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Husqvarna Earnings Release 2025
2926_10-q_2025-04-24_ea1ca7de-5696-4e2b-9385-a137274b3b56.pdf
Earnings Release
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Strong growth for robotic mowers in uncertain market conditions
First quarter 2025
- Net sales amounted to SEK 14,704m (14,719). Changes in exchange rates contributed by 1%. Sales declined organically by 1%.
- Operating income was SEK 1,532m (1,930) and the operating margin was 10.4% (13.1). Changes in exchange rates impacted by SEK -140m.
- Items affecting comparability amounted to SEK -29m (0) and was related to the divestment of the Orangeburg production plant in SC, U.S.
- Excluding items affecting comparability, the operating income amounted to SEK 1,561m (1,930) and the operating margin was 10.6% (13.1).
- Earnings per share after dilution amounted to SEK 1.69 (2.31) and earnings per share excluding items affecting comparability and after dilution amounted to SEK 1.73 (2.31).
- Cash flow from operations and investments was SEK -96m (-1,057). Direct operating cash flow was SEK -1,212m (-1,614).
- Net debt decreased to SEK 13.7bn (17.8).
Significant event after the quarter
• Pavel Hajman will leave his position as Husqvarna Group CEO and Board Member by the end of 2025.
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| Group, SEKm |
2025 | 2024 | ∆% | LTM* | 2024 |
| Net sales | 14,704 | 14,719 | 0 | 48,337 | 48,352 |
| Organic growth*, % | -1 | -11 | -4 | -7 | |
| Operating income (EBIT) | 1,532 | 1,930 | -21 | 2,198 | 2,597 |
| Operating margin, % | 10.4 | 13.1 | 4.5 | 5.4 | |
| Operating income excl. items affecting comparability* | 1,561 | 1,930 | -19 | 2,825 | 3,195 |
| Operating margin excl. items affecting comparability*, % | 10.6 | 13.1 | 5.8 | 6.6 | |
| Income after financial items | 1,333 | 1,702 | -22 | 1,365 | 1,733 |
| Net income for the period | 971 | 1,322 | -27 | 974 | 1,326 |
| Earnings per share after dilution, SEK | 1.69 | 2.31 | -27 | 1.70 | 2.32 |
| Earnings per share excl. items affecting comparability after dilution, SEK | 1.73 | 2.31 | -25 | 2.54 | 3.12 |
| Direct operating cash flow* | -1,212 | -1,614 | 25 | 7,307 | 6,905 |
| Operating working capital/net sales*, % | 35.3 | 38.3 | 35.3 | 37.5 | |
*Alternative Performance Measure, refer to "Definitions".
Strong growth for robotic mowers in uncertain market conditions
"In the first quarter we achieved 16% growth for robotic mowers, driven by both the professional and consumer markets. In addition, other newly introduced products had good sales, particularly in the European market. At the same time the market environment has continued to be challenging due to the ongoing economic uncertainty.
At Group level, net sales decreased organically by 1%, and operating profit, excluding items affecting comparability, amounted to SEK 1,561m (1,930). The decline was primarily due to weak performance in North America, impact from changes in exchange rates as well as negative price effects. This was partly offset by our cost-saving activities.
The Husqvarna Forest & Garden Division grew in the quarter, with good contribution from successful product launches in robotic mowers and handheld products. The Gardena Division also achieved good growth in the robotic mower segment. However, this was offset by decreased sales for watering solutions, due to continued cautiousness among our retail partners. The Husqvarna Construction Division delivered growth in Europe, while the challenging market situation in North America continued, leading to a decline in net sales.
Improved cash flow and reduced net debt
We are actively working to strengthen the cash flow through several initiatives, including a continued focus on inventory optimization. Direct operating cash flow improved by some SEK 400m. Net debt has decreased by SEK 4bn compared to previous year. Our strategic sale of the production facility in Orangeburg, SC, U.S., has successfully been completed during the quarter.
Focus on costs and operational improvements
We are entering this year's gardening season with an extensive product launch program and enhanced distribution capacity. At the same time, we are experiencing an unprecedented level of uncertainty in the broader economy, driven by rising trade tariffs, ongoing geopolitical instability and significant currency effects. These developments are expected
to reduce customer demand and impact our financial performance. In response, we are implementing price increases and conducting a review of our supply chain to mitigate the effects. In addition, we remain focused on delivering on our cost-saving initiatives, improving cash flow and further intensifying our efforts to drive additional efficiencies. This includes product cost reductions and reduced complexity. We are also actively investing in and promoting the growth of services and aftermarket revenue streams.
As our new strategic period begins 2026, we are taking concrete steps to advance the next phase of our long-term strategy. A key component include prioritizing high-potential segments that offer the greatest opportunity for sustainable value creation, particularly through an increased focus on our professional product offerings. At the same time, we are intensifying efforts to drive efficiency across the Group and adopting a more asset-light operating model.
To summarize, while preparing and taking actions for an uncertain economic climate, the Group remains committed to the ongoing transformation and long-term value creation."
Pavel Hajman, CEO
Financial Performance
Financial targets and performance
Husqvarna Group has three financial targets: organic sales growth, operating margin and capital efficiency.
| Metric | Financial targets | Achievement LTM |
|---|---|---|
| Organic sales growth | 5% | -4% |
| Operating margin* | 13% | 5.8% |
| Capital efficiency** | 20% | 35.3% |
| *Excluding items affecting comparability |
**Operating working capital / net sales, rolling 12-months
First quarter 2025
Net sales
Net sales amounted to SEK 14,704m (14,719). Changes in exchange rates contributed with 1% and sales declined organically by 1%. Net sales grew in segments such as robotic mowers and handheld products, while sales decreased in segments including watering solutions and products for the construction market.
Operating income
Operating income amounted to SEK 1,532m (1,930). Excluding items affecting comparability, operating income was SEK 1,561m (1,930). The decrease was mainly due to weak performance in North America, impacts from currency of SEK -140m as well as negative price effects. This was partly offset by cost savings of SEK 210m. Acquisition-related amortizations amounted to SEK -58m (-56).
Financial items net
Financial items net decreased to SEK -199m (-229), due to reduced net debt and lower interest rates.
Income after financial items
Income after financial items amounted to SEK 1,333m (1,702).
Taxes
Income tax amounted to SEK -362m (-379).
Earnings per share
Net income attributable to equity holders of the Parent Company amounted to SEK 970m (1,322), corresponding to SEK 1.69 (2.31) per share after dilution. Earnings per share excluding items affecting comparability and after dilution amounted to SEK 1.73 (2.31).
Cash flow
Cash flow from operations and investments for the first quarter improved to SEK -96m (-1,057). Proceeds from sale of property, plant and equipment amounted to SEK 301m and sale of inventory contributed with SEK 350m, resulting from the divestment of the Orangeburg production facility. Direct operating cash flow was SEK -1,212m (-1,614), where the improvement was mainly related to change in cash flow from trade payables and inventories.
Financial position
Net debt was SEK 13,702m (17,762). The lower net debt was a result of the improved cash flow and currency effects. The net pension liability decreased to SEK 1,817m (2,026). Other interest-bearing liabilities decreased to SEK 15,720m (18,545) and liquid funds and other interest-bearing assets increased to SEK 3,835m (2,809).
The net debt/EBITDA ratio, excluding items affecting comparability, increased to 2.5 (2.2), mainly due to lower EBITDA. The equity/assets ratio was 41% (40).
Net sales, SEKm Operating income excl. IAC, SEKm Operating margin excl. IAC
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | ∆% | LTM* | 2024 |
| Net sales | 8,768 | 8,272 | 6 | 28,647 | 28,152 |
| Organic growth*, % | 6 | -17 | -0 | -8 | |
| Operating income | 1,107 | 1,191 | -7 | 1,982 | 2,065 |
| Operating margin, % | 12.6 | 14.4 | 6.9 | 7.3 | |
| Operating income excl. items affecting comparability* | 1,136 | 1,191 | -5 | 2,153 | 2,208 |
| Operating margin excl. items affecting comparability*, % | 13.0 | 14.4 | 7.5 | 7.8 |
* Alternative Performance Measure, refer to "Definitions".
First quarter 2025
Net sales increased by 6% to SEK 8,768m (8,272). Currency had a neutral effect and organically, sales increased by 6%. Growth for robotic mowers was strong in both the professional and consumer segments, driven by the launch of the new boundary wire-free models. In addition, the handheld product segment achieved good growth in the quarter.
Operating income was SEK 1,107m (1,191) and the operating margin was 12.6% (14.4). Excluding items affecting comparability, operating income was SEK 1,136m (1,191) and the operating margin was 13.0% (14.4). Increased sales volumes and continued cost savings had a positive effect, however, this was offset by a negative impact from changes in exchange rates of SEK -105m, weak performance in North America and effects from reduced prices, particularly on specific robotic mowers with a boundary wire.
Share of Group net sales, LTM
Ahead of the gardening season 2025, the Husqvarna range of robotic mowers has been expanded.
Net sales, SEKm Operating income excl. IAC, SEKm Operating margin excl. IAC
Financial summary
| SEKm | Q1 2025 |
Q1 2024 |
∆% | LTM* | Full year 2024 |
|---|---|---|---|---|---|
| Net sales | 4,045 | 4,414 | -8 | 11,911 | 12,281 |
| Organic growth*, % | -9 | 2 | -9 | -5 | |
| Operating income | 451 | 673 | -33 | 520 | 742 |
| Operating margin, % | 11.1 | 15.3 | 4.4 | 6.0 | |
| Operating income excl. items affecting comparability* | 451 | 673 | -33 | 600 | 823 |
| Operating margin excl. items affecting comparability*, % | 11.1 | 15.3 | 5.0 | 6.7 |
* Alternative Performance Measure, refer to "Definitions".
First quarter 2025
Net sales decreased by 8% to SEK 4,045m (4,414). Changes in exchange rates had a positive effect of 1% and organically, sales declined by 9%. Sales of robotic mowers grew and for the 2025 season, we have launched new models with advanced navigation technology that enables boundary wire-free navigation without the use of a reference station. However, demand for watering products decreased due to cautiousness by our retail partners ahead of the season.
Operating income amounted to SEK 451m (673) and the operating margin was 11.1% (15.3). The decline in operating income was mainly due to lower volumes, an unfavorable product mix, reduced capacity utilization in production and effects from reduced prices, particularly on specific robotic mowers with a boundary wire. This was partly compensated by implemented cost savings. Acquisition-related amortization amounted to SEK -30m (-29). Changes in exchange rates impacted by approximately SEK -10m compared with the preceding year.
Share of Group net sales, LTM
Share of Group operating income excl. IAC, LTM
Ahead of the 2025 gardening season, the Gardena product range has been expanded with new robotic mowers and smart watering solutions.
Net sales, SEKm Operating income excl. IAC, SEKm Operating margin excl. IAC
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| SEKm | 2025 | 2024 | ∆% | LTM* | 2024 |
| Net sales | 1,857 | 2,008 | -8 | 7,615 | 7,766 |
| Organic growth*, % | -8 | -8 | -7 | -7 | |
| Operating income | 135 | 203 | -34 | 249 | 318 |
| Operating margin, % | 7.3 | 10.1 | 3.3 | 4.1 | |
| Operating income excl. items affecting comparability* | 135 | 203 | -34 | 581 | 649 |
| Operating margin excl. items affecting comparability*, % | 7.3 | 10.1 | 7.6 | 8.4 |
* Alternative Performance Measure, refer to "Definitions".
First quarter 2025
Net sales decreased by 8% to SEK 1,857m (2,008). Changes in exchange rates had a neutral effect and organically, sales declined by 8%. Sales in Europe increased, while the market situation in North America remained challenging, resulting in a decline in net sales. However, the product segment dust extractors grew, and aftermarket sales experienced a stable development during the quarter.
Operating income was SEK 135m (203) and the operating margin was 7.3% (10.1). The decline was mainly related to lower volumes and reduced capacity utilization in production. This was partly compensated by implemented cost savings and efficiencies. Acquisitionrelated amortization amounted to SEK -25m (-27). Changes in exchange rates impacted by approximately SEK -20m compared with the preceding year.
Share of Group net sales, LTM
Share of Group operating income excl. IAC, LTM
New products from Husqvarna Construction include an expanded range of demolition robots, and the introduction of an autonomous floor grinder.
Net sales, SEKm Operating income excl. IAC, SEKm Operating margin excl. IAC
Additional information
Sustainovate 2025
Sustainovate 2025 is designed to maximize the Group's contribution to tackle climate change and resource scarcity. The five-year framework covers three opportunities and associated targets to 2025.
2025 targets and status
- Reduce absolute CO2 emissions across the value chain by 35%, current result is 56%.
- Launch 50 circular innovations, the number of approved innovations is currently 40.
- Empower 5 million people to make sustainable choices, achieved so far is 4.6 million.
Carbon – drive the transition to low-carbon solutions As of the first quarter of 2025, the Group stay at the same CO2 emissions reduction as in Q4 2024 and continues to surpass the 2025 target by a considerable margin.
The CO2 KPI is absolute and in direct relation to product volume and mix, which implies rather volatile behavior. Despite the clear long-term reduction trend, fluctuations between quarters are expected to continue.
Circular – rethink and redesign for a resource-smart customer experience
The circular innovations will make smarter use of materials and will extend product lifecycles. The target addresses resource impact across the value chain, from suppliers and operations to product use and endof-life.
Three new circular innovations were approved in the first quarter:
- AquaPrecise is a solar-powered, all-in-one irrigation solution designed for lawns, capable of watering areas up to 320 m². This solution offers significant resource savings, including reductions in plastics and water usage, compared to traditional irrigation systems.
- The next advancement in boundary wire-free lawn care involves replacing the reference station with EPOS via a cloud service. This innovation eliminates the need for a local, physical reference station, thereby reducing the consumption of materials and electronics.
- The redesigned StarCut tree pruner allows users to change the cutting blades without the need for special tools or technical skills. Previously, only highly skilled repairers could replace the blades. Due to easy repairability we expect prolonged lifetime for these products.
People – inspire actions that make a lasting difference
During the first quarter, the Group has continued its communication campaigns promoting sales of another 0.7 million products qualified as Sustainable Choices.
Parent Company
Net sales for January – March 2025 for the Parent Company, Husqvarna AB (publ) amounted to SEK 6,567m (6,520), of which SEK 5,035m (5,189) referred to sales to Group companies and SEK 1,532m (1,331) to external customers. Income after financial items increased to SEK 1,703m (-450). Income for the quarter increased to SEK 1,319m (-374). Investments in property, plant and equipment and intangible assets amounted to SEK 337m (338). Cash and cash equivalents amounted to SEK 121m (156) at the end of the period. Undistributed earnings in the Parent Company amounted to SEK 26,114m (28,528).
Significant events
Improving operations in North America
On February 4, 2025, Husqvarna Group divested the Group's manufacturing facility in Orangeburg, SC, U.S. to Flex Ltd. In parallel the Group entered into a long-term supplier agreement with Flex, to ensure continued production of the Husqvarna Forest & Garden Division's wheeled products and assembly of its handheld products in the U.S. This partnership will build profitability, improve capital efficiency, enhance production flexibility and strengthen competitiveness in North America. Cost savings related to this are expected to amount to SEK 350m by 2030.
Dividend
The Board of Directors has proposed a dividend for 2024 of SEK 1.00 (3.00) per share to the 2025 Annual General Meeting, corresponding to a total dividend payment of SEK 572m (1,715). It is proposed that the dividend is to be paid in two installments, the first of SEK 0.50 per share with record date on May 2, 2025, and the second of SEK 0.50 per share with record date on October 31, 2025.
Changes in group management
Husqvarna Group's General Counsel, Brian Belanger will be leaving the Group and will be succeeded by Sophie Jonsson, effective May 31, 2025. Sophie has been employed by Husqvarna Group since 2010 and has been the Divisional General Counsel for the Husqvarna Forest & Garden Division since 2018. Sophie will join the Group Management team.
Significant event after the quarter
Pavel Hajman will leave his position as Husqvarna Group CEO
On April 24, it was announced that Pavel Hajman has, by mutual agreement with the Board of Directors, decided to step down from his role as Husqvarna Group CEO and Board Member as soon as a permanent successor is appointed, likely in late 2025.
Risks and uncertainty factors
A number of factors may affect Husqvarna Group's operations in terms of operational and financial risks. Geopolitical uncertainties and war can have a significant impact on Husqvarna Group's operations, both in terms of difficulties of supply of raw materials and components as well as difficulties to purchase transportation and logistics services and related cost increases. It can also affect the demand for Husqvarna Group's products and solutions.
Operational risks include general economic conditions, impact of trade tariffs, as well as trends in consumer and professional spending, particularly in North America and Europe, where the majority of the Group's products are sold. An economic downturn in these markets may have an adverse effect on Group sales and earnings. Shifts in product technology as well as shifts in distribution structure and sales channels could also have a negative impact, as will fluctuations in prices of sourced raw materials and components. Short term, demand for the Group's products is impacted by weather conditions. The Group's production processes and supply chain are therefore adapted to respond to changes in weather conditions.
In the ordinary course of business, the Group is exposed to legal risks such as commercial, product liability and other disputes and provides for them as appropriate.
Financial risks refer primarily to currency exchange rates, interest rates, financing, tax and credit risks.
Risk management within Husqvarna Group is regulated by a financial policy established by the Board of Directors. For further information on risks and uncertainty factors, see the Annual Report 2024 which is available at www.husqvarnagroup.com.
Accounting Principles
This interim report has been prepared in accordance with IAS 34, Interim financial reporting and the Swedish Annual Accounts Act. The financial statement of the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act, chapter 9 and the Swedish Financial Reporting Board's standard RFR 2 Accounting for Legal Entities. The accounting principles adopted are consistent with those presented in the Annual Report 2024, which is available at www.husqvarnagroup.com.
Auditors' review report
This interim report has not been subject to review by the auditors.
Stockholm, April 24, 2025
Pavel Hajman CEO
Condensed consolidated income statement
| Q1 | Q1 | Full year | ||
|---|---|---|---|---|
| SEKm | 2025 | 2024 | LTM* | 2024 |
| Net sales | 14,704 | 14,719 | 48,337 | 48,352 |
| Cost of goods sold | -10,172 | -9,753 | -34,472 | -34,053 |
| Gross income | 4,532 | 4,966 | 13,865 | 14,299 |
| Gross margin, % | 30.8 | 33.7 | 28.7 | 29.6 |
| Selling expenses | -2,145 | -2,158 | -8,574 | -8,587 |
| Administrative expenses | -872 | -879 | -3,268 | -3,275 |
| Other operating income/expense | 16 | 1 | 176 | 160 |
| Operating income | 1,532 | 1,930 | 2,198 | 2,597 |
| Operating margin, % | 10.4 | 13.1 | 4.5 | 5.4 |
| Financial items, net | -199 | -229 | -833 | -863 |
| Income after financial items | 1,333 | 1,702 | 1,365 | 1,733 |
| Margin, % | 9.1 | 11.6 | 2.8 | 3.6 |
| Income tax | -362 | -379 | -391 | -408 |
| Net income for the period | 971 | 1,322 | 974 | 1,326 |
| Net income for the period attributable to: | ||||
| Equity holders of the Parent Company | 970 | 1,322 | 973 | 1,325 |
| Non-controlling interest | 1 | 1 | 1 | 1 |
| Earnings per share: | ||||
| Before dilution, SEK | 1.70 | 2.31 | 1.70 | 2.32 |
| After dilution, SEK | 1.69 | 2.31 | 1.70 | 2.31 |
| Average number of shares outstanding: | ||||
| Before dilution, millions | 571.7 | 571.5 | 571.7 | 571.7 |
| After dilution, millions | 572.4 | 572.5 | 572.5 | 572.5 |
Condensed consolidated comprehensive income statement
| Q1 | Q1 | Full year | ||
|---|---|---|---|---|
| SEKm | 2025 | 2024 | LTM* | 2024 |
| Net income for the period | 971 | 1,322 | 974 | 1,326 |
| Other comprehensive income | ||||
| Items that will not be reclassified to the income statement: | ||||
| Remeasurements on defined benefit pension plans, net of tax | -15 | 11 | 164 | 189 |
| Total items that will not be reclassified to the income statement, net of tax | -15 | 11 | 164 | 189 |
| Items that may be reclassified to the income statement: | ||||
| Translation differences | -2,644 | 1,655 | -2,085 | 2,214 |
| Net investment hedge, net of tax | 1,144 | -722 | 800 | -1,067 |
| Cash flow hedges, net of tax | 91 | -96 | 71 | -116 |
| Total items that may be reclassified to the income statement, net of tax | -1,408 | 836 | -1,214 | 1,030 |
| Other comprehensive income, net of tax | -1,423 | 847 | -1,050 | 1,220 |
| Total comprehensive income for the period | -452 | 2,170 | -76 | 2,545 |
| Total comprehensive income attributable to: | ||||
| Equity holders of the Parent Company | -453 | 2,169 | -78 | 2,544 |
| Non-controlling interest | 1 | 1 | 1 | 1 |
Condensed consolidated balance sheet
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Assets | |||
| Property, plant and equipment | 6,901 | 7,360 | 7,221 |
| Right of use assets | 1,767 | 2,147 | 1,975 |
| Goodwill | 9,848 | 10,374 | 10,521 |
| Other intangible assets | 8,513 | 8,667 | 8,911 |
| Investments in associated companies | 34 | 14 | 34 |
| Derivatives | 19 | - | 23 |
| Other non-current assets | 923 | 871 | 840 |
| Deferred tax assets | 2,051 | 2,243 | 2,418 |
| Total non-current assets | 30,055 | 31,675 | 31,942 |
| Inventories | 13,024 | 17,094 | 13,828 |
| Assets held for sale | - | - | 1,410 |
| Trade receivables | 10,806 | 11,302 | 5,552 |
| Derivatives | 1,520 | 413 | 386 |
| Current tax receivables | 345 | 292 | 437 |
| Other current assets | 1,778 | 1,669 | 1,279 |
| Cash and cash equivalents | 1,919 | 1,898 | 1,970 |
| Total current assets | 29,393 | 32,668 | 24,861 |
| Total assets | 59,448 | 64,343 | 56,803 |
| Equity and liabilities | |||
| Equity attributable to equity holders of the Parent Company | 24,163 | 25,961 | 24,619 |
| Non-controlling interests | 4 | 3 | 3 |
| Total equity | 24,166 | 25,964 | 24,622 |
| Borrowings | 10,181 | 11,549 | 10,316 |
| Lease liabilities | 1,146 | 1,473 | 1,315 |
| Derivatives | 28 | - | 34 |
| Deferred tax liabilities | 2,265 | 2,378 | 2,349 |
| Provisions for pensions and other post-employment benefits | 2,005 | 2,229 | 2,056 |
| Other provisions | 634 | 677 | 679 |
| Total non-current liabilities | 16,258 | 18,306 | 16,750 |
| Trade payables | 7,892 | 6,841 | 5,896 |
| Current tax liabilities | 505 | 728 | 371 |
| Other liabilities | 4,941 | 5,448 | 4,038 |
| Borrowings | 3,383 | 4,145 | 2,203 |
| Lease liabilities | 641 | 691 | 687 |
| Derivatives | 342 | 688 | 873 |
| Other provisions | 1,319 | 1,532 | 1,224 |
| Liabilities attributable to assets held for sale | - | - | 140 |
| Total current liabilities | 19,024 | 20,072 | 15,432 |
| Total equity and liabilities | 59,448 | 64,343 | 56,803 |
Condensed consolidated cash flow statement
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Operations | |||
| Operating income | 1,532 | 1,930 | 2,597 |
| Non cash items | 790 | 900 | 3,354 |
| Cash items | |||
| Paid restructuring expenses | -154 | -75 | -591 |
| Net financial items, received/paid | -150 | -166 | -745 |
| Taxes paid/received | -121 | -253 | -1,017 |
| Cash flow from operations, excluding change in | |||
| operating assets and liabilities | 1,897 | 2,336 | 3,597 |
| Operating assets and liabilities | |||
| Change in inventories | 442 | 778 | 3,150 |
| Change in trade receivables | -5,347 | -5,716 | -120 |
| Change in trade payables | 1,928 | 1,164 | 222 |
| Change in other operating assets/liabilities | 1,218 | 898 | -13 |
| Cash flow from operating assets and liabilities | -1,759 | -2,876 | 3,239 |
| Cash flow from operations | 138 | -540 | 6,836 |
| Investments | |||
| Acquisitions of subsidiaries/operations | - | -5 | -40 |
| Proceeds from sale of property, plant and equipment | 301 | 3 | 147 |
| Investments in property, plant and equipment and intangible assets | -531 | -507 | -2,603 |
| Investments and divestments of financial assets | -4 | -8 | 32 |
| Cash flow from investments | -234 | -517 | -2,465 |
| Cash flow from operations and investments | -96 | -1,057 | 4,372 |
| Financing | |||
| Dividend paid to shareholders | - | - | -1,715 |
| Dividend paid to non-controlling interests | - | - | -0 |
| Proceeds/repayment of borrowings | 1,165 | 971 | -2,147 |
| Other financing activities | -1,010 | 393 | -122 |
| Cash flow from financing | 155 | 1,364 | -3,984 |
| Total cash flow | 59 | 307 | 388 |
| Cash and cash equivalents at the beginning of the period | 1,970 | 1,527 | 1,527 |
| Exchange rate differences referring to cash and cash equivalents | -110 | 64 | 55 |
| Cash and cash equivalents at the end of the period | 1,919 | 1,898 | 1,970 |
| Q1 | Q1 | Full year | |
| Direct operating cash flow, SEKm | 2025 | 2024 | 2024 |
| EBITDA excl. items affecting comparability | 2,296 | 2,667 | 6,255 |
| Change in inventories | 442 | 778 | 3,150 |
| Change in trade receivables | -5,347 | -5,716 | -120 |
| Change in trade payables | 1,928 | 1,164 | 222 |
| Investments in property, plant and equipment and intangible assets | -531 | -507 | -2,603 |
| Direct operating cash flow | -1,212 | -1,614 | 6,905 |
Key performance indicators
Income statement
| Q1 | Q1 | Full year | ||
|---|---|---|---|---|
| EBITDA*, SEKm | 2025 | 2024 | LTM* | 2024 |
| Operating income | 1,532 | 1,930 | 2,198 | 2,597 |
| Reversals | ||||
| Depreciation | 479 | 485 | 2,014 | 2,020 |
| Amortization | 254 | 249 | 1,024 | 1,019 |
| Impairment | 3 | 2 | -131 | -131 |
| Depreciation, amortization and impairment | 735 | 737 | 2,907 | 2,908 |
| EBITDA* | 2,267 | 2,667 | 5,105 | 5,505 |
| Excl. items affecting comparability* | 2,296 | 2,667 | 5,885 | 6,255 |
| EBITDA margin, % | 15.4 | 18.1 | 10.6 | 11.4 |
| Excl. items affecting comparability*, % | 15.6 | 18.1 | 12.2 | 12.9 |
Organic growth*
Net sales, January – March 2025
| SEKm | Reported net sales |
Acquisitions/ divestments |
Net sales before currency translation |
Currency translation |
Adjusted net sales |
|---|---|---|---|---|---|
| 2025 | 14,704 | 14,704 | 14,704 | ||
| 2024 | 14,719 | - | 14,719 | 74 | 14,793 |
| Growth | -15 | -15 | -89 | ||
| Growth, % | 0 | 0 | -1 |
*Alternative Performance Measure, refer to "Definitions".
Other key performance indicators
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| Key data | 2025 | 2024 | 2024 |
| Operating working capital, SEKm | 15,938 | 21,556 | 14,393 |
| Average operating working capital LTM, SEKm | 17,084 | 19,468 | 18,143 |
| Operating working capital/net sales*, % | 35.3 | 38.3 | 37.5 |
| Return on capital employed, % | 5.1 | 7.5 | 5.9 |
| Excl. items affecting comparability*, % | 6.5 | 9.8 | 7.2 |
| Return on equity, % | 3.9 | 7.2 | 5.3 |
| Excl. items affecting comparability*, % | 5.8 | 10.4 | 7.1 |
| Capital turn-over rate, times | 1.2 | 1.2 | 1.2 |
| Equity/assets ratio, % | 41 | 40 | 43 |
| Equity per share after dilution, SEK | 42.2 | 45.3 | 43.0 |
| Average number of employees | 12,596 | 13,963 | 13,353 |
| Mar 31 | Mar 31 | Dec 31 | |
| Net debt*, SEKm | 2025 | 2024 | 2024 |
| Net pension liability | 1,817 | 2,026 | 1,834 |
| Other interest-bearing liabilities | 15,720 | 18,545 | 15,429 |
| Less: Liquid funds and other interest-bearing assets | -3,835 | -2,809 | -2,792 |
| Net debt* | 13,702 | 17,762 | 14,471 |
| Net debt/equity ratio | 0.57 | 0.68 | 0.59 |
| Net debt/EBITDA excl. items affecting comparability* | 2.5 | 2.2 | 2.5 |
| Mar 31 | Mar 31 | Dec 31 | |
| Return on capital employed*, SEKm | 2025 | 2024 | 2024 |
| Total equity and liabilities | 59,448 | 64,343 | 56,803 |
| Deduction; Non interest bearing liabilities: | -17,557 | -17,604 | -14,696 |
| Deferred tax liabilities | -2,265 | -2,378 | -2,349 |
| Other provisions | -1,954 | -2,209 | -2,042 |
| Trade payables | -7,892 | -6,841 | -5,896 |
| Current tax liabilities | -505 | -728 | -371 |
| Other liabilities | -4,941 | -5,448 | -4,038 |
| Capital employed* | 41,891 | 46,739 | 42,107 |
| Capital employed*, LTM Average | 43,532 | 45,702 | 44,288 |
| Operating income, LTM | 2,198 | 3,447 | 2,597 |
| Return on capital employed*, % | 5.1 | 7.5 | 5.9 |
| Operating income excl. items affecting comparability*, LTM | 2,825 | 4,491 | 3,195 |
| Return on capital employed excl. items affecting comparability*, % | 6.5 | 9.8 | 7.2 |
* Alternative Performance Measure, refer to "Definitions".
Change in Group equity, condensed
| SEKm | Attributable to equity holders of the Parent Company |
Non-controlling interests |
Total equity |
|---|---|---|---|
| Opening balance January 1, 2024 | 23,770 | 2 | 23,772 |
| Share-based payment | 22 | - | 22 |
| Total comprehensive income | 2,169 | 1 | 2,170 |
| Closing balance March 31, 2024 | 25,961 | 3 | 25,964 |
| Opening balance January 1, 2025 | 24,619 | 3 | 24,622 |
| Share-based payment | -3 | - | -3 |
| Total comprehensive income | -453 | 1 | -452 |
| Closing balance March 31, 2025 | 24,163 | 4 | 24,166 |
Fair value of financial instruments
The Group's financial instruments carried at fair value are derivatives. Derivatives belong to Level 2 in the fair value hierarchy. Future cash flows have been discounted using current quoted market interest rates and exchange rates for similar instruments. Further information about the accounting principles for financial instruments and methods used for estimating the fair value of the financial instruments are described in note 1 and note 20, respectively, in the Annual Report 2024. The carrying value approximates fair value for all financial instruments.
Net sales and income by division and quarter
| SEKm | 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Group | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 14,704 | 8,464 | 9,739 | 15,430 | 14,719 | 8,605 | 10,512 | 16,976 | 17,167 |
| Net sales, LTM* | 48,337 | 48,352 | 48,494 | 49,267 | 50,813 | 53,261 | 55,009 | 56,703 | 55,519 |
| Operating income | 1,532 | -1,285 | 52 | 1,899 | 1,930 | -983 | 398 | 2,101 | 2,364 |
| Operating margin, % | 10.4 | -15.2 | 0.5 | 12.3 | 13.1 | -11.4 | 3.8 | 12.4 | 13.8 |
| Operating income excl. IAC* | 1,561 | -694 | 53 | 1,906 | 1,930 | -168 | 415 | 2,313 | 2,410 |
| Operating margin excl. IAC*, % | 10.6 | -8.2 | 0.5 | 12.4 | 13.1 | -1.9 | 3.9 | 13.6 | 14.0 |
| Operating income, LTM* | 2,198 | 2,597 | 2,899 | 3,245 | 3,447 | 3,880 | 3,126 | 3,283 | 3,247 |
| Operating margin, LTM*, % | 4.5 | 5.4 | 6.0 | 6.6 | 6.8 | 7.3 | 5.7 | 5.8 | 5.8 |
| Operating income excl. IAC, LTM | 2,825 | 3,195 | 3,722 | 4,084 | 4,491 | 4,970 | 5,125 | 5,311 | 5,073 |
| Operating margin excl. IAC, LTM, % | 5.8 | 6.6 | 7.7 | 8.3 | 8.8 | 9.3 | 9.3 | 9.4 | 9.1 |
| Net income for the period | 971 | -1,116 | -153 | 1,273 | 1,322 | -1,011 | 125 | 1,411 | 1,653 |
| Husqvarna Forest & Garden | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 8,768 | 5,332 | 5,825 | 8,722 | 8,272 | 5,257 | 6,123 | 9,722 | 10,656 |
| Net sales, LTM* | 28,647 | 28,152 | 28,077 | 28,374 | 29,375 | 31,759 | 33,295 | 34,933 | 34,037 |
| Operating income | 1,107 | -414 | 144 | 1,145 | 1,191 | -379 | 291 | 1,123 | 1,670 |
| Operating margin, % | 12.6 | -7.8 | 2.5 | 13.1 | 14.4 | -7.2 | 4.8 | 11.6 | 15.7 |
| Operating income excl. IAC* | 1,136 | -277 | 144 | 1,149 | 1,191 | -7 | 293 | 1,260 | 1,690 |
| Operating margin excl. IAC*, % | 13.0 | -5.2 | 2.5 | 13.2 | 14.4 | -0.1 | 4.8 | 13.0 | 15.9 |
| Operating income, LTM* | 1,982 | 2,065 | 2,101 | 2,249 | 2,226 | 2,706 | 1,833 | 2,101 | 2,085 |
| Operating margin, LTM*, % | 6.9 | 7.3 | 7.5 | 7.9 | 7.6 | 8.5 | 5.5 | 6.0 | 6.1 |
| Operating income excl. IAC, LTM | 2,153 | 2,208 | 2,478 | 2,626 | 2,737 | 3,236 | 3,516 | 3,779 | 3,631 |
| Operating margin excl. IAC, LTM, % | 7.5 | 7.8 | 8.8 | 9.3 | 9.3 | 10.2 | 10.6 | 10.8 | 10.7 |
| Gardena | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 4,045 | 1,264 | 2,037 | 4,566 | 4,414 | 1,326 | 2,287 | 5,031 | 4,321 |
| Net sales, LTM* | 11,911 | 12,281 | 12,342 | 12,593 | 13,057 | 12,964 | 13,108 | 13,222 | 12,966 |
| Operating income | 451 | -467 | -156 | 691 | 673 | -407 | -46 | 818 | 585 |
| Operating margin, % | 11.1 | -36.9 | -7.6 | 15.1 | 15.3 | -30.7 | -2.0 | 16.3 | 13.5 |
| Operating income excl. IAC* | 451 | -388 | -156 | 693 | 673 | -264 | -41 | 857 | 584 |
| Operating margin excl. IAC*, % | 11.1 | -30.7 | -7.6 | 15.2 | 15.3 | -19.9 | -1.8 | 17.0 | 13.5 |
| Operating income, LTM* | 520 | 742 | 802 | 912 | 1,039 | 950 | 889 | 842 | 797 |
| Operating margin, LTM*, % | 4.4 | 6.0 | 6.5 | 7.2 | 8.0 | 7.3 | 6.8 | 6.4 | 6.2 |
| Operating income excl. IAC, LTM | 600 | 823 | 946 | 1,061 | 1,225 | 1,136 | 1,086 | 1,085 | 1,005 |
| Operating margin excl. IAC, LTM, % | 5.0 | 6.7 | 7.7 | 8.4 | 9.4 | 8.8 | 8.3 | 8.2 | 7.7 |
| Husqvarna Construction | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 1,857 | 1,820 | 1,832 | 2,105 | 2,008 | 1,968 | 2,061 | 2,192 | 2,177 |
| Net sales, LTM* | 7,615 | 7,766 | 7,915 | 8,143 | 8,230 | 8,398 | 8,500 | 8,463 | 8,428 |
| Operating income | 135 | -239 | 150 | 204 | 203 | -4 | 225 | 272 | 262 |
| Operating margin, % | 7.3 | -13.1 | 8.2 | 9.7 | 10.1 | -0.2 | 10.9 | 12.4 | 12.0 |
| Operating income excl. IAC* | 135 | 91 | 150 | 205 | 203 | 180 | 225 | 308 | 289 |
| Operating margin excl. IAC*, % | 7.3 | 5.0 | 8.2 | 9.7 | 10.1 | 9.1 | 10.9 | 14.1 | 13.3 |
| Operating income, LTM* | 249 | 318 | 553 | 628 | 696 | 755 | 839 | 796 | 823 |
| Operating margin, LTM*, % | 3.3 | 4.1 | 7.0 | 7.7 | 8.5 | 9.0 | 9.9 | 9.4 | 9.8 |
| Operating income excl. IAC, LTM | 581 | 649 | 738 | 813 | 916 | 1,002 | 948 | 905 | 897 |
| Operating margin excl. IAC, LTM, % | 7.6 | 8.4 | 9.3 | 10.0 | 11.1 | 11.9 | 11.2 | 10.7 | 10.6 |
| Group Common | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 34 | 47 | 44 | 38 | 24 | 54 | 41 | 31 | 13 |
| Operating income | -161 | -165 | -86 | -141 | -137 | -193 | -72 | -112 | -154 |
| Operating income excl. IAC* | -161 | -121 | -86 | -141 | -137 | -76 | -62 | -112 | -154 |
The majority of net sales are recognized at a certain point in time.
*Alternative Performance Measure, refer to "Definitions".
Items affecting comparability
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Restructuring costs | |||
| Write-down/reversal of non-current assets | - | - | 152 |
| Write-down of inventory | - | - | -410 |
| Other | -29 | - | -355 |
| Non-recurring costs relating to Russia | |||
| Other | - | - | 14 |
| Total items affecting comparability | -29 | - | -598 |
In Q1 2025 items affecting comparability amounted to SEK -29m. This include costs of SEK 46m as well as a capital gain of SEK 18m associated with the divestment of the production plant in Orangeburg, SC, US.
Classification in the income statement
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Cost of goods sold | -46 | - | -415 |
| Selling expenses | - | - | -114 |
| Administrative expenses | - | - | -215 |
| Other operating income/expense | 18 | - | 146 |
| Total items affecting comparability | -29 | - | -598 |
Net assets by division¹
| Assets | Liabilities | Net Assets | ||||
|---|---|---|---|---|---|---|
| Mar 31 | Mar 31 | Mar 31 | Mar 31 | Mar 31 | Mar 31 | |
| SEKm | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Husqvarna Forest & Garden | 25,897 | 28,170 | 9,135 | 7,976 | 16,762 | 20,194 |
| Gardena | 18,684 | 20,636 | 4,302 | 4,591 | 14,383 | 16,045 |
| Husqvarna Construction | 7,927 | 9,262 | 1,348 | 1,436 | 6,579 | 7,825 |
| Other² | 2,917 | 3,263 | 2,773 | 3,601 | 144 | -338 |
| Total | 55,425 | 61,330 | 17,558 | 17,604 | 37,868 | 43,726 |
¹ Liquid assets, other interest-bearing assets, interest-bearing liabilities and equity are not included in the table above.
² Other includes tax items, associates and common Group functions such as Treasury and Risk Management.
Parent Company
Condensed income statement
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Net sales | 6,567 | 6,520 | 22,427 |
| Cost of goods sold | -4,926 | -4,761 | -19,404 |
| Gross income | 1,641 | 1,759 | 3,023 |
| Selling expense | -506 | -481 | -1,863 |
| Administrative expense | -579 | -551 | -2,122 |
| Operating income | 557 | 726 | -962 |
| Financial items, net | 1,147 | -1,176 | -1,897 |
| Income after financial items | 1,703 | -450 | -2,859 |
| Appropriations | -42 | -19 | 5 |
| Income before taxes | 1,662 | -469 | -2,854 |
| Tax on profit for the year | -343 | 95 | 721 |
| Income for the period | 1,319 | -374 | -2,133 |
Condensed balance sheet
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| SEKm | 2025 | 2024 | 2024 |
| Non-current assets | 53,006 | 50,333 | 53,355 |
| Current assets | 13,798 | 18,334 | 10,122 |
| Total assets | 66,804 | 68,666 | 63,477 |
| Equity | 29,459 | 31,558 | 28,042 |
| Untaxed reserves | 1,424 | 1,424 | 1,424 |
| Provisions | 684 | 592 | 668 |
| Non-current liabilities | 10,108 | 11,394 | 10,240 |
| Current liabilities | 25,130 | 23,698 | 23,102 |
| Total equity and liabilities | 66,804 | 68,666 | 63,477 |
Number of shares
| Outstanding A-shares |
Outstanding B-shares |
Repurchased B-shares ¹ |
Total | |
|---|---|---|---|---|
| Number of shares as of December 31, 2024 | 107,825,205 | 463,871,712 | 4,646,861 | 576,343,778 |
| Conversion of shares | - | |||
| Shares allocated to LTI-program | - | |||
| Number of shares as of March 31, 2025 | 107,825,205 | 463,871,712 | 4,646,861 | 576,343,778 |
¹ All repurchased B-shares are included in a third party share swap agreement.
Definitions
This report includes financial measures as required by the financial reporting framework applicable to Husqvarna Group, which is based on IFRS. In addition, there are other measures (Alternative Performance Measures) used by management and other stakeholders to analyze trends and performance of the Group's operations that cannot be directly read or derived from the financial statements. Husqvarna stakeholders should not consider these as substitutes, but rather as additions to the financial reporting measures prepared in accordance with IFRS. Please note that the Alternative Performance Measures as defined, may not be comparable to similarly titled measures used by other companies. Refer below for a list of definitions of all measures and indicators used, referred to and presented in this report.
Computation of average amounts
The computation of key ratios is based on averages of affected balance sheet items the last 12 months.
Roundings
All items are stated in SEKm and, accordingly, rounding differences can occur.
Last twelve months (LTM)
Last twelve months rolling has been included to assist stakeholders in their analysis of the seasonality that Husqvarna Group's business is exposed to.
Earnings per share, after dilution
Earnings per share is expressed as net income attributable to equity holders of the Parent Company divided by the average number of shares outstanding (net of treasury shares), after dilution. Earnings per share is a good measure of the company's profitability and is used to determine the value of the company's outstanding shares.
Growth measures
Net sales growth
Change in net sales compared to previous period in percent.
Organic growth
Change in net sales, adjusted for acquisitions, divestments, planned exits and currency translation effects. The measure is important in order to understand the underlying performance of the operations and increases the comparability between periods.
Profitability measures
EBITDA
EBITDA is a measure of earnings before interest, taxes, depreciation, amortization and impairment charges. EBITDA measures Husqvarna Group's operating performance and the ability to generate cash from operations, without considering the capital structure of the Group or its fiscal environment. For a reconciliation of EBITDA refer to section Key Performance Indicators.
EBITDA margin
EBITDA as a percentage of net sales.
Gross margin Gross income as a percentage of net sales.
Operating margin
Operating income as a percentage of net sales.
Return on capital employed
Operating income during the last twelve months as a percentage of average capital employed. A central ratio for measuring return on capital tied up in operations.
Return on equity
Net income attributable to equity holders of the Parent Company last twelve months as a percentage of average equity attributable to equity holders of the Parent Company. The indicator shows how share holders' capital yields interest during the period.
Share-based measures
Equity per share, after dilution
Equity attributable to equity holders of the Parent Company divided by the average number of shares outstanding (net of treasury shares), after dilution. A measure of the amount of equity that exists per outstanding share and is used for measuring the share against the share price.
Capital indicators
Capital employed
Total equity and liabilities less non-interest-bearing debt including deferred tax liabilities. This measure shows the amount of capital that is used in the operations and is an important component for measuring the return from operations.
Capital expenditure
Investments in property, plant and equipment, right of use assets and intangible assets.
Interest bearing liabilities
Long-term and short-term borrowings, net pension liability and fair value derivative liabilities.
Liquid funds
Cash and cash equivalents, short-term investments and fair value derivative assets.
Net assets
Total assets excluding liquid funds and interest-bearing assets less operating liabilities, non-interest-bearing provisions and deferred tax liabilities.
Net debt
Net debt describes the Group's gearing and its ability to repay its debts from cash generated from the Group´s ordinary business, if they were all due today. It is also used to analyze how future net interest costs will impact earnings. Net debt is defined as total interest-bearing liabilities plus dividend payable, less liquid funds and interest-bearing assets.
Operating working capital
Inventories and trade receivables less trade payables. This measure shows how much working capital is tied up in the operations and can be put in relation to sales to understand how efficient working capital is managed.
Capital measures
Equity/assets ratio
Equity attributable to equity holders of the Parent Company as a percentage of total assets. A measure for showing financial risk, expressing the percentage of total assets that is financed by the owners.
Capital turnover rate
Net sales last twelve months divided with average net assets. Shows how effectively capital is managed and is a key measure for monitoring value creation.
Net debt/EBITDA excl. items affecting comparability
Average net debt in relation to EBITDA last twelve months, excluding items affecting comparability. Shows the company's capacity to repay its debt, adjusted for the impact of items affecting comparability.
Net debt/equity ratio
Net debt in relation to total equity. Shows financial risk and is a useful measure to monitor the level of the company's indebtedness.
Operating working capital/net sales
Average operating working capital as a percentage of net sales last twelve months. This measure is an important indicator for how efficient working capital is managed.
Other measures
Direct operating cash flow
EBITDA, excluding items affecting comparability, adjusted for change in trade payables, inventory and trade receivables and investments in property, plant and equipment and intangible assets. For a reconciliation of direct operating cash flow refer to the table below the cash flow statement. Direct operating cash flow provides a measure of the cash generated by the Groups operating business.
Items affecting comparability (IAC)
Under Items affecting comparability, Husqvarna includes items that have the character of being nonrecurring, such as restructuring costs, and are relevant when comparing earnings for one period with those of another. Separate reporting of items affecting comparability between periods provides a better understanding of the company's underlying operating activities.
Webcast presentation and telephone conference
A webcast presentation of the Q1 report hosted by Pavel Hajman, CEO and Terry Burke, CFO will be held at 10:00 CET on April 24, 2025.
To view the presentation, please use the link: https://husqvarnagroup.creo.se/b7876490-a2c7-4145-a980-49b5edee7fe6
The dial-in to the telephone conference (in order to ask questions): +46 (0) 8 505 100 31 (Sweden) or +44 207 107 06 13 (UK)
Dates for Financial Reports 2025
April 29 Annual General Meeting 2025 July 18 Interim report for January-June 2025 October 21 Interim report for January-September 2025
Contacts
Terry Burke, CFO and Executive Vice President, Finance, IR & Communication +46 8 738 90 00
Johan Andersson, Vice President, Investor Relations +46 702 100 451
Husqvarna AB (publ), P.O. Box 7454, SE-103 92 Stockholm Regeringsgatan 28, +46 8 738 90 00, www.husqvarnagroup.com
Reg. Nr: 556000-5331 NASDAQ OMX Stockholm: HUSQ A, HUSQ B
This report contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 07.00 CET on April 24, 2025.
Factors affecting forward-looking statements
This report contains forward-looking statements in the sense referred to in the American Private Securities Litigation Reform Act of 1995. Such statements comprise, among other things, financial goals, goals of future business and financial plans. These statements are based on present expectations and are subject to risks and uncertainties that may give rise to major deviations in the result due to several aspects. These aspects include, among other things: consumer demand and market conditions in the geographical areas and lines of business in which Husqvarna operates, the effects of currency fluctuations, downward pressure on prices due to competition, a material reduction in sales by important distributors, success in developing new products and in marketing, outcome of product responsibility litigation, progress in terms of reaching the goals set for productivity and efficient use of capital, successful identification of growth opportunities and acquisition objects, integration of these into the existing business and successful achievement of goals for making the supply chain more efficient.