The Electrolux investment case will be driven by pending deals with Chinese appliance maker Midea, rather than news on tariff refunds, Citi says. After a Supreme Court ruling that tariffs imposed under the International Emergency Economic Powers Act were illegal, eligible U.S. importers can claim refunds for duties paid. Citi has increased its 2026 EBIT estimate for the Swedish appliance company by 450 million Swedish kronor, reflecting a $27 million refund in the first quarter and the bank's estimate of a similar benefit for the second quarter. "While tariffs are important, we think the equity story will be far more driven by the pending JV creations with Midea." Margins could structurally improve from the lower cost base, but full financial visibility will be needed to really re-rate the shares. Shares fall 0.4% to 28.10 kronor. (dominic.chopping@wsj.com)