Electrolux Full-Year Report 2023

                  President and CEO Jonas Samuelson’s comment: 2023 proved to be another challenging year. High inflation, rising interest rates, and geopolitical tensions continued to weigh on consumer sentiment, which remained weak in our major markets. The overall reduced purchasing power led to more consumers shifting to lower price points and postponing purchases in discretionary categories, especially impacting, important built-in kitchen category in Europe. This in combination with the industry’s higher degree of promotional activity resulted in an earnings decline for the full year despite continued good execution on the Group-wide cost reduction and North America turnaround program, launched in 2022.

• In full-year 2023, net sales were SEK 134,451m (134,880) and operating income excl. non-recurring items was SEK 414m (831). Earnings declined mainly due to lower volumes following the weaker market demand as well as intensified price pressure in North America. The Group-wide cost reduction and North America turnaround program progressed well, resulting in a positive year-over-year impact of approximately SEK 5.5bn.