Annual Report 2025
+91bps
US$700M
5.2%
Owners of the Company
6.8%
6.8%
13.7%
in local currency
Financial Highlights
2025US$’ million
|
2024US$’ million
|
Changes
|
|
|---|---|---|---|
|
Revenue
|
15,260
|
14,622
|
+4.4%
|
|
Gross profit margin
|
41.2%
|
40.3%
|
+91 bps
|
|
EBIT
|
1,336
|
1,270
|
+5.2%
|
|
Profit attributable to Owners of the Company
|
1,198
|
1,122
|
+6.8%
|
|
Basic Earnings per share (US cents)
|
65.61
|
61.43
|
+6.8%
|
|
Dividend per share (approx. US cents)
|
33.08
|
29.09
|
+13.7%
|
Executive Chairman’s Statement
With the healthiest balance sheet in the Company’s history, a diversified global manufacturing footprint, and stable capital spending requirements, we are confident in our ability to further increase returns to shareholders in the years to come.
With the healthiest balance sheet in the Company’s history, a diversified global manufacturing footprint, and stable capital spending requirements, we are confident in our ability to further increase returns to shareholders in the years to come.
TTI delivered record sales of US$15.3 billion in 2025, growing 4.4% on a reported basis and 4.1% in local currency. On an underlying basis, sales grew 5.7% in local currency in 2025.
In North America, we delivered 3.5% sales growth in local currency. Europe grew 9.0%, while Rest of World decreased 0.3% in local currency.
Our two leading brands, MILWAUKEE and RYOBI, both delivered solid performances in 2025 with MILWAUKEE growing 7.9% and RYOBI growing 5.4% in local currency. Our noncore businesses, representing 9.1% of global revenue, declined 20.4% in local currency mainly due to the planned exit of the HART business and the market softness and rationalization of sales in our Floorcare business.
MILWAUKEE sales growth in North America was impacted by our decision (made at peak tariff levels) to suspend certain product sales and promotions in the second half of 2025 that were disproportionally affected by tariffs. By the end of 2025, MILWAUKEE optimized its manufacturing footprint by migrating the impacted products to lower tariff jurisdictions. As a result, we expect the impact from the sales suspension on revenue growth to be non-recurring in 2026. Adjusting for these one-time events, the underlying MILWAUKEE business grew sales by 10.3% in local currency.
Gross margin improved 91 basis points to 41.2% in 2025. The increase reflects the positive mix impact of our high margin MILWAUKEE business, productivity enhancements, and operational efficiencies created in our RYOBI and other Consumer businesses. Margin expansion accelerated as tariff mitigation efforts materialized in the second half of the year.
As a percentage of sales, total SG&A expenses increased by 80 basis points to 32.5%. The increase reflects continued investment in new product development, field resources, and one-time write-offs of intangible assets, mainly related to the HART exit and other underperforming product lines.
Financial Performance
EBIT grew 5.2% to US$1.3 billion, while EBIT margin increased 7 basis points to 8.8%.
Net Profit increased 6.8% to US$1.2 billion and earnings per share rose 6.8% to US65.61 cents.
As a percentage of sales, working capital rose 109 bps to 15.5%. Inventory days on hand increased 4 days to 106 days and remain at a very comfortable level. Receivables decreased 1 day to 46 days, while payable days held flat at 96 days.
Capex spend for 2025 was US$289 million, or 1.9% of sales. This spend includes investments in new products, manufacturing network rebalancing, automation and productivity initiatives around the globe. Overall capital spending requirements are expected to remain in the current range in the coming years.
The Company generated nearly US$1.4 billion in positive Free Cash Flow in 2025, ending the period in a US$700 million net cash position. The strength and consistency of our Free Cash Flow leaves TTI well positioned to continue investing and growing the business, while increasing returns to shareholders.
The Board is recommending a final dividend of HK132.00 cents (approximately US16.99 cents) per share. Together, with the interim dividend of HK125 cents (approximately US16.09 cents) per share, this will result in a full-year dividend of HK257.00 cents (approximately US33.08 cents) per share, an increase of 13.7%.
TTI’s capital allocation strategy is designed to strengthen our core business, expand enterprise value, and deliver attractive long-term returns to shareholders. Our number one priority is to invest in our core businesses to drive sustainable growth and continued profit margin expansion. We will also take a balanced approach to evaluating strategic acquisitions that will create growth opportunities and synergies with our existing core businesses to unlock shareholder value. The Board will also assess opportunities for increasing shareholder return through our dividend policy and structured share repurchase programs, while maintaining working capital requirements and prudent cash management.
Outlook
With the #1 Professional and Consumer brands in the World, TTI is off to a strong start in 2026 and we look forward to another year of solid results. On a blended basis, we expect the core MILWAUKEE and RYOBI businesses to grow revenue mid-to-high single digits. This will be partially offset by the voluntary exit of the HART business (US$156 million in 2025) and continued rationalization of the Floorcare business.
In 2026, we expect to make good progress towards our internal target of 10% EBIT margin by 2027. TTI also expects to deliver a fourth consecutive year of over US$1.0 billion in annual Free Cash Flow generation. This outlook does not include any impact from the US Supreme Court’s decision to strike down IEEPA tariffs on February 20, 2026 and the US administration’s follow-on introduction of flat minimum tariff on its global trading partners.
With the healthiest balance sheet in the Company’s history, a diversified global manufacturing footprint, and stable capital spending requirements, we are confident in our ability to further increase returns to shareholders in the years to come.
Chief Executive Officer’s Message
We are aligned as one team, sharing best practices and resources across the organization to drive process improvement, and to scale for continued future growth.
We are aligned as one team, sharing best practices and resources across the organization to drive process improvement, and to scale for continued future growth.
TTI delivered record sales of approximately US$15.3 billion in 2025, growing 4.1% in local currency, while further strengthening profitability. EBIT margin expanded to 8.8%, supported by gross margin improvement and continued focus on operating effectiveness. I am extremely proud of the performance our teams have delivered in 2025.
MILWAUKEE continued to extend its market leadership with 7.9% local currency sales growth, and RYOBI delivered solid growth of 5.4% in local currency, underscoring the strength and balance of our portfolio.
This performance reflects more than a strong year; it reflects the strength of our strategy, execution, and people. We have carried this momentum into the early months of 2026, and we look forward to sharing our first-half results later this year.
Delivering Performance in a More Complex Environment
The global environment continues to grow more complex. We have taken deliberate steps to position the company for sustained success amid evolving global trade and regulatory dynamics. Through the continued diversification of our global sourcing and manufacturing footprint, including expanded capacity in lower-tariff regions, we have reduced concentration risk while protecting continuity, margins, and our ability to execute consistently across markets. These were strategic choices that allowed us to remain focused on serving our customers and partners in a more demanding environment.
Driving Increased Profitability
Driving sustained profitability is a core priority for TTI, and we are taking deliberate actions to strengthen the business as we scale.
One of our greatest advantages is our global growth. As the company has expanded, we have increased our ability to leverage that scale to improve efficiency, reduce complexity, and achieve cost effectiveness across the business. We are aligned as one team, sharing best practices and resources across the organization to drive process improvement, and to scale for continued future growth.
At the same time, improving performance requires a willingness to make difficult decisions. In 2025, we took deliberate actions in areas of the business that were underperforming. We strengthened profitability and positioned TTI for long-term growth. These decisions are never easy, but they were essential to ensure the company remained focused, competitive, and well-positioned for the future.
Together, these actions reflected a clear focus on strengthening performance while continuing to invest strategically in the capabilities that support our long-term growth.
Technology as a Catalyst for Growth
At TTI, technology is not an initiative. It is how we compete, how we scale, and how we win!
Technology is a powerful driver of our growth, enabling stronger execution, disruptive solutions, and sustained financial performance across the company. Internally, we are investing in advanced manufacturing, system architecture, digital operations, AI and machine learning, and R&D capabilities that improve innovation, productivity, speed, and quality at scale.
Externally, technology continues to reshape the end markets that drive our growth — from data centers and grid infrastructure to professional and consumer applications. Our ability to invest strategically and ahead of demand positions TTI to benefit from long-term investment cycles that rely on advanced, technology-driven solutions.
Our Foundation: People and Culture
Everything we deliver at TTI begins with our people and our culture. Our success depends on the strength of our teams, the depth of our leadership bench, and our continued investment in developing talent across the organization. By creating meaningful opportunities for growth, learning, and leadership, we are building a strong pipeline of talent that supports both today’s execution and tomorrow’s innovation.
Our people are also the engine behind the innovation that differentiates TTI from our competitors. Deep understanding of our users, combined with a culture of ownership and relentless improvement drives the development of disruptive solutions that fuel growth across our portfolio. Our culture enables us to move quickly, collaborate effectively, and remain focused on delivering value to our customers and partners. It is not just what we do, but how we do it, that continues to set TTI apart.
Looking Ahead
As we look forward, we do so with confidence, focus, and an unwavering belief in our future. We see strong growth opportunities across our MILWAUKEE and RYOBI businesses, while continuing to strengthen areas of the portfolio that require focus. We are clear on the actions needed to do so, and will continue to invest ahead of the curve, challenge ourselves to improve, and stay grounded in the fundamentals that have defined TTI’s success.
Sincere thanks to our employees throughout TTI for delivering outstanding results to our shareholders, and for enabling the innovation, performance, and reliability that our end users have come to expect. To our customers and distribution partners, thank you for your valued partnership and trust, and to our Executive Chairman — Horst Pudwill, Executive Vice Chairman — Stephan Pudwill, and our Board for their continued leadership and guidance.
Together, we are building a company that not only delivers the best products and productivity solutions today, but for generations to come.
Strategic Drivers
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.
Maintenance
Contracting
Tree Care
Cordless System
The M12 System is the leading sub-compact cordless system on the market, delivering professional-grade solutions that provide portable productivity and performance.
In 2025, the M12 portfolio expanded with trade-dedicated M12 FUEL tools designed to solve specific jobsite challenges and increase productivity in confined environments. For technicians working in tight spaces, the M12 FUEL 3/8" Ratchet delivers compact, high-torque fastening performance with optimized ergonomics for access and control. Inspection and diagnostic workflows are enhanced by the M12 85' High Flex Compact Inspection Camera, enabling precise navigation and high-clarity imaging in tight lines. Across a wide range of trades, the M12 Subcompact Brushless 3/8" Drill/Driver provides versatile drilling and fastening performance across wood, metal, and other common materials.
At the core of these solutions is M12 FUEL, the flagship performance line within the M12 platform, engineered to meet the most demanding needs of professional users. Every M12 FUEL product integrates three MILWAUKEE-exclusive innovations — the POWERSTATE Brushless Motor, REDLITHIUM Battery Pack, and REDLINK PLUS Intelligence hardware and software — delivering extreme performance, optimized run-time, and longterm durability. Together, these technologies enable M12 FUEL tools to outperform higher-voltage systems in a more compact form factor, reinforcing leadership in the sub-compact category.
New Products
Drill/Driver
Extended Reach 3/8" Ratchet
3/8" Subcompact Impact Wrench
1/4" Hex Impact Driver
3/8" Ratchet
Compact Inspection Camera
Cordless System
Designed for the most demanding applications, the M18 platform continues to evolve, redefining performance and productivity while maintaining full system compatibility. In 2025, advancements across the M18 FUEL lineup translated directly into jobsite impact, enabling professionals to work faster, more accurately, and more safely in high-demand environments.
For electricians, the M18 FUEL Branch Conduit Bender with AUTO-ZERO enables fast, consistent branch bends at the point of installation, improving accuracy while reducing rework and physical strain. For carpenters and general contractors, the M18 FUEL 7-1/4" Circular Saw with ONE-KEY delivers class-leading cutting performance while enhancing user protection through AUTOSTOP Advanced Kickback Protection, which detects severe kickback events and automatically shuts the tool down to help reduce injury risk.
Extending cordless capability beyond tools, the M18 FUEL NEXUS 6-Gallon Wet/Dry Vacuum delivers corded-level cleanup performance while integrating VACLINK Wireless Dust Control, enabling compatible tools and remotes to activate the vacuum automatically. Full PACKOUT compatibility further connects cleanup, transport, and storage into a more efficient, integrated jobsite workflow.
Within the M18 platform, M18 FUEL represents the flagship performance tier, engineered to deliver maximum power, run-time, and durability for the most demanding professional applications. These advancements build on MILWAUKEE’s continued investment in core technologies – motors, batteries, electronics, and charging – while maintaining full compatibility across the more than 300 solutions within the M18 System.
New Products
Branch Conduit Bender
w/ AUTO-ZERO
Recovery Machine
1-9/16" SDS Max Rotary
Hammer Kit w/ ONE-KEY
NEXUS 6 Gallon Wet/Dry Vacuum
w/ PACKOUT Compatibility &
VACLINK
Precision Blower
1/4" Hex Hydraulic Driver
Covered Conductor Cable Stripper
7-1/4" Rear Handle Circular Saw
w/ ONE-KEY
Jump Starter
Gangbox Rapid Charger
Cordless System
MILWAUKEE continues to challenge what’s possible with battery-powered light equipment, delivering solutions that replace gas and corded alternatives without compromising performance. The MX FUEL Electrofusion Processor enables reliable fusion of up to 8" couplings and 12" saddles, eliminating the need for generators or extension cords. The MX FUEL 27lb SDS MAX Demolition Hammer delivers corded-level demolition capability, providing the power to remove concrete, block, and tile on walls and floors while eliminating cords, generators, and outlet dependency. For outdoor and grounds applications, the MX FUEL Backpack Blower delivers blowing force exceeding 63cc gas, clearing heavier debris faster while operating at lower noise levels. Multiple power modes allow users to optimize performance and run-time, with added control, tracking, and security enabled through ONE-KEY.
The MX FUEL platform is designed as a fully compatible system, with all equipment powered by MX FUEL Batteries for maximum jobsite flexibility. MX FUEL REDLITHIUM FORGE Batteries deliver the most powerful, fastest-charging, and longest-life batteries MILWAUKEE has ever built, with patented COOL-CYCLE Active Cooling Technology reducing downtime and supporting continuous work in demanding environments. Advanced motor and control technologies, paired with REDLINK Intelligence, integrate hardware and software to enable full-system communication—maximizing efficiency, performance, durability, and run-time across the MX FUEL platform.
With 25+ solutions and a growing portfolio, MX FUEL is the largest, highest-performing light equipment battery system in the industry, expanding battery-powered capabilities into applications historically dominated by gas and corded equipment.
New Products
Electrofusion Processor
27lb SDS MAX
Demolition Hammer
Backpack Blower
Outdoor Power Equipment
MILWAUKEE provides innovative solutions that enhance productivity and safety for professionals in the outdoor trades. Built on the M12, M18, and MX FUEL Systems, MILWAUKEE's outdoor equipment is designed to meet the rigorous demands of landscape maintenance, landscape construction, tree care, and snow removal. Full battery compatibility within each system allows operators to seamlessly switch batteries between equipment – eliminating the common frustrations of gas-powered tools, including pull starts, excessive noise, emissions, and routine engine maintenance.
The M18 FUEL 21" Auger Propelled Dual Battery Single Stage Snow Blower delivers the most powerful performance in its class, generating 7.5 HP peak power to clear deep, heavy snow without stalling. With instant startup, auger propulsion, improved visibility, and reduced noise compared to gas alternatives, it enables faster, more controlled snow removal from start to finish. The M18 4-Gallon Backpack Sprayer with SWITCH TANK delivers precise, consistent pressure without manual pumping, while its interchangeable tank design helps eliminate cross-chemical contamination and improve efficiency across a wide range of spraying tasks.
These solutions exemplify MILWAUKEE’s commitment to delivering professional-grade, battery-powered equipment that increase user safety and productivity.
New Products
21" Auger Propelled Dual Battery
Single Stage Snow Blower
Sprayer w/ SWITCH TANK
15A Circuit
Edger
Pole Articulating
Hedge Trimmer
Extended Pole Articulating
Hedge Trimmer
Power Tool Accessories
MILWAUKEE is committed to providing professional users with a comprehensive range of accessory solutions designed to enhance productivity and complement the latest advancements in MILWAUKEE power tools. Engineered for maximum life, durability, and speed, these solutions reflect our continued investment in advanced materials, proprietary technologies, and best-in-class manufacturing capabilities.
As a result of MILWAUKEE’s leadership in carbide technology, in 2025 we delivered new levels of performance across key cutting categories. The AX with NITRUS Carbide SAWZALL Blade for Wood with Nails & Screws provides unmatched life and the fastest cuts in residential remodeling and demolition applications, delivering up to 2X life versus standard carbide teeth while cutting through nails, screws, and roofing materials with confidence.
MILWAUKEE also expanded our circular saw blade portfolio with the 7-1/4" 24T NITRUS Carbide Framing & Demolition Circular Saw Blade, delivering the fastest cutting and longest life in framing and demolition applications. Designed to move seamlessly from aggressive demolition back to clean wood cutting, this blade reduces blade changes and maximizes productivity by enabling users to demo and frame with a single blade.
In fastening and installation applications, the SHOCKWAVE Impact Duty 3/8" Threaded Rod Nut Runner delivers the fastest nut-running experience for trapeze systems, strut racks, and hanger assemblies – running nuts up to 9X faster than hand spinning while maintaining durability under high torque and load conditions.
Together, these solutions reinforce MILWAUKEE’s position as a leader in professional accessories – delivering longer life, faster performance, and greater productivity across the trades.
New Products
Carbide SAWZALL Blade
Threaded Rod Nut Runner
SHOCKWAVE Impact Duty 2"
Power Bit
Screw Holding Bit Holder
Arbor Set
Framing & Demolition
Circular Saw Blade
Sharpening Set w/ PACKOUT
Low-Profile Compact Organizer
The PACKOUT Modular Storage System is the most versatile and durable modular storage system in the industry. With 125+ fully interchangeable solutions, PACKOUT continues to expand to meet professionals’ tool storage, transportation, and organization needs across jobsites, shops, and fleets.
In 2025, MILWAUKEE expanded the system with new solutions that enhance access, customization, and productivity. The PACKOUT Rack Kit delivers ultimate organization with sliding drawers that allow users to access tools without unstacking, while enabling full system customization across vans, trailers, CONEX boxes, and shop walls. For mobile storage, the PACKOUT Rolling Drawer Tool Box offers quick, one-handed access and a 250lb weight capacity, allowing users to transport and organize heavy tools more efficiently on the jobsite.
MILWAUKEE’s M18 and M12 cordless solutions further extend PACKOUT’s value by integrating power, lighting, and connectivity into the storage system. The M18 Bluetooth Jobsite Radio + Charger delivers powerful sound, device charging, and wireless connectivity as part of the M18 cordless portfolio, while seamlessly attaching to PACKOUT stacks for secure transport. The M12 ROVER Multi-Directional Flood Light with PACKOUT Compatibility provides targeted, adjustable lighting powered by the M12 system, offering reliable illumination wherever work is happening – while remaining securely mounted for easy movement around the jobsite.
Together, these solutions reinforce PACKOUT as more than storage – a system designed to work alongside MILWAUKEE’s cordless platforms to help professionals stay organized, efficient, and productive on the site, in transit, and in the shop.
New Products
Multi‑Directional Flood Light
Rack Kit
Jobsite Speaker w/ PACKOUT
Compatibility
Jobsite Radio + Charger
Rolling Drawer Tool Box
Personal Protective Equipment
MILWAUKEE remains committed to providing solutions that help users STAY SAFE. STAY PRODUCTIVE. In 2025, MILWAUKEE continued to expand our PPE portfolio with solutions engineered to adapt to how professionals actually work.
In head protection, MILWAUKEE continued to raise the bar with our BOLT Safety Helmets. In 2025, the BOLT Safety Helmet with IMPACT ARMOR Liner and the BOLT Safety Helmet were rated #1 and #2 in effectiveness at reducing concussion and skull fracture risk in Virginia Tech’s independent helmet safety study, widely regarded as the gold standard for science-based helmet evaluation. Both helmets earned rare 5-STAR ratings, validating our user-driven approach to safety innovation.
We also introduced polarized safety glasses with mirrored dual-coat lenses, including wrap-around and full-frame options with removable side shields, designed for all-day wear in outdoor environments. Featuring anti-scratch exterior hard coatings, fog-free interior coatings, and soft contact points for extended comfort, these ANSI Z87+ and CSA Z94.3-rated solutions deliver reduced glare, full coverage, and consistent visibility across demanding applications.
Additionally, our PPE offerings expanded with a range of kneepads including High Mobility Knee Pads, engineered to provide long-lasting comfort without bulk. Utilizing advanced cushioning technology, these knee pads deliver extended cushion life while maintaining flexibility and mobility, allowing users to work comfortably across a wide range of surfaces.
New Products
Safety Glasses
Safety Glasses
Safety Glasses
Knee Pad
Knee Pad
Knee Pad
Hand Tools
In 2025, MILWAUKEE continued to expand our hand tools portfolio with trade-focused solutions designed for precision, durability, and productivity across demanding applications. Each new introduction reflects MILWAUKEE’s commitment to solving real jobsite challenges with purpose-built design and uncompromising quality.
For the electrical trades, MILWAUKEE introduced the 8–20 AWG Dipped Grip Wire Stripper & Cutter, delivering clean, precise stripping and long-lasting cutting performance. Made in the USA with USA-sourced materials, this tool features better cutting edges, precision-ground stripping holes, bolt shears, and wire looping capability – backed by a complete Lifetime Guarantee.
We also expanded our fastening solutions with the introduction of new Pliers Wrenches, engineered to deliver faster setup and easy fastening. Combining the quick adjustment of fastening pliers with the parallel jaws of an adjustable wrench, these tools enable smooth, continuous ratcheting action across a wide range of fastener sizes.
Finally, for assembly and maintenance applications requiring precision torque, the new Click Torque Wrenches provide fast, accurate adjustments with high-contrast markings, clear and audible feedback, and reliable ±3% accuracy. These are just a few examples of the many trade-focused hand tools MILWAUKEE unveiled in 2025, all designed to meet the evolving needs of professionals.
New Products
Wire Stripper & Cutter (USA)
Diagonal Cutting Pliers (USA)
SETTING THE BAR HIGH
AS THE #1 DIY TOOL BRAND
RYOBI Systems
RYOBI is the world’s #1 DIY tool brand, offering a comprehensive portfolio of cordless solutions across home, outdoor, and on the go. The 18V ONE+ System, with battery compatibility dating back to 1996, is the flagship platform, serving users across the globe from entry-level DIYers to experienced professionals.
The USB Lithium platform, launched in 2022, has expanded from three to over 40 products, creating a rechargeable ecosystem that replaces disposable and internal battery-powered solutions for everyday applications. For users with larger outdoor power demands, the 40V System includes 85+ tools delivering gas-equivalent performance without fuel or emissions, while the 80V System delivers premium lawn care with a walk-behind and riding lawn mowers.
RYOBI HP Brushless products represent the highest performance tier across platforms, leveraging brushless motors, advanced electronics, and high-performance lithium technology to deliver increased power, runtime, durability, and speed.
Complementing the cordless RYOBI Systems, the RYOBI LINK Modular Storage System provides scalable, customizable solutions for organization, access, and transport through interconnected wall-mounted and mobile storage.
Maintenance
Recreation
Cordless System
The RYOBI 18V ONE+ System is the most comprehensive and strategically differentiated cordless platform in the industry, encompassing over 300 tools designed to address a broad spectrum of consumer needs. This unmatched depth and breadth create a meaningful competitive advantage, enabling RYOBI to deliver consistently on its brand promise of The Power To Do More—driving versatility, convenience, and long-term value across home improvement, outdoor maintenance, and adjacent use cases.
A core and enduring differentiator of the 18V ONE+ System is its commitment to full backward compatibility. Every new 18V ONE+ tool and battery integrates seamlessly with products dating back to 1996. As the platform celebrates 30 years of compatibility, this design philosophy continues to reduce friction for consumers, lower the cost of entry into new categories, and significantly increase lifetime value through repeat and incremental purchases. The result is a powerful ecosystem effect that reinforces customer loyalty while accelerating platform expansion.
The scalability of the 18V ONE+ System allows it to serve a diverse user base, from everyday DIYers to skilled professionals, by delivering accessible, dependable performance that evolves alongside customer needs. Beyond traditional DIY and outdoor power applications, RYOBI has deliberately extended the 18V ONE+ platform into full product families spanning Cleaning, Recreation, and Lifestyle categories. This expansion further unlocks value from existing battery ownership, increases cross-category adoption, and strengthens the role of 18V ONE+ battery as a central power solution across the user’s entire home and lifestyle.
New Products
Creeper/Seat
150W Power Source
RYOBI HP Brushless tools are designed to deliver meaningful performance upgrades across the USB Lithium, 18V ONE+, 40V, and 80V product lines. More power, longer runtime, greater durability, and faster operation — through a combination of advanced motors, intelligent electronics, and lithium technology.
18V ONE+ HP Brushless and 40V HP Brushless products reach their full potential when paired with Lithium EDGE batteries. Both the 18V ONE+ and 40V Lithium EDGE batteries utilize premium cell technology and RYOBI’s INTELICELL system to deliver up to twice the power and four times the runtime, ensuring consistently high performance in demanding applications across power tools and outdoor power equipment.
RYOBI’s 2025 launch of the next generation HP Brushless Drill/Driver, Impact Driver, Circular Saw, and Reciprocating Saw marked a significant step forward for the 18V ONE+ platform as the most powerful 18V ONE+ tools RYOBI has produced to date in their categories. Delivering up to 45% faster drilling and driving and as much as three times faster cutting, this new lineup expands RYOBI’s appeal to both professionals and high-demand DIY users, helping them work more efficiently and with greater confidence.
2025 also saw the introduction of RYOBI’s most powerful 40V HP Leaf Blower and Chainsaw to date. The new 40V HP 800 CFM Blower delivers more power than a 31cc gasoline Leaf Blower while operating at a whisper-quiet 57dB, 82% quieter than gas. The 40V HP 20” Chainsaw can tackle cuts up to 36” in diameter while delivering more power than a 52cc gas chainsaw and over 100 cuts per charge.
New Products
16" Chainsaw
800 CFM Blower
7-1/4" Circular Saw
18" Single Stage Snow Blower
Hybrid 9" Oscillating Fan
Outdoor Power Equipment
The RYOBI 40V System delivers exceptional power and long-lasting performance across a growing lineup of more than 85 innovative outdoor products. Every tool in the 40V family is engineered to provide gas-like performance with all the benefits of cordless convenience—no routine maintenance, no pull cords, and no more gas or oil. These tools are built to outperform gas alternatives and keep you ready for any outdoor task.
With a single RYOBI 40V Lithium Battery, you can power everything from mowers and blowers to string trimmers, chainsaws, augers, and even snow blowers. Less upkeep means more time to get work done and more opportunities to enjoy your yard. Offering unmatched variety and capability, the RYOBI 40V System continues to set the standard for outdoor versatility.
New Products
20" Self-Propelled
Multi-Blade Mower
17" Attachment Capable
String Trimmer
20" Chainsaw
Propelled AWD Multi-Blade Mower
Backpack Blower
Lawn Mowers
RYOBI’s selection of mowers across the 18V ONE+, 40V, and 80V are critical to its success as the Number One Cordless Outdoor Power Brand. RYOBI continues to innovate and offer a mower for every yard, no matter the size.
In 2025, RYOBI introduced the next generation of the industry’s only cordless all wheel drive lawn mower – the 40V HP Brushless 21” AWD Multi-Blade Mower. The brushless motor with 40V HP Technology gives this mower more power than a 196cc gas mower, and turbo mode delivers an extra boost of power to tackle the toughest conditions. The two included 40V 6Ah batteries provide up to 75 minutes of runtime. RYOBI’s CROSS CUT Multi-Blade System provides the industry’s best 3-in-1 cutting performance and SMART TREK adaptive variable speed self-propelled technology lets you set the pace while you’re mowing.
The newest additions to the 80V family, the R1 80V HP Brushless 30" Riding Lawn Mower and ZR3 80V HP Brushless 42" Zero Turn Riding Mower deliver more power than their gas equivalents using 80V HP Technology, providing cordless freedom from the hassle of gas, oil, belts, fumes, and engine maintenance. With up to two acres of runtime, these riding mowers provide the power to mow large lawns normally only able to be done by gas units with clean, convenient, cordless power.
NEW Products
20" Push Mower
21" Push Multi-Blade Mower
30" Riding Lawn Mower
42" Zero Turn Riding Lawn Mower
RYOBI’s USB Lithium product line continues to expand its offerings of handheld portable solutions designed to replace tools usually powered by disposable alkaline batteries and traditional manual applications.
In 2025, RYOBI introduced two new cleaning products to the lineup: the USB Lithium HP Compact Hand Vacuum and the USB Lithium Telescoping Power Scrubber. The Hand Vacuum is the industry’s most powerful hand vacuum weighing 1.3lbs or less, and its compact, lightweight design is ideal for picking up everyday messes. The Telescoping Scrubber allows users to experience faster cleaning with less effort in areas such as the kitchen, bathroom, outdoor patio, and more with an extendable reach of up to 47”.
One of the most unique USB Lithium tools released in 2025 was the USB Lithium 3’ Drain Auger, engineered to easily clear clogs up to 3’ without the need for harsh chemicals. It is ideal for bathroom sinks, kitchen sinks, and bathtubs, and empowers DIYers to take on an at-home task that would normally require calling a professional.
The USB Lithium Misting Fan is the ultimate portable misting and cooling solution. Utilizing atomization disc technology, users can feel up to 10° cooler with light, fine mist, while remaining dry.
New Products
Power Scrubber
Power Source
Modular Storage System
The RYOBI LINK Modular Storage System is built for organization, easy access, and seamless mobility. With a wide assortment of wall-mounted and portable options, LINK gives users the freedom to customize their storage setup and stay organized wherever the work takes them—from home to the jobsite and everywhere in between. LINK delivers durable, adaptable solutions that simplify how users store, transport, and manage their gear.
In 2025, RYOBI expanded its offerings of cordless products designed with LINK Wall System integration. RYOBI users can now organize lights, leaf blowers, string trimmers, drain augers, and more products directly on their LINK Wall Rail storage, allowing for a tidy workspace while having tools at the ready to tackle the next job.
RYOBI LINK COMPATIBLE CORDLESS PRODUCTS
17" Attachment Capable
String Trimmer
LED Task Light
Clamp Light
LINK Bluetooth Stereo
Wet/Dry Vacuum
800 CFM Blower
Cordless Cleaning
RYOBI offers the industry’s most comprehensive range of cordless cleaning solutions across its USB Lithium, 18V ONE+, and 40V platforms. By replacing corded, alkaline-powered, internal-battery, and manual tools with removable rechargeable lithium options, RYOBI is modernizing an everyday category and expanding its addressable market.
A major advantage of RYOBI’s approach is the use of removable, swappable batteries. Unlike products with fixed internal batteries — where users face hours of downtime while waiting for a recharge — RYOBI cleaning tools allow continuous operation simply by swapping in a fresh battery. This convenience strengthens the value of the broader RYOBI ecosystem and drives repeat engagement across platforms.
With products across three battery lineups, RYOBI continues to deliver innovative and effective solutions for any cleaning application. Designed to be easy to use and ergonomic, RYOBI has all cleaning needs covered — from vacuums to scrubbers, power washers, and more. Tackle any mess with ease and efficiency.
New Products
1.0 GPM Pressure Washer
Wet/Dry Vacuum
Detail Scrubber
Carpet Washer
High Capacity Stick Vacuum
Lifestyle & Recreation
RYOBI has expanded its leadership in cordless innovation into the lifestyle and recreation space, offering a full range of products that elevate outdoor experiences using the same batteries customers already rely on for their drills, saws, mowers, and blowers. With solutions across all RYOBI cordless battery platforms including portable power sources, fans, lighting, inflators, heaters, and more — RYOBI enables users to stay powered anywhere, without the need for separate or proprietary battery systems.
This approach extends the value of the existing RYOBI ecosystem while opening new, high-growth categories. Whether at the beach, campsite, park, or on the trail, RYOBI lifestyle products help users stay comfortable, stay connected, and get more out of every moment outdoors.
When the Power Goes Out, Stay Powered with RYOBI
When power outages occur, RYOBI provides a comprehensive range of solutions that help users stay prepared and connected. RYOBI Power Stations offer enough capacity to keep essential appliances such as refrigerators running, while smaller power sources can recharge mobile devices and maintain WiFi connectivity, ensuring users have access to information when they need it most. In addition, RYOBI lights and fans help maintain comfort and visibility, keeping spaces illuminated and air circulating even when the grid is down.
New Products
VERSE Compact Speaker
Source/Charger
Hybrid Forced Air Propane Heater
Misting Air Cannon
Floorcare & Cleaning
Advanced Cleaning Made Simple
Consumers choose HOOVER because our no-nonsense approach to cleaning is tried and true. For over a century, we have delivered best-in-class power and performance without the gimmicks – just smart, purposeful innovation that makes cleaning faster and easier. Built on a legacy of quality and reliability that defines our 100-year history, HOOVER continues to set the standard for trusted solutions in homes everywhere.
New Products
Carpet Washer
Cordless Stick Vacuum
Carpet & Uphostery Spot Cleaner
Upright Vacuum
Swivel Pet Upright Vacuum
HOOVER formulas are crafted to tackle all your cleaning needs — from deep‑cleaning carpets and removing tough stains to refreshing upholstery.
Floorcare & Cleaning
In 2025, VAX continued to drive innovation and strengthen the performance of its ONEPWR cordless cleaning range. Leveraging its established market position, the brand further cemented its reputation for reliability, simplicity and consistently outstanding results.
Powered by the ONEPWR battery system, the VAX portfolio now offers even greater versatility across every cleaning task and surface. From Cordless Vacuums and Spot Cleaners to Hard Floor Cleaners and the UK’s first Cordless Carpet Washer, VAX ONEPWR gives consumers a seamless, powerful and intuitive cleaning experience.
Alongside this, VAX launched the next generation of versatile and powerful LiftOut models within its upright portfolio. These uprights deliver innovative deep-cleaning performance with the added versatility of LiftOut capability, enabling convenient whole-home cleaning with greater ease than ever before.
Whatever the mess, wherever it happens, there is a VAX solution designed to get it done – quickly, effortlessly and with dependable high performance. This ongoing pipeline of innovation reinforces VAX’s commitment to meeting real consumer needs while delivering strong, sustainable growth for the business.
New Products
Carpet Cleaner
Vacuum Cleaner
Vacuum Cleaner
Management’s Discussion and Analysis
Power Equipment
The TTI Power Equipment segment delivered sales of US$14.4 billion in 2025, an increase of 5.3% in reported currency and 5.0% in local currency.
Floorcare & Cleaning
Sales for Floorcare and Cleaning fell 9.7% in 2025 due to weakness in the HOOVER, DIRT DEVIL, ORECK, and VAX brands. Floorcare has now been reorganized into a single global business, creating one world-class product development, marketing, manufacturing, and engineering team. Additionally, we have consolidated our North American Floorcare footprint by closing our Charlotte, NC facility and combining with our Consumer business in Anderson, SC. This is a good example of our efforts to balance innovation and drive improved profitability in the Floorcare business.
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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.