Nibe Industrier NIBE-B
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Full analysis: 5 Apr 2026
Latest news check: 2 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Hold current position; consider adding only after a strong Q1 print (e.g., +10-20%).
Recovery signals in demand are visible but uncertainty around organic growth and margins remains ahead of the Q2 report.
Market sentiment
5/10
→
Trend: Stable
Sentiment remains largely stable with limited change despite positive external industry data.
Price context
The stock trades at 38.14 SEK near technical support and 19.6 percent above the 52-week low, implying that some fundamental weakness is already priced in while confirmed demand recovery could create asymmetric upside.
Risk assessment
6/10
Dilution:
Medium
Large acquisitions could require equity despite cash flow
Jurisdiction:
Low
Operations mainly in Sweden/EU/US
Execution:
Medium
Cyclical demand; some segments missed expectations
Recent changes
- Revenue 9,650 MSEK (-0.2% YoY; +7.1% FX-neutral), EBIT 868 MSEK and 9.0% margin. Stoves guidance was cut to 6–8% due to new US tariffs and ~150 MSEK of extra costs.
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Show all changes (3) — follow the company freeAbout the company
NIBE Industrier is an industrial group developing and selling heat pumps and other climate solutions, plus electric heating elements and stoves. The company is mature but cyclical, showing signs of profitability and demand recovery (especially in Climate Solutions). Leverage is relatively high, which may constrain large M&A and raise the chance of equity funding if a major deal occurs.
Sector:
Heat pumps and climate systems
Type:
Industrial
Next report
21 Aug 2026
Q2
Catalysts
2027
Product transition to R290
Medium
Unknown
Potential larger acquisition
Medium
Unknown
US tariffs pressure Stoves
Medium
Horizon:
Bull case
Confirmed volume recovery at Carrier and in Sweden strengthens the outlook for Climate Solutions ahead of Q2.
Bear case
Uncertainty around organic growth and margin recovery persists despite positive industry data.
Signal rationale (informational)
Recovery signals in demand are visible but uncertainty around organic growth and margins remains ahead of the Q2 report.
Recent news
- Carrier Global reported approximately 20 percent higher heat-pump sales in Q2 and Swedish industry data showed 14 percent growth. The stock rose about 2 percent in late July in reaction and closed at 38.14 SEK on 2 August.
Price & valuation
Last close
SEK 39.26
1 week
-2.2 %
3 months
-5.7 %
12 months
-11.9 %
From 52w high
-14.8 %
From 52w low
+23.1 %
Exchange
Stockholm
Type
Industrials
Sector
Heat pumps and climate systems
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.