Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Interim Report 1, 2024
 
 
 
› SALES totaled SEK 9,494 (11,646) million  
 
› ADJUSTED OPERATING PROFIT amounted to SEK 516 (1,755) million 
 
› ADJUSTED PROFIT AFTER NET FINANCIAL ITEMS amounted to SEK 184 (1,654) million 
 
› ADJUSTED PROFIT AFTER TAX amounted to SEK 34 (1,274) million 
 
› EARNINGS per share adjusted for items affecting comparability before and after dilution, based on 
the average number of shares outstanding during the period, amounted to SEK 0.02 (0.63) 
 
› ACTION PLAN underway

===== SIDA 2 =====

2 NIBE · INTERIM REPORT 1, 2024 
CEO Gerteric Lindquist’s report 
 
Weak first quarter 
 
Large reductions in the distribution chain, continued high interest rates and un-
usually low level of housing production – gradual improvement in demand ex-
pected in the second half of the year. 
 
 
 
Sales growth for the first three months of the year was - 18.5% (33.1%), 
of which - 24.0% (27.8%) was organic. Operating profit adjusted for 
items affecting comparability for the first quarter declined by 70.6% 
compared with the corresponding period in the p revious year and the 
operating margin declined from 15.1% to 5.4%. Adjusted profit after net 
financial items fell by 88.9%, while the profit margin declined to 1.9% 
(14.2%).
 
 
An unfortunate combination of a number of adverse factors  
In Europe, work has been underway since the end of 2023 to return to 
more normal inventory levels in the distribution chain for heat pumps in 
particular, but also for stoves. This means that orders received by man-
ufacturers have been unusually low and have  not corresponded to the 
number of products delivered and installed at end customers. For ex-
ample, the European heat pump manufacturing market has almost 
halved in the year to date. We estimate that t he ongoing adjustment of 
inventories will be largely completed in the second quarter. Manufac-
turing volumes should then gradually improve and return to levels re-
flecting actual consumer demand. 
The sharp and relatively rapid rise in interest levels has also resulted 
in a sharp slowdown in new housing production, which in turn has had 
a clear dampening effect on demand for both heat pumps and stoves. 
The high interest rate level has also contribut ed to general restraint in 
consumer spending. We were therefore pleased to note that the Swe-
dish Riksbank was first to begin the necessary interest rate cuts on May 
8. Furthermore, there are clear signals that interest rate cuts will con-
tinue for the rest of this year as well as next. In our experience, the fact 
alone that interest rates are starting to be cut will boost general con-
sumption and willingness to invest in new production of houses and 
apartments. 
As for any real political will in Europe to replace fossil fuels with sus-
tainable alternatives, such as heat pumps, this leaves a lot to be desired. 
This particular problem is actually three-pronged. Existing subsidies for 
the installation of heat pumps provide a clear signal and some assis-
tance, but the application process is often overly complicated. In some 
countries, the end date for use of fossil fuels in existing properties is up 
to 20 years in the future, which means the transition to heat pumps will 
take far too long. Additionally, the price difference between gas and 
electricity in terms of price per kWh is disproportionately large in some 
countries, often by a factor of four to the detriment of electricity. 
In fall 2022, the US Government decided to prohibit the sale of high-
tech equipment for the manufacture of semiconductors to China. This 
decision has had a significant adverse effect on the entire semiconduc-
tor industry. The good news is that several new p lants for the produc-
tion of semiconductors are under construction, mostly in the USA but 
also in Europe, which is expected to have an effect on equipment man-
ufacturers and their suppliers towards the end of the current financial 
year. 
In summary, it is our assessment that  the demand at the manufac-
turers’ level will bottom out in the second quarter before gradually im-
proving in the second half of the year. 
 
Action plan 
As announced in connection with the year -end report on February 16, 
which was followed by more concrete details in a press release on March 
18, we have launched a comprehensive action plan in order to adapt the 
business to prevailing demand. Our initial assessment was that the plan 
would result in annual savings of about SEK 600 million with effect from 
2025, at a total cost of approximately SEK 900 million. 
Now, three months later and in the middle of implementing the ac-
tion plan, we can confirm that the annual savings will be about SEK 750 
million and the cost of the measures approximately SEK 1,095 million. 
 
The business area NIBE Climate Solutions  has already made a lot of 
progress on the action plan. At the same time, focused efforts are di-
rected towards strengthening our market position in Europe by consist-
ently offering high quality, a genuine sustainability profile and a high 
level of technology, and assuming significant responsibility throughout 
the product life cycle. On the product development side, the business 
area is continuously launching new heat pump families featuring envi-
ronmentally friendly ref rigerants and advanced control. All new heat 
pump solutions were presented at Nordbygg, the Nordic region's largest 
building and construction trade fair, in Stockholm as recently as April. 
At the same time, a brand new product program for ventilation of com-
mercial properties, developed in-house, was launched under the brand 
name NIBE Flow. This new product program, combined with our com-
plete product program in the area of heat pumps and district heating, 
means that we can now provide complete system solutions for climate 
control of commercial properties.
 
Unlike the weaker European heat pump market, the North American 
market is showing a stable performance, confirming the importance of 
a robust, long-term incentive program from politicians. As in Europe, we 
are continuously launching new heat pump families featuring new re-
frigerants to enable us to stay at the forefront ahead of pending regu-
latory changes. 
The business area is continuing to implement its ambitious invest-
ment program, but some investments in plant and equipment aimed at 
increasing production capacity will be postponed. 
The reasons for the sharp and rapid fall in sales in the first quarter 
are described above. This in turn has resulted in a sharp deterioration in 
both operating profit and operating margin. The ongoing action plan, 
combined with the improvement we predict will take place in the de-
mand situation in Europe in the second half of the year, will enable us to 
gradually improve the operating margin. Our ambition is to be back to 
the business area’s historical levels during 2025. 
 
Calendar  
 
May 16, 2024  
8:00 AM (CEST) Interim report 1, January – March 2024 
11:00 AM (CEST) Teleconference (in English):  
Presentation of Interim Report 1, January – March 2024 
and opportunity to ask questions.  
Registration on our website www.nibe.com is required in order to ac-
cess the presentation images and to obtain a code to be able to ask 
questions. 
5:00 PM (CEST) Annual General Meeting 
August 16, 2024  
Interim Report 2, January – June 2024 
November 15, 2024  
Interim Report 3, January – September 2024

===== SIDA 3 =====

NIBE · INTERIM REPORT 1, 2024 3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The business area NIBE Stoves is also feeling the after-effects of the 
turbulent market conditions caused by energy prices, which until rela-
tively recently were at a dramatically high level, resulting in an unfortu-
nate combination of surplus orders to manufacturers and inventory 
build-up among distributors. Restoring these inventory levels is quite a 
slow process because high interest rates are restricting both purchas-
ing power and new housing production. This has also led to cancella-
tions of orders already placed with manufacturers.
 
Additionally, energy prices have settled at significantly lower levels 
than just a year ago. 
In Europe, necessary measures are now being implemented to adapt 
production capacity and fixed costs to the reduced level of sales. In this 
context, it is important to point out that neither product development 
nor marketing initiatives will be affected by cost-cutting measures. 
The North American units implemented their restructuring pro-
grams to adjust to lower volumes, already in 2023, which is why these 
units are expected to report a more traditional performance, with a 
stronger second half, this year. 
The business area’s operating margin also declined as a result of the 
fall in sales, but the objective of the action plan is to boost the operating 
margin in the second half of the year and be able to restore it to the 
average historical level during 2025. 
 
The business area NIBE Element is also in the process of implement-
ing a cost reduction program, prompted mostly by the sharp downturn 
in the heat pump segment as well as in products for the rest of the con-
struction industry. However, the electrification of vehicles is continuing 
to offer new opportunities for growth. This also applies to the rail-based 
transport market segment.
 
It is also encouraging that the semiconductor industry is expected 
to see an upturn as early as in the second half of the year, and that the 
wind power industry looks set to return to normal in 2025. 
Being able to quickly act on costs is one of this business area’s 
strengths, but this must never be at the expense of the ability to de-
velop new products. The ability to meet the ambitious demands of the 
exacting automotive industry in terms of new electri fication solutions, 
and to match the equally stringent requirements of the world’s leading 
equipment manufacturers for the semiconductor industry are proof of 
the ability to distinguish between areas where costs can be cut and ar-
eas where no expense should be spared. 
The cost-cutting program will gradually lead to an improvement in 
operating margin over the year and the goal is to return to the target 
operating margin level in 2025. 
Investments for the future  
 
The Group’s total investments in the period amounted to SEK 470 mil-
lion, compared with SEK 1,341 million in the previous year. A total of SEK 
0 (702) million of the investments is related to acquisitions of opera-
tions. This means that the entire amount, SEK 470 (639) million, is re-
lated to investments in existing businesses. Excluding leases, the de-
preciation rate was SEK 370 million, compar ed with SEK 288 million in 
the previous year. 
Of the investment program of SEK 10 billion decided in 2020, the 
bulk, or just over SEK 8 billion, has already been implemented and the 
remainder will largely be completed in 2024/25. 
 
Gerteric Lindquist 
            Managing Director and CEO 
 
Outlook for 2024  
 
• Our corporate philosophy and our strong range of products, with their 
focus on sustainability and energy efficiency, are in tune with the 
times because the transition to a fossil -free society is generally 
believed to be irreversible. 
• We are well prepared to continue being proactive on acquisitions. 
• Our internal efforts to enhance efficiency, combined with our rigorous 
cost-control measures, will prepare for 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. 
• The effects of the deteriorating security situation around the world, 
interest-rate developments and volatile energy prices are difficult to 
predict, however. 
• Previous wording 
Our assessment is that our performance in the first half and possibly 
the full year wi ll be weaker. This assessment should be viewed 
against the performance in 2023, when we reported very strong first-
half results and a weak second half. 
New wording 
As we stated in our previous assessment, the first two quarters of the 
year will be weak. This should also be viewed against the strong 
performance in the corresponding period in 2023. A gradual 
improvement in demand is expected in the second half of the year, 
partly as inventory levels at distributors are expected to normalize 
then. 
• However, as is our habit, and based on experience, we remain 
optimistic about our long-term performance in 2024, even though it 
is particularly difficult to assess the situation this year. 
 
Markaryd, Sweden, May 16, 2024 
 
 
 
Gerteric Lindquist 
Managing Director and CEO

===== SIDA 4 =====

4 NIBE · INTERIM REPORT 1, 2024 
 
Sales  
The Group’s net sales totaled SEK 9,494 (11,646) million. This corre-
sponds to a decrease of 18.5%. Of the total decrease of SEK 2,152 million 
in sales, SEK 645 million was related to acquired sales, which means that 
organic sales decreased by 24%. 
Profit  
Profit for the period after net financial items, adjusted for items affect-
ing comparability, was SEK 184 million. This equates to a 88.9% de-
crease in earnings compared with the same period in 2023. In the first 
quarter of the previous year, profit after net financial items amounted 
to SEK 1,654 million. Net financial items amounted to SEK - 332 million 
at the end of the period, a decline of SEK 231 million compared with the 
same period in the previous year. Profit/loss for the period was charged 
with acquisition expenses of SEK 3 (30) million. Return on equity was 
12.7% (17.7%). 
Investments  
During the quarter, the Group invested a total of SEK 470 (1,341) million. 
A total of SEK 0 (702) million of the investments related to acquisitions 
of operations. The remaining SEK 470 (639) million mainly comprised in-
vestments in machinery and equipment and buildings in existing oper-
ations.  
Cash flow and financial position  
Cash flow from operating activities before changes in working capital 
amounted to SEK -318 (1,419) million. Cash flow after changes in work-
ing capital amounted to SEK - 259 (392) million. Focused efforts to re-
duce high inventory levels has started to pay off and overall the change 
in working capital was positive. Interest-bearing liabilities at the end of 
the period amounted to SEK 23,323 million, compared to SEK 22,771 mil-
lion at the start of the year. At the end of the period, the Group had cash 
and cash e quivalents of SEK 4,492 million, compared with SEK 4,980 
million at the start of the period. The equity/assets ratio at the end of 
the period was 44.4%, compared with 44.4% at the start of the year and 
52.3% at the corresponding time in the previous year. 
Action plan  
In conjunction with the year-end report on February 16, we announced 
an action plan costing around SEK 900 million, the aim of which was to 
achieve annual savings of around SEK 600 million. Three months later, 
after more detailed analysis, this program now  amounts to SEK 1,095 
million with expected annual savings of around SEK 750 million. 
Parent  
Parent activities comprise Group executive management functions, 
certain shared Group functions and financing. Sales for the year totaled 
SEK 21 (15) million and profit/loss after financial items was SEK -349 (12) 
million.
    
 
NIBE Group 
 
 
 
 
 
 
 
Key ratios  
Q1 
2024 
 Q1 
2023 
Past 12  
months 
Full 
year 
2023  
Net sales SEK m 9,494  11,646 44,497 46,649 
Growth % -18.5  33.1 3.6 16.4 
of which acquired % 5.5  5.3 6.2 6.2 
Operating profit SEK m 516 * 1,755 4,639 6,973 
Operating margin % 5.4 * 15.1 10.4 14.9 
Profit after net financial items SEK m 184 * 1,654 3,766 6,331 
Profit margin % 1.9 * 14.2 8.5 13.6 
Equity/assets ratio % 44.4  52.3 44.4 44.4 
Return on equity % 12.7 * 17.7 9.8 17.3 
* Profit and key ratios have been calculated excl. items affecting comparability 
 
Group sales by geographical region 
 
 
 
     
Net sales 
Past nine quarters (SEK million) 
 
 
Profit after financial items* 
Past nine quarters (SEK million) 
 
* excluding items affecting comparability

===== SIDA 5 =====

NIBE · INTERIM REPORT 1, 2024 5 
Business area trends 
 
Quarterly data 
Consolidated income statement    2024     2023     2022 
(SEK million) Q1  Q1 Q2 Q3 Q4  Q1 Q2 Q3 Q4 
Net sales 9,494  11,646 11,833 11,514 11,656  8,749 9,656 9,999 11,667 
Operating expenses -10,073  -9,891 -9,986 -9,735 -10,064  -7,808 -8,087 -8,534 -9,779 
Operating profit -579  1,755 1,847 1,779 1,592  941 1,569 1,465 1,888 
Net financial items -332  -101 -146 -181 -214  -35 -22 -14 -117 
Profit after net financial items -911  1,654 1,701 1,598 1,378  906 1,547 1,451 1,771 
Tax 50  -380 -378 -378 -399  -226 -310 -343 -401 
Net profit -861  1,274 1,323 1,220 979  680 1,237 1,108 1,370 
            
Net sales, business areas            
NIBE Climate Solutions 5,834  7,736 8,122 7,839 7,676  5,583 6,367 6,344 7,782 
NIBE Element 2,711  3,013 2,957 2,945 2,983  2,474 2,672 2,842 2,937 
NIBE Stoves 1,052  1,250 1,086 1,096 1,326  900 830 1,042 1,239 
Elimination of Group transactions -103  -353 -332 -366 -329  -208 -213 -229 -291 
Group total 9,494  11,646 11,833 11,514 11,656  8,749 9,656 9,999 11,667 
            
Operating profit, business areas            
NIBE Climate Solutions -462  1,353 1,538 1,484 1,221  612 1,204 1,022 1,500 
NIBE Element -126  280 243 235 184  250 299 325 249 
NIBE Stoves 27  165 101 99 168  103 95 137 216 
Elimination of Group transactions -18  -43 -35 -39 19  -24 -29 -19 -77 
Group total -579  1,755 1,847 1,779 1,592  941 1,569 1,465 1,888 
            
Items affecting comparability, business     
areas            
NIBE Climate Solutions -794           
NIBE Element -263           
NIBE Stoves -38           
Group total -1,095           
            
Adjusted operating profit, business areas            
NIBE Climate Solutions 332           
NIBE Element 137           
NIBE Stoves 65           
Elimination of Group transactions -18           
Group total 516

===== SIDA 6 =====

6 NIBE · INTERIM REPORT 1, 2024 
  
Market  
 
Energy efficiency and environmentally friendly climate control of prop-
erties of all sizes remain on the international agenda.  Heating of prop-
erties accounts for 40% of global energy consumption and heat pumps 
are being promoted internationally as the most climate-friendly and ef-
ficient alternative for replacing oil and gas boilers. The EU “Green Deal” 
is the driver behind the move away from fossil fuels in Europe, but in the 
short term, political indecisiveness in many countries is impacting the 
will to up hold and increase requirements to phase out fossil fuels to 
achieve the climate goals.  Meanwhile, in North America a major transi-
tion program is underway, known as the “Inflation Reduction Act”.  
Internationally, there is still a lot of interest in heat pumps. At the 
same time, the unsettled international situation, deteriorating economy 
and high interest rates are impacting purchasing power and conse-
quently short -term demand in many markets, parti cularly in Europe. 
The current low prices of gas and oil in relation to disproportionately 
high electricity prices also serve to disincentivize consumers from mak-
ing the transition to fossil-free alternatives. 
Since last year, the lack of political clarity in a number of European 
countries regarding an essential, lasting subsidy model has contributed 
to what we consider to be a significant slowdown in demand. The sharp 
increase in interest rates has also resulted in a reduction in both spend-
ing power and new housing production. The downturn in demand was 
palpable, compared with the very sharp increase in 2022 and in the first 
half of 2023. In this context, it is important to point out that sales in the 
first two quarters of 2023 were exceptionally good. 
It has also become apparent that of the large number of heat pumps 
manufactured in the previous year, a significant proportion have still 
not been installed but the products are instead held as inventory among 
wholesalers and installers in the distribution chain. This unwanted in-
ventory build-up in several stages along the chain has resulted in a par-
ticularly weak order intake for manufacturers and is contributing to an 
additional slowdown in manu facturers’ production levels. As a conse-
quence, the European heat pump manufacturing market has almost 
halved in the first quarter. However, heat pumps are still being installed 
in all markets, which is gradually reducing inventory levels at distribu-
tors and also shows that there is healthy, albeit low, underlying demand 
for heat pumps. 
Our assessment is still that heat pumps will see long -term volume 
growth in the European market, but probably not at the euphoric rate 
previously predicted by the industry. 
The North American market continues its stable performance in re-
spect of heat pumps, which we believe is the result of a combination of 
a genuine desire on the part of end -consumers to make the transition 
from fossil fuels and government measures such as a robust and long-
term incentive program.
 
Several of the markets in Eastern Europe where we are represent -
ed both through our own production of water heaters and sales of heat 
pumps, are continuing to make determined efforts to transition to fos-
sil-free alternatives such as heat pumps. Our assessm ent is therefore 
that demand will show a more positive development once the inventory 
adjustments have been implemented.  
Growth in the Swedish domestic market for heat pumps decreased 
as a result of a sharp decline in new construction of small family hous -
es, which was already at a low level. Demand in the market for replace-
ment products remained good, but was largely met by products held in 
stock at the distribution stage. Our strong market position in both seg-
ments enables us to adapt to changes in the market. 
 
Operations  
 
During the first quarter, we worked hard on planning for the implemen-
tation of the Action plan announced in mid-February in connection with 
the year -end report. Plans for immediate actions have been finalized 
and implementation has begun in all companies to improve the effi-
ciency of the organization and reduce overheads both in the short and 
long term. Information about cost-cutting measures in the form of staff 
cuts was issued in the quarter and these cuts will primarily affect the 
European companies where  the sharp downturn in demand has been 
most acute. The measures will mostly affect manufacturing companies, 
which are now making determined efforts to implement the measures 
necessary to adapt their production of heat pumps and water heaters 
to the prevailing weak demand, and also to take into account the exten-
sive inventory build-up at the distribution stage. Work is also underway 
on further strengthening collaboration between companies both within 
the business area and within the Group in order to realize  additional 
synergies. 
Alongside the implementation of the action plan, the business area’s 
focus on product development continued undiminished, because a pro-
active approach to product development of high-performance products 
is one of the basic prerequisites for future expansio n. The transition to 
products that use natural refrigerants is a highly topical issue, both in 
Europe and North America. We are at the vanguard and have already 
launched products in Europe featuring the natural refrigerant R290, 
which means we are ahead of the curve in respect of EU requirements. 
In North America, where similar regulations are contributing to speeding 
up the transition to natural refrigerants, our companies have also inten-
sified their efforts in respect of product development and are well -
placed to manage the transition.
    
 
Business area NIBE Climate Solutions 
 
 
 
 
Key ratios  
Q1 
2024 
 Q1 
2023 
Past 12 
months 
Full 
year 
2023  
Net sales SEK m 5,834  7,736 29,472 31,373 
Growth % -24.6  38.6 4.4 20.3 
of which acquired % 7.3  3.5 6.7 5.9 
Operating profit SEK m 332 * 1,353 3,781 5,596 
Operating margin % 5.7 * 17.5 12.8 17.8 
Assets SEK m 47,165  34,535 47,165 46,664 
Liabilities SEK m 5,903  6,543 5,903 6,588 
Investments in non-current 
assets SEK m 442  453 2,706 2,717 
Amortisation/Depreciation SEK m 310  229 1,134 1,053 
* Profit and key ratios have been calculated excl. items affecting comparability 
 
Sales and profit  
 
Sales for the period totaled SEK 5,834 million, com -
pared with SEK 7,736 million for the corresponding pe-
riod in the previous year. Of the decrease in sales of 
SEK 1,902 million, acquired sales accounted for SEK 
565 million, which means that organic sales decreased 
by 31.9%. 
Adjusted operating profit for the period amounted 
to SEK 332 million, compared with SEK 1,353 million in 
the corresponding period in the previous year. This 
equates to an operating margin of 5.7%, compared with 
17.5% in the previous year.

===== SIDA 7 =====

NIBE · INTERIM REPORT 1, 2024 7 
  
 
We are continuously expanding the product range and in our domes-
tic market in Sweden we are gradually becoming a complete supplier of 
end-to-end solutions for climate control of properties as the range is 
now supplemented with a brand new series of ventila tion products for 
large properties. The range was launched at the Nordbygg trade fair in 
Stockholm at the end of April and received an enthusiastic response 
from the market. 
We will continue to implement marketing initiatives internationally, 
championing the ability of heat pumps to save energy as well as protect 
the environment. At AHR, the largest trade show in North America, 
which was held in Chicago in January this year, w e had several brands 
on show, and both our new product launches and existing high -tech 
products generated a lot of interest. Our latest acquisition, Climate for 
Life (CFL) of the Netherlands, has now been fully integrated into the 
business and we see inter esting future opportunities for expansion in 
Europe thanks to new products and business models. 
       We remain wholly convinced that heat pumps are the most energy-
efficient and climate-friendly alternative for climate control of proper-
ties and we predict significant long -term volume growth for heat 
pumps, driven by an absolutely essential transition to fossil-free climate 
control. Our ambitious investment program has largely been completed, 
save some machinery equipment. 
As we had predicted, profitability has been severely affected by the 
sharp and slightly unexpected downturn in demand. Due to the rapid 
fall in volumes, we were not able to adapt the organization to the pre-
vailing situation, while simultaneously implementing large investments 
for the future to meet continued, long-term growth. However, once the 
action plan has been implemented, it is our clear ambition to be able to 
return to our previous, stable level of profitability. 
 
 
Debut for NIBE Flow  
We have a long tradition of participating in the Nordbygg  trade fair and this time we were able to demonstrate the development of what 
is probably the market’s strongest and most complete range for sustainable indoor climate. Among other things, we introduced NIBE Flow, 
a series of well-thought-out ventilation products for large properties. 
 
 
The unveiling of NIBE Flow attracted a lot of visitors to our stand, keeping 
our staff busy throughout the week. 
 
 
 
Stefan Oliv, Product Manager Sweden, provides a demonstration of our new 
accessories that enable passive cooling for geothermal heat pumps. 
 
 
 
Many visitors gathered around our products to learn about our system  
solutions focusing on energy efficiency. 
 
 
 
 
NIBE Flow made its debut at the Swedish Nordbygg trade fair in Stockholm. 
The concept was well -received and was the biggest news of the year, ac-
cording to many visitors. NIBE now offers a complete solution for large prop-
erties that enables optimal, fossil -free energy efficiency and also promotes 
the energy transition. 
 
 One of many chats with Marie Sundh, who is responsible for the development 
of this entire range, and our property team sales representative Richard 
Claar told visitors about our new product NIBE Flow.

===== SIDA 8 =====

8 NIBE · INTERIM REPORT 1, 2024 
 
Market  
 
Demand for stove products continued to decline in the first few months 
of the year. The decline, which began in the second half of the previous 
year, was one of the factors that contributed to inventories at the retail 
level not being reduced to the desired extent and remaining too high. 
This was a pattern that was replicated in all markets, and also for virtu-
ally all product types, with a few exceptions. This is unfortunately the 
fully understandable consequence of several years of exceptionally 
high demand and large suppl y chain problems in this sector. Reduced 
purchasing power and a reduction in new production of housing caused 
by the high level of interest rates has exacerbated the decline, and 
lower and more stable energy prices are also having an adverse effect 
on demand for stove products. 
Demand in Scandinavia has fallen, with the weakest performance 
shown by the Norwegian market, primarily as a result of a sharp reduc-
tion in new production of housing and holiday homes. In Sweden, there 
is significant interest in investing in stove products in newly built 
homes, but the record low level of new output of small family houses 
has had an adverse effect on demand.  
 In 2023, Germany saw a sharp increase in demand for wood -fired 
products, but this trend took a clear downward turn in the first quarter 
of this year. Low energy prices and retailer inventories with large num-
bers of unsold products are the main reasons for the decline in sales.  
 
 
In the UK, demand for gas-fired products increased in the first quar-
ter and this is once again becoming the dominant product category in 
this market. Demand for wood -fired products fell sharply compared 
with the first quarter in the previous year, when it was at a record high 
level. Demand for electric stoves has shown relatively stable develop-
ment. 
In France, the large shift in demand from pellet stoves to wood-fired 
products continued in the first quarter of this year. The overall market 
is estimated to have declined in the first quarter and retailers’ inventory 
levels remained high, particularly with regard to pellet products.  
Following very weak demand in North America in 2023, the decline 
in demand appeared to bottom out in the early part of the year. The eco-
nomic situation is generally better than in Europe and inventory levels 
are returning to normal. Demand for gas -fired products has returned 
and the trend of clearly growing interest in electric stoves continued. 
 
Operations  
 
Some of the business area’s European operations still had some order 
backlogs from last year, which is why the rate of production at the be-
ginning of the year was quite high. This has since been gradually ad-
justed to the drop in demand. Adjustment of production capacity is cur-
rently being implemented at all our units in Europe, resulting in v arious 
staff-cutting measures. 
In North America, production capacity was adjusted to lower de-
mand in 2023 and production plans now follow normal seasonal pat-
terns, which means higher sales in the fall. 
The acquisition of Solzaima of Portugal not only significantly broad-
ened our product program, but also gave us access to a streamlined 
production facility with an attractive cost level, enabling us to achieve 
significant cost synergies and increased value added.  
The operating margin decreased in the first quarter and is nearing 
the historic levels we reported before the pandemic. Traditionally, earn-
ings are lower in the first half of the year before increasing during the 
peak season, which falls in the second half  of the year. To adapt to the 
decline in demand, measures have been introduced to reduce fixed 
costs. The effects of this will largely be seen in the second half of the 
year. It is important to clarify that we are not cutting back on our long -
term investme nts in marketing and product development, because 
these are needed to enable us to realize our ambitions for long -term 
growth.  
 
    
 
Business area NIBE Stoves 
 
 
 
Key ratios  
Q1 
2024 
 Q1 
2023 
Past 12 
months 
Full 
year 
2023  
Net sales SEK m 1,052  1,250 4,560 4,758 
Growth % -15.8  39.0 4.6 18.6 
of which acquired % 1.9  21.5 11.1 16.3 
Operating profit SEK m 65 * 165 395 533 
Operating margin % 6.2 * 13.2 8.7 11.2 
Assets SEK m 7,030  6,143 7,030 6,897 
Liabilities SEK m 768  1,158 768 817 
Investments in non-current 
assets SEK m 78  53 307 282 
Amortisation/Depreciation SEK m 56  44 212 200 
* Profit and key ratios have been calculated excl. items affecting comparability 
 
Sales and profit  
 
Sales for the period totaled SEK 1,052 million, com-
pared with SEK 1,250 million in the corre sponding 
period in the previous year. Of the decrease in sales 
of SEK 198 million, acquired sales accounted for 
SEK 24 million, which means that organic sales de-
creased by 17.7%. 
Adjusted operating profit for the period totaled 
SEK 65 million, compared with SEK 165 million in the 
previous year. This equates to an operating margin 
of 6.2%, compared with 13.2% in the previous year. 
 
    
 
At the annual North American trade fair for fireplaces and barbecue products, 
which this year took place in Nashville, Tennessee, all our brands in North Amer-
ica were on show: Regency, Pacific Energy and Valor.

===== SIDA 9 =====

NIBE · INTERIM REPORT 1, 2024 9 
  
Market  
 
Demand remained stable in the majority of  the business area’s market 
segments in the early part of the year. However, there were large vari-
ations between the different segments, which requires significant flex-
ibility and preparedness, as well as adaptation of operations. 
We noted that the sharp decline in demand in segments linked to the 
construction industry continued in the early part of this year. Following 
extensive expansion in recent years, the heat pump customers reported 
the largest loss of  sales, but the decline also affected other products 
linked to the construction industry, such as convectors and domestic 
appliances. The reason was both reduced demand from end-consumers 
due to the falling economy and a reduction in overstocked inventories 
at several stages of the distribution chai n in respect of both compo-
nents and finished products. It is very difficult to estimate when a re-
covery in the market might take place, but in the first instance, stock 
reduction by customers is expected to cease when they have adjusted 
their inventories to the current level of demand. 
The ambition to reduce harmful CO2 emissions means that the num-
ber of industrial projects based on electric heating is growing steadily. 
Demand for various kinds of energy storage solutions is also growing. 
The majority of these solutions involve some form  of electric heating 
and control, which suits us as we have a well-established position in this 
segment. 
The wind power industry continued to report weak performance, 
largely as a result of delays in permit processes. However, the industry 
assessment is that this market will improve significantly next year. 
The electrification of vehicles is presenting new business opportu-
nities for us, with regard to both passenger cars and commercial vehi-
cles. We are involved in a number of development projects together with 
large international customers and a number of products will enter series 
production already this year. The projects relate to several of our prod-
uct areas and production facilities. Demand in the railway sector is also 
showing a growing trend, both in respect of infrastructure and heating 
of railway vehicles. 
Demand in the semiconductor industry has been weak since the 
USA introduced trade restrictions on exports of advanced technology 
to China at the end of 2022. Investments in the expansion of the semi-
conductor industry in both North America and Europe to red uce de-
pendence on Asia in this important technology area are currently being 
implemented. This will boost demand for our components and systems. 
The semiconductor industry has historically had cyclical demand and 
our assessment is that demand will recover in the second half of the 
year, partly driven by new AI applications. We will also be launching a 
number of new products within the semiconductor segment. 
Operations  
 
To meet the anticipated growing demand in segments which are ex-
pected to see strong organic growth in the next few years, we have 
boosted production capacity in the relevant units, both in terms of new 
recruitment and capacity investments. At the same time, the sharp and 
rapid decline in demand in both the construction industry and semicon-
ductor industry has resulted in increased costs due to excess capacity 
in the short term.  
The tough action plan initiated earlier in the year has also signifi-
cantly impacted this business area. We have introduced measures to 
adjust to the current situation in the short term, and also streamlined 
the entire organization. At the same time, as a subcontractor we need 
to be able to quickly increase capacity again when demand picks up.  A 
program to reduce inventory build -up has also been initiated, with the 
aim of restoring inventory turnover to the levels seen before the period 
of major supply chain disruption caused by the pandemic and Russia’s 
invasion of Ukraine. 
Exchange rates remain volatile, which is having a considerable ef-
fect on pricing and competitiveness. In this situation, our international 
presence with production units in different currency zones gives us a 
clear advantage. In general, there are continui ng labor shortages in 
many of the countries in which we have production units.  
Despite the adaptations to current demand and good cost control in 
each business, the operating margin declined as a result of lower sales. 
However, the goal is that our action plan will enable us to once again 
achieve our target operating margin level of 10%. 
    
 
Business area NIBE Element 
 
 
Key ratios  
Q1 
2024 
 Q1 
2023 
Past  
12 
months 
Full 
year 
2023  
Net sales SEK m 2,711  3,013 11,597 11,898 
Growth % -10.0  21.8 1.2 8.9 
of which acquired % 1.9  3.0 2.3 2.6 
Operating profit SEK m 137 * 280 537 942 
Operating margin % 5.1 * 9.3 4.6 7.9 
Assets SEK m 15,676  14,419 15,676 14,995 
Liabilities SEK m 2,986  2,485 2,986 2,667 
Investments in non-current 
assets SEK m 134  131 889 886 
Amortisation/Depreciation SEK m 137  118 539 520 
* Profit and key ratios have been calculated excl. items affecting comparability 
 
Sales and profit  
 
Sales for the period totaled SEK 2,711 million, 
compared with SEK 3,013 million in the corre -
sponding period in the previous year. Of the de-
crease in sales of SEK 302 million, acquired sales 
accounted for SEK 57 million, which means that 
organic sales decreased by 11.9%.  
Adjusted operating profit for the period totaled 
SEK 137.2 million, compared with SEK 280 million in 
the previous year. This equates to an operating 
margin of 5.1%, compared with 9.3% in the previous 
year. 
 
    
 
Several development projects with a large number of international players in 
vehicle electrification are in progress. Several of these projects will enter series 
production this year.

===== SIDA 10 =====

10 NIBE · INTERIM REPORT 1, 2024 
Condensed income statement 
 Group  Parent 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Past 12 
months 
Full year 
2023  Jan-Mar 
2024 
Jan-Mar 
2023 
Net sales 9,494 11,646 44,497 46,649  21 15 
Cost of goods sold -7,789 -7,748 -31,067 -31,026  0 0 
Gross profit 1,705 3,898 13,430 15,623  21 15 
Selling expenses -1,484 -1,505 -5,995 -6,016  0 0 
Administrative expenses -923 -777 -3,604 -3,458  -41 -62 
Other operating income 123 139 808 824  0 0 
Operating profit -579 1,755 4,639 6,973  -20 -47 
Net financial items -332 -101 -873 -642  -329 59 
Profit after net financial items -911 1,654 3,766 6,331  -349 12 
Tax 50 -380 -1,105 -1,535  4 0 
Net profit -861 1,274 2,661 4,796  -345 12 
        
Net profit attributable to Parent         
shareholders -857 1,270 2,658 4,785  -345 12 
Net profit attributable to non-                   
controlling interests -4 4 3 11  0 0 
Net profit -861 1,274 2,661 4,796  -345 12 
Includes amortisation/depreciation     
according to plan as follows 503 391 1,884 1,772  0 0 
Earnings per share before and after     
dilution, SEK 
-0.42 0.63 1.32 2.37  0 0 
        
        
Statement of comprehensive income 
Net profit -861 1,274 2,661 4,796  -345 12 
Other comprehensive income        
        
Items that will not be reclassified to 
profit or loss 
       
Actuarial gains and losses in retirement 
benefit plans 
0 0 -79 -79  0 0 
Tax 0 0 10 10  0 0 
 0 0 -69 -69  0 0 
        
Items that may be reclassified to profit 
or loss 
       
Cash flow hedges -8 -1 36 43  0 0 
Hedging of net investments -198 -21 17 194  0 0 
Exchange differences on translation of 
foreign operations 1,737 92 214 -1,431  0 0 
Tax -45 18 -48 15  0 0 
 1,486 88 219 -1,179  0 0 
Total other comprehensive income 1,486 88 150 -1,248  0 0 
Total comprehensive income 625 1,362 2,811 3,548  -345 12 
        
Comprehensive income attributable to 
Parent shareholders 
629 1,358 2,806 3,535  -345 12 
Comprehensive income attributable to 
non-controlling interests 
-4 4 5 13  0 0 
Total comprehensive income 625 1,362 2,811 3,548  -345 12

===== SIDA 11 =====

NIBE · INTERIM REPORT 1, 2024 11 
Condensed balance sheet 
 Group  Parent 
(SEK million) 31 Mar 2024 31 Mar 2023 31 Dec 2023  31 Mar 2024 31 Mar 2023 31 Dec 2023 
Intangible assets 31,997 23,082 31,014  0 0 0 
Property, plant and equipment 12,145 9,002 11,568  0 0 0 
Financial assets 1,500 1,051 1,324  25,529 18,420 25,675 
Total non-current assets 45,642 33,135 43,906  25,529 18,420 25,675 
Inventories 12,847 11,334 13,227  0 0 0 
Current receivables 7,049 7,546 6,688  118 120 148 
Investments in securities, etc 398 191 527  0 0 0 
Cash and bank balances 3,443 3,854 3,756  0 0 0 
Total current assets 23,737 22,925 24,198  118 120 148 
Total assets 69,379 56,060 68,104  25,647 18,540 25,823 
        
Equity 30,831 29,335 30,207  9,004 9,839 9,350 
Non-current liabilities, non-interest 
bearing 5,778 6,201 5,410  1,002 1,520 968 
Non-current liabilities, interest bearing 17,185 7,091 16,922  11,667 4,251 11,566 
Current liabilities, non-interest bearing 9,448 8,823 9,716  2,524 80 1,239 
Current liabilities, interest bearing 6,137 4,610 5,849  1,450 2,850 2,700 
Total equity and liabilities 69,379 56,060 68,104  25,647 18,540 25,823 
Key ratios 
  Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023   
Growth % -18.5 33.1 16.4 
Operating profit SEK m -579 1,755 6,973 
Operating profit excl. items affecting comparability SEK m 516 - - 
Operating margin % -6.1 15.1 14.9 
Operating margin excl. items affecting comparability % 5.4 - - 
Profit margin % -9.6 14.2 13.6 
Profit margin excl. items affecting comparability % 1.9 - - 
Investments in non-current assets, including acquisitions SEK m 470 1,341 13,038 
Available cash and cash equivalents SEK m 4,492 4,543 4,979 
Working capital incl. cash and bank balances SEK m 14,289 14,102 14,482 
as share of net sales % 32.1 32.8 31.0 
Working capital excl. cash and bank balances SEK m 10,448 10,057 10,199 
as share of net sales % 23.5 23.4 21.9 
Interest-bearing liabilities/Equity % 75.6 39.9 75.4 
Equity/assets ratio % 44.4 52.3 44.4 
Return on capital employed % 9.7 17.7 16.1 
Return on capital employed excl. items affecting comparability % 11.7 - - 
Return on equity % 9.8 17.7 17.3 
Return on equity excl. items affecting comparability % 12.7 - - 
Net debt/EBITDA times 2.9 0.9 2.1 
Net debt/EBITDA excl. items affecting comparability times 2.5 - - 
Interest coverage ratio times -0.9 10.9 6.7 
Interest coverage ratio excl. items affecting comparability times 1.4 - - 
Data per share 
  
Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Earnings per share (total 2,016,066,488 shares) SEK -0.42 0.63 2.37 
Earnings per share excl. items affecting comparability SEK 0.02 - - 
Equity per share SEK 15.27 14.53 14.96 
Closing day share price SEK 52.56 117.80 70.80

===== SIDA 12 =====

12 NIBE · INTERIM REPORT 1, 2024 
Sales by geographical region 
(SEK million) NIBE Climate 
Solutions 
NIBE 
Element 
NIBE 
Stoves 
 
Eliminations 
 
Total 
Nordic region 1,163 333 209 -57 1,648 
Europe (excl. Nordic region) 3,030 925 491 -33 4,413 
North America 1,496 1,034 329 -12 2,847 
Other countries 145 419 23 -1 586 
Total 5,834 2,711 1,052 -103 9,494 
 
Timing of revenue recognition 
(SEK million) NIBE Climate  
Solutions 
NIBE  
Element 
NIBE  
Stoves 
 
Eliminations 
 
Total 
Deliverables recognized as revenue at a point in time 5,722 2,711 1,052 -103 9,382 
Deliverables recognized as revenue over time 112 0 0 0 112 
Total 5,834 2,711 1,052 -103 9,494 
 
 
SERVICE CONTRACTS 
For certain products in Climate Solutions, NIBE offers customers the opportunity to sign one-year service contracts, under which NIBE undertakes to perform 
maintenance service and remedy certain defects that are not covered by the warranty provided. The sc ope of defects cannot be reliably predicted, so pricing 
is based on experience. Payment is received from customers annually in advance, so deferred income will be recognized as revenue gradually over the coming 
12-month period. 
 
EXTENDED WARRANTY PERIOD CONTRACTS 
For certain products in Climate Solutions, NIBE offers customers the opportunity to sign contracts for warranty periods that exceed those provided as standard. 
Standard warranty periods depend both on the type of product and the market in question. The longest contracts expire within six years. The scope of defects 
cannot be reliably predicted, so pricing is based on experience. Payment is received from customers on delivery of goods. Def erred income will be recognized 
as revenue gradually over the coming six-year period. 
 
 
Financial instruments measured at fair value 
(SEK million) 31 Mar 
2024 
31 Mar 
2023 
31 Dec 
2023 
Current receivables    
Currency futures 38 3 45 
Commodity futures 0 0 0 
Total 38 3 45 
    
Current liabilities and provisions, 
non-interest bearing    
Currency futures 0 0 0 
Commodity futures -1 2 1 
Total -1 2 1 
    
Non-current liabilities, interest 
bearing    
Interest rate derivatives -20 0 46 
Total -20 0 46 
 
No instruments have been offset in the statement of financial position, so all 
instruments are recognized at their gross value. For a detailed account of the 
measurement process, see Note 29 in the Annual Report for 2023. For other 
consolidated financial assets and liabilities, the carrying amounts represent 
a reasonable approximation of their fair value. A specification of the financial 
assets and liabilities involved is given in Note 29 in the Annual Report for 
2023. 
 
Condensed cash flow statement 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Cash flow from operating activities -318 1,419 6,473 
Change in working capital 59 -1,027 -3,893 
Investing activities -470 -1,066 -12,604 
Financing activities 126 -105 9,602 
Exchange difference in cash and 
cash equivalents 161 7 -112 
Change in cash and cash equiva-
lents -442 -772 -534 
 
Condensed statement of changes in equity 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Opening equity 30,207 27,973 27,973 
Shareholders’ dividend 0 0 -1,310 
Dividend to non-controlling interests -1 0 -4 
Change in non-controlling interests 0 0 0 
Comprehensive income for the     
period 625 1,362 3,548 
Closing equity 30,831 29,335 30,207

===== SIDA 13 =====

NIBE · INTERIM REPORT 1, 2024 13 
Alternative performance 
measures 
 
 
Operating margin excluding items affecting                                     
comparability 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Operating profit -579 1,755 6,973 
Items affecting compara-   
bility 1,095 - - 
Operating profit excl. items 
affecting comparability 516 1,755 6,973 
Net sales 9,494 11,646 46,649 
Operating margin excl. 
items affecting compara-   
bility, % 
5.4 15.1 14.9 
Profit margin excluding items affecting comparability 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Proft after financial items -911 1,654 6,331 
Items affecting compara-
bility 1,095 - - 
Profit excl. items affecting 
comparability 184 1,654 6,331 
Net sales 9,494 11,646 46,649 
Profit margin excl. items 
affecting comparability, % 1.9 14.2 13.6 
Net investments in non-current assets 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Acquisition of non-current 
assets 476 1,350 13,100 
Disposal of non-current     
assets -6 -9 -62 
Net investments in non-
current assets, including 
acquisitions 
470 1,341 13,038 
Available cash and cash equivalents 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Cash and bank balances 3,443 3,854 3,756 
Investments in securities, 
etc. 398 191 527 
Unutilised overdraft facilities 651 498 696 
Available cash and cash 
equivalents 
4,492 4,543 4,979 
Working capital, including cash and bank balances 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Total current assets 23,737 22,925 24,198 
Current liablities and provi-
sions, non-interest bearing -9,448 -8,823 -9,716 
Working capital, including 
cash and bank balances 14,289 14,102 14,482 
Net sales, past 12 months 44,497 42,968 46,649 
Working capital, including 
cash and bank balances, in 
relation to net sales, % 
32.1 32.8 31.0 
Alternative performance measures are financial measures that are used by the company’s management and by inves-
tors to evaluate the Group’s profit and financial position using calculations that cannot be directly derived from the 
financial statements. The alternative performance measures provided in this report may be calculated usi ng methods 
that differ from those used to produce similar measures that are used by other companies.  
Working capital, excluding cash and bank balances 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Inventories 12,847 11,334 13,227 
Current receivables 7,049 7,546 6,688 
Current liablities and provisions, non-interest 
bearing -9,448 -8,823 -9,716 
Working capital, excluding cash and bank 
balances 10,448 10,057 10,199 
Net sales, past 12 months 44,497 42,968 46,649 
Working capital, excluding cash and bank 
balances, in relation to net sales, % 23.5 23.4 21.9 
Return on capital employed    
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Profit after net financial items, past 12 
months 3,766 6,423 6,331 
Financial expenses, past 12 months 1,418 708 1,103 
Profit before financial expenses 5,184 7,131 7,434 
Items affecting comparability 1,095 - - 
Profit excl. items affecting comparability 6,279 7,131 7,434 
Capital employed at start of period 52,979 39,330 39,330 
Capital employed at end of period 54,153 41,037 52,979 
Average capital employed 53,566 40,184 46,155 
Return on capital employed, % 9.7 17.7 16.1 
Operating profit excl. items affecting    
comparability, % 11.7 17.7 16.1 
Return on equity 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Profit after net financial items, past 12 
months 3,766 6,423 6,331 
Standard tax rate, % 20.6 20.6 20.6 
Profit after net financial items, after tax 2,990 5,100 5,027 
Of which attributable to Parent shareholders 2,987 5,070 5,016 
Equity at start of period 30,160 27,935 27,935 
Equity at end of period 30,788 29,293 30,160 
Average equity 30,474 28,615 29,048 
Return on equity, % 9.8 17.7 17.3 
Return on equity, excluding items affecting comparability 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Profit after net financial items, past 12 
months 3,766 6,423 6,331 
Items affecting comparability 1,095 - - 
Profit excl. Items affecting comparability 4,861 6,423 6,331 
Standard tax rate, % 20.6 20.6 20.6 
Profit after net financial items, after tax 3,860 5,100 5,027 
Of which attributable to Parent shareholders 3,857 5,070 5,016 
Equity at start of period 30,160 27,935 27,935 
Equity at end of period 30,788 29,293 30,160 
Average equity 30,474 28,615 29,048 
Return on equity, excl. items affecting    
comparability, % 12.7 17.7 17.3

===== SIDA 14 =====

14 NIBE · INTERIM REPORT 1, 2024 
 
Net debt/EBITDA 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Non-current liabilities and provisions,           
interest bearing 17,185 7,091 16,922 
Current liabilities and provisions, interest 
bearing 6,137 4,610 5,849 
Cash and bank balances -3,443 -3,854 -3,756 
Investments in securities, etc. -398 -191 -527 
Net debt 19,481 7,656 18,488 
Operating profit, past 12 months 4,639 6,677 6,973 
Depreciation/amortisation and impairment, 
past 12 months 
2,168 1,561 1,824 
EBITDA 6,807 8,238 8,797 
Items affecting comparability 1,095 - - 
EBITDA excl. items affecting comparability 7,902 8,238 8,797 
Net debt/EBITDA, times 2.9 0.9 2.1 
Net debt/EBITDA excl. items affecting     
comparability, times 2.5 0.9 2.1 
 
 
Interest coverage ratio 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Profit after net financial 
items -911 1,654 6,331 
Financial expenses 483 167 1,103 
Profit before financial        
expenses 
-428 1,821 7,434 
Items affecting compara-
bility 1,095 - - 
Profit excl. items affecting 
comparability 667 1,821 7,434 
Interest coverage ratio,       
times 
-0.9 10.9 6.7 
Interest coverage ratio 
excl. items affecting com-
parability, times 
1.4 10.9 6.7 
 
Earnings per share, excluding items affecting compara-
bility 
(SEK million) Jan-Mar 
2024 
Jan-Mar 
2023 
Full year 
2023 
Net profit attributable to 
Parent shareholders -857 1,270 4,785 
Items affecting compara-   
bility  895 - - 
Net profit excl. items         
affecting comparability 38.0 1,270 4,785 
Earnings per share excl. 
items affecting compara-   
bility 
0.02 0.63 2.37 
 
  
  
The information in this report has not been reviewed by the company’s auditors.  
For further information on definitions, please refer to the company’s Annual Report for 2023. 
 
The interim report provides a fair review of the business, financial position and results of the Parent and the Group and describes 
the principal risks and uncertainties facing the Parent and companies in the Group.  
  
Markaryd, Sweden, May 16, 2024 
 
 Hans Linnarson 
Chairman of the Board 
Eva Karlsson 
Director 
Jenny Larsson 
Director 
 Gerteric Lindquist 
Managing Director and CEO 
Anders Pålsson  
Director 
Eva Thunholm 
Director 
 
  
 
Accounting policies  Risks and uncertainties  
NIBE Industrier’s consolidated accounts are prepared in accordance with Interna-
tional Financial Reporting Standards (IFRS). NIBE Industrier’s interim report for the 
first quarter of 2024 has been prepared in accordance with IAS 34 Interim Financial 
Reporting. Disclosures in accordance with IAS 34 16A are presented in the financial 
statements and related notes as well as in other parts of the interim report. 
For the Group, the accounting policies applied in this report are the same as those 
described on pages 96–135 of the Annual Report for 2023.  
Reporting for the Parent follows the Swedish Annual Accounts Act and RFR 2 Re-
porting for Legal Entities. 
Related party transactions have taken place to the same extent as in the previous 
year and the same accounting policies apply as described on page 97 of the Annual 
Report for 2023. 
 
NIBE Industrier  is an international industrial group 
that is represented in around 40 countries. As such, 
it is exposed to several business and financial risks. 
Risk management is, therefore, an important pro -
cess relative to the goals set by the company. 
Throughout the Group, efficient risk management 
routines are an ongoing process within the frame -
work of the Group’s operational management and a 
natural part of the continual follow -up of activities. 
It is our opinion that no significant risks or uncer -
tainties have arisen in addition to those described in 
NIBE Industrier’s Annual Report for 2023.

===== SIDA 15 =====

NIBE · INTERIM REPORT 1, 2024 15 
 
Number of shares traded per trading day in thousands 
  
 
The information in this Interim Report is information that NIBE Industrier  AB is obliged to publish under 
the Swedish Securities Market Act and/or the Financial Instruments Trading Act. This information was 
submitted for publication at 8:00 AM (CEST) on May 16, 2024. 
 
Please email any questions to: 
Gerteric Lindquist, MD and Group CEO, gerteric.lindquist@nibe.se  
Hans Backman, CFO, hans.backman@nibe.se
NIBE 
shares 
 
NIBE’s Class B shares are listed on the NASDAQ Nordic Large Cap list in Stockholm, with a secondary listing on 
the SIX Swiss Exchange in Zurich. The NIBE share’s closing price at March 31, 2024 was SEK 52.56. 
In the first three months of the year, NIBE’s share price fell by 25.8%, from SEK 70.80 to SEK 52.56. In the 
same period, the OMX Stockholm PI (OMXSPI) increased by 6.6% and the OMX Stockholm 30 (OMXS30) by 5.1%. 
At the end of March 2024, NIBE’s market capitalization, based on the latest price paid, amounted to SEK 
105,964 million. 
A total of 364,224,645 NIBE shares were traded, which corresponds to a share turnover of 72.3% in the first 
quarter of 2024. 
All figures were restated following the 4:1 splits implemented in 2003, 2006, 2016 and May 2021, and the 
dilution effect of the preferential rights issue in October 2016.

===== SIDA 16 =====

NIBE Group 
– an international Group with companies and a 
presence worldwide  
 
 
The NIBE Group is an international Group that contributes to a reduced carbon footprint 
and better utilization of energy. In our three business areas – Climate Solutions, Element 
and Stoves – we develop, manufacture and market a wide range of environmentally 
friendly, energy-efficient solutions for indoor climate comfort in all types of properties, 
plus components and solutions for intelligent heating and control in industry and infra-
structure.  
 
Since its beginnings in the town of Markaryd in the Swedish province of Småland more 
than 70 years ago, NIBE has grown into an international company with an average of 
22,500 (21,300) employees and an international presence. From the very start, the com-
pany has been driven by a strong culture of entrepreneurship and a passion for corpo-
rate responsibility. Its success factors are long-term investments in sustainable product 
development and strategic acquisitions. Combined, these factors have brought about 
strong, targeted growth, which generated sales of just under SEK 47 (40) billion in 2023. 
 
NIBE has been listed under the name NIBE Industrier AB on the Nasdaq Nordic 
 Large Cap list since 1997, with a secondary listing on the SIX Swiss Exchange since 2011.  
 
 
 
NIBE Industrier AB (publ) 
Box 14, 285 21 MARKARYD 
Tel +46 433-27 30 00 
www.nibe.com 
Corporate ID no.: 55 63 74 – 8309