Energy Division
The division targets customers in HVAC and refrigeration markets as well as process industries such as chemicals, petrochemical industry and the oil & gas industry. Focus is on increased energy efficiency, waste heat recovery and sustainable solutions.
The Energy Division consists of five Business Units: Brazed & Fusion Bonded Heat Exchangers, Electrolyzer & Fuel Cell Technologies, Energy Separation, Gasketed Plate Heat Exchangers and Welded Heat Exchangers.
| Energy-divisionen | ||||
| Koncernen | ||||
| MSEK | 2024 | 2023 | ||
| Energy Division | ||||
| Consolidated | ||||
| SEK millions | 2024 | 2023 | ||
| Orderingång | Orders received | 20,047 | 20,414 | |
| Orderstock 1) | Order backlog 1) | 10,590 | 10,075 | |
| Nettoomsättning | Net sales | 19,330 | 19,269 | |
| Rörelseresultat 2) | Operating income 2) | 3,698 | 3,927 | |
| Justerad EBITA 3) | Adjusted EBITA 3) | 3,740 | 3,986 | |
| Justerad EBITA marginal 4) | Adjusted EBITA margin 4) | 19.3% | 20.7% | |
| Avskrivningar | Depreciation | 514 | 372 | |
| Avskrivning på övervärden | Amortization | 42 | 59 | |
| Investeringar 5) | Investments 5) | 1,337 | 992 | |
| Tillgångar 1) | Assets 1) | 20,378 | 19,263 | |
| Skulder 1) | Liabilities 1) | 7,352 | 7,433 | |
| Antal anställda 1) | Number of employees 1) | 5,974 | 5,902 |
1) At end of period. 2) Excluding comparison distortion items. 3) Alternative performance measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases.
Order intake by business unit Jan-Dec 2024
Trend indicators by end market
| % of Total | YTD 24/23 | |||
| % of Total | YTD 24/23 | |||
| HVAC & kylning | HVAC & Ref | 25% | -25% | |
| Fossilbaserade bränslen & kraft | Fossil base fuels & power | 24% | 4% | |
| Processindustri | Process industry | 22% | 4% | |
| Lätt industri & tech | Light industry & tech | 19% | 12% | |
| Rena bränslen, kraft & kemikalier | Clean fuels, power & chemicals | 9% | 42% |
Order intake
The Energy Division reported a slight decline in order intake compared to last year. The significant weakening of the heat pump market was largely off-set by higher demand for clean energy, data centers and circular solutions, as well as for spare parts and other services.
Order intake grew across most geographical markets. The strongest growth was seen in India, Middle East and southern Europe.
The HVAC* & Refrigeration end market was highly impacted by the decline in demand for heatpumps, which started in the end of 2023 and stabilized on a low level during the second half of 2024. The highest growth was seen in Light Industry & Tech with a very high demand for data center cooling. Demand from customers in process industries was overall stable with the exception of circularity solutions, which had a high growth driven by increased focus on sustainable solutions. The demand for gas production and drilling was high, whereas the demand in oil production declined compared to last year.
The positive development for spare parts and services continued in 2024 with high growth in most geographical markets.
* Heating, Ventilation & Air Conditioning.
Net sales
Net sales for both capital sales and service were essentially unchanged compared to the previous year. Investments in capacity continued throughout the year, which contributed to shorter lead-times and good execution of the order backlog.
Adjusted EBITA
The adjusted EBITA decreased compared to last year. The small increase in invoicing and a slightly positive mix did not fully compensate for cost increases related to capacity investments and continued inflationary pressure. Currency had a small negative impact.