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Electrolux Group Interim report Q2 2024

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STOCKHOLM, July 19, 2024 /PRNewswire/ — 

Highlights of the second quarter of 2024

Net sales amounted to SEK 33,819m (32,653). Organic sales increased by 6.8% driven by higher volumes in all business areas while price was negative. Despite challenging market conditions, mix improved supported by the new modularized platforms and attractive product offering.Operating income amounted to SEK 419m (-124), corresponding to a margin of 1.2% (-0.4). Excluding non-recurring items, earnings were SEK 519m in the second quarter 2023. Higher volumes and improved mix partly offset negative price. Cost efficiency contributed SEK 0.3bn to earnings.Group operating income improved by more than SEK 1bn compared to the first quarter 2024, with a significant reduction of the loss in North America.Latin America developed strongly with a high organic sales growth and a rolling 12-months operating margin of 7%.Continued weak market in Europe driven by built-in kitchen categories.Income for the period amounted to SEK -80m (-648) and earnings per share were SEK -0.30 (-2.40).Operating cash flow after investments was SEK 1,226m (3,137), with the second quarter 2024 reflecting a normal seasonal pattern.

President and CEO Jonas Samuelson’s comment

While consumer demand in our main markets remained mixed in the second quarter, our products were well received by consumers. We outperformed the market in Europe and North America and continued to drive a positive mix with quarterly sales growth of 7%, year-over-year. Operating profit improved sequentially by more than SEK 1bn in the second quarter and, with an EBIT of SEK 419m, we returned to profit for the Group. Operating cash flow was positive at SEK 1.2bn and liquidity remains strong.

Latin America continued to deliver strong results, with the rolling 12-month EBIT margin reaching 7% in the second quarter. Earnings in Europe, Asia-Pacific, Middle East and Africa declined with subdued consumer spending in Europe where market demand was predominantly replacement driven. The operating loss in North America was significantly reduced compared to the first quarter, and we are making good progress in our efforts to return to profitability. The ramp-up of production in the new cooking factory in Springfield continued as planned with improved production output and productivity in the quarter. I am very pleased with the reception of our products in the market. The cooking products produced in Springfield contributed to a record-high consumer star rating overall of 4.6 out of 5 in North America, with industry leading ratings in all key categories. Our ability to continue generating a positive mix, and stabilizing net price sequentially, in this challenging market environment shows that our focus to strengthen our position in the mid- and premium categories continues to be effective.

Market conditions in the second quarter remained similar to the most recent quarters, with the cumulative effect of high inflation and high interest rates continuing to weigh on consumer sentiment. The exception was Brazil, where the improved consumer sentiment supports demand. In general, inflation has been somewhat more sticky than anticipated, continuing to weigh on discretionary spend. This has slightly delayed the anticipated improvement in demand, particularly in Europe. Hence, we have revised the outlook for market demand in “Europe, Asia-Pacific” in full year 2024 from neutral to negative. In Europe, housing construction and kitchen remodeling remain at very subdued levels, while replacement market demand has stabilized, with high promotional intensity. Demand in North America has been stable year to date, supported by the aggressive pricing environment, despite weak housing markets.

Price was negative during the first half of 2024, with price pressure in North America reflecting the lower price levels established in late 2023, and high promotional activity in other markets. As previously communicated, we expect price to be negative for full year 2024, also impacting the second half negatively. However, we anticipate the promotional intensity in North America to continue to stabilize sequentially throughout the year.

We continue to execute on the cost-reduction activities with significant cost benefits expected to impact the second half of the year. Increased investments in marketing to capitalize on the momentum of our attractive product offering are yielding good returns and, as in the second quarter, we project to increase investments in Innovation and marketing in the second half of 2024. Ocean freight rates have increased recently, and taking this headwind from logistics costs into account, we are now targeting cost savings of approximately SEK 4bn in 2024, excluding investments in Innovation and marketing.

On the product side we are currently introducing a new smart laundry range aimed at improving clothing longevity and reducing the use of resources, where selected models have an energy rating above A – the highest energy class in the EU. This is one example of our actions toward meeting our new science-based targets for 2030, where an important part is to reduce scope 3 emissions by 42% between 2021 and 2030.

We are making progress on our strategic divestment initiatives of non-core assets, and as announced after closing of the second quarter, on July 18, 2024, we have agreed to divest the water heater business in South Africa for an enterprise value of approximately SEK 1.4bn. This is in line with our sharpened strategic focus on the mid- and premium segments, primarily under our main brands Electrolux, AEG and Frigidaire.

Looking ahead we aim to leverage further on the leaner and more simplified organization, continue to execute on our ambitious cost-reduction targets, and focus on our main brands to strengthen our position in selected mid- and premium categories as consumer demand in our main markets starts to recover. These are our key priorities to continue restoring margins and return to profitable growth.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, July 19. Jonas Samuelson, President and CEO, and Therese Friberg, CFO, will comment on the report.

To only listen to the telephone conference, use the link:

https://edge.media-server.com/mmc/p/qsfvkkvv

OR

To both listen to the telephone conference and ask questions, use the link:

https://register.vevent.com/register/BI519ec9bc3310495e962284e36dfe9e9f

Presentation material available for download

www.electroluxgroup.com/ir

This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 19-07-2024 08:00 CET.

For more information, please contact:
Maria Åkerhielm, Investor Relations, +46 70 796 3856
Electrolux Group Press Hotline, +46 8 657 65 07

This information was brought to you by Cision http://news.cision.com

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SEEKINK Showcases Innovative E-Paper Applications and OEM/ODM Solutions at Electronica 2026

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MUNICH, Nov. 11, 2026 /PRNewswire/ — SEEKINK, an ePaper display module manufacturer and one-stop provider of ePaper devices, joined forces with TOPTE, a provider of Human-Machine Interface (HMI) display solutions, to exhibit at Electronica 2026 in Munich, Germany, at Hall B6, Booth 518.

Taking advantage of this international electronics industry platform, SEEKINK and TOPTE presented a comprehensive portfolio of low-power display technologies, highlighting their combined capabilities in ePaper modules, monochrome LCDs displays modules, TFT LCDs displays modules, single-module AMOLED displays modules, CTP/RTP touchscreens, fully laminated touch-display modules, and customized OEM/ODM services.

Exhibition Highlights and Product Portfolio

Featuring a contemporary wooden structure and distinctive circular lighting installations, the joint exhibition booth provided visitors with an immersive opportunity to explore display technologies and their applications across different scenarios.

The exhibition highlighted a diverse range of end products and solutions, including E Ink Prism modular walls, ePaper photo frames and advertising displays, smart electronic labels, and digital office solutions.

E Ink Prism Modular Wall Expands Large-Format Commercial Display Applications

One of the key highlights was the E Ink Prism™ 3S modular ePaper wall, which brings new possibilities to large-format commercial display and advertising applications.

Designed as a modular decorative wall, the Prism installation supports scalable configurations, dynamic color changes, and customizable graphic patterns. Its paper-like display surface is glare-free and can maintain static content with near-zero power consumption. These characteristics make it suitable for advertising, brand presentations, reception areas, and creative spaces.

The installation demonstrates the potential of ePaper technology as a modern form of digital surface design, extending its applications beyond conventional displays into architectural and interior decoration.

From ePaper Photo Frames to Smart Accessories: Expanding Consumer Electronics Applications

In the consumer electronics segment, SEEKINK showcased ePaper photo frames in multiple sizes, including 4-inch, 5.89-inch, 7.09-inch, 10.1-inch, and 13.3-inch models. The portfolio also included larger 28.5-inch and 31.5-inch wall-mounted ePaper art frames and advertising displays, exploring new possibilities for digital image presentation in residential and indoor environments.

In addition, SEEKINK presented a range of new ePaper-enabled lifestyle accessories, including round badges, fridge magnet, anti-loss trackers, luggage tags, and pet tags.

With highly customizable designs for branding and personalization, paper-like eye-friendly displays, and a combination of environmental and aesthetic benefits, these products demonstrate the expanding potential of ePaper technology in personal accessories and everyday consumer electronics.

A Diverse ePaper Product Portfolio for Digital Office Applications

For digital office environments, SEEKINK presented several ePaper display solutions, including 3.7-inch color ePaper badges, 7.3-inch color and 7.5-inch 4-color solar-powered ePaper desk signs, and 10.2-inch four-color ePaper door signs.

These products support centralized content management and real-time information synchronization while maintaining low power consumption during continuous display. They are designed to support more energy-efficient and streamlined office operations, with applications including meeting room information, employee identification, and workstation information in shared office environments.

ePaper Labels for Industrial and Logistics Applications

For industrial and logistics applications, SEEKINK showcased a range of compact ePaper labels in sizes including 2.9 inches, 3.7 inches, and 4.2 inches.

The monochrome models combine fast refresh performance, low power consumption, and long battery life, offering a proven and reliable option for the digital transformation of industrial, logistics, and warehousing operations.

Meanwhile, continued technological advancements in BWRY and full-color E Ink Spectra 6 displays are further expanding the visual capabilities of ePaper labels, creating more possibilities for their use in digital industrial and logistics environments.

Strategic Collaboration and Market Focus

SEEKINK and TOPTE aim to provide one-stop display solutions for customers worldwide. By combining SEEKINK’s expertise in ePaper display module manufacturing with TOPTE’s capabilities in HMI display solutions, the two companies seek to address the growing demand for sustainable and energy-efficient display technologies in the European market.

About Jiangxi Xingtai Technology Inc. (SEEKINK)

SEEKINK is a professional ePaper display module manufacturer and one-stop OEM/ODM service provider. Leveraging its integrated industrial capabilities, spanning ePaper display modules to complete ePaper devices, SEEKINK is committed to enabling innovative ePaper applications across smart retail, commercial displays, smart offices, consumer electronics, digital art, and smart industrial and logistics sectors.

Follow SEEKINK:
Website: https://www.seekink.com/
LinkedIn: https://www.linkedin.com/company/seekink/
YouTube: https://www.youtube.com/@Seekink
Business Inquiries: enquiries@seekink.com 

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SolidRun Launches NXP i.MX 95 Portfolio with Complete Industrial Ecosystem and Demonstrated NVIDIA Holoscan Integration

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New i.MX 95 SoM, HummingBoard i.MX 95 IIoT carrier and camera partner ecosystem connect NXP edge nodes to SolidRun’s NVIDIA-based AI systems under one vendor, with all three Ethernet PHYs, including 10GbE, on the module

MUNICH, Germany and TEL AVIV, Israel, Nov. 11, 2026 /PRNewswire/ — SolidRun, a leading developer and manufacturer of high-performance System-on-Modules (SoMs), Single Board Computers (SBCs) and industrial edge computing solutions, today at electronica 2026 announced its NXP® i.MX 95 product family, combining the i.MX 95 SoM, HummingBoard i.MX 95 IIoT industrial carrier, software support, a camera integration ecosystem and a demonstrated end-to-end NVIDIA Holoscan implementation.

Engineered for Industry 4.0, real-time robotics, energy storage systems (ESS) and industrial networking infrastructure, the platform delivers deterministic multi-gigabit networking, real-time safety control and scalable Physical Edge AI. By bringing the essential hardware, software and integration capabilities together under one roof, SolidRun helps OEMs simplify development, reduce engineering risk and accelerate time to market.

“Industrial OEMs and infrastructure providers are moving rapidly toward Physical AI, but they face immense friction with multi-gigabit signal routing and fragmented vendor ecosystems,” said Alexander Schwartz, Head of Product at SolidRun. “By integrating all Ethernet PHYs, including 10GbE, directly on the i.MX 95 SoM while maintaining drop-in pin compatibility with our i.MX8 lines, we eliminate hardware design friction. And because we design both our NXP and NVIDIA edge platforms in-house, our customers gain a single, fully integrated system architecture that scales from compact real-time nodes up to enterprise-grade AI clusters under one roof.”

A Complete Industrial Ecosystem, From Sensor to AI

At the center of the portfolio is SolidRun’s HummingBoard i.MX 95 IIoT industrial carrier, designed for demanding applications that require high-speed networking, real-time control and multi-sensor integration. Key features include:

Industrial connectivity: Dual Gigabit Ethernet, 10GbE RJ45 with optional SFP+ optical connectivity, dual CAN-FD, RS485 and RS232Real-time control and safety: Cortex-M7 (800MHz) and Cortex-M33 (333MHz) safety domain, providing a foundation for ASIL-B and SIL-2 functional safety certificationVision and expansion: Dual MIPI CSI-2 camera interfaces with advanced ISP support, dual display outputs and multiple M.2 slots for AI acceleration, NVMe storage and 5G/cellular connectivity

Beyond the hardware, SolidRun supports a growing ecosystem of camera partners, software solutions, developer tools and application demonstrations, giving customers a coordinated platform from initial evaluation through deployment.

Demonstrated NVIDIA Holoscan Integration

SolidRun is the first to demonstrate a complete, self-contained i.MX 95 to NVIDIA Holoscan to GPU implementation on hardware from a single vendor. The pipeline processes camera and sensor data using the i.MX 95’s integrated ISP and 2.3 TOPS NPU, streams it over 10GbE for GPU inference on a SolidRun NVIDIA-based AI system, and returns commands to the Cortex-M7 core for real-time closed-loop control. Because the implementation is fully software-defined, it handles more complex workloads than fixed-function streaming front ends.

One Vendor, From NXP Edge Nodes to NVIDIA AI Systems

SolidRun brings its NXP-based embedded platforms and NVIDIA-based AI systems together in a unified, software-defined architecture, giving customers a single hardware partner from edge processing to advanced AI inference. This integrated approach simplifies development, reduces integration complexity and accelerates time to market.

Simplifying Industrial Design with Integrated Connectivity

Unlike other i.MX 95 modules that route raw SERDES or USXGMII signals to carrier connectors, SolidRun is the first to integrate all three Ethernet PHYs, including 10GbE, directly on the SoM. This eliminates the need for OEMs to design complex multi-gigabit PHY circuitry, high-speed differential pairs and magnetics, reducing PCB complexity, EMI compliance risk and development cost. All three Ethernet ports support Time-Sensitive Networking (TSN) for deterministic industrial communication.

The i.MX 95 SoM also retains the 47 x 30 mm footprint and pinout compatibility of SolidRun’s previous-generation i.MX8 and i.MX8M Plus modules, providing an upgrade path without redesigning existing carrier hardware. Powered by Arm® Cortex®-A55 cores, LPDDR5 memory and the integrated eIQ® Neutron NPU, the platform increases AI processing and bandwidth while protecting customers’ existing hardware investments.

“Physical AI at the industrial edge demands compute, real-time control and safety on one chip, which is exactly what we designed the i.MX 95 to deliver, with its eIQ Neutron NPU, integrated ISP and dedicated safety domain,” said Robert Thompson, Director, Secure Connected Edge Ecosystem at NXP Semiconductors. “SolidRun’s module puts that capability to work the way OEMs need it, with the hardest parts of the system design already done, so they can bring their next generation of intelligent industrial products to market faster and with less risk.”

Availability

The SolidRun i.MX 95 SoM and HummingBoard i.MX 95 IIoT carrier are shipping now in quad- and hexa-core configurations, with commercial, wide and industrial temperature grades, including industrial operation from -40°C to +85°C. Software support and developer tools are available to accelerate evaluation and deployment.

For more information, visit SolidRun i.MX 95 SoM and HummingBoard i.MX 95 IIoT.

For more information about SolidRun, visit www.solid-run.com.

Click here for the press kit.

About SolidRun

SolidRun is a leading developer and manufacturer of embedded computing and networking solutions, offering Arm- and x86-based Computer-on-Modules (SoMs), single-board computers and industrial edge computing platforms. As an original design manufacturer, SolidRun makes the latest silicon accessible to OEMs and accelerates the development and deployment of embedded, IoT and AI applications. For more information, visit www.solid-run.com.

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London startups backed by 2100 Ventures recognised among Europe’s most promising AI companies

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2100 Ventures ranks #28 among the Top 50 investors and lenders behind Sifted’s AI 100, as Alessandro Benetton backs the next generation of European tech innovators

LONDON, Nov. 11, 2026 /PRNewswire/ — Two London startups backed by European early-stage venture capital firm 2100 Ventures have been recognised in Sifted’s 2026 AI 100, which ranks Europe’s most promising AI-native startups. Swap ranks #9 and Lupa #38, among four 2100 Ventures portfolio companies to make this year’s list. 

2100 Ventures has also been named the only Italian investor among Sifted’s Top 50 investors and lenders behind the AI 100, ranking #28 overall, with twice as many portfolio companies represented as last year. The recognition highlights the firm’s role in identifying and supporting emerging European technology businesses as they develop and scale. 

Alongside Swap (#9) and Lupa (#38), the other 2100 Ventures-backed companies recognised are Mimic (#23) and Orbio (#62). 

More than 1,500 eligible companies were considered for Sifted’s 2026 AI 100, which covers AI-native startups valued under $1bn, with companies assessed on market opportunity, competitive differentiation and momentum. 

London-based Swap, which ranks #9 in the AI 100, provides an AI-powered platform helping ecommerce brands manage and grow their global operations. Founded in 2022, the company raised $100 million in January 2026, following a $40 million Series B, bringing its total funding to $149 million. 

Lupa (#38) is a London-based, AI-native veterinary technology company developing software to modernise veterinary practice management by automating administrative tasks, clinical documentation and client communications. Founded in 2023, the company raised $4 million in seed funding in January 2025 from investors including firstminute capital, 2100 Ventures and Vento by Exor Ventures. In October 2025, Lupa announced a further $20 million Series A, bringing its reported total funding to $25 million. 

Founded in 2023 by Alessandro Benetton alongside Andrea Casasco and Andrea Gennarini, 2100 Ventures invests in and supports early-stage businesses across sectors including AI, SaaS, fintech, data and ClimateTech. The firm – supported by Edizione, one of the most important European industrial holdings, and 21 Invest – works with emerging founders as they develop ambitious ideas and build businesses capable of international impact. 

Alessandro Benetton, Chairman of Edizione, founded the private equity firm 21 Invest in 1992, which has since raised more than €3 billion in capital and invested in more than 110 companies. His involvement in 2100 Ventures extends that investment activity into Europe’s early-stage technology ecosystem, with a focus on backing a new generation of entrepreneurs and innovation that can create shared value for business and society.

Alessandro Benetton said: “Europe has extraordinary entrepreneurial talent, and we believe strongly in giving the next generation of founders the backing they need to turn ambitious ideas into businesses with international impact. 

“Young people represent both the present and the future of our society. We need to listen to them, help them express their talent and support them as they drive innovation and bring forward new solutions for society. For me, this is also what shared value means: supporting enterprise in a way that creates lasting benefits not only for business, but for the wider communities it serves. 

“Having four 2100 Ventures portfolio companies recognised among Sifted’s AI 100 is encouraging. It reflects the ambition of these founders and the importance of giving emerging talent the support, confidence and resources to challenge established models and create new opportunities. That was central to why we created 2100 Ventures.”

 

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