Electrolux Professional

Earnings Release • Feb 1, 2024

Fourth quarter, October–December 2023

• > Net sales amounted to SEK 2,974m (3,040). Sales decreased by 2.2%. Organically, sales decreased by 3.7%. Currency had a positive effect of 1.6%.

• EBITA amounted to SEK 302m (324), corresponding to a margin of 10.1% (10.7).

• > Operating income amounted to SEK 261m (284), corresponding to a margin of 8.8% (9.3).
• > Income for the period amounted to SEK 168m (204), and earnings per share was SEK 0.59 (0.71).
• > Operating cash flow after investments amounted to SEK 570m (533).
• > The Board proposes a dividend of SEK 0.80 (0.70) per share.

Key ratios

		Fourth quarter			Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Change, %	Jan–Dec 2023	Jan–Dec 2022	Change, %
Net sales	2,974	3,040	–2.2	11,848	11,037	7.3
EBITA*	302	324	–7.0	1,317	1,111	18.5
EBITA margin, %*	10.1	10.7		11.1	10.1
Operating income*	261	284	–8.2	1,154	955	20.8
Operating margin, %*	8.8	9.3		9.7	8.7
Income after financial items	236	248	–4.9	1,033	895	15.5
Income for the period	168	204	–17.6	775	686	12.9
Earnings per share, SEK1	0.59	0.71		2.70	2.39
Operating cash flow after investments*	570	533		1,453	636
Operating working capital % of net sales*	n/a	n/a		18.1	16.7

^*) Alternative performance measures used in this report are explained on pages 22–23.

¹⁾ Basic number of outstanding shares.

CEO comments

Step-by-step building a stronger company

During 2023 we took further steps towards our financial targets with increased sales and improved profitability in a continued challenging macroeconomic situation. With the acquisition of Tosei, which was announced in December, we are growing in attractive segments in Asia. It is also encouraging to see that our sustainability work is yielding results – we met our 50% CO2 reduction target for 2025 (compared to 2015) already in 2023 – two years ahead of plan.

The sales decline we saw during the third quarter continued during the fourth quarter but at a lower rate, leading to an organic sales decline of 3.7%. This resulted in a somewhat weaker EBITA of SEK 302m (324), and a margin of 10.1% (10.7), compared to last year.

Sales of Food & Beverage declined organically by 4% compared to last year. EBITA was on the same level as last year, resulting in an EBITA margin of 8.8% (8.5). Sales in our largest market, Europe, were unchanged, while the US declined by 12%. We see signs of recovery in the US, even if we do not expect it to materialize before the second quarter. Order intake for Food & Beverage was somewhat higher than a year ago.

Sales of Laundry declined by 3% organically compared to a sales catch-up in the corresponding quarter of last year, due to component shortages in the second quarter.

The EBITA-margin ended at 15.7% (18.4).

The decline in margin is mainly due to lower volumes and currency transaction effects. Order intake for Laundry was somewhat higher than a year ago.

Thanks to a better working capital development, operating cash flow after investments continued to be strong, amounting to SEK 570m (533) in the quarter. Hence, we further strengthened our balance sheet, and our net debt EBITDA ratio at the end of 2023 was 0.9x (1.5x).

The new, more decentralized organization that we launched in 2022 to faster drive strategic priorities, establish clear responsibilities and reinforce customer focus is now also visible in the yearly Employee Engagement Survey where the results demonstrate progress and higher engagement across the Group.

On January 10, 2024, we closed the acquisition of Tosei Corporation, a leading Japanese manufacturer of professional laundry equipment and vacuum packing machines for food. The acquisition of Tosei will make us a larger player in the resilient laundry market in Japan which constitutes the second largest laundry market in the world. We plan to utilize Tosei´s leading organization in Food to expand our Food product offering in Japan, as well as expanding the vacuum packing products that are used globally in the fast-growing segment of sous-vide.

I feel confident that step-by-step we are building a stronger company with clear focus on our strategic priorities. Looking into 2024, we expect to continue our improvements step-by-step. We have a healthy order stock, and the signs of lower interest rates and inflation are positive, even if we still see short-term macroeconomic uncertainty.

Alberto Zanata, President and CEO

I feel confident that step-by-step we are building a stronger company with clear focus on our strategic priorities.

Alberto Zanata, President and CEO

Financial overview

Fourth quarter development

Net sales

Net sales for the fourth quarter amounted to SEK 2,974m (3,040), a decrease of 2.2% compared to the same period last year. Organically, sales decreased by 3.7%. Currency had a positive effect of 1.6%.

Sales in Food & Beverage decreased organically by 4.2%, and sales of Laundry decreased organically by 3.0%. Organically, sales in Europe declined by approximately 1%, by 10% in Americas, and by 3% in Asia-Pacific, Middle East and Africa.

Changes in net sales, %	Oct–Dec 2023	Oct–Dec 2022
Organic growth*	–3.7	13.4
Acquisitions*	–	10.3
Divestments*	–	–1.7
Changes in exchange rates	1.6	9.6
Total	–2.2	31.7

^*) Alternative performance measures used in this report are explained on pages 22–23.

Operating income and EBITA

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 302m (324), corresponding to a margin of 10.1% (10.7). Operating income amounted to SEK 261m (284), corresponding to a margin of 8.8% (9.3). The lower margin was mainly due to lower sales in the US and in Laundry.

Financial net

Net financial items amounted to SEK –24m (–36). The decrease is mainly due to lower debt compared to a year ago, somewhat offset by higher interest rate cost.

Income for the period

Income for the fourth quarter amounted to SEK 168m (204), corresponding to SEK 0.59 (0.71) in earnings per share. Income tax for the period amounted to SEK –68m (–44). The tax rate for the fourth quarter was 28.8% (17.9).

Asia-Pacific, Middle East, Africa

13%

Group common cost

Group common cost was SEK –37m (–47).

Net sales by region, October-December 2023 Europe 61% Americas 26% Net sales by segment, October-December 2023 Food & Beverage 62% Laundry 38%

Development during the year, January–December 2023

Net sales

Net sales for January–December amounted to SEK 11,848m (11,037), an increase by 7.3% compared to the same period last year. Organically, sales increased by 2.6%, and currency contributed by 4.9%. Sales of Food & Beverage decreased organically by 1.0% and sales of Laundry increased organically by 9.7%. Sales in Europe increased organically by approximately 7%, in Asia-Pacific, Middle East and Africa by 4%, but declined by 6% in Americas.

Changes in net sales, %	Jan–Dec 2023	Jan–Dec 2022
Organic growth*	2.6	16.9
Acquisitions*	–	17.2
Divestments*	–0.2	–0.8
Changes in exchange rates	4.9	7.1
Total	7.3	40.4

^*) Alternative performance measures used in this report are explained on pages 22–23.

Operating income and EBITA

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 1,317m (1,111), corresponding to a margin of 11.1% (10.1). Operating income amounted to SEK 1,154m (955), corresponding to a margin of 9.7% (8.7). The improved operating income is mainly due to price, but also lower material and transportation cost.

Financial net

Net financial items amounted to SEK –121m (–61). The increase in financial net is mainly due to higher interest rates, impacting cost of debt.

Income for the period

Income for the period amounted to SEK 775m (686), corresponding to SEK 2.70 (2.39) in earnings per share. Income tax for the period amounted to SEK –259m (–209). The effective tax rate was 25.0% (23.3).

Group common cost

Group common cost was SEK –152m (–177).

Segment Food & Beverage

In the fourth quarter, sales for Food & Beverage were SEK 1,855m (1,904), a decrease by 2.6% compared to the same period last year. Organically sales decreased by 4.2% and currency had a positive effect of 1.6%.

Sales were flat in Europe but decreased by 12% in Americas and by 4% in Asia-Pacific, Middle East and Africa. Sales in the US were impacted by orders being postponed to later quarters.

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 163m (162), corresponding to a margin of 8.8% (8.5).

Operating income amounted to SEK 126m (126), corresponding to a margin of 6.8% (6.6).

	Fourth quarter			Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Change, %	Jan–Dec 2023	Jan–Dec 2022	Change, %
Net sales	1,855	1,904	–2.6	7,616	7,290	4.5
Organic growth, %	–4.2	9.5	–	–1.0	17.4	–
Acquisitions, %	–	17.0	–	–	28.3	–
Divestments, %	–	–1.6	–	–0.1	–0.9	–
Changes in exchange rates, %	1.6	13.3	–	5.6	10.3	–
EBITA	163	162	0.3	766	679	12.7
EBITA margin, %	8.8	8.5	–	10.1	9.3	–
Operating income	126	126	–0.1	620	542	14.4
Operating margin, %	6.8	6.6	–	8.1	7.4	–

Segment Laundry

In the fourth quarter, sales for Laundry were SEK 1,120m (1,136), a decrease of 1.5% compared to the same period last year. Organically sales decreased by 3.0%, and currency had a positive effect of 1.5%.

Sales decreased organically by 3% in Europe, by 6% in Americas, and by 1% in Asia-Pacific, Middle East and Africa.

Operating income excluding amortization of intangible as-

sets (EBITA) amounted to SEK 176m (209), corresponding to a margin of 15.7% (18.4). The decline in margin is mainly due to volume decline and currency transaction effects. In the fourth quarter of last year the margin of Laundry was high due to a shift of sales from the second quarter related to component shortages.

Operating income amounted to SEK 172m (205), corresponding to a margin of 15.3% (18.0).

	I	Fourth quarte	r	Full year
SEKm	Oct-Dec 2023	Oct-Dec 2022	Change, %	Jan–Dec 2023	Jan–Dec 2022	Change, %
Net sales	1,120	1,136	-1.5	4,231	3,747	12.9
Organic growth, %	-3.0	19.4	-	9.7	16.2	-
Divestments, %	-	-1.6	-	-0.3	-0.7	-
Changes in exchange rates, %	1.5	4.2	-	3.5	3.2	-
EBITA	176	209	-15.9	702	608	15.6
EBITA margin, %	15.7	18.4	-	16.6	16.2	-
Operating income	172	205	-16.2	686	590	16.2
Operating margin, %	15.3	18.0	-	16.2	15.7

Net sales, EBITA and operating income by segment

	Fourth quarter		Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Food & Beverage
Net sales	1,855	1,904	7,616	7,290
EBITA	163	162	766	679
Amortization	–37	–36	–145	–137
Operating income	126	126	620	542
Laundry
Net sales	1,120	1,136	4,231	3,747
EBITA	176	209	702	608
Amortization	–4	–4	–17	–18
Operating income	172	205	686	590
Group common costs
EBITA	–37	–47	–151	–176
Amortization	–0	–0	–1	–1
Operating income	–37	–47	–152	–177
Total Group
Net sales	2,974	3,040	11,848	11,037
EBITA	302	324	1,317	1,111
Amortization	–41	–40	–163	–155
Operating income	261	284	1,154	955
Financial items, net	–24	–36	–121	–61
Income after financial items	236	248	1,033	895
Taxes	–68	–44	–259	–209
Income for the period	168	204	775	686

Cash flow

Operating cash flow after investments amounted to SEK 570m (533) in the quarter. Cash conversion continue to be good with positive contribution from reduced inventory.

	Fourth quarter			Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Operating income	261	284	1,154	955
Depreciation	69	66	264	258
Amortization	41	40	163	155
Other non-cash items	9	–5	36	47
Operating income adjusted for non-cash items	380	386	1,616	1,416
Change in inventories	207	110	260	–433
Change in trade receivables	31	169	96	–277
Change in trade payables	58	6	–269	88
Change in other operating assets, liabilities and provisions	–18	–79	–62	–37
Operating cash flow	658	592	1,641	757
Investments in tangible and intangible assets	–87	–76	–191	–139
Changes in other investments	–0	17	3	18
Operating cash flow after investments	570	533	1,453	636

Operating working capital

Inventory is starting to come down, but is still at a high level. Inventory has decreased by SEK 426m compared to six months ago. Operating working capital as a percentage of rolling 12 months net sales amounted to 18.1% in the fourth quarter compared to 16.7% in the fourth quarter of 2022.

Operating working capital as percentage of rolling 12 months net sales

Financial position

Net debt

As of December 31, 2023, Electrolux Professional Group had a financial net debt position (excluding lease liabilities and post-employment provisions) of SEK 973m compared to SEK 1,643m as of December 31, 2022. Lease liabilities amounted to SEK 319m and net provisions for post-employment benefits amounted to SEK 98m.

In total, net debt amounted to SEK 1,390m as of December 31, 2023, compared to SEK 2,050m as of December 31, 2022. Long-term borrowings amounted to SEK 1,192m. Short term borrowings amounted to SEK 771m. Total borrowings amounted to SEK 1,963m compared to SEK 2,894m as of December 31, 2022.

Liquid funds as of December 31, 2023, amounted to SEK 989m compared to SEK 1,251m as of December 31, 2022.

At the end of December 2023 Electrolux Professional Group executed an additional voluntary pre-payment of EUR 20m to its syndicated term loan facility. This means that the loan facility now is fully repaid and cancelled.

Credit facilities and loans

Electrolux Professional Group has a term loan of SEK 600m with a tenure of seven years from 2020, a sustainability linked loan of EUR 60m with a tenure of seven years from 2021, a commercial paper program with a framework amount of SEK 2,000m, and a revolving credit facility of EUR 200m with a tenure until 2027. None of the loan facilities contains any financial covenants. As of December 31, 2023, the revolving credit facility was unutilized and Electrolux Professional Group had SEK 650m issued under its commercial paper program.

Net debt

SEKm	Dec 31, 2023	Dec 31, 2022
Short-term loans	642	7
Short-term part of long-term loans	74	–
Short-term borrowings	716	7
Financial derivative liabilities	40	54
Accrued interest expenses and prepaid interest income	14	8
Total short-term borrowings	771	69
Total long-term borrowings	1,192	2,824
Total borrowings¹	1,963	2,894
Cash and cash equivalents	959	898
Short-term investments	–	200
Financial derivative assets	29	152
Prepaid interest expenses and accrued interest income	1	1
Liquid funds	989	1,251
Financial net debt	973	1,643
Lease liabilities	319	304
Net provisions for post-employment benefits	98	103
Net debt*	1,390	2,050
Net debt/EBITDA ratio*	0.9	1.5
EBITDA* ²	1,581	1,369

^*) Alternative performance measures used in this report are explained on pages 22–23.

¹⁾ Whereof interest-bearing borrowings amounting to SEK 1,908m as of December 31, 2023 and SEK 2,832m as of December 31, 2022.

²⁾ Rolling four quarters.

CEO comments Financial First page

overview

Financial reports

Definitions Shareholders information

Parent Company

The Parent Company's activities include head office as well as production and sales in and from Sweden.

Net sales for the Parent Company, Electrolux Professional AB, for the period from January 1 to December 31, 2023 amounted to SEK 3,218m (2,963) of which SEK 1,228m (1,158) referred to sales to Group Companies and SEK 1,990m (1,805) to external customers. Income after financial items was SEK 509m (431). Income for the period amounted to SEK 454m (392).

Electrolux Professional AB has in the fourth quarter impaired SEK 79m related to its investments in subsidiaries.

Capital expenditure in tangible and intangible assets was SEK 47m (21).

Cash and cash equivalents at the end of the period amounted to SEK 778m, as against SEK 877m in the beginning of the year.

Undistributed earnings in the Parent Company at the end of the period amounted to SEK 6,740m, as against SEK 6,495m at the beginning of the year.

On May 4, 2023, Electrolux Professional paid a dividend of SEK 201m to its shareholders.

During the third quarter, the company established a commercial paper program and had its first successful issuance.

The income statement and balance sheet for the Parent Company are presented on page 17.

Risk and uncertainty factors

Electrolux Professional Group is an international group with a wide geographic spread and is thus exposed to a number of business and financial risks. Risk management in Electrolux Professional Group aims to identify, control and reduce risks. The risk factors are described in the Annual Report and consist of strategic risks, operational risks, industry risks, sustainability risks and financial risks. Compared to the Annual Report, which was issued on March 29, 2023, no new material risks have been identified.

Other disclosures

Employees

The number of employees at the end of the quarter was 3,983 (4,022).

Long term share program

A performance based, long term share program for 2023 including hedging measures related thereto was approved at the Annual General meeting in April 2023. The programhas similar conditions as previous long-termshare programs.

Events after the balance sheet day

On January 10, 2024, Electrolux Professional acquired Tosei Corporation and related assets, a leading Japanese manufacturer of professional laundry equipment and vacuum packing machines, for SEK 1,620m (JPY 23.006bn) on a cash and debt free basis.

The acquisition of Tosei will make Electrolux Professional into a larger player in Japan in attractive segments. Japan is the second largest laundry market, and third largest foodservice market globally. In addition, Electrolux Professional group will be able to expand the vacuum packing products that is already used globally in the fast-growing segment of sous-vide cooking.

Tosei, founded in 1950, has approximately 340 employees and is based in Tokyo. Tosei operates one manufacturing facility in Izunokuni, Shizuoka and has six regional sales offices in Japan. The company offers washers, dryers, combined washers and dryers,

tabletop vacuum machines and stationary vacuum machines under the main brands Tosei and Tospack.

Tosei had sales of approximately SEK 940m in 2023. After synergies, the EBI-TA-margin is expected to be well in line with Electrolux Professional's EBITA-target of 15%. Acquisition and integration related costs are expected to be SEK 40–60m in total during 2024 and 2025.

Annual General Meeting 2024

The 2024 Annual General Meeting will be held on April 25, 2024 at 15.00 at hotel Courtyard by Marriott, Rålambshovsleden 50, Stockholm. Shareholders may exercise their voting rights also by postal voting in accordance with the provisions of Electrolux Professional's Articles of Association.

Proposed dividend

The Board of Directors proposes to distribute a dividend to the shareholders of SEK 0.80 (0.70) per share for the 2023 financial year corresponding to 30% of net income for the year. This is in line with the policy to pay approximately 30% of net income in dividend. The proposed date for the record is April 27, 2024 and payment is expected to be made on May 3, 2024.

Stockholm February 1, 2024

Electrolux Professional AB (publ)

Board of Directors

Tosei Corporation acquisition

In the beginning of 2024, Electrolux Professional Group acquired Tosei Corporation ("Tosei") – a leading company in professional Laundry and Food vacuum packing in Japan.

The acquisition is part of Electrolux Professional's strategy to further accelerate growth and enhance our presence globally. The acquisition of Tosei will make Electrolux Professional into a larger player in Japan which is the second largest laundry market, and third largest foodservice market globally.

TOSEI

• Founded in 1950

• A leading company in professional Laundry and Vaccum packing in Japan

• 340 employees

• Tosei develops, designs, manufactures, sells and services products, such as commercial cleaning machines and vacuum packaging machines.

• Company Head Office in Tokyo

• Factory in Izunokuni, Shizuoka

• Six regional sales offices in Japan

GourmeXpress high speed oven Grands Prix du Design gold awarded

The Grand Prix du Design Awards is a globally renowned competition that recognizes and honors the exceptional skills and creativity of individuals and companies in the field of design.

Financial reports

Consolidated statement of total comprehensive income

	Fourth quarter		Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Net sales	2,974	3,040	11,848	11,037
Cost of goods sold	–2,020	–2,072	–7,850	–7,421
Gross operating income	955	968	3,997	3,616
Selling expenses	–481	–502	–1,969	–1,829
Administrative expenses	–216	–195	–873	–819
Other operating income and expenses	3	14	–1	–13
Operating income	261	284	1,154	955
Financial items, net	–24	–36	–121	–61
Income after financial items	236	248	1,033	895
Taxes	–68	–44	–259	–209
Income for the period	168	204	775	686
Items that will not be reclassified to income for the period:
Remeasurement of provisions for post-employment benefits	2	–6	4	–152
Income tax relating to items that will not be reclassified	–0	0	–1	14
Total	2	–6	3	–138
Items that may be reclassified subsequently to income for the period:
Cash flow hedges	–19	–	–15	–
Exchange-rate differences on translation of foreign operations	–299	–32	–138	360
Income tax relating to items that may be reclassified	25	–	13	–
Total	–293	–32	–140	360
Other comprehensive income, net of tax	–291	–38	–137	223
Total comprehensive income for the period	–123	166	638	909

			Full year
Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
168	204	775	686
		775	686
–123	166	638	909
		638	909
0.59	0.71	2.70	2.39
0.59	0.71	2.70	2.39
287.4	287.4	287.4	287.4
287.4	287.4	287.4	287.4
		Fourth quarter 168 –123	204 166

First page

overview

Consolidated balance sheet

SEKm	December 31 2023	December 31 2022
ASSETS
Non-current assets
Property, plant and equipment, owned	1,559	1,577
Property, plant and equipment, right-of-use	309	294
Goodwill	3,290	3,381
Other intangible assets	837	997
Deferred tax assets	427	428
Pension plan assets	2	0
Other non-current assets	17	19
Total non-current assets	6,441	6,696
Current assets
Inventories	1,692	1,981
Trade receivables	1,904	2,028
Tax assets	166	70
Other current assets	266	416
Short-term financial assets	–	200
Cash and cash equivalents	959	898
Total current assets	4,986	5,592
Total assets	11,427	12,288

SEKm	December 31 2023	December 31 2022
EQUITY AND LIABILITIES
Equity attributable to shareholders of the Parent Company
Share capital	29	29
Other paid-in capital	5	5
Other reserves	378	517
Retained earnings	4,293	3,719
Equity attributable to shareholders of the Parent Company	4,705	4,270
Total equity	4,705	4,270
Non-current liabilities
Long-term borrowings	1,192	2,824
Long-term lease liabilities	221	225
Deferred tax liabilities	96	116
Provisions for post-employment benefits	100	103
Other provisions	317	288
Total non-current liabilities	1,926	3,557
Current liabilities
Trade payables	1,761	2,040
Tax liabilities	440	416
Other liabilities	1,659	1,773
Short-term borrowings	716	7
Short-term lease liabilities	98	79
Other provisions	122	146
Total current liabilities	4,796	4,461
Total equity and liabilities	11,427	12,288

CEO comments Financial First page

overview

Financial reports

Definitions Shareholders information

Change in consolidated equity

	Full year
SEKm	Jan–Dec 2023	Jan–Dec 2022
Opening balance	4,270	3,525
Total comprehensive income for the period	638	909
Share-based incentive program	25	13
Equity swap for share-based incentive program	–27	–33
Dividend to shareholders of the Parent Company	–201	–144
Total transactions with equity holders	–203	–164
Closing balance	4,705	4,270

Consolidated cash flow statement

	Fourth quarter			Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Operations
Operating income	261	284	1,154	955
Depreciation and amortization	110	106	427	413
Other non-cash items	9	–5	36	47
Financial items paid, net¹	–26	–33	–111	–55
Taxes paid	–101	–30	–355	–226
Cash flow from operations, excluding change in operating assets and liabilities	252	322	1,150	1,135
Change in operating assets and liabilities
Change in inventories	207	110	260	–433
Change in trade receivables	31	169	96	–277
Change in trade payables	58	6	–269	88
Change in other operating assets, liabilities and provisions	–18	–79	–62	–37
Cash flow from change in operating assets and liabilities	278	206	24	–660
Cash flow from operations	530	528	1,175	475
Investments
Acquisition of operations	–	–	–	4
Divestment of operations	–	–	–	–35
Capital expenditure in property, plant and equipment	–81	–70	–163	–130
Capital expenditure in product development	–2	–	–9	–
Capital expenditure in other intangibles	–4	–6	–19	–9
Other	–0	17	3	18
Cash flow from investments	–87	–59	–188	–152
Cash flow from operations and investments	443	470	987	323

	Fourth quarter		Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Financing
Change in short-term investments, net	–	–200	200	–200
Change in short-term borrowings, net²	131	–243	766	–1,362
New long-term borrowings	–	–	–	1,534
Amortization of long-term borrowings	–229	–0	–1,543	–0
Repayment of lease liabilities	–24	–19	–86	–80
Dividend	–	–	–201	–144
Equity swap for share-based incentive program	–	–	–27	–33
Cash flow from financing	–122	–463	–892	–285
Total cash flow	321	7	94	38
Cash and cash equivalents at beginning of period	654	894	898	836
Exchange-rate differences referring to cash and cash equivalents	–16	–3	–34	24
Cash and cash equivalents at end of period	959	898	959	898

• 1) For the period January 1 to December 31: interest and similar items received SEK 23m (10), interest and similar items paid SEK –137m (–55) and other financial items received/paid SEK 13m (0). Interest paid for lease liabilities SEK –11m (–10)
• 2) Of which short-term loans with a duration of more than 3 months for the period January 1 to December 31; new loans SEK -m (5,255), repaid loans SEK –m (–6,617)

Quarterly data

SEKm	Full year 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Full year 2022	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Food & Beverage
Net sales	7,616		1,855 1,775	2,109	1,878	7,290	1,904	1,840	1,949	1,597
EBITA	766	163	165	258	180	679	162	194	195	129
EBITA margin, %	10.1	8.8	9.3	12.2	9.6	9.3	8.5	10.5	10.0	8.1
Amortization	–145	–37	–38	–36	–35	–137	–36	–36	–33	–33
Operating income	620	126	127	222	145	542	126	158	162	96
Operating margin, %	8.1	6.8	7.2	10.5	7.7	7.4	6.6	8.6	8.3	6.0
Laundry
Net sales	4,231	1,120	977	1,044	1,090	3,747	1,136	942	782	887
EBITA	702	176	157	171	198	608	209	163	82	154
EBITA margin, %	16.6	15.7	16.1	16.4	18.1	16.2	18.4	17.3	10.4	17.4
Amortization	–17	–4	–4	–4	–4	–18	–4	–4	–4	–5
Operating income	686	172	153	167	194	590	205	158	78	149
Operating margin, %	16.2	15.3	15.7	16.0	17.8	15.7	18.0	16.8	9.9	16.8
Group common costs	–152	–37	–33	–44	–38	–177	–47	–39	–44	–47
Total Group
Net sales		11,848 2,974 2,752		3,153	2,968	11,037	3,040	2,782	2,731	2,484
EBITA	1,317	302	290	385	340	1,111	324	317	233	236
EBITA margin, %	11.1	10.1	10.5	12.2	11.4	10.1	10.7	11.4	8.5	9.5
Amortization	–163	–41	–42	–40	–39	–155	–40	–40	–37	–37
Operating income	1,154	261	247	345	301	955	284	277	196	199
Operating margin, %	9.7	8.8	9.0	10.9	10.1	8.7	9.3	10.0	7.2	8.0
Financial items, net	–121	–24	–33	–24	–39	–61	–36	–22	–8	5
Income after financial items	1,033	236	214	321	262	895	248	255	188	203
Income for the period	775	168	159	257	190	686	204	195	132	155
Earnings per share, SEK¹	2.70	0.59	0.55	0.89	0.66	2.39	0.71	0.68	0.46	0.54

1) Basic number ot outstanding shares.

Items affecting comparability

SEKm	Full year 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Full year 2022	Q4 2022	Q3 2022	Q2 20221	Q1 2022
Food & Beverage	–	–	–	–	–	–16	–	–	–16	–
Laundry	–	–	–	–	–	–19	–	–	–19	–
Total Group	–	–	–	–	–	–35	–	–	–35	–

1) Costs related to divesting the operation in Russia, included in the line item other operating income and expenses.

SEKm	Full year 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Full year 2022	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Total Group
Operating income excl. items affecting comparability, %	1,154	261	247	345	301	990	284	277	231	199
Operating margin excl. items affecting comparability, %	9.7	8.8	9.0	10.9	10.1	9.0	9.3	10.0	8.5	8.0
EBITA excl. items affecting comparability	1,317	302	290	385	340	1,146	324	317	268	236
EBITA excl. items affecting comparability, %	11.1	10.1	10.5	12.2	11.4	10.4	10.7	11.4	9.8	9.5

Alternative performance measures key figures

	Fourth quarter		Full year
SEKm, if not otherwise stated	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Net sales	2,974	3,040	11,848	11,037
Organic growth, %*	–3.7	13.4	2.6	16.9
EBITA*	302	324	1,317	1,111
EBITA margin, %*	10.1	10.7	11.1	10.1
EBITA excl. items affecting comparability* ¹	302	324	1,317	1,146
EBITA margin excl. items affecting comparability, %* ¹	10.1	10.7	11.1	10.4
Operating income*	261	284	1,154	955
Operating margin, %*	8.8	9.3	9.7	8.7
Operating income excl. items affecting comparability* ¹	261	284	1,154	990
Operating margin excl. items affecting comparability, %* ¹	8.8	9.3	9.7	9.0
Income after financial items	236	248	1,033	895
Income for the period	168	204	775	686
Capital expenditure*	–87	–76	–191	–139
Operating cash flow after investments*	570	533	1,453	636
Earnings per share, SEK²	0.59	0.71	2.70	2.39
Net debt*	n/a	n/a	1,390	2,050
EBITDA* ³	n/a	n/a	1,581	1,369
Net debt/EBITDA ratio*	n/a	n/a	0.9	1.5
Operating working capital % of net sales*	n/a	n/a	18.1	16.7
Average number of shares, million²	287.4	287.4	287.4	287.4
Number of employees, end of period	3,978	4,022	3,978	4,022

^*) Alternative performance measures used in this report are explained on pages 22–23.

Exchange rates

	Dec 31, 2023		Dec 31, 2022
SEK	Average	End of period	Average	End of period
CNY	1.50	1.41	1.50	1.51
CZK	0.4778	0.4488	0.4326	0.4612
DKK	1.54	1.49	1.43	1.50
EUR	11.46	11.10	10.63	11.12
GBP	13.17	12.77	12.45	12.54
JPY	0.0754	0.0710	0.0773	0.0791
NOK	1.01	0.99	1.05	1.06
CHF	11.7844	11.9827	10.5914	11.2946
THB	0.3044	0.2922	0.2881	0.3019
TRY	0.46	0.34	0.62	0.56
USD	10.59	10.04	10.09	10.43

The end of period exchange rates are from the European Central Bank.

Shares

Number of shares	A-shares	B-shares	Shares total
Number of shares as of January 1, 2023	8,045,314	279,352,136	287,397,450
Conversion of shares	–13,853	13,853	–
Number of shares as of December 31, 2023	8,031,461	279,365,989	287,397,450

¹⁾ For information on items affecting comparability, see page 15.

²⁾ Basic numbers of outstanding shares.

³⁾ Rolling four quarters.

Condensed Parent company income statement Condensed Parent company balance sheet

	Fourth quarter		Full year
SEKm	Oct–Dec 2023	Oct–Dec 2022	Jan–Dec 2023	Jan–Dec 2022
Net sales	901	964	3,218	2,963
Cost of goods sold	–610	–666	–2,264	–2,078
Gross operating income	291	298	954	885
Selling expenses	–106	–112	–434	–405
Administrative expenses	–36	–38	–219	–222
Other operating income/expenses	–15	–12	–17	–20
Operating income	134	136	284	238
Financial income/expenses	–36	270	304	660
Impairment of shares in subsidiaries	–79	–467	–79	–467
Income after financial items	19	–61	509	431
Appropriations	10	12	10	12
Income before taxes	29	–49	519	443
Taxes	–9	–21	–65	–51
Income for the period	20	–70	454	392

SEKm	December 31 2023	December 31 2022
ASSETS
Non–current assets	7,774	9,104
Current assets	2,989	2,525
Total assets	10,763	11,629
EQUITY AND LIABILITIES
Restricted equity	36	40
Non–restricted equity	6,740	6,495
Total equity	6,776	6,535
Untaxed reserves	88	97
Provisions	121	104
Non–current liabilities	1,192	2,824
Current liabilities	2,586	2,069
Total equity and liabilities	10,763	11,629

Notes

NOTE 1 ACCOUNTING PRINCIPLES

Electrolux Professional Group applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This report has been prepared in accordance with IAS 34, Interim Financial Reporting.

The Group's interim reports contain a condensed set of financial statements. For the Group this chiefly means that the disclosures are limited compared to the annual report. Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line items due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.

The accounting principles adopted in the preparation of this interim report apply to all periods and comply with the accounting principles presented in the Group's Annual Report 2022.

Electrolux Professional has applied the exception to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.

For the Parent Company financial statements in general are presented in condensed versions and with limited disclosures compared to the annual report. The interim financial statements of Electrolux Professional AB have been prepared in accordance with the Swedish Annual Accounts Act chapter 9.

The most recent annual financial statements of Electrolux Professional AB have been prepared in compliance with the Swedish Annual Accounts Act (1995:1554) and recommendation RFR2, Accounting for legal entities of the Swedish Financial Reporting Board.

Reportable segments

Food & Beverage and Laundry represent the Group's reportable segments.

NOTE 2 DISAGGREGATION OF REVENUE

Sales of products are revenue recognized at a point in time, when control of the products has transferred. Revenue from services related to installation of products, repairs or maintenance service is recognized when control is transferred being over the time the service is provided. Sales of these services are not material in relation to the Group's total net sales.

Geography is considered to be an important attribute when disaggregating the reportable segments's revenue. Therefore, the table below presents net sales per geographical region based on the location of the end customer.

		Fourth quarter 2023		Fourth quarter 2022
SEKm	Food & Beverage	Laundry	Total	Food & Beverage	Laundry	Total
Geographical region
Europe	1,093	737	1,830	1,060	739	1,799
Asia Pacific, Middle East and Africa	202	177	379	206	180	386
Americas	560	205	765	638	217	855
Total	1,855	1,120	2,974	1,904	1,136	3,040

	Full year 2023			Full year 2022
SEKm	Food & Beverage	Laundry	Total	Food & Beverage	Laundry	Total
Geographical region
Europe	4,414	2,804	7,218	3,993	2,435	6,429
Asia Pacific, Middle East and Africa	783	696	1,479	764	613	1,377
Americas	2,419	732	3,150	2,532	699	3,232
Total	7,616	4,231	11,848	7,290	3,747	11,037

NOTE 3 FAIR VALUES AND CARRYING AMOUNTS OF FINANCIAL ASSETS AND LIABILITIES

The Group strives for arranging master-netting agreements (ISDA) with the counterparts for derivative transactions and has established such agreements with the majority of the counterparties, i.e., if a counterparty will default, assets and liabilities will be netted. Derivative assets and liabilities are presented gross in the balance sheet.

Fair value estimation

Valuation of financial instruments at fair value is done at quoted market prices. Level 1 instruments quoted on the market, e.g., the major bond and interest-rate future markets, are all marked-to market with the current price. The foreign-exchange spot rate is used to convert the value into SEK. For level 2 instruments where no observable price is available on the market, cash flows are discounted using the deposit/swap curve of the cash flow currency. If no proper cash flow schedule is available, e.g., as in the case with forward-rate agreements, the underlying schedule is used for valuation purposes.

To the extent option instruments are used, the valuation is based on the Black & Scholes formula.

The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current market interest rate. The Group's financial assets and liabilities are measured according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included in Level 1 that are observable for assets or liabilities either directly or indirectly. Level 3: Inputs for the assets or liabilities that are not entirely based on observable market data.

			December 31, 2022
Hierarchy level	Fair value	Carrying amount	Fair value	Carrying amount
3	0	0	0	0
1	–	–	200	200
	2,863	2,863	2,926	2,926
2	29	29	152	152
	2,892	2,892	3,278	3,278
	3,696	3,670	4,893	4,872
2	40	40	54	54
	3,736	3,710	4,947	4,926
			December 31, 2023

NOTE 4 CONTINGENT LIABILITIES

SEKm	December 31 2023	December 31 2022
Group
Guarantees and other commitments	10	10

NOTE 5 DIVESTED OPERATIONS

Divested operations in 2022

As a consequence of Russia's war on Ukraine the legal entity Electrolux Professional Russia, was divested to former local management as of July 14, 2022.

A one-time cost of SEK 35m was included in the second quarter 2022 and a negative cash flow impact of SEK 35m in the third quarter.

NOTE 6 EVENTS AFTER THE BALANCE SHEET DATE

Acquisitions in 2024

Tosei Corporation

On January 10, 2024, Electrolux Professional acquired 100% of the shares in Tosei Corporation in a cash deal. The enterprise value amounted to JPY 23,006m corresponding to SEK 1,620m.

Tosei, founded in 1950, had sales of approximately SEK 940m during 2023. After synergies, the EBITA-margin is expected to be well in line with Electrolux Professional's EBITA-target of 15%. The company has approximately 340 employees and is based in Tokyo. Tosei operates one manufacturing facility in Izunokuni, Shizuoka and has six regional sales offices in Japan. The company offers washers, dryers, combined washers and dryers, tabletop vacuum machines and stationary vacuum machines under the main brands Tosei and Tospack..

The acquisition of Tosei will make Electrolux Professional into a large player in Japan, which is the second largest laundry market, and third largest foodservice market globally. In addition, Electrolux Professional will be able to expand the vacuum packing products that is already used globally in the fast-growing segment of sous-vide cooking.

Goodwill represents mainly the value of increasing Electrolux Professional's presence in Japan. Goodwill will not be deductible for income tax.

Tosei's net sales and operating income from January 1, 2024 to the completion of the deal is immaterial and will be included fully in the consolidated financial statements of Electrolux Professional in quarter one 2024.

Approximately 70% of the business will be included in the segment Laundry and 30% in Food & Beverage.

Transaction costs

Transaction costs related to the acquisition in 2023 amounted to SEK 7m and have been expensed as incurred during the acquisition process in 2023.

The costs have been reported in operating income within Group Common Costs.

Acquired operations

SEKm	2024
Tosei Corporation
Enterprise value	1,620
Less financial debt	–628
Cash paid for the acquisition	992
Recognized amounts of assets acquired and liabilities assumed
Assets less liabilties	–291
Goodwill	1,283
Total	992

The purchase price allocation is preliminary and will be subject to changes. Part of the value of goodwill will be reclassified to assets with definite useful lives, e.g. customer relationships, trademarks.

Operations by segment yearly

SEKm	2023	2022	2021	2020	2019	2018
Food & Beverage
Net sales	7,616	7,290	4,704	4,198	5,895	5,399
EBITA	766	679	299	87	568	629
EBITA, %	10.1	9.3	6.4	2.1	9.6	11.7
Operating income	620	542	244	35	522	599
Margin, %	8.1	7.4	5.2	0.8	8.9	11.1
Laundry
Net sales	4,231	3,747	3,159	3,065	3,386	3,267
EBITA	702	608	492	467	507	573
EBITA, %	16.6	16.2	15.6	15.2	15.0	17.6
Operating income	686	590	475	452	488	558
Margin, %	16.2	15.7	15.0	14.7	14.4	17.1
Group common cost
Operating income	–152	–177	–128	–100	–18	–14
Total Group
Net sales	11,848	11,037	7,862	7,263	9,281	8,666
EBITA	1,317	1,111	663	456	1,058	1,188
EBITA, %	11.1	10.1	8.4	6.3	11.4	13.7
Operating income	1,154	955	592	387	992	1,143
Margin, %	9.7	8.7	7.5	5.3	10.7	13.2

Items affecting comparability yearly

SEKm	2023	20221	2021	20202	20192	2018
Food & Beverage	–	–16	–	–55	–67	–
Laundry	–	–19	–	–22	35	–
Total Group	–	–35	–	–77	–32	–

¹⁾ Costs related to divesting the operation in Russia, included in the line item other operating income and expenses.

Six year overview

SEKm, if not otherwise stated	2023	2022	2021	2020	2019	2018
Net sales	11,848	11,037	7,862	7,263	9,281	8,666
Organic growth, %*	2.6	16.9	10.6	–21.0	–0.3	4.1
EBITA*	1,317	1,111	663	456	1,058	1,188
EBITA, %*	11.1	10.1	8.4	6.3	11.4	13.7
Operating income*	1,154	955	592	387	992	1,143
Operating margin, %*	9.7	8.7	7.5	5.3	10.7	13.2
Income after financial items	1,033	895	587	363	978	1,134
Income for the period	775	686	487	278	663	952
Items affecting comparability*	–	–35	–	–77	–32	–
Capital expenditure*	–191	–139	–159	–273	–257	–169
Operating cash flow after investments*	1,453	636	1,116	570	1,138	1,131
Earnings per share, SEK¹	2.70	2.39	1.69	0.97	2.31	3.31
Dividend per share, SEK* ¹,2	0.80	0.70	0.50	–	–	–
Net debt*	1,390	2,050	1,705	549	1,025	–226
EBITDA* 3	1,581	1,369	886	684	1,280	1,363
Net debt/EBITDA ratio*	0.9	1.5	1.9	0.8	0.8	–0.2
Operating working capital % of net sales*	18.1	16.7	14.9	19.9	17.7	16.3
Average number of shares, million¹	287.4	287.4	287.4	287.4	287.4	287.4
Number of employees, end of period	3 978	4,022	3,973	3,515	3,624	3,555

^*) Alternative performance measure

²⁾ Items affecting comparability in 2020 and in 2019 relates to restructuring charges for efficiency measures.

¹⁾ Basic number of outstanding shares

²⁾ 2023, proposed by the Board

³⁾ Rolling four quarters

CEO comments Financial First page

overview

reports

Financial Definitions

Shareholders information

Definitions

Electrolux Professional Group presents certain measures that are not defined under IFRS (alternative performance measures – "APMs"). These are used by management to assess the financial and operational performance of the Group. Management believes that these APMs provide useful information regarding the Group's financial and operating performance. Such measures may not be comparable to similar measures presented by other companies. Consequently, APMs have limitations as analytical tools and should not be considered in isolation or as a substitute for related financial measures prepared in accordance with IFRS. The APMs have been derived from the Group's internal reporting and are not audited. The APM reconciliations can be found on the Group's website www.electroluxprofessional.com/corporate/interim-reports/

APM	Definition	Reason for use
Organic growth %	Change in sales growth excluding net FX impact and acquisitions.	The Group's presentation currency is SEK while the Net sales are mainly in other currencies. Organic growth is dependent on fluctuations in SEK versus other currencies, and acquired or divested business can additionally have an impact on reported net sales. Organic growth adjusted for acquisitions and currency shows the underlying sales development without these parameters.
Acquisitions %	Change in net sales during the current period attributable to ac quired operations in relation to prior year sales, following a period of 12 months commencing the acquisition date.	See "Organic growth" above.
Divestments %	Change in net sales during the current period attributable to divested operations in relation to the prior period's sales, following a period of 12 months commencing on the divestment date.	See "Organic growth" above.
Operating income (EBIT)	Earnings before interest and tax	Used as an indicator that shows the Group's ability to make a profit, regard less of the method of financing (then determines the optimal use of debt versus equity).
Operating margin (EBIT margin)	Operating income expressed as a percentage of net sales.	Operating margin shows the operating income as a percentage of net sales. Operating margin is a key internal measure, as the Group believes that it provides users of the financial statements with a better understanding of the Group's financial performance both short and long term.
Items affecting comparability	Material profit or loss items such as capital gains and losses from divestments of product groups or major units, close down or signifi cant down-sizing of major units or activities, significant impairment, and other major costs or income items.	Summarizes events and transactions with significant effects, which are rele vant for understanding the financial performance when comparing income for the current period with previous periods.
Operating margin excluding items affecting comparability	Operating income less items affecting comparability as a percent age of net sales	Operating margin excluding items affecting comparability shows the oper ating income as a percentage of net sales adjusted for the items affecting comparability defined below. This is a key internal measure, as the Group believes that it provides users of the financial statements with a better un derstanding of the Group's financial performance both short and long term.
Capital expenditure	Investments in property, plant and equipment, product develop ment, and other intangible assets	Used to ensure that cash spending is in line with the Group's overall strategy for the use of cash.

reports

Financial Definitions

Shareholders information

APM	Definition	Reason for use
EBITA	Operating income less amortization and write-down related to intangible assets (excluding right-of-use assets).	EBITA gives an indication of the operating income less amortization and write-down related to intangible assets (excluding right-of-use assets), mainly used to follow up operating income without the impact of amortiza tion of surplus values related to acquisitions.
EBITA margin	EBITA expressed as a percentage of net sales.	Used to evaluate business performance in relation to net sales in order to measure the efficiency of the Company.
EBITA excluding items affecting comparability	Operating income less amortization and write-down related to intangible assets (excluding right-of-use assets) and less items affecting comparability.	Items affecting comparability vary between years and periods and are excluded from EBITA in order to analyze trends.
EBITA margin excluding items affecting comparability	EBITA excluding items affecting comparability, expressed as a Items affecting comparability vary between years and periods and are percentage of net sales. excluded from EBITA margin in order to analyze trends.
EBITDA	EBITA less depreciation. This is an indicator of the cash-generating capacity of the business in relation to sales.
Operating cash flow after investments	Cash flow from operations and investments adjusted for financial items paid net, taxes paid, and acquisitions/divestments of opera tions.	To monetarize the cash from core operations.
Net debt	Shows short-term borrowings (short-term loans and trade receiv ables with recourse), accrued interest expenses and prepaid interest income and long-term borrowings, lease liabilities, net provisions for post-employment benefits less liquid funds (cash and cash equiva lents, prepaid interest expenses, and accrued interest income).	Net debt describes the Group's total debt financing and is monitored by management.
Net debt/EBITDA	Net debt in relation to EBITDA (Net debt is based on the end-of period balance. EBITDA is calculated based on last four rolling quarters).	A measurement of financial risk, showing net debt in relation to cash generation.
Operating working capital, % of net sales	Sum of currency-adjusted last twelve months' average of inven tories, trade receivables, and trade payables (Operating working capital) as percentage of currency-adjusted last twelve months' average net sales. All months of the period are currency adjusted by applying the end, of-period average currency rate.	Used to evaluate how efficient the Group is in generating cash in relation to net sales.

CEO comments

Financial overview Financial reports

Definitions

Shareholders information

Mission

Making Electrolux Professional's customers' work-life easier, more profitable - and truly sustainable every day.

Financial

targets

Net sales growth Organic annual growth of more than

Profitability EBITA margin of

Asset efficiency Operating working capital below

of net sales.

Capital structure Net debt/EBITDA ratio below

over time, complemented by

value-accretive acquisitions.

Higher levels may be temporarily acceptable in the event of acquisitions, provided there is a clear path to de-leveraging.

Dividend policy

Electrolux Professional's target is for the dividend to correspond to approximately 30% of the income for the year. The timing, declaration, and number of future dividends will depend on the company's financial situation, earnings, capital requirements, and debt service obligations.

Our strategic targets

Our strategy for growth focuses on four pillars, built on a foundation of operational excellence to improve sales, productivity, and cost efficiency in the supply chain.

President and CEO Alberto Zanata's comments on the fourth quarter results 2023

Today's press release is available on the Electrolux Professional Group website www.electroluxprofessionalgroup.com

Telephone conference 09.00 CET

A telephone conference is held at 09.00 today, February 1. Alberto Zanata, President and CEO and Fabio Zarpellon, CFO will comment on the report.

Details for participation by telephone are as follows:

Participants in Sweden: +46 8 505 100 31 Participants in UK/Europe: +44 207 107 0613 Participants in US: +1 631 570 5613

Slide presentations for download:

www.electroluxprofessionalgroup.com

Link to webcast:

electrolux-professional-group.creo.se/c188ae32-3786-487e-970a-79c23914b185

For further information, please contact:

Jacob Broberg, Chief Communication & Investor Relations Officer, +46 70 190 00 33

Financial calendar

	Date
Investor Day 2024	March 13, 2024
Annual and Sustainability report 2023	March 27, 2024
Interim report Q1, January - March 2024	April 24, 2024
Annual General Meeting 2024	April 25, 2024
Interim report Q2, April - June 2024	July 19, 2024
Interim report Q3, July - September 2024	October 25, 2024

This information is information that Electrolux Professional AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed in the column above, at 07:30 a.m. CET on February 1, 2024.

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About Electrolux Professional Group

The Electrolux Professional Group is one of the leading global providers of food service, beverage, and laundry for professional users. Our innovative products and worldwide service network make our customers' work-life easier, more profitable – and truly sustainable every day. Our solutions and products are manufactured in 13 plants in eight countries and sold in over 110 countries. We have approximately 4,300 employees. In 2023, the Electrolux Professional Group had global sales of SEK 12bn. Electrolux Professional's B-shares are listed at Nasdaq Stockholm.

For more information, visit https://www.electroluxprofessionalgroup.com

This report contains 'forward-looking' statements that reflect the company's current expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations prove to have been correct as they are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors. These factors include, but are not limited to, changes in consumer demand, changes in economic, market and competitive conditions, currency fluctuations, developments in product liability litigation, changes in the regulatory environment and other government actions.

Forward-looking statements speak only as of the date they were made, and, other than as required by applicable law, the company undertakes no obligation to update any of them in light of new information or future events.