Lucas has written a company report following Nibe’s Q2 results 
In our view, NIBE’s Q2 report was strong and exceeded our expectations across most key points, and we have therefore raised our operating profit estimates by an average of ~3% for the years 2026-2028e. In our opinion, the volume-driven earnings growth seen over the last ~1.5 years, combined with management’s confident tone regarding a stronger H2 and consistently positive market data, reinforces our belief that the recovery is sustainable. We also believe that NIBE’s future earnings multiples remain acceptable when considering the company’s growth and return on capital potential. As a result, we reiterate our Accumulate rating and raise our target price to SEK 47 per share (prev. SEK 44 per share) based on the increased estimates.