Here are Lucas’s preview comments as NIBE reports its results on Thursday, February 12. 
We expect the report to show that the gradual recovery of revenue volumes and margins is moving in the right direction. Although the business environment remains challenging, particularly in the new construction market, we expect improved demand in Europe’s key heat pump markets and effective cost control to support the result. In the Q4 report, we will focus on management’s updated comments regarding the 2026 margin targets.