SEB (AO) | Buy | Q2 2026 preview: soft trading, margin recovery remains on track

Research evidence excerpt

SEB (AO) | Buy | Q2 2026 preview: soft trading, margin recovery remains on track

g of US-China or EU-US trade tensions could trigger

Catalysts higher import tariffs, increase cost pressure on SEB’s US

A demand rebound in China, after muted growth in 2024-25. portfolio, and dampen global sentiment.

The start of a new replacement cycle after the 2020-21 frenzy. Stronger-than-expected currency headwinds (USD, CNY, LatAm,

Bolt-on M&A in the professional segment. eastern Europe) and inability to offset this through price

increases with retailers.

Key data charts

Price performance Sales split by region Sales split by division

SWOT analysis

Strengths Weaknesses

World number one player in cookware and small electrical appliances Low-cost competition in some low-value-added product segments

Broadest brand portfolio with over 30 international and local brands Limited negotiating power with retailers working with many suppliers

Balanced exposure covering all regions, end-markets and categories Investments in R&D that are lower than most of its competitors.

Highest exposure in the industry to the Chinese market (23% of sales) Weak penetration of the US market in some product categories

Opportunities Threats

Room to further penetrate the US market organically or through M&A Price-based competition and pressure from brick-and-motar retailers.

Transformational deal in the underpenetrated personal care segment Competitors more agressive on innovation and R&D (Dyson and iRobot)

Leveraging WMF brands and products across SEB’s international network Imports from low-cost Asian manufacturers in entry-level products

Developing professional coffee machines beyond core DACH markets Volatility of raw materials (steel, aluminium) and forex (USD and CNY).

keplercheuvreux.com 2