SEB (SK) Trading Update summary

Full-year and Q4 performance

• 2024 sales reached €8.27 billion, up 5.0% like-for-like, with Q4 sales at €2,541m (+3.6% LFL), in line with guidance.

• Consumer business grew 6.3% like-for-like, surpassing 2021 record levels, while Professional sales consolidated at high levels with a 4.5% organic decline after an exceptional 2023.

• Currency effects were negative, mainly due to Turkish Lira, Argentinian Peso, Russian Ruble, and Chinese Yuan, but impact lessened each quarter, totaling a -2.6% effect.

• Acquisitions, notably Sofilac and La Brigade de Buyer, contributed positively to growth and strategic positioning in both Consumer and Professional segments.

• Operating margin is expected close to 10%, with ORFA up about 10% over 2023.

Regional and segment highlights

• EMEA led growth with +10.2% LFL, especially in Eastern Europe, Turkey, and the Middle East, while Western Europe saw 4.8% growth and France was up 7%.

• Americas posted +9.4% LFL, with North America up 7.5% LFL and double-digit growth in Mexico, Colombia, and South America overall.

• Asia saw a slight decline overall (-0.7% LFL), with China down 1.4% LFL but Supor maintaining market leadership and outperforming the market.

• Asia-Pacific outside China achieved modest growth, with strong results in Australia, Vietnam, and Malaysia; other Asian countries grew 2.0% LFL.

• All consumer product categories saw growth, led by electrical cooking, large kitchen appliances, and innovations in vacuum cleaners, oil-less fryers, garment steamers, and coffee machines.

Strategic initiatives and innovation

• Continued focus on innovation across all product categories, with home care and food preparation showing double-digit growth.

• Professional business expanded through acquisitions, building a portfolio of premium brands with international potential.

• Integration of new brands aims to blur the line between premium consumer and professional segments, supporting premiumization.

• Innovation pipeline for 2025 expected to match 2024 in scale and impact.

• Group continues to target strategic reinforcement in both Consumer and Professional businesses, with a focus on international expansion.