NIBE Industrier AB (publ) Q4 2024 Earnings Call Transcript

2025-02-14 20:12:03 ET

NIBE Industrier AB (publ) (NDRBF)

Q4 2024 Earnings Conference Call

February 14 2025 5:00 AM ET

Company Participants

Eric Lindquist - Managing Director and Chief Executive Officer

Hans Backman - Chief Financial Officer

Conference Call Participants

Carl Deijenberg - Carnegie

Vivek Midha - Citi

Douglas Lindahl - DNB Bank Markets

Carl Ragnerstam - Nordea

Uma Samlin - Bank of America

Christian Hinderaker - Goldman Sachs

Viktor Trollsten - Danske

Gustav Schwerin - Handelsbanken

Presentation

Operator

Welcome to the NIBE Q4 presentation for 2024. During the question-and-answer session, participants are able to ask questions by dialing star five on their telephone key pad.

Now I will hand the conference over to CEO, Eric Lindquist; and CFO, Hans Backman. Please go ahead.

Eric Lindquist

Thank you very much. Good morning, everyone, out there.

Hans Backman

Good morning.

Eric Lindquist

And we're going to follow the same procedure as usual. We have a number of slides we are going to go through, and then we open up for questions, of course. And as usual, we have until noon, and we would appreciate if there would be only two questions per individual, to allow as many as possible to put questions to us,

With that said, let’s start into the first slide. And which is very much a summary of what you've seen in the report, of course. It's a year characterized, we say, of several challenges. I mean, we were hit with a very, very slow market in the beginning of the year. But as the year has been rolling on, we've also seen clear signs of improvements.

And the market has not totally recovered, of course. But we're looking at a combination of clear signs and still some cautiousness out there. And the last quarter is really confirming what we've said all along, that as the year goes by, we're going to see a gradual improvement. And the fourth quarter comes in fairly close to what we anticipated internally.

And there's been a combat all year with the inventories, of course, out there that's been too, they were too big in the beginning of ’24. And they've been digested over the years. And that's been a little bit difficult to really determine what is the demand, really at the end, the consumer's level versus the production level or the producer's level. And I think as we go by now, we're going to be more of a direct link between the end consumers and the production output.

And the action program, of course, has been one very dominating during the internal months and quarters. We came out with an idea of some SEK 1,095 million. And when we now summarize everything at the end of the year, we are up at SEK 1,152 million. So perhaps we shouldn't pat ourselves on the shoulder, but it was fairly accurate. And the savings on a 12 rolling month basis is slightly better than we anticipated in March, April, when we lined everything up....

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