First Read Electrolux AB: 2Q26 strong EBIT beat; NA pricing supportive

研报英文原文证据摘录

First Read Electrolux AB: 2Q26 strong EBIT beat; NA pricing supportive

Cons.

APAC delivered a cleaner beat with a 3.9% adj. EBIT margin, benefiting from volume 12/26E 2.20 1.68

growth, cost efficiencies and continued market-share gains, despite negative pricing. 12/27E 3.18 3.58

LatAm adj. EBIT margin improved to 7.7%, supported by volumes, sourcing gains and 12/28E 4.77 4.49

strong small domestic appliance demand in Brazil. Cost-efficiency measures contributed

SEK1.4bn at Group level in the quarter. Hai Huynh, CFA

Analyst

hai.huynh@ubs.com

Q: Has the company's outlook/guidance changed? +44-20-7567 7051

A: No. FY26 market outlooks were unchanged (Europe Neutral, North America

Natasha Brilliant

Negative, Brazil Positive) and management reiterated its SEK3.5-4.0bn cost-efficiency

target. Capex guidance was lowered, now expected at SEK3.0-3.5bn vs SEK4.0bn natasha.brilliant@ubs.com

previously. Management reiterated that tariff-related headwinds remain significantly +44-20-7567 0645

negative and that pricing and mitigation measures are ongoing.

Q: How would we expect investors to react?

A: Shares are down 30% YTD and trading on 5.4x NTM EV/EBITDA. We would expect a

positive reaction due to the headline EBIT beat, stronger cash flow, improved leverage

and unchanged guidance, though underlying North America (ex-one offs) still

performed in line with weak expectations. The key discussion on the call is therefore

likely to focus on the break-even of North America ex one-offs, continued pricing

realisation and the extent to which tariffs can be offset in H2.

Highlights (SKrm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 134,451 136,150 131,282 132,440 141,946 147,349 151,578 155,702

EBIT (UBS) 414 1,666 3,657 3,744 6,184 7,289 8,027 8,518