Annual Report 2023

Annual Report 2024

Free Cash Flow (US$’ million)

1,591

Generating Record Free Cash Flow US$1.6 billion
Gearing

0.7%

Gearing Improved to 0.7%
EBIT

11.9%arrow-up

US$1,270 million
Grew 11.9% to US$1,270 million
Profit attributable to
Owners of the Company

14.9%arrow-up

US$1,122 million
Improved 14.9% to US$1,122 million
Basic earnings per share

15.1%arrow-up

US61.43 cents
Improved 15.1% to US61.43 cents
Dividend per share

17.1%arrow-up

US29.09 cents
Full-year dividend increased 17.1% against US24.84 cents per share in 2023
Business Growth
in local currency
milwaukee
+11.6%
ryobi
+6.4%
Free Cash Flow (US$’ million)

1,591
Generating Record
Free Cash Flow
US$1.6 billion

For the year ended December 31, 2024
Gearing

Gearing Improved
to 0.7%

For the year ended December 31, 2024
EBIT

11.9%arrow-up

US$1,270 million
Grew 11.9% to US$1,270 million
For the year ended December 31, 2024
Profit attributable to
Owners of the Company

14.9%arrow-up

US$1,122 million
Improved 14.9% to US$1,122 million
For the year ended December 31, 2024
Basic earnings per share

15.1%arrow-up

US61.43 cents
Improved 15.1% to US61.43 cents
For the year ended December 31, 2024
Dividend per share

17.1%arrow-up

US29.09 cents
Full-year dividend increased 17.1% against US24.84 cents per share in 2023
For the year ended December 31, 2024

Financial Highlights

 
2024
US$’ million
2023
US$’ million
Changes
Revenue
14,622
13,731
+6.5%
Gross profit margin
40.3%
39.5%
+85 bps
EBIT
1,270
1,135
+11.9%
Profit attributable to Owners of the Company
1,122
976
+14.9%
Basic earnings per share (US cents)
61.43
53.36
+15.1%
Free Cash Flow
1,591
1,281
+310 m
Dividend per share (approx. US cents)
29.09
24.84
+17.1%

Chairman’s Statement

“I am extremely proud of our financial performance in 2024, which would not have been possible without the efforts of our outstanding global team.”

Horst Julius Pudwill
Chairman

Chief Executive Officer’s Message

“Our People and Culture are the foundation of everything we’ve achieved — and will continue to achieve — driving our growth and setting us apart in the industry.”

Steven P. Richman
Chief Executive Officer

Strategic Drivers

TTI is a global strategy-based organization. We have been diligent in researching and refining the key concepts for ongoing sustainability and growth. Early on, leadership identified four strategic areas that would drive our success: Powerful Brands, Innovative Products, Exceptional People and Operational Excellence.

The synergy in our four strategic drivers creates a culture of disruptive innovation and execution resulting in world-class, powerful brands. This dynamic structure of interconnectivity not only maximizes growth and improvement in every area of our company; but also, delivers the innovative, high-quality driven products needed by consumers and professionals around the world.

BUILT ON TRUST,
POWERED BY INNOVATION:

REAL SOLUTIONS THAT BEGIN
WITH REAL PARTNERSHIPS

It all starts by earning the right to serve our users.

At MILWAUKEE, everything we do is built on one foundation: the user. We leverage breakthrough technology, products, and services to disrupt not only the industry but also how professional tradespeople experience their work. A core part of this disruption lies in how we approach the user differently — by becoming a true partner. Through these partnerships, we aim to build an unshakable, lifelong trust with our users — a trust rooted in our ability to consistently deliver solutions that empower them to excel in their work every single day.

Our process starts in the field with dedicated teams working side by side with trade professionals, observing everything from how their day begins to how it ends. We uncover their pain points, whether they stem from the jobsite or the broader challenges of labor. This unmatched level of insight allows us to deliver solutions that make them more productive, safer, and ultimately, more successful.

This access isn’t given — it’s earned through extraordinary commitment and action. We lead the industry because we understand our users’ needs better than anyone else, delivering innovations that redefine performance, productivity, and safety.

Mechanical
Mechanical
Transportation <br> Maintenance
Transportation
Maintenance
Electrical
Electrical
General <br> Contracting
General
Contracting
Plumbing
Plumbing
Landscaping & <br> Tree Care
Landscaping &
Tree Care
Remodeling
Remodeling
Mining
Mining
Utility
Utility
Renewable Energy
Renewable Energy

SETTING THE BAR HIGH
AS THE #1 DIY TOOL BRAND

RYOBI System

USB Lithium
oneplus
40V
80V
Link

RYOBI continues to innovate and lead the way as the #1 DIY Tool Brand on the planet, allowing users to own their home with a vast array of products to tackle any job. The breadth of line, cordless convenience, and value of products, all compatible with a battery interface that has remained consistent since 1996, makes the RYOBI 18V ONE+ Cordless System the platform of choice for users from DIYers to professionals. For larger yardwork needs, the RYOBI 40V System provides over 85 solutions that deliver gas performance with cordless convenience. The RYOBI 80V System features Zero Turn Riding Mowers, Lawn Tractors and more, powered by clean, zero emission, lithium battery power.

RYOBI 18V ONE+ HP & 40V HP Brushless Tools utilize advanced technologies and superior ergonomics to deliver high-performance tools and a premium user experience like never before. RYOBI USB LITHIUM products eliminate the need for alkaline batteries by using USB Lithium Batteries to power over 30 everyday solutions. The RYOBI LINK Modular Storage System continues to grow and enables users to easily organize, access, and transport their lives with a wide variety of customizable wall and mobile storage solutions.

DIY
DIY
Remodel
Remodel
Hobby/Craft & Maker
Hobby/Craft & Maker
Storage & Organization
Storage & Organization
Lawn & Garden
Lawn & Garden
Transportation Maintenance
Transportation Maintenance
Lifestyle & Recreation
Lifestyle & Recreation
Cleaning
Cleaning
HOOVER Formulas

HOOVER formulas are designed to help tackle all of your cleaning needs such as deep cleaning carpets, removing stains or freshening up upholstery.

HOOVER ONEPWR Batteries

Engineered for consistency and reliability. Clean carpets & hard floors, spot clean, vacuum, scrub and more all with the same battery.

MILWAUKEE M18 FUEL RINGER Roll Groover
Power Equipment
93.9% of total sales
US$13,700 m

The TTI Power Equipment segment delivered sales of US$13.7 billion in 2024, an increase of 7.3% in reported currency and 7.6% in local currency.

HOOVER ONEPWR Emerge Cordless Stick Vacuum
Floorcare & Cleaning
6.1% of total sales
US$899 m

The Floorcare and Cleaning segment improved profit by US$1.2 million versus 2023 to US$28.3 million, while reducing sales by 4.5% in local currency to US$899 million. Our innovative line of RYOBI cleaning products is our fastest growing Floorcare category and VAX also performed well in the UK and Australia, growing mid-single digits. In North America, we are focused on improving the profitability of our esteemed HOOVER, DIRT DEVIL, and ORECK brands.

Downloads

Full Report (PDF)

Section (PDF)

Financial Highlights
Executive Summary
Strategic Drivers
Power Equipment
Floorcare & Cleaning
MD&A and Governance
Financials
Corporate Information

Intellectual Property

All trademarks and trade names listed other than AEG and RYOBI are owned by the Group.

AEG is a registered trademark of AB Electrolux (publ.), and is used under license.

RYOBI is a registered trademark of Ryobi Limited, and is used under license.