From GlobeNewswire:

The European heat pump market saw a clear decline in the second half of the year. NIBE sales rose by 16.4% to SEK 46,649 million, with profit after net financial items amounting to SEK 6,331 million. Acquisitions of five companies with combined annual sales of around SEK 3 billion were made. A review of total costs is planned due to weak demand. A proposed dividend of SEK 0.65/share. NIBE plans to initiate an action program in response to poor market demand. This program aims to streamline the full organization and will affect around 500 employees. The expected annual savings due to the program are estimated at around SEK 600 million, with the costs of the action program estimated at around SEK 900 million. NIBE Group experienced large fluctuations in the European heat pump market towards the end of 2023. Despite this, NIBE is confident in their long-term performance and benefits from their strategic acquisitions. The global energy giant believes they are well positioned for growth while acknowledging the future is difficult to predict. NIBE will be hosting a webcast with CEO Gerteric Lindquist and CFO Hans Backman today at 11:00 CET. To participate in the conference and ask questions, registration is required. NIBE Group is an international company with a strong presence worldwide and a long-term focus on sustainable product development and strategic acquisitions. NIBE has grown into an international company with around 23,100 employees and generated sales of just under SEK 47 billion in 2023. NIBE has been listed on the Nasdaq Nordic Large Cap list since 1997.



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