Electrolux — Earnings Release 2024

Jul 19, 2024

• Net sales amounted to SEK 33,819m (32,653). Organic sales increased by 6.8% driven by higher volumes in all business areas while price was negative. Despite challenging market conditions, mix improved supported by the new modularized platforms and attractive product offering.
• Operating income amounted to SEK 419m (-124), corresponding to a margin of 1.2% (-0.4). Excluding nonrecurring items, earnings were SEK 519m in the second quarter 2023. Higher volumes and improved mix partly offset negative price. Cost efficiency contributed SEK 0.3bn to earnings.
• Group operating income improved by more than SEK 1bn compared to the first quarter 2024, with a significant reduction of the loss in North America.
• Latin America developed strongly with a high organic sales growth and a rolling 12-months operating margin of 7%.
• Continued weak market in Europe driven by built-in kitchen categories.
• Income for the period amounted to SEK -80m (-648) and earnings per share were SEK -0.30 (-2.40).
• Operating cash flow after investments was SEK 1,226m (3,137), with the second quarter 2024 reflecting a normal seasonal pattern.

Financial overview

				Six months	Six months
SEKM	Q2 2024	Q2 2023	Change, %	2024	2023	Change, %
Net sales	33,819	32,653	4	64,896	65,388	-1
Sales growth, %¹	6.8	-8.8		1.4	-4.1
Organic growth, %	6.8	-8.4		1.4	-3.3
Divestments, %	-	-0.5		-	-0.8
Changes in exchange rates, %	-3.2	5.6		-2.2	6.5
Operating income²	419	-124	n.m.	-301	-380	21
Operating margin, %	1.2	-0.4		-0.5	-0.6
Income after financial items	-112	-630	82	-1,391	-1,400	1
Income for the period	-80	-648	88	-1,309	-1,237	-6
Earnings per share, SEK³	-0.30	-2.40	88	-4.85	-4.58	-6
Return on net assets, %	-	-		-1.5	-1.7
Net debt/EBITDA	-	-		5.2	4.9
Operating cash flow after investments	1,226	3,137		-1,460	-1,955

1 Changes in net sales adjusted for currency translation effects. 2 Operating income in the second quarter 2023 included a non-recurring item of SEK -643m, referring to a provision mainly related to a French antitrust case. For non-recurring items see page 22. 3 Basic.

For definitions, see pages 29-30. Note: n.m. (not meaningful) is used when the calculated number is considered not relevant.

President and CEO Jonas Samuelson's comment

While consumer demand in our main markets remained mixed in the second quarter, our products were well received by consumers. We outperformed the market in Europe and North America and continued to drive a positive mix with quarterly sales growth of 7%, year-over-year. Operating profit improved sequentially by more than SEK 1bn in the second quarter and, with an EBIT of SEK 419m, we returned to profit for the Group. Operating cash flow was positive at SEK 1.2bn and liquidity remains strong.

Latin America continued to deliver strong results, with the rolling 12-month EBIT margin reaching 7% in the second quarter. Earnings in Europe, Asia-Pacific, Middle East and Africa declined with subdued consumer spending in Europe where market demand was predominantly replacement driven. The operating loss in North America was significantly reduced compared to the first quarter, and we are making good progress in our efforts to return to profitability. The ramp-up of production in the new cooking factory in Springfield continued as planned with improved production output and productivity in the quarter. I am very pleased with the reception of our products in the market. The cooking products produced in Springfield contributed to a record-high consumer star rating overall of 4.6 out of 5 in North America, with industry leading ratings in all key categories. Our ability to continue generating a positive mix, and stabilizing net price sequentially, in this challenging market environment shows that our focus to strengthen our position in the mid- and premium categories continues to be effective.

Market conditions in the second quarter remained similar to the most recent quarters, with the cumulative effect of high inflation and high interest rates continuing to weigh on consumer sentiment. The exception was Brazil, where the improved consumer sentiment supports demand. In general, inflation has been somewhat more sticky than anticipated, continuing to weigh on discretionary spend. This has slightly delayed the anticipated improvement in demand, particularly in Europe. Hence, we have revised the outlook for market demand in "Europe, Asia-Pacific" in full year 2024 from neutral to negative. In Europe, housing construction and kitchen remodeling remain at very subdued levels, while replacement market demand has stabilized, with high promotional intensity. Demand in North America has been stable year to date, supported by the aggressive pricing environment, despite weak housing markets.

Price was negative during the first half of 2024, with price pressure in North America reflecting the lower price levels established in late 2023, and high promotional activity in other markets. As previously communicated, we expect price to be negative for full year 2024, also impacting the second half negatively. However, we anticipate the promotional intensity in North America to continue to stabilize sequentially throughout the year.

We continue to execute on the cost-reduction activities with significant cost benefits expected to impact the second half of the year. Increased investments in marketing to capitalize on the momentum of our attractive product offering are yielding

good returns and, as in the second quarter, we project to increase investments in Innovation and marketing in the second half of 2024. Ocean freight rates have increased recently, and taking this headwind from logistics costs into account, we are now targeting cost savings of approximately SEK 4bn in 2024, excluding investments in Innovation and marketing.

On the product side we are currently introducing a new smart laundry range aimed at improving clothing longevity and reducing the use of resources, where selected models have an energy rating above A – the highest energy class in the EU. This is one example of our actions toward meeting our new science-based targets for 2030, where an important part is to reduce scope 3 emissions by 42% between 2021 and 2030.

We are making progress on our strategic divestment initiatives of non-core assets, and as announced after closing of the second quarter, on July 18, 2024, we have agreed to divest the water heater business in South Africa for an enterprise value of approximately SEK 1.4bn. This is in line with our sharpened strategic focus on the mid- and premium segments, primarily under our main brands Electrolux, AEG and Frigidaire.

Looking ahead we aim to leverage further on the leaner and more simplified organization, continue to execute on our ambitious cost-reduction targets, and focus on our main brands to strengthen our position in selected mid- and premium categories as consumer demand in our main markets starts to recover. These are our key priorities to continue restoring margins and return to profitable growth.

Outlook

Market outlook,
units year-over-year¹	FY 2024	Previous outlook for FY 2024⁸
Europe, Asia-Pacific³	Negative	Neutral
North America	Neutral	Neutral
Latin America	Positive	Neutral/Positive
Business outlook², year-over-year	FY 2024	Previous outlook for FY 2024⁸
Volume/price/mix⁴	Negative, driven by price partly offset by growth in focus categories	Negative, driven by price partly offset by growth in focus categories
Investments in consumer experience innovation and marketing⁵	Negative, increased investments	Positive SEK 4-5bn, combined
Cost efficiency⁶	Positive approximately SEK 4bn
External factors⁷	Positive	Positive
Capital expenditure	SEK 5-6bn	SEK 5-6bn

¹ Electrolux estimates for industry shipments of core appliances. ² Business outlook range: Positive – Neutral – Negative, in terms of impact on earnings. 3 Asia-Pacific includes Australia, New Zealand and Southeast Asia. 4 Excludes currency related price increases in Argentina and Egypt, which is included in External factors. The reported organic sales growth, however, includes price in Argentina and Egypt. 5 Comprise costs of R&D, marketing/brand, connectivity, CRM, aftermarket sales capability etc. 6 Efficiencies in variable costs (excl. raw material, energy, trade tariffs and labor cost inflation >2%) and structural costs (excl. consumer experience innovation and marketing). 7 Comprise raw material costs, energy costs, trade tariffs, direct and indirect currency impact and labor cost inflation >2% as well as the net effect of currency development including pricing adjustments in Argentina and Egypt. 8 Published on April 26, 2024. Note: Business outlook in the above table excludes non-recurring items. Market and business outlook assume no significant additional impact from the global geopolitical situation.

Summary of the second quarter

				Six months	Six months		Full year
SEKM	Q2 2024	Q2 2023	Change, %	2024	2023	Change, %	2023
Net sales	33,819	32,653	4	64,896	65,388	-1	134,451
Operating income
Europe, Asia-Pacific, Middle East and
Africa	235	-146	260	473	-64	839	-1,141
North America	-369	-160	-130	-1,573	-599	-162	-2,341
Latin America	623	333	87	1,028	570	80	1,624
Other, Group common costs, etc.	-70	-150	53	-228	-287	20	-1,129
Total	419	-124	438	-301	-380	21	-2,988
Operating margin, %	1.2	-0.4		-0.5	-0.6		-2.2
Operating margin excl. non-recurring
items, %¹	1.2	1.6		-0.5	1.3		0.3

¹ For information on non-recurring items, see page 22.

Note: n.m. (not meaningful) is used when the calculated number is considered not relevant.

Net sales

Sales increased by 6.8% in the quarter, excluding currency translation effects. Organic sales increased by 6.8%, mainly driven by higher volumes but also positive mix in all the Group's business areas, supported by the attractive product offering. Market demand varied between regions. Organic growth was strong in Latin America, where consumer demand increased in Brazil. In Europe, market demand declined, with continued weakness in the for the Group important built-in kitchen category. Price was negative for the Group, partly as a consequence of weak consumer demand in Europe and the gradual resolution of supply chain constraints during 2023. In the U.S. price pressure was particularly evident in refrigeration, which is a key category for business area North America. Promotional activity increased year-over-year. Aftermarket sales increased year-over-year.

Operating income

Operating income amounted to SEK 419m (-124),

corresponding to a margin of 1.2% (-0.4). Operating income in the second quarter 2023 included a negative non-recurring item of SEK -643m, see page 22. The negative impact on earnings from lower price year-over-year was partly offset by

1 Operating income (EBIT) excluding non-recurring items, all numbers are rounded.

² Currency related price increases in Argentina and Egypt moved to External factors. 3 Investments in consumer experience innovation and marketing.

For more information on definitions, see page 3 under Business Outlook.

increased volumes and positive mix, driven by the continued focus on growth in high value categories. Operating income increased significantly in business area Latin America. In Europe, Asia-Pacific, Middle East and Africa operating income declined. Business area North America posted a loss of SEK -369m (-160), however a substantial improvement compared to the first quarter. Cost reduction activities contributed to a positive earnings effect from Cost efficiency of approximately SEK 0.3bn, year-over-year. Investments increased in Innovation and marketing to support the Group's strong product range, reflected in higher sales volumes and continued mix improvement. Lower raw material cost more than offset negative currency effects and labor cost inflation.

Financial net

Net financial items amounted to SEK -531m (-507). The change was mainly a result of higher interest rates and higher gross debt levels.

Income for the period

Income for the period amounted to SEK -80m (-648), corresponding to SEK -0.30 (-2.40) in earnings per share.

EBIT margin – 12 months is excluding non-recurring items, see page 22.

First half of 2024

Sales growth was 1.4% in the first half, excluding currency translation effects. Organic sales grew by 1.4%. Volumes increased slightly and the attractive product offering contributed to a positive mix despite challenging conditions in the main markets. Price was negative due to lower market price levels and increased promotions compared to the first half last year.

Operating income amounted to SEK -301m (-380), corresponding to a margin of -0.5% (-0.6). The first half of 2023 included non-recuring items of SEK -1,204m, see page 22. The decline in earnings excluding non-recurring items was primarily due to negative price. Cost reduction measures contributed to a positive effect of approximately SEK 0.8bn from cost efficiency. Investments in innovation and marketing increased. The impact from external factors was positive.

Income for the period amounted to SEK -1,309m (-1,237), corresponding to SEK -4.85 (-4.58) in earnings per share.

Market overview

In the second quarter, and first half of the year, overall market demand in Europe decreased year-over-year, driven by Western Europe. Demand was particularly weak within the built-in kitchen category as a result of low residential construction and remodeling activity. In the U.S., overall market demand was relatively stable in the first half of the year. In the second quarter market demand increased slightly. For more information about the markets, please see the Business areas section.

*Units year-over-year, %.

Sources: Europe: Electrolux estimate, excluding Russia. US: AHAM. For definitions see below. For other markets, there are no comprehensive market statistics.

Industry shipment of appliances

			Six months	Six months
Europe, units, year-over-year,%*	Q2 2024	Q2 2023	2024	2023	Full year 2023
Western Europe	-3	-12	-5	-11	-9
Eastern Europe	0	-13	0	-16	-9
Total Europe	-3	-12	-4	-12	-9

*Source: Electrolux estimates for core appliances. Europe and Eastern Europe exclude Turkey and Russia. Core appliances include: Refrigerators, Freezers, Washing machines, Tumble dryers, Free-standing Cookers, Built-in Ovens, Built-in Hobs, Hoods and Dishwashers.

			Six months	Six months
U.S., units, year-over-year, %*	Q2 2024	Q2 2023	2024	2023	Full year 2023
Core appliances	4	0	-1	0	2

*Source: Based on the AHAM Factory Shipment Report. Q2 2024 is a comparison of weeks between March 31, 2024 – June 29, 2024 vs April 2, 2023 – July 1, 2023. Core appliances include AHAM 6 (Washers, Dryers, Dishwashers, Refrigerators, Freezers, Ranges and Ovens) and Cooktops. AHAM data for 2023 has been restated.

Business areas

Europe, Asia-Pacific, Middle East and Africa

• Continued weak market in Europe driven by built-in kitchen categories
• Electrolux and AEG outperformed the market in Europe, with positive mix
• Strong focus on cost efficiency

Market demand in Europe declined in the quarter and was down 3% year-over-year. Demand decline by 3% in Western Europe and was largely unchanged in Eastern Europe. Compared to the second quarter of 2019, demand in Europe decreased by 11%, a similar decline as seen in recent quarters compared to 2019. In Asia-Pacific, consumer demand is estimated to have increased slightly year-over-year. In Europe, consumer confidence levels, while slightly improved, remained low, negatively impacted by the cumulative effects of inflationary pressure, higher interest rates, and geopolitical tensions. Subdued purchasing power continued to result in consumers shifting to lower price points and postponing purchases in discretionary categories. Weak residential construction and remodeling activity continued to have a significant negative impact on demand within the European built-in kitchen category. Promotional activity increased yearover-year across the region, as a high share of volume is replacement driven.

The business area reported an organic sales decline of -0.4%. Despite challenging market conditions, volumes increased slightly and mix improved, mainly through the clear focus on premium brands and higher-value product categories. The decline in market demand continued to negatively affect especially built-in kitchen products, a key segment to the business area. Together with predominantly replacement driven demand, this contributed to increased promotions and negative price year-over-year. In the second quarter last year, sales benefited from previous price increases.

Operating income excluding non-recurring items decreased year-over-year to SEK 235m, due to negative price. Improved mix contributed positively to earnings, supported by the attractive product offering. The impact from cost efficiency was slightly positive and as previously communicated, the simplified organizational structure and expanded cost reduction efforts will bring further benefits in the second half of 2024. Lower raw material costs more than offset negative currency effects and labor cost inflation.

EBIT margin – 12 months is excluding non-recurring items, see pages 22 and 28.

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024	2023	Full year 2023
Net sales	14,181	14,500	28,540	29,535	60,458
Organic growth, %	-0.4	-10.8	-2.2	-8.0	-8.0
Divestments, %	-	-1.0	-	-1.6	-0.7
Operating income	235	-146	473	-64	-1,141
Operating margin,%	1.7	-1.0	1.7	-0.2	-1.9
Operating income excl. non-recurring items	235	497	473	1,140	1,887
Operating margin excl. non-recurring items, %¹	1.7	3.4	1.7	3.9	3.1

1 For non-recurring items, see page 22.

North America

• Market demand relatively stable
• Volumes and mix partly offset negative price on EBIT
• Operating loss reduced by SEK 0.8bn sequentially

Market demand for core appliances in the U.S. decreased by 1% in terms of units for the first half of the year, a relatively stable development overall but with variations between quarters. In the second quarter market demand increased by 4%. Sequentially, market price levels were largely unchanged at the lower levels established in the latter part of 2023. The lower market price levels have been enabled by input cost discrepancies between North America and certain parts of Asia, particularly in refrigeration. The cumulative effects of high inflationary pressure and high interest rates continue to negatively impact consumer sentiment, although purchasing power of the US consumer remains relatively resilient.

The business area reported an organic sales increase of 4.7%, mainly driven by higher volumes while price was negative and promotions increased year-over-year. Mix was positive, supported by the attractive product offering and the focus on growth in high-value categories. With industry leading ratings in all key categories, the business area reached its highest consumer star rating to date of 4.6 on a five-point scale.

The business area reported an operating loss of SEK -369m. The main driver behind the loss was price pressure year-over-year, particularly in refrigeration, which is a key category for the business area. The negative effect from price was partly offset by the positive mix and increased volumes supported by increased investments in marketing. The operating loss narrowed significantly compared to the first quarter and cost reduction efforts continued. While the rampup of the new cooking factory in Springfield resulted in some production inefficiencies, productivity improved compared to the previous quarter. Production output and efficiency is expected to be normalized by the end of 2024. External factors had a positive impact on earnings, partly driven by lower raw material costs.

EBIT margin – 12 months is excluding non-recurring items, see pages 22 and 28.

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024		2023 Full year 2023
Net sales	11,728	11,238	21,679	22,742	45,072
Organic growth, %	4.7	-12.3	-4.4	-4.7	-8.4
Operating income	-369	-160	-1,573	-599	-2,341
Operating margin,%	-3.1	-1.4	-7.3	-2.6	-5.2
Operating income excl. non-recurring items	-369	-160	-1,573	-599	-2,489
Operating margin excl. non-recurring items, %¹	-3.1	-1.4	-7.3	-2.6	-5.5

1 For information on non-recurring items, see page 22.

Latin America

• High consumer demand in Brazil
• Strong organic growth driven by Brazil
• Rolling 12-months EBIT margin at 7%

During the quarter, consumer demand for core appliances is estimated to have increased in the region, driven by Brazil where higher consumer confidence supported growth in demand and warm weather benefited particularly refrigeration and air care products. In Argentina, consumer demand decreased significantly as a result of the economic recession and low consumer spending. In Chile consumer demand increased.

The business area reported an organic sales increase of 26.6%, mainly driven by higher volumes in Brazil. Price was slightly negative year-over-year while price increases in Argentina had a positive impact. Mix was slightly positive. Aftermarket sales continued to develop strongly.

Operating income significantly increased year-over-year, mainly driven by the high organic sales growth. Cost efficiency contributed positively to earnings. Lower raw material costs contributed to slightly positive external factors while negative currency effects increased towards the end of the quarter due to the weakening of the Brazilian Real. Investments increased in brand building activities and consumer direct capabilities.

EBIT margin – 12 months is excluding non-recurring items, see pages 22 and 28.

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024		2023 Full year 2023
Net sales	7,910	6,915	14,677	13,111	28,920
Organic growth, %	26.6	5.6	20.9	12.3	15.2
Operating income	623	333	1,028	570	1,624
Operating margin, %	7.9	4.8	7.0	4.3	5.6
Operating income excl. non-recurring items	623	333	1,028	570	1,675
Operating margin excl. non-recurring items, %¹	7.9	4.8	7.0	4.3	5.8

1 For information on non-recurring items, see page 22.

Cash flow

Operating cash flow after investments amounted to SEK 1,226m (3,137) in the quarter reflecting a continued normalization of the seasonal pattern for working capital. Operating working capital as of June 30, 2024, amounted to SEK 6,495m (10,141), corresponding to 5.1% (7.5) of annualized net sales. In the second quarter 2023 a reduction of inventories, after the build-up during the pandemic, coupled with a contribution of SEK 0.9bn from finalization of a terminated US pension plan contributed to the cash flow.

Operating cash flow after investments in the first half of 2024 amounted to SEK -1,460m (-1,955).

OPERATING CASH FLOW AFTER INVESTMENTS

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024	2023	Full year 2023
Operating income adjusted for non-cash items¹	1,994	2,180	2,901	3,990	6,825
Change in operating assets and liabilities	487	2,255	-2,048	-3,544	597
Operating cash flow	2,480	4,436	853	446	7,422
Investments in tangible and intangible assets	-1,047	-1,265	-2,039	-2,396	-5,699
Changes in other investments	-207	-33	-274	-5	1,341
Operating cash flow after investments	1,226	3,137	-1,460	-1,955	3,064
Operating cash flow after structural changes	1,226	3,137	-1,460	-1,955	3,064
Financial items paid, net²	-451	-543	-786	-893	-2,039
Taxes paid	-637	-348	-907	-554	-1,380
Cash flow from operations and investments	138	2,246	-3,153	-3,402	-355
Payment of lease liabilities	-279	-269	-559	-499	-1,111
Dividend	-	-	-	-	-
Share-based payments	26	-	26	17	17
Total cash flow, excluding changes in loans and
short–term investments	-115	1,977	-3,685	-3,885	-1,449

¹ Operating income adjusted for depreciation, amortization and other non-cash items.

² For the period January 1 to June 30: interest and similar items received SEK 252m (141), interest and similar items paid SEK -813m (-997) and other financial items received/paid SEK -225m (-38).

Financial position

Net debt

As of June 30, 2024, Electrolux had a financial net debt (excluding lease liabilities and post-employment provisions) of SEK 24,998m, compared to the financial net debt of SEK 24,334m as of June 30, 2023 and SEK 20,871m as of December 31, 2023. Net provisions for post-employment benefits amounted to a deficit of SEK 79m and lease liabilities amounted to SEK 4,664m as of June 30, 2024. In total, net debt amounted to SEK 29,741m, an increase of SEK 3,515m compared to SEK 26,226m per December 31, 2023, but almost in line with June 30, 2023, of SEK 29,883m.

Long-term borrowings and long-term borrowings with maturities within 12 months amounted to a total of SEK 37,247m as of June 30, 2024, with an average maturity of 3.3 years, compared to SEK 33,276m and 3.5 years at the end of 2023.

In the second quarter, amortization of long-term borrowings amounted to SEK 67m and a total of SEK 2,280m of new long-term debt was issued. In June, Electrolux issued bonds of SEK 1,000m and NOK 1,300m respectively, all under the Electrolux Euro Medium Term Note (EMTN) program. In June Electrolux signed a USD 150m eight-year sustainabilitylinked loan facility with the Nordic Investment Bank. The interest rate margin on the loan is linked to the Group's science-based targets. During the remaining part of 2024, long-term borrowings amounting to approximately SEK 3,400m, will mature. For more information see www.electroluxgroup.com.

Liquid funds as of June 30, 2024, amounted to SEK 15,478m, a decrease of SEK 191m compared to SEK 15,669m as of December 31, 2023. Total liquidity, including the revolving credit facilities, amounted to SEK 32,837m compared to SEK 32,765m as of December 31, 2023. In May, one of the SEK 3,000m revolving credit facilities was extended to 2026.

Net debt/EBITDA was 5.2 (4.9) and return on equity was -24.2% (-15.0).

Working capital and net assets

Working capital as of June 30, 2024, amounted to SEK -15,865m (-10,385), corresponding to -12.4% (-7.7) of annualized net sales. Operating working capital amounted to SEK 6,495m (10,141), corresponding to 5.1% (7.5) of annualized net sales, see page 24.

Average net assets as of June 30, 2024, amounted to SEK 39,495m (44,473), corresponding to 30.4% (34.0) of annualized net sales. Net assets as of June 30, 2024, amounted to SEK 39,942m (47,069).

Return on net assets was -1.5% (-1.7).

Net debt

SEKM	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Short-term loans	2,592	6,886	2,864
Short-term part of long-term loans	5,612	1,141	4,476
Trade receivables with recourse	31	17	48
Short-term borrowings	8,235	8,044	7,388
Financial derivative liabilities	263	451	253
Accrued interest expenses and prepaid interest income	528	371	285
Total short-term borrowings	9,026	8,865	7,925
Long-term borrowings	31,635	28,515	28,800
Total borrowings¹	40,661	37,380	36,725
Long-term financial receivables	185	185	185
Cash and cash equivalents	15,024	12,545	15,331
Short-term investments	168	170	167
Financial derivative assets	264	124	155
Prepaid interest expenses and accrued interest income	21	22	17
Liquid funds²	15,478	12,861	15,669
Financial net debt	24,998	24,334	20,871
Lease liabilities	4,664	4,921	4,685
Net provisions for post-employment benefits	79	628	670
Net debt	29,741	29,883	26,226
Net debt/EBITDA	5.2	4.9	3.9
Net debt/equity ratio	2.92	1.74	2.33
Total equity	10,201	17,186	11,274
Equity per share, SEK	37.78	63.65	41.75
Return on equity, %	-24.2	-15.0	-33.7
Equity/assets ratio, %	9.5	15.0	10.8

¹ Whereof interest-bearing liabilities amounting to SEK 39,840m as of June 30, 2024, and SEK 36,541m as of June 30, 2023.

2 Electrolux also has an unused committed multicurrency revolving credit facility of EUR 1,000m, approximately SEK 11,360m, maturing 2028, a revolving credit facility of SEK 3,000m, maturing 2026, and a revolving credit facility of SEK 3,000m, maturing 2025.

Other items

Asbestos litigation in the U.S.

Litigation and claims related to asbestos are pending against the Group in the U.S. Almost all of the cases refer to externally supplied components used in industrial products

manufactured by discontinued operations prior to the early 1970s. The cases involve plaintiffs who have made substantially identical allegations against other defendants who are not part of the Electrolux Group.

As of June 30, 2024, the Group had a total of 3,705 (3,359) cases pending, representing approximately 3,712 (approximately 3,364) plaintiffs. During the second quarter

Risks and uncertainty factors

Active risk management is essential for Electrolux to drive successful operations. The Group is impacted by various types of risks including strategic and external risks but also business risks such as operational and financial risks. Risk management in Electrolux aims to identify, control and reduce risks. Risks, risk management and risk exposure are described in more detail in the 2023 Annual Report:

www.electroluxgroup.com/annualreport2023

of 2024, 312 new cases with 312 plaintiffs were filed and 276 pending cases with approximately 276 plaintiffs were resolved.

It is expected that additional lawsuits will be filed against Electrolux. It is not possible to predict the number of future lawsuits. In addition, the outcome of asbestos lawsuits is difficult to predict, and Electrolux cannot provide any assurances that the resolution of these types of lawsuits will not have a material adverse effect on its business or on the results of operations in the future.

Sustainable consumer experience innovation

Innovation to improve the consumer experience in the Taste, Care & Wellbeing areas is a key driver for long-term profitable growth. Electrolux Group's innovative product portfolio, with a strong sustainability focus, enables consumers to live better lives while often also saving energy, water and other resources. The product portfolio as well as Electrolux Group's well-established brands with a strong innovation heritage are competitive assets, enabling the company to also strengthen its position in emerging markets and within aftermarket.

Deep consumer insight is a competitive advantage in an age of greater consumer awareness. Consumers increasingly prioritize sustainability; research shows that nearly 75% of consumers globally think it is more important than before the pandemic for companies to behave more sustainably1 and nearly 60% of affluent Americans are willing to pay more for products that are environmentally friendly2 . Electrolux Group's most resource-efficient products have consistently had a higher margin for many years and in 2023 these products accounted for 29% of total units sold and 38% of gross profit.

Electrolux launches new smart laundry range to empower consumer choice and help give clothes a longer life

Creating smarter, and efficient products that enable consumers to make sustainable choices is central to Electrolux Group's profitable growth strategy. With its new smart laundry range, Electrolux addresses consumer concern over clothing longevity and further strengthens the Group's offering in the mid- to premium laundry segment.

The new Electrolux smart laundry range, which includes 600-900 series washers, 700-800 series washer dryers and 600-900 series tumble dryers, responds to growing awareness about the climate impact of clothing and potential to change consumer behavior highlighted in the most recent pan-European Truth About Laundry study3, commissioned by Electrolux Group.

Aiming to inspire conscious behavior, Electrolux Group designs products that intuitively help consumers use them in ways that can reduce the use of resources. Extending garment life can be an effective way to lower the carbon, water and waste impact of clothing4. Furthermore, the main part of an appliance's climate footprint occurs in the use phase, making energy efficient products Electrolux Group's most important contribution to tackling climate change. The most energy efficient products typically also have a higher profit margin.

Innovative features improve efficiency

Consumers often cite color fading, piling, and staining as reasons to dispose of clothing4. Low temperature and short cycles can help make clothes last longer and are also in demand from consumers looking for greater flexibility when washing multiple loads each week. Electrolux new range has features such as UltraQuick that removes common household stains at 30°C with a cycle of less than an hour and cuts energy use by up to 30%4. DynamicDisplay is accessed via the Electrolux app and provides easy navigation along with personalized guidance that improves efficiency. SmartSelect can cut energy use by up to 80%, save up to 50% in time, and reduce water consumption by 20%4.

the Electrolux and AEG brands per product category. With an average consumer star rating of 4.8 on a five-point scale, these products have contributed to increased market share in the mid- to premium laundry category in Europe and continued mix improvement for the Group. The new Electrolux laundry range is being launched across Europe in summer and autumn 2024.

Selected models of the new range will qualify as EcoLine, which since spring 2023 includes the strongest energy labels of

¹ Global WebIndex (GWI) (2020). Coronavirus research. Survey in 20 countries.

² Ipsos (2022). Who are the affluent environmentalists? An Ipsos point of View

³ Research based on data collected from 14,000 adults across 14 European markets between November 28, 2023 and January 3, 2024.

⁴ www.electroluxgroup.com/smart-laundry-range

Find more inspiring business cases on how Electrolux Group put its profitable growth strategy into action and the key pillars to create further value in How we create value on our website.

www.electroluxgroup.com/ir/create-value

Events during the quarter Events after the quarter

April 25. Jonas Samuelson will leave the position as President & CEO of Electrolux Group on January 1, 2025 After more than eight years as CEO and 16 years in the Group management team, Electrolux Group President & CEO Jonas Samuelson has today informed the Board of Directors that he will leave his position and the Board on January 1, 2025. The Board will now initiate a recruitment process for a successor.

"I have had the privilege to serve for what will become nine years as President & CEO, so I felt that early next year is a good time to hand over to a successor who can put all energy into leading this great company into the next phase during the coming years", said Jonas Samuelson. "We have set a clear strategic direction with focus on the mid- and premium segments through our premium brands, new modularized product architectures, and sustainable, consumer experience driven innovation. The implementation of the new simplified and focused organization is on track, and we are delivering on our ambitious cost reduction objectives."

"By announcing this already now I want to give the Board ample time to find the right successor, while I continue to give my full dedication to the company during the rest of the year", continues Jonas Samuelson. "I currently have no plan to take on any other operational role after leaving the Group and will be available to support the company and my successor also after January 1, 2025."

"The Board and I fully respect and understand Jonas' decision to leave his position as of January 1, 2025, after having led the Group successfully during many years", said Torbjörn Lööf, Chairman of the Board of Directors. "The early announcement gives the Board sufficient time to perform a thorough recruitment process to find a successor. In the meantime I look forward to working with Jonas, his management team, and the Board to deliver our objectives for 2024."

July 18. Electrolux Group divests South African water heater business

Electrolux Group has signed an agreement to divest its water heater business in South Africa under the Kwikot brand for an enterprise value of ZAR 2.4bn (approx. SEK 1.4bn) to Haier Smart Home.

The divestment includes the Kwikot brand and the production facilities for water heaters (geysers) located in Johannesburg, and is part of the previously communicated work to sharpen the Group's strategic focus by divesting non-core assets.

The sale is expected to be completed during the fourth quarter of 2024 and is subject to regulatory approvals.

A negative earnings impact of approximately SEK 0.6bn from the divestment will be recorded as a non-recurring item, impacting business area Europe, Asia-Pacific, Middle East & Africa during the second half of 2024. This includes a significant negative currency effect from the ZAR depreciation, which does not affect equity.

The water heater business in South Africa is profitable and the Kwikot brand is well-known in the market. Net sales in 2023 related to this business amounted to approximately ZAR 1.9bn (approx. SEK 1.1bn).

For more information, visit www.electroluxgroup.com

For more information, visit www.electroluxgroup.com

Parent Company AB Electrolux

The Parent Company comprises the functions of the Group's head office, as well as five companies operating on a commission basis for AB Electrolux.

Net sales for the Parent Company, AB Electrolux, for the first half 2024 amounted to SEK 19,439m (19,883) of which SEK 16,324m (16,388) referred to sales to Group companies and SEK 3,115m (3,495) to external customers. Income after financial items was SEK -617m (-1,155), including dividends from subsidiaries in the amount of SEK 914m (670). Income for the period amounted to SEK -373m (-884).

Capital expenditure in tangible and intangible assets was SEK 398m (563). Liquid funds at the end of the period amounted to SEK 11,233m, compared to SEK 9,969m at the start of the year.

Undistributed earnings in the Parent Company at the end of the period amounted to SEK 5,237m, compared to SEK 5,735m at the start of the year. Dividend payment to shareholders for 2023 amounted to SEK 0m.

The income statement and balance sheet for the Parent Company are presented on page 25.

The Board of Directors and the President and CEO certify that the Interim Report for the period January – June 2024 gives a true and fair overview of the Parent Company AB Electrolux and the Group's operations, their financial position and results of operations, and describes significant risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, July 19, 2024

AB Electrolux (publ) 556009-4178

Torbjörn Lööf Chairman of the Board of Directors

Geert Follens Board member Petra Hedengran Board member

Ulla Litzén Board member

David Porter Board member Daniel Nodhäll Board member

Michael Rauterkus Board member

Viveca Brinkenfeldt-Lever Board member, employee representative

Peter Ferm Board member, employee representative Karin Overbeck Board member

Jonas Samuelson Board member, President and CEO

Wilson Quispe Board member, employee representative Translated from the Swedish original

Introduction

We have reviewed the condensed interim financial information (interim report) of AB Electrolux (publ) as of 30 June 2024 and the six-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, July 19, 2024 PricewaterhouseCoopers AB

Johan Rippe Authorized Public Accountant Partner in charge

Helena Kaiser de Carolis Authorized Public Accountant

Consolidated statement of comprehensive income

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024		2023 Full year 2023
Net sales	33,819	32,653	64,896	65,388	134,451
Cost of goods sold	-28,577	-27,606	-55,696	-56,045	-117,316
Gross operating income	5,243	5,047	9,200	9,343	17,135
Selling expenses	-3,600	-3,216	-6,743	-6,376	-13,362
Administrative expenses	-1,377	-1,433	-2,925	-2,900	-6,977
Other operating income/expenses	153	-523	167	-447	217
Operating income	419	-124	-301	-380	-2,988
Financial items, net	-531	-507	-1,090	-1,020	-2,123
Income after financial items	-112	-630	-1,391	-1,400	-5,111
Taxes	32	-18	82	163	-116
Income for the period	-80	-648	-1,309	-1,237	-5,227
Items that will not be reclassified to income for the period:
Remeasurement of provisions for post-employment
benefits	424	156	817	280	304
Income tax relating to items that will not be reclassified	-99	-39	-190	-77	-57
	326	118	626	204	246
Items that may be reclassified subsequently to income for the period:
Cash flow hedges	-8	-15	6	-35	-35
Exchange-rate differences on translation of foreign
operations	-1,072	1,736	-451	1,695	-301
Income tax relating to items that may be reclassified	-	5	-0	12	22
	-1,080	1,726	-446	1,672	-314
Other comprehensive income, net of tax	-754	1,843	181	1,876	-68
Total comprehensive income for the period	-834	1,195	-1,129	639	-5,295
Income for the period attributable to:
Equity holders of the Parent Company	-80	-648	-1,309	-1,237	-5,227
Non-controlling interests	0	0	0	0	-0
Total	-80	-648	-1,309	-1,237	-5,227
Total comprehensive income for the period attributable to:
Equity holders of the Parent Company	-833	1,194	-1,128	638	-5,295
Non-controlling interest	-0	0	-0	0	-0
Total	-834	1,195	-1,129	639	-5,295
Earnings per share, SEK
Basic	-0.30	-2.40	-4.85	-4.58	-19.36
Diluted	-0.29	-2.38	-4.82	-4.54	-19.17
Average number of shares¹
Basic, million	270.0	270.0	270.0	270.0	270.0
Diluted, million	272.2	272.1	271.6	272.2	272.7

¹ Average numbers of shares excluding shares held by Electrolux.

Consolidated balance sheet

Assets Property, plant and equipment, owned 28,488 30,919 28,730 Property, plant and equipment, right-of-use 4,260 4,527 4,337 Goodwill 6,670 7,136 6,579 Other intangible assets 5,476 5,737 5,377 Investments in associates 22 22 21 Deferred tax assets 9,283 8,459 8,268 Financial assets 262 264 263 Pension plan assets 1,717 1,444 1,514 Other non-current assets 2,239 1,188 1,610 Total non-current assets 58,418 59,697 56,699 Inventories 21,207 25,039 19,965 Trade receivables 22,614 22,924 22,247 Tax assets 917 1,464 1,180 Derivatives 362 171 167 Other current assets 4,636 5,791 4,297 Short-term investments 168 170 167 Cash and cash equivalents 15,024 12,545 15,331 Total current assets 64,929 68,104 63,354 Total assets 123,347 127,801 120,053 Equity and liabilities Equity attributable to equity holders of the Parent Company Share capital 1,545 1,545 1,545 Other paid-in capital 2,905 2,905 2,905 Other reserves -1,411 1,020 -966 Retained earnings 7,157 11,710 7,784 Equity attributable to equity holders of the Parent Company 10,196 17,179 11,268 Non-controlling interests 5 7 6 Total equity 10,201 17,186 11,274 Long-term borrowings 31,635 28,515 28,800 Long-term lease liabilities 3,439 3,696 3,494 Deferred tax liabilities 708 613 574 Provisions for post-employment benefits 1,796 2,073 2,184 Other provisions 5,199 4,978 4,785 Total non-current liabilities 42,777 39,874 39,839 Accounts payable 37,326 37,823 36,402 Tax liabilities 1,417 1,530 1,657 Other liabilities 16,377 17,159 15,989 Short-term borrowings 8,235 8,044 7,388 Short-term lease liabilities 1,226 1,225 1,191 Derivatives 296 553 368 Other provisions 5,492 4,408 5,944	SEKM	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
	Total current liabilities	70,369	70,741	68,940
Total equity and liabilities 123,347 127,801 120,053

Change in consolidated equity

	Six months	Six months
SEKM	2024	2023	Full year 2023
Opening balance	11,274	16,449	16,449
Total comprehensive income for the period	-1,129	639	-5,295
Share-based payments	57	99	120
Dividend to equity holders of the Parent Company	-	-	-
Dividend to non-controlling interests	-0	-0	-0
Total transactions with equity holders	56	98	120
Closing balance	10,201	17,186	11,274

Consolidated cash flow statement

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024		2023 Full year 2023
Operations
Operating income	419	-124	-301	-380	-2,988
Depreciation and amortization	1,602	1,580	3,187	3,081	6,277
Other non-cash items	-28	724	15	1,289	3,535
Financial items paid, net¹	-451	-543	-786	-893	-2,039
Taxes paid	-637	-348	-907	-554	-1,380
Cash flow from operations, excluding change in operating assets and liabilities	906	1,289	1,208	2,542	3,406
Change in operating assets and liabilities
Change in inventories	-242	691	-1,002	565	3,459
Change in trade receivables	-856	796	-526	-29	-1,543
Change in accounts payable	813	-242	537	-2,806	-1,108
Change in other operating assets, liabilities and provisions	772	1,010	-1,058	-1,273	-211
Cash flow from change in operating assets and liabilities	487	2,255	-2,048	-3,544	597
Cash flow from operations	1,392	3,545	-840	-1,001	4,003
Investments
Divestment of operations	-	-	-	-	-
Capital expenditure in property, plant and equipment	-726	-844	-1,387	-1,583	-4,069
Capital expenditure in product development	-137	-177	-282	-331	-602
Capital expenditure in software and other intangibles	-184	-244	-369	-482	-1,028
Other	-207	-33	-274	-5	1,341
Cash flow from investments	-1,254	-1,299	-2,313	-2,401	-4,358
Cash flow from operations and investments	138	2,246	-3,153	-3,402	-355
Financing
Change in short-term investments	1	-1	-2	-1	1
Change in short-term borrowings	-997	860	197	1,294	-2,527
New long-term borrowings	2,280	5	4,488	6	4,691
Amortization of long-term borrowings	-67	-2,044	-1,069	-2,545	-2,622
Payment of lease liabilities	-279	-269	-559	-499	-1,111
Dividend	-	-	-	-	-
Share-based payments	26	-	26	17	17
Cash flow from financing	967	-1,449	3,081	-1,727	-1,550
Total cash flow	1,105	797	-72	-5,130	-1,905
Cash and cash equivalents at beginning of period	13,975	11,551	15,331	17,559	17,559
Exchange-rate differences referring to cash and cash equivalents
	-55	197	-235	115	-323
Cash and cash equivalents at end of period	15,024	12,545	15,024	12,545	15,331

¹ For the period January 1 to June 30: interest and similar items received SEK 252m (141), interest and similar items paid SEK -813m (-997) and other financial items received/paid SEK -225m (-38).

Key ratios

			Six months	Six months
SEKM unless otherwise stated	Q2 2024	Q2 2023	2024	2023	Full year 2023
Net sales	33,819	32,653	64,896	65,388	134,451
Organic growth, %	6.8	-8.4	1.4	-3.3	-4.0
EBITA	741	164	324	170	-1,819
EBITA margin, %	2.2	0.5	0.5	0.3	-1.4
Operating income	419	-124	-301	-380	-2,988
Operating margin, %	1.2	-0.4	-0.5	-0.6	-2.2
Operating margin excl. non-recurring items, %¹	1.2	1.6	-0.5	1.3	0.3
Income after financial items	-112	-630	-1,391	-1,400	-5,111
Income for the period	-80	-648	-1,309	-1,237	-5,227
Capital expenditure property, plant and equipment	-726	-844	-1,387	-1,583	-4,069
Operating cash flow after investments	1,226	3,137	-1,460	-1,955	3,064
Earnings per share, SEK²	-0.30	-2.40	-4.85	-4.58	-19.36
Equity per share, SEK	37.78	63.65	37.78	63.65	41.75
Capital turnover rate, times/year	-	-	3.3	2.9	3.1
Return on net assets, %	-	-	-1.5	-1.7	-6.9
Return on equity, %	-	-	-24.2	-15.0	-33.7
Net debt	29,741	29,883	29,741	29,883	26,226
Net debt/EBITDA	-	-	5.2	4.9	3.9
Net debt/equity ratio	2.92	1.74	2.92	1.74	2.33
Average number of employees	41,289	46,014	41,566	46,535	45,452
Average number of shares excluding shares owned by
Electrolux, million	270.0	270.0	270.0	270.0	270.0

¹ The first and second quarter of 2023 and the full year 2023 include non-recurring items respectively. For more information regarding non-recurring items in previous years, see page 28. 2 Basic.

For definitions, see pages 29-30.

Exchange rates

SEK	Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023
Exchange rate		Average End of period		Average End of period		Average End of period
ARS	0.0122	0.0116	0.0502	0.0423	0.0404	0.0124
AUD	6.94	7.06	7.06	7.20	7.03	6.82
BRL	2.06	1.91	2.08	2.25	2.12	2.07
CAD	7.75	7.74	7.80	8.19	7.85	7.58
CHF	11.86	11.79	11.52	12.06	11.78	11.98
CLP	0.0112	0.0112	0.0130	0.0135	0.0126	0.0114
CNY	1.46	1.46	1.51	1.49	1.50	1.41
EUR	11.38	11.36	11.37	11.81	11.46	11.10
GBP	13.30	13.42	13.00	13.75	13.17	12.77
HUF	0.0292	0.0288	0.0299	0.0317	0.0300	0.0290
MXN	0.6135	0.5806	0.5795	0.6360	0.5978	0.5926
THB	0.2909	0.2889	0.3059	0.3068	0.3044	0.2922
USD	10.51	10.61	10.54	10.86	10.59	10.04

Net sales and operating income by business area

					Full year					Full year
SEKM	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023
Europe, Asia-Pacific, Middle East and
Africa Net sales
Sales growth, %	14,359	14,181				15,035	14,500	14,338	16,586	60,458
EBITA	-3.9	-0.4				-7.2	-11.8	-12.9	-3.1	-8.6
EBITA margin, %	369	376				205	-12	871	-1,663	-600
Operating income	2.6	2.7				1.4	-0.1	6.1	-10.0	-1.0
	238	235				82	-146	728	-1,805	-1,141
Operating margin, %	1.7	1.7				0.5	-1.0	5.1	-10.9	-1.9
North America
Net sales	9,950	11,728				11,504	11,238	11,896	10,434	45,072
Sales growth, %	-13.0	4.7				4.0	-12.3	-9.6	-14.5	-8.4
EBITA	-1,127	-282				-366	-78	-360	-1,212	-2,016
EBITA margin, %	-11.3	-2.4				-3.2	-0.7	-3.0	-11.6	-4.5
Operating income	-1,204	-369				-439	-160	-440	-1,302	-2,341
Operating margin, %	-12.1	-3.1				-3.8	-1.4	-3.7	-12.5	-5.2
Latin America
Net sales	6,768	7,910				6,196	6,915	7,193	8,616	28,920
Sales growth, %	14.8	26.6				20.9	5.6	7.6	29.4	15.2
EBITA	458	675				276	368	446	692	1,782
EBITA margin, %	6.8	8.5				4.5	5.3	6.2	8.0	6.2
Operating income	404	623				236	333	405	649	1,624
Operating margin, %	6.0	7.9				3.8	4.8	5.6	7.5	5.6
Group common costs, etc: operating
income	-158	-70				-136	-150	-86	-757	-1,129
Total Group
Net sales	31,077	33,819				32,734	32,653	33,427	35,636	134,451
Sales growth, %	-3.7	6.8				1.1	-8.8	-7.9	-0.8	-4.3
EBITA	-417	741				6	164	904	-2,894	-1,819
EBITA margin, %	-1.3	2.2				0.0	0.5	2.7	-8.1	-1.4
Operating income	-720	419				-256	-124	608	-3,215	-2,988
Operating margin, %	-2.3	1.2				-0.8	-0.4	1.8	-9.0	-2.2
Income for the period	-1,230	-80				-588	-648	123	-4,113	-5,227
Earnings per share, SEK¹	-4.55	-0.30				-2.18	-2.40	0.46	-15.23	-19.36

¹ Basic

Non-recurring items by business area

					Full year					Full year
SEKM	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024		Q1 2023¹ Q2 2023² Q3 2023³		Q4 2023⁴	2023
Europe, Asia-Pacific, Middle
East and Africa	-	-				-561	-643	294	-2,118	-3,028
North America	-	-				-	-	-	148	148
Latin America	-	-				-	-	-	-51	-51
Group common costs, etc.	-	-				-	-	-	-470	-470
Total Group	-	-				-561	-643	294	-2,491	-3,401

¹ The non-recurring item of SEK -561m in the first quarter of 2023 refers to business area Europe and the restructuring charge related to the discontinuation of

production at the Nyíregyháza factory in Hungary from the beginning of 2024. The cost is included in Cost of goods sold. 2 The non-recurring item of SEK-643m in the second quarter of 2023 refers to business area Europe and a provision mainly related to a French antitrust case. The cost is included in Other operating income/expenses.

3 The non-recurring item of SEK 294m in the third quarter of 2023 refers to business area Europe and the gain from the divestment of the Nyíregyháza factory in Hungary. The gain is included in Other operating income/expenses.

⁴ The non-recurring items of SEK -2,491m in the fourth quarter of 2023 refer to a restructuring charge of SEK -2,548m for the expanded Group-wide cost reduction and North America turnaround program, a capital gain of SEK 262m for the divestment of the factory in Memphis, U.S., and SEK -205m in impairment of assets driven by the formation of the new business area Europe, Asia-Pacific, Middle East & Africa. The gain is included in Other operating income/expenses. The costs related to restructuring and impairment of assets are included in the applicable functional lines of the income statement.

Operating income excluding non-recurring items (NRI)

					Full year					Full year
SEKM	Q1 2024	Q2 2024	Q3 2024	Q4 2024	2024	Q1 2023	Q2 2023	Q3 2023	Q4 2023	2023
Europe, Asia-Pacific, Middle East and Africa
Operating income excl. NRI	238	235				643	497	434	313	1,887
Operating margin excl. NRI, %	1.7	1.7				4.3	3.4	3.0	1.9	3.1
North America
Operating income excl. NRI	-1,204	-369				-439	-160	-440	-1,450	-2,489
Operating margin excl. NRI, %	-12.1	-3.1				-3.8	-1.4	-3.7	-13.9	-5.5
Latin America
Operating income excl. NRI	404	623				236	333	405	700	1,675
Operating margin excl. NRI, %	6.0	7.9				3.8	4.8	5.6	8.1	5.8
Group common cost etc
Operating income excl. NRI	-158	-70				-136	-150	-86	-286	-659
Total Group
Operating income excl. NRI	-720	419				305	519	314	-724	414
Operating margin excl. NRI, %	-2.3	1.2				0.9	1.6	0.9	-2.0	0.3

Net sales by business area

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024		2023 Full year 2023
Europe, Asia-Pacific, Middle East and Africa	14,181	14,500	28,540	29,535	60,458
North America	11,728	11,238	21,679	22,742	45,072
Latin America	7,910	6,915	14,677	13,111	28,920
Total Group	33,819	32,653	64,896	65,388	134,451

Change in Net sales by business area, %

		Six months 2024
Year–over–year, %	Q2 2024	adjusted	Six months 2024	currency adjusted
Europe, Asia-Pacific, Middle East and Africa	-2	-0	-3	-2
North America	4	5	-5	-4
Latin America	14	27	12	21
Total change Group	4	7	-1	1

Operating income by business area

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024		2023 Full year 2023
Europe, Asia-Pacific, Middle East and Africa	235	-146	473	-64	-1,141
Margin, %	1.7	-1.0	1.7	-0.2	-1.9
North America	-369	-160	-1,573	-599	-2,341
Margin, %	-3.1	-1.4	-7.3	-2.6	-5.2
Latin America	623	333	1,028	570	1,624
Margin, %	7.9	4.8	7.0	4.3	5.6
Group common costs, etc.	-70	-150	-228	-287	-1,129
Operating income Group	419	-124	-301	-380	-2,988
Margin, %	1.2	-0.4	-0.5	-0.6	-2.2

Change in operating income by business area, SEKM

		Q2 2024 currency	Six months	Six months 2024
Year–over–year, SEKM	Q2 2024	adjusted	2024	currency adjusted
Europe, Asia-Pacific, Middle East and Africa	381	422	537	601
North America	-208	-198	-973	-985
Latin America	290	320	458	537
Group common costs, etc.	80	74	59	53
Total change Group	543	618	80	206

Working capital and net assets

SEKM	Jun. 30, 2024	%¹	Jun. 30, 2023	%¹	Dec. 31, 2023	%¹
Inventories	21,207	16.5	25,039	18.5	19,965	15.6
Trade receivables	22,614	17.6	22,924	16.9	22,247	17.4
Accounts payable	-37,326	-29.1	-37,823	-27.9	-36,402	-28.5
Operating working capital	6,495	5.1	10,141	7.5	5,809	4.5
Provisions	-10,691		-9,386		-10,730
Prepaid and accrued income and expenses	-11,143		-11,554		-11,302
Taxes and other assets and liabilities	-526		414		-702
Working capital	-15,865	-12.4	-10,385	-7.7	-16,925	-13.2
Property, plant and equipment, owned	28,488		30,919		28,730
Property, plant and equipment, right-of-use	4,260		4,527		4,337
Goodwill	6,670		7,136		6,579
Other non-current assets	7,814		7,026		7,086
Deferred tax assets and liabilities	8,575		7,845		7,694
Net assets	39,942	31.1	47,069	34.7	37,500	29.4
Annualized net sales, calculated at end of
period exchange rates	128,258		135,557		127,750
Average net assets	39,495	30.4	44,473	34.0	43,401	32.3
Annualized net sales, calculated at average
exchange rates	129,792		130,776		134,451

¹ Of annualized net sales.

Net assets by business area

	Assets			Equity and liabilities			Net assets
	Jun. 30,	Jun. 30,	Dec. 31,	Jun. 30,	Jun. 30,	Dec. 31,	Jun. 30,	Jun. 30,	Dec. 31,
SEKM	2024	2023	2023	2024	2023	2023	2024	2023	2023
Europe, Asia-Pacific, Middle East and
Africa	43,466	47,327	42,687	32,176	31,997	33,432	11,291	15,330	9,254
North America	28,767	32,146	27,490	17,210	18,402	15,896	11,557	13,744	11,593
Latin America	18,802	20,052	18,358	11,323	10,794	10,517	7,479	9,258	7,841
Other¹	14,931	13,786	14,149	5,315	5,049	5,338	9,616	8,737	8,811
Total operating assets and liabilities	105,966		113,311 102,684	66,024	66,242	65,184	39,942		47,069 37,500
Liquid funds	15,478	12,861	15,669
Long-term financial receivables	185	185	185
Total borrowings				40,661	37,380	36,725
Lease liabilities				4,664	4,921	4,685
Pension assets and liabilities	1,717	1,444	1,514	1,796	2,073	2,184
Total equity				10,201	17,186	11,274
Total	123,347		127,801 120,053	123,347		127,801 120,053

¹ Includes common functions and tax items.

Parent Company income statement

			Six months	Six months
SEKM	Q2 2024	Q2 2023	2024	2023	Full year 2023
Net sales	9,586	9,690	19,439	19,883	40,302
Cost of goods sold	-8,709	-8,750	-17,763	-18,223	-37,507
Gross operating income	877	940	1,676	1,660	2,795
Selling expenses	-1,052	-761	-1,935	-1,577	-3,645
Administrative expenses	-274	-1,054	-853	-1,676	-3,601
Other operating expenses	-10	-	-10	-	-340
Operating income	-459	-875	-1,122	-1,593	-4,791
Financial income	1,394	1,147	1,962	1,566	2,572
Financial expenses	-778	-578	-1,457	-1,128	-2,603
Financial items, net	616	569	505	438	-31
Income after financial items	157	-306	-617	-1,155	-4,822
Appropriations	41	44	83	91	202
Income before taxes	198	-262	-534	-1,064	-4,620
Taxes	115	30	161	180	894
Income for the period	313	-232	-373	-884	-3,726

Parent Company balance sheet

SEKM	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets
Non–current assets	43,601	41,988	42,753
Current assets	37,423	35,347	33,675
Total assets	81,024	77,335	76,428
Equity and liabilities
Restricted equity	7,028	7,157	6,913
Non–restricted equity	5,237	8,148	5,735
Total equity	12,265	15,305	12,648
Untaxed reserves	543	654	565
Provisions	3,209	2,573	3,627
Non–current liabilities	31,707	28,548	28,868
Current liabilities	33,300	30,255	30,720
Total equity and liabilities	81,024	77,335	76,428

Shares

				Shares held by	Shares held by
Number of shares	A-shares	B-shares	Shares total	Electrolux	other shareholders
Number of shares as of January 1, 2024	8,191,804	274,885,589	283,077,393	13,049,115	270,028,278
Change during the year	-	-	-	-	-
Number of shares as of June 30, 2024	8,191,804	274,885,589	283,077,393	13,049,115	270,028,278
As % of total number of shares				4.6%

Notes

Note 1 Accounting principles

Electrolux 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 Swedish Annual Accounts Act and RFR 2 'Accounting for legal entities' issued by the Swedish Financial Reporting Board.

Electrolux interim reports contain a condensed set of financial statements. For the Group this chiefly means that the disclosures are limited compared to the consolidated financial statements presented in the annual report. For the Parent Company this means that the financial statements in general are presented in condensed versions and with limited disclosures compared to the annual report.

The accounting policies applied are consistent with those applied in the preparation of the Group's Annual Report 2023, except for the adoption of standard amendments effective as of January 1, 2024. The amendments have not had any material impact on the financial statements. See section 'New or amended accounting standards to be applied after 2023 in the Annual Report 2023 for more information.

Note 2 Disaggregation of revenue

Electrolux manufactures and sells appliances mainly in the wholesale market to customers being retailers. Electrolux products include refrigerators, freezers, dishwashers, washing machines, dryers, cookers, microwave ovens, vacuum cleaners, air conditioners and small domestic appliances. Electrolux has three regional business areas with focus on the consumer market.

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 services are not material in relation to Electrolux total net sales. Geography and product category are considered important attributes when disaggregating Electrolux revenue. The three business areas, also being the Group's segments, are based on geography: Europe, Asia-Pacific, Middle East and Africa; North

America and Latin America. For business area information, see pages 6-8. In addition, the table below presents net sales by product area Taste (cooking, refrigeration and freezer appliances), Care (dish and laundry appliances) and Wellbeing (e.g., air conditioners, cleaning appliances and small domestic appliances). Products within all product areas are sold in each of the reportable segments, i.e., the business areas, as presented in the graph below.

0% 20% 40% 60% 80% 100%

SEKM	Six months 2024	Six months 2023
Product areas
Taste	39,032	39,854
Care	19,642	19,118
Wellbeing	6,222	6,416
Total	64,896	65,388

Revenue per product area Business area revenue per product area

Taste Care Wellbeing

Note 3 Fair values and carrying amounts of financial assets and liabilities

	Jun. 30, 2024		Jun. 30, 2023		Dec. 31, 2023
		Carrying		Carrying		Carrying
SEKM	Fair value	amount	Fair value	amount	Fair value	amount
Per category
Financial assets at fair value through profit and loss	429	429	431	431	427	427
Financial assets measured at amortized cost	37,640	37,640	35,472	35,472	37,580	37,580
Derivatives, financial assets at fair value through profit
and loss	362	362	171	171	-76	-76
Derivatives, hedge accounting	-	-	-	-	243	243
Total financial assets	38,431	38,431	36,074	36,074	38,174	38,174
Financial liabilities measured at amortized cost	76,719	77,196	73,798	74,382	71,976	72,590
Derivatives, financial liabilities at fair value through
profit and loss	166	166	467	467	333	333
Derivatives, hedge accounting	130	130	86	86	35	35
Total financial liabilities	77,015	77,492	74,351	74,935	72,344	72,958

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

Valuation of financial instruments at fair value is done at the most accurate market prices available. Instruments which are 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 instruments where no reliable 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 for similar financial instruments. The Group's financial assets and liabilities are measured at fair value according to the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities. On June 30 the fair value for Level 1 financial assets was SEK 167m (167) and for financial liabilities SEK 0m (0).

Level 2: Inputs other than quoted prices included in Level 1 that are observable for assets or liabilities either directly or indirectly. On June 30 the fair value of Level 2 financial assets was SEK 362m (171) and financial liabilities SEK 296m (553).

Level 3: Inputs for the assets or liabilities that are not entirely based on observable market data. On June 30 the fair value of Level 3 financial assets was SEK 262m (264) and financial liabilities SEK 0m (0).

Note 4 Pledged assets and contingent assets and liabilities

	Jun. 30,	Jun. 30,	Dec. 31,
SEKM	2024	2023	2023
Group
Pledged assets	-	-	-
Guarantees and other
commitments	1,423	1,497	1,525
Parent Company
Pledged assets	-	-	-
Guarantees and other
commitments	1,175	1,197	1,120

For more information on these matters and other contingent liabilities, see Note 25 in the Annual Report 2023.

Note 5 Acquisitions and divestments

Acquisitions and divestments

There were no acquisitions or divestments completed in in the first half year of 2024. There were no acquisitions or divestments completed during 2023.

Operations by business area yearly

SEKM	2019¹	2020	2021	2022	2023
Europe, Asia-Pacific, Middle East and Africa
Net sales	60,374	60,826	65,204	63,557	60,458
Operating income	2,939	4,681	5,514	1,991	-1,141
Margin, %	4.9	7.7	8.5	3.1	-1.9
North America
Net sales	38,954	38,219	40,468	47,021	45,072
Operating income	-516	1,215	688	-2,394	-2,341
Margin, %	-1.3	3.2	1.7	-5.1	-5.2
Latin America
Net sales	19,653	16,915	19,958	24,303	28,920
Operating income	1,821	666	1,336	1,058	1,624
Margin, %	9.3	3.9	6.7	4.4	5.6
Other
Group common cost, etc.	-1,055	-783	-737	-870	-1,129
Total Group
Net sales	118,981	115,960	125,631	134,880	134,451
Operating income	3,189	5,778	6,801	-215	-2,988
Margin, %	2.7	5.0	5.4	-0.2	-2.2

Non-recurring items in operating income²	2019³	2020	2021⁴	2022⁵	2023⁶
Europe, Asia-Pacific, Middle East and Africa	-1,150	-	-	-840	-3,028
North America	-1,071	-	-727	241	148
Latin America	1,101	-	-	-80	-51
Group common cost	-224	-	-	-367	-470
Total Group	-1,344	-	-727	-1,046	-3,401

¹ IFRS 16 was applied from 2019 without restatement of comparatives, see Annual Report 2018 for more information.

² For more information, see Note 7 in the annual reports. 3

Non-recurring items 2019 include SEK -829m related to the consolidation of North America cooking production and SEK -225m to the closure of a refrigeration production line in Latin America, recovery of overpaid sales tax in Brazil of SEK 1,403m, a legal settlement in the U.S. of SEK -197m and restructuring charges for

efficiency measures and outsourcing projects across business areas and Group common costs of SEK -1,496m. 4 Non-recurring item of SEK -727m in the fourth quarter of 2021 refers to business area North America and arbitration in U.S. tariff case on washing machines imported into the U.S. from Mexico in 2016/2017.

⁵ Non-recurring items of SEK -1,046m in 2022 whereof SEK 656m refers to a settlement regarding the arbitration in a U.S. tariff case, SEK -350m to a loss from the exit from the Russian market, SEK -1,536m to restructuring charges across business areas and Group common cost for the Group-wide cost reduction and North America turnaround program, SEK 394m to the divestment of the office facility in Zürich, Switzerland, and SEK -210m to the termination of a U.S pension plan, transferred to a third party.

⁶ Non-recurring items of SEK -3,401m in 2023 whereof SEK -561m refers to a restructuring charge related to the discontinuation of production at the Nyíregyháza factory in Hungary, SEK-643m refers to a provision mainly related to a French antitrust case, SEK 294m to the gain from the divestment of the Nyíregyháza factory, SEK -2,548m to a restructuring charge for the expanded Group-wide cost reduction and North America turnaround program, SEK 262m to a capital gain from the divestment of the factory in Memphis, U.S., and SEK -205m to impairment of assets driven by the formation of the new business area Europe, Asia-Pacific, Middle East and Africa.

Five-year review Total Group 2019 - 2023

SEKM unless otherwise stated	2019¹	2020	2021	2022	2023
Net sales	118,981	115,960	125,631	134,880	134,451
Organic growth, %	-1.0	3.2	14.2	-2.8	-4.0
Operating income	3,189	5,778	6,801	-215	-2,988
Operating margin, %	2.7	5.0	5.4	-0.2	-2.2
Income after financial items	2,456	5,096	6,255	-1,672	-5,111
Income for the period	1,820	3,988	4,678	-1,320	-5,227
Non-recurring items in operating income²	-1,344	-	-727	-1,046	-3,401
Capital expenditure, property, plant and equipment	-5,320	-4,325	-4,847	-5,649	-4,069
Operating cash flow after investments	2,280	8,552	3,200	-6,118	3,064
Earnings per share, SEK³	6.33	13.88	16.31	-4.81	-19.36
Equity per share, SEK	78.55	65.10	65.74	60.92	41.75
Dividend per share, SEK	7.00	8.00	9.20	-	-
Capital-turnover rate, times/year	4.5	4.5	5.3	3.7	3.1
Return on net assets, %	12.0	22.6	28.5	-0.6	-6.9
Return on equity, %⁴	11.4	34.1	24.4	-7.0	-33.7
Net debt	7,683	1,556	8,591	23,848	26,226
Net debt/EBITDA	0.8	0.2	0.7	3.8	3.9
Net debt/equity ratio	0.34	0.08	0.46	1.45	2.33
Average number of shares excluding shares owned by
Electrolux, million	287.4	287.4	286.9	274.7	270.0
Average number of employees	48,652	47,543	51,590	50,769	45,452

¹ Equity in key ratio calculations include discontinued operations.

² For more information, see table on page 28 and Note 7 in the annual reports. 3 Basic.

⁴ Return on equity for the full year 2020 include a settlement gain from the distribution of Electrolux Professional. Adjusted for the settlement gain, return on equity was 21.7%.

Financial goals over a business cycle

The financial goals set by Electrolux aim to strengthen the Group's leading, global position in the industry and to assist in generating a healthy total yield for Electrolux shareholders. The objective is growth with consistent profitability.

Financial goals

• Operating margin of at least 6%
• Capital turnover-rate of at least 4 times
• Return on net assets >20%
• Average annual sales growth of at least 4%

Definitions and reconciliations of alternative performance measures

This report includes financial measures as required by the financial reporting framework applicable to Electrolux, which is based on IFRS. In addition, Electrolux 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 to 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.electroluxgroup.com/ir/definitions

Computation of average amounts and annualized income statement measures

In computation of key ratios where averages of capital balances are related to income statement measures, the average capital balances are based on the opening balance and all quarter-end closing balances included in the reporting period, and the income statement measures are annualized, translated at average rates for the period. In computation of key ratios where end-of-period capital balances are related to income statement measures, the latter are annualized, translated at end of-period exchange rates. Adjustments are made for acquired and divested operations.

Definitions and reconciliations of alternative performance measures (continued)

Growth measures

Change in net sales

Current year net sales for the period less previous year net sales for the period as a percentage of previous year net sales for the period.

Sales growth Change in net sales adjusted for currency translation effects.

Organic growth

Change in net sales, adjusted for changes in exchange rates, acquisitions and divestments.

Acquisitions

Change in net sales, adjusted for organic growth, changes in exchange rates and divestments. The impact from acquisitions relates to net sales reported by acquired operations within 12 months after the acquisition date.

Divestments

Change in net sales, adjusted for organic growth, changes in exchange rates and acquisitions. The impact from divestments relates to net sales reported by the divested operations within 12 months before the divestment date.

Profitability measures

EBITA

Operating income excluding amortization of intangible assets.

EBITA margin EBITA expressed as a percentage of net sales.

EBITDA

Operating income excluding depreciation and amortization.

Operating income excluding non-recurring items Operating income adjusted for non-recurring items.

Operating income excluding non-recurring items for the period. Operating income adjusted for non-recurring items for the period.

Operating margin (EBIT margin) Operating income (EBIT) expressed as a percentage of net sales.

Operating margin (EBIT margin) excluding non-recurring items Operating income (EBIT) excluding non-recurring items, expressed as a percentage of net sales.

Return on net assets Operating income (annualized) expressed as a percentage of average net assets.

Return on equity Income for the period (annualized) expressed as a percentage of average total equity.

Capital measures

Net debt/equity ratio Net debt in relation to total equity.

Net debt/EBITDA Net debt at end of period in relation to 12-months rolling EBITDA, excluding non-recurring items.

Equity/assets ratio Total equity as a percentage of total assets less liquid funds.

Capital turnover-rate Net sales (annualized) divided by average net assets.

Share-based measures

Earnings per share, Basic Income for the period attributable to equity holders of the Parent Company divided by the average number of shares excluding shares held by Electrolux.

Earnings per share, Diluted

Income for the period attributable to equity holders of the Parent Company divided by the average number of shares after dilution, excluding shares held by Electrolux.

Equity per share

Total equity divided by total number of shares excluding shares held by Electrolux.

Capital indicators

Liquid funds

Cash and cash equivalents, short-term investments, financial derivative assets1 and prepaid interest expenses and accrued interest income1 .

Operating working capital Inventories and trade receivables less accounts payable.

Working capital

Total current assets exclusive of liquid funds, less non-current other provisions and total current liabilities exclusive of total short-term borrowings.

Net assets

Total assets exclusive of liquid funds and pension plan assets, less deferred tax liabilities, non-current other provisions and total current liabilities exclusive of total short-term borrowings.

Total borrowings Long-term borrowings and short-term borrowings, financial derivative liabilities1 , accrued interest expenses and prepaid interest income1 .

Total short-term borrowings Short-term borrowings, financial derivative liabilities1 , accrued interest expenses and prepaid interest income1 .

Interest-bearing liabilities Long-term borrowings and short-term borrowings exclusive of liabilities related to trade receivables with recourse1 .

Financial net debt Total borrowings less liquid funds.

Net provision for post-employment benefits Provisions for post-employment benefits less pension plan assets.

Net debt Financial net debt, lease liabilities and net provision for post-employment benefits.

Other measures

Operating cash flow Operating income adjusted for depreciation, amortization and other noncash items plus/minus change in operating assets and liabilities.

Operating cash flow after investments Cash flow from operations and investments adjusted for financial items paid, taxes paid and acquisitions/divestments of operations.

Operating cash flow after structural changes Operating cash flow adjusted for structural changes.

Cash flow excluding change in loans and short-term investments for the period

Cash flow adjusted for change in loans and short-term investments for the period.

Non-recurring items

Material profit or loss items in operating income which are relevant for understanding the financial performance when comparing income for the current period with previous periods.

¹ See table Net debt on page 10.

Shareholders' information

President and CEO Jonas Samuelson's comments on

the second quarter results 2024. Today's press release is available on the Electrolux website www.electroluxgroup.com/ir

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, July 19. Jonas Samuelson, President and CEO, and Therese Friberg, CFO will comment on the report.

To only listen to the telephone conference, use the link:

https://edge.media-server.com/mmc/p/qsfvkkvv

OR

To both listen to the telephone conference and ask questions, use the link:

https://register.vevent.com/register/BI519ec9bc331049 5e962284e36dfe9e9f

Presentation material available for download www.electroluxgroup.com/ir

For further information, please contact: Maria Åkerhielm, Investor Relations +46 70 796 38 56

Calendar 2024

Interim report January - September October 25

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, supply and production constraints, 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 considering new information or future events.

AB Electrolux (publ), 556009-4178 Postal address: SE-105 45 Stockholm, Sweden Visiting address: S:t Göransgatan 143, Stockholm Telephone: +46 (0)8 738 60 00

Website: www.electroluxgroup.com

Shape living for the better

Electrolux Group is a leading global appliance company that has shaped living for the better for more than 100 years. We reinvent taste, care and wellbeing experiences for millions of people, always striving to be at the forefront of sustainability in society through our solutions and operations. Under our group of leading appliance brands, including Electrolux, AEG and Frigidaire, we sell household products in around 120 markets. In 2023 Electrolux Group had sales of SEK 134 billion and employed 45,000 people around the world. For more information go to www.electroluxgroup.com