and have chosen to exclude them from the calculations below. The same applies to our indirect biogenic CO2 emissions under Scope 3. In the coming years, we will take measures to enable disclosure of our biogenic CO2 emissions under both Scope 2 and Scope 3. Scope 3 biogenic emissions mostly occur during the use phase of our sold pellet- or wood-fired stove products. 100% of purchased electricity is bundled with instruments in the form of Guarantees of Origin (GoO), International Renewable Energy Certificates (IREC), Renewable Energy Certificates (REC) and Renewable Energy Guarantees of Origin (REGO). This electricity accounts for 94% (94) of all purchased energy under Scope 2. Guar- antees of Origin are purchased centrally for the Group as a whole. Scope 3 We have carried out calculations for our indirect Scope 3 emissions for all categories Scope 3 GHG emissions are largely calculated using assumptions and estimates. Of the total of 15 categories, we measured activity data from our Group companies for the following categories: 1 Purchased goods and services 3 Fuel and energy-related activities 4 Upstream transportation and distribution 5 Waste generated in operations 6 Business travel For the remaining categories, estimates of activity data are made at Group level. No calculation tools intended specifically for GHG emission calculations were used to calculate emissions. Of our total Scope 3 GHG emissions, less than 1% relates to primary data received from suppliers or other value chain partners. We have prioritized categories based on their size to ensure our efforts have the greatest possible impact on our total emissions. Category 11 (Use of sold products) accounts for the largest emissions, as our products consume energy in the form of elec - tricity, wood, gas or pellets during the use phase. This category has therefore been given top priority. The three factors that have the greatest impact on these emissions are product lifetime, their annual energy consumption and the type of electricity used by our customers. In our calculations, we have assumed an average lifetime for each product group and that the energy used by our customers refers to the general energy mix in the different coun - tries. If customers were to purchase only fossil-free electricity, emissions in this category would be substantially lower. We have assumed total refrigerant leakage of 2% over the entire use phase. The category with the second-largest Scope 3 emissions is category 1 (Purchased goods and services). These are calculated based on the weight of purchased materials and material-spe - cific emission factors. In 2026, we will continue to work on quality assurance of information for the most material categories in Scope 3. For Scope 3, we use emission factors from Swedenergy (Ener - giföretagen), the Swedish Energy Agency, IEA, DEFRA, EPDs, the Swedish Environmental Protection Agency, Swedish Recycling Industries and Swedish Waste Management. We update Scope 3 GHG emissions in each significant category every year based on current business information and update the complete Scope 3 GHG inventory at least every three years, in connection with a significant event or in connection with a significant change in circumstances relating to the categories. Reduction of CO2 emissions from our customers On page 64, we report the reduction in CO2 emissions from our customers based on the types of heating systems our heat pumps replaced during the year. The calculation of the reduction is based on sales statistics for each heat pump type in the respective countries and, in the US, also as a breakdown per state. Electricity production emission factors come from the European Environ - mental Agency (EEA) and are updated annually. In the US, the data is sourced from eGRID, the equivalent US database. Other input data relating to efficiency figures, annual heating needs and the distribution between installation in newly produced buildings, existing buildings or replacement of older heat pumps are based on estimates provided by the sales departments in each organization and people in the respective markets. The input data is based on assumptions, which in turn are based on long experience of daily calculations as part of sales quotes. The calculation method is described in three review papers presented at international research conferences. The datapoint is not exter - nally validated. GHG Intensity based on net revenue A reconciliation to Note 4 in the financial statements is shown on page 84. E1-7 GHG removals and GHG mitigation projects financed through carbon credits NIBE does not currently purchase any carbon credits. Our climate investments are used to reduce GHG emissions in our value chain. We assess that this is currently the most cost-effective way for us to invest in climate action. E1-8 Internal carbon pricing Our focus up to now has been to understand and reduce our own and our customers’ emissions, but there are opportunities for us to also start to identify GHG emissions in our value chain, purchase carbon credits or apply internal carbon pricing. This is not something we have done so far. E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities We intend to disclose in more detail the financial effects from climate-related risks and opportunities within the next three years. 4 Corporate Standard (version 2004) and GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (version 2011)
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· 84 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION Biogenic emissions of CO2 from the combustion or bio-degradation of biomass 2025 2024 2023 2022 2021 Scope 1 CO2 emissions, metric tons 1,814 1,136 1,410 501 588 Scope 2 CO2 emissions, metric tons 386 380 316 356 378 GHG intensity per net revenue Change compared with 2024 2025 2024 2023 Total GHG emissions (location-based) per net revenue (tCO2eq/SEK million) -6% 1,089 1,157 934 Total GHG emissions (market-based) per net revenue (tCO- 2eq/SEK million) -6% 1,088 1,156 933 Targets for reduction of GHG emissions Base year Target year Type of target Target level % Emissions (tCO2eq) Change 2019 2025 tCO2eq % Scope 1 2019 2030 Absolute -65% 35,239 28,803 -6,436 -18% Scope 2, Market-based 11,536 902 -10,634 -92% Total Scope 1 and 2, Market-based 46,775 29,705 -17,070 -36% GHG emission reduction target compared with cross-sector emission pathway 2019 base year 2025 (current status) 2030 (short-term target) 2050 (long-term target) Emissions (tCO2eq) % Emissions (tCO2eq) % Emissions (tCO2eq) % Emissions (tCO2eq) % NIBE’s GHG emission reduction target for Scope 1 and 2 1 with 2019 as base year. 46,775 100% 29,705 -36% 16,371 -65% 0-3 0-3 Cross-sector emission pathway for limiting global warming to 1.5°C 2 46,775 100% 29,705 -36% 19,861 -58% 4,677 -90% 1 The target has not been validated by an external organization. 2 The cross-sector emission pathway is calculated using SBTi’s tool for emission reductions. 3 NIBE has not yet set any long-term targetsbut the aim is to achieve net zero by 2050. . METRICS AND TARGETS Sustainability targets 2 025 2024 2 023 2 022 2 019 T arget Proportion of LCE classified products, % 6 3.0 6 2.2 6 7.5 6 3.2 5 6.1 7 0.0 Energy consumption, MWh/SEK million 7 .9 7 .8 7 .4 8. 3 1 1.0 6 .6 Carbon dioxide emissions, metric tons 2 9,705 3 1,172 3 6,676 3 7,871 4 6,775 16 ,400
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 85 · ENVIRONMENTAL INFORMATION Retrospective Milestones and target years Base year (2019) 2024 2025 Change from 2024 2030 2050 Target as %/base year Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2eq) 35,239 29,997 28,803 -4% 12,334 – -65% Percentage of Scope 1 GHG emissions from regulated emission trading schemes 0% 0% 0% 0% – – – Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2eq) 60,710 57,342 58,177 1% 21,248 – -65% Gross market-based Scope 2 GHG emissions (tCO2eq) 11,536 1,176 902 -23% 4,038 – -65% Significant Scope 3 GHG emissions Total Gross indirect Scope 3 GHG emissions (tCO2eq) – 46,795,935 44,397,601 5% – – – 1 Purchased goods and services – 563,253 616,574 -9% – – – 11 Use of sold products – 45,985,391 43,564,339 5% – – – Other categories – 247,291 216,688 12% – – – Total GHG emissions Total GHG emissions (location-based) (tCO2eq) 95,949 46,883,273 44,484,581 5% – – – Total GHG emissions (market-based) (tCO2eq) 46,775 46,827,107 44,427,305 5% – – –
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· 86 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION Energy consumption and mix 2025 2024 2023 2022 2021 Fuel consumption from coal and coal products (MWh) 201 215 207 291 445 Fuel consumption from crude oil and petroleum products (MWh) 36,841 38,243 38,828 34,711 36,270 Fuel consumption from natural gas (MWh) 67,995 65,614 70,865 73,097 75,656 Fuel consumption from other fossil sources (MWh) 16,089 20,318 20,453 21,866 30,420 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 1,741 2,908 4,762 5,614 5,871 Total fossil energy consumption (MWh) 122,867 127,298 135,115 135,579 148,661 Share of fossil sources in total energy consumption 35% 38% 39% 41% 43% Energy consumption from nuclear sources (MWh) 0 0 0 0 0 Share of nuclear energy sources in total energy consumption 0% 0% 0% 0% 0% Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 6,319 3,762 5,375 1,693 1,849 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 194,588 185,409 190,855 183,019 180,825 Consumption of self-generated non-fuel renewable energy (MWh) 23,959 20,055 14,883 12,735 10,759 Total renewable energy consumption (MWh) 224,866 209,225 211,113 197,447 193,433 Share of renewable sources in total energy consumption 65% 62% 61% 59% 57% Total energy consumption (MWh) 347,733 336,524 346,228 333,026 342,094 Energy intensity per net revenue Change com - pared with 2024 2025 2024 2023 Total energy consumption from activities in high climate impact sectors per net revenue from activities in high cli- mate impact sectors (MWh/SEK million) 2% 8.5 8.3 7.7 The metric above includes self-generated energy. This differs from our energy intensity target (p. 84), which excludes self-generated energy. Reconciliation to net revenue in the financial statements (SEK million) 2025 2024 2023 Net revenue from activities in high climate impact sectors used to calculate energy intensity and GHG intensity 40,841 40,506 45,073 Net revenue (other) 0 15 1,576 Total net revenue (Financial statements: Net sales) 40,841 40,521 46,649
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 87 · ENVIRONMENTAL INFORMATION NIBE GROUP’S IMPACT NIBE’s operations are not assessed as generating signifi - cant emissions to air, water or soil. Neither are operations assessed as using highly hazardous substances that may have a material impact. Our assessment is that our products do not contain large amounts of hazardous substances, so-called substances of high concern, that could lead to emissions, and that use of such substances in our processes is limited. The reason we assess this area as material is that we believe that there is a risk to NIBE relating to the introduc - tion of prohibitions or stricter requirements for specific substances and materials. This type of prohibition or regu - lation could affect our materials selection and result in increased development costs. Prohibitions or regulations could be introduced as a result of stricter requirements by authorities, customers, law-makers or other relevant parties, and we have already seen some effects of this. IMPACT, RISK AND OPPORTUNITY MANAGEMENT E2-1 Policies related to pollution NIBE has an environmental policy with associated instructions for the handling of chemicals. This includes our commitment concerning substances, including substances of concern and substances of very high concern. Relevant stakeholders, including employees and authorities, were taken into consider - ation in developing the policy. The policy requires manufacturing companies within the Group to have an environmental manage - ment system under ISO 14001 and to comply with national and international legislation. The purpose of this is to ensure that the risk assessment of chemicals is conducted correctly and includes aspects such as use, storage, handling, spillage and waste. Our Supplier Code of Conduct and our values underline the importance of the precautionary principle in environmental topics. Our suppliers must comply with national and international legislation and take action to minimize the amount of substances of very high concern. Additionally, we adhere to the substitution principle, which means that, where possible, we should choose materials and chemicals containing less hazardous substances. E2-2 Actions and resources related to pollution NIBE is working to minimize the use of substances of concern in both production processes and products. We have historically had good control over the chemicals used in production because we carry out continuous assessment of risks and impacts based on use in production, waste management and risk of pollution. In order to continue and develop our efforts, we have implemented a Group-wide system that collects data on substances in purchased goods from our suppliers. Using this system, data is validated and updated on a continuous basis, which give us up-to-date infor - mation on which substances are used, quantities purchased and where the substances are used. This enables us to identify and minimize the use of hazardous, regulated substances. The system also provides support for monitoring of current and future legislation and is therefore a key action in minimizing our financial risk associated with this area. We have a five-year plan for the integration in the system of all manufacturing companies in the Group. However, the work on regulatory compliance and customer requirements relating to substances is an ongoing process. METRICS AND TARGETS E2-3 Targets related to pollution We do not currently have any defined targets linked to pollution. However, it is our ambition in the coming years to develop relevant and measurable targets in line with the substitution principle to comply with the Do No Significant Harm (DNSH) criteria in the EU Taxonomy. The Group-wide system will play a key role in this work to be able to continue collecting necessary data and developing the work in line with the existing policy, which we consider to be suitable for purpose. During the year we mapped the technically feasible solutions for replacing substances and the cost impact of this action. The evaluation of substance substitution is an ongoing process, however. E2-6 Anticipated financial effects from pollution-re - lated risks and opportunities Handling of chemicals, materials and substances is a key part of our operations and value chain. This includes both environmental and financial aspects, particularly with regard to potential costs of development and introduction of alternative materials. We have identified a financial risk related to prohibition or regulation of certain substances, which could entail increased costs of more than SEK 250 million. In the coming years, we will carry out a more detailed assessment of this risk, which could result in our calcu - lations being revised. Currently, the above estimate has not been externally validated. At the same time, we believe that the development of products without regulated substances offers a significant opportunity. This could contribute to economic benefits, such as increased sales, while also reducing our environmental impact. ESRS E2 POLLUTION
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· 88 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION Mapping NIBE uses the Verisk Maplecroft Climate Risk Index as an assess - ment tool to map climate risks related to water resources in the following areas: water stress, water quality, wave hazard, flood risk and coastal flood risk. water stress, water quality, wave hazard, flood risk and coastal flood risk. Using this tool, we can map risks at company level and identify the entities within the Group that should be prioritized. In the coming year, we will increase the level of detail in mapping for more in-depth analysis. The analyses will shed light on future need for resources and investments, as well as possible actions for managing water stress in the short-, medium- and long-term. Assessment of actions In order to ensure that future actions are effective, actions taken previously are also assessed. For this assessment we can draw on our subsidiaries’ experience of managing production operations in areas of extreme or high water stress. Through systematic and continuous follow-up – including reporting in NICS – and engage - ment with subsidiaries, we are working to identify the actions already taken, both by us in the Group and by external social actors. During the year, analysis began of the companies with the highest water use in the most exposed areas. The aim is to assess whether existing actions can be strengthened or developed and to identify new actions. Actions taken During the year we prepared a plan to structure follow-up together with the subsidiaries in the Group. The aim is to identify target-oriented actions and estimate future resource require - ments. Alongside this, we engage with subsidiaries to increase awareness, knowledge and understanding concerning follow-up and control of water consumption. particular consideration. The policy stresses the importance of adaptation to manage identified risks and collaborate with external actors, such as industry associations and authorities, in order to promote exchange of experiences, technology develop- ment and cooperation projects in the areas of climate risks and climate adaptation. The environmental policy states that our operations should take action to reduce their environmental impact and ensure resource-efficient water consumption. The policy is aimed at subsidiaries and employees and takes customers, suppliers and authorities into account. A Group-wide sustainability target and a requirement in the environment policy is that all manufacturing companies are to be ISO 14001 certified. Certification helps the organization take a systematic approach to environmental efforts and control, implement risk assessments and ensure compliance with national and international legislation, for example, regarding water consumption and water discharges. We also impose rele - vant environmental requirements on suppliers, contractors and carriers to ensure a sustainable and systematic approach to envi - ronmental initiatives throughout the value chain. In line with our values and Code of Conduct, NIBE’s opera - tions should consider the environment in the entire value chain, which, for example, means sparing use of natural resources such as water. The Supplier Code of Conduct stresses the importance of using the precautionary principle in environmental topics and the prioritization of resource efficiency. E3-2 Actions and resources related to water and ma - rine resources Until now, efforts in this area have primarily been implemented at facility level. To strengthen the management of this issue and take a more systematic approach in areas of high water stress where NIBE has operations that use water in production, we have developed a Group-wide action plan. The plan consists of the following parts: NIBE GROUP’S IMPACT Water scarcity is a global challenge with significant impacts on local communities and business communities in affected areas. A quarter of the world’s population lives in areas of extreme water stress and half of the world’s population is annually affected by water scarcity, at least for parts of the year. 1 Water is used in NIBE’s production processes to varying degrees. The majority of the Group’s production facilities are located in areas of low water stress but we also have facilities in e.g. Spain, Italy, Turkey, the US, Mexico and Vietnam, where water stress levels are high or in some case extreme. To reduce negative impacts and ensure efficient resource use, both in the short and long term, NIBE carries out systematic monitoring of water use, with a particular focus on facilities in high risk areas. The work is an integral part of our risk management. IMPACT, RISK AND OPPORTUNITY MANAGEMENT E3-1 Policies related to water and marine resources NIBE seeks to take a responsible and systematic approach to the work on resource-efficient water consumption. The area is inte - grated into several policies with supplementary instructions that take into consideration the Group’s impacts, relevant risks and opportunities. The climate policy states that NIBE must carry out climate risk assessments to map risks and opportunities for our operations and suppliers. Water stress is one of the risks that should be given 1 UN Water. https://www.unwater.org/publications/un-world-water-development-report-2025 ESRS E3 WATER AND MARINE RESOURCES
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 89 · ENVIRONMENTAL INFORMATION Water consumption 2 (m3) 2025 2024 Total water consumption 2,258 2,817 Of which water consumption in area of extreme water stress 30 8 Of which water consumption in area of high water stress 192 182 Water recycled and reused 3 (m3) 2025 2024 Total water recycled or reused 5,856 6,879 Water stored 4 2025 2024 Total water stored (m3) 5,607 5,430 Change in total water stored 3.3% – Water withdrawal 5 (m3) 2025 2024 2023 2022 2021 Total water withdrawals 537,339 480,701 482,452 521,014 468,822 Of which water withdrawn in area of extreme water stress 46,146 64,005 Of which water withdrawn in area of high water stress 94,159 99,965 Water quality, total water withdrawals Fresh water (<1,000 mg/l dissolved solids) 496,834 417,940 412,524 460,029 381,986 Other water (>1,000 mg/l dissolved solids) 40,505 62,761 69,928 60,985 86,836 METRICS AND TARGETS E3-3 Targets related to water and marine resources NIBE does not currently have any adopted targets related to water resources. In the coming years, we plan to implement an in-depth assessment with the aim of mapping the need for developing targets for subsidiaries with production in areas of high or extreme water stress. The work also includes a schedule and prioritization plan. The work will be carried out in collaboration with the affected subsidiaries and any action plans will be developed based on their specific circumstances. This work will form the basis for decisions on Group-wide targets. The rate of implementation of the Group’s policies and the production companies’ reporting of water parameters, including water consumption and water withdrawals, is followed up on an annual basis. Reporting is carried out in Worldfavor, our sustainability data collection system. One of the sustainability targets set by NIBE is for 100% of the production companies with more than 25 employees to be ISO 14001 certified, a goal that is also stated in the environmental policy. Monitoring takes place quarterly. E3-4 Water consumption NIBE has a relatively low water consumption in relation to total water withdrawals. In most cases this involves water sent for disposal as hazardous waste and only in a few cases does it involve water incorporated into a product. In the former case, primary data is usually obtained from the supplier or waste contractor, while in the latter case, the companies either have their own measurement equip - ment or rely on estimates (volume of water per unit produced x number of units/products produced). In the previous year, NIBE reported for the first time at Group level data on water consumption, recycled and reused water, and water storage. The 2024 key ratios have been adjusted as a result of identified reporting errors, see BP-2 for more information. Once sufficient comparative data is available, the information will be presented in a five-year overview. As part of the reporting, each ² Water consumption is water that is used and not returned to the environment in its original condition. This may include water that is disposed of or incorporated into the final product. Water that evaporates or is purified by third parties and returned to circulation is not counted as water used. 3 The table reports on water and wastewater (purified or unpurified ) that has been used more than once, either in the same process or in different processes within the same facility or between facilities, before traveling beyond the boundary of the operation. The water is recorded only once, regardless of how many times it has been reused. 4 Water may be stored for different purposes, such as emergency situations in the form of water tanks or sprinkler systems. It can also include water used in production processes and subsequently stored for evaporation or disposal. 5 Water withdrawal is the total volume of water drawn from all sources into a company’s operations during the reporting period. subsidiary also discloses how the data is measured. The following distribution has been identified in respect of water consumption measurement method: • 52% (64) is based on supplier invoices. • 26% (23) is based on own estimates. • 22% (14) is based on measurements using own measurement equipment. NIBE’s water intensity (total water consumption in m3 per SEK million net revenue) was 0.06 (0.07). By monitoring water withdrawals and water consumption in areas of high and extreme water stress, we can measure our impact over time and identify where action should be taken. The increase in water withdrawals in 2025 was primarily due to a large water leak at one of our subsidiaries, which has now been dealt with. Monitoring of water recycled and reused also provides an indication of how efficiently water is used. Data for water recycled and reused and water storage have been obtained from the subsidiaries’ own calculations and/or estimates, which are then reported annually via the central platform World - favor and aggregated by the sustainability team. .Water discharges are regulated by local authorities where they are subject to limits under environmental permits at company level. E3-5 Anticipated financial effects from water and marine resources-related risks and opportunities Investments will be required to reduce our actual negative impact through water withdrawals and water consumption and to ensure more efficient use of water resources in areas of high or extreme water stress. The size of the investments has not yet been quantified. A more detailed assessment at company level will be carried out to establish the extent of the investments. Thereafter, an evaluation can be conducted to establish whether the financial effects are material for the Group in the short-, medium- and long-term. The assessment is planned to start in 2026 Only then can calculations be carried out to quantify the financial effects of the actions that need to be implemented.
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· 90 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION NIBE GROUP’S IMPACT Circularity Gap Report 2025 stresses that we must accel - erate the circular economy globally, with the industrial sector playing a crucial part in the transition. NIBE is a manufacturing group that uses mostly primary raw mate - rials. Our production requires raw materials such as steel, electronic components and other direct materials and sometimes it generates hazardous waste. To limit our nega - tive impact and reduce consumption of primary materials, we must increase circular flows in the business and take action to increase collaboration with stakeholders in the value chain. NIBE may improve the service life of its products by replacing components and spare parts, which is an important factor in increasing circularity in the value chain. The opportunities for reusing and recycling waste from production depend on, among other things, the proper - ties of the material and the available technology. In our operations this means that some material will be directed to incineration and landfill. Many of the countries where our products are manufactured have strict requirements regarding waste management and good opportunities for recycling materials such as steel and corrugated card - board. However, we have limited insight into the recycling rate in the value chain, which means that the possibility that a certain proportion of materials is not reused or recy - cled cannot be excluded. IMPACT, RISK AND OPPORTUNITY MANAGEMENT E5-1 Policies related to resource use and circular economy NIBE seeks to achieve efficient resource use and optimized waste management. This is described in policies with supplementary instructions in order to ensure a systematic and responsible approach that takes into consideration impacts, risks and oppor - tunities. The documents cover our work with product design and how we improve resource efficiency in both our own production and the value chain. The policies have been designed taking into account our knowledge of the needs, requirements and interests of our stakeholders. The main stakeholders include customers and employees but public authorities, suppliers and the environ - ment are also important stakeholder groups. Our environmental policy states that NIBE must promote resource efficiency and increased use of reused, recycled and biobased raw materials, as well as systematically address the waste hierarchy and continuously work to reduce hazardous waste and waste directed to incineration and landfill from our production facilities (including by means of the ISO 14001 certifi - cation requirements). By taking a product’s environmental impact into consideration as early as in the design phase, we can prevent waste generation and create a product portfolio where circularity permeates the production process. This should be done without compromising on NIBE’s high quality standards. Our Supplier Code of Conduct stresses the importance of applying the precautionary principle in environmental topics. Suppliers are required to prioritize resource efficiency, minimize waste and maximize recycling. In line with our values, all employees must consider the envi - ronment in the entire value chain, which means using natural resources sparingly and reducing waste volumes. Our climate policy highlights the importance of collaboration with external parties, such as trade associations and authorities, on exchange of experiences, technical development and collab- oration projects relating to reduced GHG emissions by means of e.g. increased material efficiency and reduced waste flows. E5-2 Actions and resources related to resource use and circular economy Actions taken Life-cycle assessments and circular flows The key factors in our initiatives to promote a circular economy are product design and resource efficiency, both in our own production processes and in the value chain, and it is our assess- ment that we can influence and develop these in the future. As part of this work, during the year we conducted a number of life cycle assessments for our products and implemented proj - ects together with various suppliers with the aim of increasing the proportion of purchased reused and recycled materials. We expect this work to further intensify in the coming years. The outcomes of the life cycle assessments provide a deep under - standing of which input components and materials have a high environmental impact. It is also a supplementary tool for mapping circular business models that NIBE may be able to develop within different product segments in the future. To further develop our work on implementing the policies previously described, we have produced instructions linked to the circular economy that include both product design and mate - rial efficiency. The instructions support our subsidiaries in their efforts to integrate circular economy into their ongoing work around product development and design in respect of both new and existing products, for example by integrating a larger propor - tion of reused, recycled or renewable materials into the products. During the year we launched internal training initiatives and began introducing life cycle assessment tools to our subsidiaries ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 91 · ENVIRONMENTAL INFORMATION to enable identification of the materials and components that should be prioritized for replacement or for inclusion in circular flows, the aim being to lower the carbon footprint of products. Waste management During the year we also produced waste management instruc - tions, which complement the policies and concretize how we expect subsidiaries to work and prioritize matters relating to waste and the associated waste hierarchy. Future actions Circular flows To promote circularity, customized solutions are required for different materials and components. Although the proportion of recycled material is important, it is only one aspect of the overall solutions required to create a more resource-efficient value chain. A further mapping together with suppliers is planned to identify efficient methods for increasing circularity in the business. This also includes reviewing availability of specific components that may improve opportunities for reuse and repair of products or input components. We expect that the results of mapping may require increased investments or operating expenditure linked to e.g. different materials selection or an unchanged production, but we have not yet been able to quantify this. In 2026, we will intensify internal training initiatives that have been launched, as well as the provision of tools to subsidiaries that facilitate and improve the efficiency of their efforts to promote circular flows. We consider these to be essential steps in estab - lishing quantitative and relevant actions and targets. Waste management Our ambition is to develop efficient strategies for waste preven - tion early on, in the design and production phases, and to ensure resource-efficient use of materials and resources. At the same time, we will continue to work on monitoring and mapping to be able to optimize our waste management in accordance with the waste hierarchy. METRICS AND TARGETS E5-3 Targets related to resource use and circular economy Currently, NIBE lacks targets relating to resource use and circular economy but our aim is to set clear, measurable targets in the coming years. Information on resource inflows and outflows is collected from all reporting subsidiaries and is presented below. A large proportion of the information comes from the companies’ suppliers or our own purchasing systems, and in cases where no information is available, estimates are made based on other available information. Circular flows We are continuously working to integrate circular flows and resource-efficient solutions into our own operations and our value chain, from product design and materials selection to production and recy - cling, in collaboration with upstream and downstream actors. An example of this is the partnership between NIBE AB and Grundfos on remanufactured circulation pumps 1 . We are working on introducing subsidiaries to process-focused work on circular flows (e.g. circular design, modularization) and on training them in the use of life cycle assessment tools and their imple - mentation in the product development phase. Waste management With operations in 32 countries, our subsidiaries face different challenges depending on local condi - tions and infrastructure for waste management and recycling. We strive to create the best possible conditions for management of our production waste in the short-, medium- and long-term. All subsidiaries report their waste management (according to the fractions in the waste table below) and in the coming years, we will be setting relevant and measurable targets linked to the EU waste hier - archy 2 and with a focus on reducing hazardous waste and waste directed to incineration and landfill. With quarterly follow-up, one of NIBE’s sustainability targets is that production companies with more than 25 employees should be ISO 14001 certified, which is also set out in our environmental policy. The outcome for 2025 was 98% (98). Within the framework of the certified environmental management system, companies are continuously working to improve their waste management where this is assessed as a material topic. The sustainability team annually reviews the extent to which the companies have implemented the environmental and climate policy. 1 Take-back-programme-circularity-by-recovering-pumps 2 The EU waste hierarchy shows the priority order for legislation and initiatives relating to waste: Prevention, Preparing for reuse, Material recycling, Energy recovery and Landfill. Design Manufacturing Installation EoL management Recycling Reuse Use Raw material Waste Maintenance Repair
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· 92 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION Materials used (metric tons) 2025 2024 2023 2022 2021 Metals 105,850 102,501 151,964 139,209 138,431 Components and finished products 61,042 50,949 99,849 78,017 83,770 Composites and minerals 10,215 12,149 18,814 12,280 17,091 Plastics 7,408 7,093 8,573 8,205 9,462 Gases 7,431 6,424 5,318 6,763 7,633 Other1 1,869 2,239 2,811 3,023 2,610 Packaging materials 18,522 16,475 21,649 20,902 23,184 Total materials used 212,337 197,830 308,978 268,399 282,181 Of which biological material 17,286 15,217 19,743 Percentage biological material 8% 8% 6% O f which reused or recycled material2 20,531 13,391 15,388 Percentage reused or recycled material 10% 7% 5% 1 Paint, adhesives, chemicals, acids, refrigerants, etc. 2 Where a material is both recycled and reused, it has only been included under reused material to avoid double counting. E5-4 Resource inflows Our production primarily comprises assembly but also some processing of materials and the primary resource inflow therefore refers to purchases of materials. Metals, components and finished products account for 79% of total purchases of direct materials. This informa - tion is collected from all manufacturing companies. The operations of around 50% of NIBE Group’s companies involve manufacture. Purchased components, such as circuit boards, cables and similar electronic components, may contain critical raw materials and rare earth metals. Steel accounts for the largest proportion of the metals that are purchased, followed by copper. The EU has classified copper as a strategic, but not critical, raw material for societal development. Information on the proportion of recycled and reused material is gathered from our suppliers. If the information from suppliers is insufficient, we take a conservative approach and record zero percent recycled and reused materials. Systematic gathering and mapping of this information is a huge task but it is yielding results because the proportion of recy - cled and reused material gradually increased between 2023 and 2025. We will continue to develop this work in the coming years as part of our quality assurance. Raw materials and components that contain a large proportion of biological material mainly comprise packaging materials such as corrugated cardboard and wood pallets. E5-5 Resource outflows NIBE Group comprises three business areas with different key products, the expected service life of which varies. NIBE Climate Solutions is a complete supplier in energy solutions for heating, cooling, hot water, solar energy and ventilation. The products in this segment are to a large degree designed for a long life and repairability. For example, our heat pumps in Europe are certi - fied according to Heat pump Keymark, which means that spare parts come with a 10-year guarantee. NIBE Element manufactures components for industry and infrastructure, such as heating elements, heating cables and heat exchangers. The products are used in appli - cations where expected service life and repairability vary according to requirements from end-users. NIBE Stoves manufactures stoves, and the range also includes chimney systems and other accessories. The stoves are designed for a long service life and repairability, with good availability of spare parts. There are currently no established risk classification systems with regard to repair - ability or industry average in respect of expected durability that we can use to measure our performance against for the product groups our products are part of. Common to all the products in the different business areas is that they are manufac - tured from materials with a high recovery rate at the end of the life cycle. The proportion of recoverable material is estimated at 69% in our products and 29% in our packaging materials 3. Packaging materials primarily comprise wood, which we assess as having a low recovery rate because it is usually directed to incineration. 3 The theoretical recoverability of products is estimated on the basis of purchased materials mix at NIBE Group-level. Waste scenarios per material category are estimated based on the actual rate of recovery of materials from electronics waste recovery companies, trade organizations and models used for life cycle assessments and environmental declarations. For some material categories, such as composites and minerals, where we lack EoL scenarios, a general estimate of a 50/50 split between landfill and recycling is used. Another limitation of these methods is that they are theoretical scenarios that do not take into account that effective- ness is impacted by costs and the ability to implement the methods in practice, e.g. conditions relating local recycling infrastructure and legislation.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 93 · ENVIRONMENTAL INFORMATION Non-hazardous waste (metric tons) 2025 2024 2023 2022 2021 Total non-hazardous waste 33,470 31,491 34,202 37,501 40,887 Reuse 428 432 582 313 350 Recycling 27,332 25,363 26,243 28,571 31,475 Composting 71 54 36 106 94 Energy recovery 2,665 2,960 4,137 3,562 3,324 Non-recycled waste 2,974 2,682 3,203 4,949 5,644 Incineration 327 226 273 197 205 Landfill 2,242 2,089 2,413 3,328 4,202 On-site storage 21 8 367 286 248 Other 384 358 151 1,138 989 Hazardous waste (metric tons) 2025 2024 2023 2022 2021 Total hazardous waste 4,785 4,395 4,691 2,631 2,812 Reuse 4 40 56 55 16 Recycling 2,232 1,970 2,011 323 441 Energy recovery 422 374 400 109 90 Non-recycled waste 2,127 2,011 2,225 2,144 2,265 Incineration 80 154 183 178 166 Landfill 1,309 665 497 467 517 On-site storage 57 22 14 14 14 Other 681 1,170 1,531 1,485 1,568 Waste management NIBE has a broad product portfolio and generates waste flows within its three business areas that reflect the area of application and life cycles of the products. All operations within the Group apply the waste hierarchy and waste from own production is managed in accordance with both local and applicable international legislation. Our subsidiaries have agreements with external waste management companies to guarantee correct waste management. The waste from our own operations largely comprises various metals, including iron, steel, copper and aluminum, with steel by far the most common metal. Waste such as corru - gated cardboard and plastic from packaging materials is also common. A large proportion of the waste is recycled. The increase in hazardous waste directed to landfill is related to a subsidiary whose waste management company changed their waste management during the year; the waste was previously classified as “Other”. Most of our product segments have waste flows for managing end-of-life products and packaging. We are affiliated with various types of organizations and companies that manage waste flows that contain e.g. packaging materials and electric products, and the subsidiaries must adhere to international and local legislation applicable where the opera - tions are located. The reported weight data for waste in the table below has been collected by means of three different methods: • 1 4% (13) of the waste is weighed by the company itself. • 8 4% (82) of the waste is weighed by the waste management company. • 2 % (5) of the weight of the waste is estimated by the company. E5-6 Anticipated financial effects from resource use and circular econo - my-related impacts, risks and opportunities We have not yet quantified the financial effects of the opportunities or risks we consider to be related to the circular economy. We consider that work on material efficiency is crucial for future value chains and our own manufacturing processes, not only from a climate perspective, but also from an economic perspective in view of the reduced availability of critical and rare raw materials. We believe that development of circular business models is a commercial opportunity, for example, due to increased sales or improved margin, but we also believe it can reduce our impact on the environment. Failure to take action will there - fore result in financial risks in the form of reduced sales or lower margins. 2025 2024 2023 2022 2021 Total waste (metric tons) 38,257 35,886 38,893 40,132 43,699 Total non-recycled waste (metric tons) 5,103 4,693 5,428 7,093 7,909 Proportion non-recycled waste 13.3% 13.1% 14.0% 17.7% 18.1%
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· 94 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION OUR LONG TRADITION OF SUSTAINABILITY WORK continues to be complemented with work relating to the EU Taxonomy. The purpose of the Taxonomy is to shed light on how large a portion of a company’s turnover and capital expenditure refers to products or services that can signifi - cantly contribute to one of the adopted environmental objectives. THE EU TAXONOMY Business area NIBE Element NIBE Element has a large portfolio of products targeted at different market segments and which fall under different Taxon - omy-eligible activities. Like the business area Climate Solutions, NIBE Element is primarily covered by activity 3.5, because a large number of companies manufacture components for domestic appliances such as ovens and washing machines. However, the technical criteria for activity 3.5 are linked to the performance of the end-product and not that of the component, for example, that household appliances should fall into the highest two populated classes of energy efficiency. It is currently difficult for us to report which of our components fulfil this criterion, partly because we do not currently have infor - mation about the energy performance of the final product, and partly because many of our customers are located outside the EU and are therefore not required to report the energy performance of their products. Additionally, NIBE Element has activities linked to a number of other Taxonomy activities. such as manufacture of battery heaters and brake resistors for electric vehicles. In total, these activities account for less than 10% of our total turnover and capital expenditure and these activities are therefore reported under column 14 Not assessed activities in the summary table. Business area NIBE Climate Solutions The majority of NIBE Climate Solutions’ products are Taxon - omy-eligible, covered by activity 3.5 Manufacture of energy efficiency equipment for buildings . These include our heat pumps, water heaters, ventilation products and district heating products. We have assessed that only those products that are able to meet all technical screening criteria are covered by the taxonomy. A large proportion of our cooling and ventilation products are intended for commercial properties such as schools and hotels. These products have a higher capacity compared with products intended for non-commercial properties, which means that they are not covered by the energy efficiency regulation referred to in activity 3.5 and are therefore deemed not to be Taxonomy-eligible. This approach has been used throughout for all products whose capacity is too high to be covered by the regulations and directives to which the Taxonomy refers. This is despite the fact that the products contribute to increased energy efficiency. Some companies within Climate Solutions perform installa - tion, repair, servicing and leasing of heat pumps. These operations are covered by activity 7.6 Installation, maintenance and repair of renewable energy technologies . We have chosen to continue to report Taxonomy-aligned turnover and capital expenditure for this activity despite the fact that the cumulative share of this activity is less than 10% of our total turnover and capital expendi - ture. All turnover from leasing is included under activity 7.6 as it is not possible to separate the component relating to the heat pump as such and the component relating to installation and servicing. In cases where materials or spare parts are used in connection with installation, maintenance or repair, these are also included in activity 7.6. Turnover and capital expenditure linked to the sale of spare parts do not account for more than 10% of the total amounts of each KPI, and this activity is therefore reported under column 14 Not assessed activities in the summary table. Of the adopted environmental objectives, the objective Climate change mitigation is the one to which NIBE Industrier, with its energy-efficient solutions, can primarily contribute. The EU has chosen to focus on sectors that currently have the greatest impact on climate and the environment, which means that not all activities and products are Taxonomy-eligible. The stoves, chimneys and other products that are manufactured within NIBE Stoves are some examples of products that are not eligible. However, NIBE Element and NIBE Climate Solutions both have several products that are Taxonomy-eligible, and these are described in more detail in this section. We have chosen to apply the precautionary principle throughout and have only assessed products as being eligible where it is clear that this is the case. In the case of components, this has meant that we have only assessed these as Taxonomy-eligible if the activity clearly mentions components in the description. We have chosen to implement the simplifications adopted in Omnibus involving changes to the reporting of operating expen - diture and activities that cumulatively account for less than 10% of our total turnover and capital expenditure. An exception to this is activity 7.6, see section Climate Solutions for a more detailed description. With regard to operating expenditure, refer to Reporting policies for a more detailed description.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 95 · ENVIRONMENTAL INFORMATION Reporting policies Taxonomy reporting covers the companies in which NIBE has a controlling influence, that is, where we have majority ownership, including operations acquired in 2025. Turnover Turnover was determined through assessment and classifica - tion of taxonomy-eligible products. Where the performance and purpose of products differs, classification has been done at article level. Against the background of the precautionary prin - ciple, we have assessed that non-product-specific accessories are not Taxonomy-eligible. All companies have reported external turnover to avoid the risk of double counting. The Group’s turnover has therefore been determined in the same way as for financial accounting; see Note 4 for further information. CapEx Total CapEx consists of property, plant and equipment and intan - gible assets, acquisitions and leases, see Notes 3 and 14-16. The property, plant and equipment and intangible assets that are Taxonomy-eligible refer to investments directly attributable to production of the products that are eligible, or to investments which inherently contribute to one of the set environmental objectives, such as investment in solar panels. In accordance with the precautionary principle, we have decided that all other invest - ments, such as office buildings, IT security and furniture, are not Taxonomy-eligible, irrespective of their performance. For classification of acquisitions, the purpose of the invest - ment and the companies’ current operations have guided our assessment. For the sake of simplicity, leases have been classi - fied based on the sales distribution of each company. OpEx NIBE’s OpEx comprises non-capitalized expenditure for research and development and repair and maintenance of properties, machinery and other property, plant and equipment. This expen - diture accounts for a small proportion of the business’s total expenditure and has no material impact on our sustainability work Do no significant harm (DNSH) As previously described, NIBE Industrier’s activities are mainly eligible under activity 3.5 within the Manufacturing sector. This activity has DNSH criteria for all the other five environmental objectives but the criteria are not product-specific in the same way as the Substantial contribution criteria. We have therefore made a great effort to ensure we understand the practical impli - cations of these criteria for companies located both within and outside the EU. For companies located outside the EU, see further information under Reporting policies. Activity 7.6 has only DNSH criteria for environmental objective 2 (Climate change adaptation). We assess that we meet these criteria because we carry out mapping of climate risks and imple - ment adaptation solutions when needed. For a more detailed description of our initiatives relating to climate risks, see E1 and E3. An additional explanation regarding the DNSH criteria for activity 3.5 is that our products do not currently meet the criteria of Appendix C, point (f). Therefore, all turnover and CapEx linked to activity 3.5 are reported as not Taxonomy-aligned. The criteria in point (f) mean that we must not use in our production, and our products must not contain, substances listed on the Candidate list, except where it is proven that no other suitable, alternative substances or technologies are available on the market. These criteria mean that the Taxonomy is more far-reaching than existing legislation. To be able to provide supporting evidence that an activity complies with Appendix C, thorough mapping of our products and the substances present in the prod - ucts is required, as are active measures to replace any identified substances where suitable alternative substances or technolo- gies are available on the market. We have been working on this on an ongoing basis for a number of years, but we intensified this work during the year and will carry on this work to ensure alignment with the Taxonomy in future. Minimum safeguards We have updated processes, systems and policies on site in order to identify and reduce risks relating to human rights, anti-corrup - tion, tax and labor rights. Work on implementing these processes and systems for our suppliers, customers and partners is ongoing and is being conducted in accordance with the guidelines and principles set out in the UN Global Compact and the OECD. For more information, see under S1 for work relating to health and safety for employees, S2 for work relating to e.g. human rights in the supply chain and G1 for work relating to anti-corruption. or business model. Our assessment is therefore that the reporting of OpEx provides limited value for decision-making for both the company and its stakeholders. Against the background of this assessment, in accordance with Omnibus we have chosen to exclude further reporting of OpEx. Breakdown of KPIs Where CapEx relates to production facilities used in an integrated manner, allocations have been based on the turnover distribution of the respective companies where more reliable information was not available. We judged this to be the most fair and reliable approach. Where turnover was classified at article level, no percentage distribution of performance indicators was required. Companies located outside the EU The Taxonomy criteria for both Substantial contribution and DNSH in many cases refer to other existing EU regulations and directives that do not apply to operations outside the EU. One such example is heat pumps, where the Substantial contribution criteria rinclude compliance with energy efficiency requirements in the Ecodesign Regulation. In order to be able to ensure compliance, we have carried out calculations where the thresholds set out in the Ecodesign Regulation are converted to North American values. This has enabled us to map which heat pumps manufactured and sold by us outside the EU are Taxon - omy-eligible and also meet the Substantial contribution criteria. Similar work is underway and will continue in the coming year in respect of DNSH criteria. The aim is to be able to estab - lish whether or not operations located outside the EU meet these criteria.
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· 96 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ENVIRONMENTAL INFORMATION 2025 KPI (1) Total (2) Proportion of Taxonomy- eligible activities (3) Taxonomy- aligned activities (4) Proportion of Taxonomy- aligned activities (5) Breakdown by environmental objectives of Taxonomy-aligned activ - ities Proportion of enabling activities (12) Proportion of tran- sitional activities (13) Not assessed activities considered non- material (14) Taxonomy- aligned activities in previous financial year (2024) (15) Proportion of Taxonomy- aligned activi - ties in previous finan - cial year (2024) (16) Climate change mitigation (6) Climate change adaptation (7) Water (8) Circular econo - my (9) Pollu tion (10) Biodiversity (11) SEK million % SEK million % % % % % SEK million % Turnover 40,841 47% 437 1% 1% – – – – – 1% 0% 3% 465 1% CapEx 2,069 43% 148 7% 7% – – – – – 7% 0% 1% 23 0% OpEx 1,520 41% 0 0% – – – – – – – – 1% 1 0%
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 97 · ENVIRONMENTAL INFORMATION REPORTED KPI CAPEX 2025 Economic activities (1) Code (2) Proportion of Taxonomy- eligible CapEx (3) Taxonomy- aligned CapEx (4) Proportion of Taxonomy- aligned CapEx (5) Environmental objectives of Taxonomy-aligned activities Enabling activity (12) Transition al activity (13) Proportion of Taxonomy- aligned in Taxonomy- eligible (14) Climate change miti - gation (6) Climate change adaptation (7) Water (8) Circular economy (9) Pollu tion (10) Bio- diversity (11) % SEK million % % % % % % % % Manufacture of energy efficiency equipment for buildings CCM 3.5 36% 0 0% – – – – – – E – 0% Installation, maintenance and repair of renewable energy technologies CCM 7.6 7% 148 7% 7% – – – – – E – 100% Sum of alignment per objective 7% – – – – – Total KPI (CapEx) 43% 148 7% 7% – – – – – 7% – 100% REPORTED KPI TURNOVER 2025 Economic activities (1) Code (2) Proportion of Taxonomy- eligible Turnover (3) Taxonomy- aligned Turnover (4) Proportion of Taxonomy- aligned Turnover (5) Environmental objectives of Taxonomy-aligned activities Enabling activ - ity (12) Transition al activity (13) Proportion of Taxonomy- aligned in Taxonomy- eligible (14) Climate change miti - gation (6) Climate change adaptation (7) Water (8) Circular econo - my (9) Pollu tion (10) Bio- diversity (11) % SEK million % % % % % % % % Manufacture of energy efficiency equipment for buildings CCM 3.5 46% 0 0% – – – – – – E – 0% Installation, maintenance and repair of renewable energy technologies CCM 7.6 1% 437 1% 1% – – – – – E – 84% Sum of alignment per objective 1% – – – – – Total KPI (Turnover) 47% 437 1% 1% – – – – – 1% – 84%
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· 98 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT SOCIAL INFORMATION SOCIAL INFORMATION STRATEGY ESRS 2 SBM-3 Material impacts, risks and opportuni - ties and their interaction with strategy and business model Our employees are central to our business, and our goal is for them to thrive, develop and feel engaged in their work and workplace. We currently have approximately 20,600 employees, of whom about 13,000 work in production. A total of approximately 19,400 are permanent employees, about 1,200 are temporary employees and 66 are non-guaranteed hours employees (see Table 4). We assess that we have a significant impact on our employees, primarily in terms of health and safety, pay scales, diversity and opportunities for training and skills development. Work on initia - tives relating to impacts also gives us an opportunity to maintain and improve these aspects for our employees on an ongoing basis. Of NIBE’s total workforce, only 3% are non-employee workers. These non-employee workers are primarily agency workers and consultants. Health and safety Our long-term aim is that NIBE should be a safe workplace with no injuries or ill health. This ambition guides us in our daily work and strategy in the form of a systematic approach involving risk assessments, safety inspections, accident reporting, emergency contingency plans and action plans. The risk of accidents and work-related injuries particularly applies to employees who work in or adjacent to production. We therefore focus on continuously developing health and safety practices in our companies and promoting safe workplaces. Inadequate health and safety can have a direct impact on our ability to work and we are striving to minimize this risk. Adequate wages We seek to offer our employees competitive wages in relation to geographical region and productivity. Our impact in respect of adequate wages applies to all employees, but the risk of unreason - able wages is assessed as particularly critical for our employees in China, Thailand, Vietnam, Malaysia, the US, Mexico, Turkey, Romania and Serbia. The risk is assessed as applying primarily to production workers. Diversity and equal treatment We conduct an international business with significant cultural and social differences, and so it is important for us to have a frame - work for both diversity and equal treatment. Everyone should have the same development, training and career opportunities, and no one should be discriminated against. Our strategy means that employees in the same geographical area should receive equal pay for work of equal value and skill and that the company should strive for gender equality. We operate in a relatively male-dom - inated industry, which means that we need to make an effort to recruit more women to the organization. Training and skills development opportunities NIBE’s successful history has largely depended on the expertise and experience of our employees. Digitalization and new tech - nology offer new opportunities to improve production processes and working methods. This entails both challenges and opportu - nities for our employees to develop new skills that are valuable to them, to NIBE and to our customers. To maintain our global competitiveness, our strategy is to continue to offer adequate skills development to our employees, including by means of internal and external training programs. Human rights Some of NIBE’s operations are located in countries where there is an increased risk of child labor. These countries are Mexico, Turkey, China and Vietnam. Those countries and Malysia, Thailand and the US also have an increased risk of forced labor. NIBE takes these risks seriously, but our strong values, preventive work and controls, and the fact that there have been no cases, means that we consider the risk of child and forced labor occurring in our own operations to be low. ESRS S1 OWN WORKFORCE
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 99 · SOCIAL INFORMATION IMPACT, RISK AND OPPORTUNITY MANAGEMENT S1-1 Policies related to own workforce NIBE has several policies related to our employees and the mate - rial topics we have identified. The policies cover both our own employees and agency workers, and in some cases also our value chain. Our values highlight respect for human rights and good working conditions. Our commitment in respect of good working conditions includes offering employees skills development opportunities. We also undertake to pay wages and compensa - tion according to agreements and legislation, and to reward good performance and exceptional effort. Subsidiaries in the Group may have their own, local policies relating to employees. These are not covered in this report, and the policies mentioned here apply to the whole Group. All policy documents mentioned in S1 are available to employees on the intranet and to everyone on NIBE Group's external website. NIBE’s values Our values provide guidance on how NIBE approaches issues relating to sustainable development. We have separated them into eight areas that we call our Code of Conduct. Together with our business principles, they form the basis of our business oper - ations. These areas are: human rights, fair working conditions, environmental responsibility, ethical business conduct, respon - sible sourcing, product responsibility, social engagement and transparency. Our values include several areas relevant to S1 Own work - force For example, we should treat all employees fairly and with respect, offer a good work environment and opportunities for personal development. Human rights policy NIBE’s values and human rights policy are based on a number of external international principles and regulations such as the ILO’s conventions, the UN guiding principles on human rights, the UN Global Compact and OECD Guidelines for Multinational Enter - prises. Our policy and our values are part of our commitment to develop a corporate culture that supports internationally recog - nized human rights and seeks to avoid complicity in human rights violations. This means that we should respect human rights, including non-discrimination, prohibitions of child labor and forced labor and trafficking in human beings, freedom of asso - ciation and the right to bargain collectively. Our employees can report anonymously any violations of our values and policy via our whistleblowing function, which is described in more detail under G1 Business conduct. Health and safety policy The policy requires companies in NIBE to have a management system that includes a systematic approach to risk assessments, safety inspections, reporting of accidents and incidents, emer - gency contingency plans and objectives and action plans. Diversity and equal treatment policy The policy states that all employees should be treated with respect and dignity. Diversity includes age, gender, gender identity or expression, ethnic origin, nationality, skin color, disabilities, reli - gion or belief, political opinion and sexual orientation. In our policy we commit to the following: - U nbiased recruitment, where candidates are selected based on their qualifications, from as broad a recruitment base as possible. - F ocus on performance, where good work performance is appreciated, regardless of individual differences. - E mployee development, where everyone is offered the oppor - tunity to maintain and improve their skills and develop their career. - T raining of managers, enabling them to promote an inclusive corporate culture and prevent discrimination. - P rocedures and systems, facilitating efficient handling of any cases of discrimination and/or harassment. S1-2 Processes for engaging with own workers and workers’ representatives about impacts Employee engagementtakes many different forms. We have a decentralized organization with an independent operational leadership. Employee relations are therefore not managed at Group level but locally at company level, where the local Managing Director has ultimate responsibility. .Engagement may take place on an ongoing basis in day-to-day operations, when required in connection with organizational changes or legal requirements, and may also include annual perfor - mance and development reviews. In some cases, the engagement may be conducted through trade unions or other employee repre - sentatives. Our values are also communicated to all employees in their local language. Employees’ perspectives are taken into account by using feed - back from employee engagement as a basis for improvements and actions. Any changes in operations are communicated by the local Managing Director in an appropriate manner, including any potential impacts on the company’s own workforce arising from efforts to reduce carbon dioxide emissions and transition to greener, climate-neutral operations. The outcomes are docu - mented locally, for example, safety inspections, meeting minutes or jointly prepared risk assessments. S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns Our employees are urged to report departures from NIBE’s values to their managers, local HR departments or to forward the matter to other senior managers. Employees may also report to a Group- wide whistleblowing service ( https://report.whistleb.com/en/ NIBE), as set out in our whistleblowing policy, see G1. The link to the whistleblowing service is available both externally and inter - nally via the intranet and allows reporting either by telephone or by message. The reporting channel and cases are managed by a third party, which also leads the case investigation. Reports may be made anonymously in all channels in the reporter’s own language. We assess this system as being efficient as we have received no indications to the contrary. In case of deviations from our values or policies, NIBE takes the appropriate action, partly as redress for the affected persons and partly to prevent repeat occurrences. The actions vary depending on the type and severity of the deviation and are managed within the business or escalated within the organiza - tion where necessary. At present, we do not examine whether our employees know and trust our procedures for raising and investigating concerns, but we have not received any indications that this is not the case. Apart from the whistleblowing policy, we also lack policies on how to protect users of the service from retaliation. This is an area we may need to develop in future. Employees receive information about the whistleblowing channel from their immediate manager. Managers continuously receive information about this from NIBE Group.
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· 100 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT SOCIAL INFORMATION S1-5 Targets related to own workforce Health and safety NIBE’s long-term and absolute health and safety goal is to have zero injuries, with a relative target of a work-related injury rate of fewer than four injuries per year by the end of 2030. The target is new for 2025 as the previous target - fewer than six injuries by the end of 2024 - was achieved. The new target covers the period 2025 to 2030 and includes all employees globally who have carried our work in our operations. Our target also includes non-employee workers, who mainly comprise agency workers. The metric refers to the lost time injury frequency rate (LTIF), which measures work-related injuries resulting in at least one day’s lost work after the date of the accident per million hours worked. The outcome for the year was 5.4, which indicates a continued positive trend as a result of our systematic approach to this area. LTIF is calculated as followed: (Number of work-related injuries/Hours worked) x 1,000,000 We conduct ongoing engagement with our stakeholders on the physical and organizational work environment in which we communicate our targets, outcomes and plans for the future, and also hear the views of stakeholders on our work and our targets. The outcome of the target is followed up on a quarterly basis and communicated to each subsidiary and the business areas boards. Engagement is conducted with the companies and busi - ness area boards to enable any necessary actions to be taken and for the to companies receive support for their work. Adequate wages, diversity and opportunities for training and skills development In 2025, we began to map and study our impact on wages, diversity and skills development, enabling us to take a decision on whether there is a need for time-bound qualitative or quantitative targets for each area. Our aim in respect of these points is set out in our values. We operate in a male-dominated industry, which is also reflected in the gender distribution of our management. In 2025, we therefore prepared an instruction that complements our diver - sity and equal treatment policy to clarify expectations and working methods. This is an area on which we are focusing in future, in order to see how best to achieve a more equal gender distribution. METRICS AND TARGETS S1-6 Characteristics of the undertaking’s employees The number of employees within NIBE was 20,563 in 2025. The majority of these were men (see Table 1). Countries where the number of employees accounts for more than 10% of the total workforce are Sweden, the US and Mexico (see Table 3). The geographical spread of our employees is shown on page 101. The majority of the Group’s employees are full-time, permanent employees, see Table 9. When reporting data on types of employ - ment, we use the definitions applicable under the legislation of each country. The number of employees (not full-time equivalent) refers to people who were employed at the end of December 2025 for the companies included in the sustainability report. Data on gender and employment type has been taken from various sources in local HR systems. Employees who were dismissed or resigned were included in the number of employees until the end of their term of employment, regardless of whether or not they were required to work during their notice period. The employee turnover rate is based on the number of employees (permanent or temporary) who left the company during the year divided by the total number of employees at year-end. We have a positive downward trend and the rate for 2025 was 23% (28) (see Table 4). Information on the number of employees in the financial statements is provided in Note 7 and is presented as full-time equivalents, compared with the number below, which is presented as the number of employees at the end of December. S1-7 Characteristics of non-employee workers in the undertaking’s own workforce The number of non-employee workers refers to the number of individuals (not FTEs) engaged as of December 31, 2025 The number of non-employees represents a relatively small propor - tion compared with the number of employees and primarily comprises consultants and agency workers (see Table 5). Data on non-employee workers has been obtained from various sources within local HR systems. S1-9 Diversity metrics NIBE’s overarching strategy is to create an equal company where everyone has opportunities to develop and compete on equal terms based on their skills and proficiency. We are in a male-dom - inated industry, which is reflected in the distribution between the number of men and women. It is important to monitor key ratios relating to gender and age distribution in order to be able to take meaningful action. The proportion of women in management S1-4 Actions and approaches related to own workforce Health and safety We work systematically to improve health and safety at all our facilities to create safe workplaces and reduce the risk of injury and ill-health. Reporting and monitoring takes place quarterly and annually. The sustainability team, together with the busi - ness area board, then conducts ongoing engagement with the subsidiaries, with a focus on companies with a higher proportion of work-related injuries. Action plans are drawn up together with the responsible persons in each subsidiary. Common actions are training, increased use of personal protective equipment, oppor - tunities for alternative job assignments and actions aimed at minimizing risk. As a manufacturing group with many employees, we will always be exposed to a risk of work-related injuries, but we work consciously to minimize this and we can see that our work is paying off as the work-related injury trend is falling. One advan - tage of being a global Group with many local companies and broad internal expertise is the ability to collaborate across the Group. By sharing expertise and knowledge between employees in the Group, we can prevent risks in an efficient manner. Work on preventing and minimizing risks may in some cases involve a need for investments in e.g. lifting equipment or increased operating costs in the form of personal protective equipment. However, we do not assess this need as significant, but as a natural part of our ongoing work and investments in the business and our employees. NIBE has a decentralized organization and impacts and risks vary between the different companies in the Group. For this rea- son, work on ensuring adequate wages, improved diversity and opportunities for training and skills development currently takes place mostly at subsidiary level and not at Group level. In the coming years we will carry out mapping and further investigate our impact, to enable us to then take well-informed decisions on any needs for actions to reduce impacts and risks. This is described in more detail in S1-5. No specific resources have currently been allocated for management of our material impact. By taking the above-mentioned actions we are continuously working to ensure that our business practices do not cause or contribute to negative impacts on our own workforce.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 101 · SOCIAL INFORMATION S1-13 Training and skills development metrics Training and skills development is offered to employees at both Group level and subsidiary level. At Group level training is in the form of e-learning in areas such as human rights and anti-corruption, and all employees with a NIBE email address or subsidiary email address must complete the training every two years. The number of training hours shown in Table 10 includes this e-learning but also other types of training that the respective subsidiaries offer to their employees. Performance and career development reviews presented in Table 8 also include develop - ment reviews used as a basis for determining pay and developing employee training plans. The number of performance and career development reviews that should take place each year is managed on a decentralized basis in each company. .As responsibility lies with the individual subsidiaries, outcomes may vary. The figures in Table 8 show that not all employees have a performance and career development review once a year. S1-10 Adequate wages We adhere to the laws of each individual country in respect of wages, which means that our employees’ wages are not below statutory minimum wage levels. However, we operate in some countries and regions where the respective wage benchmarks are below what is deemed to be the living wage in the country or region. The living wage can vary widely between different countries and regions and in some cases can be relatively high, for example in North America. This is illustrated in Table 2, which shows that NIBE has several employees in the United States and Canada with wages below the living wage, even though the wages are above the statutory minimum wage levels and are considered to be market-based. The living wage in these countries continued to increase in 2025, which explains the percentage increase compared with the previous year. S1-14 Health and safety metrics Our aim is that all companies with more than 100 employees should be certified in respect of their health and safety management systems according to ISO 45001, but we prioritize companies with the highest LTIF. Table 11 shows the proportion of employees covered by a health and safety management system and metrics related to injuries and ill health. The measurement LTIF refers to the lost time injury frequency rate, which measures injuries resulting in at least one day’s lost work after the date of the accident per million hours worked. Our health and safety target is based on this metric. The number of days lost refers to whole day absences and includes all calendar days. S1-16 Remuneration metrics (pay gap and total remuneration) The pay gap in Table 12 is expressed as percentage of the average pay level of male employees without any adjustments for factors affecting pay levels, such as skills, age, experience or purchasing power differences between countries. The pay gap is calculated as follows: the difference in average total monthly pay between women and men, divided by the average monthly pay for men, expressed as a percentage at 31 NORTH AMERICA 6,068 (29%) EUROPE excl Nordics 8,096 (39%) NORDICS 4,020 (20%) ASIA AND AUSTRALIA 2,379 (12 %) DISTRIBUTION O F E M P L O YEES 2 0 2 5 gradually increased between 2021 and 2025, which we regard as positive (see Table 6). Management is defined as the management team for each company within the Group. The number of people in the management team varies depending on the size of the company and whether or not it is a manufacturing company. Around half of all employees are between 30 and 50 years of age. Around 30% are aged over 50 and the rest are aged under 30. The figures have been relatively constant over time, see Table 7. December 2025. The total monthly pay is calculated in accordance with ESRS S1 and includes base salary, fixed additional payments and variable cash payments, such as bonuses and commissions. This means that the pay gap is, to some extent, due to differences in these factors. The main reason for the pay gap is that we have a higher proportion of women in production than in administrative roles, and that these women working in production are mainly based in countries with lower median pay such as Poland, Mexico and China. The pay gap can also be explained by the fact that we have a higher proportion of men in leading positions, which is described in S1-6 and S1-9. Further analysis of the pay gap between the genders is therefore an important factor for us in our work relating to diversity and gender balance. Table 13 shows the annual remuneration ratio for the CEO, who is the highest paid individual in the organization, in relation to the median value for all employees (excluding the CEO). Annual total employee remuneration includes salary, bonuses, share- based awards, share options, remuneration outside share-based incentive programs, changes in pension value and non-qualified deferred compensation provided during the year. Annual total remuneration also includes applicable benefits, which may consist of cash compensation (such as bonuses or other payments) or benefits in kind (company car, private health insurance, life insurance or wellbeing programs).
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· 102 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT SOCIAL INFORMATION Table 1. Gender distribution of employees. 2025 2024 Men 13,354 13,359 Women 7,191 7,189 Other 16 2 Not reported 2 0 Total employees 20,563 20,550 Table 2. Share of employees earning below the living wage. % 2025 2024 Canada* 22.1 14.6 Mexico 0.0 0.4 Serbia – 0.1 US* 7.2 5.3 Table 3. Number of employees in countries with at least 50 employees and representing at least 10% of the Group’s total workforce. 2025 2024 US 3,165 3,173 Sweden 2,404 2,357 Mexico 2,316 2,298 Table 7. Age distribution within the Group. % 2025 2024 2023 2022 2021 age <30 17 18 20 21 21 age 30–50 50 50 51 50 51 age >50 33 32 29 29 28 Table 6. Gender distribution among managers. 2025 2024 2023 2022 2021 Women % 24 23 22 21 21 Men % 76 77 78 79 79 Women Number 197 198 194 184 173 Men Number 633 678 677 681 650 Table 4. Employee turnover (number and percentage). 2025 2024 2023 2022 2021 Number of employees leaving during the year 4,697 5,750 7,243 6,802 6,971 % 23 28 31 31 33 Table 5. Non-employeeworkers. 2025 2024 2023 Number of non-employee workers 628 562 547 Sustainability target 2 025 2 024 2 023 2 022 2021 T arget Lost time injury frequency per million hours worked LTIF 5 .4 5 .9 6 .7 6 .9 6 .6 4 .0 * See explanation under S1-10 on page 101.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 103 · SOCIAL INFORMATION Table 8. Share of employees participating in performance and career development reviews, by gender. % 2025 2024 2023 2022 2021 Women 65 56 63 65 61 Men 68 61 60 59 60 Other/Not reported 0 50 0 0 – Table 12. Gender pay gap as a percentage of the pay level of male employees 2025 Unadjusted gender pay gap 37.1 Table 11. Health and safety relating to work-related injuries and ill health. Employees 2025 2024 2023 2022 2021 Employees covered by a health and safety management sys- tem (%) 80 81 – – – Companies with >100 employees certified according to ISO 45001 (%) 39 41 33 28 23 Recordable injuries 290 348 285 307 292 Recordable injuries per million hours worked 7.7 9.2 7.0 7.6 7.5 LTIF injuries 199 223 267 277 262 LTIF per million hours worked 5.3 5.9 6.6 6.8 6.8 Hours worked (thousand) 37,747 37,913 40,508 40,466 38,752 Lost days due to injuries 3,454 Recorded cases of illness 15 15 44 22 62 Lost days due to illness 754 Fatalities 0 0 0 0 0 Non-employee workers Recordable injuries 16 13 16 11 6 Recordable injuries per million hours worked 11.7 11.0 10.0 5.8 3.2 Fatalities 0 0 0 0 0 Table 13. Annual CEO remuneration ratio compared with median employee remuneration. 2025 2024 Remuneration ratio of the CEO 27.2 26.7 Table 10. Average training hours per employee, by gender 2025 2024 2023 2022 2021 Women 16 16 19 16 16 Men 14 14 17 15 14 Other/Not reported 0 14 0 11 – 2025 Woman Man Other (*) Not dis - closed Total Number of employees 7,191 13,354 2 16 20,563 Number of permanent employ- ees 6,771 12,578 1 16 19,366 Number of temporary employ- ees 400 730 1 0 1,131 Number of non-guaranteed hours employees 20 46 0 0 66 2024 Number of employees 7,189 13,359 2 0 20,550 Number of permanent employ- ees 6,767 12,829 1 0 19,597 Number of temporary employ- ees 413 495 1 0 909 Number of non-guaranteed hours employees 9 35 0 0 44 * Gender as reported by the employees themselves. Table 9. Employees by contract type, by gender.
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· 104 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT SOCIAL INFORMATION NIBE GROUP’S IMPACT NIBE operates in around 30 countries and in environments in which unethical business practices and infringe- ments of human rights may occur. We collaborate with a large number of suppliers and the value chains are often complex. The requirements we place on our suppliers and sub-suppliers affect employees throughout the value chain, and we are committed to promoting safe and fair working conditions free from forced labor and harassment. ESRS S2 WORKERS IN THE VALUE CHAIN STRATEGY ESRS 2 SBM-3 Material impacts, risks and opportuni - ties and their interaction with strategy and business model We support a just transition by requiring decent work in our value chain. For us, this means jobs offering fair wages, voluntary and secure employment, safe working conditions and a work envi - ronment where employees have freedom of expression without risk of discrimination or retaliation. We also strive to protect their freedom of association, regardless of where they are located in the value chain. In the assessment of our impact, we have assessed both the upstream and downstream value chain. Our conclusion is that the largest risks are upstream, in our supply chain for materials, components and products. We are determined to manage these risks and to take proactive measures to create positive change. Our strategy means that we carry out risk assessments and evaluate our suppliers to identify improvements our suppliers may need to carry out with respect to their workers. To help us, we have a third-party system in place, and we are working according to the due diligence process visualized in illustration [x]. Within the Group, purchasing is largely decentralized, with NIBE’s subsidiaries sourcing materials, components, products, transport and services from suppliers all over the world Our supply chains are largely located where the major manufacturing units are located, i.e. in Europe and North America. Production of raw materials and electronics is assessed as having the largest impact on workers in the value chain, primarily in the following areas: • t he risk of forced labor and child labor • e qual treatment and opportunities for all • h ealth and safety. Forced labor and child labor Raw materials extraction workers The largest risk of negative impact in the value chain relates to extraction of ore, stone and minerals. Here, workers are at risk of child labor, forced labor and discrimination, while health and safety is not a priority for suppliers. There are few labor rights for mine workers. Geographically, the mines are usually located in China and in various countries in Africa. We do not have detailed knowledge of this complex part of the value chain, which makes our impact difficult to assess. What is known is that economic vulnerability entails a risk of children going to work instead of school, women being subjected to harassment and workers being forced to move to the area, subjected to violence and forced to work. To contribute to a positive development, we are striving to ensure that the mines and smelting plants from which our suppliers purchase materials should be controlled and approved by means of external systems and certifications, see under S2-4 Supplier evaluation for more information about this work. Workers in manufacture of electronics and electronic components Many of our products, such as circuit boards and solar panels, contain electronic components. Production of these compo - nents is exposed to risk of forced labor, forced displacement and discrimination of e.g. ethnic minorities, indigenous peoples and migrant workers. Geographically, this production is located in China, Vietnam and Malaysia. In our supplier evaluation, we iden - tify which suppliers and sub-suppliers work in these high-risk areas. In our requirements specification process, we carry out risk assessment of suppliers and follow up compliance via both unan - nounced and arranged supplier visits and audits. Equal treatment and opportunities for all There are risks associated with equal treatment and opportunities for all in the first production phase in the value chain, depending on where the components are manufactured. However, in general we do not operate in sectors exposed to the highest risks. A
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 105 · SOCIAL INFORMATION To enable us to take a systematic approach to our work with our suppliers and the impacts, risks and opportunities arising in our value chain, we follow OECD guidance on due diligence for busi - ness conduct. See illustration [x]. Our policy documents provide guidance for us and our suppliers on how to work with and treat workers. Our management systems enable us to identify and, as the next step, manage any negative impacts that arise and to take a long-term approach to efforts to achieve improved working conditions, safe and secure workplaces and improved equal treatment. Follow-up of actions is carried out through manage- ment systems and other communication channels. These can also be used to inform stakeholders about how we manage any incidents or about the actions taken to minimize the risk of inci - dents occurring. Through our subsidiaries, we collaborate with our suppliers on a long-term basis to continuously reduce the risk of negative impacts and to strengthen the relationship between us and workers in the value chain. This process is described in more detail in the following sections. S2-1 Policies related to value chain workers NIBE has developed a number of policy documents and other guiding documents related to social conditions in the value chain. The policies apply to all workers in the value chain. Our policies are developed on the basis of supporting data in the form of supplier engagement, direct feedback from workers or representatives and industry standards. Description of relevant policies Our values Our values provide guidance on how NIBE approaches issues relating to sustainable development, both internally and exter- nally. Our values show that we implement responsible sourcing and require suppliers to comply with our Code of Conduct. The values also state that we do not permit child labor, illegal labor or forced labor. Supplier Code of Conduct We have developed a Supplier Code of Conduct that should be considered an integral part of all agreements regulating the rela - tionships between NIBE and suppliers, irrespective of the size and scope of the agreement. This Code forms the basis for our collaboration with our business partners and establishes that we collaborate with suppliers who contribute to our sustainability profile and share our ethical standards. The policy stresses the IMPACT, RISK AND OPPORTUNITY MANAGEMENT importance of suppliers and sub-suppliers complying with local laws and the UN Global Compact and ensuring respect for human rights. Child labor, forced labor, discrimination and corruption are prohibited. Suppliers must also safeguard health and safety and comply with environmental performance criteria by ensuring effi - cient use of resources, minimizing waste and preventing pollution. Suppliers are encouraged to review their own sub-suppliers and monitor these to ensure compliance with this Code of Conduct. Responsible sourcing policy The policy describes our statement on and commitment to ethical sourcing. This means that we identify, counteract and take action on risks of corruption, infringements of human rights and workers’ rights in our value chain. The policy covers materials suppliers as well as transport and service. All suppliers are expected to comply with legislation and the ten principles of the UN Global Compact. Supplier should have appropriate health and safety procedures in place and follow up that the work relating to this is being carried out satisfactorily, If action is not taken to remedy any identified shortcomings, the contract may be terminated. If we have caused or contributed to harm, we undertake to remedy it or provide compensation. Human rights policy Our human rights policy is based on the UN Universal Declaration of Human Rights, the UN Guiding Principles, the OECD’s Guidelines and the ILO’s Core Conventions. The policy aims to create a culture that respects human rights and avoids violations throughout the entire value chain. It includes labor rights, including non-discrimi - nation and prohibition of child labor and forced labor, and requires suppliers to adhere to the same principles. Respect for local communities and engagement with social improvement measures are key issues. Sexual exploitation and abuse policy This policy describes NIBE’s zero tolerance approach to sexual exploitation and abuse, and our commitment to prevent and manage such incidents. The policy expressly prohibits sexual exploitation, abuse and sexual activity with a child. We undertake to ensure compliance through increased awareness, supervisory mechanisms and rapid investigation of any reported cases. Viola - tions of the policy will lead to strict actions, including disciplinary procedures or termination of contract. Modern slavery statement The statement describes NIBE’s commitment to respecting inter - nationally recognized human rights and avoiding infringements. NIBE undertakes to uphold principles of non-discrimination, prohibition of child labor and forced labor, freedom of association higher risk of discrimination of workers exists in around 14 of the 60 countries in which we have operations. Discrimination can lead to social disparities, for example, through unequal pay for equal work, limited training opportunities and lack of diversity. There is also a risk of violence and harassment. Higher risk coun - tries include India, Vietnam, Malaysia, China and Thailand in Asia, Turkey in Europe and Mexico in North America. .We work to create a safer working environment in our value chain through careful screening of new and existing suppliers, particularly in higher-risk areas with a weaker rule of law. This means that we assess suppliers’ ethics, compliance, and guide - lines during evaluations, audits and visits. We ensure that they comply with our Supplier Code of Conduct, which ensures decent work and working conditions for their workers. We also work to prevent discrimination and forced labor, including the protection of ethnic minorities and migrant workers. Health and safety Health and safety is a key part of our work to ensure safe working conditions for workers in our supply chain. It is important that workers have the correct personal protective equipment for the work they perform, the correct tools and equipment, and the training required to be able to perform the work safely. There is a risk of accidents and injuries in all work, but some workers are more exposed, particularly in production. Work involving chemicals, heavy lifting, electrical work and hot works are areas where the risk is higher. These risks occur all over the world, but geographically the risks are higher in: Asia: India, China, Malaysia, Thailand. Europe: Romania, Turkey. North America: Mexico. We can make a positive contribution if, in our evaluations and during site visits, we check that suppliers have risk assessment in place and that personal protective equipment is available and provided by the company free of charge.
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· 106 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT SOCIAL INFORMATION and safe working conditions. Since 2014 we have been a signa - tory to the UN Global Compact and adhere to current international standards, such as the ILO conventions and the UN Convention on the Rights of the Child. Suppliers are expected to adhere to NIBE’s values and Code of Conduct, including environmental and social requirements, and to communicate these to their employees and sub-suppliers. Compliance is followed up using self-evaluations, audits and employee training. Conflict minerals policy This policy covers NIBE’s commitment to prevent use of conflict minerals in its products. We strive to identify and avoid conflict minerals that originate in conflict mines in the Democratic Republic of Congo and bordering states. We require our suppliers to ensure traceability and compliance with the OECD Guidelines, and to reflect these requirements in their Code of Conduct and purchasing terms. Suppliers are expected to implement a policy for conflict minerals and to carry out due diligence to verify the origin of minerals. Management of policies All policies and statements are available on our website nibe. com. Suppliers also receive our business principles and valuesin booklet form. Monitoring is carried out through our third-party review system. In 2025 we did not identify any violations of the UN Guiding Principles on Business and Human Rights, the ILO Decla - ration on Fundamental Rights At Work or the OECD Guidelines for Multinational Enterprises that involved workers. Currently, our policies lack a description of relationships with workers in the value chain. Responsibility for our policies is described in ESRS 2, GOV-2. S2-2 Processes for engaging with value chain workers NIBE has a mainly decentralized sourcing system at subsidiary level. Evaluations and inspections of the value chain are carried out locally and are not managed by the Group. In many cases we have our own companies in countries where we have suppliers, which gives us good insight into workers’ situation, including persons in vulnerable situations such as migrants, children, women and various ethnic minorities. We also use information from various non-profit organizations and reports to assess risks and situations. Examples of these include UNICEF concerning child labor, Global Slavery Index and US Trafficking in Persons Report for trafficking in human beings and International Trade Union Confederation Global Workers Rights Index and Living Wage Indicator and Estimates Reports for working conditions. Our process for engaging with workers on our material topics involves several steps: • I nitial and ongoing visits: During these visits, we speak directly to workers or their representatives to identify any aspects of concern. Visits may be linked to changes in the business or other business-related discussions. • F ollow-up of corrective actions: During follow-up of actions identified during evaluations, we speak to several operators or their representatives, or in some cases via trade unions. • S ustainability audits: During both initial and periodic audits, we engage with several operators or their representatives. Our subsidiaries and their sub-suppliers bear the main respon - sibility for engaging with workers and conducting effective follow-up. Group-wide functions exist to support these processes and work to prepare supplementary governing documents to ensure compliance and the availability of communications chan - nels. There is currently no fixed requirement for the frequency of site visits to suppliers; instead, this is assessed on an ongoing basis depending on supplier size, whether the supplier is business-crit - ical and the results of evaluations in our supplier assessment systems. There is no separate channel to gain an insight into how particularly vulnerable groups are affected. This information is collected through our supplier evaluation system, site visits and sustainability audits. We have framework agreements with suppliers and our supplier Code of Conduct is an integral part of these agreements. However, NIBE does not have any agreements with global trade unions and none of our agreements include requirements for suppliers to work with global trade unions. Currently, we do not have an estab - lished method for evaluating how engaging with workers leads to concrete results. S2-3 Processes to remediate negative impacts and channels for value chain workers to raise con - cerns Our guidelines stipulate that if we identify that we have caused or contributed to a negative impact on workers in the value chain, we will take action to facilitate an appropriate solution. Currently, we do not have a defined procedure for evaluating whether an action is adequate. Our whistleblowing system opened to external stake - holders in 2025 and workers can use this channel to raise concerns but also to contact us if the handling of actions is perceived as inadequate. As the next step, in 2026 we will further develop the whistleblowing system to facilitate appropriate management of potential incidents that have been reported and remediation in cases where this is deemed necessary. The procedures for remediation will thus follow the evaluation and decision-making process established in our whistleblowing policy. The main contact methods for value chain workers to inform us of problems or needs is in connection with our visits or audits or via the whistleblowing channel or contact with representatives from our company. We give workers access to these contact chan - nels by informing our suppliers, by providing information directly during site visits and by making our whistleblowing channel avail - able online. There is currently no process in place for evaluating whether workers are aware of and feel safe to use these contact channels. If we receive reports, these are handled in accordance with NIBE’s whistleblowing policy, which guarantees protection for the person reporting. This means anonymity is protected and that the risk of the individual losing their job or otherwise being put at a personal disadvantage is minimized. Read more about our whistleblowing function in the sections S1-3 and G1-1. 2 Identify Assess 3 Manage Mitigate 4 Monitor Action 5 Report results 1 Integrate into policies 6 Engage for inclusion
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 107 · SOCIAL INFORMATION S2-4 Actions and approaches related to value chain workers Supplier evaluation All suppliers shall be evaluated for their management of risks relating to human rights and labor rights. Specific priority should be given to suppliers who operate in high-risk countries and high-risk industries, and these are evaluated in our third-party systems. Existing suppliers in these high-risk areas should have started the process in our new third-party system EcoVadis by 2026 at the latest. The outcome of this action is followed up in the system and through our targets for the topic. New suppliers in high-risk areas must undergo evaluation before entering into a partnership. The EcoVadis evaluation system includes, in addition to an extensive questionnaire, a monitoring function known as “360”. This function monitors whether suppliers are mentioned in news media, sanctions lists or court orders, both in a positive and negative light. If we receive indications that a supplier is not adhering to our Code of Conduct, we will contact the supplier to gain a better understanding of the situation and verify if the information is correct. Based on this contact, we determine whether further action and remediation is required. By mapping suppliers we obtain information about how our suppliers work and the impact they have on their workers and we ensure that their working methods align with our policies and values long term. Higher up in the value chain we monitor risks via reports from non-profit organizations and other actors in order to drive improvement in areas such as child labor, forced labor and health and safety in mining. We have, for example, decided to use Responsible Minerals Initiatives (RMI) templates for reporting and follow-up. RMI focuses on responsible sourcing from mines that extract conflict minerals. RMI shows which smelting plants have process and procedures to ensure that there are no occur - rences of forced labor, child labor or trafficking in human beings, and to ensure good working conditions. We also follow reports from UNICEF on child labor, Global Slavery Index, US Trafficking in Persons Report and the ITUC Global Workers Rights Index. Work continues on developing microtraining in human rights and labor rights. This training aims to increase awareness and understanding of requirements and should be made available to our suppliers. This training may also contribute to future suppliers managing risks already before they enter our value chain. Actions are assessed on an ongoing basis in our supplier eval - uation system, in which risk scales and prioritization lists are used to identify essential efforts. Each subsidiary develops action plans together with suppliers, which are followed up to ensure compliance with requirements and regulations. In the evalua - tion of suppliers, most actions have focused on risk assessments of health and safety in production and on sub-suppliers whose policies fail to meet Group requirements. Through our policy documents, instructions and engagement with our subsidiaries, we seek to minimize any negative impacts on value chain workers caused by our own operations. During 2025, we did not identify any cases requiring remedia - tion or further action in relation to actual adverse impacts. Future actions are planned by the respective subsidiaries, in line with the outcomes of supplier evaluations and other local processes. Resources No centralized financial resources have been allocated in addi - tion to the third party systems mentioned above. Necessary resources are made available by each subsidiary. TARGETS S2-5 Targets related to workers in the value chain In order to follow up our work in an appropriate way, in 2025 we adopted the target that 100% of our suppliers in high-risk coun - tries should have completed or started evaluation in our supplier evaluation system Ecovadis in 2026. Of our suppliers in high-risk countries, 72% were evaluated in our previous supplier evalua - tion system and 2% of those suppliers have already been moved across to EcoVadis. This migration will continue in 2026. The 28% of suppliers who have not yet been evaluated primarily comprise suppliers where we do no have recurring orders. Suppliers in other parts of the world, where the risk is assessed as medium to low, will also gradually be included in the process but are not covered by the target. The risk scale is determined using the third-party system Verisk Maplecroft. The risk assessment is based on, among other things, factors relating to human rights, working conditions, child labor, health and safety, and varying degrees of discrimina - tion. EcoVadis is used to follow up the target. The target was adopted by the Sustainability Council and is based on data from previous supplier assessments, information collected through EcoVadis, and internal expertise. Workers in the value chain have not been directly involved in the adoption or follow-up of the target. No base year has been identified, as none is considered relevant given the nature of the target The purpose of the target is to ensure that NIBE’s suppliers work in accordance with our policies and values to minimize negative impacts on value chain workers. By mapping our suppliers, we gain valuable information about where direct materials are purchased, the relevant areas of risks and unique information for each sector in which suppliers operate. EcoVadis enables us to obtain more relevant and specific data, which is also representative of the industries in which our suppliers operate.
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· 108 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT GOVERNANCE G1-1 Business conduct policies and corporate culture NIBE is an international company with many employees and we therefore set great store by our work on anti-corruption and prohibited restraint of trade. Our values and business principles entail zero tolerance of all forms of corruption and apply to all parts of our business, including our business partners. In addition to our values, we have three policies related to business conduct and corporate culture. Anti-corruption policy The policy highlights the importance of complying with legislation and adhering to business ethics. It also includes a prohibition on all forms of corruption for own benefit or that of the company. This applies regardless of whether gifts are of monetary value or not. Whistleblowing policy and associated whistleblowing function The policy aims to achieve and maintain an open business climate and high standards of business ethics. It is incumbent on our employees to report suspected or known violations either to the relevant manager or via our whistleblowing function. All reports must be processed and investigated by an independent third party with relevant training and skills, and total anonymity is guaranteed. The CEO or Managing Director of the local subsidiary is informed if the service is used. Should the matter concern the CEO, the Chairman of the Board will be informed. Statistics and a short report on the cases are reported annually to the Board of Directors of the NIBE Group. Employees are urged to report other departures from NIBE’s values to their managers, local HR depart - ments or other senior managers within the organization. Business relationships policy The policy establishes that sanctions adopted under inter - national law, EU law or national legislation and which apply to specific products, business sectors or named individuals must be followed. The policy defines a minimum level for the actions and procedures that must be in place in each subsidiary in respect of these types of restrictions. The policy also includes instructions, guidelines and other practical advice on how to act when we do business in countries subject to sanctions. G1-2 Management of relationships with suppliers NIBE’s work on responsible sourcing is designed to ensure that our ethical guidelines are followed by suppliers and sub-suppliers. The work forms part of the supplier evaluation and comprises areas such as health and safety, the environment, human rights, product legislation and ethical guidelines. For more information on our risk assessment and policies for this area, see S2 Workers in the value chain. According to our guidelines, we should always strive to apply good business ethics, which means we should be honest, treat our business partners with respect and comply with the agree - ments we have entered into in respect of e.g. terms of payment. GOVERNANCE ESRS G1 BUSINESS CONDUCT NIBE GROUP’S IMPACT A healthy corporate culture characterized by transparency, integrity and accountability is crucial in order to prevent, detect and react to failure to comply with both laws and our values and policies. In an international group it is of utmost importance to actively counteract the risk of corruption or other irregularities. NIBE is therefore continuously working to promote responsible business conduct among our employees, in respect of customers and suppliers, and in the communities in which we operate. Our values underpin this work.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 109 · GOVERNANCE Contributions and sponsorship 2025 2024 2023 2022 2021 Sponsorships of culture, sports, health and young people 19.9 9.8 8.1 13.4 2.8 Political contributions 0 0 0 0 0 Table 2. NIBE’s contributions and sponsorships, SEK million. Anti-corruption training 2025 2024 2023 2022 2021 Administrative workers 2,626 5,919 5,985 5,663 6,346 Members of the Board 152 117 49 19 60 Total 2,778 6,036 6,034 5,682 6,406 Table 1. Number of employees and Board members who received anti-corruption training. METRICS AND TARGETS G1-4 Incidents of corruption or bribery We did not have any confirmed cases of corruption and bribery in the reporting year and consequently no convictions. G1-5 Political influence and lobbying activities We want to support the local communities in which we operate and therefore prioritize contributions and sponsorship agree - ments that benefit these. We prioritize agreements that support our values and strengthen our relationships with customers and partners. We do not contribute to or become involved with polit - ical parties, politicians or political organizations, either financially or otherwise (see Table 2). However, the table also presents the Group’s monetary contributions and sponsorships to other types of organizations, e.g. within culture and health. None of the members of the Board or management team of NIBE Group has held a similar position with an authority or supervisory authority in the last two years. On the contrary, NIBE takes an active approach to being a positive force in the transition to a more energy-efficient and fossil-free society. This work primarily takes the form of memberships of various trade associations both nationally and internationally, but also via direct contact with the EU Commis - G1-3 Prevention and detection of corruption and bribery Employees with email, Group management and Board members are considered to be most exposed to attempted corruption and bribery and therefore undergo anti-corruption training every two years via NIBE’s digital training platform. Because the training is carried out every two years, there is some natural fluctuation between the years (see Table 1). The training is part of our preven - tive work and covers: • v arious forms of corruption and bribery • N IBE’s values • p olicies linked to this issue • t he risks that exist • t he consequences of corruption and bribery for both individ - uals, NIBE, our business partners and society at large. The training has been translated into 20 languages to ensure that the persons concerned understand the meaning and are able to act in line with our values and policies. In addition to the training, all employees and Board members receive information about NIBE’s anti-corruption and anti-bribery statement via our values. NIBE has a screening tool to prevent, detect and manage inci - dents involving corruption and bribery involving customers and other business partners. The tool has been developed externally and is managed at Group level to ensure objective and indepen - dent handling of received cases. The process includes screening on the basis of sanctions, watch lists, politically exposed persons (PEP) and adverse media screening that includes incidents of bribery and corruption. The screening is based on our policy for business relationships and focuses on customers or other busi - ness partners who are located in, or have links to, high-risk countries. On completion of screening, any action will be taken in consultation with the subsidiary concerned, and if necessary, the matter will be escalated to the head of business area and the rele - vant manager in NIBE Group. Preventive action on bribery and corruption is a natural part of our daily work and we assess that this work will continue without any material need for increased costs or investments. sion. Management is ultimately responsible and debriefing takes place on an ongoing basis. Through trade associations such as EHPA (European Heat Pump Association), GeoExchange Coalition and Eurovent, NIBE is involved in developing new legislation and standards that impact our product portfolios, supports the association in communi - cations with the relevant authorities and receives important information. Where we have direct contact with policy makers, such as the European Commission, this is aimed at driving the transition on a scientific basis. For example, NIBE is working to ensure that fossil gas boilers are subject to stricter requirements under the Ecodesign Directive, particularly with regard to energy labeling. In another example, we have worked with a university and a national industry organization to produce a study showing how much free cooling a ground source heat pump can provide. The aim of the study has been to make this information visible in the energy labeling of these products. Neither NIBE Industrier or any of our subsidiaries are themselves included in the EU Transpar - ency Register or similar transparency registers in a Member State. An important part of our work on impacts is participation in national as well as international research projects. These projects are usually led by seats of learning or research institutions and we can contribute as a reference group, technical experts or by providing products or components.
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· 110 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ESRS E1 CLIMATE CHANGE DR Description Section / report Page Further informa- tion GOVERNANCE ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes S 67 STRATEGY E1-1 Transition plan for climate change mitigation S 80 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S 70–73 IMPACT, RISK AND OPPORTUNITY MANAGEMENT E1-2 Policies related to climate change mitigation and adaptation S 81 E1-3 Actions and resources in relation to climate change policies S 81–82 METRICS AND TARGETS E1-4 Targets related to climate change mitigation and adaptation S 82, 84 E1-5 Energy consumption and mix S 82, 86 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions S 83, 84–85 E1-7 GHG removals and GHG mitigation projects financed through carbon credits S 83 E1-8 Internal carbon pricing S 83 E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities S 83 Entity- specific datapoints • LCE-classified products • Reduction of carbon dioxide emissions by our customers S 82–85 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement The following tables list all ESRS disclosure requirements included in this sustainability report. Bio- diversity (E4), Affected Communities (S3) and Consumers and end-users (S4) are excluded because these topics were assessed as not material in the materiality assessment. All ESRS 2 disclosure requirements are mandatory and are therefore included. S = Sustainability report, CGR = Corporate governance report ESRS 2 GENERAL DISCLOSURES DR Description Section / report Page Further informa- tion BASIS FOR PREPARATION BP–1 General basis for preparation of sustainability statements S 65 BP–2 Disclosures in relation to specific circumstances S 65 GOVERNANCE GOV–1 Role of administrative, management and supervisory bodies S 66 GOV–2 Information provided to and sustainability matters addressed by the undertaking’s administrative, manage- ment and supervisory bodies S, CGR 67, 182– 184 GOV–3 Integration of sustainability-related performance in incen- tive schemes S 67 GOV–4 Statement on due diligence S 67 GOV–5 Risk management and internal controls over sustainability reporting S 67 STRATEGY SBM–1 Strategy, business model and value chain S 69–70 SBM–2 Interests and views of stakeholders S 70–71 SBM–3 Material impacts, risks and opportunities and their interac- tion with strategy and business model S 70–73 IMPACT, RISK AND OPPORTUNITY MANAGEMENT IRO–1 Description of the processes to identify and assess material impacts, risks and opportunities S 74–79 IRO–2 Disclosure requirements in ESRS covered by the undertak- ing’s sustainability statement S 110– 112 APPENDIX
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 111 · ESRS E2 POLLUTION DR Description Section / report Page Further informa- tion IMPACT, RISK AND OPPORTUNITY MANAGEMENT E2-1 Policies related to pollution S 87 E2-2 Actions and resources related to pollution S 87 METRICS AND TARGETS E2-3 Targets related to pollution S 87 E2-4 Pollution of air, water and soil – – Not mate- rial E2-5 Substances of concern and substances of very high concern – – Not mate- rial E2-6 Anticipated financial effects from pollution-related impacts, risks and opportunities S 87 ESRS E3 WATER AND MARINE RESOURCES DR Description Section / report Page Further informa- tion IMPACT, RISK AND OPPORTUNITY MANAGEMENT E3-1 Policies related to water and marine resources S 88 E3-2 Actions and resources related to water and marine resources S 88 METRICS AND TARGETS E3-3 Targets related to water and marine resources S 89 E3-4 Water consumption S 89 E3-5 Anticipated financial effects from water and marine resources-related risks and opportunities S 89 ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY DR Description Section / report Page Further informa- tion IMPACT, RISK AND OPPORTUNITY MANAGEMENT E5-1 Policies related to resource use and circular economy S 90 E5-2 Actions and resources related to resource use and circular economy S 90–91 METRICS AND TARGETS E5-3 Targets related to resource use and circular economy S 91 E5-4 Resource inflows S 92 E5-5 Resource outflows S 92–93 E5-6 Anticipated financial effects from resource use and circu- lar economy-related impacts, risks and opportunities S 93
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· 112 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT ESRS S2 WORKERS IN THE VALUE CHAIN DR Description Section / report Page Further information STRATEGY ESRS 2 SBM-2 Interests and views of stakeholders S 70–71 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S 104–105 IMPACT, RISK AND OPPORTUNITY MANAGEMENT S2-1 Policies related to value chain workers S 105–106 S2-2 Processes for engaging with value chain work- ers about impacts S 106 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise con- cerns S 106 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportuni- ties related to value chain workers, and effec- tiveness of those actions S 107 METRICS AND TARGETS S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S 107 ESRS S1 OWN WORKFORCE DR Description Section / report Page Further information STRATEGY ESRS 2 SBM-2 Interests and views of stakeholders S 70–71 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S 98 IMPACT, RISK AND OPPORTUNITY MANAGEMENT S1-1 Policies related to own workforce S 99 S1-2 Processes for engaging with own workers and work- ers’ representatives about impacts S 99 S1-3 Processes to remediate negative impacts and chan- nels for own workers to raise concerns S 99 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pur- suing material opportunities related to own workforce, and effectiveness of those actions S 100 METRICS AND TARGETS S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S 100, 102 S1-6 Characteristics of the undertaking’s employees S 100, 102 S1-7 Characteristics of non-employee workers in the undertaking’s own workforce S 100, 102 S1-8 Collective bargaining coverage and social engagement – – Not material S1-9 Diversity metrics S 100–102 S1-10 Adequate wages S 101–102 S1-11 Social protection – – Not material S1-12 Persons with disabilities – – Not material S1-13 Training and skills development metrics S 101, 103 S1-14 Health and safety metrics S 101, 103 S1-15 Work-life balance metrics – Not material S1-16 Remuneration metrics (pay gap and total remunera- tion) S 101, 103 S1-17 Incidents, complaints and severe human rights impacts – – Not material ESRS G1 BUSINESS CONDUCT DR Description Section / report Page Further information GOVERNANCE ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies S 66 IMPACT, RISK AND OPPORTUNITY MANAGEMENT G1-1 Business conduct policies and corporate culture S 108 G1-2 Management of relationships with suppliers S 108 G1-3 Prevention and detection of corruption and bribery S 109 METRICS AND TARGETS G1-4 Confirmed incidents of corruption or bribery S 109 G1-5 Political influence and lobbying activities S 109 G1-6 Payment practices – Not material
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 113 · ASSESSMENT OF THE MATERIAL INFORMATION TO BE DISCLOSED IN THE SUSTAIN - ABILITY REPORT INDEX RELATED DATA - POINT DISCLOSURE REQUIREMENTS SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REGULATION REF - ERENCE E U C L I M AT E LAW REFER - ENCE SECTION PAGE MATERIALITY ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table 1 of Annex 1 Commission Delegated Regulation (EU) 2020/1816 ( 5 ), Annex II S 66 ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) Delegated Regulation (EU) 2020/1816, Annex II S 66 ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 of Table 3 of Annex 1 S 67 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities para- graph 40 (d) i Indicator number 4 of Table 1 of Annex 1 Article 449a Regulation (EU) No 575/2013 Commission Implementing Regulation (EU) 2022/2453 ( 6 ), Table 1: Qualitative infor- mation on Environmental risk and Table 2: Qualitative information on Social risk Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to chemical production para- graph 40 (d) ii Indicator number 9 of Table 2 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to controversial weapons para- graph 40 (d) iii Indicator number 14 of Table 1 of Annex 1 Article 12(1) Delegated Regulation (EU) 2020/1818 ( 7 ), Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv Article 12(1) Delegated Regulation (EU) 2020/1818, Delegated Regulation (EU) 2020/1816, Annex II Not material ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 Regulation (EU) 2021/1119, Article 2(1) S 80–81 ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks para- graph 16 (g) Article 449a Regulation (EU) No 575/2013, Commission Implementing Regulation (EU) 2022/2453, Template 1: Banking book – Climate Change transition risk: Credit qual- ity of exposures by sector, emissions and residual maturity S 81 ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 of Table 2 of Annex 1 Article 449a Regulation (EU) No 575/2013, Commission Implementing Regulation (EU) 2022/2453, Template 3: Banking book – Climate Change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 6 S 82, 84 The materiality assessment performed by NIBE resulted in a list of material sub-sub-topics. Material disclosure requirements and datapoints were determined on the basis of these material sub-sub- topics and the documented information used for the assessment. The selection process also took into consideration the users of the report to enable them to understand the company’s impact and to make informed decisions. Index of Datapoints derived from other EU legislation The following table shows an index of datapoints derived from other EU legislation and a description of whether or not they are deemed relevant to NIBE. The EU legislation to which these datapoints relate are the SFDR, Pillar 3, the Benchmark Regulation and EU Climate Law. Detailed references can be found in Delegated Regulation 2023/2772 1 ESRS 2, Appendix B. 1 2023/2772, COMMISSION DELEGATED REGULATION (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards ’
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· 114 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT RELATED DATA - POINT DISCLOSURE REQUIREMENTS SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REGULATION REF - ERENCE E U C L I M AT E LAW REFER - ENCE SECTION PAGE MATERIALITY ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Indicator number 5 of Table 1 and Indicator number 5 of Table 2 of Annex 1 S 82, 86 ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 of Table 1 of Annex 1 S 82, 86 ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40–43 Indicator number 6 of Table 1 of Annex 1 S 82, 86 ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 Indicators number 1 and 2 of Table 1 of Annex 1 Article 449a Regulation (EU) No 575/2013, Commission Implementing Regulation (EU) 2022/2453, Template 1: Banking book – Climate Change transition risk: Credit qual- ity of exposures by sector, emissions and residual maturity Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) S 83, 85 ESRS E1-6 Gross GHG emissions intensity paragraphs 53–55 Indicator number 3 of Table 1 of Annex 1 Article 449a Regulation (EU) No 575/2013, Commission Implementing Regulation (EU) 2022/2453, Template 3: Banking book – Climate Change transition risk: alignment metrics Delegated Regulation (EU) 2020/1818, Article 8(1) S 83, 84 ESRS E1-7 GHG removals and carbon credits paragraph 56 Regulation (EU) 2021/1119, Article 2(1) S 83 ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 Delegated Regulation (EU) 2020/1818, Annex II, Delegated Regulation (EU) 2020/1816, Annex II Not disclosed ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk, paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk, paragraph 66 (c) Article 449a Regulation (EU) No 575/2013, Commission Implementing Regulation (EU) 2022/2453, paragraphs 46 and 47: Template 5: Banking book – Climate Change physical risk: Exposures subject to physical risk Not disclosed ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c) Article 449a Regulation (EU) No 575/2013, Commission Implementing Regulation (EU) 2022/2453, paragraph 34; Template 2: Banking book – Climate Change transition risk: Loans collateralized by immovable property – Energy efficiency of the col- lateral Not disclosed ESRS E1-9 Degree of exposure of the portfolio to climate-related opportu- nities paragraph 69 Delegated Regulation (EU) 2020/1818, Annex II Not disclosed ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 Indicator number 8 of Table 1 of Annex 1 Indicator number 2 of Table 2 of Annex 1 Indicator number 1 of Table 2 of Annex 1 Indicator number 3 of Table 2 of Annex 1 Not material ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 of Table 2 of Annex 1 88–89 ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 of Table 2 of Annex 1 Not material ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 of Table 2 of Annex 1 Not material
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT · 115 · RELATED DATA - POINT DISCLOSURE REQUIREMENTS SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REGULATION REF - ERENCE E U C L I M AT E LAW REFER - ENCE SECTION PAGE MATERIALITY ESRS E3-4 Total water recycled and reused paragraph 28 (c) Indicator number 6.2 of Table 2 of Annex 1 88–89 ESRS E3-4 Total water consumption in m3 per net revenue on own opera- tions paragraph 29 Indicator number 6.1 of Table 2 of Annex 1 88–89 ESRS 2 – IRO 1 – E4 Paragraph 16 (a) i Indicator number 7 of Table 1 of Annex 1 Not material ESRS 2 – IRO 1 – E4 Paragraph 16 (b) Indicator number 10 of Table 2 of Annex 1 Not material ESRS 2 – IRO 1 – E4 Paragraph 16 (c) Indicator number 14 of Table 2 of Annex 1 Not material ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) Indicator number 11 of Table 2 of Annex 1 Not material ESRS E4-2 Sustainable oceans/seas practices or policies paragraph 24 (c) Indicator number 12 of Table 2 of Annex 1 Not material ESRS E4-2 Policies to address deforestation paragraph 24 (d) Indicator number 15 of Table 2 of Annex 1 Not material ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 of Table 2 of Annex 1 S 91, 93 ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 Indicator number 9 of Table 1 of Annex 1 S 93 ESRS 2 – SBM3 – S1 Risk of incidents of forced labor paragraph 14 (f) Indicator number 13 of Table 3 of Annex 1 S 98 ESRS 2 – SBM3 – S1 Risk of incidents of child labor paragraph 14 (g) Indicator number 12 of Table 3 of Annex 1 S 98 ESRS S1-1 Human rights policy commitments paragraph 20 Indicator number 9 of Table 3 and Indicator number 11 of Table 1 of Annex 1 S 99 ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organization (ILO) Conventions 1–8, para- graph 21 Delegated Regulation (EU) 2020/1816, Annex II S 99 ESRS S1-1 Processes and measures for preventing trafficking in human beings paragraph 22 Indicator number 11 of Table 3 of Annex 1 S 99 ESRS S1-1 Workplace accident prevention policy or management system paragraph 23 Indicator number 1 of Table 3 of Annex 1 S 99 ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c) Indicator number 5 of Table 3 of Annex 1 S 99 ESRS S1-14 Number of fatalities and number and rate of work-related acci- dents paragraph 88 (b) and (c) Indicator number 2 of Table 3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II 103 ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) Indicator number 3 of Table 3 of Annex 1 103 ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II 103 ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 of Table 3 of Annex 1 103 ESRS S1-17 Incidents of discrimination, paragraph 103 (a) Indicator number 7 of Table 3 of Annex 1 Not material
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· 116 · ANNUAL REPORT 2025 NIBE INDUSTRIER AB · SUSTAINABILITY REPORT RELATED DATA - POINT DISCLOSURE REQUIREMENTS SFDR REFERENCE PILLAR 3 REFERENCE BENCHMARK REGULATION REF - ERENCE E U C L I M AT E LAW REFER - ENCE SECTION PAGE MATERIALITY ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a) Indicator number 10 of Table 1 and Indicator number 14 of Table 3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II, Delegated Regulation (EU) 2020/1818, Article 12(1) Not material ESRS 2 – SBM3 – S2 Significant risk of child labor or forced labor in the value chain paragraph 11 (b) Indicators number 12 and 13 of Table 3 of Annex 1 S 104–105 ESRS S2-1 Human rights policy commitments paragraph 17 Indicator number 9 of Table 3 and Indicator number 11 of Table 1 of Annex 1 S 105 ESRS S2-1 Policies related to value chain workers paragraph 18 Indicators number 11 and 4 of Table 3 of Annex 1 S 105–106 ESRS S2-1 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 19 Indicator number 10 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II, Delegated Regulation (EU) 2020/1818, Article 12(1) S 105 ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labour Organization (ILO) Conventions 1–8, para- graph 19 Delegated Regulation (EU) 2020/1816, Annex II S 105–106 ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 Indicator number 14 of Table 3 of Annex 1 S 107 ESRS S3-1 Human rights policy commitments paragraph 16 Indicator number 9 of Table 3 and Indicator number 11 of Table 1 of Annex 1 Not material ESRS S3-1 Non-respect of UNGPs on Business and Human Rights, ILO prin- ciples or OECD Guidelines paragraph 17 Indicator number 10 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II, Delegated Regulation (EU) 2020/1818, Article 12(1) Not material OECD Guidelines paragraph 17 ESRS S3-4 Human rights issues and incidents paragraph 36 Indicator number 14 of Table 3 of Annex 1 Not material ESRS S4-1 Policies related to consumers and end-users paragraph 16 Indicator number 9 of Table 3 and Indicator number 11 of Table 1 of Annex 1 Not material ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 17 Indicator number 10 of Table 1 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II, Delegated Regulation (EU) 2020/1818, Article 12(1) Not material ESRS S4-4 Human rights issues and incidents paragraph 35 Indicator number 14 of Table 3 of Annex 1 Not material ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) Indicator number 15 of Table 3 of Annex 1 Not material ESRS G1-1 Protection of whistleblowers paragraph 10 (d) Indicator number 6 of Table 3 of Annex 1 108 ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws para- graph 24 (a) Indicator number 17 of Table 3 of Annex 1 Delegated Regulation (EU) 2020/1816, Annex II 109 ESRS G1-4 Standards of anti-corruption and anti-bribery paragraph 24 (b) Indicator number 16 of Table 3 of Annex 1 Not material
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FINANSIELL REDOVISNING Förvaltningsberättelse 2025 ............................ 63-138 Hållbarhetsrapport .............................................. 63-117 Femårsöversikt ........................................................... 120 Koncernens resultaträkning .................................... 122 Affärsområden ............................................................ 124 Koncernens balansräkning ....................................... 126 Koncernens kassaflödesanalys ............................... 129 Nyckeltal....................................................................... 130 Moderbolag ..................................................................134 Risker och riskhantering ........................................... 137 Noter ............................................................................. 139
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· 118 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB FÖRVALTNINGSBERÄTTELSE 2025 Väsentliga händelser under räkenskapsåret Året har präglats av anpassade kostnadsstrukturer till följd av åtgärdsprogrammet som genomfördes 2024, god marknadsnärvaro och starka produktsortiment. Åtgärdsprogram Det åtgärdsprogram som genomfördes under 2024 inom framför allt NIBE Climate Solutions och NIBE Element har fått genomslag helt under 2025. Kostnadsbesparingarna har uppnåtts och med anpassade kostnadsstrukturer, starka produktsortiment, god marknadsnärvaro samt välinvesterade rationella anläggningar är alla tre affärsområden väl rustade. Förvärv 70% av aktierna i italienska Selmo S.r.l. förvärvades under fjärde kvartalet. Bolaget är en ledande till - verkare av termostater och elektronisk styrning avsedda för elektrisk uppvärmning. Årsomsättningen uppgår till cirka 18 MEUR och förvärvet understryker vår ambition att skapa tillväxt genom att utöka vårt produkterbjudande med komponenter och lösningar. Bolaget konsoliderades in från och med november 2025. Investeringsprogram Det under 2020 beslutade investeringsprogrammet om 10 miljarder under en femårsperiod har färdigställts under året och bidrar till en förbättrad produktivitet, högre leveranssäkerhet och stärkt kvalité. Ersättningar Årsstämman beslutar om ersättning till styrelsens ordförande och övriga ledamöter. Årsstämman beslutar även om riktlinjer för ersättningar till verkställande direktören och andra ledande befattningshavare. Utifrån dessa riktlinjer beslutar styrelsen om ersättning till verkställande d irektören. Ersättningar till andra ledande befattningshavare beslutas av verkställande direktören i samråd med styrelsens ordförande. Besluten avrapporteras till styrelsen. Se vidare i not 6 om årets er sättningar samt de principer som gällt under 2025. Styrelsens förslag till riktlinjer för 2026 överensstämmer i allt väsentligt med de principer som godkändes vid årsstämman 2025. Miljöfrågor NIBE har produktionsanläggningar i 29 länder vars miljöpåverkan till största delen utgörs av; • A nvändning av råvaror såsom metaller och plast • A nvändning av naturresurser såsom energi och vatten • G enerering av avfall • U tsläpp till luft och vatten • Transporter NIBE följer gällande nationell miljölagstiftning i alla länder där vi har produktion. I de fall verksam - heterna är tillståndspliktiga, rapporteras utfall och eventuella överskridanden av tillstånd till miljömyn - digheterna i respektive land samt till koncernens hållbarhetsavdelning. Under 2025 rapporterades tre överskridande av miljövillkor. Ärendena avsåg utsläpp till vatten och mark och resulterade inte i några väsentliga böter eller anvisningar från miljömyndigheter. Koncernen styr förbättringar i miljöprestandan genom att s ätta mål, följa nyckeltal och redovisa utfall enligt CSRD. Våra LCE-produkter påverkar miljön positivt under användning, eftersom de bidrar till minskad primär energianvändning, ökad användning av förnybar energi och därmed minskad kli - matpåverkan. Markföroreningar är kända vid nio av koncernens produktionsanläggningar i Danmark, Tjeckien, Storbritannien, USA, Italien och Sverige. Några eventuella förpliktelser för dessa har inte redovisats då det bedöms ytterst osannolikt att någon av dem skulle kunna medföra väsentliga kostnader för det fall koncernen skulle hållas ansvarig . Personalfrågor och mänskliga rättigheter samt motverkan mot korruption Våra Värderingar utgår från alla människors lika värde och innebär att alla ska ha samma möjligheter att utvecklas inom företaget o avsett kön, etnicitet, ålder eller bakgrund. Vi vill att alla våra medarbe - tare ska se NIBE som en trygg och rättvis arbetsgivare, som värnar om god arbetsmiljö, bra arbetsvill - kor, mångfald och jämställdhet. Våra policyer att respektera mänskliga rättigheter och arbeta för jämställdhet och mot diskrimine - ring sträcker sig även till vårt leverantörs l ed, där vi utvärderar nya leverantörer mot våra krav i nnan de implementeras. Även befintliga leverantörer utvärderas gentemot de krav vi ställer angående mänsk - liga rättigheter och a rbetsförhållanden. Våra Affärsprinciper tillsammans med Våra Värderingar skapar en väl inarbetad uppförandekod som ger en grund för samarbete, engagemang och frihet under ansvar. Som en del av den interna kontrollen i koncernen utvärderas alla bolag och ett antal dotterbolag besöks varje år för att säker - ställa att alla tillämpar samma principer och att arbetsförhållandena håller en god standard. För mer information om våra strategier gällande medarbetare och ansvarsfulla inköp se sidorna 20 och 24 samt för statistik se innehållsförteckning sid 64. Våra Värderingar driver NIBEs arbete mot korruption. Information ges till alla anställda och en mer omfattande e-learningutbildning ges till alla tjänstemän som vi klassat som exponerade funktioner. Koncernen tillhandahåller även en visselblåsarfunktion som hanteras av tredje part. Nolltolerans mot korruption kommuniceras ut mot våra l everantörer och affärspartners via Våra Värderingar och avtal sid 24.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 119 · Forskning och utveckling NIBE-koncernen bedriver inom varje affärsområde ett marknadsle da nde forsknings- och utveck - lingsarbete. Vår bedömning är att detta är en avgörande faktor för fortsatt organisk tillväxt och nya marknadsinbrytningar. Motivet är att kundernas skiftande krav snabbt ska fångas upp och omvandlas till de bästa lösningarna för varje given marknadssituation. Se not 8 för utvecklingskostnader och not 14 för aktiverade utvecklingskostnader. Framtida utveckling • V år företagsfilosofi och vårt starka produktprogram med f okusering på energieffektivitet och hållbarhet ligger rätt i tiden. • V i har bred erfarenhet och därmed god beredskap för att kunna vara fortsatt offensiva på förvärvssidan. • V årt interna effektivitetsarbete kombinerat med välinvesterade anläggningar och noggrann kostnadskontroll borgar för fortsatt goda marginaler. • A lla våra tre affärsområden har en god geografisk spridning, v ilket gör oss mindre sårbara för lokala försvagningar av efterfrågan. • V år decentraliserade organisation, byggd på självständiga enheter, är väl beprövad och skapar förutsättningar för ökad m otivation och flexibilitet. • E ffekterna av det nuvarande säkerhetsläget i världen, valutautvecklingen samt den volatila prisutvecklingen i de olika energislagen, är däremot svårbedömda. • V år vana och våra erfarenheter trogna är vi dock optimistiska till vår egen utveckling under såväl 2026 som på längre sikt även om omvärldsutvecklingen, mot bakgrund av det ovansagda, naturligtvis är svårbedömd. Ägarsituation Aktiekapitalet i NIBE är fördelat på 233 130 360 A-aktier och 1 782 936 128 B-aktier. Varje A-aktie berättigar till tio röster på b olagsstämman och varje B-aktie till en röst. För A-aktierna, med c i r ka 57% av rösterna, finns en hembudsplikt enligt bolagsord n ingen. Bolaget har två ägarkonstellationer som vardera innehar mer än 10% av r österna, dels en ägarkon - stellation bestående av nuvarande och tidigare s tyrelseledamöter och ledning med cirka 46% av rös - terna dels familjen Schörling med cirka 19% av rösterna. Förslag till beslut om vinstutdelning Till årsstämmans förfogande står: Balanserade vinstmedel 2 742 Mkr Överkursfond 4 751 Mkr Årets nettoresultat 776 Mkr Totalt 8 269 Mkr Styrelsen föreslår att utdelning lämnas med 0,35 kronor per aktie, vilket motsvarar 706 Mkr och att i ny räkning överförs 7 563 Mkr, varav 4 751 Mkr till överkursfond och 2 812 Mkr till balanserade vinstmedel. Styrelsen anser att den föreslagna vinstutdelningen är f örsvarlig med hänsyn till de krav som verksamhetens art, omfattning och r isker ställer på storleken av det egna kapitalet samt bolagets och koncernens konsolideringsbehov, likviditet och ställning i övrigt. Y ttrandet ska ses mot bakgrund av den information som framgår av årsredovisningen. Styrelsen har i sitt förslag till utdelning beaktat de investeringar som planeras. Bolagsstyrningsrapport Bolagsstyrningsrapporten på sidorna 181-186, utgör inte en del av förvaltningsberättelsen.
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· 120 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB Resultaträkning (Mkr) 2025 2024 2023 2022 2021 Nettoomsättning 40 841 40 521 46 649 40 071 30 832 Kostnad för sålda varor – 27 976 – 29 547 – 31 026 – 27 462 – 20 628 Bruttoresultat 12 865 10 974 15 623 12 609 10 204 Försäljningskostnader – 5 473 – 5 898 – 6 016 – 4 921 – 4 210 Administrationskostnader – 3 551 – 3 554 – 3 458 – 2 615 – 2 018 Förvärvsrelaterade omvärderingar – 178 597 120 – 33 30 Övriga rörelseintäkter 462 552 704 823 462 Rörelseresultat 4 125 2 671 6 973 5 863 4 468 Finansiellt netto – 970 – 1 135 – 642 – 188 – 150 Resultat efter finansiella poster 3 155 1 536 6 331 5 675 4 318 Skatt – 875 – 374 – 1 535 – 1 280 – 940 Nettoresultat 2 280 1 162 4 796 4 395 3 378 Nettoresultat hänförligt till innehav utan bestämmande inflytande 3 – 11 11 44 58 Planenliga avskrivningar ingår med 2 138 2 049 1 772 1 484 1 297 FEMÅRSÖVERSIKT Resultaträkningen under fem år Tillväxt Målsättningen för omsättningen är att ha en tillväxt på 20% per år, helst med en fördelning där hälften tillförs genom organisk tillväxt och hälften genom förvärv. Under femårsperioden har om sättningen stigit från 27 146 Mkr till 40 841 Mkr. Detta har till viss del skett g enom en offensiv förvärvsstrategi. 28 företags- och rörelseförvärv har genomförts under perioden. Tillväxten har under femårsperioden i genomsnitt varit 8,5%, rensat från valutaeffekt uppgick till - växten till 9,1%. Organiskt har koncernens omsättning ökat med 5,6% under den senaste femårspe- rioden medan den förvärvade tillväxten har uppgått till 3,5%. Den organiska tillväxten har totalt sett under femårsperioden påverkats positivt, däremot har påverkan varit negativ under året som gått. Rörelsemarginal Målsättningen är att koncernens affärsområden genomsnittligt ska uppnå en rörelsemarginal på minst 10% och att koncernens avkastning på eget kapital genomsnittligt skall uppgå till minst 20%. NIBE Climate Solutions rörelsemarginal har under femårsperioden genomsnittligt uppgått till 14,0%. NIBE Elements rörelsemarginal har som ett genomsnitt under perioden uppgått till 7,6% medan NIBE Stoves genomsnittliga rörelsemarginal uppgått till 9,3%. Koncernens rörelsemarginal har under femårs p erioden uppgått till 11,8% och avkastningen på eget kapital har under samma period genomsnittligt uppgått till 11,7%. Balansräkningen under fem år Balansomslutningen har under femårsperioden ökat från 38 337 Mkr till 65 055 Mkr. Immateriella tillgångar Immateriella tillgångar består huvudsakligen av goodwill, varumärken och marknadspositioner som uppstått i samband med förvärv av företag eller rörelser. Behovet av nedskrivning av goodwill och varumärken prövas årligen genom en nuvärdesberäkning av framtida kassaflöden. De principer koncernen tillämpar för nedskrivningsprövning beskrivs i not 14 under rubriken Goodwill och varu - märken. Materiella anläggningstillgångar Materiella anläggningstillgångar består huvudsakligen av mark, byggnader och maskiner. Ökningen under den senaste femårsperioden uppgår till 7 066 Mkr. Av detta har cirka 9% tillförts genom för - värv medan resterande 91% avser investeringar i befintliga verksamheter. Dessa investeringar har till största delen genomförts i koncernens anläggningar i Markaryd, där de största produktionsanlägg - ningarna för NIBE Climate Solutions och NIBE Stoves är belägna, samt i koncernens produktionsan - läggningar i Tjeckien, Polen och USA. Kortfristiga tillgångar Kortfristiga tillgångar består av varulager samt kortfristiga fordringar, som i sin tur huvudsakligen består av kundfordringar, utgör cirka 25% av balansomslutningen. Dessa båda poster står normalt i direkt relation till omsättningen och därmed till tillväxten. Räntebärande skulder Räntebärande skulder definieras som skulder till kreditinstitut, obligationslån, företagscertifikat, lea - singskulder, en del av pensionsavsättningarna samt den del av övriga skulder som är räntebärande. Under den senaste femårsperioden har dessa ökat från 10 661 Mkr till 22 557 Mkr. Ökningen beror fram - förallt på ökade skulder i form av obligationer, företagscertifikat och banklån, som i sin tur huvudsakli - gen använts för att genomföra förvärv. Koncernens målsättning är att soliditeten inte bör understiga 30%. Soliditeten har under femårspe - rioden genomsnittligt uppgått till 47,3%. Icke räntebärande skulder Icke räntebärande skulder definieras som förvärvsrelaterade skulder, leverantörsskulder, skatteskul - der, garantiriskreserv, övriga avsättningar, förskott från kunder, upplupna kostnader och förutbetalda intäkter samt den del av övriga skulder som inte är räntebärande. Dessa har minskat från 4 859 Mkr till 4 685 Mkr under den senaste femårsperioden, i huvudsak beroende på förvärvsrelaterade skulder samt uppskjuten skatt hänförlig till immateriella tillgångar som uppstått vid förvärv. Kortfristiga icke räntebärande skulder och avsättningar, som under de senaste fem åren ökat med 2 443 Mkr, från 5 081 Mkr till 7 523 Mkr, består till cirka 72% av upplupna kostnader och leverantörsskul - der, vilka båda står i direkt relation till verksamhetens expansion.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 121 · Kassaflödet under fem år Kassaflöde före förändring av rörelsekapital Under senaste femårsperioden har kassaflödet före förändring av rörelsekapital uppvisat en positiv utveckling. Rörelsekapital Rörelsekapitalet exklusive kassa och bank, mätt som kortfristiga rörelserelaterade tillgångar ej rän - tebärande minskat med kortfristiga rörelserelaterade skulder ej räntebärande, har under femårsperi - oden i genomsnitt uppgått till cirka 21% av omsättningen. Investeringar i befintliga verksamheter Investeringarna i befintliga verksamheter har under den senaste femårsperioden i genomsnitt motsvarat cirka 130% av de planenliga avskrivningarna. Under 2025 har investeringarna emellertid uppgått till 2 000 Mkr att jämföras med planenliga avskrivningar på 1 480 Mkr om avskrivningarna avseende nyttjanderättstillgångar exkluderas. Givet de bedömda goda framtida tillväxtmöjligheterna fastställdes redan 2020 ett offensivt investeringsprogram på 10 miljarder kronor. Investeringspro - grammet har färdigställts under året och bidrar till en förbättrad produktivitet, högre leveranssäker - het och stärkt kvalité. Operativt kassaflöde Koncernen har haft positiva operativa kassaflöden under den senaste femårsperioden, undantaget 2023 som uppvisade ett svagt negativt kassaflöde efter investeringar i befintliga verksamheter på grund av det ambitiösa investeringsprogrammet som avslutats under 2025. Den höjda investerings - takten tillsammans med en påtaglig lageruppbyggnad av insatsvaror har inneburit att det operativa kassaflödet 2023 och 2022 varit på en lägre nivå än tidigare år i femårsperioden. Förvärv av verksamheter NIBE Industrier AB har under åren haft en offensiv förvärvsstrategi. Under femårsperioden har 28 företags- och rörelseförvärv genomförts, varav 6 inom affärsområdet NIBE Climate Solutions, 18 inom NIBE Element och 4 inom NIBE Stoves. Under några år har förvärvsintensiteten varit lägre än tidigare beroende på pandemin, för att återigen höjas under 2023, för att därefter minska under 2024 och 2025 beroende på rådande marknadsläge. Målsättningen är att även framöver ha en offensiv förvärvsstrategi. Finansiering Kapitalbehovet har för såväl företagsförvärv, investeringar i befintliga verksamheter som behov av rörelsekapital för verksamhetens expansion och aktieutdelningar under den senaste femårsperioden finansierats genom en kombination av extern finansiering och med egna genererade kassaflöden. Aktieutdelning NIBE Industrier ABs målsättning är att aktieutdelningen skall uppgå till 25 – 30% av årets vinst efter skatt för koncernen. Under den senaste femårsperioden har aktieutdelningen legat inom intervallet 27,4 – 31,0% av årets vinst efter skatt. Under föregående år (2024) motsvarade utdelningen 52% av resultatet efter skatt. Justerat för åtgärdsprogrammet om 915 Mkr efter skatt motsvarar utdelningen 29%. 2024 var ett undantag med anledning av åtgärdsprogrammet. Balansräkning (Mkr) 2025 2024 2023 2022 2021 Immateriella anläggningstillgångar 29 483 32 241 31 014 22 568 20 363 Materiella anläggningstillgångar 12 416 13 214 11 568 8 273 6 131 Finansiella anläggningstillgångar 1 505 1 524 1 324 1 001 629 Summa anläggningstillgångar 43 404 46 979 43 906 31 842 27 123 Varulager 9 167 10 644 13 227 10 191 6 584 Kortfristiga fordringar 7 026 7 176 6 688 7 144 4 941 Kortfristiga placeringar 675 579 527 190 224 Likvida medel 4 783 5 028 3 756 4 627 4 522 Summa omsättningstillgångar 21 651 23 427 24 198 22 152 16 271 Summa tillgångar 65 055 70 406 68 104 53 994 43 394 Eget kapital 30 290 32 140 30 207 27 973 21 657 Långfristiga skulder och avsättningar – icke räntebärande 4 685 4 990 5 410 5 869 5 252 – räntebärande 16 129 17 625 16 922 6 399 7 505 Kortfristiga skulder och avsättningar – icke räntebärande 7 523 8 565 9 716 8 795 6 165 – räntebärande 6 428 7 086 5 849 4 958 2 815 Summa eget kapital och skulder 65 055 70 406 68 104 53 994 43 394 Kassaflödesanalys (Mkr) 2025 2024 2023 2022 2021 Kassaflöde före förändring av rörelsekapital 4 192 3 826 6 473 5 800 4 749 Förändring av rörelsekapital 696 180 – 3 893 – 3 186 -1 487 Kassaflöde från den löpande verksamheten 4 888 4 006 2 580 2 614 3 262 Investeringar i befintliga verksamheter –2 000 – 2 224 – 3 852 – 2 065 – 1 242 Operativt kassaflöde 2 888 1 782 - 1 272 549 2 020 Förvärv av verksamheter – 943 – 621 – 8 752 – 839 – 768 Försäljning av verksamheter – - - 126 – Kassaflöde efter investeringar 1 945 1 161 – 10 024 - 164 1 252 Finansiering – 886 1 246 10 912 858 – 718 Aktieutdelning – 606 – 1 310 – 1 310 – 1 009 – 784 Årets kassaflöde 453 1 097 – 422 – 315 - 250 Likvida medel vid årets början 5 607 4 283 4 817 4 746 4 794 Kursdifferens i likvida medel –602 227 - 112 386 202 Likvida medel vid årets slut 5 458 5 607 4 283 4 817 4 746
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· 122 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB KONCERNENS RESULTATRÄKNING (Mkr) 2025 2024 Nettoomsättning Not 4 40 841 40 521 Kostnad för sålda varor – 27 976 – 29 547 Bruttoresultat 12 865 10 974 Försäljningskostnader – 5 473 – 5 898 Administrationskostnader – 3 551 – 3 554 Förvärvsrelaterade omvärderingar Not 26 – 178 597 Övriga rörelseintäkter Not 5 462 552 Rörelseresultat Not 6-10 4 125 2 671 Resultat från finansiella poster Resultat från andelar i intresseföretag och gemensamt styrda företag Not 18 26 37 Finansiella intäkter Not 11 332 475 Finansiella kostnader Not 11 – 1 328 – 1 647 Resultat efter finansiellt netto 3 155 1 536 Skatt Not 13 – 875 – 374 Nettoresultat 2 280 1 162 Nettoresultat hänförligt till Moderbolagets aktieägare 2 277 1 173 Innehav utan bestämmande inflytande 3 – 11 Nettoresultat 2 280 1 162 Planenliga avskrivningar ingår med 2 138 2 049 Genomsnittligt antal aktier 2 016 066 488 2 016 066 488 Nettovinst/aktie före och efter utspädning, kronor 1,13 0,58 Föreslagen utdelning per aktie, kronor 0,35 0,30 (Mkr) 2025 2024 Nettoresultat 2 280 1 162 Övrigt totalresultat Poster som ej kommer att omklassificeras till resultaträkningen Omvärdering av förmånsbestämda pensionsplaner Not 22 49 - 47 Skatt hänförlig till övrigt totalresultat Not 13 – 6 6 43 - 41 Poster som kan komma att omklassificeras till resultaträkningen Kassaflödessäkringar 48 – 67 Säkring av nettoinvestering 316 – 144 Valutakursdifferenser – 4 114 2 436 Skatt hänförlig till övrigt totalresultat Not 13 185 – 101 – 3 565 2 124 Summa övrigt totalresultat – 3 522 2 083 Summa totalresultat – 1 242 3 245 Summa totalresultat hänförligt till Moderbolagets aktieägare – 1 240 3 248 Innehav utan bestämmande inflytande – 2 – 3 Summa totalresultat – 1 242 3 245
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 123 · Nettoomsättning Målsättningen för koncernen är att ha en tillväxt på 20% per år, helst med en fördelning där hälften av detta tillförs genom organisk tillväxt och hälften genom förvärv. Koncernens nettoomsättning ökade under året med 320 Mkr (0,8%) till 40 841 Mkr (40 521 Mkr). Den förvärvade omsättningen uppgick till 0,2%. Koncernens nettoomsättning utanför Sverige uppgick till 37 123 Mkr (37 142 Mkr), en minskning med 19 Mkr. Den utländska nettoomsättningen uppgick därmed till 90,9% (91,7%) av den totala nettoomsättningen. På den svenska marknaden ökade koncernens nettoomsättning med 10% till 3 718 Mkr (3 379Mkr). Den förvärvade omsättningsökningen var 183 Mkr (0,2%), vilket innebär att omsättningen orga - niskt ökade med 237 Mkr, det vill säga 0,6%. Den svenska valutans förstärkning har påverkat omsätt - ningen negativt med 1 818 Mkr. Rörelseresultat Målsättningen är att rörelseresultatet för såväl koncernen som för respektive affärsområde ska uppgå till minst 10% av omsättningen över en konjunkturcykel. Koncernens rörelseresultat uppgick till 4 125 Mkr, en ökning med 54,4% jämfört med föregående års rörelseresultat på 2 671 Mkr. Rörelsemarginalen uppgick därmed till 10,1% mot 6,6% föregående år. Årets rörelseresultat är belastat med förvärvskostnader och förvärvsrelaterade omvärderingar. Förvärvsomkostnader uppgick till 32 Mkr mot 12 Mkr 2024, vilka redovisats som administrations - kostnader i koncernens resultaträkning. De förvärvsrelaterade omvärderingarna har haft en negativ inverkan på resultatet med 178 Mkr. Resultat efter finansiella poster Resultatet efter finansiella poster ökade med 105,4% till 3 155 Mkr (1 536Mkr), motsvarande en vinst - marginal på 7,7% (3,8%). Finansnettot för koncernen uppgick till – 970 Mkr (– 1 135 Mkr). Koncernens räntebärande skulder uppgick vid årets utgång till 22 557 Mkr mot 24 711 Mkr vid årets ingång. Den genomsnittliga räntan under året uppgick till 4,4% (6,0%). I finansnettot ingår även valutakursvinster och valutakursförluster. Skatt Skattekostnaden uppgick till 875 Mkr (374 Mkr) motsvarande en skattesats på 27,7% (24,3%). Således en ökning jämfört med föregående år. 20252024202320222021 Nettoomsättning senaste fem åren (Mkr) 30 832 40 521 40 071 46 649 40 841 20252024202320222021 Resultat efter finansiella poster senaste fem åren (Mkr) 6 351 4 318 1 536 5 675 3 155 20252024202320222021 Rörelseresultat senaste fem åren (Mkr) 4 468 2 671 5 863 6 973 4 125 Nettoomsättningen ökade med 0,8% under 2025. Rörelseresultatet ökade med 54,4% under 2025. Resultat efter finansiella poster ökade med 105,4% under 2025. KOMMENTARER TILL RESULTATRÄKNINGEN
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· 124 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB NIBE Climate Solutions NIBE Element NIBE Stoves Nettoomsättningen minskade med 10,1% under 2025 . 20252024202320222021 Nettoomsättning (Mkr) NIBE Stoves 3 051 3 475 4 011 4 758 3 864 Rörelseresultatet minskade med 29,1% under 2025. 20252024202320222021 551 533 413 144 203 Justerat Rörelseresultat (Mkr) NIBE Stoves Nettoomsättningen ökade med 3,4% under 2025. 20252024202320222021 Nettoomsättning (Mkr) NIBE Climate Solutions 26 076 31 375 20 127 26 918 Nettoomsättning (Mkr) 26 037 20252024202320222021 3 238 4 338 5 596 2 690 3 493 Justerat Rörelseresultat (Mkr) NIBE Climate Solutions Rörelseresultat (Mkr) 2 425 Rörelseresultatet ökade med 44,0% under 2025. Rörelseresultatet ökade med 26,4% under 2025. 20252024202320222021 Justerat Rörelseresultat (Mkr) NIBE Element 876 795 1 123 942 629 Nettoomsättningen ökade med 1,0% under 2025. 20252024202320222021 11 898 10 925 8 422 11 284 Nettoomsättning (Mkr) NIBE Element 0 11 092 Nettoomsättningen uppgick under året till 26 918 Mkr att jämföras med 26 037 Mkr föregående år. Den organiska tillväxten uppgick till 3,4% och omräknat i fast valutakurs till 7,6%. Den totala tillväx - ten har inte påverkats av någon förvärvad omsättning. Under den senaste femårsperioden har omsättningen stigit från 17 944 Mkr till 26 918 Mkr. Rörelseresultatet ökade från 1 600 Mkr till 3 493 Mkr, vilket inne - bär en resultatuppgång på 118,3% och en rörelsemarginal för året på 13,0% (6,1%). Justerat rörelseresultat uppgick föregående år till 2 425 Mkr, motsvarande en marginal på 9,3%. Rörelsemarginalen har under den senaste femårsperioden i genomsnitt uppgått till 14,0%. Efterfrågan på våra produkter bedöms som sund och stabil, samtidigt som lagernivåerna i distributionsledet har normalise- rats. Den successiva förbättringen av försäljningen har resulterat i organisk tillväxt för 2025 och ambitionen att nå en rörelsemargi - nal inom affärsområdets väldokumenterade intervall har uppnåtts. Med pågående satsningar inom produktutveckling och marknads - föring samt redan genomförda investeringar i effektiv produktion, har affärsområdet stärkt sin konkurrenskraft och står väl rustat för fortsatt expansion. Nettoomsättningen uppgick under året till 11 284 Mkr att jämföras med 11 092 Mkr föregående år. Den organiska tillväxten uppgick till 1,0% och omräknat i fast valutakurs till 5,9%. Som ett resultat av förvärvad omsättning motsvarande 83 Mkr, uppgick den totala omsättningsökningen till 192 Mkr. Under den senaste femårsperio - den har omsättningen stigit från 8 422 Mkr till 11 284 Mkr. Rörelseresultatet ökade från 362 Mkr till 795 Mkr, vilket innebär en resultatökning på 54,5% och en rörelsemarginal för året på 7,0% (3,3%). Justerat rörelseresultat uppgick föregående år till 629 Mkr, motsvarande en rörelsemarginal på 5,7%. Rörelsemarginalen har under den senaste femårsperioden i genomsnitt uppgått till 7,8%. Den organiska tillväxten har varit stabil men med stora variatio - ner mellen affärsområdets olika marknadssegment. Värmepumps - marknaden har successivt återhämtat sig och haft god tillväxt medan investeringsviljan och efterfrågan inom industrisektorn har försvagats främst i Europa. Ökningen i efterfrågan inom halv - ledarsegmentet drivs huvudsakligen av stora investeringar i nya datacenter kopplat till AI-utveckling samt uppbyggnad av halvle - darproduktion i USA och Europa. Nettoomsättningen uppgick under året till 3 475 Mkr att jämföras med 3 864 Mkr föregående år. Den organiska nedgången uppgick till 10,1% och omräknat till fast valutakurs till 5,5%. Affärsområdet har inte påverkats av förvärvad omsättning. Under den senaste fem - årsperioden har omsättningen stigit från 2 579 Mkr till 3 475 Mkr. Rörelseresultatet ökade från 143 Mkr till 144 Mkr, vilket innebär en marginell ökning och en rörelsemarginal för året på 4,1% (3,7%). Justerat rörelseresultat uppgick föregående år till 203 Mkr, mot - UTVECKLING PER AFFÄRSOMRÅDE UNDER ÅRET 2023 2024 2025 0 800 NIBE Stoves NIBE Element NIBE Climate Solutions K4K3 K2K1K4K3 K2K1K4 Justerat Rörelseresultat per affärsområde senaste nio kvartalen (Mkr) 1 600 NIBE Stoves NIBE Element NIBE Climate Solutions 2023 2024 2025 K4 K1 K2 K3 K4 K1 K2 K3 K4 Omsättning per affärsområde senaste nio kvartalen (Mkr) 0 4 500 9 000 svarande en rörelsemarginal på 5,3%. Rörelsemarginalen har under den senaste femårsperioden i genomsnitt uppgått till 9,3%. Efterfrågan och försäljningen har minskat kraftigt de senaste två åren efter en tid av överefterfrågan. En stor osäkerhet i omvärl - den har förstärkt konsumenternas försiktighet. Dock ser vi att det traditionella säsongsmönstret är tillbaka även om inte högsä - songen nådde upp till förväntade nivåer på grund en ovanligt varm höst, avvaktande konsumenter och låga energipriser. I Europa har
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 125 · Kvartalsdata Resultaträkning koncernen 2025 2024 (Mkr) Kv1 Kv2 Kv3 Kv4 Kv1 Kv2 Kv3 Kv4 Nettoomsättning 9 673 10 082 10 086 11 000 9 494 10 035 9 967 11 025 Rörelsekostnader – 8 891 – 9 138 – 8 947 – 9 740 – 10 073 – 9 366 – 9 055 – 9 356 Rörelseresultat 782 944 1139 1260 – 579 669 912 1 669 Finansiellt netto – 268 – 244 – 233 – 225 – 332 – 273 – 286 – 244 Resultat efter finansiellt netto 514 700 906 1035 – 911 396 626 1 425 Skatt – 123 – 206 – 296 – 250 50 – 180 – 193 – 51 Nettoresultat 391 494 610 785 – 861 216 433 1 374 Nettoomsättning affärsområden NIBE Climate Solutions 6 022 6 824 6 722 7 350 5 834 6 516 6 502 7 185 NIBE Element 2 888 2 792 2 800 2 804 2 711 2 819 2 711 2 851 NIBE Stoves 926 678 788 1 083 1 052 802 847 1 163 Koncernelimineringar – 163 – 212 – 224 – 237 – 103 – 102 – 93 – 174 Totalt koncernen 9 673 10 082 10 086 11 000 9 494 10 035 9 967 11 025 Rörelseresultat affärsområden NIBE Climate Solutions 555 842 940 1 156 – 462 506 726 830 NIBE Element 179 184 210 222 – 126 142 160 186 NIBE Stoves 61 – 51 24 110 27 – 3 24 95 Koncernelimineringar – 13 – 31 – 35 – 228 – 18 24 2 558 Totalt koncernen 782 944 1 139 1 260 – 579 669 912 1 669 Jämförelsestörande poster affärsområden* NIBE Climate Solutions 0 0 0 0 – 794 0 0 – 31 NIBE Element 0 0 0 0 – 263 0 0 – 4 NIBE Stoves 0 0 0 0 – 38 0 0 – 22 Förvärvsrelaterade omvärderingar 0 0 0 - 178 0 0 0 597 Totalt koncernen 0 0 0 - 178 – 1 095 0 0 540 Justerat rörelseresultat affärsområden NIBE Climate Solutions 555 842 940 1 156 332 506 726 861 NIBE Element 179 184 210 222 137 142 160 190 NIBE Stoves 61 – 51 24 110 65 – 3 24 117 Koncernelimineringar – 13 – 31 – 35 – 50 – 18 24 2 – 39 Totalt koncernen 782 944 1 139 1 438 516 669 912 1 129 8% 64% NIBE Stoves NIBE Element NIBE Climate Solutions28% Respektive affärsområdes andel av omsättningen 68% 9% 69% 22% 13% NIBE Stoves NIBE Element NIBE Climate Solutions 79 % 18% 3% Respektive affärsområdes andel av resultat efterfrågan fortsatt minska medan man i Nordamerika ser en mer positiv utveckling. De alltför stora lager med fär - diga produkter som fanns i början av året har successivt nått acceptabla nivåer. Orderingången till tillverkarledet och och försäljning till slutkonsument följer nu varandra på ett naturligt sätt. * Jämförelsestörande poster: - 2025: Negativ effekt av förvärvsrelaterade omvärderingar: 178 Mkr - 2024: Positiv effekt av förvärvsrelaterade omvärderingar: 597 Mkr. - Åtgärdsprogrammets kostnader: 1 095 Mkr (Kv 1) + 57 Mkr (Kv 4) = 1 152 Mkr (Helår).
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· 126 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB Balansomslutning Koncernens balansomslutning har under året minskat med 5 351 Mkr (7,6%) från 70 406 Mkr före - gående år till 65 055 Mkr. Främsta skälet är kopplat till valutaeffekter av den svenska kronans förstärkning. Rörelsekapital Koncernens rörelsekapital exklusive kassa och bank har under året minskat med 585 Mkr (6,3%) från 9 255 Mkr föregående år till 8 670 Mkr. I relation till nettoomsättningen har rörelsekapitalet minskat från 22,8% till 21,2%. KONCERNENS BALANSRÄKNING (Mkr) 2025-12-31 2024-12-31 ANLÄGGNINGSTILLGÅNGAR Immateriella anläggningstillgångar Marknadspositioner Not 14 1 747 2 164 Varumärken Not 14 3 026 3 368 Goodwill Not 14 23 090 25 290 Övriga immateriella tillgångar Not 14 1 620 1 419 Summa immateriella anläggningstillgångar 29 483 32 241 Materiella anläggningstillgångar Byggnader och mark Not 15 5 381 4 706 Maskiner och inventarier Not 15 3 824 3 892 Nyttjanderättstillgångar Not 16 2 152 2 399 Pågående nyanläggningar Not 15 1 059 2 217 Summa materiella anläggningstillgångar 12 416 13 214 Finansiella anläggningstillgångar Andelar i intresseföretag och gemensamt styrda företag Not 18 332 325 Långfristiga fordringar hos intresseföretag 247 255 Långfristiga värdepappersinnehav 27 23 Uppskjutna skattefordringar Not 13 735 752 Andra långfristiga fordringar Not 19 164 169 Summa finansiella anläggningstillgångar 1 505 1 524 SUMMA ANLÄGGNINGSTILLGÅNGAR 43 404 46 979 (Mkr) 2025-12-31 2024-12-31 OMSÄTTNINGSTILLGÅNGAR Varulager Not 20 Råvaror och förnödenheter 4 658 5 410 Varor under tillverkning 546 680 Färdiga varor och handelsvaror 3 963 4 554 Summa varulager 9 167 10 644 Kortfristiga fordringar Kundfordringar 5 317 5 424 Kundfordringar hos intresseföretag 30 40 Aktuell skattefordran 524 429 Övriga fordringar 643 748 Förutbetalda kostnader och upplupna intäkter 512 535 Summa kortfristiga fordringar 7 026 7 176 Kortfristiga placeringar 675 579 Likvida medel 4 783 5 028 SUMMA OMSÄTTNINGSTILLGÅNGAR 21 651 23 427 SUMMA TILLGÅNGAR 65 055 70 406 KOMMENTARER TILL BALANSRÄKNINGEN
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 127 · (Mkr) 2025-12-31 2024-12-31 EGET KAPITAL Not 21 Aktiekapital 79 79 Tillskjutet kapital 4 818 4 818 Övriga reserver 1 127 4 687 Balanserade vinstmedel 24 229 22 514 Eget kapital hänförligt till moderbolaget 30 253 32 098 Innehav utan bestämmande inflytande 37 42 SUMMA EGET KAPITAL 30 290 32 140 LÅNGFRISTIGA SKULDER OCH AVSÄTTNINGAR Avsättningar för pensioner Not 22 496 540 Avsättningar för skatter Not 13 1 929 2 050 Garantiriskreserv Not 23 690 748 Övriga avsättningar, icke räntebärande Not 23 157 291 Skulder till kreditinstitut Not 24 4 662 5 354 Obligationslån Not 25 9 250 9 500 Leasingskulder Not 16 1 487 1 798 Förvärvsrelaterade skulder Not 26 1 689 1 700 Övriga skulder Not 27 454 634 SUMMA LÅNGFRISTIGA SKULDER OCH AVSÄTTNINGAR 20 814 22 615 (Mkr) 2025-12-31 2024-12-31 KORTFRISTIGA SKULDER OCH AVSÄTTNINGAR Skulder till kreditinstitut Not 24 1 958 4 367 Obligationslån och företagscertifikat Not 25 3 798 2 100 Leverantörsskulder 2 939 3 115 Förskott från kunder 209 194 Aktuella skatteskulder 363 417 Leasingskulder Not 16 672 619 Förvärvsrelaterade skulder Not 26 351 1 093 Övriga skulder Not 27 1 141 1 265 Upplupna kostnader och förutbetalda intäkter Not 28 2 520 2 481 SUMMA KORTFRISTIGA SKULDER OCH AVSÄTTNINGAR 13 951 15 651 SUMMA EGET KAPITAL OCH SKULDER 65 055 70 406 Soliditet och avkastning Koncernens soliditet uppgick vid årets slut till 46,6% (45,6%). Det egna kapitalet uppgick till 30 290 Mkr (32 140 Mkr). Koncernens avkastningsmål är att avkastningen på eget kapital långsiktigt skall uppgå till minst 20%. Under 2025 uppgick avkastningen på eget kapital till 8,0% (4,0%). Ökningen beror framför allt på ett högre resultat i relation till genomsnittligt eget kapital. Avkastningen på sysselsatt kapital uppgick till 8,2% (5,8%). Räntebärande skulder Koncernens räntebärande skulder uppgick vid verksamhetsårets slut till 22 557 Mkr (24 711 Mkr). Minsk - ningen sedan årets ingång beror på amortering av lån samt valutaeffekter kopplat till svenska kronans förstärkning. Koncernens nettoskuld, definierad som räntebärande skulder minus likvida medel och kort - fristiga placeringar, minskade under året med 2 005 Mkr från 19 104 Mkr till 17 099 Mkr.
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· 128 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB KONCERN Förändringar i eget kapital (Mkr) Aktie- kapital Tillskjutet kapital Övriga reserver 1) Balanserade vinstmedel Eget kapital hänf. till moderbolaget Innehav utan bestämmande inflytande Summa eget kapital Eget kapital 2023-12-31 79 4 818 2 571 22 692 30 160 47 30 207 Årets nettoresultat 1 173 1 173 – 11 1 162 Årets övrigt totalresultat 2 116 - 41 2 075 8 2 083 Årets totalresultat 2 116 1 132 3 248 – 3 3 245 Utdelning – 1 310 – 1 310 – 2 – 1 312 Eget kapital 2024-12-31 79 4 818 4 687 22 514 32 098 42 32 140 Förändring av innehav utan bestämmande inflytande – 2 – 2 Årets nettoresultat 2 277 2 277 3 2 280 Årets övrigt totalresultat – 3 560 43 – 3 517 – 5 – 3 522 Årets totalresultat – 3 560 2 320 – 1 240 - 2 - 1 242 Utdelning – 605 – 605 - 1 – 606 Eget kapital 2025-12-31 79 4 818 1 127 24 229 30 253 37 30 290 1) Övriga reserver (Mkr) Kassa- flödes- säkringar Säkring av netto- investering Valuta kurs- differenser Summa övriga reserver Övriga reserver 2023-12-31 36 – 494 3 030 2 571 Förändring under året – 67 – 144 2 428 2 217 Skatt 13 30 – 144 – 101 Övriga reserver 2024-12-31 – 18 – 608 5 314 4 687 Förändring under året 48 316 – 4 109 – 3 745 Skatt – 9 – 65 259 185 Utgående övriga reserver 2025-12-31 21 -357 1 464 1 127 Definitioner Kassaflödessäkringar Innefattar den effektiva andelen av den ackumulerade nettoförändringen av verkligt värde på kassaflödessäkringsinstrument hänförbara till säkringstransaktioner som ännu inte inträffat. Säkring av nettoinvestering Innefattar valutakursdifferenser som uppstår vid omvärdering av skulder som uppta - gits som säkringsinstrument för en nettoinvestering i en utländsk verksamhet. Valutakursdifferenser Innefattar alla valutakursdifferenser som uppstår vid omräkning av f inansiella rap - porter från utländska verksamheter som har upprättat sina finansiella rapporter i en annan valuta än den valuta som koncernens finansiella rapporter presenteras i det vill säga svenska kronor.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 129 · (Mkr) 2025 2024 Maskiner och inventarier 540 598 Fastigheter 148 313 Pågående nyanläggningar 388 1 245 Övriga anläggningstillgångar 924 68 Totalt 2 000 2 224 (Mkr) 2025 2024 Banklån med rörlig ränta 6 595 9 705 Obligationslån med rörlig ränta 9 800 9 550 Obligationslån med fast ränta 2 200 2 050 Företagscertifikat med rörlig ränta 1 048 – Leasingskulder 2 159 2 417 Utnyttjad del av beviljad check- räkningskredit med rörlig ränta 25 16 Avsättningar för pensioner 325 374 Övriga räntebärande skulder 405 599 Totala räntebärande skulder 22 557 24 711 Ej utnyttjad checkräkningskredit 419 570 Övriga outnyttjade krediter 15 800 8 850 Total kreditmöjlighet 38 776 34 131 Kassaflöde från löpande verksamhet Koncernens kassaflöde efter förändring av rörelsekapital uppgick till 4 888 Mkr (4 006 Mkr). Investeringar Koncernens förvärv av verksamheter/dotterföretag uppgick till 943 Mkr (621 Mkr). Övriga investeringar uppgick netto till sammanlagt 2 000 Mkr (2 224 Mkr) fördelat enligt tabell nedan. Kassaflödet efter investeringar uppgick därmed till 1 945 Mkr (1 161 Mkr). Det operativa kassaflödet, det vill säga efter investeringar i befintliga verk - samheter men exkluderat förvärv av verksamheter/dotterföretag uppgick till 2 888 Mkr (1 782 Mkr). Koncernens räntebärande krediter Koncernens totala räntebärande skulder uppgick vid årets slut till 22 557 Mkr (24 711 Mkr). Den genomsnittliga räntekostnaden för totala räntebä - rande skulder motsvarade 4,4% (6,0%). Koncernens nettoskuld, utgörande räntebärande skulder reducerat med likvida medel och kortfristiga place - ringar, uppgick till 17 099 Mkr (19 104 Mkr). 20252024 2023 20222021 Operativt kassaflöde senaste fem åren (Mkr) -1 272 549 2 888 2 020 1 782 20252024202320222021 Investeringar i befintlig verksamhet senaste fem åren (Mkr) 3 852 1 109 1 242 2 000 2 065 2 224 20252024202320222021 Investeringar i förvärv senaste fem åren (Mkr) 768 8 752 839 621 943 KONCERNENS KASSAFLÖDESANALYS (Mkr) 2025 2024 DEN LÖPANDE VERKSAMHETEN Rörelseresultat 4 125 2 671 + av- och nedskrivningar som belastat detta resultat 2 145 2 245 + realisationsförluster/– realisationsvinster – 2 110 +/– andra ej kassaflödespåverkande poster – 250 680 Summa 6 018 5 706 Erhållna räntor och liknande poster 334 473 Betalda räntor och liknande poster – 1 295 – 1 548 Betald skatt – 865 – 805 Kassaflöde före förändring av rörelsekapital 4 192 3 826 Förändring av rörelsekapital Förändring av varulager 697 3 012 Förändring av kortfristiga fordringar – 1 377 – 337 Förändring av kortfristiga skulder 1 376 – 2 495 Kassaflöde från den löpande verksamheten 4 888 4 006 INVESTERINGSVERKSAMHETEN Investering i maskiner och inventarier - 619 – 617 Investering i byggnader och mark - 162 – 313 Investering i pågående nyanläggningar - 388 – 1 245 Investering i övriga immateriella anläggningstillgångar - 480 – 472 Försäljning av byggnader och mark 14 – Försäljning av maskiner och inventarier 79 19 Förändring av långfristiga fordringar och övriga värdepapper - 444 404 Investeringar i befintliga verksamheter – 2 000 – 2 224 OPERATIVT KASSAFLÖDE 2 888 1 782 Förvärv av verksamheter Not 3 - 943 – 621 Kassaflöde från investeringsverksamheten - 2 943 – 2 845 KASSAFLÖDE EFTER INVESTERINGAR 1 945 1 161 FINANSIERINGSVERKSAMHETEN Amortering av långfristiga lån Not 32 – 6 413 – 4 153 Amortering av leasingskulder Not 16 – 680 – 655 Nya lån som tagits upp Not 32 6 207 6 054 Utdelning till aktieägarna – 606 – 1 310 Kassaflöde från finansieringsverksamheten -1 492 – 64 Årets kassaflöde 453 1 097 Likvida medel vid årets början 5 607 4 283 Kursdifferens i likvida medel – 602 227 Likvida medel vid årets slut 5 458 5 607 KOMMENTARER TILL KASSAFLÖDESANALYSEN 20252024202320222021 18,1 17,3 14,5 17,3 8,5 Avkastning på eget kapital exkl jämförelsestörande poster senaste fem åren (%) 5,4
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· 130 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB 0 15 30 Sysselsatt kapital 20252024202320222021 Avkastningsutveckling senaste fem åren (%) Eget kapital Sysselsatt kapital Lorem ipsum 0 20 40 60 20252024202320222021 Soliditetsutveckling senaste fem åren (%) 0,0 12,5 25,0 Rörelsemarginal 20252024202320222021 Marginalutveckling senaste fem åren (%) Rörelsemarginal Vinstmarginal 2025 2024 2023 2022 2021 Nettoomsättning Mkr 40 841 40 521 46 649 40 071 30 832 Tillväxt % 0,8 – 13,1 + 16,4 + 30,0 + 13,6 Rörelseresultat Mkr 4 125 2 671 6 973 5 863 4 468 Rörelseresultat exkl jämförelsestörande poster Mkr 4 303 3 226 6 973 5 863 4 468 Resultat efter finansnetto Mkr 3 155 1 536 6 331 5 675 4 318 EBITDA-marginal * % 15,3 12,1 18,9 18,6 18,7 EBITDA-marginal exkl jämförelsestörande poster % 15,8 13,5 18,9 18,6 18,7 Rörelsemarginal * % 10,1 6,6 14,9 14,6 14,5 Rörelsemarginal exkl jämförelsestörande poster % 10,5 8,0 14,9 14,6 14,5 Vinstmarginal * % 7,7 3,8 13,6 14,2 14,0 Vinstmarginal exkl jämförelsestörande poster % 8,2 5,2 13,6 14,2 14,0 Nettoinvesteringar i anläggningstillgångar * Mkr 2 262 2 328 13 038 3 745 1 790 Operativt kassaflöde Mkr 2 888 1 782 - 1 272 549 2 020 Disponibla likvida medel * Mkr 5 877 6 177 4 979 5 441 5 208 Rörelsekapital exklusive kassa och bank i förhållande till nettoomsättningen * % 21,2 22,8 21,9 21,3 17,4 Eget kapital Mkr 30 290 32 140 30 207 27 973 21 657 Avkastning på eget kapital * % 8,0 4,0 17,3 18,1 17,3 Avkastning på eget kapital exkl jämförelsestörande poster % 8,5 5,4 17,3 18,1 17,3 Soliditet % 46,6 45,6 44,4 51,8 49,9 Andel riskbärande kapital % 49,5 48,6 47,8 54,5 53,1 Sysselsatt kapital Mkr 52 847 56 851 52 979 39 330 31 977 Avkastning på sysselsatt kapital * % 8,2 5,8 16,1 17,7 15,2 Avkastning på sysselsatt kapital exkl jämförelsestörande poster % 8,5 6,8 16,1 17,7 15,2 Avkastning på totalt kapital * % 6,6 4,6 12,2 12,9 11,2 Avkastning på totalt kapital exkl jämförelsestörande poster % 6,9 5,4 12,2 12,9 11,2 Kapitalomsättningshastighet ggr 0,60 0,59 0,76 0,82 0,75 Räntebärande skulder / Eget kapital % 74,5 76,9 75,5 40,6 47,7 Nettoskuld / EBITDA * ggr 2,7 3,9 2,1 0,9 1,0 Nettoskuld / EBITDA exkl åtgärdsprogrammet * ggr 2,7 3,2 2,1 0,9 1,0 Nettoskuld / EBITDA exkl jämförelsestörande poster ggr 2,7 3,5 2,1 0,9 1,0 Räntetäckningsgrad * ggr 3,4 1,9 6,7 10,1 16,6 Räntetäckningsgrad exkl jämförelsestörande poster ggr 3,5 2,3 6,7 10,1 16,6 Medeltal anställda st 21 657 20 884 22 462 21 333 20 455 * Nyckeltal med uträkning specificeras på sidorna 131 - 133. NYCKELTAL Jämförelsestörande poster redovisas med belopp på sidan 131
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 131 · Nettoinvesteringar i anläggningstillgångar (Mkr) 2025 2024 2023 2022 2021 Anskaffning av anläggningstillgångar 2 356 2 352 13 100 3 767 1 825 Avyttring av anläggningstillgångar – 94 – 24 – 62 – 22 – 35 Nettoinvesteringar i anläggningstillgångar 2 262 2 328 13 038 3 745 1 790 Vinstmarginal exkl jämförelsestörande poster (Mkr) 2025 2024 2023 2022 2021 Resultat efter finansiellt netto 3 155 1 536 6 331 5 675 4 318 Jämförelsestörande poster 178 555 – – – Resultat exkl jämförelsestörande poster 3 333 2 091 6 331 5 675 4 318 Nettoomsättning 40 841 40 521 46 649 40 071 30 832 Vinstmarginal, % 7,7 3,8 13,6 14,2 14,0 Vinstmarginal exkl jämförelsestörande poster, % 8,2 5,2 13,6 14,2 14,0 Rörelsemarginal exkl jämförelsestörande poster (Mkr) 2025 2024 2023 2022 2021 Rörelseresultat 4 125 2 671 6 973 5 863 4 468 Jämförelsestörande poster 178 555 – – – Rörelseresultat exkl jämförelse- störande poster 4 303 3 226 6 973 5 863 4 468 Nettoomsättning 40 841 40 521 46 649 40 071 30 832 Rörelsemarginal, % 10,1 6,6 14,9 14,6 14,5 Rörelsemarginal exkl jämförelsestörande poster, % 10,5 8,0 14,9 14,6 14,5 Kompletterande nyckeltal avser finansiella mått som används av företagets ledning och av investerare för att utvärdera koncernens resultat och ställning med hjälp av beräkningar som inte alltid direkt kan härledas ur de finansiella rapporterna. De kompletterande nyckeltal som redovisas i denna årsredovisning kan skilja sig till beräkningssättet från liknande mått som används av andra bolag. KOMPLETTERANDE NYCKELTAL EBITDA-marginal (Mkr) 2025 2024 2023 2022 2021 Rörelseresultat 4 125 2 671 6 973 5 863 4 468 Av- och nedskrivningar 2 145 2 245 1 824 1 597 1 297 EBITDA 6 270 4 916 8 797 7 460 5 765 Jämförelsestörande poster 178 555 – – – EBITDA exkl jämförelsestörande poster 6 448 5 471 8 797 7 460 5 765 Nettoomsättning 40 841 40 521 46 649 40 071 30 832 EBITDA-marginal, % 15,3 12,1 18,9 18,6 18,7 EBITDA-marginal exkl jämförelsestörande poster, % 15,8 13,5 18,9 18,6 18,7 Jämförelsestörande poster: 2025: N egativ effekt av förvärvsrelaterade omvärderingar: 178 Mkr 2024: Å tgärdsprogrammets kostnader: 1 152 Mkr P ositiv effekt av förvärvsrelaterade omvärderingar: 597 Mkr Förvärvsrelaterade omvärderingar avser omvärdering av skulder till minoriteten och specificeras i Not 26.
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Nettoskuld/EBITDA (Mkr) 2025 2024 2023 2022 2021 Långfristiga skulder och avsättningar, räntebärande 16 129 17 625 16 922 6 399 7 505 Kortfristiga skulder och avsättningar, räntebärande 6 428 7 086 5 849 4 958 2 815 Kassa och bank – 4 783 – 5 028 – 3 756 – 4 627 – 4 522 Kortfristiga placeringar – 675 – 579 – 527 – 190 – 224 Nettoskuld 17 099 19 104 18 488 6 540 5 574 Rörelseresultat 4 125 2 671 6 973 5 863 4 468 Av- och nedskrivningar 2 145 2 245 1 824 1 597 1 297 EBITDA 6 270 4 916 8 797 7 460 5 765 Jämförelsestörande poster, åtgärdsprogrammet – 1 152 – – – Jämförelsestörande poster 178 555 – – – EBITDA exkl. åtgärdsprogrammet 6 270 6 068 8 797 7 460 5 765 EBITDA exkl. jämförelsestörande poster 6 448 5 471 8 797 7 460 5 765 Nettoskuld/EBITDA, ggr 2,7 3,9 2,1 0,9 1,0 Nettoskuld/EBITDA, exkl åtgärdsprogrammet, ggr 2,7 3,2 2,1 0,9 1,0 Nettoskuld/EBITDA, exkl jämförelsestörande poster, ggr 2,7 3,5 2,1 0,9 1,0 Räntetäckningsgrad (Mkr) 2025 2024 2023 2022 2021 Resultat efter finansnetto 3 155 1 536 6 331 5 675 4 318 Finansiella kostnader 1 328 1 647 1 103 626 276 Resultat före finansiella kostnader 4 483 3 183 7 434 6 301 4 594 Jämförelsestörande poster 178 555 – – – Resultat exkl. jämförelsestörande poster 4 661 3 738 7 434 6 301 4 594 Räntetäckningsgrad, ggr 3,4 1,9 6,7 10,1 16,6 Räntetäckningsgrad exkl jämförelsestörande poster, ggr 3,5 2,3 6,7 10,1 16,6 KOMPLETTERANDE NYCKELTAL Rörelsekapital exklusive kassa och bank (Mkr) 2025 2024 2023 2022 2021 Varulager 9 167 10 644 13 227 10 191 6 584 Kortfristiga fordringar 7 026 7 176 6 688 7 144 4 941 Kortfristiga skulder och avsättningar, icke räntebärande – 7 523 – 8 565 – 9 716 – 8 795 – 6 165 Rörelsekapital exklusive kassa och bank 8 670 9 255 10 199 8 540 5 360 Nettoomsättning 40 841 40 521 46 649 40 071 30 832 Rörelsekapital exklusive kassa och bank i förhållande till nettoomsättning, % 21,2 22,8 21,9 21,3 17,4 Disponibla likvida medel (Mkr) 2025 2024 2023 2022 2021 Kassa och bank 4 783 5 028 3 756 4 627 4 522 Kortfristiga placeringar 675 579 527 190 224 Outnyttjade checkkrediter 419 570 696 624 462 Disponibla likvida medel 5 877 6 177 4 979 5 441 5 208 · 132 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB
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Avkastning på eget kapital (Mkr) 2025 2024 2023 2022 2021 Resultat efter finansnetto 3 155 1 536 6 331 5 675 4 318 Schablonskatt, % 20,6 20,6 20,6 20,6 20,6 Resultat efter finansiellt netto, efter skatt 2 505 1 220 5 027 4 506 3 428 Varav hänförligt till moderbolagets aktieägare 2 502 1 231 5 016 4 462 3 370 Eget kapital vid årets ingång 32 098 30 160 27 935 21 438 17 588 Eget kapital vid årets utgång 30 253 32 098 30 160 27 935 21 438 Genomsnittligt eget kapital 31 176 31 129 29 048 24 687 19 513 Avkastning på eget kapital, % 8,0 4,0 17,3 18,1 17,3 Avkastning på sysselsatt kapital (Mkr) 2025 2024 2023 2022 2021 Resultat efter finansnetto 3 155 1 536 6 331 5 675 4 318 Finansiella kostnader 1 328 1 647 1 103 626 276 Resultat före finansiella kostnader 4 483 3 183 7 434 6 301 4 594 Jämförelsestörande poster 178 555 – – – Resultat exkl jämförelsestörande poster 4 661 3 738 7 434 6 301 4 594 Sysselsatt kapital vid årets ingång 56 851 52 979 39 330 31 977 28 396 Sysselsatt kapital vid årets utgång 52 847 56 851 52 979 39 330 31 977 Genomsnittligt sysselsatt kapital 54 849 54 915 46 154 35 654 30 187 Avkastning på sysselsatt kapital, % 8,2 5,8 16,1 17,7 15,2 Avkastning exkl jämförelsestörande poster, % 8,5 6,8 16,1 17,7 15,2 Avkastning på totalt kapital (Mkr) 2025 2024 2023 2022 2021 Resultat efter finansnetto 3 155 1 536 6 331 5 675 4 318 Finansiella kostnader 1 328 1 647 1 103 626 276 Resultat före finansiella kostnader 4 483 3 183 7 434 6 301 4 594 Jämförelsestörande poster 178 555 – – – Resultat exkl jämförelsestörande poster 4 661 3 738 7 434 6 301 4 594 Balansomslutning vid årets ingång 70 406 68 104 53 994 43 394 38 337 Balansomslutning vid årets utgång 65 055 70 406 68 104 53 994 43 394 Genomsnittlig balansomslutning 67 731 69 255 61 049 48 694 40 866 Avkastning på totalt kapital, % 6,6 4,6 12,2 12,9 11,2 Avkastning exkl jämförelsestörande poster, % 6,9 5,4 12,2 12,9 11,2 KOMPLETTERANDE NYCKELTAL Avkastning på eget kapital exklusive jämförelsestörande poster (Mkr) 2025 2024 2023 2022 2021 Resultat efter finansnetto 3 155 1 536 6 331 5 675 4 318 Jämförelsestörande poster 178 555 – – – Resultat exkl jämförelsestörande poster 3 333 2 091 6 331 5 675 4 318 Schablonskatt, % 20,6 20,6 20,6 20,6 20,6 Resultat efter finansiellt netto, efter skatt 2 646 1 660 5 027 4 506 3 428 Varav hänförligt till moderbolagets aktieägare 2 643 1 671 5 016 4 462 3 370 Eget kapital vid årets ingång 32 098 30 160 27 935 21 438 17 588 Eget kapital vid årets utgång 30 253 32 098 30 160 27 935 21 438 Genomsnittligt eget kapital 31 176 31 129 29 048 24 687 19 513 Avkastning på eget kapital exkl jämförelsestörande poster, % 8,5 5,4 17,3 18,1 17,3 ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 133 ·
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· 134 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB Tillgångar (Mkr) 2025-12-31 2024-12-31 ANLÄGGNINGSTILLGÅNGAR Finansiella anläggningstillgångar Aktier i dotterföretag Not 17 21 360 21 431 Andelar i intresseföretag och gemensamt styrda företag Not 18 1 1 Fordran hos koncernföretag 3 675 4 615 Långfristiga fordringar hos intresseföretag 48 48 Långfristiga värdepappersinnehav 21 17 Andra långfristiga fordringar Not 19 51 53 Uppskjutna skattefordringar Not 13 6 5 SUMMA ANLÄGGNINGSTILLGÅNGAR 25 162 26 170 OMSÄTTNINGSTILLGÅNGAR Kortfristiga fordringar Fordran hos koncernföretag 44 457 Övriga fordringar 6 6 Skattefordran 19 - Förutbetalda kostnader och upplupna intäkter 38 42 Summa kortfristiga fordringar 107 505 Likvida medel 19 1 SUMMA OMSÄTTNINGSTILLGÅNGAR 126 506 SUMMA TILLGÅNGAR 25 288 26 676 Balansräkning MODERBOLAGET (Mkr) 2025 2024 Nettoomsättning Not 4 69 62 Administrationskostnader Not 6-10 – 239 – 160 Övriga intäkter Not 5 3 – Rörelseresultat – 167 – 98 Resultat från finansiella poster Resultat från andelar i koncernföretag Not 11 1 303 693 Finansiella intäkter Not 11 366 217 Finansiella kostnader Not 11 –715 – 984 Resultat efter finansiellt netto 787 – 172 Bokslutsdispositioner Not 12 – 415 Skatt Not 13 – 11 – 30 Nettoresultat 776 213 Övrigt totalresultat – – Summa totalresultat 776 213 Resultaträkning
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 135 · (Mkr) 2025 2024 DEN LÖPANDE VERKSAMHETEN Rörelseresultat – 167 – 98 Erhållna räntor och liknande poster 120 177 Betalda räntor och liknande poster – 589 – 746 Betald skatt – 33 – 47 Kassaflöde före förändring av rörelsekapital – 669 – 714 Förändring av rörelsekapital Förändring av kortfristiga fordringar 417 37 Förändring av kortfristiga skulder 13 37 Kassaflöde från den löpande verksamheten – 239 – 640 INVESTERINGSVERKSAMHETEN Förändring av långfristiga fordringar och övriga värdepapper 937 – 292 Kassaflöde från investeringsverksamheten 937 – 292 OPERATIVT KASSAFLÖDE 698 – 932 Investering i verksamheter – 1 172 – 199 Kassaflöde från investeringsverksamheten – 1 172 – 199 KASSAFLÖDE EFTER INVESTERINGAR – 474 – 1 131 FINANSIERINGSVERKSAMHETEN Resultat från andelar i koncernföretag 1 349 742 Amortering av långfristiga lån Not 32 – 3 800 – 2 700 Nya lån som tagits upp Not 32 3 548 4 400 Utdelning till aktieägarna – 605 – 1 310 Kassaflöde från finansieringsverksamheten 492 1 132 Årets kassaflöde 18 1 Likvida medel vid årets början 1 - Likvida medel vid årets slut 19 1 KassaflödesanalysEget kapital och skulder (Mkr) 2025-12-31 2024-12-31 EGET KAPITAL Bundet eget kapital Not 21 Aktiekapital 79 79 Reservfond 75 75 Summa bundet eget kapital 154 154 Fritt eget kapital Överkursfond 4 751 4 751 Balanserade vinstmedel 3 518 3 347 Summa fritt eget kapital 8 269 8 098 SUMMA EGET KAPITAL 8 423 8 252 LÅNGFRISTIGA SKULDER OCH AVSÄTTNINGAR Avsättningar för pensioner Not 22 29 24 Avsättningar för skatter 11 11 Skulder till kreditinstitut Not 24 2 596 2 757 Obligationslån Not 25 9 250 9 500 Förvärvsrelaterade skulder Not 26 640 1 084 Övriga skulder 23 37 SUMMA LÅNGFRISTIGA SKULDER OCH AVSÄTTNINGAR 12 550 13 413 KORTFRISTIGA SKULDER OCH AVSÄTTNINGAR Skulder till kreditinstitut Not 24 - 1 700 Obligationslån och företagscertifikat Not 25 3 798 2 100 Leverantörsskulder 27 11 Skulder till koncernföretag 6 456 Skatteskulder - 1 Förvärvsrelaterade skulder Not 26 287 640 Övriga skulder 92 - Upplupna kostnader och förutbetalda intäkter Not 28 106 103 SUMMA KORTFRISTIGA SKULDER OCH AVSÄTTNINGAR 4 316 5 011 SUMMA EGET KAPITAL OCH SKULDER 25 288 26 676
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· 136 · ÅRSREDOVISNING 202 5 NIBE INDUSTRIER AB Verksamhet Moderbolagets verksamhet omfattar koncernledning samt vissa koncerngemensamma funktioner. Rörelseresultat Moderbolagets omsättning avser i sin helhet försäljning till koncernföretag och uppgick för året till 69 Mkr (62 Mkr). Administrationskostnaderna består i huvudsak av personalkostnader och köpta tjänster såsom revision, förvärvsrelaterade och kostnader förknippade med att vara börsnoterade. Finansnetto Moderbolagets utgifter för rörelsekostnader, räntor, amorteringar och utdelning till aktieägarna finansieras i huvudsak genom utdelningar och koncernbidrag från dotterbolag. Balansräkning Under året har moderbolagets balansomslutning minskat från 2 6 676 Mkr till 25 288 Mkr. Långfristig fordran hos koncernföretag hänför sig helt till den C ashpool som dotterbolaget NIBE Treasury AB äger. Moderbolagets långfristiga räntebärande skulder utgörs till största delen av obligationslån och företagscertifikat. Räntebärande skulder uppgick vid årets slut till 15 644 Mkr (16 057 Mkr) och den genomsnittliga räntesatsen på dessa uppgick under året till 4,0% (5,4%). Vid årets utgång bestod moderbolagets räntebärande skulder till största del av skulder i svenska kronor, v ilket framgår av not 29. KOMMENTARER MODERBOLAGET Förändringar i eget kapital (Mkr) Aktie- kapital Reserv- fond Över- kursfond Balanserade vinstmedel Summa eget kapital Eget kapital 2023-12-31 79 75 4 751 4 445 9 350 Årets totalresultat 213 213 Utdelning – 1 310 – 1 310 Eget kapital 2024-12-31 79 75 4 751 3 347 8 252 Årets totalresultat 776 776 Utdelning – 605 – 605 Eget kapital 2025-12-31 79 75 4 751 3 518 8 423 DEFINITIONER Reservfond Reservfonden är en bunden fond, vilket innebär att den inte får minskas genom vinstutdelning. Syftet med fonden har varit att spara en del av nettovinsten som inte går åt för täckning av balanserade förluster. Överkursfond Överkursfonden är en fri fond tillgänglig för utdelning. När a ktier emitteras till överkurs, det vill säga till ett pris som överstiger a ktiens kvotvärde, ska det överskjutande beloppet tillföras överkursfon - den. Balanserade vinstmedel Innefattar föregående års balanserade vinstmedel och resultat efter avdrag för under året lämnad utdelning och är tillgängligt för utdelning.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 137 · RISKER OCH RISKHANTERING Det gemensamma ramverket och verktyget för r iskhanteringen utgörs av NICS, NIBE Internal Control Standard. Inom ramen för NICS utförs kontinuerligt riskhanteringsprocesser med aktiviteter på flera n ivåer. NICS adresserar de risker koncernen kan utsättas för från fyra olika p erspektiv; Affärsrisker, Finansiella risker, IT-risker och Hållbarhetsrisker. Dessa perspektiv är i sin tur indelade i flertalet undergrupper, vilka samtliga årligen utvärderas av koncernens tre affärsområden och alla underlig - gande bolag inom koncernen för att slutligen, i sammanställd form, hanteras på styrelsenivå med beslut om prioriterade åtgärder. Politisk och makroekonomisk risk Politisk osäkerhet, politisk obeslutsamhet och makroekonomiska förhållanden kan såväl direkt som indirekt påverka efterfrågan på produkter och kostnader. De kan få konsekvenser för verksamheten i såväl utsatta regioner där handelsavtal och tullar kraftigt kan förändras och sanktioner i nföras som i etablerade regioner där politisk obeslutsamhet, eller ryckighet i beslut, kan leda till osäkerhet hos slutkunden. NIBE för en dialog med beslutsfattare inom relevanta områden med fokus på EU och Nordamerika. Detta koordineras med andra aktörer som till exempel branschföreningar. Politisk instabilitet, pandemier eller arbetskonflik t er kan orsaka produktionsstopp som i sin tur leder till kompensationskrav. NIBE genom för fortlöpande kontroller av lagefterlevnad med hjälp av policier, rutiner samt konstruktiva förhandlingar med arbetstagarrepresentanter. Kund- och leverantörsberoende Stora konjunktursvängningar, förändringar av energipriser, energi s katter, subventioner och energilag - stiftning kan påverka koncernens utveckling. Bedömningen är att detta motverkas genom koncernens globala närvaro där utvecklingen per land och produktgrupp följs kontinuerligt, vilket tillsammans med en flexibel tillverkning möjliggör snabba åtgärder. Samtliga tre affärsområden har en bred kundkrets liksom leverantörskrets och inget affärsområde är så beroende av en enskild kund eller kundgrupp eller enskild leverantör att ett eventuellt bortfall allvarligt skulle påverka koncernens lönsamhet. Vidare bidrar koncernens produkter till ett mer hållbart samhälle genom högtekno lo giska och hållbara produk- ter, vilket anses borga för långsiktigt god lönsamhet. När Covid-19 slog till 2020 drabbades alla våra bolag på något sätt och tvingades anpassa sina verksamheter därefter. I nitialt handlade det om att parera för såväl störningar i leveranskedjan som påtvingade nedstängningar. Sedermera övergick det till att möta en kraftig efterfrågeökning under 2022 och första halvan av 2023 för att därefter möta en kraftig inbromsning under andra halvan av 2023 och första halvan av 2024. Anledningen till detta var Rysslands anfallskrig mot Ukraina och de konsekvenser detta fört med sig på energiförsörjningen. Andra halvan 2024 och 2025 har präglats av en successiv återgång till vad vi beömer skall bli en mer normal marknad. Prisrisker En stor del av koncernens kostnader är materialkostnader i form av råvaror och komponenter. Till största delen består dessa av met aller vars priser är fastställda i dollar och noterade på Londons metallbörs, LME. För att motverka effekterna av prisfluktuationer, beroende av enskilda valutor och marknader, har inköpsförfarandet i många dela r globaliserats. Under 2024 har även råvaror såsom nickel, k oppar och aluminium till viss del prissäkrats genom terminskontrakt. Övriga driftskostnader följer den generella prisutvecklingen där koncernen bedriver verksamhet. Risker hänförliga till patent och rättstvister Intrång i patent, mönster- och varumärkesskydd utgör kontinuerligt ett externt hot. Det finns dock relativt få patent inom koncernen och endast komponenter som ingår i slutprodukter är patenterade. Däremot förekommer ett antal mönsterskydd och varumärkesskydd. Genom koncernens kontinuer - liga bevakning av dessa är det vår bedömning att inga intrång görs i vare sig våra eller andras patent. Förvärv Oförutsedda händelser och upptäckter i förvärvade bolag, liksom utdragna integrationsprocesser och långsamma synergieffekter kan ge upphov till nedskrivningsbehov. Koncernen har väl inarbe - tade rutiner och due diligence för granskning av potentiella förvärv. Integrations- och synergiarbetet görs i mycket nära samarbete med de förvärvade bolagen. Förvärv bidrar till expansion genom ökat kunnande, större produktutbud och större geografisk närvaro. Förvärv ger samordningsvinster och bidrar till branschstrukturering. Återkallelse av produkter Inom koncernens produktområden finns det alltid en risk att produkter på grund av seriefel kan komma att behöva återkallas på grund av materialfel eller annat fel genom så kallad “recall”. Riskerna reduceras genom ett systematiskt kvalitetsarbete och rutiner för kontroll. Merparten av koncernens bolag är certifierade enligt ISO 9001. Som en ytterligare riskavtäckning för liknande händelser har globala försäkringar tecknats. Traditionella risker med försäkringsskydd Mot traditionella försäkringsrisker såsom brand, stöld, ansvar och liknande anser vi att koncernen har ett tillfredsställande skydd genom de globala försäkringar som tecknats. Självriskerna ligger inom intervallet 0,3 – 10,0 Mkr. Finansiella risker Inom kategorin Finansiella risker återfinns följande väsentliga risker; kreditrisker, valutarisker, finan - sieringsrisker och ränterisker. Dessa beskrivs i not 2 9. IT-risker Intrång i datasystem, stöld av affärskritiska data eller sabotage av kritiska datasystem genom data - virus utgör ett kontinuerligt och upplevt ökande externt hot. Kompenserande åtgärder för dessa risker omfattar strikta IT-policyer för användares behörigheter med tillhörande säkerhetsutbildning, mjuk- och hårdvarurelaterade skyddsmekanismer samt etablerandet av flertalet så kallade Security Operations Center (SOC) med uppgiften att kontinuerligt övervaka koncernens IT-system för eventu - ella IT-angrepp. Även koncernens försäkringsskydd omfattar i stor utsträckning IT-området. En god IT-säkerhet bidrar till effektivitet och stabilitet. Som en global aktör omgärdas NIBE av såväl affärsmöjligheter som risker av olika slag. Även om NIBE huvudsakligen agerar på marknader med stark ekonomi kan efterfrågan på bolagets produkter och tjänster påverkas negativt av en generell konjunkturnedgång eller svacka i ett enskilt land eller enskilt segment. Till detta kommer risker i form av ä n drade lagar och regler, störningar i de finansiella sys - temen, naturkatastrofer, terrorism, p andemier, geopolitiska hot med mera. För att motverka effekterna av företagets olika r isker jobbar NIBE systematiskt och proak - tivt med riskhantering.
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· 138 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Beräkningsbas Förändring Resultatpåverkan Nettoomsättning (marginal konstant) 40 841 Mkr +/– 1,0 % 167 Mkr Rörelsemarginal (volym konstant) 40 841 Mkr +/– 1,0 % 408 Mkr Materialkostnader 17 815 Mkr +/– 1,0 % 178 Mkr Personalkostnader 11 268 Mkr +/– 1,0 % 113 Mkr Räntebärande skulder (ränta konstant) 22 557 Mkr +/– 10,0 % 99 Mkr Räntesats % (räntebärande skuld konstant) 4,4 % +/– 1,0 %-enhet 226 Mkr Arbetsmiljö En bristande arbetsmiljö kan leda till olyckor med personskador liksom avbrott i produktionen på grund av incidenter rörande bristande säkerhet. Systematiskt arbetsmiljöarbete med riskanalyser av a rbetsmoment, maskiner och material genomförs kontinuerligt, innehållande rutiner för incidentrap - portering och utredning av grundorsaker. En god och säker arbetsmiljö främjar produktivitet och skapar effektivare arbetsplatser med bättre trivsel och högre motivation. Kompetensförsörjning NIBEs framtida framgångar beror till stor del på förmågan att r ekrytera, utveckla och behålla kvalifi - cerade befattningshavare och a ndra nyckelpersoner. Brist på spetskompetens eller ledarskapskom - petens leder till sämre produkt- och affärsutveckling. Vi bedömer att strategiskt personalarbete för att rekrytera, utveckla och behålla kvalificerade befattningshavare och andra nyckelpersoner motverkar risken och skapar ett försprång vad gäller förmåga till innovation, affärsutveckling och tillväxt. Distribution Störningar i distributionsledet kan påverka kunderna negativt och ökade fraktvolymer innebär större koldioxidutsläpp. Distributionskanalerna kontrolleras löpande. Rutiner finns för uppföljning och eventuella åtgärder. Vidare sker samordning och effektivt utnyttjande av transporter för att minska utsläpp och göra dem miljövänligare. Korruption Korruption inom ett företag kan innebära stora kostnader och rättsprocesser samt rent allmänt sänka förtroendet för bolaget. Inom NIBE genomgår alla anställda med risk för att utsättas för korruption en utbildning i anti-korruption. Vidare finns det en visselblåsarfunktion. Affärspartners skriver på en anti-korruptionsklausul som en del av avtalet. Goda affärsprinciper ger en stabil verksamhet och bygger förtroende hos anställda, kunder och myndigheter. En etisk och pålitlig image skapar konkur - rensfördelar. Mänskliga rättigheter NIBE verkar i ett 30-tal länder och i miljöer där oetiska affärsmetoder och kränkningar av mänskliga rättig- heter kan förekomma. Om NIBE blir involverat i dessa affärsmetoder kan företagets rykte på marknaden skadas. NIBE kan även drabbas av böter och andra juridiska sanktioner. NIBE arbetar tillsammans med olika affärspartners, som kunder, distributörer, partners i samägda företag, leverantörer med flera. Skill- nader i kultur och arbetssätt mellan NIBE och dessa partners kan öka risken främst avseende affärsetik och hänsyn till mänskliga rättigheter. Därför är Våra Värderingar och utvärderingar av affärspartners (Code of Conduct) viktiga i hur vi förebygger dessa risker. Hållbarhetsrisker Klimatförändringar Extrema väderförhållanden i form av orkaner, översvämningar och extrem hetta eller kyla utgör risker för skada på fast egendom och innebär ökad risk för skada på miljön i form av spill, oplanerade utsläpp och läckage. Detta skapar även risk för avbrott i produktion och leveransförmåga. Genom våra riska - nalyser, förebyggande åtgärder och beredskap i områden med förhöjd risk identifierad genom TCFD, Task Force on Climate-related Financial Disclosures, kan skador reduceras. NIBE har ett globalt för - säkringsskydd mot naturkatastrofer för skador av större dignitet. Leverantörskedjan Merparten av komponenterna i de produkter som koncernens tre affärsområden marknadsför till - handahålls av ett flertal leverantörer i Europa och världen i övrigt. Leverantörerna kan skada NIBEs rykte om de inte lever upp till internationellt överenskomna principer för mänskliga rättigheter, arbetsvillkor, miljöskydd, etiskt affärsbeteende och/eller socialt ansvar, eller om de bryter mot den nationella lagstiftningen inom dessa områden. NIBE utvärderar l e verantörer mot internationellt överenskomna principer, kvalitetskrav och leveransförmåga. Vår bedömning är att koncernen inte allvarligt skulle skadas på grund av att en enskild leverantör inte skulle kunna uppfylla ställda krav. Tillverkning För att minimera effekten av att koncernen drabbas av produktionsstopp på grund av yttre omständigheter, riskbedöms och f örbättras produktionsanläggningarna kontinuerligt med löpande u nderhåll och nyinvesteringar. Goda rutiner i produktionsprocessen eftersträvas när det gäller kva - litet, arbetsmiljö och yttre miljö samt brandskydd. Vi följer upp efterlevnad och status på policyer och certifieringar inom dessa områden genom intern och extern revision. En hög grad av ständiga förbättringar främjar produktionsprocessen och säkerheten. Global närvaro kombinerat med en flex - ibel pr oduktionsstruktur möjliggör förflyttningar av tillverkningsprocesser enligt kontinuitetsplaner. Miljö Hantering av material och kemikalier i våra produktionsanläggningar innebär en risk för skada på miljön som företaget hålls ansvarigt för. Företaget kan hållas ansvarigt för förorenad mark och påverkan på grundvatten i fastigheter som orsakats av tidigare ägare. Vi bedömer att riskerna hålls minimerade genom systematiskt miljöarbete genom ISO 14001 certifiering och due diligence i samband med förvärv. Känslighetsanalys Koncernen är utsatt för ett antal riskfaktorer som påverkar resultatutvecklingen. Flera av dessa risker ligger utanför bolagets kontroll. I tabellen återges några förändringar och deras påverkan på koncernens resultat. Förändringarna är beräknade med utgångspunkt i 2025 års balans- och resultaträkning och utgår från konstanta fasta kostnader.
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NOTER Not 1 A llmänna redovisningsprinciper 1 40 Not 2 S egmentsredovisning affärsområden 1 42 Not 3 F örvärv 1 43 Not 4 N ettoomsättning 1 44 Not 5 Ö vriga rörelseintäkter 1 44 Not 6 E rsättning till ledande befattningshavare, an tal män och kvinnor i ledande ställning 1 45 Not 7 P ersonalkostnader 1 46 Not 8 F orsknings- och utvecklingskostnader 1 48 Not 9 E rsättning till revisorerna 1 48 Not 10 K ostnadsslagsindelad resultaträkning 1 48 Not 11 R esultat från finansiella poster 1 48 Not 12 B okslutsdispositioner 1 48 Not 13 S katter 1 49 Not 14 I mmateriella anläggningstillgångar 1 51 Not 15 M ateriella anläggningstillgångar 1 54 Not 16 N yttjanderättstillgångar 1 55 Not 17 A ktier i dotterbolag 1 57 Not 18 A ndelar i intresseföretag och gemensamt s tyrda bolag 1 60 Not 19 A ndra långfristiga fordringar 1 61 Not 20 V arulager 16 1 Not 21 E get kapital 1 61 Not 22 A vsättningar för pensioner 16 2 Not 23 Ö vriga avsättningar 1 65 Not 24 S kulder till kreditinstitut 1 65 Not 25 O bligationslån 16 5 Not 26 F örvärvsrelaterade skulder 16 6 Not 27 Ö vriga skulder 1 66 Not 28 U pplupna kostnader och förutbetalda intäkter 16 6 Not 29 F inansiella instrument och riskhantering 1 67 Not 30 S tällda säkerheter 1 74 Not 31 E ventualförpliktelser 1 74 Not 32 K assaflödesanalys 1 75 Not 33 V äsentliga händelser efter periodens utgång 1 75
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· 140 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB NOTER TILL KONCERNENS FINANSIELLA RAPPORTER 1 · ALLMÄNNA REDOVISNINGSPRINCIPER Allmänt NIBE Industrier AB är moderbolag i en internationell koncern inom hållbara energi lö sningar som bedriver verksamhet inom tre ol ika affärsområden; NIBE Climate Solutions, NIBE Element och NIBE Stoves. Koncernen har drygt 21 600 anställda och är verksam i 35 länder i Europa, Nordamerika, Australien och Asien. Legalt bedrivs verksamheten genom ett antal dotterbolag som i sin tur bedriver sin verksamhet via egna dotterbolag eller filialer. Moderbolaget, NIBE Industrier AB (publ) är ett registrerat aktiebolag och har sitt säte i Sverige. Adressen till huvudkontoret är Hann abadsvägen 5, 285 21 Markaryd. Företaget är noterat på N asdaq Nordic. Verksamheten omfattar koncerngemensamma funktioner som finansiering, företagsförvärv, stöd till dotterbo - lag i valutahantering, nyetableringar samt ekonomistyrning och policyfrågor. Koncernredovisningen för NIBE-koncernen har upprättats i enlighet med IFRS Redovisningsstandarder utgivna av Interna - tional Accounting Standards Board (IASB) såsom de antagits av EU. Vidare har Rådet för hållbarhets- och finansiell rapporterings rekommendation RFR 1 Kompletterande redovisningsregler för koncerner tillämpats. Moderbolaget har upprättat sin årsredo - visning enligt årsredovisningslagen (1995:1554) och RFR 2 Redo- visning för juridiska personer. Även av Rådet för hållbarhets- och finansiell rapporterings utgivna uttalanden gällande för noterade företag tillämpas. Ändrade redovisningsprinciper föranledda av nya eller ändrade IFRS Inga ändringar av IFRS Redovisningsstandarder med tillämpning från och med 1 januari 2025 har haft någon materiell påverkan på koncernens finansiella rapporter. Nya IFRS som ännu inte börjat tillämpas Ett antal nya standarder och ändrade standarder träder i kraft för r äkenskapsår 1 januari 2026 eller senare och har inte tillämpats vid upprättandet av denna finansiella rapport. IFRS 18 Presen - tation and Disclosure in Financial Statements ska tillämpas från och med 1 januari 2027, vilket innebär att koncernens första finan - siella rapport enligt IFRS 18 kommer att bli delårsrapporten för det första kvartalet 2027. Jämförelseåret 2026 kommer då att räknas om enligt IFRS 18. Under 2025 har analysen påbörjats avseende effekterna av IFRS 18 för koncernens finansiella rapporter. Det har noterats att några av koncernens befintliga nyckeltal upp- fyller definitionen av ett MPM och att koncernen därmed kommer att behöva lämna upplysningar om dessa i not. Koncernen har även valutakursdifferenser på koncernintern utlåning som enligt nuvarande principer redovisas inom finansnettot. Det är för när - varande inte klarlagt hur sådana valutakursdifferenser ska redo - visas under IFRS 18 eftersom frågan är under behandling av IFRS Interpretations Committee. Vidare kommer erlagda och betalda räntor i och med införandet av IFRS 18 att redovisas i investerings- respektive finansierings - verksamheten i kassaflödesanalysen. Enligt koncernens nuva - rande redovisningsprinciper ingår både såväl erlagda som betalda räntor i kassaflödet från den löpande verksamheten. IASB har också gjort tillägg till IFRS 9 rörande när finansiella skulder (exempelvis leverantörsskulder) ska bokas bort då de regleras med en elektronisk överföring. Ändringarna förtydli - gar att en finansiell skuld som generell princip endast får bokas bort först på likviddagen, det vill säga i samband med att de lik - vida medlen har nått mottagaren. Det har dock införts ett undan - tag från den generella regeln som möjliggör tidigare bortbokning av en skuld än på likviddagen, givet att vissa villkor är uppfyllda. Valet att applicera undantaget görs individuellt för varje elektro - niskt betalningssystem. Ändringarna träder i kraft från och med den 1 januari 2026. Bolaget har under 2025 genomfört en analys av inom koncernen förekommande betalsystem för att avgöra i vilken utsträckning ändringarna av IFRS 9 påverkar när koncernen bokar bort leverantörsskulder och andra finansiella skulder. Ana - lysen kommer att färdigställas under 2026. I övrigt väntas inga av de IFRS Redovisningsstandarder eller IFRIC-tolkningar som ännu inte har trätt i kraft ha någon väsentlig påverkan på koncernens finansiella rapporter. Koncernredovisning Koncernredovisningen omfattar moderbolaget NIBE Industrier AB (publ) och de dotterföretag i vilka moderbolaget direkt eller indi - rekt innehar mer än 50 procent av röstetalet eller på annat sätt har ett bestämmande inflytande. Förvärvade och avyttrade bolag ingår i koncernens r esultat- räkning under innehavstiden. Poster som ingår i de finansiella rapporterna för de olika enheterna i NIBE-koncernen är värderade i den valuta som används i den ekonomiska miljö där respektive företag huvudsakligen är verksamt (funktionell valuta). I kon - cernredovisningen används moderbolagets funktionella valuta och presentationsvaluta, vilken är svenska kronor. Detta innebär att de utländska dotterföretagens tillgångar och skulder omräk - nas till balansdagens kurs. Samtliga poster i resultaträkningen omräknas till årets genomsnittskurs. Omräkningsdifferenser förs till övrigt totalresultat. I några fall förekommer långfristiga mone - tära mellanhavanden mellan ett moderföretag och en självständig utlandsverksamhet, där mellanhavandena är av sådan art att de sannolikt inte kommer att regleras. De kursdifferenser som upp - står i dessa, redovisas i koncernredovisningen i övrigt totalresul - tat. Klassificering Anläggningstillgångar och långfristiga skulder inklusive tillhö - rande avsättningar består av poster som förväntas återvinnas eller betalas efter 12 månader från balansdagen. Omsättningstill - gångar och kortfristiga skulder inklusive tillhörande avsättningar är poster som förväntas återvinnas eller betalas inom 12 månader från balansdagen. Redovisning av hyperinflation för koncernens turkiska dotterbolag Turkiet klassificeras som ett hyperinflationsland sedan 30 juni 2022 och NIBEs verksamhet i Turkiet redovisas därför i koncer - nens finansiella rapporter efter omvärdering för höginflation. De icke-monetära posterna i balansräkningen har omvärderats med användning av konsumentprisindex i Turkiet publicerat av Turkish
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 141 · 1 · ALLMÄNNA REDOVISNINGSPRINCIPER Statistical Institute (TSI). Nivån på konsumentprisindex var 3 513,87 vid årets utgång, jämfört med 2 684,55 vid årets ingång. De poster som omvärderats baseras på historiska anskaffnings - värden. Transaktioner med närstående Prissättning vid leveranser mellan koncernbolag sker enligt affärsmässiga principer och till marknadspriser. Interna resultat som uppkommer vid försäljning mellan koncernbolag har elimine - rats. Moderbolagets omsättning avser i sin helhet försäljning till koncernbolag. Under räkenskapsåret har varor och tjänster köpts till ett värde av 3 Mkr (3 Mkr) från bolag som familjen Schörling har ett betydande ägarinflytande i. Viktiga uppskattningar och antaganden för redovisningsändamål Företagsledningen gör uppskattningar och antaganden om fram - tiden, vilka påverkar redovisade värden. Följden blir att redovisade belopp i dessa fall inte kommer att motsvara de verkliga beloppen exakt. De uppskattningar och antaganden som skulle kunna inne - bära en risk för väsentliga justeringar i redovisade värden under nästkommande räkenskapsår redovisas nedan. Nyttjandeperiod immateriella och materiella anläggningstill - gångar. Koncernledningen fastställer bedömd nyttjandeperiod och därmed sammanhängande avskrivning för koncernens imma - teriella och materiella anläggningstillgångar. Dessa uppskatt - ningar baseras på historisk kunskap om motsvarande tillgångars nyttjandeperiod. Nyttjandeperioden samt bedömda restvärden prövas varje balansdag och justeras vid behov. Prövning av nedskrivningsbehov för goodwill och koncern- mässiga övervärden i varumärken Koncernen undersöker varje år om något nedskrivningsbehov föreligger för goodwill och koncernmässiga övervärden i varu - märken i enlighet med redovisningsprincip beskriven i avsnittet ”Nedskrivningar”. Under avsnittet ”Goodwill och varumärken” framgår de uppskattningar som måste göras och effekterna av dessa. Ytterligare information, bland annat en känslighetsanalys, återfinns i not 14. Avsättningar Ytterligare information avseende årets avsättning för garantirisk - reserv framgår av not 23. Avsättning för pensionsförpliktelsernas nuvärde är beroende av ett antal faktorer som fastställs utifrån a ktuariella antaganden. Varje förändring i dessa antaganden k ommer att inverka på pensionsförpliktelsernas redovisade v ärde. Väsentliga antaganden rörande pensionsförpliktelser baseras del vis på rådande marknadsvillkor. Ytterligare information, bland annat en känslighetsanalys, återfinns i not 22. Förvärvsrelaterade skulder Det redovisade värdet av förvärvsrelaterade skulder baseras normalt på förväntad resultatutveckling i förvärvade verksam - heter under kommande år. Annan resultatutveckling än förväntad kommer att påverka det redovisade värdet av de förvärvsrelate - rade skulderna och därmed NIBE-koncernens resultat. I det fall de förvärvsrelaterade omvärderingarna anses jämförelsestörande, har nyckeltal räknats om för jämförbarheten. Förvärvsrelaterade omvärderingar presenteras på en egen rad i resultaträkningen. Se not 26 för vidare information om koncernens förvärvsrelaterade skulder.
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· 142 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 2 · SEGMENTSREDOVISNING AFFÄRSOMRÅDEN REDOVISNINGSPRINCIP Operativt är verksamheten i koncernen indelad i produktgruppsorienterade affärsområden med anledning av de skillnader i risker och möjlighe - ter som är förknippade med produktgrupperna. Verksamheten leds av affärsområdeschefer och övervakas av affärsområdesstyrelser. Redovis - ningen motsvarar den interna rapportering som lämnas till koncernchef. Vid transaktioner mellan segmenten sker prissättning enligt armlängdsprincipen. CLIMATE SOLUTIONS ELEMENT STOVES ELIMINERING TOTALT (Mkr) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Summa nettoomsättning 26 918 26 037 11 284 11 092 3 475 3 864 - 836 – 472 40 841 40 521 Intern nettoomsättning – 84 – 36 – 752 – 436 0 0 836 472 – – Extern nettoomsättning 26 834 26 001 10 532 10 656 3 475 3 864 0 0 40 841 40 521 Omsättning per geografisk region Norden 5 981 5 613 1 093 1 154 628 722 – – 7 702 7 489 Europa exklusive Norden 13 220 12 785 3 291 3 306 1 465 1 749 – – 17 976 17 840 Nordamerika 6 777 6 770 4 537 4 522 1 298 1 300 – – 12 612 12 592 Övriga länder 856 833 1 611 1 674 84 93 – – 2 551 2 600 Extern nettoomsättning 26 834 26 001 10 532 10 656 3 475 3 864 – – 40 841 40 521 Resultat Resultat per affärsområde 3 493 1 600 795 362 144 143 – – 4 432 2 105 Ofördelade kostnader och intäkter – 307 566 Rörelseresultat 4 125 2 671 Finansiella intäkter 358 512 Finansiella kostnader – 1 328 – 1 647 Årets skattekostnader – 875 – 374 Årets nettoresultat 2 280 1 162 Övriga upplysningar Tillgångar 45 391 48 102 15 180 16 421 5 946 7 005 – 23 900 – 24 214 42 617 47 314 Ofördelade tillgångar 22 438 23 092 Summa tillgångar 65 055 70 406 Skulder 6 412 5 782 2 158 2 587 611 1 182 - 986 – 366 8 195 9 185 Ofördelade skulder 26 570 29 081 Summa skulder 34 765 38 266 Investeringar 1 786 1 767 381 571 66 159 Avskrivningar 1 308 1 263 619 564 211 222 Av koncernens nettoomsättning avser 3 718 Mkr (3 379Mkr) kunder med säte i Sverige, 3 574 Mkr (3 474 Mkr) i Tyskland, 4 178 Mkr (3 698 Mkr) i Nederlän - derna och 11 274 Mkr (11 072 Mkr) kunder i USA. Av koncernens anläggningstillgångar enligt IFRS 8.33 finns 6 424 Mkr (6 303 Mkr) placerade inom Sverige, 9 460 Mkr (11 329 Mkr) i USA och Mexiko, 8 402 Mkr (8 724 Mkr) i Nederländerna samt 5 150 Mkr (5 489 Mkr) i Tyskland och Schweiz. Ofördelade kostnader och intäkter avser förvärvskostnader, förvärvsrelaterade omvärderingar och koncerngemensamma kostnader i moderbolaget.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 143 · 3 · FÖRVÄRV REDOVISNINGSPRINCIP Nettotillgångarna i det förvärvade bolaget bestäms utifrån en värdering av tillgångar och skulder till verkligt värde vid förvärvstidpunkten. Köpeskillingen för ett förvärv utgörs av verkligt värde på tillgångar som lämnats som ersättning och uppkomna eller övertagna skulder per överlåtelsedagen. I många av de rörelseförvärv NIBE genomför köper koncernen inte 100 procent av aktierna i det för - värvade bolaget per förvärvstidpunkten, vilket gör att säljaren legalt sett kvarstår som minoritetsak - tieägare. Normalt har dock minoritetsägaren en option att sälja sitt innehav till NIBE vid en framtida tidpunkt eller så har NIBE en skyldighet att i framtiden köpa minoritetsägarens aktier. I sådana situ - ationer har NIBE valt att att tillämpa den så kallade ”Anticipated Acquisition Method” (AAM) som innebär att 100 procent av dotterföretaget anses förvärvat redan vid förvärvstidpunkten samtidigt som koncernen redovisar en skuld motsvarande nuvärdet av den bedömda framtida köpeskillingen. Därmed redovisar inte koncernen något minoritetsintresse, under IFRS benämnt ”innehav utan bestämmande inflytande”, vid denna typ av förvärvstransaktioner. Omvärderingar av skulden för att köpa ut minoritetsägaren redovisas i resultaträkningen som en del av rörelseresultatet. Årets resultat är belastat med förvärvskostnader på 32 Mkr, v ilka redovisas som Administrationskostnader i koncer - nens resultaträkning. Förvärv under året Övriga förvärv Under november månad förvärvades 70% av aktierna i det italienska elementbolaget Selmo S.R.L. med en omsättning på cirka 14 MEUR. Avtal finns om att förvärva resterande 30% 2028. Bolaget ingår i NIBE Element och har konsoliderats från och med november 2025. Köpeskillingarna består av följande Koncernen Övriga förvärv (Mkr) 2025 2024 Initiala köpeskillingar 179 58 Förvärvsrelaterade skulder 85 44 Sammanlagda köpeskillingar 264 102 Verkligt värde på förvärvade nettotillgångar 102 – 939 Goodwill 162 1 041 Köpeskilling 264 102 Likvida medel i förvärvade bolag - 12 – 7 Reglerade skulder 776 571 Oreglerade skulder - 85 – 45 Påverkan på koncernens likvida medel 943 621 Förvärvade nettotillgångar består av följande Koncernen Övriga förvärv (Mkr) Verkliga värden Förvärvade bokförda värden Marknadspositioner - – Varumärken - - Övriga immateriella tillgångar 38 - Materiella anläggningstillgångar 5 5 Finansiella anläggningstillgångar - - Kortfristiga fordringar 85 85 Varulager 33 33 Likvida medel 12 12 Avsättningar – 12 – 2 Skulder – 59 – 53 Förvärvade nettotillgångar 102 80 Förvärvade kortfristiga fordringar utgör 85 Mkr varav 85 Mkr förväntas bli reglerade.
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· 144 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Serviceavtal För vissa produkter inom NIBE Climate Solutions erbjuder NIBE kunderna att teckna ettåriga servi - ceavtal som innebär att NIBE åtar sig att utföra underhållsservice och åtgärda vissa fel som inte omfattas av lämnad garanti. Serviceavtalen utgör separata pr estationsåtaganden och uppfylls över tid. Erhållet belopp intäktsförs därför över s erviceavtalens löptid. Omfattningen av uppkomna fel går ej att med säkerhet veta på förhand varför prissättningen är erfarenhetsbaserad. Betalning erhålls från kunderna årsvis i förskott, varför förutbetalda intäkter kommer att intäktsföras successivt under kommande 12-månadersperiod. Avtal om förlängda garantier För vissa produkter inom NIBE Climate Solutions erbjuder NIBE kunderna att teckna avtal om garan - titider som överstiger de som tillhandahålls som standard. Vilken garantitid som är standard beror på både typ av produkt och vilken marknad det är fråga om. De avtal som har längst varaktighet löper ut inom sex år. Omfattningen av uppkomna fel går ej att med säkerhet veta på förhand varför prissätt - ningen är erfarenhetsbaserad. Betalning erhålls från kunderna i samband med varuleverans. Även de förlängda garantierna utgör separata prestationsåtaganden som uppfylls över tid. Förutbetalda intäkter kommer att intäktsföras successivt under kommande sexårsperiod. 4 · NETTOOMSÄTTNING NETTOOMSÄTTNING Försäljning av varor Koncernens intäkter utgörs nästan uteslutande av försäljning av färdiga varor. Försäljningen intäkts - förs när kunden får kontroll över varan, vilket vanligtvis är när varorna ställts till kundens förfogande i enlighet med leveransvillkoren. Intäkten redovisas efter avdrag för rabatter, kundbonusar och andra liknande poster. REDOVISNINGSPRINCIP Moderbolagets omsättning avser i sin helhet försäljning till koncernföretag enligt avtal. Några förut - betalda intäkter fanns ej vare sig vid årets ingång eller vid årets utgång. MODERBOLAGET Serviceavtal Förlängda garantier Övrigt Summa Förutbetalt vid årets ingång 120 377 40 537 Förutbetalt i sålda bolag – – – – Erhållna betalningar under året 143 129 813 1 085 Intäktsfört under året – 147 – 81 – 821 – 1 049 Omräkningsdifferenser – 7 – 47 – 3 – 57 Förutbetalt vid årets utgång 109 378 29 516 Leveranser som intäktsförts vid en enda tidpunkt Leveranser som intäktsförts successivt under året Summa intäkter från avtal med kunder NIBE Climate Solutions 26 444 474 26 918 NIBE Element 10 708 576 11 284 NIBE Stoves 3 475 – 3 475 Eliminering – 836 – – 836 Summa intäkter 39 791 1 050 40 841 Tidpunkt för redovisning av omsättning Leveranser som intäktsförts successivt För andra prestationsåtaganden än åtaganden för serviceavtal samt förlängda garantier lämnas ingen upplysning om transaktionspris allokerat till återstående prestationsåtaganden eftersom det per den 31 december 2025 inte fanns några sådana åtaganden som hade en ursprunglig förväntad löptid på mer än ett år. Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Vinst vid avyttring av anläggningstillgångar 6 7 – – Vinst vid avyttring av verksamheter – - – – Valutakursvinster 239 249 – – Övrigt 217 296 3 – Totalt 462 552 3 – 5 · ÖVRIGA RÖRELSEINTÄKTER
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 145 · 6 · E RSÄTTNINGAR TILL LEDANDE BEFATTNINGSHAVARE, ANTAL MÄN OCH KVINNOR I LEDANDE STÄLLNING Styrelse och ledande befattningshavare 20 25 2024 (Kkr) Lön och andra ersättningar Pensions- kostnader Lön och andra ersättningar Pensions- kostnader Hans Linnarson, ordf 1 000 – 1 000 – Anders Pålsson 500 – 500 – Eva Karlsson 500 – 500 – Eva Thunholm 500 – 500 – James Ahrgren 500 - 500 - Camilla Ekdahl 500 - 500 - Gerteric Lindquist tillika VD 11 113 – 10 666 – Andra ledande befattningshavare 6 (5) personer 29 932 7 232 26 336 5 240 Totalt koncernen 44 545 7 232 40 502 5 240 Principer för ersättningar och andra anställningsvillkor för bolagsledningen Följande principer har, efter beslut på årsstämman, gällt under 2025. Bolaget skall erbjuda ersättning på marknadsmässiga villkor och vara konkurrenskraftigt för att att - rahera och behålla personal. Ersättning skall kunna utgå som fast lön, rörlig lön, pension eller annan förmån som exempelvis tjänstebil. Styrelsearvode skall inte utgå till styrelsemedlemmar som är anställda i koncernen. Uppsägningstiden från företagets sida för verkställande direktören skall vara sex månader. Verk - ställande direktören skall ha rätt till avgångsvederlag motsvarande tolv månadslöner. Övriga ledande befattningshavare skall erhålla lön under uppsägningstid som varierar mellan 6 – 12 månader. Alla ledande befattningshavare skall ha pensionsförmåner motsvarande ITP-planen, avd 2, upp till 30 inkomstbasbelopp. För lönedelar därutöver skall utgå en premie med en fast procentsats på 30% i enlighet med samma principer som i den premiebestämda ITP-planen, avd 1. Det skall ej finnas någon speciell överenskommelse om att ledande befattningshavare kan sluta före uppnådd officiell pen - sionsålder och fram till dess uppbära en viss del av sin lön. Ledande befattningshavare skall som incitament kunna ha en rörlig lönedel som utgår om upp - ställda mål infrias. Den rörliga delen skall vara begränsad till fyra månadslöner. Därutöver ska en extra månadslön kunna utgå som ersättning, under förutsättning att den ledande befattningshavaren använder denna extra ersättning och y tterligare en månadslön av sin rörliga ersättning för förvärv av NIBE-aktier. Ett villkor för den extra ersättningen är att den ledande befattningshavaren behåller de årligen förvärvade NIBE-aktierna i minst tre år. N ormalt kommer de ledande befattningshavarnas förvärv av NIBE a ktier att ske en gång per år i februari/mars och då med tillämpning av gällande insi - derregler. Verkställande direktören skall inte omfattas av något incitamentsprogram. Styrelsen får frångå riktlinjerna om det i enskilt fall finns skäl för detta. Styrelsens förslag till riktlinjer för 2026 överensstämmer i allt väsentligt med de principer som god - kändes vid årsstämman 2025. Styrelsen har bedömt att kretsen av ledande befattningshavare som omfattas av riktlinjerna inte har behövt utökas till följd av de nya reglerna om ersättningar till ledande befattningshavare från Kollegiet för Svensk Bolagsstyrning. Avtal om avgångsvederlag Finns endast för verkställande direktören i moderbolaget där avtal träffats om avgångsvederlag upp - gående till en årslön. Pensioner Under 2025 har inga pensionspremier betalts för verkställande direktören. Övriga ledande befatt - ningshavare inom koncernen har pensionsförmåner motsvarande ITP-1 respektive ITP-2 för lönedelar upp till 30 inkomstbasbelopp. För lönedelar därutöver utgår en premie om 30%. Undantag finns för en affärsområdeschef som i egenskap av verkställande direktör har ett individuellt upplägg men med premier motsvarande övriga ledande befattningshavares. Enligt bolagets policy görs inga ytterligare inbetalningar av pensionspremier vid fortsatt arbete efter 65 års ålder. Fördelning mellan män och kvinnor i koncernens styrelse/företagsledning 2025 2024 Antal Varav män Antal Varav män Företagets styrelse 7 4 7 4 Företagsledningen Moderbolaget 6 5 4 4 Dotterföretag 1 1 2 2 Koncernen 7 6 6 6 REDOVISNINGSPRINCIP
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· 146 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 7 · PERSONALKOSTNADER Löner och andra ersättningar (Mkr) 2025 2024 Moderbolaget 59 33 Dotterföretag 9 163 9 546 Totalt koncernen 9 222 9 579 Löner och andra ersättningar exklusive sociala avgifter fördelade per land samt mellan styrelse, VD samt ledande befattningshavare och övriga anställda 20 25 2024 (Mkr) Styrelse, VD och ledande b efatt- ningshavare Övriga anställda Styrelse, VD och ledande b efatt- ningshavare Övriga anställda Moderbolaget* 42 19 29 6 Dotterföretag i Sverige1) (0 resp 0) 3 1 140 11 1 202 Norge1) (0 resp 0) – 247 – 266 Finland1) (1 resp 2) – 258 – 276 Danmark1) (3 resp 4) – 540 – 629 Frankrike (0 resp 0) – 79 – 81 Tyskland 1) (1 resp 2) – 810 – 789 Polen1) (0 resp 0) – 404 – 406 Portugal – 31 – 30 Tjeckien1) (2 resp 0) – 205 – 205 Italien 1) (1 resp 0) – 457 – 460 Nederländerna1) (1 resp 1) – 500 – 534 Belgien – 34 – 42 Storbritannien1) (1 resp 1) – 308 – 323 Irland – 36 – 42 Spanien – 41 – 35 Rumänien – 49 – 53 * Ökningen beror på att affärsområdesledningarna numera registreras på moderbolaget. 1) (varav tantiem i Mkr) Löner och andra ersättningar exklusive sociala avgifter fördelade per land samt mellan styrelse, VD samt ledande befattningshavare och övriga anställda 20 25 2024 (Mkr) Styrelse, VD och ledande b efattnings - havare Övriga anställda Styrelse, VD och ledande b efattnings - havare Övriga anställda Slovakien – 1 – 1 Ryssland – 0 – 0 Österrike1) (0 resp 0) – 56 – 71 Schweiz1) (1 resp 3) – 395 – 418 Serbien – 156 – 142 Slovenien – 32 – 36 Turkiet – 128 – 112 Kina1) (0 resp 0) – 155 – 166 Malaysia – 4 – 4 Vietnam – 103 – 40 Taiwan – 2 – 2 Thailand – 9 – 9 Singapore – 4 – 4 Australien – 33 – 22 Mexiko – 365 – 372 Costa Rica – 24 – 17 Kanada – 350 – 430 USA1) (7 resp 10) – 2 206 – 2 314 Totalt koncernen 44 9 182 40 9 539 1) (varav tantiem i Mkr)
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 147 · 20 25 2024 (Mkr) Sociala Kostnader varav pensions- kostnader Sociala Kostnader varav pensions- kostnader Moderbolaget 28 10 14 4 Dotterföretag 1 680 348 1 798 400 Totalt koncernen 1 708 358 1 812 404 Av moderbolagets pensionskostnader avser, liksom föregående år, inga kostnader för VD. Moderbo - lagets utestående pensionsförpliktelser till styrelse och VD uppgår till 9 Mkr (8 Mkr). Motsvarande belopp för koncernen är 11 Mkr (12 Mkr). Koncernen har inga utestående pensionsförpliktelser till tidigare styrelse och VD. Personalkostnader Medelantal anställda samt fördelning mellan män och kvinnor 20 25 2024 Antal anställda Kvinnor Män Antal anställda Kvinnor Män Moderbolaget 18 8 10 11 5 6 Dotterföretag i Sverige 2 250 503 1747 2 348 526 1 822 Norge 323 72 251 343 75 268 Finland 457 92 365 487 104 383 Danmark 630 188 442 732 218 514 Frankrike 94 23 71 107 25 82 Tyskland 1 204 232 972 1 225 228 997 Polen 1 674 831 843 1 826 942 884 Portual 122 35 87 130 44 86 Tjeckien 740 294 446 809 323 486 Italien 796 258 538 743 233 510 Nederländerna 691 149 542 713 143 570 Belgien 48 9 39 54 8 46 Storbritannien 559 127 432 595 125 470 Irland 73 29 44 80 30 50 Spanien 69 21 48 78 24 54 Rumänien 373 256 117 358 249 109 Slovakien 2 1 1 2 1 1 7 · PERSONALKOSTNADER Medelantal anställda samt fördelning mellan män och kvinnor 20 25 2024 Antal anställda Kvinnor Män Antal anställda Kvinnor Män Ryssland 0 0 0 0 0 0 Österrike 73 18 55 76 19 57 Schweiz 310 73 237 316 70 246 Serbien 743 272 471 696 255 441 Slovenien 43 10 33 44 10 34 Turkiet 469 58 411 478 35 443 Kina 930 382 548 989 388 601 Malaysia 27 15 12 27 16 11 Vietnam 2 258 1 236 1 022 986 583 403 Taiwan 4 1 3 4 1 3 Thailand 119 52 67 124 59 65 Singapore 9 4 5 9 4 5 Australien 31 3 28 28 6 22 Mexiko 2 312 1 275 1 037 2 215 1 199 1 016 Costa Rica 188 149 39 143 124 19 Kanada 570 106 464 615 122 493 USA 3 448 1 117 2 331 3 493 1 116 2 377 Totalt koncernen 21 657 7 899 13 758 20 884 7 310 13 574
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· 148 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 8 · FORSKNINGS- OCH UTVECKLINGSKOSTNADER I kostnad för sålda varor ingår kostnader för forskning och utveckling med 1 390 Mkr (1 421 Mkr). K oncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Nettoomsättning 40 841 40 521 69 62 Förändring av varulager – 381 – 1 853 – – Övriga rörelseintäkter 462 1 149 3 – 40 922 39 817 72 62 Råvaror och förnödenheter – 17 434 – 17 061 – – Övriga externa kostnader – 5 950 – 6 116 – 151 – 114 Personalkostnader – 11 268 – 11 724 – 88 – 46 Avskrivningar – 2 145 – 2 245 – – Rörelseresultat 4 125 2 671 – 167 – 98 Koncernen 20 25 2024 (Mkr) KPMG Övriga revisorer Totalt koncern KPMG Övriga revisorer Totalt koncern Revisionsuppdrag * 29 15 44 26 14 39 Revisionsverksamhet utöver revisionsuppdraget ** 4 2 6 3 2 6 Skatterådgivning *** 2 12 14 2 11 13 Övriga tjänster **** 3 9 12 4 7 11 Totalt 38 38 76 35 34 69 Moderbolaget har under året debiterats kostnader för revision med 3 Mkr (2 Mkr) och med 4 Mkr (3 Mkr) för övriga tjänster från olika revisionsbolag. 9 · ERSÄTTNING TILL REVISORERNA 10 · KOSTNADSSLAGSINDELAD RESULTATRÄKNING * varav 10 Mkr avser KPMG AB ** varav 2 Mkr avser KPMG AB *** varav 0 Mkr avser KPMG AB **** varav 2 Mkr avser KPMG AB Med revisionsuppdrag avses lagstadgad revision av års- och koncernredovisningen och bokföringen samt styrelsens och verkställande direktörens förvaltning samt revision och annan granskning utförd i enlighet med överenskommelse eller avtal. Detta inkluderar övriga arbetsuppgifter som det ankom - mer på bolagets revisor att utföra samt rådgivning eller annat biträde som föranleds av iakttagelser vid sådan granskning eller genomförandet av sådana arbetsuppgifter. RESULTAT FRÅN ANDELAR I KONCERNFÖRETAG Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Utdelning – – 1 349 741 Nedskrivning av andelar i dotterföretag – – – 46 - 48 Totalt – – 1 303 693 FINANSIELLA INTÄKTER Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Ränteintäkter, koncern- företag – – 111 168 Ränteintäkter, övriga 224 295 2 4 Valutakurs- vinster 97 165 253 45 Övriga finan- siella intäkter 11 15 - - Totalt 332 475 366 217 FINANSIELLA KOSTNADER Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Räntekostnader, koncernföretag – – 9 4 Räntekostnader, poster verkligt värde 79 79 79 79 Räntekostnader, övriga 970 1 340 539 736 Valuta- kursförluster 178 150 76 165 Övriga finansiella kostnader 101 78 12 - Totalt 1 328 1 647 715 984 11 · RESULTAT FRÅN FINANSIELLA POSTER Ränteintäkter, räntekostnader och erhål- len utdelning Ränteintäkter intäktsföres med tillämpning av effektivräntemetoden. Erhållen utdelning intäktsredovisas när rätten att erhålla utdel - ningen har fastställts. Räntekostnader belastar reultatet i den period till vilken de hänför sig. REDOVISNINGSPRINCIP Moderbolaget (Mkr) 2025 2024 Koncernbidrag - 415 Totalt - 415 12 · BOKSLUTSDISPOSITIONER Koncernbidrag Koncernbidrag redovisas i enlighet med alternativregeln i RFR 2. Alternativregeln innebär att ett koncernbidrag som ett moderbolag erhåller från ett dotterbolag redovisas som en bokslutsdisposition i moderbolaget. Ett koncernbidrag som moderbolaget lämnar redovisas som en bokslutsdisposition. REDOVISNINGSPRINCIP
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 149 · Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Aktuell skatt för året 874 617 2 30 Aktuell skatt hänförlig till tidigare år 21 - 27 12 – Uppskjuten skatt - 20 - 216 - 2 - Totalt 875 374 11 30 Skatt avseende poster som redovisats i övrigt totalresultat Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Förmånsbestämda pensioner 6 - 6 – – Marknadsvärdering av valutaterminskontrakt 9 - 12 – – Aktuell skatt hänförlig till valutakursdifferenser - 259 143 – – Aktuell skatt hänförlig till nettoinvestering i utlandet 65 - 30 – – Totalt - 179 95 – – 13 · SKATTER Skillnaden mellan koncernens skattekostnad och skatte k ostnad baserad på gällande skattesats Den gällande skattesatsen har beräknats med utgångspunkt från den skattesats som gäller för moderbolaget och har uppgått till 20,6% (20,6%). Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Redovisat resultat före skatt 3 155 1 536 787 243 Skatt enligt gällande skattesats 650 316 162 50 Ej avdragsgilla kostnader 383 255 119 133 Ej skattepliktiga intäkter - 234 - 240 - 4 - Utdelningar från dotterföretag - - - 278 - 153 Justeringar för skatter tidigare år 21 - 27 12 - Ej balanserade underskottsavdrag - 118 38 - - Effekt utländska skattesatser 173 32 - - Redovisad skattekostnad 875 374 11 30 Förfallotider för underskottsavdrag som ej balanserats Ackumulerade underskottsavdrag som inte motsvaras av redovi - sad uppskjuten skattefordran uppgår för koncernen till 289 Mkr (257 Mkr). Förfallotiderna för underskottsavdragen ligger inom följande intervall: Koncernen (Mkr) 2025 2024 Förfaller år 1 – 5 222 98 Förfaller år 6 – 10 2 26 Förfaller om mer än 10 år 4 4 Oändlig förfallotid 61 129 Totalt 289 257 Global minimiskatt Majoriteten av bolagen i koncernen är verksamma i länder som har antagit den nya lagstiftningen för att implementera den globala minimiskatten, kallad Pillar 2. Koncernens beräkningar av effektiv skatt per land indikerar inte någon väsentlig effekt på kon - cernen. REDOVISNINGSPRINCIP Redovisade inkomstskatter innefattar aktuell skatt, justeringar avseende tidigare års aktuell skatt och förändringar i uppskjuten skatt. Värdering av samtliga skatteskulder/-fordringar sker till nomi - nella belopp och görs enligt de skatteregler och skattesatser som är beslutade eller som aviserats och med stor säkerhet kommer att fastställas. För poster som redovisas i resultaträkningen, redovisas även därmed sammanhängande skatteef - fekter i resultaträkningen. Skatt redovisas i övrigt totalresultat om skatten är hänförlig till poster som redovisats i övrigt totalresultat. Uppskjuten skatt beräknas enligt balansräkningsmetoden på alla väsentliga temporära skillna - der som uppkommer mellan redovisade och skattemässiga värden på tillgångar och skulder. De tem - porära skillnaderna har huvudsakligen uppkommit genom k oncernmässiga övervärden. Uppskjuten skattefordran avseende underskottsavdrag eller andra framtida skattemässiga avdrag redovisas i den omfattning det är sannolikt att avdragen kan avräknas mot framtida skattemässiga överskott. I moderbolaget redovisas, på grund av sambandet mellan redovisning och beskattning, den upp - skjutna skatteskulden på obeskattade reserver, som en del av de obeskattade reserverna.
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· 150 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Uppskjutna skatteskulder Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Obeskattade reserver 90 67 – – Temporära skillnader i anläggningstillgångar 1 539 1 694 – – Övrigt 300 289 11 11 Totalt 1 929 2 050 11 11 (Mkr) Obeskattade reserver Temporära skillnader i anläggnings- tillgångar Övrigt Totalt Belopp vid årets ingång 67 1 694 289 2 050 Förvärvade bolag - 15 - 15 Sålda bolag – – – – Resultatfört 23 - 13 51 61 Effekt av tillämpning av IAS 29 - - - 2 - 2 Omräkningsdifferens - - 157 - 38 - 195 Belopp vid årets utgång 90 1 539 300 1 929 Uppskjutna skattefordringar Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Underskottsavdrag 220 136 – – Avsättningar för pensionsförpliktelser 54 63 – – Avsättningar för garantiförpliktelser - 4 30 – – Temporära skillnader i anläggningstillgångar - 19 - 30 – – Övrigt 484 553 6 5 Totalt 735 752 6 5 (Mkr) Underskotts- avdrag Avsättningar för pensions- förpliktelser Avsättningar för garanti– förpliktelser Temporära skillnader i anläggnings- tillgångar Övrigt Totalt Belopp vid årets ingång 136 63 30 - 30 553 752 Förvärvade bolag – – – – - - Resultatfört 91 1 - 31 – 5 - 21 35 Fört mot övrigt totalresultat – - 7 – – 4 - 3 Omräkningsdifferens - 7 - 3 - 3 16 - 52 - 49 Belopp vid årets utgång 220 54 - 4 – 19 484 735 Temporära skillnader Temporära skillnader avseende följande poster har resulterat i uppskjutna skatteskulder och uppskjutna skattefordringar. 13 · SKATTER Uppskjutna skattefordringar Uppskjutna skatteskulder
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 151 · 14 · IMMATERIELLA ANLÄGGNINGSTILLGÅNGAR REDOVISNINGSPRINCIP Prövning av nedskrivningsbehov NIBE-koncernen tar fram budget för ett år i taget. Detta innebär att kassaflöden för det första året i nyttjandeperioden baseras på av styrelsen fastställd budget. Kassaflöden fram till slutet av nyttjandeperioden uppskattas genom en extrapolering av det kassaflöde som baseras på upprättad budget och antagan - den under nyttjandeperioden om organisk försäljningstillväxt, r örelsekapitalbehov och bruttovinstmarginaler. – D en organiska försäljningstillväxten för år 2–5 beräknas baserat på ledningens bästa bedömningar om framtiden med utgångspunkt i koncernens historiska erfarenheter. För peri - oder därefter har en lägre tillväxttakt antagits som motsvarar en bedömd långsiktig tillväxttakt för branschen. – B ehovet av rörelsekapital under nyttjandeperioden beräknas med ledning av koncernens historiska erfarenheter och anta - gen organisk försäljningstillväxt. – B ruttovinstmarginalen baseras på fastställda budgetar för r espektive kassagenererande enhet. – D iskonteringsräntan beräknas genom att en viktning görs av ett bedömt avkastningskrav från marknaden på eget kapital med tillägg för schablonskatt och en bedömd långsiktig ränte - nivå på koncernens räntebärande skulder. GOODWILL OCH VARUMÄRKEN Goodwill och koncernmässiga övervärden i varumärken har upp - stått i samband med förvärv av rörelser. Varumärken värderas till verkligt värde på förvärvsdagen. Eftersom nyttjandeperioden på varumärken är avhängig ett antal okända faktorer såsom teknisk utveckling och marknadsutveckling och inte med säkerhet kan beräknas har NIBE hittills bedömt att den är obestämbar. Good - will och tillgångar med obestämd nyttjandeperiod skrivs inte av. Däremot genomförs årligen, eller oftare om indikationer finns på att behov kan föreligga, ett nedskrivningstest varvid koncernens bokförda värden på dessa tillgångar ställs mot deras beräk - nade nyttjandevärden baserade på deras diskonterade framtida kassaflöden. Tillgångarna värderas segmentsvis, det vill säga affärsområdesvis, vilket innebär att framtida kassaflöden från respektive segment som kassagenererande enhet beräknas. När nyttjandevärdet understiger redovisat värde sker en nedskrivning till nyttjandevärdet. Tillgångarna redovisas således till anskaff - ningsvärden minskat med ackumulerade nedskrivningar. Känslighetsanalys En känslighetsanalys har genomförts avseende de väsentliga antaganden som tillämpats vid nedskrivningsprövningen. Nedan - stående antaganden har prövats för att testa känsligheten. – D en organiska tillväxttakten år 2–5 blir två procentenheter lägre. – B ruttovinstmarginalen blir två procentenheter lägre. – R örelsekapitalbehovet för den organiska tillväxten blir två pro - centenheter högre. – D iskonteringsräntan blir två procentenheter högre. Inget av ovanstående antaganden har inneburit att nedskrivnings - behov av goodwill uppstått för någon av koncernens kassagenere- rande enheter. För tillämpade väsenltiga antagenden se sidan 152.
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· 152 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Kassagenererande enhet Antaganden NIBE Climate Solutions NIBE Element NIBE Stoves Tillväxttakt år 2-5, % 6,0-12,0 Tillväxttakt år 6 och framåt, % 2,0 2,0 2,0 Rörelsekapitalbehov för organisk tillväxt, % 15,0 15,0 18,0 Diskonteringsränta före skatt, % 10,6 10,2 10,3 Avskrivningar Marknadspositioner 7 – 11% Övriga immateriella tillgångar 5 – 33% Tillämpande väsentliga antaganden 2025Av- och nedskrivningarna på utvecklingskostnader och övriga immateriella tillgångar är redovisade inom följande funktioner: Koncernen (Mkr) 2025 2024 Kostnad för sålda varor 221 200 Försäljningskostnader 6 8 Administrationskostnader 54 44 Totalt 281 252 Aktiverade utvecklingskostnader skrivs av under uppskattade nyttjandeperio - der. Under 2025 har dessa uppgått till mellan 4 och 10 år. 14 · IMMATERIELLA ANLÄGGNINGSTILLGÅNGAR MARKNADSPOSITIONER, UTVECKLINGSKOSTNADER OCH ÖVRIGA IMMATERIELLA ANLÄGGNINGS- TILLGÅNGAR NIBE-koncernen har utgifter för produktutveckling inom varje affärsområde. Under utvecklingsfasen gäller ett antal kriterier för att utvecklingsprojekt skall redovisas som immateriell anlägg - ningstillgång. Utgifterna aktiveras i de fall det är tekniskt möjligt och avsikten är att färdigställa tillgången så att den kan användas eller säljas, tillgången bedöms ge troliga framtida ekonomiska för - delar för bolaget, det finns finansiella möjligheter att färdigställa tillgången samt att det är möjligt att beräkna anskaffningsvärdet på ett tillfredsställande sätt. Utgifterna aktiveras från den tid - punkt då samtliga kriterier är uppfyllda. Övriga utvecklingsutgifter som inte uppfyller dessa villkor r edovisas som kostnader när de uppstår. Utvecklingsutgifter som t idigare har redovisats som en kostnad, redovisas inte som en till - gång i en efterföljande period. Planenliga avskrivningar baseras på anskaffningsvärden och fördelas över uppskattad nyttjandeperiod. Med marknadspositioner avses värdering av kassaflöden från identifierade kundrelationer. Årets avskrivningar redovisas som försäljningskostnader i koncernens resultaträkning. Övriga immateriella tillgångar avser hyresrätter, patent, licenser, dataprogram och liknande. Dessa tillgångar och mark - nadspositioner har enligt koncernens bedömningar begränsade nyttjandeperioder. Nyttjandeperiod immateriella anläggningstillgångar Koncernledningen fastställer bedömd nyttjandeperiod och därmed sammanhängande avskrivning för koncernens immate - riella anläggningstillgångar. Dessa uppskattningar baseras på historisk kunskap om motsvarande tillgångars nyttjandeperiod. Nyttjandeperioden prövas varje balansdag och justeras vid behov.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 15 3 · 14 · IMMATERIELLA ANLÄGGNINGSTILLGÅNGAR MARKNADS- POSITIONER VARUMÄRKEN UTVECKLINGS- KOSTNADER ÖVRIGA IMMATERIELLA TILLGÅNGAR GOODWILL (Mkr) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Anskaffningsvärde Ingående anskaffningsvärde 4 764 5 600 3 397 3 401 1 970 1 573 896 812 25 322 22 959 Rörelseförvärv 0 0 0 0 0 0 0 0 0 0 Årets investeringar 19 0 19 0 394 395 86 77 159 1 047 Försäljningar och utrangeringar 0 -1 112 0 – 1 84 – 10 – 136 – 2 – 72 0 0 Omklassificeringar 0 0 0 – 9 113 75 49 8 0 Effekt av tillämpning av IAS 29 0 0 0 0 0 0 0 – 40 249 Omräkningsdifferenser – 495 276 – 364 180 – 78 25 – 64 30 – 2 323 1 067 Utgående ackumulerade anskaffningsvärden 4 288 4 764 3 052 3 397 2 267 1 970 991 896 23 126 25 322 Avskrivningar Ingående avskrivningar 2 600 2 168 29 27 782 630 495 467 0 0 Försäljningar och utrangeringar 0 0 0 0 – 10 – 37 – 2 – 69 0 0 Omklassificeringar 0 0 0 0 – 7 1 2 2 0 0 Årets avskrivningar 245 297 0 0 191 176 90 76 0 0 Omräkningsdifferenser – 304 135 – 3 2 – 32 12 – 43 19 0 0 Utgående ackumulerade avskrivningar 2 541 2 600 26 29 924 782 542 495 0 0 Utgående bokfört värde 1 747 2 164 3 026 3 368 1 343 1 188 449 401 23 126 25 290 Nedskrivningar Ingående nedskrivningar – – – – 115 0 55 5 32 34 Försäljningar och utrangeringar – – – – 0 0 0 0 0 0 Årets nedskrivningar – – – – 0 115 2 50 0 0 Omräkningsdifferenser – – – – 0 0 0 0 4 – 2 Utgående ackumulerade nedskrivningar – – – – 115 115 57 55 36 32 Utgående bokfört värde – – – – 1 228 1 073 392 346 23 090 25 290 Bokfört värde per affärsområde NIBE Climate Solutions 1 215 1 503 2 376 2 651 1 081 930 206 246 16 715 18 298 NIBE Element 371 445 335 364 54 47 140 77 4 231 4 601 NIBE Stoves 161 216 315 353 93 96 46 23 2 144 2 391 Totalt 1 747 2 164 3 026 3 368 1 228 1 073 392 346 23 090 25 290 Försäljningar och utrangeringar för 2024 utgörs av justerad förvärvsanalys för Climate For Life (CFL) om 1 112 Mkr. Försäljningar och utrangeringar för 2024 utgörs av justerad förvärvsa- nalys för Climate For Life (CFL) om 184 Mkr. I årets investeringar för 2024 ingår belopp avseende justerad förvärvs- analys för Climate For Life (CFL) om 960 Mkr.
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· 154 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Planenliga avskrivningar baseras på anskaffningsvärden vilka, efter avdrag för eventuella restvärden, fördelas över uppskattad nyttjandeperiod. Följande avskrivningsprocent har använts: Byggnader 2 – 7% Markanläggningar 2 – 10% Maskiner och inventarier 10 – 33% Fastighetsinventarier 4% REDOVISNINGSPRINCIP 15 · MATERIELLA ANLÄGGNINGSTILLGÅNGAR Materiella anläggningstillgångar redovisas till anskaffningsvärde minskat med ackumulerade avskrivningar och eventuella ned - skrivningar. I anskaffningsvärdet ingår inköpspriset samt utgifter direkt hänförbara till tillgången för att bringa den på plats och i skick för att utnyttjas i enlighet med syftet med anskaffningen. Det redovisade värdet för en materiell anläggningstillgång tas bort ur balansräkningen vid utrangering eller avyttring eller när inga framtida ekonomiska fördelar förväntas. Eventuella oavskrivna redovisade värden på utbytta komponenter, eller delar av komponenter, utrangeras och kostnadsförs i samband med utbyte. Utgifter för reparation och underhåll kostnadsförs löpande. Koncernen (Mkr) 2025 2024 Anskaffningsvärde Ingående anskaffningsvärde 6 232 4 749 Rörelseförvärv 0 0 Årets investeringar 162 313 Försäljningar och utrangeringar – 21 – 8 Omklassificeringar 975 1 023 Omräkningsdifferenser – 304 155 Utgående ackumulerade anskaffningsvärden 7 044 6 232 Avskrivningar Ingående avskrivningar 1 526 1 308 Årets avskrivningar 226 184 Försäljningar och utrangeringar – 6 – 8 Omklassificeringar – 1 4 Omräkningsdifferenser – 82 38 Utgående ackumulerade avskrivningar 1 663 1 526 Utgående bokfört värde 5 381 4 706 varav mark 493 535 BYGGNADER OCH MARK MASKINER OCH INVENTARIER Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Anskaffningsvärde Ingående anskaffningsvärde 8 305 7 140 1 1 Rörelseförvärv 5 2 – – Årets investeringar 619 617 – – Försäljningar och utrangeringar - 232 – 341 – – Effekt av tillämpning av IAS 29 0 8 – – Omklassificeringar 388 599 – – Omräkningsdifferenser - 595 280 – – Utgående ackumulerade anskaffningsvärden 8 490 8 305 1 1 Avskrivningar Ingående avskrivningar 4 382 3 816 1 1 Försäljningar och utrangeringar - 156 – 289 – – Årets avskrivningar 728 726 – – Omklassificeringar - 11 – 13 – – Omräkningsdifferenser – 313 142 – – Utgående ackumulerade avskrivningar 4 630 4 382 1 1 Nedskrivningar Ingående nedskrivningar 31 21 – – Försäljningar och utrangeringar 0 – 3 - - Årets nedskrivningar 5 13 – – Omräkningsdifferenser 0 0 – – Utgående ackumulerade nedskrivningar 36 31 – – Utgående bokfört värde 3 824 3 892 – – PÅGÅENDE NYANLÄGGNINGAR Koncernen (Mkr) 2025 2024 Anskaffningsvärde Ingående anskaffningsvärde 2 217 2 859 Under året nedlagda kostnader 388 1 245 Försäljningar och utrangeringar - – 4 Omklassificeringar - 1 521 – 1 906 Omräkningsdifferenser – 25 23 Utgående ackumulerade anskaffningsvärden 1 059 2 217
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 15 5 · REDOVISNINGSPRINCIP Nyttjanderättstillgångar NIBE-koncernens nyttjanderättsavtal utgörs i huvudsak av lokaler som i allmänhet innehåller för - längningsoptioner. Dessa utnyttjas frekvent av koncernens bolag, varför nyttjandetillgångarnas värde i de flesta fall när det gäller just lokaler baserats på antaganden om förlängningsperioder. När ett avtal ingås bedömer koncernen om avtalet är, el ler innehåller, ett leasingavtal. Ett avtal är, eller innehåller, ett le asing- avtal om avtalet överlåter rätten att under en viss period bestämma över användningen av en identifierad tillgång i utbyte mot ersättning. Vid leasingavtalets början eller vid omprövning av ett leasingavtal som innehåller flera komponen - ter, leasing- och icke-leasingkomponenter, fördelar koncernen ersättningen enligt avtalet till varje komponent baserat på det fristående priset. För leasing av byggnader och mark där koncernen är leasetagare har koncernen emel lertid valt att inte skilja på icke-leasingkomponenter och redovisar le asing- och icke-leasingkomponenter som erläggs med fasta belopp som en enda leasingkompo - nent. Leasingavtal som leasetagare Koncernen redovisar en nyttjanderättstillgång och en leasingskuld vid leasingavtalets inlednings - datum. Nyttjanderättstillgången v ärderas initialt till anskaffningsvärde, vilket består av leasingskul - dens initiala värde med tillägg för leasingavgifter som betalats vid eller före inledningsdatumet plus eventuella initiala direkta utgifter. Nyttjanderättstillgången skrivs av linjärt från inledningsdatumet till det tidigare av slutet av tillgångens nyttjandeperiod och leasingperiodens slut, vilket i normalfallet för koncernen är leasingperiodens slut. I de mer sällsynta fall då anskaffningsvärde för nyttjanderät - ten återspeglar att NIBE kommer att utnyttja en option att köpa den underliggande tillgången skrivs tillgången av till nyttjandeperiodens slut. Leasingskulder, som delas upp i långfristig och kortfristig del, värderas initialt till nuvärdet av åter - stående leasingavgifter under den bedömda leasingperioden. Leasingperioden utgörs av den ej upp - sägbara perioden med tillägg för ytterligare perioder i avtalet om det vid inledningsdatumet bedöms som rimligt säkert att dessa kommer att nyttjas. Leasingavgifterna diskonteras i normalfallet med koncernens marginella upplåningsränta, vilket utöver koncernens/företagets k reditrisk återspeglar respektive avtals leasingperiod, valuta och kva - 16 · NYTTJANDERÄTTSTILLGÅNGAR litet på underliggande tillgång som tänkt säkerhet. I de fall l easingavtalets implicita ränta lätt kan fast - ställas används dock den räntan. Leasingskulden omfattar nuvärdet av följande avgifter under bedömd leasingperiod: - f asta avgifter, inklusive till sin substans fasta avgifter, - v ariabla leasingavgifter kopplade till index eller pris (”rate”), initialt värderade med hjälp av det index eller pris (”rate”) som gällde vid inledningsdatumet, - e ventuella restvärdesgarantier som förväntas betalas, - lö senpriset för en köpoption som koncernen är rimligt säker på att utnyttja och - s traffavgifter som utgår vid uppsägning av leasingavtalet om bedömd leasingperiod återspeglar att sådan uppsägning kommer att ske. Skuldens värde ökas med räntekostnaden för respektive period och reduceras med leasingbetal - ningarna. Räntekostnaden beräknas som skuldens värde gånger diskonteringsräntan. Leasingskulden för koncernens lokaler med hyra som indexuppräknas beräknas med den hyra som gäller vid respektive rapportperiods slut. Vid denna tidpunkt justeras skulden med motsvarande jus - tering av nyttjanderättstillgångens redovisade värde. På motsvarande sätt justeras skuldens och till - gångens värde i samband med att ombedömning sker utav leasingperioden. Detta sker i samband med att sista uppsägningsdatumet inom tidigare bedömd leasingperiod för lokalhyresavtal har passerats alternativt då betydelsefulla hä ndelser inträffar eller omständigheterna på ett betydande sätt föränd - ras på ett sätt som är inom NIBEs kontroll och påverkar den g ällande bedömningen av leasingperioden. Koncernen presenterar nyttjanderättstillgångar och leasing s kulder som egna poster i rapporten över finansiell ställning. För leasingavtal som har en leasingperiod på 12 månader el ler mindre eller med en underlig - gande tillgång av lågt värde, understigande 50 kkr, redovisas inte någon nyttjanderättstillgång och l e asingskuld. Leasingavgifter för dessa leasingavtal redovisas som kostnad linjärt över leasingperio- den. Det förekommer förlängnings- och uppsägningsoptioner som bolag kan exponeras för som inte är inkluderade i värderingen av leasingskulden. Moderbolaget har inga leasingavtal.
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· 156 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB (Mkr) 2025 2024 Amortering av leasingskulder 680 655 Leasingavgifter avseende ej aktiverade korttidsleasar och leasar av lågt värde 35 39 Summa kassaflöde 715 694 (Mkr) 2025 2024 Avskrivningar av aktiverade leasingkontrakt 665 591 Leasingavgifter avseende ej aktiverade korttidsleasar och leasar av lågt värde 35 39 Räntekostnader 70 64 Summa leasingavgifter i resultaträkningen 770 694 Kassaflöde Betalningar av leasingavgifter för de nyttjanderättstillgångar som aktiverats på koncernens balansräkning redovisas i kassaflödesanalysen under Finansieringsverksamheten såsom amor - teringar av leasingskulder samt räntekostnader. Betalningar av leasingavgifter för korttidsleasar och leasar av mindre värde redovisas under den löpande verksamheten. 16 · NYTTJANDERÄTTSTILLGÅNGAR FÖRÄNDRING I REDOVISAT VÄRDE Nyttjanderätts- tillgång (Mkr) 2025-01-01 Förvärvade bolag Tillkommit under året Avskrivningar under året Omräknings- differenser 2025-12-31 Lokaler 1 929 - 386 – 479 - 87 1 749 Maskiner 104 - 19 – 33 - 3 87 Fordon 219 - 130 – 115 – 28 206 IT-utrustning 48 - 7 – 18 - 5 32 Övrigt 99 – 10 – 20 -11 78 Totalt 2 399 - 552 – 665 - 134 2 152 (Mkr) 2025 2024 Långfristiga skulder 1 487 1 798 Kortfristiga skulder 672 619 Summa leasingskulder vid årets utgång 2 159 2 417 Leasingskulder vid årets utgång För en löptidsanalys av koncernens leasingskulder - se not 29.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 157 · AKTIER I DOTTERFÖRETAG (Mkr) 2025 2024 Anskaffningsvärde Ingående anskaffningsvärde 22 205 21 958 Årets investeringar 62 247 Omvärderingar – 87 – Utgående ackumulerade anskaffningsvärden 22 180 22 205 Nedskrivningar Ingående nedskrivningar 774 726 Årets nedskrivningar 46 48 Återförda nedskrivningar – – Utgående ackumulerade nedskrivningar 820 774 Utgående bokfört värde 21 360 21 431 Under året har innehavet i NIBE Energy Systems France SAS skrivits ner. Om inget annat anges motsvarar röstetalet andelen av kapitalet. 17 · AKTIER I DOTTERBOLAG Dotterbolag Kapital- andel % Aktier Bokfört värde Mkr ABK-Qviller AS 100 500 224 AirSite AB 100 1 000 19 ARGOCLIMA S.p.A. 50 13 416 000 750 Backer AB 100 37 170 186 Backer EHP Inc. 100 100 217 Calvin Holdco B.V. 100 84 368 184 7 193 Cetetherm AB 100 50 000 5 CK Fires Ltd 100 302 56 Contura AB 100 15 000 451 CTC AB 100 27 000 216 Druzstevni Zavody Drazice-strojírna s.r.o. 100 7 199 Eltwin A/S 100 500 172 HT S.p.A. 100 200 000 569 Jevi A/S 100 1 30 JSC Evan* 100 8 631 – Kaukora Oy 100 759 201 Lotus Heating Systems A/S 100 1 076 667 50 Loval Oy 100 768 40 LS Control A/S 70 499 800 387 METRO THERM A/S 100 3 400 181 NIBE AB 100 400 000 153 NIBE Climate Solutions Canada Corp. 100 14 132 000 208 NIBE Energy Systems France SAS 100 100 81 NIBE Energy Systems Inc. 100 100 900 NIBE Industrier Holding AB 100 5 000 1 NIBE Stoves Canada Corp. 100 100 683 NIBE Stoves GmbH 100 1 – NIBE Treasury AB 100 15 000 11 Nordpeis AS 100 12 100 142 Rhoss S.p.A. 100 12 020 000 477 SAN Electro Heat A/S 100 13 18 Moderbolagets redovisning av aktier i dotterföretag Moderbolaget redovisar enligt anskaffningsvärdemetoden och aktiverar kostnader som är direkt hänförliga till förvärv. För - värvsrelaterade skulder redovisas till sannolikt utfall. Eventuella framtida justeringar kommer att påverka bokfört värde på aktier i dotterföretag. REDOVISNINGSPRINCIP Dotterbolag Kapital- andel % Aktier Bokfört värde Mkr Snowcliff AG 100 10 625 000 4 860 Solzaima - Equipamentos para Energias Renováveis S.A. 83 75 440 368 Springfield Wire de Mexico S.A. de C.V. 100 10 000 42 Stovax Heating Group Ltd 100 198 900 491 TermaTech A/S 100 500 62 TIKI d.o.o. Stara Pazova 100 377 Üntes Isitma Klima Sogutma San Ve Tic A.S 83 12 366 666 880 Üntes VRF Klima Sistemleri A.S. 78 3 120 88 Varde Ovne A/S 100 4 009 21 WaterFurnace Renewable Energy Corp. 100 14 666 765 96 Waterkotte GmbH 100 234 Wiegand S.A. de C.V. 100 15 845 989 21 Summa 21 360 *Icke rörelsedrivande bolag under avveckling.
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· 158 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 17 · AKTIER I DOTTERBOLAG Aktier ägda via dotterföretag Kapital- andel, % Antal aktier Aggregatet 1 i Ljungby AB 100,00 50 000 ait-austria GmbH 100,00 1 ait-cesko s.r.o 100,00 200 000 ait-deutschland GmbH 100,00 ait Schweiz AG 100,00 250 ait-slovensko s.r.o 100,00 5 000 ait-värmeteknik-sverige AB 100,00 1 000 Askoma AG 100,00 200 000 ATE-Electronics S.r.l. 100,00 Backer Alpe S. de R.L. de C.V. 100,00 Backer Asia Ltd 100,00 1 000 Backer Askoma SDN BHD 100,00 500 000 Backer Azthermal Enginerring SDN BHD 70,00 1 000 Backer Azthermal SDN BHD 100,00 499 Backer Cellnergy Engineering PTY Ltd 100,00 Backer ELC AG 100,00 34 000 Backer Elektro CZ a.s. 100,00 Backer ELTOP s.r.o. 100,00 Backer Facsa S.L. 100,00 34 502 Backer Fastighets AB 100,00 500 Backer Fer s.r.l. 100,00 Backer Grand Heater Co Ltd 100,00 299 998 Backer Heating Technologies Co. Ltd 100,00 Backer Heating Technologies France SARL 100,00 12 429 Backer Heating Technologies GmbH 100,00 25 000 Backer Heating Technologies Inc 100,00 100 Backer Heating Technologies Vietnam Comp Ltd 100,00 100 Backer Heatrod Ltd 100,00 68 000 Backer Hotwatt Inc. 100,00 100 Backer Marathon Inc. 100,00 100 Backer OBR Sp. z o.o. 100,00 10 000 Backer-Springfield Dongguan Co. Ltd 100,00 Backer S.R.L. 100,00 10 000 Backer-Wilson Elements Pty Ltd 100,00 Backer Wolff GmbH 100,00 Beckasinen i Markaryd AB 100,00 1 000 Aktier ägda via dotterföretag Kapital- andel, % Antal aktier Biawar Produkcja Sp z.o.o 100,00 50 Briskheat Corporation 100,00 13 509 070 BriskHeat Corporation CR S.A 100,00 120 Briskheat Corporation HK Limited 100,00 10 000 BrisktHeat Corporation (SG) Pte Ltd. 100,00 Briskheat Shenzhen Trading Company Ltd 100,00 Briskheat Technology Company Co. Ltd 100,00 60 000 Briskheat Vietnam Co Ltd 100,00 Ceramicx Ireland Ltd 100,00 947 825 Cetetherm LLC* 100,00 Cetetherm SAS 100,00 30 000 Cetetherm s.r.o. 100,00 CFL Group B.V. 100,00 10 CFL Ontwikkeling en Exploitatie B.V. 100,00 10 CGC Group of Companies Inc. 100,00 640 ClimaCool Corp. 100,00 1 000 ClimateCraft Inc. 100,00 1 000 ClimateMaster Inc. 100,00 1 000 Contura Stoves Ltd 100,00 1 CTC AG 100,00 700 CTC Benelux 100,00 859 550 Danotherm Electric A/S 100,00 1 000 DMD Dis Ticaret Makine Sanayi AS 51,00 36 720 E. Braude (London) Ltd 100,00 80 000 Electro Therm s.a.s 100,00 1 750 ELEKTRON-ETTO, s.r.o. 50,10 Elektrotermija d.o.o. 100,00 Elmess Thermosystemtechnik GmbH 100,00 Elmess Thermosystemtechnik Verwaltungs- GmbH 100,00 Eltwin Sp. z.o.o. 100,00 100 Energie Exploitatie Rijswijk Buiten B.V. 100,00 Enertech Global LLC 100,00 Enertech Ltd 100,00 249 000 Fireplace Products Australia Pty Ltd 100,00 1 Fireplace Products US Inc. 100,00 1 000 000 Flex Academy D.O.O. 100,00 Aktier ägda via dotterföretag Kapital- andel, % Antal aktier FPI Fireplace Products International Ltd 100,00 1 604 218 Gaumer Company Inc 100,00 Gazco Ltd 100,00 30 000 Giersch GmbH 100,00 100 Go Geothermal Ltd 75,00 300 Graybar Ltd 100,00 2 Greendraco S.A 100,00 50 000 Heat Safe Cable Systems Ltd 100,00 1 Heat Trace Engineering Solutions S.L. 60,00 11 Heat Trace Holdings Ltd 100,00 1 501 Heat Trace Ltd 100,00 1 330 Heating Group International B.V. 100,00 370 Heatpoint B.V. 100,00 800 Heatron Inc. 100,00 1 200 000 Hemi Heating AB 100,00 1 500 Hemi Heating Technology Co Ltd 80,00 HT Est Division s.r.l. 100,00 100 HT Heizelemente Deutschland GmbH 100,00 1 Hyper Engineering Pty Ltd 100,00 Høiax AS 100,00 1 000 International Environmental Corp. 100,00 300 IPAR i Sverige AB 60,00 36 000 Itho Daalderop B.V. 100,00 6 065 Itho Daalderop Belgium B.V.B.A. 100,00 36 557 Itho Images B.V. 100,00 200 Jac. De Vries Gesta B.V. 100,00 40 KKT chillers Inc. 100,00 1 000 Klimaatgarant B.V. 100,00 4 000 Klimaatgarant Exploitatie B.V. 100,00 1 Klöpper-Therm GmbH 100,00 Klöpper-Therm Verwaltungs-GmbH 100,00 Klöpper Verwaltungs GmbH 100,00 KNV Energietechnik GmbH 100,00 Koax Corp. 100,00 50 Living Blue B.V. 100,00 1 Lund & Sørensen A/S 100,00 500 Lund & Sørensen Electric Heating Equipment Accessory Co Ltd 100,00 *Icke rörelsedrivande bolag under avveckling.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 159 · 17 · AKTIER I DOTTERBOLAG Aktier ägda via dotterföretag Kapital- andel, % Antal aktier METRO THERM AB 100,00 1 000 Meyer Vastus AB, Oy 100,00 20 Miles Industries (Australia) Pty Ltd 100,00 10 Miles Industries Inc 100,00 Miles Industries Ltd 100,00 Moravská dopravní společnost, a.s. 100,00 myUpTech AB 100,00 1 000 myUptech Inc 100,00 100 Nathan Belgie B.V. 100,00 100 Nathan Holding B.V. 75,00 13 500 Nathan Industries B.V. 100,00 180 Nathan Projects B.V. 100,00 100 Nathan Projects BVBA 100,00 10 Nathan Service B.V. 100,00 18 000 Nathan Systems B.V. 100,00 100 Nathan Systems NV 100,00 1 008 Naturenergi IWABO AB 100,00 1 000 NIBE Beteiligungenverwaltungs GmbH 100,00 NIBE-BIAWAR Sp. z o.o. 100,00 83 962 NIBE Climate Solutions Holding AB 100,00 1 000 NIBE Element Holding AB 100,00 1 000 NIBE Energietechniek B.V. 100,00 180 NIBE Energy Systems Ltd 100,00 100 NIBE Energy Systems Oy 100,00 15 NIBE Foyers France S.A.S. 100,00 370 NIBE IT R&D d.o.o Beograd 100,00 NIBE Stoves Holding AB 100,00 1 000 NIBE Systemtechnik GmbH 100,00 Norske Backer AS 100,00 12 000 Nordpeis Sp z o.o 100,00 3 134 Ohmic Resistors Pty Ltd 60,00 600 Omni Control Technology Inc. 100,00 200 000 Osby Parca AB 100,00 10 000 Pacific Energy Australia Pty Ltd 100,00 100 Pacific Energy Fireplace Products Ltd 100,00 1 049 310 PGR Partners NV 51,00 829 RELEK Produktion AB 75,00 750 Aktier ägda via dotterföretag Kapital- andel, % Antal aktier Renting 959 KB 100,00 Rhoss Deutschland GmbH 100,00 Rotterdamse Elementen Fabriek B.V. 100,00 23 Scandymet AB 100,00 1 000 Selmo S.r.l. 70,00 Sinus-Jevi Electric Heating B.V. 100,00 180 Stovax Gazco Ltd 100,00 190 347 Stovax Group Ltd 100,00 397 800 Stovax Heating Group (NI) Ltd 100,00 1 Structurgruppen AB 100,00 1 000 Tempeff Inc. 86,50 78 000 Termorad Spolka z.o.o. 100,00 80 000 Termotech S.r.l. 100,00 The Climate Control Group Inc. 100,00 10 000 ThermaClime Technologies Inc. 100,00 10 000 Therm-x India Engineering and Manufacturing Pvt Ltd 100,00 Therm-X of California Inc. 51,00 1 205 Therm-x System Vietnam Technology Co. Ltd. 100,00 Therm-X SVT LLC 100,00 TIKI HVAC d.o.o. 100,00 Untes Rhoss Sogutma Sistemleri A.S. 100,00 10 000 Untes VRF Klima Sistemleri A.S. 22,00 880 VEÅ AB 100,00 750 VEÅ Holding AB 100,00 500 Vølund Varmeteknik A/S 100,00 1 000 WaterFurnace International Inc. 100,00 100 Waterkotte Austria GmbH 100,00 Waterkotte Schweiz AG 50,00 Å.K-Budet i Markaryd AB 100,00 100
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· 160 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 18 · ANDELAR I INTRESSEFÖRETAG OCH GEMENSAMT STYRDA BOLAG ANDELAR I INTRESSEFÖRETAG OCH GEMENSAMT STYRDA FÖRETAG Moderbolaget (Mkr) Namn Organisationsnr. Säte Kapital- andel, % Antal aktier Utdelning Rea- vinst Bokfört värde Produktionskonsult Väst Holding AB 559249-4487 Båstad 49,0 4 900 – - 1 Koncernen (Mkr) Namn Organisationsnr. Säte Kapital- andel % Antal aktier Resultat- andel Andel i eget kapital Bokfört värde Produktionskonsult Väst Holding AB 559249-4487 Båstad 49,0 4 900 1 1 2 Delacroy AB 556590-3613 Gislaved 45,0 450 2 4 8 HC Holding ETA AG CHE-168.793.868 Baar, Schweiz 25,0 25 000 24 306 308 Teramex Austria GmbH FN333143T Radentheim, Österrike 24,0 288 – 8 9 Shanghai Canature Fireplace Products Ltd. 9131 0115 7721 1410 65H Shanghai, Kina 25,0 – – 9 1 Rhoss Iberica Climatiation SL B63597074 Barcelona, Spanien 30,0 3 000 – 1 – 2 – NEXT NRG B.V. 66397626 Schiedam, Nederländerna 50,0 10 000 – 6 4 Vetenskapshuset i Markaryd AB 559330-5625 Markaryd 50,0 100 – 0 0 Totalt 26 332 332 Innehavet i Shanghai Canature Fireplace Products är ett joint venture. REDOVISNINGSPRINCIP Koncernen (Mkr) 2025 2024 Bokfört värde vid årets ingång 325 282 Årets avyttringar - 2 – Årets resultatandel 26 37 Omklassificering – - Omräkningsdifferenser – 17 6 Bokfört värde vid årets utgång 332 325 Intresseföretag och joint ventures De företag i vilka NIBE Industrier AB innehar ett långsiktigt aktieinne - hav som motsvarar mellan 20 och 50 procent av röstetalet eller på annat sätt har ett betydande inflytande över den driftsmässiga och finansiella styrningen, klassificeras som intresseföretag. Innehav i intresseföretag och joint ventures redovisas i koncernen enligt kapi - talandelsmetoden och i moderbolaget enligt anskaffningsvärdeme - toden.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 161 · EGET KAPITAL Förslag till beslut om vinstutdelning Till årsstämmans förfogande står: Balanserade vinstmedel 2 742 Mkr Överkursfond 4 751 Mkr Årets nettoresultat 776 Mkr Totalt 8 269 Mkr Antalet aktier uppgår vid årets utgång till 2 016 066 488 med ett kvotvärde på 0,03906 kr per styck. Varje A-aktie berättigar till 10 röster på bolagsstämman och varje B-aktie till en röst. För A-aktierna, med cirka 57% av rösterna, finns en hembudsplikt enligt bolagsordningen. Alla aktier har lika rätt till utdelning. Bolaget har två ägarkonstellationer som vardera inne - har mer än 10% av rösterna, dels en ägarkonstellation bestående av nuvarande och tidi - gare styrelseledamöter och ledning med cirka 46% av rösterna, dels familjen Schörling med cirka 19% av rösterna. Vid utgången av 2025 fanns inga utestående konverteringslån eller options r ätter som kan komma att späda ut aktiekapitalet. Det fanns inte heller vid utgången av föregående år. 21 · EGET KAPITAL Styrelsen föreslår att utdelning lämnas med 0,35 kronor per aktie, vilket motsvarar 706 Mkr och att i ny räkning överföra 7 563 Mkr, varav 4 751 Mkr till överkursfond och 2 812 Mkr till balanserade vinstmedel. Styrelsen anser att den föreslagna vinstutdelningen är f örsvarlig med hänsyn till de krav som verk - samhetens art, omfattning och r isker ställer på storleken av det egna kapitalet samt bolagets och koncernens konsolideringsbehov, likviditet och ställning i övrigt. Yttrandet ska ses mot bakgrund av den information som framgår av årsredovisningen. Styrelsen har i sitt förslag till utdelning beaktat de investeringar som planeras. 20 · VARULAGER REDOVISNINGSPRINCIP Värdering av varulagret har skett till det lägsta av anskaffnings- och återanskaffningsvärdet för råvaror, förbrukningsmaterial och inköpta färdigvaror samt till tillverkningskostnad för produce - rade varor. Lagret har i inget fall upptagits över nettoförsäljningsvärdet. Ränta ingår ej i lagervär - dena. Prissättning vid leveranser mellan koncernföretagen sker till marknadspriser. Internvinster i koncernföretagens varulager elimineras i koncernredovisningen. Dessa elimineringar påverkar rörelseresultatet. Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Ränteswap för säkring 51 53 51 53 Förskott till leverantör 9 6 – – Övrigt 104 110 – – Totalt 164 169 51 53 Kvotvärde (kr) A-aktier (st) B-aktier (st) Totalt antal (st) Vid årets ingång 0,03906 233 130 360 1 782 936 128 2 016 066 488 Vid årets utgång 0,03906 233 130 360 1 782 936 128 2 016 066 488 19 · ANDRA LÅNGFRISTIGA FORDRINGAR Moderbolaget (Mkr) Namn Organisationsnr. Säte Kapital- andel, % Antal aktier Utdelning Rea- vinst Bokfört värde Produktionskonsult Väst Holding AB 559249-4487 Båstad 49,0 4 900 – - 1
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· 162 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB REDOVISNINGSPRINCIP AVSÄTTNINGAR FÖR PENSIONER Förmånsbestämda pensionsplaner Förmånsbestämda pensionsplaner är andra planer för ersättningar efter avslutad anställning än avgifts - bestämda planer. Koncernens nettoförpliktelse avseende förmånsbestämda pla ner beräknas separat för varje plan genom en uppskattning av den framtida ersättning som de anställda intjänat genom sin anställning i både innevarande och tidigare perioder. Denna er sättning diskonteras till ett nuvärde. Diskonteringsrän - tan är r äntan på b alansdagen på en förstklassig företagsobligation, inklusive bostadsobligation, med en löptid som motsvarar koncernens p ensionsförpliktelser. När det inte finns en fungerande marknad för sådana företagsobligationer används istället marknadsräntan på statsobligationer med en motsvarande löptid. Beräkningen utförs av en kvalificerad aktuarie med användande av den så kallade Projected Unit Credit Method. Vidare beräknas det verkliga värdet av eventuella förvaltningstillgångar per rapportda - gen. Koncernens nettoförpliktelse utgörs av nuvärdet av förpliktelsen, minus verkligt värde på förvalt - ningstillgångarna justerat för eventuella tillgångsbegränsningar. Samtliga de komponenter som ingår i periodens kostnad för en förmånsbestämd plan redovisas i rörelseresultatet. Omvärderingseffekter utgörs av aktuariella vinster och f örluster. Omvärderingseffekterna redovisas i övrigt totalresultat. När beräkningen leder till en tillgång för koncernen begränsas det redovisade värdet på tillgången till det lägsta av ö verskottet i planen och tillgångsbegränsningen beräknad med hjälp av d iskonteringsräntan. Tillgångsbegränsningen utgörs av nuvärdet av de framtida ekonomiska fördelarna i form av minskade framtida avgifter eller kontant återbetalning. Vid beräkning av nuvärdet av framtida återbetalningar eller inbetalningar beaktas eventuella krav på minimifondering. Ändringar eller reduceringar av en förmånsbestämd plan redovisas tidigast då änd r ingen i planen eller reduceringen inträffar el ler när företaget redovisar relaterade om struktureringskostnader och ersätt - ningar vid uppsägning. Ändringarna/reduceringarna r edovisas direkt i årets resultat. Den särskilda löneskatten utgör en del av de aktuariella antagandena och redovisas därför som en del av nettoförpliktelsen/ t illgången. Den del av särskild löneskatt som är beräknad utifrån tryggandelagen i juri - disk person redovisas av förenklingsskäl som upplupen kostnad istället för som del av nettoförpliktelsen/ t illgången. Avkastningsskatt redovisas löpande i resultatet för den period skatten avser och ingår därmed inte i skuldberäkningen. Vid fonderade planer belastar skatten avkastningen på f ör valtningstillgångar och redovisas i övrigt totalresultat. Vid ofonderade eller delvis o fonderade planer, belastar skatten årets resultat. Koncernen har förmånsbestämda pensioner för i huvudsak s chweiziska och svenska bolag. Schwei - ziska pensionsplaner är fonderade, vilket innebär att förvaltningstillgångar inne ha s för att trygga pen - sionsåtagandena. Tillgångarna förvaltas av fonder som är separata juri d iska enheter. För svenska bolag hanteras beräkningar och utbetalningar via PRI Pensionstjänst AB. Dessa är inte fonderade. Några för - valtningstillgångar för att trygga pensionerna innehas således inte. Den genomsnittliga återstående tjänstgöringstiden är 11 år för Schweiz och 10 år för Sverige. Det beräknade nuvärdet av koncernens förmånsbestämda p ensionsåtaganden har baserats på de aktuariella antaganden som framgår av nedanstående tabell. Känslighetsanalys Inverkan på pensionsskulden (Mkr) av en höjning av en sänkning Diskonteringsränta - 0,5 procentenhet – 54 + 62 Förväntad löneökning - 0,25 procentenhet + 5 – 5 Förväntad inflation - 0,25 procentenhet + 20 – 6 En känslighetsanalys har genomförts avseende de v äsentliga an taganden som tillämpats och den inverkan förändrade an taganden skulle få på koncernens pensionsskuld framgår av nedanstående tabell. Aktuariella antaganden 2025 Schweiz Sverige Diskonteringsränta 1 januari 0,90% 3,00% Diskonteringsränta 31 december 1,25% 3,80% Förväntad löneökning 2,00% 3,00% Förväntad inflation 1,10% 2,00% Duration på förpliktelsen, år 14 17 Aktuariella antaganden 2024 Schweiz Sverige Diskonteringsränta 1 januari 1,50% 3,90% Diskonteringsränta 31 december 0,90% 3,00% Förväntad löneökning 2,00% 3,00% Förväntad inflation 1,00% 2,00% Duration på förpliktelsen, år 14 18 22 · AVSÄTTNINGAR FÖR PENSIONER
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 16 3 · 2025 2024 (Mkr) Fonderade planer Ej fonderade planer Totalt Fonderade planer Ej fonderade planer Totalt Avstämning av pensionsförpliktelser Nuvärde vid årets början 788 415 1 203 744 350 1 094 Nuvärde i förvärvade bolag – – – – - - Nuvärde i sålda bolag – – – - – - Kostnad avseende tjänstgöring 24 21 45 25 22 47 Ränta på förpliktelsen 6 12 18 11 11 22 Bidrag från arbetstagare 18 – 18 21 – 21 Betalda pensioner – 38 – 8 – 46 – 57 7 – 64 Aktuariella vinster (–), förluster (+) under perioden – 28 – 19 – 47 25 38 63 Regleringar – 12 7 – 5 – 7 7 – Omräkningsdifferenser – 71 – 19 – 90 26 – 6 20 Nuvärde vid årets slut 687 409 1 096 788 415 1 203 Avstämning av förvaltningstillgångar Verkligt värde vid årets början 663 – 663 644 – 644 Verkligt värde i sålda bolag – – – - – - Ränteintäkt på förvaltningstillgångar 5 – 5 10 – 10 Avkastning 18 – 18 7 – 7 Inbetalda avgifter 15 – 15 27 – 27 Bidrag från arbetstagare 18 – 18 21 – 21 Regleringar – 12 – – 12 – 7 – – 7 Betalda pensioner – 38 – – 38 - 57 – - 57 Omräkningsdifferenser – 69 – – 69 18 – 18 Verkligt värde vid årets slut 600 – 600 663 – 663 Avsättning för pensioner Pensionsförpliktelse, nuvärde 687 409 1 096 788 415 1 203 Förvaltningstillgångar, verkligt värde – 600 – – 600 – 663 – – 663 Avsättning för pensioner 87 409 496 125 415 540 Pensionskostnader redovisade i årets resultat Kostnad avseende tjänstgöring 24 21 45 25 22 47 Ränta på förpliktelsen 6 12 18 11 11 22 Ränteintäkt på förvaltningstillgångar – 5 – – 5 – 10 – – 10 Pensionskostnader, förmånsbestämda planer 25 33 58 26 33 59 Pensionskostnader, avgiftsbestämda planer 296 329 Totala pensionskostnader i årets resultat 354 388 22 · AVSÄTTNINGAR FÖR PENSIONER ITP-plan tryggad via Alecta Åtaganden för ålderspension och familjepension för tjäns - temän i Sverige tryggas genom en försäkring i Alecta. Enligt ett uttalande från Rådet för finansiell rapportering, UFR 10, är detta en förmånsbestämd plan som omfattar flera arbets - givare. För räkenskapsåret 2025 har bolaget inte haft tillgång till sådan information som gör det möjligt att redovisa denna plan som en förmånsbestämd plan. Pensionsplanen enligt ITP som tryggas genom en försäkring i Alecta redovisas därför som en avgiftsbestämd plan. Årets avgifter för pensionsförsäkringar som är tecknade i Alecta uppgår till 28 Mkr (29 Mkr). Alectas överskott kan fördelas till försäkringstagarna och/eller de försäkrade. Vid utgången av 2025 uppgick Alectas överskott i form av den kollektiva konsolideringsnivån till 167% (163%). Den kollek - tiva konsolideringsnivån utgörs av marknadsvärdet av Alec - tas tillgångar i procent av f örsäkringsåtagandena beräknade enligt Alectas försäkringstekniska b eräkningsantaganden, vilka inte överensstämmer med IAS 19. Avgiftsbestämda pensionsplaner Planerna omfattar huvudsakligen ålderspension, sjukpen - sion och familjepension. Premierna betalas löpande under året av respektive koncernföretag till separata juridiska enheter, exempelvis försäkringsbolag. Storleken på premien baseras på lönen. Pensionskostnaden för perioden ingår i resultaträkningen.
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· 164 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 22 · AVSÄTTNINGAR FÖR PENSIONER 2025 2024 (Mkr) Fonderade planer Ej fonderade planer Totalt Fonderade planer Ej fonderade planer Totalt Pensionskostnader redovisade i övrigt totalresultat Aktuariella vinster (-), förluster (+) avseende: – ändrade finansiella antaganden – 5 – 28 – 33 59 3 62 – ändrade demografiska antaganden – – 1 – 1 1 – 1 – erfarenhetsbaserade justeringar – 7 5 – 2 – 34 17 – 17 – skillnad mellan faktisk avkastning och avkastning enligt diskonteringsränta på förvaltningstillgångar – 18 – – 18 – 7 – – 7 – särskild löneskatt – 5 5 – 8 8 Pensionskostnader i övrigt totalresultat – 30 – 19 – 49 19 28 47 Avstämning av pensionsavsättning netto Ingående balans 125 415 540 100 350 450 Avsättningar i förvärvade bolag – – – – - - Avsättningar i sålda bolag – – – - – - Pensionskostnader, förmånsbestämda planer 11 33 44 26 34 60 Aktuariella differenser – 30 – 19 – 49 19 39 58 Betalda pensioner – – 8 – 8 – – 7 – 7 Inbetalda avgifter – 20 – – 20 – 27 – – 27 Omräkningsdifferenser 1 – 12 – 11 7 – 1 6 Utgående balans 87 409 496 125 415 540 Under 2025 förväntas pensionskostnader för förmåns- bestämda planer med 9 14 23 14 10 24 Förvaltningstillgångarnas sammansättning Aktier 227 216 Räntebärande värdepapper 143 176 Fastigheter m m 230 271 Summa förvaltningstillgångar 600 663 Moderbolagets redovisade pensionsskuld uppgår till 29 Mkr (24 Mkr) och är beräknad i enlighet med tryggandelagen och inte i enlighet med IAS 19. Av pensionskulden är 325 Mkr räntebärande. Pensioner tryggade via pensionsfond (PME) Holländska bolag i koncernen tryggar sitt pensionsåtagande för sina anställda via en pensionsfond, Pensioenfonds Meta - lektro (PME). PME är en förmånsbestämd plan som omfattas av flera a rbetsgivare. E ftersom PME inte tillhandahåller (eller kan tillhandahålla) information som gör det möjligt att fördela för - pliktelserna, förvaltningstillgångarna och kostnaderna på de del - tagande företagen redovisas den som en förmånsbestämd plan. Åtagande mot PME är att erlägga de årliga avgifterna, vilka för räkenskapsåret 2025 uppgår till 51 Mkr. Då det inte finns någon tillförlitlig grund för att fördela f örpliktelserna, förvaltningstill - gångarna och kostnaderna, f öreligger med största sannolikhet inget åtagande att täcka eventuella underskott i planen. Ett sådant skulle sannolikt i stället återspeglas som en minskning av intjänade rättigheter och/eller en ökning av pensionspremien. Vid utgången av 2025 uppgick PME´s överskott i form av den kol - lektiva konsolideringsnivån till 125,3%.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 16 5 · (Mkr) Garanti- risk- reserv Övrigt Summa koncernen Moder- bolaget Belopp 2023-12-31 766 121 887 – Avsättningar i förvärvade bolag 1 5 6 – Avsättningar under året 197 190 387 – Ianspråktagande under året – 189 – 19 – 208 – Återförda avsättningar – 54 – 51 – 105 – Omräkningsdifferenser 27 45 72 – Belopp 2024-12-31 748 291 1 039 – Avsättningar i förvärvade bolag 15 0 15 – Avsättningar under året 170 28 198 – Ianspråktagande under året - 139 – 44 – 183 – Återförda avsättningar – 35 – 106 – 141 – Omräkningsdifferenser – 69 – 12 – 81 – Belopp 2025-12-31 690 157 847 – Garantier lämnas vanligen för ett till tre år, men längre garantitider förekommer i enstaka fall. Garantirisk- reserven är beräknad med utgångspunkt i kostnadshistoriken för dessa åtaganden. 23 · ÖVRIGA AVSÄTTNINGAR 24 · SKULDER TILL KREDITINSTITUT Bland kortfristiga skulder till kreditinstitut ingår även checkräkningskrediter. Beviljat belopp på checkräkningskrediter uppgår i koncernen till 444 Mkr (586 Mkr). Under året har koncernens check - räkningskrediter således reducerats med 142 Mkr. Moderbolaget har ingen checkkredit. Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Obligationslån till rörlig ränta på Stibor + 85 räntepunkter som förfaller i juni 2026 2 000 2 000 2 000 2 000 Obligationslån till rörlig ränta på Stibor + 125 räntepunkter som förfaller i april 2028 1 000 1 000 1 000 1 000 Obligationslån till rörlig ränta på Stibor + 95 räntepunkter som förfaller i september 2025 – 1 850 – 1 850 Obligationslån till fast ränta på Stibor 4,97% som förfaller i september 2025 – 250 – 250 Obligationslån till rörlig ränta på Stibor +135 räntepunkter som förfaller i september 2027 1 150 1 150 1 150 1 150 Obligationslån till fast ränta på Stibor 4,97% som förfaller i september 2027 750 750 750 750 Obligationslån till rörlig ränta på Stibor +105 räntepunkter som förfaller i december 2026 500 500 500 500 Obligationslån till fast ränta på Stibor 4,45% som förfaller i december 2026 250 250 250 250 Obligationslån till rörlig ränta på Stibor +145 räntepunkter som förfaller i december 2028 800 800 800 800 Obligationslån till fast ränta på Stibor 4,58% som förfaller december 2028 350 350 350 350 Obligationslån till rörlig ränta på Stibor +110 räntepunkter som förfaller i april 2027 1 100 1 100 1 100 1 100 Obligationslån till rörlig ränta på Stibor +150 räntepunkter som förfaller i april 2029 1 150 1 150 1 150 1 150 Obligationslån till fast ränta på Stibor 4,25% som förfaller i april 2029 450 450 450 450 Obligationslån till rörlig ränta på Stibor +145 räntepunkter som förfaller i juni 2030 1 500 – 1 500 – Obligationslån till fast ränta på Stibor 3,87% som förfaller i juni 2030 400 – 400 – Obligationslån till rörlig ränta på Stibor +105 räntepunkter som förfaller 2028 600 – 600 – Företagscertifikat som förfaller under 2026 1 048 – 1 048 – Totalt 13 048 11 600 13 048 11 600 25 · OBLIGATIONSLÅN OCH FÖRETAGSCERTIFIKAT
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· 166 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Upplupna löner 711 706 21 9 Upplupna sociala kostnader 243 222 7 3 Förutbetalda intäkter 536 556 – – Övriga poster 1 030 997 78 91 Belopp vid årets utgång 2 520 2 481 106 103 (Mkr) Långfristiga skulder Kortsiktiga skulder Summa koncernen Moder- bolaget Belopp 2023-12-31 1 937 1 872 3 809 2 085 Omvärderingar - 597 - - 597 - 283 Reglerat under året - 291 - 267 - 558 - 152 Skuldfört 45 1 46 - Omklassificeringar 555 - 555 - - Omräkningsdifferenser 51 42 93 74 Belopp 2024-12-31 1 700 1 093 2 793 1 724 Omvärderingar 175 3 178 -75 Reglerat under året - 40 – 780 – 820 – 638 Skuldfört 90 - 90 - Omklassificeringar - 70 70 - - Omräkningsdifferenser - 166 - 35 - 201 - 84 Belopp 2025-12-31 1 689 351 2 040 927 Övriga kortfristiga skulder uppgår till 1 141 Mkr jämfört med 1 265 Mkr föregående år. Posten består främst av skulderna sociala avgifter, personalförsäkringar, källskatt, pensioner, moms och kund - bonusar. Övriga långfristiga skulder uppgår till 454 Mkr jämfört med 634 Mkr föregående år och 400 Mkr av de är räntebärande. Förvärvsrelaterade skulder utgörs av skulder som koncernen ådragit sig i samband med genomförda rörelseförvärv, såsom villkorade köpeskillingar för förvärvade aktier, skulder till minoritetsägare för köp av kvarvarande aktier, säljarreverser samt andra typer av skulder hänförliga till genomförda rörelseförvärv. De förvärvsrelaterade skuldernas storlek är huvudsakligen avhängiga förvärvade enheters framtida resultatutveckling. Andra inslag kan förekomma vid en del förvärv såsom exem - pelvis miljöåtgärder. De förvärvsrelaterade skulderna utgjordes per balansdagen i allt väsentligt av skulder till minoritet. Angivna belopp är baserade på förväntad resultatutveckling. Någon övre gräns för skuldernas storlek finns inte i något fall. De förväntade beloppen omvärderas löpande i enlighet med ledningens bästa bedömningar vid varje enskilt tillfälle. För 2025 hade dessa omvärderingar netto en negativ inverkan på koncernens resultat med 1 78 Mkr jämfört med en positiv inverkan om 597 Mkr föregående år. Omvärderingarna innehåller en diskontering. Redovisad skuld för moderbola - get avser både långa och kortfristiga förvärvsrelaterade skulder. För en löptidsanalys av redovisade skulder för koncernen och moderbolaget - se not 29. 26 · FÖRVÄRVSRELATERADE SKULDER 27 · ÖVRIGA SKULDER 28 · UPPLUPNA KOSTNADER OCH FÖRUTBETALDA INTÄKTER
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 167 · 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING Finansiella instrument Finansiella instrument som redovisas i balansräkningen inkluderar på tillgångssidan likvida medel, kundfordringar, onoterade a ktier, räntebärande värdepapper, derivat samt övriga fordringar. På skuldsidan återfinns leverantörsskulder, låneskulder, övriga skulder, der ivat samt förvärvsrelaterade skulder. Redovisning och värdering vid första redovisningstillfället Kundfordringar och utfärdade skuldinstrument redovisas när de är utgivna. Övriga finansiella till - gångar och finansiella skulder redovisas när koncernen blir part i instrumentets avtalsmässiga villkor. F inansiella instrument redovisas initialt till verkligt värde med tillägg/avdrag för transaktionsutgifter, förutom avseende instrument som löpande värderas till verkligt värde via resultatet för vilka trans - aktionsutgifter istället kostnadsförs då de uppkommer. Kundfordringar (utan en betydande finansie - ringskomponent) värderas initialt till det transaktionspris som fastställts enligt IFRS 15. Klassificering och efterföljande värdering av finansiella tillgångar Vid första redovisningstillfället klassificeras en finansiell tillgång antingen som värderad till upplu - pet anskaffningsvärde, verkligt värde via övrigt totalresultat (skuldinstrumentsinvestering), verk - ligt värde via övrigt totalresultat (egetkapitalinvestering) eller verkligt värde via resultaträkningen. Nedan beskrivs hur NIBE:s olika innehav av finansiella tillgångar har klassificerats: Innehav av räntefonder Koncernen har innehav av räntefonder som värderas till verkligt v ärde via resultaträkningen efter - som fondandelarna, sett ur f ondens perspektiv, utgör skulder samtidigt som fonderna inte en dast ger upphov till betalning av kapitalbelopp och ränta. Kapitalförsäkringar Kapitalförsäkringar värderas till verkligt värde via resultaträkningen. Derivattillgångar Se nedan under ”Derivat och säkringsredovisning”. Övriga finansiella tillgångar Samtliga övriga finansiella tillgångar, vilket utgör merparten av koncernens finansiella tillgångar, redovisas till upplupet anskaffningsvärde. Detta eftersom de innehas inom ramen för en affärsmodell vars mål är att erhålla de avtalsenliga kassaflödena samtidigt som kassaflödena från tillgångarna endast utgörs av betalningar av k apitalbelopp och ränta. Klassificering och efterföljande värdering av finansiella skulder Finansiella skulder klassificeras som värderade till upplupet anskaffningsvärde eller värderade till verkligt värde via resultatet. De finansiella skulder som värderas till verkligt värde via resultatet b estår av derivat med negativt verkligt värde. Alla övriga f inansiella skulder redovisas till u pplupet REDOVISNINGSPRINCIP anskaffningsvärde med tillämpning av effektivräntemetoden. Bland de skulder som värderas till u pplupet anskaffningsvärde ingår även skulder som kommer att betalas för m inoritetsägares a ndelar i samband med tillämpning av AAM. Långfristiga skulder har en förväntad löptid som är längre än ett år medan kortfristiga skulder har en förväntad löptid om högst ett år. Bortbokning av finansiella tillgångar och finansiella skulder Koncernen bokar bort en finansiell tillgång från balansräkningen när den avtalsenliga rättigheten till kassaflödena från den finansiella tillgången upphör eller om koncernen överför rätten att erhålla de avtalsenliga kassaflödena genom en transaktion som innebär att alla väsentliga risker och förmåner med ägarskapet överförs. En finansiell skuld bokas bort från balansräkningen när de åt aganden som anges i avtalet fullgörs, annulleras eller upphör. Koncernen b okar också bort en finansiell skuld när de avtalsenliga villkoren m odifieras och kassaflödena från den modifierade skulden är väsentligt annor - lunda. I det fallet redovisas en ny finansiell skuld till verkligt värde baserat på de modifierade villkoren. Derivat och säkringsredovisning Valutasäkring Valutaterminskontrakt redovisas till verkligt värde i b alansräkningen, både initialt och vid efterföl - jande omvärderingar. För att uppfylla kraven för säkringsredovisning finns en tydlig koppling mellan der ivaten och de säkrade posterna. Vidare sker löpande en beräkning av effektiviteten och samtliga säkringsförhållanden är dokumenterade. Vid valutasäkring av kassaflöden redovisas förändringar i säkringsinstrumentens verkliga värden, till den del den är effektiv, under övrigt totalresultat tills underliggande säkrad post resultatavräknats. Ineffektiv del resultatförs omedelbart. Prissäkring Terminskontrakt som används vid prissäkring av råvaror värderas till verkligt värde i balansräkningen, både initialt och vid efterföljande omvärderingar. För att uppfylla kraven för säkringsredovisning finns en tydlig koppling mellan derivaten och de säkrade posterna. Vidare sker löpande en beräkning av effektiviteten och samtliga säkringsförhållanden är dokumenterade. Vid prissäkring av råvaru - flöden redovisas förändringar i säkringsinstrumentens verkliga värden, till den del den är effektiv, under övrigt totalresultat tills underliggande säkrad post resultatavräknats. Ineffektiv del resultat - förs omedelbart. Säkring av nettoinvestering Säkringar av nettoinvesteringar i utlandsverksamheter redovisas på liknande sätt som kassaflödessäk - ringar. Den andel av vinst eller förlust på ett säkringsinstrument som bedöms som effektiv säkring redovisas i övrigt totalresultat. Den del som bedöms vara ineffektiv redovisas omedelbart i resultaträk - ningen.
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· 168 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB NIBE-koncernens finansiella tillgångar består i huvudsak av kundfordringar och banktillgodohavanden. De finansiella skulderna utgörs i huvudsak av krediter hos kreditinstitut, obligationslån, leverantörs - skulder och förvärvsrelaterade skulder. De olika finansiella risker som kan förknippas med dessa till - gångar och skulder och NIBE-koncernens sätt att hantera de riskerna beskrivs nedan. Moderbolagets riskhantering överenstämmer med koncernens om inte annat anges nedan. Med transaktionsrisk menas risk för kursförluster i löpande affärs t ransaktioner i utländska valutor genom att exempelvis en kundfordran som innehas i en utländsk valuta minskar i värde på grund av kursförändring i den valutan. I koncernens valutasäkringspolicy ingår att löpande försäljningar och inköp som sker i utländsk valuta eller är knuten till förändringar i utländsk valuta, skall kurssäkras enligt en rullande 12-månadersplan inom intervallet 60 - 100% av beräknade flöden. Säkerhetsgra - den i kommande flöden avgör var i intervallet andelen skall ligga. Under 2025 var koncernens flöden i utländska valutor enligt nedan. Med flöden avses flöden i andra valutor än den egna lokala valutan. Med försvagning avses försvagning gentemot andra valutor utan beaktan av valutasäkringar. Vid utgången av år 2025 har koncernen valutaterminskontrakt enligt vidstående tabell. Kontrak - tens sammanlagda värde (räknat som nettot utav köp- och säljkontrakt i respektive valuta) omräknat till SEK efter balansdagens kurs uppgår till 922 Mkr (1 075 Mkr). Skillnaden mellan samtliga kontrakts belopp omräknade till SEK efter kontraktens valutakurs och samtliga kontrakts belopp omräknade till SEK efter balansdagens kurs vid utgången av år 2025, utgör en orealiserad kursförlust som uppgår till 14 Mkr. Bland ”Övriga fordringar” i koncernens balansräkning ingår derivat med positiva verkliga värden som uppgår till 48 Mkr (29 Mkr). Ibland ”Övriga skulder” ingår derivat med negativa verkliga värden som uppgår till 40 Mkr (29 Mkr). VALUTARISKER Transaktionsrisker Med valutarisker menas de risker det innebär att valutakursförändringar negativt kan påverka koncer - nens ställning och resultat. NIBE är utsatt för valutarisker dels genom löpande affärstransaktioner i olika valutor dels genom att koncernen har verksamheter i olika v alutor. Riskerna kan indelas i transak- tionsrisker och omräkningsrisker. Utestående kontrakt på balansdagen, netto sälj (+) / köp (-), flöde i respektive valuta Valuta Flöde Kv 1 Flöde Kv 2 Flöde Kv 3 Flöde Kv 4 Genom- snittlig terminskurs Balans- dags- kurs Orealiserat resultat 2025-12-31 Orealiserat resultat 2024-12-31 CHF - 1 2 1 11,84 11,64 1 1 DKK 3 3 3 3 1,48 1,45 - - EUR 12 12 12 12 11,03 10,82 10 2 MXN 254 144 138 129 0,52 0,51 4 - 21 USD - - - - 8,18 9,20 - 1 1 Totalt 14 - 17 Varav resultatförda på balansdagen 27 4 Varav redovisade i övrigt totalresultat på balansdagen -13 - 21 Säkring av verkligt värde ränterisk För säkring av risken för förändring i verkligt värde av emitterade obligationer som löper med fast ränta använder NIBE ränteswappar som säkringsinstrument. I redovisningen tillämpas då säkring av verkligt värde och den säkrade posten omräknas till verkligt värde avseende den säkrade risken (den riskfria räntan) och värdeförändringarna redovisas i årets resultat på samma sätt som säkringsinstrumentet. Verkligt värde för finansiella instrument Verkligt värde på finansiella instrument som inte handlas på en aktiv marknad fastställs med hjälp av värderingstekniker. Härvid används i så stor utsträckning som möjligt marknadsinformation då sådan finns tillgänglig medan företagsspecifik information används i så liten utsträckning som möjligt. Om samtliga väsentliga indata som krävs för verkligt värde-värderingen av ett instrument är observer - bara återfinns instrumentet i nivå två. I de fall ett eller flera väsentliga indata inte baseras på obser - verbar marknadsinformation k lassificeras det berörda instrumentet i nivå tre. NIBE redovisar valutaderivat, räntederivat, råvaruderivat, k apitalförsäkringar samt kortfristiga place- ringar av överlikviditet i noterade värdepapper till verkligt värde i årsredovisningen. När verkligt värde för en tillgång eller skuld ska fastställas, a nvänder koncernen observerbara data i så stor utsträckning som möjligt. Verkliga värden kategoriseras i olika nivåer i en verkligt v ärde-hierarki baserat på indata som används i värderingstekniken enligt följande: Nivå 1: E nligt priser noterade på en aktiv marknad för identiska ins trument. N ivå 2: U tifrån direkt eller indirekt observerbar marknadsdata som in te inkluderas i nivå 1. Nivå 3: U tifrån indata som inte är observerbara på marknaden. Värdering av noterade värdepapper sker enligt nivå 1 me dan v ärdering av valutaderivat, räntederi - vat, råvaruderivat samt k apitalförsäkringar sker enligt nivå 2. Villkorade köpeskillingar a vseende för - värv av andelar som resulterat i ett rörelseförvärv tillhör nivå 3 i värderingshierarkin. Fordringar och skulder i utländsk valuta Fordringar och skulder i utländsk valuta värderas till balansdagens kurs. Vid tillämpning av säkrings - redovisning, se separat avsnitt ovan om valutasäkring. 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 169 · 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING Koncernen Moderbolaget Valuta Nettoflöde in (+)/ut (-) Försvagning med 1% Nettoflöde in (+)/ut (-) Försvagning med 1% AUD 4 – – – CAD 1 – – – CHF 134 - 1 – 1 – CNY – – – – CZK - 2 – – – DKK 29 – – – EUR 2 117 - 21 - 3 – GBP 175 - 2 – – HKD 24 – – – MXN - 571 6 – – NOK 180 - 2 – 1 – PLN - 128 1 – – SEK - 34 – – – USD 13 – – 14 – Totalt 1 942 - 19 – – Med omräkningsrisker menas risker för valutakursförluster vid omräkning av utländska dotterföretags resultat- och balansräkningar till koncernens rapportvaluta, det vill säga svenska kronor. För att minimera omräkningsrisker finansieras tillgångarna där så kan ske i samma valuta, vilket innebär att valutakursförändringar på de l ånen redovisas i övrigt totalre - sultat. Vid utgången av 2025 hade k oncernen nettotillgångar i utländska valutor enligt nedan med f inansieringen beaktad. I nettotillgångar ingår även andra tillgångar än sådana som klas - sas som finansiella instrument. Om svenska kronan försvagas med 1% mot nämnda valutor innebär det att koncernens egna kapital förstärks med 403 Mkr Valuta Nettotillgångar Valutasäkringar 2024 AUD 170 – 170 CAD 2 070 – 2 070 CHF 4 604 – 34 4 570 CRC 382 – 382 CZK 1 206 – 1 206 DKK 2 078 - 190 1 888 EUR 15 047 – 4 798 10 249 GBP 1 741 – 140 1 601 HKD 303 – 303 MYR 7 – 7 MXN 94 – 94 NOK 817 – 817 PLN 1 377 – 1 377 RON 53 – 53 RSD 633 – 633 SGD 24 – 24 TRY 624 – 624 TWD 6 – 6 VND 170 – 170 THB 53 – 53 USD 13 090 – 13 090 Totalt 44 549 – 5 162 39 387 Valuta Nettotillgångar Valutasäkringar 2025 AUD 166 – 166 CAD 1 759 – 1 759 CHF 4 426 – 33 4 393 CRC 363 – 363 CZK 1 249 – 1 249 DKK 1 988 – 107 1 881 EUR 15 024 – 1 412 13 612 GBP 1 641 – 96 1 545 HKD 282 – 282 MYR 7 – 7 MXN 95 – 95 NOK 780 – 780 PLN 1 327 – 1 327 RON 52 60 112 RSD 565 – 565 SGD 21 – 21 TRY 580 – 580 TWD 2 – 2 VND 201 – 201 THB 50 – 50 USD 11 315 – 16 11 299 Totalt 41 893 - 1 604 40 289 Omräkningsrisker (394 Mkr). Om svenska kronan förstärks med 1% mot nämnda valutor blir förhållandet omvänt. Utan valutasäkring genom finansiering i samma v aluta hade motsvarande belopp varit 419 Mkr (445 Mkr) Moderbolagets risk består i risken för valutakursförändringar på de avsättningar i utländska valutor som finns för förvärv av utländska dotterbolag. Valutakursförändringar på dessa redo - visas i finans net tot. Vid utgången av året hade moderbolaget avsättningar i utländska valutor enligt nedan. Om svenska kronan förstärks med 1% mot nämnda valutor i nnebär det att moderbolagets egna kapital förstärks med 9 Mkr ( 45 Mkr). Om svenska kronan försvagas med 1% mot nämnda valutor blir förhållandet omvänt. Valuta 2025 2024 DKK 107 190 EUR 820 4 292 GBP - 27 Totalt 927 4 509 MODERBOLAGET
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· 170 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Reservation för kreditförluster (Mkr) 2025 2024 Ingående reservationer 132 126 Reservationer i förvärvade bolag 6 - Reservationer i sålda bolag - - Konstaterade kreditförluster - 17 - 5 Återförda reservationer - 20 - 27 Årets reservationer 31 33 Omräkningsdifferenser - 10 5 Utgående reservationer 122 132 Årets resultat har belastats med 10 Mkr (10 Mkr) avseende kreditförluster som uppkom - mit i koncernens fordringar. Förfallna fordringar (Mkr) 2025 2024 Fordringar som helt eller delvis skrivits ner – förfallna sedan mindre än 3 månader 108 101 – förfallna sedan mer än 3 månader 95 105 Fordringar som inte skrivits ner – förfallna sedan mindre än 3 månader 967 878 – förfallna sedan mer än 3 månader 171 210 Summa förfallna fordringar 1 341 1 294 Reserverat för kreditförluster - 122 - 131 Summa förfallna ej nedskrivna fordringar 1 219 1 163 Vinster och förluster på finansiella instrument Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Kursvinster och kursförluster i valutaderivat använda för säkringsredovisning redovisade – som övriga rörelseintäkter 41 12 – – – i övrigt totalresultat - 41 - 67 – – Vinster och förluster i råvaruderivat använda för säkringsedovisning redovisade – som kostnad för sålda varor – 2 - 1 – – – i övrigt totalresultat 2 - – – Kursvinster och kursförluster i övriga finan- siella tillgångar och skulder redovisade – som övriga rörelseintäkter 239 249 – – – som kostnad för sålda varor – 246 - 194 – – – som finansiella intäkter 97 165 253 45 – som finansiella kostnader – 178 - 150 – 76 – 165 Kreditförluster i kundfordringar redovisade som försäljningskostnader – 10 - 10 – – Totalt - 98 4 177 - 120 Såsom vinster och förluster redovisas ovan valutakursvinster, valutakursförluster och förluster på lämnade krediter. Räntor har inte inkluderats. Koncernens redovisningssystem medger ingen fördelning av valutakursvinster och valutakursförluster på de o lika katego- rierna av finansiella tillgångar och skulder. Kreditrisker Med kreditrisk menas risk att motparten inte fullgör sina förpliktelser. I verksamheter där varor eller tjänster tillhandahålles mot s enare betalning kan inte kundförluster helt undvikas. För att m inimera riskerna görs löpande kreditbedömningar av de större kre - diterna. Kredittiden är normalt 30 dagar. Regionala variationer med både kortare och längre kredittider förekommer. Säkerheter för fordringarna innehas normalt inte. Vår bedömning är att koncernen har en väl fungerande kreditbevakning som hittills inne bu rit att koncernen inte drabbats av kundförluster av någon betydelse. Reserva - tioner har gjorts efter individuell prövning av förfallna fordringar. 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 171 · Tillgångar 2025-12-31 (Mkr) Värderat till upplupet anskaffningsvärde Värderat till verkligt värde via resultatet Derivat använt för säkrings- redovisning Icke finansiella tillgångar Summa bokfört värde Verkligt värde Immateriella anläggningstillgångar – – – 29 483 29 483 Materiella anläggningstillgångar – – – 12 416 12 416 Andelar i intresseföretag och gemensamt styrda företag – – – 332 332 Långfristiga fordringar hos intresseföretag 247 – – – 247 247 Långfristiga värdepappersinnehav – 27 – – 27 27 Uppskjutna skattefordringar – – – 735 735 - Andra långfristiga fordringar 113 – 51 – 164 164 Varulager – – – 9 167 9 167 - Kundfordringar 5 317 – – – 5 317 5 317 Kundfordringar hos intresseföretag 30 – – – 30 30 Skattefordran – – – 524 524 Övriga fordringar 596 – 48 – 643 643 Förutbetalda kostnader och upplupna intäkter – – – 512 512 Kortfristiga placeringar – 675 – – 675 675 Likvida medel 4 783 – – – 4 783 4 783 Summa tillgångar 11 08 702 99 53 168 65 055 Verkligt värde på finansiella instrument Verkligt värde kan avvika från redovisat värde, bland annat som en följd av förändrade marknadsräntor. För koncernens skulder som löper med rörlig ränta bedöms verkligt värde överensstämma med redovisat värde. Koncernen har flera obligationer som löper med fast ränta. För dessa har verkligt värde beräknats genom en diskontering av framtida kas - saflöden till aktuell marknadsränta. Värderingen av dessa obligationer tillhör nivå 2 i värderingshierarkin. Verkligt värde bedöms överensstämma med redovisat värde för ej ränte - bärande tillgångar och skulder såsom kundfordringar och le verantörsskulder. Inga instrument har kvittats i balansräk - ningen utan samtliga har bruttoredovisats. För övriga finan - siella tillgångar och skulder i k oncernen utgör de redovisade värdena en rimlig approximation av deras verkliga värden. Tillgångar 2024-12-31 (Mkr) Värderat till upplupet anskaffningvärde Värderat till verkligt värde via resultatet Derivat använt för säkrings- redovisning Icke finansiella tillgångar Summa bokfört värde Verkligt värde Immateriella anläggningstillgångar – – – 32 241 32 241 Materiella anläggningstillgångar – – – 13 214 13 214 Andelar i intresseföretag och gemensamt styrda företag – – – 325 325 Långfristiga fordringar hos intresseföretag 255 – – - 255 255 Långfristiga värdepappersinnehav - 23 – - 23 23 Uppskjutna skattefordringar - – – 752 752 Andra långfristiga fordringar 116 – 53 - 169 169 Varulager - – – 10 644 10 644 Kundfordringar 5 424 – – - 5 424 5 424 Kundfordringar hos intresseföretag 40 – – - 40 40 Skattefordran - – – 429 429 Övriga fordringar 719 – 29 - 748 748 Förutbetalda kostnader och upplupna intäkter - – – 535 535 Kortfristiga placeringar - 579 – - 579 579 Likvida medel 5 028 – – - 5 028 5 028 Summa tillgångar 11 582 602 82 58 140 70 406 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING
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· 172 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING Eget kapital och skulder 2024-12-31 (Mkr) Finansiella skulder värderade till upplupet anskaffningvärde Derivat använt för säkrings- redovisning Icke finansiella poster Summa bokfört värde Verkligt värde Eget kapital – – 32 140 32 140 Avsättningar – – 3 629 3 629 Långfristiga skulder* 14 854 – – 14 854 14 854 Leasingskulder (lång- och kortfristiga) 2 417 – – 2 417 Kortfristiga räntebärande skulder 6 467 – – 6 467 6 467 Leverantörsskulder 3 115 – – 3 115 3 115 Förskott från kunder 194 – – 194 194 Skatteskulder - – 417 417 Förvärvsrelaterade skulder 2 793 - - 2 793 2 793 Övriga skulder 1 869 30 – 1 899 1 899 Upplupna kostnader och förutbetalda intäkter 2 481 – – 2 481 2 481 Summa eget kapital och skulder 34 190 30 36 186 70 406 * varav 3 953 Mkr avser lån i utländska valutor för säkring av nettoinvestering i utländska verksamheter. Eget kapital och skulder 2025-12-31 (Mkr) Finansiella skulder värderade till upplupet anskaffningsvärde Derivat använt för säkrings- redovisning Icke finansiella poster Summa bokfört värde Verkligt värde Eget kapital – – 30 290 30 290 Avsättningar – – 3 272 3 272 Långfristiga skulder* 14 366 – – 14 366 14 366 Leasingskulder (lång- och kortfristiga) 2 159 – – 2 159 Kortfristiga räntebärande skulder 5 756 – – 5 756 5 756 Leverantörsskulder 2 939 – – 2 939 2 939 Förskott från kunder 209 – – 209 209 Skatteskulder - – 363 363 Förvärvsrelaterade skulder 2 040 - - 2 040 2 040 Övriga skulder 1 101 40 – 1 1 41 1 141 Upplupna kostnader och förutbetalda intäkter 2 520 – – 2 520 2 520 Summa eget kapital och skulder 31 090 40 33 925 65 055 * varav 1 653 Mkr avser lån i utländska valutor för säkring av nettoinvestering i utländska verksamheter. Verklig värdesäkring av ränterisk summering 2025 2024 Säkringsinstrument Redovisat värde för säkringsinstrument som är tillgångar 51 53 Redovisat värde för säkringsinstrument som är skulder 0 0 Förändring i verkligt värde som använts för att beräkna ineffektivitet under året 5 4 Nominella belopp 2 200 2 050 Säkrade poster Redovisat värde för säkrade poster 2 207 2 052 Ackumulerad värdeförändring på säkrade poster 7 2 Förändring i verkligt värde som använts för att beräkna ineffektivitet för året - 5 1 Redovisad ineffektivitet under året 2 3 Säkringsredovisning Under 2025 har säkringsredovisning tillämpats avseende: – K assaflödessäkring genom valutaderivat för framtida in- och utbetal - ningar i utländska valutor. – P rissäkring av råvaror genom råvaruderivat. Vid utgången av 2025 finns utestående kontrakt som förfaller kvartal 1 2026 till ett värde av 1 Mkr med 1 Mkr i orealiserad vinst som redovisas bland övriga fordringar. – S äkringsredovisning genom finansiering i utländska valutor av netto- investeringar i utländska verksamheter, vilket innebär att kursföränd - ringar i sådan låneskuld redovisas i övrigt totalresultat förutsatt att det finns en nettotillgång i koncernbalansräkningen att säkra. – U nder året har obligationer emitterats som löper med fast ränta. Fast ränta har bytts mot rörlig genom att koncernen har ingått ränteswap- par. Ränteswapparna har identifierats som säkringsinstrument i verkligt värde säkringar av ränterisk med obligationerna som säkrade poster. För information om de belopp som redovisas i övrigt totalresultat, se resultaträkningar på sidorna 122.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 173 · Ränterisker Ränterisk är risken att förändringar i marknadsräntor negativt påverkar kassaflödet eller det verkliga värdet på finansiella tillgångar och skulder. Då all upplåning i NIBE-koncernen förutom fem obliga - tionslån är till rörlig ränta är koncernen endast exponerad för kassaflödesrisken avseende den finan- siella upplåningen. Koncernens räntebärande skulder uppgick vid årets utgång till 22 557 Mkr. Den genomsnittliga räntesatsen uppgick till 4,4%. En förändring av räntesatsen med 1% vid konstant skuld innebär för koncernen en resultatpåverkan med 226 Mkr. NIBE-koncernens policy är att räntebindningstiden för lån så långt möjligt skall balan s era med de inkommande kassaflödenas bindningstid. Moderbolagets räntebärande skulder uppgick vid årets utgång till 15 644 Mkr. En förändring av räntesatsen med 1% vid konstant skuld innebär för moderbolaget en resultatpåverkan med 157 Mkr. Finansieringsrisker Med finansieringsrisk menas risken för att svårigheter med att finansiera koncernens verksamhet skulle uppstå och därmed på kort och lång sikt medföra fördyringar. Koncernen har, och bedöms även i framtiden ha, ett bra kassaflöde. Detta är av väsentlig betydelse för att nödvändiga investeringar skall kunna genomföras och för att övriga åtaganden skall kunna upp - fyllas. Koncernen har också en offensiv strategi när det gäller förvärv av verksamheter. Målsättningen är en tillväxt på 20% per år. Långsiktigt bör minst hälften komma från organisk tillväxt. Det samlade kapitalbehovet kan enskilda år komma att överstiga det interna kassaflödet. Finansie - ring av detta beräknas kunna tillgodoses, dels via det traditionella banksystemet, via aktiemarknaden samt via kapitalmarknaden utan att det skall medföra onormala fördyringar. De belopp som anges i tabellen är de avtalsenliga odiskonterade kassaflödena. 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING Koncernen 2025-12-31 Förfallostruktur för finansiella skulder (Mkr) Nominellt belopp Totalt < 1 år 1 – 2 år 3 – 4 år > 5 år Långfristiga skulder till kreditinstitut 4 662 4 928 - 4 928 - – Obligationslån och företagscertifikat 13 048 13 868 6 437 3 198 4 233 - Övriga långfristiga skulder 445 445 - 445 – – Förvärvsrelaterade skulder 2 040 2 189 363 222 1 579 25 Kortfristiga skulder till kreditinstitut 1 958 1 958 1 958 – – – Leverantörsskulder 2 939 2 939 2 939 – – – Förskott från kunder 209 209 209 – – – Derivat använt för säkringsredovisning 40 40 40 – – – Övriga kortfristiga skulder 1 101 1 101 1 101 – – – Upplupna kostnader och förutbetalda intäkter 2 520 2 520 2 520 – – – Leasingskulder 2 159 2 308 684 393 519 712 Summa finansiella skulder 31 121 32 505 16 251 9 186 6 331 737 Koncernen 2024-12-31 Förfallostruktur för finansiella skulder (Mkr) Nominellt belopp Totalt < 1 år 1 – 2 år 3 – 4 år > 5 år Långfristiga skulder till kreditinstitut 5 354 5 783 - 5 783 - - Obligationslån 11 600 13 323 2 163 2 017 9 143 - Övriga långfristiga skulder 614 614 - 614 - - Förvärvsrelaterade skulder 2 793 2 842 1 093 546 1 118 85 Kortfristiga skulder till kreditinstitut 4 367 4 367 4 367 – – – Leverantörsskulder 3 115 3 115 3 115 – – – Förskott från kunder 194 194 194 – – – Derivat använt för säkringsredovisning 2 2 2 – – – Övriga kortfristiga skulder 1 265 1 265 1 265 – – – Upplupna kostnader och förutbetalda intäkter 2 481 2 481 2 481 – – – Leasingskulder 2 417 2 508 634 476 765 633 Summa finansiella skulder 34 202 36 494 15 312 9 436 11 026 718 Kapitalrisker Med kapitalrisk menas risken för att koncernens förmåga att fortsätta sin verksamhet ska minska på grund av kapitalbrist. Koncernen bedömer löpande risken på basis av soliditeten beräknad som redovisat eget kapital i procent av balansomslutningen. Målet är att soliditeten inte ska understiga 30%. Under den senaste femårsperioden har soliditeten i genomsnitt uppgått till 47,3%. Koncernen har möjlighet att motverka kapitalbrist genom nyemission eller reducerad utdelning. Kapital defi - nieras i NIBE som totalt eget kapital såsom det redovisas i balansräkningen, se sidan 127 och 135. De kapitalkrav (så kallade kovenanter) som ställts av koncernens externa kreditgivare uppfylls. Det kovenantkravet bolaget har ligger i nyckeltalet Nettoskuld/EBITDA som återfinns bland de komplet - terande nyckeltalen på sidorna 131-133. Föremål för kovenanter är del av våra skulder till kreditinstitut vi har hos våra relationsbanker och de testas varje kvartal.
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· 174 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB 29 · FINANSIELLA INSTRUMENT OCH RISKHANTERING Moderbolaget 2024-12-31 Förfallostruktur för finansiella skulder (Mkr) Nominellt belopp Totalt < 1 år 1 – 2 år 3 – 4 år > 5 år Långfristiga skulder till kreditinstitut 2 757 3 170 - – 3 170 – Obligationslån 11 600 13 323 2 163 2 017 9 143 - Övriga långfristiga skulder 35 35 35 - - - Förvärvsrelaterade skulder 1 661 1 724 640 827 257 - Kortfristiga skulder till kreditinstitut 1 700 1 700 1 700 – – – Derivat använt för säkringsredovisning 2 2 2 – – – Kortfristiga skulder till koncernföretag 456 456 456 – – – Leverantörsskulder 11 11 11 – – – Övriga kortfristiga skulder - - - – – – Upplupna kostnader och förutbetalda intäkter 103 103 103 – – – Summa finansiella skulder 18 325 20 524 5 110 2 844 12 570 - Moderbolaget 2025-12-31 Förfallostruktur för finansiella skulder (Mkr) Nominellt belopp Totalt < 1 år 1 – 2 år 3 – 4 år > 5 år Långfristiga skulder till kreditinstitut 2 596 2695 - 2 695 - Obligationslån och företagscertifikat 13 048 13 868 6 437 3 198 4 233 - Övriga långfristiga skulder 20 20 20 - - - Förvärvsrelaterade skulder 881 927 287 163 447 - Kortfristiga skulder till kreditinstitut - - - – – – Derivat använt för säkringsredovisning 3 3 3 - - - Kortfristiga skulder till koncernföretag - - - – – – Leverantörsskulder 27 27 27 – – – Övriga kortfristiga skulder - - - – – – Upplupna kostnader och förutbetalda intäkter 106 106 106 – – – Summa finansiella skulder 16 681 17 646 6 880 6 056 4 680 - Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Företagsinteckningar 23 43 – – Fastighetsinteckningar 51 80 – – Inventarier med äganderättsförbehåll 16 22 – – Fordringar 137 150 27 22 Summa ställda säkerheter 227 295 27 22 31 · EVENTUALFÖRPLIKTELSER 30 · STÄLLDA SÄKERHETER Koncernen Moderbolaget (Mkr) 2025 2024 2025 2024 Pensionsförpliktelser som inte har upptagits bland skulderna eller avsättningarna 11 13 – – Eventualförpliktelser till förmån för övriga koncernföretag – – 4 175 5 222 Summa eventualförpliktelser 11 13 4 175 5 222 Markföroreningar är kända vid nio av koncernens produktionsanläggningar i Sverige, Danmark, Tjeckien, Storbritannien, USA och Italien. N ågra e ventualförpliktelser för dessa har inte redovisats då det bedöms y tterst osannolikt att någon utav dem skulle kunna medföra väsentliga k ostnader för det fall koncernen skulle hållas ansvarig. Moderbolagets eventualförpliktelser avser i huvudsak proprieborgen lämnad till kreditinstitut som säkerhet för dotterbolags låneskulder.
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 175 · 32 · KASSAFLÖDESANALYS Kassaflödesanalysen har upprättats i enlighet med den indirekta metoden. I likvida medel ingår kassa och omedelbart tillgängliga tillgodohavanden hos bank samt kortfristiga placeringar. REDOVISNINGSPRINCIP Koncernen (Mkr) Skulder till kreditinstitut Obligationslån och företags - certifikat Övriga skulder Totalt Belopp 2023-12-31 8 828 10 153 5 502 24 483 Förändringar med kassaflödespåverkan Amortering av lån – 2 874 – 1 250 – 29 – 4 153 Amortering av leasingskulder – – – 655 – 655 Nya lån som tagits upp 2 688 2 700 666 6 054 Summa - 186 1 450 - 18 1 246 Förändringar utan kassaflödespåverkan Skulder i förvärvade bolag 3 – 1 4 Skuldfört under året 841 – 236 1 077 Återfört under året – – – 983 – 983 Förändring av verkligt värde – – 3 – 122 – 125 Omräkningsdifferenser 235 – 136 371 Summa 1 079 - 3 - 732 344 Belopp 2024-12-31 9 721 11 600 4 752 26 073 Förändringar med kassaflödespåverkan Amortering av lån – 4 252 – 2 100 – 61 – 6 413 Amortering av leasingskulder – – – 680 – 680 Nya lån som tagits upp 1 578 3 548 1 081 6 207 Summa - 2 674 1 448 340 - 886 Förändringar utan kassaflödespåverkan Skulder i förvärvade bolag 13 – – 13 Skuldfört under året – – 537 537 Återfört under året – 256 – – 838 – 1 094 Förändring av verkligt värde – – – 127 – 127 Omräkningsdifferenser – 184 – – 367 – 551 Summa – 427 - – 795 – 1 222 Belopp 2025-12-31 6 620 13 048 4 297 23 965 KASSAFLÖDE FRÅN FINANSIERINGSVERKSAMHETEN Moderbolaget (Mkr) Skulder till kredit- institut Obligationlån och företags- certifikat Övriga skulder icke ränte- bärande Totalt Belopp 2023-12-31 4 113 10 150 2 085 16 348 Förändringar med kassaflödespåverkan Amortering av lån - 1 450 – 1 250 – – 2 700 Nya lån som tagits upp 1 700 2 700 – 4 400 Summa 250 1 450 – 1 700 Förändringar utan kassaflödespåverkan Skuldfört under året – – – 415 – 415 Omräkningsdifferenser 94 – 54 148 Summa 94 – – 361 – 267 Belopp 2024-12-31 4 457 11 600 1 724 17 781 Förändringar med kassaflödespåverkan Amortering av lån – 1 700 – 2 100 – – 3 800 Nya lån som tagits upp – 3 548 – 3 548 Summa – 1 700 1 448 – – 252 Förändringar utan kassaflödespåverkan Skuldfört under året – – - 712 - 712 Omräkningsdifferenser – 160 – - 85 – 245 Summa – 160 – - 797 - 957 Belopp 2025-12-31 2 597 13 048 927 16 572 33 · VÄSENTLIGA HÄNDELSER EFTER PERIODENS UTGÅNG Några väsentliga händelser efter balansdagen har ej inträffat.
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· 176 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB BOLAG SOM INGÅR I NIBE KONCERNEN *Icke rörelsedrivande bolag under avveckling. Ingår inte i Hållbarhetsrapporteringen för 2025 Uppgifter om dotterföretag Organisationsnr. Säte Land ABK-Qviller AS 959 651 094 Oslo Norge Aggregatet 1 i Ljungby AB 559161-6932 Ljungby Sverige AirSite AB 556725-5780 Lindome Sverige ait-austria GmbH FN469896z Neudorf Österrike ait-cesko s.r.o 28077458 České Budějovice Tjeckien ait-deutschland GmbH HRB 2991 Bayreuth Tyskland ait Schweiz AG CHE-100 3 017 337-2 Altishofen Schweiz ait-slovensko s.r.o 48103926 Bratislava Slovakien ait-värmeteknik-sverige AB 556936-5033 Helsingborg Sverige ARGOCLIMA S.p.A. 3258640964 Brescia Italien Askoma AG CHE-101.048.895 Thunstetten Schweiz ATE-Electronics S.r.l. 9518750964 Giaveno Italien Backer Alpe S. de R.L. de C.V. BAL0805266BA Mexico City Mexiko Backer AB 556053-0569 Hässleholm Sverige Backer Asia Ltd 866 531 Hong Kong Kina Backer Askoma SDN BHD 489344-W Johor Bahru Malaysia Backer Azthermal Engineering SDN BHD 202201036650 Petaling Malaysia Backer Azthermal SDN BHD 202201002974 Petaling Malaysia Backer Cellnergy Engineering PTE Ltd 2004039928E Singapore Singapore Backer EHP Inc. 99-0367868 Murfreesboro, Tennessee USA Backer ELC AG CHE-253.701.740 Teufenthal Schweiz Backer Elektro CZ a.s. 60469617 Hlinsko Tjeckien Backer ELTOP s.r.o. 44795751 Miřetice Tjeckien Backer Facsa S.L. B-62.928.361 Aiguafreda, Vallès Oriental Spanien Backer Fastighets AB 559223-2952 Hässleholm Sverige Uppgifter om dotterföretag Organisationsnr Säte Land Backer Fer s.r.l. REA: 173478 Sant´Agostino Italien Backer Grand Heater Co Ltd 105560004323 Muaeng Samutsakorn Thailand Backer Heating Technologies Co. Ltd 440301503227017 Shenzhen Kina Backer Heating Technologies France SARL 91379344781 Lyon Frankrike Backer Heating Technologies GmbH HRB 34409 Dortmund Tyskland Backer Heating Technologies Inc. 36-4044600 Elgin, Illinois USA Backer Heating Technologies Vietnam Comp Ltd 1101832398 Tan Kim Vietnam Backer Heatrod Ltd 766 637 London Storbritannien Backer Hotwatt Inc. 81-4435368 Wilmington USA Backer Marathon Inc. 47-3075187 Delaware USA Backer OBR Sp. z o.o. 8358936 Pyrzyce Polen Backer-Springfield Dongguan Co. Ltd 441900400000302 Dongguan City Kina Backer S.R.L. TV454836 Treviso Belluno Italien Backer-Wilson Elements Pty Ltd 100 257 514 Burwood Australien Backer Wolff GmbH HRB 27026 Dortmund Tyskland Beckasinen i Markaryd AB 556262-1150 Markaryd Sverige Biawar Produkcja Sp z.o.o. 5423273185 Białystok Polen BriskHeat Corporation 31-1271116 Columbus, Ohio USA BriskHeat Corporation CR S.A 3-101-847273 Alajuela Costa Rica BriskHeat Corporation HK Ltd 1511003 Hong Kong Kina BrisktHeat Corporation (SG) Pte Ltd. 202202797C Singapore Singapore BriskHeat Shenzhen Trading Company Ltd 914403000942785000 Guangdong Province Kina BriskHeat Technology Company Co Ltd 42982980 Zhubei City Taiwan BriskHeat Vietnam Co Ltd 3216041512 Dong Nai Industrial Zone Vietnam
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 177 · *Icke rörelsedrivande bolag under avveckling. Ingår inte i Hållbarhetsrapporteringen för 2025 Uppgifter om dotterföretag Organisationsnr Säte Land Calvin Holdco B.V. 80747108 Amsterdam Nederländerna Ceramicx Ireland Limited 183040 Ballydehob Irland Cetetherm AB 559147-1437 Ronneby Sverige Cetetherm LLC 1105010000303 Saint Petersburg Ryssland * Cetetherm SAS 352696850 Pontcharra sur Turdine Frankrike Cetetherm s.r.o. 08300321 Prag Tjeckien CFL Group B.V. 65247566 Amsterdam Nederländerna CFL Ontwikkeling en Exploitatie B.V. 65247701 Tiel Nederländerna CGC Group of Companies Inc. 85828 1728 RC0001 Mississauga Kanada CK Fires Ltd 5524093 Wolverhampton Storbritannien ClimaCool Corp. 73-1409358 Oklahoma City USA ClimateCraft Inc. 73-1207959 Oklahoma City USA ClimateMaster Inc. 93-0857025 Oklahoma City USA Contura AB 559466-6389 Markaryd Sverige Contura Stoves Ltd 13087424 Doncaster Storbritannien CTC AB 556060-2269 Ljungby Sverige CTC AG CHE-105.970.811 Zürich Schweiz CTC Benelux 821427672 Couvin Belgien Danotherm Electric A/S 10 12 60 61 Rödovre Danmark DMD Dis Ticaret Makine Sanayi AS 510421 Istanbul Turkiet Druzstevni Zavody Drazice - strojírna sro 45148465 Benátky nad Jizerou Tjeckien E. Braude (London) Ltd 585474 Sandhurst Storbritannien Electro Therm s.a.s 35262056100022 Lyon Frankrike ELEKTRON-ETTO, s.r.o. 26906040 Hustopeče nad Bečvou Tjeckien Elektrotermija d.o.o. 17578448 Užice Serbien Uppgifter om dotterföretag Organisationsnr Säte Land Elmess Thermosystemtechnik GmbH HRA 120256 Lüneburg Tyskland Elmess Thermosystemtechnik Verwaltungs-GmbH HRB 120337 Lüneburg Tyskland Eltwin A/S 13 99 24 44 Risskov Danmark Eltwin Sp. z.o.o. 394767 Stargard Polen Energie Exploitatie Rijswijk Buiten B.V. 56279620 Rotterdam Nederländerna Enertech Global LLC 45-2301710 Greenville, South Carolina USA Enertech Ltd 299044 Worcestershire Storbritannien Fireplace Products Australia Pty Ltd 117 303 554 Hallam Australien Fireplace Products US Inc. 601374460 Blaine, Minnesota USA Flex Academy D.O.O. 21296333 Priboj Serbien FPI Fireplace Products International Ltd. BC0161829 Richmond Kanada Gaumer Company Inc. 74-1778481 Houston USA Gazco Ltd 2228846 Exeter Storbritannien Giersch GmbH HRB 733204 Iserlohn Tyskland Go Geothermal Ltd 5967652 Newton Aycliffe Storbritannien Graybar Ltd 2872001 Wellingborough Storbritannien Greendraco S.A 513196978 Águeda Portugal Heat Safe Cable Systems Ltd 4545332 Helsby Storbritannien Heat Trace Engineering Solutions S.L. B55610497 Constantí Spanien Heat Trace Holdings Ltd 6524757 Helsby Storbritannien Heat Trace Ltd 1573447 Helsby Storbritannien Heating Group International B.V. 16083429 Nijmegen Nederländerna Heatpoint B.V. 30146922 Bodegraven Nederländerna Heatron Inc. 43-1126014 Leavenworth, Kansas USA
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· 178 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB *Icke rörelsedrivande bolag under avveckling. Ingår inte i Hållbarhetsrapporteringen för 2025 Uppgifter om dotterföretag Organisationsnr Säte Land Hemi Heating AB 556420-7586 Södertälje Sverige Hemi Heating Technology Co Ltd 91520100666994785H Guiyang Kina HT S.p.A. TV 195113 Treviso Italien HT Est Division s.r.l. J02/1489/2007 Arad Rumänien HT Heizelemente Deutschland GmbH HRB 41822 Bielefeld Tyskland Hyper Engineering Pty Ltd ACN 148 010 520 Victoria Australien Høiax AS 936 030 327 Fredrikstad Norge International Environmental Corp. 73-0754306 Oklahoma City USA IPAR i Sverige AB 556931-6085 Vetlanda Sverige Itho Daalderop B.V. 11006307 Tiel Nederländerna Itho Dallderop Belgium B.V.B.A. 0834385090 Asse Belgien Itho Images B.V. 24323029 Schiedam Nederländerna Jac. De Vries Gesta B.V. 36043314 Hoorn Nederländerna JSC Evan 1065260108517 Nizhny Novgorod Ryssland * Jevi A/S 12 85 42 77 Vejle Danmark Kaukora Oy 0138194-1 Raisio Finland KKT Chillers Inc 83-0486747 Elk Grove, California USA Klimaatgarant B.V. 56703503 Rotterdam Nederländerna Klimaatgarant Exploitatie B.V. 65878965 Schiedam Nederländerna Klöpper-Therm GmbH HRA 12322 Dortmund Tyskland Klöpper-Therm Verwaltungs-GmbH HRB 8600 Dortmund Tyskland Klöpper Verwaltungs GmbH HRB 8456 Dortmund Tyskland KNV Energietechnik GmbH 78375h Schörfling Österrike Koax Corp. 73-1284158 Oklahoma City USA Living Blue B.V. 61467510 Rotterdam Nederländerna Lotus Heating Systems A/S 26 11 04 75 Langeskov Danmark Uppgifter om dotterföretag Organisationsnr Säte Land Loval Oy 0640930-9 Lovisa Finland LS Control A/S 15288205 Herlufmagle Danmark Lund & Sørensen A/S 25 64 75 99 Vejle Danmark Lund & Sørensen Electric Heating Equipment Accessory Co Ltd 120000400007673 Tianjin Kina Metro Therm AB 556554-1603 Kalmar Sverige METRO THERM A/S 20 56 71 12 Helsinge Danmark Meyer Vastus AB, Oy 0215219-8 Monninkylä Finland Miles Industries (Australia) Pty Ltd ACN 646 008 899 Brookvale Australien Miles Industries Inc 980 126 981 North Vancouver Kanada Miles Industries Ltd BC0886496 North Vancouver Kanada Moravská dopravní společnost, a.s. 61974421 Hlinsko Tjeckien myUptech AB 556633-8140 Markaryd Sverige myUptech Inc 92-1303855 Wilmington, Delaware USA Nathan Belgie B.V. 64767175 Duiven Nederländerna Nathan Holding B.V. 20104506 Arnhem Nederländerna Nathan Industries B.V. 9188041 Duiven Nederländerna Nathan Projects B.V. 64768643 ´t Harde Nederländerna Nathan Projects BVBA 0832.529.125 Zaventem Belgien Nathan Service B.V. 9194331 Duiven Nederländerna Nathan Systems B.V. 64766373 Duiven Nederländerna Nathan Systems NV 450.269.149 Zaventem Belgien Naturenergi IWABO AB 556663-0355 Bollnäs Sverige NIBE AB 556056-4485 Markaryd Sverige NIBE Beteiligungenverwaltungs GmbH 295717d Wien Österrike NIBE-BIAWAR Sp. z o.o. 50042407 Białystok Polen Nibe Climate Solutions Canada Corp. BC110 5117 Vancouver Kanada BOLAG SOM INGÅR I NIBE KONCERNEN
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ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB · 179 · *Icke rörelsedrivande bolag under avveckling. Ingår inte i Hållbarhetsrapporteringen för 2025 Uppgifter om dotterföretag Organisationsnr Säte Land NIBE Climate Solutions Holding AB 559561-8694 Markaryd Sverige NIBE Element Holding AB 559561-8660 Markaryd Sverige NIBE Energietechniek B.V. 20111793 Willemstad Nederländerna NIBE Energy Systems France SAS 501 594 220 Reyrieux Frankrike NIBE Energy Systems Inc 99 03 68 191 Wilmington USA NIBE Energy Systems Ltd 5764 775 Chesterfield Storbritannien NIBE Energy Systems Oy 9314276 Helsingfors Finland NIBE Foyers France S.A.S. 491 434 965 Lyon Frankrike NIBE Industrier Holding AB 559555-5029 Markaryd Sverige NIBE IT R&D d.o.o Beograd 21772291 Belgrade Serbien NIBE Stoves Canada Corp. BC1093578 Vancouver Kanada NIBE Stoves GmbH HRB 13929 Harrislee Tyskland NIBE Stoves Holding AB 559561-8744 Markaryd Sverige NIBE Systemtechnik GmbH HRB 10 12 56 Celle Tyskland NIBE Treasury AB 556108-0259 Markaryd Sverige Nordpeis AS 957 329 330 Lierskogen Norge Norske Backer AS 919 799 064 Kongsvinger Norge Nordpeis Sp z o.o 570844191 Trzcianka Polen Ohmic Resistors Pty Ltd 612419566 Richlands Australien Omni Control Technology Inc. 04-3142926 Whitinsville, Massachusetts USA Osby Parca AB 559342-3113 Osby Sverige Pacific Energy Australia Pty Ltd 603809856 Geelong West, Victoria Australien Pacific Energy Fireplace Products Ltd 556826 Vancouver Kanada PGR Partners NV 0436.502.176 Grimbergen Belgien RELEK Produktion AB 556315-2510 Höör Sverige Renting 959 KB 916616-1787 Ljungby Sverige Uppgifter om dotterföretag Organisationsnr Säte Land Rhoss Deutschland GmbH HRB 411169 Stuttgart Tyskland Rhoss S.p.A. 01142230299 Codroipo Italien Rotterdamse Elementen Fabriek B.V. 000016710339 Rotterdam Nederländerna SAN Electro Heat A/S 42 16 59 13 Græsted Danmark Scandymet AB 556194–2474 Söderhamn Sverige Selmo S.r.l PD 213286 Rubano Italien Snowcliff AG CH-020 7 000 720-2 Zürich Schweiz Sinus-Jevi Electric Heating B.V. 37106129 Medemblik Nederländerna Solzaima - Equipamentos para Energias Renováveis, S.A. 500780455 Águeda Portugal Springfield Wire de Mexico S.A. de C.V. SWM710722KW3 Nuevo Laredo Mexiko Stovax Gazco Ltd 1572550 Exeter Storbritannien Stovax Group Ltd 7127090 Exeter Storbritannien Stovax Heating Group Ltd 8299613 Exeter Storbritannien Stovax Heating Group (NI) Ltd NI675194 Belfast Nordirland Structurgruppen AB 556627-5870 Kungsbacka Sverige Tempeff Inc. 812525954 Winnipeg Kanada TermaTech A/S 27 24 52 77 Hasselager Danmark Termorad Spolka z.o.o. 000542990 Radom Polen Termotech S.r.l. 183099 Vigevano Italien The Climate Control Group Inc. 73-1415062 Oklahoma City USA ThermaClime Technologies Inc. 73-1553910 Oklahoma City USA Therm-x India Engineering and Manufacturing Pvt Ltd U26109MH- 2025FTC452193 Mumbai India Therm-X of California Inc. 94-2393175 Hayward, California USA Therm-x System Vietnam Technology Co. Ltd. 3700810044 Binh Duong Province Vietnam
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· 180 · ÅRSREDOVISNING 2025 NIBE INDUSTRIER AB Uppgifter om dotterföretag Organisationsnr Säte Land Therm-X SVT LLC 20-8024427 Hayward USA TIKI d.o.o. Stara Pazova 20104554 Stara Pazova Serbien TIKI HVAC d.o.o. 8203687000 Velenje Slovenien Untes Isitma Klima Sogutma San Ve Tic A.S. 9170016107 Kazan Turkiet Untes Rhoss Sogutma Sistemleri A.S. 9960381156 Kazan Turkiet Untes VRF Klima Sistemleri A.S. 9170013850 Kazan Turkiet Varde Ovne A/S 21 55 49 79 Vejle Danmark VEÅ AB 556135-7988 Sävsjö Sverige VEÅ Holding AB 556954-8596 Sävsjö Sverige Vølund Varmeteknik A/S 32 93 81 08 Herning Danmark WaterFurnace International Inc 35-1873795 Fort Wayne, Indiana USA WaterFurnace Renewable Energy Corp. BC 100 6504 Toronto Kanada Waterkotte Austria GmbH FN 293711d Klagenfurt Österrike Waterkotte GmbH HRB 9537 Bochum Tyskland Waterkotte Schweiz AG CHE-324.787.906 Fribourg Schweiz Wiegand S.A. de C.V. RFC WIE850624H79 Nuevo Laredo Mexiko Å.K-Budet i Markaryd AB 556364-4672 Markaryd Sverige BOLAG SOM INGÅR I NIBE KONCERNEN
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GOVERNANCE
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· 182 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB CORPORATE GOVERNANCE REPORT of the AGM and the company’s Articles of Association are avail - able on the Group’s website, www.nibegroup.com. There are no limitations in the articles of association as to the number of votes a shareholder may hold at a general meeting of the company. Nor are there any provisions on the appointment or dismissal of directors of the company, or changes to the company’s articles of association. The 2025 AGM resolved to authorize the Board of Directors, on one or more occasions and with or without devia - tion from the shareholders’ preferential rights, to issue new Class B shares in the company to finance acquisitions of companies or businesses. This authorization is valid until the 2026 AGM and is restricted to a maximum of 10% of the number of shares issued at the time of the AGM. COMMUNICATION WITH THE STOCK MARKET The ambition is to maintain a high standard of information issued by the company to the stock market. Such information must be accurate and transparent to create long-term confi - dence in the company. Earnings and the financial position are presented quarterly and, like the annual report, are issued to all shareholders who request a copy. All information that may have an effect on the company’s share price and information on all acquisitions is announced via press releases. All financial information is also available on the website, www.nibegroup.com. Press releases and reports are posted there at the same time as they are made public. Meetings with investors, financial analysts and the media are held when quarterly reports are published. There is also contin - uous dialogue with Swedish and foreign investors and financial analysts, the media and Aktiespararna, the Swedish Shareholders’ Association. OWNERSHIP NIBE has its registered office in Markaryd, Sweden, and has been listed on Nasdaq Stockholm since 1997. NIBE’s class B shares have also had a secondary listing on the SIX Swiss Exchange since August 2011. On December 31, 2025, NIBE had 171,137 registered shareholders, excluding previous share- holders of Schulthess Group AG who have become shareholders of NIBE. As shareholders in Switzerland are not reported to NIBE at the individual level, the total number of shareholders is not available. The ten largest shareholders include the shareholder groups “Current and former Board members and senior executives” holding 20.2% of the capital and 45.9% of voting rights, the Schör - ling family, holding 8% of the capital and 18.9% of the voting rights, and institutional investors, holding a total of 17.3% of the capital and 8.5% of the voting rights. Together, these shareholder groups hold a total of 45.5% of the capital and 73.3% of the voting rights. No individual shareholder has a direct or indirect shareholding representing 10% or more of the number of votes of all shares in NIBE. ANNUAL GENERAL MEETING The Annual General meeting (AGM) is NIBE’s highest decision- making body. The AGM determines the number of Board members and auditors, adopts the accounts, makes decisions on dividends and other appropriations of profit/loss, and dis - charges the Board of Directors and CEO from liability. The most recent Annual General Meeting, on May 15, 2025 in Markaryd, was attended by 1,638 shareholders, 631 of whom attended in person, and 1,007 of whom attended through proxies. 66% of the shares and 83% of the total number of votes in the company were represented. The AGM was attended by the Board of Directors, the CEO and the company’s auditors. The minutes Corporate governance in NIBE Industrier AB (publ) (NIBE) is exer - cised through the Annual General Meeting, the Board of Directors and the CEO in accordance with the Swedish Companies Act (2005:551), the company’s Articles of Association, the Swedish Annual Accounts Act (1995:1554), Nasdaq Stockholm’s Rules for Issuers, and good practice on the stock market. It is good practice for Swedish companies whose shares are traded on regulated markets to comply with the Swedish Corpo - rate Governance Code (the Code). NIBE complies with the Code, and this Corporate Governance Report has been prepared in accordance with the Code. The current Code may be accessed on the Swedish Corporate Governance Board’s website, www. bolagsstyrning.se. In addition, NIBE also provides information on the company’s website in accordance with the Market Abuse Regulation and other legal requirements. The Corporate Governance Report is not part of the formal annual report documents. The company’s auditors have reviewed the Corporate Governance Report and concluded that it has been prepared and that the statutory information is consistent with the other parts of the annual report and the consolidated finan - cial statements.
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 183 · The agenda includes several standing items, which are considered at every meeting. STATUS REPORT Report of significant events affecting operations that have not been listed in the written report that has been circulated. FINANCIAL REPORT Review of the financial information circulated. INVEST- MENTS Decisions regarding investments exceeding SEK 20 million, based on the data circulated. LEGAL PROCESSES Review of new or ongoing legal processes, where appropriate. ACQUISI- TIONS Report on ongoing discussions and decisions concerning the acquisition of companies, as and when appropriate. PRESS RELEASES, ETC. When appropriate, a review of proposals for external reports to be published after the meeting. INTERNAL CONTROL Report on the internal control work. FEBRUARY – YEAR-END CLOSE The meeting in February considers the annual accounts of the preceding year. The company auditor presents his comments to the full Board of Directors on this occasion. Reports by the Audit Committee and Remuneration Committee. MAY – INAUGURAL MEETING Following the AGM, the Board of Directors holds its inaugural meeting, at which it adopts the rules of procedure, appoints members of the Audit and Remuneration Committees, and determines authorised signatories. AUGUST – STRATEGY The Board considers strategic plans and evaluates the Board’s and CEO’s work models and decision- making processes. NOVEMBER – AUDIT REVIEW In November, the company’s auditor reports on the review of the interim report for the period January to September and the status of the audit. Report by the Audit Committee. DECEMBER -JANUARY – BUDGET At the end of the year, the Board discusses the Group’s budget for the coming year. Each ordinary Board meeting focuses on one principal topic of discussion. THE WORK OF THE BOARD IN 2025 BOARD PROCEDURES The NIBE Board of Directors consists of seven members, elected by the AGM. Directors and the Chairman of the Board are elected annually by the AGM to serve for the period until the next AGM. Company representatives attend Board meetings as required to present matters or act as experts in individual cases. The Board of Directors elected by the 2025 AGM comprised Hans Linnarson (Chairman), Anders Pålsson, Eva Karlsson, Eva Thun - holm, James Ahrgren, Camilla Ekdahl and Managing Director and CEO Gerteric Lindquist (all re-elected). With the exception of the Managing Director and CEO, none of the directors is employed by the company or has any operational responsibilities in the company. It is the opinion of the Board of Directors that all directors are independent of the Company, with the exception of the Managing Director and CEO. A presentation of the Board members can be found on page 188–189 of the Annual Report. The work of the Board is governed by formal rules of procedure that are adopted annually and regulate matters such as decision- making within the company, signatory authority, Board meetings and the Chairman’s duties. The Board oversees the work of the CEO and is responsible for ensuring that the company’s organisation, management and guidelines for the administration of the company’s financial affairs are appropriate. The Board is also responsible for devel - oping and monitoring the company’s strategies through plans and objectives, decisions on acquisitions, major investments, appointments to managerial positions and the continual supervi - sion of operations during the year. In addition, the Board sets the budget and is responsible for the annual accounts. The Chairman leads the work of the Board and ensures that it is carried out in accordance with the Swedish Companies Act and other relevant legislation. The Chairman follows the progress of operations through consultations with the CEO, and is responsible for ensuring that other members of the Board receive the infor - mation they need to hold discussions of a high quality and make the best possible decisions. The Board of Directors evaluates its work every year. The evaluation is carried out by means of a survey of the directors. The results of the survey are then presented to the full Board, which uses them to make specific proposals on how its work can be developed, improved and made more efficient, where necessary. The Board evaluation for 2025 revealed an open, constructive climate with well-functioning control and decision- making processes. The areas covered by the evaluation included the composition, working methods, communication and internal control of the Board, the Board’s evaluation of the CEO and other company management, and the need for committees. The Board has an Audit Committee and a Remuneration Committee, which prepare relevant matters and put forward proposals for decision by the Board. The Remuneration Committee consists of the Chairman of the Board and one other Board member nominated by the Board, and is independent of the company and its management. The Remuneration Committee is responsible for the prepara - tion of decisions by the Board in matters relating to principles of remuneration, remuneration and other terms of employment of company management, the evaluation of variable remuneration schemes for company management and the evaluation of appli - cation of the guidelines for remuneration of senior executives and the current remuneration structures and remuneration levels in the company. The Remuneration Committee also puts forward proposals for salary and other remuneration of the CEO, as well as proposals for the principles regarding salary and other remu - neration of senior executives in the company and the Group. The Remuneration Committee members in 2025 were Hans Linnarson (Chairman) and Eva Thunholm. The Audit Committee consists of two Board members who are independent of the company and company management and also independent in relation to the company’s major shareholders. The Audit Committee’s main tasks are to monitor the company’s financial reporting and sustainability reporting and to monitor the effectiveness of the company’s internal control, internal audit and risk management The Audit Committee members in 2025 were Anders Pålsson (Chairman) and Camilla Ekdahl.
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· 184 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB NOMINATION COMMITTEE The Nomination Committee presents proposals to the Annual General Meeting. The 2025 AGM resolved to establish a Nomination Committee. The Nomination Committee, which is elected by the AGM, consists of six members, including a Chairman. The members shall represent the largest shareholders in terms of number of votes held, as well as institutional shareholders. The chairman of the Board of NIBE may be a member of the Nomination Committee but may not serve as its Chairman. The Nomination Committee prepares proposals regarding: the Chairman of the Meeting, the Board of Directors for the coming financial year, the Chairman of the Board, the auditor, Board fees (including the allocation between the Chairman and other members), fees for committee work, the auditor’s fee, the members and Chairman of the Nomination Committee ahead of the next AGM, and any changes to the instructions for the Nomi - nation Committee. The Nomination Committee ahead of the 2026 AGM consisted of Mikael Ekdahl, representing the Schörling family and related companies (Chairman), Henrik Norén, representing Leif Gustafsson and Gerteric Lindquist, Mikael Hjelm, representing Bengt Hjelm, Fredrik Andersson, representing Harry Andersson, Daniel Kristiansson, representing Alecta Tjänstepension and Hans Linnarson, in his capacity as Chairman of the Board. During the year the Nomination Committee held six minuted meetings and also conducted an ongoing dialog between meet - ings. The Nomination Committee has addressed all matters it is required to consider under the Code. GROUP MANAGEMENT The Managing Director and CEO, who is also appointed by the Board of Directors as Managing Director of the parent, exer - cises day-to-day control of the Group, and the three heads of the Group’s business areas report to him. The CEO leads operations in accordance with the instructions adopted by the Board in respect of the division of duties between the Board and the CEO. The work of the CEO and of Group management is evaluated annually. Financing, currency management, corporate acquisitions, new establishments, financial control, financial information, human resources policy, sustainability and other overall policy matters are coordinated at Group level. GOVERNANCE OF BUSINESS AREAS NIBE consists of three business areas. Each business area has its own operational management with profit responsibility. Each business area has a Business Area Board chaired by the Managing Director and CEO. Each Business Area Board, in addition to responsibility for day-to-day operations, is also responsible to the NIBE Board of Directors for the strategic development of its respective busi - ness area. Each Business Area Board meets once per quarter. GOVERNANCE OF THE GROUP’S SUSTAINABILITY WORK The Group’s sustainability working group reports to the Sustainability Council, which, in addition to this group, com - prises the CEO, CFO and heads of business areas. Much of the work is regulated in national legislation, such as envi - ronmental laws and labor law, but NIBE is also obliged to comply with regional and international law. In addition, NIBE is governed by voluntary commitments such as the UN Global Compact. In 2025, NIBE implemented the CSRD reporting requirements in full. NIBE’s Board has ultimate responsibility for ensuring that risks are managed and that sustainability initiatives comply with the requirements of authorities, shareholders and other stake - holders. The CEO reports to the Board. The heads of the business areas are responsible for communicating and implementing their strategic work at the local board level. The management of each company is responsible for local operational sustainability work and for compliance with Group guidelines. These managers report to the heads of the business areas in each area. The sustainability working group regularly visits compa - nies in the Group to monitor compliance with common policies and guidelines. The working group also works strategically and reports on sustainability issues to the Boards at Group and busi - ness area level. Improvement needs or deviations are documented and reported to the individual company, the heads of business areas and Group management. Each business area head is responsible for ensuring that measures proposed are taken. CODE OF CONDUCT NIBE has a code of conduct that reflects the NIBE culture and the ten principles of the UN Global Compact. The Code of Conduct is reflected in NIBE’s documents on busi - ness principles, values and working methods and the content of these is based on a long tradition of honest and sincere business practices. The information can be found on pages 22–25. All employees receive the printed version in their local language. When a new company joins the Group, its management is obliged to communicate and implement the Code of Conduct in the entire organization. The Code of Conduct is available to external parties and stake - holders on the Group’s website nibegroup.com. All businesses comply with national legislation regarding financial, environmental and labor legislation, and are also obliged to comply with regional and international law and volun - tary commitments such as the UN Global Compact. Management is responsible for seeking advice on ethical and legal behavior according to established escalation procedures when their knowledge or mandate is insufficient.
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 185 · NIBE has a whistleblowing function through which all Group employees and others can confidentially report suspicions of serious irregularities without risk of retaliation. To ensure the anonymity of the whistleblower and the proper, secure handling of submissions, whistleblowing cases go directly to an external recipient who also leads the investigation of the case. POLICY FOR COMPOSITION OF BOARD OF DIRECTORS/DIVERSITY POLICY NIBE has adopted a diversity policy for the Board. NIBE’s Board of Directors must have overall expertise and experience that is appropriate to its work and the business that is conducted, as well as to be able to identify and analyze opportunities for and risks to the Group. When new directors are nominated and elected, it is necessary to consider each director’s suitability to obtain a Board of Directors with the overall expertise required for appropriate governance of the Group. The composi - tion of the Board of Directors must be characterized by versatility and breadth in terms of the expertise, experience, gender, age, education and professional background of the directors elected. The objective of the policy is to achieve an appropriate compo- sition of the Board as regards the company’s operations and relationships in general. In 2025, the composition of the Board was evaluated partly through the work of the Nomination Committee and partly within the framework of the Board’s own annual evaluation (presented above under ‘Board procedures’) and taking into account the diversity policy for the Board. The result of the evaluation is that the composition of the Board is deemed compliant with the policy. REMUNERATION 2025 The 2025 AGM resolved that fees to the Board of Directors and fees to the auditors would be paid according to approved invoice. At the same time, policies for the remuneration of the CEO and other senior executives were detailed and approved. Further information about the principles that apply can be found in Note 6 to the annual report and on NIBE’s website at www.nibegroup. com. Remuneration of the CEO is a matter decided by the Board, but the preparatory work for this decision is undertaken by Remu - neration Committee. Remuneration of other senior executives is determined by the CEO in consultation with the Remuneration Committee and in accordance with the guidelines adopted by the AGM. Decisions in this regard are reported to the Board of Direc - tors. Information on the fees paid to directors, as well as the salary and other remuneration paid to the CEO and other senior executives can be found in Note 6 to the annual report. Board of Directors MD and CEO CFO Sustainability Council Business area Heads Sustainability team Local boards Local sustainability team Shareholders Annual General Meeting Board of Directors MD and CEO Group Administration Auditor BUSINESS AREAS Reports Internal controls Targets Strategies Policies NIBE Climate Solutions NIBE Element NIBE Stoves Election Information Information Audit Committee Remuneration Committee
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· 186 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB INCENTIVE PROGRAM Under an incentive program, certain key employees are paid variable remuneration if set targets are met. Variable remuneration is limited to a maximum of four months’ salary. In addition, up to one extra month’s salary may be paid, provided that the employee uses this additional payment and an equivalent amount from their variable remuneration to purchase NIBE shares on the stock exchange. The additional remuneration is conditional on the employee retaining the annually acquired NIBE shares for at least three years. Under normal circumstances, the acquisition of NIBE shares by the employees concerned shall take place once a year in February/March and shall be subject to the applicable market abuse regulations. No incentive program is offered to the CEO. Certain key individuals in the foreign compa - nies acquired in recent years have incentive programs that deviate from the NIBE Group’s remuneration principles set out above. Further information about the principles that apply for senior executives can be found in Note 6 to the annual report. SEVERANCE PAY No severance pay or other benefits apply to the Chairman of the Board or to the directors, apart from the CEO. The period of notice for the CEO is six months for termination of employment by the company. In addition to salary during the period of notice, the CEO is entitled to severance pay equal to 12 months’ salary. Other senior executives are entitled to receive their salaries during a period of notice which varies between 6 and 12 months. PENSIONS The Chairman of the Board and directors do not receive any retirement benefits for their work on the Board. No special agreements have been reached that entitle senior executives to retire before the official retirement age while still retaining part of their salary in the interim. Information on the retirement benefits of the CEO and other senior executives can be found in Note 6 to the annual report. Under the company’s policy, no further pension contributions are made if employment continues beyond the age of 65. INTERNAL CONTROL OVER FINANCIAL REPORTING IN 2025 Under the Swedish Companies Act and the Code, the Board of Directors is responsible for internal control. This report on internal control and risk management as regards financial reporting complies with the requirements in Chapter 6, Section 6, of the Annual Accounts Act. NIBE is characterized by simplicity in its legal and operational structure, transparency in its organization, clear divisions of responsibility, and an efficient management and control system. NIBE complies not only with laws and regulations in respect of financial reporting, but also with internal instructions and poli - cies set out in, e.g., the company’s Finance Handbook and NICS (NIBE Internal Control Standard). These are applied by all compa - nies in the Group, along with systems aimed at ensuring effective internal controls in financial reporting. Consolidated financial statements containing comprehensive analyses and comments are prepared each month for the Group and its business areas. Monitoring also takes place monthly. There are finance functions and controllers with responsibility for accounting, reporting and the analysis of financial trends at Group level, business area level and unit level. In addition to the statutory audit of the annual report and statutory audit of the Parent Company and all of its subsidiaries, the Board also has the option of requesting a special audit of a selected business during the year if the Board deems it neces - sary. A summary of the auditors’ review of selected controls is presented each year as part of the Board meeting that deals with the year-end financial statements. Additionally, the Audit Committee monitors the effectiveness of the company’s internal control, internal audit and risk management, and reports its observations to the Board. In light of the Group’s continuous work on internal control through the Group-wide NICS framework (NIBE Internal Control Standard), the Board has determined that there has been no need for a separate internal audit function (Section III, item 8.1 of the Code). EXTERNAL AUDITORS NIBE’s auditors were elected at the AGM to serve for a period of one year. The audit firm KPMG AB has been the company’s auditor since the 2013 AGM. Jonas Nihlberg has been auditor in charge since the AGM in 2021. The auditor in charge has continual access to the approved minutes of company Board meetings and the monthly reports that the Board receives. The company’s auditor in charge reports his observations from the audit and his assessment of the company’s internal controls to the full Board. Over and above normal auditing duties, KPMG assists in partic - ular with consulting services in accounting and tax matters. Information on the remuneration of auditors is given in Note 9 to the annual report.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 187 · Hans Linnarson Chairman of the Board Eva Thunholm Board member Gerteric Lindquist Board member, Managing Director and CEO Anders Pålsson Board member Camilla Ekdahl Board member THE BOARD OF DIRECTORS’ STATEMENT The Board of Directors and the CEO confirm that the Annual Report has been prepared in accordance with generally accepted accounting principles in Sweden and that the consoli - dated financial statements have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU. They also confirm that the Annual Report and consolidated financial statements have been prepared in accordance with the adopted sustainability reporting standards (ESRS) and the specifications adopted pursuant to the Taxonomy Regulation (EU) 2020/852. The annual accounts and consolidated financial statements give a true and fair view of the financial position and results of the Parent Company and the Group. The administration report for the Parent and the Group provides a fair review of the devel - opment of the operations, financial position and results of the Parent Company and the Group and describes the principal risks and uncertainties facing the Parent Company and the companies included in the Group. The Board of Directors approved the Annual Report on April 7, 2026 Eva Karlsson Board member James Ahrgren Board member From left: James Ahrgren, Camilla Ekdahl, Anders Pålsson, Eva Thunholm, Hans Linnarson, Eva Karlsson and Gerteric Lindquist. Our Auditor’s report on the annual accounts and consolidated financial statements and our limited assur - ance report on the sustainability report were submitted on April 7, 2026. KPMG AB Jonas Nihlberg Authorized Public Accountant
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· 188 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB GROUP B O A R D O F DIRECTORS HANS LINNARSON Born 1952 Member of the Board since 2006 Became Chairman of the Board in 2015. Chairman of the Remuneration Committee. EDUCATION: B.Sc. (Electrical Engineering), Teknikum, Växjö and B.A. Växjö University. EXPERIENCE: Several different positions as CEO of international Swedish industrial companies over more than 35 years, such as Enertec Component AB, CTC AB and Asko Cylinda AB. Executive positions in the Electrolux Group and President & CEO of Husqvarna AB. OTHER CURRENT BOARD ASSIGNMENTS: Chairman of the Board of HP Tronic AB. Board member of Eolus AB, Inission AB, Nordiska Plast AB and Zinkteknik AB. PREVIOUS BOARD ASSIGNMENTS: Chairman of the Board of K. Hartwall Oy, Scandbio AB, Dahrén AB, and Board member of Beijer Electronics AB (publ). PRESENT AT BOARD MEETINGS: 10/10 PRESENT AT REMUNERATION COMMITTEE: 1/1 SHAREHOLDING IN NIBE INDUSTRIER: 9,556 Class B shares. Independent of the company and its manage - ment and major shareholders. CAMILLA EKDAHL Born 1967 Member of the Board since 2024 Member of the Audit Committee. EDUCATION: M.Sc. in Engineering Mechanics, Chalmers University of Technology, Gothen - burg. CURRENT POSITION: CEO Balco Group AB (publ). EXPERIENCE: Extensive industrial experi - ence as CEO, local manager, COO, logistics manager in a number companies with international operations, including Isaberg Rapid AB, Pelly Group AB, Thule Sweden AB, Rapid Granulator AB, Continental Gislaved Däck AB, Balco Group AB. OTHER CURRENT BOARD ASSIGNMENTS : Board member of Haglund Industri AB. PRESENT AT BOARD MEETINGS: 10/10 PRESENT AT AUDIT COMMITTEE: 4/5 SHAREHOLDING IN NIBE INDUSTRIER: 5,600 Class B shares. Independent of the company and its management and major shareholders. JAMES AHRGREN Born 1979 Member of the Board since 2024 EDUCATION: Studies in Mechanical Engineering at KTH, Stockholm. CURRENT POSITION: CEO AQ Group (publ). EXPERIENCE: Worked in product development, purchasing, production, marketing, sales and acquisition and in senior positions at Xylem, Huber+Suhner, AB Traction and AQ Group. 10 years’ experience of working and managing companies in China. Founder of Nash Invest AB, Lejla Invest AB and Elbilsvaruhuset.se i Sverige AB. OTHER CURRENT BOARD ASSIGNMENTS: Chairman of the Board Lejla Invest AB. Board member of Nash Invest AB and Chairman of the Board and Board member of around 40 different subsidiaries in AQ Group AB. PREVIOUS BOARD ASSIGNMENTS: Chairman of the Board Ankarsrum Industrier AB. Board member Sigicom AB and Drillcon AB. PRESENT AT BOARD MEETINGS: 9/10 SHAREHOLDING IN NIBE INDUSTRIER: 12,015 Class B shares. Independent of the company and its manage - ment and major shareholders.
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 189 · ANDERS PÅLSSON Born 1958 Board member since 2010. Chairman of the Audit Committee. EDUCATION: M.Sc. in Business & Economics, Lund University. EXPERIENCE: More than 35 years’ experi- ence in international industrial companies, Including President & CEO of Hilding Anders and divisional manager at Trelleborg AB and in PLM/Rexam. Worked at Gambro and the E.ON Groups. OTHER CURRENT BOARD ASSIGNMENTS: Chairman of Malmö FF football club. PREVIOUS BOARD ASSIGNMENTS: Chairman of GARO AB, Lammhults Design Group AB, Elektro Sandberg AB and Hilding Anders AB. Board member of OKG Oskarshamns Kärnkraftverk AB, Midway Holdings AB, Trioplast AB and Bergendahls Food AB. PRESENT AT BOARD MEETINGS: 9/10 PRESENT AT AUDIT COMMITTEE: 5/5 SHAREHOLDING IN NIBE INDUSTRIER: 91,428 Class B shares. Independent of the company and its management and major shareholders. EVA KARLSSON Born 1966 Member of the Board since 2022. EDUCATION: M.Sc. in Engineering Mechanics, Chalmers University of Technology, Gothenburg. CURRENT POSITION: Chief Operation Officer, Saab Group. EXPERIENCE: More than 30 years’ experi- ence in international industrial companies, including Dometic, ASSA ABLOY and ABB. In these companies she has held senior management positions, including COO of Dometic Group and Head of business area Pedestrian Door Solutions at ASSA ABLOY. PREVIOUS BOARD ASSIGNMENTS: Board member Itab Group AB. PRESENT AT BOARD MEETINGS: 10/10 SHAREHOLDING IN NIBE INDUSTRIER: 9,323 Class B shares. Independent of the company and its manage- ment and major shareholders. EVA THUNHOLM Born 1966 Member of the Board since 2022. Member of the Remuneration Committee. EDUCATION: Master of Science in Chemical and Administrative Sciences, Karlstad CURRENT POSITION: Vice President Business Unit Technical Materials, Ahlstrom Group. EXPERIENCE: Considerable experience of international business and solid industrial experience, including in the ventilation industry. Has worked at e.g. Stora Enso, Södra Skogsägarna and Volution Group. OTHER CURRENT BOARD ASSIGNMENTS: Board member of Sydved AB, Alutrade AB and the trade association Skogsindustrierna. PREVIOUS BOARD ASSIGNMENTS: Uni4 Marketing AB. PRESENT AT BOARD MEETINGS: 10/10 PRESENT AT REMUNERATION COMMITTEE: 1/1 SHAREHOLDING IN NIBE INDUSTRIER: 2,000 Class B shares. Independent of the company and its manage - ment and major shareholders. GERTERIC LINDQUIST Born 1951 Board member since 1989. EDUCATION: M.Sc. in Engineering and M.Sc. in Business & Economics, Chalmers Univer - sity of Technology and Uppsala University. CURRENT POSITION: Managing Director and CEO of NIBE Industrier AB and NIBE AB. Employed at NIBE since 1988. EXPERIENCE : More than 35 years’ experi- ence of international industrial operations, Including as Exports Director of ASSA Stenman AB, now ASSA Abloy. OTHER CURRENT BOARD ASSIGNMENTS : A number of assignments as Chairman and Board member at Group-wide companies in NIBE Group. PRESENT AT BOARD MEETINGS: 10/10 SHAREHOLDING IN NIBE INDUSTRIER: 27,511,952 Class A shares, and 65,160,044 Class B shares. Not independent due to his position, his shareholding and the length of his Board service.
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· 190 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB MANAGE - MENT AUDITOR SIMON KARLIN Born 1968 Head of NIBE Climate Solutions Employed at NIBE since 2024. EDUCATION: B.Sc. in Business Administration, Lund University. EXPERIENCE: More than 20 years’ experience in international groups in the refrigeration and HVAC industry, including Head of business area for the regions EMEA and APAC at Beijer Ref and Svedala/Sandvik Group. OTHER CURRENT ASSIGNMENTS: Agramkow A/S. A number of assignments as Chairman and Board member at Group-wide companies in NIBE Group. SHAREHOLDING IN NIBE INDUSTRIER: 50,000 Class B shares. JONAS NIHLBERG Auditor in charge , KPMG AB GERTERIC LINDQUIST Born 1951 MD & CEO of NIBE Industrier AB and NIBE AB. Employed at NIBE since 1988. EDUCATION: M.Sc. in Engineering and M.Sc. in Business & Economics, Chalmers University of Technology and Uppsala University. EXPERIENCE: More than 35 years’ experience of international industrial operations, Including as Exports Director of ASSA Stenman AB, now ASSA Abloy. OTHER CURRENT ASSIGNMENTS: A number of assignments as Chairman and Board member at Group-wide companies in NIBE Group. SHAREHOLDING IN NIBE INDUSTRIER: 27,511,952 Class A shares, and 65,160,044 Class B shares. NIKLAS GUNNARSSON Born 1965 Head of business area NIBE Stoves. Employed at NIBE since 1987. EDUCATION: Engineer, Halmstad. EXPERIENCE: Extensive experience in sales, marketing and product development in various parts of NIBE Group. OTHER CURRENT ASSIGNMENTS: A number of assignments as Chairman and Board member at Group-wide companies in NIBE Group. SHAREHOLDING IN NIBE INDUSTRIER: 1,973,068 Class B shares. TERESE LEIRE Born 1982 General Counsel. Employed at NIBE since 2025. EDUCATION: LL.M., Lund University. EXPERIENCE: Over 15 years’ experience of corporate law. Including as lawyer at Advokatfirman Delphi and as lawyer and associate at Advokatfirman Sigeman & Co. SHAREHOLDING IN NIBE INDUSTRIER: 0 shares. CHRISTER FREDRIKSSON Born 1955 Head of business area for NIBE Element and CEO of Backer AB. Employed at NIBE since 1992. EDUCATION: M.Sc. in Engineering Industrial Economics, Linköping University. EXPERIENCE: Many years of industrial experience as e.g. Controller at Fiskeby, Division manager at Stal Laval and CEO at Strömma AB. OTHER CURRENT ASSIGNMENTS: A number of assignments as Chairman and Board member at Group-wide companies in NIBE Group. SHAREHOLDING IN NIBE INDUSTRIER : 6,872,500 Class A shares, and 11,471,360 Class B shares. HANS BACKMAN Born 1966 CFO NIBE Group. Employed at NIBE since 2011. EDUCATION: M.Sc. in Business & Economics, School of Business, Economics and Law at University of Gothenburg, and MBA, Lund University. EXPERIENCE: Broad experience in global industrial companies in and outside Sweden. A total of around 20 years abroad at companies such as SKF (publ) and Alstom. OTHER CURRENT ASSIGNMENTS: A number of assignments as board member at Group-wide companies in NIBE Group and at Schulthess Maschinen AG of Switzerland, a former Group company. SHAREHOLDING IN NIBE INDUSTRIER: 276,300 Class B shares.
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 191 · AUDITOR’S REPORT To the annual meeting of the shareholders of NIBE Industrier AB (publ), Corporate identity number 556374-8309 To the annual meeting of the shareholders of NIBE Industrier AB (publ), Corporate identity number 556374-8309 Report on the annual accounts and consolidated financial statements OPINIONS We have audited the annual accounts and consolidated financial statements of NIBE Industrier AB for the 2025 financial year, not including the Corporate governance report on pages 181–186 and the Sustainability report on pages 63–116. The annual accounts and consolidated financial statements of the company are included on pages 63-187 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the Parent Company as of December 31, 2025 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated financial statements have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and its financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. Our opinions do not cover the Corporate governance report on pages 181-186 and the Sustainability report on pages 63–116. The Administration Report is consistent with the other parts of the annual accounts and consolidated financial statements. We therefore recommend that the general meeting of share - holders adopt the income statement and balance sheet for the Parent Company and the Group. Our opinions in this report on the annual accounts and the consolidated financial statements are consistent with the content of the additional report that has been submitted to the parent's Audit Committee in accordance with Article 11 of EU Regulation 537/2014 on statutory audits. BASIS FOR OPINIONS We conducted our audit in accordance with International Stan - dards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibility under these standards is described in further detail in the ‘Auditor’s responsibility’ section. We are independent of the parent and the Group in accordance with professional ethics for accountants in Sweden and have fulfilled our ethical responsibility under these standards. This means that, based on our best knowledge and belief, no prohibited services referred to in Article 5 (1) of EU regulation 537/2014 on statutory audits were provided to the audited company or, as the case may be, its parent or its companies under its control within the EU. We believe that the audit evidence we have obtained is suffi - cient and appropriate to provide a basis for our audit opinion. KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts and consolidated financial statements for the current period. These matters were addressed in the context of our audit of, and our opinion on, the annual accounts and consolidated financial statements as a whole, but we do not provide a separate opinion on these matters. VALUATION OF GOODWILL See Note 14 in the annual accounts and the consolidated finan - cial statements for detailed information and a description of this matter. Description of the matter As at December 31, 2025, the Group had goodwill of SEK 23,090 million, corresponding to 35% of total assets. IFRS requires intan - gible assets with an indefinite useful life to be tested annually for impairment. Such testing is not only complex but also involves a significant element of assessments by Group management. Impairment testing is performed using a method whereby management makes assumptions about future internal and external factors. Examples of such assessments are future receipts and payments (future cash flows), which require assumptions about e.g. future market conditions. Another impor - tant assumption is the discount rate that should be used to adjust for the fact that future receipts are subject to risk and thus worth less than the cash and cash equivalents that are directly available to the Group. Response in the audit We have studied management’s impairment testing to assess whether it was performed in accordance with the method prescribed. We have also assessed the reasonableness of the future receipts and payments and the assumed discount rates by studying and evaluating management’s written documentation and plans. We have also interviewed management and evaluated previous years’ assessments in relation to actual outcomes. We have consulted our own valuation specialists in order to ensure experience and expertise in this area. Another important aspect of our work was to evaluate manage - ment’s sensitivity analysis, that is, how changes in assumptions may affect the valuation. Finally, we examined the information in the annual accounts and consolidated financial statements and assessed whether the disclosures were consistent with the assumptions made by management in its impairment testing and whether the disclo - sures were sufficiently comprehensive to ensure it is possible to understand the assessments made by management.
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· 192 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB ACCOUNTING FOR ACQUISITIONS See Note 3 and Note 26 in the annual accounts and consolidated financial statements for detailed information and a description of this matter. Description of the matter The Group carries out acquisitions on an ongoing basis. In connection with acquisitions, the new business must be recog - nized in the consolidated financial statements, which requires the preparation of an acquisition analysis. The preparation of such an analysis involves acquired assets and liabilities being identified and having amounts allocated to them that corre - spond to their fair values on the acquisition date, whether they were previously recognized or not. If the acquisition agreement includes contingent consideration or commitments to acquire the shares of minority shareholders, the value of these is estimated in connection with the preparation of the acquisition analysis and an acquisition-related liability is recognized. The value that remains after all assets and liabilities have been assessed and valued in the acquisition analysis is recognized as goodwill. The preparation of an acquisition analysis requires knowledge of the methods to be used and awareness of the circumstances in the acquired business. Acquisition-related liabilities must be revalued on a continuous basis. Such revaluation is based on assumptions about future internal and external factors and there - fore involves a significant element of judgment by management. Acquisition-related liabilities amounted to SEK 2,040 million on December 31, 2025. Response in the audit In our audit, we examine acquisition analyses in respect of mate - rial acquisitions in order to assess whether they were prepared using the correct methods and are based on acquisition agree - ments. Because we did not identify any material acquisitions in the financial year, our examination of this matter focused on the reasonableness of management’s assessments about acquisi - tion-related liabilities and the assumptions used as the basis for revaluation of such liabilities. In our audit, we analyzed a sample of agreements for completed acquisitions and the parameters on which the acquisition-related liabilities were based, and we also assessed management’s assumptions about future financial performance and thus the size of acquisition-related liabilities. Finally, we checked the completeness of the disclosures in the annual accounts and consolidated financial statements and assessed whether the information was consistent with the infor - mation used by management, and whether the information is sufficient to understand the assessments made by management. INFORMATION OTHER THAN THE ANNUAL ACCOUNTS AND CONSOLIDATED FINANCIAL STATEMENTS This document also contains information other than the annual accounts and consolidated financial statements and can be found on pages 1–116, 188–190 and 198–203. This other information also consists of the remuneration report, which we gained access to before the date of this Auditor’s report. The Board and the CEO are responsible for this other information. Our opinion on the annual accounts and consolidated financial statements does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consolidated financial statements, our responsibility is to read the information identified above and consider whether the infor - mation is materially inconsistent with the annual accounts and consolidated financial statements. In this procedure, we also take into account the knowledge we have obtained during the audit and assess whether the information appears to contain material misstatements in other respects. If, based on the work performed concerning this informa - tion, we conclude that the other information contains a material misstatement, we are liable to report this. We have nothing to report in this respect. RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE CEO The Board of Directors and the CEO are responsible for the preparation of the annual accounts and consolidated financial statements and for ensuring that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated financial statements, in accordance with IFRS Accounting Standards, as adopted by the EU. The Board of Direc - tors and the CEO are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated financial statements, the Board of Directors and the CEO are responsible for assessing the company’s and the Group’s ability to continue as a going concern. They disclose, as applicable, matters related to the going concern and use of the going concern basis of accounting. However, the going concern basis of accounting is not applied if the Board of Directors and the CEO intend to liquidate the Company, cease operations, or have no realistic alternative but to do so. The Board’s Audit Committee shall, without it impacting the other roles and responsibilities of the Board of Directors, be responsible for monitoring the company’s financial reporting. AUDITOR’S RESPONSIBILITY Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements may arise due to fraud or error and are regarded as material if, individually or in aggregate, they could reasonably be expected to
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 193 · affect the economic decisions of users taken on the basis of the annual accounts and consolidated financial statements. As part of an audit in accordance with ISA, we exercise profes - sional judgment and maintain professional skepticism throughout the audit. In addition, we: – i dentify and assess the risks of material misstatement of the annual accounts and consolidated financial statements, whether due to fraud or error, design and perform audit proce - dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not identifying a material misstatement resulting from fraud is higher than one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresen - tation or the override of internal control. – obt ain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. – e valuate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the CEO. – c onclude on the appropriateness of the Board of Directors’ and the CEO’s use of the going concern basis of accounting in preparing the annual accounts and consolidated financial statements. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the annual accounts and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated financial statements. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause a company and a Group to cease to continue as a going concern. – e valuate the overall presentation, structure and content of the annual accounts and consolidated financial statements, including the disclosures, and whether the annual accounts and consolidated financial statements represent the under - lying transactions and events in a manner that achieves fair presentation. • p lan and perform the Group audit to obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business units within the Group to express an opinion on the consolidated financial statements. We are responsible for the governance, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our opinions. We must inform the Board of Directors about matters including the planned scope, focus and timing of the audit. We must also inform them of significant audit findings, including any significant deficiencies in internal control that we identified. We must also provide the Board of Directors with a state - ment that we have complied with relevant ethical requirements regarding independence, and communicate with them all rela - tionships and other matters that may reasonably thought to bear on our independence, and where applicable, related safeguards.. Of the matters communicated to the Board of Directors, we determine which of them were the most significant to the audit of the annual accounts and consolidated financial statements, including the risks of material misstatements considered to be the most significant, and which therefore represent the key audit matters. We describe these matters in the Auditor’s report unless laws or other statutes preclude disclosure of the matter. Report on other legal and regulatory requirements Auditor’s review of administration and the pro - posed appropriation of the company’s profit or loss OPINIONS In addition to our audit of the annual accounts and consolidated financial statements, we have examined the administration by the Board of Directors and the CEO of NIBE Industrier AB for the 2025 financial year and the proposed appropriation of the company’s profit or loss. We recommend to the Annual General Meeting that the profit be appropriated in accordance with the proposal in the Administration Report, and that the members of the Board of Directors and the CEO be discharged from liability for the finan - cial year. BASIS FOR OPINIONS We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibility under these standards is described in further detail in the ‘Auditor’s respon - sibility’ section. We are independent of the parent and the Group in accordance with professional ethics for accountants in Sweden and have fulfilled our ethical responsibility under these standards We believe that the audit evidence we have obtained is suffi - cient and appropriate to provide a basis for our audit opinion.
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· 194 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE CEO The Board of Directors is responsible for the proposed appropria - tion of the company’s profit or loss. Proposing a dividend includes an assessment of whether the dividend is justifiable considering the requirements that the nature, scope and risks of the compa - ny’s and the Group’s operations place on the size of the parent’s and the Group’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the organization of the company and the administration of its affairs. This includes, among other things, continuous assessment of the company’s and the Group’s financial situation and ensuring that the compa - ny’s organization is designed so that accounting, management of assets and the company’s financial affairs are otherwise controlled in a reassuring manner. The CEO is responsible for ongoing administration in accor - dance with the guidelines and instructions issued by the Board of Directors and for taking measures that are necessary to fulfill the company’s accounting in accordance with law and to conduct the management of assets in a reassuring manner. AUDITOR’S RESPONSIBILITY Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assur - ance whether any Board member or the CEO has, in any material respect: – u ndertaken any action or been guilty of any omission which could give rise to liability to the company; or – i n any other way acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropri - ations of the Company’s profit or loss, and thereby our opinion about this, is to assess with a reasonable degree of assurance whether the proposal is in accordance with the Swedish Compa - nies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Swedish Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and maintain professional skepticism throughout the audit. Our examination of the administration and the proposed appropriation of the company’s profit or loss is based primarily on our audit of the accounts. Any additional audit procedures performed are based on our professional judgment with reference to risk and materi - ality. This means that we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company’s situation. We examine and test decisions made, decision data, actions taken and other matters that are relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriation of the company’s profit or loss, we examined the Board of Directors’ reasoned statement and a selection of supporting evidence in order to be able to assess whether the proposal is in accordance with the Companies Act. Auditor’s examination of the ESEF report OPINION In addition to our audit of the annual accounts and consolidated financial statements, we have also examined whether the Board of Directors and the CEO have prepared the annual accounts and consolidated financial statements in a format that enables uniform electronic reporting (ESEF report) in accordance with Chapter 16, Section 4a of the Swedish Securities Market Act (2007:528) for NIBE Industrier AB for the financial year 2025. Our examination and our opinion relate only to the statutory requirement. In our opinion, the ESEF report has been prepared in a format that, in all material respects, enables uniform electronic reporting. BASIS FOR OUR OPINION We have performed the examination in accordance with FAR’s recommendation RevR 18 Auditor’s examination of the ESEF report. Our responsibility under these standards is described in further detail in the “Auditor’s responsibility” section. We are inde - pendent of NIBE Industrier AB in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE CEO The Board and the CEO are responsible for ensuring that the ESEF report has been prepared in accordance with Chapter 16, Section 4a of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Chief Execu - tive Officer determine is necessary to prepare the ESEF report without material misstatements, whether due to fraud or error.
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 195 · AUDITOR’S RESPONSIBILITY Our responsibility is to form an opinion with reasonable assurance as to whether the ESEF report is in all material respects prepared in a format that meets the requirements of Chapter 16, Section 4a of the Swedish Securities Market Act (2007:528), based on the procedures performed. RevR 18 requires us to plan and execute procedures to achieve reasonable assurance that the ESEF report is prepared in a format that meets these requirements. Reasonable assurance is a high level of assurance, but it is not a guarantee that an examination performed in accordance with RevR 18 and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the ESEF report. The audit firm applies the International Standard on Quality Management 1, which requires it to design, implement and operate a quality management system including guidelines or procedures related to compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. The examination involves obtaining evidence, through various procedures, that the ESEF report has been prepared in a format that enables uniform electronic reporting of the annual accounts and consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error. In carrying out this risk assessment, and in order to design examination procedures that are appropriate in the circum - stances, we consider those elements of internal control that are relevant to the preparation of the supporting documentation by the Board of Directors and the CEO, but not for the purpose of expressing an opinion on the effectiveness of those internal controls. The audit also involves an evaluation of the appropriate - ness and reasonableness of the assumptions made by the Board of Directors and the CEO. The procedures mainly include validation that the ESEF report has been prepared in a valid XHTML format and reconciliation of the ESEF report with the audited annual accounts and consoli - dated financial statements. The examination also includes an assessment of whether the consolidated income statement, balance sheet, statement of changes in equity, statement of cash flows and notes in the ESEF report have been tagged with iXBRL, in accordance with the ESEF regulation. AUDITOR’S EXAMINATION OF THE CORPORATE GOVERNANCE REPORT The Board of Directors is responsible for the corporate gover - nance report on pages 181–186, and for ensuring that it has been prepared in accordance with the Annual Accounts Act. Our audit was conducted in accordance with FAR’s standard RevR 16 The auditor’s examination of the corporate governance statement. This means that our examination of the corporate governance report has a different focus and a substantially more limited scope than an audit conducted in accordance with Inter - national Standards on Auditing and generally accepted auditing standards in Sweden. We believe that this review provides a suffi - cient and appropriate basis for our opinion. A corporate governance report has been prepared. Disclosures in accordance with Chapter 6, Section 6 (2), 2-6, of the Swedish Annual Accounts Act, and Chapter 7, Section 31 (2), of the same Act are consistent with the annual accounts and consolidated financial statements and are in accordance with the Swedish Annual Accounts Act. KPMG AB was appointed auditor of NIBE Industrier AB (publ) by the Annual General Meeting on May 15, 2025. KPMG AB or auditors working at KPMG AB have been the company’s auditor since 2013. Markaryd, April 7 2026 KPMG AB J onas Nihlberg A uthorized Public Accountant
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· 196 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB CONCLUSION We have conducted a limited assurance engagement on the Sustainability report of NIBE Industrier AB (publ) (the Company) for the 2025 financial year. The Sustainability report is included in the printed version of this document on pages 63-116. Based on our limited assurance engagement, as described in the section Auditor’s responsibility, nothing has come to our atten - tion that causes us to believe that the Sustainability report has not been prepared, in all material respects, in accordance with the Annual Accounts Act, including, • wh ether the Sustainability report complies with ESRS; • w hether the process carried out by the company to identify the sustainability information has been performed as described in the Sustainability report; and • w hether the disclosures comply with Article 8 of the EU Taxonomy Regulation. BASIS FOR CONCLUSION We conducted our limited assurance engagement in accordance with FAR’s recommendation RevR 19 Auditor’s limited assurance engagement on the statutory sustainability report . Our responsi - bility under these standards is described in further detail in the “Auditor’s responsibility” section. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. OTHER DISCLOSURES The sustainability information for the previous financial year has not previously been subject to limited assurance, and accordingly no assurance has been provided on the comparative information in the 2025 Sustainability Report. AUDITOR’S LIMITED ASSURANCE REPORT ON NIBE INDUSTRIER AB (PUBL)’S SUSTAINABILITY REPORT To the Annual General Meeting of shareholders of NIBE Industrier AB (publ), Corporate ID no. 556374-8309 INFORMATION OTHER THAN THE SUSTAINABILITY REPORT This document also contains information other than the Sustain - ability report and can be found on pages 1–62, 117–190 and 198–203. The Board and the CEO are responsible for this other information. Our conclusion on the Sustainability report does not include this other information and we do not express any form of assur - ance conclusion concerning this other information. In connection with our limited assurance engagement on the Sustainability report, our responsibility is to read the information identified above and consider whether the information is materi - ally inconsistent with the Sustainability report. In this procedures, we also take into account our knowledge otherwise obtained in the limited assurance engagement and assess whether the infor - mation otherwise appears to be materially misstated. If, based on the work performed concerning this information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this respect. RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE CEO The Board and the CEO are responsible for ensuring that the sustainability report has been prepared in accordance with Chapter 6, Sections 12–12f of the Annual Accounts Act, and for such internal control as the Board of Directors and the CEO deter - mine is necessary to enable the preparation of a Sustainability report that is free from material misstatement, whether due to fraud or error. AUDITOR’S RESPONSIBILITY Our responsibility is to provide a limited assurance conclusion that the Sustainability report has been prepared in the accor - dance with Chapter 6, Sections 12–12f of the Annual Accounts Act, based on our review. We conducted our limited assurance engagement in accordance with FAR’s recommendation RevR 19 Auditor’s limited assurance engagement on the statutory sustainability report . This recommendation requires us to plan and perform the assurance engagement procedures to obtain limited assurance that the Sustainability report is prepared in accordance with these requirements. The procedures performed to obtain evidence are more limited than in an engagement in which an opinion is expressed with reasonable assurance, and the assurance obtained is therefore lower than in an engagement in which an opinion is expressed with reasonable assurance. This means that it is not possible for us to obtain such assurance that we would become aware of all significant matters that might have been identified if an engage- ment providing reasonable assurance had been performed. The audit firm applies ISQM 1 (International Standard on Quality Management), which requires it to design, implement and operate a quality management system, including guidelines or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We are independent of NIBE Industrier AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements The limited assurance engagement involves obtaining supporting documentation for the sustainability report by various means. The auditor selects the procedures to be performed
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 197 · based on assessment of the risks of material misstatement of the Sustainability report, whether due to fraud or error. In carrying out this risk assessment, and in order to design exami - nation procedures that are appropriate in the circumstances, the auditor considers those elements of internal control that are rele - vant to the preparation of the sustainability report by the Board and CEO, but not for the purpose of expressing an opinion on the effectiveness of those internal controls. The limited assur - ance engagement consists of performing inquiries, primarily of the persons responsible for the preparation of the sustainability report, and performing analytical procedures and other limited assurance engagement procedures. In performing our limited assurance engagement regarding the process implemented to identify sustainability information to be reported, we have: • O btained an understanding of the process by: • – m aking inquiries to understand the sources of the informa - tion used by management; and • – reviewing the company’s internal documentation of the process; and • E valuated whether the information obtained from our proce - dures regarding the process implemented by the company is consistent with the description of the process in the Sustain - ability report. Our procedures regarding the Sustainability report included, but were not limited to, the following: • T hrough inquiries, obtained an understanding of the compa - ny’s reporting and consolidation processes, including the company’s internal control environment and information systems relevant to the preparation of the information in the Sustainability report. • E valuated whether information identified as material through the company’s process for determining the content of the Sustainability report is included. • E valuated whether the structure and presentation of the Sustainability report comply with the requirements of ESRS. • P erformed inquiries of relevant personnel and analytical procedures relating to selected disclosures in the Sustain - ability report. • P erformed substantive assurance procedures, including sample testing, on selected disclosures in the Sustainability report. • T rough inquiries, obtained an understanding of the methods used to develop significant estimates and how these methods have been applied. • T hrough inquiries, obtained a general understanding of the process for identifying Taxonomy-eligible and Taxonomy- aligned economic activities and the related disclosures in the Sustainability report. • P erformed substantive procedures on selected disclosures in the Sustainability report relating to the EU Taxonomy. INHERENT LIMITATIONS IN THE PREPARA - TION OF THE SUSTAINABILITY REPORT When reporting forward-looking information in accordance with ESRS, the Board of Directors and the CEO of NIBE Industrier AB (publ) are required to prepare such information based on assumptions about future events and possible future actions of NIBE Industrier AB (publ). Actual results are likely to be different, as anticipated events frequently do not occur as expected. Markaryd, April 7, 2026 KPMG AB Jonas Nihlberg Authorized Public Accountant
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· 198 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB NIBE’s class B share is listed on Large Cap, Nasdaq Nordic under the name NIBE Industrier AB with ISIN code SE0008321293 in the Construction & Materials sector. NIBE was registered on the OTC list of the Stockholm Stock Exchange on June 16, 1997 following the issue of 1,170,000 new class B shares. The subscription price then was SEK 70 per share. THE NIBE INDUSTRIER SHARE Since the initial public offering, a 4:1 share split has been carried out four times, in 2003, 2006, 2016 and 2021, which means that the subscription price of SEK 70 corresponds to SEK 0.27 per share now. New issues were conducted on two occasions since the initial public offering: in 2011/2012 with a private placement of 26 1,338,208 B shares in conjunction with the secondary listing on the SIX Swiss Exchange, and in 2016 with a rights issue of 29,566,264 A shares and 222,442,016 B shares. Share capital NIBE Industrier AB’s share capital totals SEK 79 million and is divided into 233,130,360 class A shares and 1,782,936,128 class B shares. The quotient value is SEK 0.03906 per share. Each class A share carries ten votes at general meetings and each class B share carries one vote. All shares carry the same entitlement to dividends. At the end of 2025, there were no outstanding convertible loans or options that could risk diluting the share capital. Secondary listing Following the new share issue in 2011, NIBE’s class B shares are now also listed on the SIX Swiss Exchange. Share performance and sales In 2025, NIBE’s share price decreased by 17.6%, from SEK 43.2 to SEK 35.6. In the same period, the OMX Stockholm PI increased by 9.5% and the OMX Stockholm PI (OMX30) by 16.1%. At the end of 2025, NIBE’s market capitalization, based on the latest price paid, was SEK 71,812 million. A total of 1,743,967,641 NIBE shares were traded, which corresponds to a share turnover of 86.5% in 2025. Dividend policy The aim is for the company to pay a dividend equivalent to 25–30% of the Group’s profit after tax over the long term. The Board proposes a dividend of SEK 0.35 per share for the 2025 financial year, which corresponds to 31% of the Group’s earnings per share after tax. 0 5000000 10000000 15000000 20000000 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 10 75 150 February 14 Year-end report 2025 May 15 Interim report 1 Annual General Meeting August 22 Interim report 2 November 14 Interim report 3 Share price, SEKShare price, SEKNumber of shares traded per trading day in thousandsNumber of shares traded per trading day in thousands 15,00015,000 12,00012,000 6,0006,000 00 150150 7575 00 02/14/2024 02/14/2024 SEK 44.67SEK 44.67 05/15/2024 05/15/2024 SEK 42.21SEK 42.21 08/22/2024 08/22/2024 SEK 46.06SEK 46.06 11/14/2024 11/14/2024 SEK 32.88 SEK 32.88 12/31/2025 12/31/2025 SEK 34.90SEK 34.9012/31/2024 12/31/2024 SEK 43.24SEK 43.24 The share in 2025 Shareholders The number of shareholders fell slightly during the year. However, because of Swiss reporting regulations, it is, in principle, impossible to determine the current total number of shareholders for the Group’s secondary listing on the SIX Swiss Exchange. Excluding these Swiss-registered owners, NIBE had 171,136 individual shareholders at the end of 2025, compared with 177,044 at the same time in the previous year. The ten largest shareholders held 54.2% of the votes and 37% of the capital.
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ANNUAL REPORT 2025 NIBE INDUSTRIER AB · 199 · DATA PER SHARE 2025 2024 2023 2022 2021 Number of shares 2,016,066,488 2,016,066,488 2,016,066,488 2,016,066,488 2,016,066,488 Average number of shares 2,016,066,488 2,016,066,488 2,016,066,488 2,016,066,488 2,016,066,488 Year-end share price SEK 35.62 43.24 70.80 97.10 136.75 EPS (after tax) SEK 1.13 0.58 2.36 2.16 1.65 EPS (after tax) excl. items affecting comparability SEK 1.20 0.80 2.36 2.16 1.65 Equity/share SEK 15.01 15.92 14.98 13.86 10.63 Proposed dividend SEK 0.35 0.30 0.65 0.65 0.50 Price/equity times 2.37 2.72 4.73 7.01 12.86 Dividend yield % 0.95 0.69 0.92 0.67 0.37 Total return % – 16.84 – 38.50 – 26.42 – 28.52 103.54 Operating cash flow per share SEK 1.43 0.88 0.30 0.27 1.00 Payout ratio % 31.0 51.5 27.4 30.1 30.4 Payout ratio excl. items affecting comparability % 29,2* 37,5* 27.4 30.1 30.4 PE ratio (after tax) times 31.5 74.3 29.8 45.0 83.0 Market capitalization SEK m 71,812 87,175 142,738 195,760 275,697 EBIT multiple times 21.6 39.8 22.9 34.5 63.0 EV/sales times 2.18 2.62 3.43 5.05 9.13 Share turnover % 86.5 81.2 49.5 39.7 29.7 *2024: Adjusted for the action plan of SEK 915 million, the dividend corresponds to 29% of profit after tax. 2025: Adjusted for acquisition-related revaluations Increase in share capital (SEK) Quotient value (SEK) Total number of shares Total share capital (SEK) 1990 New share issue 1) 6,950,000 100.00 70,000 7,000,000 1991 Bonus issue 40,000,000 100.00 470,000 47,000,000 1994 Split 10:1 2) – 10.00 4,700,000 47,000,000 1997 New share issue 11,700,000 10.00 5,870,000 58,700,000 2003 Split 4:1 3) – 2.50 23,480,000 58.700.000 2006 Split 4:1 4) – 0.625 93,920,000 58,700,000 2011 New share issue 5) 10,074,648 0.625 110,039,437 68,774,648 2012 New share issue 6) 133,876 0.625 110,253,638 68,908,524 2016 Split 4:1 7) – 0.15625 441,014,552 68,908,524 2016 New share issue 8) 9,844,073 0.15625 504,016,622 78,752,597 2021 Split 4:1 9) – 0.03906 2,016,066,488 78,752,597 CHANGES IN SHARE CAPITAL 1) P rivate placement to existing shareholders at a subscription price of SEK 100 per share. 2) C hange in the quotient value of each share from SEK 100 to SEK 10. 3) C hange in the quotient value of each share from SEK 10 to SEK 2.50. 4) C hange in the quotient value of each share from SEK 2.50 to SEK 0.625. 5) P rivate placement to the former owners of the Schulthess Group at a subscription price of SEK 108.25 per share. 6) Private placement to the former owners of the Schulthess Group at a subscription price of SEK 102.00 per share. 7) Change in the quotient value of each share from SEK 0.625 to SEK 0.15625. 8) Private placement to the company’s shareholders at a subscription price of SEK 48.00 per share. 9) Change in the quotient value of each share from SEK 0.15625 to SEK 0.03906.
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200 · 200 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB MAJOR SHAREHOLDERS (Source: Euroclear Sweden share register 12/31/2025) Shareholders Number of shares Share of votes (%) Current and former Board members and management 1 406,992,590 45.85 Schörling 160,541,714 18.94 SSB and Trust Co, W9 83,737,482 2.04 JPM Chase Bank NA 61,759,292 1.50 Alecta Pensionsförsäkring 59,226,482 1.44 AMF Tjänstepension AB 43,700,000 1.06 Clearstream Banking S A 31,095,501 0.76 Northern Trust Company 26,074,484 0.63 SIX SIS AG 21,946,354 0.53 Citybank NA 21,804,758 0.53 Cliens Småbolag 21,166,377 0.51 JPM SE Luxembourg 20,818,241 0.51 Swedbank Robur Allemansfond 20,000,000 0.49 Other holdings (171,096 shareholders) 1,037,203,213 25.21 Total 2,016,066,488 100.0 1) For current Board, see page 190. SHAREHOLDER STRUCTURE (Source: Euroclear Sweden share register 12/31/2025) Number of shares Number of owners Number of owners (%) Number of shares Number of shares (%) 1 – 500 114,391 66.84 15,544,381 0.77 501 – 1,000 19,556 11.43 15,125,535 0.75 1,001 – 5,000 25,721 15.03 59,871,533 2.97 5,001 – 10,000 5 147 3.01 37,728,117 1.87 10,001 – 20,000 2,957 1.73 42,936,296 2.13 20,001 – 3,365 1.96 1,844,860,626 91.51 Total 171,137 100.0 2,016,066,488 100.0 Foreign individuals Foreign owners Swedish institutions Swedish individuals Share of voting rights, % (Source Euroclear sharebook 31/12/2025) 72.8% 15.5% 11.7% Foreign individuals Foreign owners Swedish institutions Swedish individuals Share of capital, % (Source Euroclear sharebook 31/12/2025) 44.5% 31.7% 23.8% Share performance, 1997–2025 20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997 0 70 140 Number of shares traded per trading day in thousands Share price, SEK Share price, SEK OMX Stockholm PI (OMXSPI), SEK Average number of shares traded per trading day in thousands Volume May 2020: 85,745,784 Issue price 16/06/1997 SEK 0.27 Share price 31/12/2025 SEK 35.62 10,000 20,000 0
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ANNUAL REPORT 2025 N IBE INDUSTRIER AB · 201 · CALENDAR May 19, 2026 Interim report 1, January – March 2026 Annual General Meeting in Markaryd, Sweden, 5:00 PM (CEST) August 21, 2026 Interim Report 2, January – June 2026 November 17, 2026 Interim Report 3, January – September 2026 NIBE INDUSTRIER – INFORMATION FOR SHAREHOLDERS The Annual General Meeting of NIBE Industrier AB (publ) will be held on May 19, 2026. Information on the resolutions passed at the AGM will be published in the communiqué issued after the meeting. RIGHT TO PARTICIPATE IN THE AGM Shareholders who wish to attend the AGM must: • b e recorded as a shareholder in the share register maintained by Euroclear Sweden AB on Friday, May 8, 2026; and • g ive notice of their intention to attend the AGM no later than Tuesday, May 12, 2026. Shareholders whose shares are registered in the name of a nominee must, in addition to the notice of attendance, re-register the shares in their own name with Euroclear. Such registration may be tempo - rary and must have been completed no later than Tuesday, May 12, 2026, to be taken into consideration. Requests for such registration must be notified to the nominee in good time before Tuesday, May 12, 2026, to ensure the re-registration can be completed in time. The AGM will be held in Swedish. NOTICE Notice of attendance at the AGM can be made in writing to: NIBE Industrier AB, AGM, c/o Euroclear Sweden, PO Box 191, SE-101 23 Stockholm; by phone to +46 (0)433 27 36 00; or on the website www.nibe.com. The notice of participation should state the name, personal identity number/corporate identity number, address and tele- phone number, number of shares and share class, and the number of assistants. Shareholders represented by a proxy shall send a written, dated power of attorney together with the notice of attendance. The power of attorney must not be more than one year old at the time of the AGM, unless the power of attorney has a longer period of validity, however, not more than five years from the date of issue. A power of attorney form for this purpose is available from www.nibe.com. The power of attorney form can also be ordered by phone by calling the above number. The original copy of the power of attorney must be available for inspection on request. Representatives of a legal entity shall produce a certificate of registration or similar document of authorization indicating the authorized signatory. Attendees must bring valid ID to the AGM for registration. No attendance cards will be issued. DISCLOSURES Shareholders are informed of their right to request information at the AGM about circumstances that could impact the assessment of an item on the Agenda and circumstances that could affect the assess - ment of the company’s financial situation.
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· 202 · ANNUAL REPORT 202 5 NIBE INDUSTRIER AB DEFINITIONS – KEY RATIOS Capital employed Total assets less non-interest-bearing liabilities (including deferred tax). Capital employed is a measure of the total capital that NIBE borrows from its shareholders and credit institutions, which usually receive payment in the form of dividend or interest. Capital turnover ratio Net sales divided by average total assets. The capital turnover ratio is a key ratio that NIBE considers to be relevant to investors who want to assess NIBE’s capital intensity. Earnings per share (after tax) Earnings after tax divided by average number of shares. EBITDA margin Operating profit before depreciation, amorti - zation and impairment as a percentage of net sales. EBITDA margin is a central measure of profitability for NIBE, and NIBE considers that it gives investors the opportunity to assess NIBE’s opportunities to achieve a level of profitability acceptable for the industry. Equity Taxed equity plus untaxed reserves less tax. Equity/assets ratio Equity as a percentage of total assets. The equity/assets ratio is a key ratio that NIBE considers to be relevant to investors who want to assess NIBE’s opportunities to meet its financial obligations and NIBE’s ability to meet its financial target of an equity/assets ratio of at least 30%. Growth Percentage change in net sales compared with previous year. This key ratio gives investors a better understanding of compliance with NIBE’s growth strategy and whether NIBE’s financial target of average growth of at least 20% per annum is being met. Interest-bearing liabilities/Equity Interest-bearing liabilities as a percentage of equity. NIBE considers that this key ratio gives investors a better understanding of NIBE’s capital structure. Interest coverage ratio Profit after net financial items plus financial expenses divided by financial expenses. The interest coverage ratio is a key ratio that NIBE considers to be relevant to investors who want to assess NIBE’s opportunities to meet its financial obligations. Net debt/EBITDA Interest-bearing net debt (interest-bearing financial liabilities less interest-bearing financial assets) divided by operating profit before depreciation/amortization and impair - ment. Net debt/EBITDA is a key ratio that NIBE considers to be relevant to investors who want to assess NIBE’s opportunity to meet its financial obligations. Net investments in non-current assets Acquisitions of non-current assets less disposals of non-current assets. NIBE considers that this key ratio gives investors the opportunity to assess operational investment needs. Operating cash flow Cash flow after investments but before acqui - sition of companies/operations. Operating margin Operating profit as a percentage of net sales. The operating margin is a key ratio that NIBE considers to be relevant to investors who want to assess NIBE’s opportunities to achieve a level of profitability acceptable for the industry and NIBE’s ability to meet its financial target of an operating margin of at least 10%. Profit margin Profit after net financial items as a percent - age of net sales. The profit margin is a key ratio that NIBE considers to be relevant to investors who want to assess NIBE’s opportunities to achieve a level of profitability acceptable for the industry. Proportion of risk-bearing capital Equity, including provisions for tax as a percentage of total assets. NIBE considers that this key ratio gives investors a better under- standing of NIBE’s capital structure. Return on capital employed Profit after net financial items plus financial expenses as a percentage of average capital employed. NIBE considers that this key ratio gives investors a better understanding of NIBE’s ability to earn interest on the capital placed at its disposal by its shareholders and lenders. Return on equity Profit after net financial items less tax at 20.6% (20.6%) standard rate as a percentage of average equity. NIBE considers that this key ratio gives investors a better understanding of NIBE’s ability to earn interest on the capital placed at its disposal by its shareholders and NIBE’s ability to meet its financial target of a return on equity of at least 20%. Return on total assets Profit after net financial items plus financial expenses as a percentage of average total assets. NIBE considers that this key ratio gives investors a better understanding of NIBE’s ability to earn interest on the total capital at NIBE’s disposal.
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NIBE I NDUSTRIER AB (PUBL) PO BOX 14 · SE-285 21 MARKARYD TEL +46 433 27 30 00 CORPORATE ID NO.: 55 63 74–8309 WWW.NIBE.COM Production: NIBE Industrier AB Photos: NIBE, Jerry Gladh, Adobe Stock, Shutterstock, etc. Printed by: Multiply AB, Sweden