FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== SIDA 1 =====
Financial overview
MSEK unless otherwise stated Q1 2025 Q1 2024
Net sales 23,966 24,699
Organic growth, % −3.5 −7.0
Adjusted operating profit 3,233 3,303
Adjusted operating margin, % 13.5 13.4
Operating profit 2,885 2,993
Operating margin, % 12.0 12.1
Adjusted net profit 2,296 2,312
Net profit 1,948 2,002
Net cash flow from operating activities 977 1,781
Basic earnings per share 3.95 4.15
Adjusted earnings per share 4.71 4.83
Strong margin in turbulent markets
Q1
2025
• Net sales MSEK 23,966 (24,699)
• Organic growth −3.5% (−7.0%), driven by lower market
demand across regions and industries, except for
aerospace showing continuous growth.
• Adjusted operating profit MSEK 3,233 (3,303). Continued
strong price/mix contribution, driven by pricing actions and
active portfolio management, as well as good cost control
which largely offset the lower volumes.
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Thousand ton CO /two.tfe
Revenue growth
Adjusted ROCE
Net debt/equity excl. Pension liabilites
Adjusted operating margin
Decarbonized operations 4)
(scope 1 and 2)
-- Target
2030 –95%
Long-term targets
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Thousand ton CO /two.tfe
Revenue growth
Adjusted ROCE
Net debt/equity excl. Pension liabilites
Adjusted operating margin
-- Target2)
14%
Adjusted operating margin
Q1
2023
Q1
2025
Q1
2024/zero.tf
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Thousand ton CO /two.tfe
Revenue growth
Adjusted ROCE
Net debt/equity excl. Pension liabilites
Adjusted operating margin
-- Target2)
<40%
Net debt/Equity 3)
Q1
2023
Q1
2025
Q1
2024
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Thousand ton CO /two.tfe
Revenue growth
Adjusted ROCE
Net debt/equity excl. Pension liabilites
Adjusted operating margin
-- Target2)
5%
Revenue growth 1)
Q1
2023
Q1
2025
Q1
2024
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Thousand ton CO /two.tfe
Revenue growth
Adjusted ROCE
Net debt/equity excl. Pension liabilites
Adjusted operating margin
-- Target2)
16%
Adjusted ROCE
Q1
2023
Q1
2025
Q1
2024
• Adjusted operating margin 13.5% (13.4%) with Industrial at
16.9% (16.4%) and Automotive at 5.2% (6.0%).
• Operating profit MSEK 2,885 (2,993), included items affecting
comparability of MSEK −348 (−310).
• Operating margin 12.0% (12.1%)
• Net cash flow from operating activities MSEK 977 (1,781)
• Basic earnings per share MSEK 3.95 (4.15)
1) Sales excluding effects of currency and divested businesses.
2) Financial targets to be achieved over a business cycle.
3) Excluding pension liabilities.
4) CO2e emissions 2030 vs 2019. Latest figures are presented for the end
of the previous quarter, 12 months rolling.
1 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 2 =====
In a volatile environment, I’m pleased that
we maintained our resilient performance and
improved our adjusted operating margin year-
over-year. We continue to execute our strategy
including the creation of two independent
and fit for purpose businesses and thereby
creating strong foundations for the future.
Margin resilience despite continued weak demand
In the first quarter we saw continued weak demand resulting
in an organic sales decline of –3.5% compared to last year.
The lower volumes were partly offset by a solid price/mix.
Demand in Europe remained weak. However, we view the
announced state-backed investments aimed at increasing
European competitiveness as positive long term. China and
Northeast Asia posted positive organic growth for the first time
in seven quarters, primarily driven by favorable comparable
figures. Both Americas and India and Southeast Asia shifted
from organic growth in Q4 to a decline in Q1. This was mainly
due to the positive timing effects at the end of 2024 as previ -
ously communicated and a weaker automotive demand.
The adjusted operating margin was strong at 13.5%, a slight
year-over-year improvement despite a weak market environ -
ment. The margin resilience was supported by an effective
execution of pricing, portfolio management, and cost reduction
initiatives. However, these initiatives did not fully offset the
negative impact from lower volumes. Currency effects had
a positive impact on the margin, mainly driven by a stronger
USD year-over-year.
The adjusted operating margin for our Industrial business
increased to 16.9%, driven by good portfolio and cost manage -
ment execution. The Automotive business performed relatively
well, considering the challenging market conditions, with an
adjusted operating margin of 5.2%. We see potential in further
improving the margin, but given the current turbulent environ -
ment, the timeline of achieving the targeted 8% adjusted
operating margin level will extend beyond 2025.
CEO Statement
Cash flow was not satisfactory at close to BSEK 1, mainly
driven by increased working capital, including high accounts
receivables generated by a strong quarter end, and negative
currency effects.
Creating two fit for purpose businesses
The separation of the Automotive business continues at high
pace, where the operating model and organizational design
now have been concluded. Automotive’s global manufacturing
footprint has also been finalized with 16 factories. The overall
separation process progresses according to plan, but the
complexity of the separation, including the IT structure, may
stretch the overall time plan.
“
Continued rightsizing to
create strong foundations
for the future.
The initiated organizational review is progressing well, right-
sizing both organizations to create strong foundations for the
future and to withstand turbulent markets. More focused
businesses with less complexity allow for leaner organizational
structures resulting in sizeable reductions in staff positions, not
least within Europe. The number of positions affected, savings
and restructuring charge will be presented in conjunction with
the Q2 2025 report.
Outlook
Lately, the business environment has experienced significant
volatility driven by increased geopolitical uncertainty including
trade and tariff turmoil. We are preparing the business for
different scenarios and remain confident that our strategy, in
combination with our decentralized organization and effective
cost management, will provide us with the agility and flexibility
to navigate through these turbulent times. So far, we have
largely compensated for increased tariff costs through price
adjustments and we expect to continue to do so also in
the second quarter, given current tariff levels. However,
today’s market uncertainty may influence demand and the
prerequisites for certain products and markets.
We expect continued volatility and, even if we have seen
signs of markets bottoming out, we plan for another quarter
with negative volumes and expect organic sales to weaken
somewhat in Q2, year-over-year.
Rickard Gustafson
President and CEO
2 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 3 =====
SKF Group
Net sales
Net sales amounted to MSEK 23,966 (24,699) and decreased
by –3.0% compared to last year. Organic sales declined by
–3.5% (–7.0%), driven by lower market demand across indus-
tries, except for aerospace showing continuous growth. The
lower sales volumes were partly offset by positive price/mix
due to continued active pricing and portfolio management.
Regionally, China and Northeast Asia had a positive organic
growth, while Europe, Middle East and Africa, the Americas
and India and Southeast Asia showed declining organic sales.
Acquired net growth was 0.5%, relating to the John Sample
Group acquisition.
0
1,000
2,000
3,000
4,000
Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23
0
2
4
6
8
10
12
14
MSEK %
Adjusted operating profit, MSEK
Adjusted operating margin 12 months rolling, %
0
10,000
20,000
30,000
40,000
Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23
-10
-5
0
5
10
15
MSEK
Net sales, MSEK
%
Organic growth, %
Operating profit
Operating profit for the first quarter was MSEK 2,885 (2,993).
Operating profit included items affecting comparability of
MSEK –348 (–310), whereof MSEK –380 (–214) related to both
ongoing restructuring and cost reduction activities, mainly
in Europe, as well as expenses related to the separation of
the Automotive business, while MSEK –192 (–96) related to
impairment of fixed assets and MSEK 224 (0) related to profit
from sale of the manufacturing site in Luton, UK.
The adjusted operating profit for the first quarter was
MSEK 3,233 (3,303). The adjusted operating profit was positively
impacted by price and mix as well as currency effects. Adjusted
operating profit was negatively impacted by lower sales and
manufacturing volumes, which also resulted in cost inefficien -
cies. Cost reduction activities more than offset wage inflation
and volume related cost inefficiencies, which together with flat
to slightly negative development for the other cost items, led
to relatively stable cost levels year-over-year.
Adjusted operating profit and
Adjusted operating margin
Net sales and Organic growth
Sales and Adjusted operating profit bridge 1)
MSEK Q1 2024
Organic sales and
manufacturing
volumes Cost development Currency impact Structure 2) Q1 2025
Net sales 24,699 −853 6 114 23,966
Growth, % −3.5 0.0 0.5 –3.0
Adjusted operating profit 3,303 −139 −30 90 9 3,233
Adjusted operating margin, % 13.4 13.5
Accretion/dilution, pp −0.1 −0.1 0.4 0.0
1) Numbers are rounded.
2) Including acquisitions and divestments of businesses.
Organic sales by region
In local currencies, change year-over-year, % Q1 2025
Europe, Middle East and Africa −7.0
The Americas −0.9
China and Northeast Asia 2.0
India and Southeast Asia −4.0
3 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 4 =====
SKF Group cont.
Financial net and tax
Financial income and expenses, net was MSEK –290 (–271).
Taxes in the quarter were MSEK –647 (–720) resulting in an
effective tax rate of 24.9% (26.4%).
Net profit for the period
Net profit for the quarter amounted to MSEK 1,948 (2,002),
corresponding to SEK 3.95 (4.15) in earnings per share.
Cash flow
Net cash flow from operating activities in the first quarter
was MSEK 977 (1,781). Changes in net working capital impacted
negatively in the quarter with MSEK –1,829 (–1,581), mainly
driven by inventories as well as higher accounts receivable due
to seasonality. Non-cash and other items impacted negatively
in the quarter due to the impact from currency effects.
Net capital expenditure amounted to MSEK –917 (–997). Invest-
ing activities also included sale of fixed assets of MSEK 314
where the majority is related to the sale of the site in Luton, UK.
Financial position
Net working capital in percentage of 12 months rolling sales
was 30.4% in March 2025 compared to 30.9% in March 2024.
This, as accounts receivables as a percentage of sales,
decreased from last year, driven by currency effects.
As of March 31 2025, SKF’s net debt was MSEK 14,933,
compared to SEK 16,472 as of January 1 2025. The decrease
was mainly relating to currency effects. Provisions for post-
employment benefits, net decreased by MSEK –569 (–390) in
the first quarter, mainly driven by higher discount rates as
well as currency effects.
0
5,000
10,000
15,000
20,000
25,000
Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23
0
0.4
0.8
1.2
1.6
MSEK
Net debt
Ratio
Net debt/Adjusted EBITDA
0
3,000
6,000
9,000
12,000
15,000
Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23
MSEK
1) 12 months rolling
0
10,000
20,000
30,000
40,000
Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23Q2 23Q1 23
0
10
20
30
40
MSEK %
Net working capital
Net working capital, % of 12 months rolling sales
Net debt and Net debt/Adjusted EBITDA
Net cash flow from operating activities 1)
Net working capital
Key figures
31 March 2025 31 Dec 2024 31 March 2024
Net working capital, % of 12 months rolling sales 30.4 30.6 30.9
Adjusted ROCE, % 14.0 14.2 15.1
Net debt/equity, % 25.2 26.6 26.6
Net debt/equity, excluding post-employment benefits, % 13.1 14.1 13.0
Net debt/EBITDA 1.0 1.1 1.1
Net debt/Adjusted EBITDA 0.9 1.0 0.9
Operating cash flow
MSEK Q1 2025 Q1 2024
EBITDA 4,143 4,065
Taxes −602 −726
Non-cash items and other items −735 23
Changes in net working capital −1,829 −1,581
Net cash flow from operating activities 977 1,781
Investing activities −603 −989
Operating cash flow after investments 374 792
4 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 5 =====
Industrial business
Net sales
The Industrial business reported net sales of MSEK 17,033
(17,487). This was driven by positive currency effects of 0.4%
and acquired growth of 0.6%, while organic growth declined by
–3.6%. The organic sales decline, year-over-year, was driven by
a weak demand environment, partly offset by a solid price/mix
through effective pricing activities and portfolio management.
Organic sales declined for most regions, with the exception of
Americas that had flat organic sales development year-over-year.
From a customer industry perspective, aerospace continued
to deliver solid organic growth, while renewable energy was
down organically driven by a continued weakness in the global
wind industry.
Operating profit
The adjusted operating profit was MSEK 2,871 (2,867), with
a corresponding operating margin of 16.9% (16.4%). Adjusted
operating profit was negatively impacted by lower sales
and manufacturing volumes, which also resulted in cost
inefficiencies. Cost reduction activities, solid price/mix
contribution and positive currency effects fully offset lower
sales and manufacturing volumes as well as significant wage
inflation and volume related cost inefficiencies.
Share of
Group adjusted
operating profit
Key financials
MSEK Q1 2025 Q1 2024
Net sales 17,033 17,487
Adjusted operating profit 2,871 2,867
Adjusted operating margin, % 16.9 16.4
Operating profit 2,677 2,644
Operating margin, % 15.7 15.1
Sales and Adjusted
operation profit bridge 1)
MSEK Q1 2024
Organic sales and
manufacturing
volumes Cost development Currency impact Structure 2) Q1 2025
Net sales 17,487 −644 76 114 17,033
Growth, % −3.6 0.4 0.6 –2.6
Adjusted operating profit 2,867 −228 160 63 9 2,871
Adjusted operating margin, % 16.4 16.9
Accretion/dilution, pp −0.7 0.9 0.3 −0.1
1) Numbers are rounded.
2) Including acquisitions and divestments of businesses.
Organic sales by
customer industry 3)
Share of
net sales
by industry,%
Europe, Middle
East & Africa The Americas
China &
Northeast Asia 4)
India &
Southeast Asia
Share of net sales by region, % 43 29 19 9
Industrial distribution 40 -- - +++ --
Aerospace 10 +/- +++ --- +/-
High-speed machinery and
electrical drives 8 -- --- +/- +++
Heavy industries 7 --- +++ --- ---
Railway 7 +/- +++ --- +++
Other industrial 7 +/- +++ --- +/-
Agriculture, food and beverage 5 --- --- --- +++
Renewable energy 3 --- --- -- +++
Off-highway 3 --- +++ --- -
Marine 3 --- +++ +++ +/-
Material handling 2 --- --- +/- +++
Traditional energy 3 --- +/- +++ ---
Automation 2 --- + --- +++
Total -- +/- - --
3) For the quarter, in local currencies, changes year-over-year.
4) Reclassification of customer accounts between customer industries impact year-over-year comparison.
Share of
Group net sales
Industrial
Automotive
89%71%
Industrial
Automotive
89%71%
5 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 6 =====
Automotive business
Net sales
The Automotive business reported net sales of MSEK 6,933
(7,212). The organic sales decline of –3.0% was driven by a
weak demand environment, partly offset by a solid price/mix.
Regionally, China and Northeast Asia posted positive organic
growth, where mainly light vehicles drove the growth. Demand
in Europe, Middle East and Africa continued to be weak.
Operating profit
The adjusted operating profit was MSEK 362 (436), with a
corresponding margin of 5.2% (6.0%). The decline was related
to higher costs due to lower cost absorption and significant
wage inflation. Active portfolio management resulted in strong
price/mix, which more than compensated for lower sales and
manufacturing volumes.Furthermore, currency effects
impacted the operating profit positively.
Key financials
MSEK Q1 2025 Q1 2024
Net sales 6,933 7,212
Adjusted operating profit 362 436
Adjusted operating margin, % 5.2 6.0
Operating profit 208 349
Operating margin, % 3.0 4.8
Sales and Adjusted
operation profit bridge 1)
MSEK Q1 2024
Organic sales and
manufacturing
volumes
Cost
development
Currency
impact Structure 2) Q1 2025
Net sales 7,212 −209 −70 0 6,933
Growth, % −3.0 −0.9 0.0 –3.9
Adjusted operating profit 436 89 −190 27 0 362
Adjusted operating margin, % 6.0 5.2
Accretion/dilution, pp 1.4 −2.7 0.4 0.0
1) Numbers are rounded.
2) Including acquisitions and divestments of businesses.
Organic sales by
customer industry 3)
Share of
net sales
by industry,%
Europe, Middle
East & Africa The Americas
China &
Northeast Asia
India &
Southeast Asia
Share of net sales by region, % 42 32 15 11
Light vehicles 52 --- +/- +++ +
Vehicle aftermarket 32 - +/- +++ ---
Commercial vehicles 16 --- --- --- +++
Total --- +/- +++ +/-
3) For the quarter, in local currencies, changes year-over-year.
Share of
Group adjusted
operating profit
Share of
Group net sales
Automotive
Industrial
11%29%
Automotive
Industrial
11%29%
6 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 7 =====
Outlook and guidance
Outlook
• Q2 2025: We expect continued volatility and, even if we
have seen signs of markets bottoming out, we plan for
another quarter with negative volumes and expect organic
sales to weaken somewhat in Q2, year-over-year.
Guidance Q2 2025
• Currency impact on the operating profit is expected to
be around MSEK 400 negative compared to the second
quarter 2024, based on exchange rates per 31 March 2025.
Guidance FY 2025
• Tax level excluding effects related to divested businesses:
around 26%.
• Additions to property, plant and equipment:
around BSEK 4.5 excluding separation of the Automotive
business.
Previous outlook and guidance statement
Outlook
• Q1 2025: We expect organic sales to weaken
• SKF has decided to discontinue issuing full year organic
sales outlook.
• Guidance Q1 2025
• Currency impact on the operating profit is expected to be
around MSEK 200 positive compared to the first quarter
2024, based on exchange rates per 31 December 2024.
Guidance FY 2025
• Tax level excluding effects related to divested
businesses: around 26%.
• Additions to property, plant and equipment:
around BSEK 4.5 excluding separation of the Automotive
business.
Significant events after the quarter
1 April 2025 – Annual General Meeting of AB SKF
Hans Stråberg, Hock Goh, Geert Follens, Håkan Buskhe,
Susanna Schneeberger, Rickard Gustafson, Beth Ferreira,
Therese Friberg, Richard Nilsson and Niko Pakalén were
reelected as Board members. Mats Rahmström was newly
elected as Board member. Hans Stråberg was elected
Chair of the Board. The Board has appointed Håkan
Buskhe and Mats Rahmström as Vice Chairs of the Board.
14 April 2025 – Previously announced divestment of
ring and seal operation in Hanover, USA completed
SKF has completed the previously announced divestment
of its ring and seal operation in Hanover, Pennsylvania,
USA, to Carco PRP Group for a total enterprise value of
MUSD 215, corresponding to approximately BSEK 2.1.
The divestment will result in a capital gain amounting
to approximately BSEK 0.8 in Q2 and will be reported as
Items affecting comparability.
Other Group information
More information on
https://investors.skf.com
7 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 8 =====
SKF has a longstanding track record on understanding and
reducing it’s environmental and climate impact and started
already in 2000 to set targets and report on carbon dioxide
emissions. In 2020, the target of decarbonizing own operations
by 2030 was launched and in 2021 SKF’s target of net-zero
greenhouse gas emissions for the full value chain by 2050 was
set. Both targets have been approved by the Science Based
Targets Initiative.
The four strategic levers to decarbonized manufacturing
operations by 2030 are energy and operational efficiency
improvements, as well as switching to renewable energy
sources and electrification of fossil fuel applications. This
covers both scope 1 direct emissions as well as scope 2
indirect emissions.
During the last quarter reported, resulting in the full year
result for 2024, the scope 1 and 2 emissions continued to
reduce in line with the 2030 target trajectory. This is mainly
explained by an increasing amount of renewable electricity
sourced for example in India and China, a substantial reduction
of emissions from natural gas, as well as contributions from
energy efficiency improvements in manufacturing globally.
Decarbonized operations 2030
1) Latest figures are presented for the end of the previous quarter,
12 months rolling.
Thousand tonnes
CO 2 e
Equivalent
energy GWh
Actual full year, thousand tonnes CO 2 e
Equivalent energy GWh
SBTi trajectory, thousand tonnes CO 2 e
Actual YTD 12 months, thousand tonnes CO 2 e
0
500
1,000
1,500
2,000
0
100
200
300
400
500
203020292028202720262025202420232022202120202019
0
500
1000
1500
2000
Decarbonized operations (scope 1 and 2) 1)
CO2e target,
2030 vs 2019
–95%
Sustainability is an integral part of SKF’s
strategy and is a priority for long-term
profitable growth. Around 20% of all
energy produced globally is used to over -
come friction. By creating more efficient
and durable solutions for industries,
significantly cutting emissions by 2030
and achieving net-zero greenhouse gas
emissions in the supply chain by 2050,
SKF is pioneering sustainability in its
sphere. Further reporting of all material
sustainability topics are found in the annual
report, including for example accident
rates, disclosures for own workforce and
workers in the value chain.
More information on
www.skf.com/group/organisation/
sustainability
8 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 9 =====
MSEK Jan-Mar 2025 Jan-Mar 2024
Net sales 23,966 24,699
Cost of goods sold −16,830 −17,604
Gross profit 7,136 7,095
Research and development expenses −849 −826
Selling and administrative expenses −3,448 −3,234
Other operating income/expenses, net 46 −42
Operating profit 2,885 2,993
Financial income and expenses, net −290 −271
Profit before taxes 2,595 2,722
Income taxes −647 −720
Net profit 1,948 2,002
Net profit attributable to:
Shareholders of AB SKF 1,796 1,888
Non-controlling interests 152 114
Basic earnings per share (SEK)1) 3.95 4.15
1) Shares from the Performance Share Programme are not considered dilutive, therefore, diluted earnings per share is equal to
basic earnings per share.
MSEK Jan-Mar 2025 Jan-Mar 2024
Net profit 1,948 2,002
Items that will not be reclassified to the income statement:
Remeasurements (actuarial gains and losses) 189 510
Assets at fair value through other comprehensive income −309 −21
Income taxes −39 −113
−159 376
Items that may be reclassified to the income statement:
Exchange differences arising on translation of foreign operations −4,641 2,735
Assets at fair value through other comprehensive income — —
Income taxes — —
−4,641 2,735
Other comprehensive income, net of tax −4,800 3,111
Total comprehensive income −2,852 5,113
Shareholders of AB SKF −2,794 4,869
Non-controlling interests −58 244
Condensed consolidated
income statements
Financial statements – SKF Group
Condensed consolidated statements
of comprehensive income
9 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 10 =====
MSEK March 2025 December 2024 March 2024
Goodwill 11,574 12,574 12,678
Other intangible assets 4,169 4,671 5,148
Property, plant and equipment 28,152 30,470 28,360
Right-of-use asset leases 3,211 3,564 3,097
Deferred tax assets 3,436 3,369 3,235
Other non-current assets 2,488 2,971 2,490
Non-current assets 53,030 57,619 55,008
Inventories 24,845 26,182 24,552
Trade receivables 16,761 16,600 18,668
Other current assets 5,756 6,057 6,662
Other current financial assets 11,143 11,361 14,496
Current assets 58,505 60,200 64,378
Assets classified as held for sale 1,654 1,594 —
Total assets 113,189 119,413 119,386
Equity attributable to shareholders of AB SKF 56,898 59,649 57,687
Equity attributable to non-controlling interests 2,262 2,320 2,457
Long-term financial liabilities 14,397 15,399 18,776
Provisions for post-employment benefits 7,917 8,502 8,733
Provisions for deferred taxes 1,800 1,905 1,378
Other long-term liabilities and provisions 1,209 1,504 1,459
Non-current liabilities 25,323 27,310 30,346
Trade payables 11,783 12,553 11,645
Short-term financial liabilities 4,943 5,361 4,034
Other short-term liabilities and provisions 11,857 12,087 13,217
Current liabilities 28,583 30,001 28,896
Liabilities classified as held for sale 123 133 —
Total equity and liabilities 113,189 119,413 119,386
MSEK Jan-Mar 2025 Jan-Mar 2024
Opening balance 1 January 61,969 54,956
Net profit 1,948 2,002
Hyperinflation adjustments 41 91
Components of other comprehensive income
Currency translation adjustments −4,641 2,735
Change in FV OCI assets and cash flow hedges −309 −21
Remeasurements 189 510
Income taxes −39 −113
Transactions with shareholders
Non-controlling interest 32 —
Cost for Performance Share Programmes, net −30 −30
Dividends — 15
Other — −1
Closing balance 31 March 59,160 60,144
Condensed consolidated
balance sheets
Condensed consolidated statements
of changes in shareholders’ equity
10 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 11 =====
MSEK Jan-Mar 2025 Jan-Mar 2024
Operating activities:
Operating profit 2,885 2,993
Non-cash items:
Depreciation, amortization and impairment 1,258 1,072
Net loss/gain (—) on sales of PPE and businesses −263 −2
Other non-cash items 89 376
Income taxes paid −602 −726
Interest received 46 82
Interest paid −146 −192
Other −461 −241
Changes in working capital: −1,829 −1,581
Inventories −589 −216
Accounts receivable −1,415 −1,094
Accounts payable 36 −73
Other operating assets/liabilities 139 −198
Net cash flow from operating activities 977 1,781
Investing activities:
Payments for intangible assets, PPE, businesses and equity securities −917 −997
Sales of PPE, businesses and equity securities 314 8
Net cash flow used in investing activities −603 −989
Net cash flow after investments before financing 374 792
MSEK Jan-Mar 2025 Jan-Mar 2024
Financing activities:
Proceeds from short- and long-term loans 53 2
Repayments of short- and long-term loans −41 −68
Repayment leases −233 −202
Cash dividends — —
Other financing items — —
Investments in short-term financial assets −107 −122
Sales of short-term financial assets 14 50
Net cash flow used in financing activities −314 −340
Net cash flow 60 452
Change in cash and cash equivalents:
Cash and cash equivalents at 1 January 11,031 13,311
Cash effect excl. acquired/sold businesses 60 452
Cash effect of acquired/sold businesses — —
Exchange rate effect −398 97
Cash and cash equivalents at 31 March 10,693 13,860
Change in Net debt
Closing
balance 31
March 2025
Other
non-cash
changes
Acquired/
sold
businesses
Cash
changes
Exchange
rate effects
Opening
balance
1 January
2025
Loans, long- and short-term 15,596 17 — 12 −959 16,526
Post-employment benefits, net 7,160 62 — −249 −382 7,729
Lease liabilities 3,179 146 — −233 −250 3,516
Financial assets, other −309 −2 — −69 30 −268
Cash and cash equivalents −10,693 — — −60 398 −11,031
Net debt 14,933 223 — −599 −1,163 16,472
Condensed consolidated statements of cash flow
11 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 12 =====
MSEK unless otherwise stated Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
Net sales 27,123 25,771 24,438 24,699 25,606 23,692 24,725 23,966
Cost of goods sold −19,720 −19,161 −18,316 −17,604 −18,736 −17,145 −17,864 −16,830
Gross profit 7,403 6,610 6,122 7,095 6,870 6,547 6,861 7,136
Gross margin, % 27.3 25.6 25.1 28.7 26.8 27.6 27.8 29.8
Research and development expenses −864 −785 −848 −826 −870 −782 −848 −849
Selling and administrative expenses −3,415 −3,213 −3,404 −3,234 −3,411 −3,225 −3,494 −3,448
as % of sales 12.6 12.5 13.9 13.1 13.3 13.6 14.1 14.4
Other operating income/expenses, net 89 −45 55 −42 −100 −14 −188 46
Operating profit 3,213 2,567 1,925 2,993 2,489 2,526 2,331 2,885
Operating margin, % 11.8 10.0 7.9 12.1 9.7 10.7 9.4 12.0
Adjusted operating profit 3,614 2,956 2,929 3,303 3,324 2,821 2,735 3,233
Adjusted operating margin, % 13.3 11.5 12.0 13.4 13.0 11.9 11.1 13.5
Financial net −383 −374 −709 −271 −377 −285 −317 −290
Profit before taxes 2,830 2,193 1,216 2,722 2,112 2,241 2,014 2,595
Profit margin before taxes, % 10.4 8.5 5.0 11.0 8.2 9.5 8.1 10.8
Income taxes −668 −460 −493 −720 −449 −610 −423 −647
Net profit 2,162 1,733 723 2,002 1,663 1,631 1,591 1,948
Net profit attributable to:
Shareholders of AB SKF 2,042 1,657 623 1,888 1,529 1,550 1,507 1,796
Non-controlling interests 120 76 100 114 134 81 84 152
Condensed consolidated financial information
12 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 13 =====
MSEK Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
Operating profit:
Industrial 2,633 2,081 1,913 2,644 2,131 2,241 2,269 2,677
Automotive 580 486 12 349 358 285 62 208
Financial net −383 −374 −709 −271 −377 −285 −317 −290
Profit before tax for the Group 2,830 2,193 1,216 2,722 2,112 2,241 2,014 2,595
Reconciliation of profit before taxes for the Group
Share data
Jan-Mar 2025 Jan-Mar 2024
Total number of shares: 455,351,068 455,351,068
whereof A shares 28,930,844 29,286,933
whereof B shares 426,420,224 426,064,135
Basic earnings per share (SEK) 1) 3.95 4.15
Diluted earnings per share (SEK) 2) 3.95 4.15
Weighted average number of shares, basic 455,351,068 455,351,068
Weighted average number of shares, diluted 455,351,068 455,351,068
1) Basic earnings per share is calculated as net profit (excl. non-controlling interests) divded by the weighted average number of shares.
2) Shares from the Performance Share Programme are not considered dilutive, therefore, diluted earnings per share is equal to basic earnings per share.
13 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 14 =====
Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
Net sales, MSEK 27,123 25,771 24,438 24,699 25,606 23,692 24,725 23,966
Organic growth, % 7.9 −0.6 −1.9 −7.0 −6.6 −4.4 −3.1 −3.5
Adjusted EBITDA, MSEK 4,553 4,027 4,069 4,280 4,326 3,831 3,833 4,298
EBITDA, MSEK 4,154 3,645 3,204 4,065 3,705 3,562 3,439 4,143
EBITA, MSEK 3,377 2,732 2,092 3,152 2,643 2,681 2,495 3,049
Adjusted operating profit, MSEK 3,614 2,956 2,929 3,303 3,324 2,821 2,735 3,233
Adjusted operating margin, % 13.3 11.5 12.0 13.4 13.0 11.9 11.1 13.5
Operating profit 3,213 2,567 1,925 2,993 2,489 2,526 2,331 2,885
Operating margin, % 11.8 10.0 7.9 12.1 9.7 10.7 9.4 12.0
Adjusted earnings per share, SEK 5.36 4.49 3.57 4.83 5.19 4.05 4.20 3.95
Basic earnings per share, SEK 4.48 3.64 1.37 4.15 3.36 3.40 3.31 4.71
Dividend per share, SEK — — — — 7.50 — — —
Share price at the end of the period, SEK 187.6 182.2 201.3 218.5 212.8 202.0 207.6 202.2
Net working capital, % of 12 months rolling sales 32.7 31.2 27.7 30.9 31.9 31.5 30.6 30.4
Adjusted ROCE, % 14.1 14.9 15.4 15.1 14.7 14.6 14.2 14.0
ROCE, % 12.7 13.3 13.3 12.7 11.9 11.9 12.1 11.9
ROE, % 12.0 12.6 12.0 11.5 10.6 10.4 11.7 11.5
Gearing, % 34.9 34.0 35.2 33.5 32.2 32.1 30.9 30.5
Equity/assets ratio, % 48.7 49.8 49.1 50.4 50.9 50.9 51.9 52.3
Additions to property, plant and equipment, MSEK 1,608 1,167 1,478 989 1,305 1,420 1,364 916
Net debt/equity, % 35.4 30.8 29.5 26.6 32.8 30.0 26.6 25.2
Net debt/equity, excluding post-employment
benefits, % 20.4 16.9 13.9 13.0 18.6 16.2 14.1 13.1
Net debt, MSEK 20,393 17,893 16,191 15,983 18,937 17,291 16,472 14,933
Net debt/EBITDA 1.4 1.2 1.1 1.1 1.3 1.2 1.1 1.0
Net debt/Adjusted EBITDA 1.3 1.1 0.9 0.9 1.1 1.0 1.0 0.9
Registered number of employees 41,675 41,141 40,396 40,051 39,589 39,198 38,743 38,426
Definitions, see page 18.
SKF applies the guidelines issued by ESMA (European Securities and Markets Authority) on APMs (Alternative Performance Measures). These key figures are not defined or specified in IFRS but provide complementary
information to investors and other stakeholders on the company’s performance. The definition of each APM is presented at the end of the interim report. For the reconciliation of each APM against the most reconcilable line item
in the financial statements, see investors.skf.com/en.
Key figures
14 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 15 =====
Industrial
MSEK unless otherwise stated Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
Net sales 19,114 18,037 17,350 17,487 17,943 16,537 17,508 17,033
Organic growth, % 5.7 −2.1 −3.0 −7.3 −7.4 −4.6 −2.7 −3.6
Adjusted operating profit 3,025 2,462 2,611 2,867 2,919 2,486 2,549 2,871
Adjusted operating margin, % 15.8 13.6 15.0 16.4 16.3 15.0 14.6 16.9
Operating profit 2,633 2,081 1,913 2,644 2,131 2,241 2,269 2,677
Operating margin, % 13.8 11.5 11.0 15.1 11.9 13.6 13.0 15.7
Adjusted EBITDA 3,847 3,386 3,594 3,719 3,790 3,379 3,512 3,800
EBITDA 3,457 3,013 3,035 3,592 3,180 3,160 3,242 3,799
Assets and liabilities, net1) 56,216 54,520 50,381 55,342 55,230 53,298 54,652 51,950
Registered number of employees1) 35,407 34,833 34,013 33,722 33,235 32,876 32,465 31,883
Automotive
MSEK unless otherwise stated Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
Net sales 8,009 7,734 7,088 7,212 7,663 7,155 7,217 6,933
Organic growth, % 13.8 3.1 0.7 −6.2 −4.7 −4.0 −4.0 −3.0
Adjusted operating profit 589 494 318 436 405 335 186 362
Adjusted operating margin, % 7.4 6.4 4.5 6.0 5.3 4.7 2.6 5.2
Operating profit 580 486 12 349 358 285 62 208
Operating margin, % 7.2 6.3 0.2 4.8 4.7 4.0 0.9 3.0
Adjusted EBITDA 706 641 475 560 535 452 321 498
EBITDA 696 632 169 473 525 402 197 344
Assets and liabilities, net1) 16,048 15,806 14,648 15,582 15,941 15,549 16,159 15,354
Registered number of employees1) 3,955 3,970 4,093 3,968 3,983 3,918 3,879 3,913
1) Previously published figures for 2023 and 2024 have been restated to reflect change in responsibilities for factories and Group functions in accordance with new organizational structure.
Segment information – quarterly figures
15 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 16 =====
Notes
NOTE 1 Accounting principles
The consolidated financial statements of the SKF Group were
prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU. The interim report was
prepared in accordance with IAS 34 Interim Financial Reporting.
Disclosures as required by IAS 34 p. 16 A are provided in the
notes to the financial statements as well as in other parts of the
interim report. The financial statements of the Parent Company
were prepared in accordance with the “Annual Accounts Act”
and the RFR 2 “Accounting for legal entities”. SKF Group and the
Parent Company applied the same accounting principles and
methods of computation in the interim financial statements as
compared with the latest annual report. IASB issued several
amended accounting standards that were endorsed by EU,
effective date 1 January 2025. None of these have a material
effect on the SKF Group’s financial statements.
Pillar II income taxes legislation was effective from
1 January, 2024. Under the legislation, the parent company
will be required to pay top-up tax on profit of its subsidiaries
that are taxed at an effective tax rate of less than 15 percent.
No top-up tax has been included in the financial statements
for the first quarter 2025. SKF Group has analyzed the financial
figures and concluded that the Group is not expecting any
additional material top-up tax during 2025. The Group will
continue to assess the impact of Pillar II income taxes
legis lation on its future financial performance.
Valuation principles and classifications of the financial
instruments, as described in SKF Annual report 2024, have
been consistently applied throughout the reporting period.
There are no major changes in fair value during the period.
NOTE 2 Transactions with related parties
No significant change is present for transactions with
related parties in relation to disclosure provided in Annual
Report 2024.
NOTE 3 Risks and uncertainties in the business
The SKF Group operates in many different industrial and
geographical areas. As a result, the SKF Group is exposed to
various types of risks. SKF appreciates that there are risks
associated with the macro environment such as the geo -
political landscape, the state of global markets and significant
industry and technological shifts. There are also business
risks including supply chain disruptions, information and
cybersecurity threats, and challenges in attracting talent
in a competitive labour market. Additionally, there are legal
and compliance risks arising from the increased regulatory
demands and internal governance and coordination within
the Group as well as ongoing regulatory investigations
and processes.
The SKF Group’s operations are also exposed to various
types of financial risks; market risks (being currency risk,
interest rate risk and other price risks), liquidity risks and credit
risks. Further information on the risks and how SKF works to
mitigate them is found in SKF’s latest annual report (available
on investors.skf.com/en), under “Risks and the share”.
The financial position of the Parent Company is dependent
on the financial position and development of the subsidiaries.
A general decline in the demand for the products and services
provided by the Group could mean lower residual profits and
lower dividend income for the Parent Company, as well as a
need for writing down values of the shares in the subsidiaries.
NOTE 4 Assets held for sale
As per 31 March 2025 the net assets for the Aerospace
operations in US have been reported as assets held for sale
in accordance with IFRS 5. Net assets per end of March
amounted to approximately MSEK 1,500.
Gothenburg, 25 April 2025
Aktiebolaget SKF (publ)
Rickard Gustafson
President and CEO
This report has not been reviewed
by AB SKF’s auditors.
16 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 17 =====
MSEK Jan-Mar 2025 Jan-Mar 2024
Revenue 1,951 2,510
Cost of revenue −1,333 −1,451
General management and administrative expenses −477 −421
Other operating income/expenses, net 21 4
Operating profit 162 642
Financial income and expenses, net 120 −17
Profit before taxes 282 625
Appropriations — —
Income taxes −18 −140
Net profit 264 485
Parent Company condensed
income statements
Parent Company condensed
balance sheets
Parent Company condensed
statements of comprehensive income
MSEK Jan-Mar 2025 Jan-Mar 2024
Net profit 264 485
Items that will not be reclassified to the income statement:
Assets at fair value through other comprehensive income −309 −21
Items that may be reclassified to the income statement:
Assets at fair value through other comprehensive income — —
Other comprehensive income, net of tax −45 464
Total comprehensive income −45 464
MSEK March 2025 December 2024 March 2024
Intangible assets 666 712 970
Investments in subsidiaries 20,777 20,797 22,431
Receivables from subsidiaries 11,748 12,483 15,974
Other non-current assets 710 937 767
Non-current assets 33,901 34,929 40,142
Receivables from subsidiaries 7,751 8,207 6,610
Other receivables 553 557 426
Current assets 8,304 8,764 7,036
Total assets 42,205 43,693 47,178
Shareholders’ equity 24,819 24,895 25,629
Provisions 760 731 790
Non-current liabilities 11,746 12,480 15,971
Current liabilities 4,880 5,587 4,788
Total shareholders’ equity, provisions and liabilities 42,205 43,693 47,178
Financial statements – Parent Company
17 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 18 =====
Alternative performance measures and definitions
Adjusted operating profit
Operating profit excluding items affecting
comparability.
Adjusted operating margin
Operating profit margin excluding items
affecting comparability.
Adjusted earnings/loss per share in SEK
Basic earnings per share excluding items
affecting comparability.
Adjusted return on capital employed
(Adjusted ROCE)
Return on capital employed (ROCE)
excluding items affecting comparability.
Basic earnings/loss per share in SEK
(as defined by IFRS)
Profit/loss after taxes less non-controlling
interests divided by the ordinary number
of shares.
Currency impact on operating profit
The effects of both translation and trans -
action flows based on current assumptions
and exchange rates compared to the
corresponding period last year.
Debt
Loans and net provisions for post-
employment benefits.
EBITA (Earnings before interest, taxes
and amortization)
Operating profit before amortizations.
EBITDA (Earnings before interest,
taxes, depreciation and amortization)
Operating profit before depreciations,
amortizations, and i mpairments.
Equity/assets ratio
Equity as a percentage of total assets.
Gearing
Debt as a percentage of the sum of debt
and equity.
Gross margin
Gross income as a percentage of net sales.
Items affecting comparability
Significant income/expenses that affect
comparability between accounting periods.
This includes, but is not limited to, restruc -
turing costs, impairments and write-offs,
currency effects caused by devaluations
and gains and losses on divestments of
businesses.
Net debt
Debt less short-term financial assets
excluding derivatives.
Net debt/EBITDA
Net debt, in relation to 12 months rolling
EBITDA.
Net debt/equity
Net debt, as a percentage of equity.
Net working capital (NWC)
Trade receivables plus inventories
minus trade payables
Operating margin
Operating profit/loss, as a percentage
of net sales.
Organic growth
Sales excluding effects of currency and
aquired and divested businesses.
Revenue growth
Sales excluding effects of currency and
divested businesses.
Registered number of employees
Total number of employees included in
SKF’s payroll at the end of the period.
Return on capital employed (ROCE)
Operating profit/loss plus interest income,
as a percentage of 12 months rolling aver -
age of total assets less the average of
non-interest bearing liabilities.
Return on equity (ROE)
Profit/loss after taxes as a percentage of
12 months rolling average of equity.
Scope 1, 2 and 3
Scope 1 is emissions that SKF controls
directly, e.g. equipment using fossil fuel.
Scope 2 is emissions that SKF causes indi -
rectly, e.g. from electricity purchase.
Scope 3 is emissions that SKF is indirectly
responsible for up the value chain, e.g.
steel purchase or logistics.
SKF organic sales outlook
The organic sales outlook for SKF’s prod -
ucts and services represents manage -
ment’s best estimate based on current
information about the future demand from
our customers.
For reconciliations of other Key Ratios,
see investors.skf.com/en
18 SKF FIRST-QUARTER REPORT 2025, PUBLISHED 25 APRIL 2025
===== SIDA 19 =====
This is SKF
Today, around 20% of all energy is spent overcoming friction. At SKF,
we fight friction to reduce energy waste and make the most of the
resources around us.
As a leading technology and engineering company, we deliver value
at everystep of our customers’ journey. From the design phase, integrating
our solutions into customers’ products, to ongoing support throughout
their lifecycle, we provide peace of mind.
Built on a century of expertise and a profound understanding of our
customer applications, we’ve established a global presence and a brand
trusted across industries. This allows us to offer tailored solutions –
whether optimizing for speed, durability or efficiency – paving the way
for a sustainable, resource-efficient future.
Quick facts
Founded 1907
Represented in around 130 countries
Figures for FY 2024:
• Net sales MSEK 98,722
• 38,743 employees
• > 17,000 distributors
® SKF is a registered trademark of AB SKF (publ). © SKF Group 2025. All rights reserved. Please note that this publication may not
be copied or distributed, in whole or in part, unless prior written permission is granted. Every care has been taken to ensure the
accuracy of the information contained in this publication, but no liability can be accepted for any loss or damage whether direct,
indirect or consequential arising out of the use of the information contained herein. April 2025.
Q1 webcast
25 April at 09:00 CEST
To follow the presentation via webcast:
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More information on
https://investors.skf.com
Cautionary statement
This report contains forward-looking statements that reflect SKF’s current expectations on future events and financial and
operational development. Forward-looking statements are inherently associated with risks and uncertainties, both known and
unknown, and depend on future events and circumstances. Although management believes that the expectations reflected in
the forward-looking statements are reasonable, no assurance can be given that such expectations will be fulfilled. Any state -
ments about future strategy and business decisions are indicative only and remain subject to all necessary approvals. Results
and actual outcomes could differ materially as a result of several factors, including but not limited to changes in economic,
market and competitive conditions, regulatory changes and other government action, and fluctuations in exchange rates. SKF
makes no undertaking to disclose, update or revise any forward-looking statement due to new information, future events or
other such matters, other than what is required according to applicable legislation.
Contact
Investor Relations
Sophie Arnius, Head of Investor Relations
mobile +46 705 908 072
sophie.arnius@skf.com
Press
Carl Bjernstam, Head of Media Relations
tel +46 31 337 2517
mobile +46 722 201 893
carl.bjernstam@skf.com
Calendar 2025
18 July Q2 report
29 October Q3 report
11 November Capital Markets Day
30 January 2026 Q4 report
The financial information in this report
contains inside information that AB SKF is
obliged to make public pursuant to the EU
Market Abuse Regulation. The information
was submitted for publication through
the agency of the contact persons set out
above, on 25 April 2025 at 07.30 CEST.
AB SKF (publ)
Postal address: SE-415 50 Gothenburg, Sweden
Visiting address: Sven Wingquists Gata 2
tel +46 31 337 10 00
www.skf.com
Company reg.no. 556007-3495