Net sales climbed to SEK 33,919 million during the quarter, supported by increased volumes in Europe, the Middle East, and Latin America. Despite this top-line growth, operating income excluding non-recurring items reached only SEK 912 million, or a 2.7% margin. The company faced substantial pressure from raw material and logistics costs linked to the Middle East conflict, alongside the financial impact of U.S. import tariffs.

CEO Yannick Fierling is pushing a leaner operational strategy, which included closing a factory in Rosario, Argentina, and finalizing a major joint venture with Midea Group in North America. These restructuring efforts resulted in SEK 305 million in non-recurring charges. While the company successfully improved its net debt-to-EBITDA ratio to 2.2x and generated SEK 3.6 billion in operating cash flow, management lowered its full-year expectations, now anticipating a neutral impact from volume, price, and mix on operating income.