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Electrolux Interim / Quarterly Report 2026
2907_10-q_2026-04-24_8abb1395-1216-44f3-8027-3f4474a3fd84.pdf
Interim / Quarterly Report
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Electrolux Group
Q1 2026
- Net sales amounted to SEK 29,543m (32,576) with flat organic sales of -0.5% (7.9). Organic sales growth was +3.6% in Europa, Middle East & Africa and Asia Pacific (EMEA APAC) and +8.0% in Latin America, driven mainly by higher volumes. North America reported an organic sales decline of -11.6%, mainly reflecting weaker market conditions.
- Operating income excluding non-recurring items was SEK 198m (452), corresponding to a margin of 0.7% (1.4). The decline was driven by an operating loss in North America, mainly due to increased costs for U.S. tariffs and a significant slowdown in market demand. Also, a change in accounting estimates for customer rebate provisions reflecting price volatility in prior months and a voluntary recall of a limited number of Frigidaire gas ranges, jointly impacted operating income negatively with approximately SEK 0.3bn. Regions EMEA APAC and Latin America reported improved operating income excluding non-recurring items, with an operating margin of 4.1% and 7.9%, respectively. Increased cost efficiency contributed approximately SEK 0.7bn to Group operating income.
- Operating income of SEK -266m (452), corresponding to an operating margin of -0.9% (1.4) included a negative non-recurring item of SEK -463m related to previously announced actions in region Latin America.
- Income for the period amounted to SEK -470m (42) and earnings per share were SEK -1.74 (0.16).
- Operating cash flow after investments was SEK -4,566m (-3,107), negatively impacted by an operating loss in North America and a seasonal increase in working capital.
Events after the close of the period
- Electrolux Group announced on April 22, it will end production at the Jászberény, Hungary factory. Production is expected to cease by the end of 2026.
- Electrolux Group on April 23 announced that it has entered into agreements with Midea Group to establish a highly complementary long-term strategic partnership in North America.
- Electrolux Group on April 23 announced that it accelerates its profitable growth strategy through a partnership with Midea, global organization and footprint optimization, and a fully underwritten rights issue of approx. SEK 9 billion.
Financial overview
| SEKM | Q1 2026 | Q1 2025 | Change, % | Full year 2025 |
|---|---|---|---|---|
| Net sales | 29,543 | 32,576 | -9 | 131,282 |
| Sales growth, adjusted for currency translation effects, % | -0.5 | 7.0 | 3.0 | |
| Currency translation effects, % | -8.8 | -2.2 | -6.6 | |
| Divestments, % | - | -0.9 | -0.8 | |
| Organic sales growth, % | -0.5 | 7.9 | 3.9 | |
| Operating income¹ | -266 | 452 | n.m. | 3,657 |
| Operating margin, % | -0.9 | 1.4 | 2.8 | |
| Operating income excl. non-recurring items¹ | 198 | 452 | -56 | 3,657 |
| Operating margin excl. non-recurring items, % | 0.7 | 1.4 | 2.8 | |
| Income after financial items | -758 | 70 | n.m. | 1,815 |
| Income for the period | -470 | 42 | n.m. | 878 |
| Earnings per share, SEK² | -1.74 | 0.16 | n.m. | 3.25 |
| Return on net assets, % | -2.7 | 4.7 | 9.4 | |
| Net debt/EBITDA | 3.8 | 3.4 | 3.0 | |
| Operating cash flow after investments | -4,566 | -3,107 | 1,955 |
¹ Operating income in the first quarter 2026 included previously announced negative non-recurring items of SEK -463m in Latin America related mainly to the discontinuation of production at the factory in Santiago, Chile, and downsizing measures in Argentina, see pages 13 and 21.
² Basic.
For definitions, see pages 27-28. Note: n.m. (not meaningful) is used when the calculated number is considered not relevant.
-0.5% (7.9)
Organic sales growth
0.7% (1.4)
Operating margin (excl. non-recurring items)
-2.7% (4.7)
Return on net assets (three months)
AB Electrolux Interim report January-March 2026
Stockholm, April 24, 2026
President and CEO Yannick Fierling's comment
In recent months we have taken decisive steps to accelerate our profitable growth strategy. Yesterday initiatives were announced that will fundamentally strengthen Electrolux Group. We are forming a highly complementary, strategic partnership with Midea Group in North America. It will accelerate growth, improve profitability and form a strong platform moving forward. We have also initiated efforts to optimize our global manufacturing footprint and improve efficiency across the organization. In addition, the Board of Directors have resolved on a fully underwritten rights issue of approximately SEK 9bn to finance our profitable growth initiatives and strengthen the Group's balance sheet.
The home appliance industry is undergoing rapid change, with an increasingly dynamic market environment. In the first quarter I am pleased we strengthened our market positions in Europe and Brazil. Regions EMEA APAC and Latin America grew sales and improved operating income and margin, adjusted for non-recurring items. However, North America reported weaker sales reflecting a 10% decline in market demand, and an operating loss in the quarter. The Group's ambition for cost reductions remains high and with SEK 0.7bn in the first quarter, we are on track to reach the cost efficiency outlook of SEK 3.5-4.0bn for full-year 2026.
Europe, Middle East & Africa and Asia Pacific
Despite a flat European core appliance market in the quarter, organic sales increased. Operating income and margin improved, mainly driven by cost efficiency. Volume and mix improved, with increased market shares for the AEG and Electrolux brands and a further strengthened position in the important built-in kitchen segment.
Latin America
In Brazil, growth in consumer demand continued and Latin America reported good organic growth, with improved operating income and a higher margin, adjusted for non-recurring items. The competitive pressure was strong and the improvement in operating income was mainly driven by cost efficiency.
North America
Market demand in the U.S. declined significantly and price levels are estimated to have been up slightly, year-over-year, however not reflecting the year-over-year cost increase of implemented U.S. tariffs. Significant negative external factors, mainly related to tariff costs, and the organic sales decline were the main contributors to the operating loss. In addition, a change in accounting estimates for customer rebate provisions reflecting price volatility in prior months, and a voluntary recall of a limited number of Frigidaire gas ranges jointly impacted operating income negatively with approximately SEK 0.3bn.
As a result of a review of our global manufacturing footprint, the decision was announced earlier this week to cease production in Jászberény, Hungary, by the end of 2026. Also, a decision was taken during the first quarter to cease manufacturing in Santiago, Chile, by the end of April, and downsizing measures were implemented in Argentina.
Revisions to market outlook for 2026
Following the downturn in the U.S. home appliances market in the first quarter, the market outlook for North America in 2026 is revised from "Neutral to Negative" to "Negative". The Brazilian home appliance market developed positively in the first quarter and although growth rates may slow somewhat throughout the year the market outlook for Brazil in 2026 is changed from "Neutral" to "Positive". The market outlook for Europe remains "Neutral".
Our business outlook for 2026 remains overall unchanged, despite expected additional costs related to extended U.S. Section 232 import tariffs on products that contain steel and aluminum, applicable since April 6, 2026. Sizeable price increases have already been announced in North America with the ambition to offset the negative impact from tariffs.
A major milestone in the transformation journey of Electrolux Group
The strategic initiatives announced yesterday will be instrumental to our long-term profitable growth. It will enable us to invest in innovations and consumer experiences that will define the future of home appliances, leverage global scale, significantly reduce costs and increase efficiency.
"In the first quarter, we saw notable improvement in two regions while North America was marked by a significant market decline.
We have announced strategic initiatives that will fundamentally strengthen Electrolux Group. These initiatives create a strong platform, enabling accelerated growth, significantly reduced cost and increased efficiency in a fast-changing home appliance industry."
AB ELECTROLUX INTERIM REPORT Q1 2026
E
Outlook
| Market outlook, units year-over-year^{1} | FY 2026 | Previous outlook for FY 2026^{7} |
|---|---|---|
| Europe | Neutral | Neutral |
| North America | Negative | Neutral to negative |
| Brazil | Positive | Neutral |
| Business outlook, year-over-year^{3} | FY 2026 | Previous outlook for FY 2026^{7} |
| --- | --- | --- |
| Volume/price/mix^{3} | Positive, driven by growth in focus categories | Positive, driven by growth in focus categories |
| Investments in consumer experience innovation and marketing^{4} | Negative, increased investments | Negative, increased investments |
| Cost efficiency^{5} | Positive, approximately SEK 3.5-4bn | Positive approximately SEK 3.5-4bn |
| External factors^{5} | Significantly negative | Significantly negative |
| Capital expenditure | Approximately SEK 4bn | Approximately SEK 4bn |
1 Electrolux Group estimates for industry shipments of core appliances. 2 Business outlook range: Positive - Neutral - Negative, in terms of impact on earnings. 3 The full-year outlook is based on the U.S. trade policy situation as of April 23, 2026. 4 Comprise costs of R&D, marketing/brand, connectivity, CRM, aftermarket sales capability, etc. 5 Efficiencies in variable costs (excl. raw material, energy, trade tariffs and labor cost inflation >2%) and structural costs (excl. consumer experience innovation and marketing). 6 Comprise raw material costs, energy costs, trade tariffs, direct and indirect currency impact and labor cost inflation >2%. The full-year outlook is based on the U.S. trade policy situation as of April 23, 2026. 7 Published January 30, 2026. 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, including trade policy measures (e.g. tariffs).
Group mid-term targets
| Financial targets | Key sustainability targets |
|---|---|
| · Annual organic sales growth of at least 4% over a business cycle | |
| · Operating margin (excl. non-recurring items) of at least 6% over a business cycle | |
| · Return on net assets >20% over a business cycle | |
| · Capital turnover-rate of at least 4 times | · SBTi Scope 1 and 2 emission reduction by 85% by 2030^{1} |
| · SBTi Scope 3 emission reduction by 42% by 2030^{1} | |
| · Recycled content in purchased plastics^{2} and steel at 35% by 2030 | |
| · Total Case Incident Rate (TCIR) of 0.3 by 2030 |
1 The SBTi targets set an 85% reduction in absolute Scope 1 and 2 (market-based) emissions and a 42% reduction in absolute Scope 3 emissions (covering approximately 73% of total Scope 3 emissions) by 2030, compared to 2021 baseline.
2 Plastics refers to the three most purchased plastic categories by the Group - Acrylonitrile Butadiene Styrene (ABS), Polystyrene (PS), and Polypropylene (PP).
AB ELECTROLUX INTERIM REPORT Q1 2026
E
Summary of the first quarter
| SEKM | Q1 2026 | Q1 2025 | Change, % | Full year 2025 |
|---|---|---|---|---|
| Net sales | 29,543 | 32,576 | -9 | 131,282 |
| Europe, Middle East & Africa and Asia-Pacific | 13,823 | 14,115 | -2 | 57,135 |
| North America | 8,701 | 11,454 | -24 | 45,124 |
| Latin America | 7,019 | 7,006 | 0 | 29,023 |
| Sales growth, adjusted for currency translation effects, % | -0.5 | 7.0 | 3.0 | |
| Organic sales growth, % | -0.5 | 7.9 | 3.9 | |
| Europe, Middle East & Africa and Asia-Pacific | 3.6 | 1.2 | 1.6 | |
| North America | -11.6 | 12.2 | 6.1 | |
| Latin America | 8.0 | 16.3 | 5.2 | |
| Operating income | -266 | 452 | n.m. | 3,657 |
| Europe, Middle East & Africa and Asia-Pacific | 572 | 425 | 34 | 2,353 |
| North America | -868 | -337 | -158 | -567 |
| Latin America | 88 | 436 | -80 | 2,226 |
| Other, Group common costs, etc. | -58 | -72 | 20 | -355 |
| Operating income excl. non-recurring items¹ | 198 | 452 | -56 | 3,657 |
| Europe, Middle East & Africa and Asia-Pacific | 572 | 425 | 34 | 2,353 |
| North America | -868 | -337 | -158 | -567 |
| Latin America | 552 | 436 | 27 | 2,226 |
| Other, Group common costs, etc. | -58 | -72 | 20 | -355 |
| Operating margin, % | -0.9 | 1.4 | 2.8 | |
| Operating margin excl. non-recurring items, %¹ | 0.7 | 1.4 | 2.8 |
¹ For information on non-recurring items, see page 21.
Note: n.m. (not meaningful) is used when the calculated number is considered not relevant.
Net sales
Organic sales were largely unchanged in the first quarter. In EMEA APAC, the organic sales increase was driven by higher sales volumes and a positive mix, while price developed negatively. Higher sales volumes in Latin America, driven by Brazil, were partly offset by a negative price development and an unfavorable mix. In North America, organic sales declined, mainly reflecting a material downturn in U.S. market demand. Aftermarket sales for the Group declined slightly year-over-year.
Operating income
Operating income included a previously announced negative non-recurring item of SEK -463m in region Latin America, related mainly to the discontinuation of production at the factory in Santiago, Chile, as well as downsizing measures in Argentina, see pages 13 and 21. Excluding non-recurring items, Group operating income was SEK 198m (452) with an operating loss in North America driven mainly by significantly negative external factors, due to increased costs for U.S. tariffs, and weak U.S. market demand. In regions EMEA APAC and Latin America operating income excluding non-recurring items increased, driven mainly by cost efficiency improvements and higher volumes. Cost efficiency increased in all regions with a positive contribution of approximate SEK 0.7bn to Group operating income.
Financial net
Net financial items amounted to SEK -492m (-382). The increase was mainly a result of higher debt in high interest rate countries.
Taxes
Income taxes for the first quarter were positive at SEK 288m (-28) as an effect of a negative income after financial items, with an effective tax rate of -38% (40).
Income for the period
Income for the period amounted to SEK -470m (42), corresponding to SEK -1.74 (0.16) in earnings per share.
NET SALES
OPERATING INCOME AND MARGIN
EBIT margin - 12 months is excluding non-recurring items, see page 21.
OPERATING INCOME BRIDGE
¹ Operating income (EBIT) excluding non-recurring items, all numbers are rounded.
² Investments in consumer experience innovation and marketing. For more information on definitions, see page 3 under Outlook.
4 | AB ELECTROLUX INTERIM REPORT Q1 2026
Market overview
In the first quarter, overall market demand in Europe was flat year-over-year, while in the U.S. market demand declined significantly. In Europe, consumers shifted to lower price points driven by geopolitical and economic uncertainty. In the U.S., economic uncertainty and inflation concerns weighed on consumer confidence. For more information about the markets, please see the Regions sections.
INDUSTRY SHIPMENTS OF CORE APPLIANCES IN EUROPE
Units year-over-year, %.
Sources: Europe: Electrolux Group estimate, excluding Russia. U.S.: AHAM. For definitions see below. For other markets, there are no comprehensive market statistics.
INDUSTRY SHIPMENTS OF CORE APPLIANCES IN THE U.S.*
Industry shipment of core appliances
| Europe, units, year-over-year, %* | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Western Europe, representing -80% of total Europe | 0 | 0 | 0 |
| Eastern Europe | 1 | -1 | 0 |
| Total Europe | 0 | 0 | 0 |
*Source: Electrolux Group estimates for core appliances. Total 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. Electrolux Group estimates are subject to restatement.
| U.S., units, year-over-year, %* | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Core appliances | -10 | 0 | 0 |
*Source: The AHAM Factory Shipment Report. Q1 2026 is a comparison of weeks between January 1, 2026 – March 28, 2026 vs January 1, 2025 – March 29, 2025. Core appliances include AHAM 6 (Washers, Dryers, Dishwashers, Refrigerators, Freezers, Ranges and Ovens) and Cooktops. AHAM data is subject to restatement.
5 | AB ELECTROLUX INTERIM REPORT Q1 2026
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Regions
Europe, Middle East & Africa and Asia-Pacific
- Market unchanged in Europe
- AEG and Electrolux brands continued to gain market share
- Operating income and margin increased
Unchanged market in Europe
During the quarter, market demand for core appliances in Europe was unchanged year-over-year. Western Europe, representing -80% of the market, was flat, while in Eastern Europe the market grew by 1%. Consumer demand continued to be mainly replacement driven.
In Asia-Pacific, consumer demand is estimated to have increased slightly year-over-year. Competitive pressure remained high across markets. Geopolitical uncertainty and rising energy prices negatively affected consumer sentiment in Europe, leading many consumers to seek lower-priced products. As a result, consumers continued to postpone discretionary purchases, and demand for built-in kitchen products in Europe remained stable at a low level.
Continued market share gains for AEG and Electrolux brands
The region reported an organic sales increase, driven by higher volumes and improved mix. The rollout of recently launched AEG and Electrolux built-in kitchen products contributed to a continued increase in value market share and an improved mix. The price pressure in the market was high, resulting in a negative impact from price. Electrolux Group maintained its price position in a highly competitive market where industry volumes in Europe were on a more than 10-year low.
Improved operating income and margin
Operating income and margin increased. Improved cost efficiency contributed positively to earnings with product cost reductions driven mainly by purchasing savings and value engineering. Investments in innovation and marketing increased to support the product portfolio and roll-out of new products. The positive effect from higher volumes and mix improvements was offset by the negative price impact. The impact from external factors was slightly negative with negative currency effects and labor cost inflation, partly mitigated by lower raw material costs.
NET SALES AND GROWTH
OPERATING INCOME AND MARGIN
EBIT margin - 12 months is excluding non-recurring items, see pages 21 and 26.
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net sales | 13,823 | 14,115 | 57,135 |
| Sales growth, adjusted for currency translation effects, % | 3.6 | -0.8 | -0.3 |
| Divestments, % | - | -2.0 | -1.9 |
| Organic sales growth, % | 3.6 | 1.2 | 1.6 |
| Operating income | 572 | 425 | 2,353 |
| Operating Margin, % | 4.1 | 3.0 | 4.1 |
AB ELECTROLUX INTERIM REPORT Q1 2026
E
North America
- Material downturn in market demand
- Sales decline primarily due to lower volumes
- Operating loss attributable to external factors and negative organic sales development
Materially lower market demand
During the quarter, market demand for core appliances in terms of units declined by 10%. The decline was most pronounced in food preservation followed by food preparation while the decline in fabric care was less. Market price levels in the quarter are estimated to have been slightly up, year-over-year, though not yet reflecting the cost impact of implemented U.S. tariffs. During March, economic uncertainty, and renewed inflation concerns—stemming from higher oil prices associated with the conflict in the Middle East—weighed on consumer confidence. Demand was predominantly replacement driven and with continued consumer preference for lower price points.
Lower volumes and mix in a challenging market
The region reported an organic sales decline compared to a significant increase in the first quarter 2025. Volumes were lower, reflecting weaker market conditions. Mix was unfavorable with lower sales of higher-value categories, mainly in refrigeration, and a negative impact from lower aftermarket sales.
Operating loss due to external factors and negative organic sales development
The operating loss was primarily due to significant negative external factors, mainly related to tariff costs, combined with challenging market conditions. Organic contribution was negative, driven by volume and mix. In the prevailing market environment, it was not possible to mitigate the external cost headwinds through pricing actions. In addition, a change in accounting estimates for customer rebate provisions reflecting price volatility in prior months, and a voluntary recall of a limited number of Frigidaire gas ranges, jointly impacted operating income negatively with approximately SEK 0.3bn.
Cost efficiency improvements mitigated the earnings decline, mainly driven by product cost reductions through purchasing savings, value engineering, and finished goods sourcing. Investments in innovation and marketing were lower year-on-year.
NET SALES AND GROWTH
OPERATING INCOME AND MARGIN
EBIT margin - 12 months is excluding non-recurring items, see pages 21 and 26.
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net sales | 8,701 | 11,454 | 45,124 |
| Sales growth, adjusted for currency translation effects, % | -11.6 | 12.2 | 6.1 |
| Organic sales growth, % | -11.6 | 12.2 | 6.1 |
| Operating income | -868 | -337 | -567 |
| Operating margin,% | -10.0 | -2.9 | -1.3 |
7 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Latin America
- Increased market demand in Brazil
- Organic sales growth driven by higher volumes
- Improved operating income and higher margin excluding non-recurring items
Increased market demand in Brazil
During the first quarter, market demand in Brazil is estimated to have increased. Consumer demand for core appliances is estimated to have been strong also in Argentina and Chile. Competitive pressure continued to increase across the region.
Organic sales growth driven by higher volumes
The region reported positive organic sales growth, driven by higher volumes in Brazil, Argentina, and Chile. Electrolux Group reinforced its strong market position in the region with increased market shares in Brazil. Growth in Brazil was further supported by good performance in small domestic appliances. Price developed negatively due to intense competitive pressure, and mix was adverse. Aftermarket sales developed positively.
Improved operating income and higher margin excluding non-recurring items
Operating income and margin excluding non-recurring items increased year-over-year, driven by increased cost efficiency. Higher volumes mitigated the negative impact from price and mix. External factors were negative, with labor cost inflation and currency headwinds more than offsetting a positive contribution from lower raw material costs. Investments in sales support for brand building activities and direct to consumer sales increased slightly.
Operating income in the first quarter included a previously announced negative non-recurring item of SEK -463m related to a restructuring charge for the closure of the manufacturing facility in Santiago, Chile, and downsizing measures in Argentina. Electrolux Group will continue to offer innovative and cost-efficient products in Chile, sourced from other factories across the Group and external partners.
NET SALES AND GROWTH
OPERATING INCOME AND MARGIN
EBIT margin - 12 months is excluding non-recurring items, see pages 21 and 26.
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net sales | 7,019 | 7,006 | 29,023 |
| Sales growth, adjusted for currency translation effects, % | 8.0 | 16.3 | 5.2 |
| Organic sales growth, % | 8.0 | 16.3 | 5.2 |
| Operating income | 88 | 436 | 2,226 |
| Operating margin, % | 1.3 | 6.2 | 7.7 |
| Operating income excl. non-recurring items | 552 | 436 | 2,226 |
| Operating margin excl. non-recurring items, %¹ | 7.9 | 6.2 | 7.7 |
¹ For non-recurring items, see page 21.
8 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Cash flow
- Operating cash flow seasonally weak, with a negative change in operating working capital
- Lower investments
Operating cash flow after investments
In the first quarter, operating cash flow after investments was at a lower level than previous year, negatively impacted by seasonal increase in operating working capital and an operating loss in North America.
Working capital
Operating working capital as of March 31, 2026, amounted to SEK 9,135m (5,672), corresponding to 7.5% (4.6) of annualized net sales.
Working capital as of March 31, 2026, amounted to SEK -6,934m (-12,495), corresponding to -5.7% (-10.1) of annualized net sales. The lower level of negative working capital is mainly driven by an increase in operating working capital, for more information see page 20.
OPERATING CASH FLOW AFTER INVESTMENTS
OPERATING WORKING CAPITAL
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operating income adjusted for non-cash items¹ | 1,615 | 1,842 | 8,509 |
| Total change in operating assets and liabilities | -5,721 | -4,336 | -3,873 |
| Operating cash flow | -4,106 | -2,494 | 4,635 |
| Investments in tangible and intangible assets | -474 | -760 | -3,358 |
| Changes in other investments | 14 | 148 | 678 |
| Operating cash flow after investments | -4,566 | -3,107 | 1,955 |
| Acquisitions and divestments of operations | - | - | -6 |
| Operating cash flow after structural changes | -4,566 | -3,107 | 1,950 |
| Financial items paid, net² | -389 | -229 | -1,808 |
| Taxes paid | -333 | -291 | -1,650 |
| Cash flow from operations and investments | -5,288 | -3,627 | -1,508 |
| Payment of lease liabilities | -268 | -292 | -1,135 |
| Dividend | - | - | 12 |
| Share-based payments | - | - | - |
| Total cash flow, excluding changes in loans and short-term investments | -5,556 | -3,920 | -2,631 |
¹ Operating income adjusted for depreciation, amortization and other non-cash items.
² For the period January 1 to March 31, 2026: interest and similar items received SEK 73m (96), interest and similar items paid SEK -414m (-303) and other financial items received/paid SEK -48m (-22).
9 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Financial position
Net debt
As of March 31, 2026, Electrolux Group had a financial net debt (excluding lease liabilities and post-employment provisions) of SEK 30,597m, compared to the financial net debt of SEK 26,532m as of March 31, 2025 and SEK 24,593m as of December 31, 2025. The increase in the first quarter 2026 was mainly driven by a negative cash flow.
Net provisions for post-employment benefits amounted to a surplus of SEK 360m and lease liabilities amounted to SEK 3,808m as of March 31, 2026. In total, net debt amounted to SEK 34,045m, an increase of SEK 5,868m compared to SEK 28,176m as of December 31, 2025 and an increase of SEK 3,203m compared to March 31, 2025.
Long-term borrowings and long-term borrowings with maturities within 12 months, amounted to a total of SEK 37,392m as of March 31, 2026, with an average maturity of 2.7 years, compared to SEK 36,545m and 3.0 years at the end of 2025, and SEK 36,464m and 3.2 years at the end of March 2025.
In the first quarter, amortization of long-term borrowings amounted to SEK 1m, and a total of SEK 268m of new long-term debt was issued. During the remaining part of 2026, long-term borrowings amounting to approximately SEK 5,530m, will mature. For more information see electroluxgroup.com.
Liquid funds as of March 31, 2026, amounted to SEK 10,670m, a decrease of SEK 5,225m compared to SEK 15,895m as of December 31, 2025 and a decrease of SEK 1,993m compared to SEK 12,663m at the end of March 2025. Total liquidity, including the revolving credit facilities, amounted to SEK 27,613m compared to SEK 32,713m as of December 31, 2025. The decrease in liquid funds during the first quarter 2026 was mainly driven by negative development in both operating working capital and other working capital.
Net debt/EBITDA was 3.8 (3.4) and return on equity was -20.8% (1.9).
Net assets
Average net assets as of March 31, 2026, amounted to SEK 39,981m (38,199), corresponding to 33.8% (29.3) of annualized net sales. Net assets as of March 31, 2026, amounted to SEK 43,252m (38,978).
Return on net assets was -2.7% (4.7).
NET DEBT
NET ASSETS
10 | AB ELECTROLUX INTERIM REPORT Q1 2026
^{}[]
Net debt
| SEKM | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Short-term loans | 3,060 | 1,892 | 3,238 |
| Short-term part of long-term loans | 7,540 | 3,889 | 5,491 |
| Trade receivables with recourse | 30 | 62 | 55 |
| Short-term borrowings | 10,630 | 5,843 | 8,783 |
| Financial derivative liabilities | 309 | 300 | 278 |
| Accrued interest expenses and prepaid interest income | 476 | 477 | 373 |
| Total short-term borrowings | 11,415 | 6,620 | 9,434 |
| Long-term borrowings | 29,852 | 32,575 | 31,054 |
| Total borrowings¹ | 41,267 | 39,195 | 40,488 |
| Cash and cash equivalents | 10,222 | 12,371 | 15,658 |
| Short-term investments | 169 | 165 | 163 |
| Financial derivative assets | 274 | 118 | 70 |
| Prepaid interest expenses and accrued interest income | 5 | 9 | 4 |
| Liquid funds² | 10,670 | 12,663 | 15,895 |
| Financial net debt | 30,597 | 26,532 | 24,593 |
| Lease liabilities | 3,808 | 4,337 | 3,662 |
| Net provisions for post-employment benefits | -360 | -26 | -79 |
| Net debt | 34,045 | 30,842 | 28,176 |
| Net debt/EBITDA | 3.8 | 3.4 | 3.0 |
| Net debt/equity ratio | 3.64 | 3.71 | 3.24 |
| Total equity | 9,354 | 8,323 | 8,706 |
| Equity per share, SEK | 34.58 | 30.77 | 32.18 |
| Return on equity, % | -20.8 | 1.9 | 10.1 |
| Equity/assets ratio, % | 9.0 | 8.1 | 8.8 |
¹ Whereof interest-bearing liabilities amounting to SEK 40,452m as of March 31, 2026, and SEK 38,356m as of March 31, 2025.
² Electrolux Group also has an unused committed multicurrency revolving credit facility of EUR 1,000m, approximately SEK 10,943m, maturing 2028, a revolving credit facility of SEK 3,000m, maturing 2027, and a revolving credit facility of SEK 3,000m, maturing 2027.
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, such as geopolitical risks including trade policy measures (e.g. tariffs), 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 2025 Annual Report: electroluxgroup.com/annualreport2025
11 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Events during the quarter
January 29. Lena Glader and Anko van der Werff proposed as new Board members of AB Electrolux
The Nomination Committee of AB Electrolux proposed election of Anko van der Werff and Lena Glader as new members of the Board of Directors at the Annual General Meeting of AB Electrolux on March 25, 2026. The Nomination Committee further proposed re-election of Torbjörn Lööf (Chair), Yannick Fierling, Geert Follens, Petra Hedengran, Ulla Litzén, Daniel Nodhäll, Karin Overbeck and Michael Rauterkus. David Porter has declined re-election.
Anko van der Werff has extensive international experience and expertise in leading complex operations in a competitive industry undergoing change. The Nomination Committee assesses that he will contribute important perspectives to the Board's work going forward, thanks to his strategic competence and transformation experience. He is currently the President and CEO of SAS AB. Anko van der Werff was born in 1975 and is a Dutch citizen.
Lena Glader has substantial expertise in the financial field and a strong understanding of the capital market. The Nomination Committee assesses that she will be a very valuable addition to the Board with her financial competence and analytical capabilities. She is currently CFO at Storskogen Group AB and board member in Tagehus Holding AB. Lena Glader was born 1976 and is a Swedish and Finnish citizen.
The Nomination Committee's proposal means that the Board of Directors shall comprise ten ordinary members elected by the Annual General Meeting, without deputies.
January 30. Electrolux Group announced changes to organizational structure and Group Management
Electrolux Group announced a new Product organization and appointed Michelle Shi-Verdaasdonk Chief Product Officer. The new Product organization is responsible for product strategy, R&D, Design, Electronics, Connectivity and Procurement. The Product organization has the mandate and complete responsibility to define the tech and product roadmap, develop an attractive product ecosystem, and control cost and complexity. The Technology, Digital and Sustainability (TDS) organization is integrated to the Product organization. The global product lines Taste and Care cease, and management of the product categories are integrated into the Product organization. Product Line Wellbeing & SDA remains a strategic focus area. Vincent Rotger has been appointed Head of Product Line Wellbeing & SDA.
"We need to be closer to our consumers," said Yannick Fierling, President & CEO, "and these changes will help us do just that. The new Product organizational area will bring a sharper, simpler structure with faster decision-making thanks to clear end-to-end accountability, and the regional product teams will be empowered in their work close to the consumers through end-to-end responsibility for commercialization."
The changes are effective as of February 1, 2026.
March 25. Annual General Meeting
The Annual General Meeting of AB Electrolux was held at the Company's premises in Stockholm. Shareholders and others also had the opportunity to follow the Meeting via Electrolux Group's website. A recording from the Meeting of the reflections by President and CEO, Yannick Fierling, on the past year, and the strategy going forward is available on Electrolux Group's website. In accordance with the Board's proposal, the Annual General Meeting resolved to not distribute any dividend for the financial year 2025 and that available funds will be carried forward in the new accounts.
Yannick Fierling, Geert Follens, Petra Hedengran, Ulla Litzén, Torbjörn Lööf, Daniel Nodhäll, Karin Overbeck and Michael Rauterkus were re-elected as Directors of the Board, and Lena Glader and Anko van der Werff were elected as new Directors of the Board, for the period until the end of the Annual General Meeting 2027. Torbjörn Lööf was re-elected as Chair of the Board of Directors.
Full details on the proposals adopted by the Annual General Meeting are available at Electrolux Group's website, electroluxgroup.com/AGM2026
March 31. Electrolux Group ceases manufacturing in Chile
Electrolux Group has decided to close its factory in Santiago, Chile, effective end of April 2026. A restructuring charge of approximately SEK 0.5bn, of which SEK 0.2bn is cash-related, has been reported as a negative non-recurring item affecting operating income for Region Latin America in the first quarter of 2026.
The decision follows a review of the cost competitiveness of the Santiago factory and will impact approximately 400 employees.
Electrolux Group in Chile will continue to offer innovative and cost-efficient products, sourced from other factories across the Group and external partners.
For more information, visit electroluxgroup.com
AB ELECTROLUX INTERIM REPORT Q1 2026
12 | AB ELECTROLUX INTERIM REPORT Q1 2026
Events after the close of the period
April 22. Electrolux Group to end production in Jászberény, Hungary
Electrolux Group has decided to end production at the Jászberény, Hungary factory, which manufactures built-in and freestanding refrigeration products. Production is expected to cease by the end of 2026. A restructuring charge of approximately SEK 0.6bn, of which SEK 0.3bn is cash related, will be reported as a negative non-recurring item affecting operating income for Region Europe, Middle East & Africa and Asia-Pacific in the second quarter of 2026.
The decision follows a review of the company's strategy to strengthen cost competitiveness and increase agility through production footprint optimization. This is driven by the current competitive environment, which is impacted by stagnant market demand, price pressure, and increasing constraints on cost competitiveness. The planned site closure will impact approximately 600 employees.
Electrolux Group will fully meet demand for refrigeration products by leveraging existing operations as well as working with external OEM partners. The decision does not affect the local sales and marketing activities managed by the Budapest office.
April 23. Electrolux Group and Midea Group form a highly complementary long-term strategic partnership in North America to accelerate profitable growth and strengthen innovation
Electrolux Group announced that it has entered into agreements with Midea Group to establish a highly complementary long-term strategic partnership in Food Preservation (refrigeration) manufacturing and sales, and Fabric Care (laundry) manufacturing in North America. The partnership is designed to support long-term profitable growth and will contribute to Electrolux Group's overarching efforts to transform the business in North America. It will strengthen the Group's product offering in Food Preservation and Fabric Care through innovation, improved cost competitiveness and increased operational flexibility. The Group expects that the partnership will have a positive effect on Electrolux Group's sales and contribute to gradually increasing cost efficiency improvements over the next three years, with approximately SEK 0.6 billion in year three.
The partnership is expected to commence in the third quarter of 2026 and will aim to create a stronger platform for innovation, product development, and deliver value to customers and consumers in North America. A new operating model will be introduced across selected parts of Electrolux Group's North American operations. The partnership will be structured as three Joint Ventures (JV): Sales JV for Food Preservation products and commercial strategies in North America, Manufacturing JV for Food Preservation in Juarez (Mexico), Manufacturing JV for Fabric Care in Anderson (South Carolina, US).
The partnership is expected to affect approximately 1,500 employees in 2026, resulting in a negative cash non-recurring item (NRI) of approximately SEK 0.9 billion. The NRI mainly relates to severance costs and is expected to be recognized in the second quarter of 2026. The manufacturing JV for Anderson is expected to hire up to approximately 1,200 employees gradually across 2027 and 2028, as it is re-purposed into a Fabric Care factory. It is further expected that a write-off of approximately SEK 1.5 billion mainly related to the Food Preservation production in Anderson will be reported as an NRI in the second quarter of 2026. As a result of these actions, Electrolux Group expects to report total negative NRI's of approximately SEK 2.4 billion, in the second quarter of 2026.
The sale of assets in Juarez to the manufacturing JV is expected to occur in the third quarter of 2026 and have a neutral effect on the income statement, but is expected to generate a positive cash flow effect of approximately SEK 1.0 billion with a corresponding reduction in assets.
The partnership is also expected to require approximately SEK 1.1 billion in capital expenditure over the next three years related to the start-up of the Fabric Care production in Anderson and investing in new platforms for refrigeration in Juarez.
April 23. Electrolux Group accelerates profitable growth strategy through a partnership with Midea, global organization and footprint optimization, and a fully underwritten rights issue of approx. SEK 9 billion
In addition to the separately announced long-term strategic partnership with Midea Group in North America, AB Electrolux ("Electrolux Group" or the "Group") announced a plan to improve efficiency across its organization including a focused optimization of the Group's global manufacturing footprint to further increase agility across the organization. This initiative is expected to generate gradual cost efficiency improvements, reaching approximately SEK 1.4 billion in year three. The targeted optimization is expected to result in a net reduction of approximately 3,000 employees globally over the same period. Electrolux Group is expected to report total negative non-recurring items of approximately SEK 2.2 billion over the next two years, of which approximately SEK 1.5 billion is cash-related. To support execution of Electrolux Group's strategy and its efforts to focus on customer-facing activities, local sales and marketing will be prioritized to accelerate profitable growth. Furthermore, Electrolux Group expects to invest approximately SEK 0.6 billion over three years to implement the manufacturing optimization plan. Furthermore, the Board of Directors of AB Electrolux has resolved, subject to approval by an Extraordinary General Meeting, on a fully underwritten rights issue of approximately SEK 9 billion (the "Rights Issue"). The Rights Issue, supported by AB Electrolux largest shareholder, Investor AB, is intended to finance and accelerate Electrolux Group's profitable growth initiatives and expedite the achievement of its financial targets, and strengthen the Group's balance sheet. The Group also provided financial information for the first quarter of 2026 and comments on its business and market outlook.
For more information, visit electroluxgroup.com
13 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
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 quarter 2026 amounted to SEK 9,947m (10,107) of which SEK 8,539m (8,522) referred to sales to Group companies and SEK 1,408m (1,585) to external customers. Income after financial items was SEK -104m (-567), including dividends from subsidiaries in the amount of SEK 0m (0). Income for the period amounted to SEK -67m (-440).
Capital expenditure in tangible and intangible assets was SEK 121m (121). Liquid funds at the end of the period amounted to SEK 5,423m, compared to SEK 9,727m at the start of the year.
Undistributed earnings in the Parent Company at the end of the period amounted to SEK 8,839m, compared to SEK 8,841m at the start of the year. Dividend payment to shareholders for 2025 amounted to SEK 0m.
The income statement and balance sheet for the Parent Company are presented on page 23.
Stockholm, April 24, 2026
AB Electrolux (publ)
556009-4178
Yannick Fierling
President and CEO
14 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Review Report
AB Electrolux (publ), reg. no 556009-4178
Translated from the Swedish original
Introduction
We have reviewed the condensed interim financial information (interim report) of AB Electrolux (publ) as of March 31, 2026 and the three-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, April 24, 2026
Öhrlings PricewaterhouseCoopers AB
Johan Rippe
Authorized Public Accountant
Partner in charge
Aleksander Lyckow
Authorized Public Accountant
15 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Consolidated statement of comprehensive income
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net sales | 29,543 | 32,576 | 131,282 |
| Cost of goods sold | -25,449 | -27,399 | -109,580 |
| Gross operating income | 4,094 | 5,177 | 21,702 |
| Selling expenses | -3,261 | -3,490 | -13,876 |
| Administrative expenses | -1,292 | -1,404 | -5,485 |
| Other operating income/expenses | 193 | 168 | 1,315 |
| Operating income | -266 | 452 | 3,657 |
| Financial items, net | -492 | -382 | -1,842 |
| Income after financial items | -758 | 70 | 1,815 |
| Taxes | 288 | -28 | -936 |
| Income for the period | -470 | 42 | 878 |
| Items that will not be reclassified to income for the period: | |||
| Remeasurement of provisions for post-employment benefits | 220 | 348 | 686 |
| Income tax relating to items that will not be reclassified | -57 | -71 | -165 |
| 163 | 276 | 521 | |
| Items that may be reclassified subsequently to income for the period: | |||
| Cash flow hedges | 6 | 2 | -1 |
| Exchange rate differences on translation of foreign operations | 911 | -1,750 | -2,498 |
| Income tax relating to items that may be reclassified | 0 | 0 | 0 |
| 916 | -1,748 | -2,499 | |
| Other comprehensive income, net of tax | 1,079 | -1,472 | -1,978 |
| Total comprehensive income for the period | 609 | -1,430 | -1,100 |
| Income for the period attributable to: | |||
| Equity holders of the Parent Company | -470 | 42 | 878 |
| Non-controlling interests | -0 | 0 | 0 |
| Total | -470 | 42 | 878 |
| Total comprehensive income for the period attributable to: | |||
| Equity holders of the Parent Company | 609 | -1,429 | -1,100 |
| Non-controlling interests | -0 | -0 | -0 |
| Total | 609 | -1,430 | -1,100 |
| Earnings per share, SEK | |||
| Basic | -1.74 | 0.16 | 3.25 |
| Diluted | -1.74 | 0.15 | 3.19 |
| Average number of shares¹ | |||
| Basic, million | 270.5 | 270.1 | 270.4 |
| Diluted, million | 276.3 | 273.2 | 275.0 |
¹ Average numbers of shares excluding shares held by AB Electrolux.
16 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Consolidated balance sheet
| SEKM | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment, owned | 25,010 | 26,802 | 25,161 |
| Property, plant and equipment, right-of-use | 3,429 | 3,942 | 3,297 |
| Goodwill | 4,906 | 4,978 | 4,764 |
| Other intangible assets | 4,509 | 4,922 | 4,625 |
| Investments in associates | 0 | 0 | 0 |
| Deferred tax assets | 10,429 | 9,063 | 8,759 |
| Financial assets | 69 | 69 | 68 |
| Pension plan assets | 2,016 | 1,659 | 1,880 |
| Other non-current assets | 2,637 | 2,361 | 2,922 |
| Total non-current assets | 53,005 | 53,797 | 51,476 |
| Inventories | 22,223 | 22,293 | 19,979 |
| Trade receivables | 22,314 | 20,686 | 21,392 |
| Tax assets | 1,116 | 1,042 | 1,046 |
| Derivatives | 387 | 143 | 101 |
| Other current assets | 5,576 | 5,146 | 4,811 |
| Short-term investments | 169 | 165 | 163 |
| Cash and cash equivalents | 10,222 | 12,371 | 15,658 |
| Total current assets | 62,007 | 61,847 | 63,150 |
| Total assets | 115,012 | 115,644 | 114,626 |
| 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 | -3,161 | -3,326 | -4,077 |
| Retained earnings | 8,060 | 7,194 | 8,328 |
| Equity attributable to equity holders of the Parent Company | 9,349 | 8,318 | 8,700 |
| Non-controlling interests | 5 | 5 | 6 |
| Total equity | 9,354 | 8,323 | 8,706 |
| Long-term borrowings | 29,852 | 32,575 | 31,054 |
| Long-term lease liabilities | 2,615 | 3,102 | 2,552 |
| Deferred tax liabilities | 802 | 666 | 791 |
| Provisions for post-employment benefits | 1,656 | 1,632 | 1,801 |
| Other long-term provisions | 4,431 | 3,889 | 4,082 |
| Total non-current liabilities | 39,356 | 41,864 | 40,280 |
| Accounts payable | 35,401 | 37,307 | 35,279 |
| Tax liabilities | 1,439 | 1,555 | 1,260 |
| Other liabilities | 14,311 | 15,225 | 15,967 |
| Short-term borrowings | 10,630 | 5,843 | 8,783 |
| Short-term lease liabilities | 1,193 | 1,235 | 1,110 |
| Derivatives | 389 | 411 | 359 |
| Other short-term provisions | 2,939 | 3,882 | 2,882 |
| Total current liabilities | 66,301 | 65,457 | 65,640 |
| Total equity and liabilities | 115,012 | 115,644 | 114,626 |
Change in consolidated equity
| SEKM | Three months | Three months | |
|---|---|---|---|
| 2026 | 2025 | Full year 2025 | |
| Opening balance | 8,706 | 9,723 | 9,723 |
| Change in accounting principles | - | - | - |
| Total comprehensive income for the period | 609 | -1,430 | -1,100 |
| Share-based payments | 40 | 30 | 83 |
| Dividend to equity holders of the Parent Company | - | - | - |
| Dividend to non-controlling interests | - | - | -0 |
| Change in non-controlling interest | 0 | 0 | 0 |
| Total transactions with equity holders | 40 | 30 | 83 |
| Closing balance | 9,354 | 8,323 | 8,706 |
17 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Consolidated cash flow statement
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operations | |||
| Operating income | -266 | 452 | 3,657 |
| Depreciation and amortization | 1,381 | 1,466 | 5,687 |
| Other non-cash items | 499 | -76 | -835 |
| Financial items paid, net¹ | -389 | -229 | -1,808 |
| Taxes paid | -333 | -291 | -1,650 |
| Cash flow from operations, excluding change in operating assets and liabilities | 893 | 1,322 | 5,051 |
| Change in operating assets and liabilities | |||
| Change in inventories | -1,541 | -2,587 | -1,228 |
| Change in trade receivables | -83 | 2,681 | 936 |
| Change in accounts payable | -950 | -1,275 | -1,782 |
| Change in other operating assets, liabilities and provisions | -3,147 | -3,155 | -1,799 |
| Cash flow from change in operating assets and liabilities | -5,721 | -4,336 | -3,873 |
| Cash flow from operations | -4,828 | -3,015 | 1,177 |
| Investments | |||
| Divestment of operations | - | - | -6 |
| Capital expenditure in property, plant and equipment | -320 | -533 | -2,311 |
| Capital expenditure in product development | -63 | -106 | -412 |
| Capital expenditure in software and other intangibles | -92 | -122 | -635 |
| Other | 14 | 148 | 678 |
| Cash flow from investments | -460 | -613 | -2,685 |
| Cash flow from operations and investments | -5,288 | -3,627 | -1,508 |
| Financing | |||
| Change in short-term investments | -6 | 3 | 5 |
| Change in short-term borrowings | -357 | -876 | 592 |
| New long-term borrowings | 268 | 2,548 | 7,355 |
| Amortization of long-term borrowings | -1 | -1,002 | -4,874 |
| Payment of lease liabilities | -268 | -292 | -1,135 |
| Dividend | - | - | 12 |
| Share-based payments | - | - | - |
| Cash flow from financing | -364 | 380 | 1,956 |
| Total cash flow | -5,652 | -3,247 | 448 |
| Cash and cash equivalents at beginning of period | 15,658 | 16,171 | 16,171 |
| Exchange-rate differences referring to cash and cash equivalents | 217 | -554 | -962 |
| Cash and cash equivalents at end of period | 10,222 | 12,371 | 15,658 |
¹ For the period January 1 to March 31, 2026: interest and similar items received SEK 73m (96), interest and similar items paid SEK -414m (-303) and other financial items received/paid SEK -48m (-22).
18 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Key ratios
| SEKM unless otherwise stated | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net sales | 29,543 | 32,576 | 131,282 |
| Sales growth, adjusted for currency translation effects, % | -0.5 | 7.0 | 3.0 |
| Organic sales growth, % | -0.5 | 7.9 | 3.9 |
| EBITA | 83 | 774 | 4,950 |
| EBITA margin, % | 0.3 | 2.4 | 3.8 |
| Operating income | -266 | 452 | 3,657 |
| Operating margin, % | -0.9 | 1.4 | 2.8 |
| Operating margin excl. non-recurring items, %¹ | 0.7 | 1.4 | 2.8 |
| Income after financial items | -758 | 70 | 1,815 |
| Income for the period | -470 | 42 | 878 |
| Capital expenditure property, plant and equipment | -320 | -533 | -2,311 |
| Operating cash flow after investments | -4,566 | -3,107 | 1,955 |
| Earnings per share, SEK² | -1.74 | 0.16 | 3.25 |
| Equity per share, SEK | 34.58 | 30.77 | 32.18 |
| Capital turnover rate, times/year | 3.0 | 3.4 | 3.4 |
| Return on net assets, % | -2.7 | 4.7 | 9.4 |
| Return on equity, % | -20.8 | 1.9 | 10.1 |
| Net debt | 34,045 | 30,842 | 28,176 |
| Net debt/EBITDA | 3.8 | 3.4 | 3.0 |
| Net debt/equity ratio | 3.64 | 3.71 | 3.24 |
| Average number of employees, full-time equivalents | 40,203 | 38,630 | 39,233 |
| Average number of shares excluding shares owned by AB Electrolux, million | 270.5 | 270.1 | 270.4 |
¹ The first quarter of 2026 includes non-recurring items, see page 21. For more information regarding non-recurring items in previous years, see page 26.
² Basic.
For definitions, see page 27-28.
Exchange rates
| SEK | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | |||
|---|---|---|---|---|---|---|
| Exchange rate | Average | End of period | Average | End of period | Average | End of period |
| ARS | 0.0064 | 0.0069 | 0.0101 | 0.0093 | 0.0081 | 0.0063 |
| AUD | 6.33 | 6.56 | 6.67 | 6.26 | 6.34 | 6.17 |
| BRL | 1.73 | 1.82 | 1.81 | 1.75 | 1.76 | 1.67 |
| CAD | 6.67 | 6.83 | 7.43 | 6.98 | 7.04 | 6.72 |
| CHF | 11.69 | 11.90 | 11.90 | 11.38 | 11.82 | 11.64 |
| CLP | 0.0102 | 0.0103 | 0.0110 | 0.0105 | 0.0104 | 0.0101 |
| CNY | 1.32 | 1.38 | 1.47 | 1.38 | 1.37 | 1.32 |
| EUR | 10.74 | 10.94 | 11.25 | 10.85 | 11.07 | 10.82 |
| GBP | 12.33 | 12.60 | 13.53 | 12.99 | 12.97 | 12.42 |
| HUF | 0.0281 | 0.0284 | 0.0278 | 0.0270 | 0.0278 | 0.0280 |
| MXN | 0.5190 | 0.5284 | 0.5232 | 0.4917 | 0.5128 | 0.5122 |
| THB | 0.2887 | 0.2905 | 0.3153 | 0.2956 | 0.2996 | 0.2929 |
| USD | 9.14 | 9.52 | 10.70 | 10.03 | 9.87 | 9.20 |
19 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Net sales and operating income by region
| SEKM | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | Full year 2026 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full year 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Europe, Middle East & Africa and Asia-Pacific | ||||||||||
| Net sales | 13,823 | 14,115 | 13,139 | 13,682 | 16,199 | 57,135 | ||||
| Sales growth, adjusted for currency translation effects, % | 3.6 | -0.8 | -2.7 | -0.5 | 2.3 | -0.3 | ||||
| EBITA | 741 | 583 | 533 | 673 | 1,195 | 2,984 | ||||
| EBITA margin, % | 5.4 | 4.1 | 4.1 | 4.9 | 7.4 | 5.2 | ||||
| Operating income | 572 | 425 | 383 | 522 | 1,023 | 2,353 | ||||
| Operating margin, % | 4.1 | 3.0 | 2.9 | 3.8 | 6.3 | 4.1 | ||||
| North America | ||||||||||
| Net sales | 8,701 | 11,454 | 11,198 | 11,782 | 10,690 | 45,124 | ||||
| Sales growth, adjusted for currency translation effects, % | -11.6 | 12.2 | 4.1 | 10.9 | -1.7 | 6.1 | ||||
| EBITA | -802 | -276 | 123 | 96 | -244 | -300 | ||||
| EBITA margin, % | -9.2 | -2.4 | 1.1 | 0.8 | -2.3 | -0.7 | ||||
| Operating income | -868 | -337 | 57 | 25 | -312 | -567 | ||||
| Operating margin, % | -10.0 | -2.9 | 0.5 | 0.2 | -2.9 | -1.3 | ||||
| Latin America | ||||||||||
| Net sales | 7,019 | 7,006 | 6,939 | 6,854 | 8,223 | 29,023 | ||||
| Sales growth, adjusted for currency translation effects, % | 8.0 | 16.3 | 2.6 | 0.3 | 4.1 | 5.2 | ||||
| EBITA | 141 | 489 | 506 | 445 | 997 | 2,436 | ||||
| EBITA margin, % | 2.0 | 7.0 | 7.3 | 6.5 | 12.1 | 8.4 | ||||
| Operating income | 88 | 436 | 453 | 392 | 945 | 2,226 | ||||
| Operating margin, % | 1.3 | 6.2 | 6.5 | 5.7 | 11.5 | 7.7 | ||||
| Group common costs, etc: operating income | -58 | -72 | -95 | -50 | -139 | -355 | ||||
| Total Group | ||||||||||
| Net sales | 29,543 | 32,576 | 31,276 | 32,318 | 35,112 | 131,282 | ||||
| Sales growth, adjusted for currency translation effects, % | -0.5 | 7.0 | 0.9 | 3.6 | 1.4 | 3.0 | ||||
| EBITA | 83 | 774 | 1,111 | 1,206 | 1,859 | 4,950 | ||||
| EBITA margin, % | 0.3 | 2.4 | 3.6 | 3.7 | 5.3 | 3.8 | ||||
| Operating income | -266 | 452 | 797 | 890 | 1,517 | 3,657 | ||||
| Operating margin, % | -0.9 | 1.4 | 2.5 | 2.8 | 4.3 | 2.8 | ||||
| Income for the period | -470 | 42 | 178 | 192 | 466 | 878 | ||||
| Earnings per share, SEK¹ | -1.74 | 0.16 | 0.66 | 0.71 | 1.72 | 3.25 |
¹ Basic
20 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Non-recurring items by region
| SEKM | Q1 2026¹ | Q2 2026 | Q3 2026 | Q4 2026 | Full year 2026 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full year 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Europe, Middle East & Africa and Asia-Pacific | - | - | - | - | - | - | - | - | - | - |
| North America | - | - | - | - | - | - | - | - | - | - |
| Latin America | -463 | - | - | - | - | - | - | - | - | - |
| Group common costs, etc. | - | - | - | - | - | - | - | - | - | - |
| Total Group | -463 | - | - | - | - | - | - | - | - | - |
¹ The non-recurring item of SEK -463m in the first quarter of 2026 refers to Latin America and the restructuring charge related mainly to the discontinuation of production at the factory in Santiago, Chile, and downsizing measures in Argentina. The cost is included in Cost of goods sold.
Operating income excluding non-recurring items (NRI)
| SEKM | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | Full year 2026 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Full year 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Europe, Middle East & Africa and Asia-Pacific | ||||||||||
| Operating income excl. NRI | 572 | 425 | 383 | 522 | 1,023 | 2,353 | ||||
| Operating margin excl. NRI, % | 4.1 | 3.0 | 2.9 | 3.8 | 6.3 | 4.1 | ||||
| North America | ||||||||||
| Operating income excl. NRI | -868 | -337 | 57 | 25 | -312 | -567 | ||||
| Operating margin excl. NRI, % | -10.0 | -2.9 | 0.5 | 0.2 | -2.9 | -1.3 | ||||
| Latin America | ||||||||||
| Operating income excl. NRI | 552 | 436 | 453 | 392 | 945 | 2,226 | ||||
| Operating margin excl. NRI, % | 7.9 | 6.2 | 6.5 | 5.7 | 11.5 | 7.7 | ||||
| Group common cost, etc. | ||||||||||
| Operating income excl. NRI | -58 | -72 | -95 | -50 | -139 | -355 | ||||
| Total Group | ||||||||||
| Operating income excl. NRI | 198 | 452 | 797 | 890 | 1,517 | 3,657 | ||||
| Operating margin excl. NRI, % | 0.7 | 1.4 | 2.5 | 2.8 | 4.3 | 2.8 |
Change in operating income by region, SEKM
| Year-over-year, SEKM | Q1 2026 | Q1 2026 currency adjusted |
|---|---|---|
| Europe, Middle East & Africa and Asia-Pacific | 146 | 186 |
| North America | -531 | -589 |
| Latin America | -348 | -269 |
| Group common costs, etc. | 14 | -1 |
| Total change Group | -718 | -673 |
21 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Working capital and net assets
| SEKM | Mar. 31, 2026 | %^{1} | Mar. 31, 2025 | %^{1} | Dec. 31, 2025 | %^{1} |
|---|---|---|---|---|---|---|
| Inventories | 22,223 | 18.2 | 22,293 | 18.0 | 19,979 | 16.0 |
| Trade receivables | 22,314 | 18.3 | 20,686 | 16.7 | 21,392 | 17.1 |
| Accounts payable | -35,401 | -29.1 | -37,307 | -30.1 | -35,279 | -28.2 |
| Operating working capital | 9,135 | 7.5 | 5,672 | 4.6 | 6,092 | 4.9 |
| Provisions | -7,370 | -7,770 | -6,965 | |||
| Prepaid and accrued income and expenses | -9,198 | -9,694 | -11,014 | |||
| Taxes and other assets and liabilities | 499 | -703 | -209 | |||
| Working capital | -6,934 | -5.7 | -12,495 | -10.1 | -12,096 | -9.7 |
| Property, plant and equipment, owned | 25,010 | 26,802 | 25,161 | |||
| Property, plant and equipment, right-of-use | 3,429 | 3,942 | 3,297 | |||
| Goodwill | 4,906 | 4,978 | 4,764 | |||
| Other non-current assets | 7,215 | 7,352 | 7,615 | |||
| Deferred tax assets and liabilities | 9,627 | 8,398 | 7,968 | |||
| Net assets | 43,252 | 35.5 | 38,978 | 31.4 | 36,709 | 29.3 |
| Annualized net sales, calculated at end of period exchange rates | 121,851 | 124,018 | 125,188 | |||
| Average net assets | 39,981 | 33.8 | 38,199 | 29.3 | 38,882 | 29.6 |
| Annualized net sales, calculated at average exchange rates | 118,173 | 130,304 | 131,282 |
1 Of annualized net sales.
Net assets by region
| SEKM | Assets | Equity and liabilities | Net assets | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | |
| Europe, Middle East & Africa and Asia-Pacific | 40,393 | 40,841 | 39,371 | 27,941 | 29,964 | 28,976 | 12,452 | 10,877 | 10,396 |
| North America | 24,401 | 26,101 | 22,554 | 14,200 | 16,041 | 14,203 | 10,201 | 10,060 | 8,351 |
| Latin America | 21,608 | 19,220 | 20,050 | 12,390 | 11,453 | 11,956 | 9,217 | 7,767 | 8,094 |
| Other^{1} | 15,777 | 14,682 | 14,702 | 4,395 | 4,408 | 4,833 | 11,382 | 10,274 | 9,868 |
| Total operating assets and liabilities | 102,179 | 100,844 | 96,678 | 58,926 | 61,866 | 59,969 | 43,252 | 38,978 | 36,709 |
| Liquid funds | 10,670 | 12,663 | 15,895 | ||||||
| Non-current assets held for sale | 147 | 479 | 173 | - | 291 | - | |||
| Total borrowings | 41,267 | 39,195 | 40,488 | ||||||
| Lease liabilities | 3,808 | 4,337 | 3,662 | ||||||
| Pension assets and liabilities | 2,016 | 1,659 | 1,880 | 1,656 | 1,632 | 1,801 | |||
| Total equity | 9,354 | 8,323 | 8,706 | ||||||
| Total | 115,012 | 115,644 | 114,626 | 115,012 | 115,644 | 114,626 |
1 Includes common functions and tax items.
22 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Parent Company income statement
| SEKM | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net sales | 9,947 | 10,107 | 39,878 |
| Cost of goods sold | -8,419 | -8,907 | -34,919 |
| Gross operating income | 1,528 | 1,200 | 4,959 |
| Selling expenses | -1,163 | -1,091 | -4,454 |
| Administrative expenses | -201 | -477 | -904 |
| Other operating income | - | - | - |
| Other operating expenses | - | - | -992 |
| Operating income | 164 | -368 | -1,391 |
| Financial income | 349 | 360 | 5,305 |
| Financial expenses | -617 | -559 | -2,398 |
| Financial items, net | -268 | -199 | 2,907 |
| Income after financial items | -104 | -567 | 1,516 |
| Appropriations | 46 | 29 | 197 |
| Income before taxes | -58 | -538 | 1,713 |
| Taxes | -9 | 98 | -114 |
| Income for the period | -67 | -440 | 1,599 |
Parent Company balance sheet
| SEKM | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Assets | |||
| Non-current assets | 48,960 | 47,956 | 48,572 |
| Current assets | 29,096 | 30,155 | 29,236 |
| Total assets | 78,056 | 78,111 | 77,808 |
| Equity and liabilities | |||
| Restricted equity | 6,763 | 6,901 | 6,845 |
| Non-restricted equity | 8,839 | 6,673 | 8,841 |
| Total equity | 15,602 | 13,574 | 15,686 |
| Untaxed reserves | 377 | 454 | 386 |
| Provisions | 1,598 | 2,536 | 1,725 |
| Non-current liabilities | 32,952 | 32,655 | 31,142 |
| Current liabilities | 27,527 | 28,892 | 28,869 |
| Total equity and liabilities | 78,056 | 78,111 | 77,808 |
Shares
| Number of shares | A-shares | B-shares | Shares total | Shares held by AB Electrolux | Shares held by other shareholders |
|---|---|---|---|---|---|
| Number of shares as of January 1, 2026 | 8,191,804 | 274,885,589 | 283,077,393 | 12,581,075 | 270,496,318 |
| Change during the year | - | - | - | - | - |
| Number of shares as of March 31, 2026 | 8,191,804 | 274,885,589 | 283,077,393 | 12,581,075 | 270,496,318 |
| As % of total number of shares | 4.4% |
23 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Notes
Note 1 Accounting principles
Electrolux 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 Swedish Annual Accounts Act and RFR 2 'Accounting for legal entities' issued by the Swedish Corporate Reporting Board.
Electrolux 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 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 2025, except for the adoption of standard amendments effective as of January 1, 2026. These changes have not had any material impact on the financial statements. See section 'New or amended accounting standards to be applied after 2025' in the Annual Report 2025, for more information on the standard amendments.
Note 2 Disaggregation of revenue
Electrolux Group manufactures and sells appliances mainly in the wholesale market to customers being retailers. Electrolux Group's products include refrigerators, freezers, dishwashers, washing machines, dryers, cookers, microwave ovens, vacuum cleaners, air conditioners and small domestic appliances. Electrolux Group has three regions 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 Group's total net sales. Geography and product category are considered important attributes when disaggregating Electrolux Group's revenue. The three regions, also being the Group's segments, are based on geography: Europe, Middle East & Africa and Asia-Pacific; North America and Latin America. For region 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 regions, as presented in the graph below.
| SEKM | Three months 2026 | Three months 2025 |
|---|---|---|
| Product areas | ||
| Taste | 17,820 | 20,123 |
| Care | 9,271 | 9,755 |
| Wellbeing | 2,452 | 2,698 |
| Total | 29,543 | 32,576 |
Business area revenue per product area
Note 3 Fair values and carrying amounts of financial assets and liabilities
| SEKM | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 | |||
|---|---|---|---|---|---|---|
| Fair value | Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | |
| Per category | ||||||
| Financial assets at fair value through profit and loss | 237 | 237 | 234 | 234 | 230 | 230 |
| Financial assets measured at amortized cost | 32,537 | 32,537 | 33,057 | 33,057 | 37,050 | 37,050 |
| Derivatives, financial assets at fair value through profit and loss | 327 | 327 | 143 | 143 | 42 | 42 |
| Derivatives, hedge accounting | 61 | 61 | - | - | 59 | 59 |
| Total financial assets | 33,161 | 33,161 | 33,434 | 33,434 | 37,381 | 37,381 |
| Financial liabilities measured at amortized cost | 76,000 | 75,883 | 75,663 | 75,725 | 75,531 | 75,116 |
| Derivatives, financial liabilities at fair value through profit and loss | 394 | 394 | 387 | 387 | 358 | 358 |
| Derivatives, hedge accounting | -6 | -6 | 24 | 24 | 1 | 1 |
| Total financial liabilities | 76,388 | 76,271 | 76,074 | 76,136 | 75,890 | 75,475 |
Electrolux 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.
24 | AB ELECTROLUX INTERIM REPORT Q1 2026
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 March 31, 2026, the fair value for Level 1 financial assets was SEK 168m (165) 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 March 31, 2026, the fair value of Level 2 financial assets was SEK 388m (143) and financial liabilities SEK 389m (411).
Level 3: Inputs for the assets or liabilities that are not entirely based on observable market data. On March 31, 2026, the fair value of Level 3 financial assets was SEK 69m (69) and financial liabilities SEK 0m (0).
Note 4 Pledged assets and contingent assets and liabilities
| SEKM | Mar 31, 2026 | Mar 31, 2025 | Dec 31, 2025 |
|---|---|---|---|
| Group | |||
| Pledged assets | - | - | - |
| Guarantees and other commitments | 1,264 | 1,370 | 1,254 |
| Parent Company | |||
| Pledged assets | - | - | - |
| Guarantees and other commitments | 1,046 | 1,141 | 1,030 |
For more information on these matters and other contingent liabilities, see Note 25 in the Annual Report 2025.
Note 5 Acquisitions and divestments
There were no acquisitions or divestments completed during the first quarter of 2026.
The divestment of the water heater business in South Africa was completed in December 2024, with a final adjustment of SEK -6m in June 2025.
25 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
Operations by region yearly
| SEKM | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Europe, Middle East & Africa and Asia-Pacific | |||||
| Net sales | 65,204 | 63,557 | 60,458 | 59,795 | 57,135 |
| Operating income | 5,514 | 1,991 | -1,141 | 1,332 | 2,353 |
| Operating margin, % | 8.5 | 3.1 | -1.9 | 2.2 | 4.1 |
| North America | |||||
| Net sales | 40,468 | 47,021 | 45,072 | 45,581 | 45,124 |
| Operating income | 688 | -2,394 | -2,341 | -1,776 | -567 |
| Operating margin, % | 1.7 | -5.1 | -5.2 | -3.9 | -1.3 |
| Latin America | |||||
| Net sales | 19,958 | 24,303 | 28,920 | 30,775 | 29,023 |
| Operating income | 1,336 | 1,058 | 1,624 | 2,202 | 2,226 |
| Operating margin, % | 6.7 | 4.4 | 5.6 | 7.2 | 7.7 |
| Other | |||||
| Group common cost, etc. | -737 | -870 | -1,129 | -658 | -355 |
| Total Group | |||||
| Net sales | 125,631 | 134,880 | 134,451 | 136,150 | 131,282 |
| Operating income | 6,801 | -215 | -2,988 | 1,100 | 3,657 |
| Operating margin, % | 5.4 | -0.2 | -2.2 | 0.8 | 2.8 |
| Non-recurring items in operating income¹ | 2021² | 2022³ | 2023⁴ | 2024⁵ | 2025 |
| --- | --- | --- | --- | --- | --- |
| Europe, Middle East & Africa and Asia-Pacific | - | -840 | -3,028 | -566 | - |
| North America | -727 | 241 | 148 | - | - |
| Latin America | - | -80 | -51 | - | - |
| Group common cost | - | -367 | -470 | - | - |
| Total Group | -727 | -1,046 | -3,401 | -566 | - |
¹ For more information, see Note 7 in the annual reports.
² Non-recurring item of SEK -727m in the fourth quarter of 2021 refers to region North America and arbitration in U.S. tariff case on washing machines imported into the U.S. from Mexico in 2016/2017.
³ 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 regions 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.
⁴ 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 region Europe, Middle East & Africa and Asia-Pacific.
⁵ Non-recurring item of SEK -566m in 2024 refers to business area Europe, Middle East & Africa and Asia-Pacific and the divestment of the water heater business in South Africa.
26 | AB ELECTROLUX INTERIM REPORT Q1 2026
E
Five-year review
Total Group 2021 - 2025
| SEKM unless otherwise stated | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net sales | 125,631 | 134,880 | 134,451 | 136,150 | 131,282 |
| Sales growth, adjusted for currency translation effects, % | 14.3 | -3.6 | -4.3 | 5.0 | 3.0 |
| Organic sales growth, % | 14.2 | -2.8 | -4.0 | 5.1 | 3.9 |
| Operating income | 6,801 | -215 | -2,988 | 1,100 | 3,657 |
| Operating margin, % | 5.4 | -0.2 | -2.2 | 0.8 | 2.8 |
| Income after financial items | 6,255 | -1,672 | -5,111 | -847 | 1,815 |
| Income for the period | 4,678 | -1,320 | -5,227 | -1,394 | 878 |
| Non-recurring items in operating income¹ | -727 | -1,046 | -3,401 | -566 | - |
| Capital expenditure, property, plant and equipment | -4,847 | -5,649 | -4,069 | -3,450 | -2,311 |
| Operating cash flow after investments | 3,200 | -6,118 | 3,064 | 2,254 | 1,955 |
| Earnings per share, SEK² | 16.31 | -4.81 | -19.36 | -5.16 | 3.25 |
| Equity per share, SEK | 65.74 | 60.92 | 41.75 | 36.01 | 32.18 |
| Dividend per share, SEK | 9.20 | - | - | - | - |
| Capital-turnover rate, times/year | 5.3 | 3.7 | 3.1 | 3.5 | 3.4 |
| Return on net assets, % | 28.5 | -0.6 | -6.9 | 2.8 | 9.4 |
| Return on equity, % | 24.4 | -7.0 | -33.7 | -13.6 | 10.1 |
| Net debt | 8,591 | 23,848 | 26,226 | 27,853 | 28,176 |
| Net debt/EBITDA | 0.7 | 3.8 | 3.9 | 3.4 | 3.0 |
| Net debt/equity ratio | 0.46 | 1.45 | 2.33 | 2.86 | 3.24 |
| Average number of shares excluding shares owned by AB Electrolux, million | 286.9 | 274.7 | 270.0 | 270.0 | 270.4 |
| Average number of employees | 51,590 | 50,769 | 45,452 | 40,787 | 39,233 |
¹ For more information, see table on page 21 and Note 7 in the annual reports.
² Basic.
Definitions and reconciliations of alternative performance measures
This report includes financial measures as required by the financial reporting framework applicable to Electrolux Group, which is based on IFRS. In addition, Electrolux 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 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 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.
27 | AB ELECTROLUX INTERIM REPORT Q1 2026
A
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 sales growth
Change in net sales, adjusted for currency translation effects, acquisitions and divestments.
Acquisitions
Change in net sales, adjusted for organic sales growth, currency translation effects 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 sales growth, currency translation effects 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 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 AB 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 AB Electrolux.
Equity per share
Total equity divided by total number of shares excluding shares held by AB 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 and non-current assets held for sale, less total current liabilities exclusive of total short-term borrowings, short-term lease liabilities and liabilities related to non-current assets held for sale, less other long-term provisions.
Net assets
Total assets exclusive of liquid funds, pension plan assets, long-term financial receivables, and non-current assets held for sale, less deferred tax liabilities, other long-term provisions and total current liabilities exclusive of liabilities related to non-current assets held for sale, total short-term borrowings and short-term lease liabilities.
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
Annualized Net Sales
(Net Sales for the period year-to-date/Number of months) x 12.
Operating cash flow
Operating income adjusted for depreciation, amortization and other non-cash 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 11.
28 | AB ELECTROLUX INTERIM REPORT Q1 2026
E1
Shareholders' information
President and CEO Yannick Fierling's comments on the first quarter results 2026
Webcast and telephone conference 09.00 CEST
A video webcast and simultaneous telephone conference is held at 09.00 CEST today, April 24. Yannick Fierling, President and CEO, and Therese Friberg, CFO, will comment on the report.
If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.
https://edge.media-server.com/mmc/p/ky4p5vf7/
| Financial calendar | |
|---|---|
| Interim report January - June | July 29 |
| Interim report January - September | October 23 |
| Year-end report 2026 | January 29, 2027 |
If you wish to participate via telephone conference, please register on the link below. After registration, you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.
https://register-conf.media-server.com/register/Bld8cf6e47bcbc4ba880de8a08b333c2d3
The press release and presentation material is available for download on the Investor Relations section on electroluxgroup.com.
For further information, please contact:
Ann-Sofi Jönsson, Head of Investor Relations and Sustainability Reporting
Email: [email protected]
Phone: +46 73 025 10 05
Maria Åkerhielm, Investor Relations Manager and Henry Sjölin, Investor Relations Manager
Email: [email protected]
This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact persons, on 24-04-2026 07:00 CEST.
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: electroluxgroup.com
I AB ELECTROLUX INTERIM REPORT Q1 2026
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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 2025 Electrolux Group had sales of SEK 131 billion and employed 39,000 people around the world. For more information go to www.electroluxgroup.com
Electrolux Group