NIBE Q2 2026 slides: sixth straight quarter drives margin gains

NIBE Industrier AB, a Swedish climate solutions and industrial components manufacturer, reported a six-quarter recovery in its second quarter 2026 results, released on August 21, 2026. The company's invoiced sales grew 7.6% to 10,849 MSEK, with organic growth at 8.7%. Operating margin expanded by 200 basis points to 11.4%, with operating cash flow reaching 796 MSEK, a significant improvement from negative 116 MSEK in the previous year.

Currency volatility, which had obscured business trends, was less pronounced. While tariffs and political turbulence affected the Stoves business, the Climate Solutions and Element divisions maintained strong performance. The Climate Solutions division, comprising 65% of group sales, showed robust results with net sales up 7.3% to 7,326 MSEK and operating profit growing 20% to 1,010 MSEK.

Operating margin reached 13.8%, up from 12.3% a year earlier. The Element division, representing 28% of sales, also improved with net sales growing 11.8% to 3,121 MSEK and operating profit surging 50.8% to 277 MSEK. The company's growth is driven by strong performance in North America, Europe, and the Nordic countries, while the Element division's profitability improvement is attributed to productivity improvements and cost reduction efforts.