Electrolux: Q2 preview and model update - IEEPA tariffs news a positive for FY cash flow

研报英文原文证据摘录

Electrolux: Q2 preview and model update - IEEPA tariffs news a positive for FY cash flow

J P M O R G A N Europe Equity Research

30 June 2026

Electrolux Neutral

ELUXb.ST, ELUXB SS

Q2 preview and model update - IEEPA tariffs news a Price (29 Jun 26):Skr29.84

positive for FY cash flow ▼Price Target (Dec-27):Skr34.00 Prior (Jun-27):Skr54.00

We update our model to incorporate the recently completed rights issue,

management commentary at our recent European Industrial conference, exchange European Capital Goods

rates and the IEEPA tariff refund. The tariff refund amounts to 3.5% of the market Akash Gupta AC

cap and bodes well for FY FCF. The management commentary at our conference (44-20) 7742-7978

highlighted the turnaround plan where the company is aiming to deliver >6% akash.z.gupta@jpmorgan.com

J.P. Morgan Securities plc

margin in the medium term through self-help, although the near-term demand

Jeremy Casparenvironment from new residential construction remains challenging. Against this

(44-20) 3493-5188

backdrop, we forecast Q2 revenues of Skr31.55bn and Adj EBIT of Skr605mn or jeremy.caspar@jpmorgan.com

+1.9% margin, which includes $27mn/Skr260mn positive COGS benefit from J.P. Morgan Securities plc

IEEPA tariffs. We are now 14% above the Q2 adj EBIT consensus, which is entirely Phil Buller

due to our estimate accounting for the gain, excluding which we would be 35% (44-20) 3493-9403

below. With this note, we roll forward our price target to Dec’27 (now based on phil.buller@jpmorgan.com

2028E) from Jun’27 (based on 2027E), which together with a higher share count J.P. Morgan Securities plc

falls to Skr34 from Skr54 prior. We now value Electrolux at 8x EV/Adj EBIT vs. Chitrita C Sinha

9.5x prior, reflecting higher risks to 2028E given limited visibility.