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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

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NIX United Achieves AWS AI Competency After Rigorous Audit

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AI-enabled software development company NIX United has officially achieved the AWS AI Competency designation from Amazon Web Services (AWS). The recognition validates NIX’s proven expertise in architecting, securing, and deploying enterprise-grade artificial intelligence and machine learning solutions on AWS.

TAMPA, Fla., July 23, 2026 /PRNewswire-PRWeb/ — For enterprise organizations, the designation provides independent validation of NIX’s end-to-end AI capabilities across solution architecture, data security, governance, and operational excellence. It is based on successful production deployments, including a generative AI customer feedback analytics platform and an AI-powered medical education solution. The competency also provides eligible customers with access to AWS-validated frameworks, specialized technical resources, and AWS GenAI Innovation Funding programs.

“AI must be engineered for long-term production value,” said Artur Bakulin, Head of RnD and Innovation at NIX United. “Earning the AWS AI Competency reflects our commitment to building AI architectures grounded in verifiable return on investment.”

Moving Beyond AI Demos to Production Value

While AI adoption accelerates, organizations face a critical barrier: transitioning from impressive proofs of concept to production-grade applications. Building AI for the modern enterprise requires solving complex challenges around regulatory compliance and seamless system integration.

To earn the AWS AI Competency, NIX completed a comprehensive technical audit demonstrating its ability to deliver scalable AI solutions. The evaluation covered engineering practices, security controls, governance frameworks, and operational excellence, while highlighting NIX’s experience applying generative AI to complex business workflows.

Strategic Benefits for Enterprise Clients

“AI must be engineered for long-term production value,” said Artur Bakulin, Head of RnD and Innovation at NIX United. “Earning the AWS AI Competency reflects our commitment to building AI architectures grounded in verifiable return on investment.”

For NIX clients, this designation provides:

Reduced project risk through AWS-validated architectures that support data privacy, security, and regulatory compliance.Faster project execution with access to eligible AWS funding programs, including subsidized AI assessments, Proofs of Concept (PoCs), and AWS GenAI Innovation Funding.Long-term scalability with solutions engineered to move seamlessly from pilot projects to business-critical production environments.

Organizations exploring generative AI initiatives can work with NIX experts to evaluate their eligibility for the AWS GenAI Innovation Funding Program and identify opportunities to accelerate adoption.

Frequently Asked Questions

Q: What specific competency did NIX United achieve?

A: NIX achieved the AWS AI Competency, a formal designation by Amazon Web Services verifying a partner’s technical proficiency and robust customer success in delivering generative AI solutions.

Q: What criteria did AWS use to evaluate NIX United?

A: AWS conducted a comprehensive technical audit covering NIX’s solution architecture, security controls, governance frameworks, and delivery methodology.

Q: How can enterprise clients fund their AI initiatives with NIX United?

A: Through NIX’s status as an advanced AWS partner, eligible clients can access the AWS GenAI Innovation Funding Program to offset costs for AI assessments, proofs-of-concept, and full-scale implementations.

Media Contact

Yevheniia Kryvenko, NIX United, 1 7272563558, yevheniia.kryvenko@nixs.com, NIX United

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SOURCE NIX United

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Apollo and San Jose Earthquakes Announce Official Sleeve and Go-to-Market Partnership, Bringing the AI GTM System to Major League Soccer

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First-of-its-kind partnership to help Earthquakes capitalize on soccer’s surging popularity through AI-powered GTM transformation

SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Apollo, the AI go-to-market system, announced today a multiyear Official Sleeve Partnership with Major League Soccer’s San Jose Earthquakes that entails becoming both the club’s Official Go-to-Market Partner and the first go-to-market (GTM) company to combine a professional sports sponsorship with a full-scale partnership for revenue operations transformation.

As soccer continues its unprecedented rise in popularity across the United States, with MLS seeing a 62% year-over-year increase in viewership to kick off the 2026 season, the unique partnership positions the Earthquakes to modernize their GTM, accelerate revenue and capitalize on the sport’s expanding global audience.

In the partnership, Apollo will serve as both a brand sponsor with its logo featured prominently on the right sleeve of the Earthquakes’ jersey, and as a technology partner, powering the club’s GTM strategy. The club will deploy Apollo’s system across key revenue-generating functions, including group ticket sales, sponsorship pipeline management, inbound lead routing and season ticket renewals, creating a modern GTM system designed to drive fan engagement and commercial growth.

“We see this partnership as a natural extension of Apollo’s mission to make world-class go-to-market accessible to everyone by bringing it to the world’s most popular game,” said Matt Curl, CEO of Apollo. “Soccer is entering an incredible growth phase in the U.S., creating a once-in-a-generation opportunity for clubs to deepen fan relationships and accelerate commercial growth. Every professional sports team is running a revenue business focused on finding customers, engaging fans, growing sponsorships and driving renewals. By bringing together data, intelligence and execution into one system, we’re helping the Earthquakes build a modern commercial operation that will become a model for the future of sports.”  

The partnership reflects Apollo’s broader vision that every organization can benefit from its AI GTM system. With the rise in soccer’s popularity, clubs face increasing pressure to convert fan interest into lasting relationships, ticket sales, sponsorships and recurring revenue. While sports organizations have historically relied on fragmented tools across ticketing, sponsorship sales, CRM and marketing, Apollo brings those workflows together into one connected system to help organizations capitalize on this moment.

For the Earthquakes, that means:

Modernizing group ticket sales workflowsImproving inbound lead managementGrowing sponsorship pipelineStreamlining season ticket renewal campaignsGiving sales and marketing teams a unified system

“While excitement around soccer continues to grow across the country, we’re investing in the technology and systems that will help us better engage our supporters and continue growing our commercial business,” said Earthquakes President Jared Shawlee. “I started my career in sales and have never seen the kind of technology that Apollo provides. This will transform our approach to sales and marketing by giving us one system to connect data, automate workflows and create a more connected experience for Quakes fans throughout their journey with the club.”

“We are excited to roll out the Apollo AI GTM system to revenue teams across our organization,” added Earthquakes Chief Strategy Officer Ian Anderson. “Apollo is at the forefront of AI-powered GTM and the Quakes are committed to being ahead of the technology curve for our industry.”

The Earthquakes become Apollo’s first official sports partner, laying the foundation for a broader strategy to bring modern GTM technology to sports organizations worldwide. Apollo plans to use the partnership as a blueprint for working with hundreds of professional sports organizations facing similar revenue and commercial challenges.

“This is just the beginning,” added Curl. “Professional sports organizations have the same GTM challenges as fast-growing businesses. We’re excited to demonstrate what’s possible when data, intelligence, and execution come together in a single system to help teams build stronger relationships with fans, partners, and customers.”

The partnership will officially debut ahead of the Earthquakes’ annual California Clasico match on Saturday, July 25, against the LA Galaxy at Stanford Stadium, with Apollo and the club jointly celebrating the launch through customer events, social activations and in-stadium experiences.

About Apollo
Apollo is the AI GTM System that uniquely combines data, intelligence, and execution in one loop helping every business find and win their next customer. Trusted by millions of users and over 600,000 companies worldwide, Apollo combines one of the industry’s largest B2B contact databases with a purpose built GTM intelligence engine and a full execution stack, in an all-in-one system. Learn more at apollo.io.

About San Jose Earthquakes
The San Jose Earthquakes, one of Major League Soccer’s original teams, are the epicenter for soccer in Northern California, playing at the highest professional level in the United States. The club won MLS Cups in 2001 and 2003 and took home Supporters’ Shields in 2005 and 2012. The Earthquakes are based out of PayPal Park, an 18,000-seat soccer-specific stadium that opened in 2015 and is the first cloud-enabled venue in MLS. The organization was originally founded in 1974 in the North American Soccer League, and in 2024, celebrated its 50th anniversary of positively impacting communities around Northern California. The club’s nonprofit arm, the Quakes Foundation, focuses on health and fitness initiatives for local underserved youth and fighting food insecurity. For more information about the Earthquakes, visit sjearthquakes.com.

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SOURCE Apollo.io

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CIQ Arms Federal Agencies and Contractors with Kernel-Level Detection and BOD 26-04-Compliant Remediation

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RLC Pro Hardened and Ascender Pro together give federal teams kernel exploitation detection as it happens and CVE remediation before it wipes out an entire fleet

RENO, Nev., July 23, 2026 /PRNewswire/ — CIQ, the founding commercial sponsor of Rocky Linux, today announced the launch of an RLC Pro Hardened and Ascender Pro deployment that gives federal agencies real-time kernel exploit detection, audit-ready compliance, and automated remediation in a single deployment. The pairing gives federal teams a stronger position inside the three-day remediation window Binding Operational Directive (BOD) 26-04 sets for the highest-risk vulnerabilities on federal systems.

On June 10, 2026, CISA issued BOD 26-04, and the three-day clock starts when a flaw enters the Known Exploited Vulnerabilities (KEV) catalog, not when a patch ships. For the most dangerous vulnerabilities, the exploit often arrives before the patch does, leaving agencies with a compliance deadline and no fix to apply yet. Non-compliance penalties can include a range of administrative consequences, including greater regulatory oversight and asset disconnection.

RLC Pro Hardened, CIQ’s federal-ready Enterprise Linux distribution, answers that gap. It is the first Enterprise Linux distribution to ship runtime kernel exploitation detection enabled and supported by default, giving agencies a record of what happened during the window before a fix shipped. CIQ delivered that capability well before BOD 26-04 put federal agencies on a three-day clock.

“A single critical vulnerability can impact an entire federal fleet before it’s even confirmed as a CVE,” said Gregory Kurtzer, founder and CEO of CIQ. “RLC Pro Hardened’s LKRG catches the exploit behavior at the kernel the moment it happens, patch or no patch. Once remediation is required, Ascender Pro orchestrates it across the entire fleet and proves it happened, system by system. Agencies get both sides covered without rebuilding their infrastructure.”

RLC Pro Hardened ships with Linux Kernel Runtime Guard (LKRG), which validates kernel integrity continuously and records kernel-level exploitation as it happens. The distribution also arrives audit-ready, with FIPS 140-3 validated cryptography and CIQ-engineered lockdown playbooks for DISA STIG, CIS and NIST 800-171.

Ascender Pro adds Reaqt, an event-driven engine that watches fleet logs, matches them against rule sets, and fires the right Ansible playbook automatically. Across a fleet, that closes issues faster than manual, ticket-driven review.

More About BOD 26-04

BOD 26-04 replaced the severity-score deadlines of BOD 22-01 and BOD 19-02 with a risk model. It scores each vulnerability on four factors: public exposure, presence in the KEV catalog, exploit automation and technical impact. A vulnerability that meets all four carries a three-calendar-day remediation deadline, the shortest CISA has set in a Binding Operational Directive. Agency remediation policies must support the directive by August 7, 2026.

About CIQ

CIQ is the founding support and services partner for Rocky Linux and a leading provider of enterprise Linux infrastructure. CIQ delivers commercially supported Linux offerings, high-performance computing solutions and AI infrastructure to enterprises, government agencies, research institutions and supercomputing centers worldwide. CIQ’s products include the Rocky Linux from CIQ (RLC Pro) family of operating systems, Ascender Pro for IT automation, Fuzzball job-based container orchestration, Warewulf cluster provisioning and Apptainer, the leading container system for high-performance computing. For more information, visit ciq.com.

MEDIA CONTACT:
Cristin Connelly
Cathey Communications for CIQ
cristin@cathey.co

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SOURCE CIQ

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