NIBE Industrier AB (NDRBF) Q1 2025 Earnings Call Transcript

2025-05-15 19:13:04 ET

NIBE Industrier AB (NDRBF)

Q1 2025 Results Conference Call

May 15, 2025 5:00 AM ET

Company Participants

Eric Lindquist - Managing Director and Chief Executive Officer

Hans Backman - Chief Financial Officer

Conference Call Participants

Christian Hinderaker - Goldman Sachs

Carl Deijenberg - Carnegie

Carl Ragnerstam - Nordea

Vivek Midha - Citi

Karl Bokvist - ABG Sundal Collier

Brijesh Siya - HSBC

Viktor Trollsten - Danske

Axel Stasse - MS

Fredrik Agardh - SEB

Gustaf Schwerin - Handelsbanken

Presentation

Eric Lindquist

Thank you very much. Good morning, everyone out there. Good morning. Good morning. It's a gorgeous day here in Markaryd, Graduation day, we call it, when we have the Annual Shareholders Meeting later on today. So we'll use our regular pattern. We start to go through the report, Hans and I, and then we allow for questions. And due to all other things that we have to participate and carry out today, we would appreciate if we could stop around noon. So that gives us an hour in total

Hans Backman

And limiting the questions to two per person.

Eric Lindquist

Yes. That's right. Thank you, Hans. And the headline we would like to say is pretty much in line with our own expectations. That's Q1. And there is signs of recovery in somewhat, of course, still cautious market. But already at the end of Q4 last year, we saw a change and that continues, and that fills us with positivism, of course. Our action program is in place, and that makes us return to a more traditional seasonal pattern as well because now the large orders that we had for years, they are pretty much gone, and now it's back to ordinary pattern. And what's also very pleasing is that the inventories in the distribution chain, they have come down. We call it more acceptable levels rather than saying that they are ideal levels. We can't really judge that. But we now see that the end customers' demand is so much better reflected at the manufacturers levels, which has been a difficult situation for all manufacturers in our 3 different industries....

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