Purmo Group

Our Q3 2024 interim report was published today! During the third quarter of 2024, we saw signs of pick-up in the Nordics, and we grew in net sales also in Central, Eastern and Western Europe. Despite that low level of demand remained in most of our core markets, we made progress in expanding our product portfolio in our current markets and utilising more sales channels as part of our growth phase in the Accelerate PG programme. After the review period, we completed an acquisition of Unitherm Heating Solutions Ltd, which perfectly supports our solution selling strategy. During the quarter, Project Grand Bidco (UK) Limited announced that it would complete the tender offer for all shares in Purmo Group. We look forward to working with the members of the consortium in the company’s exciting period of growth! Thanks to strong execution by our team, we expect to reach the target for our strategy acceleration programme, Accelerate PG, for 2024. Combined with slight optimism in a few markets and customer expansions we are keeping our guidance for 2024 unchanged. The adjusted EBITDA in 2024 is expected to be on a similar or higher level than in 2023 (EUR 92.3 million). Please visit the full report via the link below. #results #quarterly #heatingandcooling 

"Perfect indoor climates should not cost the planet's climate." We live by that vision. And on our journey to become the best supplier of sustainable indoor-climate solutions, we need the best-trained people. We're partnering with universities and academic institutions to train our indoor-climate experts. Read this article about some of our upskilling initiatives. https://lnkd.in/ebfeRNz4 #PurmoGroup #training #indoorclimate

Purmo Group strengthens its Climate Solutions business with the acquisition of Unitherm Heating Systems Ltd in Ireland and the United Kingdom   Purmo Group has today, on 1 October 2024, acquired Unitherm Heating Systems Ltd, a provider of holistic climate solutions, which are mostly built around heat pumps. The group, headquartered in Dublin, Ireland, provides design, supply, commissioning, technical support and aftersales servicing of heating systems solutions for residential and commercial applications. Systems include heat pumps from 4kW to 4MW, in addition to a wide range of emitter systems, underfloor heating and ventilation solutions. The acquisition supports Purmo Group’s ongoing solution selling strategy. “We welcome Unitherm, one of Ireland’s leading companies in climate solutions, to Purmo Group. Unitherm has a solid presence in the United Kingdom and Ireland, where we aspire to grow as part of our solution selling strategy,” says John Peter Leesi, CEO of Purmo Group. “Our mission at Unitherm is to create a healthy, sustainable living environment by promoting more efficient heating and cooling systems using renewable energy sources, with less carbon emissions. It is an honour to join Purmo Group, known for its mission to be a leader in indoor climate comfort solutions globally,” comments Declan Kissane, CEO and the joint founder of Unitherm Heating Systems Ltd. #heatingsolutions #ireland #unitedkingdom #heatingandcooling

On 17th of September, Purmo Group hosted an event for our supplier community at the Living Tomorrow campus in Belgium. The event was designed to strengthen supplier relationships, give thanks for productive collaborations, and to forge a joined-up approach for the future. Suppliers from 15 countries attended the event, including companies from China and Japan. As well as shared insights into our strategy from our senior management, guest speakers included SAP, Stegra (formerly H2 Green Steel) and the author and Co-Chair of Living Tomorrow, Joachim De Vos. The meeting was intended to kick-off a new level of dedication to supplier relationships with The Group, and move us towards becoming the leading supplier of sustainable and complete indoor-climate solutions. John Peter Leesi, Purmo Group's CEO commented: “We all have a gift - we are positioned to have a direct effect on reducing the energy required to heat or cool our homes – that’s 18% of all the energy consumed in Europe. We can do that best together.” “The spirit of “Joined-up thinking” gives three benefits.” Added Steffen Moritz, Head of Procurement. “Better understanding in supplier relationships, greater visibility of challenges and opportunities, and being able to solve issues that no one company can solve alone – such as ESG transparency in the supply chain.” For further information, contact: Justin Roux, Head of Global Communications Justin.roux@purmogroup.com Steffen Moritz, Head of Procurement Steffen.moritz@purmogroup.com

Purmo Group has today on 11 September 2024 sold its Russian operations to a Russian investment company. As a result of the divestment, Purmo Group does not have any activities in Russia. The company’s redemption liabilities concerning the Russian business will be paid soon after the completion of the transaction. The parties have agreed that the purchase price will not be disclosed.

Purmo Group's Extraordinary General Meeting 2024 was held today in Helsinki. In accordance with the proposal, the Extraordinary General Meeting resolved that Waleed Elgohary, Trevor Mills, Jordan Lubkeman, Matts Rosenberg and John Peter Leesi be elected as members of the Board of Directors for a term of office commencing at the closing of the Extraordinary General Meeting and ending at the closing of the next Annual General Meeting. The term of office of all other current members of the Board of Directors ended upon the commencement of the term of the aforementioned proposed members of the Board of Directors. The minutes of the meeting will be published on the Company website by 17 September 2024 at https://lnkd.in/d3QYHDCB. Read the rest of the decisions of the Extraordinary General Meeting via the link below.

Final result of Project Grand Bidco (UK) Limited’s public tender offer for all the shares in Purmo; Project Grand Bidco completes the tender offer and commences a subsequent offer period According to the final result of the Tender Offer, the 40,341,493 Shares validly tendered and not validly withdrawn in the Tender Offer or which the shareholders of Purmo have otherwise agreed to sell to the Offeror in connection with the Tender Offer, represent approximately 94.53 per cent of all the Shares in the aggregate. As the minimum acceptance condition and all other conditions for completion of the Tender Offer have been satisfied, the Offeror will complete the Tender Offer. To provide also the remaining shareholders of Purmo the possibility to accept the Tender Offer, the Offeror has decided to commence a subsequent offer period which will commence on August 5, 2024 at 9:30 a.m. (Finnish time) and expire on August 19, 2024 at 4:00 p.m. (Finnish time). Further instructions can be obtained from the relevant account operator or asset manager or Nordea Bank Abp. Read the full stock exchange release below.

What an excellent initiative from #Purmo in Meiningen. The games are such a great lesson to us all that competition is not the same as conflict. Our vision: "Perfect indoor climates should not cost the planet's climate" is true no matter who says it. We all make the world a better place together.

Purmo Group’s half-year financial report January-June 2024 has been published this morning! During the first half of the year, Purmo Group delivered an increase in adjusted EBITDA margin despite weak market conditions. This was thanks to strong performance in the Accelerate PG programme as well as a strong, continued focus on margin management by our dedicated teams all around Europe and beyond. Volumes were still low in the challenging market, although signs of optimism were visible in Eastern Europe where demand for our radiators increased. We faced temporary inefficiencies in operations during the quarter, which coupled with investments in the transformation of Purmo Group, led to a decline in earnings during the second quarter. Adjusted EBITDA for the Group decreased by 5 per cent to EUR 45.3 million (47.7), although the adjusted EBITDA margin increased to 12.6 per cent (12.2) during the first half of the year. Our Accelerate PG programme continued to deliver strong run-rate benefits in the second quarter. Besides cost savings, the growth phase of the programme has started, with various growth initiatives being kicked off during the quarter. During the quarter, we received validation from the Science Based Targets organisation for our near-term and long-term targets, which we are very proud of. The validation of the targets is a strong achievement for our organisation and worth celebrating! We keep our guidance unchanged for 2024. The adjusted EBITDA in 2024 is expected to be on a similar or higher level than in 2023 (EUR 92.3 million). #hvac #heatingandcooling #results

Haier Europe Appliances Holding B.V. has announced a Competing Voluntary Public Cash Tender Offer for all Shares in Purmo Group Plc at a price of EUR 13.68 per share for each Class C Share and at a price of EUR 8.28 per share for each Class F Share. Project Grand Bidco (UK) Limited notes Haier Europe Appliances Holding B.V.’s competing offer for Purmo and will extend the offer period of its public cash tender offer. Due to the announcement of the Competing Offer, the Offeror will supplement the tender offer document concerning its tender offer and will publish such supplement document once it has been approved by the Finnish Financial Supervisory Authority. The new expiry date of the offer period will be announced in connection with the publication of the supplement document at the latest.