Electrolux Professional

Interim / Quarterly Report • Jan 31, 2023

Fourth quarter, October–December 2022

• Net sales amounted to SEK 3,040m (2,309). Sales increased by 31.7%. Organically sales increased by 13.4%. The acquisition of Unified Brands contributed with 10.3%. Currency had a positive effect of 9.6%, and the divestment of the Russian business had an effect of –1.7%.

• EBITA amounted to SEK 324m (164), corresponding to a margin of 10.7% (7.1).

• Operating income amounted to SEK 284m (141), corresponding to a margin of 9.3% (6.1).

• Operating cash flow after investments amounted to SEK 533m (459).

• Income for the period amounted to SEK 204m (129), and earnings per share was SEK 0.71 (0.45). Income for the year amounted to SEK 686m (487), and earnings per share was SEK 2.39 (1.69).

• The Board proposes a dividend of SEK 0.70 (0.50) per share.

Key ratios

		Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Change, %	Jan–Dec 2022	Jan–Dec 2021	Change, %
Net sales	3,040	2,309	31.7	11,037	7,862	40.4
EBITA*	324	164	97.3	1,111	663	67.4
EBITA margin, %*	10.7	7.1		10.1	8.4
Operating income*	284	141	101.9	955	592	61.5
Operating margin, %*	9.3	6.1		8.7	7.5
Income after financial items	248	151	64.6	895	587	52.3
Income for the period	204	129	58.8	686	487	40.9
Earnings per share, SEK1	0.71	0.45		2.39	1.69
Operating cash flow after investments*	533	459		636	1,116
Operating working capital % of net sales*	n/a	n/a		16.7	14.9

^*) Alternative performance measures used in this report are explained on pages 25–26.

First page

Financial overview

Financial reports

Definitions

¹⁾ Basic number of outstanding shares.

A solid fourth quarter and 2022

Alberto Zanata, President and CEO

Sales in the quarter increased organically by 13.4% compared to last year and grew 31.7% in total, including the acquired Unified Brands business, the positive impact from currency, and excluding the divestment of the Russian business. Organic sales growth was strong in all regions and the order stock remains at a healthy level.

EBITA for the fourth quarter doubled and amounted to SEK 324m (164) with a corresponding margin of 10.7% (7.1). The higher EBITA was primarily driven by price increases that now are fully compensating raw material cost increases, the contribution from Unified Brands, and increased sales of Laundry.

Operating cash flow after investments in the quarter amounted to SEK 533m (459), supported by a decrease in inventory and trade receivables. Net debt/EBITDA improved significantly and is now at 1.5, compared to 2.3 at the end of the third quarter.

Laundry was very strong with an organic sales growth of 19.4% and an EBITA margin of 18.4% (16.5). The growth was driven by continued good demand, primarily in the US and Europe. Order intake was strong.

Food & Beverage had an organic sales growth of 9.5%, with an EBITA margin of 8.5% (3.0). Although order intake for Food & Beverage was better in the fourth quarter than in the third quarter, demand in Europe remains relatively soft.

The Unified Brands acquisition in December 2021 has delivered sales growth exceeding our expectations, with an EBITA margin being accretive to the Group margin. Further opportunities for cost as well as sales synergies remain.

Electrolux Professional Group is the sustainability leader in our industry. This was again underlined when we recently achieved the highest ranking among the listed companies in our industry on both the climate change list, Carbon Disclosure Project (CDP), and the environmental, social, and corporate governance (ESG) risk rating by Sustainalytics.

In summary, 2022 has been a good year for Electrolux Professional Group despite the uncertain geopolitical situation, high inflation and component shortages. The recovery after the pandemic has continued, and we have significantly strengthened our position in Food in the US, and the Laundry segment continue to demonstrate strength. In parallel, we have also implemented a new organization that reinforces business ownership and agility in the company.

This means that we remain cautiously optimistic heading into 2023. However, as we have previously communicated, the general economic uncertainty, inflation, and negative consumer sentiment still gives reason to be careful and prepared for various scenarios.

Alberto Zanata, President and CEO First page

Message from the CEO

Financial overview

Financial reports

Definitions

Shareholders information

2022 has been a good year for Electrolux Professional Group. The recovery after the pandemic has continued, and we have significantly strengthened our position in Food in the US, and the Laundry segment continue to demonstrate strength.

Financial overview

Fourth quarter development

Net sales

Net sales for the fourth quarter amounted to SEK 3,040m (2,309), an increase of 31.7% compared to the same period last year. Organically, sales increased by 13.4%. The acquisition of Unified Brands contributed by 10.3%, currency had a positive effect of 9.6% while the divestment of the Russian operations had a negative effect of 1.7%.

The sales increase was driven by a continued comeback of the hospitality industry as well as price increases. Sales of Food & Beverage increased organically by 9.5%. Sales of Laundry increased organically by 19.4%. Organically, sales in both Europe and Americas increased approximately 14%, and by 11% in Asia-Pacific, Middle East and Africa

Changes in net sales, %	Oct-Dec 2022	Oct-Dec 2021
Organic growth*	13.4	14.2
Acquisitions*	10.3	5.1
Divestments	-1.7	-
Changes in exchange rates	9.6	_
Total	31.7	19.3

^*) Alternative performance measures used in this report are explained on pages 25–26.

Share of sales by segment, October–December 2022

Share of sales by region, October-December 2022

Operating income and EBITA

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 324m (164), corresponding to a margin of 10.7% (7.1). Operating income amounted to SEK 284m (141), corresponding to a margin of 9.3% (6.1). The higher margin was driven by the contribution from Unified Brands, and increased sales of Laundry. Price increases are now fully compensating for the increased component and raw material costs.

Sales and EBITA margin

Financial net

Net financial items amounted to SEK –36m (10). The increase in financial net is due to higher interest rates and indebtedness as a result of the acquisition of Unified Brands.

Income for the period

Income for the period amounted to SEK 204m (129), corresponding to SEK 0.71 (0.45) in earnings per share

Income tax for the period amounted to SEK –44m (–22). The tax rate for the fourth quarter was 17.9% (14.9).

Group common cost

Group common cost was SEK –47m (–30). The increase is mainly due to projects and advisory costs.

First page

Development during the year, January–December 2022

Net sales

Net sales for January–December amounted to SEK 11,037m (7,862), an increase of 40.4% compared to the same period last year. Organically, sales increased by 16.9%, acquisitions contributed by 17.2%, currency contributed by 7.1% while the divestment of the Russian operations had an effect of –0.8%.

The organic sales increase was driven by an increased demand as pandemic restrictions were eased at the beginning of the year and a comeback of the hospitality industry as well as price increases. Sales of Food & Beverage increased organically by 17.4%. Sales of Laundry increased organically by 16.2%. Sales in Europe increased by approximately 15%, in Americas by 29% excluding the acquisition of Unified Brands, and in Asia-Pacific, Middle East and Africa by 11%.

Changes in net sales, %	Jan-Dec 2022	Jan-Dec 2021
Organic growth	16.9	10.6
Acquisitions	17.2	1.4
Divestments	-0.8	-
Changes in exchange rates	7.1	-3.7
Total	40.4	8.2

Share of sales by segment, January–December 2022

Share of sales by region, January-December 2022

Operating income and EBITA

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 1,111m (663), corresponding to a margin of 10.1% (8.4). Operating income amounted to SEK 955m (592), corresponding to a margin of 8.7% (7.5). The higher operating income is due to higher sales volumes, price, and the contribution from Unified Brands. Operating income also includes SEK -35m related to the divestment of the Russian business.

Financial net

Net financial items amounted to SEK –61m (–4). The increase in financial net is due to higher interest rates and indebtedness as a result of the acquisition of Unified Brands.

Income for the period

Income for the period amounted to SEK 686m (487), corresponding to SEK 2.39 (1.69) in earnings per share. Income tax for the period amounted to SEK -209m (-101). The tax rate was 23.3% (17.1). The tax rate in 2021 was positively affected by a fiscal revaluation of assets in Italy.

Group common cost

Group common cost was SEK –177m (–128). The increase is mainly due to projects and increased employee and advisory costs.

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Segment Food & Beverage

In the fourth quarter, sales for Food & Beverage were SEK 1,904m (1,377), an increase of 38.2% compared to the same period last year. Organically sales increased by 9.5% and currency had a positive effect of 13.3%. The acquisition of Unified Brands contributed by 17.0%, while the divestment of the Russian operations had a negative impact of 1.6%.

Sales increased by approximately 12% in Europe, by 8% in Asia-Pacific, Middle East and Africa, and by 4% in Americas. Unified Brands was consolidated as of December 1, 2021, but comparing the period October–December 2021 (not part of the Group October– November), the business grew by 20% during the fourth quarter of 2022.

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 162m (41), corresponding to a margin of 8.5% (3.0).

Operating income amounted to SEK 126m (22), corresponding to a margin of 6.6% (1.6).

		Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Change, %	Jan–Dec 2022	Jan–Dec 2021	Change, %
Net sales	1,904	1,377	38.2	7,290	4,704	55.0
Organic growth, %	9.5	21.6	–	17.4	14.3	–
Acquisitions, %	17.0	9.5	–	28.3	2.5	–
Divestments, %	–1.6	–	–	–0.9	–	–
Changes in exchange rates, %	13.3	0.4	–	10.3	–4.7	–
EBITA	162	41	292.8	679	299	127.3
EBITA margin, %	8.5	3.0	–	9.3	6.4	–
Operating income	126	22	475.3	542	244	121.9
Operating margin, %	6.6	1.6	–	7.4	5.2	–

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Segment Laundry

In the fourth quarter, sales for Laundry were SEK 1,136m (932), an increase of 22.0% compared to the same period last year. Organically sales increased by 19.4% and currency had a positive effect of 4.2%, while the divestment of the Russian operations had a negative impact of 1.6%

Sales increased by approximately 35% in Americas, by 17% in Europe, and by 14% in Asia-Pacific, Middle East and Africa.

Operating income excluding amortization of intangible assets (EBITA) amounted to SEK 209m (153), corresponding to a margin of 18.4% (16.5).

Operating income amounted to SEK 205m (149), corresponding to a margin of 18.0% (16.0).

from the CEO Financial

First page

Message

overview

Financial reports

Definitions

		Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Change, %	Jan–Dec 2022	Jan–Dec 2021	Change, %
Net sales	1,136	932	22.0	3,747	3,159	18.6
Organic growth, %	19.4	5.4	–	16.2	5.5	–
Divestments, %	–1.6	–	–	–0.7	–	–
Changes in exchange rates, %	4.2	–0.5	–	3.2	–2.5	–
EBITA	209	153	36.3	608	492	23.6
EBITA margin, %	18.4	16.5	–	16.2	15.6	–
Operating income	205	149	37.3	590	475	24.2
Operating margin, %	18.0	16.0	–	15.7	15.0	–

Net sales, EBITA and operating income by segment

		Fourth quarter
SEKm	Oct–Dec 2022	Oct–Dec 2021	Full year Jan–Dec 2022	Jan–Dec 2021
Food & Beverage
Net sales	1,904	1,377	7,290	4,704
EBITA	162	41	679	299
Amortization	–36	–19	–137	–55
Operating income	126	22	542	244
Laundry
Net sales	1,136	932	3,747	3,159
EBITA	209	153	608	492
Amortization	–4	–4	–18	–17
Operating income	205	149	590	475
Group common costs
EBITA	–47	–30	–176	–127
Amortization	–0	–0	–1	–1
Operating income	–47	–30	–177	–128
Total Group
Net sales	3,040	2,309	11,037	7,862
EBITA	324	164	1,111	663
Amortization	–40	–24	–155	–72
Operating income	284	141	955	592
Financial items, net	–36	10	–61	–4
Income after financial items	248	151	895	587
Taxes	–44	–22	–209	–101
Income for the period	204	129	686	487

Cash flow

Operating cash flow after investments amounted to SEK 533m (459) in the quarter. Inventory and trade receivables decreased.

	Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Jan–Dec 2022	Jan–Dec 2021
Operating income	284	141	955	592
Depreciation	66	61	258	223
Amortization	40	24	155	72
Other non-cash items	–5	3	47	4
Operating income adjusted for non-cash items	386	229	1,416	890
Change in inventories	110	–30	–433	–139
Change in trade receivables	169	–10	–277	–216
Change in accounts payable	6	211	88	398
Change in other operating assets, liabilities and provisions	–79	136	–37	312
Operating cash flow	592	536	757	1,245
Investments in tangible and intangible assets	–76	–84	–139	–159
Changes in other investments	17	7	18	31
Operating cash flow after investments	533	459	636	1,116

Operating working capital

Inventory and trade receivables decreased in the quarter, but operating working capital as percentage of rolling 12 months net sales amounted to 16.7% in the fourth quarter compared 15.6% in the third quarter of 2022.

Operating working capital as percentage of rolling 12 months net sales

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Financial position

Net debt

As of December 31, 2022, Electrolux Professional Group had a financial net debt position (excluding lease liabilities and post-employment provisions) of SEK 1,643m compared to SEK 1,418m as of December 31, 2021. Lease liabilities amounted to SEK 304m and net provisions for post-employment benefits amounted to SEK 103m.

In total, net debt amounted to SEK 2,050m as of December 31, 2022, compared to SEK 1,705m as of December 31, 2021.

Long-term borrowings amounted to SEK 2,824m. Short-term borrowings amounted to SEK 69m. Total borrowings amounted to SEK 2,894m compared to SEK 2,268m as of December 31, 2021. Total borrowings have been negatively impacted by currency revaluation.

Liquid funds as of December 31, 2022, amounted to SEK 1,251m compared to SEK 849m as of December 31, 2021.

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 syndicated loan facility of EUR 140m with a tenure of 18 months from September 2022 with the possibility of two 6 months extensions, and a revolving credit facility of EUR 200m with a tenure until 2027. As of December 31, 2022, the revolving credit facility was unutilized.

Net debt

SEKm	Dec 31, 2022	Dec 31, 2021
Short-term loans	7	1,045
Short-term borrowings	7	1,045
Financial derivative liabilities	54	5
Accrued interest expenses and prepaid interest income	8	3
Total short-term borrowings	69	1,053
Long-term loans	2,824	1,215
Total long-term borrowings	2,824	1,215
Total borrowings¹	2,894	2,268
Cash and cash equivalents	898	836
Short-term investments	200	–
Financial derivative assets	152	13
Prepaid interest expenses and accrued interest income	1	1
Liquid funds	1,251	849
Financial net debt	1,643	1,418
Lease liabilities	304	326
Net provisions for post-employment benefits	103	–39
Net debt*	2,050	1,705
Net debt/EBITDA ratio*	1.5	1.9
EBITDA*	1,369	886

^*) Alternative performance measures used in this report are explained on pages 25–26.

First page Message from the CEO Financial overview

reports Definitions

Financial

¹⁾ Whereof interest-bearing borrowings amounting to SEK 2,832m as of December 31, 2022, and SEK 2,260m as of December 31, 2021.

Other disclosures

Conversion of shares

According to Electrolux Professional's articles of association, owners of A-shares have the right to have such shares converted to B-shares. Conversion reduces the total number of votes in the Company. 455 shares were converted in the fourth quarter. The total number of registered shares in the company on December 31, 2022 amounted to 287,397,450 of which 8,045,314 are Series A and 279,352,136 are Series B. The total number of votes amounted to 35,980,527.6.

Employees

The number of employees at the end of the quarter was 4,022 (3,973).

Events after the balance sheet day

After the end of the reporting period, no significant events have taken place that could affect the company's operations.

Annual General Meeting

The 2023 Annual General Meeting will be held on April 26, 2023 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 0.70 (0.50) per share for the 2022 financial yefar corresponding to 30% of profit 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 28, 2023 and payment is expected to be made on May 4, 2023.

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, 2022 amounted to SEK 2,963m (2,364) of which SEK 1,158m (908) referred to sales to Group Companies and SEK 1,805m (1,456) to external customers. Income after financial items was SEK 431m (519). Income for the period amounted to SEK 392m (489).

Electrolux Professional AB has in the fourth quarter impaired SEK 467m related to some of its investments in subsidiaries. The main reasons are higher discount rates as well as a change in the transfer pricing model reducing future profits in specific companies.

Capital expenditure in tangible and intangible assets was SEK 21m (42). Cash and cash equivalents at the end of the period, including short term investments, amounted to SEK 877m, as against SEK 391m in the beginning of the year.

Undistributed earnings in the Parent Company at the end of the period amounted to SEK 6,495m, as against SEK 6,263m at the beginning of the year.

The income statement and balance sheet for the Parent Company are presented on page 19.

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 31, 2022, no new material risks have been identified.

However, Russia's continued war on Ukraine, general political instability, global turmoil, uncertainty and war can impact the business environment, both in a specific country as well as globally, having impact on supply chain, transportation, demand and accessible markets.

Stockholm, January 31, 2023

Electrolux Professional AB (publ)

Board of Directors

This report has not been audited or reviewed by external auditors.

This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.

First page

Message from the CEO

Financial overview

Financial reports

Definitions

The corporate brand Electrolux Professional Group introduced

To clarify the roles of Electrolux Professional, both as a company, and a business brand, the corporate brand Electrolux Professional Group is being introduced. This will also support the development of our other brands.

The majority of sales remain under the Electrolux Professional brand, with its integrated offer of products and services across all categories, while the other brands will add "part of Electrolux Professional Group" when needed and to support the strength of being part of a larger Group.

Molteni - a century of master craftsmanship

2023 marks the celebration of a century of master craftsmanship for Molteni, the Electrolux Professional Group brand of luxury professional stoves, used by famous Michelin chefs all over the world.

Few brands in the world of professional cooking are as respected as Molteni, part of the Electrolux Professional Group. Each Molteni stove is hand-crafted and assembled in our workshop in Saint-Vallier, in the south of France.

Molteni stoves are at the heart of many of the world's most renowned restaurants and a popular choice for luxury hotels globally.

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Financial reports

Consolidated statement of total comprehensive income

	Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Jan–Dec 2022 11,037 –7,421 3,616 –1,829 –819 –13 955 –61 895 –209 686 –152 14 –138 360 223 909 686 686 909 909	Jan–Dec 2021
Net sales	3,040	2,309		7,862
Cost of goods sold	–2,072	–1,553		–5,210
Gross operating income	968	756		2,653
Selling expenses	–502	–387		–1,382
Administrative expenses	–195	–186		–652
Other operating income and expenses	14	–41		–27
Operating income	284	141		592
Financial items, net	–36	10		–4
Income after financial items	248	151		587
Taxes	–44	–22		–101
Income for the period	204	129		487
Items that will not be reclassified to income for the period:
Remeasurement of provisions for post-employment benefits	–6	71		141
Income tax relating to items that will not be reclassified	0	–9		–18
	–6	63		124
Items that may be reclassified subsequently to income for the period:
Exchange-rate differences on translation of foreign operations	–32	58		154
Other comprehensive income, net of tax	–38	121		278
Total comprehensive income for the period	166	250		764
Income for the period attributable to:
Shareholders of the Parent Company	204	129		487
Total	204	129		487
Total comprehensive income for the period attributable to:
Shareholders of the Parent Company	166	250		764
Total	166	250		764
Earnings per share, SEK
Basic, SEK	0.71	0.45	2.39	1.69
Diluted, SEK	0.71	0.45	2.39	1.69
Average number of shares
Basic, million	287.4	287.4	287.4	287.4
Diluted, million	287.4	287.4	287.4	287.4

Consolidated balance sheet

SEKm	Dec 31, 2022	Dec 31, 2021
Assets
Non-current assets
Property, plant and equipment, owned	1,577	1,486
Property, plant and equipment, right-of-use	294	318
Goodwill	3,381	3,068
Other intangible assets	997	999
Deferred tax assets	428	372
Pension plan assets	0	165
Other non-current assets	19	20
Total non-current assets	6,696	6,428
Current assets
Inventories	1,981	1,416
Trade receivables	2,028	1,625
Tax assets	70	80
Other current assets	416	225
Short-term financial assets	200	–
Cash and cash equivalents	898	836
Total current assets	5,592	4,182
Total assets	12,288	10,609
Equity and liabilities
Equity attributable to shareholders of the Parent Company
Share capital	29	29
Other paid-in capital	5	5
Other reserves	517	157
Retained earnings	3,719	3,334
Equity attributable to shareholders of the Parent Company	4,270	3,525
Total equity	4,270	3,525
Non-current liabilities
Long-term borrowings	2,824	1,215
Long-term lease liabilities	225	251
Deferred tax liabilities	116	135
Provisions for post-employment benefits	103	125
Other provisions	288	270
Total non-current liabilities	3,557	1,996
Current liabilities
Trade payables	2,040	1,814
Tax liabilities	416	429
Other liabilities	1,773	1,597
Short-term borrowings	7	1,045
Short-term lease liabilities	79	75
Other provisions	146	130
Total current liabilities	4,461	5,088

Change in consolidated equity

		Full year
SEKm	Jan–Dec 2022	Jan–Dec 2021
Opening balance	3,525	2,784
Total comprehensive income for the period	909	764
Share-based incentive program	13	7
Equity swap for share-based incentive program	–33	–30
Dividend to shareholders of the Parent Company	–144	–
Total transactions with equity holders	–164	–23
Closing balance	4,270	3,525

First page

Financial reports

Definitions

Consolidated cash flow statement

	Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Jan–Dec 2022	Jan–Dec 2021
Operations
Operating income	284	141	955	592
Depreciation and amortization	106	85	413	295
Other non-cash items	–5	3	47	4
Financial items paid, net1	–33	12	–55	–2
Taxes paid	–30	–20	–226	–141
Cash flow from operations,
excluding change in operating assets and liabilities	322	221	1,135	746
Change in operating assets and liabilities
Change in inventories	110	–30	–433	–139
Change in trade receivables	169	–10	–277	–216
Change in accounts payable	6	211	88	398
Change in other operating assets, liabilities and provisions	–79	136	–37	312
Cash flow from change in operating assets and liabilities	206	307	–660	355
Cash flow from operations	528	528	475	1,101
Investments
Acquisition of operations	–	–2,103	4	–2,103
Divestment of operations	–	–	–35	–
Capital expenditure in property, plant and equipment	–70	–82	–130	–155
Capital expenditure in other intangibles	–6	–2	–9	–4
Other	17	7	18	31
Cash flow from investments	–59	–2,180	–152	–2,231
Cash flow from operations and investments	470	–1,652	323	–1,130
Financing
Change in short-term investments, net	–200	–	–200	–
Change in short-term borrowings, net²	–243	1,041	–1,362	656
New long-term borrowings	–	615	1,534	615
Amortization of long-term borrowings	–0	–0	–0	–0
Payment of lease liabilities	–19	–19	–80	–74
Dividend	–	–	–144	–
Equity swap for share-based incentive program	–	–	–33	–30
Cash flow from financing	–463	1,637	–285	1,166
Total cash flow	7	–15	38	36
Cash and cash equivalents at beginning of period	894	852	836	797
Exchange-rate differences referring to cash and cash equivalents	–3	–1	24	3
Cash and cash equivalents at end of period	898	836	898	836

¹⁾ For the period January 1 to December 31: interest and similar items received SEK 10m (3), interest and similar items paid SEK –55m (–9) and other financial items received/paid SEK 0m (11). Interest paid for lease liabilities SEK –10m (–7).

First page

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 5,255m (1,317), repaid loans SEK –6,617m (–661).

Alternative performance measures key figures

	Fourth quarter		Full year
SEKm, if not otherwise stated	Oct–Dec 2022	Oct–Dec 2021	Jan–Dec 2022	Jan–Dec 2021
Net sales	3,040	2,309	11,037	7,862
Organic growth, %*	13.4	14.2	16.9	10.6
EBITA*	324	164	1,111	663
EBITA margin, %*	10.7	7.1	10.1	8.4
EBITA excl. items affecting comparability* ¹	324	164	1,146	663
EBITA margin excl. items affecting comparability, %* ¹	10.7	7.1	10.4	8.4
Operating income*	284	141	955	592
Operating margin, %*	9.3	6.1	8.7	7.5
Operating income excl. items affecting comparability* ¹	284	141	990	592
Operating margin excl. items affecting comparability, %* ¹	9.3	6.1	9.0	7.5
Income after financial items	248	151	895	587
Income for the period	204	129	686	487
Capital expenditure*	–76	–84	–139	–159
Operating cash flow after investments*	533	459	636	1,116
Earnings per share, SEK²	0.71	0.45	2.39	1.69
Net debt*	n/a	n/a	2,050	1,705
EBITDA* 3	n/a	n/a	1,369	886
Net debt/EBITDA ratio*	n/a	n/a	1.5	1.9
Operating working capital % of net sales*	n/a	n/a	16.7	14.9
Average number of shares, million²	287.4	287.4	287.4	287.4
Number of employees, end of period	4,022	3,973	4,022	3,973

^*) Alternative performance measures used in this report are explained on pages 25–26.

¹⁾ For information on items affecting comparability, see page 18.

²⁾ Basic number of outstanding shares.

³⁾ Rolling four quarters.

Quarterly data

SEKm	Full year, 2022	Q4, 2022	Q3, 2022	Q2, 2022	Q1, 2022	Full year, 2021	Q4, 2021	Q3, 2021	Q2, 2021	Q1, 2021
Food & Beverage
Net sales	7,290	1,904	1,840	1,949	1,597	4,704	1,377	1,211	1,210	905
EBITA	679	162	194	195	129	299	41	127	110	21
EBITA margin, %	9.3	8.5	10.5	10.0	8.1	6.4	3.0	10.5	9.1	2.3
Amortization	–137	–36	–36	–33	–33	–55	–19	–12	–12	–12
Operating income	542	126	158	162	96	244	22	115	98	9
Operating margin, %	7.4	6.6	8.6	8.3	6.0	5.2	1.6	9.5	8.1	1.0
Laundry
Net sales	3,747	1,136	942	782	887	3,159	932	723	748	756
EBITA	608	209	163	82	154	492	153	110	117	111
EBITA margin, %	16.2	18.4	17.3	10.4	17.4	15.6	16.5	15.2	15.7	14.7
Amortization	–18	–4	–4	–4	–5	–17	–4	–4	–4	–4
Operating income	590	205	158	78	149	475	149	106	113	107
Operating margin, %	15.7	18.0	16.8	9.9	16.8	15.0	16.0	14.7	15.1	14.1
Group common costs	–177	–47	–39	–44	–47	–128	–30	–39	–30	–28
Total Group
Net sales	11,037	3,040	2,782	2,731	2,484	7,862	2,309	1,935	1,958	1,661
EBITA	1,111	324	317	233	236	663	164	199	197	103
EBITA margin, %	10.1	10.7	11.4	8.5	9.5	8.4	7.1	10.3	10.1	6.2
Amortization	–155	–40	–40	–37	–37	–72	–24	–16	–16	–16
Operating income	955	284	277	196	199	592	141	183	181	88
Operating margin, %	8.7	9.3	10.0	7.2	8.0	7.5	6.1	9.5	9.2	5.3
Financial items, net	–61	–36	–22	–8	5	–4	10	–5	–5	–4
Income after financial items	895	248	255	188	203	587	151	178	176	83
Income for the period	686	204	195	132	155	487	129	135	168	55
Earnings per share, SEK¹	2.39	0.71	0.68	0.46	0.54	1.69	0.45	0.47	0.58	0.19

¹⁾ Basic number of outstanding shares.

Items affecting comparability

SEKm	Full year, 2022	Q4, 2022	Q3, 2022	Q2, 2022¹	Q1, 2022	Full year, 2021	Q4, 2021	Q3, 2021	Q2, 2021	Q1, 2021
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, 2022	Q4, 2022	Q3, 2022	Q2, 2022	Q1, 2022	Full year, 2021	Q4, 2021	Q3, 2021	Q2, 2021	Q1, 2021
Total Group
Operating income excl. items affecting comparability	990	284	277	231	199	592	141	183	181	88
Operating margin excl. items affecting comparability, %	9.0	9.3	10.0	8.5	8.0	7.5	6.1	9.5	9.2	5.3
EBITA excl. items affecting comparability	1,146	324	317	268	236	663	164	199	197	103
EBITA margin excl. items affecting comparability, %	10.4	10.7	11.4	9.8	9.5	8.4	7.1	10.3	10.1	6.2

Shares

Number of shares	A-shares	B-shares	Shares total
Number of shares as of January 1, 2022	8,047,982	279,349,468	287,397,450
Conversion of shares	–2,668	2,668	–
Number of shares as of December 31, 2022	8,045,314	279,352,136	287,397,450

Exchange rates

	Dec 31, 2022		Dec 31, 2021
SEK	Average	End of period	Average	End of period
CNY	1.50	1.51	1.33	1.42
CZK	0.4326	0.4612	0.3950	0.4111
DKK	1.43	1.50	1.36	1.38
EUR	10.63	11.12	10.15	10.24
GBP	12.45	12.54	11.78	12.21
JPY	0.0773	0.0791	0.0781	0.0785
NOK	1.05	1.06	1.00	1.03
RUB	0.1484	0.1452	0.1159	0.1207
THB	0.2881	0.3019	0.2685	0.2705
TRY	0.62	0.56	0.98	0.70
USD	10.09	10.43	8.57	9.04

^*) The end of period exchange rate, December 31, 2022, for Russian ruble it is from the data provider Millistream, all other end of period rates are from the European Central Bank.

First page

Condensed Parent company income statement

	Fourth quarter		Full year
SEKm	Oct–Dec 2022	Oct–Dec 2021	Jan–Dec 2022	Jan–Dec 2021
Net sales	964	700	2,963	2,364
Cost of goods sold	–666	–516	–2,078	–1,691
Gross operating income	298	184	885	673
Selling expenses	–112	–97	–405	–349
Administrative expenses	–38	–28	–222	–185
Other operating income and expenses	–12	8	–20	11
Operating income	136	67	238	150
Financial Income and expenses	270	285	660	369
Impairment of shares in subsidiaries	–467	–	–467	–
Financial items, net	–197	285	193	369
Income after financial items	–61	352	431	519
Appropriations	12	5	12	5
Income before taxes	–49	357	443	524
Taxes	–21	–20	–51	–35
Income for the period	–70	337	392	489

Condensed Parent company balance sheet

SEKm	Dec 31, 2022	Dec 31, 2021
Assets
Non–current assets	9,104	9,281
Current assets	2,525	1,534
Total assets	11,629	10,815
Equity and liabilities
Restricted equity	40	44
Non–restricted equity	6,495	6,263
Total equity	6,535	6,307
Untaxed reserves	97	108
Provisions	104	95
Non–current liabilities	2,824	1,215
Current liabilities	2,069	3,090
Total equity and liabilities	11,629	10,815

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 2021.

Turkey is regarded as a hyperinflation economy and accordingly the Group has analysed if hyperinflation accounting in accordance with IAS 29 should be applied. Considering that Turkey corresponds to less than 1% of the Group's total assets, the effect has been considered as immaterial.

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 and the accounting standard RFR 2, accounting for legal entities. 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 Group's revenue. Therefore, the table below presents net sales per geographical region based on the location of the end customer.

		Fourth quarter	Full year
SEKm	Oct–Dec 2022*	Oct–Dec 2021	Jan–Dec 2022*	Jan–Dec 2021
Geographical region
Europe	1,799	1,523	6,429	5,416
Asia-Pacific, Middle East and Africa	386	330	1,377	1,164
Americas	855	456	3,232	1,282
Total	3,040	2,309	11,037	7,862

^*) Includes sales from Unified Brands which was acquired in December 2021.

First page

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

		Dec 31, 2022		Dec 31, 2021
SEKm	Hierarchy level	Fair value	Carrying amount	Fair value	Carrying amount
Per category
Financial assets at fair value through profit and loss	3	0	0	0	0
Financial assets at fair value through profit and loss	1	200	200	–	–
Financial assets measured at amortized cost		2,926	2,926	2,461	2,461
Derivatives, financial assets at fair value through profit and loss	2	152	152	13	13
Total financial assets		3,278	3,278	2,474	2,474
Financial liabilities measured at amortized cost		4,893	4,872	4,072	4,073
Derivatives, financial liabilities at fair value through profit and loss	2	54	54	5	5
Total financial liabilities		4,947	4,926	4,077	4,078

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. Derivatives are presented gross in the balance sheet.

Fair value estimation

Instruments which are quoted on the market, e.g., the major bond and interest-rate future markets, are all mark-to-market with the current price. The foreign-exchange spot rate is used to convert the value into SEK. For 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 marketinterest rate for similar financial instruments. 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.

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Shareholders information

NOTE 4 CONTINGENT LIABILITIES

SEKm	Dec 31, 2022	Dec 31, 2021
Group
Guarantees and other commitments	10	9

NOTE 5 COVID-19 AND RUSSIA'S WAR ON UKRAINE

Covid-19

As of December 31, 2022 the amount of government grants and assistance, related to covid-19, recognized in profit or loss is SEK 0m (10) for the quarter and SEK 0m (45) year to date. The government grants received in 2021 refers mainly to shortterm furlough of personnel.

Russia's war on Ukraine

The Group concluded that business continuity in Russia, under the current circumstances, is no longer feasible. As a consequence of this the legal entity Electrolux Professional Russia, was divested to former local management as of July 14, 2022.

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

NOTE 6 ACQUIRED OPERATIONS

Acquisitions

During the first quarter of 2022, an adjustment of the purchase price for Unified Brands was agreed with the seller. The amount was SEK 3.6m and has decreased the recognised goodwill. The cash was received in the second quarter 2022. Additional adjustment to the opening balance has been made during quarter four reducing goodwill by SEK 69m.

Acquisitions in 2021

For acquisitions in 2021 see note 6 in the Year-end report and note 25 in the Annual Report 2021.

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Operations by segment yearly

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

Items affecting comparability yearly

SEKm	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.

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

Five year overview

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

^*) Alternative performance measure

¹⁾ Basic number of outstanding shares.

^{2) 2022,} proposed by the Board.

³⁾ Rolling four quarters.

Definitions

Definitions and reconciliation of alternative performance measures

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, acquisitions and divestments.	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 curren cies and in addition acquired or divested business can have an impact on reported net sales. Organic growth adjusted for ac quisitions, divestments and currency shows the underlying sales development without these parameters.
Acquisitions %	Change in net sales during the current period attributable to acquired operation in relation to prior period's sales, following a period of 12 months commencing on the acquisition date.	See "Organic growth" above.
Divestments %	Change in net sales during the current period attributable to divested operation in relation to 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 as a percentage of net sales.	Operating margin shows the operating income in percentage of net sales. Operat ing margin is a key internal measure as the Group believes that it provides users of the financial statements with a better under standing of the Group's financial perfor mance 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 significant down-sizing of major units or activities, larger cost saving programs, significant impairment, and other major costs or income items.	Summarizes events and transactions with significant effects, which are relevant for understanding the financial performance when comparing income for the current period with previous periods.
Operating income excluding items affecting comparability	Operating income less items affecting comparability.	Operating income excluding items affect ing comparability shows the operating income adjusted for items affecting com parability. This 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.

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APM	Definition	Reason for use
Operating margin excluding items affecting comparability	Operating income excluding items affect ing comparability as a percentage of net sales.	Operating margin excluding items affecting comparability shows the operating income in percentage of net sales adjusted for items affecting comparability. This is a key internal measure, as the Group believes that it provides users of the financial state ments with a better understanding of the Group's financial performance both short and long term.
Capital expenditure	Investments in property, plant and equip ment, product development and other intangible assets.	Used to ensure that cash spending is in line with Group's overall strategy for the use of cash.
EBITA	Operating income less amortization and write-down related to intangibles assets (excluding right of use assets).	EBITA gives an indication of the operating income less amortization and write-down related to intangibles assets (excluding right of use assets) and is mainly used to follow up operating income without the distortion of amortization 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.
EBITDA	EBITA less depreciation of tangible assets (including right of use assets).	EBITDA is an indicator for business' cash generating capacity in relation to sales.
EBITA excluding items affecting comparability	Operating income less amortization and write-down related to intangibles assets (excluding right of use assets) and less items affecting comparability.	Items affecting comparability vary between years and periods and in order to analyze trends items affecting comparability are excluded from EBITA.
EBITA margin excluding items affecting comparability	EBITA excluding items affecting compa rability, expressed as a percentage of net sales.	Items affecting comparability vary between years and periods and in order to analyse trends, items affecting comparability are excluded from EBITA margin.
Operating cash flow after investments	Cash flow from operations and investments adjusted for financial items paid, net, taxes paid and acquisitions/divestments of operations.	Used to monetarize the cash from core operation.
Net debt	Short-term borrowings (short-term loans and trade receivables with recourse), accrued interest expenses and prepaid interest income and long-term borrowings, lease liabilities, net provisions for post-em ployment benefits, less liquid funds (cash and cash equivalents, prepaid interest expenses and accrued interest income).	Net debt describes the Group's total debt financing and is monitored by manage ment.
Net debt/EBITDA	Net debt in relation to EBITDA (Net debt is based on the end of period balance and 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 trade receivables, trade payables and inventories (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 generating cash in relation to net sales.

First page

Shareholders information

President and CEO Alberto Zanata's comments on the fourth quarter results 2022

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

Telephone conference 09.00 CET

A telephone conference is held at 09.00 today, January 31. 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.electroluxprofessional.com/corporate

Link to webcast:

https://electroluxprofessional.creo.se/230131

For further information, please contact:

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

Financial calendar	Date
Year-end report 2022	January 31, 2023
Interim report Q1 2023	April 25, 2023
Annual General Meeting	April 26, 2023
Interim report Q2 2023	July 21, 2023
Interim report Q3 2023	October 27, 2023

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 to the left, at 8:00 a.m. CET on January 31, 2023.

Mission

Making Electrolux Professional's customers' worklife easier, more profitable – and truly sustainable every day.

Strategy

Electrolux Professional's strategy focuses on four pillars, built on a foundation of operational excellence to improve sales productivity and cost efficiency within the supply chain.

GROW the business by developing sustainable, innovative low-running cost solutions: Set the pace of industry innovation in sustainability and energy efficiency, complemented with a connected and digital platform meeting customers' needs.

EXPAND in food service chains, especially in North America, grow in beverage and expand in emerging markets: Increase the global footprint and market position in selected industry verticals organically and through selective M&A as a further accelerator.

BOOST Customer Care (aftermarket sales) by further developing the global service network and competence as a full-service provider while increasing sales of accessories and consumables to enhance product performance and ownership experience.

LEVERAGE the OnE approach: Strengthen the position as a full-solution provider within food, beverage and laundry to cater for all customers' needs under one global brand and make customers' lives easier in a world of connected appliances.

Financial targets

Organic sales growth

Organic annual growth of more than 4 percent over time, complemented by value accretive acquisitions.

EBITA margin

EBITA margin of 15 percent.

Operating working capital

Operating working capital below 15 percent of net sales.

Net debt/EBITDA

Leverage ratio below 2.5x Net debt/EBITDA. Higher levels may be temporarily acceptable in case of acquisitions, provided a clear path to deleveraging.

Dividend policy

30 percent of net income.

First page

Message from the CEO

Financial overview

Financial reports

Definitions

Shareholders information

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 12 plants in seven countries and sold in over 110 countries. In 2022, the Electrolux Professional Group had global sales of SEK 11bn and approximately 4,000 employees. Electrolux Professional's B-shares are listed at Nasdaq Stockholm. For more information, visithttps://www.electroluxprofessional.com/corporate

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.

Electrolux Professional AB (publ), 556003-0354 Postal and visiting address: Franzéngatan 6, SE-112 51 Stockholm, Sweden Telephone: +46 8 41056450

Website: www.electroluxprofessional.com/corporate