Meeting needs
beyond tomorrow
Annual and Sustainability Report 2024
We strive to have positive impact by changing the world of professional food,
beverage and commercial laundry.
By putting our customers first and providing new insights on how to be more efficient
and productive through new ways of operating kitchens and laundries, we enable
them to reduce costs while reducing their impact on the climate.
We actively contribute to a world where businesses can thrive, institutions can be
more effective, workplaces are safer and healthier and where we can see a reduced
consumption of energy, water and detergents.
Our goal is to be the undisputed sustainability leader in our industry, committing
to significantly reduce CO₂ emissions by 2030 from our operations, products and
solutions, all while focusing on people, profit and planet.
Welcome to Electrolux Professional Group, meeting needs beyond tomorrow
P. 1Contents
Contents
The Annual Report for Electrolux Professional AB (publ) 556003-0354, consists of the Administration Report on pages 117–121, the Financial Statements and notes on pages 122–168, the Corporate Governance Report on pages 97–107,
Remuneration report on pages 108–109, and the Sustainability Report (Statements) on pages 47–93. The Annual Report is published in Swedish and English. The Swedish version is the original. The Swedish ESEF report (European Single
Electronic Format) is available at www.electroluxprofessionalgroup.com/en/investors/reports-and-presentations. Electrolux Professional was part of Electrolux, founded in 1919, until March 23, 2020 when the shares of Electrolux Profes-
sional were distributed to the shareholders of Electrolux, and listed on Nasdaq Stockholm.
Our strategic foundation
How we create value
9
Financial and
sustainability targets
10
Strategy for growth
11
Introduction
This is Electrolux
Professional Group
2
The year in brief
3
2024 in figures
4
CEO comments
5
Why invest in
Electrolux Professional?
7
Our production
Our people
Global trends
& our markets
Business segments
Global external trends
20
The global professional
equipment industry
21
Our markets
22
Diverse customer base
23
Sales channels
25
Customer Care
26
Marketing and brands
27
Segment performance 2024
31
Food & Beverage markets
32
Food & Beverage solutions
33
Laundry markets
35
Laundry solutions
36
Empowering our people
44
Our guiding principles
45
Operational excellence
39
Quality
40
Logistics
40
Purchasing
40
Becoming climate neutral
within our industrial operations
41
Manufacturing sites
42
Sustainability
statement
Governance
& risk management
Financial
information
Other
information
Sustainability, contents
47
Our commitments and targets
48
General information
53
Environmental information
60
EU Taxonomy report
73
Social information
79
Business conduct
89
GRI
91
Auditor’s report
94
Chairman’s comments
96
Corporate governance report
97
Board of Directors
104
Group Management Team
106
Remuneration report 2024
108
Risk and risk management
111
Financial information,
contents
116
Administration report
117
Financial statements
122
Notes
130
The Board’s assurance
168
Auditor’s report
169
Eight years in summary
173
Definitions
175
Share & shareholders
177
Our history
180
P. 2This is Electrolux Professional Group
Introduction
Introduction
Contents
This is Electrolux Professional Group
The year in brief
2024 in figures
CEO comments
Why invest in Electrolux Professional?
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
This is Electrolux Professional Group
Electrolux Professional Group is one of the leading global providers
of professional food, beverage, and laundry solutions, serving a wide
range of customers globally, from restaurants and hotels to healthcare,
educational, and other service facilities.
Electrolux Professional Group holds a portfolio of brands
targeting various markets and customer segments. Electrolux
Professorial is our largest brand representing about 50% of sales.
14
manufacturing units
in eight countries
Sales in
110 countries
Headquarters in Stockholm,
Sweden
4,300
employees
Listed on NASDAQ
Stockholm since
2020
Top-of-Industry
rating for Climate Change
by CDP
Sustainalytics rating
”low risk”
Climate targets approved
by SBTi
P. 3The year in brief
Introduction
Introduction
Contents
This is Electrolux Professional Group
The year in brief
2024 in figures
CEO comments
Why invest in Electrolux Professional?
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The year in brief
> On January 10, we acquired TOSEI corpo-
ration, a leading Japanese manufacturer of
professional laundry equipment and vacu-
um packing machines.
> Capital Markets Day took place in March
in Stockholm. The primary focus was an
update on Laundry, Food & Beverage in
Asia, and the acquisition of TOSEI in Japan.
> In March the
Group received
a "Silver, Top
15%" rating
from EcoVadis
Sustainability
Rating. We have
thus maintained
this important rec-
ognition.
> In March the Group established a Medium-
Term Note program with a framework
amount of SEK 5 bn. On December 31,
2024, the program had issued SEK 1.3 bn.
> In April, Adventys, a specialist in induction
technology and manufacturer of induction
cooking solutions, was acquired.
> A strategic partnership was formed with
AIESEC the world’s largest youth-led orga-
nization that provides young people with
leadership development and international
traineeship opportunities.
> Q1 interim report: “Comparable profit
increased”. In the first quarter, Food &
Beverage drove the improvement in com-
parable profitability, despite a weaker or-
ganic sales development.
> New Group website
electroluxprofessionalgroup.com was
launched.
> The TD6-11 high-productivity heat pump
dryer, for a resource effective laundry busi-
ness, was launched.
> Under the brand CRATHCO, the new
Bag-in-Box Autofill Drink System was
launched.
> The Global Leadership team of 90 leaders
from across the company held the yearly
conference in Lausanne, Switzerland, at the
IMD Business School campus.
> Q3 interim report: “Improved profitability,
back to organic growth”. During the third
quarter we grew organically with an im-
proved margin and strong cash flow.
> Worldchefs Congress & Expo, an event
for industry leaders and culinary innova-
tors, took place in Singapore in October.
Electrolux Professional was a Premium
Partner.
> Bo Erickson was appointed President,
Business Area Food Americas, succeeding
Dave Herring who retired at year end.
> Electrolux Professional Group was listed by
TIME Magazine and Statista among the
world’s 500 best companies in Sustainable
Growth, demonstrating both outstanding
financial and environmental performance.
> Q4 interim report: "Sales and profitability
improved, US Food & Beverage back to
growth". During the fourth quarter sales
grew and EBITA margin improved, driven by
volume growth in Laundry as well as margin
improvement in Food & Beverage in both
Europe and the Americas.
> For the first time, Electrolux Professional and
Veetsan brands were displayed under one
roof at Hotelex 2024, one of the largest ex-
hibitions in the hospitality industry in China.
> At the Annual General Meeting in April,
the Board was re-elected and resolved on
a dividend of SEK 0.80 per share.
> Q2 interim report: “Another step towards
our margin target”. Profitability improved
during the second quarter, mainly driven by
an increased contribution from Laundry.
> At the Texcare International event in
Frankfurt in November, we participated
with the concept “Shaping the Sustainable
Laundry”.
> The innovative NeoBlue Touch under-
counter dishwasher was launched, offering
excellent performance and efficiency ben-
efits to restaurants and the fast-food and
beverage chains segments.
P. 42024 in figures
Introduction
Introduction
Contents
This is Electrolux Professional Group
The year in brief
2024 in figures
CEO comments
Why invest in Electrolux Professional?
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
2024 in figures
SEK 12,583 m
Net sales, total
Food & Beverage
60%
Laundry
40%
Net sales by segment
Europe
58%
Asia-Pacific,
Middle East,
Africa
17%
Americas
25%
Net sales by region
Key ratios
SEKm 2024 2023 2022 2021 2020
Net sales 12,583 11,848 11,037 7,862 7,263
EBITA* 1,461 1,317 1,111 663 456
EBITA margin, %* 11.6 11.1 10.1 8.4 6.3
EBITA excl. items affecting comparability*¹ 1,461 1,317 1,146 663 533
EBITA margin excl. items affecting comparability, %*¹ 11.6 11.1 10.4 8.4 7.3
Operating income* 1,231 1,154 955 592 387
Operating margin, %* 9.8 9.7 8.7 7.5 5.3
Income after financial items 1,097 1,033 895 587 363
Income for the period 803 775 686 487 278
Earnings per share, SEK² 2.79 2.70 2.39 1.69 0.97
Operating cash flow after investments* 1,548 1,453 636 1,116 570
Operating working capital, % of net sales* 16.4 18.1 16.7 14.9 19.9
Return on net assets, %* 15.1 17.6 15.6 16.7 10.1
*) Alternative performance measures used in this report are explained on pages 175–176.
1) Includes items affecting comparability of SEK –32m in 2019, SEK –77m in 2020, and SEK –35m in 2022.
2) Basic number of outstanding shares.
Sustainability KPIs
2024 2023
Renewable energy use (MWh) 19,764 16,967
Water consumption (m³) 6,780 5,537
Emissions, Scope 1 and 2* –61% –48%
Emissions, Scope 3* –35% –28%
Employee satisfaction survey,
satisfied or very satisfied 74% 73%
Lost time injury rate (LTIR)
(Accidents per 200k work hours)
0.66 0.54
Diversity in managerial positions** 28% 27%
* since 2019 ** excluding 2024 acquisitions
Share of renewable energy
Renewable
Non renewable
51%49%
Total shareholder
return 2024
26%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2030
Targets
202920282027202620252024
Reporting
year
2023
SBTi
validated
2022202120202019
Baseline
4,586
4,136
6,326
ktons CO2e
Scope 3 CO2* emissions from use phase sold products
reduction target by 2030
–27.5% (SBTi target)
0
2,000
4,000
6,000
8,000
10,000
2030
Targets
202920282027202620252024
Reporting
year
2023
SBTi
validated
2022202120202019
Baseline
ton CO2e
Absolute CO2* emissions reduction target by 2030
(Scope 1 and 2)
2,563
-70% (SBTi target)
3,346
8,544
Since we reached our
2030 target already in
2024, we will develop
a new target.
* CO₂e=Carbon dioxide
equivalent (includes GHG)
* CO₂e=Carbon dioxide
equivalent (includes GHG)
P. 5CEO comments
Introduction
Introduction
Contents
This is Electrolux Professional Group
The year in brief
2024 in figures
CEO comments
Why invest in Electrolux Professional?
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
CEO comments
Meeting needs
beyond tomorrow
2024 was another good year for Electrolux Professional Group. We
are delivering on our strategy, and step-by-step building a stronger
company to be able to meet the needs beyond tomorrow. We grew
the company through acquisitions, and profit, profitability, and cash
flow improved, despite a continued challenging macroeconomic and
geopolitical situation. In addition, we have strengthened our position
as the sustainability leader in our industry, confirmed by our ranking
among the top 500 companies in the world for Sustainability growth.
Despite a challenging macroeconomic situation,
the underlying long-term factors influencing
growth in our industry are robust and stable, cre-
ating the conditions for continued global market
growth. We offer solutions that are at the forefront
of our industry in innovation, sustainability, and
digitalization, and we have one of the largest
global brands in the industry.
Growth through innovation and sustainability
We provide our customers with advice and in-
sights on how to be more efficient and productive,
enabling them to reduce costs whilst reducing
their impact on the climate. Therefore, innovation
related to improved sustainability performance
and connectivity play a key role in our strategy.
This is manifested by us investing 5% of sales in
R&D. Let me give some examples;
> During 2024 we launched our new undercounter
dishwasher, NeoBlue Touch, which is a commit-
ment to performance, efficiency, and sustain-
ability. It will drive volume growth and sales of
consumables. The enhanced performance in re-
spect of energy, water, and detergents will sup-
port our customers to become more sustainable.
> The new I-PRO2 Autofill Lid is our new Beverage
dispenser that automatically doses the ratio of
water and syrup into the IPRO’s bowls. It refills
the bowls as the probe detects decreasing
levels which makes the product more effective,
easier to handle, and less labor intensive.
> The next generation high-productivity heat
pump dryer (TD6-11) was launched in 2024. It
uses less energy, enabling to a more sustainable
and profitable laundry business.
P. 6CEO comments
Introduction
Introduction
Contents
This is Electrolux Professional Group
The year in brief
2024 in figures
CEO comments
Why invest in Electrolux Professional?
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
> To meet the needs of the Chinese market we
have localized part of our Modular cooking XP
range to our factory in Shanghai. In addition,
our new compact flight type dishwasher that
was launched in China this year uses less
water and energy.
Expand in high-margin products,
segments, and geographies
The margin for Laundry, as well as for Food &
Beverage in Europe, clearly improved during the
year. Our margin improvement journey has also
been supported by our focus on high-margin
products and segments in parallel to phasing-out
low margin categories in coffee and refrigeration.
We have also made two important acquisitions
that will contribute to our margin improvement,
TOSEI – a leading company in Laundry and vac-
uum packing machines in Japan and Adventys – a
specialist in induction technology. TOSEI's margin
currently is in line with the 2024 Group margin
but after synergies should be well in line with the
Group EBITA target of 15%. Adventys is already
accretive to the margin target. Importantly, in-
duction cooking uses less energy which makes it
the strategic technology choice for the future of
sustainable cooking.
Boost Customer care
Customer care is crucial to our customer’s uptime,
which requires us to have a reliable and geo-
graphically widespread Customer Care service.
It is also one of the most profitable parts of our
business. I am therefore happy to report that
Customer Care grew more than product sales
during the year, improving our margin.
Invest in digitalization and AI
Digitalization, Artificial Intelligence (AI), and
connected products continue to be key enablers
for creating customer value. Hence, we have fur-
ther increased investments in this area. It is also
a way of future proofing our company, enabling
more effective use of products, higher uptime
for our customers, and better ease-of-use and
interaction.
Based on the company needs and current
trends, we are pursuing several AI initiatives.
These are designed to enhance our operations
and services, keeping us at the forefront of tech-
nological advancements.
We have continued to roll out and improve our
Digital Customer Platform that provides our part-
ners with a seamless, self-service, online experi-
ence. With our connectivity offer, customers can
seamlessly monitor and control their connected
products. Through this deeper insight into the use
of their equipment, they can reduce the usage of
energy, water, and detergent.
Sustainability leader – meeting needs beyond
tomorrow
Electrolux Professional Group is the sustainability
leader in our industry. Our sustainability targets
center on climate, health & safety, and diversity.
As a signatory of the UN Global Compact and
We are delivering on our strategy, and
step-by-step building a stronger company to be
able to meet the needs beyond tomorrow.
Alberto Zanata, President and CEO
with our sustainability work based on the United
Nations Sustainable Development Goals, we fully
recognize the importance of taking action to mit-
igate climate change and support the ambitions
of the Paris Agreement.
Our sustainability leadership has been rec-
ognized this year. We were: ranked among the
top 500 companies in the world for sustainable
growth by TIME and Statista; ranked highest
among the listed companies in our industry on
the climate change list in the Carbon Disclosure
Project (CDP); received the best (ESG) risk rating
by Sustainalytics; scored AA on the MSCI ESG
list; and we have retained our Silver Sustainability
Rating from EcoVadis.
All these achievements solidify our reputation
as a leader in our industry, dedicated to creating
long-term, sustainable value for our customers,
partners, and society at a large.
Our overarching, and ambitious, target is to
become climate neutral in our own operations
by 2030. We have committed to science-based
P. 7CEO comments
Introduction
Introduction
Contents
This is Electrolux Professional Group
The year in brief
2024 in figures
CEO comments
Why invest in Electrolux Professional?
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
These key strengths and competitive advantages drive our development
and performance, and they all provide a strong foundation for us to execute
our strategy.
Why invest in
Electrolux Professional?
targets to reduce Scope 1 and 2 emissions by
70% by 2030, and to reduce indirect use Scope
3 emissions of products sold by 27.5% by 2030.
During 2024 we reduced our Scope 1 and 2 emis-
sions by 61% compared to 2019 (excluding com-
panies acquired in 2024), and we reduced Scope
3 emissions by 35%. This demonstrates that we are
on the right path. In addition, since our main cli-
mate impact – approximately 95% – occurs during
the product-use phase, we continue to focus on
developing energy-efficient products.
Building a stronger company step-by-step
Since the listing of Electrolux Professional Group
as a stand-alone company five years ago,
we have proven that we are able to handle a
pandemic as well as geopolitical and macro-
economic challenges. At the same time, we have
significantly transformed the Group.
We have increased the pace of innovation
and customer value generation. We are a stron-
ger and more geographically balanced company
with strong regional manufacturing facilities.
Laundry, our most profitable segment has
grown significantly, and Food & Beverage is
steadily improving. Consequently, our ability to
mitigate possible external challenges, such as in-
ternational trade wars, is much better today than
before.
During recent years we have improved the
performance of the Group every year. This has
been possible thanks to strong brands, market
positions, solid financials, and not least, compe-
tent and committed employees. Our ambition is
to continue to improve our performance step-
by-step while transforming the company to meet
demands beyond tomorrow.
Alberto Zanata,
President and CEO
Structurally growing end-markets
We operate in a market that structurally has been
growing driven by GDP growth, higher income,
and people spending more time eating out of the
home.
Geographically balanced business
Approximately half of our sales are in Europe
and the other half equally distributed between the
Americas and APAC-MEA. This makes us less
dependent on any single geography and its
economic progress.
Track record of solid EBITA and cash flow
We have always – even during the pandemic and
other major economic downturns – been a profit-
able company generating strong cash conversion
and cash flow.
Focused plan to grow organically,
supported by M&A
We have the products and the activities in place
to grow organically. In addition, we have been
able to complete an average of one acquisition
per year to further grow the company.
Innovation focused
In order to drive growth and profitability, and
also to provide products that increase customer
productivity and efficiency, we invest more in R&D
than the industry average.
Sustainability leader
We are the sustainability leader in our industry,
according to external rankings such as CDP,
Sustainalytics, and Ecovadis. All new products we
launch have improved sustainability performance.
Read more about the share
and shareholders on pages 177-179.
Total shareholder return incl.
dividend, 2020–2024
265%
Market Cap December 31, 2024
SEK 19.7bn
2025 proposed dividend/share
SEK 0.85
CO2 reduction (Scope 1&2)
since 2019
61%
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Our strategic foundation
Meeting needs beyond tomorrow
Our business model – how we create value 9
Financial and sustainability targets 10
Strategies 11
– Grow through innovation and sustainable solutions 12
– Expand in high-margin products, segments,
and geographies 14
– Boost Customer Care 16
– Invest in digitalization 17
P. 9How we create value
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
How we create value
> Product development
and innovation of smart products
offering sustainable solutions,
page 12.
> Marketing
Focused on making our customers’ work-
life easier, more profitable, and truly
sustainable, page 27.
> Sales
Collaborating with high-quality value chain
partners, distributors, & dealers, page 25.
> Production
World-class manufacturing focused on low-
er environmental impact and an excellent
working environment, page 39.
> Customer Care
and sales accessories, spare parts, and
consumables, page 26.
> 4,300 committed employees, page 44.
>
14 manufacturing sites, page 42.
>
A wide range of customers in 110 countries, page 23.
>
Long-term relations with stakeholders in our value
chain, page 56.
>
A strong portfolio of 20 brands – known for innovative,
sustainable, and digital solutions targeting different
customers and stakeholders in different geographies,
page 28.
>
Raw materials and components page 40.
For our customers
>
Lower total costs over the lifecycle of the equipment
>
Reduced energy consumption and carbon footprint
>
Improved quality of the food, beverage, or laundry
service
>
Ergonomic and human-centric design
>
Enhanced hygiene
page 24, 33, 36.
.
For our employees
>
A diverse and inclusive culture
>
A long-term employer
>
A safe work environment
>
Skills development
page 44, 81.
For shareholders
> Share growth
> Dividend
page 7, 177.
For society
>
Greater resource efficiency
>
Address social challenges
page 60, 80.
Our businessOur resources Value created
Our guiding principles
Be customer obsessed Build trust
Be bold Act sustainably
Own operationsRaw material
Finished product supplies
Transportation
upstream
Warehouse Transportation
downstream
Dealers & Distribution End users
Service, Customer Care
Repair and maintenance
Value chain
P. 10Financial and sustainability targets
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sights set on our financial and sustainability targets
Our targets, strategy, and guiding principles serve as the backbone to everything we do.
Target Outcome 2024 (2023) Comment on 2024 outcome
Organic sales growth
Organic annual growth of more than 4% over time,
complemented by value-accretive acquisitions.
–0.1% (2.6)
Organically, sales were flat during the year, partially due to
the phase out of some low-margin product categories. The
somewhat weak sales compared to target was due to lower
sales in Food & Beverage in the US and in APAC-MEA. Food &
Beverage Europe and Laundry grew organically.
Profitability
EBITA margin of 15%
11.6% (11.1)
Profit and profitability took another step forward, driven by
improved profitability in Laundry and Food & Beverage in
Europe. Price and lower material costs also contributed.
Asset efficiency
Operating working capital below 15% of net sales.
16.4% (18.1)
Operating working capital as a percent of annualized net sales
improved, mainly due to a substantial reduction in inventory.
Capital structure
Net debt/EBITDA ratio below 2.5x. Higher levels may be
temporarily acceptable in the event of acquisitions, provided
there is a clear path to de-leveraging.
1.4x (0.9)
Net debt/EBITDA was reduced during the year, but was higher
at the end of the year compared to the previous year
due to acquisitions.
Dividend policy
Electrolux Professional’s target is for the dividend to corre-
spond to approximately 30% of the income for the year.
The timing, declaration, and number of future dividends de-
pend on the company’s financial situation, earnings, capital
requirements, and debt service obligations.
SEK 0.85 (0.80)
The Board proposes a dividend of SEK 0.85 (0.80) per share,
which is in line with the dividend policy.
Target Outcome 2024
1
(2023) Comment on 2024 outcome
Science-based
climate targets
Reduce CO₂ emissions
Scope 1 and 2 emissions from our industrial sites >70% by
2030 (base year is 2019, recalculation has been made by
distributing the first reported emission footprint backwards to
previous years)
–61%
²
(-50)
Our focus on switching to renewable
energy, including doubling the renewable
energy generation and energy efficiency improvement and
consumption reduction, contributed to the emission reduction.
Reduce indirect
emissions from use of
sold products
Scope 3 emissions, from product use phase, >27.5% by 2030
(reduction, base year 2019)
–35%
²
(-27.7)
Higher share of renewable energy from the grid providers,
lower volumes compared to 2019, partially due to phase out of
some products, and more energy-efficient products contributed
to us reaching the target.
Health and safety
target for 2025
Lost time injury rate
(LTIR)
As measured by work-related accidents per 200,000 work
hours <0.3 by 2025.
0.66 (0.54)
After several years of improvement, the LTIR did not improve
compared to our target last year. We address the root causes
of accidents, and are working proactively with near misses and
unsafe practices to decrease the lost time injury rate in line with
our target.
Gender diversity
target for 2030
Gender diversity
Distribution men/women or women/men 40/60 across all
managerial positions by 2030. Outcome as % of women.
Excluding 2024 acquisitions.
28% (27)
Gender diversity across managerial positions improved
somewhat. Activities related to diversity and inclusion, such as
training and support to hiring managers, have increased during
the year.
Our climate
ambition for 2030
To become climate neutral
within our industrial
operations by 2030.
1) Excluding 2024 acquired companies TOSEI and Adventys. 2) Recalculation is made by distributing the first reported emission footprint backwards to previous years.
P. 11Strategy for growth
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
STRATEGY FOR GROWTH: generate customer value from
a foundation of operational excellence and sustainability
Our strategic targets
Our strategy for growth is based on the plans of our Business areas, and rests on four pillars, built on a founda-
tion of operational excellence and sustainability in the supply chain. We want to do our part to improve society
and generate value for our stakeholders. We believe that the Agenda 2030 and the UN’s Sustainable Develop-
ment Goals (SDGs) are good indicators of the priorities and challenges that the world is facing.
GROW
through innovation and sustainability.
Read more on page 12.
EXPAND
in high-margin products,
segments, and geographies.
Read more on page 14.
BOOST
Customer Care and
service-as-a-solution.
Read more on page 16.
INVEST
In digitalization to unlock
additional customer value.
Read more on page 17.
P. 12Strategy for growth
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our aim is to set the pace of industry innovation
in sustainability and energy efficiency, under-
pinned by a connected and digital platform.
We develop new and improved products and services to add value
to our customers and grow our company profitably. Our ambition is to
address our customers’ increasing requirements for multi-functional
products, with low running costs, and reduced energy and water
consumption. In addition, we will prioritize appliance digitalization.
GROW
through
innovation and
sustainability
R&D cost in 2024
SEK 552m
Significant investments
in R&D
One of our key competitive advantages is our
focus on developing sustainable and innovative
products that cater to customers’ needs and
increase customer productivity and efficiency.
Electrolux Professional Group invests significant resources
into its global R&D activities. Normally, the company’s R&D
expenditure is around 4% of sales. During 2024, our partner-
ship with HCL Tech in India has progressed, creating several
R&D deliverables that support our innovation process.
P. 13Strategy for growth
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Growth through sustainable solutions
Offering our customers sustainable solutions is one of our key strategies for growth. We aim to
be a sustainability role model in our industry and continuously find new, more energy-efficient,
and resource-efficient methods for food, beverage, and laundry professionals. As a result, not
only do we help our customers to reduce their operating costs, but we also have an impact on
their sustainability efforts. As our main environmental impact occurs during the product use phase,
using energy, water and detergents, providing low-consuming and energy-efficient products
is key. Read more on pages 33 and 36.
Low running costs are more important than ever
> Our energy-saving solutions are at the forefront of their field
> Vital in times of high electricity prices and greater climate concern
> Momentum for our energy-saving products
> We support our customers to move towards a circular economy
through circular design principles and end-of life management
Scope 3
emissions from product use phase by 2030
(base year 2019) target
>27.5%
Scope 3
emissions from product use phase,
since 2019
-35%
Digitally connected products
Through digital and connected products,
customers can monitor and steer any
connected products, thereby maximizing
uptime, improving service, and reducing
the consumption of energy, water and
consumables. Read more on page 15.
EcoVadis Silver Sustainability Rating
In 2024, we retained the prestigious Silver Sustainability
Rating from EcoVadis, further reinforcing our position
among the top 15% of companies
assessed globally. The recog-
nition is a testament to our on-
going commitment to conduct
business responsibly. EcoVadis
is a world-leading independent
agency that evaluates the sus-
tainability performance of over
125,000 companies worldwide.
NeoBlue Touch undercounter dishwasher
In 2024, the undercounter dish-
washer NeoBlue Touch was
launched, a compact under-
counter dishwasher for the
fast-food restaurant and bar
segments. NeoBlue offers out-
standing washing performance
and loading capacity.
Clarus Vibe - lower chemical
& detergent consumption
Detergents and chemicals make
up a large portion of a commer-
cial washing machine’s lifecycle
cost. Intelligent features available on Clarus Vibe models
eliminate overdosing, thus improving the total cost of
ownership.
P. 14Strategy for growthElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
We will grow sales organically in laundry
and in restaurant chains, supported by M&A.
EXPAND
in high-margin products,
segments, and geographies
Our growth priorities include:
> Increasing sales to commercial restaurant chains –
large companies with multiple outlets across several
regions – in order to expand our presence in North
America and emerging markets.
> Further growing the highly profitable Laundry
business globally, and other high-margin products.
> Accelerating growth through selective add-on
acquisitions that clearly align with the Group's
strategic road-map.
> Outcome 2024:
During 2024 we have focused our sales on high-margin products
including Laundry and Customer Care. Moreover, we have phased
out low-margin products in semi-professional refrigeration, drip
coffee, and some of the US cooking products.
0
5
10
15
20
25
20242023202220212020
Chains, Food & Beverage, share of net sales
%
P. 15Strategy for growthElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Acquisitions to accelerate growth
Electrolux Professional Group aims to accelerate growth through selective add-on acquisitions,
primarily acquisition targets that clearly align with our strategic roadmap.
Eight companies have been acquired since 2015:
> UNIC – a French producer of professional coffee solutions
> Grindmaster-Cecilware – a North-American coffee solutions
producer
> SPM Drink Systems – an Italian manufacturer of frozen beverage
equipment
> Veetsan – a manufacturer of professional dishwashers in China
> Schneidereit – a supplier of laundry rental solutions in Europe
> Unified Brands – a leading US-based manufacturer of food-
service equipment
Two companies were acquired in 2024:
> Adventys – a French manufacturer of professional induction
cooking equipment
> TOSEI – a leading Japanese manufacturer of professional
laundry equipment and vacuum packing machines for food
Adventys – specialist in induction technology
In April 2024, Electrolux Professional Group acquired Adventys, a
French manufacturer of professional induction cooking equipment.
Induction cooking significantly reduces CO2 emissions com-
pared to other technologies such as gas since it only uses energy
when the surface is activated, which makes it the technology for the
future of sustainable cooking. With the acquisition of Adventys our
Group will be able to develop our own induction technology while
maintaining and strengthening our leadership in horizontal cooking.
TOSEI Corporation
In January 2024, Electrolux Professional Group acquired TOSEI
Corporation – a leading Japanese manufacturer of professional
laundry equipment and vacuum packing machines for food.
The acquisition is part of Electrolux Professional’s strategy to
further accelerate growth and enhance our presence globally. With
this acquisition, Electrolux Professional became a larger player
in Japan. The move widens the geographical
presence of the Group and increases the size of
Electrolux Professional’s high-margin, resilient,
global Laundry business. In addition, the acqui-
sition presents opportunities to increase sales of
food products utilizing TOSEI’s leading position
in vacuum packing in Japan, which is a large
market characterized by local players.
TOSEI was founded in 1950, has robust
brands, and a strong reputation in the market,
making it a high-quality platform for Electrolux
Professional's strategy deployment.
TOSEI development
The Japanese market was weak during 2024, which led to a decline
in sales for TOSEI. Despite this, TOSEI has been able to keep market
share and profitability,
P. 16Strategy for growthElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
We will further develop our global service network and capability as
a full-service provider while increasing sales of spare parts, accessories,
consumables, and service.
BOOST
Customer Care and
service-as-a-solution offering
Our market is characterized by the heavy use of
machines and a large replacement business. This
requires us to have a reliable and geographically
widespread Customer Care service that can
support our customers throughout the life of the
product, which also ensures customer retention.
We also offer spare parts kits and performance-
enhancing consumables, and provide our customers
remote guidance.
> Outcome 2024:
Sales of Customer Care increased in 2024 and now accounts for
approximately 17% of Group sales. Sales of service contracts and
detergents progressed well.
Customer care share of net sales
%
0
5
10
15
20
2024**2023*202220212020
Electrolux Professional Group
provides Customer Care via
1,900
service partners
Customer Care 2024,
share of net sales
17%**
* 2023 and previous periods have been restated
** 2024 acquisitions TOSEI and Adventys are not included.
P. 17Strategy for growthElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
INVEST
in digitalization to
unlock additional
customer value
We are enhancing our global product and service
offerings by providing online sales through our digital
Customer platform and connected appliances. We
are committed to accelerating the digitalization of
our company and products. These digital advance-
ments empower our customers to improve their pro-
cesses and effectiveness. Our digital offerings create
strong customer relationships, as well as opportuni-
ties for repurchases and additional services.
Electrolux Professional Group's global product and service offering
encompasses single and full solutions and services across Food,
Beverage, and Laundry. This allows our customers to manage their
operations through connectivity and offer them a digital ecosystem.
Our Digital and IT strategic focus aims to transform the Group into
an AI and data-ready organization, establish robust governance
and architecture, and deliver significant business value through
digital and AI/data products. Additionally, we are committed to
enhancing business resilience against cyber risks.
Digital customer platform
deployed in
32
countries so far
Where deployed,
45%
of all customer interactions
are digitalized
Where deployed,
85%
of our orders go through
the platform, and 65% in value
P. 18Strategy for growthElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our strategic
foundation
Introduction
Our strategic foundation
How we create value
Financial and sustainability targets
Strategy for growth
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Empowered customer operations
with Smart Connectivity
Digital customer platform
The Digital Customer Platform provides our partners with a seam-
less, self-service, one-stop-shop experience. From the portal, part-
ners and distributors can place orders for products, consumables,
and spare parts, track shipments in real time, search for documen-
tation or products, and digitally interact with us for all manner of
support. Cases are monitored through a ticketing system.
Our Digital products and solutions
> Connected products
> Digital Customer platform: Back office, e-shop
> Mobile applications: Sales mobile app, Connectivity
mobile app, Supporting apps
> CRM: 360 view of customer data, lead management
> Marketing technology: Marketing automatization,
digital customer journey, analytics and insights
> Digital tools & calculators: Configurator, Usages
calculator, Booking tool, Virtual showroom
With our Connectivity offer, customers can seamlessly monitor and
control their connected products. This not only maximizes uptime
and enhances service quality but also reduces energy, water,
and consumable usage. By providing deeper insights into their
equipment, we foster a continuous relationship with our customers
throughout the entire lifecycle of their products, supporting their
needs for repurchases and additional services.
NeoBlue Touch undercounter dishwasher app
In 2024, Electrolux Professional launched the NeoBlue Touch under-
counter dishwasher, a next-generation commercial dishwashing
solution. The dishwasher is managed through a single operation
button, and the new Electrolux Professional App allows seamless
task management via smartphone.
Refrigerate app
The Electrolux Professional Fridge Control APP is a simple and intui-
tive graphic interface. It allows management of various parameters,
monitors the status of the eco-store refrigeration cabinet in real time
with the Bluetooth connection, and downloads the Hazard Analysis
Critical Control Points (HACCP) food safety data history easily and
efficiently.
AI enhanced productivity and efficiency
We have established a community of practitioners and gathered
numerous use cases, with several generative AI solutions already in
production. These innovations are boosting productivity. Our
approach combines cutting-edge AI solutions from leading vendors
like Sales force and Microsoft with our own generative AI models,
based on the latest market advancements. This mixed technology
strategy ensures we deliver the best possible outcomes for our
customers and our business.
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Global trends
and our markets
Global trends impacting our industry 20
The global professional equipment industry 21
Our markets 22
Diverse customer base 23
Sales channels 25
Customer Care 26
Marketing and brands 27
P. 20Global trends impacting our industry
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Global trends impacting our industry
Digitalization
Digitalization and artificial intelligence affect the way we work and
interact, and are changing the eco-system of our customers’ busi-
nesses and our own business. There will be greater demand for con-
nected solutions, contactless payment, process optimization, and
efficiency driven by new technologies, which in turn requires future
investments and knowledge. Potential access to customer data will
enable this development.
Societal changes
The growth of the middle class, urbanization, increase in work-
force participation, the prolongation of the working age, and higher
disposable incomes allow more people to spend more money
on leisure activities such as out-of-home eating, and less time on
household chores. Coupled with the global population growth,
especially in Asia and Africa, this is leading to an increased number
of potential end-customers, demand for out-of-home food and
beverage consumption, and other application areas for professional
equipment. This calls for new digital tools, smaller and more user-
friendly equipment, machines that are easier to clean with stricter
hygiene requirements, and new ways of working in the industry. The
normalization of hybrid work is also impacting the industry.
In addition, the aging of the population will lead to greater in-
vestments in the healthcare segment, such as hospitals and elderly
homes.
Labor availability
There is still a shortage of labor in the hospitality industry which
drives the cost of labor up. This is accelerating automatization and
digitalization as there is a need to ensure high productivity with
fewer employees. At the same time, ease of use and ergonomics are
increasingly important to the users of the products.
Climate change and effective use of resources
Climate change and a shortage of water, energy, and other re-
sources can increase prices on certain food ingredients and has
also created a need for sustainability and energy efficiency in all
parts of society. Since energy costs are a significant part of the
total cost of ownership, energy efficiency in professional solutions
is central to any investment decision. This is also driving the switch
to products that use electricity rather than gas. The ability to share
and refurbish products is rising in importance as a way to facilitate
more efficient use of resources. In addition, a ban on the single use
of plastic packaging, which is being introduced in several markets,
and the move to reduce micro plastics is becoming a prominent
factor.
Read more on drivers per segment on pages 32 and 37.
P. 21The global professional equipment industry
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The global professional equipment industry
Electrolux Professional Group operates in the global professional equip-
ment industry, offering food service, beverage, and laundry products and
solutions to a wide range of customers. These include companies in the
global hospitality industry as well as other businesses and institutions.
In 2024, the food and beverage segment accounted for approxi-
mately USD 32bn* of the global market, and the professional
laundry segment accounted for USD 3bn*.
The industry is largely characterized by favorable general
end-market trends with multiple catalysts for structural growth.
> Product performance having a material impact on customer
productivity.
> The requirement for reliable and technologically advanced
products.
> Significant benefits from local presence and collaboration
with customers.
> Ongoing Customer Care and support throughout the equipment
lifecycle.
Major factors for success include:
> Strong innovation capabilities
> Reliability and product quality
> Product design
> A well-developed distribution and service network
> Brand recognition
> Customer relationships as a key differentiating factor
The six largest professional food
and beverage equipment companies
Company 1
Company 4
Company 3
Electrolux Professional Group
Company 2
Smaller companies
Company 5
USD 32bn*
The six largest laundry companies
Company 1
Company 5
Company 4
Electrolux
Professional
Group
Company 3
Company 6
Smaller companies
USD 3bn*
End customers
> Restaurants and chains
> Hotels, bars, and cafés
> Roasters and ingredient producers
> Education, leisure, and sports
> Public institutions
> Business, transport, industry, and facility
managers
> Laundry service, Self-service laun-
drettes/laundromates
> Care facilities and hospitals
> Retail and convenience stores
Food & Beverage
> Ali Group/
Welbilt
> Hoshizaki
> ITW
> Middleby
> Rational
> Electrolux
Professional
Group
Laundry
> Alliance
> Electrolux
Professional
Group
> Girbau
> Jensen
> Kannegiesser
> Miele Pro
Largest global players
Products
> Food service products: cooking, re-
frigeration, dishwashing, and dynamic
food preparation
> Beverage equipment for coffee, espres-
so, hot, cold and frozen beverages, and
soft-drink dispensing equipment
> Laundry products: washers, tumble
dryers, drying cabinets, and ironers
> Specialty accessories and consum-
ables
Market and competition
Total cost of ownership
Total cost of ownership is an additional factor that drives com-
petition. This is because the initial equipment cost represents only
a fraction of the total cost of ownership during the lifetime of the
equipment. The majority of the costs are running costs for water,
electricity, and chemicals, maintenance costs, and health and safety
considerations. Reduced running costs are also a driver for custom-
ers wishing to make a positive contribution to the environment.
Competitive landscape
Electrolux Professional Group is one of the leading global players,
with both full and single solutions for the food and beverage sector
and the global laundry equipment market. There are a number of
large global players in these markets, but in local markets we also
compete with significant local players and companies focused on
individual product lines.
* Internal estimates based on major competitors' results, other statistics,
and industry analysis reports.
P. 22Our markets
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Our markets
Well-positioned in attractive markets
Electrolux Professional Group's two reportable
segments, Food & Beverage and Laundry, in-
clude five business areas focused on customer
categories and geographies. These are Food
Europe, Food Americas, Food APAC & MEA,
Beverage & Food Preparation, and Laundry.
Europe
In Europe, we have 24 sales companies across the continent.
The largest countries are Italy, France, Sweden, and Germany.
80% of sales are handled via distributors and agents, and 20% of
sales are served by our own sales organizations, mainly via key
accounts and large projects.
Our business priority is to leverage our strong market presence in
Europe, to continue to grow both in the markets where we are well
positioned, and in the markets where we see additional opportuni-
ties for growth, such as in the UK and France.
Americas
In the Americas, large chain accounts, including our main distributor
within Laundry, are served through a direct-sales team while the
broad institutional markets such as schools, healthcare, institutions,
and restaurants, are served through independent sales repre-
sentatives working in partnership with dealers and consultants.
Additionally, there is a network of distributors across the Americas
selling and stocking products locally for quick shipments.
Asia-Pacific, Middle-East and Africa
We have sales companies in ten countries in the region. The majority
of sales are handled via an indirect distribution network, supple-
mented by some of our own sales activities when needed. After
the acquisition of TOSEI in 2024, Japan is our largest market in this
region.
AMERICAS
Well-positioned in Food, Laundry,
and Cold Beverages in the US.
Share of Group sales, 2024 (2023)
25% (27)
EUROPE
One of the leaders in Food,
Beverage and Laundry, with strong
brand recognition.
Share of Group sales, 2024 (2023)
58% (61)
APAC
One of the leaders in Laundry and in Food &
Beverage in Japan, China/South-east Asia with
strong brand recognition in hotels and restaurant
segments in the whole APAC region.
MIDDLE-EAST AND AFRICA
One of the leaders in Food with strong brand
recognition in hotels and restaurant segments.
Share of Group sales, 2024 (2023)
17% (12)
P. 23Diverse customer base
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Diverse customer base
Our end-customer base consists of large multinational, regional, chain, and independent restaurants,
catering providers, leisure and accommodation facilities, healthcare facilities, customer-operated
laundries, schools and universities, as well as small businesses and large industrial customers.
Sales per customer segment*
Consumer and customer operated laundries 18%
Hospitals and elderly homes 9%
Restaurants 13%
Business, Industry and Transport 8%
Public institutions 8%
Restaurant chains 13%
2%
Others
Hotels
13%
Bars and cafes 4%
Retail and convenience stores 6%
Laundry
Commercial laundries
6%
*Figures are partially estimates.
Food & Beverage and Laundry Food & Beverage
Electrolux Professional Group has a base of diverse customers ranging from cafés to launderettes, restaurant chains, and institutions.
P. 24Diverse customer base
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Long-standing customer relationships
As a food, beverage, and laundry equipment provider we generally
maintain long-standing relationships with our key customers and
distributors in order to increase our wallet share and overall growth.
Close customer relationships are particularly important for chains in
the food and beverage businesses.
Diverse customer base
Our customer base is diverse, from small independent owners to
large chains. We also have many customers in areas such as
elderly care homes, government and private healthcare facilities,
multi-housing laundries, and coin-ops.
Large chain contracts
Even though we generally do not enter into long-term contracts,
large food-service chains usually authorize specific appliance
manufacturers as their “preferred vendors” for specific equipment.
Furthermore, many quick-service restaurant chains launch or refur-
bish a large number of locations, or frequently change their menus,
requiring significant investments in new equipment over a relatively
short period of time.
Customers regularly require appliance upgrades. These allow
them to increase productivity and food safety, reduce labor costs,
and respond to hygiene, sustainability, and energy-efficiency re-
quirements. These upgrades usually require customized equipment
as customers additionally endeavor to differentiate their offerings
and services.
Individual needs and innovation
Individualization and equipment innovation are primary purchase
decision factors for the customer, making product innovation essen-
tial, and one of the key differentiators and competitive advantages
of Electrolux Professional Group's brands.
Our substantial investments in research and development drive
the production of innovative equipment and ensure the Group is
well positioned to serve its global customer base.
Read more about R&D on page 12.
Addressing customer needs
> Simplification, faster productivity, and flexibility of operations
> Improved quality of the food, beverage, and laundry service
> Reduced energy consumption and carbon footprint
> Lower total cost throughout the lifecycle of the equipment
> Handling labor shortages
> Reliability of the equipment
> Ergonomic and human-centric design
> Enhanced hygiene requirements
P. 25Sales channels
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sales channels
Our products are mainly sold through a global network of dealers and distributors, but also directly
to end customers. The majority of the products sold are replacement products, meaning the end
customer only buys one or a few products to replace existing products. The rest of the sales are
mainly comprised of project sales. These are defined as full installations such as launderettes or fully
equipped restaurant kitchens that need a complete refurbishment, as well as new builds.
Dealer and distributor sales
A distributor or dealer buys our ready-made products without any
specific customer specifications. We keep track of the products
through the dealers or through our service partners who perform
installations, commissioning, warranty activation, service, and main-
tenance. The distributors/dealers sell the solutions to end customers
(such as restaurant chains or launderettes).
Customized solutions
The end customer deals directly with us regarding their product
requirements. If needed, we customize their products and agree
on pricing. This can be for single products or full projects. The end
customer places the order with a distributor or dealer who in turn
orders the products from us.
Direct sales
In specific regions and for large-scale projects, we engage directly
with end customers to finalize specifications and pricing. This
streamlined process ensures we meet their unique needs and han-
dle invoicing directly, particularly in areas where distribution infra-
structure is less developed.
Digital customer platform
Our dealers and distributors can leverage our digital customer plat-
form, launched in 32 countries. This seamless, one-stop, self-service
portal integrates e-commerce, service digitization, and connectivity,
revolutionizing the way our partners interact with us.
Through this platform, partners can effortlessly place orders for
products, consumables, and spare parts, track shipments in real-
time, and access comprehensive documentation. Additionally, they
can digitally manage support cases via a ticketing system and
monitor the status and usage of their connected products.
P. 26Customer Care
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Customer Care:
Enhancing the ownership journey
At Electrolux Professional Group, we are dedicated to delivering exceptional
customer experiences throughout the entire lifecycle of our professional
equipment. Our customer care services are designed to provide seamless
support, ensuring that every moment of ownership is as smooth and productive
as possible.
With a presence in over 110 countries, supported by 1,900 service
partners, we offer a unique hybrid model combining the expertise of
our in-house technicians with trusted contracted partners. This en-
sures that no matter where our customers are, they receive top-tier
service.
Essentia: The core of our customer care
Our customer care offerings are centered around Essentia – a com-
prehensive service portfolio that reflects our deep understanding
as the original equipment manufacturer. Essentia is crafted to op-
timize the performance and longevity of our products, reinforcing
our commitment to sustainability. Through innovative upgrades and
solutions, we help customers extend the lifespan of their initial in-
vestment, ensuring continued value over time.
Tailored service agreements
Our flexible service agreements are designed to meet the unique
needs of each customer. Whether it's preventive maintenance or
comprehensive support, we offer customized packages that ensure
peace of mind throughout the ownership journey.
Sustainable detergents and consumables
We are proud to offer performance-enhancing consumables, in-
cluding eco-certified detergents under the Electrolux Professional
brand. These products are engineered to reduce water pollution,
minimize waste, and lower energy consumption, setting new bench-
marks for environmental responsibility.
Genuine spare parts and maintenance kits
Our maintenance and spare parts kits are designed to ensure opti-
mal performance of equipment under regular use. By following the
recommended maintenance schedule, these kits help extend the
lifespan of our products, keeping operations running smoothly. For
added longevity, our refresher kits breathe new life into older equip-
ment, further enhancing durability.
Original accessories and consumables: trusted quality
We ensure quick dispatch of original accessories and consumables
that have undergone rigorous testing to guarantee they meet our
high standards for durability and performance. This means our
customers can trust that their equipment will continue to operate at
its best with genuine, expertly crafted parts.
P. 27Marketing and brands
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Marketing and brands
In order to meet the needs of the market, Electrolux Professional Group holds a port-
folio of 20 distinct brands targeting diverse customers in different parts of the world.
Electrolux Professional is our largest brand, representing around 50% of our sales.
Tailored marketing strategy backed by global strength
Our marketing is tailored to each geography and distribution chan-
nel. Promoting and strengthening the Electrolux Professional Group's
brands and reputation through a targeted marketing strategy, com-
plemented by a structured sales process and organization, is key to
our success.
Marketing initiatives include marketing automation, performance
and brand building via a 360-degree approach and omni-channel
execution, collaboration with schools and industry associations,
cooperative distributor merchandising, digital marketing, and mar-
keting at industry events.
Brands
Electrolux Professional Group is our corporate brand which we
use when presenting the company to external stakeholders. The
main business brand, the master brand of the Group is Electrolux
Professional, which includes all categories within Laundry, Food,
and Beverage.
In addition to our master brand, we have specialty brands
focused on specific markets and categories. These are locally
managed brands that have high brand awareness and legacy
amongst customers in the local markets and channels. The corpo-
rate brand Electrolux Professional Group represents the entire
Group and is there to clarify the role of Electrolux Professional
as both a company and a business brand. This also supports
the development of the other brands in the Group.
P. 28Marketing and brands
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The Master brand of the Group
- the OnE trusted partner
For single and full solutions – in Food, Bever-
age, and Laundry. Electrolux Professional is
the OnE trusted partner making your work-life
easier, more profitable – and truly sustainable
every day.
Categories: All categories, full solution
Geographical market: North America,
Latin America, Europe, APMEA
Your one and only
Craftsmanship and bespoke detail are the
hallmarks of Molteni. Each stove is a timeless
masterpiece, handmade and tailor-made
by expert artisans in our atelier to meet the
customer's precise requirements.
Categories: High-end cooking
Geographical market: North America,
Latin America, Europe, APMEA
Design that celebrates
Italian cooking heritage
Our products bring you know-how. Zanussi
Professional – The reliable best friend for your
kitchen solutions.
Categories: Cooking, dishwashing,
refrigeration
Geographical market: Latin America, Europe,
APMEA
Born to last – since 1907
We help our customers build a reputation for
great, healthy food by building equipment
that stands the test of time. Not only does our
equipment handle the rigors of commercial
kitchens, but it also offers the industry’s most
comprehensive, free onboarding program.
Categories: Cooking
Geographical market: North America
Reach the next level
of food quality and consistency with CapKold
sous-vide & cook-chill systems.
Categories: Cook/Chill
Geographical market: North America
Your fresh experience
Whether customers want to peel, cut, slice,
mince, mix, blend, knead, or whip – Dito
Sama provides the desired output in less time.
Categories: Food preparation
Geographical market: Europe,
North America, APMEA
The dishwashing PROFESSIONAL
Good value for money, reliable, trustworthy,
honest, straight-forward, credible, account-
able, multi-cultural.
Categories: Dishwashing
Geographical market: China
A deeper clean - always
We are leaders in continuous motion
washing. From produce to wares, we ensure
proper sanitation, while helping reduce food
and labor costs to achieve a positive return
on investment, and a more sustainable future.
Categories: Ware and vegetable washing
Geographical market: North America
Your perfect fit
Simply the best fitting, high-performing re-
frigeration for your specific kitchen. Whether
you need ready-made, custom, or anything
in-between, you can count on Randell when
you need it most.
Categories: Refrigeration, preparation
Geographical market: North America
Expertise and experience with respect for
the environment
For over 40 years Alpeninox has preserved
the heart of your kitchen, the food, with ex-
pertise and experience. Alpeninox is the ideal
solution for all refrigeration.
Categories: Refrigeration
Geographical market: Europe
Synonymous with quality and performance
Kelvinator Commercial delivers a line of
food service refrigerators and freezers for
the professional market, designed to provide
years of trouble-free service in demanding
commercial applications.
Categories: Refrigeration
Geographical market: North America
Meeting needs beyond tomorrow
Electrolux Professional Group is one of the
leading global providers of professional food,
beverage, and laundry solutions. Grounded in
customer focus, sustainability, innovation, and
social impact, we aim to fulfill today's needs
while securing tomorrow's future. In order
to meet the needs of our markets, we use a
portfolio of distinct brands, targeting different
customers and stakeholders in different
geographies.
P. 29Marketing and brands
Global trends
and markets
Introduction
Our strategic foundation
Global trends & our markets
Global external trends
The global professional
equipment industry
Our markets
Diverse customer base
Sales channels
Customer Care
Marketing and brands
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Unique in coffee, since 1919
Uniquely crafting the evolution of custom-
and service-fit coffee machines – since 1919.
By transforming the Unic technology into
the perfect cup of coffee time after time, we
make every customer location a unique place
to go and to grow.
Categories: Espresso, Bean-to-Cup
Geographical market: North America,
Europe, APMEA
The Cool-To-Go experts in innovative
beverage systems
Feel our passion and savor the ultimate
chilling experience thanks to our cold
beverage dispensers. Whether you want
a straightforward solution or the most
advanced technology, our drink systems
deliver the perfect pour every time.
Categories: Cold beverages, slush ice,
ice cream
Geographical market: North America,
Latin America, APMEA
Passionately designed beverage dispensers
SPM, a front-runner in designing and man-
ufacturing premium professional beverage
equipment, from slush machines to soft-serve
machines and hot beverage dispensers.
Categories: Cold beverages, slush ice,
ice cream
Geographical market: America, Europe
Built to last since 1955
Wascomat has earned its reputation through
60 years of reliability and solid performance
in Laundry. Technologically advanced
with relevant features, Wascomat is a solid
investment when replacing old equipment or
building a new business focused on long-
term profitability.
Categories: Laundry
Geographical market: North America
A partner you can rely on
Innovation leader with more than 60 years
of knowledge in the field of commercial
washing and drying technology, Schneidereit
Professional is responsible for the process
reliability and optimal hygiene standards of
our customers.
Categories: Laundry
Geographical market: Europe
Smart Japanese technology that creates
technologies for life
TOSEI's laundromat equipment line-up
continues to evolve delivering even greater
convenience.
Categories: Washers and dryers
Geographical market: Asia
TOSEI was acquired in 2024.
TOSPACK's line-up of vacuum packing
machines is great for food preservation and
is actively used in industry.
Categories: Vacuum packing machines such
as table-top, stationary, and fully automatic.
Geographical market: Asia
TOSPACK is part of TOSEI that was acquired
in 2024.
Increase efficiency, safety, and performance
in your commercial kitchen with Avtec
ventilation systems, conveyors, and utility dis-
tribution solutions. Avtec delivers outstanding
commercial ventilation equipment for the
professional food-service industry.
Categories: Ventilation systems, conveyors,
and utility distribution solutions
Geographical market: North America
A unique piece, just for you
A French manufacturer of professional
induction cooking equipment.
Categories: Induction technology
Geographical market: Europe,
North America, Middle-East, Asia
Adventys was acquired in 2024.
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Business segments
Segment performance 2024 31
Food & Beverage markets 32
Food & Beverage solutions 33
Laundry markets 35
Laundry solutions 36
P. 31Segment performance 2024
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Performance 2024
Food & Beverage operates in the global professional equipment industry,
offering food-service and beverage equipment and solutions to a wide range
of customers, such as hotels, restaurants, retail points, schools, and hospitals.
60%
Food & Beverage, share of Group net sales
Food & Beverage
The Professional Laundry segment provides solutions designed for a range of
professional users, from coin-ops, launderettes, and the hospitality industry to
healthcare providers and commercial laundries. Customers include hospital
and hotel laundries, laundries in apartment buildings, and launderettes.
Laundry
40%
Laundry segment, share of Group net sales
0
500
1,000
1,500
2,000
2,500
Q4Q3Q2Q1Q4Q3Q2Q1
Net sales and EBITA margin
Sales EBITA margin
SEKm
%
20242023
0
5
10
15
20
25
Net sales per market
Europe
57%
Asia-Pacific,
Middle-East,
Africa
12%
Americas
31%
0
500
1,000
1,500
2,000
Q4Q3Q2Q1Q4Q3Q2Q1
Net sales and EBITA margin
Sales EBITA margin
SEKm
%
20242023
0
5
10
15
20
Net sales per market
Europe
58%
Asia-Pacific,
Middle-East,
Africa
25%
Americas
17%
P. 32Food & Beverage
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The total market for food and beverage equipment in 2024 is es-
timated at approximately USD 32bn*. According to our estimates,
the food service and beverage segment normally has a compound
annual growth rate of around 3–4%.
Growth is mainly driven by the increase in GDP and out-of-home
spending, but is also affected by the push for energy efficiency, an
increase in food safety, environmental and food waste requirements.
Further, there is a drive for healthy products and menus, automation
and workforce optimization, product innovation, and a rising impor-
tance of data management and digitalization.
Markets and customers
In Europe sales are particularly significant in Southern Europe where
we have a strong market position under the Electrolux Professional
brand, in addition to other well-known historical brands such as
Zanussi. We are also strong in this region in the coffee and bever-
age segment with UNIC in France and SPM in Italy.
In Asia-Pacific & Middle-East and Africa our strength is in the
high-end project environment. This means we are involved in larger
installations in hotels and restaurants, and projects play a more
important role in this region compared to Europe or the Americas.
Beverage in the Asia-Pacific & Middle-East and Africa region is fo-
cused on the QSR and Convenience Store segments – building on a
strong history in cold beverages in South-East Asia. In Japan we are
a leading player within vacuum packing for food.
In the Americas our focus within Food & Beverage is on major
chains, fine dining, institutions, and schools.
Food
The food market is seeing an increasing demand for more versatile
food preparation equipment that can prepare a larger variety of
meals. This is mainly due to a reduction in kitchen space and an
increase in menu variety. Also, restaurant owners are looking to re-
duce the number of pieces of equipment used for daily operations,
thus requiring versatile machines.
The economic downturns of recent years have forced many
restaurants to downsize or increase the prices on their menus, as
well as change the composition of their menus to make things
cheaper. Moreover, many restaurants have had difficulties to find
qualified kitchen staff.
Beverage
Growth rates are expected to be high in the beverage industry. This
mainly stems from the impact of seasonal trends, stronger product
diversification, and smaller average equipment size creating more
space for multiple machines that are operated simultaneously.
Key drivers in the professional food and beverage market
Food
USD 26bn
Beverage
USD
6bn
FOOD & BEVERAGE
USD 32bn
* Own company calculations and estimates
Food & Beverage equipment market 2024*
Changing consumer food habits
and delivery models
Restaurant owners have gradually increased the variety in their
menus in response to changing consumer food habits, which de-
mands more versatile kitchen equipment. Furthermore, the take-
away and delivery business models are heavy growth drivers.
Total cost of ownership
and environmental awareness
There is a greater focus on the total cost of ownership as part of a
purchase decision. Cost mainly includes energy, maintenance, and
food-waste related costs, as well as labor costs for operating the
equipment.
Connectivity
Product automation and connectivity will help customers optimize
their workforce and reduce labor costs, thus reducing total cost of
ownership.
New and innovative beverage trends
Customers are moving towards healthier beverage options, and
new and innovative products are emerging. In mature markets par-
ticularly, such as Europe and North America, customers are shifting
toward customized flavored beverages, with an increased demand
for more versatile equipment.
Food and Beverage market size and growth
Within the beverage equipment sector, the market for espresso
equipment has the most attractive medium-term growth outlook,
while the market for non-frozen dispensers represents the largest
sub-segment of the industry. The hot and cold beverage segments
are largely equal in size.
P. 33Food & Beverage
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Innovative and sustainable solutions
for the food and beverage industry
The future of the planet relies on our ability to create smart solutions that use resources
efficiently. Our solutions ensure that our customers can concentrate on their business,
knowing they are doing everything in a sustainable way.
NeoBlue Touch undercounter
dishwasher
The NeoBlue Touch Undercounter
Dishwasher is the next generation in com-
mercial dishwashing technology.
This innovative solution is engineered
to provide exceptional ease-of-use and
reliability, while maintaining low operating
costs in terms of energy, water, and chem-
ical consumption. Operational manage-
ment of the NeoBlue Touch Undercounter
Dishwasher is streamlined through a single
operation button.
Additionally, the new Electrolux
Professional App enhances the user expe-
rience by enabling seamless management
of daily tasks directly from a smartphone.
Ecostore
HP
Refrigerated Counters
Ecostore
HP
refrigerated counters are
industry pioneers in energy efficiency.
Electrolux Professional offer a
whole range of refrigerated cabinets
and counters with the unique com-
bination of the highest climate class
5 and highest energy efficiency A
rating on the market.
Crathco I-PRO with Autofill lid
Under the Crathco brand, we have
launched the groundbreaking Autofill
Lid Systems for the Simplicity Bubblers
and I-PRO Dispensers. This Autofill
beverage dispenser eliminates the
need for refilling and downtime, en-
suring the product is always available
and increasing sales. The Autofill
Drink System seamlessly integrates
with our existing system by automat-
ing the beverage service.
Induction cooking technology
– by Adventys
Revolutionizing kitchen efficiency,
induction cooking significantly re-
duces CO2 emissions compared to
other technologies such as gas since
it only uses energy when the surface
is activated.
95%
of our climate impact is
from the product use phase
Electrolux Professional Group's primary climate impact – approximately
95% – occurs during the product use phase, mainly due to energy con-
sumption. Our target related to use phase emissions is therefore a cru-
cial part of our climate journey. By reducing energy consumption and
emissions during the product use phase, we both support environmental
sustainability and help our customers lower their operating costs.
P. 34Food & Beverage
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Key food and beverage service applications
The key food-service applications of this segment are cooking, refrigeration, dishwashing,
and dynamic food preparation.
Our key products include ovens, blast chillers, cooking ranges, refrigerated cabinets and counters,
freezers, cutters, mixers, dishwashing equipment, and specialty accessories and consumables.
The key beverage applications of this segment consist of equipment for coffee,
espresso, hot, cold and frozen beverages, and soft drink dispensing equipment.
Our key products include, coffee machines for espresso, grinders, hot beverage
dispensers, cold beverage and juice dispensers, frozen drink and soft-serve products.
• Coffee grinders
• Espresso machines
• Hot beverage
dispensers
HOT
• Cold beverage
dispensers
• Cold juice
dispensers
• Beer dispensing
systems
COLD
• Frozen granita
dispensers
• Frozen ice cream
dispensers
FROZEN
• Soft serve
• Soft ice cream
dispensers
SOFT
• Slicers & food
processors
• Vegetable washers
• Spin dryers
• Planetary mixers
• Vacuum packers &
sealers
• Multi-purpose
peeling machines
DYNAMIC FOOD
PREPARATION
• Fryers
• Boiling &
braising pans
• Grills & griddles
• Induction cooking
• Steamers
• Vacuum packing
• Ventilation
equipment
• Modular cooking
ranges and fry tops
• Combi and
Convection ovens
• Made-2-Measure
cooking suites
COOKING
• Refrigerated
cabinets
• Refrigerated
counters
• Saladettes
• Cold rooms
• Blast chillers
REFRIGERATION
Dishwashers:
• Under -counter
• Hood type
• Rack type
• Flight type
• Blow dryer
• Waste and dishware
handling systems
• Accessories
DISHWASHING
• Cabinets and
cupboards
• Work tables and
shelves
STAINLESS STEEL
FABRICATION
Products for food Products for beverage
P. 35Laundry
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Two major market segments in Laundry
The Laundry segment is divided into two main areas; the first is comprised of customers whose main business
is professional laundry, and the second is made up of customers that consider laundry as a cost center.
• Health care
• Elderly care
CARE
• Building
service
companies
FACILITY
MANAGEMENT
• Marinas
• Sport &
Leisure
• Public
services
• Factories
• Institutions
SPECIAL
ON-SITE
LAUNDRY
• Hotels
• Restaurants
• Catering
HORECA
(HOTELS,
RESTAURANTS,
CATERING)
• Small
hotels/
B&B’s
• Hairdressers
• Beauty
shops
• Sport
centers
SMALL
BUSINESSES
PROFIT CENTER
• Heavy duty
• Commercial
laundries
BUSINESS
TO
BUSINESS
• Dry-clean-
ing shops
(chains and
privately
owned)
BUSINESS
TO
CONSUMERS
• Coin-ops
• Laundrettes
• Camping/
Marinas
SELF-SERVICE
• Apartment
housing
laundry
- route
operations
• Student
houses
• Dormitories
MULTI-
HOUSING
COST CENTER
Sub-segments Sub-segments
The total market for professional laundry equipment is estimated to
be approximately USD 3bn* in 2024. The market for global profes-
sional laundry equipment normally has an annual growth of 2–3%,
and this is expected to continue over the medium term.
Market growth is mainly being driven by a growing population
and increased use of textiles. Over the years we have observed an
increased focus on product sustainability and efficiency, energy
labelling and certification requirements, good ergonomics, and
the demand for appliance innovation and connectivity for better
control, flexibility, and to be able to reduce the cost of labor. While
these trends are evident worldwide, the importance of each varies
from region to region.
As more technologically-advanced equipment is introduced,
major equipment replacement cycles are expected to take place.
As a result of lower ownership costs, customers are expected to
demonstrate more price flexibility.
Customer service and after-market support are key competitive
factors.
Markets and customers
In Europe we are one of the leading laundry equipment players.
In recent years we have seen an increased focus on hygiene, in
particular within elderly care homes and hospitals, which has been
a contributing factor to our sales growth. Additionally we have ex-
perienced a significant growth in coin-op shops thanks to the con-
venience and care service provided.
In the Asia-Pacific, Middle-East and Africa region, sales come
from an equal mix of laundrettes, hotels and recreation, and elderly
care homes and hospitals. After the acquisition of TOSEI i 2024,
Japan is the country in the region with the largest sales.
Our business in North America has traditionally been heavily
weighted towards laundromats, with good growth in the other
segments too.
Laundry market size and growth
LAUNDRY
USD 3bn
* Own company calculations and estimates.
Laundry market 2024*
P. 36Laundry
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Innovative and sustainable solutions
for laundry operations
High energy prices are putting pressure on laundromats and businesses with in-house laundry
operations to find cost-effective solutions. Antiquated dryers are among the most energy-
consuming appliances, but recent advancements have made washers and dryers much more
efficient. By upgrading to energy-efficient equipment, hoteliers and laundry operators can
significantly reduce their operating costs.
Benefits of an eco-friendly laundry service
> Lower energy costs: Modern laundry equipment reduces main-
tenance costs and energy consumption, providing immediate
savings.
> Increased productivity: Upgrading equipment prevents delays
and increases efficiency, leading to higher customer satisfaction.
> Customer-centric service: Reliable and fast laundry services
attract more business and encourage repeat customers.
Three ways to save with energy-efficient
solutions
1. High-spin washers with heat pump dryers: These minimize
excess water, reduce drying times, and save energy.
2. Water-saving machines: Intelligent features prevent water
wastage and shorten drying times.
3. Dryers with air conditioning applications: These consume less
energy and have shorter drying cycles, making them twice as
fast as traditional dryers.
High-productivity Heat Pump Dryers for a greener laundry
The TD6-11 Heat Pump Dryer, which saves 65% energy compared to a vented dryer,
makes it possible to significantly save energy costs. Paired with our high-spin Line 6000
Commercial washer, which has maximum dewatering, it delivers lower energy usage.
Our energy-saving laundry solutions are backed by research and
advanced technology. Our advanced solutions help save water,
energy, and detergent, and maintenance contracts ensure
efficiency and longevity.
P. 37Laundry
Business
segments
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Segment performance 2024
Food & Beverage markets
Food & Beverage solutions
Laundry markets
Laundry solutions
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The most important products in the segment include equipment for laundry, drying, and ironing.
Our major products are washers, tumble dryers, drying cabinets, ironers, and related specialty
accessories and consumables.
• Front-load washers
• Combined washers/dryers
• Efficient dispensing systems
• Barrier washers
• Semi-professional
washers
LAUNDRY
• Tumble dryers
• Drying cabinets
• Semi-professional dryers
DRYING
• Ironers
• Finishing machines
IRONING
Key Laundry service applications
Key drivers in the professional laundry equipment market
Greater environmental and climate awareness
Many customers want to be able to meet environmental standards
and desire lower water consumption, more efficient appliances,
gentler detergents, and less impact from chemicals.
Reduced cost of ownership –
especially energy costs
Customers are increasingly looking for equipment that reduces op-
erating costs. They are focusing more on the total cost of ownership
of equipment rather than the initial investment, for instance costs for
labor, electricity, water, and detergent.
Increased demand for flexible business models
Functional sales or equipment rentals are gaining traction in the
market. Demand for equipment rental as both circular and flexible
business model, is rapidly accelerating, particularly in Europe and
especially from smaller companies.
Our production
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Operational excellence
Becoming climate neutral
within our industrial operations
Manufacturing sites
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Our production
Operational excellence 39
Quality 40
Logistics 40
Purchasing 40
Becoming climate neutral within
our industrial operations by 2030
41
Manufacturing sites overview 42
Our production
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Operational excellence
Becoming climate neutral
within our industrial operations
Manufacturing sites
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
P. 39Our productionElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Operational
excellence
The Group’s manufacturing units are organized
by product category to ensure proximity and
agility to serve customers.
Several projects have been carried out in 2024 aimed at improving
productivity and decreasing costs. These include automatization,
Lean workshops, improved quality, and greater consolidation of
the supplier base. This has resulted in an improved gross margin. In
addition, several activities have been implemented in the factories
to decrease CO2 emissions. With the acquisitions of TOSEI in Japan,
and Adventys in France, the Group added two manufacturing
plants.
Highest possible efficiency, flexibility, and performance standards
Agility and the highest possible flexibility in our supply chain are key
focus areas, as we aim for the shortest possible delivery time. Our
ability to adapt the production capacity and structure of our plants
to customer demand, and establish network abilities between the
sites, is essential to maintaining control and generating cost sav-
ings.
Our network is built on common standards and methods, based
on the World-Class Manufacturing Framework. Adopting the tools
and logic of this framework helps us choose the right priorities to
create tangible and measurable results with a focus on sustainabili-
ty, customer satisfaction, and cost reduction.
Standardization and modularization are key factors for achiev-
ing the highest level of customization at the lowest cost and use of
resources. The modularization model is based on product design
and brings about a new supply chain structure, which improves
efficiency.
Our production
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Operational excellence
Becoming climate neutral
within our industrial operations
Manufacturing sites
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
P. 40Our productionElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Optimized procurement
for cost efficiency and
reduced risk
We purchase a wide range and large volumes of raw materials and
components from external suppliers. We monitor the quality and
reliability of these suppliers closely. Electrolux Professional Group
contracts around 3,300 suppliers.
To mitigate potential negative impacts due to price fluctuations,
and to secure availability, we normally negotiate annual or bi-
annual prices through contracts with the main producers for the
most important raw materials, such as steel.
In 2024, expenditure on direct materials, bought in products
and components was approximately SEK 4.3bn, which accounts
for approximately 66% of total purchasing. Direct materials in 2024,
excluding bought in products and spare parts, representing ap-
proximately 75% of all direct material, were mechanical materials
such as components and raw material, electronic components, and
chemical material. Raw material such as steel, aluminum, cast iron
and copper, amounted to approximately 20% of the mechanical
and raw material expenditure.
Quality – the power-of-zero
framework
Electrolux Professional Group’s zero quality-defect product ap-
proach is part of the Electrolux Professional production system. It
embodies a philosophy of defect-free, reliable, cost-effective ap-
pliances that exceed customers’ quality expectations. The quality
framework is based on the “power of zero”, meaning zero quality
defects, zero service call rate, and zero safety issues. Making qual-
ity an integral part of the entire organization involves generating a
mindset that focuses on preventative and proactive activities – to
the point of identifying unknown problems before they even occur,
rather than a reactive approach.
Logistics hubs to provide
flexibility and proximity
The logistics organization serves customers with the right products
and parts, on time, at the lowest possible cost. This is delivered
through effective and prompt customer order management, an ef-
ficient global planning organization, and a comprehensive global
distribution network, including efficient management of finished
goods and spare part inventories.
The outbound infrastructure is organized into four logistics hubs
that currently serve 110 countries. The two main global logistics
hubs distribute more than half of all our products and are based in
Europe, one in Italy for Food & Beverage and one in Sweden for
Laundry. One regional hub is based in Singapore to cover the APAC
region, while a second regional hub, located in Louisville in the US,
serves the market in North America.
Direct materials commodity, 2024
Mechanical and
raw material 45%
Electronics 28%
Chemical 12%
Other 15%
Our production
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Operational excellence
Becoming climate neutral
within our industrial operations
Manufacturing sites
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
P. 41Our productionElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
ISO certification – number of plants covered by third-party certification*
ISO 9001
10/12
ISO 14001
12/12
ISO 50001
3/12
ISO 45001
4/12
Our ambition is to become
climate neutral within our industrial
operations by 2030
During 2024 we have reduced non-renewable energy consumption
by 9%, currently operating with a 51% share of renewable energy.
All manufacturing sites in Europe operate with renewable electric-
ity. For sites outside Europe, our focus is on increasing the share of
renewable electricity. In addition, many projects to reduce energy
usage have been implemented in the factories, for example installa-
tion of new compressors, boilers, LED lights, and roof renovations.
Reduced energy and water consumption in operations
All our manufacturing sites are progressing with their sustainability
efforts. They are following a systematic approach to the responsible
use of resources, occupational health and safety, and environmen-
tal management. We leverage a consolidated set of standard tools
and methods, and also encourage the highest possible engage-
ment from our employees. One of our important future priorities will
be to reduce our impact from waste within our manufacturing.
Safe use of materials
Electrolux Professional Group strives to provide more sustainable
solutions throughout its value chain, including the use of safe mate-
rials that do not pose hazards to people and the environment. For
this purpose we rely on the Group´s Restricted Materials List.
Health and safety – zero accidents ambition
Each manufacturing site tracks and reports accidents and incidents.
Accidents prompt a root-cause analysis and corresponding action
plan. Each accident is followed up by the pillar team and insight
is shared between the different sites. The manufacturing sites also
work to identify and eliminate causes of unsafe acts and conditions.
ISO-certified plants - Global standards for trusted goods
and services
ISO, the International Organization for Standardization, brings
global experts together to agree on the best way of doing things
– for anything from making a product to managing a process. In
Electrolux Professional Group manufacturing, the target for all lo-
gistics, manufacturing, and R&D operations is to be third-party cer-
tified according to the ISO standards ISO 9001 and ISO 14001. Some
sites are also ISO 50001 and ISO 45001 certified.
*excluding acquired companies in 2024, TOSEI and Adventys
Share of renewable energy
Renewable
Non renewable
51%49%
Our production
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Operational excellence
Becoming climate neutral
within our industrial operations
Manufacturing sites
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
P. 42Our productionElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Vicksburg
Weidman
Rayong
Shanghai
Ljungby
Vallenoncello
Spilamberto
Sursee
Troyes
Aubusson
Saint-Vallier
Carros
Izunokuni Shizuoka
Seurre
Location
Primary product
category Products produced
Vallenoncello, Italy Food solutions • Refrigeration: counters, cabinets, blast chillers, roll-ins,
saladettes
• Oven range
• Modular cooking: grills, fry tops, braising pans, fryers,
pasta cookers, pans, neutral tops, solid tops, burners,
open bases, induction, hobs
• Dishwashers: hood types, rack types, under counters,
glass washers
Ljungby, Sweden Laundry • Washers
• Dryers
Rayong, Thailand Beverage
Laundry
• Cold beverage and juice dispensers
• Washers
• Dryers: single, stacked
Carros, France Beverage • Espresso coffee machines
Troyes, France Laundry • Washers, ironers
Seurre, France Food technology • Induction cooking technology solutions
Aubusson, France Food solutions • Dynamic preparation: planetary mixers, cutters, peelers,
vegetable cutters, display cooking
Saint Vallier, France Food solutions • Made-to-measure stoves
Location
Primary product
category Products produced
Sursee, Switzerland Food solutions • Modular cooking: grills, fry tops, braising pans, fryers,
pasta cookers, pans, neutral tops, solid tops, burners,
open bases, induction, hobs
• High-capacity cooking: tilting, boiling, and braising pans
• Made to measure stoves
Spilamberto, Italy Beverage • Hot and frozen beverage dispensers
• Soft ice cream dispensers
Shanghai, China Food solutions • Dishwashers: hood types, rack types, under counters,
flight types
• Fry tops
Vicksburg, Mississippi,
United States
Food solutions • Preparation, cooking and washing systems (ware and
vegetable washing)
• Steamers, kettles, and braising pans
Weidman, Michigan,
United States
Food solutions • Refrigeration and preparation tables; standard and
made-to-measure solutions
Izunokuni, Shizuoka,
Japan
Laundry,
Food solutions
• Washers and dryers, mainly for laundromats (Coin-ops)
• Vacuum packing machines such as table-top,
stationary and fully automatic
Manufacturing sites
Global
manufacturing sites
Our three largest factories,
Vallenoncello in Italy, Ljungby in
Sweden, and Rayong in Thailand,
produce for the global markets. The other
plants mainly serve regional markets, some
of them with solutions already adapted for
the global markets, with growth potential.
Our people
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Empowering our people
Our guiding principles
Sustainability statement
Governance & risk management
Financial information
Other information
Empowering our people 44
Guiding principles 45
Our people
P. 44Our people
Our people
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Empowering our people
Our guiding principles
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Empowering our people:
a commitment to growth,
diversity, and well-being
We regularly update our organization's
structure, processes, and capabilities. This is
essential to achieve our strategy and ensure
long-term sustainability.
A diverse and inclusive organization
Diversity is not just a buzzword for us; it’s a cornerstone of our cul-
ture. We celebrate and embrace differences in all forms because we
know that diverse perspectives fuel innovation and drive business
success. Our commitment to an open, fair, and inclusive workplace
ensures that everyone can prosper.
In 2024, our Unconscious bias workshops highlighted causes
of less inclusive behavior. About 1,000 leaders and team members
participated, with high satisfaction ratings.
We monitor gender diversity and set clear goals to increase
gender diversity. Employment decisions, including hiring, promotion,
compensation, training, and termination, must be based on abilities
and qualifications. We are
committed to a diverse, in-
clusive workplace with zero
tolerance for harassment and
bullying.
Gender distribution
Women
32%
Men
68%
Leadership diversity*
Women
28%
Men
72%
31 December, 2024
Number of employees
4,317
*excluding 2024 acquisitions
P. 45Our people
Our people
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Empowering our people
Our guiding principles
Sustainability statement
Governance & risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
People development remains a priority for
up-skilling, re-skilling, and evolving our work-
force. In 2024, we introduced the Learning &
Development module of our HR system, pro-
viding visibility into training and development
opportunities. This has been transitioned into an
employee-driven process that requires line man-
ager approval in limited instances.
This year, we invested in developing our
Global Leadership Forum (top 90 leaders)
through a session at a renowned business
school.
In 2024 we introduced “Gig opportunities”, a
way to facilitate an employee to join an initiative
or project in a different area than their usual
function. This is done alongside their current
roles, usually involving 20% of full-time work for
about 6 months.
To ensure accountability and contributions
from each employee, the Development Talks
program is underpinned by the principle of trust
Focus on people development
0
20
40
60
80
2024*202320222021
%
Employee satisfaction survey rate,
satisfied or very satisfied
74%
71%
70%
73%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
20242023202220212020
Lost Time Injury Rate
Our Guiding principles
By clearly stating the behaviors we want to see, we drive our company
identity and culture together. Our actions and decisions throughout the
company should reflect and be aligned with these guiding principles.
Be customer obsessed
Our customers are at the heart of everything we
do. In our definition, our customers are our ex-
ternal end-customers, as well as the colleagues
who are impacted by our actions and who ben-
efit from our work – and we value both.
Build trust
We believe that trust is an essential element for our
business and our people to prosper. We welcome
healthy debates and honest conversations in which
everyone has a voice and is encouraged to use it,
regardless of hierarchy. We are honest about our
mistakes and learn from our setbacks. We seek
commitment and accountability, and value honesty,
integrity, and ownership.
Be bold
Everyone is empowered to take action to deliver
better outcomes at Electrolux Professional Group. We
take risks with confidence and support courageous
decision-making that inspires progress and growth.
New perspectives and ideas are welcomed and we
approach them with an open mind. We appreciate
and respect our cultural differences and embrace all
people – irrespective of race, ethnicity, or gender.
Act sustainably
We consider the development of our people to
be as important as preserving our environment,
and we take decisions that reflect our desire
to build a better future. We aim to reduce our
negative environmental and social impact by
developing innovative and sustainable solutions
to enable future generations to be able to live
more sustainably.
and by the belief that highly engaged employ-
ees with a growth mindset will take excellent
care of their jobs, the company, and our custom-
ers. This employee-initiated process fosters on-
going dialogue between employees and man-
agers about business priorities, contributions,
skill improvements, and long-term success.
Employee Engagement Survey
Every year, we conduct an extensive, compa-
ny-wide Employee Engagement Survey (EES).
The survey provides long-term, in-depth insights
about the organization and leadership. In 2024,
the employee engagement survey participation
rate was 91%. Among many other topics, the
survey measures general employee satisfaction,
benchmarking the high-performance organi-
zation index. In 2024, the satisfaction rate im-
proved to 74%, and every area measured in the
survey showed improvement. Read more about
the survey and the EES process on page 82.
Employees by region
Asia-Pacific,
Middle-East,
Africa
21%
Americas
15%
Read more in
the Sustainability statement
section, own workforce
pages 81-86.
* TOSEI employees are not included. As measured by work-related accidents per 200,000 work
hours. 2024 outcome: after several years of improvement,
the LTIR did not improve compared to our target last year.
We are addressing the root causes of accidents, working
proactively with near misses and unsafe practices.
Europe
64%
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Sustainability Statement
P. 47Sustainability StatementElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
How to read
this statement
Electrolux Professional Group Sustainability report
(statement) 2024, has been prepared to fulfill Chapter
6, Paragraph 11 the requirements of the Swedish
Annual Accounts Act, the EU Taxonomy Regulation,
and Global Reporting Initiative (GRI 2021) standards.
The Sustainability statement is inspired by the
current interpretation of the European Sustainability
Reporting Standards (ESRS), which forms part of the
Corporate Sustainability Reporting Directive (CSRD).
The statement covers the period from January 1, 2024,
to December 31, 2024, reflecting our progress and ef-
forts during this timeframe.
This statement includes information on our sustain-
ability goals, targets, action plans, and commitments.
However, these reflect our current views and are sub-
ject to risks, uncertainties, and evolving circumstanc-
es. Some content is based on estimates, assumptions,
or third-party data, which we have not independently
verified.
We encourage stakeholders to interpret the in-
formation with an understanding of its inherent lim-
itations, as it may involve hypothetical scenarios or
assumptions and should not be regarded as definitive
predictions of future outcomes. This statement rep-
resents a step in our evolving sustainability journey
and our commitment to sustainability performance.
Governance
information
Social
information
General
information
Contents, sustainability
CEO comments
48
2024 achievements
48
Targets and performance 2024
49
Sustainability strategy
50
Sustainability ratings
51
Sustainability commitments
52
Business conduct
89
Human rights statement
80
Own workforce
81
Workers in the value chain
87
Affected communities
88
GRI
Environmental
information
GRI disclosure tables
91
GRI Index
93
Auditor's report
94
Climate change mitigation
61
Pollution
66
Water
68
Resource use and
circular economy
70
EU taxonomy report
73
General basis for preparation
53
Sustainability governance
54
Strategy, value chain, and
business model
55
Our stakeholders
56
Impact, risk, and opportunity
identification
57
Our commitments
and targets
P. 48Sustainability Statement - Our commitments and targetsElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
2024 achievements (ESG data on this page excl. 2024 acquired companies)
> CO₂ emissions (Scope 1 and 2) reduced by
61% (compared to 2019).
> Emissions from the product use phase
(Scope 3) reduced by 35% (compared to
2019).
> Gender diversity improved to 28% female
leaders.
> Reduced Lost Time Injury Rate decreased
by 53% (since 2019), amounting to 0.66 in
2024.
> Retained Silver Sustainability Rating
from EcoVadis.
> Satisfaction rate in the Employment
Engagement Survey improved to 74, com-
pared to 73 in the previous year.
The sustainability leader
– meeting needs beyond tomorrow
At Electrolux Professional Group, sustainability is
deeply embedded in our daily operations and
company culture. We aim to make a positive
impact by changing the world of professional
food, beverages, and commercial laundry. Our
ambition is to contribute actively to a world where
businesses can prosper, public institutions can
be more effective, workplaces become safer and
healthier, and where the consumption of energy,
water, and detergents is reduced.
Our sustainability efforts and targets are
centered around climate, health & safety, and
diversity with an overarching goal to be climate
neutral in our operations by 2030. Our sustain-
ability strategy is based on three pillars that
will help us to achieve our targets: Sustainable
solutions, Sustainable operations, and Ethics &
Relationships.
We are recognized as the sustainability leader
in our industry, as confirmed by several external
rankings. This recognition fills me with pride, but it
also brings a responsibility to continuously move
forward and improve to be able to meet the
needs beyond tomorrow.
Alberto Zanata,
President and CEO
> Use of renewable energy purchase and
generation in our factories increased by
30% (since 2019).
> Launch of Neo Blue undercounter dish-
washer, which uses less energy and water.
> Launch of the next generation of high-pro-
ductivity heat pump dryers (TD6-11), which
use less energy.
> Acquisition of Adventys, a specialist in in-
duction cooking, which is the future of sus-
tainable cooking.
> Ranked among the top 500 companies in
the world for sustainable growth by TIME
and Statista.
> Retained our B rating on Climate change
list in Carbon Disclosure Project (CDP),
achieved a B- rating in water security.
> Scored Low risk in the (ESG) risk rating by
Sustainalytics.
> Scored AA on the MSCI ESG list.
Alberto Zanata, President and CEO
P. 49Sustainability Statement - Our commitments and targetsElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Sustainability targets and 2024 performance
Environment
Target Outcome 2024¹
(2023) Comment on 2024 outcome
Science-based
climate targets
Reduce CO₂ emissions
Reduce Scope 1 and 2 emissions from our
industrial sites >70% by 2030 (base year
2019).
-61%
²
(–50)
Reduction achieved through a focus on
switching to renewable energy including
doubling our renewable energy genera-
tion, energy efficiency improvement, and
consumption reduction.
Reduce indirect
emission from use of
sold products
Reduce Scope 3 emissions from use
phase of sold products >27.5% by 2030
(base year 2019).
-35%
²
(–27.7)
Higher share of renewable energy from
the grid providers, lower volumes com-
pared to 2019, partially due to phase out
of some products, and more energy-effi-
cient products contributed to us reaching
the target.
1) Excluding 2024 acquired companies TOSEI and Adventys.
2) Recalculation is made by distributing the first reported emission footprint backwards to previous years
Our climate
ambition for 2030
To become climate
neutral within our industrial
operations by 2030.
Social
Target Outcome 2024¹ (2023) Comment on 2024 outcome
Health and safety
target for 2025
Lost-time injury rate
(LTIR)
As measured by work-related accidents
per 200,000 work hours. <0.3 by 2025.
0.66 (0.54)
After several years of improvement, the
LTIR did not improve compared to our
target last year. We address the root
causes of accidents, and work proactive-
ly with near misses and unsafe practices
to decrease the lost-time injury rate
towards our target.
Gender diversity
target for 2030
Gender diversity
Distribution men/women or women/men
40/60 in managerial positions by 2030.
28% (27)
Gender diversity across managerial
positions improved somewhat. Activities
related to diversity and inclusion, such as
training and support to hiring managers,
have increased during the year.
1) Excluding 2024 acquired companies TOSEI and Adventys.
P. 50Sustainability Statement - Our commitments and targetsElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Our sustainability strategy is how we work with our material sustainability topics. We perform
impact analyses and strategic assessments, which coupled with stakeholder expectations and
dialogs, serve as the basis for our sustainability efforts and materiality assessment.
Our sustainability strategy
Product performance
and efficiency
Grow the business by developing
sustainable, innovative solutions that
have low running costs.
Sustainable solutions
Material efficiency
Customer health,
safety, and wellbeing
Responsible use of
resources
Operational excellence
drives sustainability.
Sustainable operations
Occupational health
and safety
Environmental
management
Enabling business through
trust and relationships.
Ethics & relationships
Ethical practices
Stakeholder
relationships
As a signatory of the UN Global Compact, Electrolux Professional
Group uses this report to highlight our progress regarding the 10
principles (www.unglobalcompact.org/what-is-gc/mission/principles)
related to human rights, labor, anti-corruption, and the environment.
We want to do our part to improve society and generate value for
our stakeholders, and have identified six SDGs where we believe
we have a greater impact and opportunity to make a difference.
We also believe that commitment to, and application of, standard-
ized frameworks such as the International Labor Organization (ILO)
Convention, Global Reporting Initiative (GRI), and International
Organization for Standardization (ISO) standards simplifies the
understanding and fulfillment of stakeholder expectations.
Electrolux Professional Group serves a wide range of custom-
ers around the world, from restaurants, hotels, and launderettes to
healthcare and service facilities. Our solutions consume energy,
water, and detergents and thus impact our customers and the con-
sumers of the services they provide.
Our Group has a global presence and applies the same high
standards and principles of conduct globally; respect, diversity,
integrity, ethics, safety, and environmental protection. We aim to im-
prove sustainability performance in our operations through proper
management and a systematic approach, focusing on decreasing
our negative impact on the environment and society.
A good, open, and long-term relationship with the stakeholders
that are impacted by our business is key to delivering on our strate-
gic targets. We demonstrate our commitment, and seek stakeholder
trust, through several actions and procedures.
P. 51Sustainability Statement - Our commitments and targetsElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Our sustainability ratings
We are committed to minimizing our impact on climate change through our climate-neutral goals
for industrial operations. We conduct business responsibly and ethically, aiming to be a supportive
employer for our employees. Our efforts have been recognized by several rating agencies.
Risk rating from Sustainalytics
Morningstar Sustainalytics is a leading in-
dependent ESG and corporate governance
research, ratings, and analytics firm that
supports investors around the world to de-
velop and implement responsible investment
strategies.
Electrolux Professional Group ranked as an
Industry leader in sustainability in 2024 and
received an ESG risk rating “Low risk” 12.4.
Global Compact
Electrolux Professional Group has signed
the UN Global Compact and commits to its
10 principles regarding human rights, labor,
anti-corruption, and the environment.
Electrolux Professional Group among the
world’s 500 best companies in Sustainable
Growth
The Sustainable Growth 2025 benchmark list
by TIME and Statista, identifies companies
around the world that demonstrate outstand-
ing financial and environmental performance.
Electrolux Professional Group achieved a
top industry performance score, ranking #34
among global companies in the Engineering,
Manufacturing & Medical Technology sec-
tor, and #9 among Sweden-headquartered
companies.
Science-based targets
Our climate targets have been validated by
the Science Based Targets initiative (SBTi),
verifying that they are in line with the latest
climate science and consistent with the
goals of the Paris Agreement.
Carbon Disclosure Project (CDP)
CDP is a not-for-profit charity that runs the
global disclosure system for investors, com-
panies, cities, states, and regions to man-
age their environmental impacts. For 2024,
Electrolux Professional Group was given a
"B" rating in the CDP climate change list. We
were also ranked for water for the first time
and were given a rating B-.
Eco Vadis
EcoVadis is a provider of business sustain-
ability ratings, intelligence, and collabo-
rative performance improvement tools for
global supply chains. Retaining the Silver
Sustainability Rating in 2024 from EcoVadis
reflects Electrolux Professional Group’s con-
stant dedication to sustainability.
MSCI – Morgan Stanley Capital
International
MSCI is a leading provider of critical decision
support tools and services for the global
investment community. ESG Ratings from
MSCI measure a company’s resilience to
long-term, financially relevant ESG risks. In
February 2025, Electrolux Professional Group
maintained our industry-leading AA rating.
P. 52Sustainability Statement - Our commitments and targetsElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Our sustainability commitments
Electrolux Professional Group is a signatory to the United Nations Global Compact supporting the 10 Compact
principles. The Sustainable Development Goals (SDGs) functions as a compass, guiding us in our contributions
to a more sustainable society. We have identified six SDGs where we believe we have a greater impact and
opportunity to make a difference. We believe that the SDGs are good indicators of the priorities and challenges
that the world is facing.
Other SDGs relevant to us
SDG 3 – Health and wellbeing
SDG 11 – Sustainable cities and
communities
SDG 16 – Peace, Justice and Strong
Institutions
SDG 17 – Partnerships for the goals
SDG 7 Clean and affordable energy
SDG 13 Climate action
We can make a difference throughout our value chain by
developing energy-efficient products and working with energy
efficiency in our operations.
SDG 8 Decent work and economic growth
Knowing that our employees are the single most important fac-
tor in achieving long-term success, we are committed to contin-
uously developing a work environment that enables sustainable
performance where all employees can deliver their best.
SDG 12 Responsible consumption and production
To reduce the environmental footprint related to our products
and operations, we have a major focus on developing sustain-
able products for our customers.
SDG 6 Clean water and sanitation
Several of our products consume water. We can make
a difference by developing and offering water-efficient
products.
SDG 5 Gender equality
We value diversity and inclusion and have zero tolerance
for discrimination and harassment. We aim to increase the
proportion of female leaders at all levels of the Group.
Sustainable Development Goals (SDGs)
Electrolux Professional Group actively participates in stan-
dardization efforts to ensure that upcoming standards are
comparable and adoptable. This involvement helps stream-
line product testing and verification, making the process
faster, simpler, and more cost-effective while prioritizing
customer needs. We are part of the following manufacturing
and quality standard organizations:
> EFCEM (European Federation of Catering Equipment
Manufactures), represents manufacturers of commercial
equipment across Europe.
> IEC (International Electrotechnical Commission), a global
organization that develops and publishes international
standards for electrical, electronic, and related technolo-
gies.
> ISO (International Organization for Standardization), a
global organization that develops and publishes interna-
tional standards for various kinds of products, materials,
services and processes.
> CENELEC (European Committee for Electrotechnical
Standardization), that prepares voluntary standards in the
electrotechnical field at the European level.
> CEN (European Committee for Standardization), that
develops standards for various kinds of products, materials,
services and processes at the European level.
> ASTM (American Society for Testing and Materials), an
international standardization organization that develops
and publishes voluntary consensus technical standards.
> ASHRAE (American Society of Heating, Refrigerating
and Air-Conditioning Engineers), writes standards and
guidelines in its fields of expertise to guide industry in the
delivery of goods and services to the public.
P. 53Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
General information
Electrolux Professional Group Sustainability report has been pre-
pared to fulfill the requirements of Chapter 6, Paragraph 11 of the
Swedish Annual Accounts Act, the EU Taxonomy Regulation, and
the Global Reporting Initiative (GRI 2021) standards. The state-
ments is inspired by the current interpretation of the European
Sustainability Reporting Standards (ESRS), which forms part of the
Corporate Sustainability Reporting Directive (CSRD).
The report covers the period from January 1, 2024, to December
31, 2024, reflecting our progress and efforts during this timeframe.
As a signatory of the UN Global Compact, Electrolux Professional
Group uses this statement to showcase our progress regarding the
Global Compact 10 principles.
The primary audiences for this statement are shareholders and
other stakeholders. Electrolux Professional Group identifies its main
stakeholders by evaluating the significance of the impacts related
to its business and operations. The sustainability statement has
been prepared and consolidated to ensure comprehensive cov-
erage across the organization. It includes information required by
various regulations and commonly accepted sustainability reporting
standards and frameworks.
Our Double Materiality Assessment (DMA) process, as described
in Impact, Risk and Opportunities (IRO), evaluates the impacts, risks,
and opportunities within our operations and value chain.
Value chain coverage
Our sustainability statement addresses both our upstream and
downstream value chain. This includes the sourcing of raw mate-
rials and components for manufacturing our products, as well as
packaging materials, transportation to dealers, and the end-of-life
treatment of our products. This approach aims at addressing sus-
tainability at every stage of our product lifecycle.
Scope of the report
The sustainability statement is published annually. This statement
covers data that has been collected for the 2024 calendar year.
The environmental data in this report covers 12 manufacturing sites
(excluding Tosei and Adventys acquired by Electrolux Professional
Group in 2024) and all R&D, logistic centers, and offices where
we have manufacturing sites. However, the social data disclosed
covers our full scope including the two new acquisitions. Social
data is collected from different systems, and minor variations in the
total number of employees might exist at any specific point in time.
Performance indicators normally cover the last five years. Variations
might occur depending on relevance and/or data availability.
Disclosures in relation to specific circumstances
Value Chain Estimation - Metrics that include estimated data:
> Scope 3, Category 1: Purchase of raw materials
> Scope 3, Category 12: End-of-life treatment
Basis for preparation of data accuracy
The emissions from purchased materials are based on Life Cycle
Assessment (LCA) studies from eco-design assessments. For prod-
ucts lacking LCA data, their weight is assumed to be 100% steel and
multiplied by the DEFRA steel emissions factor.
End-of-life (EOL) emissions are derived from two sources. The
first is for products with LCA data, for which the emissions factor is
taken from eco-design assessments. For products without LCA data,
an average materials/disposal rate is calculated based on similar
products with LCA data. EOL emissions are assumed to be a fixed
percentage of the material emissions for each product.
Planned actions to improve data accuracy
The data accuracy for scope 3 categories 1 and 12 depends upon
the literature-based data precision. We plan to improve the data
accuracy progressively by digitalizing the calculations.
Restatements
Changes in preparation or presentation
of sustainability information
To structure its 2024 sustainability reporting, Electrolux Professional
Group has taken inspiration from the current interpretation of the
European Sustainability Reporting Standards (ESRS), which forms
part of the Corporate Sustainability Reporting Directive (CSRD).
The changes include:
> Conducting a double materiality assessment to identify the mate-
rial impacts, risks, and opportunities across our operations, as well
as in the upstream and downstream value chain.
> Disclosure of more material topics such as pollution, resource use,
circular economy, workers in the value chain, and affected com-
munities.
> Disclosure of more categories of Scope 3 emissions.
Changes in methodology for sustainability data
In 2023, Scope 1 and 2 emissions did not account for emissions from
HFC leakage. These emissions have now been incorporated into the
GRI tables for both 2023 and 2024.
In 2023, for hazardous waste, preparation for reuse and inciner-
ation was excluded. But this year it has been included.
Furthermore, this year’s reporting includes transport emissions
from motorbikes, passenger cars, and light commercial vehicles
within the Turnover, CAPEX, and OPEX disclosures for the EU taxon-
omy.
Additionally, the emissions factor for purchased electricity has
been updated—from IEA 2020 to IEA 2024 for the US, Thailand, and
China, and from IEA 2020 to AIB 2024 for European sites.
General basis for preparation
P. 54Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Sustainability governance
Role of the administrative, management, and supervisory bodies
The Board and its committees are considered the Group's adminis-
trative, management, and supervisory body for sustainability topics.
The Board has established Board committees for preparatory and
advisory roles (see Corporate Governance Report pages 97-107).
The Audit Committee is tasked with overseeing the sustainability
reporting processes. The Board appoints and provides instructions
to the CEO who is responsible for the day-to-day management of
the Group. The Board of Directors decides on the strategy, direction,
and overall targets of the Group’s sustainability work.
The Group Management Team further develops and implements
procedures. Each local management team and business function
has a delegated responsibility for the implementation of Group
policies, risk mitigation, and performance. The Group Sustainability
function supports the business by identifying the prioritized and
strategic sustainability issues and helps integrate them into the
business. The Sustainability function also monitors the overall perfor-
mance through dialog, performance data, and audit results.
A Sustainability Board was established in 2022 to share sustain-
ability information, collect feedback, oversee the implementation
of the Group’s sustainability strategy across the whole organiza-
tion, and strengthen the governance of the sustainability work. The
Sustainability Board is chaired by the Group Sustainability Vice
President who reports the performance of the Sustainability Board
to the Group Management and the Board of Directors.
Skills and expertise
The governing bodies possess the necessary skills to oversee sus-
tainability matters, including assessing target requirements, invest-
ment needs, budgeting processes, and executing action plans to
achieve the targets. See pages 97-107 for more information.
Integration of sustainability-related performance
in incentive schemes
Electrolux Professional Group includes sustainability-related per-
formance in our long-term incentive (LTI) program, a share-based
program. Since 2023, we have been measuring Scope 1 and 2 CO₂
emission reductions in the LTI Program. The CO₂ emission reduction
target has been amended to a year-on-year reduction. The propor-
tion of variable remuneration dependent on sustainability-related
targets and/or impacts is 20%. The terms of the incentive schemes
are approved and updated by the Board of Directors based on
recommendations from the Remuneration Committee. Share-based
long-term incentive programs are approved by the shareholders at
the Annual General Meeting.
Risk management and internal controls over
sustainability reporting
Electrolux Professional Group’s sustainability reporting is exposed to
the risk of material misstatement due to human errors, inconsisten-
cies, inaccuracies in data collection across sites, lack of evidence
and reporting complexity. The risk is amplified for acquired compa-
nies as they must adjust their reporting per the Group’s reporting re-
quirements. Above mentioned risks are evaluated and addressed in
the design process of internal controls over sustainability reporting.
In 2023, in the pilot initiative, internal controls for three key
performance indicators (KPIs) were designed and are under imple-
mentation. These controls aimed at addressing identified risks and
ensuring the accuracy, reliability, and transparency of sustainability
data. Furthermore, Electrolux Professional Group has implemented
a single consolidated data model, which collects the data in a
dedicated digital sustainability reporting software. This software
provides transparency and traceability of the data to minimize the
risk of human errors in calculations.
Electrolux Professional Group continues the work to develop
more controls according to the defined roadmap for internal con-
trol over sustainability reporting. The scope is based on the Double
Materiality Assessment including disclosures and quantitative and
qualitative data points. The data points used as input for measuring
Electrolux Professional Group’s sustainability targets are considered
as higher risk areas.
The status updates on the advancement of internal control
over sustainability reporting are regularly provided to the Audit
Committee. Once the framework is established, the communication
and reporting will be aligned with the existing reporting on effec-
tiveness of internal control over financial reporting.
P. 55Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Environmental goals
> Be climate neutral in our operations by 2030
> Offer energy- and water-efficient solutions
> Where applicable, switch to hydrofluorocarbon (HFC) gases
with a lower Global Warming Potential (GWP)
> Design products with circularity principles and implement
circular business models, where applicable
> Reduce water withdrawal
> Focus on the safety of our products, especially substances of
concern
> Improve pollution management at our sites
Social goals
> Improve the health and safety of our employees
> Increase gender diversity and inclusiveness in the workplace
> Carry out human rights due diligence
> Enhance employee engagement and satisfaction at work
> Attract, develop, and retain talent
> Ensure fair wages and allow labor unions
> Adopt responsible sourcing practices to avoid conflict minerals
Governance goals
> Carry out Code of Conduct training
> Ensure good sustainability governance
> Conduct business responsibly
> Promote whistleblowing and reporting of misconduct
Strategy, value chain and business model
We offer a diverse range of sustainable products and solutions,
serving various markets and customer groups globally. Our commit-
ment to quality and innovation ensures we meet the needs of our
customers.
Our Strategy
Our company strategy focuses on four pillars, built on a foundation
of operational excellence to improve sales, productivity, and cost
efficiency in the supply chain:
> Grow through innovation and sustainable solutions
> Expand in high-margin products, segments, and geographies
> Boost Customer Care and service-as-a-solution offering
> Invest in digitalization to unlock additional customer value.
Read more about our Strategies in the Annual report, pages 11–18.
Significant products and services
During the reporting period, we continued to offer a diverse range
of products, including ovens, stoves, and other cooking equipment,
refrigerators and refrigerated tables, dishwashers, washing and dry-
ing machines, food preparation products, and beverage products.
Significant markets and customer groups
We serve a wide array of markets and customer groups, ensuring
that our products meet the needs of various sectors and demo-
graphics. Our commitment to quality and innovation allows us to
cater for diverse customer requirements, providing reliable and effi-
cient solutions for their everyday needs.
Business model and value chain
Electrolux Professional Group is one of the leading global providers
of professional food, beverage, and laundry solutions. We serve a
wide range of customers globally, from restaurants and hotels to
healthcare, educational, and other service facilities. Our business
is centered around developing and innovating smart products that
offer sustainable solutions. We prioritize customer care and provide
various chemicals, accessories, spare parts, and consumables. Our
sales are primarily conducted through dealers and distributors.
Enhancing customer experience and employee well-being
Our solutions are dedicated to making our customers’ work-life
easier, more profitable, and truly sustainable. We pride ourselves
on world-class manufacturing that not only focuses on reducing
environmental impact but also ensures an excellent working envi-
ronment for our employees.
We are not active in high-risk sectors such as fossil fuels, chem-
ical production, controversial weapons, or the cultivation and pro-
duction of tobacco.
Sustainability goals
Electrolux Professional Group has committed to several sustain-
ability-related goals across our products, services, customer cat-
egories, geographical areas, and stakeholder relationships. Our
Sustainability strategy is focused on building a sustainable business
through the strategic pillars within the areas of environment, social
and governance management.
We believe that the future of the planet relies on our ability to
create solutions that use resources efficiently. Our solutions are
designed to ensure that our customers can focus on their business,
in the confidence that they contribute to an improved sustainability
performance. Read about our targets on page 49.
Upstream
Scope 3 upstream emissions
Own operations
Scope 1 and Scope 2 emissions
Downstream
Scope 3 downstream emissions
Own operationsRaw material
Finished product supplies
Transportation
upstream
Warehouse Transportation
downstream
Dealers & Distribution End users
Service Customer care
Repair and maintenance
Value chain
P. 56Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Our stakeholders
We recognize that our key stakeholders care about good labor
conditions, health and safety, and the environmental management
of our suppliers’ operations. These topics are integral to our strategy
and business model.
Stakeholder Engagement and purpose Outcome on important topics Value generated
Customers and users • Ongoing dialog to understand requirements. This dialog takes place
during customer visits, requests for quotations, fairs etc. We also do
more systematic studies and measure the Net Promotor Score (NPS)
• Improving the Quality
• Reduction in Energy consumption and carbon footprint
• Improve total cost of ownership
• Improve Reliability of the overall equipment system
• Improve ergonomics and humancentric design
• Enhanced hygiene requirements
• Easier work life
• Profitability
• Low consumption and environmental
footprint
Employees • We strive to create an open, fair, and inclusive work environment
and enhance the employee engagement. We have ongoing dialog
with employees and unions through our managers
• Systematic dialog within our people performance and development
process
• Employee engagement surveys
• Improve Health and safety
• Improve Diversity and inclusion
• Improve People development
• Competitive compensation
• Sustainable working environment
• Learning and development
• Strengthened leadership
Investors and owners • We communicate through direct meetings, conferences, ESG surveys,
capital market days, and the Annual General Meeting.
• Ethical business practices
• Diversity and inclusion
• Health and safety
• Climate action
• Supply chain management
• Reduced risks
• Long-term value generation
Suppliers • Dialog with suppliers is mainly conducted through supplier meetings,
negotiations, and discussions
• Information gathered about suppliers during the RFQ phase
• Signing of our supplier workplace standard
• Health and safety
• Environmental management
• Labor conditions
• Human rights
• Jobs
• Mutual benefits
• Reduced risks
Society and local
communities
• Contacts with local communities regarding local environmental
requirements
• Monitor public opinion and changes in legislation
• Labor conditions
• Health and safety
• Environmental management
• Taxes
• Reduced carbon footprint
Academia and NGO's • Participation in networks, meetings, and partnership where relevant • Sustainable innovation
• Strategic partnerships
• Mutual benefits
• Development of opportunities
The following table discloses how we engage with our key stakeholders, the purpose of those engagements
and their outcomes. The views of stakeholders inform our due diligence process and the materiality assess-
ment, which is described in more detail in Impacts, Risks and Opportunities (IRO), on page 57.
The Group's management and the Board are regularly updated
on the views and interests of stakeholder groups, and meet with
many of them regularly to discuss the Group's sustainability-related
impacts.
Given that our employees are the single most important factor in
achieving long-term success, we are committed to continuously de-
veloping a work environment that enables sustainable performance
and development so that all employees can deliver their best.
P. 57Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Impact, risk, and opportunity identification
Double Materiality Assessment (DMA)
According to the principle of Double Materiality, a sustainability
matter is deemed material from one or both of the following per-
spectives:
> Impact materiality – the company's impact on people and/or the
environment
> Financial materiality - sustainability matters that affect the com-
pany's cash flows, development, performance, position, cost of
capital, or access to finance.
In 2024 we completed our double materiality assessment compris-
ing impact and financial materiality. The assessment was carried out
in five steps:
1. Identification of gross list of environmental, social, and gover-
nance (ESG) topics
2. Process and stakeholder review
3. Impact materiality assessment
4. Financial materiality assessment
5. Materiality mapping and documentation
ESG topics gross list
The gross list of ESG topics was identified using the list provided by
ESRS. We also reviewed our internal documents to identify topics
that are not covered by ESRS but could be material for us.
Process and stakeholder review
This involved a review of the value chain, business model, and cur-
rent working processes. We identified stakeholders that represent
each part of the value chain – suppliers, own operations, customers,
and end customers – and engaged with them via dialogue and
interviews to identify the impacts, risks, and opportunities related to
sustainability.
Impact materiality assessment
After mapping the positive and negative, actual and potential
impacts we have on people and the environment related to sus-
tainability matters, we then scored and prioritized the impacts.
Negative impacts were scored based on severity - a combination
of scale, scope, and remediability - and likelihood. Severity was
prioritized over likelihood in terms of negative impacts on human
rights.
Positive impacts were scored based on their scale, scope, and
likelihood.
Appropriate thresholds were established based on the quan-
titative assessment, existing processes, and dialog with Electrolux
Professional Group’s sustainability team. Impacts that received a
score of medium or high were deemed material.
Financial materiality assessment
After mapping the risks and opportunities triggered by a sustain-
ability matter, the pertaining financial effects were assessed based
on the size of the potential economic impact and the likelihood of
occurrence. The size of opportunity/risk is based on our internal
Enterprise Risk Management (ERM) system and the scoring was
aligned with the existing ERM assessment.
Internal documents were reviewed to determine impacts,
risks, and opportunities (IRO) over and above those identified
by stakeholders. Such documents included policies, ISO certifi-
cations, the Employment Engagement Survey (EES), the Code of
Conduct, the management system, and internal audit outcomes.
Representatives from suppliers, our own operations, customers,
users, and end-customers were included in the review group.
Electrolux Professional Group intends to revisit the DMA regu-
larly, taking into account evolving trends, contextual and regulatory
changes, and underlying assumptions. We will conduct a thorough
review of the DMA to ensure its effectiveness and relevance.
Own operations Downstream
Stakeholders representation
Electrolux Professional
Group
Upstream
Suppliers Customers and users End customers
P. 58Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Double materiality assessment
As a result of the materiality assessment, we deem that nine of the European
Sustainability Reporting Standards' (ESRS) topics and 18 sub-topics are material.
Double Materiality Assessment
A double materiality assessment is a crucial process for companies
to identify and report on sustainability matters that are significant
from two perspectives: financial materiality, which focuses on how
sustainability issues affect the company's financial performance,
and impact materiality, which considers the company's effects on
stakeholders and the environment.
The double materiality assessment of Electrolux Professional
Group identified eleven material topics within environment, four
material topics within social, and three material topics within gov-
ernance.
Internal control, risk management, and management processes
Internal controls were applied throughout the double materiality
assessment process. Existing assessment methods were merged
with those outlined in the European Sustainability Reporting
Standards (ESRS), and used in the impact and financial materiality
assessments. The impacts, risks, and opportunities identified were
mapped over the short-, medium- and long-term time horizons and
according to where they are most prevalent in the value chain. The
sustainability topics and impacts, risks, and opportunities identified
were then given a score, based on the criteria in the ESRS chapter
"General requirements for impact and financial materiality".
Double materiality analysis (DMA)
Impact material Double material
Non-material Financial material
> Pollution of air
> Pollution of living organisms
and food resources
> Other work-related rights
> Other work-related rights of
workers in value chain
> Marine resources
> Direct impact drivers of biodi-
versity loss
> Impacts on the state of species
> Impacts on the extent and
condition of ecosystems
> Impacts and dependencies on
ecosystem services
> Communities’ civil and political
rights
> Particular rights of indigenous
communities
> Information-related impacts for
consumers and/or end-users
> Personal safety of consumers
and/or end-users
> Social inclusion of consumers
and/or end-users
> Animal welfare
> Political engagement and
lobbying activities
> Management of relationships
with suppliers including payment
practices
Climate change adaptation
Protection of whistleblowers
Corruption and bribery
Climate change mitigation
Micro plastics
Water
Resource inflows, including resource use
Working conditions of workers in the value chain
Communities’ economic, social and cultural rights
Corporate culture
Energy
Pollution of water
Pollution of soil
Substances of concern
and Substances of very
high concern
Resource outflows
related to products
and services
Waste
Working conditions of
own workforce
Equal treatment and
opportunities for all
Impact materiality
Financial materiality
Environment Social Governance
P. 59Sustainability Statement - General informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Biodiversity
Since our TNFD (Task Force on Nature-related Finance Disclosure)
assessment is still undergoing, we consider the topic non-material
from the reporting point of view this year. However, we have decid-
ed to monitor the biodiversity and ecosystem area.
Pollution of Air
The risk of air pollution in our operation is low as we do not directly
pollute the air. While we do have powder-coating paint in several of
our paint workshops that might pollute the air, we have no evidence
of health-related issues due to this paint. There is a risk of air pol-
lution in the upstream value chain (suppliers, sub-suppliers) for ex-
ample from steel manufacturers. We will request evidence from our
suppliers regarding the air pollution at their sites and sub-supplier
locations. This can be collected via our ESG assessment tool which
allows us to monitor the scale and scope from a reporting point of
view. Consequently, the scale and scope of air pollution is limited to
the suppliers' site and is deemed as non-material from a reporting
point of view.
Pollution of living organisms and food resources
Pollution of living organisms and food species is linked to pollution
of air, water, and soil since the pollution of water and soil impacts
living organisms and food resources. Given that we intend to ad-
dress the pollution of air, water, and soil, we will also address the
pollution of living organisms and food resources.
Workers in the value chain (Equal treatment and opportunities in
the supply chain and Other work-related rights)
After an initial assessment, the scale and scope of the risk is consid-
ered to be limited to first-tier suppliers only, given that we only have
contracts with tier-1 suppliers and do not influence tier-2 suppliers
and beyond. We expect our tier-1 suppliers to uphold sustainability
standards in their value chain. We nevertheless include or reaffirm
these topics in our policies, work standards, and supplier workplace
standards to demonstrate that we conduct business responsibly
throughout the value chain.
Communities’ civil and political rights
and Particular rights of Indigenous communities
Since Community's civil and political rights do not significantly in-
fluence our performance, risks, or strategic decisions, we deem it
as non-material from the reporting perspective. We will still comply
with the ESRS recommendations to address them in our existing
documents (policies, management practices, etc) and keep working
on mitigating any potential impacts arising from this risk.
Conclusions regarding non-material topics
P. 60Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Sustainability is a key part of our strategy, culture,
and day-to-day operations. We want our solutions
and operations, today and tomorrow, to support a
more sustainable world, and we use the UN's Sustain-
able Development Goals (SDGs) as our compass
to guide how we contribute to a better society.
At Electrolux Professional Group, we uphold sus-
tainability principles and recognize the urgency of
climate change mitigation.
Environmental
information
Climate Change 61
Pollution 66
Water 68
Resource Use and Circular Economy 70
P. 61Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Climate change mitigation
Electrolux Professional Group recognizes that taking action related
to climate change mitigation is critical. Our products and operations
generate emissions throughout the value chain and we believe we
can make a difference by reducing emissions related to our opera-
tions. We want to set the pace within the professional food, laundry
and beverage solutions industry through innovation in sustainability
and energy efficiency, and by reducing emissions in the product use
phase.
To align with the Paris Agreement's goal of limiting global warm-
ing to 1.5°C, in 2020 we communicated our ambition to become
climate neutral in our industrial operations by 2030, as measured
by Scope 1 and 2 emissions. During 2020 we also set a Scope 1 and
2 emission targets to reduce emissions by 50% by 2025 (includ-
ing contributions from acquisitions made in 2015–2019), which we
achieved in 2023.
In 2022 we developed our Scope 1 and 2 emission reduction
targets of 70% by 2030 from a 2019 base year, and a Scope 3, emis-
sions from use of sold product, reduction target of 27.5% by 2030
from a 2019 base year. These were validated and approved by the
Science-Based Targets initiative (SBTi) in 2023.
To achieve the climate targets, we have activities embedded
into the Group’s overall business strategy and incorporated through
our annual business and financial planning process, which is ap-
proved by the Group management and the Board of Directors.
Electrolux Professional Group’s locked-in Greenhouse gas (GHG)
emissions arise from the use phase of products sold over their life-
time, and from the manufacturing facilities. Most GHG emissions
emanate from facilities equipped with fossil-fuel-based heating
systems and paint workshops at three of our production sites. For
the use phase of products sold, the cumulative locked-in GHG emis-
sions have been calculated as the sales volume of products multi-
plied by the sum of estimated direct use phase GHG emissions over
their lifetime. Products that have a high level of energy consumption
and gas-powered appliances have a significant contribution to
locked-in GHG emissions. Locked-in GHG emissions have been tak-
en into account in the development of our transition plan.
Electrolux Professional Group conducts economic activities that
are covered by the EU taxonomy. Read more in the Taxonomy sec-
tion on page number 73.
IMPACTS, RISKS, AND OPPORTUNITIES (IRO)
We have conducted a double materiality assessment (DMA) and
climate-related scenario analysis using the Task Force on Climate-
Related Disclosure (TCFD) guidelines to identify climate-related
IROs. The TCFD assessment used the 1.5 °C scenario, IEA Net Zero
Emissions (NZE), The Network for Greening The Financial System
(NGFS) Net Zero 2050 Transition Scenario, Net Zero Steel Initiative’s
(NZSI), Net Zero by 2050 Scenarios (Carbon Cost Scenario and
Technology Moratorium Scenario) to map the transitional risks.
Furthermore, we used the 4°C scenario, Intergovernmental Panel on
Climate Change (IPCC) 5th AR (RCP 8.5), and IPCC 6th AR (SSP5-
8.5) to test how our assets and business activities may be exposed
to physical risks.
Time horizons considered were medium-term (1-5 years) and
long-term (5+ years). The reports from the International Energy
Agency (IEA) and Intergovernmental Panel on Climate Change
(IPCC) have functioned as the primary sources of information for the
analyses of transition and physical risks, with additional input from
geography-specific and industry-specific reports and articles.
The analysis considered Electrolux Professional Group’s direct
operations in the geographical areas of Europe, Asia and North
America for the value chain.
Climate-related Impacts
Electrolux Professional Group has identified significant impacts
related to climate change in its operations and throughout its val-
ue chain. Approximately 99% of greenhouse gas (GHG) emissions
in Electrolux Professional Group’s value chain occur downstream,
primarily from electricity consumption in the product use phase
at our customer’s premises. Although emissions from Electrolux
Professional Group’s direct operations (Scope 1 and 2) account for
less than 0.1% of the total carbon footprint, they are still deemed
material because all sectors of the economy must reduce emissions
to meet global climate mitigation agreements.
SCOPE 1
Own operations
2.14 ktCO2e
(0.05% of total emissions)
Greenhouse Gas (GHG) emissions, 2024
tCO2e
SCOPE 2
Purchased electricity & heating
1.2 ktCO2e
(0.03% of total emissions)
SCOPE 3
Value chain emissions
4,427 ktCO2e
(99.9% of total emissions)
Purchased goods and services 4.50%
Capital goods 0.19%
Fuel and energy related activities 0.04%
Upstream Transportation 0.64%
Waste generated in operations 0.01%
Business travel 0.13%
Employee commuting 0.24%
Use of sold products 93.42%
End of life treatment of sold products 0.85%
100%
Total GHG emissions
4,430 ktCO2e
99.9%
0.1%
Total
SCOPE 1 & 2
emission
3,34 ktCO2e
TRANSITION PLAN FOR CLIMATE CHANGE MITIGATION
P. 62Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Our main climate impact occurs during the product use phase
within Scope 3. The main source of emissions within the usage
phase relates to the product’s energy consumption. In 2024, Scope
3, Category 11 emissions amounted to 4,136 ktCO2e., a 35% reduc-
tion compared to 2019 with a recalculated baseline. Recalculation is
done by distributing the first reported emission footprint backwards
to previous years.
Climate-related risks
Climate-related risks may impact the below areas and the financial
standing, but are not considered to be sources of uncertainty in
the current financial year. We have carried out a scenario analysis
on climate-related risks and opportunities per the Task Force on
Climate-Related Disclosure (TCFD) recommendations for 2022. The
two scenarios help identify transition and physical risks:
A. Transition risks are related to the financial risks of not being
prepared for the socio-economic changes of a world striving to
meet the Paris Agreement ambition of limiting global warming to
well below 2°C.
B. Physical risks are related to the financial risks of not being pre-
pared for the physical changes of a world where ambitious
climate policies fail or fall short, and the global warming of the
world pushes towards 4°C.
Transition risks identified:
> Increased prices due to carbon prices.
> Increased transport prices due to low carbon emission transport.
> Energy price volatility due to energy decarbonization.
> Increased steel prices due to leftover carbon.
> Energy labeling and circular economy legislation driving an in-
crease in prices.
Physical risks identified:
> Asian sites are more prone to climate risks, such as rising sea lev-
els and flooding.
> Suppliers located in Asia are more prone to climate risks.
IRO assessment outcome
Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream
Own
operations
Down-
stream
Short
term
Medium
term
Long
term
GHG emissions in operations and value chain Negative
Impact
Adopting renewable energy can mitigate GHG
emissions
Positive Impact
High efficiency and low-energy consumption
products, lower operating costs for customers
Opportunity
Extreme weather events and natural disasters Risk
Climate-related opportunities:
Impacts such as an increased risk of water scarcity and less pre-
cipitation could drive customer demand for water-efficient products
and solutions. We can respond to that demand with innovative
solutions. Customers are increasingly looking for equipment that
reduces operating costs. They are focusing more on the total cost
of ownership of equipment rather than the initial investment, for in-
stance, costs for labor, electricity, water, and detergent. Electrolux
Professional Group has the opportunity to continue building re-
source-efficient products that have a low environmental impact and
keep customers ahead in business sustainability.
POLICIES
The Group Environmental policy describes our strategy for man-
aging our environmental performance, including efforts to mitigate
climate change. It also focuses on reducing our operation's resource
consumption, waste, pollution, and carbon emissions. The policy
addresses designing products to reduce their adverse environmen-
tal impact throughout their life cycle, focusing on material selection,
production, product use, and end-of-life. The Group environmen-
tal policy applies to all operational entities and employees of
Electrolux Professional Group. Through the Group Environmental
policy, we encourage our suppliers, subcontractors, and part-
ners to adopt the same environmental principles that Electrolux
Professional Group upholds. Additionally, the Group's Workplace
Directive outlines the environmental management practices that all
operational units of Electrolux Professional Group must follow.
ACTIONS
Scope 1 and 2 emission reductions roadmap
Electrolux Professional Group's near-term emission reduction tar-
gets were validated and approved by the Science-Based Targets
initiative (SBTi) in 2023. We have identified the key decarbonization
levers below to achieve one of the targets, a 70% reduction in emis-
sions from the 2019 base year.
> Elimination of natural gas and electrification of heating
> Installation of on/near-site solar Photovoltaics (PV)
> Increased share of renewable energy purchase from the grid,
certified through renewable energy certificates (RECs) and
Guarantees of Origin (GO)
> Improvement in both thermal and electrical efficiency
> Replacement of refrigerant gases with a high global warming po-
tential with gases that have less of an impact
The graph below demonstrates the decarbonization levers and their
expected outcomes and time horizons.
Reduction roadmap for Scope 3 emission from use of sold products
During 2022, we developed our Scope 3 use phase of sold products
emission reduction target of 27.5% by 2030 from a 2019 base year.
This was validated and approved by the Science-Based Targets
Initiative (SBTi) in 2023. We have developed a clear plan to reduce
our Scope 3 product use emissions:
1. Improved energy efficiency in product lines
2. Portfolio shift towards electrical appliances and heat-pump appli-
ances wherever applicable, and away from gas-fired appliances
which will decarbonize with the “greening” of the grid
3. Work with key customers to ensure they are using sources of re-
newable energy for their energy supply
4. Innovate for new technologies to continuously reduce the con-
sumption of resources.
0
2,000
4,000
6,000
8,000
10,000
2030
emission
target
Energy
efficiency &
consumption
reduction
ElectrificationRenewable
energy
purchase
from grid
Renewable
energy
usage
from
generation
2019
Baseline
emission
–6%
–31%
–26%
–8%
2,563
ton CO2e
Scope 1 and 2 CO2 emissions reduction
CO2 reduction
8,544
P. 63Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2030
Targets
202920282027202620252024
Reporting
year
2023
SBTi
validated
2022202120202019
Baseline
4,586
4,136
6,326
ktons CO2e
Scope 3 CO2* emissions from use phase sold products
reduction target by 2030
–27.5% (SBTi target)
0
2,000
4,000
6,000
8,000
10,000
2030
Targets
202920282027202620252024
Reporting
year
2023
SBTi
validated
2022202120202019
Baseline
ton CO2e
Absolute CO2* emissions reduction target by 2030
(Scope 1 and 2)
2,563
-70% (SBTi target)
3,346
8,544
Scope of key actions
The actions outlined apply to all production activities under Electrolux
Professional Group's operational control, except offices and logistics
hubs. Scope 1 emissions include emissions from natural gas and
LPG combustion, but do not account for fuel consumed by owned
vehicles. Developing and offering energy-efficient, low-resource-con-
suming products is relevant to all product categories manufactured
by Electrolux Professional Group. We expect our suppliers to im-
prove product-performance efficiency continuously and actively
work to reduce Scope 1 and Scope 2 emissions at their facilities.
Resource allocation and implementation dependency
The Group has allocated a forecasted budget for implementing its
GHG reduction action plan. This proactive measure ensures that
Electrolux Professional Group is well-prepared to address and
adapt to evolving business requirements. Electrolux Professional
Group covers the capital expenditures (CAPEX) and operating ex-
penditures (OPEX) required to execute the action plan in its normal
financial planning and yearly budget.
Progress on energy consumption and GHG emissions
In 2024, energy consumption from our own operations increased
by 2% due to the higher consumption of natural gas and district
heating. In line with our major decarbonisation levers, we continued
working with elimination of natural gas and electrification of heating.
Total energy consumption of electricity from non-renewable
sources decreased by 49% in comparison to 2023 due to improve-
ment in energy efficiency and an increase in the use of renewable
energy from generation and the grid (Renewable energy certificates
and Guarantees of Origin).
In 2024, our gross Scope 1 and 2 (market-based) emissions
reduced by 24% in comparison to 2023, due to the decrease in
non-renewable electricity consumption at our US production sites.
We have updated our emissions factor from IEA 2020 to 2024 and
Energy consumption and mix, 2024
Natural gas 10,136 MWh
LPG 1,062 MWh
District heating consumption
4,485 MWh
Electricity from
non-renewable sources
2,998 MWh
Renewable sources
Electricity from renewable
sources 19,764 MWh
Total
38,445 MWh
MWh
Fossil & other sources
Since we already reached our 2030 target, we will develop a new
target.
0
1,000
2,000
3,000
4,000
5,000
6,000
2024Energy
efficiency
improvement
Renewable
energy
usage from
generation
Renewable
energy
purchase from
the grid
Non renewable
electricity
2023
–35%
–11%
–3%
2,998
Non renewable energy reduction
5,863
MWh
this has reduced our emissions due to grid decarbonization. Our
Scope 3, category 11 use of sold products emissions decreased by
10% in comparison to 2023, due to a reduction in sales volume and
improvement in our grid emissions factor. We have achieved our
2030 target for category 11 in 2024.
Overall, Scope 3, categories 1, 11 and 12 relating to our products
account for almost 98.7% of total Scope 3 emissions. We are work-
ing towards developing energy efficient products in line with our
action plans.
TARGETS
Targets related to climate change mitigation
Electrolux Professional Group has set GHG emission reduction tar-
gets that align with the goal of limiting global warming temperature
to 1.5°C. These targets have been approved by the Science Based
Targets initiatives.
Electrolux Professional Group aims to achieve a 70% reduction in
absolute Scope 1 and 2 GHG emissions by 2030, using 2019 as the
base year.
Additionally, it targets a 27.5% reduction in absolute Scope 3
emissions from use phase of sold products, within the same time-
frame. Since we reached our 2030 target for Scope 3, category 11
already in 2024, a new target needs to be developed.
Electrolux Professional Group is also committed to phasing out
hydrofluorocarbons (HFCs) with a Global Warming Potential (GWP)
of greater than 150, targeting at least a 70% reduction by 2025, us-
ing 2019 as the base year (which was 18.6 tons of refrigerants).
We will continue to explore additional opportunities to decar-
bonize our plants in pursuit of our climate-neutral ambition within
our industrial operations by 2030.
* CO₂e=Carbon dioxide equivalent (includes GHG)
* CO₂e=Carbon dioxide equivalent (includes GHG)
P. 64Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Gross emissions scopes 1, 2, 3, and total emissions
GHG emissions disaggregated by Scopes 1 and 2, and significant Scope 3
Baseline
emission 2019 2023 2024 % N / N-1 2030 target
% target /
Base year
Scope 1
GHG emissions Gross Scope 1 GHG emissions (tCO
2
e)
2,621 2,177 2,159 -1% 786 70%
Scope 2
GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
e) 7,926 6,883 6,757 –2% 2,378 70%
Gross market-based Scope 2 GHG emissions (tCO
2
e) 5,923 2,226 1,202 –46% 1,777 70%
Significant Scope 3
GHG emissions
Total Gross indirect Scope 3 GHG emissions (tCO
2
e) 6,622,301 4,838,782 4,423,423 –9% – –
1 Purchased goods and services 194,667 179,371 199,068 11% – –
2 Capital goods 12,847 7,101 8,449 19% – –
3 Fuel and energy-related activities (not included in Scope 1 or 2) 2,667 2,800 1,566 –44% – –
4 Upstream transportation and distribution 33,427 27,426 28,242 3% – –
5 Waste generated in operations 66 334 309 –7% – –
6 Business travel 1,120 5,375 5,562 3% – –
7 Employee commuting 6,495 5,945 6,885 16% – –
8 Upstream leased assets – – – – – –
9 Downstream transportation – – – – – –
10 Processing of sold products – – – – – –
11 Use of sold products 6,325,730 4,572,631 4,135,880 –10% 4,586,000 27.5%
12 End-of-life treatment of sold products 45,283 37,800 37,462 -1% – –
13 Downstream leased assets – – – – – –
14 Franchises – – – – – –
15 Investments – – – – – –
Total
GHG emissions
Total GHG emissions (location-based) (tCO
2
e) 6,632,848 4,847,842 4,432,339 –9%
Total GHG emissions (market-based) (tCO
2
e) 6,630,845 4,843,184 4,426,784 –9%
P. 65Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Category Key Considerations
Reporting Period 1 January 2024 to 31 December 2024. Covers 12 manufacturing
sites and 2 logistics hubs.
GHG Inventory Standard Prepared in accordance with the GHG Protocol Corporate
Standard. Uses the operational control approach for all GHG
emissions as CO₂e. Applies to all greenhouse gas emissions.
5% significance threshold for emission recalculations in compli-
ance with SBTi requirements.
Scope 1: Direct Emissions Includes fuel consumption for manufacturing, heating of
facilities. Uses latest DEFRA (2023) emission factors. Refriger-
ant leakage is included in calculations. Mobile combustion is
excluded (limited impact).
Scope 2: Indirect Emissions Includes purchased electricity for facilities and district heating
for Swedish facilities. Uses latest AIB (2024) emission factors
for European sites and IEA (2024) for the rest. Market-based
approach used for tracking Scope 2 targets. Sales offices
not connected to production sites are excluded (negligible
impact).
Scope 3 Emissions
1.1 Purchased goods and services
(materials)
Based on activity data related to purchased raw material and
components.
1.2 Purchased goods and services
(Indirect Spend)
Categorized spend data multiplied by emission factors from
Exiobase 3.9, updated annually for inflation.
2. Capital goods Includes spend data for electrical equipment and apparatus,
construction work machinery, and equipment, and uses latest
Exiobase 3.9 emissions factor
3. Fuel and energy-related
activities
Based on Scope 1 & 2 energy consumption data. Includes
upstream oil, coal, natural gas, district heating, electricity, and
renewables.
Category Key Considerations
4. Upstream transportation
& distribution
Covers land, sea, and air transport cost (WTW emissions) to all
production facilities and delivery of products. Warehouses are
not relevant for the delivery chain. Uses latest Exiobase 3.9
emissions factor
5. Waste generated in operations Uses waste-type-specific method and DEFRA's emissions
factors (2024) based on waste type and treatment method.
6. Business travel Includes spend data on air, land, and railway services (WTW
emissions), car-related services and hotels. Restaurant services
are not included. Uses latest Exiobase 3.9 emissions factor
7. Employee commuting Well-to-wheel emissions based on an assumption of 40 km
daily distance, 220 working days/year, using passenger car
mode. Uses DEFRA emission factor.
8. Upstream leased assets Reported under Scope 1 and Scope 2 using the operational
control approach.
10. Processing of sold products Not applicable as only finished products are sold.
11. Use of sold products Includes activities from products sold in food, laundry, and
beverage & dynamic preparation sectors, including refrigerant
use.
11a. Downstream emissions from
fossil fuels
Not applicable as the company does not sell fuel.
12. End-of-life treatment of sold
products
Covers hazardous waste, composting, recycling, incineration,
and landfill disposal of products.
13. Downstream leased assets Not applicable as no assets are leased to third parties.
14. Franchises Not applicable as no franchises are operated.
15. Investments Not applicable as all investments are already accounted for
in Scope 1 & Scope 2.
Key considerations for Scope 3 Category 1, 11 and 12
Categories 1, 11, and 12 related to products are based on activity
data.
> Purchased raw material and components (Category 1): The emis-
sions calculation is based on Life Cycle Assessment (LCA) studies
from eco-design. If no LCA data is available, material weight is
assumed to be 100% steel and multiplied by DEFRA’s steel emis-
sions factor. Formula: Sales volume x EF_Materials (Product LCA).
ACCOUNTING PRINCIPLES FOR ENVIRONMENTAL DATA
> Use phase emissions (Category 11): Based on sales volume,
product lifetime, and annual energy consumption. Uses EUP LOT
studies for product grouping and energy input classification.
Market-based IEA 2024 emission factors are applied for electricity,
and DEFRA 2024 CO2 values for natural gas. Steam emissions are
estimated using electricity emission factors.
ACCOUNTING PRINCIPLES FOR ENVIRONMENTAL CO₂ EMISSION ACCOUNTING
> End-of-life (EOL) emissions (Category 12): For products with LCA
data, EF_EOL is taken from eco-design assessments. For prod-
ucts without LCA data, an average materials/disposal rate is
calculated from similar products with LCA data. EOL emissions
are estimated as a percentage of material emissions per product.
Formula: Sales volume x EF_EOL (Product LCA).
P. 66Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
IMPACTS, RISKS, AND OPPORTUNITIES (IRO)
We have conducted a double materiality assessment (DMA) to
identify and assess material impacts, risks, and opportunities related
to pollution in our operations and value chain. We are in the initial
stages of analyzing impacts, risks, and opportunities guided by the
LEAP (Locate, Evaluate, Assess, and Prepare) framework to evaluate
and address key issues related to the pollution of water and soil,
and their dependencies on the ecosystem services. This assessment
will help us to develop a pollution-specific risk matrix to guide miti-
gation efforts.
Pollution
IRO assessment outcome
Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream
Own
operations
Down-
stream
Short
term
Medium
term
Long
term
Potential presence of substances of concern
and very high concern in products and manufac-
turing processes
Negative
Impact
Developing technologies to filter out microplastics
released from textiles in the wastewater during
laundry
Opportunity
Developing products with increased water effi-
ciency can reduce the amount of pollution from
wastewater, lowering operating costs for the
customer
Positive Impact
Leaks and spills of hazardous materials
at production sites
Risk
Material pollution impact identified
Electrolux Professional Group has identified material environmental
impacts related to pollution throughout its value chain, from up-
stream sourcing, to internal operations and downstream disposal.
These impacts are primarily linked to the potential presence of sub-
stances of concern, particularly in sourced components and man-
ufacturing processes, and as well as improper disposal or recycling
of products at the end of their life cycle. The end-of-life manage-
ment of Electrolux Professional Group's products is not regulated in
all countries, and some products may contain hazardous materials,
such as HFC gases, even in small quantities, which may negatively
affect the environment. Since this might occur far downstream in the
value chain, it is difficult for us to handle the end-of-life phase of the
products.
Electrolux Professional Group’s products use water and deter-
gents in the product use phase. We use technology and innovation
to build resource-efficient products that have a low environmental
impact. Performance-enhancing consumables, including eco-
certified detergents, are developed and sold under the Electrolux
Professional Group brand and we offer products with reduced water
pollution, waste production, and energy consumption compared to
standard products on the market.
Research has demonstrated that microplastics can be found in
all areas of the environment and are increasingly contaminating our
oceans. Some of our products may release microplastics, though in
small quantities, and not directly into the ocean. Regulations related
to the release of microplastics are expected, and we are carefully
monitoring this area.
The processes involved are:
> Identifying pollution sources in operations and value chain
activities.
> Evaluating the severity and likelihood of pollution impacts on
nature.
> Assessing dependencies on ecosystem services that may be
affected by pollution, such as leakage and spillage into soil.
> Identifying transition and physical risks related to pollution.
> Exploring opportunities for pollution reduction, improved environ-
mental compliance, and adoption of cleaner technologies.
P. 67Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
POLICIES
The Group Environmental Policy describes our strategy for man-
aging our environmental performance, including efforts to prevent
pollution. It also focuses on reducing resource consumption, waste,
pollution, and carbon emissions in our operations. The policy ad-
dresses designing products to reduce their adverse environmental
impact throughout their life cycle, focusing on material selection,
production, product use, and end-of-life. This policy applies to
all operational entities and employees of Electrolux Professional
Group. Through the Group Environmental Policy we encourage
our suppliers, subcontractors, and partners to adopt the same
environmental principles that Electrolux Professional Group up-
holds. Additionally, the Group's Workplace Directive outlines the
environmental management practices that all operational units of
Electrolux Professional Group must follow.
ACTIONS
Restricted Material List (RML)
Electrolux Professional Group has developed a restricted material
list to inform its suppliers and operational units about chemicals that
are banned or restricted for use and substances that could poten-
tially be of concern.
All components and materials used are RoHS-directive
(Restriction of Hazardous Substances) compliant. This means that
they do not contain any toxic substance prohibited under, or, if per-
missible, do not exceed certain levels set out in, the RoHS Directive
(2011/65/ EU). We also meet the requirements of WEEE, the Waste
Electrical and Electronic Equipment Directive (2012/19/EU). As most
of our products are designed for easy disassembly, include restric-
tions on hazardous and toxic materials, and mainly contain recy-
clable materials, a large proportion of materials within our products
(normally between 85–95%) can be recovered and used in new
material loops. Our aim is to further improve material recovery and
thereby reduce our impact from waste generation.
Microplastics
Electrolux Professional Group has participated in research projects
to investigate how our products can help prevent microplastics
released from textiles from being emitted into the oceans. We are
working to identify a microplastic filtration technology suitable for a
professional laundry setting. We have developed methods to eval-
uate the performance and suitability of separation technologies.
We have also actively participated in microplastic standardization
committees worldwide to help develop meaningful and strong
standards – and, based on these standards, meaningful and strong
legislation. This standardization work is progressing fast, spurred on
by the environmental risks of microplastics. We take part in global
efforts both as a knowledge contributor and by doing real-life tests
of standard test methods.
Product design principles
As several of our products consume water, we acknowledge that
we have a role in mitigating water pollution through product de-
sign. Electrolux Professional Group prioritizes the development of
water-efficient laundry appliances that minimize discharge and op-
timize detergent use. We design products that consume less water
and use less detergent, thereby reducing the potential risk of water
pollution.
Water discharge from our operations
The water discharge from our operations may place significant
pressure on local water-treatment plants if substances and particles
from manufacturing sites are not adequately removed. To mitigate
this, we treat wastewater at a few of our sites where necessary us-
ing chemical processes designed to reduce these pollutants before
discharge.
Strengthening the environmental management system
Conforming with ISO 14001 enables us to identify, monitor and miti-
gate potential impacts on water and soil. Regular onsite audits con-
ducted as part of the process help us identify areas for improvement
and implement corrective actions to further minimize our environ-
mental footprint.
METRICS AND TARGETS
Electrolux Professional Group has identified material impacts and
risks related to the substances of concern and of very high con-
cern. We expect all our suppliers to adhere to our RML (Restricted
Material List) and inform us if any substances covered by our RML
exist in the supplier's components.
All Electrolux Professional Group sites (excluding 2024 acquisi-
tions) are certified under ISO 14001, which provides a framework for
our environmental management system.
Since products are used at our customers' premises and thus
beyond the control of Electrolux Professional Group, it is impossible
to for us measure the microplastic release during the product use
phase. We have therefore not set any targets for this topic.
P. 68Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
IMPACTS, RISKS, AND OPPORTUNITIES (IRO)
We have conducted a double materiality assessment (DMA) and
Task Force for Nature Disclosure (TNFD) assessment to identify and
assess material impacts, risks, and opportunities related to water in
our operations and value chain. Our process involves:
> Identifying water usage and discharge points across operations
and value chain activities.
> Assessing the status of local water resources, including availability,
quality, and competition for use in our operations.
> Evaluating dependencies on water-related ecosystem services,
considering local conditions and local regulatory requirements.
Water
IRO assessment outcome
Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream
Own
operations
Down-
stream
Short
term
Medium
term
Long
term
Use of water in own operations, in products, and
at suppliers' premises
Negative Impact
Water efficient products, connected products Opportunity
Equipment with better water efficiency can limit
the number of waste-water pollutants during
product-use
Positive Impact
Operating in water-stressed regions Risks
Identified material water impact
Material impacts related to water have been identified upstream,
in our own operations, and downstream in the value chain, such as
water withdrawal and consumption by our suppliers and in our op-
erations, and water used in the product use phase at the customer
location. The water withdrawal and consumption throughout the
value chain may put pressure on local water sources and lead to
water scarcity. We therefore have an opportunity to improve water
efficiency in our operations, with a particular focus on water-risk
countries. Many of our products consume water in their use phase,
which impacts the product’s environmental footprint and the cus-
tomer’s operating costs. Electrolux Professional Group can make
a difference by developing and offering water-efficient products.
We offer the "OnE Connected" service which enables our custom-
ers to digitally connect their products. Through digitally advanced
and connected products, customers can monitor and control the
connected products, thereby maximizing uptime, improving service,
and reducing the consumption of energy, water and consumables.
> Assessing the potential impacts of water withdrawal and dis-
charge on the local ecosystem
> Identifying risks related to water scarcity, quality degradation,
and regulatory changes, and developing a water risk matrix to
prioritize interventions.
> Exploring opportunities for water efficiency, recycling, and
innovative wastewater treatment technologies.
> Establishing water-use efficiency targets and implementing
measures to reduce water impacts.
POLICIES
The Environmental policy outlines our approach to managing our
environmental performance, including water management. It also
focuses on reducing resource consumption, waste, pollution, and
carbon emissions in our operations. The policy addresses designing
products to reduce their adverse environmental impact throughout
their life cycle, focusing on material selection, production, product
use, and end-of-life. The requirements of the Group Environmental
Policy apply to all operational Electrolux Professional Group entities
and employees. Furthermore, the Group’s Workplace Directive out-
lines the water management procedures to be followed by all oper-
ating units. Through the Group Environmental Policy we encourage
suppliers, subcontractors, and partners to adopt the same environ-
mental principles as Electrolux Professional Group.
P. 69Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
TARGETS
Targets related to water consumption of our products
As some of our products consume water, we have set a target for
water consumption efficiency improvement in products sold. We are
targeting an 8% improvement by 2025 for the washer, dryer, and
dishwasher product portfolio compared to the 2019 base year. This
is equivalent to approximately 40% of products sold in total.
We measure water efficiency improvements for some of our laun-
dry, dishwashing, and dryer products in order to optimize water use.
In 2024, we reduced water use by 2.6% compared to 2019.
In 2024, our water consumption increased by 9%. This year,
we also began monitoring water reuse and recycling, achieving
1,567 m³ of recycled water in 2024.
Water consumption '000 m³ 2024
Total water consumption 7.20
Water recycled and reused 1.57
Water stored 296
Total water withdrawal 69.5
Total water discharge 62
METRICS
The primary use of water in our operations is for product testing and
domestic consumption. Additionally, some of our products consume
water during operation. We actively monitor water withdrawal from
various sources and track water discharge to different destinations.
To understand our water-related risks, we use the WWF Water
Risk Filter to conduct a LEAP assessment for water resources within
our operations. According to the assessment, our operations are not
exposed to high water risks. These risks are assessed based on the
current trend scenario in the WWF Risk Filter.
%
Product water consumption efficency improvements
0
20
40
60
80
100
202420232022202120202019
Product water consumption efficency compared to 2019
Efficency improvment
1.5% 2.3% 4.3% 4.5%
2.6%
The efficiency 2022 has been recalculated based on the
adjusted sales volumes.
Reported consumption
Recalculated baseline including acquisitions
m³
Water consumption
0
5,000
10,000
15,000
20,000
202420232022202120202019
ACTIONS
Actions related to water
In areas where water availability and supply are becoming more
unpredictable or scarce, requests for water-efficient products may
increase. Many of our products consume water in their use phase,
which impacts the product’s environmental footprint and the cus-
tomer’s operating costs. We have a clear strategy and targets to
develop low-consuming and water-efficient products. We have
targets for increasing water efficiency within our dishwashing and
laundry product ranges compared to a base year of 2019.
In 2024, we conducted a TNFD assessment of our water risks for
all sites. According to this assessment, we do not have high water
risks related to our own operations as they do not require high wa-
ter consumption. For that reason we only focus on water withdrawal
in our operations. We are implementing preventive measures to re-
duce water withdrawal from our operations, with a special focus on
water-risk countries.
Reduce water use
> All our sites (excluding 2024 acquisitions) are ISO 14001 certified
and we use ISO standards in our guidance to manage water
resources. This includes audits of processes that use water. We
conduct COTO (College of Occupational Therapists of Ontario) risk
assessments and frequently review and update it to mitigate risks
and identify opportunities to eliminate or reduce water use.
> Water management is also part of our supplier audit process. We
strongly encourage our suppliers to become ISO 14001 certified
and to provide evidence of their environmental management
system, including the requirements of the Alliance for Water
Stewardship.
Reclaiming and reusing water:
> The primary use of water in our operations is for product testing
of washing machines, dishwashers, and the oven cleaning system.
The testing area in our facilities in US and Shanghai uses a water
reuse system to reduce water consumption. As a result, Shanghai
has reduced its water consumption by 31% compared to last year
due to water recycling on testing projects. In some R&D facilities,
we reuse water in closed-loop systems to cool parts.
ACCOUNTING PRINCIPLES FOR WATER DATA
Water consumption efficiency calculations
The water consumption efficiency within the washer, dryer, and dish-
water product portfolio is measured as a percentage improvement
in water consumption for the improved product range, compared to
an assumed unchanged product range during the reporting year.
The Key Performance Indicator (KPI) is calculated using the for-
mula: Sales volume x water consumption/cycle x no. of cycles over
lifetime (for an improved product range during 2025) / Sales volume
x water consumption/cycle x no of cycles over life time (for an as-
sumed unchanged product range during 2025).
The calculation incorporates several key parameters. Sales vol-
ume includes all units sold during the reporting period, with data
sourced from internal sales records. Water consumption per cycle is
defined as the average water usage for a single cycle, determined
through standardized testing in accordance with relevant industry
standards. The number of cycles over the lifetime represents the
estimated total number of cycles a machine will perform over its life-
time, based on product design specifications and consumer usage
patterns.
The improved product range refers to machines sold during
the reporting year with design or operational improvements that
enhance water efficiency. The assumed unchanged product range
serves as the baseline, representing the water consumption of appli-
ances sold during the same year if no efficiency improvements had
been implemented.
P. 70Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Resource use and circular economy
IMPACTS, RISKS AND OPPORTUNITIES (IRO)
We have conducted a double materiality assessment to identify and
assess material impacts, risks, and opportunities related to resource
use and circular economy in our operations and value chain. At the
same time, we are using the Locate, Evaluate, Assess, and Prepare
(LEAP) approach to understand the impact of our sourcing catego-
ries.
Our upstream value chain will use the Science Based Target
for Nature's (SBTN) materiality screening tool and the ENCORE
IRO assessment outcome
Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream
Own
operations
Down-
stream
Short
term
Medium
term
Long
term
Designing products that use recycled or other
sustainable materials, and that are easy to repair
and/or upgrade reduces the amount of natural
resources required in production and operations
Positive Impact
The use of virgin raw materials and improper
end-of-life product disposal increases environ-
mental harm
Negative
Impact
Material shortages, higher sustainable material
costs, and non-compliance in hazardous waste
management
Risk
Incorporating circular design and recycled mate-
rials enhances resilience to market changes and
aligns with emerging sustainability trends.
Opportunity
Designing recyclable, low-impact products and
innovative solutions creates market opportunities
Opportunity
(Exploring Natural Capital Opportunities Risks and Explore) data-
base. Key focus areas will be chosen based on the material activ-
ities in one or more impact categories: high-impact commodities,
materials listed in the EU Deforestation Regulation, critical raw ma-
terials, and large sourcing volumes. For the selected commodities,
we will perform geographic and risk analysis. For our downstream
value chain, the focus will be the assessment of the end-of-life
phase of the products chosen.
Material impacts related to resource use and transition to the cir-
cular economy have been identified upstream in our value chain.
They are primarily linked to the selection of components used in our
products that could use more sustainable materials and are easy to
repair/or upgrade. In our own operations material impact is linked
mainly to products that can be recycled and remanufactured, while
in the downstream chain we aim for material recovery. Product
take-back programs and product-as-a-service is an opportunity
for Electrolux Professional Group to contribute to the transition
to a circular economy. In our operations, we assemble parts and
components from our own production and purchase parts and
components from suppliers, which generate comparatively little
waste. Redesigning products to meet customer or regulatory de-
mands using alternative or non-virgin materials could increase R&D
costs. The scarcity of certain raw materials, including both virgin
and non-virgin minerals, paired with increased demand in several
industries for the same materials, could lead to higher costs of input
materials and components used in electronic hardware. Increased
requirements on product take-back collection rates may lead to
increased costs of sales.
P. 71Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
POLICIES
The Group Environmental policy outlines our approach to manag-
ing our environmental performance. It includes designing products
to reduce their adverse environmental impact throughout their life
cycle, focusing on material selection, production, product use, and
disposal. It also focuses on reducing our operation's resource con-
sumption, waste, pollution, and carbon emissions. The requirements
of the Group Environmental Policy apply to all operating entities
and employees in the Group. In addition, Electrolux Professional
Group’s group workplace Directive outlines the waste management
procedures to be followed by Electrolux Professional Group’s op-
erating units. Through the Group Environmental Policy we also en-
courage suppliers, subcontractors, and partners to adopt the same
environmental principles as Electrolux Professional Group.
ACTIONS
Product design principles
Product design influences or determines environmental and social
impact throughout the value chain. The choices impact materials
used, manufacturing, distribution, product use, and end-of-life.
Electrolux Professional Group focuses on developing innovative
and sustainable solutions to reduce resource consumption, such as
water, energy, and detergent. Our modular design approach allows
better reusability of the components and creates different configura-
tions for increased customer value. Our products are designed to be
durable and to have a long lifetime. They are also designed for easy
repair and we provide access to information on professional re-
pairs throughout the lifetime of the products. Electrolux Professional
Group uses the restricted material list, ensuring its products are free
from banned and restricted substances.
In 2024, we launched the Hero dryer freestanding blower, a
unique ‘circular economy’ initiative that meets the EU Single-Use
Plastics Directive aimed at reducing global reliance on certain sin-
gle-use plastics. This blower is designed to reduce the waste of sin-
gle-use consumables in hospitality outlets. We are partnering with
several fast-food chains in this area.
Our intelligent dosing feature automatically adds the precise
amount of detergent based on the weight of the load. Thanks to this
feature, the right amount of detergent, softener, and chemicals are
automatically dosed, avoiding any waste, saving water, and guar-
anteeing better care of garments.
Efficient use of material
Most of our material use is related to steel and other metals. As the
materials used and waste generated damage the environment,
more efficient use is required to reduce our impact. An efficient
approach means using materials for as long as possible, working
towards closing material loops and reducing waste.
Our products are used frequently by professional businesses or
as user-operated equipment in the sharing economy.
Material efficiency can be increased by designing durable prod-
ucts. We invest in lifetime testing and quality assurance to verify that
our products meet durability and reliability requirements.
Packaging
Some of Electrolux Professional Group’s Product packaging con-
tains plastic, and we are working on reducing the weight of the
plastic by reducing the plastic film thickness. For some of the prod-
ucts, we aim to eliminate the plastic components from the packag-
ing and source cardboard packaging from forest-fiber material that
has the potential to be both renewable and recyclable.
Refurbish, maintenance, and repair services
In some specific product categories, we are targeting an all-inclu-
sive repair service program that intends to buy back products from
the customers at the end of their useful life. We will then clean or
refurbish them, and resell them through third-party platforms or our
sales channels.
A pilot project has been launched in the laundry business
area focusing on refurbishing laundry appliances at the end of
their life for the latest generation of the appliance. In this way, the
refurbished appliance will have reduced environmental impact
compared to its product peers, thanks to the latest technology up-
grades.
Waste from our operations
We mainly consume metal and metal parts. Our factories work to
reduce material losses by improving the scrap rate and using ma-
terials efficiently. To restrict toxic and hazardous substances in our
products and processes, we have adopted a restricted materials
list.
Our production facilities actively recycle waste materials such
as steel and copper, selling them back to suppliers or specialized
recycling companies. We reuse wooden pallets and large plastic
bags for packaging spare parts, where possible. We implement se-
lective waste sorting, recycling 85% of our total waste and using the
remainder for energy generation.
End-of-Life management and recovery
We have a restricted material list (RML) to help us use non-hazard-
ous and non-toxic substances in our materials and components. All
components and materials used are RoHS-directive (Restriction of
Hazardous Substances) compliant. This means that they do not con-
tain any toxic substance prohibited under, or, if permissible, do not
exceed certain levels set out in, the RoHS Directive (2011/65/ EU).
We also meet the requirements of WEEE, the Waste Electrical and
Electronic Equipment Directive (2012/19/EU).
As most of our products are designed for easy disassembly,
include restrictions on hazardous and toxic materials, and mainly
contain recyclable materials. Many materials within our products
(generally between 85–95%) can be recovered and used in new
material loops. We aim to improve material recovery further, reduc-
ing the impact of waste generation.
Our circular economy initiatives encompass various stages of the
value chain, including product design in R&D, operations at man-
ufacturing sites, corporate office initiatives, supply chain manage-
ment, and customer engagement. Key activities include designing
products based on circular principles like modularity, durability, and
repairability, improving packaging sustainability, partnering with
suppliers to source recycled materials, working with logistics part-
ners for reverse logistics, and collaborating with dealers for buy-
back schemes and the sale of second-hand products.
TARGETS
Targets related to resource use and circular economy
We have initiated a “zero” landfill project, setting a goal to reduce
waste disposal to less than 3% and waste-to-energy conversion to
below 1%.
We have yet to set specific targets for resource use and the cir-
cular economy. We will nevertheless develop both short-term and
long-term targets to transition to a circular economy.
P. 72Sustainability Statement - Environmental informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
METRICS
Resource inflow
Electrolux Professional Group’s products are manufactured using
natural resources and mainly contain metal and metal parts. We
have adopted a restricted materials list to restrict toxic and hazard-
ous substances in our products and processes. Typically, our oper-
ations consume 77% metal and metal parts, 11% semi-manufactured
goods or parts, 4% packaging material for finished products, and
9% plastics and plastic parts.
Resource outflow
Waste from own operations
In our operations, 95% of the waste generated is categorized as
non-hazardous waste and 5% as hazardous waste. 85% of the total
waste is recycled while 15% is disposed.
Material consumption, 2024
Metals 77%
Plastics 9%
Semi-manufacturing goods 11%
Packaging material and
finished goods
4%
Total
13,168 ktonnes
Non-hazardous waste, 2024
Non-hazardous
waste
5,687 tonnes
Recycling 82%
Landfilling 9%
Incineration 5%
Preparation for reuse 2%
Other recovery operations 2%
Share of hazardous waste, 2024
Recycling 57%
Other disposal operations 4%
Incineration 25%
Preparation for reuse 1%
Other recovery operations 13%
Landfilling 0%
Hazardous waste
273 tonnes
Waste Composition and Hazardous Waste
In detailing the waste composition, the primary waste streams
relevant to our sector include materials such as metals, non-metallic
minerals, plastics, and critical raw materials. These materials com-
prise the majority of our waste output. Moreover, we generated a
minimal amount of hazardous waste and no radioactive waste in
2024, adhering to strict regulatory requirements and internal control
measures.
P. 73Sustainability Statement - EU taxonomy reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
EU taxonomy report
Taxonomy
introduction
The EU taxonomy helps direct investments to eco-
nomic activities that enable the transition, consis tent
with the environmental objectives of the European
Union (EU).
This year we have worked extensively to assess the alignment of our
taxonomy-eligible activities and key performance indicators with
the Taxonomy's environmental technical screening criteria.
Electrolux Professional Group, and indeed our entire industry, has
a clear opportunity to make a substantial contribution to the circular
economy.
P. 74Sustainability Statement - EU taxonomy reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
ASSESSMENT OF ELIGIBILITY
2024 marked a significant step in our alignment journey, especially
for activities with the circular economy as a substantial contribution.
To adopt a dynamic approach that incorporates sustainability best
practice as quickly as possible, we have implemented an iterative
approach to our integration of the Taxonomy criteria.
This is why we have carried out a new analysis of our eligibility
for the activities referenced by the Taxonomy. This exercise, based
on NACE codes was a starting point for sifting through all the eco-
nomic activities included in the scope of the EU Taxonomy, but it
was not the only criterion for reaching a conclusion. The exercise
also involved a wider panel of internal and external stakeholders,
who confirmed most of the previously published results. Some activ-
ities have been confirmed in the eligibility criteria. Four activities are
included in the final list.
Three of them, representing the largest share of turnover, make
a significant contribution to the transition to a circular economy.
They are eligible for turnover, capital expenditure (CAPEX) and
operational expenditure (OPEX). One activity remains eligible only
for CAPEX, with climate change mitigation as a substantial contri-
bution. Some activities were deselected after review because the
description and scope of the economic activity no longer corre-
sponded to our actual activities.
CE 1.2 - Manufacture of electrical and electronic equipment
Electrolux Professional Group's core business is the manufacturing
of electrical and electronic equipment for professional food service,
beverages, and laundry.
CE 5.5 - Product-as-a-service, other circular use, and result-
oriented service models
Electrolux Professional Group offers rental services for some of
our products. We are responsible for production, leasing, mainte-
nance, and environmentally responsible disposal of the products
we develop.
CE 5.2 - Sale of spare parts
Electrolux Professional Group sells spare parts for the appliances it
sells in the market. (For CAPEX only) Acquisition and ownership of
buildings and Transport by motorbikes, passenger cars, and light
commercial vehicles.
Additional eligible activities:
CCM 7.7 - Acquisition and ownership of buildings (only CAPEX).
CCM 6.5 - Transport by motorbikes, passenger cars and light
commercial vehicles (only CAPEX). The economic activity has been
integrated to match the financial and sustainability reporting.
ACCOUNTING POLICIES
Article 8 of the EU Taxonomy Regulation (the Taxonomy) defines
turnover, capital expenditure, and operational expenditure as
described below. The CAPEX and OPEX definitions differ to those
in Electrolux Professional Group’s financial reporting. The com-
pany’s financial statements are prepared in accordance with the
International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and endorsed by
the EU. The basis of the preparation of our financial statements is
explained in note 1 to the consolidated financial statements.
Turnover
Turnover is defined as net sales as disclosed in the Consolidated
statement of total comprehensive income. See page 9.
Capital expenditure
Capital expenditures are for additions to tangible, intangible, and
right-of-use assets during the year including additions from busi-
ness combinations. Acquired goodwill is not included. See Notes
8, 12, and 13. Capital expenditure for our eligible activities in 2024
includes certain capitalized assets, as found on the balance sheet,
related to the activities assessed as eligible.
Operational expenditure
Operational expenditure includes direct non-capitalized costs relat-
ed to R&D costs, costs for renovating buildings and offices, short-
term lease costs, and costs for maintaining or repairing buildings/
offices/production equipment/forklifts/warehouse equipment.
Eligible turnover, capital expenditure,
and operational expenditure
Turnover, capital expenditure, and operational expenditure that
is consistent with the above definition and is associated with el-
igible activities constitutes the basis for calculating the share of
eligible turnover, capital expenditure, and operational expenditure.
Amounts recorded against product codes and/or legal entities
related to eligible activities have been used as the basis for calcu-
lating amounts of eligible turnover, capital expenditure, and opera-
tional expenditure. A reconciliation of amounts has been performed
to avoid any double counting.
Our alignment assessment
Several of Electrolux Professional Group's activities are Taxonomy-
eligible. As a first step, however, the company has prioritized as-
sessing the alignment of our most representative activity in terms of
turnover, 1.2 Manufacture of electrical and electronic equipment. The
remaining Taxonomy-eligible activities will also be assessed using a
comparable approach.
Internal and external stakeholders have participated in the
exercise, including EU Taxonomy Regulation experts and internal
experts for our operations and products. As a general rule, all the
sub-criteria within each technical screening criterion have been
reviewed for their applicability to the professional market. When a
specific sub-criterion is not applicable to the professional market,
the decision has been taken to declare the activity aligned for that
specific sub-criterion.
A consolidation of the Sustainability Roadmap using the EU
taxonomy as a compass to set up priority actions is currently being
assessed. It will be based on our assessment of our alignment with
EU taxonomy activity 1.2- Manufacture of electrical and electronic
equipment, as a first step and main activity.
We have specifically focused on the Substantial Contribution
criterion "Transition to a circular economy". All product categories
have been assessed against this criterion. Bought in products have
been excluded from this assessment.
Reporting in accordance with the EU Taxonomy Regulation
Nuclear and fossil gas related activities
Nuclear energy related activities
The undertaking carries out, funds or is exposed to research, development,
demonstration and deployment of innovative electricity generation facilities that
produce energy from nuclear processes with minimal waste from the fuel cycle.
No
The undertaking carries out, funds or is exposed to construction and safe oper-
ation of new nuclear installations to produce electricity or process heat, includ-
ing for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best available technologies.
No
The undertaking carries out, funds or is exposed to safe operation of existing
nuclear installations that produce electricity or process heat, including for the
purposes of district heating or industrial processes such as hydrogen produc-
tion from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
The undertaking carries out, funds or is exposed to construction or operation of
electricity generation facilities that produce energy using fossil gaseous fuels.
No
The undertaking carries out, funds or is exposed to construction, refurbishment,
and operation of combined heating/cooling and power generation facilities
using fossil gaseous fuels.
No
The undertaking carries out, funds or is exposed to construction, refurbishment,
and operation of heat generation facilities that produce heating/cooling fusing
fossil gaseous fuels.
No
P. 75Sustainability Statement - EU taxonomy reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Technical
Screening
Criteria
Environmen-
tal Objective
Electrolux Professional’s interpretation
of the criteria Assessment of Electrolux Professional Group’s alignment
Alignment
status
Substantial
Contribution
Transition to
a circular
economy
Alignment on Eco-label criteria where applicable, or
eight sub-criteria based on circular design principles.
Electrolux Professional Group demonstrates alignment with EU Eco-label criteria where applicable, as well
as several of the key principles of circular design, including designing products for long lifetimes, repair
and guarantee, and reuse and remanufacturing. We also provide customers with information on the en-
vironmental benefits of our products and comply with the WEEE Directive 2012/19/EU. We have identified
key actions to increase alignment with other key circular design principles (refer to the pollution section).
Partial
Do No
Significant
Harm
Climate
change
mitigation
Products with refrigerants comply with GWP perfor-
mance as set out in Regulation (EU) No 517/2014.
Products do not contain Sulfur hexafluoride (SF6), and
where applicable, products do not score lower than
the third significantly populated class of energy effi-
ciency, in accordance with Regulation (EU) 2017/1369.
None of the products manufactured by Electrolux Professional Group has sulphur hexafluoride (SF6). A
significant part of our products uses refrigerants with GWPs lower than 150, and we are conducting feasi-
bility studies to upgrade remaining products with GWPs higher than 150. An assessment of product energy
class according to the directive (EU) 2017/1369 will be conducted during 2025.
Partial
Climate
change
adaptation
Screening of physical climate risks.
Where the activity is assessed as being at risk,
a climate scenario analysis should be performed.
Assessment of adaptation solutions that can reduce
the identified physical climate risk.
In accordance with the TCFD guidance, a climate-related risk and opportunity assessment was performed
in 2022. The results were presented in the 2023 Annual and Sustainability Report. Asian sites are more
susceptible to physical risks. A feasibility study on climate change adaptation solutions for the Asian sites
will be conducted in 2025. The TCFD assessment is the basis for further investigations at specific sites. An
action plan will be established coming years.
Partial
Sustainable
use and
protection
of water
and marine
resources
The environmental degradation risks related to
preserving water quality and avoiding water stress
have to be identified and addressed with the aim of
achieving a good water status and good ecological
assessment.
A TNFD (Taskforce on Nature-related Financial Disclosures) assessment was carried out covering 13
production sites. The results confirm that Electrolux Professional Group has a low impact on water at the
different production sites due to the nature of the company's activity.
Identification of production sites in areas of high-water stress is being done by combining two assessment
tools: Aqueduct Water Risk Atlas and the WWF Water Risk Filter. The results will be reported and analyzed
in accordance with the requirements of ESRS E3, CSRD. Local action plans will be prepared in 2025 to
mitigate water scarcity.
Partial
Pollution
prevention
and control
The company’s interpretation of this criteria is that for
all the substances explicitly specified in APPENDIX
C of the Annex, it is forbidden for the undertaking to
manufacture or place the substances on the market, in
order to meet the requirements of the criterion.
All components and materials used are compliant with the RoHS Directive (Restriction of Hazardous
Substances). This means they do not contain any toxic substance prohibited under, or, if permissible, do
not exceed certain levels set out in, the RoHS Directive (2011/65/ EU). We also meet the requirements of
WEEE, the Waste Electrical and Electronic Equipment Directive (2012/19/EU). As most of our products are
designed for easy disassembly, conform with restrictions on hazardous and toxic materials, and mainly
contain recyclable materials, many materials within our products (generally between 85–95%) can be re-
covered and used in new material loops. We are working to increase transparency and alignment on the
non-presence of restricted materials that we publish under the Restricted material list available to all our
suppliers. Candidate list substances and PFAS are included in the assessment and covered in the action
plan.
Partial
Protection
and resto-
ration of bio-
diversity and
ecosystem
An Environmental Impact Assessment (EIA) or screen-
ing 195 has been completed in accordance with Direc-
tive 2011/92/EU.
Our interpretation of the criteria regarding Directive 2011/92/EU on the assessment of the effects of certain
public and private projects on the environment, is that it does not apply to us since the criteria require an
EIA (Environmental Impact Assessment) according to the EIA Directive. This Directive does not apply to
our industry. Through our environmental management system, we minimize our operational impact on the
environment by continuously identifying and mitigating environmental risks.
The TNFD assessment shows that none of the 13 manufacturing sites are located in a Key Biodiversity
Area. The European Environmental Agency and the World Database on Protected areas have been used
to conduct the assessment.
Yes
Minimum Safeguards
The minimum safeguard refers to the OECD Guidelines
for Multinational Enterprises, the UN Guiding Principles
on Business and Human Rights, and the principles
and rights set out in the eight fundamental conven-
tions identified in the Declaration of the International
Labour Organization on Fundamental Principles and
Rights at Work and the International Bill of Human
Rights.
Electrolux Professional Group has embedded responsible business conduct into its policies and manage-
ment systems (UNGPs and OECD responsible business conduct due diligence). The company performed
human rights due diligence to identify and assess actual or potential adverse impacts on its operations,
and supply chain. It identified the potential salient human rights issues in its upstream value chain. The
human rights’ due diligence work is presented on page 80, our approach to human rights due diligence,
and the actions taken to avoid and address adverse impacts. In 2024, we set up an ESG self-assessment
questionnaire including the HRDD KPIs identified in the pilot project, which included selected suppliers
that completed the survey. We are yet to assess the outcome of the self-assessment for the selected
suppliers.
Partial
Electrolux Professional Group reports 0% alignment with EU-Taxonomy for 2024. A conclusion to the company’s strategy regarding alignment and key actions to be priorities, is planned to be an internal outcome in 2025.
P. 76Sustainability Statement - EU taxonomy reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities
– disclosure covering 2024
Financial year 2024 Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activites Code Turnover
Proportion
of
Turnover,
2024
Climate
Change
Mitigation
Climate
Change
Adaption Water Pollution
Circular
Economy Biodiversity
Climate
Change
Mitigation
Climate
Change
Adaption Water Pollution
Circular
Economy Biodiversity
Minimum
safe-
guards
Proportion of
Taxonomy-
aligned (A.1.) or
eligible (A.2.)
turnover, 2023
Category
enabling
activity
Category
transitional
activity
SEKm 0%
Y; N;
N/EL
"Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N YN/ Y/N Y/N Y/N Y/N 0% E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities
(Taxonomy-aligned)
Turnover of environmentally
sustainable activities
(Taxonomy-aligned (A.1) 0 0% 0% 0% 0% 0% 0% 0% – – – – – – – 0%
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% – – – – – – – 0% E
Of which transitional 0 0% 0% – – – – – – – 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of electrical
and electronic equipment CE 1.2 9,053 72% N/EL N/EL N/EL N/EL EL N/EL 72%
Product-as-a-service and
other circular use and re-
sult-oriented service models CE 5.5 290 2% N/EL N/EL N/EL N/EL EL N/EL 2%
Sale of spare parts CE 5.2 1,993 16% N/EL N/EL N/EL N/EL EL N/EL 16%
Turnover of Taxonomy-eligible but
not environmentally sustainable
activities (not Taxonomy-aligned
activities) (A.2) 11,336 90% 0% 0% 0% 0% 90% 0% 90%
Total (A.1 + A.2) 11,336 90% 0% 0% 0% 0% 90% 0% 90%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible
activities (B) 1,247 10%
Total (A + B) 12,583 100%
Proportion of turnover/Total turnover
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 90%
PPC 0% 0%
BIO 0% 0%
P. 77Sustainability Statement - EU taxonomy reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities
– disclosure covering 2024
Financial year 2024 Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activities Code CapEx
Proportion
of CapEx,
2024
Climate
change
mitigation
Climate
change
adaption Water Pollution
Circular
economy Biodiversity
Climate
change
mitigation
Climate
change
adaption Water Pollution
Circular
economy Biodiversity
Minimum
safe-
guards
Proportion of
Taxonomy-
aligned (A.1.) or
eligible (A.2.)
CapEx, 2023
Category
(enabling
activity)
Category
(transitional
activity)
SEKm 0% Y; N; N/EL Y; N; N/EL Y; N; N/E Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N YN/ Y/N Y/N Y/N Y/N 0% E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmental sustainable
activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% – – – – – – – 0%
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% – – – – – – – 0% E
Of which transitional 0 0% 0% – – – – – – – 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activi-
ties)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of electrical
and electronic equipment CE 1.2 313 66% N/EL N/EL N/EL N/EL EL N/EL
Product-as-a-service and other
circular use and result-oriented
service models CE 5.5 3 1% N/EL N/EL N/EL N/EL EL N/EL 51%
Sale of spare parts CE 5.2 0 0% N/EL N/EL N/EL N/EL EL N/EL 2%
Aquisition and ownership
of buildings CCM 7.7 83 17% EL N/EL N/EL N/EL N/EL N/EL 0%
Transport by motorbikes,
passenger cars and light
commercial vehicles CCM 6.5 72 15% EL N/EL N/EL N/EL N/EL N/EL 18%
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 471 99% 17% 0% 0% 0% 82% 0% 71%
A. CapEx of Taxonomy-eligible activities
(A.1+A.2) 471 99% 33% 0% 0% 0% 66% 0% 71%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 5 1%
Total 476 100%
Proportion of CapEx/Total CapEx
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM 0% 33%
CCA
0% 0%
WTR
0% 0%
CE
0% 66%
PPC
0% 0%
BIO 0% 0%
P. 78Sustainability Statement - EU taxonomy reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities
– disclosure covering 2024
Financial year 2024 Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activities Code OpEx
Proportion
of OpEx,
2024
Climate
change
mitigation
Climate
change
adaption Water Pollution
Circular
economy Biodiversity
Climate
change
mitigation
Climate
change
adaption Water Pollution
Circular
economy Biodiversity
Minimum
safe-
guards
Proportion of
Taxonomy-
aligned (A.1.) or
eligible (A.2.)
OpEx, 2023
Category
(enabling
activity)
Category
(transitional
activity)
SEKm % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N 0% E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
OpEx of environmental sustainable
activities (Taxonomy-aligned (A.1) 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Of which enabling 0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0% E
Of which transitional 0 0% 0% - - - - - - - 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned
activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Manufacture of electrical and
electronic equipment CE 1.2 632 100% N/EL N/EL N/EL N/EL EL N/EL 98%
Product-as-a-service and other
circular use and result-oriented
service models CE 5.5 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Sale of spare parts CE 5.2 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
OpEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2) 632 100% 0% 0% 0% 0% 100% 0% 98%
A. OpEx of Taxonomy-eligible activities
(A.1+A.2) 632 100% 0% 0% 0% 0% 100% 0% 98%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 1 0%
Total 633 100%
Proportion of OpEx/Total OpEx
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 100%
PPC 0% 0%
BIO 0% 0%
P. 79Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Social
information
Human rights statement 80
Own workforce 81
Workers in the value chain 87
Affected communities 88
P. 80Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Human rights statement
We are a signatory of the UN Global Compact. We support the
OECD Guidelines for Multinational Enterprises, and we apply the
UN Guiding Principles on Business & Human Rights in our work, to
identify and remediate any negative impact on people that is a di-
rect or indirect result of our operations.
We do not tolerate child labor, forced labor, discrimination, ha-
rassment, or abuse. We are committed to decent working hours and
compensation, freedom of association, and collective bargaining.
The health and safety of our employees is a top priority, and we
work continuously to identify, manage, and mitigate any risks of ac-
cidents and illness. We aim to have an open and transparent dialog
to engage with employees directly and, when applicable, with their
representatives.
Source: OECD p21 https://mneguidelines.oecd.org/OECD-Due-Diligence-Guidance-for-Responsible-Business-Conduct.pdf
Due diligence process and supporting measures
Communicate
How impacts are addressed
Identify & assess adverse impacts
In operations, supply chains & business relationships
Track
Implementation and results
Cease, prevent or mitigate
Adverse impacts
1
6
Provide for or cooperate
In remediation when appropriate
2
3
5
4
Embed responsible
business conduct
Into policies and
management
systems
Salient Human Rights Impacts
Group affected Salient human rights impacts
Own workforce • Health and Safety
Workers in the value chain
• Health and Safety/Health impacts
• Freedom of association
• Fair wages
• Forced labor
• Child labor
• Discrimination
• Harm to livelihoods
• Working hours
• Access to clean water
Communities affected
• Forced labor
• Child labor
• Discrimination
• Harm to livelihoods
• Land-related impacts
• Health impacts
• Access to clean water
Impact on end users • Health and Safety
Human Rights Due Diligence
The Human Rights Due Diligence (HRDD) assessment was conduct-
ed to strengthen our efforts within human rights and involved work-
shops representing various departments and geographies.
These workshops pinpointed potential human rights impacts
across our value chain, and prioritized key risks. This approach
helps us focus on addressing the most crucial risks for both our
stakeholders and our operations.
P. 81Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
IRO assessment outcome
Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream Own operation Downstream Short term Medium term Long term
Health and Safety Negative Impact
Diversity and Inclusion Negative Impact
Working conditions Positive Impact
Employee engagement Opportunity
People development Opportunity
IMPACTS, RISKS, AND OPPORTUNITIES (IRO)
Electrolux Professional Group has identified several material im-
pacts, risks, and opportunities through a double materiality assess-
ment. These include health and safety, diversity and inclusion, work-
ing conditions, employee engagement, and people development.
Health and safety impact
The greatest risk to health and safety is work-related injuries/illness
cases. While work-related injuries can happen in any manufacturing
site, most of injuries and accidents are preventable in nature.
Diversity, Equity & Inclusion impact
We believe an open, fair, and inclusive work environment drives
higher engagement and better growth for our employees. Our goal
is to cultivate an open, fair, and inclusive environment that attracts
top talent and creates opportunities for all employees. A non-inclu-
sive environment would have a negative business impact as em-
ployees would not feel comfortable to raise concerns.
Working conditions impact
We are committed to continuously developing a sustainable work-
place environment where all employees can deliver their best. We
offer a work environment where the voices of our employees are
heard through good relationships and workers' representation.
Employee engagement opportunity
Having a high level of engagement and positive workplace climate
among our employees is key for us to develop the company. By ac-
tively listening to employee feedback and implementing meaningful
changes, we strive to foster a culture where every team member
feels valued and motivated, thereby creating opportunities for per-
sonal and professional growth.
People development opportunity
Continuous learning and development are essential in today's rap-
idly evolving landscape. We can have a positive impact on compe-
tence development through regular performance and development
dialogues, supported by our internal management systems. The
rapid development of new technologies and innovation, and the
advancement of artificial intelligence provides an opportunity for
Electrolux Professional Group.
POLICIES
Electrolux Professional Group is committed to maintaining high
standards of conduct and workplace ethics to ensure that our ac-
tivities do not cause or contribute to material negative impacts on
our workforce. All employees are expected to treat each other with
respect, dignity, and common courtesy. Our comprehensive policies,
procedures, and initiatives are designed to uphold these values and
provide a safe, inclusive, and ethical work environment.
Code of Conduct
Our Code of Conduct sets clear expectations for ethical behav-
ior and compliance with laws and regulations. It includes a strict
non-retaliation policy to protect employees who report potential
violations in good faith, ensuring that there are no adverse work-re-
lated consequences for doing so.
Group People Policy
The Group People policy serves as a framework for all of the Group's
workplace directives and outlines our commitment to our employ-
ees, as well as expectations for individual behavior. It applies to all
Electrolux Professional Group employees, including employed work-
ers, on-site temporary and contracted workers, interns and trainees,
and workers on trial or probation.
Group Workplace Policy and Directive
We prioritize the wellbeing of all employees through our Health
and Safety Guidelines, which are outlined in our Code of Conduct
and Group Workplace Policy, and detailed in our Group Workplace
Directive. We work with a 'zero accident' mindset, putting safety at
the top of the agenda.
The Group Workplace Policy and Directive provides a framework
for compliance with rules and principles related to workplace con-
duct, including mechanisms for confidential and anonymous report-
ing of violations, where legally permitted, and a non-retaliation rule
to protect employees who alert management of potential violations.
Recruitment Directive
Our Recruitment Directive ensures transparency and sets expected
behaviors for all employees involved in the recruitment process, re-
inforcing a culture of collaboration and contributing to the success
of the Group.
Compensation Directive
As a company we are dedicated to fostering a workplace where all
employees are compensated fairly and equally, regardless of gen-
der, ethnicity, or other non-work-related differences. We believe that
equal pay for equal work is not only a legal requirement but also a
fundamental principle of fairness and respect.
ACTIONS
At Electrolux Professional Group, we are committed to fostering
a safe, inclusive, and supportive work environment for all our em-
ployees. Our strategic initiatives and ongoing efforts aim to uphold
human rights, ensure health and safety, promote fair working condi-
tions, and champion diversity and inclusion. Through comprehensive
human rights due diligence, robust health and safety protocols, and
a commitment to fair wages and diverse hiring practices, we strive
to create a workplace where every employee can prosper. Our
dedication to continuous improvement and transparent engage-
ment with our workforce underscores our commitment to being a
responsible and ethical employer.
Own workforce
Our mission is to make our customers’ work-life easier,
more profitable – and truly sustainable every day.
This can only be accomplished through our greatest
asset – our people.
P. 82Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Health and safety
The health and safety of our employees is a top priority, and we
continuously work to identify, manage, and mitigate any risks of ac-
cidents and illness. We aim to have an open and transparent dialog
to engage with employees directly and, when applicable, with their
representatives.
We drive improvements, develop health and safety methods,
and share best practices and risks. Each manufacturing site tracks
and reports accidents and incidents. Accidents result in a root-
cause analysis and corresponding action plan.
Each accident is followed up and insights are shared between
the different sites. The manufacturing sites also work to identify and
eliminate causes of unsafe acts and conditions. Three of our largest
plants are third-party certified according to ISO 45001.
Working conditions
We show trust in our employees with regards to their choice of
place to work; so those whose work activities can be moved to a
remote location may choose where they work for part of their work-
ing time per month. This flexible way of work allows our employees
to strike the right work-life balance.
Adequate wages
We are committed to ensuring that all our employees receive fair
and adequate compensation, which is crucial for fostering a moti-
vated and productive workforce.
We have salary structures by country to compare our salaries
against the external market. These structures are based on market
data from various survey providers and are updated annually. The
minimum level in these structures is well above the living or minimum
wages in all the countries where we operate.
While we are currently meeting the adequate wage benchmarks,
we remain committed to continuous improvement. We will continue
to monitor economic conditions and industry standards to ensure
our compensation practices remain fair and competitive.
Diversity and inclusion
We monitor gender diversity and have clear objectives to increase
female leadership at all organizational levels. All employment de-
cisions, including hiring, promotion, compensation, training, and
termination, must be based on abilities and qualifications.
We have established performance metrics to measure our progress
in creating a diverse and inclusive workplace, that are regularly re-
viewed to identify areas for improvement. The metrics are:
> Diversity metrics in our monthly dashboard per business area.
> Inclusive Leadership Index in our Employee Engagement Survey
(EES).
Our Chief HR Officer (CHRO) is responsible for advancing our diver-
sity and inclusion agenda, focusing on policy development, training,
and performance metrics to prioritize diversity initiatives at all levels.
Training and guidance
Our training programs enhance employees' skills and awareness
regarding diversity, equity and inclusion (DE&I). This includes:
> E-learning introduction to Diversity, Equity & Inclusion.
> Unconscious Bias workshops, focusing on diversity and inclusion
by addressing biases and providing practical tools to help em-
ployees make better decisions.
> Training for hiring managers and recruiters on using inclusive
language.
> Cultural competency training.
> Annual Inclusion Day in our offices.
> Mentoring program with a 50-50 gender balance.
While we do not have official employee representative groups at
the Group level, we support initiatives like 'Lo Sportello filosofico
dell’Inclusione' in Italy and Women's Leadership Forum in the US.
Recruitment
To ensure a diverse talent pool, we have diverse hiring panels to
mitigate unconscious bias during recruitment. Our HR community
shares best practices for balanced job descriptions, and training
sessions for recruiters are conducted. We track how many positions
are closed with a diverse final candidate slate, ensuring there is at
least one male and one female in the final round.
Partnership with AIESEC
In 2024, Electrolux Professional Group partnered with AIESEC, the
world's largest global youth-run organization, to bring in interna-
tional talents to enrich our teams with fresh perspectives and ener-
gize innovation.
Processes for engaging with workforces
We actively engage with our workforce and employee representa-
tives through structured processes:
Employee Engagement Survey (EES)
The Annual Employee Engagement Survey (EES) monitors the
workplace climate across the entire organization. This survey, which
covers the entire Group population, measures various KPIs includ-
ing employee satisfaction and the high-performance organization
index. In 2024, the employee participation rate was 91%, with im-
provements in all areas measured. Notably, we excelled in sustain-
ability (81%), alignment (79%), and agility (79%). The survey results
also indicate that many employees are aligned with the Guiding
Principles of the Group.
The EES provides comprehensive feedback to leaders, helping
identify areas for improvement and fostering better leadership prac-
tices. All teams are encouraged to hold EES workshops to discuss
the results, identify improvement areas, and define action plans.
Along with other data sources, the survey helps assess potential
negative impacts on our workforce, guiding responsive actions. It
provides indicative information on harassment, leading to prompt
and effective action to address and mitigate such issues.
Based on insights from the EES and other tools, we develop
targeted actions to ensure appropriate corrective and preventive
measures are taken at the correct organizational level. The EES
framework helps implement actions and monitor their effectiveness,
complemented by other reporting mechanisms to ensure account-
ability and transparency.
Channels for raising concerns
We have established clear channels for employees to raise
concerns or report potential violations of the Code of Conduct.
Employees can discuss issues with their immediate manager or
escalate the matter to another manager, HR, Legal, Internal Audit,
a relevant Policy Holder, Local, Unit, or Group Management.
Alternatively, employees can report their concerns anonymously
through EthicsPoint, a secure third-party hotline platform.
The EthicsPoint platform provides a confidential way for employ-
ees to report potential violations or ethical misconduct when they
are uncomfortable using regular channels. Employees can submit
reports at any time and from anywhere via the online form, which is
hosted by an independent third-party provider. Submitted reports
are forwarded to a designated coordinator appointed by the CHRO
for review and investigation. Read more in the Business conduct
section on page 89.
People Development
All employees participate in regular activities co-owned with their
managers, supported by a “Development Talks” digital portal and
process for individual goals, personal growth, and manager feed-
back. This process applies to 100% of non-production employees
and, in some countries, also includes production workers. Key peo-
ple development initiatives prioritized in 2024 include:
> Programs such as the 'Leaders at Electrolux Professional Group'
program, a training course with the IMD Business School, and
'Lead like a Coach' program support leaders in adapting to new
ways of working, thereby mitigating negative impacts arising from
transitions.
> The Global employee-driven learning process, new learning man-
agement system, and Gig Opportunity Program, are designed and
implemented to make learning and development more accessible
to everyone.
P. 83Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
TARGETS
Working conditions
The employee engagement survey is Electrolux Professional Group's
primary way of assessing and monitoring its progress in all areas
related to employee experience and satisfaction. While we do not
have numerical targets for the Employee Engagement Survey (EES),
our goal is to continuously improve and maintain performance
above average, benchmarking against high-performing companies
in the top 25 percentile. This approach ensures that we consistently
strive for excellence and align with best practices in the industry.
Health & Safety
Electrolux Professional Group has set time-bound absolute targets
related to the health and safety of our employees by measuring the
loss time injury rate. Our target for 2025 is for the rate to be less than
0.3 in our operations.
Diversity & Inclusion
We have a 2030 absolute target for greater gender balance, hav-
ing at least 40% women in people leadership positions across the
Group.
METRICS
Characteristics of the employees
Electrolux Professional Group has 4,317 employees in 31 countries,
including 14 production sites. Data in this section is per December
31, 2024. Unless otherwise stated, TOSEI and Adventys employees
are included.
Employee headcount by gender
Gender Number of employees
Male 2,954
Female 1,363
Other 0
Not reported 0
Total employees 4,317
In addition to our employees, our workforce is also comprised of
1,080 non-employees. These include apprentices, interns, PhD stu-
dents, contractors, consultants, and agency workers.
Employees by contract type, broken down by region (headcount)
2024 Europe
APAC/
MEA USA Total
Number of employees 2,779 912 626 4,317
Number of permanent
employees
2,723 869 626 4,218
Number of temporary
employees
56 43 0 99
Number of non-guaran-
teed employees
0 0 0 0
Number of full-time
employees
2,606 909 625 4,140
Number of part-time
employees
173 3 1 177
Employee headcount by country
Country Number of employees (headcount)
Italy 1,104
USA 626
Sweden 593
France 420
Japan 364
Thailand 266
Germany 204
China 155
Switzerland 139
United Kingdom 67
Other countries 379
Total 4,317
Collective bargaining coverage and social dialogue
The collective bargaining agreements cover 59.3% of our employ-
ees. There are several collective bargaining agreements in the EEA.
The percentage of employees globally covered at the Group level
by workers' representatives was 94.3% during the reporting peri-
od. Non-employees are not covered by our collective bargaining
agreements. In France, Italy, and Sweden, which are our largest
countries in term of employees, we have 100% workplace represen-
tation (EEA).
Collective bargaining coverage and social dialogue
Collective Bargaining Coverage
Workplace
representation
Coverage
Rate
Employees –
EEA¹
)
Employees –
Non-EEA²
)
Employees –
EEA only¹
)
0-19%
20-39%
40-59% USA (263)
60-79%
80-100% Italy (1,104),
Sweden (593),
France (420)
Italy (1,104),
Sweden (593),
France (420)
1) For countries with >50 employees representing >10% total employees.
2) Estimate for regions with >50 employees representing >10% total employees.
P. 84Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Employees covered by workers' representatives
2024
Employees covered by collective bargaining agreements 59.3%
Employees covered by workers' representatives 94.3%
Diversity metrics
Gender diversity across managerial positions improved slightly
to 28% in 2024, excluding employees of the companies acquired
in 2024, TOSEI and Adventys. Activities related to diversity and
inclusion, such as training and support for hiring managers, have
increased during the year. The table below shows gender data in-
cluding acquisitions.
Gender distribution Age distribution
2024 Female Male <30 30-50 >50
Board of
Directors
37.5% 62.5% 0 25.0% 75.0%
Group
Management
23.1% 76.9% 0 30.8% 69.2%
Employees 31.57% 68.43% 9.0% 48.7% 42.3%
People-leader
positions
26.3% 73.7% 0.6% 50.4% 49.0%
Adequate wages
In 2024, we started to analyze our salaries from a living wage per-
spective. This initial analysis involved benchmarking our salaries
against data from Wageindicator.org. During this process, we iden-
tified 2 employees (0.05%) that were paid below the living wage
benchmark, and in January 2025 we raised these salaries to ensure
we are above the benchmark.
For many years, we have used salary structures to compare our
salaries against the external market. These structures are based on
market data from various survey providers and are updated on an
annual basis. The minimum level in these structures is well above the
living or minimum wages in all the countries where we operate.
While we currently meet the adequate wage benchmarks, we
remain committed to continuous improvement. We will continue to
analyze our salaries according to living wage benchmarks and
conduct further analyses to understand how we can refine this pro-
cess. Our goal is to ensure our compensation practices remain fair
and competitive in the face of changing economic conditions and
industry standards.
Social protection
We are committed to ensuring that all our employees are covered
by the main social protection granted through public programs or
benefits offered by the Group against loss of income due to (i) sick-
ness; (ii) unemployment starting from when the worker is working
for the company; (iii) employment injury and acquired disability; (iv)
parental leave; and (v) retirement. All employees in EU locations are
covered by social protection against life events by public programs
and benefits offered by the Group.
Persons with disabilities
Electrolux Professional Group recognizes that disabled people are
often qualified for a particular job. We believe in placing the right
person in the right job. We do not discriminate when hiring qualified
individuals for specific roles, including those with disabilities return-
ing to work. We value the expertise they have gained on the job
and through work-related training. Registration of disabilities by em-
ployees is only applicable in the US and Italy, and is not common
practice elsewhere.
Training and skills-development metrics
72% of employees participated in regular performance and career
development reviews in the year. A total number of 3,123 perfor-
mance reviews took place in the year.
Average number of training hours
By gender By employee category
2024 Female Male Total
Non
production Production Total
Average hours of training 11.77 10.37 10.81 12.18 8.56 10.81
Number of training hours 16,041 30,623 46,664 32,667 13,997 46,664
Number of training hours on Code of Conduct 715 1,076 1,791 1,449 342 1,791
Percentage of employees participating in
Code of Conduct training in 2024
75% 64% 68% 83% 42% 68%
Number of employees participating in
Code of Conduct training during the year
1,024 1,825 2,919 2,232 687 2,919
Percentage of employees that participated in regular
performance and career development reviews
2024
% Participation in performance reviews 72%
Of which % were men 71%
Of which % were women 75%
Total performance reviews 3,123
Performance reviews per employee 0.72
P. 85Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Work-life balance metrics
We encourage our employees to take holiday and parental leave
and disconnect outside working hours. All our employees are enti-
tled to take parental leave, through social policy and/or collective
bargaining agreement, or through company specific policies.
2024
Percentage of employees entitled to
take family-related leave
100%
Gender-related salary differences
As a company, we are dedicated to fostering a workplace where
all employees are compensated fairly and equitably, regardless of
gender, ethnicity or other non-work-related differences. We believe
that equal pay for equal work is not only a legal requirement but
also a fundamental principle of fairness and respect. We are consis-
tent in our reward offerings and work to ensure that pay decisions
are non-discriminatory and always applied using the same criteria.
There is global job architecture in place enabling us to map all
employees in a consistent way and ensuring that pay is competitive
and fair. The global job architecture enables us to make compari-
sons on pay and to identify where unexplained pay differences may
exist.
The job architecture is based on job content and complexity. The
complexity level is divided into 5 job grades from manual produc-
tion workers, to specialists and managers. Job grade 1 is typically
production workers in our factories, job grade 2 are specialists or
team leaders, job grades 3-5 are differentiated by the complexity
and responsibility that comes with the different jobs in each grade.
Grade 5 is the highest managerial level.
Gender pay-gap breakdown by region 2024
Europe 23%
North America 22%
APAC & MEA –7%
Health and safety metrics
The number of accidents resulting in lost work time increased in 2024
and the lost time injury rate increased to 0.66 (0.54). The increase
may be due to higher turnover during seasonal peaks, leading to
more accidents among less experienced operators. The most com-
mon injuries are contusions and Carpal tunnel syndrome on hands.
The most commonly injured body part was the hand or arm. More
severe risks are related to forklift traffic and machines. Most lost time
injuries in 2024 occurred in our warehouse. Reactive, preventive,
and proactive measures are managed within our health and safety
pillar.
GRI 403-9 Work-related injuries
2024 2023 2022 2021 2020 2019
Number of
work-related fatalities
0 0 0 0 0 0
Number of high
consequence injures
> 6 month
0 0 1 0 0 1
Total number of
work-related lost time
injuries
20 15 18 14 19 25
Working hours (in
thousands of hours)
6,025 5,536 5,588 4,062 3,453 3,569
Rate of fatalities as a
result of work-related
injury
0 0 0 0 0 0
Rate of high-
consequence
work-related injuries
(excluding fatalities)
0 0 1 0 0 0.1
Lost Time Injury rate
1)
0.66 0.54 0.64 0.69 1.10 1.40
1) Own definition (Lost time injuries per 200,000 worked hours)
By gender By age group By region
New employee hires
and employee turnover Female Male
Other
(Gender as specified
by the employees
themselves)
Not
dis-
closed
Under
30
years
30-50
years
Over
50
years Europe US
APAC
&MEA Total
Total number of new employee
hires during the reporting period 156 263 0 0 178 190 51 268 88 63 419
Rate of new employee hires
during the reporting period 11.5% 8.9% 0 0 49.7% 9.1% 2.7% 9.7% 13.7% 6.9% 9.7%
Total number of employee turn-
over during the reporting period 138 292 0 0 107 165 158 231 119 80 430
Rate of employee turnover
during the reporting period 10.2% 9.9% 0 0 29.8% 7.9% 8.5% 8.4% 18.6% 8.7% 10.0%
Gender pay-gap breakdown by job grade 2024
Employees in job grade 5
(highest level in organization)
13%
Employees in job grade 4 –2%
Employees in job grade 3 19%
Employees in job grade 2 12%
Employees in job grade 1 2%
"CEO to median employee" pay ratio 2024
Remuneration ratio of the highest paid individual 3,335%
The renumeration ratio CEO to median employee, does not take
into consideration other factors affecting compensation levels, such
as job role and responsibilities, experience, age, education level,
location, etc. The outcome depends on the different types of roles
that exist in the company (e.g. production work or specialist roles),
but also on where in the world the company operates (e.g. countries
with lower labour costs or higher labour costs), as well as the size of
the company.
The salary components included in the pay-gap data include
full-time annual base salary, short-term variable pay (STI and Sales
Bonus) at target entitlement, and long-term variable pay grants in
a year. When evaluating each employee's salary in relation to our
salary structure, women earn, on average 91% of the salary structure
midpoint, while men earn on average 93%.
Work-related grievances, incidents, and complaints
In 2024, eight reports were received via the whistleblowing tool,
EthicsPoint, and other channels. The reports mainly concerned work-
place conduct. The reported cases were investigated and handled
through the established process. They were not concluded as breaches
of our Code of Conduct, however tangible actions have been put in
place to mitigate any further negative experiences for our employees.
P. 86Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
ACCOUNTING PRINCIPLES FOR SOCIAL DATA
Indicator Definition Data Source Methodology Assumptions
Employee
engagement
• High-Performance Organization Index (HiPO)
measures leadership, employee engagement,
customer focus, and operational efficiency.
• Kantar's reporting tool • HiPO combines and measures key perfor-
mance dimensions using Kantar's proprietary
methodology.
• Aligns with Kantar's definition of high-
performance organizations.
Employee
characteristics and
turnover
• Total number of employees, by gender,
contract type and country.
• The Group HR system • Data reported in headcount as of December
31, 2024.
• Data logged during the year.
• Non-guaranteed-hours employees are
excluded.
Collective Bargain-
ing Coverage
• Percentage of employees covered by collec-
tive bargaining agreements. Only countries
where we have more than 50 employees and
that represent at least 10% of total employees
are considered.
• Group HR system and
• Data from HR Country Manager
• Contractual conditions for non-covered
employees align with local legal requirements..
• Based on data collected at the country level.
Employees
covered by workers'
representatives
• Share of total number of employees on
December 31, 2024 employed in a unit where
the company has regular interaction with an
organized workforce representative.
• HR Country Managers
• The Group HR system
• Interviews with all country managers.
• Data extraction.
Diversity Metrics • Age and gender diversity as a share of total • The Group HR system • Diversity data for the Board of Directors
excludes employee representatives. Age
distribution is based on year-end data.
Adequate Wages • Assessment of wages compared to local living
wage benchmarks.
• WageIndicator.org data and
internal benchmarks
• Living wage calculation considers basic needs
like food, housing, healthcare, and taxes for a
“typical family.”
• Living wage benchmarks exclude overtime,
bonuses, and allowances. Differences
between statutory minimum and living wages
are noted for transparency.
Social Protection • Measures of access to healthcare, income sup-
port, and other life benefits for employees.
• The Group HR system and local
legislation
• Social protection is aligned with local legal re-
quirements, and contributions may come from
wages (insurance) or taxes (assistance).
• Includes unemployment, disability, maternity,
and retirement benefits.
Training &
Development
• Training hours as logged in our system for em-
ployees employed on December 31, 2024.
• Instances of Development talks are those
properly documented by Line Managers and
the Employee in the Group's HR system.
• Group HR System, and data
collection from some countries in
excel files
• Training hours estimated through digital tools. • Transition to a digital system may cause tem-
porary data gaps. Includes production and
non-production employees. Employees par-
ticipating in code of conduct training includes
anti-corruption and human rights topics.
Health &
Safety Metrics
• Lost time injuries per 200,000 worked hours. • HR and Safety monitoring systems • Work-related injury definitions follow GRI 403-9
standards.
Work-Life Balance
Metrics
• Parental leave access across countries. • HR Country Managers • Data collected and confirmed through HR
Country Managers, capturing both legal and
company specific policies.
Remuneration
Metrics
• Pay gap and total remuneration data across
employees.
• The Group HR system
• Salary records
• Pay gap is calculated on full-time annual base
salary, short-term variable pay (STI and Sales
Bonus) target entitlement and long-term vari-
able pay grants in a year.
• Employees on commission schemes have
been excluded due to difficulties in making
relevant comparisons.
Incidents and
Complaints
• Reports of discrimination or harassment filed
through EthicsPoints and other channels.
• EthicsPoints and other channels
such as e-mail
• Incident and complaint data are tracked and
managed by the Code of Conduct Steering
Committee.
P. 87Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Workers in the value chain
POLICIES
Electrolux Professional Group places high expectations on suppliers
and other business partners. It expects its suppliers to adhere to
its Supplier workplace standard, which clearly outlines our expec-
tations of the supplier. In addition, Electrolux Professional Group
expects its suppliers to fulfill the requirements specified in the Group
workplace policy and the Group workplace directive, which are the
exact same requirements for its own operations. Our responsible
sourcing program supports sourcing decisions by assessing pro-
spective suppliers, monitoring supplier performance, and providing
training internally and for suppliers.
Our Code of Conduct contains general guidelines for conducting
business with the highest standards of ethics. We are committed
to an environment where open, honest communications is expect-
ed. Suppliers, customers, and other business partners may report
suspected violations of laws or the Code of Conduct through
EthicsPoint, hosted by a third-party hotline provider.
Electrolux Professional Group has signed the UN Global
Compact and commits to its 10 principles regarding human rights,
labor, anti-corruption, and the environment. We support the OECD
Guidelines for Multinational Enterprises, and we apply the UN
Guiding Principles on Business & Human Rights in our work, to iden-
tify and remediate any negative impact on people that is a direct
or indirect result of our operations. We do not tolerate child labor,
forced labor, discrimination, harassment, or abuse. We are commit-
ted to decent working hours and compensation, freedom of associ-
ation, and collective bargaining.
IRO outcome
Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream
Own
operations Downstream
Short
term
Medium
term
Long
term
Occupational health and safety impacts Negative Impact
Electrolux Professional Group’s high
expectations of suppliers
Positive Impact
Potential lack of adequate insight,
transparency, and/or follow-up of suppliers
Risk
ACTIONS
Processes for engaging with value chain workers about impacts.
We have conducted a Human Rights Due Diligence (HRDD) assess-
ment through workshops, where we pin-pointed potential human
rights impacts across our value chain, and prioritized key risks. This
approach is helping us to focus on addressing the most crucial risks
for our stakeholders and operations. Electrolux Professional Group is
an organization with strong values of responsibility and integrity.
Processes to remediate negative impacts and channels for
affected communities to raise concerns
Electrolux Professional Group carries out onsite audits that include
the salient human rights impact identified through the human rights
due diligence to ascertain that the risks are minimized.
IMPACT, RISK, AND OPPORTUNITIES (IRO)
Electrolux Professional Group has identified material impacts on oc-
cupational health and safety, and health impacts for workers in the
first-tier of the upstream and downstream value chain. Ascertaining
working conditions in the value chain, at suppliers' second and third
tiers and beyond, takes much work. Human rights due diligence is
becoming an increasingly salient topic, and the potential lack of
adequate insight, transparency, and follow-up of suppliers can neg-
atively impact Electrolux Professional Group.
Electrolux Professional Group can positively impact the rights
and working conditions of the workers in its value chain through its
procurement practices and the expectations it places on its suppli-
ers.
P. 88Sustainability Statement - Social informationElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Affected communities
IMPACT, RISK AND OPPORTUNITIES
Electrolux Professional Group has the potential to impact people
and communities by responding to emergencies worldwide and
dedicating resources to affected locations where we have a pres-
ence. Since food is often needed in emergency zones, our primary
approach is to donate our products for use in the affected areas.
Furthermore, meaningful community engagement enriches the em-
ployee experience at Electrolux Professional Group and elevates
our brand and reputation in inspiring ways. Electrolux Professional
Group has a positive impact as it works with the World Chef's
Association to train chefs from impoverished areas, help provide
them with employment, and bring them out of poverty.
Electrolux Professional Group's end-of-life regulation in areas
to which the company donates is beyond its reach. If the products
contain hazardous materials such as HFC gases, even in small
quantities, there is a risk of environmental impact.
POLICIES
Electrolux Professional Group makes individual decisions to contrib-
ute in corporate social responsibility initiatives. There may be oc-
casions when we donate funds to charity organizations, and global
NGO's. In the US, we collaborate with Mercy chefs, a non-profit
disaster and humanitarian relief organization.
Electrolux Professional Group has various policies to minimize
the risk of environmental impact from the manufacturing and use of
our products. For product-related impacts, Electrolux Professional
Group expects its operations, suppliers and other business partners
to adhere to its Group Environmental Policy which describes our
strategy for managing our environmental performance, including
efforts to mitigate climate change. This policy applies to all opera-
tional entities and employees of Electrolux Professional Group. The
Group Environmental Policy also encourages our suppliers, subcon-
tractors, and partners to adopt the same environmental principles
that Electrolux Professional Group upholds. Additionally, the Group's
workplace directive outlines the environmental management prac-
tices that all operational units of Electrolux Professional Group must
follow.
ACTIONS
Processes for engaging with affected communities about impacts
Electrolux Professional Group contacts local communities regarding
local environmental requirements, monitors public opinion and leg-
islation changes, and captures the impact input.
Processes to remediate negative impacts and channels
for affected communities to raise concerns
Our Human Rights Due Diligence (HRDD) assessment involved
collaborative workshops with a diverse internal team representing
various departments and geographies. Through these workshops,
we pin-pointed potential human rights impacts across our value
chain, including those that could affect the communities around us,
and prioritized key risks in a heat-mapping exercise. This strategic
approach helps us focus on addressing the most crucial risks for our
stakeholders and operations.
Electrolux Professional Group is an organization with strong
values of responsibility and integrity. Our Code of Conduct contains
general guidelines for conducting business with the highest stan-
dards of ethics. Electrolux Professional Group is committed to an en-
vironment where open, honest communications are the expectation,
not the exception. Suppliers, customers, and other business partners
to Electrolux Professional Group may report suspected violations
of laws or the Code of Conduct through EthicsPoint hosted by a
third-party hotline provider.
P. 89Sustainability Statement - Governance information Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Business conduct
IMPACTS, RISKS, AND OPPORTUNITIES (IRO)
Electrolux Professional Group has a positive impact on its em-
ployees through a corporate culture of feedback, including raising
issues through the employee engagement survey, where results are
followed up on a team level. Electrolux Professional Group can have
a positive impact on people and the environment by setting higher
expectations on the environmental and social aspects in purchasing
and procurement practices.
Our global operations expose the Group to risks related to
sustainability factors such as environmental impact, human rights,
employment conditions, and corruption. These risks could arise in
several phases of the value chain, such as in purchasing and sales,
and also in connection with third-party service partners providing
preventive and corrective maintenance services to end customers.
Failure to comply with local rules in the countries where we op-
erate can lead to loss of business and reputational risk. Code of
Conduct monitoring and audits for the suppliers take place, adopt-
ing a risk-based approach.
IRO outcome
IRO Value Chain Time Horizon
Description
Impact, Risks,
Opportunity Upstream
Own
operations
Down-
stream
Short
term
Medium
term
Long
term
Corporate culture of feedback, including raising
issues through the Employee Engagement Survey
Positive Impact
Higher expectations in environmental and social
aspects of purchasing and procurement practices
Positive Impact
Risk of non-compliance with laws on corruption
and bribery
Risk
POLICIES
We communicate our corporate culture policies to our stakeholders
through our Code of Conduct, Group Anti-Corruption Policy, Group
Anti-trust Policy, Group Information Security Policy, and Group
Insider Policy which are available on our intranet and accessible to
all employees.
The Electrolux Professional Group Code of Conduct serves as a
base and an introduction to the most important policies and prin-
ciples, guiding the Electrolux Professional Group way of doing busi-
ness. It includes a firm commitment to always act lawfully, ethically,
and with respect for human rights.
The Code of Conduct applies to all Electrolux Professional Group
employees and all other representatives acting on behalf of the
Group, including permanent and temporary employees, consultants,
contractors, senior management, and board members of Electrolux
Professional Group companies. The Code refers to Group policies
that further define the group’s approach to lawful and ethical busi-
ness and which cover, among others, the areas of anti-bribery,
At Electrolux Professional Group, we are committed to always acting ethically and respecting human
rights. Doing this is everyone’s responsibility, starting from the top. We firmly believe that an ethical
approach is vital to the success of our Group. Illegal or unethical behavior or actions by Electrolux
Professional Group or any representative of the Group can undermine our long-standing reputation
of honesty and integrity and will not be tolerated. It is up to each of us to create a company where
we are proud to work, a place where everything we do, and all decisions we make, are governed by
the principles of ethics, integrity, and respect for people and our planet.
P. 90Sustainability Statement - Governance information Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
anti- corruption, environment, and people. Each policy owner is re-
sponsible for the implementation of the policy. Compliance with all
applicable policies is the responsibility of all employees. The Group
policies are reviewed annually.
ACTIONS
We communicate our corporate culture policies through our Code
of Conduct and related policies which are available on our intranet
and accessible to all employees.
Prevention of corruption and bribery
Electrolux Professional Group has a global reach in its operations
and has sales to public institutions globally. Functions and areas at
risk are those that are engaged in such sales and industrial opera-
tions in countries with increased risk of corruption. Violations of the
anti-bribery and anti-corruption policy can be reported through the
whistleblowing procedures.
We provide mandatory training on policies to our target employ-
ees through face-to-face training, webinars, and/or online training
platform. All employees must complete training on the mandatory
courses assigned to them.
There were no convictions related to violations of anti-corruption
or anti-bribery laws against Electrolux Professional Group in 2024.
Whistleblowing
In order to effectively prevent and combat violations of the Code
of Conduct and its related policies, including but not limited to
fraudulent behavior and unlawful or irregular conduct, Electrolux
Professional Group provides an online whistleblowing web platform
to its employees, suppliers, customers, and other business part-
ners to report a misconduct and violation of the Code of Conduct
or Group Policies anonymously or directly to a suitable person or
function within the Group. The online platform, EthicsPoint, where
employees can report serious concerns, misconduct or potential
breaches of the company’s Code of Conduct is also open to exter-
nal reporters. In addition, employees can report violations to their
managers, the legal department, the internal audit function, and the
Audit Committee.
In 2024, eight reports were received via the whistleblowing tool,
EthicsPoint, and other channels. The reports received mainly con-
cerned workplace conduct. All cases were thoroughly investigated
according to the established procedures, under the instruction of
the Code of Conduct Steering Committee consisting of the CHRO,
the Head of Internal Audit, and the General Counsel, and reported
to the Audit Committee. The majority of the cases led to actions to
mitigate the issue, although the majority were deemed not to be
violations of the Code of Conduct.
Electrolux Professional Group protects the whistleblower from
any conduct, either direct or indirect, that is retaliatory, discrimina-
tory or in any way unfair, for reasons associated directly or indirectly
with the report.
Electrolux Professional Group measures incidents of discrimi-
nation and harassment through its annual employee engagement
survey. Based on these results, actions are planned to address the
culture and behaviors in the locations we deem necessary.
Training and awareness
Training courses are held regularly on policies and procedures for
the relevant employees. Electrolux Professional Group provides on-
going Code of Conduct training to its all employees worldwide. The
training is mandatory. In addition, mandatory training is provided in
areas such as anti-corruption, anti-bribery, and fair competition to
the employees most at risk, such as those in sales and procurement
roles. During 2024 online anti-corruption training was rolled out to
a targeted group of employees, with a completion rate of approxi-
mately 86% (93).
P. 91Sustainability Statement - GRIElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
2024 2023
302-1 Energy consumption with the organization (MWh)
Natural gas 10,136 9,657
LPG 1,062 1,059
District heating consumption 4,485 4,123
Electricity consumption 22,762 22,829
Total energy used 38,445 37,668
Total energy consumption within the organization
from renewable energy
19,764 16,967
Total energy consumption within the organization
from non renewable energy
18,681 20,702
HFC consumption (tons) 13.4 18
303-3 Total water withdrawal from all areas in m³
Municipal Water Supply - Purchased 69,106 60,913
Ground water 348 1,054
Surface water 15 102.1
Total 69,469 62,069.1
303-4 Total water discharge to all areas in m³
Third party destinations Untreated 44,818 26,452
Third party destinations Pretreated 17,145 30,080
Ground water Untreated 239 0
Ground water Pretreated 68 0
Total 62,269 56,532
303-5 Water consumption in m³ 7,200 5,537
Water intensity (m³/revenue SEK) 0.6 0.5
Water recycled and reused m³
Volume of water reused and recycled 1,567 -
2024 2023
Greenhouse gas (GHG) emissions (ktonsCO₂)
305-1 Direct (Scope 1) GHG Emissions (ktCO₂e.)
LPG 0.228 0.223
Natural Gas 1.864 1.78
City Gas 0.0001 0.1
HFC gas leakage 0.052 0.068
Total Scope 1 GHG emissions 2.144 2.18
305-2 Energy indirect (Scope 2) GHG emissions (ktons CO₂e.)
District heating 0.2 0.178
Electricity consumption 0.997 2.048
Total Scope 2 GHG emissions (ktons CO₂e.) 1.20 2.23
Total scope 1 and 2 GHG emissions (ktonsCO₂e.) 3.346 4.40
305-3 Other indirect (Scope 3) GHG Emissions (ktons CO₂e.)
C1 Purchased goods and services (raw materials) 168 173.9
C1 Purchased goods and services (Indirect Spend) 31 5
C2 Capital goods 8.4 7.1
C3 Fuel and energy related activities 1.56 2.8
C4 Upstream transportation 28 27.43
C5 Waste generated in operations 0.3 0.33
C6 Business travel 5.5 5.3
C7 Employee Commuting 6.9 5.9
C11 Use of sold products 4,136 4,573
C12 End of life treatment of sold products 37 37.8
Total Scope 3 GHG emissions (ktonsCO₂e.) 4,423 4,839
305-4 GHG emissions intensity (ktons/revenue SEK) 0.38 0.41
GRI disclosures tables
General information (2021)
P. 92Sustainability Statement - GRIElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
2024 2023
306-3 Waste generated (tons)
Total waste generated (tons) 5,960 5,999
306-4 Waste diverted from disposal
Non-hazardous waste
Preparation for reuse 95 0.8
Recycling 4,673 4,915
Other recovery operations 101 59
Total (tons) 4,869 4,975
Hazardous waste
Preparation for reuse 2 0.02
Recycling 156 192
Other recovery operations 34 0
Total (tons) 192 192
Waste prevented (tons) 5,061 5,167
306-5 Waste directed to disposal (tons)
Non-hazardous waste
Incineration 309 259
Landfilling 509 484.5
Other disposal operations 0 0
Total (tons) 818 744
Hazardous waste
Incineration 68.2 0
Landfilling 0.6 63.4
Other disposal operations 12 24.9
Total (tons) 81 88.4
Waste disposed (tons) 899 832
P. 93Sustainability Statement - GRIElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
GRI Index
Page/Information
GRI 2-1 Organizational details 101-102, 116, 177-178
GRI 2-2 Entities included in the organization’s sustainability reporting 165-166
GRI 2-3 Reporting period, frequency, and contact point 47, 117, 179
GRI 2-5 External assurance 53-54, 94, 103
GRI 2-6 Activities, value chain, and other business relationships 53-56
GRI 2-7 Employees 83-86
GRI 2-8 Workers who are not employees 83-86
GRI 2-9 Governance structure and composition 97-107
GRI 2-10 Nomination and selection of the highest governance body 97-102
GRI 2-12
Role of the highest governance body in overseeing the management
of impacts
97-102
GRI 2-13 Delegation of responsibility for managing impacts 97-103
GRI 2-16 Communication of critical concerns 90
GRI 2-17 Collective knowledge of the highest governance body 99-105
GRI 2-19 Remuneration policies 120-121, 161-164
GRI 2-20 Process to determine remuneration 120-121, 161-164
GRI 2-24
Embedding policy commitments 61, 67-68, 71, 81,
87-90, 100, 103
GRI 2-26 Mechanism for seeking advice and raising concerns 82, 90
GRI 2-27 Compliance with laws and regulations 103-104
GRI 2-28 Membership associations 50-52
GRI 2-29 Approach to stakeholder engagement 55-56
GRI 2-30 Collective bargaining agreements 50, 84, 157
GRI 205 Anti-corruption (2016)
GRI 205-2
Communication and training about anti-corruption policies and
procedures
84, 90
Page/Information
GRI 302 Energy (2016)
GRI 302-1 Energy consumption within the organization 63, 91
GRI 303 Water
GRI 303-3 Water withdrawal 69, 91
GRI 303-5 Water consumption 69, 91
GRI 305 Emissions (2016)
GRI 305-1 Direct (Scope 1) GHG emissions 61, 64, 91
GRI 305-2 Energy indirect (Scope 2) GHG emissions 61, 64, 91
GRI 305-3 Other indirect (Scope 3) GHG emissions 61, 64, 91
GRI 305-5 Reduction of GHG emissions 62, 64
GRI 306 Waste
GRI 306-3 Waste generated 72, 92
GRI 306-4 Waste diverted from disposal 72, 92
GRI 306-5 Waste directed to disposal 92, 91
GRI 401 Employment
GRI 401-1 New employee hires and employee turnover 85
GRI 401-3 Parental leave 85
GRI 403 Occupational health and safety
GRI 403-9 Work-related injuries 85
GRI 404 Training and education
GRI 404-1 Average hours of training per year per employee 84
GRI 404-3
Percentage of employees receiving regular
performance and career development reviews
84
GRI 405 Diversity and equal opportunity
GRI 405-1
Diversity of governance bodies and employees 84
Gender distribution 83
GRI 405-2 Ratio of basic salary and remuneration of women to men 85
Topic specific indicators
P. 94Sustainability Statement - Auditor's reportElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Sustainability
Statement
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Sustainability contents
Our commitments and targets
General information
Environmental information
EU Taxonomy report
Social information
Business conduct
GRI
Auditor’s report
Governance & risk management
Financial information
Other information
Auditor’s limited assurance report on Sustainability Report
To the general meeting of the shareholders of Electrolux Professional AB (publ), corporate identity number 556003-0354
Introduction
We have been engaged by the Board of Directors and Executive
Management of Electrolux Professional AB (publ) to undertake a
limited assurance engagement of the Electrolux Professional ABs
(publ) Sustainability Report for the year 2024, outlined on page
47–93 in this document.
Responsibilities of the Board of Directors
and the Executive Management
The Board of Directors and the Executive Management are
responsible for the preparation of the Sustainability Report in
accordance with the applicable criteria, as explained on page 53
in the Sustainability Report, and are the parts of the Sustainability
Reporting Guidelines published by GRI (Global Reporting Initiative)
which are applicable to the Sustainability Report, as well as the
accounting and calculation principles that the Company has devel-
oped. This responsibility also includes the internal control relevant to
the preparation of a Sustainability Report that is free from material
misstatements, whether due to fraud or error.
Responsibilities of the auditor
Our responsibility is to express a conclusion on the Sustainability
Report based on the limited assurance procedures we have per-
formed. Our engagement is limited to historical information present-
ed and does therefore not cover future-oriented information.
We conducted our limited assurance engagement in accor-
dance with ISAE 3000 (revised) Assurance Engagements Other
than Audits or Reviews of Historical Financial Information. A limited
assurance engagement consists of making inquiries, primarily of
persons responsible for the preparation of the Sustainability Report,
and applying analytical and other limited assurance procedures.
The procedures performed in a limited assurance engagement vary
in nature from, and are less in extent than for, a reasonable assur-
ance engagement conducted in accordance with International
Standards on Auditing and other generally accepted auditing stan-
dards in Sweden.
The firm applies International Standard on Quality Management
1, which requires the firm to design, implement and operate a system
of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements. We are independent
of Electrolux Professional AB (publ) in accordance with professional
ethics for accountants in Sweden and have otherwise fulfilled our
ethical responsibilities in accordance with these requirements.
The procedures performed consequently do not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in a reasonable assurance engage-
ment. Accordingly, the conclusion of the procedures performed do
not express a reasonable assurance conclusion.
Our procedures are based on the criteria defined by the Board
of Directors and the Executive Management as described above.
We consider these criteria suitable for the preparation of the
Sustainability Report.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our conclusion below.
Conclusion
Based on the limited assurance procedures we have performed,
nothing has come to our attention that causes us to believe that
the Sustainability Report, is not prepared, in all material respects, in
accordance with the criteria defined by the Board of Directors and
Executive Management.
Stockholm 31 March 2025
Deloitte AB
Jonas Ståhlberg
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Corporate governance
The Corporate Governance Report describes the organizational bodies, rules,
and other governance structures by which the Electrolux Professional Group
is controlled and operated. The Group's external auditors have reviewed this
report and their opinion has been included in the Auditor's Report.
Chairman’s comments 96
Corporate governance report 97
Board of Directors 104
Group Management Team 106
Remuneration report 2024 108
Risk and risk management 110
P. 96Chairman’s comments
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Chairman's comments
Further financial and strategic steps forward
The Group took further steps forward with two acquisitions, financial improvements in respect
of absolute profit and margin, and generating a strong cash flow during the year. It was also
rewarding to see that the important focus on Food & Beverage in the US meant that sales grew
towards the end of the year.
This year's financial improvements demonstrate that the Group has
the right foundation from which to continue the trajectory towards
our financial targets, which is also reflected in the Board’s proposal
to increase the dividend to SEK 0.85 (0.80) per share, in line with the
dividend policy.
From a strategic point of view, innovation has been given in-
creased importance and Board attention during recent years, and
it is gratifying to see key launches starting to materialize. In this
context, software and digitalization are also central elements in our
value creation.
During the year, two strategic acquisitions were closed, TOSEI
and Adventys. With the acquisition of TOSEI, the Group became a
larger player in Japan, further strengthening its position in Asia. With
Adventys, a specialist in induction technology in France, access to
We have taken important steps
to build a stronger company,
becoming more resilient, with
a better geographical balance
and improved profitability.
Kai Wärn, Chairman of the Board
the important area of induction technology has been secured.
Our ambition is to be the sustainability leader in our industry and
product launches as well as targets achieved during the year firmly
put us on track for this aspiration. External recognition from various
rankings and environmental bodies confirms our sustainability lead-
ership.
In addition to nine Board meetings, this year's annual Board trip
included visiting a number of channel partners and customers in
France, one of the most important markets for the Group. It is also
worth mentioning that the Audit Committtee in particular has main-
tained oversight of the preparation work related to the Corporate
Sustainability Reporting Directive (CSRD), that is due for the 2025-
year reporting.
In summary, we have taken important steps to build a stronger
company, becoming more resilient, with a better geographical bal-
ance and improved profitability. The Board would like to express its
gratitude to Electrolux Professional Group’s management and em-
ployees for their great contributions during the year.
Kai Wärn,
Chairman of the Board
Kai Wärn, Chairman of the Board
P. 97Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Corporate governance report
Good corporate governance is about ensuring that Electrolux Professional Group is managed
as responsibly and efficiently as possible to meet our obligations as a public company, and
also to create value for shareholders in an efficient, responsible, and sustainable manner.
Corporate governance determines how rights and responsibilities are distributed between a
company’s various bodies in accordance with internal processes and the laws and regulations
in effect.
External and internal rules
The governance of the Group is defined by external and internal
rules. The external rules comprise the Swedish Companies Act,
Nasdaq Stockholm’s Rule Book for Issuers, and the Swedish
Corporate Governance Code (the “Code”), as well as other relevant
Swedish and foreign laws and regulations. The Code is available at
www.corporategovernanceboard.se and describes good practices
in the stock market.
Internal rules consist of the Articles of Association, the Rules
of Procedure of the Board of Directors, the Electrolux Professional
Code of Conduct, policies for information, finance, credit, internal
control, risk management, anti-corruption, and other group policies.
Application of the Code
Electrolux Professional Group applies the Code without deviations
and did not report any deviations from the Code in 2024. There
were no infringements of applicable stock exchange rules by
Electrolux Professional, and no breach of good practice on the
securities market were reported by the Disciplinary Committee of
Nasdaq Stockholm nor the Swedish Securities Council in 2024.
This corporate governance report has been drawn up as part of
Electrolux Professional Group's application of the Code.
Shares
According to Electrolux Professional’s Articles of Association, the
share capital shall not be less than SEK 20,000,000 and not be
more than SEK 80,000,000, divided into not less than 200,000,000
shares and not more than 800,000,000 shares.
Electrolux Professional's registered share capital is SEK
28,739,745, represented by 287,397,450 shares of which 8,029,337
are Class A shares and 279,368,113 are Class B shares (as of
December 31, 2024), each with a quota value of SEK 0.1.
Nomination Committee
Shareholders at
the Annual General Meeting
Group Management
Internal Audit
External Audit
Remuneration Committee
Audit Committee
Board of Directors
1
2
3
4
5
7
6
Corporate governance structure
P. 98Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Each Electrolux Professional Class A share entitles the holder to
one vote and each Electrolux Professional Class B share entitles the
holder to one tenth of a vote at the General Meeting.
The Class B shares of Electrolux Professional are listed on
Nasdaq Stockholm and traded on the Large Cap list.
Since September 2020, Class A shares have been delisted from
trading on Nasdaq Stockholm. Holders of Electrolux Professional
Class A shares have the right to require that Class A shares are
converted to Class B shares. During 2024, 2,124 Class A shares were
converted to Class B shares.
1
Shareholders
The number of registered shareholders at December 31, 2024 was
41,360. On December 31, 2024, Investor AB was the largest share-
holder, with a holding corresponding to 32.46% of the votes and
20.51% of the share capital in Electrolux Professional AB. For more
information about the shares and shareholders, see pages 177-179.
Dividend Policy
Electrolux Professional’s target is for the dividend to correspond to
approximately 30% of the income for the period. For the financial
year of 2024 the Board of Directors proposes a dividend to the
shareholders of SEK 0.85 (0.80) per share, corresponding to around
30% of the profit for the year.
General Meeting of shareholders
Pursuant to the Swedish Companies Act, the General Meeting is
the supreme decision-making body in a Swedish limited liability
company, and shareholders exercise their voting rights at such
meetings. The Annual General Meeting (AGM) was held on April 25,
2024 in Stockholm and in combination with advance postal voting.
The AGM of Electrolux Professional is held annually before the
end of June. In addition to the AGM, Extraordinary General Meetings
(EGM) can be convened when required. The General Meetings of
Electrolux Professional are held in the municipality of Stockholm,
where the company’s registered office is located. The date and
place of the AGM is communicated on the company’s external
website no later than the publication of the quarterly report for the
third quarter.
At the AGM, shareholders of Electrolux Professional resolve on
several matters, including confirmation of income statements and
balance sheets, the disposition of the company’s profit or loss, dis-
charge of liability for the members of the Board and the CEO, com-
position of the Nomination Committee, election of members of the
Board (including the Chairman of the Board) and auditor, remunera-
tion for the members of the Board and auditor, as well as guidelines
for remuneration for the CEO and other senior executives.
The shareholders of Electrolux Professional also resolve on other
matters that are important to the company, for example any chang-
es to the Articles of Association, at the General Meeting.
Shareholders who wish to have a matter dealt with must submit
a written request to the Board to that effect. The request must have
been received by Electrolux Professional no later than seven weeks
prior to the General Meeting.
Right to attend the General Meeting
All shareholders who are directly recorded in the share register
maintained by Euroclear Sweden five working days prior to the
General Meeting, and who have notified the company of their inten-
tion to participate, are entitled to attend the General Meeting and
vote in proportion to the number of shares they hold.
Shareholders whose shares are nominee registered through a
bank or other nominee must request that their shares be temporarily
registered in their own names in the register of shareholders main-
tained by Euroclear Sweden, in order to be entitled to participate in
the General Meeting.
The next AGM will be held on May 7, 2025, in Stockholm.
2
Nomination Committee
At the Extraordinary General Meeting held on December 5, 2019,
the current instruction for the Nomination Committee was adopted
which applies until an new instruction is adopted by the Annual
General Meeting.
The Nomination Committee shall comprise five members. The
members should be one representative of each of the four larg-
est shareholders, in terms of voting rights, that wish to participate
in the Committee, together with the Chairman of the Electrolux
Professional Board. The composition of the Nomination Committee
shall be based on shareholder statistics from Euroclear Sweden as
of the last banking day in August in the year prior to the AGM and
on other reliable shareholder information which is provided at such
time. The names of the representatives and the names of the share-
holders they represent shall be announced as soon as they have
been appointed. If the shareholder structure changes during the
term of office of the Nomination Committee, the composition of the
Nomination Committee may be adjusted accordingly. Changes in
the composition of the Nomination Committee shall be published as
soon as any such changes have been made.
The Nomination Committee’s task includes preparing
a proposal to the next AGM regarding:
> The Chair of the AGM
> The number of Board members
> The nominees for election to the Board
> The Chair of the Board
> Remuneration for Board members including work on
> Board committees
> Auditors and auditor’s fees
> Amendments to instruction for the Nomination Committee
P. 99Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The Audit Committee assists the Nomination Committee in prepar-
ing proposals for auditors, and the Nomination Committee’s pro-
posal includes the Audit Committee’s recommendation on the elec-
tion of auditors. The Nomination Committee’s proposals are publicly
announced no later than on the date of notification of the AGM.
Shareholders may submit proposals for nominees to the Nomination
Committee.
The Chairman of the Board conducts a yearly evaluation of the
Board by way of a survey to the Board members and subsequent
discussions, to assess the Board’s composition, qualifications, effi-
ciency, and work procedures. The conclusions are presented to the
Nomination Committee.
On this basis and if deemed appropriate after subsequent dis-
cussions and interviews, the Nomination Committee determines
whether the existing Board should be strengthened with additional
expertise or if there are any other reasons to make changes to the
composition of the Board. In making such determinations and (if
applicable) evaluating potential new candidates for the Board, the
Nomination Committee takes into consideration the objective to
achieve a gender balance in the Board. The Nomination Committee
applies rule 4.1 of the Swedish Code as its diversity policy.
In addition, the Nomination Committee takes into consideration
the need to ensure that the independence requirements of the
Swedish Code are met. These requirements stipulate that at least the
majority of Board members must be independent from the Company
and its management, and that at least two (from such majority) are
also independent of Electrolux Professional’s largest shareholders.
The Nomination Committee also takes into account any proposals
it receives about the composition of the Board that may have been
suggested by other shareholders.
Nomination Committee for the 2024 AGM
The Nomination Committee for the 2024 AGM was comprised of
five members, led by Petra Hedengran of Investor AB. For the pro-
posal for the 2024 AGM, the Nomination Committee assessed the
composition and size of the Board and the expected demands on
the Board based on the Group’s future strategy. The Nomination
Committee applied rule 4.1 of the Code as the diversity policy in its
nomination work.
The Nomination Committee proposed re-election of all Board
members including re-election of Kai Wärn as Chairman of the
Board and election of Josef Matosevic as a new member of the
Board. The Nomination Committee also proposed, in accordance
with the recommendation by the Audit Committee, re-election of
Deloitte AB as the company’s auditors for the period until the end of
the AGM 2024.
Nomination Committee ahead of the 2025 AGM
The Nomination Committee for the 2025 AGM is based on the
ownership structure as of August 31, 2024, and was announced in a
press release on September 16, 2024.
The Nomination Committee members are:
> Petra Hedengran, Chairman, appointed by Investor AB
> Joachim Spetz, appointed by Swedbank Robur Funds
> Jesper Wilgodt, appointed by Alecta
> Anders Hansson, appointed by AMF Pension och Fonder
> Kai Wärn, Chairman of the Board of Electrolux Professional AB
3
Board of Directors
The Board of Directors has the overall responsibility for Electrolux
Professional’s organization and administration. The duties of the
Board of Directors are set forth in the Swedish Companies Act,
the company’s Articles of Association and the Code. In addition,
the work of the Board of Directors is governed by the Rules of
Procedure of the Board of Directors, adopted annually by the
Board. The instructions for the Board of Directors govern, among
other things, the division of work and responsibility between the
Board of Directors, its Chairman, and the CEO, and specify financial
and sustainability reporting procedures for the CEO. The Board of
Directors also adopts instructions for the Board committees.
Board of Directors 2024 – AGM 2025
Name Position
Board member
of Electrolux
Professional since
Independent in relation
to the company and
the Executive
Management Team
Independent in
relation to the
company’s major
shareholders
Audit
Committee
Remuneration
Committee
Share-
holding
1
Kai Wärn
2
Chairman 2019 Yes Yes – Member 104,000
Katharine Clark Member 2020 Yes Yes – – 9,000
Lorna Donatone Member 2019 Yes Yes Member – 9,000
Hans Ola Meyer Member 2019 Yes Yes Chairman – 9,000
Josef Matosevic Member 2023 Yes Yes Member – –
Daniel Nodhäll Member 2019 Yes No Member Member 20,000
Martine Snels Member 2019 Yes Yes – Chairman 10,000
Carsten Voigtländer Member 2019 Yes Yes – – 10,000
Joachim Nord
Member* 2019 – – – – 130
Jens Pierard Member* 2023 – – – – –
Per Magnusson Deputy* 2023 – – – – –
Helen Åkerman Deputy* 2024 – – – – –
* Employee representative.
1) Own holdings and holdings of related persons and affiliated companies. Each Board member's shareholding in Electrolux Professional as per February 28, 2025.
2) Kai Wärn also has 778,816 call options issued by Investor AB entitling him to the right to purchase Electrolux Professional B shares.
Gender diversity, the Board
Women, 37. 5%Men, 62.5%
P. 100Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
> Review of BA Food
APAC-MEA Strategic Plan
Composition and Independence of the Board of Directors
According to Electrolux Professional’s Articles of Association, the
Board of Directors shall be comprised of no less than three and no
more than nine members, with no more than three deputy members,
elected by the shareholders at the AGM. In addition and by law,
employee organizations are entitled to appoint employee represen-
tatives.
The Board of Directors currently comprises eight members elect-
ed by the 2024 AGM for a term of office extending until the close of
the 2025 AGM, with no deputies, as well as two ordinary members
and two deputies appointed by Swedish employee organizations.
The AGM elects the Chairman of the Board. Directly after the
AGM, the Board holds a meeting for formal constitution at which
the members of the committees of the Board are elected. The Chair-
man of the Board of Electrolux Professional is Kai Wärn. All current
members of the Board are non-executive members.
According to the Code, the majority of the Board members ap-
pointed by the General Meeting must be independent in relation to
the company and its Group Management Team. No more than one
Board member elected by the General Meeting may be a member
of the Group Management Team of the company or a subsidiary.
At least two of the Board members that are independent in relation
to the company and the Group Management Team must also be
independent in relation to the major shareholders of the company.
According to the Code, a major shareholder is a shareholder that
directly or indirectly controls 10% or more of the shares or votes
in the company. Independence is assessed by the Nomination
Committee.
The Board is considered to be in compliance with relevant
requirements for independence. All Directors apart from Daniel
Nodhäll are considered to be independent. Daniel Nodhäll is
considered to be independent in relation to the company and the
Group Management Team, but not in relation to major shareholders
of Electrolux Professional.
Management of the company’s affairs
The Board of Directors is responsible for the organization of
Electrolux Professional and the management of the company’s
affairs. The Board’s tasks include adopting strategies, targets, busi-
ness plans, budgets, interim reports, year-end financial statements,
and policies. The Board of Directors is also required to monitor the
company’s financial and sustainability performance and to ensure
that the company has good internal control, including formalized
routines to ensure that approved principles for financial and sustain-
ability reporting and internal control are applied, and that reports
(financial and sustainability-related) are produced in accordance
with legislation, applicable accounting standards, sustainabili-
ty-related standards and other requirements for listed companies.
Furthermore, the Board of Directors decides on major investments
and changes in the organization and operations of the Group. The
Board of Directors is responsible for regularly evaluating the work of
the CEO.
Moreover, the Board of Directors is to ensure that there is a satis-
factory process for monitoring the company’s compliance with laws
and other regulations relevant to operations, as well as the applica-
tion of internal guidelines, and to evaluate operations on the basis
of the objectives and policies set by the Board of Directors.
The Board of Directors is also tasked with identifying how sus-
tainability issues impact risks to, and business opportunities for,
the company, and defining appropriate guidelines to govern the
company’s conduct in society with the aim of ensuring its long-term
value creation capability. The Board shall ensure that the company
has formalized procedures to ensure that the established principles
for sustainability reporting are complied with and that Electrolux
Professional's sustainability reporting is prepared in accordance
with laws and applicable accounting standards. Read more about
sustainability governance, strategy, and reporting on page 50-59.
The Chairman of the Board of Directors leads and organizes
the work of the Board, ensures that the Board fulfills its tasks, and
ensures that the Board’s decisions are implemented. The Chairman
of the Board of Directors shall, together with the CEO, monitor the
company’s performance and prepare and chair Board meetings.
The Chairman is also responsible for ensuring that the Board mem-
bers evaluate their work each year and continuously receive the in-
formation necessary to effectively perform their tasks. The Chairman
represents the company in relation to its shareholders.
The Group’s external auditors report to the Board as necessary,
but at least once a year. A minimum of one such meeting is held
without the presence of the CEO, or any other member of the Group
Management Team. The external auditors also attend the meetings
of the Audit Committee. The Audit Committee reports to the Board
after each of its meetings. Minutes are taken at all meetings and are
made available to all Board members and to the auditors.
> Board Trip France
> Review of BA Food Europe
Strategic Plan
> Review of BA Food Americas
Strategic Plan
> Review of BA Beverage &
Food Preparation Strategic
Plan
> Q1 quarterly financial
statements
> AGM, statutory board
meeting
> Acquisition of Adventys
> Q4 quarterly and Year-end
financial statements
> Approval of 2023 Annual
Report
> Q2 quarterly financial statements
> Budget 2025
> Board work evaluation
> Q3 quarterly financial
statements
> Review of BA Laundry
Strategic Plan
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The work of the Board in 2024
P. 101Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Board meetings in 2024
In 2024, the Board held thirteen meetings, ten of which were held
either as physical meetings or web meetings. Three meetings were
held per capsulam. The attendance of each Board member at these
meetings is shown in the table below.
All scheduled Board meetings during the year followed an
agenda, which, together with the documentation for each item on
the agenda, was sent to Board members in advance of the meet-
ings. Ordinary Board meetings usually last for half a day to one
entire day in order to allow time for presentations and discussions.
Electrolux Professional’s General Counsel serves as the secretary
at the Board meetings. Each scheduled ordinary Board meeting
includes a review of the Group’s results and financial position, as
well as the outlook for the forthcoming quarters, as presented by
the CEO. The meetings also deal with investments, credit limits,
and other matters that are to be submitted to the Board under the
Rules of Procedure or the company’s policies. The Board decides
on all capital investments exceeding SEK 25m and receives reports
on all investments exceeding SEK 10m. Finally, in most scheduled
Board meetings a business area or strategic item is presented and
reviewed.
Key focus areas for the Board during 2024
> In-depth review of strategic plans per Business Area
> Further development of sustainability strategy and reporting pro-
cedures
> Acquisition of induction solutions’ manufacturer Adventys and fol-
low up on integration and value creation of acquired businesses
> Recovery of sales in the Food & Beverage segment in North
America
> Digital transformation
Evaluation of the Board of Directors
The Board evaluates its work annually with regard to working pro-
cedures, the working climate, and the focus of the Board's work. This
evaluation also focuses on access to, and requirements for, special
competence on the Board. The evaluation is a tool for the develop-
ment of the Board work and also serves as input for the Nomination
Committee’s work.
Each year, the evaluation of the Board is initiated and led by the
Chairman of the Board. Evaluation tools include questionnaires and
discussions. In 2024, Board members responded to written ques-
tionnaires. The evaluations were subsequently discussed individually
and at a Board meeting. The result of the evaluations was presented
to the Nomination Committee.
Fees for Board Members
The AGM determines the compensation for the Board of Directors
for a period of one year until the next AGM. The compensation is
distributed between the Chairman, other members of the Board,
and remuneration for committee work.
The Annual General Meeting 2024 resolved on fees to the Board
of Directors in accordance with the Nomination Committee’s pro-
posal: Yearly fee to the Chairman of the Board of Directors of SEK
1,760,000 and SEK 585,000 to each of the other Directors appoint-
ed by the Annual General Meeting not employed by Electrolux
Professional. In addition to these fees, the Annual General Meeting
resolved on an additional fee of USD 4,000 per meeting to be paid
to each Director that resides outside Europe for attendance at ordi-
nary physical Board meetings in Sweden or Italy. Fees for committee
work for the members who are appointed by the Board of Directors
were approved as follows:
SEK 225,000 to the Chairman of the Audit Committee, SEK
145,000 to each of the other members of the Audit Committee,
SEK 145,000 to the Chairman of the Remuneration Committee, and
SEK 105,000 to each of the other members of the Remuneration
Committee.
The compensation paid in 2024, shown in the table below, refers
to compensation until the AGM in 2024 and three quarters of the
compensation authorized by the AGM in 2024. In addition, Lorna
Donatone and Josef Matosevic who are resident in the United
States have received an additional USD 4,000 per ordinary meeting
in Sweden or Italy, according to the decision at the Annual General
Meetings in 2023 and 2024. See also Note 26.
4
Board committees
According to the Swedish Companies Act and the Code, the Board
of Directors shall institute an audit committee and a remuneration
committee. The majority of each committee’s members are indepen-
dent in relation to the company and its Group Management. For the
Audit Committee, at least one of the members who is independent
in relation to the company and its Group Management team is also
to be independent in relation to the company’s major shareholders.
The major tasks of these committees are preparatory and ad-
visory, but the Board may delegate decision-making powers on
specific issues to the committees. The issues considered at com-
mittee meetings shall be recorded in minutes of the meetings and
continuously reported to the Board of Directors. The members and
Chairmen of the committees are appointed at the statutory Board
meeting following the election of Board members. The Board has
also determined that issues may be referred to ad hoc committees
dealing with specific matters.
Audit Committee
The main tasks of the Audit Committee are to oversee the process
of Electrolux Professional’s financial and sustainability related
Board of Directors – remuneration and meeting attendance
Total remuneration
2024, ’000 SEK
Board meeting
attendance
Remuneration
Committee attendance
Audit Committee
attendance Independence
1
Kai Wärn 1,840 13/13 4/4 Yes
Katharine Clark 579 13/13 Yes
Lorna Donatone 801 11/13 5/5 Yes
Josef Matosevic ²
731 12/13 4/4 Yes
Hans Ola Meyer 791 13/13 5/5 Yes
Daniel Nodhäll 816 13/13 4/4 5/5 No
Martine Snels 716 13/13 4/4 Yes
Carsten Voigtländer 579 13/13 Yes
1) For further information about the independence assessment, see page 99.
2) Mr Matosevic was appointed to the Audit Committee on April 25, 2024.
P. 102Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
CEO
Our organization
Business Area
Food Europe
Finance
Communications,
Investor Relations,
Brand &
Digital Marketing
IT &
Digital
Transformation
Human
Resources
Business Area
Food Americas
Business Area
Laundry
Business Area
Beverage &
Food Preparation
Business Area
Food APAC & MEA
Legal
Operations &
Innovation
Competence Center
reporting, internal control, and internal auditing in order to secure
the quality of the Group’s external reporting. The Audit Committee
is also tasked with supporting the Nomination Committee with
proposals when electing external auditors. During 2024 the Audit
Committee has closely followed the preparations and readiness for
Corporate Sustainability reporting.
The Audit Committee consists of the following four Board mem-
bers: Hans Ola Meyer (Chairman), Lorna Donatone, Josef Matosevic
and Daniel Nodhäll. The external auditors report to the Committee
at each ordinary meeting. The CEO, CFO, Head of Group internal
audit, and General Counsel participated in all the Audit Committee
meetings in 2024. During 2024 the Audit Committee held five meet-
ings. Attendance is shown in the table on the previous page.
Remuneration Committee
One of the Remuneration Committee’s primary tasks is to pro-
pose guidelines for the remuneration of the members of the Group
Management Team. The Committee also proposes changes in re-
muneration of the CEO, for resolution by the Board, and reviews and
resolves on changes in remuneration of other members of the Group
Management Team as proposed by the CEO.
The Remuneration committee consists of the following three
Board members: Martine Snels (Chairman), Kai Wärn, and Daniel
Nodhäll. The Chief Human Resources Officer participated in the
meetings and was responsible for the meeting preparations.
During 2024 the Remuneration Committee held four meetings.
Attendance is shown in the table on the previous page.
5
Group Management Team
The Group Management Team currently includes the CEO and
eleven members. The CEO is appointed by, and receives instruc-
tions from, the Board of Directors. The CEO, in turn, appoints other
members of the Group Management Team and is responsible for the
ongoing management of the Group in accordance with the Board’s
guidelines and instructions.
The Group Management Team holds monthly meetings online,
and quarterly in-person meetings lasting two or three days, to re-
view the previous month’s results, update forecasts and plans, and
discuss strategic issues.
Key focus areas for the Group Management Team during 2024
> Continued development of the strategic plans in the Business
Areas
> Integration of the acquired businesses TOSEI and Adventys
> Digital transformation and AI
> Continued development of sustainability strategy including devel-
opment of products with less impact on environment
Electrolux Professional has also established procedures and internal
bodies (“boards”) for the preparation and execution of key activities
and processes, such as the Insider and Disclosure Committee, the
Finance Governance Board, the Code of Conduct Steering Group,
the Audit Board, the Enterprise Risk Management Board, and the
Sourcing Board. Moreover, boards and forums have been created
to ensure collaboration and coordination between the Business
Areas, such as the Chains and Food Product Board.
Management changes
During 2024, the President of the Business Area Food Americas,
Dave Herring, decided to retire. After a thorough recruitment pro-
cess, Bo Erickson was appointed President of the Business Area
Food Americas. He joined the company on December 1, 2024 and
replaced Dave Herring as President for the Business Area Food
Americas as of January 1, 2025.
6
Auditors
The 2024 AGM re-elected Deloitte AB for the period up to and in-
cluding the 2025 AGM. Jonas Ståhlberg, authorized public accoun-
tant and a member of FAR (the professional institute for authorized
public accountants in Sweden), is the auditor-in-charge. For specifi-
cation of remuneration to auditors refer to Note 12.
Deloitte provides an audit opinion regarding Electrolux
Professional AB, the financial statements of the majority of its sub-
sidiaries, the consolidated financial statements for the Electrolux
Professional Group, and the administration of Electrolux Professional
AB. The auditors also conduct a review of the interim report for
the second quarter. The audit is conducted in accordance with
the Swedish Companies Act, International Standards on Auditing
(ISA), and generally accepted auditing standards in Sweden. Audits
of local statutory financial statements for legal entities outside of
Sweden are performed as required by laws or applicable regula-
tions in each country, including issuance of audit opinions for the
various legal entities.
7
Internal Audit
The internal audit function (Group Internal Audit) strengthens the
organization's ability to create, protect, and sustain value by provid-
ing the Board and management with independent, risk-based, and
objective assurance, advice, insight, and foresight.
Group Internal Audit assignments are conducted according
to a risk-based plan developed annually and approved by the
Audit Committee. The audit plan is derived from an independent
risk assessment conducted by Group Internal Audit to identify and
evaluate risks associated with the execution of the Group’s strat-
egy, operations, and processes. The audits are executed using a
methodology for evaluating the design and implementation of in-
ternal controls to ensure that risks are adequately addressed, and
processes operate efficiently. Opportunities for improving the effec-
tiveness of the governance, internal control, and risk management
processes identified in the internal audits are reported to manage-
ment for action. A summary of audit results is provided to the Audit
Committee, as is the status of management’s implementation of
agreed actions to address findings identified in the audits.
The Head of Group Internal Audit reports to the Audit Committee
and is managed administratively by the CFO.
P. 103Corporate governance report
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Internal control over financial reporting
Electrolux Professional uses the COSO framework (Committee of
Sponsoring Organizations of the Treadway Commission) as a basis
for internal control over financial reporting. The processes for inter-
nal control, risk assessment, control activities, information and com-
munication, and monitoring regarding the financial reporting are
designed to ensure reliable overall financial reporting and external
financial statements in accordance with IFRS, applicable laws and
regulations, and other requirements. This process involves the Board
of Directors, the Audit Committee, the Group Management Team
and all employees.
Control environment
The Board has overall responsibility for establishing an effective
system of internal control. The Audit Committee regularly reviews
and evaluates the adequacy of the internal control framework. It
monitors control deficiencies identified within the Group’s internal
control environment and oversees implementation of action plans
if applicable. The CEO and the Group Management Team have the
ultimate responsibility for internal controls within their areas of re-
sponsibility.
All entities within the Group must maintain adequate internal
controls. As a minimum requirement, control activities should ad-
dress key risks identified within the Group. Limits of responsibilities
and authorities are provided in the Delegation of Authority Policy,
manuals, policies, and procedures and codes, including the Code
of Conduct, the Group Workplace Policy, and the Group Anti-
Corruption Policy, as well as in policies for information and finance,
and in the finance manual. Together with laws and external regula-
tions, these internal guidelines form the control environment and all
Electrolux Professional employees are accountable for compliance.
Risk assessment
Risk assessment is the assessment of risks in the various processes
and data points that feed into the Company’s financial reports. This
includes identifying risks of not fulfilling the fundamental criteria,
i.e., completeness, valuation, existence and occurrence, rights and
obligations, and presentation and disclosure of significant accounts
in the financial reporting for the Group, as well as the risk of loss or
misappropriation of assets and potential fraud.
Control activities
Control activities aim to mitigate the risks identified and ensure
accurate and reliable financial reporting as well as process
efficiency. Control activities include ongoing evaluations, self-
assessments, and internal audit to ascertain whether the compo-
nents of internal control are present and functioning.
Information and communication
Information and communication within the Group regarding
risks and controls helps to ensure that the right business decisions
are made. Guidelines for financial reporting are communicated to
employees, for instance by ensuring that manuals and policies are
published and accessible through the Group-wide intranet.
Monitoring
Monitoring and testing of control activities is performed periodically
to ensure that risks are properly mitigated. The effectiveness of con-
trol activities is monitored continuously at three levels: Group, legal
unit, and process. Monitoring involves both formal and informal
procedures applied by management, process owners, and control
operators, including reviews of results in comparison with budgets
and plans, analytical procedures and key performance indicators,
and self-assessment results.
Internal audit independently evaluates the design and im-
plementation of controls based on the audit scope, and proactively
proposes improvement to the control environment. Controls that
have failed must be remediated. Management establishes and im-
plements action plans to correct weaknesses. The Audit Committee
reviews, evaluates, and monitors the internal control process for
financial reporting.
Responsible for internal control
Board of Directors
Review, evaluate, and monitor the adequacy and coherence of the internal control framework
Audit Committee
Provide leadership and direction to local management and review the effectiveness of internal control
Group Management
Internal Control Function Local and Functional Management Internal Audit
Coordinate and provide support for
internal control self assessment
process and reporting to Group
Management and Audit Committee
Independently evaluate the efficiency
and effectiveness of internal control
Perform and
manage internal
controls
Internal control
self assessment
Support Audit
P. 104Board of directors
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Board of
Directors
KAI WÄRN KATHARINE CLARK LORNA DONATONE JOSEF MATOSEVIC HANS OLA MEYER
Position & year elected
Chairman of the Board of
Directors and Board member
since 2019. Member of the
Remuneration Committee.
Board member since 2020. Board member since 2019.
Member of the Audit Com-
mittee.
Board member since 2023.
Member of the Audit Com-
mittee.
Board member since 2019.
Chairman of the Audit
Committee.
Year of birth
1959 1979 1957 1971 1955
Nationality
Swedish British American American Swedish
Education
M.Sc. in Mechanical
Engineering, KTH Royal
Institute of Technology,
Stockholm, Sweden.
B.Sc. (Hons) Business Informa-
tion Systems Management,
Bournemouth University, UK.
Professional Diploma, Char-
tered Institute of Marketing, UK.
MBA, Texas Christian Universi-
ty, USA. B.Sc. Tulane University,
USA.
B.Sc. in Mechanical
Engineering from Bayerische
Julius-Maximilian’s Universität
in Würzburg, Germany.
B.Sc. in Economics and
Business Administration
from Stockholm School of
Economics, Sweden.
Other board assignments
Board member of Sandvik
AB, SunStreet Energy AB, and
Comparsio AB.
Sweden-India Business
Council (SIBC).
Board member of Dawn Food
Products Inc., Sbarro, LLC and
National Restaurant Associa-
tion Educational Foundation,
USA.
– –
Current and previous positions
Previously CEO and President
Husqvarna AB, Partner at IK
Investment Partners Norden
AB, President and CEO of Seco
Tools AB, various positions
within ABB.
VP BD, Innovation & Sustain-
ability at Gunnebo. Previously
VP Commercial
Development/CCO,
ASSA ABLOY, Opening
Solutions EMEAI.
Previously various senior posi-
tions within the Sodexo Group.
Managing Director at Revolent
Capital Soutions. Previously
President and CEO, Helios
Technologies, Executive Vice
President and Chief Operating
Officer and interim President
and CEO of Welbilt, Inc., Exec-
utive Vice President of Global
Operations at The Manitowoc
Company, Inc., Executive Vice
President of Global Operations
Oshkosh Corporation, as well
as various executive positions
with Wynnchurch Capital.
Previously CFO, Senior Vice
President Controlling and
Finance at Atlas Copco AB.
Independence
Independent in relation to
the company and the Group
Management Team as well as
the company’s major share-
holders.
Independent in relation to
the company and the Group
Management Team as well as
the company’s major share-
holders.
Independent in relation to the
company and the Group Man-
agement Team as well as the
company’s major shareholders.
Independent in relation to the
company and the Group Man-
agement Team as well as the
company’s major shareholders.
Independent in relation to the
company and the Group Man-
agement Team as well as the
company’s major shareholders.
Shareholding at February 28, 2025
104,000 Class B shares and
778,816 call options issued by
Investor AB entitling him to the
right to purchase Electrolux
Professional B shares.
9,000 Class B shares. 9,000 Class B shares. – 9,000 Class B shares.
P. 105Board of directors
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
DANIEL NODHÄLL MARTINE SNELS CARSTEN VOIGTLÄNDER
Position & year elected
Board member since 2019. Mem-
ber of the Remuneration Commit-
tee and the Audit Committee.
Board member since 2019.
Chairman of the Remuneration
Committee.
Board member since 2019.
Year of birth
1978 1969 1963
Nationality
Swedish Belgian German
Education
M.Sc. in Economics and
Business Administration,
Stockholm School of
Economics, Sweden.
M.Sc. Industrial engineering,
K.U. Leuven, Campus Geel,
Belgium. Studies in mathematics,
Universiteit Antwerpen, Belgium.
Advanced Finance, London Busi-
ness School, England. Finance for
non-financials, Singapore Insti-
tute of Management, Singapore.
B2B Marketing, Vlerick Business
School, Belgium.
Degree in Mechanical
Engineering, Technical University
of Braunschweig, Germany.
Doctoral Degree/Dr.-Ing.,
Process Engineering, Technical
University of Braunschweig,
Germany. Advanced Manage-
ment Programme, INSEAD.
Other board assignments
Board member of AB Electrolux
and Husqvarna AB.
Board member of SIG Group AG,
member of the Audit Committee
and member of the Nomination
and Governance Committee,
Board member of Prodrive Tech-
nologies Group B.V.
Board member of Arbonia AG
and BBC Group AG. Non-Exec-
utive Director of INNIO Group,
OIKOS International and STULZ
GmbH. Member of the Founda-
tion Board of Friedhelm Loh Sti-
fung. Member of the Supervisory
Board of Testo Management SE.
Current and previous positions
Head of Listed Companies at
Investor AB.
CEO and owner of L’Advance B.V.
Previous Non-Executive Director
of Resilux NV and Member of the
Supervisory Board of Vion Food
Group NV. Previous Board mem-
ber of Urus Group LLC. Previous
member of the Executive Board
of GEA Group AG and various
positions within FrieslandCampi-
na NV, including Chief Operating
Officer in the Board and Execu-
tive Director Ingredients.
CEO and owner of Voiglaender
Board Advisory. Previously CEO
of Vaillant Group.
Independence
Independent in relation to
the company and the Group
Management Team, but not in
relation to the company’s major
shareholders.
Independent in relation to the
company and the Group Man-
agement Team as well as the
company’s major shareholders.
Independent in relation to the
company and the Group Man-
agement Team as well as the
company’s major shareholders.
*Shareholding at February 28, 2025
20,000 Class B shares. 10,000 Class B shares 10,000 Class B shares
JOACHIM NORD
Position & year elected Board member since
2019. Employee representative of the Council for
Negotiation and Cooperation (PTK).
Year of birth 1966 Nationality Swedish
Shareholding* 130 Class B shares.
PER MAGNUSSON
Position & year elected Deputy board mem-
ber since 2023. Employee representative of the
Swedish Confederation of Trade Unions (LO).
Year of birth 1964 Nationality Swedish
Shareholding* –
JENS PIERARD
Position & year elected Board member since
January 1, 2023. Employee representative of the
Swedish Confederation of Trade Unions (LO).
Year of birth 1968 Nationality Swedish
Shareholding* –
HELEN ÅKERMAN
Position & year elected Deputy board member
since 2024. Employee representative of Unionen.
Year of birth 1982 Nationality Swedish
Shareholding* –
P. 106Group Management Team
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Group Management Team
ALBERTO ZANATA PAOLO SCHIRA
CAMILLA MONEFELDT
KIRSTEIN
BO ERICKSON PHILIPPE ZAVATTIERO RICHARD FLYNN
Position
President and Chief Executive
Officer since 2009.
President Business Area
Laundry, since 2022.
President Business Area Food
Europe since 2023.
President Business Area Food
Americas, since January 1,
2025.
President Business Area
Beverage and Food Prepara-
tion, since 2021.
President Business Area Food
APAC and MEA since 2022.
Year of birth
1960 1975 1972 1981 1961 1980
Nationality
Italian Italian Norwegian American French British
Education
Master’s degree in Electronic
Engineering with Business
Administration, Padua
University, Italy.
Master’s Degree, Engineering,
University of Trieste, Italy.
Master's degree in Industrial
Economics, Norwegian
University of Science and
Technology. Master's degree
in Operational Research,
London School of Economics
and Political Science.
Bachelor's degree in
Marketing and Finance,
Marquette University, USA.
Master’s Degree of
Engineering, National Institute
Polytechnique of Grenoble,
France. Master’s degree
ESSEC Business School Paris,
France.
Business management,
University of Gloucestershire,
England.
Other assignments
– – Board member of Knowit AB. – Board member of Institut Paul
Bocuse, France.
–
Previous positions
Head of Professional
Products, Executive Vice
President within the Electrolux
Group.
Most recently SVP & GM
Commercial Organization
Europe. Various senior posi-
tions within the Professional
Products business area of the
Electrolux Group, including
SVP Business Development
and Vice President Business
Unit Laundry.
Recently President Personal
Protection Equipment Division
at Hultafors Group. Previously
Executive Vice President
Snickers Workwear and
Fristads AB. Various manage-
ment positions at Oriflame
Cosmetics, SAS Group,
K-World, and Management
consultant at McKinsey &
Company.
Most recently Group President
of Pentair’s Commercial Water
Solutions with responsibilities
for industry leading brands
like Manitowoc Ice, Everpure
Filtration, and KBI Beverage
Services.
SVP & GM Europe Electrolux
Professional, SVP of the
Commercial Organization
Europe within the Professional
Products business area of the
Electrolux Group. Board
member of Institut Paul
Bocuse, France.
Most recently, since 2021 SVP
& GM Commercial Organiza-
tion APAC & MEA. Previously
Sales Director Chains, APAC
& MEA. Various roles within
Electrolux Professional in
Europe and Asia.
Shareholding at
February 28, 2025
173,203 Class B shares. 26,411 Class B shares. – – 31,836 Class B shares. 7,843 Class B shares.
Change in Group Management: Dave Herring, President Business Area
Food Americas, retired at the end of 2024 and as of January 1, 2025 was
replaced by Bo Erickson, who was employed on December 1, 2024.
P. 107Group Management Team
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
FABIO ZARPELLON CARLO MARIO CARONI PIA HOVLAND CAROLINA TENDORF JACOB BROBERG GUILHEM SENEGAS
Position
CFO since 2009. COO (Operations & R&D)
since 2014 (Operations) and
2019 (R&D) respectively.
Chief Human Resources
Officer since 2020.
General Counsel since 2022. Chief Communication and
Investor Relations Officer
since 2019.
Chief Information Officer and
Head of Digital Transforma-
tion, since 2020.
Year of birth
1967 1968 1965 1968 1964 1975
Nationality
Italian Italian Swedish Swedish Swedish French
Education
Degree, Business Administra-
tion, Ca´Foscari University of
Venice, Italy.
Master's degree in Mechani-
cal Engineering in Economics
and Management, Politecnico
di Torino, Italy.
Bachelor’s degree in
Computer Science, Stockholm
University, Sweden.
Master's Degree of Law,
University of Stockholm,
Sweden
B.A., Political Science and
Economics, Lund University,
Sweden.
Master's degree in Engineering
from CentraleSupelec, Paris
and MBA from Le Collège des
Ingénieurs, Paris.
Other assignments
President La Vela srl. – – – Board member Sveriges
Kommunikatörer AB, Board
member Stiftelsen Svenska
Dagbladet, Board member
Swedish Investor Relations
Association.
–
Previous positions
CFO of Professional
Products within the Electrolux
Group.
SVP Global Operations within
the Professional Products
business area of the Electrolux
Group.
Various senior HR positions
in Britannia Airways, Effnet
Group and Electrolux includ-
ing SVP HR, Communications
& Continuous Improvement
at Electrolux Business Area
Europe.
Head of Legal Electrolux
Professional Group, Se-
nior Group Legal Counsel,
Electrolux Group, Partner and
member of the Swedish Bar
Association (Advokat) Ashurst
law firm, General Counsel
Mandator, Lawyer/Advokat
Advokat-
firman Södermark.
Most recently, since 2019
SVP Investor Relations and
Corporate Communications
in Electrolux Professional.
Previously SVP Corporate
Communications and Investor
Relations, Cloetta AB.
Various Senior IT roles for
bioMérieux & Mérieux
Nutrisciences, IT consultant
for Capgemini.
Shareholding at
February 28, 2025
32,378 Class B shares. 27,352 Class B shares. 19,844 Class B shares. 7,088 Class B shares. 20,685 Class B shares. 835 Class B shares.
P. 108Electrolux Professional Group remuneration report 2024
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Electrolux Professional Group remuneration report 2024
Introduction
This report describes how the guidelines for executive remunera-
tion of Electrolux Professional AB, adopted by the Annual General
Meeting 2024, have been implemented in 2024. The report also
provides information on remuneration for the President and CEO.
The report has been prepared in accordance with the Swedish
Companies Act and the Rules on Remuneration of the Board and
Executive Management and on Incentive Programs, issued by the
Swedish Corporate Governance Board.
Further information on executive remuneration is available in
Note 26 (Employees and personnel costs) on pages 161–164 of the
2024 Annual Report. Information on the work of the Remuneration
Committee in 2024 is set out in the corporate governance report
available on page 102 of the 2024 Annual Report.
Remuneration of the Board of Directors is not covered by this
report. Such remuneration is resolved annually by the Annual
General Meeting and disclosed in Note 26 on page 162 of
the 2024 Annual Report.
Key business developments in 2024
The President and CEO summarizes the company’s overall perfor-
mance in his statement on pages 5–7 of the 2024 Annual Report.
Group remuneration guidelines: scope, purpose and deviations
A prerequisite for the successful implementation of the Group’s busi-
ness strategy and safeguarding of its long-term interests, including
its sustainability, is that the Group can recruit and retain qualified
personnel. To this end, the Group must offer competitive remuner-
ation in relation to the country or region of employment of each
Group Management member. The Group’s remuneration guide-
lines enable the company to offer executives a competitive total
remuneration. Under the remuneration guidelines, executive
remuneration shall be on market terms and may consist of the
following components: fixed cash compensation, variable
compensation, pension benefits, and other benefits.
Variable compensation consists of both short-term cash compen-
sation and long-term, share-related or cash-based compensation.
The guidelines are found in the administration report on pages
120-121 of the 2024 Annual Report. During 2024, the Group has com-
plied with the applicable remuneration guidelines adopted by the
Annual General Meeting. No deviations from the guidelines have
been decided and no derogations from the procedure for imple-
mentation of the guidelines have been made.
The auditor’s report regarding the Group’s compliance with the
guidelines is available on www.electroluxprofessional.com/corpo-
rate. No remuneration has been reclaimed.
Table 1 – Total remuneration of the President and CEO in 2024 (kSEK)¹
Fixed compensation
Variable
compensation
kSEK
Fixed cash
compensation³
Other
benefits⁴
One-year
variable
Multi-year
variable⁵
Extraordinary
items
Pension
expense⁶
Total
remuneration
Proportion of fixed and
variable remuneration
Alberto Zanata
(President and CEO)²
7,865 427 3,488 3,403 – 614 15,797 56%/44%
1) The table reports compensation earned in 2024 (irrespective of whether payments have been made in the same year), except for multi-year variable compen-
sation which reports what was vested in 2024 (settlement in first quarter of the following year).
2) The remuneration of the President and CEO is defined in EUR. The presented remuneration in SEK is therefore impacted by the currency exchange rate.
3) The annual fixed salary includes annual base salary, vacation salary, paid vacation days, and fixed non-compete components.
4) Company car and medical insurance.
5) Vested 2022 long-term incentive award.
6) Pension expense, consisting of defined contributions according to collective bargaining agreement entitlements, has been counted entirely as fixed remuneration.
Table 2 – Share-based remuneration (for the President and CEO)
Information regarding the reported financial year
Opening Balance
(Jan 1, 2024) During the year
Closing balance
(Dec 31, 2024)
The main conditions of share award plans Shares awarded⁴ Shares vested⁶
Specification
of plan¹
Performance
period
Award
date²
End of vesting
period
Share awards held
at the beginning
of the year³
No. of
shares
Value
(kSEK)⁵
No. of
shares
Value
(kSEK)⁷
Awards
subject to
vesting⁸
Awards
forfeited⁹
LTI 2022
10
Jan 1 – Dec
31, 2022
May 5,
2022
Dec 31, 2024 49,181 0 0 49,181 3,403 0 0
LTI 2023
11
Jan 1 – Dec
31, 2023
May 5,
2023
Dec 31, 2025 74,598 0 0 0 0 74,598 44,625
LTI 2024
12
Jan 1 – Dec
31, 2024
May 10,
2024
Dec 31, 2026 0 103,808 7,300 0 0 51,936 51,872
1) All plans have a three-year vesting period, including a one-year performance period.
2) Refers to the date when the share awards were awarded to the participant.
3) Refers to the number of share awards under vesting period at the beginning of the year. See column ‘End of vesting period’ for vesting date.
4) Assuming a maximum performance outcome.
5) Value at award date calculated as the market price per share multiplied by the number of awarded shares.
6) Actual number of shares based on performance outcome, and their value at vesting date.
7) The share value based on closing price on vesting date.
8) Refers to the number of shares awarded based on actual performance outcome, but for which the vesting date is after the end of the reported financial year.
9) Refers to the number of shares forfeited based on actual performance outcome.
10) The maximum number of shares that could be awarded under LTI 2022 for the CEO was 105,176 shares. The outcome was 47% and resulted in 49,181 shares for
the CEO.
11) The maximum number of shares that could be awarded under LTI 2023 for the CEO was 119,223 shares. The outcome was 63% and resulted in 74,598 shares for
the CEO.
12) The maximum number of shares that could be awarded under LTI 2024 for the CEO was 103,808 shares. The outcome was 50% and resulted in 51,936 shares
for the CEO.
P. 109Electrolux Professional Group remuneration report 2024
Corporate
governance
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Share-based remuneration
The aim of Electrolux Professional’s long-term incentive plans (LTI) is
to attract and retain competent senior employees, and to increase
the commitment and the motivation of the program participants.
The plans have been designed to align management incentives
with shareholder interests.
During 2024, the company had three ongoing performance
share programs (LTI 2022, LTI 2023 and LTI 2024) for senior man-
agers and key employees, including the President and CEO. All
programs run over a three-year vesting period including a one-year
performance period. The allocation of shares in the 2022 program is
determined by the position level and the outcome of two objectives:
(i) earnings per share and (ii) operating cash flow after investments.
The allocation of shares in the 2023 program is determined by the
position level and the outcome of three objectives: (i) earnings
per share, (ii) operating cash flow after investments and (iii) CO₂
emission reduction. The allocation of shares in the 2024 program is
determined by the participant's position level and the outcome of
three objectives: (i) earnings per share, (ii) return on net assets and
(iii) CO₂ emission reduction.
Performance outcome of the objectives in the three plans is de-
termined by the Board after the expiry of the respective one-year
performance period for each program.
Allocation of shares is based on performance, and performance
objectives are linear from minimum to maximum. If the maximum
is reached or exceeded, 100% of the maximum granted shares to
each participant will be allocated. If the performance is below the
maximum level but exceeds the minimum level, a proportionate
allocation of shares will be made. No allocation will be made if
performance does not reach the minimum level. The shares will be
allocated after the vesting period free of charge except for tax
liabilities.
If a participant’s employment is terminated during the respective
three-year vesting period of each program, the participant will be
excluded from the program and will not receive any shares or other
benefits under the program. However, in certain instances, including
a participant’s death, disability, retirement, or the divestiture of the
participant’s employing company, a participant could be entitled to
reduced benefits under the program.
All programs comprise Class B shares. Additional information
about the outstanding LTI programs can be found in Note 26 in the
Annual Report 2024.
Application of performance criteria
The performance measures for the President and CEO’s variable
compensation have been defined to deliver the Group’s strategy
and to encourage behavior that is in the long-term interest of the
Group. The strategic objectives and short-term and long-term
business priorities for 2024 have been taken into account in the
definition of performance measures. Descriptions of how the perfor-
mance measures for payment of variable short-term and long-term
compensation have been applied during the financial year are set
out in Tables 3(a) and 3(b) on this page.
Table 3(a) – Performance of the President and CEO in the reported financial year: variable short-term cash compensation
Description of the performance criteria
related to the remuneration component
Relative weighting of
the performance criteria
a) Measured performance
b) Actual award/remuneration outcome
Alberto Zanata
(President and CEO)
Group EBITA margin (%)
1
55% a) 11.6%
b) 2,084 kSEK
Group net sales growth (%)
2
15% a) –0.1%
b) 0 kSEK
Group operating working capital (%)
3
15% a) 16.4%
b) 1,100 kSEK
Group customer care, net sales growth (%)
4
15% a) 2.5%
b) 304 kSEK
1) Year-on-year EBITA margin in %, adjusted to 2024 budget rate in SEKm. EBITA is defined as EBIT (absolute) plus amortization, excluding effects of acquisitions
and divestments not anticipated at the time of budget setting.
2) Year-on-year External Net Sales growth in %, adjusted to 2024 budget rate in SEKm, excluding effects of acquisitions and divestments.
3) OWC (excluding factoring contributions) divided by External Net Sales. The OWC is determined as the 12-month average of Accounts Receivables (excluding
factoring contributions), Inventory, and Accounts Payable, all adjusted to the average rate for 2024. External Net Sales are also adjusted to the average rate
for 2024, with the effects of acquisitions and divestments excluded.
4) Year-over-year External Net Sales growth in %, adjusted to 2024 budget rate in SEKm, excluding effects of acquisitions and divestments.
Table 3(b) – Performance of the President and CEO in the reported financial year: variable long-term share-based compensation
Name of plan
Description of the performance criteria
related to the remuneration component
Relative weighting of the
performance criteria
a) Measured performance
b) Actual award/remuneration
outcome
4
Alberto Zanata
(President and CEO) LTI 2024
Earnings per share¹ 50% a) 2.79 SEK
b) 16,223 shares
Return on net assets
2
30% a) 15.3%
b) 14,950 shares
CO₂ emission reduction
3
20% a) 927 tonnes
b) 20,763 shares
1) Income for the period (attributable to equity holders of Electrolux Professional) divided by the weighted average number of basic shares outstanding during
the period.
2) Annualized operating income (EBIT) expressed as a percentage of average net assets, all periods at historical rates. Return on net assets shall be adjusted for
acquisitions/divestments of operations.
3) CO
2
emission reduction refers to Year-on-Year greenhouse gas reductions measured in absolute values within the following areas: (i) Scope 1 and (ii) Scope 2,
in accordance with the Greenhouse Gas (GHG) Protocol.
4) The vesting period ends on December 31, 2026 and shares will be paid in the following year (subject to continued employment).
Table 4 – Comparative information on the change of remuneration and company performance
Actual Value and Annual Change
1
2024 2023 2022 2021 2020
President and CEO Remuneration in kSEK (change in %)
2
15,984 (–4%) 16,599 (+46%)
3
11,331 (-9%) 12,453 (+102%)
4
6,163
Group EBITA in SEKm (change in %)
1,481 (+11%)
5
1,330 (+16%) 1,146 (+72%) 665 (+25%) 533
Average remuneration on a full-time equivalent basis of employees of
the parent company, Electrolux Professional AB in kSEK (change in %)
6
553 (+0,2%) 552 (+2%) 539 (+10%) 489 (-4%) 509
1) The table presents the actual value for the reported financial year and, in parentheses, the annual change vs the previous year.
2) The remuneration of the President and CEO is defined in EUR. The presented remuneration in SEK is therefore impacted by the currency exchange rate.
3) The increase in 2023 compared to 2022 is due to the vesting of the first LTI program (LTI 2021) in Electrolux Professional AB.
4) The increase in 2021 compared to 2020 is due to the close-to-maximum outcome for 2021 incentive programs and zero outcome for 2020 programs.
5) EBITA adjusted to the budget foreign exchange rates for 2024 and 2023 respectively, excluding acquisitions and costs for acquisitions not anticipated at the
time of budget setting
6) Total remuneration, excluding Board members and members of the Group Management Team, of Electrolux Professional AB.
Risk and risk
management
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Risk and risk management
Electrolux Professional Group is an international company which means
that we are exposed to strategic, operational, and financial risks at a
micro and macro level. Risks are managed through a systematic risk
management framework to enhance resilience and empower the Group
to achieve its goals.
P. 111Risk and risk management
Risk and risk
management
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Risk Governance
Electrolux Professional’s Board of Directors has the ultimate
responsibility for risk oversight. The Enterprise Risk Management
(ERM) governance structure is based on the three lines of defense
model, which determines the roles, responsibilities, and relationships
between risk management functions.
The CEO, Group Management, Business and Group functions
form the first line of defense with ownership of risks, ensuring moni-
toring of risks, and the responsibility for addressing risk.
The role of the second line of defense, fulfilled by the ERM Board
is to provide risk management oversight, support, facilitation, and
consultation. The ERM Board oversees and facilitates Electrolux
Professional Group’s ERM activities, ensuring that they are conduct-
ed in a holistic and proactive manner, to strengthen the develop-
ment of integrated risk assessment processes, thus supporting the
achievement of the Group’s strategic goals. The ERM Board con-
sists of the President and Group CEO, the Group CFO, the General
Counsel, and the Group Risk Manager.
Internal audit is the third line of defense. It provides independent
assurance by evaluating the effectiveness and efficiency of the
Group’s risk governance model and risk management processes,
including the implementation of internal control and other risk
mitigation actions.
Electrolux Professional Group transfers certain risks to estab-
lished and internationally recognized commercial insurance mar-
kets. Further actions are also taken to reduce insurable risks as part
of the Group’s loss prevention strategy, to reduce the potential for
significant losses, and to ensure the Group’s ability to produce and
deliver to customers without interruptions.
Risk Governance
3
rd
line of defense
Independent assurance
2
nd
line of defense
Risk Management oversight, support, facilitation,
and consultation
1
st
line of defense
Ownership of risk taking and
addressing risk
Compliance/LegalRisk Management
CEO and
Group Management
Audit Committee
Board of Directors
ERM Board
Business and
Group functions
Internal Audit
Enterprise Risk Management
The purpose of the Enterprise Risk Management (ERM) process is
to proactively manage risks that have the greatest potential to
impact Electrolux Professional Group’s ability to fulfill the compa-
ny's mission, strategy, and business goals. The foundation for the
ERM process is bi-annual workshops with Group Management and
Business Area Management Teams as well as continuous support
for risk mitigation actions.
ERM objectives and process
> Promote integration of risk management processes with business
strategy, project management processes, and decision making.
> Ensure continuity and transparency in methodology, assessment,
and management processes.
> Establish appropriate, consistent, and transparent risk coordina-
tion and accountability for risk mitigation.
Identified risks are assessed by management teams through a
combination of potential impact on the company and current level
of risk management. This assessment determines the degree of
materiality for each risk, which in turn sets the prioritization for
risk mitigation and guides identification of appropriate actions to
improve the specific risk management. The process setup ensures
strong risk ownership and highlights the ability to act to improve risk
management as the core component in the ERM process.
Risk materiality scale
Low Moderate Substantial Critical
P. 112Risk and risk management
Risk and risk
management
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Materiality Risk Management
Economic climate
Demand for Electrolux Professional Group's products depends on the
general economic climate within the professional equipment industry, which
in turn is affected by macroeconomic factors in the countries and regions
where the Group conducts operations, including the rate of growth in the
global and local economy.
Strategic risks are managed through the normal course of business, i.e. strategic
plans and business decisions taken by the Board of Directors, the Group
Management Team, and management teams throughout the Group.
Political instability
Market accessibility is impacted by geopolitical decisions, aggressions, sanc-
tions, export controls, etc. as well as the general prevailing political discourse,
e.g. globalization or protectionism, including introduction of tariffs and other
import or export duties which ultimately affect the costs and/or legal possibilities
to do business in certain areas of the world, as well as general supply and
demand.
Close monitoring of the political developments in countries with political and
other exposure. Readiness to adapt and act to ensure viability and continuity of
business.
Climate change
Climate change is expected to drive global geographic shifts affecting tourism/
business travel, and is a chronic physical risk. In a 4-degree climate change
scenario, a large part of our customer base could become exposed to significant
risks due to climate change in 2050.
Geographic shifts in global tourism/business travel could have a financial impact
in terms of reduced demand for products and a shift to new geographies to-
wards the higher latitudes, unless we keep up with this shift in demand. A shift in
peak season tourism to shoulder seasons could open up future business oppor-
tunities and increase sales in these currently off-peak seasons. Read more about
actions taken in the Sustainability report on pages 61–65.
Strategic risks
Strategic risks relate to macro-economic factors and geopolitical conditions resulting in changes in the
business environment that potentially have a significant effect on operations and business objectives.
Read about climate scenario analysis in Note 31 on page 167.
Risks
The Group’s most significant strategic, operational, financial, and sustainability risks
are described on the following pages.
Low Moderate Substantial Critical
P. 113Risk and risk management
Risk and risk
management
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Materiality Risk Management
Manufacturing
The Group has 14 manufacturing plants in eight countries and manufacturing
is a chain of processes. Unfavorable geopolitical developments, fire, natural
disasters, extreme weather conditions, epidemics, pandemics, systems failure,
mechanical failure, or equipment failure could affect the Group’s manufacturing
capacity.
Any extensive outages or disruptions due to such events could have an adverse
effect on the Group’s business and financial position.
Disruption to the Group’s manufacturing capacity in operations and supply chain
due to extreme weather events has been identified as a changed physical risk.
Electrolux Professional’s manufacturing and supplier sites may become increas-
ingly affected by extreme weather events in the coming years.
Manufacturing units continuously monitor the production process, test the safety
and quality of products, conduct risk assessments, and train employees. The
Group works in a structured manner to ensure the health and wellbeing of its
employees and regularly assesses and manages health and safety risks in oper-
ations.
Manufacturing sites are surveyed annually through a group-wide loss prevention
standard which includes risk management, emergency procedures, business con-
tinuity, and security. The program ensures continuous improvement and sharing
lessons learned between sites.
The Group has transferred part of its property damage and business interruption
risks to the direct insurance market.
The long-term view of the location of sites is managed through strategic plans
and business decisions taken by the Board of Directors, the Group Management
Team, and management teams throughout the Group. Read more about produc-
tion and logistics on pages 39–42.
Supply chain
Manufacturing depends on the availability and timely supply of components
and raw materials, sourced and purchased primarily from external suppliers.
A shortage of electronics and raw materials poses risks related to product
costs and timely delivery to customers.
Some key parts and customized components are available only from a single
supplier or a limited group of suppliers and there is a risk that the Group will
be unable to obtain these products for a certain period, which could have an
adverse effect on the Group’s ability to manufacture single types or catego-
ries of products within a reasonable time or at an acceptable cost. Potentially
increased costs for materials, energy, and transportation as a knock-on effect
of carbon pricing has been identified as a climate change transition risk.
Proactive efforts are being made to establish a robust and flexible supply chain
with multiple sourcing that complies with laws and the Group’s business princi-
ples, which is having a positive effect. We perform regular supplier audits and
continuous monitoring of supplier performance and financial stability, and long-
term agreements are in place with single-source suppliers. In addition, we are
establishing more dual-sourcing for key components and raw materials.
Products
Most of Electrolux Professional Group’s products and product lines are subject
to regulations that set out basic health and safety requirements applicable to
products released onto the market. Should any of the Group’s products have
defects that lead to serious accidents or ill-health when used, there is a risk that
competent authorities could decide to prohibit sales, require recall of the product
from the market, or provide warning information. Such market interventions and
any product liability claim from contracting parties or third parties could have
an adverse effect on the Group’s business, reputation, results of operations, and
financial position.
The Group aims to ensure customer safety and reduce risks by focusing on
product safety during the product development phase and the manufacturing of
its products. Tests are performed on products during the manufacturing process
as well as through field tests at customer sites. The Group also uses third-party
laboratories to review products from a safety standpoint. In recent years we
have started to perform ergonomic certifications on certain products (ERGO-
CERT). The Group has transferred part of its product liability risk to the direct
insurance market.
Operational risks
Operational risks stem from business operations and have a potential impact on the Group's financial position
and performance. Risks are mainly associated with the development, design, and manufacturing of the Group’s
products, the supply chain, and sales of products and services worldwide. Read about climate scenario analysis
in Note 31 on page 167.
Low Moderate Substantial Critical
P. 114Risk and risk management
Risk and risk
management
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Chairman’s comments
Corporate governance report
Board of Directors
Group Management Team
Remuneration report 2024
Risk and risk management
Financial information
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Materiality Risk Management
Legal and
compliance
Electrolux Professional Group conducts its business in many jurisdictions with
different legislation, rules, and regulations. Non-compliance with trade compli-
ance rules, product certification requirements, privacy rules, and so on could
result in fines and penalties, trade restrictions, and reputational impact.
In addition to the Code of Conduct, the Group has issued policies and proce-
dures on legal compliance that are applicable to all employees worldwide.
The procedures are regularly reviewed and followed up, and whistleblowing
procedures have been implemented. Regular training is held for relevant
employees (face-to-face, via video or e-learning).
IT systems and
cyber security
The Group is dependent on information technology and systems. Cyber security
risks are increasing globally, and the risk of a cyber intrusion is continuously on
the rise. A cyber security breach could disrupt manufacturing processes and IT
systems, which could impact the Group’s financial position and result.
The Group has an IT security strategy including information security policies and
procedures, and IT General Controls (ITGC). There are different levels of access
controls for internal employees and contractors, and regular vulnerability testing
is carried out. Internet security training for employees is conducted regularly. The
system landscape is based on well-proven products and market-leading service
providers. There is a designated Chief Information Security Officer function at
Group level.
Human resources
A prerequisite for the successful implementation of the Group’s business strategy
and safeguarding of its long-term interests, including its sustainability, is that the
Group can recruit and retain qualified personnel. Difficulties in recruiting and
retaining qualified personnel could result in a diminished competitive edge and
increased costs.
To offer attractive positions and personal and professional development, a good
working environment and competitive compensation and benefits are prioritized
within the Group. Salaries and other conditions are adapted to the market and
linked to business priorities. The Group strives to maintain good relationships with
unions.
Financial risks
The Group is exposed to several risks from liquid funds, trade re-
ceivables, borrowings, commodity prices, tax, foreign exchange etc.
These risks are categorized as financial risks, some of which are
presented below. More information about financial risks and man-
agement of the risks can be found in Note 1 Accounting Principles
on page 130, Note 2 Financial risks on page 132 and Note 17 Trade
receivables on page 148.
Foreign exchange risk
Electrolux Professional’s solutions and products are manufactured
in fourteen facilities located in eight countries around the world
and sold in approximately 110 countries. Accordingly, the Group is
exposed to currency risks. Foreign exchange risk is defined as the
risk that fluctuations in currency exchange rates have a negative
impact on the Group’s financial position, profitability, or cash flow
and includes transaction exposure and translation exposure.
Credit risk
Credit risk on financial transactions is the risk that the counterparty
is not able to fulfill its contractual obligations related to the Group’s
investments of liquid funds and derivatives. Credit risks also arise in
connection with trade receivables. Electrolux Professional’s client
base is characterized by a mix of repeat customers, such as dis-
tributors, and one-time customers, as well as multi-operator stores
or spare-part customers. If Electrolux Professional is unable to fully
collect its trade receivables from major customers, the Group’s result
would be adversely affected.
Interest-rate risk
Interest-rate risk refers to the adverse effects of changes in interest
rates on the Group’s income. The main factor determining this risk is
the interest-fixing period. In 2024, the Group’s average interest-
fixing period was 1.3 years.
Tax risk
The Group is comprised of subsidiaries that are subject to taxa-
tion in approximately 30 jurisdictions. There is a risk that Electrolux
Professional’s understanding and interpretation of tax laws, tax
treaties, and other provisions are not correct in all aspects. There is
also a risk that tax authorities in the relevant jurisdictions make as-
sessments and decisions that differ from Electrolux Professional’s un-
derstanding and interpretation, which could negatively impact the
Group’s tax expense and effective tax rate. In addition, valuation of
deferred taxes is based on projections of future taxable income and
there is a risk that changes in assumptions or erroneous estimates
result in significant differences in the valuation of deferred taxes.
Sustainability risks
Electrolux Professional Group’s global operations expose the
Group to risks related to sustainability factors such as environmen-
tal impact, human rights, employment conditions, and corruption.
These risks could arise in several phases of the value chain, such
as in purchasing and sales, and also in connection with third-party
service partners providing preventive and corrective maintenance
services to end customers.
Countries are increasingly adopting new rules and regulations
aimed at imposing mandatory rules on sustainability-related areas,
particularly in human rights and modern slavery. Failure to comply
with standards and regulations on the work environment, anti-
corruption, human rights, and business ethics could have an
adverse effect on the Group’s reputation, results of operations,
and financial position.
Operational risks, continued
Low Moderate Substantial Critical
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Financial information
P. 116Financial information, contents
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial information, contents
Financial information
Administration report
117
Consolidated statement of total comprehensive income
122
Consolidated balance sheet
123
Change in consolidated equity
124
Consolidated cash flow statement
125
Parent Company income statement
126
Parent Company balance sheet
127
Parent Company change in equity
128
Parent Company cash flow statement
129
Notes
130
The Board's assurance
168
Auditor’s report
169
Eight years in summary
173
Definitions and reconciliation of
alternative performance measures
175
Notes to the financial statements
P. 117Administration report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Administration report
The Board of Directors and President and CEO of Electrolux
Professional AB (publ), corporate identity number 556003-0354 and
registered office in Stockholm, Sweden , hereby submit the annual
report and consolidated accounts for the financial year January 1,
2024 to December 31, 2024.
Information on operations
Production
On December 31, 2024, Electrolux Professional Group’s production
units operated through fourteen manufacturing sites, organized
mainly by product category to ensure proximity and agility to serve
customer needs. All manufacturing sites commit to a systematic
approach for the responsible use of resources, occupational health
and safety, and environmental management. Our factories are
specialized by product categories, with food and laundry plants
producing the majority of the appliances to order, while for the
beverage plants there is a mix between make-to-order and make-
to-stock.
Significant events during
the financial year
Acquisition of TOSEI Corporation
In January, Electrolux Professional Group completed the acquisition
of TOSEI Corporation, a leading Japanese manufacturer of profes-
sional laundry equipment and vacuum-packing machines. Through
this acquisition Electrolux Professional Group became a larger play-
er in Japan, which is the second largest laundry market and third
largest food-service market globally.
Launch of a medium-term note program
Electrolux Professional Group established a medium-term note pro-
gram with a framework amount of SEK 5,000m, or the equivalent in
EUR.
Acquisition of Adventys
In April, 2024, Electrolux Professional Group acquired Adventys –
a French manufacturer of induction cooking solutions. With this
acquisition Electrolux Professional Group has gained access to the
development of induction technology. It is a technology that sig-
nificantly reduces CO₂ emissions compared to other technologies,
which makes it the technology for the future of sustainable cooking.
Launch of the NeoBlue Touch undercounter dishwasher
The NeoBlue Touch undercounter dishwasher, that was launched
in 2024, is a compact undercounter dishwasher for the fast-food
restaurant and bar segments, that offers outstanding washing per-
formance and loading capacity. It features a one-touch button for
ease of use, a new app for effortless wash cycle selection and de-
tergent ordering, and is designed with future high-end lifetime pro-
long capabilities. The NeoBlue Touch is expected to drive volume
growth, with strong growth anticipated in sales of consumables due
to its connected solution. In addition, its enhanced performance will
support efforts to meet our Scope 3 CO₂ reduction target.
New President for Business Area Food Americas
Bo Erickson was appointed as the new President for Business Area
Food Americas, succeeding Dave Herring who retired at year end.
Conversion of shares
According to Electrolux Professional AB's Articles of Association,
owners of A shares have the right to convert such shares to
B shares. Conversion reduces the total number of votes in the
company. 2,124 shares were converted during 2024. On December
31, 2024, the company’s registered share capital amounted to
SEK 28,739,745, represented by 287,397,450 shares of which
8,029,337 were Class A shares and 279,368,113 were Class B shares.
The total number of votes amounted to 35,966,148.3.
P. 118Administration report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial targets
Electrolux Professional Group’s financial targets are as follows:
Organic sales growth
Annual growth of more than 4% over time, complemented by value-
accretive acquisitions.
EBITA margin
EBITA margin of 15%.
Operating working capital
Operating working capital below 15% of net sales.
Net debt/EBITDA
Leverage ratio below 2.5x Net debt/EBITDA. Higher levels may be
temporarily acceptable in the event of acquisitions, provided there
is a clear path to deleveraging.
Dividend policy
Approximately 30% of net income.
Operational and financial review
Net sales
Net sales for 2024 amounted to SEK 12,583m (11,848) an increase
of 6.2% compared to the same period last year. Organically, sales
decreased by 0.1% with the acquisitions of TOSEI and Adventys con-
tributing 7.2% and currency having a negative effect of 0.9%.
Sales of Food & Beverage decreased organically by –2.7%. Sales
of Laundry increased organically by 4.5%.
Geographically, sales increased organically by approximately
1% in Europe and by 1% in the Americas, but declined by 7% in Asia-
Pacific, Middle East and Africa.
Changes in net sales
% 2024 2023
Organic growth –0.1 2.6
Acquisitions 7.2 –
Divestments – –0.2
Changes in exchange rates –0.9 4.9
Total 6.2 7.3
Operating income and EBITA
Operating income excluding amortization of intangible assets
(EBITA) amounted to SEK 1,461m (1,317), corresponding to a margin
of 11.6% (11.1). EBITA includes acquisition and integration related
costs for TOSEI and Adventys of SEK 52m. Excluding acquisition and
integration costs the EBITA margin amounted to 12.0%. Operating
income amounted to SEK 1,231 (1,154), corresponding to a margin of
9.8% (9.7). The improved operating income is due to volume growth
in Laundry as well as margin improvement in Food & Beverage,
price, and lower material costs.
Performance per segment
The Group’s operations are reported to the President and CEO
under two reportable segments, Food & Beverage and Laundry,
which have been identified based on the monitoring and reporting
structures.
Food & Beverage
Sales for Food & Beverage were SEK 7,585m (7,616), a decrease of
0.4% compared to last year. Organically sales decreased by -2.7%
(–1.0) and changes in exchange rates had an effect of –0.1% (5.6).
The acquisitions of TOSEI and Adventys had an effect of 3.3%.
Operating income excluding amortization of intangible assets
(EBITA) amounted to SEK 808m (766), corresponding to a margin of
10.6% (10.1). Operating income amounted to SEK 637m (620), corre-
sponding to a margin of 8.4% (8.1).
Key ratios Food & Beverage performance
SEKm 2024 2023 Change,%
Net sales 7,585 7,616 –0.4
Organic growth, %* –2.7 –1.0 –
Acquisitions, %* 3.3 – –
Divestments* – –0.1 –
Changes in exchange rates, % –1.0 5.6 –
EBITA* 808 766 5.5
EBITA margin, %* 10.6 10.1 –
Operating income* 637 620 2.8
Operating margin, %* 8.4 8.1 –
Key ratios Laundry performance
SEKm 2024 2023 Change,%
Net sales
4,998 4,231 18.1
Organic growth, %* 4.5 9.7 –
Acquisitions, %* 14.2 – –
Divestments* – –0.3 –
Changes in exchange rates, % –0.6 3.5 –
EBITA* 811 702 15.5
EBITA margin, %* 16.2 16.6 –
Operating income* 752 686 9.6
Operating margin, %* 15.0 16.2 –
* Alternative performance measures are explained on pages 175–176.
SEKm
Total net sales
0
3,000
6,000
9,000
12,000
15,000
20242023202220212020
SEKm
EBITA and EBITA margin
0
300
600
900
1,200
1,500
20242023202220212020
%
EBITA EBITA margin
0
3
6
9
12
15
Includes items affecting comparability of SEK -32m in
2019, SEK –77m in 2020, and SEK –35m in 2022.
SEKm
Operating cash flow after investments
0
500
1,000
1,500
2,000
20242023202220212020
P. 119Administration report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Laundry
Sales for Laundry were SEK 4,998m (4,231), an increase of 18.1%
compared to last year. Organically, sales increased by 4.5% (9.7)
and changes in exchange rates had an effect of –0.6% (3.5).
The acquisition of TOSEI had an affect of 14.2%. Operating income
excluding amortization of intangible assets (EBITA) amounted to
SEK 811m (702), corresponding to a margin of 16.2% (16.6). Operating
income amounted to SEK 752m (686), corresponding to a margin of
15.0% (16.2).
Seasonal variation
No seasonal variations exist.
Financial net
Net financial items amounted to SEK –133m (–121). The increase in
financial net is due to higher interest rates and indebtedness as a
result of the acquisition of TOSEI and Adventys.
Income for the period
Income for the period was SEK 803m (775), corresponding to SEK
2.79 (2.70) in earnings per share. Income tax for the period amount-
ed to SEK –295m (–259). The effective tax rate was 26.8% (25.0).
Group common cost
Group common cost was SEK –159m (–152).
Cash flow
Operating cash flow after investments amounted to SEK 1.548m
(1,453). Operating cash flow after investments amounted to
SEK 532m (570). Capital expenditures increased, related to product
innovation projects.
Operating working capital
Operating working capital as a percent of annualized net sales was
16.4% compared to 18.1% at the end of 2023. The improvement is
mainly driven by the reduction of inventory.
Financial position
Net debt
As of December 31, 2024, Electrolux Professional Group had a
financial net debt position (excluding lease liabilities and post-
employment provisions) of SEK 2,090m compared to SEK 973m as
of December 31, 2023. Lease liabilities amounted to SEK 362m and
net provisions for post-employment benefits amounted to SEK 29m.
In total, net debt amounted to SEK 2,481m as of December 31,
2024, compared to SEK 1,390m as of December 31, 2023. Long-
term borrowings amounted to SEK 2,358m. Short-term borrowings
amounted to SEK 535m. Total borrowings amounted to SEK 2,968m
compared to SEK 1,963m as of December 31, 2023.
Liquid funds as of December 31, 2024, amounted to SEK 794m
compared to SEK 959m as of December 31, 2023.
Credit facilities and loans
As of December 31, 2024, the Group had SEK 1,300m issued under
its SEK 5,000m MTN program, and issuances under the Group's SEK
2,000m commercial paper program were SEK 370m, as well as a re-
volving credit facility of EUR 200m with a tenure until 2027. None of
the loan facilities contain any financial covenants. As of December
31, 2024, the revolving credit facility was unutilized.
Related-party transactions
See Note 28 on page 164.
Employees
The number of employees at year-end was 4,317 (3,983). The in-
crease is due to the acquisition of TOSEI and Adventys.
Corporate Governance Report
Electrolux Professional Group has prepared the Corporate
Governance report presented on pages 97-107.
Sustainability Report (Statements)
Electrolux Professional Group presents its 2024 Sustainability Report
(Statements) on pages 47-93, in a format inspired by the current
interpretation of the European Sustainability Reporting Standards
(ESRS), which forms part of the Corporate Sustainability Reporting
Directive (CSRD). The Sustainability statement has been prepared to
fulfill the requirements of the Swedish Annual Accounts Act, chapter
6 paragraph 11, the EU Taxonomy Regulation, and Global Reporting
Initiative (GRI 2021) standards.
Environmental impact and approach
A systematic environmental approach is the basis for reducing
Electrolux Professional Group’s environmental impact. Our greatest
direct environmental impact relates to water and energy con-
sumption, wastewater, waste, and transportation. From a product
lifecycle perspective, the main environmental impact occurs in the
product use phase at the customer’s location. As of December 31,
2024, Electrolux Professional Group had manufacturing operations
at fourteen sites in eight countries.
The Swedish factory in Ljungby conducts notifiable activities
according to Swedish legislation. There are no injunctions under the
Swedish Environmental Legislation. The factories operate according
to national legislation, apply for necessary permits, and report to
local authorities in accordance with applicable legislation.
All factories conduct systematic environmental work that in-
cludes action plans and monitoring of a number of environmental
aspects. Our environmental work is an integral part of our opera-
tions and environmental matters are taken into account during deci-
sion making. Evaluation and follow-up of measures taken increases
awareness of the impacts the business has on the environment.
The Group’s environmental policy and environmental work is de-
scribed in more detail on pages 60–72.
Other disclosures
Risk and uncertainty factors
The Group is exposed to several risks from liquid funds, trade
receivables, borrowings, commodities, tax, foreign exchange,
credit, and other financial risks. Electrolux Professional’s Board of
Directors has the ultimate responsibility for risk oversight. The ERM
Governance Structure is based on the three-lines-of-defense mod-
el. Risk and risk management is described on pages 110-114 and in
Note 2 on pages 132-134.
Research and development
A key factor for Electrolux Professional Group’s success is our ability
to develop new products that serve customer needs and increase
their productivity. This is mainly driven by management decisions to
make investments in product development and the right technolo-
gies, leading to a stronger and more competitive range of products,
which makes it possible for Electrolux Professional Group to retain
its competitiveness and pricing.
Product development starts and ends with the customer in mind.
The Group’s sales organization has continuous interaction with cus-
tomers in order to understand their needs. Continued investments in
research and development are paramount to the company’s future
profitability.
Electrolux trademark license agreement
Since the separation from the AB Electrolux group, in 2020, the
“Electrolux” component of the Electrolux brand and trademark
(to be used exclusively in combination with “Professional”, i.e.
“Electrolux Professional”) and the “Zanussi” brand and trademark
are licensed from AB Electrolux to Electrolux Professional pursuant
to a license granted to Electrolux Professional under a trademark
license agreement. The license agreement has an initial term of 50
years, which is automatically renewed with two consecutive ten-
year periods, unless terminated with two years’ notice by either par-
ty. For the first 15 years of the term, the licenses will be royalty-free.
Thereafter, Electrolux Professional will pay a royalty for the licenses
amounting to 0.1% of the net sales of licensed products and ser-
vices, subject to more detailed calculation principles set forth in the
agreement.
The trademark license agreement is subject to a change-of-
control clause, which gives AB Electrolux a right to terminate the
agreement or any licenses therein, with immediate effect, in the
event that Electrolux Professional is subject to a change of control.
Such change of control is deemed to occur if, for example, any sale
or transfer of the ownership of a controlling interest or majority stake
in Electrolux Professional (or a parent company) takes place to an-
other entity which has a substantial consumer appliances business
(meaning a consumer appliance business with an annual sales
revenue of more than SEK 10bn) in the first twelve-month period of
the term of the agreement, and thereafter increasing annually in line
with the Swedish Consumer Price Index (Sw. konsumentprisindex),
decided at the sole reasonable discretion of AB Electrolux.
P. 120Administration report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
The Group’s expected future progress
For the next few years the Group will remain focused on its
strategic pillars to grow sales and profit. In the short term, the Group
may be affected by the general economic and geopolitical uncer-
tainty.
Remuneration
Guidelines for remuneration to the Electrolux Professional Group
Management
The 2024 Annual General Meeting adopted the following guidelines
for remuneration and other terms of employment for the Electrolux
Professional Group Management ("Group Management"). These
guidelines replace the guidelines adopted by the Annual General
Meeting in 2020. No changes are proposed to the current guide-
lines other than minor editorial changes.
The guidelines set forth herein shall apply to the remuneration
and other terms of employment for the President and CEO and oth-
er members of the Group Management of Electrolux Professional.
The Group Management currently comprises twelve executives.
The principles shall be applied to employment agreements en-
tered into after the Annual General Meeting in 2024 and to changes
made to existing employment agreements thereafter. The guidelines
shall be in force until new guidelines are adopted by the General
Meeting. These guidelines do not apply to any remuneration decid-
ed or approved by the General Meeting.
Remuneration for the President and CEO is resolved upon by
Electrolux Professional AB’s Board of Directors, based on the rec-
ommendation of the Remuneration Committee. Remuneration for
other members of Group Management is resolved upon by the
Remuneration Committee and reported to the Board of Directors.
The Remuneration Committee shall also monitor and evaluate pro-
grams for variable remuneration for the Group Management, the
application of the guidelines for executive remuneration as well as
the current remuneration structures and compensation levels in the
Group. The Board of Directors shall, based on the recommendation
from the Remuneration Committee, prepare a proposal for new
guidelines at least every fourth year and submit it to the Annual
General Meeting. The President and CEO and other members of the
Group Management do not participate in the Board of Directors’
processing of and resolutions regarding remuneration-related mat-
ters insofar as they are affected by such matters.
Electrolux Professional Group has a clear strategy to deliver
profitable growth and create shareholder value. A prerequisite for
the successful implementation of the Group’s business strategy and
safeguarding of its long-term interests, including its sustainability,
is that the Group is able to recruit and retain qualified personnel.
To this end, it is necessary that the Group offers competitive remu-
neration in relation to the country or region of employment of each
Group Management member. These guidelines enable the Group
to offer the Group Management a competitive total remuneration.
More information on Electrolux Professional Group’s strategy can be
found on the Group’s website and in the most recent annual report.
The remuneration terms shall emphasize ‘pay for performance’
and vary with the performance of the individual and the Group. The
total remuneration for the Group Management shall be in line with
market practice and may comprise the following components: fixed
compensation, variable compensation, pension benefits and other
benefits.
Employment contracts governed by rules other than Swedish
may be duly adjusted for compliance with mandatory rules or es-
tablished local practice, taking into account, to the extent possible,
the overall purpose of these guidelines.
Fixed compensation
The Annual Base Salary (“ABS”) shall be competitive relative to the
relevant market and reflect the scope of the job responsibilities.
Salary levels shall be reviewed periodically (usually annually) to
ensure continued competitiveness and to recognize individual per-
formance.
Variable compensation
Variable compensation consists of both short-term and long-term
incentives. Long-term incentives (“LTI program”) can be cash based
or share-related. Share-related LTI programs are resolved upon by
the General Meeting and are therefore excluded from these guide-
lines. Each year, the Board of Directors will evaluate whether or
not an LTI program shall be adopted or, in case of a share-related
LTI program, proposed to the General Meeting. LTI programs shall
be distinctly linked to the business strategy and shall always be
designed with the aim to further enhance the common interest of
participating employees and Electrolux Professional Group share-
holders of good long-term development for Electrolux Professional
Group.
Following the ‘pay for performance’ principle, variable compen-
sation shall represent a significant portion of the total compensation
opportunity for Group Management. Variable compensation shall
always be measured against pre-defined targets and have a maxi-
mum above which no pay-out shall be made.
The extent to which the criteria for awarding variable cash
remuneration have been satisfied shall be determined by the
Remuneration Committee when the measurement period has ended.
For financial objectives, the evaluation shall be based on the annu-
al financial result in accordance with the most recent interim report
for the fourth quarter made public by the Group.
Short Term Incentive (STI)
Members of the Group Management shall participate in an STI plan
under which they may receive variable compensation. The objec-
tives in the STI plan shall be financial and the measurement period
shall be one year. The objectives may consist of, for example, EBITA
Growth and Net Sales Growth.
The maximum STI entitlements shall be dependent on job posi-
tion and may amount to not more than 100 per cent of ABS.
Cash based LTI programs
Variable remuneration may also be paid as a part of cash-based
LTI programs. The objectives for cash-based LTI programs shall
be based on financial and sustainability KPIs and aim to measure
the Group’s growth, profitability, and reduction of CO₂ emissions.
The objectives may consist of, for example, Earnings per Share and
Return on Net assets (RONA). The measurement period for the sat-
isfaction of the objectives shall be one year, however, any pay-out
under the program shall not be awarded until two years after the
expiry of the measurement period provided that the conditions for
pay-out are fulfilled. The pay-out, if any, shall be used by the par-
ticipant to purchase shares in Electrolux Professional Group and the
participant shall be required to hold such shares for a holding peri-
od of two years after the pay-out. The purpose of a cash-based LTI
program is thus for the participants to build up a shareholding in the
Group in order to create a common ownership interest between the
participants and the shareholders. Cash-based LTI programs shall
always be designed to further enhance the common interest of par-
ticipating employees and Electrolux Professional Group sharehold-
ers of a good long-term development for Electrolux Professional.
The maximum LTI entitlements shall be dependent on job posi-
tion and may amount to not more than 100 per cent of ABS.
Extraordinary arrangements
Additional variable compensation may be approved in extraor-
dinary circumstances under the condition that such extraordinary
arrangement is made for recruitment or retention purposes, is
agreed on an individual basis, does not exceed three (3) times the
ABS, and is earned and/or paid out in installments over a minimum
period of two (2) years. Such additional variable remuneration may
also be paid on an individual level for extraordinary performance
beyond the individual’s ordinary tasks and shall in these situations
not exceed 30 percent of the ABS, and be paid in one installment.
Right to reclaim variable remuneration
Terms and conditions for variable remuneration should be designed
to enable the Board, under exceptional financial circumstances,
to limit or cancel payments of variable remuneration provided that
such action are deemed reasonable (malus). The Board shall also
have the possibility, under applicable law or contractual provisions
and subject to the restrictions that may apply under law or contract,
to in whole or in part reclaim variable remuneration paid on incor-
rect grounds (claw-back).
Pension and benefits
Old age and survivor’s pension, disability benefits and healthcare
benefits shall be designed to reflect home-country practices and
requirements. When possible, pension plans shall be based on
defined contribution. In individual cases, depending on provisions
in collective agreements, tax and/or social security legislation to
which the individual is subject, other schemes and mechanisms for
pension benefits may be approved. For the Group Management
the defined pension contributions shall not exceed 40 percent of
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Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
the ABS unless the entitlement is higher under applicable collective
agreements.
Other benefits, such as company cars and housing, may be
provided on an individual level or to the entire Group Management.
Costs relating to such benefits may amount to not more than 20 per
cent of the ABS. Members of the Group Management who are ex-
patriates or relocated permanently to another country, may receive
additional remuneration and other benefits to the extent reasonable
in light of the special circumstances associated with the relocation
arrangement. Such benefits shall be determined in line with the
Group’s Directive on International Assignments or applicable local
relocation policy, and may for example include relocation costs,
housing, tuition fees, home travel, tax support, and tax equalization.
Notice of Termination and Severance Pay
The notice period for the President and CEO shall be twelve months
if Electrolux Professional Group takes the initiative to terminate
the employment and six months if the President and CEO takes
the initiative to terminate the employment. For other members of
the Group Management the notice period shall be between six to
twelve months if Electrolux Professional Group takes the initiative
to terminate the employment and three to six months if the Group
Management member takes the initiative to terminate the employ-
ment.
In individual cases, contractual severance pay may be ap-
proved in addition to the notice periods. Contractual severance
pay may only be payable upon Electrolux Professional Group’s
termination of the employment arrangement or where a Group
Management member gives notice as the result of an important
change in the working situation, because of which he or she can
no longer perform to standard. This may be the case for example
in the event of a substantial change in ownership of Electrolux
Professional Group in combination with a change in reporting line
and/or job scope.
Contractual severance pay may for the individual include the
continuation of the ABS for a period of up to twelve months follow-
ing termination of the employment agreement; no other benefits
shall be included. These payments shall be reduced with the equiv-
alent value of any income that the individual earns during that peri-
od of up to twelve months from other sources of income, either from
employment or from other business activities.
In addition to the above, compensation for any non-compete
undertaking may be awarded. Such compensation shall be based
on the ABS at the time of notice of termination of the employment,
unless otherwise stipulated by mandatory collective agreement
provisions, and be awarded over the period for which the non-com-
pete clause applies, which should not exceed twelve months after
termination of the employment.
Salary and employment conditions for employees
In the preparation of the Board of Directors’ proposal for these
remuneration guidelines, salary and employment conditions for
employees of the Group have been taken into account by includ-
ing information on the employees’ total income, the components
of the remuneration and increase and growth rate over time, in the
Remuneration Committee’s and the Board of Directors’ basis of de-
cision when evaluating whether the guidelines and the limitations
set out herein are reasonable.
Deviations from the guidelines
The Board of Directors may temporarily resolve to deviate from the
guidelines, in whole or in part, if in a specific case there is special
cause for the deviation and a deviation is necessary to serve the
Group’s long-term interests, including its sustainability, or to ensure
the Group’s financial viability. The Remuneration Committee’s tasks
include preparing the Board of Directors’ resolutions in remunera-
tion-related matters. This includes any resolutions to deviate from
the guidelines.
Note 26 of the Annual Report includes a detailed description
of existing remuneration arrangements for the Group Management
Team.
Variable long-term share programs
The LTI 2021, LTI 2022, LTI 2023 and LTI 2024 programs are
described in Note 26.
Parent Company
The Parent Company’s activities include head office as well as
production and sales in and from Sweden.
Net sales for the Parent Company, Electrolux Professional AB,
for the period amounted to SEK 3,346m (3,218) of which SEK 1,307m
(1,228) referred to sales to Group Companies and SEK 2,039m
(1,990) to external customers. Income after financial items was
SEK 753m (509). Income for the period amounted to SEK 645m
(454).
Capital expenditure in tangible and intangible assets was
SEK 124m (47).
Cash and cash equivalents at the end of the period, including
short term investments, amounted to SEK 616m, compared to SEK
778m in the beginning of the year.
Undistributed earnings in the Parent Company at the end of
the period amounted to SEK 7,176m compared to SEK 6,740m at the
beginning of the year.
The income statement and balance sheet for the Parent
Company are presented on pages 126–127.
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Consolidated statement
of total comprehensive income
SEKm | Note | 2024 | 2023 |
Net sales | 3, 4 | ||
Cost of goods sold | 5, 7 | – | – |
Gross operating income | |||
Selling expenses | 5, 7 | – | – |
Administrative expenses | 5, 7 | – | – |
Other operating income/expenses | 5, 6 | – | – |
Operating income | |||
Financial income | 9 | ||
Financial expenses | 9 | – | – |
Income after financial items | |||
Taxes | 10 | – | – |
Income for the period |
SEKm | Note | 2024 | 2023 |
| Items that will not be reclassified to income for the period: | |||
Remeasurement of provisions for post-employment benefits | 21 | ||
Income tax relating to items that will not be reclassified | – | – | |
Total | |||
| Items that may be subsequently reclassified | |||
| to income for the period: | |||
Cash flow hedges | – | ||
Net investment hedges | |||
| Exchange-rate differences on translation | |||
of foreign operations | – | ||
Cost of hedging | |||
Income tax relating to items that may be reclassified | – | ||
Total | – | ||
Other comprehensive income, net of tax | 11 | – | |
Total comprehensive income for the period | |||
| Income for the period attributable to: | |||
Equity holders of the Parent Company | |||
Total | |||
| Total comprehensive income for the period | |||
| attributable to: | |||
Equity holders of the Parent Company | |||
Total | |||
Earnings per share, SEK | 20 | ||
| For income attributable to the equity holders | |||
| of the Parent Company: | |||
Basic, SEK | |||
Diluted, SEK | |||
Average number of shares | 20 | ||
Basic, million | |||
Diluted, million |
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Consolidated
balance sheet
| December 31 | December 31 | ||
SEKm | Note | 2024 | 2023 |
| Assets | |||
| Non-current assets | |||
Property, plant and equipment, owned | 12 | ||
Property, plant and equipment, right-of-use | 8 | ||
Goodwill | 13 | ||
Other intangible assets | 13 | ||
Deferred tax assets | 10 | ||
Pension plan assets | 21 | ||
Other non-current assets | 14 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 15 | ||
Trade receivables | 17, 18 | ||
Tax assets | |||
Other current assets | 16 | ||
Cash and cash equivalents | 18 | ||
Total current assets | |||
Total assets |
| December 31 | December 31 | ||
SEKm | Note | 2024 | 2023 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to equity holders | |||
| of the Parent Company | |||
Share capital | 20 | ||
Other paid-in capital | 20 | ||
Other reserves | 20 | ||
Retained earnings | 20 | ||
| Equity attributable to equity holders | |||
of the Parent Company | |||
Total equity | |||
| Non-current liabilities | |||
Long-term borrowings | 18 | ||
Long-term lease liabilities | 18 | ||
Deferred tax liabilities | 10 | ||
Provisions for post-employment benefits | 21 | ||
Other provisions | 22 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Trade payables | 18 | ||
Tax liabilities | |||
Other liabilities | 23 | ||
Short-term borrowings | 18 | ||
Short-term lease liabilities | 18 | ||
Other provisions | 22 | ||
Total current liabilities | |||
Total equity and liabilities |
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Change in consolidated equity
Attributable to equity holders of the Parent Company
| Other | ||||||
| Share | paid-in | Other | Retained | Total | ||
SEKm | Note | capital | capital | reserves | earnings | equity |
Opening balance, January 1, 2023 | ||||||
Income for the period | ||||||
Cash flow hedges | – | – | ||||
Net investment hedges | ||||||
Cost of hedging | ||||||
Remeasurement of provisions for post-employment benefits | ||||||
Exchange differences on translation of foreign operations | – | – | ||||
Income tax relating to other comprehensive income | – | |||||
Other comprehensive income, net of tax | 11 | – | – | |||
Total comprehensive income for the period | – | |||||
Dividend | – | – | ||||
Share-based incentive program | ||||||
Equity swap for share-based incentive program | – | – | ||||
Total transactions with equity holders | – | – | ||||
Closing balance, December 31, 2023 | ||||||
Opening balance, January 1, 2024 | ||||||
Income for the period | ||||||
Cash flow hedges | ||||||
Net investment hedges | ||||||
Cost of hedging | ||||||
Remeasurement of provisions for post-employment benefits | ||||||
Exchange differences on translation of foreign operations | ||||||
Income tax relating to other comprehensive income | – | – | – | |||
Other comprehensive income, net of tax | 11 | |||||
Total comprehensive income for the period | ||||||
Dividend | – | – | ||||
Share-based incentive program | ||||||
Equity swap for share-based incentive program | – | – | ||||
Total transactions with equity holders | – | – | ||||
Closing balance, December 31, 2024 |
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Consolidated
cash flow statement
SEKm | Note | 2024 | 2023 |
| Operations | |||
Operating income | |||
Depreciation and amortization | |||
Other non-cash items | |||
Interest and similar items received | |||
Interest and similar items paid | – | – | |
Taxes paid | – | – | |
Cash flow from operations, excluding change in operating assets and liabilities | |||
| Change in operating assets and liabilities | |||
Change in inventories | |||
Change in trade receivables | |||
Change in trade payables | – | ||
| Change in other operating assets, liabilities | |||
and provisions | – | – | |
| Cash flow from change in operating assets | |||
and liabilities | |||
Cash flow from operations | |||
| Investment activities | |||
Acquisition of operations | 25 | – | |
Capital expenditure in property, plant and equipment | 12 | – | – |
Capital expenditure in product development | 13 | – | – |
Capital expenditure in other intangibles | 13 | – | – |
Other | |||
Cash flow from investment activities | – | – | |
Cash flow from operations and investments activities | – |
SEKm | Note | 2024 | 2023 |
| Financing activities | |||
Change in short-term investments, net | 18 | ||
Change in short-term borrowings, net | 18 | – | |
New long-term borrowings | 18 | ||
Amortization of long-term borrowings | 18 | – | – |
Payment of lease liabilities | 18 | – | – |
Dividend | – | – | |
Equity swap for share-based incentive program | – | – | |
Cash flow from financing activities | – | – | |
Total cash flow | – | ||
Cash and cash equivalents at beginning of period | |||
| Exchange-rate differences pertaining to cash | |||
and cash equivalents | – | ||
Cash and cash equivalents at end of period |
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Parent Company
income statement
SEKm Note 2024 2023
Net sales 4 3,346 3,218
Cost of goods sold –2,275 –2,264
Gross operating income 1,071 954
Selling expenses –448 –434
Administrative expenses –240 –219
Other operating income/expenses 6 2 –17
Operating income 385 284
Financial income/expenses 9 369 304
Impairment of shares in subsidiaries 14 –1 –79
Income after financial items 753 509
Appropriations 29 15 10
Income before taxes 768 519
Taxes 10 –123 –65
Income for the period 645 454
Parent Company statement of
total comprehensive income
SEKm Note 2024 2023
Income for the period 645 454
Items that may be subsequently reclassified
to income for the period:
Cash flow hedges 1 –15
Cost of hedging 35 –
Exchange-rate differences on translation
of foreign operations 4 –1
Income tax relating to items that may be reclassified –8 3
Other comprehensive income, net of tax 32 –13
Total comprehensive income for the period 677 441
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Parent Company
balance sheet
SEKm Note
December 31
2024
December 31
2023
Assets
Non-current assets
Property, plant and equipment, owned 12 322 233
Intangible assets 13 4 15
Deferred tax assets 10 11 16
Shares in subsidiaries 14, 30 7,127 5,866
Long-term receivables from subsidiaries 14 2,286 1,644
Total non-current assets 9,750 7,774
Current assets
Inventories 15 306 289
Receivables from subsidiaries 1,611 1,446
Trade receivables 17 342 300
Tax assets 6 12
Other current assets 151 84
Short-term financial assets – –
Cash and cash equivalents 18 616 778
Total current assets 3,032 2,909
Total assets 12,782 10,683
SEKm Note
December 31
2024
December 31
2023
Equity and liabilities
Restricted equity
Share capital 20 29 29
Statutory reserve 5 5
Development reserve 4 2
38 36
Non-restricted equity
Retained earnings 6,531 6,286
Income for the period 645 454
7,176 6,740
Total equity 7,214 6,776
Untaxed reserves 76 88
Non-current liabilities
Other provisions 123 121
Other non-current loans 2,358 1,192
Total non-current liabilities 2,481 1,313
Current liabilities
Payables to subsidiaries 1,771 1,152
Trade payables 397 351
Tax liabilities – –
Other liabilities 322 287
Short-term borrowings 519 716
Other provisions 2 –
Total current liabilities 3,011 2,506
Total equity, untaxed reserves, and liabilities 12,782 10,683
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Parent Company change in equity
Restricted equity Non-restricted equity
SEKm Note
Share
capital
Statutory
reserve
Development
reserve
Fair value
reserve
Retained
earnings
Total
equity
Opening balance, January 1, 2023 29 5 6 0 6,495 6,535
Income for the period – – – – 454 454
Cash flow hedges – – – – –15 –15
Exchange differences on translation of foreign operations – – – – –1 –1
Income tax relating to other comprehensive income – – – – 3 3
Total comprehensive income for the period – – – – 441 441
Dividend – – – – –201 –201
Share-based incentive program – – – – 28 28
Equity swap for share-based incentive program – – – – –27 –27
Development reserve – – –4 – 4 –
Total transactions with equity holders – – –4 – –196 –200
Closing balance, December 31, 2023 29 5 2 0 6,740 6,776
Opening balance, January 1, 2024 29 5 2 0 6,740 6,776
Income for the period – – – – 645 645
Cash flow hedges – – – – 1 1
Cost of hedging – – – – 35 35
Exchange differences on translation of foreign operations – – – – 4 4
Income tax relating to other comprehensive income – – – – –8 –8
Total comprehensive income for the period – – – – 677 677
Dividend – – – – –230 –230
Share-based incentive program – – – – 6 6
Equity swap for share-based incentive program – – – – –15 –15
Development reserve – – 2 – –2 –
Total transactions with equity holders – – 2 – –241 –239
Closing balance, December 31, 2023 29 5 4 0 7,176 7,214
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Parent Company
cash flow statement
SEKm Note 2024 2023
Operations
Operating income 385 284
Depreciation and amortization 12, 13 59 67
Other non-cash items 12 –
Financial items paid, net 155 –1
Taxes paid –120 –81
Cash flow from operations, excluding change
in operating assets and liabilities 491 269
Change in operating assets and liabilities
Change in inventories –17 14
Change in trade receivables –41 31
Change in trade payables 46 –38
Change in other operating assets,
liabilities and provisions 28 97
Cash flow from change in operating assets
and liabilities 16 104
Cash flow from operations 507 373
Investments
Acquisition of shares in subsidiaries –1,251 –
Capital expenditure in property, plant and equipmen 12 –120 –47
Capital expenditure in other intangibles 13 –3 –
Cash flow from investments –1,374 –47
Cash flow from operations and investments –867 325
SEKm Note 2024 2023
Financing
Change in short-term investments – 200
Change in internal lending and borrowing –240 324
Change in external short-term borrowing 18 –202 810
New long-term borrowing 18 1,167 –1,633
Equity swap for share-based incentive program –15 –27
Dividend to shareholders –230 –201
Dividend from subsidiaries 225 304
Cash flow from financing 705 –224
Total cash flow –162 102
Cash and cash equivalents at beginning of period 778 677
Cash and cash equivalents at end of period 616 778
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Note 1 ACCOUNTING PRINCIPLES
P. 131NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
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Note 1 ACCOUNTING PRINCIPLES, CONT.
P. 132NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
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Note 1 ACCOUNTING PRINCIPLES, CONT.
Parent Company accounting principles
Electrolux Professional AB is the parent company of the Group, and
has offices in Stockholm, Ljungby, Malmö, and Partille. Stockholm is
the base for the corporate functions whereas the operational part
of the business is located in Ljungby including a factory and sales.
The Parent Company prepares the annual report in compliance
with the Swedish Annual Accounts Act (1995:1554) and recommen-
dation RFR2, Accounting for legal entities of the Swedish Financial
Reporting Board. RFR2 prescribes the amendments and exceptions
from IFRS applicable to the Parent Company. This means that all
IFRS standards and statements are applied when possible within
the frame of the Annual Accounts Act with consideration given to
Swedish legislation in accounting and taxation.
The financial reports of the Parent Company are presented in
Swedish krona (SEK), rounded to millions. The accounting principles
are applicable for all periods unless other wise stated. More detailed
information on accounting principles can be found in the above text
regarding the Group’s application of these.
Shares in subsidiaries
Holdings in subsidiaries are recognized according to the cost meth-
od of accounting. If there is an indication that the recognized value
of shares has declined, they are tested for impairment according to
IAS36. In accordance wit RFR2, transaction costs are recognized
as part of the acquisition value in the Parent Company, unlike the
Group where they are considered as costs.
Anticipated dividends
Dividends decided at each of the subsidiaries' annual general
meetings are recognized in the income statement. Anticipated div-
idends are recognized if the Parent Company has exclusive rights
to decide on dividends from subsidiaries and has decided on an
amount before the Parent Company’s annual report or quarterly re-
port has been published.
Taxes
Untaxed reserves including deferred tax liability are recognized
in the Parent Company. In the group’s income statement untaxed
reserves are divided between deferred tax liability and equity. Tax
on Group contribution is included in the Parent Company’s income
statement.
Appropriations and untaxed reserves
Under Swedish tax legislation, the Parent Company has the possibil-
ity to make depreciations in excess of those planned. They are rec-
ognized as appropriations in the income statement and as untaxed
reserves in the balance sheet.
Group and shareholders' contribution
In Sweden, group contributions are deductible and when given by
subsidiaries or the Parent Company they are recognized as appro-
priations in the income statement. Shareholders' contribution is not
deductible and if paid by the Parent Company it is recognized as
shares in subsidiaries and is subject to impairment if needed. This is
described in more detail above in “shares in subsidiaries”.
Post-employment benefits
Electrolux Professional AB applies the simplified rule according to
RFR2, for recognition of defined benefit plans. For further informa-
tion see Note 21.
Intangible assets
In accordance with RFR2, the Parent Company amortizes goodwill
and trademarks over 5 years.
Reserve for development
Own developed intangible assets are recognized as a reserve for
development in the Parent Company. It is amortized, and the clos-
ing balance of the reserve is transferred from unrestricted to restrict-
ed equity in compliance with the Swedish Annual Accounts Act..
Leases
Lease agreements for the Parent Company are reported as opera-
tional, where the cost is linear over the lease period.
Financial guarantees
Financial guarantees for the Parent Company to the benefit of sub-
sidiaries are reported as contingent liabilities.
A provision is booked if there is any indication that any of these
may lead to a payment.
Financial instruments
The Parent Company does not apply the simplification rules for IFRS
9 Financial Instruments, allowed under RFR2.
Hedging of shares in subsidiaries (fair value hedge)
The fair value change of the hedging instrument is recognized in
profit or loss, whereas changes in fair value related to cost of hedg-
ing is recognized in other comprehensive income. The change in fair
value with regards to the hedged risk (change in exchanges rates)
of the shares is also recognized in profit or loss. Cost of hedging
represents unrealized changes in fair value and will be zero when
the hedging instrument matures.
Expected credit loss
The Parent Company calculates an expected credit loss provision
for its trade receivable position and lending to each of its subsidiar-
ies. The default probability of each subsidiary is based on a credit
rating model per country.
Note 2 Financial risk management
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Note 2 FINANCIAL RISK MANAGEMENT, CONT.
average credit duration of the total debt portfolio exceeds two
years and at any given point in time, liquidity reserves are moni-
tored and kept in line with the Policy.
Supplier finance arrangements
Electrolux Professional uses supplier finance programs to extend
payment terms and make it possible for suppliers to receive earlier
payments. The payment terms for suppliers not in the programs are
between 0 and 195 days and for suppliers in the programs between
78 and 180 days. The programs are administrated by Deutsche Bank
and Intesa SanPaolo. Trade payables in supplier financing pro-
grams are reported under the line trade payables in the consolidat-
ed balance sheet and at year-end 2024 the amount was SEK 259m
(200), whereof SEK 191m (144) was already received by the suppliers.
For the Parent Company at year-end 2024 the amount was SEK
84m (89), whereof SEK 81m (84) was already received by the sup-
pliers.
The liquidity risk from the use of supplier finance programs is
handled as described and mandated in the Liquidity Risk section
above.
Foreign exchange risk
Foreign exchange risk is defined as the risk that fluctuations in cur-
rency exchange rates have a negative impact on the company’s
financial position, profitability or cash flow. In order to manage such
effects, the Group covers these risks within the framework of the
Financial Policy, and the Group’s overall currency exposure is man-
aged centrally by Group Treasury.
As a general rule, financing is to be made in each company’s
local currency, and net foreign exchange exposures on financial as-
sets and liabilities are to be hedged by Group Treasury. After hedg-
ing, the foreign exchange exposure on financial items is immaterial.
Transaction exposure from commercial flows
Transaction exposure is defined as the confirmed future net of
operational and financial inflows and outflows of currencies. The
Financial Policy stipulates the extent to which commercial flows are
to be hedged.
The Group’s geographically widespread production reduces the
effects of changes in exchange rates. The remaining transaction
exposure is either related to internal sales from producing entities to
sales companies or external exposures from purchasing of compo-
nents and input material for the production paid in foreign currency.
If the currency exposure is significant based on long-term
contracts in foreign currencies, Group Treasury is contacted for
decisions on potential hedges. Group Treasury is the sole party
authorized to execute financial hedge transactions and derivative
contracts with external parties.
Translation exposure from consolidation
of entities outside Sweden
Translation exposure is defined as the risk that fluctuations in cur-
rency exchange rates have a negative impact on the balance sheet
or consolidated equity. This occurs when a portion of consolidated
equity, net assets, or a financial asset or liability are denominated in
a foreign currency. Electrolux Professional can in certain cases de-
cide to hedge the translation exposure, with Group CFO approval.
The translation exposures arising from income statements of foreign
subsidiaries are included in the sensitivity analysis below. For more
information, see Note 18.
Foreign-exchange sensitivity from transaction
and translation exposure
The major net export currencies that Electrolux Professional is ex-
posed to are the EUR, THB, and SEK. The major import currencies
that Electrolux Professional is exposed to are the USD, GBP, JPY,
DKK, TRY, NOK, CZK, and AUD. These currencies represent the ma-
jority of the exposures of the Group.
The currency exposure from foreign investments should, when
possible, be mitigated by loans in local currency. The remaining
foreign net investment should not generally be hedged by financial
derivatives. In exceptional cases the Group CFO may decide to use
financial derivatives to hedge net investments in foreign subsidiar-
ies.
The table below shows the effect from a change in exchange
rates for the Group's major currencies. The analysis takes into con-
sideration the net transaction flow as disclosed in Note 18 and op-
erating income (EBIT, i.e. before tax) by functional currency as per
the end of each year. The table does not cover the equity effect of
changes in FX rates. The model assumes the distribution of earnings
and costs effective at year-end and does not include any dynamic
effects, such as changes in competitiveness or consumer behavior
arising from such changes in exchange rates.
Exposures Profit or Loss Impact
Currency Change
12m net flows
(in and out) Hedge
12m net flows
including
Hedges EBIT
12m net
flows and
EBIT
Transaction
exposure
EBIT
Translation
exposure
Profit or
loss impact
2024
Profit or
loss impact
2023
USD/SEK –10% 799 –107 692 261 952 –69 –26 –95 –92
GBP/SEK –10% 201 0 201 46 247 –20 –5 –25 –23
EUR/SEK –10% –135 59 –77 549 472 8 –55 –47 8
JPY/SEK –10% 72 –1 71 94 165 –7 –9 –17 –5
DKK/SEK –10% 95 0 95 17 111 –9 –2 –11 –11
TRY/SEK –10% 31 0 31 61 92 –3 –6 –9 –6
NOK/SEK –10% 95 0 95 15 110 –9 –2 –11 –8
CZK/SEK –10% 36 –1 34 1 35 –3 0 –3 –4
AUD/SEK –10% 21 –3 18 –4 14 –2 0 –1 –3
THB/SEK –10% –524 43 –481 101 –381 48 –10 38 21
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Note 2 FINANCIAL RISK MANAGEMENT, CONT.
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Note 3 SEGMENT INFORMATION
Geographical information, net sales¹
SEKm 2024 2023
United States 2,946 2,913
Italy 1,591 1,589
France 1,008 961
Japan 920 204
Sweden 830 901
Germany 705 689
Great Britain 434 447
Finland 403 408
Spain 351 314
Switzerland 292 306
Denmark 288 294
Turkey 197 220
China 185 193
Norway 160 155
Netherlands 157 146
Austria 149 114
Belgium 118 107
Australia 111 131
Greece 95 94
Singapore 93 34
Malaysia 84 111
Other 1,466 1,517
Total 12,583 11,848
1) Net sales attributable to countries on the basis of customer location.
Property, plant and equipment and intangible assets located in the
Group’s country of domicile, Sweden, amounted to SEK 362m (278).
Property, plant and equipment and intangible assets located in all
other countries amounted to SEK 5,963m (5,717). Individually, mate-
rial countries in this regard are the US with SEK 3,309m (3,143), Italy
with SEK 913m (879), and France with SEK 538m (524).
No single customer of the Group represents 10% or more of the
external revenue.
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Note 4 REVENUE RECOGNITION
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Note 4 REVENUE RECOGNITION, CONT.
Contract liabilities
Parent Company
SEKm
Advances
from
customers
Customer
bonuses/
incentives
Prepaid income
– service/
warranty
Contract
liabilities,
total
Opening balance, January 1, 2023 23 22 49 94
Gross increase during the period 7 54 18 79
Paid to/settled with customer – –54 – –54
Revenue recognized during the year –18 – –26 –44
Other – – – –
Closing balance, December 31, 2023 12 22 41 75
Opening balance, January 1, 2024 12 22 41 75
Gross increase during the period 9 52 24 85
Paid to/settled with customer – –52 – –52
Revenue recognized during the year –8 – –29 –37
Other – – – –
Closing balance, December 31, 2024 13 22 36 71
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Note 5 OPERATING EXPENSES
Note 7 MATERIAL PROFIT AND LOSS ITEMS
This note summarizes events and transactions that have a signifi-
cant effect and are therefore relevant for understanding financial
performance when comparing income for the current period with
previous periods, including items such as:
• Capital gains and losses from divestments of product groups or
major units
• Close-down or significant down-sizing of major units or activities
• Larger cost-saving programs
• Significant impairment
• Other major cost or income items
There were no material profit and loss items in 2024 nor 2023.
Note 8 LEASES
The majority of the Group’s lease arrangements are those under
which the Group is a lessee. This applies to a number of assets such
as warehouses, office premises, vehicles, and certain office equip-
ment. The normal rental period ranges between 3–10 years for office
and warehouse premises and 3–5 years for vehicles. A few lease
contracts include an option for extension.
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Property, plant and equipment, right-of-use
SEKm Buildings Machinery Vehicles
Other
equipment Total
Carrying amount
Opening balance, January 1, 2023 236 0 57 1 294
Acquisitions – – – – –
Additions 44 1 61 3 109
Cancellations –0 – –1 – –2
Depreciation –51 –0 –34 –1 –86
Exchange rate differences –6 0 –0 –0 –6
Closing balance, December 31, 2023 222 1 83 3 309
SEKm Buildings Machinery Vehicles
Other
equipment Total
Opening balance, January 1, 2024 222 1 83 3 309
Acquisitions 68 5 3 0 76
Additions 15 – 69 0 84
Cancellations –1 –1 –0 – –3
Depreciation –85 –3 –48 –1 –136
Exchange rate differences 14 0 4 0 18
Closing balance, December 31, 2024 234 1 111 3 348
Note 8 LEASES, CONT.
Lease expenses
SEKm 2024 2023
Lease expenses
Short-term leases –1 –10
Leases of low-value assets –0 –1
Depreciation –136 –86
Variable lease payments –9 –4
Total –146 –100
Lease liability, interest expense –16 –11
Total cash outflow from lease contracts for 2024 amounts to
SEK 162m (112). There were no committed lease contracts for which
the commencement date has not yet occurred neither at year-end
2024 nor 2023.
For information on maturity profile, see note 18.
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Note 9
FINANCIAL INCOME AND
FINANCIAL EXPENSES
Note 10 TAXES
Note 8 LEASES, CONT.
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Note 10 TAXES, CONT.
SEKm 2024 2023
Items that will not be reclassified
to income for the period:
Remeasurement of provisions
for post-employment benefits
Opening balance, January 1 26 23
Gain/loss to other comprehensive income 106 4
Income tax relating to items that will not be
reclassified –13 –1
Closing balance, December 31 119 26
Items that may be reclassified subsequently
to income for the period:
Cash flow hedges
Opening balance, January 1 –12 –
Gain/loss to other comprehensive income 2 –15
Income tax cash flow hedges 0 3
Closing balance, December 31 –11 –12
Exchange differences on translation
of foreign operations
Opening balance, January 1 390 517
Translation differences 211 –88
Extended net investment 119 –50
Net investment hedge 2 –
Income tax net investment hedge
and extended net investment –25 10
Closing balance, December 31 696 390
Cost of hedging
Opening balance, January 1 – –
Cost of hedging 35 –
Income tax cost of hedging –7 –
Closing balance, December 31 28 –
Other comprehensive income, net of tax 429 –137
Note 11 OTHER COMPREHENSIVE INCOME
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Note 12 PROPERTY, PLANT AND EQUIPMENT, CONT.
Parent company
SEKm
Land and land
improvements Buildings
Machinery and
technical installations Other equipment
Plants under construction
and advances Total
Acquisition costs
Opening balance, January 1, 2023 10 95 504 99 25 733
Acquired during the year – – – – 47 47
Transfer of work in progress and advances – – 19 6 –25 –
Sales, scrapping, etc. – – –30 – – –30
Closing balance, December 31, 2023 10 95 493 105 47 750
Acquired during the year – – – – 120 120
Transfer of work in progress and advances – 1 54 1 –56 –
Sales, scrapping, etc. – – –17 – – –17
Closing balance, December 31, 2024 10 96 530 106 111 853
Accumulated depreciation
Opening balance, January 1, 2023 4 27 398 88 0 517
Depreciation for the year 1 2 22 5 – 30
Sales, scrapping, etc – – –30 – – –30
Closing balance, December 31, 2023 5 29 390 93 0 517
Depreciation for the year – 3 23 5 – 30
Sales, scrapping, etc – – –17 – – –17
Closing balance, December 31, 2024 5 32 396 98 0 531
Net carrying amount, December 31, 2023 5 66 103 12 47 233
Net carrying amount, December 31, 2024 5 64 134 8 111 322
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Note 13 GOODWILL AND OTHER INTANGIBLE ASSETS
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Note 13 GOODWILL AND OTHER INTANGIBLE ASSETS, CONT.
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Note 13 GOODWILL AND OTHER INTANGIBLE ASSETS, CONT.
Amortization of intangible assets has been included in Cost of
goods sold in the amount of SEK 93m (71). Administrative expenses
of SEK 9m (8) and Selling expenses of SEK 128m (83) are included
in the consolidated statement of comprehensive income. No
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Note 14 OTHER NON-CURRENT ASSETS
Group Parent Company
SEKm 2024 2023 2024 2023
Shares in subsidiaries – – 7,127 5,866
Long-term financial
receivables from
subsidiaries 14 – 2,285 1,644
Long-term operational
receivables 90 17 – –
Total 104 17 9,412 7,510
Parent company, long-term financial receivables from subsidiaries
include loans and expected credit loss of SEK 8m (5).
Shares in subsidiaries
Parent Company
SEKm 2024 2023
Accumulated cost
Opening balance, January 1 8,451 8,451
Investments 1,261 –
Divestments – –
Shareholders’ contribution – –
Closing balance, December 31 9,712 8,451
Accumulated impairment
Opening balance, January 1 2,584 2,505
Impairment 1 79
Closing balance, December 31 2,585 2,584
Total 7,127 5,866
In the fourth quarter of 2024, Electrolux Professional AB impaired
SEK 1m (79) related to some of its investments in subsidiaries. The
main reason for the impairment is lower future statutory expected
profit generation.
Note 15 INVENTORIES
Group Parent Company
SEKm 2024 2023 2024 2023
Raw materials 694 657 77 78
Work in progress 107 64 15 16
Finished products 1,097 966 214 195
Advances to suppliers 2 4 – –
Total 1,899 1,692 306 289
The cost of inventories recognized as expense and included in
Cost of goods sold, amounted to SEK 6,969m (6,479) for the Group.
Write-downs due to obsolescence amounted to SEK 62m (102)
and reversals, due to scrapping or sale of previous write-downs
amounted to SEK 95m (190) for the Group. The amounts have been
included in the item Cost of goods sold in the Statement of compre-
hensive income.
Note 16 OTHER CURRENT ASSETS
SEKm 2024 2023
VAT receivable 184 142
Prepaid expenses and accrued income 105 74
Prepaid interest expenses and
accrued interest income 2 1
Derivatives 85 29
Miscellaneous short-term receivables 25 19
Total 401 266
Miscellaneous short-term receivables include advances to
employees and receivables from tax agencies.
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Note 17 TRADE RECEIVABLES
Group Parent Company
SEKm 2024 2023 2024 2023
Trade receivables 2,185 1,980 354 313
Provisions for expected
credit loss –67 –76 –12 –13
Trade receivables, net 2,117 1,904 342 300
Provisions in relation to
trade receivables, % 3.1 3.8 3.4 4.2
Provisions for expected credit loss
Group Parent Company
SEKm 2024 2023 2024 2023
Provisions, January 1 –76 –88 –13 –11
Acquisition of operations –1 – – –
Charged/released to
PL, net –1 7 1 –2
Actual credit losses 13 5 – –
Exchange rate
differences and other
changes –2 1 – –
Provisions, December 31 –67 –76 –12 –13
Aging analysis of trade receivables past due
Group Parent Company
SEKm 2024 2023 2024 2023
Trade receivables not
overdue 1,923 1,647 348 313
Past due date 1–15 days 99 122 5 –
Past due date 16–60
days 79 88 1 –
2–6 months overdue 43 65 – –
6–12 months overdue 13 25 – –
More than 1 year 29 33 – –
Provision for expected
credit loss –67 –76 –12 –13
Total trade receivables 2,118 1,904 342 300
For accounts receivable that are not yet due and those past their
due date by up to 60 days, 0% of the amount is reserved. For ac-
counts receivable that are past their due date by between 2 and 6
months, 54% is reserved. Accounts receivable that are past their due
date by between 6 and 12 months, and accounts receivable that
are more than 12 months past their due date are reserved at 100%.
The percentages refer to the 2024 year end. Based on historical ex-
perience, default is not considered until after 6 months past due.
Note 18 FINANCIAL INSTRUMENTS
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Note 18 FINANCIAL INSTRUMENTS, CONT.
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Note 18 FINANCIAL INSTRUMENTS, CONT.
Changes in liabilities arising from financing
Group Cash flow Non-cash flow
2024
SEKm Opening balance Amortization New debt Acquisitions
Additions/
cancellations Reclassification
Exchange rate
differences
Closing
balance
Long-term borrowings (including short-term part of long-term) 1,266 –2,185 2,900 585 – – –55 2,511
Short-term borrowings (including factoring with recourse) 642 –1,834 1,527 48 – – – 383
Lease liabilities 319 –134 86 76 –3 – 17 362
Total 2,227 –4,153 4,513 709 –3 – –38 3,256
Group Cash flow Non–cash flow
2023
SEKm Opening balance Amortization New debt Acquisitions
Additions/
cancellations Reclassification
Exchange rate
differences
Closing
balance
Long–term borrowings (including short–term part of long–term) 2,824 –1,543 – – – – –15 1,266
Short–term borrowings (including factoring with recourse) 7 –717 1,359 – – –7 – 642
Lease liabilities 304 –86 109 – –2 – –6 319
Total 3,135 –2,346 1,468 – –2 –7 –21 2,227
Parent Company Cash flow Non-cash flow
2024
SEKm Opening balance Amortization New debt
Change in
financial liabilities,
subsidiaries Acquisitions
Additions/
cancellations
Exchange rate
differences
Closing
balance
Long-term borrowings (including short-term part of long-term) 1,266 –1,600 2,900 – – – –55 2,511
Short-term borrowings (including factoring with recourse) 656 –276 – 108 – – – 488
Total 1,922 –1,876 2,900 108 – – –55 2,999
1) Of the SEK 488m, SEK 366m is presented as short-term borrowings in the balance sheet and SEK 122m is disclosed as part of payables to subsidiaries.
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Note 18 FINANCIAL INSTRUMENTS, CONT.
Parent Company Cash flow Non-cash flow
2023
SEKm Opening balance Amortization New debt
Change in
financial liabilities,
subsidiaries Acquisitions
Additions/
cancellations
Exchange rate
differences
Closing
balance
Long-term borrowings (including short-term part of long-term) 2,824 –1,543 – – – – –15 1,266
Short-term borrowings (including factoring with recourse) 7 – 642 7 – – – 656
Total 2,831 –1,543 642 7 – – –15 1,922
1) Of the SEK 656m, SEK 642m is presented as short-term borrowings in the balance sheet and SEK 14m is disclosed as part of payables to subsidiaries.
Parent Company Carrying amount
SEKm, borrowings
Description of loan Duration Interest rate Currency
Nominal
amount 2024 2023
AB Svensk Exportkredit 2020–2027 Floating, 3 months SEK 600 600 600
Nordic Investment Bank 2021–2028 Floating, 6 months EUR 53 458 592
Long-term loans 1,058 1,192
SEK MTN Programme 2024–2026 Floating, 3 months SEK 400 400 –
SEK MTN Programme 2024–2027 Floating, 3 months SEK 650 650 –
SEK MTN Programme 2024–2029 Fixed rate SEK 250 250 –
Bond Loans 1,300 –
Long-term borrowings 2,358 1,192
Commercial paper 2024 Floating, 3 months SEK 370 366 642
Loan from subsidiaries 2025 Fixed rate SGD 0.5 4 –
Loan from subsidiaries 2025 Fixed rate EUR 6.8 78 –
Loan from subsidiaries 2024 Fixed rate EUR 3.5 40 14
Short-term part of
long-term loans 153 74
Short-term borrowings 641 730
Total borrowings 2,999 1,922
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Repayment schedule for long-term borrowings, December 31, 2024
SEKm 2025 2026 2027 2028 2029 2030– Totalt
Bond loans – 400 650 – 250 – 1,300
Bank and other loans 153 153 753 153 – – 1,211
Total 153 553 1 403 153 250 – 2,511
Commercial flows
The Electrolux Professional Financial Policy states that:
• Currency exposure in operational units may be hedged on a case
by case basis. Fore-casted flows should normally not be hedged,
as these exposures should be mitigated with natural hedges and
price adjustments.
• The Head of Group Treasury is authorized to approve hedging of
known flows, such as internal dividends or M&A related payments,
that due to timing reasons cause a temporary exposure to the
Group.
The table below shows the fore-casted transaction flows, imports
and exports, for the 12-month period of 2025, at year-end 2024.
Forecasted transaction flows and hedges
SEKm SEK EUR THB CZK CNY NOK JPY DKK GBP USD Other Total
Inflow of currency, long
position 1,490 1,515 113 46 45 95 72 101 203 1,012 221 4,912
Outflow of currency, short
position –2,249 –1,651 –637 –10 –2 – – –6 –1 –213 –142 –4,912
Gross transaction flow –759 –135 –524 36 44 95 72 95 201 799 78 0
Hedges 38 59 43 –1 – – –1 – – –107 –30 0
Net transaction flow –721 –77 –481 35 44 95 70 95 201 692 48 0
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Auditor’s report
Other information
Note 18 FINANCIAL INSTRUMENTS, CONT.
P. 154NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 18 FINANCIAL INSTRUMENTS, CONT.
P. 155NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 18 FINANCIAL INSTRUMENTS, CONT.
2024
1
2023
1
Parent Company
SEKm
Hierarchy
level
Carrying
amount
Hierarchy
level
Carrying
amount
Trade receivables 506 410
Financial assets at amortized cost 342 300
Financial assets at amortized cost, subsidiaries 164 110
Derivatives 89 29
Financial assets at fair value through profit or loss 2 51 2 29
Financial assets in hedge relations 2 38 2 –
Long-term financial assets 2,285 1,644
Financial assets at amortized cost, subsidiaries 2,285 1,644
Short-term financial assets 1,384 1,280
Financial assets at amortized cost, subsidiaries 1,384 1,280
Cash and cash equivalents 616 778
Financial assets at amortized cost 616 778
Total financial assets 4,880 4,141
Financial liabilities
Long-term borrowings 2,358 1,192
Financial liabilities at amortized cost 2,358 1,192
Trade payables 688 550
Financial liabilities at amortized cost 397 351
Financial liabilities at amortized cost, subsidiaries 291 199
Short-term borrowings² 1,971 1,660
Financial liabilities at amortized cost 519 716
Financial liabilities at amortized cost, subsidiaries 1,452 944
Derivatives 57 40
Financial liabilities at fair value through profit or loss 2 49 2 11
Financial liabilities in hedge relations 2 8 29
Total financial liabilities 5,074 3,442
1) Carrying amount equals fair value except for long-term and short-term borrowings with a combined fair value of SEK
2,917m (1,934). The calculation of fair value of the Group’s borrowings is level 2 in the fair value hierarchy.
2) Of the SEK 1,971m (1,660), SEK 519m (716) is presented in the balance sheet as short-term borrowings and SEK 1,744m
(1,142) is disclosed as part of payables to subsidiaries.
P. 156NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 18 FINANCIAL INSTRUMENTS, CONT.
Note 19
Assets pledged for liabilities
to credit institutions
There are no pledged assets to be disclosed for 2024 nor for 2023.
Note 20 SHARE CAPITAL, NUMBER OF SHARES, AND EARNINGS PER SHARE
P. 157NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 21 POST-EMPLOYMENT BENEFITS
Post-employment benefits
The Group sponsors pension plans in many of the countries in
which it has activities. Pension plans can be defined contribution
The majority of the funded pension obligation is attributable to
the Swiss pension plan, where benefits are career average in nature.
Contributions are paid to a pension foundation and a recovery plan
has to be set up if the plan is underfunded on a local funding basis.
Swiss laws do not state any specific way of calculating an employ-
er‘s additional contribution and because of that there is normally
no minimum funding requirement. Benefits are paid from the plan
assets.
In France and Italy, provisions are made for compulsory sever-
ance payments, these provisions cover the Group’s commitment to
pay employees a lump sum upon reaching retirement age, or upon
the employees’ dismissal or resignation, these plans are unfunded.
Unfunded pension plans also exist in other countries within the
Group, such as Austria, Thailand, and Japan.
Commitments for retirement pension for salaried employees
in Sweden related to ITP2 are guaranteed through insurance with
Alecta. In accordance with a statement from the Swedish Financial
Reporting Board, UFR10, this is a defined benefit multi-employer
plan. For the 2024 financial year, the company did not have access
to information that would enable it to report its proportional share
of the plan’s obligation, plan assets and costs, which means that
the plan could not be reported as a defined benefit plan, therefore
reported as a defined contribution plan. On December 31, 2024,
Alecta’s surplus, which can be distributed between the policy holder
and/or the persons insured in the form of the collective consolida-
tion rate, preliminary amounted to 162% (157). The collective con-
solidation rate comprises the market value of Alecta’s assets as a
percentage of the insurance commitments produced in accordance
with Alecta’s actuarial calculation assumptions, which are not in
agreement with IAS 19. The collective consolidation level is normally
allowed to vary between 125 to 175%. If the collective consolidation
level falls below 125%, one measure could be raising the contractual
premiums for taking up new insurance and expanding existing ben-
efits. If collective consolidation exceeds 150%, one action could be
to implement premium reductions. Expected fees for the next report-
ing period for ITP2 insurance with Alecta amount to SEK 14m (13).
The discount rate used for the calculation of expenses during
2024 was 1.58% on average, which was the same rate used to
estimate liabilities at the end of 2023.
An explanation of the amounts in the financial statements relat-
ing to defined benefit obligations is presented in the following table.
SEKm
December 31,
2024
December 31,
2023
Amounts included in
the balance sheet
Funded plans
Present value of funded obligations 935 880
Fair value of plan assets –1,110 –1,057
Effect of asset ceiling 59 175
Net amount (surplus)/deficit,
funded plans –116 –2
Average duration of the obligation,
years 13.2 11.9
Unfunded plans
Present value of unfunded
obligations 145 100
Average duration of the obligation,
years 8.6 8.4
Total net amount (surplus)/deficit 29 98
Of which reported as:
Pension plan assets 116 2
Provisions for post-employment
benefit plans 145 100
SEKm 2024 2023
Pension cost
Service cost –17 –13
Interest income/expense, net –4 –3
Pension cost, defined benefit plans –21 –16
Pension cost, defined contribution plans –85 –70
Pension cost included in income
for the period –106 –86
Remeasurement gain/loss attributable to
defined benefit plans 108 1
Total pension cost included in other
comprehensive income 2 –85
Amounts included in the
cash flow statement
Contributions by the employer –12 –12
Benefits paid by the employer –14 –7
Major assumptions for the valuation
of the liability
Funded plans
Longevity, years,
1
Male 21.9 21.8
Female 23.7 23.6
Inflation, %
2
1.0 1.3
Discount rate, % 0.9 1.3
Unfunded plans
Inflation, %
2
1.9 2.1
Discount rate, % 2.9 3.7
1) Expressed as the average life expectancy of a 65-year-old person in num-
ber of years.
2) General inflation impacting salary and pensions increases.
P. 158NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 21 POST-EMPLOYMENT BENEFITS, CONT.
Reconciliation of change in present value of funded
and unfunded obligations
SEKm 2024 2023
Opening balance, January 1 980 842
Current service cost 17 13
Special events – –1
Interest expense 16 20
Remeasurement arising from changes in
financial assumptions 53 78
Remeasurement from changes in
demographic assumptions – 0
Remeasurement from experience 30 14
Contributions by plan participants 12 12
Benefits paid –86 –43
Exchange differences 18 45
Settlements and other 40 0
Closing balance, December 31 1,080 980
Reconciliation of change in the
fair value of plan assets
SEKm 2024 2023
Opening balance, January 1 1,057 970
Interest income
1
14 22
Return on plan assets, excluding amounts
included in interest
1
69 20
Net contribution by employer 12 12
Contribution by plan participants 12 12
Benefits paid –72 –37
Exchange differences 18 58
Closing balance, December 31 1,110 1,057
1) The actual return on plan assets amounts to SEK 83m (42).
Risks
There are three main categories of risks related to defined benefit
obligations and pension plans. Increased longevity and inflation
of salary and pensions may increase the future pension payments
and, hence, increase the pension obligation. Pension plan assets
are invested in a variety of financial instruments and are exposed
to market fluctuations. The discount rate used for measuring the
present value of the obligation may fluctuate, which impacts the
valuation of the Defined Benefit Obligation (DBO). The discount rate
also impacts the size of the interest income and expense that is re-
ported in the Financial items and the service cost. Expected salary
increase and mortality assumptions are based on local conditions
in each country and changes in those assumptions affect the mea-
sured obligation.
Below is the sensitivity analysis for the main financial assump-
tions and the potential impact on the present value of the defined
pension obligation. Note that the sensitivities are not meant to ex-
press any view by Electrolux Professional Group on the probability
of a change.
Sensitivity analysis on defined benefit obligation
SEKm 2024 2023
Longevity +1 year 29 26
Inflation +0.5%¹ 13 12
Discount rate +1% –125 –99
Discount rate –1% 159 120
1) The inflation change feeds through to other inflation-dependent
assumptions, i.e., pension increases and salary growth.
In 2025, the Group expects to pay a total of SEK 19m (15) in contri-
butions to the pension funds and as payments of benefits directly to
the employees.
Market value of plan assets by category
SEKm 2024 2023
Fixed income 284 274
Equity 327 323
Other alternative assets 136 129
Real estate 353 327
Cash 10 4
Total value of plan assets 1,110 1,057
Investment strategy and risk management
The assets held in funds are managed professionally by asset man-
agers who propose portfolio allocations based on a framework de-
cided by the fund boards. Risks related to pension obligations, e.g.,
mortality and inflation, are monitored on an ongoing basis by the
Group Finance Governance Board.
Governance
Defined-benefit pensions and pension plan assets are governed by
the Group Finance Governance Board, which meets 3 to 4 times per
year and has the following responsibilities:
• Approve the financial and actuarial assumptions to be used in the
calculations of the Pension Funds’ assets and liabilities.
• Initiate processes for new plans, changes to plans, or termination
of plans if such actions are found necessary.
• Approve the election of company representatives in the local
Board of Trustees (or equivalent).
Parent Company
Commitments for retirement pensions for salaried employees in
Sweden related to ITP2 are guaranteed through insurance with
Alecta, hence reported as a defined-contribution plan, equal to
ITP1.
Total pension expense for the Parent Company amounted
SEK 39m (34). Expected fees for the next reporting period for ITP2
insurance with Alecta amount to SEK 14m.
P. 159NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
Note 23 OTHER LIABILITIES
P. 160NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
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Our production
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Sustainability statement
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Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 25 ACQUIRED AND DIVESTED OPERATIONS
Acquisitions in 2024
TOSEI Corporation
On January 10, 2024, Electrolux Professional acquired 100% of the
shares in TOSEI Corporation in a cash deal. The enterprise value
amounted to JPY 23,006m corresponding to SEK 1,620m.
TOSEI, founded in 1950, had sales of approximately SEK 940m
during 2023. After synergies, the EBITA margin is expected to be
well in line with Electrolux Professional’s EBITA target of 15%. The
company has approximately 340 employees and is based in Tokyo.
TOSEI operates one manufacturing facility in Izunokuni, Shizuoka
and has six regional sales offices in Japan. The company supplies
washers, dryers, combined washers and dryers, tabletop vacuum
packing machines, and stationary vacuum packing machines under
the main brands TOSEI and TOSPACK.
The acquisition of TOSEI makes Electrolux Professional a larger
player in Japan, which is the second largest laundry market and
third largest food-service market globally. In addition, Electrolux
Professional will be able to expand the vacuum packing prod-
ucts that are already used globally in the fast-growing segment of
sous-vide cooking.
Goodwill mainly represents the value of increasing Electrolux
Professional's presence in Japan. Goodwill will not be deductible for
income tax.
TOSEI's net sales and operating income from January 1, 2024,
to the completion of the deal is immaterial and have been in-
cluded fully in the consolidated financial statements of Electrolux
Professional. TOSEI has for the period January until the end of the
reporting period contributed to net sales and operating income (in-
cluding amortization of surplus values) by JPY 11,518m and JPY 28m
respectively, approximately SEK 805m and SEK 2m respectively.
Approximately 70% of the business is included in the Laundry seg-
ment and 30% in Food & Beverage.
Transaction costs
Transaction costs during 2023 related to the acquisition amounted
to SEK 7m and were expensed as incurred during the acquisition
process in operating income within Group Common Costs.
Transaction costs incurred during 2024 amounts to SEK 4m and
have been included in operating income in Food & Beverage with
SEK 1.3m and in Laundry with SEK 2.7m.
Adventys
On April 26, 2024, Electrolux Professional acquired 100% of the
shares in Adventys in a cash deal. The enterprise value amounted to
EUR 22.1m corresponding to SEK 259m.
Adventys, founded in 1999, designs and produces induction
cooking equipment, and has approximately 40 employees, whereof
several in R&D, and is based with one factory in Seurre, France. The
company had global sales of approximately SEK 70m in 2023, and
an EBITA margin higher than Electrolux Professional’s EBITA-target
of 15%.
The acquisition of Adventys gives Electrolux Professional access
to the development of our own induction technology while at the
same time maintaining and strengthening Electrolux Professional’s
leadership in horizontal cooking. Goodwill mainly represents the
value of increasing Electrolux Professional's know-how in induction
technology. Goodwill will not be deductible for income tax.
Adventys net sales and operating income from January 1, 2024,
to the completion of the deal amounted to EUR 2.2m and EUR
0.03m respectively, approximately SEK 25.4m and SEK 0.3m re-
spectively. Adventys is included in Electrolux Professional’s consol-
idated accounts from the acquisition date. For the period from the
acquisition date until the end of the reporting period Adventys has
contributed to net sales and operating income (including amorti-
zation of surplus values) by EUR 3.8m and EUR -0.13m respectively,
approximately SEK 43.2m and SEK –1.5m respectively. The business
is included in the segment Food & Beverage.
Transaction costs
Transaction costs during 2024 related to the acquisition amounts
to SEK 4.7m. The costs have been expensed in operating income in
segment Food & Beverage with SEK 4.2m and SEK 0.5m in Group
common costs.
Purchase price allocation
SEKm Adventys
TOSEI
Corporation
Consideration
Enterprise value 259 1,620
Less financial debt – –628
Cash paid for the acquisition 259 992
Recognized amounts of assets
acquired and liabilities assumed
Property plant and equipment,
owned
16 88
Property plant and equipment,
right-of-use
8 69
Intangible assets 136 610
SEKm Adventys
TOSEI
Corporation
Inventories 25 177
Trade receivables1 13 201
Other current and non-current assets 2 108
Trade payables –3 –208
Government grants –2 –
Other operating liabilities –51 –337
Total identifiable net assets acquired 142 708
Cash and cash equivalents 19 89
Lease liabilities –8 –69
Borrowings –13 –624
Assumed net debt –2 –603
Goodwill 118 887
Total 259 992
1) Trade receivables
Trade receivables, gross 14 201
Provision for expected credit losses –1 –0
Total 13 201
Payments for acquisitions
SEKm
Cash paid for acquisitions made
during the year
259 992
Cash and cash equivalents
in acquired operations
–19 –89
Total paid 240 903
The purchase price allocation for Adventys is preliminary and can
be changed.
Acquisitions in 2023
No acquisitions were made in 2023.
Divested operations
No divestments were made in 2024 nor 2023.
P. 161NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 26 EMPLOYEES AND REMUNERATION
P. 162NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 26 EMPLOYEES AND REMUNERATION, CONT.
Compensation to Board members
2024 2023
SEK thousand
Ordinary
compensation
Compensation for
committee work
Total
compensation
Ordinary
compensation
Compensation for
committee work
Total
compensation
Kai Wärn, Chairman 1,740 100 1,840 1,668 84 1,752
Lorna Donatone* 663 138 801 643 114 757
Hans Ola Meyer 579 213 792 556 174 730
Daniel Nodhäll 579 238 817 556 198 754
Martine Snels 579 138 717 556 114 670
Carsten Voigtländer 579 – 579 556 – 556
Katharine Clark 579 – 579 556 – 556
Josef Matosevic* 622 109 731 505 – 505
Jens Pierard – – – – – –
Joachim Nord – – – – – –
Per Magnusson – – – – – –
Total compensation 5,920 936 6,856 5,596 684 6,280
*) The two members resident in the United states have received additional USD 4,000 per ordinary meeting they attended in Sweden or Italy according to the
decision at the Annual General Meetings 2023 and 2024.
Compensation for the Board of Directors
The Annual General Meeting (AGM) determines the compensation
for the Board of Directors for a period of one year until the next
AGM, including the compensation for committee work. The com-
pensation is distributed between the Chairman and other Board
Members and is paid out quarterly. The compensation paid in 2024
encompasses one quarter of the compensation authorized by the
AGM in 2023 and three quarters of the compensation authorized by
the AGM in 2024. Total compensation paid in cash in 2024 amount-
ed to SEK 6.9m, of which SEK 5.9m included ordinary compensation
and SEK 0.9m was for committee work.
Remuneration guidelines for the Group Management Team
The current guidelines were approved by the AGM in 2024. The
guidelines apply until the AGM 2028.
The remuneration terms emphasize ‘pay for performance’ and
vary with the performance of the individual and the Group. The total
remuneration for the Group Management Team is to be strongly tied
to the position held, consistent with market practice, and may com-
prise the following components: annual fixed compensation, variable
compensation, and other benefits such as pension and insurance.
The following describes the guidelines for determining the amount
of remuneration, the detailed guidelines can be found on page 108.
• Fixed compensation must be competitive relative to the relevant
country market and reflect the scope of the job responsibilities.
Fixed compensation consists of annual base salary and may, if
locally stipulated by mandatory collective agreement provisions,
also include a fixed non-compete component. Base salary levels
are to be reviewed periodically (usually annually) to ensure contin-
ued competitiveness and to recognize individual performance.
• Variable compensation may consist of short-term and long-term
incentives. Following the ‘pay for performance’ principle, variable
compensation must represent a significant portion of the total po-
tential compensation for the Group Management Team. Variable
compensation must always be measured against pre-defined tar-
gets and have a maximum above which no payout is to be made.
Both short-term incentives' and long-term incentives' entitlement
must be dependent on job level and the variable compensation,
for each STI and LTI respectively, must not amount to more than
100% of the annual base salary.
• Pension and Benefits such as old-age and survivor’s pension,
disability benefits, and healthcare benefits must be designed to
reflect home-country practices and requirements. When possible,
pension plans are to be based on defined contribution. In indi-
vidual cases, depending on provisions in collective bargaining
agreements, tax and/or social security legislation to which the
individual is subject, other schemes, and mechanisms for pension
benefits may be approved. Other benefits may consist of a com-
pany car, housing, and private health insurance.
• The notice period for the President and CEO must be 12 months if
Electrolux Professional Group initiates termination of the employ-
ment and 6 months if the President and CEO initiates termination
of the employment. For other members of the Group Management
Team the notice period is between 6 to 12 months if Electrolux
Professional Group initiates termination of the employment and
3 to 6 months if the Group Management Team member initiates
termination of the employment. In individual cases, contractual
severance pay may be approved in addition to the notice periods.
The Board of Directors may temporarily resolve to deviate from
the guidelines, in whole or in part, if in a specific case there is spe-
cial cause for the deviation and a deviation is necessary to serve
the Company’s long-term interests, including its sustainability, or to
ensure the Company’s financial viability.
President and CEO
The remuneration package for the President and CEO comprises
fixed cash compensation, variable compensation, and other bene-
fits such as pension and insurance. For the President and CEO, the
annualized base salary for 2024 was set at EUR 642,000 (approxi-
mately SEK 7,300k).
The variable compensation for the President and CEO consists
of both short-term cash-based incentive (STI) and long-term share-
based incentive (LTI). STI is based on fixed financial targets at
Group level and LTI is based on fixed financial and ESG targets at
Group level. STI can give a maximum of 100% of annual base salary
and LTI can give a maximum of 100% of annual base salary.
The notice period for the Company is 12 months and for the
President and CEO it is 6 months. The President and CEO is entitled
to 12 months' severance pay.
The President and CEO accrues pension entitlements in accor-
dance with Italian social security legislation for pensions. A vol-
untary defined contribution pension scheme is offered (Previndai)
through which the Company matches contributions of up to EUR
7,200 per year. In addition, the company also contributes to the
Italian statutory TFR.
Healthcare benefits are provided in accordance with the collec-
tively agreed plan rules of FASI and Assidai designed for Executives
(Dirigenti).
Other Members of the Group Management Team
Like the President and CEO, other members of the Group
Management Team receive a remuneration package that comprises
fixed cash compensation, variable compensation, and other bene-
fits such as pension and insurance. Base salary is reviewed annually
per January 1.
The variable compensation for other members of the Group
Management consists of both short-term cash-based incentive (STI)
and long-term share-based incentive (LTI). STI is based on financial
targets at Group level, and for Business Area Heads it is based on
P. 163NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 26 EMPLOYEES AND REMUNERATION, CONT.
Business Area and Group level. LTI is based on fixed financial and
ESG targets at Group level. STI and LTI can each give a maximum
of 60-80% of annual base salary depending on job level.
The notice period for other members of the Group Management
Team is between 6 to 12 months if Electrolux Professional initiates
termination of the employment and 3 to 6 months if the Group
Management Team member initiates termination of the employment.
The Group Management Team members employed in Italy,
similar to the President and CEO, also accrue pension entitlements
in accordance with Italian social security legislation for pensions,
and are eligible to participate in the voluntary defined contribution
pension scheme offered (Previndai) through which the Company
matches contributions of up to EUR 7,200 per year. In addition, the
company also contributes to the Italian statutory TFR.
Healthcare benefits are provided in accordance with the collec-
tively agreed plan rules of FASI and Assidai designed for managers
(Dirigenti).
The Group Management Team members employed in Sweden
are covered by the collectively agreed ITP1 (a defined contribution
plan), and a top-up plan providing 30% of fixed salary and STI, or
by the ITP2 and the Alternative ITP rule. The Alternative ITP plan is
a defined contribution plan in which the contribution increases with
age. The contribution is between 20 and 40% of pensionable salary,
between 7.5 and 30 income base amounts and 20% of pensionable
salary above 30 income base amounts. The pensionable salary un-
der the alternative ITP plan is calculated as the current fixed salary
including vacation pay, plus the average short-term variable salary
for the last three years.
For Group Management Team members employed outside of
Italy and Sweden, varying terms of employment, pensions and oth-
er benefits, such as a company car, may apply depending on the
country of employment.
Remuneration to Group Management
2024
SEK thousand
Annual
fixed salary¹
Short-term
variable salary²
Long-term
variable salary³
Pension
contribution
Other
benefits⁴
Social security
contribution Total
President & CEO 7,865 3,488 4,925 614 427 3,555 20,874
Other members of
Group Management⁵ 35,238 11,593 15,997 4,200 5,154 13,998 86,180
Total 43,104 15,081 20,922 4,814 5,581 17,553 107,055
1) The annual fixed salary includes annual base salary, vacation salary, paid vacation days, and fixed non-compete components.
2) Variable salary earned in 2024, to be paid in 2025.
3) Cost incurred in 2024 for the long-term share-based incentive programs.
4) Includes allowances and other benefits such as housing, company car, medical insurance, and retention bonus.
5) Other members comprised of 11 people at the end of 2024.
2023
SEK thousand
Annual
fixed salary¹
Short-term
variable salary²
Long-term
variable salary³
Pension
contribution
Other
benefits⁴
Social security
contribution Total
President & CEO 7,269 2,717 5,676 583 394 2,872 19,511
Other members of
Group Management⁵ 33,205 9,755 17,182 4,142 5,216 11,381 80,881
Total 40,474 12,472 22,858 4,725 5,610 14,253 100,392
1) The annual fixed salary includes annual base salary, vacation salary, paid vacation days, and fixed non-compete components.
2) Variable salary earned in 2023, paid in 2024.
3) Cost incurred in 2023 for the long-term share-based incentive programs. At the closing of the books the actual outcome wasn't known and the cost for
2023 is based on an outcome of 63%. The adjustment to 66% will be made during 2023.
4) Includes allowances and other benefits such as housing, company car, medical insurance, and retention bonus.
5) Other members comprised 11 people at the end of 2023.
P. 164NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 26
EMPLOYEES AND REMUNERATION,
CONT.
Note 27 FEES TO AUDITORS
At the 2024 Annual General Meeting Deloitte was appointed as
auditor for the period until the end of the 2025 Annual General
Meeting.
Group Parent Company
SEKm 2024 2023 2024 2023
Deloitte
Audit fees
1
18 18 6 6
Audit-related fees
2
0 0 – –
Tax fees
3
0 0 – –
All other fees 0 0 – –
Total fees to Deloitte 19 18 6 6
Audit fees to other audit
firms 1 0 – –
Total fees to auditors 20 18 6 6
1) Audit fees consist of fees for the annual audit-services engagement and
other audit services, which are those services that only the external auditors
reasonably can provide, and includes the Group audit, statutory audits,
comfort letters and consents, and attest services.
2) Audit-related fees consist of fees for assurance and related services that
are reasonably related to the performance of the audit of the accounts and
annual reports of the Group and group companies traditionally performed
by the external auditors, and include consultations concerning financial
accounting and reporting standards, internal control reviews, and reviews
of interim reports.
3) Tax fees include tax compliance and tax consultation services.
Note 28
TRANSACTIONS
WITH RELATED PARTIES
Note 29
UNTAXED RESERVES AND
APPROPRIATIONS, PARENT
COMPANY
SEKm
December 31,
2024 Appropriations
December 31,
2023
Accumulated
depreciation in
excess of plan
Brands – –8 8
Licenses – – –
Machinery and
equipment 76 – 76
Buildings – – –
Other – –4 4
Total 76 –12 88
Group
contributions –3
Total
appropriations –15
P. 165NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 30 SHARES AND PARTICIPATIONS
Group companies
The following table lists the companies included in the Electrolux Professional Group, split into direct and indirect shareholdings by the Parent Company.
Carrying amount
Parent Company
Subsidiaries, direct shareholdings Corp. ID no. Country City of registered office Holding, % Legal form 2024 2023
Electrolux Professional Australia Pty Ltd 634 149 250 Australia Scoresby, Victoria 100% Limited Liability Company 22 22
Electrolux Professional Austria GmbH FN516160 i Austria Brunn Am Gebirge 100% Limited Liability Company 0 0
Electrolux Professional Belgium B.V. 0729.704.769 Belgium Brussels 100% Limited Liability Company 5 5
Electrolux Profissional do Brasil 3563041087-8 Brazil São Paulo 100% Limited Liability Company 0 0
Electrolux (Shanghai) Professional Appliances Co., Ltd. 91310120332328256Q China Shanghai 100% Limited Liability Company 114 114
Electrolux Professional d.o.o 081259831 Croatia Zagreb 100% Limited Liability Company 0 0
Electrolux Professional Czech Republic s.r.o. 08340226 Czech Republic Prague 100% Limited Liability Company 1 1
Electrolux Professionals A/S 24622428 Denmark Hvidovre 100% Limited Liability Company 7 7
Electrolux Professional Oy 0816444-8 Finland Helsinki 100% Limited Liability Company 0 0
Adventys SAS
2
483 445 011 R.C.S. Dijon France Seurre 100% Limited Liability Company 264 –
Electrolux Professionnel SAS 996750030 France Saint-Denis 100% Limited Liability Company 294 294
Electrolux Professional GmbH HRB20581 Germany Nürnberg 100% Limited Liability Company 252 252
Electrolux Professional Hellas SA AME 322157 Greece Athens 100% Limited Liability Company 0 0
Electrolux Professional Hungary Kft Cg.16-09-018699 Hungary Jászberény 100% Limited Liability Company 0 0
Electrolux Professional India Private Limited U31909HR2019-FTC082077 India Gurgaon 100% Limited Liability Company 2 2
Electrolux Professional S.p.A. 00072220932 Italy Pordenone 99%
1
Limited Liability Company 3,105 3,105
S.P.M Drink Systems S.p.A. 03195610369 Italy Spilamberto 100% Limited Liability Company 179 179
Electrolux Professional Japan Limited 01040103326 Japan Tokyo 100% Limited Liability Company 32 32
TOSEI Corporation
2
0100-01-196927 Japan Tokyo 100% Limited Liability Company 997 –
Electrolux Professional Korea Co., Ltd. 110111-7179248 Korea Seoul 100% Limited Liability Company 0 0
Electrolux Professional Sdn Bhd 147661P Malaysia Petaling Jaya 100% Limited Liability Company 3 3
Electrolux Professional B.V. 33269220 The Netherlands Rotterdam 100% Limited Liability Company 53 53
Electrolux Professional New Zealand Limited 7497977 New Zealand Wellington 100% Limited Liability Company 3 3
Electrolux Professional AS 923830197 Norway Oslo 100% Limited Liability Company 66 66
Electrolux Professional Poland Sp. z o.o. 0000786645 Poland Warsaw 100% Limited Liability Company 0 0
Electrolux Professional Singapore Pte. Ltd. 201919595D Singapore Singapore 100% Limited Liability Company 0 0
Electrolux Professional s.r.o. 31 358 446 Slovakia Bratislava 99%
1
Limited Liability Company 6 6
Electrolux Professional S.A. ESA28238947 Spain Madrid 100% Limited Liability Company 80 80
Electrolux Professional Sweden AB 556025-2081 Sweden Stockholm 100% Limited Liability Company 61 61
P. 166NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 30 SHARES AND PARTICIPATIONS, CONT.
Carrying amount
Parent Company
Subsidiaries, direct shareholdings Corp. ID no. Country City of registered office Holding, % Legal form 2024 2023
Electrolux Professional Holding AB 559006-2278 Sweden Stockholm 100% Limited Liability Company 0 0
Electrolux Professional AG CHE-105.957.638 Switzerland Sursee 100% Limited Liability Company 197 197
Crathco Ltd 105541040522 Thailand Rayong 100% Limited Liability Company 275 275
Electrolux Professional (Thailand) Co., Ltd. 0105562090821 Thailand Bangkok 100% Limited Liability Company 65 65
Electrolux Professional Durable Consumer Goods Industry
and Trade Joint Stock Company 223730/5 Turkey Istanbul 100% Limited Liability Company 10 10
Electrolux Professional Middle East DMCC DMCC176056 United Arab Emirates Dubai 100% Limited Liability Company 0 0
Electrolux Professional Ltd. 00637383 United Kingdom Luton 100% Limited Liability Company 495 495
Electrolux Professional US Holdings, Inc. EIN 84-3103055 USA Wilmington, Delaware 100% Limited Liability Company 539 539
Carrying amount, December 31 7,127 5,866
1) Electrolux Professional Sweden AB holds 1%
2) Acquired in 2024
Subsidiaries, indirect shareholdings Country City of residence Holding, %
Electrolux Professional Laundry Systems France SNC France Rosères-Près-Troyes 100%
Exefem France Saint-Denis 0%
1
Schneidereit GmbH Germany Solingen 100%
UNIC Japan KK Japan Tokyo 100%
GCS Mexico SA de CV Mexico Ciudad Juárez 100%
Electrolux Professional Inc USA Delaware 100%
1) Liquidated in 2024
P. 167NotesElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Note 31 CLIMATE
In preparing the financial statements the management has consid-
ered the potential impact of climate change. Our target is to reduce
CO
2
emissions of Scope 1 & 2 by at least 50% by 2025 compared
to 2015. We have already in 2023 achieved our 2025 Scope 1 and 2
emissions targets.
Our climate ambition for 2030 is to become climate neutral
within all our industrial operations by 2030. During 2023 our scope
1, 2, and scope 3 product use emission targets were validated by
the Science Based Targets initiative (SBTi). The new targets reduce
Scope 1 and 2 emissions by 70% by 2030 from a 2019 base year and
reduce indirect use phase emissions of sold products by 27.5% by
2030 from a 2019 base year. Read more in the Sustainability Report
on pages 61–65.
Climate-related risks
Climate-related risks may impact the below areas and the financial
statements, but are not considered to be key areas of judgments or
sources of estimation uncertainty in the current financial year.
The purpose of a scenario analysis is to analyze future events by
considering possible alternative outcomes. It is meant as a tool for
companies to make strategic risk management decisions, providing
insights and clarifying predictable and uncertain elements in differ-
ent futures. It is meant to help frame and evaluate climate change's
strategic and financial consequences. We have carried out a cli-
mate scenario risk and opportunity analysis in accordance with the
TCFD recommendations for 2022.
The two scenarios help to identify transition risks and
physical risks:
A. Transition risks are related to the financial risks of not being
prepared for the socio-economic changes of a world striving to
meet the Paris Agreement ambition of limiting global warming to
well below 2°C.
B. Physical risks are related to the financial risks of not being
prepared for the physical changes of a world where ambitious
climate policies fail or fall short, and the global warming of the
world pushes towards 4°C.
Transition risks identified:
• Increased prices due to carbon prices.
• Increased transport prices due to low carbon emission transport.
• Energy price volatility due to energy decarbonization.
• Increased steel prices due to leftover carbon.
• Energy labeling and circular economy legislation impacting the
increase in prices.
Physical risks identified:
• Asian sites are more prone to climate risks.
• Suppliers located in Asia are more prone to climate risks.
Read more in the Sustainability Report on pages 61–65 and Risk
Management on pages 112–114.
Products
Our main environmental impact occurs during the product-use
phase (energy, water, detergents), we therefore have a clear
strategy to develop and offer energy-efficient and low-resource-
consuming products. Over the years, Electrolux Professional Group
has invested in new product ranges which are energy efficient
and lower in running costs, and also have less of an impact on the
environment in the form of lower water, energy, and detergent con-
sumption. We have a clear strategy for developing low-carbon and
water/energy-efficient solutions given the EU’s potential regulations
on Eco-design and/or energy labeling, and we continue to be the
market leader in sustainability. By offering integrated products and
services, including logistics and transportation, compared to our
competitors we can reduce complexity for our customers, thereby
reducing greenhouse gas emissions. This has been taken into con-
sideration when assesing the need for impairment of existing prod-
ucts and product development.
For the development of new products we invest above historical
levels to reach our sustainability targets and this is considered in our
forecasts underpinning the 2024 financial statements.
Production
The Group's factories are modern and efficient and in the short-
term, energy efficiency is the main focus area. This includes using
less energy and converting to renewable energy sources, reviewing
the replacement of heating systems, ventilation, lighting, insulation,
compressed air, windows, doors etc. and streamlining production
processes. The climate targets for 2025 were already achived during
2023 within normal running costs and investments. To reach our cli-
mate ambition for 2030, we initiated a plant decarbonization study
project in five of our plants worldwide. The project resulted in sever-
al initiatives and required investments to achieve the Scope 1 and 2
reduction targets. The necessary investments are covered as part of
normal investment levels. The initiatives also resulted in operational
cost-saving opportunities.
Note 32
EVENTS AFTER
THE BALANCE SHEET DATE
No material events have occurred after the balance sheet date.
Note 33
PROPOSED DISTRIBUTION
OF EARNINGS
The Board of Directors proposes that income for the year and
retained earnings be distributed as follows.
‘000 SEK
Dividend to the shareholders 244,288
To be carried forward 6,931,621
Total 7,175,909
P. 168Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 The Board’s assurance
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
The Board of Directors give their assurance that the consolidated financial statements and annual report have been prepared in
accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002, on the Application of International
Accounting Standards and Generally Accepted Accounting Standards, and give a true and fair view of the financial position and results of opera-
tions of the Group. The financial statements of the Parent Company have been prepared in accordance with generally accepted accounting princi-
ples in Sweden and give a true and fair view of the Parent Company’s financial position and results of operations. The administration report for the
Group and the Parent Company gives a true and fair view of the business activities, financial position and results of operations of the Group and
the Parent Company, and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed.
Stockholm March 31, 2025
Electrolux Professional AB (publ)
556003-0354
Kai Wärn
Chairman of the Board
Katharine Clark
Board member
Lorna Donatone
Board member
Josef Matosevic
Board member
Hans Ola Meyer
Board member
Daniel Nodhäll
Board member
Martine Snels
Board member
Carsten Voigtländer
Board member
Joachim Nord
Employee representative
Jens Pierard
Employee representative
Alberto Zanata
President and CEO
The Auditor's report was issued on March 31, 2025
Deloitte AB
Jonas Ståhlberg
Authorized Public Accountant
P. 169Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Auditor’s report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Auditor’s report
To the general meeting of the shareholders of Electrolux Professional AB (publ)
corporate identity number 556003-0354
Report on the annual accounts
and consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts
of Electrolux Professional AB (publ) (publ) for the financial year
2024-01-01 – 2024-12-31 except for the sustainability report, the cor-
porate governance report and the remuneration report on pages
47–93 and 95–109. The annual accounts and consolidated accounts
of the company are included on pages 47–93, 95–109 and 116-168 in
this document.
In our opinion, the annual accounts have been prepared in
accordance with the Annual Accounts Act and present fairly, in all
material respects, the financial position of the parent company as
of 31 December 2024 and its financial performance and cash flow
for the year then ended in accordance with the Annual Accounts
Act. The consolidated accounts have been prepared in accordance
with the Annual Accounts Act and present fairly, in all material re-
spects, the financial position of the group as of 31 December 2024
and their financial performance and cash flow for the year then
ended in accordance with IFRS Accounting Standards, as adopted
by the EU, and the Annual Accounts Act. Our opinions do not cover
the statutory sustainability report, the corporate governance report
or the remuneration report on pages 45–92 and 94–109. The stat-
utory administration report is consistent with the other parts of the
annual accounts and consolidated accounts.
We therefore recommend that the general meeting of sharehold-
ers adopts the income statement and balance sheet for the parent
company and the group.
Our opinions in this report on the annual accounts and consol-
idated accounts are consistent with the content of the additional
report that has been submitted to the parent company's audit com-
mittee in accordance with the Audit Regulation (537/2014) Article 11.
Basis for Opinions
We conducted our audit in accordance with International
Standards on Auditing (ISA) and generally accepted auditing stan-
dards in Sweden. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities section. We are
independent of the parent company and the group in accordance
with professional ethics for accountants in Sweden and have other-
wise fulfilled our ethical responsibilities in accordance with these re-
quirements. This includes that, based on the best of our knowledge
and belief, no prohibited services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided to the audited company
or, where applicable, its parent company or its controlled compa-
nies within the EU.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our pro-
fessional judgment, were of most significance in our audit of the
annual accounts and consolidated accounts of the current period.
These matters were addressed in the context of our audit of, and in
forming our opinion thereon, the annual accounts and consolidated
accounts as a whole, but we do not provide a separate opinion on
these matters.
Key Audit Matter
Revenue Recognition
Revenues in the Group amounts to SEK 12,582 million and consists of
a large number of transactions that mainly comprises sales of ap-
pliances and spare parts. Revenue recognition in accordance with
IFRS constitutes a key audit matter in our audit.
The Group’s accounting principles and disclosures related to rev-
enue recognition can be found in note 4.
Our audit procedures
Our audit procedures included, but were not limited to:
> evaluation of the Group’s accounting principles for revenue recog-
nition and its compliance with IFRS,
> test of identified key controls, within the revenue process, including
relevant IT controls
> analytical procedures,
> detailed testing of sales transactions on a sample basis to confirm
proper revenue recognition, and
> evaluation of the appropriateness of disclosures in the financial
statement.
Valuation of inventory
Inventory in the Group amounts to SEK 1,899 million and is held by
several production and sales units in different countries. Valuation
of inventory requires clear policies among other things related to
standard cost model used and provisions for obsolescence which
is subject to management’s estimates. Processes for valuation of
inventory constitutes a key audit matter in our audit.
The Group’s accounting principles and disclosures related to in-
ventory can be found in note 15.
Our audit procedures
Our audit procedures included, but were not limited to:
> evaluation of the Group’s accounting principles for inventory to
verify compliance with IFRS,
> evaluation of the internal control environment regarding valuation
of inventory and test of design and implementation of identified
key controls including relevant IT controls,
> attending physical inventory counts,
> evaluation of the standard cost model used to verify compliance
with IFRS,
> evaluation of management’s estimates related to provisions for
obsolescence, and
> evaluation of the appropriateness of disclosures in the financial
statement.
Accounting for business combinations
On January 10, 2024 Electrolux Professional acquired 100 percent
of the shares in Tosei Corporation. The total consideration paid
amounted to SEK 992 million. Accounting for business combinations
requires significant judgments and estimates by management to
determine the fair value of acquired assets and assumed liabilities.
The significant estimates required to account for business com-
binations combined with a significant purchase price constitutes a
key audit matter in our audit.
The Group’s accounting principles and disclosures related to
acquisitions can be found in note 1 and 25.
P. 170Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Auditor’s report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
Our audit procedures
Our audit procedures included, but were not limited to:
> evaluation of the Group’s accounting principles for inventory to
verify compliance with IFRS,
> evaluation of the applied methodology and assumptions made by
management including those related to the allocation of the pur-
chase price utilizing our valuation specialists, and
> evaluate the appropriateness of disclosures in the financial state-
ment.
Other information than the annual accounts
and consolidated accounts
This document also contains other information than the annual ac-
counts and consolidated accounts and is found on pages 1–93, 108–
115 and 174–180. The Board of Directors and the Managing Director
are responsible for this other information.
Our opinion on the annual accounts and consolidated accounts
does not cover this other information and we do not express any
form of assurance conclusion regarding this other information.
In connection with our audit of the annual accounts and consol-
idated accounts, our responsibility is to read the information iden-
tified above and consider whether the information is materially in-
consistent with the annual accounts and consolidated accounts. In
this procedure we also take into account our knowledge otherwise
obtained in the audit and assess whether the information otherwise
appears to be materially misstated.
If we, based on the work performed concerning this information,
conclude that there is a material misstatement of this other informa-
tion, we are required to report that fact. We have nothing to report
in this regard.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are responsible
for the preparation of the annual accounts and consolidated ac-
counts and that they give a fair presentation in accordance with the
Annual Accounts Act and, concerning the consolidated accounts,
in accordance with IFRS Accounting Standards as adopted by the
EU. The Board of Directors and the Managing Director are also
responsible for such internal control as they determine is necessary
to enable the preparation of annual accounts and consolidated
accounts that are free from material misstatement, whether due to
fraud or error.
In preparing the annual accounts and consolidated accounts,
The Board of Directors and the Managing Director are responsi-
ble for the assessment of the company’s and the group’s ability to
continue as a going concern. They disclose, as applicable, matters
related to going concern and using the going concern basis of
accounting. The going concern basis of accounting is however not
applied if the Board of Directors and the Managing Director intends
to liquidate the company, to cease operations, or has no realistic
alternative but to do so.
The Audit Committee shall, without prejudice to the Board of
Director’s responsibilities and tasks in general, among other things
oversee the company’s financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether
the annual accounts and consolidated accounts as a whole are
free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinions. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs and generally accept-
ed auditing standards in Sweden will always detect a material mis-
statement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions
of users taken on the basis of these annual accounts and consoli-
dated accounts.
A further description of my (our) responsibilities for the audit
of the management’s administration is located at the Swedish
Inspectorate of Auditors website: www.revisorsinspektionen.se/revi-
sornsansvar
This description forms part of the auditor´s report.
Report on other legal
and regulatory requirements
Opinions
In addition to our audit of the annual accounts and consolidated
accounts, we have also audited the administration of the Board of
Directors and the Managing Director of Electrolux Professional AB
(publ) (publ) for the financial year 2024-01-01 – 2024-12-31 and the
proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the
profit to be appropriated in accordance with the proposal in the
statutory administration report and that the members of the Board
of Directors and the Managing Director be discharged from liability
for the financial year.
Basis for Opinions
We conducted the audit in accordance with generally accepted
auditing standards in Sweden. Our responsibilities under those stan-
dards are further described in the Auditor’s Responsibilities section.
We are independent of the parent company and the group in ac-
cordance with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in accordance
with these requirements.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors is responsible for the proposal for appropri-
ations of the company’s profit or loss. At the proposal of a dividend,
this includes an assessment of whether the dividend is justifiable
considering the requirements which the company's and the group’s
type of operations, size and risks place on the size of the parent
company's and the group’s equity, consolidation requirements, li-
quidity and position in general.
The Board of Directors is responsible for the company’s organi-
zation and the administration of the company’s affairs. This includes
among other things continuous assessment of the company’s and
the group’s financial situation and ensuring that the company's or-
ganization is designed so that the accounting, management of as-
sets and the company’s financial affairs otherwise are controlled in
a reassuring manner. The Managing Director shall manage the on-
going administration according to the Board of Directors’ guidelines
and instructions and among other matters take measures that are
necessary to fulfill the company’s accounting in accordance with
law and handle the management of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and
thereby our opinion about discharge from liability, is to obtain audit
evidence to assess with a reasonable degree of assurance whether
any member of the Board of Directors or the Managing Director in
any material respect:
> has undertaken any action or been guilty of any omission which
can give rise to liability to the company, or
> in any other way has acted in contravention of the Companies
Act, the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropria-
tions of the company’s profit or loss, and thereby our opinion about
this, is to assess with reasonable degree of assurance whether the
proposal is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with generally
accepted auditing standards in Sweden will always detect actions
or omissions that can give rise to liability to the company, or that the
proposed appropriations of the company’s profit or loss are not in
accordance with the Companies Act.
A further description of my (our) responsibilities for the audit
of the management’s administration is located at the Swedish
Inspectorate of Auditors website: www.revisorsinspektionen.se/
revisornsansvar
This description forms part of the auditor's report.
P. 171Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Auditor’s report
Financial
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Financial information, contents
Administration report
Financial statements
Notes
The Board’s assurance
Auditor’s report
Other information
The auditor’s examination
of the Esef report
Opinion
In addition to our audit of the annual accounts and consolidated
accounts, we have also examined that the Board of Directors and
the Managing Director have prepared the annual accounts and
consolidated accounts in a format that enables uniform electronic
reporting (the Esef report) pursuant to Chapter 16, Section 4 a of the
Swedish Securities Market Act (2007:528) for Electrolux Professional
AB (publ) for the financial year 2024-01-01 – 2024-12-31.
Our examination and our opinion relate only to the statutory
requirements.
In our opinion, the Esef report has been prepared in a format that,
in all material respects, enables uniform electronic reporting.
Basis for opinion
We have performed the examination in accordance with FAR’s rec-
ommendation RevR 18 Examination of the Esef report. Our respon-
sibility under this recommendation is described in more detail in the
Auditors’ responsibility section. We are independent of Electrolux
Professional AB (publ) in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical re-
sponsibilities in accordance with these requirements.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Responsibilities of The Board of Directors
and the Managing Director
The Board of Directors and the Managing Director are respon-
sible for the preparation of the Esef report in accordance with
the Chapter 16, Section 4 a of the Swedish Securities Market Act
(2007:528), and for such internal control that the Board of Directors
and the Managing Director determine is necessary to prepare the
Esef report without material misstatements, whether due to fraud or
error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether the
Esef report is in all material respects prepared in a format that
meets the requirements of Chapter 16, Section 4(a) of the Swedish
Securities Market Act (2007:528), based on the procedures per-
formed.
RevR 18 requires us to plan and execute procedures to achieve
reasonable assurance that the Esef report is prepared in a format
that meets these requirements.
Reasonable assurance is a high level of assurance, but it is not
a guarantee that an engagement carried out according to RevR 18
and generally accepted auditing standards in Sweden will always
detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of the Esef re-
port.
The firm applies International Standard on Quality Management
1, which requires the firm to design, implement and operate a system
of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
The examination involves obtaining evidence, through various
procedures, that the Esef report has been prepared in a format that
enables uniform electronic reporting of the annual accounts and
consolidated accounts. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material
misstatement in the report, whether due to fraud or error. In carrying
out this risk assessment, and in order to design audit procedures
that are appropriate in the circumstances, the auditor considers
those elements of internal control that are relevant to the prepara-
tion of the Esef report by the Board of Directors and the Managing
Director, but not for the purpose of expressing an opinion on the
effectiveness of those internal controls. The examination also in-
cludes an evaluation of the appropriateness and reasonableness
of assumptions made by the Board of Directors and the Managing
Director.
The procedures mainly include a validation that the Esef report
has been prepared in a valid XHMTL format and a reconciliation of
the Esef report with the audited annual accounts and consolidated
accounts.
Furthermore, the procedures also include an assessment of
whether the consolidated statement of financial performance, fi-
nancial position, changes in equity, cash flow and disclosures in the
Esef report have been marked with iXBRL in accordance with what
follows from the Esef regulation.
The auditor's examination of the corporate governance statement
The Board of Directors is responsible for that the corporate gover-
nance report on pages 95–107 has been prepared in accordance
with the Annual Accounts Act.
Our examination of the corporate governance report is conduct-
ed in accordance with FAR’s standard RevR 16 The auditor’s exam-
ination of the corporate governance statement. This means that our
examination of the corporate governance report is different and
substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and generally accepted
auditing standards in Sweden. We believe that the examination has
provided us with sufficient basis for our opinions.
A corporate governance report has been prepared. Disclosures
in accordance with chapter 6 section 6 the second paragraph
points 2-6 of the Annual Accounts Act and chapter 7 section 31 the
second paragraph the same law are consistent with the other parts
of the annual accounts and consolidated accounts and are in ac-
cordance with the Annual Accounts Act.
The auditor's opinion regarding the statutory sustainability report
The Board of Directors is responsible for the statutory sustainability
report on pages 47–93, and that it is prepared in accordance with
the Annual Accounts Act according to the previous version applied
before 1 July 2024.
Our examination has been conducted in accordance with FAR:s
auditing standard RevR 12 The auditor´s opinion regarding the
statutory sustainability report. This means that our examination of
the statutory sustainability report is different and substantially less
in scope than an audit conducted in accordance with International
Standards on Auditing and generally accepted auditing standards
in Sweden. We believe that the examination has provided us with
sufficient basis for our opinion.
A statutory sustainability report has been prepared.
Deloitte AB, was appointed auditor of Electrolux Professional AB
(publ) by the general meeting of the shareholders on the 2024-04-
25 and has been the company’s auditor since 2018-06-01.
Stockholm, March 31, 2025
Deloitte AB
Jonas Ståhlberg
Authorized public accountant
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Other information
Eight years in summary 173
Definitions 175
Share and shareholders 177
Our history 180
P. 173Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Eight years in summary
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Eight years in summary
SEKm 2024 2023 2022 2021 2020 2019¹ 2018¹ 2017¹
Food & Beverage
Net sales 7,585 7,616 7,290 4,704 4,198 5,895 5,399 4,922
EBITA* 808 766 679 299 87 568 629 607
EBITA, %* 10.6 10.1 9.3 6.4 2.1 9.6 11.7 12.3
Operating income* 637 620 542 244 35 522 599 572
Operating margin, %* 8.4 8.1 7.4 5.2 0.8 8.9 11.1 11.6
Laundry
Net sales 4,998 4,231 3,747 3,159 3,065 3,386 3,267 2,801
EBITA* 811 702 608 492 467 507 573 502
EBITA, %* 16.2 16.6 16.2 15.6 15.2 15.0 17.6 17.9
Operating income* 752 686 590 475 452 488 558 499
Operating margin, %* 15.0 16.2 15.7 15.0 14.7 14.4 17.1 17.8
Group shared cost
Operating income* –159 –152 –177 –128 –100 –18 –14 –11
Total Group
Net sales 12,583 11,848 11,037 7,862 7,263 9,281 8,666 7,723
EBITA* 1,461 1,317 1,111 663 456 1,058 1,188 1,098
EBITA, %* 11.6 11.1 10.1 8.4 6.3 11.4 13.7 14.2
Operating income* 1,231 1,154 955 592 387 992 1,143 1,060
Operating margin, %* 9.8 9.7 8.7 7.5 5.3 10.7 13.2 13.7
*) Alternative performance measure.
1) Part of Electrolux Group
P. 174Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Eight years in summary
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
SEKm, if not otherwise stated 2024 2023 2022 2021 2020 2019⁴ 2018⁴ 2017⁴
Net sales 12,583 11,848 11,037 7,862 7,263 9,281 8,666 7,723
Organic growth, %* –0.1 2.6 16.9 10.6 –21.0 –0.3 4.1 5.6
EBITA* 1,461 1,317 1,111 663 456 1,058 1,188 1,098
EBITA, %* 11.6 11.1 10.1 8.4 6.3 11.4 13.7 14.2
Operating income* 1,231 1,154 955 592 387 992 1,143 1,060
Operating margin, %* 9.8 9.7 8.7 7.5 5.3 10.7 13.2 13.7
Income after financial items 1,097 1,033 895 587 363 978 1,134 1,052
Income for the period 803 775 686 487 278 663 952 786
Items affecting comparability* – – –35 – –77 –32 – –
Capital expenditure* –316 –191 –139 –159 –273 –257 –169 –167
Operating cash flow after investments* 1,548 1,453 636 1,116 570 1,138 1,131 1,167
Operating working capital, % of net sales* 16.4 18.1 16.7 14.9 19.9 17.7 16.3 13.8
Earnings per share, SEK¹ 2.79 2.70 2.39 1.69 0.97 2.31 3.31 2.74
Dividend per share, SEK
1,
² 0.85 0.80 0.70 0.50 – – – –
Equity per share, SEK, ¹
,
³ 19.82 16.37 14.86 12.27 9.74 9.43 31.91 8.43
Net debt* 2,481 1,390 2,050 1,705 549 1,025 –226 –481
EBITDA* 1,794 1,581 1,369 886 684 1,280 1,363 1,253
Net debt/EBITDA ratio* 1.4 0.9 1.5 1.9 0.8 0.8 –0.2 –0.4
Return on net assets, %* 15.1 17.6 15.6 16.7 10.1 – – –
End of period operating working capital,
% of annualized net sales* 13.8 15.9 16.1 – – – – –
Average number of shares, million¹ 287.4 287.4 287 287 287,4 287,4 287,4 287,4
Number of employees, end of period 4,317 3,978 4,022 3,973 3,515 3,624 3,555 3,183
*) Alternative performance measure.
1) Basic number of outstanding shares.
2) 2024, proposed by the Board.
3) Year 2020 has been restated.
4) Part of Electrolux Group
P. 175Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Definitions
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Definitions and reconciliation of alternative performance measures
Electrolux Professional Group presents certain measures that
are not defined under IFRS (alternative performance measures –
“APMs”). These are used by management to assess the financial
and operational performance of the Group. Management believes
that these APMs provide useful information regarding the Group’s
APM Definition Reason for use
Organic growth % Change in sales growth excluding net FX impact and acquisitions. The Group’s presentation currency is SEK while net sales are mainly in other
currencies. Organic growth is dependent on fluctuations in SEK versus other
currencies, and acquired or divested businesses can have a further impact
on reported net sales. Organic growth adjusted for acquisitions, divest-
ments and currency shows the underlying sales development without these
parameters.
Acquisitions % Change in net sales during the current period attributable to ac-
quired operations in relation to prior year sales, following a period
of 12 months commencing on the acquisition date.
See "Organic growth" above.
Divestments % Change in net sales during the current period attributable to
divested operations in relation to the prior period’s sales, following
a period of 12 months commencing on the divestment date.
See "Organic growth" above.
Operating income (EBIT) Earnings before interest and tax. Used as an indicator that shows the Group's ability to make a profit,
regardless of the method of financing (determines the optimal use of debt
versus equity).
Operating margin (EBIT margin) Operating income expressed as a percentage of net sales. Operating margin shows the operating income as a percentage of net
sales. Operating margin is a key internal measure as the Group believes it
provides users of the financial statements with a better understanding of
the Group’s financial performance both short and long term.
Items affecting comparability Material profit or loss items such as capital gains and losses from
divestments of product groups or major units, close-downs or
significant down-sizing of major units or activities, significant im-
pairment, and other major costs or income items.
Summarizes events and transactions with significant effects, which are rele-
vant for understanding the financial performance when comparing income
for the current period with previous periods.
Operating margin excluding items affecting
comparability
Operating income less items affecting comparability as a percent-
age of net sales.
Operating margin excluding items affecting comparability shows the oper-
ating income as a percentage of net sales adjusted for the items affecting
comparability defined above. This is a key internal measure as the Group
believes that it provides users of the financial statements with a better un-
derstanding of the Group’s financial performance both short and long term.
Capital expenditure Investments in property, plant and equipment, product develop-
ment, and other intangible assets.
Used to ensure that cash spending is in line with the Group's overall
strategy for the use of cash.
financial and operating performance. Such measures may not be
comparable to similar measures presented by other companies.
Consequently, APMs have limitations as analytical tools and should
not be considered in isolation or as a substitute for related financial
measures prepared in accordance with IFRS. The APMs have been
derived from the Group’s internal reporting and are not audited.
The APM reconciliations can be found on the Group's website
www.electroluxprofessionalgroup.com/reports-and-presentations/
P. 176Electrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024 Definitions
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
APM Definition Reason for use
EBITA Operating income less amortization and write-down related to
intangible assets (excluding right-of-use assets).
EBITA gives an indication of the operating income less amortization and
write-down related to intangible assets (excluding right-of-use assets),
mainly used to follow up operating income without the impact of amortiza-
tion of surplus values related to acquisitions.
EBITA margin EBITA expressed as a percentage of net sales. Used to evaluate business performance in relation to net sales in order to
measure the efficiency of the Group.
EBITA excluding items affecting comparability Operating income less amortization and write-down related to
intangible assets (excluding right-of-use assets) and less items
affecting comparability.
Items affecting comparability vary between years and periods and are
excluded from EBITA in order to analyze trends.
EBITA margin excluding items
affecting comparability
EBITA excluding items affecting comparability, expressed as a
percentage of net sales.
Items affecting comparability vary between years and periods and are
excluded from EBITA margin in order to analyze trends.
EBITDA EBITA less depreciation. This is an indicator of the cash-generating capacity of the business in
relation to sales.
Operating cash flow after investments Cash flow from operations and investments adjusted for financial
items paid net, taxes paid, and acquisitions/divestments of opera-
tions.
To monetarize the cash from core operations.
Net debt Shows short-term borrowings (short-term loans and trade receiv-
ables with recourse), accrued interest expenses and prepaid interest
income and long-term borrowings, lease liabilities, net provisions for
post-employment benefits less liquid funds (cash and cash equiva-
lents, prepaid interest expenses, and accrued interest income).
Net debt describes the Group's total debt financing and is monitored by
management.
Net debt/EBITDA Net debt in relation to EBITDA (Net debt is based on the end-of-
period balance. EBITDA is calculated based on last four rolling
quarters).
A measurement of financial risk, showing net debt in relation to cash
generation.
Operating working capital, % of net sales Sum of currency-adjusted last twelve months’ average of inven-
tories, trade receivables, and trade payables (Operating working
capital) as a percentage of the currency-adjusted last twelve
months’ average net sales. All months of the period are currency
adjusted by applying the end-of-period average currency rate.
Used to evaluate how efficient the Group is in generating cash in relation
to net sales.
Net assets Total assets less liquid funds and pension assets minus non-interest-
bearing liabilities. (non-interest-bearing = total liabilities less equity,
total borrowings, pension liabilities and lease liabilities)
Net assets describes the operating assets less operating liabilities used to
run the business.
Return on net assets, % Twelve months rolling operating income expressed as a percent-
age of average twelve months operating net assets.
Used to evaluate how efficiently the Group is generating profit from the net
assets employed.
End of period operating working capital,
% of annualized net sales
Sum of currency adjusted end of period trade receivables, trade
payables and inventories (Operating working capital) as a per-
centage of the annualized currency adjusted last three months’
average net sales. All months of the period are currency adjusted
by applying the end of period average currency rate.
Snapshot of how end of period operating working capital is evolving
compared with average historical trend.
P. 177Share and shareholdersElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Owner distribution, % of capital
Swedish Institutional
Owners 66.8%
Foreign Institutional
Owners 24.0%
Swedish Private Individuals 6.1%
Other 1.1%
Unknown owner type 2.0%
Share and shareholders
Share price and trading
Between January 1, 2024 and December 31, 2024 a total of 57 million
Electrolux Professional shares were traded, amounting to a value of
SEK 3,854m. This corresponds to a daily volume of 228,497 shares.
Trading on Nasdaq Stockholm accounted for 54% and Cboe
Europe accounted for 37%.
The highest bid price (last price paid) during 2024 was SEK
79.40 on May 10, 2024. The lowest last price paid was registered on
January 23, 2024 at SEK 50.80.
During the period, the Electrolux Professional B share price in-
creased by 24.5% while Nasdaq OMX Stockholm PI increased by
6,0%.
Share ownership structure
At December 31, 2024 Electrolux Professional AB had 41,063
registered shareholders.
At December 31, 2024, Investor AB was the largest share-
holder with a holding representing 32.5% of the votes and 20.5% of
the capital in the company. The second largest shareholder was
Swedbank Robur with 8.9% of the votes and 11.1% of the capital.
Alecta Pension was the third largest shareholder with 6.3% of the
votes and 6,5% of the share capital.
Share information
According to Electrolux Professional’s Articles of Association, the
share capital shall not be less than SEK 20,000,000 and not be
more than SEK 80,000,000, divided into not less than 200,000,000
Class A shares and not more than 800,000,000 Class B shares. There
are two classes of shares issued in the company, Class A and Class
B shares.
As of December 31, 2024, the company’s registered share capital
amounted to SEK 28,739,745, represented by 287,397,450 shares, of
which 8,029,337 were Class A shares and 279,368,113 were Class
B shares, each with a quota value of SEK 0.1. The total number of
votes amounted to 35,966,148.3.
The shares in Electrolux Professional were issued in accordance
with Swedish law, are fully paid and denominated in SEK. The shares
are not subject to any restrictions on transferability. The rights of the
shareholders may only be changed pursuant to the procedures set
out in the Swedish Companies Act or the Articles of Association.
Dividend policy and history
Electrolux Professional’s target is for the dividend to correspond
to approximately 30% of the income for the year. Any dividend is
normally resolved upon by the Annual General Meeting. The Annual
General Meeting of Electrolux Professional will be held on May 7,
2025.
The Board of Directors proposes distribution of a dividend to the
shareholders of SEK 0.85 (0.80) per share for the 2024 financial year
corresponding to approximately 30% of the profit for the year. This
is in line with the policy to pay approximately 30% of net income in
dividends. The proposed record date is May 9, 2025 and payment is
expected to be made on May 14, 2025.
Delisting of Class A shares
In September 2020, the Company’s series A shares were delisted
from Nasdaq Stockholm.
Source all graphs on the page: Modular Finance AB.
Share price performance, March 23, 2020–2024
0
5,000,000
10,000,000
15,000,000
20,000,000
20242023202220212020
Closing price, SEK
10
20
30
40
50
60
70
80
Electrolux Professional No. of shares tradedOMX Stockholm_PI
P. 178Share and shareholdersElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Marketplaces, %
2024
Cboe 36.8%
ITG Posit 1.9%
LSE Group 1.9%
Sigma-X 0.4%
Nasdaq 54.5%
Aquis Stock Exchange 2.0%
Instinet Blockmatch Europe 0.8%
Liquidnet EU Limited
Equity MTF 1.7%
Conversion of Class A shares
Shareholders who hold Class A shares are entitled to convert
their shares to Class B shares. In 2024, 2,124 Class A shares were
converted to Class B shares.
Central securities depository
The company’s shares are book-entry registered in a securities reg-
ister in accordance with the Swedish Central Securities Depository
and Financial Instruments Accounts Act (Sw. lagen (1998:1479) om
värdepapperscentraler och kontoföring av finansiella instrument).
The register is operated by Euroclear Sweden (Euroclear Sweden
AB, P.O. Box 191, SE-101 23 Stockholm, Sweden). The shares are
registered by person.
Trading 2024
EPRO B
(SEK)
Large Cap Stockholm
(SEK)
Average daily turnover 15,356,187 140,623,404
Average daily turnover rel. mcap 0.08% 0.15%
Average daily shares traded 228,497 1,047,300
Number of shares traded 57,352,742 40,621,634,429
Average trades per day 528 2,079
Number of trades 132,464 80,650,878
Average value per trade 29,098 –
High 79.40 –
Low 50.80 –
Volume-Weighted Average Price (VWAP) 67.21 –
Source: Modular Finance AB, all tables and graphs on page.
Ownership structure
On December 31, 2024, Electrolux Professional Group had 41,360 registered shareholders.
The table below shows Electrolux Professional Group’s ownership structure on December 31, 2024.
Owner EPRO A EPRO B Capital Votes Δ Capital
Investor 6,420,771 52,520,883 20.51% 32.46%
Swedbank Robur Funds 31,852,502 11.08% 8.86% 0.73%
Alecta Tjänstepension 453,900 18,115,098 6.46% 6.30% –0.66%
Nordea Funds 16,826,932 5.85% 4.68% 2.39%
First Swedish National Pension Fund 14,150,866 4.92% 3.93% 0.75%
Handelsbanken Funds 12,401,117 4.31% 3.45% –2.46%
Second Swedish National Pension Fund 11,893,962 4.14% 3.31% –0.09%
AMF Pension & Funds 1,000,000 10,392,018 3.96% 5.67% 0.97%
Vanguard 8,743,720 3.04% 2.43% 0.20%
Carnegie Fonder 6,584,839 2.29% 1.83% –0.07%
Owner list top 10 183,481,937 66.58% 72.91% 1.75%
Other 95,886,176 33.42% 27.09% –1.75%
Total 279,368,113 100.00% 100.00%
Owner distribution by country
December 31, 2024
Country EPRO A EPRO B Capital Votes
Number of
known owners
Share of known
owners
Sweden 8,016,904 203,400,503 73.56% 78.84% 39,378 95.90%
United States 84 23,507,244 8.20% 6.55% 158 0.38%
Finland 649 17,728,209 6.17% 4.93% 151 0.37%
Denmark 2,586 11,999,484 4.18% 3.34% 368 0.90%
Norway 2 5,627,956 1.96% 1.56% 267 0.65%
Other 2,744 11,254,948 3.90% 3.12% 735 1.79%
Unknown country 6,368 5,849,769 2.03% 1.64% 6 0.01%
Total 8,029,337 279,368,113 100.00% 100.00% 41,063 100.00%
P. 179Share and shareholdersElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Owner distribution by holdings
December 31, 2023
Holding size Shares Capital Votes
Number of known
owners
Share of known
owners
1-1,000 7,789,526 2.71% 2.32% 37,485 91.29%
1,001–10,000 8,390,633 2.92% 2.39% 3,339 8.13%
10,001–100,000 4,407,282 1.53% 1.23% 155 0.38%
100,000-1,000,000 18,630,743 6.48% 5.18% 56 0.14%
1,000,000-10,000,000 66,317,691 23.08% 18.59% 20 0.05%
10,000,000- 176,028,049 61.25% 68.65% 8 0.02%
Unknown holding size 5,833,526 2.03% 1.64%
Total 287,397,450 100.00% 100.00% 41,063 100.00%
Share capital development
The table below shows the development of the company’s share capital since January 1, 2017.
Year Event
Class A
shares
Class B
shares
Change in
share capital,
SEK
Class A
shares
Class B
shares
Total number
of shares
Total share
capital,
SEK
Quota value,
SEK
Input value – – – 25,000 – 25,000 25,000,000 1,000
2020 Bonus issue
1
8,167,539 279,204,911 3,739,745 8,192,539 279,204,911 287,397,450 28,739,745 0.1
Sep 30–Dec 31 2020 Conversion –70,012 +70,012 8,120,527 279,276,923 287,397,450
Jan 1–Dec 31 2021 Conversion –72,545 +72,545 8,047,982 279,349,468 287,397,450
Jan 1–Dec 31 2022 Conversion –2,668 +2,668 8,045,314 279,352,136 287,397,450
Jan 1–Dec 31 2023 Conversion –13,853 +13,853 8,031,461 279,365,989 287,397,450
Jan 1–Dec 31 2024 Conversion –2,124 +2,124 8,029,337 279,368,113 287,397,450
1) On February 18, 2020, the Annual General Meeting resolved on a bonus issue. The purpose of the bonus issue was to increase the share capital as well as
the number of shares to reflect the share capital structure of Electrolux ahead of the separation of Electrolux Professional from Electrolux.
Source: Modular Finance AB, all tables on the page.
Other information
Ticker Class B share: EPRO B
ISIN code Class A share: SE0013720018
ISIN code Class B share: SE0013747870
LEI code: 254900KI62Q46ZWD8084
Analyst coverage
At the end of 2024 the following analysts had active
coverage of Electrolux Professional Group:
Sell-side analysts:
DnB NOR Markets, Ebba Björklid
Handelsbanken Capital Markets, Erik Cederberg
Nordea, Stefan Stjernholm
Carnegie, Henrik Christiansson
SEB, Gustav Hagéus
Kepler Cheuvreux, Johan Eliason
Credit analysts:
Danske Bank, Christian Svanfeldt
SEB, Nicklas Koller
Contact
IR contact Jacob Broberg
Chief Communication
and Investor Relations Officer
Telephone: +46 70 190 00 33
jacob.broberg@electroluxprofessional.com
Annual General Meeting 2025
The Annual General Meeting of Electrolux Professional will be
held on May 7, 2025, at 3pm, at hotel Courtyard by Marriott,
Rålambshovsleden 50, Stockholm.
To order a printed annual report
To order a printed version, please send an email to:
ir@electroluxprofessional.com and provide your full name and
address details, together with the preferred language version,
Swedish or English.
Financial calendar 2025
Date
Interim report Q1, January – March 2025 April 29, 2025
Annual General Meeting 2025 May 7, 2025
Proposed dividend record date May 9, 2025
Proposed dividend payment May 14, 2025
Interim report Q2, April – June 2025 July 22, 2025
Interim report Q3, July - September 2025 October 29, 2025
–30
0
30
60
90
120
150
20242023202220212020
Total shareholder return
%
P. 180Our historyElectrolux Professional Group – ANNUAL AND SUSTAINABILITY REPORT 2024
Other
information
Introduction
Our strategic foundation
Global trends & our markets
Business segments
Our production
Our people
Sustainability statement
Governance & risk management
Financial information
Other information
Eight years in summary
Definitions
Share & shareholders
Our history
Our history
Electrolux Professional’s heritage dates back more than 100 years to the period when companies such as
Wascator, Zanussi, and Cecilware were formed (subsequently acquired by Electrolux). Until March 23, 2020,
Electrolux Professional was part of the Electrolux Group.
1960s
Entered Professional
food equipment.
2010s
A stronger position in China and the Asia-Pacific
region. Entered Professional beverage solutions
with a strengthened position in the US.
2020s
Strengthened position in the
US primarily in restaurant chains.
Continued expansion in Asia.
Elektro-Helios
Swedish professional
Food company.
Founded in 1909
Acquired in 1962
Wascator
Heating system
and washing
machines.
Founded in 1902
Acquired in 1972
Zanussi
Homes and profes-
sional solutions.
Founded in 1916
Acquired in 1984
Dito Sama
French producer
of food prepara-
tion equipment.
Founded in 1945
Acquired in 1987
Alpeninox
Italian producer
of refrigeration
equipment.
Founded in 1974
Acquired in 1988
Shanghai
Veetsan
Professional
dishwashers in
China.
Founded in 2003
Acquired in 2015
Grindmaster
Cecilware
American
hot, cold, and
frozen bever-
age dispensing
equipment.
Founded in 1933
Acquired in 2017
Schneidereit
Laundry rental
solutions for pro-
fessional custom-
ers in Germany
and Austria.
Founded in 1957
Acquired in 2018
SPM
Italian manufacturer
of frozen beverage
solutions.
Founded in 1996
Acquired in 2018
UNIC
French manu-
facturer of auto-
matic and tradi-
tional espresso
coffee machines.
Founded in 1929
Acquired in 2019
Unified
Brands
A leading US-based
manufacturer of
food-service
equipment.
Founded in 1907
Acquired in 2021
2020
Electrolux Professional listed on
Nasdaq Stockholm as an independent
company.
Company history
1990s
Business streamlined and refined. Opera-
tional headquarters established in Italy in
1990. Focus on food-service and laundry
systems.
2000s
International expansion. Operational offices in
North America, India, Brazil, Dubai and others.
Industrial facility for laundry equipment opened in
Thailand in 2005.
TOSEI
A leading Japanese
manufacturer of
laundry and vacuum
packing machines.
Founded in 1950
Acquired in 2024
1980s
Business grew significantly through organic growth and
major acquisitions.
Acquisitions
1970s
Entered Professional
laundry equipment.
Food
Beverage
Laundry
Corporate
Adventys
A French compa-
ny specialized in
induction cooking
equipment.
Founded in 1999
Acquired in 2024
Produced by: Electrolux Professional Group in collaboration with Addira.
Electrolux Professional AB (publ), 556003-0354
Postal and visiting address: Franzéngatan 6,
SE-112 51 Stockholm, Sweden
Telephone: +46 8 41056450
Website: www.electroluxprofessionalgroup.com