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Nibe Industrier (NIBE) investor relations material
Nibe Industrier Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Gradual recovery observed across the group, with strong organizational performance despite global turbulence, currency effects, and political instability impacting reported growth figures and consumer confidence.
Sales for the first nine months reached SEK 29,841 million, up 1.2% year-over-year, with organic growth of 4.6% after currency effects.
Operating profit rose to SEK 2,865 million from SEK 1,002 million, with adjusted operating profit at SEK 2,865 million (SEK 2,097 million last year).
Recovery is tempered by negative impacts from customs duties, tariffs, and political instability, which have affected consumer confidence.
Earnings per share before and after dilution were SEK 0.74, compared to SEK -0.10 last year.
Financial highlights
Group organic sales growth of 4.6% year-over-year, with gross and operating margins both increasing; Q3 operating margin reached 11.3%.
Q1-3 2025 invoiced sales reached MSEK 29,841, up 1.2% year-over-year; operating profit for Q1-3 2025 was MSEK 2,865, a 36.6% increase year-over-year.
Net profit after financial items for Q1-3 2025 was MSEK 2,120, up 75.8% year-over-year; net profit margin rose to 7.1%.
Cash flow from operating activities improved to SEK 2.9 billion, up from SEK 1.8 billion year-over-year.
Investments in non-current assets totaled SEK 1,427 million, mainly in buildings and machinery.
Outlook and guidance
Management expects a clear return to organic growth and a sharp increase in operating profit for the full year, but external uncertainties and currency strength may challenge margin targets.
Climate Solutions expects full-year operating margin at the lower end of its 13–15% historical range.
Element's full-year margin is expected to deviate below its 8–11% historical range due to currency, tariffs, and political turbulence.
Stoves will not reach its 10–13% margin range in 2025; full recovery expected to take several more quarters.
European Heat Pump market expected to return to growth in 2024, with forecasts ranging from 5% to 12%.
Reconcile 2025 margin targets with external factors
US private heat pump market post-subsidy strategy
Capital allocation post-investment program completion
Mitigate Stoves' US tariff impact
Inventory levels to support future growth
Key drivers for 2025 EU heat pump growth?
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Next Nibe Industrier earnings date
Q4 202512 Feb, 2026
Next Nibe Industrier earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
NIBE Industrier AB engages in the development, manufacture, marketing, and sale of residential and commercial heating equipment. It offers heat pumps, ventilation products and air conditioning systems; climate control systems; water heaters; PV panels; domestic boilers; commercial washing machines; and tumble dryers for homes, apartment blocks, and commercial properties. NIBE Industrier AB was founded in 1949 and is headquartered in Markaryd, Sweden.
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