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Nibe Industrier operates in the manufacturing industry and focuses on the development, manufacture and distribution of heat pumps and energy solutions. The company's products are aimed at private individuals and companies looking for energy-efficient solutions. The business is global with a main presence in Europe. Nibe Industrier was founded in 1989 and has its headquarters in Markaryd, Sweden.
German heat pump sales grew 40% year-on-year in the first half of 2026 to 195,000 units, supporting our view of a continued recovery in the European heat pump market ahead of NIBE's Q2 report.
In our view, this is a classic bolt-on acquisition that fits naturally within NIBE Element, which already designs and manufactures resistive heating elements and components for a broad range of household and commercial appliances.
Värmepumparna är tillbaka på rätt spår. Climate Solutions var drivkraften i Q1, och trots fortsatt svaghet i Stoves-segmentet ser analytiker Lucas Mattsson tillräckligt mycket åt rätt håll för att upprepa Öka-rekommendationen.
We believe that NIBE delivered a solid start to the year, with the Q1 report coming in broadly in line with our expectations. While the Stoves segment remained a drag and the near-term outlook is somewhat softer than we had anticipated, the underlying organic growth and margins within the key Climate Solutions business area continued to gradually recover. In addition, European heat pump market data continues to indicate improving demand trends, supporting our estimates for a continued recovery. Medium-term valuation multiples (2026-2027: P/E 21-24x and EV/EBIT: 16-19x) are below the company’s long-term medians and appear attractive in our view. Therefore, we believe the company’s interesting long-term investment story can be accessed with a good risk/reward ratio at the current valuation, and we reiterate our Accumulate recommendation and target price of SEK 44 per share.
