Electrolux AB (ELUXb.ST): 2Q26 First Take: Stronger Europe and Latam drive organic growth and adj. EBIT ahead of expectations

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Electrolux AB (ELUXb.ST): 2Q26 First Take: Stronger Europe and Latam drive organic growth and adj. EBIT ahead of expectations

Equity Research

29 July 2026 | 8:02AM BST

Electrolux AB (ELUXb.ST): 2Q26 First Take: Stronger Europe and Latam

drive organic growth and adj. EBIT ahead of expectations

Electrolux reported Q2 sales of SEK 31,569m, ahead of GSe at SEK 31,256m and Ope Otaniyi

+44(20)7051 6955 |

company-compiled consensus of SEK 31,264m. Organic growth was 2%, also ahead ope.otaniyi@gs.com

Goldman Sachs International

of our 1% GSe estimate. Adjusted EBIT was significantly ahead of expectations at

SEK 1,202m, versus SEK 488m GSe and SEK 617m company-compiled consensus.

The beat was partly driven by tariff refunds in the US, but performance was also

stronger than expected across other regions. Free cash flow improved to SEK 972m,

and the company ended the quarter with net debt/EBITDA of 2.6x.

Bottom Line: we see the Adj EBIT beat in EMEA and Latam + improved FCF as

+ves

1. Organic growth was better than expected, at 2% versus 1% GSe. Europe was the

key positive surprise, with organic growth of +5%. We expect investors to look

through the weaker North America performance, where organic growth was -3%

versus -2% GSe.

2. Adjusted EBIT was materially ahead of expectations, although the US EBIT

performance appears broadly in line with our and street expectations after

adjusting for non-recurring items, including tariff refunds and lower US

healthcare costs. Importantly, we note further margin beats in both EMEA,

at 3.9% versus 3.3% GSe, and Latin America, at 7.7% versus 6.7% GSe.

3. Free cash flow improved to SEK 972m, compared with SEK -5,300m in Q1 2026

and SEK -1,906m in Q2 2025. The improvement was driven by higher earnings,

lower working capital, and reduced capex.