NIBE-Climate Solutions in line with expectations-05/19/2026

Research evidence excerpt

NIBE-Climate Solutions in line with expectations-05/19/2026

NIBE

NEWSFLASH | 19 MAY 2026

Climate Solutions in line with expectations

Nibe reported an organic sales growth of 7.1% or exactly in line with expectations but somewhat better in Climate Solutions

+10.3% while both Elements and Stoves at +6.7% and -2.3% were in line or below expectations. Growth in Climate Solutions

was above 10% in Europe, up slightly in the Nordics and flat in the US despite subsidies taken away. Also, EBIT was in line

and the EBIT-margin of 9.0 %was in line with expectations or at 10.3% in Climate Solutions but slightly below in Elements

and Stoves. NIBE expects Climate Solutions to be well in line with its target margin target range of 13-15%, Elements just in

line with 8-10% and Stoves below its target range (10-13%) or at 6-8% due to tariffs. Cash-flow was better than expected

due to significantly weaker capex. In total, we expect minor changes to estimates and neutral share price reactions. We rate

NIBE a Buy with a target price of SEK52. A telephone conference is due at 11.00

Organic sales grew 7.1% in Q1 in line with expectations.

• Organic sales growth was up 7.1% or exactly in line with expectations. However, Climate Solutions (heat pumps) came out slightly better

with an organic growth of 10.3%, Elements came in at 6.7% (as expected) while Stoves came in weaker than expected at -2.3%. In Climate

Solutions, growth was above10% for Europe, up slightly in the Nordics or in line with market growth while it was flat in the US due to

subsidies taken away (better than expected)

EBIT and EBIT-margins at 9.0% exactly in line with expectations

• Adjusted EBIT and EBIT-margins came in exactly as expected by 3% below PAS and also here Climate Solutions came in high as expected