Slides
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Q1 - 4 2 0 2 5 Q2 2 0 2 6
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Q 2 2 0 2 6 C O N T I N U E D G O O D G R O W T H A N D F U R T H E R I M P R O V E M E N T I N P R O F I T A B I L I T Y 2 • For the sixth consecutive quarter, healthy underlying year-on-year improved organic growth, operating result and operating margin • In some quarters, the volatility of the Swedish krona has obscured this underlying trend, but the currency impact was less pronounced in the latest quarter • Tariffs and political turbulence have been fended off well by Climate Solutions and Element whereas Stoves has taken a hit
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Q 2 2 0 2 6 C O N T I N U E D G O O D G R O W T H A N D F U R T H E R I M P R O V E M E N T I N P R O F I T A B I L I T Y 3 • Due to several political hot spots with fossil fuel at stake, consumers are increasingly looking for renewable solutions for heating their homes • Second quarter’s development is in line with our assumptions of a reinstalled seasonal pattern implying a gradual improvement quarter-on-quarter and thereby a stronger second half of the year • The positive development is particularly explained by the organic growth, based on a strong product assortment, broad international presence, good cost control and improved productivity
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Q 2 2 0 2 6 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Past 12 Months* 2025 Full year* Invoiced sales MSEK 10,849 10,082 20,499 19,755 41,585 40,841 Growth % 7.6 0.5 +3.8 +1.2 +2.1 +0.8 of which acquired % +0.5 +0.2 +0.5 +0.2 +0.7 +0.2 Of which currency % -1.6 -5.9 -4.6 -2.8 -4.0 -4.5 Gross margin % 32.1 30.3 31.5 30.0 32.3 31.5 Operating profit MSEK 1,232 944 2,100 1,726 4,677 4,303 Growth % +30.5 +41.1 +21.7 +45.7 +4.5 +54.4 Operating margin % 11.4 9.4 10.2 8.7 11.2 10.1 Profit after net financial items MSEK 1,025 700 1,700 1,214 3,819 3,333 Growth % +46.4 +76.8 +40.0 +109.3 +11.5 +105.4 Net profit margin % 9.4 6.9 8.3 6.1 9.2 8.2 Q1 - 3 2 0 2 5 4 **Organic growth of +6.8 % in Q4-2025 and +5.3% for full year 2025 when excluding the currency effects *Key ratios have been calculated excluding items affecting comparability
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Q 2 2 0 2 6 5 N E T S A L E S (last nine quarters (MSEK)
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Q 2 2 0 2 6 6 P R O F I T A F T E R F I N A N C I A L I T E M S (last nine quarters (MSEK)
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 • Solid improvements in sales and margin • Good development in both residential and commercial segments: • Europe: Heat pumps for single-family homes grew well on stable demand, with favorable development in all regions and a clear recovery in Central Europe • US: Single-family heat pumps were expected to decline as the US administration had phased out the subsidy program, but development was better than expected despite some weakening • The market for large heat pumps, chillers and ventilation units for commercial property developed strongly during the quarter, both in Europe and North America R O B U S T G R O W T H A N D P R O F I T A B I L I T Y 7
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 • Our local manufacturing in the US puts us in a good position to manage higher import tariffs while also strengthening our competitiveness against imported finished products. • Despite geopolitical uncertainty, we achieved a strong operating margin in the second quarter, thanks to positive sales development and good productivity growth, combined with consistent and strict cost control. • Intensified product launches – broadening and expansion of product ranges with focus on high energy efficiency, environmentally friendly refrigerants and intelligent controls for energy optimization. R O B U S T G R O W T H A N D P R O F I T A B I L I T Y 8
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 *Profit and key ratios have been calculated excluding items affecting comparability 9 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Net sales MSEK 7,326 6,824 13,554 12,846 Operating profit MSEK 1,010 842 1,653 1,397 Operating margin % 13.8 12.3 12.2 10.9
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 • Positive development in the semiconductor segment, in the HVAC segment as well as in the market for solutions related to electrification • However, political uncertainty and wars have dampened the climate for the industrial segment, the building sector and, linked to this, the domestic appliance sector • Profitability improved during the quarter and the operating margin reached the business area’s well-proven operating margin range of 8– 11%, as a result of intensive efforts to improve productivity, reduce costs and increase added value G R O W I N G D E M A N D A N D I M P R O V E D P R O F I T A B I L I T Y 10
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 *Profit and key ratios have been calculated excluding items affecting comparability Q1 - 3 2 0 2 5 11 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Net sales MSEK 3,121 2,792 5,966 5,680 Operating profit MSEK 277 184 464 363 Operating margin % 8.9 6.6 7.8 6.4
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 • Stable demand in North America, but cautiousness among consumers in Europe. • Clear signs of a return to a seasonal sales pattern - peak season in fall and early winter. • The newly imposed additional tariffs between Canada and US will have a negative impact of approx. SEK 150 million on operating profit on an annual basis. • This will make it difficult to realize our ambition to take us back to our well-proven operating margin of 10-13%. A more realistic assessment is 6–8% in the short term. However, we remain confident in achieving 10–13% over the long term. • Despite headwinds, operating profit improved in the quarter compared with the same period of the previous year. The operating margin also improved, primarily as a result of previously implemented cost savings and continued good cost control. F L U C T U A T I N G D E M A N D A N D I M P A C T O F T A R I F F S 12
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 13 *Profit and key ratios have been calculated excluding items affecting comparability 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Net sales MSEK 686 678 1,519 1,604 Operating profit MSEK -24 -51 12 10 Operating margin % -3.5 -7.5 0.8 0.6
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Q 2 2 0 2 6 N I B E E L E M E N T N I B E C L I M A T E S O L U T I O N S N I B E S T O V E S Distribution of Net sales 14 D I S T R I B U T I O N O F N E T S A L E S P E R B U S I N E S S A R E A D I S T R I B U T I O N O F N E T S A L E S P E R B U S I N E S S A R E A
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Q 2 2 0 2 6 N I B E S T O V E S N I B E E L E M E N T N I B E C L I M A T E S O L U T I O N S 15 G E O G R A P H I C A L D I S T R I B U T I O N O F O P E R A T I N G P R O F I T P E R B U S I N E S S A R E A
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Q 2 2 0 2 6 O T H E R S E U R O P E E X C L T H E N O R D I C C O U N T R I E S N O R T H A M E R I C A N O R D I C C O U N T R I E S 16 G E O G R A P H I C A L D I S T R I B U T I O N O F G R O U P S A L E S G E O G R A P H I C A L D I S T R I B U T I O N O F G R O U P S A L E S
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 Q1 - 3 2 0 2 5 17 *Key ratios have been calculated excluding items affecting comparability ** Organic growth of +8.7 % in Q4-2025 and +7.6% for full year 2025 when excluding the currency effects 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Past 12 months 2025 Full year Net sales MSEK 7,326 6,824 13,554 12,846 27,625 26,918 Growth % +7.3 +4.7 +5.5 +4.0 +4.1 +3.4 of which acquired % 0.0 0.0 0.0 0.0 0.0 0.0 of which currency % -1.7 -5.4 -4.1 2.8 -3.6 -4.2 Gross margin % 34.6 33.0 34.0 32.6 34.8 34.1 Operating profit MSEK 1,010 842 1,653 1,397 3,749 3,493 Growth % +20.0 +66.4 +18.3 +66.7 +27.0 +118.4 Operating margin % 13.8 12.3 12.2 10.9 13.6 13.0
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Q 2 2 0 2 6 O T H E R S E U R O P E E X C L T H E N O R D I C C O U N T R I E S N O R T H A M E R I C A N O R D I C C O U N T R I E S 18 G E O G R A P H I C A L D I S T R I B U T I O N O F S A L E S
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 19 *Key ratios have been calculated excluding items affecting comparability ** Organic growth of +5.2 % in Q4-2025 and +5.9 % for full year 2025 when excluding the currency effects 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Past 12 months 2025 Full year Net sales MSEK 3,121 2,792 5,966 5,680 11,571 11,284 Growth % +11.8 -1.0 +5.0 +2.7 +2.9 +1.7 of which acquired % +2.0 +0.6 +1.6 +0.5 +1.3 +0.7 of which currency % -1.8 -6.6 -5.6 -2.8 -4.9 -4.9 Gross margin % 23.1 21.1 22.3 20.7 22.5 21.6 Operating profit MSEK 277 184 464 363 896 795 Growth % +50.8 +29.6 +28.1 +30.1 +26.4 +119.7 Operating margin % 8.9 6.6 7.8 6.4 7.7 7.0
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20 O T H E R S E U R O P E E X C L T H E N O R D I C C O U N T R I E SN O R T H A M E R I C A N O R D I C C O U N T R I E S G E O G R A P H I C A L D I S T R I B U T I O N O F G R O U P S A L E S G E O G R A P H I C A L D I S T R I B U T I O N O F S A L E S
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*Key ratios have been calculated excluding items affecting comparability Q 2 2 0 2 6 *Key ratios have been calculated excluding items affecting comparability 21 *Key ratios have been calculated excluding items affecting comparability ** Organic growth of +0.1 % in Q4 and -5.5% for full year 2025 when excluding the currency effects 2026 Q2 2025 Q2 2026 Q1-Q2 2025 Q1-Q2 Past 12 months 2025 Full year Net sales MSEK 686 678 1,519 1,604 3,390 3,475 Growth % +1.2 -15.4 -5.3 -13.5 -6.2 -10.1 of which acquired % 0.0 0.0 0.0 0.0 0.0 0.0 of which currency % -0.6 -6.7 -4.8 -2.8 -12.5 -4.6 Gross margin % 32.6 30.0 33.8 34.0 34.6 34.7 Operating profit MSEK -24 -51 12 10 146 144 Growth % -52.8 -1,600 +19.1 -83.9 +12.6 +0.2 Operating margin % -3.5 -7.5 0.8 0.6 4.3 4.1
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Q 2 2 0 2 6 O T H E R S E U R O P E E X C L T H E N O R D I C C O U N T R I E S N O R T H A M E R I C A N O R D I C C O U N T R I E S 22 G E O G R A P H I C A L D I S T R I B U T I O N O F G R O U P S A L E S G E O G R A P H I C A L D I S T R I B U T I O N O F S A L E S
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Q 2 2 0 2 6 B A L A N C E S H E E T 23 2026 30 Jun 2025 30 Jun 2025 31 Dec Intangible assets MSEK 30,592 30,067 29,483 Tangible assets MSEK 13,161 12,687 12,416 Financial assets MSEK 1,569 1,708 1,505 Non-financial current assets MSEK 18,419 17,799 16,193 Financial current assets MSEK 5,364 5,623 5,458 Total assets MSEK 69,105 67,884 65,055
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Q 2 2 0 2 6 B A L A N C E S H E E T 24 2026 30 Jun 2025 30 Jun 2025 31 Dec Equity MSEK 32,326 29,863 30,290 Long term liabilities– Non interest-bearing MSEK 4,814 4,327 4,685 Long term liabilities– Interest-bearing MSEK 18,111 17,195 16,129 Current liabilities– Non interest-bearing MSEK 8,624 7,886 7,523 Current liabilities– Interest-bearing MSEK 5,230 8,613 6,428 Total equity and liabilities MSEK 69,105 67,884 65,055
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Q 2 2 0 2 6 25 Q2 2026 Q2 2025 Q1-2 2026 Q1-2 2025 2025 Jan-Dec Cash flow – operating activities MSEK 1,428 957 2,675 1,615 4,192 Change in working capital MSEK - 303 -591 -1,010 -1,006 696 Investments – current operations MSEK - 329 -482 -545 -1,101 -2,000 Operating cash flow MSEK 796 -116 1,120 -492 2,888 Acquisitions MSEK -51 0 -51 0 -943 Financing activities MSEK -952 1,179 -1,341 933 -1,492 Exchange rate difference in liquid assets MSEK 65 -79 178 -425 -602 Cash and cash equivalents at end of period MSEK 5,364 5,623 5,364 5,623 5,458 C A S H F L O W A N A L Y S I S
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Q 2 2 0 2 6 *Key ratios have been calculated excluding items affecting comparability 26 K E Y F I N A N C I A L F I G U R E S 2026 Jan-Jun 2025 Jan-Jun 2025 Jan-Dec* Investments MSEK 607 1,101 2,262 of which in current operations MSEK 545 1,101 2,000 Unappropriated liq, assets MSEK 5,744 6,033 5,877 Interest bearing liabilities/Equity % 72.2 86.4 74.5 Net debt/EBITDA times 2.7 3.2 2.7 Equity/assets ratio % 46.8 44.0 46.6
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Q 2 2 0 2 6 27 2026 Jan-Jun 2025 Jan-Jun 2025 Jan-Dec Working capital incl cash and bank MSEK 15,159 15,536 14,128 Working capital incl cash and bank % 36.5 38.1 34.6 Working capital excl cash and bank MSEK 9,795 9,913 8,670 Working capital excl cash and bank % 23.6 24.3 21.2 K E Y F I N A N C I A L F I G U R E S
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Q 2 2 0 2 6 *Key ratios have been calculated excluding items affecting comparability 28 2026 Jan-Jun 2025 Jan-Jun 2025 Jan-Dec* Return on capital employed % 8.9 8.5 8.5 Return on equity % 9.2 8.4 8.5 Net profit/share SEK 0.62 0.44 1.13 Equity/share SEK 16.02 14.79 15.01 Closing day share price SEK 36.02 40.34 35.62 K E Y F I N A N C I A L F I G U R E S
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Q 2 2 0 2 6 29 Q&A
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Q 2 2 0 2 6 3030 T H A N K Y O U F O R Y O U R A T T E N T I O N www.nibegroup.com