Correction: Missing MAR label in previous press release "Electrolux Group Interim report Q1 2025"
STOCKHOLM, April 29, 2025 /PRNewswire/ -- Electrolux Group issues a correction of the press release regarding the interim report for the first quarter of 2025 that was published earlier today. The correction concerns that the press release did not include the MAR label with reference to the EU Market Abuse Regulation (MAR). Apart from this, the press release remains unchanged.
The following MAR label was included in the company's interim report attached as an appendix to the press release, but should also have been included in the press release:
This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 29-04-2025 07:00 CET.
Below is the correct press release in its entirety:
Highlights of the first quarter of 2025
- Net sales amounted to SEK 32,576m (31,077) with an organic sales growth of 7.9% (-3.7), mainly driven by North America and Latin America.
- Operating income significantly improved to SEK 452m (-720) corresponding to an operating margin of 1.4% (-2.3). Increased volumes and a favorable mix had a positive impact on earnings, partially offset by a slightly negative impact from price development. Cost reduction actions contributed to a SEK 1.4bn positive impact from cost efficiency.
- Income for the period amounted to SEK 42m (-1,230) and earnings per share were SEK 0.16 (-4.55).
- Operating cash flow after investments was SEK -3,107m (-2,686), with a seasonal outflow of operating working capital.
President and CEO Yannick Fierling's comment
Solid organic sales growth and improved operating income
Organic sales growth was solid in the quarter, 7.9%, mainly driven by a positive development in North America and Latin America. Our operating margin improved to 1.4%, up from -2.3% last year. We have successfully executed our product cost-out initiatives, from which, savings was the major contributor to the SEK 1.4bn in cost efficiency for the quarter.
Rapidly-changing market environment
The market environment was characterized by increased uncertainty as the quarter progressed. In North America and Europe, market demand was largely unchanged. However, consumer confidence declined throughout the quarter due to economic uncertainty and concerns around U.S. trade policy developments. In Latin America, consumer demand increased marginally, primarily driven by Brazil, in a market characterized by rising competitive pressure.
Effects from changes in U.S. trade policies had a minor impact in the first quarter. It is impressive how our entire organization is acting with speed and agility to mitigate and adapt to the rapidly-changing market environment. We will continue to closely monitor this to ensure that we take appropriate actions going forward, including price changes.
Outlook for 2025 impacted by increased uncertainty
Going into the second quarter of 2025, the demand outlook for home appliances is increasingly uncertain. On the back of this, we have adjusted our market outlook for North America for the full year 2025 compared to 2024 from "Neutral" to "Neutral to negative". The outlook for market demand for Europe & Asia-Pacific as well as Latin American remains "Neutral". We have also adjusted our business outlook due to changes in U.S. trade policies. We now expect a positive impact from volume/price/mix primarily as a result of our price increases aimed at offsetting tariff related cost inflation reflected in the change in external factors from "Negative" to "Significantly negative".
Profitable growth - a key strategic pillar going forward
One of our major strategic pillars is to drive profitable growth. To ensure this, we continued to invest in innovation and marketing in the quarter. Our improved market position demonstrates our ability to create sustainable consumer experiences and continuously improve our offering. With good progress on cost reductions in the first quarter we are well on track to reach SEK 3.5-4bn in savings for the full year 2025. It is also crucial to continue to improve the results in North America while simultaneously navigating the current uncertain market environment.
Webcast and telephone conference 09.00 CET
A video webcast and simultaneous telephone conference is held at 09.00 CET today, April 29. Yannick Fierling, President and CEO, and Therese Friberg, CFO, will comment on the report.
If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.
https://edge.media-server.com/mmc/p/fxvkiute
If you wish to participate via telephone conference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.
https://register-conf.media-server.com/register/BIc0cda4349c7f494e818a506c39f0456c
Presentation material available for download
This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 29-04-2025 07:00 CET.
For further information, please contact:
Ann-Sofi Jönsson, Head of Investor Relations and Sustainability Reporting
Email: ann-sofi.jonsson@electrolux.com
Phone: +46 730 251 005
Maria Åkerhielm, Investor Relations Manager
Email: maria.akerhielm@electrolux.com
Phone: +46 70 796 3856
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Interim report Q1 2025 |
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