NIBE-BNasdaq StockholmIndustrialsIFRS · SEK

NIBE Industrier

NIBE Industrier is an international group based in Markaryd, Sweden, specializing in energy-efficient solutions for indoor climate comfort and intelligent heating. The company operates in three main business areas: Climate Solutions, Element, and Stoves, providing environmentally friendly products that contribute to reducing carbon footprints. With a history of over 70 years, NIBE has expanded globally, focusing on sustainable product development and strategic acquisitions to drive growth. The company is listed on the Nasdaq Nordic Large Cap and the SIX Swiss Exchange, reflecting its significant market presence.

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Revenue40.8bn SEK
+0.8 %y/y
Operating profit (EBIT)4,125m SEK
+54.4 %y/y
EBIT margin10.1%
+3.5 ppy/y
Net income3,378m SEK
+190.7 %y/y
Free cash flow4,888m SEK
+22.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

01020304050bn SEK2021: 30.8 bn SEK2021: EBIT 4.5 bn SEK20212022: 40.1 bn SEK2022: EBIT 5.9 bn SEK20222023: 46.6 bn SEK2023: EBIT 7.0 bn SEK20232024: 40.5 bn SEK2024: EBIT 2.7 bn SEK20242025: 40.8 bn SEK2025: EBIT 4.1 bn SEK202540.84.1
RevenueOperating profit (EBIT)
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Business

Share of revenue
Climate Solutions50 %

Includes heat pumps, ventilation, and air conditioning systems

Element30 %

Comprises electric heating elements and industrial heating solutions

Stoves20 %

Covers wood-burning stoves and fireplaces

Customers

NIBE serves a diverse range of customers, including residential homeowners, commercial property developers, and industrial clients seeking energy-efficient heating solutions. The company's products are particularly attractive to environmentally conscious consumers and businesses looking to reduce their carbon footprint. NIBE's customer base spans across various sectors, including construction, manufacturing, and renewable energy. The company's focus on sustainability and energy efficiency aligns well with the increasing demand for green technologies.

Residential

Homeowners purchasing heat pumps and stoves for energy efficiency

Commercial

Developers integrating climate solutions in new buildings

Industrial

Manufacturers using heating elements for production processes

Strategy

NIBE's strategic priorities focus on sustainability, energy efficiency, and expanding its product portfolio through innovation and acquisitions. The company aims to maintain healthy margins by enhancing operational efficiency and cost control. NIBE's decentralized organizational structure fosters flexibility and motivation across its independent units. The company is well-positioned to capitalize on the growing demand for green technologies and energy-efficient solutions.

Sustainability and energy efficiencyLong term

Aligns with global demand for green solutions

Strategic acquisitionsMedium term

Expand product portfolio and market reach

Operational efficiencyShort term

Ensure healthy margins and competitive advantage

Geography

NIBE has a strong international presence, with operations and sales in Europe, North America, and Asia. The company benefits from a well-distributed geographical footprint, reducing vulnerability to local market downturns. Key manufacturing facilities are located in Sweden, with additional production sites across Europe and North America. This global reach allows NIBE to effectively serve diverse markets and adapt to regional demand fluctuations.

Risks

NIBE faces several risks, including fluctuations in raw material prices, which can impact production costs. The company is also exposed to geopolitical risks due to its global operations, particularly in regions with political instability. Regulatory changes related to environmental standards can affect product development and market access. Additionally, the competitive landscape in the energy solutions sector poses a risk to market share and profitability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory changes1Geopolitical instability3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory changesImpact: HighLikelihood: Medium

    Can limit market access and require product adjustments

  2. Raw material price fluctuationsImpact: High

    Impacts cost of goods sold and margins

  3. Geopolitical instabilityImpact: MediumLikelihood: Low

    Affects operations in key regions

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Accounting

Judgemental items
Revenue recognition

Affects timing and comparability of earnings

Impact: high

Goodwill accounting

Significant due to acquisition strategy

Impact: medium

Fair value assessments

Judgmental area impacting reported numbers

Impact: medium

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Last updated: 24/09/2026