Kvartalsrapport Q1 2026

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   1
Q1 
2026
7.1%
Growth at fixed  
exchange rates
9.0%
 
Operating margin
Q1
2026
Q1
2025 LTM*
FY
2025*
Net sales SEK m 9,650 9,673 40,818 40,841
Growth % -0.2 1.9 0.3 0.8
Operating profit SEK m 868 782 4,389 4,303
Operating margin % 9.0 8.1 10.8 10.5
Profit after net financial items SEK m 675 514 3,494 3,333
Profit margin % 7.0 5.3 8.6 8.2
Profit for the period SEK m 504 391 2,571 2,458
Earnings per share SEK 0.25 0.19 1.27 1.20
Equity/assets ratio % 47.3 45.4 47.3 46.6
Return on equity % 8.5 7.6 8.5 8.0
*Adjusted profit figures for 2025 and last 12 months. For further details, please see page 9.
STABLE GROWTH AND  
IMPROVED OPERATING MARGIN
 NET SALES 
Net sales amounted to SEK 9,650 (9,673) million
 GROWTH 
Growth amounted to -0.2% (7.1% at fixed exchange rates)
 OPERATING PROFIT  
Operating profit amounted to SEK 868 (782) million,  
corresponding to an operating margin of 9.0% (8.1%)
 PROFIT AFTER NET FINANCIAL ITEMS  
Profit after net financial items amounted to amounted to  
SEK 675 (514) million) 
 NET PROFIT 
Net profit amounted to SEK 504 (391) million 
 EARNINGS PER SHARE   
Earnings per share before and after dilution amounted to  
SEK 0.25 (0.19)
2.7times
 
Net debt/EBITDA

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   2
“
FIRST QUARTER 2026
Overall, the beginning of the year was characterized by continued stable develop -
ment in both demand and earnings. 
For the fifth consecutive quarter, we reported healthy underlying year-on-year 
organic growth, although the stronger Swedish krona partly offset this develop -
ment.
Operating profit and operating margin also improved successively for the fifth 
consecutive quarter compared with the corresponding quarter of the previous 
year.
Despite obvious challenges, the imposed and highly unpredictable tariffs have 
been managed relatively well in two of our three business areas but have had a 
considerable negative impact on NIBE Stoves.
The turbulent external environment, characterized by armed conflict often linked 
to oil and gas resources, has had two significant but opposing effects. On the 
one hand, it has made consumers more cautious regarding consumption, major 
investments and property purchases. On the other hand, it has accelerated the 
shift away from fossil fuel-based heating towards more sustainable alternatives.
The positive earnings performance was primarily due to organic sales growth, 
based on a strong product offering, a broad international presence, good cost 
discipline and improved productivity.
Performance in the first quarter was in line with our assessment that a more tra -
ditional seasonal pattern has returned, with gradual quarter-on-quarter growth 
resulting in a stronger second half of the year.
Thanks to investments in production facilities, a strong product offering and a 
highly committed organization, we view the future with confidence. The stable 
growth in profitability also creates opportunities to return to a more active acqui -
sition stance.
BUSINESS AREA CLIMATE SOLUTIONS
We were pleased with the business area’s performance in both the single-family 
home and commercial property segments.
In Europe, the market for heat pumps for single-family homes with hydronic 
heating systems grew by over 10%, which was well in line with the business area’s 
own growth. The market for products for the commercial property segment also 
showed good growth, although not to the same extent.
In the US, demand for heat pumps for single-family homes declined as expected 
following the removal of subsidies. However, the decline was smaller than expect -
ed. Subsidies for the installation of heat pumps in commercial properties remain 
in place and continued to have a positive impact on demand. Overall, the business 
area therefore continued to report growth in the North American market.
Growth in water heaters and district heating equipment remained more moderate, 
in line with previous trends.
The positive development in both operating profit and operating margin strength -
ens our view that, for the full year and in line with previous communication, we 
will achieve an operating margin well within the 13–15% range, which reflects the 
business area’s historically demonstrated operating margin capacity. It should 
also be noted that depreciation and amortization will be significantly higher than 
in previous years.
BUSINESS AREA ELEMENT
This business area also continued to develop satisfactorily and is expanding in line 
with growth in the rail transport, heat pump, process heating and semiconductor 
industries. 
Step by step, we are moving towards a more electrified and digitalized society, 
which fits well with both our strategy and product offering. The major investments 
made in recent years have been focused on these segments. 
At the same time, the uncertain external environment has resulted in more cau -
tious demand from the industrial and domestic appliance sectors.
The development in operating profit and operating margin during the quarter 
strengthens our view that, for the full year, we should achieve an operating 
margin within the 8–11% range, which reflects the business area’s historically 
demonstrated operating margin capacity.
CEO GERTERIC LINDQUIST   
Stable growth  
in profitability   
opens up for   
acquisitions

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   3
OUTLOOK FOR 2026
  Our corporate philosophy and our strong range of products, with their 
focus on energy efficiency and sustainability are in tune with the times in 
which we are living.
	We are well prepared to continue being proactive on acquisitions.
  Our internal efforts to enhance efficiency, combined with investments 
made in our facilities and our rigorous cost-control measures, will ensure 
consistently healthy margins.
  All three business areas have a good geographical spread, which makes 
us less vulnerable to local downturns in demand.
  Our decentralized organization, based on independent units, is well prov -
en and creates the conditions for greater motivation and flexibility.
  The effects of the current security situation around the world, exchange 
rate developments and price volatility in relation to different types of 
energy are difficult to assess.
	However, as is our habit, and based on experience, we remain optimistic 
about our own performance both in 2026 and in the longer term, although, 
in light of the above, the external outlook is naturally difficult to assess.
Markaryd, Sweden, May 19, 2026
Gerteric Lindquist,  
Managing Director and CEO
OTHER INFORMATION
In February, the operations of the UK company Elementation were acquired. The 
company manufactures specialized heating elements for use at high temperatures, 
including in furnaces.
Following the end of the quarter, the Welsh industrial company Elmatic was ac -
quired. The acquisition strengthens our position as one of the leading suppliers 
of electric heating and control systems in the UK.  Both acquisitions are reported 
within the business area NIBE Element.
The purchase consideration is not disclosed, as the acquired operations represent 
only a minor part of NIBE Group.
“
Our focus on   
energy efficiency  
and sustainability  
is in tune with the   
times.
BUSINESS AREA STOVES
NIBE Stoves continues to face significant headwinds for a number of reasons.
 In Europe, geopolitical uncertainty has had a dampening effect on consumption 
of capital goods such as consumer durables.
No similar noticeable effect has been seen in North America, where demand 
for stove products remained relatively stable. At the same time, the tariffs 
introduced between the US and Canada in 2025 have been challenging for the 
business area, as all products for the North American market are manufactured 
in Canada, while the majority are sold in the US. However, the tariffs have partly 
been compensated for through price increases.
The additional sharp tariff increase that will now also apply to the entire finished 
product imported into the US from the turn of March/April this year will be difficult 
to offset without losing market share.
In light of this additional tariff increase, our ambition for the business area to 
return in 2026 to an operating margin within the 10–13% range, which reflects its 
historically demonstrated operating margin capacity, must now be regarded as 
almost impossible to achieve since the additional tariffs will amount to approxi -
mately SEK 150 million annually.
Our objective is naturally to do everything possible to reduce the effects of the 
tariff situation, but a more realistic short-term assessment is an operating margin 
in the range of 6–8%.

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   4
Q1
2026
Q1
2025 LTM*
FY
2025*
Net sales SEK m 9,650 9,673 40,818 40,841
Growth % -0.2 1.9 0.3 0.8
of which acquired % 0.4 0.1 0.3 0.2
of which currency effects % - 7.7 0.4 - 5.0 - 3.8
Operating profit SEK m 868 782 4,389 4,303
Operating margin % 9.0 8.1 10.8 10.5
* Adjusted profit figures for 2025 and last 12 months. For further details, please see page 9.
 2024 2025 2026
Quarter LT MQ1Q4Q3Q2Q1Q4Q3Q2Q1
0
2,200
4,400
PROFIT AFTER FINANCIAL ITEMS
last nine quarters (SEK m)
0
1,200
2,400
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q1 LT M0
6,000
12,000
0
46,000
23,000
NET SALES
last nine quarters (SEK m)
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q2Q1
ADJUSTED EARNINGS PER SHARE
after dilution
0.00
0.25
0.50200
 2024 2025 2026
QuarterQ1Q4Q3Q2Q1Q4Q3Q2Q1
-2,200
GROWTH
NET SALES AND PROFIT GROUP
30
45
6
19
NORDIC COUNTRIES 
EUROPE (EXCL NORDICS) 
NORTH AMERICA
OTHER COUNTRIES
GROUP SALES BY GEOGRAPHICAL REGION, %
NET SALES AND GROWTH
The Group’s net sales amounted to SEK 9.65 (SEK 9.67) billion. 
Net sales declined by 0.2%. Acquired net sales amounted to 0.4% and the stronger Swedish krona 
had a negative impact of SEK 749 million on net sales, which meant that organic growth was 7.1% 
at fixed exchange rates.
PROFIT
Operating profit increased to SEK 868 (782) million, an increase of 11% compared with the same 
period in 2025. The operating margin was 9.0% (8.1%) and was positively affected by better sales, 
strict cost control and improved productivity. Net financial items amounted to SEK -193 (-268) 
million, an improvement of SEK 75 million compared with the same period in the previous year, 
mainly due to a stronger net financial position. 
Profit after net financial items increased to SEK 675 (514) million, an improvement of 31.3%.

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   5
BALANCE SHEET AND CASH FLOW
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q1-300
1,450
3,200
CASH FLOW FROM OPERATING ACTIVITIES
last nine quarters (SEK m)
0
 2024 2025 2026
20
25
30 %
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q10
6,000
12,000
WORKING CAPITAL
last nine quarters (SEK m)
LT M
 2024 2025 2026
2,5
3,0
3,5
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q10
11,000
22,000
NET DEBT/EBITDA
last nine quarters (SEK m)
2.5
3.0
3.5
LT M
WORKING CAPITAL
Working capital decreased to SEK 9.1 billion compared with the same period 
in the previous year. Working capital increased by SEK 0.5 billion compared 
with the preceding quarter due to higher inventories and increased receiv -
ables. Working capital relative to net sales decreased compared with the 
same period in the previous year and amounted to 22.4% (22.7%). 
INVESTMENTS
During the year, the Group invested SEK 328 (349) million in intangible 
assets and property, plant and equipment. The total effect on cash flow 
including changes in financial assets was SEK 216 (619) million. Of the in -
vestments, SEK 0 (0) million related to acquisitions of shares and interests 
in companies, which means the full amount comprised investments in 
existing operations. Excluding leases, the depreciation rate was SEK 391 
million, compared with SEK 370 million in the corresponding period in the 
previous year.
CAPITAL EMPLOYED
Capital employed increased compared with the same period in the previous 
year and amounted to SEK 54.4 (53.5) billion. Compared with the preceding 
quarter, capital employed increased by SEK 1.6 billion. The return on capital 
employed increased to 8.4% from 8.3% in the same period in the previous 
year and from 8.2% in the preceding quarter. 
CASH FLOW
Cash flow from operating activities before changes in working capital 
amounted to SEK 1,247 (658) million. Cash flow after changes in working 
capital amounted to SEK 540 (243) million. 
FINANCIAL POSITION  
Net debt decreased to SEK 17.3 (19) billion compared with the same period 
in the previous year and increased compared with the preceding quarter 
(17.1). Net debt/EBITDA amounted to 2.7 (3.1), unchanged compared with 
the preceding quarter.
The Group’s available cash and cash equivalents increased to SEK 5,882 
million, which was SEK 800 million higher than in the same period in the 
previous year and SEK 5 million higher than in the preceding quarter.  
The equity/assets ratio at the end of the period was 47.3%, compared 
with 46.6% at the start of the period.
GROUP

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   6
Q1
2026
Q1
2025 LTM
FY
2025
Net sales SEK m 6,228 6,022 27,124 26,918
Growth % 3.4 3.2 3.4 3.4
of which acquired % 0.0 0.0 0.0 0.0
of which currency effects % - 6.9 0.1 - 5.6 - 4.2
Operating profit SEK m 643 555 3,581 3,493
Operating margin % 10.3 9.2 13.2 13.0
Assets SEK m 46,296 45,201 46,296 45,391
Liabilities SEK m 6,253 5,213 6,253 6,412
Investments in  
non-current assets SEK m 251 249 1,788 1,786
Depreciation/amortization SEK m 345 322 1,331 1,308
GOOD ORGANIC GROWTH
AND INCREASED PROFITABILITY   
NET SALES AND PROFIT
 NET SALES
 Net sales amounted to SEK 6.2 (6.0) billion, 
corresponding to organic growth of 3.4% 
including currency effects and 10.3% at 
fixed exchange rates.
	OPERATING PROFIT  
 Operating profit amounted to SEK 643 
(555) million, an improvement of 15.9%. The 
operating margin increased to 10.3% from 
9.2% in the first quarter of the previous year.
MARKET
• The market for residential heat pumps in Europe 
showed good growth, with strong underlying de -
mand from end customers. The markets in North and 
Central Europe continued to report a positive perfor -
mance and the remaining markets also recovered.
• Our expectations for the residential heat pump 
market in the US were relatively low as a result of 
the US administration’s decision to wind up the 
subsidy program at the turn of the year. However, 
the outcome for our companies was better than 
expected in this segment.  Towards the end of the 
quarter we launched an offer comprising the option 
of third-party leasing to reduce the initial invest -
GROWTH AT FIXED 
EXCHANGE RATES
10.3% 
OPERATING
MARGIN
10.3%
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q2Q1
-600
300
1,200
OPERATING PROFIT  
last nine quarters (SEK m)
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q10
4,000
8,000
NET SALES
last nine quarters (SEK m)
• Despite geopolitical uncertainty and the stronger 
Swedish krona, we achieved a two-digit operating 
margin in the first quarter, thanks to positive sales 
development in combination with consistent and 
strict cost control. The increased collaboration with -
in the Group to improve efficiency throughout the 
value chain also contributed to a higher operating 
margin.
• Our local manufacturing in the US means we are in 
a good position to manage increased import duties 
and strengthen our competitiveness against impor-  
ted finished products.
CLIMATE SOLUTIONS
	STABLE DEMAND IN BOTH EUROPE AND NORTH AMERICA
	PRODUCT LAUNCHES A MAJOR FOCUS
  INTRODUCTION OF NEW LEASING CONCEPT IN THE US  
ment cost. The launch was initially well received by 
the market. 
• The commercial heat pump market showed strong 
development in both Europe and North America and 
our strategic investments in this segment resulted in 
good growth. 
OPERATIONS
• Our focused product development efforts pro -
gressed according to plan and the market launch 
of new products and intelligent energy solutions 
in both segments began in both Europe and North 
America.
23
51
3
23  
GEOGRAPHICAL DISTRIBUTION OF SALES, % 
NORDIC COUNTRIES 
EUROPE (EXCL NORDICS) 
NORTH AMERICA
OTHER COUNTRIES

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   7
  STRONG DEMAND IN THE SEMICONDUCTOR SEGMENT 
  INCREASED DEMAND IN HVAC AND PROCESS HEATING 
  CAUTIOUS MARKET IN THE INDUSTRIAL SEGMENT 
Q1
2026
Q1
2025 LTM
FY
2025
Net sales SEK m 2,845 2,888 11,242 11,284
Growth % -1.5 6.5 -0.2 1.7
of which acquired % 1.2 0.5 0.9 0.7
of which currency effects % - 9.4 1.2 - 7.6 - 4.9
Operating profit SEK m 187 179 804 795
Operating margin % 6.6 6.2 7.1 7.0
Assets SEK m 15,992 15,385 15,992 15,180
Liabilities SEK m 2,325 2,513 2,325 2,158
Investments in  
non-current assets SEK m 71 72 381 381
Depreciation/amortization SEK m 170 150 639 620
IMPROVED DEMAND BUT VARIATIONS  
BETWEEN SEGMENTS   
NET SALES AND PROFIT
 NET SALES  
Net sales amounted to SEK 2.8 (2.9) billion, 
corresponding to organic growth of -2.7% 
including currency effects and 6.7% at fixed 
exchange rates. Acquired growth amount -
ed to 1.2%.
 OPERATING PROFIT  
Operating profit amounted to SEK 187  
(179) million, an improvement of 4.5%. The 
operating margin increased to 6.6% from 
6.2% in the first quarter of the previous 
year.
 
GROWTH AT FIXED 
EXCHANGE RATES
6.7% 
OPERATING
MARGIN
6.6%
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q2Q1
-600
300
1,200
OPERATING PROFIT
last nine quarters (SEK m)
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q10
2,000
4,000
 
NET SALES
last nine quarters (SEK m)
ELEMENT
41 32
12 15
 NORDIC COUNTRIES 
EUROPE (EXCL NORDICS) 
NORTH AMERICA
OTHER COUNTRIES
GEOGRAPHICAL DISTRIBUTION OF SALES, % 
• The uncertain external environment prompted a 
number of measures to secure supply chains and 
offset introduced tariffs. Our diversified production 
base, with around 100 plants in several countries, 
provides a major advantage in this situation
• Profit was negatively affected by the stronger 
Swedish krona and generally weaker demand in the 
important industrial segment.
OPERATIONS
• Capacity utilization for recent years’ growth invest -
ments increased, both for components and systems 
for the heat pump industry and equipment for the 
semiconductor industry.
• Intensive efforts to reduce costs and increase pro -
ductivity aimed at returning to the target operating 
margin continued.
MARKET  
• Demand in the semiconductor segment improved 
and is expected to continue to show good develop -
ment over the year. The improvement is due to the 
expansion of datacenter capacity. 
• In HVAC demand increased for both commercial 
products and heat pumps. Demand for process 
heating linked to the expansion of electricity pro -
duction increased, particularly in North America.

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   8
  STABLE DEMAND IN NORTH AMERICA
  CONTINUED CAUTION IN SEVERAL EUROPEAN MARKETS
  NEW RULES FOR CALCULATION OF TARIFFS BETWEEN CANADA AND THE US
Q1
2026
Q1
2025 LTM
FY
2025
Net sales SEK m 833 926 3,382 3,475
Growth % -10.1 -12.0 -9.5 -10.1
of which acquired % 0.0 0.0 0.0 0.0
of which currency effects % - 7.8 0.2 - 7.3 - 4.6
Operating profit SEK m 37 61 120 144
Operating margin % 4.4 6.6 3.5 4.1
Assets SEK m 5,974 6,605 5,974 5,946
Liabilities SEK m 604 1,135 604 611
Investments in non-current assets SEK m 6 29 44 66
Depreciation/amortization SEK m 52 54 208 211
NET SALES AND PROFIT
 NET SALES  
Net sales amounted to SEK 0.8 (0.9) billion, 
corresponding to organic growth of 10.1% 
including currency effects and -2.3% at 
fixed exchange rates.
 
 OPERATING PROFIT  
Operating profit was SEK 37 (61) million, 
a decline of 39.3%. The operating margin 
decreased to 4.4% from 6.6% in Q1 of the 
previous year.
 
MARKET
• Despite a relatively cold winter and higher energy 
prices, which normally support demand, global 
developments and cautious consumers held back 
demand in Europe. The Nordic countries showed 
some improvement.
• Demand in North America was stable during the 
quarter and the trend at the end of the previous year 
continued. 
• The industry has definitely returned to its tradition -
al seasonal pattern of lower demand in the first half 
of the year and clearly higher demand later in the 
second half.
GROWTH AT FIXED 
EXCHANGE RATES
-2.3%
OPERATING
MARGIN
4.4%
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q1Q10
700
1,400
NET SALES
last nine quarters (SEK m)
sales are to the US, the scope for offsetting tariffs 
through price increases is reduced due to the risk 
of lower sales. The new tariffs between Canada and 
the US are expected to affect the business area’s 
operating margin by around four percentage points 
going forward, but conditions may change rapidly 
and careful consideration is required before more 
far-reaching measures are introduced.
-100
50
200
 2024 2025 2026
Quarter Q1Q4Q3Q2Q1Q4Q3Q2Q1
OPERATING PROFIT 
last nine quarters (SEK m)
OPERATIONS
• The long-term investments in product develop -
ment, marketing and sales continued unabated.
• Profit was adversely affected by lower sales and 
imposed tariffs but this was largely offset by pre -
viously implemented cost-cutting measures and 
continued good cost control. 
• Immediately after the end of the quarter, stricter 
rules on the calculation of tariffs between Canada 
and the US were introduced. With three manufac -
turing operations in Canada, a large share of whose 
STOVES
37
41
2
20
 NORDIC COUNTRIES 
EUROPE (EXCL NORDICS) 
NORTH AMERICA
OTHER COUNTRIES
GEOGRAPHICAL DISTRIBUTION OF SALES, % 
CONSUMER UNCERTAINTY AFFECTS   
DEMAND IN SEVERAL MARKETS

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   9
QUARTERLY TREND
LAST NINE QUARTERS
 Q1
2026
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2024
Q2
2024
Q3
2024
Q4
2024
NET SALES
NIBE Climate Solutions SEK m 6,228 6,022 6,824 6,722 7,350 5,834 6,516 6,502 7,185
NIBE Element SEK m 2,845 2,888 2,792 2,800 2,804 2,711 2,819 2,711 2,851
NIBE Stoves SEK m 833 926 678 788 1,083 1,052 802 847 1,163
Elimination of Group transactions SEK m – 256 – 163 – 212 – 224 – 237 – 103 – 102 – 93 – 174
GROUP TOTAL SEK m 9,650 9,673 10,082 10,086 11,000 9,494 10,035 9,967 11,025
OPERATING PROFIT 
NIBE Climate Solutions SEK m 643 555 842 940 1,156 – 462 506 726 830
NIBE Element SEK m 187 179 184 210 222 – 126 142 160 186
NIBE Stoves SEK m 37 61 -51 24 110 27 – 3 24 95
Elimination of Group transactions SEK m 1  – 13 – 31  – 35  – 228 – 18 24 2 558
GROUP TOTAL SEK m 868 782 944 1,139 1,260 – 579 669 912 1,669
ITEMS AFFECTING COMPARABILITY* 
NIBE Climate Solutions SEK m 0 0 0 0 0 -794 0 0 -31
NIBE Element SEK m 0 0 0 0 0 -263 0 0 -4
NIBE Stoves SEK m 0 0 0 0 0 -38 0 0 -22
Elimination of Group transactions SEK m 0 0 0 0 -178 0 0 0 597
GROUP TOTAL SEK m 0 0 0 0 -178 -1,095 0 0 540
ADJUSTED 
OPERATING PROFIT
NIBE Climate Solutions SEK m 643 555 842 940 1,156 332 506 726 861
NIBE Element SEK m 187 179 184 210 222 137 142 160 190
NIBE Stoves SEK m 37 61 – 51 24 110 65 – 3 24 117
Elimination of Group transactions SEK m 1 – 13 – 31 – 35 – 50 – 18 24 2 – 39
GROUP TOTAL SEK m 868 782 944 1,139 1,438 516 669 912 1,129
ADJUSTED
OPERATING MARGIN
NIBE Climate Solutions % 10.3 9.2 12.3 14.0 15.7 5.7 7.8 11.2 12.0
NIBE Element % 6.6 6.2 6.6 7.5 7.9 5.1 5.0 5.9 6.7
NIBE Stoves % 4.4 6.6 -7.5 3.0 10.2 6.2 -0.4 2.8 10.2
GROUP TOTAL % 9.0 8.1 9.4 11.3 13.1 5.4 6.7 9.2 10.2
* Items affecting comparability: 
2025 – Negative effect of acquisition-related revaluations: SEK 178 million: 
2024 – Positive effect of acquisition-related revaluations: SEK 597 million. - Action plan costs: SEK 1,095 million (Q1) + SEK 57 million (Q4) = SEK 1,152 million (Full year).
BUSINESS
AREAS   
QUARTERLY
TREND

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   10
INCOME STATEMENT, SEK million Q1
2026
Q1
2025 LTM
FY
2025
Net sales 9,650 9,673 40,818 40,841
Cost of goods sold - 6,672 -6,804 -27,846 -27,976
GROSS PROFIT 2,978 2,869 12,972 12,865
Selling expenses - 1,360 - 1,360 - 5,473 -5,473
Administrative expenses - 871 - 852 - 3,748 -3,729
Other income 123 125 460 462
OPERATING PROFIT 868 782 4,211 4,125
NET FINANCIAL ITEMS - 193 - 268 - 895 -970
PROFIT AFTER NET FINANCIAL ITEMS 675 514 3,316 3,155
Tax - 171 - 123 - 923 -875
NET PROFIT 504 391 2,393 2,280
Net profit attributable to Parent shareholders 505 392 2,390 2,277
Net profit/loss attributable to non-controlling interests - 1 - 1 3 3
NET PROFIT 504 391 2,393 2,280
Includes depreciation/amortization as follows: 567 527 2,178 2,138
Earnings per share before and after dilution, SEK 0.25 0.19 1.19 1.13
STATEMENT OF COMPREHENSIVE INCOME
NET PROFIT 504 391 2,393 2,280
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss
Actuarial gains and losses in retirement benefit plans 0 0 49 49
Tax 0 0 - 6 - 6
Items that may be reclassified to profit or loss
Cash flow hedges - 9 38 1 48
Hedges of net investment - 47 267 2 316
Exchange differences on translation of foreign operations 906 - 2,965 - 174 - 4,114
Tax - 29 76 12 185
821 - 2,584 - 159 -3,565
TOTAL OTHER COMPREHENSIVE INCOME 821 - 2,584 - 116 -3,522
TOTAL COMPREHENSIVE INCOME 1,325 - 2,193 2,277 -1,242
Comprehensive income attributable to Parent shareholders 1,324 - 2,182 2,267 -1,240
Comprehensive income attributable to non-controlling interests 1 - 11 10 -2
TOTAL COMPREHENSIVE INCOME 1,325 - 2,193 2,277 -1,242
THE GROUP   
CONDENSED FINANCIAL   
STATEMENTS

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   11
BALANCE SHEET, SEK million Q1
2026
Q1
2025
FY
2025
Intangible assets 30,090 30,055 29,483
Property, plant and equipment 12,832 12,612 12,416
Financial assets 1,518 1,566 1,505
TOTAL NON-CURRENT ASSETS 44,440 44,233 43,404
Inventories 9,498 9,866 9,167
Current receivables 7,437 7,245 7,026
Investments in securities, etc. 839 383 675
Cash and cash equivalents 4,668 4,256 4,783
TOTAL CURRENT ASSETS 22,442 21,750 21,651
TOTAL ASSETS 66,882 65,983 65,055
Equity 31,614 29  946 30,290
Non-current liabilities and provisions
– non-interest-bearing 4,735 4,578 4,685
– interest-bearing 16,465 16,990 16,129
Current liabilities and provisions
– non-interest-bearing 7,775 7,859 7,523
– interest-bearing 6,293 6,610 6,428
TOTAL EQUITY AND LIABILITIES 66,882 65,983 65,055
CASH FLOW STATEMENT, SEK million Q1
2026
Q1
2025
FY
2025
Cash flow before change in working capital 1,247 658 4,192
Change in working capital - 708 - 415 696
CASH FLOW FROM OPERATING ACTIVITIES 539 243 4,888
Investments in existing operations - 216 -619 -2,000
OPERATING CASH FLOW 324 - 376 2,888
Acquisitions – – – 943 
Disposals – – – 
CASH FLOW AFTER INVESTMENTS 324 - 377 1,945
Financing - 389 -245 – 886 
Dividend – – – 606 
CASH FLOW FOR THE YEAR - 65 - 621 453
Cash and cash equivalents at beginning of year 5,458 5,607 5,607
Exchange difference in cash and cash equivalents 113 - 346 -602
CASH AND CASH EQUIVALENTS AT END OF YEAR 5,506 4,639 5,458
THE GROUP   
CONDENSED FINANCIAL   
STATEMENTS

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   12
FINANCIAL INSTRUMENTS MEASURED AT FAIR 
VALUE, SEK million
Q1
2026
Q1
2025
FY
2025
CURRENT RECEIVABLES
Currency futures 20 16 37
Commodity futures 1 0 1
TOTAL 21 16 38
CURRENT LIABILITIES AND  
PROVISIONS, NON-INTEREST-BEARING
Currency futures 0 0 0
Commodity futures 0 0 0
TOTAL 0 0 0
NON-CURRENT LIABILITIES AND  
PROVISIONS, INTEREST-BEARING
Interest rate derivatives 38 - 2 51
TOTAL 38 - 2 51
CONDENSED STATEMENT OF CHANGES  
IN EQUITY, SEK million
Q1
2026
Q1
2025
FY
2025
Opening equity 30,290 32,140 32,140
Dividend to shareholders 0 0 - 605
Dividend to non-controlling interests - 1 -1 - 1
Change in non-controlling interests 0 0 -2
Comprehensive income for the period 1,325 - 2,193 - 1,242
CLOSING EQUITY 31,614 29,946 30,290
TIMING OF REVENUE 
RECOGNITION, SEK million
NIBE CLIMATE
SOLUTIONS
NIBE  
ELEMENT
NIBE 
STOVES ELIMINATIONS TOTAL
Deliverables recognized as  
revenue at a point in time 6,093 2,682 833 - 256 9,352
Deliverables recognized as 
revenue over time 135 163 0 0 298
TOTAL 6,228 2,845 833 - 256 9,650
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. As the scope of 
defects cannot be reliably predicted, 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 con -
tracts expire within six years. As the scope of defects cannot be reliably predicted, pricing 
is based on experience. Payment is received from customers on delivery of goods. Deferred 
income will be recognized as revenue gradually over the coming six-year period.
SALES BY GEOGRAPHICAL 
REGION, SEK million
NIBE CLIMATE
SOLUTIONS
NIBE  
ELEMENT
NIBE 
STOVES ELIMINATIONS TOTAL
Nordic countries 1,427 420 164 -171 1,850
Europe excl. Nordic countries 3,200 909 341 -78 4,372
North America 1,436 1,183 309 -6 2,922
Other countries 165 333 19 -1 516
TOTAL 6,228 2,845 833 -256 9,650

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   13
KEY RATIOS Q1
2026
Q1
2025
FY
2025
Growth % -0.2 1.9 0.8 
Operating profit SEK m 868 782 4,125
Operating profit excl. items affecting comparability SEK m 868 782 4,303
Operating margin % 9.0 8.1 10.1
Operating margin excl. items affecting comparability % 9.0 8.1 10.5
Profit margin % 7.0 5.3 7.7
Profit margin excl. items affecting comparability % 7.0 5.3 8.2
Investments in non-current assets SEK m 216 619 2,262
Available cash and cash equivalents SEK m 5,882 5,082 5,877
Working capital excl. cash and bank balances relative to net sales SEK m 9,161 9,252 8,670
Working capital excl. cash and bank balances relative to net sales % 22.4 22.7 21.2
Working capital incl. cash and bank balances relative to net sales SEK m 14,667 13,891 14,128
Working capital incl. cash and bank balances relative to net sales % 35.9 34.1 34.6
Interest-bearing liabilities/Equity % 72.0 78.8 74.5
Equity/assets ratio % 47.3 45.4 46.6
Return on capital employed % 8.4 8.3 8.2
Return on capital employed excl. items affecting comparability % 8.7 7.3 8.5
Return on equity % 8.5 7.6 8.0
Return on equity excl. items affecting comparability % 9.0 6.2 8.5
Net debt/EBITDA times 2.7 3.1 2.7
Net debt/EBITDA excl. action plan times 2.7 3.1 2.7
Net debt/EBITDA excl. items affecting comparability times 2.7 3.4 2.7
Interest coverage ratio times 3.2 2.2 3.4
Interest coverage ratio excl. items affecting comparability times 3.2 2.2 3.5
DATA PER SHARE
Earnings per share (total 2,016,066,488 shares) SEK 0.25 0.19 1.13
Earnings per share excl. acquisition-related revaluations SEK 0.25 0.19 1.20
Equity per share SEK 15.66 14.84 15.01
Closing day share price SEK 38.59 37.93 35.62
   
THE GROUP   
KEY RATIOS

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   14
OPERATING MARGIN EXCL.ITEMS 
AFFECTING COMPARABILITY, SEK million
Q1
2026
Q1
2025
FY
2025
OPERATING PROFIT 868 782 4,125
Items affecting comparability – – 178
Operating profit
excl. items affecting comparability 868 782 4,303
Net sales 9,650 9,673 40,841
OPERATING MARGIN, % 9.0 8.1 10.1
OPERATING MARGIN, %
excl. items affecting comparability 9.0 8.1 10.5
AL TERNATIVE PERFORMANCE MEASURES
PROFIT MARGIN EXCL. ITEMS AFFECTING 
COMPARABILITY, SEK million
Q1
2026
Q1
2025
FY
2025
Operating profit after net financial items 675 514 3,155
Items affecting comparability – – 178
Operating profit
excl. items affecting comparability 675 514 3,333
Net sales 9,650 9,673 40,841
PROFIT MARGIN, % 7.0 5.3 7.7
PROFIT MARGIN, %
excl. items affecting comparability 7.0 5.3 8.2
WORKING CAPITAL INCL. CASH AND BANK 
BALANCES, SEK million
Q1
2026
Q1
2025
FY
2025
Total current assets 22,442 21,750 21,651
Current liabilities and provisions,  
non-interest-bearing - 7,775 - 7,859 - 7,523
WORKING CAPITAL INCL.  
CASH AND BANK BALANCES 14,667 13,891 14,128
Net sales, last twelve  months 40,818 40,700 40,841
WORKING CAPITAL INCL.  
CASH AND BANK BALANCES RELATIVE TO 
NET SALES, %
35.9 34.1 34.6
WORKING CAPITAL EXCL. CASH AND 
BANK BALANCES, SEK million
Q1
2026
Q1
2025
FY
2025
Inventories 9,498 9,866 9,167
Current receivables 7,437 7,245 7,026
Current liabilities and provisions, 
non-interest-bearing - 7,775 - 7,859 - 7,523
WORKING CAPITAL EXCL.  
CASH AND BANK BALANCES 9,160 9,252 8,670
Net sales, last twelve  months 40,818 40,700 40,841
WORKING CAPITAL EXCL.  
CASH AND BANK BALANCES RELATIVE TO 
NET SALES, %
22.4 22.7 21.2
NET INVESTMENTS IN NON-CURRENT 
ASSETS, SEK million
Q1
2026
Q1
2025
FY
2025
Acquisition of non-current assets 253 638 2,356
Disposal of non-current assets - 37 - 19 -94
NET INVESTMENTS IN  
NON-CURRENT ASSETS 216 619 2,262
AVAILABLE CASH AND CASH 
EQUIVALENTS, SEK million
Q1
2026
Q1
2025
FY
2025
Cash and bank balances 4,668 4,256 4,783
Investments in securities, etc. 838 383 675
Unutilized overdraft facilities 376 443 419
AVAILABLE CASH AND CASH EQUIVALENTS 5,882 5,082 5,877

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   15
NET DEBT/EBITDA, SEK million Q1
2026
Q1
2025
FY
2025
Non-current liabilities and provisions , interest-bearing 16,465 16,990 16,129
Current liabilities and provisions, interest-bearing 6,293 6,611 6,428
Cash and bank balances -4,668 - 4,256 – 4,783
Investments in securities, etc. - 839 - 383 – 675
Net debt 17,251 18,962 17,099
Operating profit 4,211 4,032 4,125
Depreciation, amortization and impairment 2,186 2,007 2,145
EBITDA 6,397 6,039 6,270
Items affecting comparability, action plan – 57 –
Items affecting comparability – -540 178
EBITDA excl. action plan 6,397 6,096 6,270
EBITDA excl. items affecting comparability  6,397 5,499 6,448
NET DEBT/EBITDA, TIMES 2.7 3.1 2.7
NET DEBT/EBITDA EXCL.  
ACTION PLAN, TIMES 2.7 3.1 2.7
NET DEBT/EBITDA EXCL.  
ITEMS AFFECTING COMPARABILITY, TIMES 2.7 3.4 2.7
INTEREST COVERAGE RATIO, SEK million Q1
2026
Q1
2025
FY
2025
Profit after net financial items 675 514 3,155
Financial expenses 309 445 1,328
Profit before financial expenses 984 959 4,483
Items affecting comparability – – 178
Profit excl. items affecting comparability 984 959 4,661
INTEREST COVERAGE RATIO, TIMES 3.2 2.2 3.4
INTEREST COVERAGE RATIO EXCL. ITEMS  
AFFECTING COMPARABILITY, TIMES 3.2 2.2 3.5
    
AL TERNATIVE PERFORMANCE MEASURES
EARNINGS PER SHARE EXCL. ITEMS AFFECTING 
COMPARABILITY, SEK million
Q1
2026
Q1
2025
FY
2025
Earnings per share excl. items affecting comparability 505 392 2,277
Items affecting comparability – – 141
NET PROFIT  
EXCL. ITEMS AFFECTING COMPARABILITY 505 392 2,418
EARNINGS PER SHARE  
EXCL. ITEMS AFFECTING COMPARABILITY 0.25 0.19 1.20

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

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   16
RETURN ON EQUITY, SEK million Q1
2026
Q1
2025
FY
2025
Profit after net financial items 3,316 2,961 3,155
Standard tax rate, % 20.6 20.6 20.6
Profit after net financial items, net of tax 2,633 2,351 2,505
Of which attributable to Parent shareholders 2,630 2,359 2,502
Equity at start of period 30,253 32,098 32,098
Equity at end of period 31,578 29,910 30,253
Average equity 30,916 31,004 31,176
RETURN ON EQUITY, % 8.5 7.6 8.0
RETURN ON EQUITY EXCL. ITEMS AFFECTING 
COMPARABILITY, SEK million
Q1
2026
Q1
2025
FY
2025
Profit after net financial items 3,316 2,961 3,155
Items affecting comparability 178 - 540 178
Profit excl. items affecting comparability 3,494 2,421 3,333
Standard tax rate, % 20.6 20.6 20.6
Profit after net financial items, net of tax 2,774 1,922 2,646
Of which attributable to Parent shareholders 2,771 1,930 2,643
Equity at start of period 30,253 32,098 32,098
Equity at end of period 31,578 29,910 30,253
Average equity 30,916 31,004 31,176
RETURN ON EQUITY  
EXCL. ITEMS AFFECTING COMPARABILITY, % 9.0 6.2 8.5
RETURN ON CAPITAL EMPLOYED, SEK million Q1
2026
Q1
2025
FY
2025
Profit after net financial items, last twelve months 3,316 2,961 3,155
Financial expenses, last twelve months 1,192 1,609 1,328
Profit before financial expenses 4,508 4,570 4,483
Items affecting comparability 178 - 540 178
Profit excl. items affecting comparability 4,686 4,030 4,661
Capital employed at start of period 52,847 56,851 56,851
Capital employed at end of period 54,372 53,547 52,847
Average capital employed 53,609 55,199 54,849
RETURN ON CAPITAL EMPLOYED, % 8.4 8.3 8.2
RETURN ON CAPITAL EMPLOYED,  
EXCL. ITEMS AFFECTING COMPARABILITY, % 8.7 7.3 8.5
AL TERNATIVE PERFORMANCE MEASURES

===== SIDA 17 =====

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   17
INCOME STATEMENT, SEK million Q1
2026
Q1
2025
FY
2025
Net sales 29 22 69
Cost of goods sold 0 0 0
GROSS PROFIT 29 22 69
Selling expenses 0 0 0
Administrative expenses - 49 - 46 - 239
Other income 0 0 3
OPERATING PROFIT - 20 - 25 - 167
NET FINANCIAL ITEMS - 162 73 954
PROFIT AFTER NET FINANCIAL ITEMS - 182 48 787
Tax 3 0 - 11
NET PROFIT - 179 48 776
THE PARENT   
COMPANY  
BALANCE SHEET, SEK million
Q1
2026
Q1
2025
FY
2025
Intangible assets 0 0 0
Property, plant and equipment 0 0 0
Financial assets 24,860 25,970 25,162
TOTAL NON-CURRENT ASSETS 24,860 25,970 25,162
Inventories 0 0 0
Current receivables 98 494 107
Investments in securities, etc. 0 0 0
Cash and cash equivalents 1 1 19
TOTAL CURRENT ASSETS 99 495 126
TOTAL ASSETS 24,959 26,465 25,288
Equity 8,243 8,299 8,422
Non-current liabilities and provisions
– non-interest-bearing 706 1,059 698
– interest-bearing 11,883 12,142 11,852
Current liabilities and provisions
– non-interest-bearing 479 1,165 518
– interest-bearing 3,648 3,800 3,798
TOTAL EQUITY AND LIABILITIES 24,959 26,465 25,288
The Parent Company’s activities comprise 
Group executive management functions, 
certain shared Group functions and financ -
ing. Net sales for the period amounted to 
SEK 29 (22) million and profit after financial 
items amounted to SEK -182 (48) million. The 
difference in earnings was primarily due to 
negative currency effects.

===== SIDA 18 =====

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   18
ACCOUNTING POLICIES
The interim report provides a fair review of the business, financial position and results of the Parent 
Company and the Group and describes the principal risks and uncertainties facing the Parent Com -
pany and the companies in the Group. 
Markaryd, Sweden, May 19, 2026
Hans Linnarson  Chairman of the Board
James Ahrgren Board member
Camilla Ekdahl  Board member
Eva Karlsson Board member
Gerteric Lindquist  Managing Director and CEO
Anders Pålsson  Board member
Eva Thunholm Board member
This information is information that NIBE Industrier AB (publ) is required to disclose pursuant 
to the EU Market Abuse Regulation. The information was submitted for publication, through the 
agency of the persons set out below, on May 19, 2026 at 08:00 CEST.
For further information, please contact:  
Gerteric Lindquist, Managing Director and CEO, gerteric.lindquist@nibe.se  
Hans Backman, CFO, hans.backman@nibe.se
To register for NIBE’s conference call on the Interim Report for Q1 2026,  
please visit www.nibegroup.com
The information in this report has not been reviewed by the company’s auditors. For 
further information on definitions, please refer to the Annual Report for 2025.
CALENDAR  
MAY 19, 2026   Interim report 1, January – March 2026 
MAY 19, 2026  Conference call, 11:00 AM (CEST) 
MAY 19, 2026  Annual General Meeting, Markaryd, 5:00 PM (CEST)
AUGUST 21, 2026  Interim report 2, January – June 2026
NOVEMBER 17, 2026   Interim report 3, January – September 2026
NIBE Industrier’s consolidated financial statements are prepared in accordance with IFRS Accounting 
Standards, as endorsed by the EU. NIBE Industrier’s interim report for the first quarter of 2026 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 
140–175 of the Annual Report for 2025. The Parent Company has prepared its financial statements in 
accordance with the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board’s recom -
mendation RFR 2 Accounting 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 141 of the 
Annual Report for 2025.
RISKS AND UNCERTAINTIES
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 process 
relative to the goals set by the company. Throughout the Group, efficient risk management routines are 
an ongoing process within the framework 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 uncertainties have arisen 
in addition to those described in NIBE Industrier’s Annual Report for 2025.
BOARD APPROVAL OF INTERIM REPORT

===== SIDA 19 =====

INTERIM REPORT  1  2026  •  NIBE INDUSTRIER AB   19
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 clos -
ing price at March 31, 2026 was SEK 38.59.
During the first three months of the year, NIBE’s share price rose by 8.3%, from SEK 
35.62 to SEK 38.59. In the same period, the OMX Stockholm PI (OMXSPI) fell by 2.2% 
and the OMX Stockholm 30 (OMXS30) by 1.6%.
At the end of March 2026, the market capitalization of NIBE, based on the latest price 
paid, amounted to SEK 77,800 million.
A total of 593,002,799 NIBE shares were traded, which corresponds to a share turn -
over of 89.41% in the first quarter of 2026.
All figures were restated following the 4:1 splits implemented in 2003, 2006, 2016 
and May 2021, and the dilutive effect of the preferential rights issue in October 2016.
202620252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997 0
30
60
90
120
Number of shares traded per trading day in thousands Share price, 
SEK
Volume May 2020: 85,745,784
Issue price 
16/06/1997
SEK 0.27 
 
 Share price 
31/03/2026 
SEK 38.59 
10,000
20,000
0
THE NIBE SHARE
NIBE GROUP – AN INTERNATIONAL GROUP WITH COMPANIES AND A PRESENCE WORLDWIDE
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 infrastructure. 
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 20,500 (20,600) employees and an international presence. From the very start, the company has been driven by a strong culture of entrepreneurship and a passion 
for corporate responsibility. Its success factors are long-term investments in sustainable product development and strategic acquisitions. The Group’s sales in 2025 
amounted to just over SEK 40 (40) billion.
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.