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In 2024, the EU radiator market remained weak, marked by a continuing decline in EU construction and under the siege of more affordable Turkish production. Due to the EU sanctions on Russia, third-country producers gained an edge over their European peers, allegedly by having access to cheaper inputs. Eased energy costs slowed the expected sustainable transition, as heat pump producers reported weak demand. This, in turn, hindered Korado from potential expansion after introducing its heat pump-suited product line in late 2023.

Shelly Group, a leading smart home IoT solutions provider in Europe, continues to meet and exceed expectations. With over 36% y/y sales growth in Q4, the revenue target for 2024 has been slightly surpassed. Shelly’s above-industry-average top-line growth and profitability, combined with record stock trading volumes driven by its listing on Xetra, highlight the company’s stellar performance at the close of 2024.

Bulmetal continues its profitability surge, positioning itself to potentially double its net profit in 2024. The machinery segment has started contributing to profits and remains in high demand, consistently securing new orders. With production capacity for 2025 nearly fully booked and offers already coming in for 2026, the group demonstrates strong market confidence and sustained business momentum.