An industrial voyage truly built on passion and commitment
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A natural part of OUR HISTORY
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CEO Backer 1954-1982 CEO NIBE 1961-1987
Christian Backer
Nils Bernerup Sven Christensson Rune Dahlberg
Inventor Entrepreneur
5 1949 April, 12 BACKER AB 1952 January, 23 NIBE AB Milstones Both with SEK 5,000 in share capital NIBE AB NIBE Industrier IPO 1989 December, 18 1997 June, 16 NIBE Industrier AB
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7 • Be cautious with money and resources • Long-term views and targets • Clear values based on common sense • Good profitability – first and last • Passion and commitments • Respect for all people • Treat the customers well • Be honest NIBE fundamentals 8
Organic growth forms the basis for expansion
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The Group is established with only SEK 10,000 in share capital and the growth is based on development of innovative products. 1949 1952 1965 1981
world-class sustainable energy solutions to contribute to a faster transition
We want our
to a resourceefficient and fossil-free society.
NIBEs Vision
World-class solutions in sustainable energy NIBE Brand promise
Acquired companies
Brands, managements and identities are kept.
NIBE CLIMATE SOLUTIONS BUSINESS AREA NIBE ELEMENT
AREA NIBE STOVES
13 BUSINESS
AREA
BUSINESS
14 Financial targets Operating profit 10% of net sales Return on equity 20% after tax Growth 20% per year (10+10) Equity/Assets ratio not under 30% 20 % 30 % 10 % 20 %
15 Q4, 2021Business Principles 8 Good profitability High productivity Proactive product development Quality throughout Market oriented expansion Focus on three core operations Dedicated employees A long-term approach
16 • Respect for human rights • Good working conditions • Reduced environmental impact • Good business ethics • Responsible purchasing • Product liabililty • Social commitment • Transparency Our Values 8
17 Sustainability targets 100 % 40 % 60 % 6 /1 000 000 Increased climate benefit in our portfolio A safe workplace free from accidents Systematic quality and environmental work Continuously reduced energy consumption 65 % Reduce CO2 emissions between 2019 and 2030 NEW At latest 2023 At latest 2023 Reduction to 2030 compere to 2019 Scope 1 och 2 2050 Scope 1 och 2 och 3
NIBEs sustainable value creation supports international initiatives
Global Targets sustainable development
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UN Global Compact Agenda 2030
Yearly average growth 1993–2021 17,9% MSEK NIBE Group Turnover development 32,000 24,000 16,000 9,000 0 1993 2008 2021
Yearly average growth 1993–2021 21,9% MSEK NIBE Group Development of profit after financial items 4,400 3,300 0 1993 2008 2021
Sales, geographical distribution 2021
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22 2022 Q1-Q3 2021 Q1-Q3 Past 12 months 2021 Full year Invoiced sales MSEK 28,404 22,444 36,792 30,832 Growth % +26.6 +15.3 +22.1 +13.6 of which acquired % +3.0 +2.1 +2.5 +1.8 Gross margin % 31.1 33.3 31.4 33.1 Operating profit MSEK 3,975 3,289 5,154 4,468 Growth % +20.8 +39.6 +7.1 +15.1 Operating margin % 14.0 14.7 14.0 14.5 Profit after net financial items MSEK 3,904 3,175 5,048 4,318 Growth % +22.9 +45.5 +8.5 +18.0 Net profit margin % 13.7 14.1 13.7 14.0
2021 23 2022 Q1-Q3 2021 Q1-Q3 Past 12 months 2021 Full year Net sales MSEK 18,294 14,651 23,770 20,127 Growth % +24.9 +13.3 +20.9 +12.2 of which acquired % +3.7 +2.3 +3.0 +1.9 Gross margin % 32.9 35.8 33.2 35.3 Operating profit MSEK 2,838 2,386 3,690 3.238 Growth % +19.0 +29.6 +14.1 +20.3 Operating margin % 15.5 16.3 15.5 16.1 Q1-2 2022 Business Area NIBE Climate Solutions Q1-3 2022
2021 24 2022 Q1-Q3 2021 Q1-Q3 Past 12 months 2021 Full year Net sales MSEK 2,772 2,147 3,676 3,051 Growth % +29.1 +29.7 +19.7 +18.3 of which acquired % +3.8 +1.0 +2.9 +0.9 Gross margin % 35.7 37.2 36.6 37.8 Operating profit MSEK 335 270 478 413 Growth % +24.1 +143.5 +11.2 +52.7 Operating margin % 12.1 12.6 13.0 13.5 Q1-3 2022 Business Area NIBE Stoves
2021 25 2022 Q1-Q3 2021 Q1-Q3 Past 12 months 2021 Full year Net sales MSEK 7,988 6,208 10,202 8,422 Growth % +28.7 +16.3 +25.2 +15.7 of which acquired % +1.0 +1.6 +1.2 +1.6 Gross margin % 22.7 23.2 22.7 23.1 Operating profit MSEK 874 652 1,097 876 Growth % +33.9 +38.9 +30.4 +32.9 Operating margin % 10.9 10.5 10.8 10.4 Business Area NIBE Element Q1-3 2022
• Sustainability and climate change are even more pronounced • The pandemic has hit the world very hard • China ”less popular” – deglobalisation Major changes between January 2020 and 2023 • Major chain supply issues • Labor shortages • The Russian invasion of Ukraine • Inflation • Rampant energy prices
27 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 HP Growth Rot New Build EHI Heat generators 52% 14% 27% K unit EU HP market growth, New and REFURB. Refurb.
EU
28 South
HP
0 500 1000 1500 2000 2500 3000 3500 4000 4500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 HP Growth per Region Nordic Mid West EU Mid East EU South EU 5% 13% K unit
market growth, Region
29 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 HP Growth AWHP GSHP EAHP 3510k 400k 90k 840k 130k 30k EU HP market growth, HP Type
Sweden, Markaryd
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VISITOR CENTER
Sweden, Markaryd
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NEW PRODUCTION UNIT
Sweden, Markaryd
NEW PRODUCTION UNIT Sweden
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NEW PRODUCTION UNIT
Czech Republic
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NEW PRODUCTION UNIT
Germany
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NEW PRODUCTION UNIT
363
NEW PRODUCTION UNIT
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38 Share of equity Share of voice Current and former Board Members and Senior Executive 20,32 45,92 Schörling/MEXAB 7,42 18,68 SSB and Trust CO 8,00 3,92 Alecta Pensionförsäkring 5,79 2,84 JP Morgan Chase B NA 5,49 2,69 BNY Mellon NA 2,35 1,15 The Northern Trust Comany 1,88 0,92 Share of equity Share of voice CBNY Norges Bank 1,39 0,68 Clearstream Banking S A 1,39 0,68 AMF Tjänstepension 1,36 0,67 SIX SIS AG 1,32 0,65 Brown Brothers Harriman 1,14 0,56 Första AP-fonden 1,09 0,54 Other shareholders 41,08 20,13 Share information November, 30 2022 Total Number of shareholders 22-11-30, 125 165
NIBE share price development
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per day (thousands)
shares traded per trading day
thousands) 1997 2007 2022
Share treaded
Average number of
(in
Share price in SEK 20,000 10,000
Focus on three business areas NIBE
Climate Solutions NIBE Stoves NIBE Element
Buildings account for 40% of global energy consumption
42 Single family-house, 156 m2, 170 kWh m2/Year, Heating and Hot water CO2 CO2 CO2 CO2 9,4t/year 7,3t/year 3,9t/year 0,07t/year Oil Gas Heat pump Heat pump with “clean” electricity Output of different residential heating solutions
NIBE S-Series Energy-efficient Heat Pumps suited to every day life • Developed to meet the demands of today and tomorrow • New digital platform • Natural Refrigerant with low environmental impact
Gain control wherever you are
A wood burning stove relieves power outages
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We are a key industrial partner for many other manufacturing companies in various industries. We offer a wide range of components and solutions for intelligent heating and control. We are an industrial partner
Interior heating for electric cars
Ensures electric operation in cold weather
Trains holding the time table
Save lives
Equipment required to manufacture semiconductors
Hot plates to achieve exact temperature in the very advanced manufacture of semiconductors.
Heating jackets to monitor exact control of the temperature during the manufacture of semiconductors.
We are part of the solution
Earlier intermediate target -set 2013
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SEK 20 billion at latest 2020 Achieved already year 2018 Within 4 to max 7 years after achieving the previous target
Present intermediate target -set 2018
Within 4 to max 7 years after achieving the previous target
SEK 40 billion at latest 2025
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Will
be achieved sooner
New intermediate target -set May 2022
Within 4 to max 7 years after achieving the previous target
SEK 80 billion at latest 2029
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57 1993-1996, 4 years 1997-1999, 3 years 2000-2003, 4 years 2004-2006, 3 years 2007-2013, 7 years 2014-2018, 5 years 2019-XXXX, X years 40,000 20,000 1993 2021 MSEK SALES yearly average growth 1993–2021 17,9% EBIT yearly average growth 1993–2021 21,9% The growth of NIBE
58 • International experience through several major acquisitions • Larger volumes create economy of scale • Genuinely sustainable mindset • Financially very strong • Solid acquisition experience • Good balance between different markets / continents • Strong, decentralized management structure Our position
59 Total Market SEK >1,000 billion Market share target ≈ 5% = SEK 50 billion
Cautionsassumption
Cautionsassumption
60 Total Market >SEK 60 billion Market share target >15% = SEK 10 billion
61 Market share target >15% = SEK 20 billion
Total Market SEK 120 billion Cautionsassumption
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