Nibe Industrier (NIBE) Q4 2025 earnings summary

Executive summary

• Recovery continued through 2025, with robust Q4 sales and operating profit despite currency headwinds, tariffs, and global uncertainties.

• Net sales for 2025 reached SEK 40,841 million, up 0.8% year-over-year, with organic growth of 5.3% at fixed exchange rates.

• Adjusted operating profit rose to SEK 4,303 million, with an operating margin of 10.5%, up from 8.0% last year.

• Net profit increased to SEK 2,280 million, and adjusted EPS was SEK 1.20, compared to SEK 0.80 in 2024.

• Seasonality returned to historical patterns, with Q4 being a strong period.

Financial highlights

• Q4 2025 invoiced sales: SEK 11,000m (flat year-over-year); full year: SEK 40,841m (+0.8%).

• Q4 operating profit: SEK 1,438m (+27.4% year-over-year); full year: SEK 4,303m (+33.4%).

• Organic growth in Q4 was +6.8% and +5.3% for the full year, excluding currency effects.

• Net debt/EBITDA improved to 2.7 from 3.5.

• Equity/assets ratio increased to 46.6% from 45.6%.

Outlook and guidance

• Management expects continued organic growth and aims for all business areas to reach historical operating margin ranges in 2026.

• Climate Solutions targets a 13-15% margin in 2026.

• Focus on cost control, productivity, and leveraging recent investments to drive future performance.

• Investment levels expected to normalize after completion of major programs.

• Long-term demand for energy-efficient and sustainable products is expected to remain strong.