Nilfisk’s 2024 financial results show organic growth of 1.2% driven by positive organic growth in the Consumer (19.7%), Specialty (4.9%), and Service (0.6%) Businesses, partially offset by Professional (-0.9%). Revenue amounted to 1,027.9 mEUR and EBITDA margin before special items came to 13.2% compared to 12.8% in 2023. The organic growth and EBITDA margin bsi was in line with the updated outlook provided in October 2024.

 

2024 was a year of variation in regional performance. EMEA delivered strong performance across all business segments with organic growth of 5.9% compared to 2023. In the APAC region, results were affected by market headwinds driven by macroeconomic challenges and geopolitical disruptions. The Americas region saw a slowdown in demand, leading to volume declines.

 

“In 2024, we reached significant milestones and navigated challenges. We made progress across the business, advancing strategic priorities in product innovation, digital enablement, and supply chain robustness as well as setting new benchmarks in sustainability. We saw major wins in EMEA in key markets demonstrating our strong position. In addition, Consumer and Specialty recorded impressive growth, reflecting the benefits of recent optimization efforts and a sharper focus on customer needs,” says Jon Sintorn, CEO of Nilfisk.

 

Continued cost optimization

Due to efficiency measures across factories and a favorable product mix, combined with diligent price and discount management, 2024 marks the second year of gross margin expansion. The gross margin increased to 42.2%, corresponding to a gross profit of 433.9 million EUR, the highest level since 2017.

 

To mitigate the development in the Americas and APAC regions, operational improvements have been a cornerstone of Nilfisk’s efforts in 2024. Several strategic initiatives have strengthened supply chain resilience and reduced lead times resulting in enhanced delivery speed and reliability for the customers.

 

A year of innovation and product launches

2024 was a vital year for Nilfisk with the introduction of several new products for a broad variety of industries. To drive stable, profitable growth in the years to come, Nilfisk has increased investment in research and development and is expecting to release more products in 2025 to refresh the core product portfolio and address new market segments. The amount of product launches is expected to be at its highest level in more than eight years: 

 

“We introduced a range of new cleaning solutions to the market during 2024. Our latest machines have been well received by customers as we have designed products to optimize cleaning processes, enhance productivity, and improve energy efficiency. To drive future innovations, we increased our R&D investments to 38.4 mEUR in 2024, and in 2025 we will continue to launch more new products,” says Jon Sintorn. 

Positive progress within sustainability

In 2024, Nilfisk reduced absolute Scope 1 and 2 GHG emissions by 22% compared to the 2019 base year, progressing towards a 35% reduction target by 2030. Scope 3 GHG emissions intensity from sold products were cut by 39% from the 2021 base year, aligning with the 2030 goal of a 48% reduction.

 

Another key milestone in 2024, was receiving an EcoVadis Gold Medal with a score of 80 out of 100, a 15-point improvement from 2023, placing Nilfisk firmly in the top 5% globally for Environment, Human and Labour Rights, Sustainable Procurement, and Ethics. Additionally, Nilfisk received a CDP rating of A- for 2024.

 

Outlook for 2025

Organic revenue growth is expected to be between 1% and 3% and the EBITDA margin before special items is expected to be in the range of 13.0% and 14.0%. This is expected to be driven by continued positive momentum in EMEA, supported by the launch of new products in the second half of 2024. A normalized order book in the Americas is expected to influence the Professional and Service Businesses, while the outlook for Consumer and Specialty remains strong. Potential trade barriers present additional uncertainty for Nilfisk.

 

• Stable market conditions in EMEA
• Neutral development in the US versus 2024
• The APAC region returning to moderate growth
• Limited impact from tariffs

Key figures

mEUR	FY 2024	FY 2023	Q4 2024	Q4 2023
Revenue	1,027.9	1,033.6	249.9	252.9
Organic growth	1.2%	-0.3%	-0.6%	-2.9%
Gross margin	42.2%	40.9%	42.5%	41.8%
Overhead costs	362.0	351.4	90.8	86.3
Overhead cost ratio	35.2%	34.0%	36.3%	34.1%
EBITDA before special items	135.8	132.4	32.0	35.1
EBITDA margin before special items	13.2%	12.8%	12.8%	13.9%
Special items, net	-6.4	-9.9	-1.8	-2.4
CAPEX ratio	4.5%	3.0%	4.5%	4.3%
Free cash flow	7.7	115.2	-0.7	32.2
Net interest-bearing debt	270.1	252.2	270.1	252.2
Financial gearing	2.0x	1.9x	2.0x	1.9x
Basic earnings per share (EPS)	1.31	1.30	0.24	0.28

 

Read the full Annual Report 2024 here

 

Press contact
Nynne Jespersen Lee
Head of Group Communications 
T: +45 42310007 
M: njespersen@nilfisk.com 
 
About Nilfisk
Nilfisk was founded in 1906 by the Danish engineer P.A. Fisker. Today the company is a world-leading global provider of professional cleaning equipment and services. More than 90% of sales are to professionals while the remaining part of the business aimed at consumers covers floorcare equipment, vacuum cleaners, and high-pressure washers. 
 
Nilfisk’s products and services are sold in more than 100 countries and produced at 8 manufacturing sites across the globe. The main production facilities are in the US, Mexico, Hungary, Italy, and China. A total of approximately 4,800 employees secured revenue of 1,027.9 mEUR in 2024. The largest single market is the USA covering 28% of revenue in 2024, followed by Germany (14%), France (10%), Denmark (7%), and the UK (4%).