NIBE-Climate Solutions in growth mode-05/20/2026

Research evidence excerpt

NIBE-Climate Solutions in growth mode-05/20/2026

NIBE

QUARTERLY REVIEW | 20 MAY 2026

Climate Solutions in growth mode Target price (SEK) 52

Climate Solutions grew 10% organically or slightly above expectations Share price (SEK) 40

mainly due to ~15% growth in Europe and that US sales held up better

than expected. Elements grew as expected at 6.7% but Stoves remains

in negative territory (-2.3%). Margins were high as expected in Climate

Solutions at 10.3% while both Elements and Stoves were slightly behind.

We lift Climate Solutions estimates slightly while cutting Elements and

Stoves but consider the relative strength in Climate Solution to be more Forecast changes

important for the long-term growth potential and reiterate our Buy- % 2026e 2027e 2028e

rating and our target price SEK52 SEK. Revenues 1 1 1

EBITDA 1 1 0

Organic growth of 7.1% in Q1 y/y or slightly above expectations EBIT adj 2 2 2

As with all industrials, FX came out marginally weaker than expected (-7.7%) but EPS reported 2 1 1

the organic growth in Climate Solutions of 10.3% came out better than expected EPS adj 2 1 1

supported by a ~15% growth in Europe (in line with European sales statistic of Source: Pareto Securities

17% in Q1) and a growing US commercial market was offsetting weaker

residential demand providing a better growth outlook going forward. We are

convinced that a renewed interest in replacing gas boilers in Europe is sustainable Ticker NIBE.ST, NIBEB SS

and see that this development will more than offset a cyclical weakness in Sector Industrials

Elements and Stoves. We have lifted our organic sales growth estimates for 2026 Shares fully diluted (m) 2,016.1

to 7.8% (7.3%) and for 2027 to 8.5% (8.3%) and maintained 7.0% for 2028 Market cap (SEKm) 80,643

Net debt (SEKm) 14,823