Dear partners, Our business landscape is changing fast, offering many opportunities. Three actions will turn these opportunities into success – insight to keep one step ahead, growing partnerships, and constant innovation. The cost of energy continues to impact our domestic heating market. A recent report from McKinsey concluded: “Prices are expected to remain considerably elevated than in past years for the foreseeable future.” Meanwhile, the European Green Deal is driving change. One example is The EU Renovation Wave that requires the renovation of 35 million inefficient buildings, including the need for 10 million extra heat pumps by 2027 – a major opportunity for us all. European consumers have similar priorities. We recently surveyed seven European markets. Three issues united almost everyone: product longevity, energy efficiency, and sustainability. So, what are our joint business opportunities for 2024? First, heat pump sales are booming. The International Energy Agency reported that 2022 was a record year in Europe. Sales grew by nearly 40%. Our market-leading products will help you take full advantage of this demand. Samsung is also the home of SmartThings Energy, the largest smart home platform. By connecting to our heating systems, consumers can monitor and manage energy usage via the app. Through monitoring and managing energy usage through the SmartThings app, consumers can identify areas to reduce energy consumption, thereby cutting costs and contributing to reducing the household’s greenhouse gas emissions. It is a prime example of how Samsung adds value for the consumer. In the spirit of partnership, our innovative EHS Cloud Service empowers technical partners to remotely optimize an EHS unit’s performance, and to resolve issues in real-time. Our new EHS Product Selection Tool makes comparing, selecting, and configuring our products much easier. This tool was part of Samsung Climate Solutions’ first appearance at ISH in Frankfurt. The theme was “Solutions for a sustainable future,” and I am delighted that at the launch of our flagship EHS Mono HT Quiet, we won the “Design Plus Powered by ISH” award. It is a great example of our unwavering commitment to innovation. This heat pump is high temperature and low noise, ideal for new-builds, and the residential renovation market. It achieves hot water temperatures of up to 70°C for domestic heating, providing 100% heating performance even in extremely cold weather, with temperatures as low as -25°C. It is Quiet Mark certified, operating at noise levels as low as 35 dB(A). Also at ISH, we presented our next generation EHS Mono heat pumps, including the EHS Mono R290 that uses the natural refrigerant, propane. This has a Global Warming Potential of just 3 – a significant sustainability commitment. We encourage you to enjoy its warming potential, while making a responsible choice for your home or business. 2024 is shaping up to be an exciting year, and I am confident that together, we will navigate the route to success. Warm Regards Wim Vangeenberghe President SEACE Foreword Our Route to Success 5 Introduction
