• Net sales amounted to SEK 35,112m (37,968) with an organic sales growth of 2.0% (11.5), driven by higher sales volumes and positive mix.  

• Operating income improved to SEK 1,517m (1,052) corresponding to an operating margin of 4.3% (2.8). The increase was driven by cost efficiency improvements of SEK 1.2bn. External factors were significantly negative. The fourth quarter of 2024 included a positive impact of SEK 185m in North America from the divestment of potential legacy asbestos exposure in the U.S., as well as a SEK -198m negative non-recurring item related to the divestment of the water heater business in South Africa. 

• Income for the period amounted to SEK 466m (150) and earnings per share were SEK 1.72 (0.56).  

• Operating cash flow after investments was SEK 5,179m (2,660).  

• The financial position strengthened and the net debt/EBITDA ratio declined to 3.0x (3.4x). 

• Full-year 2025, net sales amounted to SEK 131,282m (136,150) and operating income excl. non-recurring items was SEK 3,657m (1,666). Higher sales volumes and positive mix contributed positively to earnings. Cost savings contributed to a SEK 4.0bn positive earnings impact. 

• The Board of Directors proposes that no payment of dividend will be made for 2025. 

• Events after the close of the period: On January 30, Electrolux Group announced changes to the organizational structure and Group Management. 

President and CEO Yannick Fierling's comment 

Growth in focus product categories supported organic sales growth 

The market environment for home appliances in the fourth quarter was marked by high promotional activity and competitive pressure across regions. In Europe, the market slightly declined from an already subdued level, whereas Latin America noted a continued positive consumer demand, although with a lower growth rate in Brazil. In North America, market demand was slightly positive, primarily driven by laundry. The price environment in the U.S. was pressured in this highly promotional quarter and the market price levels remained at a similar level as the previous year despite significantly higher U.S, tariffs.   

Organic sales growth was positive in the quarter, driven by Europe, Asia Pacific, Middle East, Africa and Latin America. In Europe, Asia-Pacific, Middle East and Africa, the organic sales increase was driven by volume growth in focus product categories, offsetting a negative price development. Higher volumes in Latin America were partly offset by a negative price development and slightly unfavorable mix. In North America, organic sales declined compared to a significant increase in the previous year. Sales declined due to a challenging pricing environment where we reduced price from previously implemented price increases to remain competitive as the market price levels did not adjust for any tariff-related cost increases. 

Operating income improved significantly, despite challenging U.S. pricing environment  

Operating income improved significantly in the quarter, with strong improvements in both business area Europe, Asia-Pacific, Middle East and Africa, and in Latin America. Both regions had a positive contribution from increased sales volumes, whereas the price development had a negative impact. In North America, the pricing pressure resulted in us aligning our price levels to market prices from the previously implemented price increases. Increased tariff costs, together with currency headwinds, resulted in an operating loss in the fourth quarter for the business area.  

Cost efficiency for the Group contributed with SEK 1.2bn, and we continued to make good progress on delivering cost savings mainly from sourcing and product engineering in all business areas.  

Operating cash flow exceeded the previous year's level, primarily due to significant inventory reductions during the quarter and disciplined capital expenditure prioritization. The financial position strengthened and the net debt to EBITDA ratio declined to 3.0x. 

Strengthened market position and good execution of our strategic priorities for the full year 2025 

We delivered on our strategic priorities in 2025. For the full year, we strengthened our market share in both Europe and North America and the market position in Latin America remained strong.  

Operating income improved in 2025, primarily driven by cost reductions in all business areas bringing the total cost efficiency contribution to SEK 4bn. Our focus on prioritized product categories resulted in a positive contribution from increased volumes and improved mix to earnings. Increased tariff costs in the U.S., and strong currency headwinds had a significant negative impact. Investments in innovation and marketing increased to support our product portfolio and the rollout of new innovations. 

Outlook for 2026 - Market outlook 

In North America, we expect market demand to be neutral to negative in 2026. Geoeconomic uncertainty is foreseen to continue in North America, and under the current tariff structure, general market pricing should adjust to reflect associated tariff costs. This may adversely impact consumer demand and market growth. In Europe, we expect market demand to be neutral in 2026. There are signs of recovery as a consequence of lower inflation and interest rates in Europe, however market demand is expected to remain subdued, due to continued dampening impact from geopolitical uncertainty. In Brazil, we also expect market demand to be neutral in 2026. We expect the market development and consumer demand to stabilize following growth in 2024 and 2025. 

Business outlook 

Organic earnings contribution from volume, price and mix is expected to be positive in 2026, driven by volume growth and a favorable mix. Growth in our focus categories is expected to be partly offset by a negative price development. We anticipate that a high degree of demand will continue to be driven by replacement purchases. Similar to 2025, investments in innovation and marketing are projected to increase. External factors are expected to be significantly negative for the year, driven mainly by increased tariff costs. The impact from currencies and raw material is expected to be relatively neutral. Our focus on cost savings and improved efficiency throughout the Group is critical for our competitiveness, and we anticipate 
SEK 3.5-4bn earnings contributions from cost efficiency in 2026. Capital expenditure is expected to increase compared to 2025. 

Organizational changes - another step to get closer to our consumers 

As we move into 2026, rapid transformation in the home appliance industry will continue at a high pace, requiring us to effectively execute on our strategic priorities. Agility and speed are key enablers for us to achieve our targets. Today, we announced changes to our leadership team and organization aiming at reducing complexity and improving cost competitiveness. With the announced changes taking effect February 1, we are simplifying our structure, clarifying responsibilities, and increasing consumer centricity - key steps to strengthen our agility and to accelerate innovation. 

Webcast and telephone conference 09.00 CET 

A video webcast and simultaneous telephone conference is held at 09.00 CET today, January 30. Yannick Fierling, President and CEO, and Therese Friberg, CFO, will comment on the report. 

If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions. 

https://edge.media-server.com/mmc/p/89i8r6p2/

If you wish to participate via telephone conference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference. 

https://register-conf.media-server.com/register/BI08f36eaeda914a288a77e11962d3cb4b

Presentation material available for download on the Investor relations section on electroluxgroup.com