Fourth quarter, October-December 2024
- Net sales amounted to SEK 3,329m (2,974), an increase of 11.9%. Organically, sales increased by 3.3%. Acquisitions contributed with 7.6%. Currency translation had a positive effect of 1.0%.
- EBITA amounted to SEK 400m (302), corresponding to a margin of 12.0% (10.1).
- Operating income amounted to SEK 339m (261), corresponding to a margin of 10.2% (8.8).
- Income for the period amounted to SEK 215m (168), and earnings per share was SEK 0.75 (0.59).
- Operating cash flow after investments amounted to SEK 532m (570).
- The Board proposes a dividend of SEK 0.85 (0.80) per share
Alberto Zanata, President and CEO:
"Sales and profitability improved, US Food & Beverage back to growth
During the fourth quarter sales grew by 11.9% with organic growth of 3.3%. EBITA amounted to SEK 400m (302), resulting in an EBITA margin of 12.0% (10.1). The improved EBITA margin was driven by volume growth in Laundry as well as margin improvement in Food & Beverage in both Europe and Americas. Order intake was higher than a year ago.
Sales in Food & Beverage grew by 3.2% but declined organically by 1.9% compared to last year. EBITA improved, resulting in an EBITA margin of 9.6% (8.8). Sales in Europe declined, related to the phaseout of low margin products and a weak market in Central Europe and the Nordics. At the same time it was very rewarding to see Americas returning to organic growth and improved margin. Sales in Asia-Pacific, Middle East and Africa declined, mainly due to continued weak development in the Middle East. Order intake for the Food & Beverage business was higher than a year ago.
Sales in Laundry grew by 26.5%. The acquisition of TOSEI contributed with 14.7%, and organic growth amounted to 11.8% driven by Europe and particularly strong development in the US. The EBITA margin was 18.0% (15.7). The TOSEI margin was in line with the Group margin and its sales grew during the quarter. The integration continues according to plan. Order intake for the total Laundry business was higher than a year ago.
Operating cash flow after investments amounted to SEK 532m (570). Capital expenditures were significantly higher than a year ago, driven by investments in product innovation.
I am very proud to see that Electrolux Professional Group was among the top 500 companies in the World's Best Companies - Sustainable Growth 2025 ranking by TIME and Statista. This demonstrates that financial growth and sustainable development go hand in hand, and also underlines our position as the sustainability leader in our industry. During 2024 we reduced CO2 emissions (Scope 1 and 2) by 18% compared to 2023.
During 2024, we grew the company through two strategic acquisitions: TOSEI, a leading company in Laundry and Vacuum packing in Japan and Adventys, a French manufacturer of induction cooking equipment. Organically, for the full year, sales were flat, but we continued our path of improving Group profitability achieving an EBITA margin of 11.6%. Excluding acquisition and integration costs, our EBITA margin would have been 12.0% (11.1%). Cash flow improved which means that we have a strong balance sheet with an improved net debt/EBITDA ratio (1.4x) compared to the beginning of the year.
Although we see a continued uncertain macroeconomic and geopolitical climate, Laundry continues to be strong, Food & Beverage in the US has returned to growth, and Food & Beverage in Europe has improved profitability. Looking toward the beginning of 2025, we expect to continue our improvements."
This information is information that Electrolux Professional AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at 07:30 a.m. CET on January 31, 2025.
For more information, please contact Jacob Broberg, Chief Communication & Investor Relations Officer +46 70 190 00 33
The Electrolux Professional Group is one of the leading global providers of food service, beverage, and laundry for professional users. Our innovative products and worldwide service network make our customers' work-life easier, more profitable - and truly sustainable every day. Our solutions and products are manufactured in 14 plants in eight countries and sold in over 110 countries. In 2024, the Electrolux Professional Group had global sales of SEK 12.5bn and approximately 4,300 employees. Electrolux Professional's B-shares are listed at Nasdaq Stockholm. For more information, visit https://www.electroluxprofessionalgroup.com
