STRATEGY UPDATE Capital Markets Update December 4th, 2025 AB ELECTROLUX CAPITAL MARKETS UPDATE 2025 AB ELECTROLUX CAPITAL MARKETS UPDATE 2025 Evacuation & safety information Emergency exits - Main entrance and left side of auditorium – Follow staff instructions Assembly point - Behind the office building Safety equipment - AED and first aid kit available at reception AB ELECTROLUX CAPITAL MARKETS UPDATE 2025 2 Agenda 15:00 – 15:30 Q&A 15:40 – 16:10 Brand zone tour Electrolux, AEG and Frigidare 16:15 – 17:00 ...

The Middleby Corporation (MIDD) has announced that affiliates of 26North Partners have agreed to purchase a 51% controlling interest in Middleby’s Residential Kitchen business at a valuation of $885 million. Middleby will own a 49% non-controlling interest in the new standalone ...

NEW YORK--(BUSINESS WIRE)--26North and Middleby announced that affiliates of 26North have agreed to purchase a controlling interest in Middleby's Residential Kitchen business. ...

Core Insights - Electrolux Group is hosting a Capital Markets Update to present its updated strategic direction and reconfirm financial targets [1][2] Updated Strategy - The updated strategy aims to drive growth by strengthening core brands, focusing on key markets, and expanding in main channels and product categories [2] - The company will enhance cost competitiveness and cash generation through capital efficiency and production optimization [2] - Organizational changes will be implemented starting January 1, 2026, including the introduction of a commercially focused Region Asia-Pacific to increase consumer centricity [2] Financial Targets - The aftermarket organic sales ambition has been adjusted to a 10% compound annual growth rate (CAGR) over a business cycle, with aftermarket sales expected to account for 15% of total Group sales [5] - The Group targets at least 4% annual organic sales growth over a business cycle [8] - The operating margin target remains at least 6% over a business cycle [8] - A capital turnover goal of at least four times over the business cycle is maintained [8] - The company aims for a return on net assets exceeding 20% over a business cycle [8] Sustainability Commitment - Sustainability remains a cornerstone of the Group's strategy, reaffirming targets to reduce Scope 1 and 2 emissions by 85% and Scope 3 emissions by 42% by 2030 compared to 2021 [6] - As of September 2025, the Group achieved a 42% reduction in Scope 1 and 2 emissions compared to the baseline 2021, meeting criteria set by the Science Based Targets initiative [6]

***Delivers Precision Comfort Control and Seamless Integration with Ring Video Doorbells***SCOTTSDALE, Ariz.,Dec. 3, 2025/PRNewswire/ --[Resideo Technologies](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4567008- Trust Survey*](https://edge.prnewswire.com/c/link/?t=0&l=en&o=4567008- 1&h=980284104&u=https://www.resideo.com/us/en/honeywellhometrustedthermostat/&a=April+2025+Brand+Trust+Survey)*– Results are based on the responses of 2,000 adult homeowners, ages 25 and older, living in the U.S. who completed ...

Just because Cyber Monday is over doesn't mean you missed out. We've spent the past five days (and nights!) tracking some of the best deals of the year, and while some of the best Cyber Monday sales ended promptly at midnight, we were pleased to see so many of them extending their discounts through today.Some of the best ongoing deals we've spotted include 30% off a pair of Sony WH-1000XM5 headphones, the best overall headphones we've tested, and 55% off the Dyson V9 Motorbar vacuum. We're also still seeing ...

Core Insights - A. O. Smith Corporation (AOS) is experiencing strong demand for commercial water heaters and boilers in North America, with organic sales in India increasing by 12.9% year over year in Q3 2025 [1]. - The company anticipates a sales growth of approximately 4-6% in its North America boiler business and low-single-digit growth in the commercial water heater business for the year [1]. Business Acquisitions - A. O. Smith is focused on acquiring businesses to expand its customer base, regions, and product lines, exemplified by its acquisition of LVC Holdco LLC (Leonard Valve) for $470 million, expected to close in Q1 2026 [2]. - The acquisition of Pureit from Unilever in November 2024 has enhanced A. O. Smith's offerings in water treatment solutions and strengthened its market position in India [3]. Financial Performance and Shareholder Returns - In the first nine months of 2025, A. O. Smith paid dividends totaling $145.1 million and repurchased shares worth $335.4 million, with a 6% increase in dividends to 36 cents per share announced in October 2025 [4]. - The company reported cash and cash equivalents of $152.7 million at the end of Q3 2025, significantly higher than its current debt of $19 million [4]. Market Challenges - The company faced challenges in its Rest of the World segment, particularly in China, where revenues declined by 1% year over year in Q3 2025, with a projected 10% decrease in sales for 2025 in local currency [7]. - Rising operating expenses, with costs of sales and selling, general, and administrative expenses increasing by 2.2% and 7% year over year, respectively, are putting pressure on A. O. Smith's profitability [8].

Core Viewpoint - The demand for high-end home appliances has shifted from merely pursuing quality to a fusion of products and services, emphasizing enjoyment over ownership, leading to a comprehensive service system becoming a new benchmark for high-end experiences [1] Group 1: Service System Upgrade - COLMO has launched a comprehensive upgrade of its service system with the introduction of the "1V1 Exclusive Butler + High-end Dedicated Engineer" dual-core service model, aiming to redefine high-end appliance service standards [1][3] - The service philosophy of COLMO is based on deep user insights, focusing on "heartfelt service, exceeding expectations" to create a one-stop butler service system [3] Group 2: User-Centric Features - The dedicated service team provides 1-on-1 assistance, simplifying the process from delivery to installation, allowing users to communicate their needs through the butler, thus eliminating the hassle of multiple contacts [3][4] - COLMO ensures that over 90% of dedicated engineers are trained and certified to provide comprehensive home appliance services, with strict control over the number of users served daily to guarantee an exceptional service experience [4] Group 3: Assurance and Transparency - COLMO has established a rapid service mechanism with response times of within 1 hour, installation within 24 hours, and repairs within 48 hours, ensuring efficiency [6] - The company guarantees transparency in pricing, with all charges publicly disclosed and a commitment to double compensation for any overcharging, alongside a one-year performance fault replacement service [6] Group 4: Expanding Service Scenarios - COLMO's services are designed to meet high-frequency user needs in home decoration and living, ensuring proactive responses to service requirements [8] - The company offers a proprietary AI design tool, "Meizhai Master," to generate customized plans based on user home layouts and lifestyles, ensuring the realization of ideal smart homes [9] Group 5: Industry Impact - COLMO's butler service is seen as a model for the high-end appliance industry, showcasing features like proactive engagement, comprehensive coverage, and digital empowerment [12][14] - Since its establishment in 2018, COLMO has served over 3 million users globally, demonstrating its commitment to user-centric service and contributing to high-quality industry development [14]

Core Insights - Cyber Monday features significant discounts across various product categories, with many deals extending from Black Friday, creating a final opportunity for consumers to save before the holiday season [1][3] Technology Deals - Popular tech items include Apple AirPods Pro 3 priced at $219.99, down from $249, saving 12% [6] - Sony WH-1000XM5 headphones are available for $248, a 38% discount from $399.99 [9] - Chromebooks, such as the HP 14-inch model, are priced at $169.99, saving 35% from $262.98 [23] Streaming Services - Hulu Bundle with Ads is offered at $4.99, down from $12.99, saving 62% [53] - STARZ Annual Plan is available for $11.99, a significant 83% discount from $69.99 [56] - Paramount Plus Premium Monthly Plan is priced at $2.99, saving 77% from $12.99 [60] Gaming Deals - Sony PS5 Pro is priced at $649, down from $749, saving 13% [67] - PS5 Slim Digital Edition is available for $399, a 20% discount from $499 [72] - DualSense Edge Wireless Controller is priced at $159.99, saving 20% from $199 [75] Home and Kitchen Deals - Dyson V9 Motorbar vacuum is available for $269.99, down from $599.99, saving 55% [90] - Breville Barista Express Espresso Machine is priced at $499.99, a 33% discount from $749.95 [151] - Jackery Explorer 1000 v2 Portable Power Station is offered at $349, saving 19% from $429 [99] Mattress and Bedding Deals - Leesa Sapira Hybrid Mattress (Queen) is priced at $1,374, down from $1,999, saving 31% [106] - Tempur-Pedic Cloud Mattress (Queen) is available for $1,399.30, a 30% discount from $1,999 [110] - Nectar Classic Mattress (Queen) is priced at $649, saving 59% from $1,598 [114] Furniture Deals - Joybird Wilder Sleeper Sectional is available for $2,499.99, down from $4,199.99, saving 40% [129] - Flexispot E7 Pro Standing Desk is priced at $369.99, saving 38% from $599.99 [134] - Braya Hydraulic Storage Bed is offered at $285.99, a 61% discount from $728.97 [124] Fashion Deals - SKIMS Fits Everybody T-Shirt is priced at $33.60, down from $48, saving 30% [183] - Columbia Karis Gale Full Length Parka is available for $60, saving 50% from $120 [186] - Allbirds Women's Wool Runner Go is offered at $20.99, a significant 81% discount from $110 [209] Beauty and Hair Care Deals - Dyson Supersonic Hair Dryer is priced at $379.99, down from $519.99, saving 27% [242] - Olaplex No. 5 Bond Maintenance Conditioner is available for $22.40, saving 30% from $32 [255] - Medicube Collagen Overnight Wrapping Facial Mask Pack is priced at $13.30, down from $18.99, saving 30% [228] Pet Deals - Embark Breed Identification Kit is offered at $84, down from $109, saving 23% [257] - Chom Chom Roller Pet Hair Remover is priced at $14.70, saving 47% from $27.99 [260] - Inaba Churu Chicken Varieties are available for $23.09, a 30% discount from $32.98 [263] Toy and Gift Deals - Makeblock mBot Robot Kit is priced at $55.99, down from $69.99, saving 20% [266] - Razor A Kick Scooter is available for $29.99, saving 33% from $44.99 [269] - Lego Bonsai Tree is offered at $39.98, down from $49.99, saving 20% [275]

Summary of Key Points from the Conference Call Industry Overview: China Consumer - **China's Consumption Status**: Contrary to the belief that China is under-consuming, the country is one of the fastest-growing major economies. Per capita volume consumption is comparable to global peers, exceeding the US, Japan, and South Korea in certain food categories such as proteins, eggs, seafood, and vegetables [1][10][21]. - **Pricing Dynamics**: The perception of under-consumption is largely due to low pricing, which can be less than 40% of US prices in many categories, especially services [1][10][21]. Macro View - **Household Consumption to GDP Ratio**: China's household consumption accounts for approximately 40% of GDP, which is lower than the US (68%), Japan (54%), and South Korea (48%). However, when adjusted for social transfers in kind, this ratio increases by about 7%, bringing China closer to South Korea and Japan [2][66][71]. - **Potential for Upside**: There is potential for growth in higher-quality and experience-based services, including preventive healthcare, leisure, and entertainment [2][72]. Corporate China: E2SG Opportunities - **E2SG Definition**: E2SG stands for Efficiency, Experience, Service, and Global. Companies can leverage these themes for growth, focusing on cost efficiency, enhancing customer experience, and exploring global markets [3][4]. - **Stock Picks**: The report identifies several companies that fit into the E2SG framework, including Pop Mart, Midea, Geely, H World, Trip.com, Tencent, and Damai, which are expected to be long-term winners despite some facing near-term challenges [4]. Consumption Patterns - **High Volume Consumption**: China exhibits high volume consumption in staples, particularly food, while discretionary categories may see growth potential. For example, China's per capita protein consumption exceeds that of the US [26][27]. - **Service Consumption**: China's consumption of core services like housing, healthcare, and education is comparable to global peers, but there is still room for improvement in higher-quality services [27][30]. Pricing Analysis - **Low Prices**: China's nominal consumption value is suppressed by low prices, which are influenced by structural factors such as being the world's factory, intense competition, and government price regulations [32][35][52]. - **Comparison with Developed Markets**: Consumer goods and services in China are generally cheaper than in the US, Japan, and South Korea, with significant price differences in various categories [33][34]. Urbanization and Future Growth - **Urbanization Impact**: Urbanization is expected to continue, with projections suggesting that the urbanization rate could surpass 70% during the 15th Five-Year Plan. This shift is anticipated to boost household consumption significantly [60][73]. - **Discretionary Spending Potential**: There is significant upside potential in discretionary healthcare and education, as well as leisure and entertainment services, which are currently underdeveloped [72][76]. Conclusion - **Investment Opportunities**: The analysis suggests that while China faces challenges in consumption patterns, there are substantial opportunities for growth in various sectors, particularly in higher-quality and experience-based services. The E2SG framework provides a strategic lens for identifying potential investment opportunities in the Chinese consumer market [3][4][72].