Nibe Industrier: Keeping warm (in a heat wave)

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Nibe Industrier: Keeping warm (in a heat wave)

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Nibe Industrier

Keeping warm (in a heat wave)

Reiterate Rating: BUY | PO: 46.00 SEK | Price: 36.97 SEK

Q2 preview: recovery continues in CS & Element 29 June 2026

Despite the prospect of a Middle East peace deal, the German gas/electricity ratio Equity

remains relatively low at c.2.5x (vs. 3x in Feb’26), which we believe continues to support

heat pump demand in Germany & Eastern Europe and underpins Nibe’s recovery. In Q2,

Key Changeswe expect ongoing structural share gains in heat pumps to support CS, while improving

HVAC/Semi trends drive growth in Element; however, weaker consumer sentiment is (SEK) Previous Current

likely to weigh on Stove volumes and margins. As a result, we trim our 2026/27 EBIT Price Obj. 48.00 46.00

estimates by c.3%, leading us to lower our price objective to SEK 46. Our Q2

revenue/EBIT is now -1%/+5.5% vs consensus, reiterating Buy. Uma Samlin >>

Research Analyst

MLI (UK)

+44 20 7995 1964Structural heat pump share gains boost growth uma.samlin@bofa.com

Our latest channel checks suggest CS organic growth is running at HSD, with regional

Benjamin Heelan >>

trends remain mixed but improving: the Nordics are recovering steadily, while Germany Research Analyst

is delivering double-digit growth, albeit in a more competitive landscape. Pricing remains Merrill Lynch (DIFC) +44 20 7996 5723

resilient, although end-market conditions are still impacted by weak new-build activity; benjamin.heelan@bofa.com

however, heat pumps continue to take structural share. We expect organic growth for CS Alexander Jones, CFA >>

to be at c9% in H2’26, supported by solid pricing, sustained subsidy regimes and ResearchMLI (UK) Analyst

improving economics.