Electrolux: Post Q2 wrap – raising estimates, PT goes to Skr36

研报英文原文证据摘录

Electrolux: Post Q2 wrap – raising estimates, PT goes to Skr36

J P M O R G A N Europe Equity Research

29 July 2026

Electrolux Neutral

ELUXb.ST, ELUXB SS

Post Q2 wrap – raising estimates, PT goes to Skr36 Price (28 Jul 26):Skr24.59

▲Price Target (Dec-27):Skr36.00

Prior (Dec-27):Skr34.00

Electrolux reported better-than-expected Q2 results, driven by higher cost savings

and price increases in North America. While there are no visible signs of demand European Capital Goods

inflection in key European and US markets, the company is successfully managing Akash Gupta AC

its cost base. The ongoing cost-out plans should bode well for further margin (44-20) 7742-7978

expansion despite subdued demand continuing in the near future. We raise our akash.z.gupta@jpmorgan.com

2026/27 company-defined adj EBIT estimate by 38%/8%, driven by higher margin Jeremy Caspar

forecasts, while we maintain our revenue expectation. We now forecast 2027 Adj (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

EBIT margin of 4.0%, which compares to the medium term target of >6% margin,

Phil Buller

and we believe a significant recovery in the new residential construction would be

(44-20) 3493-9403

needed for margins to return to previous normalised levels. We increase our Dec’27 phil.buller@jpmorgan.com

price target to Skr36, from Skr34, on higher estimates and maintain our Neutral Chitrita C Sinha

rating. (44-20) 7742-7176

chitrita.sinha@jpmorgan.com

• Conference call take-aways: Management emphasised that market position J.P. Morgan Securities plc

in Europe is continuing to strengthen, while its position in Brazil remains

strong. In North America, implemented price increases helped offset part of the Specialist Sales contact details:

tariff-related cost pressure, but the net impact remained negative.