Nibe Industrier (NIBE) Q2 2026 earnings summary

Executive summary

• Achieved sixth consecutive quarter of organic growth and improved profitability, with Q2 2026 net sales up 7.6% to SEK 10,849 million and operating profit up 30.5% to SEK 1,232 million.

• Operating margin improved to 11.4% in Q2, with gross margin at 32.1% and net profit margin at 9.4%.

• Demand for renewable heating solutions and productivity gains supported growth, with all business areas contributing.

• Currency volatility and geopolitical tensions had less impact this quarter, but tariffs remain a challenge for Stoves.

• Investments in new facilities are largely complete, enhancing productivity.

Financial highlights

• Q2 2026 net sales rose 7.6% year-over-year to SEK 10,849 million, with organic growth at 8.7%.

• Operating profit for H1 2026 was SEK 2,100 million, up 21.7% year-over-year, with a margin of 10.2%.

• Cash flow from operating activities for Q2 was SEK 1.4 billion, up 50% year-over-year.

• Investments reduced to SEK 330 million in Q2, reflecting the end of a major investment cycle.

• Net debt/EBITDA improved to 2.7x, with equity/assets ratio at 46.8%.

Outlook and guidance

• Management expects a stronger second half of 2026 due to seasonality, especially in heating and stoves.

• Climate Solutions margin guidance remains at 13%-15%, with Element targeting 8-11%.

• Continued focus on cost control, productivity, and product innovation to support growth.

• Confident in continued improvement in return on capital employed and equity.