Nibe Industrier (NIBE) Investor Update summary

Market environment and demand trends

• Signs of cautious market recovery are visible, but uncertainty remains due to political and currency factors.

• Inventory levels have normalized after a period of overstocking, leading to more representative end-user demand.

• Seasonality has returned, with expectations for a stronger second half of the year.

• Lower interest rates are anticipated to further stimulate demand across Europe.

Strategic and operational updates

• Action programs initiated last year have concluded, now delivering full benefits.

• Ambition to return to historical operating margin levels for all business areas for the full year.

• Cost structure improvements include rationalization, automation, and exchange of components across factories.

• Flexibility in M&A remains, with readiness to pursue larger acquisitions if strategic fit and financing align.

Business outlook and guidance

• No change to the long-term organic growth target of 10% annually over the business cycle.

• Commitment to achieving a 13% EBIT margin for the full year, though wrapped in some uncertainty.

• Visibility on orders remains short, but traditional seasonal patterns are expected to persist barring major disruptions.