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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

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Ericsson brings drone detection capabilities to mobile networks

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Ericsson introduces new Integrated Sensing and Communication (ISAC) SystemThe system accurately detects and tracks moving objects such as drones over wide areas, including those not connected to the networkSelected small-scale, sensing-only commercial pilots expected to begin in 2027. Wider scale sensing deployments expected to follow in 2028

STOCKHOLM, Nov. 2, 2026 /PRNewswire/ — Existing mobile networks can help close a gap in detecting low-flying, fast-moving objects such as drones across wide areas. Following successful testing of Integrated Sensing and Communication (ISAC) technology over the past months, Ericsson (NASDAQ: ERIC) today introduces the Ericsson ISAC System.

The new solution adds sensing capabilities to the mobile network, enabling defense, public safety and critical infrastructure operators to detect and track moving objects, even when they are not connected to the network.

Commercial introduction of the Ericsson ISAC System will take place in phases, beginning with small-scale, sensing-only commercial pilots with selected customers in 2027, followed by broader-scale deployments from 2028. The integrated communications capability will be added as the solution evolves towards 6G.

Small, low-cost drones are increasingly being used for unlawful surveillance, organized crime, sabotage, and warfare. Their size and flight behavior at low altitudes make them difficult to detect, which creates new challenges for national security, critical infrastructure protection, and public safety. Dedicated sensors will remain important for protecting critical sites but scaling them across larger areas may be challenging due to the significant new infrastructure required.

The Ericsson ISAC System closes the low-altitude, wide-area detection gap by transforming the mobile network into a new layer of situational awareness. Using sensing-capable 5G radios, edge computing, AI and signal processing, it detects objects that are not connected to the network and maintains tracks across the coverage area, complementing radar and other sensors rather than replacing them.

How it works

Ericsson ISAC System detects and tracks objects by analyzing how radio signals are reflected by objects in the environment. It operates as a multi-static system, which means that sensing signal transmission and reception are distributed across multiple geographically separate mobile-network sites. This allows objects to be viewed from multiple angles at once – providing high accuracy that increases detection confidence, positioning, track continuity, and coverage resilience.

The Ericsson ISAC System uses parts of the 5G mobile network infrastructure – such as towers, backhaul and spectrum – already in place across cities, transport corridors and strategic locations to provide tracking data and AI-based classification. This data can be securely shared through standardized interfaces with authorized external systems, including security and command and control systems. Combined with data from other sensors and mitigation platforms, it can give users a more complete operational picture, helping them respond faster and make more informed decisions.

In validated tests, the system reliably detected and tracked micro drones at kilometer-scale distances with precise 3D positioning. Testing demonstrated consistent detection and tracking across a range of operating conditions, system configurations and drone flight patterns. Actual performance depends on factors such as the characteristics and flight profile of the target, sensing geometry, terrain and surrounding environment, and system configuration.

Evaluated in live 5G demonstrations

Trials with AT&T in Arlington, Texas, used sensing dashboards to display drone activity. Combining Ericsson technology with AT&T’s network expertise, the trial detected, located multiple drones, and tracked their movements, illustrating how wireless infrastructure could help protect major venues, critical infrastructure and other key locations.

A separate demonstration with Erillisverkot in Helsinki showed multiple 5G sites detecting and tracking drones, demonstrating how network sensing can support public safety and counter-UAS (Unmanned Aircraft System) operations while extending coverage alongside traditional sensors.

In Poland, Ericsson, Asseco and Play demonstrated how Ericsson’s Integrated Sensing and Communication technology, Play’s mobile network and Asseco’s PUSZCZYK acoustic detection system could support detection and positioning of low-flying drones with higher accuracy.

Potential applications

Defense and public safety: Enhancing airspace monitoring across borders, coastlines and strategic assets.

Critical infrastructure: Strengthening protection for ports, power plants and other vital sites.

Transport and industry: Supporting safer operations across road, rail and industrial environments.

Low-altitude economy: Drone traffic management, urban airspace monitoring, and digital twins for smart-city planning and environmental mapping.

Freddie Södergren, Global Head of Mission Critical Networks and Defense, Ericsson, says: “Low-flying drones create a detection coverage gap that no single sensor can effectively address. Ericsson ISAC System enables multiple 5G sites to deliver coordinated wide-area detection and continuous tracking, with data that can be integrated with traditional sensing technologies and operational systems. It also gives operators a pathway to create new services from existing network assets.”

Joe Madden, Principal Analyst at Mobile Experts, says: “Ericsson’s ISAC System shows that mobile-network sensing can perform far better than many expect, turning complex radio reflections into remarkably accurate tracking of low-flying, uncooperative objects. By building on an extensive footprint of existing sites, Ericsson has the potential to deliver wide-area drone detection faster and more cost-efficiently than deploying new dedicated sensor infrastructure.”

Carl Lundqvist, Chief Architect, Swedish Armed Forces HQ, says: “Detecting small drones across large areas is a growing operational challenge. The possibility of using distributed infrastructure to complement existing sensors could provide an important additional layer of situational awareness.”

Shawn Hakl, SVP & Head of Product, AT&T Business, says: “The next evolution of connectivity is about networks that don’t just move data but help organizations with insights to better understand and respond to the events in the real world. Bringing Integrated Sensing and Communication (ISAC) capabilities into existing 5G infrastructure can provide telemetry and intelligence in situations where it is not possible or desirable to pre-deploy sensors or cameras. Deploying this technology in a complex environment like a stadium is an important example of how intelligent networks can drive better safety and security outcomes from infrastructure already in place.”

Antti Kauppinen, CTO, Erillisverkot, says: “The Ericsson ISAC System shows that dual-use technology can strengthen national security by extending sensing capabilities to help authorities protect people and critical infrastructure. Together with Ericsson, we are exploring how this capability can be developed responsibly to enhance Finland’s resilience, security, and preparedness.”

Discover how Ericsson ISAC System closes the low-altitude detection gap

NOTES TO EDITORS:

Ericsson ISAC System

Drone detection with ISAC for defense – Ericsson

Ericsson 5G for Defense: Digitalizing Defense Capabilities

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ABOUT ERICSSON:

Ericsson’s high-performing, programmable networks provide connectivity for billions of people every day. For 150 years, we’ve been pioneers in creating technology for communication. We offer mobile communication and connectivity solutions for service providers and enterprises. Together with our customers and partners, we make the digital world of tomorrow a reality. www.ericsson.com

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Aosom Kicks Off Black Friday 2026 with Its Biggest Discounts of the Year and Limited-Time Flash Deals

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LONDON, PARIS and HAMBURG, Germany, Nov. 2, 2026 /PRNewswire/ — As the year-end shopping season approaches, Aosom will kick off its 2026 Black Friday promotion on November 2, offering its biggest discounts of the year across home, pet, and children’s products. Shoppers can enjoy flash sales, prize draws, exclusive new-customer offers, and additional Black Friday week benefits.

More Exclusive Offers and Black Friday Surprises

Lucky Wheel: Shoppers can access the Lucky Wheel through a pop-up on the Aosom website homepage. First-time participants must subscribe and register for a chance to win products, coupons, and other rewards.

Community Giveaway: During the Black Friday early-bird campaign, Aosom will launch an interactive community event where shoppers can participate for a chance to win surprise prizes.

Exclusive New-Customer Package: First-time shoppers can enjoy a special package with additional savings on their first purchase.

Limited-Time Deals Across Categories and Extra Black Friday Week Benefits

Aosom will offer discounts across multiple product categories. During Black Friday week, shoppers may receive coupons for future purchases with their orders, while selected products will be available through limited-quantity flash sales. Eligible orders will also benefit from price protection.

Local Delivery and Flexible Payment for a Better Shopping Experience

With its local warehousing and delivery network, Aosom provides convenient shopping services. Depending on the delivery location, product, and order conditions, selected items may qualify for next-day delivery, and eligible shoppers may also choose installment payment options.

Shoppers can visit their local Aosom website for promotional details and campaign terms and conditions.

About Aosom
Aosom is a one-stop online platform for furniture and large home and lifestyle products, specializing in home, outdoor, garden, pet, and leisure products. Founded in 2013, Aosom operates across Europe and North America, with local subsidiaries in nine countries, including France, the UK, Germany, Spain, Portugal, Canada and the US. The brand is committed to providing innovative, affordable, and high-quality products for everyday living, supported by a logistics network of self-operated overseas warehouses and dedicated customer service. Aosom’s product range, which includes brands such as Outsunny, HOMCOM and PawHut, caters to a wide range of consumer needs, from home furnishings to outdoor use. Aosom continues to deepen its local market engagement through strategic partnerships and community initiatives. Every Home is Awesome(Aosom /’ɔ:səm/)

Media Contact
Aosom Global Communications
Email: pr@aosom.com
Website: www.aosom.com

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Mirae Asset Celebrates Inclusion of Global X China Life Franklin HK-US Equity Select ETF (3428) as an Eligible ETF under Southbound Stock Connect

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Inclusion expands Global X’s Southbound ETF Connect line-up to 4 eligible ETFsEligible Mainland investors will be able to begin trading the Fund through Southbound Stock Connect on 9 November 2026.Global X China Life Franklin HK-US Equity Select ETF (3428) offers combined exposure to Hong Kong high-dividend equities with leading U.S. mega-cap companies in one ETF.

HONG KONG, Nov. 2, 2026 /PRNewswire/ — Mirae Asset Global Investments (Hong Kong) Limited (“Mirae Asset”), through its Global X ETFs brand, is pleased to announce the inclusion of the Global X China Life Franklin HK-US Equity Select ETF (the “Fund”; HKD counter: 3428; RMB counter: 83428; USD counter: 9428) under Southbound Stock Connect. Eligible Mainland investors are expected to begin trading the Fund through the programme on 9 November 2026.

The Fund seeks to track the CSI Select Market Moderate Index, which combines 65% Hong Kong-listed high-dividend equities with 35% leading U.S.-listed mega-cap companies across 45 securities. For eligible Mainland investors seeking both income-oriented exposure and participation in global innovation, the Fund brings these complementary investment themes together within a single, rules-based strategy.

The inclusion will bring the number of Global X ETFs available through Southbound Stock Connect to four, joining the Global X Hang Seng TECH ETF (2837), Global X Hang Seng High Dividend Yield ETF (3110) and Global X MSCI China ETF (3040).

For more information about the Global X China Life Franklin HK-US Equity Select ETF (3428), please visit Global X ETFs website at www.globalxetfs.com.hk/funds/china-life-franklin-hk-us-equity-select-etf/

About Mirae Asset Global Investments

Founded in 1997, Mirae Asset Global Investments is the asset management arm of Mirae Asset Financial Group, one of Asia’s leading independent financial services companies. As of 30 September 2026, the firm manages more than US$455 billion in assets and operates 25 offices worldwide.

Drawing on its globally integrated platform and investment intelligence, Mirae Asset Global Investments delivers progressive solutions across all major asset classes through mutual funds, ETFs and alternative investments.

As the world’s 12th-largest ETF provider, Mirae Asset offers more than 793 ETFs across 12 markets, with approximately US$280 billion in assets under management, offering investors high-quality, cost-effective solutions across emerging themes and disruptive technologies.

About Global X ETFs

Since 2008, Global X has been at the forefront of ETF innovation and has established itself as a leading issuer of thematic, income and global market ETFs. As part of Mirae Asset Financial Group, Global X combines a specialist ETF focus with global scale and the long-term backing of a truly global asset manager.

Global X serves every kind of investor in pursuit of its vision, “Beyond Ordinary ETFs”: developing innovative solutions that open access to the opportunities shaping tomorrow’s markets.

Mirae Asset Global Investments (Hong Kong) Website: https://www.am.miraeasset.com.hk/

Global X ETFs Hong Kong Website: https://www.globalxetfs.com.hk/

Important Information

Investors should not base investment decisions on this material alone. Please refer to the Prospectus for details including the product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:

The investment objective of Global X China Life Franklin HK-US Equity Select ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the CSI Select Market Moderate Index.The Fund is exposed to concentration risk by tracking a specific region or country.Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. Investors are exposed to foreign exchange risk.The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.The Fund may invest in small and/or mid-sized companies, which may have lower liquidity and their prices are more volatile to adverse economic developments.The Manager has delegated the investment discretion in respect of the Fund to the Sub Investment Manager. Any disruption in the communication with or assistance from the Sub-Investment Manager or a loss of service of the Sub-Investment Manager or any of its key personnel may adversely affect the operations of the Fund.The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.

Disclaimer

This document is for Hong Kong investors only. This document is provided for information and illustrative purposes and is intended for your use only. It is not a solicitation, offer or recommendation to buy or sell any security or other financial instrument. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated services.

Certain of the statements contained in this document are statements of future expectations and other forward-looking statements. Views, opinions and estimates may change without notice and are based on a number of assumptions which may or may not eventuate or prove to be accurate. Actual results, performance or events may differ materially from those in such statements.

Investment involves risk. Past performance is not indicative of future performance. It cannot be guaranteed that the performance of the Funds will generate a return and there may be circumstances where no return is generated or the amount invested is lost. It may not be suitable for persons unfamiliar with the underlying securities or who are unwilling or unable to bear the risk of loss and ownership of such investment. Before making any investment decision, investors should read the Prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Funds and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investment.

Information and opinions presented in this document have been obtained or derived from sources which in the opinion of Mirae Asset Global Investments (Hong Kong) Limited (“MAGIHK”) are reliable, but we make no representation as to their accuracy or completeness. We accept no liability for a loss arising from the use of this document.

Products, services and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries and/or distributors of MAGIHK as stipulated by local laws and regulations. This document is not directed to any person in any jurisdiction where the availability of this document is prohibited. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this document. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction.

This document is issued by MAGIHK (Licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance). This document has not been reviewed by the Securities and Futures Commission or the applicable regulator in the jurisdiction in which this article is posted and no part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of MAGIHK.

Copyright © 2026 Mirae Asset Global Investments. All rights reserved.

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