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Electrolux Group Interim report third quarter 2024

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STOCKHOLM, Oct. 25, 2024 /PRNewswire/ — Highlights of the third quarter of 2024

Net sales amounted to SEK 33,286m (33,427). Organic sales increased by 6.2% driven by strong growth in Latin America and higher sales in Europe, Asia-Pacific, Middle East and Africa, supported by the innovative and attractive product offering.Operating income amounted to SEK 349m (608), corresponding to a margin of 1.0% (1.8). Operating income included a previously announced non-recurring item of SEK -368m (294) related to the divestment of the water heater business in South Africa. Excluding non-recurring items, operating income amounted to SEK 717m (314), corresponding to a margin of 2.2% (0.9).In Europe, Asia-Pacific, Middle East and Africa, operating margin excluding non-recurring items improved to 4.2% (3.0).In North America, the gradual operating loss reduction continued to SEK -249m (-440) and in Latin America operating income increased to SEK 490m (405).Cost efficiency contributed approximately SEK 1.2bn to earnings.Income for the period amounted to SEK -235m (123) and earnings per share were SEK -0.87 (0.46).Operating cash flow after investments was SEK 1,053m (1,147).During the preparations to divest non-core assets, it has been assessed that the value of the Zanussi brand will be better monetized as part of the Group’s licensing business. The total potential divestment value of non-core assets is thereby currently expected to be below the previously communicated SEK 10bn.

President and CEO Jonas Samuelson’s comment

After 16 years with Electrolux Group and nearly 9 years serving as CEO, effective January 1, 2025, I will hand over the role of CEO to Yannick Fierling. I wish him all the best in leading this great company. Looking at the third quarter, while market conditions remained challenging in Europe and North America, we continued to make progress on our cost initiatives. Operating income excluding non-recurring items improved to SEK 717m in the quarter with an operating cashflow of SEK 1.1 bn and a strong liquidity position.

Gradual improvements in challenging markets

Earnings in Europe, Asia-Pacific, Middle East and Africa improved despite continued subdued consumer spending in Europe. Excluding non-recurring items, operating margin in the business area reached 4.2% (3.0%), helped by our efforts to reduce cost and by a continued positive mix. Our new products are well received, and in the quarter a new premium kitchen range from AEG was launched. Latin America delivered another good quarter with the improvement in operating income driven by volume growth and cost efficiency. In North America, the operating loss continued to narrow. We are making progress in our work to improve productivity and reduce cost, but market conditions remain challenging. Productivity in our new cooking plant in Springfield is gradually improving as planned.

Regional variations in market demand

The market in Europe continued to be predominantly replacement driven and was relatively stable, with high promotional intensity. Interest rates have started to come down but housing construction and kitchen remodeling, impacting the built-in kitchen market in Europe, remained at very subdued levels. The markets in Latin America grew in the quarter, driven by Brazil where growth rates started to accelerate in the fourth quarter 2023. 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 nine months of 2024, with price pressure in North America reflecting the lower price levels established in late 2023, and high promotional activity in most other markets. However, the promotional intensity in North America has stabilized sequentially throughout the year. As previously communicated, we expect price to be negative for full year 2024, also impacting the fourth quarter negatively.

Good execution on our cost-reduction efforts

We continue to execute well on the cost-reduction activities, and our efforts are yielding increasing benefits across all business areas. Earnings contribution from cost efficiency in the third quarter reached SEK 1.2bn, and the target of around SEK4bn in cost savings for full year 2024 remains.

Headwinds from currencies have increased during the course of 2024 and coupled with a reduction in raw material costs during the fourth quarter 2023 comparison period, we expect External factors to be negative in the fourth quarter 2024. For full year 2024, we have revised the outlook for External factors’ impact on operating income from positive to neutral.

Update on divestments of non-core assets

Our strategic divestment initiatives of non-core assets are progressing at different speeds, with the pace being adapted to the geopolitical situation and market environment. We have during the preparation phase assessed that the value of the Zanussi brand will be better monetized as part of the Group’s licensing business, and is therefore presently not being divested. The total potential divestment value is consequently currently expected to be below the previously communicated SEK 10bn. Closing of the divestment of the water heater business in South Africa is anticipated during the fourth quarter 2024.

Launch of new resource-efficient products

In September, our premium brand AEG launched a new, resource-efficient, kitchen range in Europe offering several enhanced consumer benefits, including AI-assisted cooking. This new cutting-edge feature helps users make the most of their oven when trying new online recipes by automatically analyzing the recipe and choosing the optimal cooking settings for the best result. The new kitchen range from AEG further strengthens our position in premium built-in appliance categories, enabling us to continue driving a positive mix.

Reflecting on nearly a decade as CEO

I am proud of the work the entire team has done to fundamentally transform the company, especially while navigating the challenging market conditions in recent years. Electrolux Group has sharpened the strategic focus, among other by distributing Electrolux Professional to our shareholders, and streamlining the organization. We have successfully delivered sustainable, consumer experience driven innovation, leveraging our focus on our three main brands, Electrolux, AEG and Frigidaire, leading to industry-leading consumer star ratings, and continuous sales mix improvements. Our focus on consumer lifetime experiences has increased, and the aftermarket revenue share been raised. We have executed on the significant re-engineering investment program, focused on increased modularization, automation and resource efficiency. The new modularized product architectures enable us to significantly leverage our global scale with shorter, and more cost-efficient, time to market of new products, features and digital solutions. These initiatives have enabled cumulative expected cost reductions over 2023-24 of close to SEK 9bn.

Once consumer demand in our main markets recovers, we are well situated to fully benefit from our position in selected mid- and premium categories with our competitive product and service offering. Our key priorities are to continue to execute on, and further accelerate, our ambitious product cost-reduction efforts and consumer-focused innovation, leveraging our more simplified organization, to continue restoring margins and return to profitable growth.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, October 25. 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/prqn9ckh

OR

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

https://register.vevent.com/register/BIe1cf399b7d004ba3a2a97fc79b5153d4

Presentation material available for download

www.electroluxgroup.com/ir

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on 25-10-2024 08:00 CET.

For more information:
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.

https://news.cision.com/electrolux-group/r/electrolux-group-interim-report-third-quarter-2024,c4056516

The following files are available for download:

 

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Workday Adaptive Planning Achieves FedRAMP Moderate Authorization to Support Federal Workforce and Budget Planning

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New Milestone Helps Federal Agencies Plan Workforce and Budgets in One Secure, Modern System

WASHINGTON, July 23, 2026 /PRNewswire/ — Workday Government, a wholly owned subsidiary of Workday, Inc. (NASDAQ: WDAY), the enterprise AI platform for HR, finance, and IT, today announced that Workday Adaptive Planning has achieved FedRAMP Authorization at the Moderate Impact Level. The authorization confirms that Workday Adaptive Planning meets the security and compliance standards required to handle sensitive, unclassified federal data, giving agencies a secure, compliant foundation for modern planning.

Federal agencies are under pressure to do more with less, manage costs, and maintain clear records of their decisions. Yet disconnected data, legacy systems, and manual spreadsheet work can make it hard to understand how organizational decisions affect the workforce. Workday Adaptive Planning helps agencies modernize planning by bringing workforce planning, budgeting, and forecasting together so agencies can plan with connected workforce and financial data.

“Federal agencies must align their people, funding, and priorities to deliver their missions effectively,” said Lynn Martin, general manager, Workday Government. “With FedRAMP Moderate authorization, Workday Adaptive Planning gives agencies the secure foundation they need to unify workforce and financial planning. This clarity allows leaders to evaluate trade-offs, allocate resources with impact, and prepare confidently for what lies ahead.”

With Workday Adaptive Planning, agencies can model and assess the workforce implications of organizational change, such as hiring freezes, budget reductions, or reorganizations, to understand the potential effects on headcount, costs, project timelines, and mission readiness. Agencies can also use workforce data to identify talent trends and skills gaps. Finance teams can evaluate competing program requests, allocate costs across funds and programs, monitor budgets throughout the procurement lifecycle, and identify potential overruns earlier. Built-in audit capabilities and FIPS 140-3 compliant security help agencies strengthen fiscal discipline, maintain compliance, and make faster, better-informed decisions.

“Federal agencies need a planning tool they can trust to protect their data and still move fast,” said Ben Pierce, general manager, Workday Adaptive Planning. “With FedRAMP authorization, Workday Adaptive Planning gives them a secure, modern way to make budgeting and workforce planning less painful and a lot more useful.”

As part of Workday Government Cloud, Workday Adaptive Planning works alongside Workday human capital management and financial solutions, helping agencies plan with connected data. By bringing planning into the same platform that powers HR and finance, Workday Government helps agencies move beyond systems that simply record work to a modern, connected foundation for planning safely and collaboratively.

Workday Adaptive Planning is expected to be available to Workday Government customers in early 2027.

For More Information

Explore how Workday Adaptive Planning gives government organizations the power to plan, budget, and forecast the future here.Learn about the mission of Workday Government here.

About Workday Government
Workday Government is a wholly owned subsidiary of Workday, the enterprise AI platform for HR, finance, and IT. Workday Government is dedicated to serving the U.S. government by unifying HR and finance on one intelligent platform with AI at the core, empowering agencies at every level with the clarity, confidence, and insights they need to adapt quickly, make better decisions, and deliver on their missions. Workday Government supports a range of agencies across the civilian, defense, and intelligence communities. For more information about Workday Government, visit workday.com/federal. For more information about Workday visit workday.com.

Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

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SOURCE Workday Inc.

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Ontinue Wins Gold Stevie® Award for Advancing the Future of Managed Security Operations

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Recognition Honors the Innovation Behind Ontinue’s Agentic SOC, Where AI Agents And Expert Cyber Defenders Work Together to Deliver Autonomous, Governed Security Operations

ZURICH, July 23, 2026 /PRNewswire/ — Ontinue, a leading MXDR partner providing nonstop managed security operations through its Agentic SOC, today announced it received a Gold Stevie® for Technology Excellence Award, recognizing the innovation behind its ION MXDR platform and Agentic SOC. The award was presented in the New Product of the Year – Information Technology (Cybersecurity) category, honoring Ontinue’s continued advancement of AI-powered security operations.

Ontinue was recognized for pioneering the Agentic SOC, a new operating model that treats security decision-making itself as software: governed, measurable, and built to scale with attackers who now operate at machine speed. Rather than layering AI onto existing workflows, Ontinue re-engineered its ION MXDR platform around a multi-agent architecture, with specialized agents spanning threat hunting, investigation, response, and posture hardening, that reason over each customer’s accumulated context and progressively take on more decision-making as trust is earned, while Ontinue’s Cyber Defenders retain governance and accountability throughout.

Ontinue defines an Agentic SOC as a security operations model in which software agents progressively assume responsibility for security decisions and actions, under continuous human governance, using accumulated context, policy, and learned behavior. In December 2024, this model went live in production for every ION MXDR customer, extending autonomous investigation to Tier 2-level incidents for the first time in the industry. The result is a platform that acts less like a tool and more like a team.

Ontinue’s Agentic SOC, by the numbers:

Autonomously investigates incidents within minutesCuts mean time to investigate by 50 percentResolves 99.5 percent of incidents without customer involvementDrives median response time for high-severity incidents under nine minutesPre-approves 97 percent of response actions, based on trust earned directly from customers

For Ontinue’s customers, that translates directly into business outcomes, such has stronger Secure Scores, security teams freed from alert fatigue, and hundreds of analyst hours returned to work that actually moves the business forward.

“The cybersecurity industry doesn’t need more AI features, it needs a fundamentally better way to operate security,” said Moritz Mann, Chief Executive Officer at Ontinue. “This recognition validates the work our teams have done over the past two years to transform AI from an assistant into a trusted operational capability. It’s recognition of an operating model that is already delivering measurable outcomes for customers every day.”

“We congratulate all of the winners in the third annual Stevie® Awards for Technology Excellence for their outstanding achievements,” said Stevie Awards President Maggie Miller. “Their innovations are helping shape the future of technology across every industry, and we look forward to celebrating their success on October 28.”

The Stevie Awards for Technology Excellence celebrate the remarkable accomplishments of individuals, teams, and organizations shaping the future of technology across all industry sectors. More than 700 nominations from organizations of all sizes in 37 nations and territories were submitted this year for consideration in a wide range of tech-related categories. More than 180 professionals worldwide participated in the judging process to select this year’s honorees.

Details about the Stevie Awards for Technology Excellence and the list of 2026 Stevie winners are available at http://Tech.StevieAwards.com.

About Ontinue
As a leading provider of AI-powered managed security operations, Ontinue is on a mission to give every organization the freedom to focus on what they do best; by making nonstop security excellence accessible, not just aspirational. By combining advanced AI with deep human expertise, Ontinue delivers managed security operations that are tailored to each organization’s unique environment, operational needs, and risk profile.

Ontinue’s ION SecOps Platform integrates AI-driven insights, automation, and real-time collaboration to continuously prevent, detect, and respond to threats. With deep expertise in Microsoft security technologies, Ontinue helps customers maximize the value of their existing investments while achieving stronger, more scalable security outcomes.

Continuous protection. AI-powered Nonstop SecOps. That’s Ontinue.

About the Stevie Awards
Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, the Stevie Awards for Technology Excellence and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.

CONTACT: Alison Raymond, araymond@ontinue.com 

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SOURCE Ontinue

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New Harris Poll and Ruth AI Study: 81% of Americans Would Let an AI Agent Handle Part of Their Job Search

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Nearly half would let AI negotiate their salary, while 76% have never heard that AI can provide biased career guidance

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Artificial intelligence has become a mainstream source of career and financial advice for American workers, according to a national survey of 2,131 U.S. adults conducted by The Harris Poll in collaboration with Ruth AI, the AI career strategist built for women.

The full study, The Trust Gap, is available at https://ruthapp.ai/research and has already drawn coverage from Fast Company.

Nearly half of Americans (45%) have used an AI platform such as ChatGPT, Claude, or Gemini for career or work-related advice. That rises to 66% of Millennials and 63% of Gen Z. One in three U.S. adults has used AI for advice about money at work, including salary, raises, bonuses, or negotiating pay.

Americans are also increasingly willing to let AI act on their behalf. Eighty-one percent would be comfortable having an AI agent handle at least one part of a job search, climbing to 90% of Millennials. A majority would let AI search for jobs (67%), conduct pre-interview research (67%), update their resume (65%), or apply for jobs outright (55%). Nearly half would let AI negotiate their benefits (49%) or salary (47%).

Yet awareness of the technology’s documented limitations remains low. Three in four Americans (76%) had never heard that independent research has found AI can produce biased career and salary guidance. Seventy-two percent agree that AI can sound confident even when its advice turns out to be wrong.

“Americans are handing AI some of the most consequential decisions of their working lives, from the job search to the salary ask, while most have never heard that the guidance can carry bias,” said Valerie Chapman, founder and CEO of Ruth AI. “We are delegating faster than we are asking questions. The responsibility now falls on the people building AI to earn the trust users are already giving it.”

About the Survey

The survey was conducted online within the United States by The Harris Poll from June 11-13, 2026, among a nationally representative sample of 2,131 U.S. adults, including 420 Gen Z adults, 620 Millennials, 519 Gen X adults, and 572 Baby Boomers. Data were weighted to the U.S. general adult population. Some questions were asked only of respondents who had used AI for the relevant purpose. References to research on biased AI guidance refer to external academic research (Sorokovikova, Chizhov, Eremenko & Yamshchikov, 2025; arXiv:2506.10491) and are not findings measured by this survey.

About The Harris Poll Thought Leadership Practice

Building on more than 60 years of experience pulsing societal opinion, The Harris Poll Thought Leadership Practice designs research that is credible, creative, and culturally relevant, driving thought leadership and uncovering trends for today’s biggest brands.

About Ruth AI

Ruth AI is an AI career strategist built for women, on a mission to close the $1.6 trillion gender wage gap. Based in San Francisco, Ruth AI is building a suite of AI agents that help women build personal brands, negotiate their worth, and launch their businesses. Learn more at https://ruthapp.ai.

Media Contact

Valerie Chapman
Founder and CEO, Ruth AI
419380@email4pr.com
786-375-1110

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SOURCE Ruth AI

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