FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== 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