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Electrolux Group Year-end report Q4 2024

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STOCKHOLM, Jan. 30, 2025 /PRNewswire/ — 

Highlights of the full-year of 2024

In full-year 2024, net sales increased to SEK 136,150m (134,451) and operating income excl. non-recurring items was SEK 1,666m (414). Higher sales volumes and positive mix contributed positively to earnings, driven by the attractive product offering. Cost reduction measures contributed to a SEK 4.0bn positive impact from cost efficiency.

Highlights of the fourth quarter of 2024

In the fourth quarter, net sales amounted to SEK 37,968m (35,636) and organic sales increased by 11.5% driven by higher volumes and positive mix. Operating income was SEK 1,052m (-3,215), corresponding to a margin of 2.8% (-9.0). Operating income included a non-recurring item of SEK -198m (-2,491) related to business area Europe, Asia-Pacific, Middle East and Africa, and the divestment of the water heater business in South Africa.Operating income excl. non-recurring items amounted to SEK 1,249m (-724), corresponding to a margin of 3.3% (-2.0). Higher volumes contributed positively to earnings and favorable mix offset negative price. The positive impact from cost efficiency was SEK 2.0bn. Currency headwinds had a significant negative impact.Operating margin excl. non-recurring items in business area Latin America was 8.0% (8.1). In business area Europe, Asia-Pacific, Middle East and Africa the operating margin excl. non-recurring items increased to 4.8% (1.9). Operating income improved in business area North America.In the fourth quarter, Electrolux Group divested all of its potential legacy asbestos exposure in the U.S. The transaction had a positive earnings impact of SEK 185m in business area North America in the quarter.Income for the period amounted to SEK 150m (-4,113) and earnings per share were SEK 0.56 (-15.23).Operating cash flow after investments was SEK 2,660m (3,871). Operating cash flow after investments for the full year was SEK 2,254m (3,064).The Board of Directors proposes that no payment of dividend will be made for 2024.

President and CEO Yannick Fierling’s comment

After having spent 3 months getting to know Electrolux Group and its stakeholders, I assumed the position as CEO on January 1, 2025. In the fourth quarter, we continued to make good progress on our cost reduction initiatives, and the Group’s attractive product offering contributed to an organic growth of 11.5%. Operating margin excluding non-recurring items improved to 3.3% with an operating cash flow after investments of SEK 2.7bn.

Enhanced consumer experiences, agility and speed

Key takeaways from my initial time with Electrolux Group are the strength of our product offering and the clear identity of our brands Electrolux, AEG and Frigidaire. We really know our consumer, evidenced by the high online consumer star ratings for our products. It is essential to truly nurture the local strengths and what differentiates us in the market, while further leveraging our global scale to drive innovation and mix – all in a cost-efficient manner. In addition to offering great products that help consumers make more sustainable choices at home, we need to move even further to experiences, by expanding our customized solutions throughout the consumer journey.

Electrolux Group has a unique culture and legacy that is important to safeguard, while at the same time further increasing speed and agility. A key element of the Group’s culture that I aim to support and develop is entrepreneurship. By promoting ownership and accountability, we can empower the entire team, enhance operational efficiency, and improve financial performance.

Sales growth and cost reductions drove earnings improvement

In the fourth quarter, operating income improved significantly supported by a SEK 2.0bn contribution from cost efficiency and organic growth of 11.5%.

Business area Europe, Asia-Pacific, Middle East and Africa reached an operating margin, excluding non-recurring items, of 4.8% (1.9) despite continued subdued discretionary consumer spending in Europe.

In North America good momentum from our new products and improved productivity contributed to an improvement in operating income. I am also very pleased that all of the Group’s potential legacy asbestos exposure in the U.S. was divested in the fourth quarter. This transaction provides improved long-term financial visibility for our investors and frees up operational resources. In Latin America performance remained strong in the quarter with an operating margin of 8.0%.

For the Group, the seasonal pattern of our earnings has started to normalize, with the fourth quarter being the strongest during the year. With that in mind, the first quarter is normally weaker than the other quarters.

Demand mainly driven by replacements

The market in Europe continued to be replacement driven and was relatively stable in the fourth quarter, with high promotional intensity. The built-in kitchen market in Europe stabilized at a low level. Promotional activity was high in North America, but Black Friday promotions did not continue throughout December as they did the year before. Despite weak housing markets and with some quarterly volatility, the market increased slightly in 2024, supported by the aggressive pricing environment. The main markets in Latin America grew in the quarter although growth in Brazil slowed somewhat as consumer demand started to accelerate in the fourth quarter 2023.

Outlook for 2025

Looking at 2025, there is an uncertainty stemming from potential impact on demand for home appliances from possible new trade policies in North America. In Europe demand has started to stabilize, but there is a time-lag before lower interest rates and potential improvements in disposable income support an increase in discretionary purchases. Following strong growth in Brazil during 2024 we expect market demand to stabilize in 2025.

On the back of this we expect market demand for core appliances to be relatively neutral in all regions in 2025 compared to 2024.

Organic earnings contribution from volume, price and mix combined for the Group is expected to be relatively neutral in full-year 2025. We anticipate that a high degree of demand will continue to be driven by replacement purchases, which are more price sensitive. Negative price is anticipated to be offset by growth in our focus categories such as premium laundry and kitchen products. Similar to 2024, investments in Innovation and marketing are projected to increase in full year 2025. The intent is to capitalize on the product and services leadership, supported by brand-building, to create value long term.

External factors are expected to be negative for the year, with significant headwinds from currencies. The impact from raw material costs is expected to be essentially neutral.

With reduced product cost across the value chain as the main driver, we anticipate SEK 3.5-4.0bn earnings contribution from cost efficiency in 2025.

Profitability and cash flow in focus

With a robust cash flow in the fourth quarter, a strong liquidity, and a well-balanced maturity profile, the Group’s financial situation is stable. Improving earnings and cash flow are top priorities. In North America focus is to improve productivity and reduce cost further while continuing to support the strong product offering.

We will continue to develop and strengthen Electrolux Group for the years to come. Our attractive offering and strong brands together with effectively executed cost-reductions and high-performing organizational set-up, position us well for the future.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, January 30. Yannick Fierling, 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/t5j746u2

OR

To both listen to the telephone conference and ask questions, use the link:
https://register.vevent.com/register/BIf2eec702a54847a6abf57e788d2c218c

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). The information was submitted for publication, through the agency of the contact person, on 30-01-2025 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-year-end-report-q4-2024,c4098064

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SOURCE Electrolux Group

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Canton Fair Buyers Alliance Launched as the 140th Edition Opens

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GUANGZHOU, China, Oct. 17, 2026 /PRNewswire/ — On October 15, the Canton Fair Buyers Alliance was officially launched at the Canton Fair Complex, marking a significant milestone as the fair celebrates the 70th anniversary of its founding.

More than 140 overseas buyers attended the launch ceremony, highlighting the fair’s enduring role as a bridge connecting global commerce with China’s export sector.

Speaking at the ceremony, Luís Vilariça, CEO of Joinco, Import & Export, Ltd., discussed his company’s long-standing relationship with the Canton Fair. Drawing on years of participation, he reflected on the growth opportunities created through cooperation with Chinese suppliers and highlighted the fair’s role in supporting international business development and global trade exchanges.

The ceremony also featured a joint declaration by alliance members. Representatives from five member companies read the statement in their respective native languages, underscoring the international character of the new organization. Additional members sent video congratulatory messages, joining the celebration and witnessing the official launch of the alliance.

The Canton Fair Buyers Alliance represents one of the fair’s key service innovations. Designed primarily for Fortune Global 500 companies, buyers from the world’s top 250 retailers and leading sourcing enterprises across a diverse range of markets, the alliance aims to offer members a platform for information sharing and resource coordination. The first cohort of alliance members includes 58 companies from 32 countries and regions across 5 continents. Through the alliance, members will gain access to a range of priority benefits spanning four major areas: services, events, resources and information.

 For more convenient attendance, please click here for pre-registration:

https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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SOURCE Canton Fair

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Bioethanol from human hair – Indian start-up’s solution to rising prices of grains and sugar

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GUJARAT, India, Oct. 17, 2026 /PRNewswire/ — In what could be called the beginning of the 5G (fifth-generation) of bioethanol or non-cellulosic bioethanol or non-sugar-based biofuels, an Indian start-up, Techofest Global, based out of Gujarat, has developed its own, indigenous, and patented technology for the production of bioethanol from waste human hair. Such processes would significantly reduce the employment of sugars, grains, and agricultural residues, which form the classical first- and second-generation bioethanol feedstocks. As a result, the rising fuel-vs.-food/fodder debate is anticipated to reduce, and instead, ethanol produced from municipal/industrial waste, after trials, can supplement the current supply being used as blends with presently retailed fossil fuels (E20, E27, etc.). 

As stated by Dr. Ravi, the founder-CEO of Techofest Global, the strategic priority and the USP of the start-up is industrial symbiosis, which, typically, involves an ecosystem of up-cycling/valorising the effluents of an industry, thereby creating a value-chain for residues often lacking an end-of-life. With more than three decades of experience in designing customized nuclear fusion reactors for international programmes, such as ITER, JET/UKAEA and SST-1, Dr. Ravi, a seasoned mechanical engineer, spearheads the start-up’s patented technologies’ scale-up and commercialization.

Two biochemical engineers, Dr. Navnit – the former CTO, and Dr. Kabilan – the former CEO of Biomakerz, Chennai, are the brains behind the current technology/process portfolio of the joint-venture between Techofest Global and Biomakerz. They have been working on biorefineries’ process intensification for more than a decade. “Having foreseen the fuel-vs-fodder/food competition as early as the year 2015, we began developing techno-economically feasible and viable in-vitro metabolically-engineered bioprocesses for scaling-up ethanol production from municipal waste streams between 2019–2021”, says Navnit. After developing operational technologies for international biofuel organizations, serving process engineer roles with certain biorefineries-related OMC R&D’s of India, Dr. Navnit, presently works for a premier academic institution.

An on-going fermentation trial at the Techofest Global-Biomakerz JV’s R&D facility

Techofest Global has developed and tested, in its R&D JV’s pilot-facility of ~100-L, 3 innovative and cost-effective technologies, such as 5G ethanol production using human hair, used cooking oil (UCO), and enriched bio-methane production from disposed sanitary napkins.

“With massive CapEx and OpEx, 2G ethanol technology is facing a major commercialization bottleneck, owing to competition with food/livestock fodder, requirement of a cost-intensive pre-treatment procedure, and the requirement of cellulolytic cocktails, which have a poor recycle efficiency. The proprietary 5G SAFE process developed for the start-up circumvents the mentioned constraints, and instead, utilizes a single-stage saccharification followed by fermentation, and records over 85–90% biocatalyst recovery. Likewise, the proprietary SIM process for bio-methane production, exclusively developed for the start-up, is 2x faster with improved intermittent feeding cycles and continuous gas harvest”, says Navnit.

“With on-going pre-commercialization trials, the proprietary ethanol and bio-methane processes of ours are soon being commercialized”, says Ms. Bhumika, the co-founder and the corporate advisor of the start-up. Furthermore, Mr. Ronak pilots the organization’s global market entry and commercialization frontier.

Techofest Global’s veteran Principal Technology Advisors include: Dr VS Tripathi, former Joint Director, DRDE Gwalior, Dr B S Munjal, former Director, Structures and Thermal group, SAC/ISRO, Academician and Advisor CIKS-Dharohar, GTU, and Dr AV Santhanababu, former Scientist at Satish Dhawan Space Centre. With on-going R&D activities, Dr. Munjal says, “the start-up is striving to provide a unique solution along the lines of the Atmanirbhar and Viksit Bharat Vision 2047”.

Media Contact: www.techofestglobal.com; e-mail: info@techofestglobal.com; contact person: The PR team of Techofest Global.

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As AI Speeds Up Marketing, Louisville’s RedTag Bets on Strategy

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Independent agency unveils new brand and website, and co-hosts Louisville’s PROOF AI Workshop

LOUISVILLE, Ky., Oct. 17, 2026 /PRNewswire/ — RedTag, an independent Louisville-based marketing agency, this month unveiled new positioning, marking its evolution from a digital performance agency into a strategy-first marketing partner. The move comes as AI makes execution faster than ever, and RedTag is betting that strategy, not speed, is what will set businesses apart. Clients can now choose from outcome-based programs that best fit their marketing needs. 

“Clients don’t come to us needing more tactics. They come to us needing a path,” said Russ Renbarger, founder and CEO of RedTag. “Our new brand says out loud what our work has shown for years: We start with strategy and build everything on that foundation.”

RedTag built its reputation on high-performing paid digital campaigns. Over the years, the agency expanded into strategy, creative, video production and website development, giving clients one partner for the full scope of their marketing. Most recently, a team of automation specialists has integrated AI across the agency to speed up production and analysis, guided by an internal AI policy that keeps people accountable for quality. The time AI saves goes back into strategy: knowing what to say, who to say it to and why.

“Our best client relationships have always been partnerships, where we’re in the room when the big decisions get made,” said Alison Conway, chief client officer at RedTag. “This evolution is about bringing that strategic partnership to every client.”

On Oct. 14, RedTag co-hosted the PROOF AI Workshop with Slingshot, Vsimple and Advanced Business Solutions. The hands-on event gave Louisville business leaders practical experience applying AI to their own work. RedTag led the event’s AI in Marketing and Branding track, with four sessions ranging from AI search optimization to a playbook for adopting AI across an organization.

“AI can produce hundreds of ads in an afternoon, but it can’t tell you which one your brand actually needs and why,” Renbarger said. “The faster the tools get, the more valuable human-led strategy becomes.”

RedTag was named the agency of record for the Commonwealth of Kentucky in 2025. Its client list includes PGA of America, Castle & Key Distillery, Bourbon Barrel Foods, ShopCaterpillar and American Beverage Marketers. Since 2023, RedTag’s work has received two Emmy Awards and more than 35 ADDY and AIGA awards. The agency is a four-time Louisville Business First Fast 50 honoree and was named one of the 2026 Best Places to Work in Kentucky.

To learn more about its outcome-based programs, visit RedTag Programs

About RedTag

RedTag is an independent, strategy-first marketing agency based in Louisville, Kentucky. Established in 2008, the agency starts every engagement by understanding the goal before recommending tactics. With a foundation rooted in discovery, RedTag delivers full-scale marketing campaigns built around each client’s business goals. RedTag serves organizations across hospitality, sports, agriculture, government, retail and consumer packaged goods. Learn more at redtag.agency.

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SOURCE RED TAG LLC

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