Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

Strong margin despite  
volatile market conditions 
 Q1
2026
• Net sales MSEK 21,873 (23,966) 
• Organic growth of 2.4% (−3.5%), driven by organic sales 
growth within the Industrial segments, offset by negative 
market demand for the Automotive business. 
• Adjusted operating profit  MSEK 2,951 (3,233).  
Strong positive price/mix contribution, stable cost devel -
opment and continued significant currency headwinds.
• Adjusted operating margin  13.5% (13.5%).
• Operating profit  MSEK 2,643 (2,885). This included items 
affecting comparability of MSEK –308 (−348).
-/one.tf/two.tf
-/six.tf
/zero.tf
/six.tf
/one.tf/two.tf
/zero.tf
/five.tf
/one.tf/zero.tf
/one.tf/five.tf
/zero.tf
/one.tf/zero.tf
/two.tf/zero.tf
/three.tf/zero.tf
/four.tf/zero.tf
/zero.tf
/one.tf/zero.tf/zero.tf
/two.tf/zero.tf/zero.tf
/three.tf/zero.tf/zero.tf
/four.tf/zero.tf/zero.tf
/five.tf/zero.tf/zero.tf
/zero.tf,/zero.tf
/four.tf,/five.tf
/nine.tf,/zero.tf
/one.tf/three.tf,/five.tf
/one.tf/eight.tf,/zero.tf
Decarbonized operations 5) 
(scope 1 and 2)
-- Target
     2030 –95%
Long-term targets1)
-/one.tf/two.tf
-/six.tf
/zero.tf
/six.tf
/one.tf/two.tf
/zero.tf
/five.tf
/one.tf/zero.tf
/one.tf/five.tf
/zero.tf
/one.tf/zero.tf
/two.tf/zero.tf
/three.tf/zero.tf
/four.tf/zero.tf
/zero.tf
/one.tf/zero.tf/zero.tf
/two.tf/zero.tf/zero.tf
/three.tf/zero.tf/zero.tf
/four.tf/zero.tf/zero.tf
/five.tf/zero.tf/zero.tf
/zero.tf,/zero.tf
/four.tf,/five.tf
/nine.tf,/zero.tf
/one.tf/three.tf,/five.tf
/one.tf/eight.tf,/zero.tf
-- Target3)
14%
Adjusted operating margin
Q1
2024
Q1
2026
Q1
2025
-/one.tf/two.tf
-/six.tf
/zero.tf
/six.tf
/one.tf/two.tf
/zero.tf
/five.tf
/one.tf/zero.tf
/one.tf/five.tf
/zero.tf
/one.tf/zero.tf
/two.tf/zero.tf
/three.tf/zero.tf
/four.tf/zero.tf
/zero.tf
/one.tf/zero.tf/zero.tf
/two.tf/zero.tf/zero.tf
/three.tf/zero.tf/zero.tf
/four.tf/zero.tf/zero.tf
/five.tf/zero.tf/zero.tf
/zero.tf,/zero.tf
/four.tf,/five.tf
/nine.tf,/zero.tf
/one.tf/three.tf,/five.tf
/one.tf/eight.tf,/zero.tf
-- Target3)
<40%
Net debt/Equity 4)
Q1
2024
Q1
2026
Q1
2025
-/one.tf/two.tf
-/six.tf
/zero.tf
/six.tf
/one.tf/two.tf
/zero.tf
/five.tf
/one.tf/zero.tf
/one.tf/five.tf
/zero.tf
/one.tf/zero.tf
/two.tf/zero.tf
/three.tf/zero.tf
/four.tf/zero.tf
/zero.tf
/one.tf/zero.tf/zero.tf
/two.tf/zero.tf/zero.tf
/three.tf/zero.tf/zero.tf
/four.tf/zero.tf/zero.tf
/five.tf/zero.tf/zero.tf
/zero.tf,/zero.tf
/four.tf,/five.tf
/nine.tf,/zero.tf
/one.tf/three.tf,/five.tf
/one.tf/eight.tf,/zero.tf
-- Target3)
5%
Revenue growth 2)
Q1
2024
Q1
2026
Q1
2025
-/one.tf/two.tf
-/six.tf
/zero.tf
/six.tf
/one.tf/two.tf
/zero.tf
/five.tf
/one.tf/zero.tf
/one.tf/five.tf
/zero.tf
/one.tf/zero.tf
/two.tf/zero.tf
/three.tf/zero.tf
/four.tf/zero.tf
/zero.tf
/one.tf/zero.tf/zero.tf
/two.tf/zero.tf/zero.tf
/three.tf/zero.tf/zero.tf
/four.tf/zero.tf/zero.tf
/five.tf/zero.tf/zero.tf
/zero.tf,/zero.tf
/four.tf,/five.tf
/nine.tf,/zero.tf
/one.tf/three.tf,/five.tf
/one.tf/eight.tf,/zero.tf
-- Target3)
16%
Adjusted ROCE
Q1
2024
Q1
2026
Q1
2025
• Operating margin  12.1% (12.0%).
• Net cash flow from operating activities  MSEK –446 (977). 
Mainly driven by restructuring and separation costs and 
working capital build-up.
• Basic earnings per share SEK 3.57 (3.95) and Adjusted 
 earnings per share SEK 4.25 (4.71).
• New segment reporting structure  effective from Q1 2026, 
read more on page 9.
1) In addition to the targets presented above, SKF has a dividend pay-out ratio 
target of around 50% of the Group’s average net profit calculated over a 
business cycle. The outcome for 2025 was 83% and the five-year average 
was 59%. For more information, see SKF Annual Report 2025.
2) Sales excluding effects of currency and divested businesses. 
3) Financial targets to be achieved over a business cycle.   
4) Excluding pension liabilities. 
5) CO2e emissions 2030 vs 2019. Latest figures are presented for the end  
of the previous quarter, 12 months rolling.
Financial overview
MSEK unless otherwise stated Q1 2026 Q1 2025
Net sales 21,873 23,966
Organic growth, % 2.4 −3.5
Adjusted operating profit 2,951 3,233
Adjusted operating margin, % 13.5 13.5
Operating profit 2,643 2,885
Operating margin, % 12.1 12.0
Adjusted net profit 2,047 2,296
Net profit 1,739 1,948
Net cash flow from operating activities −446 977
Basic earnings per share 3.57 3.95
Adjusted earnings per share 4.25 4.71
19 20 21 22 23 24  25
1 SKF Q1 2026 REPORT PUBLISHED 21 APRIL 2026

===== SIDA 2 =====

In Q1, we delivered a strong margin despite  
volatile markets, significant currency headwind 
and a relatively weak Automotive demand.  
Our solid performance was due to strong port -
folio management and continued cost actions, 
including rightsizing initiatives. At the same 
time, we continued to progress our strategic 
priorities. 
Strong margin driven by solid execution  
Organic sales growth in the quarter was 2.4%. Bearing 
Solutions reported positive organic growth, primarily driven  
by our regions in Asia that more than offset weaker activity 
levels in Europe. The continued strong organic growth within 
Specialized Industrial Solutions (SIS) was driven by Aerospace 
and Magnetic Solutions. This compensated for continued  
soft demand in Automotive, except for aftermarket products. 
Price/mix development was solid, mainly driven by tariff-  
related price increases and stronger after  market performance 
in SIS and Automotive.
The adjusted operating margin at 13.5% was flat, year-over-
year, despite a significant currency headwind in the quarter.  
I am very pleased that we had a higher pace in our rightsizing 
activities than initially expected. The savings of approximately 
MSEK 300 compensated for negative separation synergies, 
where the net effect was slightly positive. For the full year 2026, 
we expect that rightsizing savings will continue to be somewhat 
higher than the negative synergies. Additionally, Automotive’s 
margin was solid as we started to see benefits from operating 
it as a separate and more efficient business. It was also 
 positively impacted by pre-buy effects within the vehicle 
 aftermarket business. Finally, the SIS margin continued to 
improve, mainly driven by strong growth and positive mix 
within Aerospace. 
CEO Statement
Once again, we largely compensated for tariff costs in  
the quarter, and at current levels, we expect this to also be  
the case in Q2. Items affecting comparability (IAC) in Q1 
amounted to MSEK –300, including a capital gain from the  
Elgin divestment.
Cash flow from operations was weak at MSEK –446, mainly 
driven by restructuring and separation costs, working capital 
build-up due to separation-related safety stocks and high 
accounts receivable driven by strong sales towards the end  
of the quarter as well as timing effects in accounts payable.
“
 Focus on accelerating  
profitable growth and 
 improving efficiency
 
Continued strategy execution
During the quarter, we continued to execute our strategic 
 priorities, strengthening our position in high-value industrial 
segments and advancing the separation of our Automotive 
business. 
In the challenging market conditions, our Automotive busi -
ness has a clear focus on accelerating profitable growth and 
improving efficiency. The value of new contracts signed over 
the past year has increased significantly compared to before 
the separation was announced, supporting future growth and 
profitability. Our competitive offering, mainly in higher-growth 
and higher-margin areas, such as electric vehicles and com -
mercial vehicles, is one of the main contributors to the positive 
momentum. Our aftermarket position has further strengthened 
through new distribution agreements in key regions. As part of 
the ongoing Automotive separation, we recently announced the 
consolidation of our footprint in Americas to strengthen our 
long-term efficiency and competitiveness.  
Outlook
We expect market demand in Q2 to remain at similar levels  
as in Q1 as a whole. Consequently, we expect organic sales  
to be relatively unchanged in Q2, year-over-year, against more 
demanding comparables. However, geopolitical turmoil, 
 including the conflict in the Middle East, amplifies overall 
uncertainty.
Rickard Gustafson
President and CEO
2 SKF Q1 2026 REPORT

===== SIDA 3 =====

SKF Group
Net sales
Net sales amounted to MSEK 21,873 (23,966) and decreased  
by –8.7% compared to last year, whereof currency effects 
accounted for –9.9%. Organic sales were positive at 2.4%, 
where Bearing Solutions grew by 2.4%, Specialized Industrial 
Solutions grew by 8.7% driven mainly by continued positive 
price/mix, while Automotive declined by –2.1% due  
to continued soft market conditions. By geographic region, 
India and Southeast Asia grew by 9.5%, China and Northeast 
Asia grew by 4.5%, Americas grew by 4.0%, while Europe, 
Middle East and Africa declined by –1.1%. Impact from divested 
businesses was –1.2% on growth related to the divestment of 
the Aerospace business in Elgin, USA during Q1 this year and 
the divestment of the Aerospace business in Hanover, USA 
during Q2 last year.
MSEK %
Adjusted operating profit, MSEK
Adjusted operating margin 12 months rolling, %
0
1,000
2,000
3,000
4,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
0
2
4
6
8
10
12
14
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
-10
-5
0
5
10
15
MSEK
Net sales, MSEK
%
Organic growth, %
Operating profit
Operating profit was MSEK 2,643 (2,885). Operating profit 
included items affecting comparability of MSEK –308 (–348), 
whereof MSEK –464 (–145) related to the separation of the 
Automotive business, MSEK –81 related to the optimization  
of the Industrial footprint, MSEK –178 (–203) related to impair-
ments of fixed assets and other items affecting comparability 
as well as MSEK 415 related to sale of the Aerospace business  
in Elgin, USA. 
The adjusted operating profit was MSEK 2,951 (3,233).  
The adjusted operating profit was positively impacted by strong 
price/mix contribution and over-production within Bearing 
Solutions ahead of planned transfer of production channels to 
Automotive. Costs were relatively flat compared to last year. 
This as savings, mainly driven from rightsizing activities of 
approximately MSEK 300 but also from footprint activities,  
as well as lower material costs almost offset wage inflation, 
tariff costs and negative separation synergies. Tariffs were 
largely compensated for by price increases and other mitigating 
 activities. Adjusted operating profit was negatively impacted 
by continued significant currency headwind.
Adjusted operating profit and  
Adjusted operating margin
Net sales and Organic growth
Sales and Adjusted operating profit bridge 1)
MSEK Q1 2025 Organic 2) Cost development Currency impact Structure 3) Q1 2026
Net sales 23,966 584 −2,374 −303 21,873
Growth, % 2.4 −9.9 −1.2 −8.7
Adjusted operating profit 3,233 589 −17 −827 −27 2,951
Adjusted operating margin, % 13.5 13.5
Accretion/dilution, pp 2.1 –0.1 –2.1 0.1
1) Numbers are rounded.
2) Including production volumes. 
3) Including acquisitions and divestments of businesses.
Organic sales by region
In local currencies, change y-o-y, % Q1 2026
Europe, Middle East and Africa −1.1
The Americas 4.0
China and Northeast Asia 4.5
India and Southeast Asia 9.5
3 SKF Q1 2026 REPORT

===== SIDA 4 =====

SKF Group cont.
Financial net and tax
Financial income and expenses, net was MSEK –276 (–290). 
Taxes were MSEK –628 (–647) resulting in an effective tax rate 
of 26.6% (24.9%). 
  
Net profit for the period
Net profit for the quarter amounted to MSEK 1,739 (1,948), 
 corresponding to SEK 3.57 (3.95) in earnings per share. 
Adjusted earnings per share amounted to 4.25 (4.71).
Cash flow
Net cash flow from operating activities in the first quarter 
amounted to –446 MSEK (977). 
 Operating profit before depreciation, amortization and 
impairments was significantly lower in 2026 compared to 2025. 
Changes in working capital impacted negatively due to inventory 
build-up of separation related safety stocks, high accounts 
receivable driven by strong sales during the end of the quarter 
and decrease in accounts payable due to timing.  
Cash flow impact from items affecting comparability during  
the first quarter is estimated to be approximately MSEK –700. 
Net capital expenditure amounted to MSEK –772 (–916). 
Investing activities also included cash inflow of MSEK 302 from 
sale of property and MSEK 511 from sale of the Aerospace 
business in Elgin, USA, in the first quarter. 
Financial position
Net working capital in percentage of annual sales was 34.6% in 
March 2026 compared to 30.4% in March 2025 driven by higher 
levels of inventory and accounts receivable as a percentage  
of annual sales.
 As of 31 March 2026, SKF had a net debt of MSEK 12,584 
compared to MSEK 12,052 as of 1 January 2026. The increase 
in net debt was mainly related to cash outflow from operations, 
partly offset by cash inflow from sale of businesses. Provisions 
for post-employment benefits, net decreased by MSEK –107 
(–569) in the first quarter, mainly driven by actuarial gains due 
to increased discount rates.
0
5,000
10,000
15,000
20,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
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 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
MSEK
1) 12 months rolling
0
10,000
20,000
30,000
40,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
0
10
20
30
40
MSEK %
Net working capital
Net working capital 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 2026 31 Dec 2025 31 March 2025
Net working capital 12 months rolling sales, % 34.6 30.4 30.4
Adjusted ROCE, % 14.4 14.3 14.0
Net debt/equity, % 21.3 21.6 25.2
Net debt/equity, excluding post-employment benefits, % 10.7 10.2 13.1
Net debt/EBITDA 1.1 1.0 1.0
Net debt/Adjusted EBITDA 0.8 0.8 0.9
Operating cash flow
MSEK Q1 2026 Q1 2025
EBITDA 3,603 4,143
Taxes paid −580 −602
Non-cash items and other −1,175 −735
Changes in net working capital −2,294 −1,829
Net cash flow from operating activities −446 977
Payments for property, plant and equipment −772 −916
Other investing activities, net 813 313
Operating cash flow after investments −405 374
4 SKF Q1 2026 REPORT

===== SIDA 5 =====

From a customer industry perspective, industrial distribution 
contributed positively within aftermarket and service. 
Industrial mobility and defence was strong in the quarter, 
mainly driven by the positive contribution within the 
Aerospace business. Also, high-speed machinery and 
 electrical, driven by heating and cooling, as well as sustainable 
food supply, especially in agriculture, delivered strong organic 
growth in several regions.  
 Market conditions continued to be challenging for the 
 automotive market in general with low market demand for both 
commercial vehicles and light vehicles, especially driven by 
weakness in the Americas and Europe. Vehicle aftermarket 
grew in the quarter where solid development in Europe and the 
Americas was also supported by strong development in India 
and Southeast Asia.
Markets
Organic sales by customer industry 1)
Share of  
net sales  
by industry,%
Europe, Middle 
East and Africa The Americas
China and 
Northeast Asia
India and 
Southeast Asia
Share of net sales by region, % 44 28 18 10
Aftermarket and service 38 -- +/- +++ +/-
Industrial mobility and defence 11 ++ +++ +++ ---
High-speed machinery and electrical 6 +++ +++ -- +++
Heavy industries 2 +++ + --- +++
Sustainable food supply 3 +++ ++ ++ +++
Advanced technology 2 -- + --- --
Other industrial 13 + +++ --- +++
Light vehicles 12 --- +/- --- +++
Vehicle aftermarket 9 + ++ -- +++
Commercial vehicles 4 -- --- +++ +/-
Total +/- + ++ +++
1) For the quarter, in local currencies, changes year-over-year.
5 SKF Q1 2026 REPORT

===== SIDA 6 =====

0
2,500
5,000
7,500
10,000
12,500
15,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
MSEK %
Net sales, MSEK
Adjusted operating margin, %
Adjusted operating margin 12 months rolling, %
0
5
10
15
20
25
30
%
Bearing Solutions
Net sales
Bearing Solutions reported net sales of MSEK 11,868 (12,884). 
Organic growth was 2.4%, driven by both volumes and 
 price/ mix. Currency effects impacted net sales negatively by 
–10.3%. All geographical regions contributed with positive 
organic growth except for Europe, Middle East and Africa 
where organic sales declined compared to last year.  
Adjusted operating profit
The adjusted operating profit for the first quarter was  
MSEK 2,287 (2,499), with a corresponding adjusted operating 
margin of 19.3% (19.4%). Price/mix as well as over-production 
ahead of planned transfer of production channels to Automotive 
 contributed positively while cost development was negative 
compared to last year. Wage inflation, tariff costs and negative 
separation synergies were partly offset by savings from right -
sizing and footprint activities. Furthermore, currency effects had 
a significant negative impact on adjusted operating profit.
Key financials
MSEK Q1 2026 Q1 2025
Net sales 11,868 12,884
Organic growth, % 2.4 −4.8
Adjusted operating profit 2,287 2,499
Adjusted operating margin, % 19.3 19.4
Operating profit 2,056 2,378
Operating margin, % 17.3 18.5
Sales and Adjusted  operating profit bridge 1)
MSEK Q1 2025 Organic 2) Cost development Currency impact Structure 3) Q1 2026
Net sales 12,884 303 −1,319 11,868
Growth, % 2.4 −10.3 0.0 −7.9
Adjusted operating profit 2,499 376 −135 −453 2,287
Adjusted operating margin, %  19.4  19.3
Accretion/dilution, pp 2.5 –1.0 –1.5 0.0
1) Numbers are rounded.
2) Including production volumes.
3) Including acquisitions and divestments of businesses.
Organic sales by region
In local currencies, change y-o-y, % Q1 2026
Europe, Middle East and Africa -
The Americas +
China and Northeast Asia ++
India and Southeast Asia +++
Net sales and Adjusted operating margin
Share of  
Group net sales54% 77%54%
Share of  
Group adjusted 
operating profit54% 77%54%
6 SKF Q1 2026 REPORT

===== SIDA 7 =====

Specialized Industrial Solutions
Net sales
Specialized Industrial Solutions reported net sales of  
MSEK 4,450 (4,787). Organic growth was 8.7%, mainly driven 
by price/mix, higher volumes also contributed. Currency 
effects impacted net sales negatively by –9.4%. All business 
units, and in particular Aerospace and Magnetic Solutions, 
contributed with positive organic growth compared to  
last year.  
Adjusted operating profit
The adjusted operating profit for the first quarter was  
MSEK 594 (577), with a corresponding adjusted operating  
margin of 13.3% (12.1%). The margin increase was primarily 
driven by strong price/mix execution. Structural pruning and 
portfolio optimization initiatives over the past year contributed 
as well as growth within aftermarket. There was also positive 
mix driven by strong growth in the business units Aerospace 
and Magnetic Solutions. Cost development was negative as 
savings from rightsizing activities only partly compensated for 
wage inflation, tariff costs and negative separation synergies. 
Furthermore, currency effects had a significant negative 
impact on adjusted operating profit.
Key financials
MSEK Q1 2026 Q1 2025
Net sales 4,450 4,787
Organic growth, % 8.7 −0.6
Adjusted operating profit 594 577
Adjusted operating margin, % 13.3 12.1
Operating profit 997 546
Operating margin, % 22.4 11.4
Sales and Adjusted  operating profit bridge 1)
MSEK Q1 2025 Organic 2) Cost development Currency impact Structure 3) Q1 2026
Net sales 4,787 415 −449 −303 4,450
Growth, % 8.7 −9.4 −6.3 −7.0
Adjusted operating profit 577 317 −113 −160 −27 594
Adjusted operating margin, % 12.1 13.3
Accretion/dilution, pp 5.6 –2.4 –2.2 0.2
1) Numbers are rounded.
2) Including production volumes.
3) Including acquisitions and divestments of businesses. Related to the divestment of the Aerospace business in Elgin, USA during Q1 this year and the divestment of the 
Aerospace business in Hanover, USA during Q2 last year.
Organic sales by business unit
In local currencies, change y-o-y, % Q1 2026
Aerospace +++
Magnetic Solutions +++
Lubrication Lifetime Solutions +
Sealing Solutions +
Net sales and Adjusted operating margin
0
1,000
2,000
3,000
4,000
5,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
MSEK
Net sales, MSEK
Adjusted operating margin, %
0
3
6
9
12
15
%
Adjusted operating margin 12 months rolling, %
Share of  
Group net sales20% 20%
Share of  
Group adjusted 
operating profit20% 20%
7 SKF Q1 2026 REPORT

===== SIDA 8 =====

Automotive
Net sales
Automotive reported net sales of MSEK 5,857 (6,569). 
Currency effects impacted net sales negatively by –9.7%. 
The organic sales decline of –2.1% was driven by a continued 
weak market demand environment. Market conditions contin -
ued to be challenging in Europe. The negative growth in China 
was due to a strong Q1 last year. 
Adjusted operating profit
The adjusted operating profit for the first quarter was  
MSEK 292 (410), with a corresponding adjusted operating 
 margin of 5.0% (6.2%). The decline year-over-year was mainly 
driven by significant currency effects and under-absorption of 
fixed costs due to lower production volumes. Cost development 
was positive compared to last year, mainly driven by lower 
material costs and operational benefits from operating as a 
separate and more efficient business. This compensated for 
wage inflation and tariffs.
Key financials  
MSEK Q1 2026 Q1 2025
Net sales 5,857 6,569
Organic growth, % −2.1 −2.8
Adjusted operating profit 292 410
Adjusted operating margin, % 5.0 6.2
Operating profit −78 259
Operating margin, % −1.3 3.9
Sales and Adjusted operating profit bridge 1)
MSEK Q1 2025 Organic 2)
Cost 
development
Currency 
impact Structure 3) Q1 2026
Net sales 6,569 −104 −608 5,857
Growth, % −2.1 −9.7 0.0 −11.8
Adjusted operating profit 410 −104 201 −215 292
Adjusted operating margin, % 6.2 5.0
Accretion/dilution, pp –1.5 3.1 –2.7 0.0
1) Numbers are rounded.
2) Including production volumes. Internal trading is included in Net sales, Adjusted operating profit and Accretion/dilution.
3) Including acquisitions and divestments of businesses. 
Organic sales by region
In local currencies, change y-o-y, % Q1 2026
Europe, Middle East and Africa --
The Americas +
China and Northeast Asia -
India and Southeast Asia +/-
Net sales and Adjusted operating margin
0
2,000
4,000
6,000
8,000
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
MSEK
Net sales, MSEK
Adjusted operating margin, %
0
2
4
6
8
%
Adjusted operating margin 12 months rolling, %
Share of  
Group net sales26% 3%
Share of  
Group adjusted 
operating profit26% 10%
8 SKF Q1 2026 REPORT

===== SIDA 9 =====

New business segments
The new segment reporting structure, which became effective from Q1 2026, 
reflects the Group’s strategic focus and provides increased transparency ahead 
of the planned separation of the Automotive business. 
New segment structure 
Under the new structure, SKF will report three business segments including two 
industrial segments – Bearing Solutions and Specialized Industrial Solutions 
(SIS) – and one Automotive segment. SIS includes, as previously communicated, 
the stand-alone and strategic core businesses Aerospace, Lubrication Lifetime 
Solutions, Sealing Solutions, and Magnetic Solutions. 
In addition to the three business segments, corporate head office costs as well 
as internal sales between the Industrial segments and the Automotive segment 
are reported under “Other”. Previously, these costs and transactions were 
included in the business  segments. From 2026, Automotive carries their own 
 central costs, which are reported in the Automotive segment.  
Restated figures reflecting changes in financial reporting  
and business transfers 
The figures for 2024 and 2025 have been restated to enable comparability and to 
illustrate how the new segment reporting structure would have looked historically. 
The restated financial information has not been audited.
As part of the new reporting structure, SKF’s sealing business for automotive 
applications is transferred from the Automotive segment to SIS, since this business 
is part of the Seals operations. As a consequence, sales for the Automotive 
 segment in 2025 decreased with BSEK 2.4 (2.6). 
Other Group information
Significant events during the quarter
30 January 2026 – Nomination Committee’s proposal for Board of Directors  
of AB SKF
SKF’s Nomination Committee proposes that the Board of Directors shall consist  
of twelve members. New election is proposed of Karen Florschütz and Maximiliane  
Straub and re-election is proposed of Hans Stråberg, Håkan Buskhe, Mats Rahmström, 
Hock Goh, Geert Follens, Rickard Gustafson, Beth Ferreira, Therese Friberg, Richard 
Nilsson and Niko Pakalén. Hans Stråberg is proposed to be elected Chair of the  
Board of Directors.
30 January 2026 – Divestment completed
SKF has completed the previously announced divestment of its precision elastomeric 
device operation in Elgin, Illinois, USA. 
26 February 2026 – SKF Vertevo
It was announced that the name of the Automotive business as a stand-alone company 
will be SKF Vertevo.
9 March 2026 – Acquisition to strengthen the Condition Monitoring portfolio
SKF has signed an agreement to acquire G-Tech Instruments Inc., a leading specialist 
within condition monitoring and measuring instruments technology. G-Tech is a supplier 
to SKF and reported sales of approximately MUSD 10 in 2025 with a strong margin.  
The acquisition is expected to be completed within six months.
16 March 2026 – New business segments and restated figures
SKF has introduced a new segment reporting structure, effective from Q1 2026 and 
also published restated financial information for the new segments for 2024 and 2025.
Significant events after the quarter
7 April 2026 – Consolidates manufacturing footprint in Americas
SKF consolidates its manufacturing footprint in Americas to strengthen the long-term 
efficiency and competitiveness. The factory in Monterrey, Mexico, will be closed and 
manufacturing capacity will be relocated to Puebla and La Silla, Mexico.
More information on  
www.skf.com/group/investors
9 SKF Q1 2026 REPORT

===== SIDA 10 =====

SKF has a longstanding track record on understanding and reducing its 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 decarbonize 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 (Q4) reported, the total scope 1 and 2 emissions were further reduced, 
well ahead of the target trajectory. Scope 1 emissions are stable, while the increase of renewable 
electricity continues to contribute to further scope 2 reductions. For the full year, the most 
 significant additions of renewable electricity include India, China, Bulgaria and Malaysia.  
In addition, energy efficiency has continued to improve. The impact on emissions associated 
with energy consumption from production variations was small, with main developments being 
related to increased sourcing of renewable electricity. 
Decarbonized operations (scope 1 and 2) 1)
CO 2 e target,
2030 vs 2019
–95% 
Thousand tonnes 
CO 2 e
 Equivalent 
energy GWh
0
100
200
300
400
500
203020292028202720262025202420232022202120202019
0
500
1,000
1,500
2,000
Actual full year, thousand tonnes CO 2 e
Total energy consumption, GWh
SBTi trajectory, thousand tonnes CO 2 e
1)  Latest figures are presented for the end of the previous quarter, 12 months rolling.
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 overcome 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/sustainability
Decarbonized operations 2030Outlook and  guidance
Outlook
• Q2 2026: We expect market demand to remain at similar levels as in Q1 as  
a whole. Consequently, we expect organic sales to be relatively unchanged 
year-over-year, against more demanding comparables. However, geopolitical 
 turmoil, including the conflict in the Middle East, amplifies overall uncertainty.  
Guidance Q2 2026
• Currency impact on the operating profit: around MSEK –100, year-over-year, 
based on exchange rates as per 31 March 2026. 
 
Guidance FY 2026
• Tax level excluding effects related to divested  businesses and separation of  
the Automotive business: around 28%. 
• Additions to property, plant and  equipment: around BSEK 5.
• Items affecting comparability related to the Automotive separation and 
 footprint  optimization: BSEK –2.5 to –3. This is within the frame communicated  
at CMD 2025.
Previous outlook and guidance  statement 
Outlook
• Q1 2026: We expect market demand to remain at similar levels as in Q4. 
Consequently, we expect organic sales to strengthen somewhat year-over-year, 
supported by more favourable comparables.
 
Guidance Q1 2026
• Currency impact on the operating profit: around MSEK –800, year-over-year, 
based on exchange rates as per 31 December 2025. 
 
Guidance FY 2026
• Tax level excluding effects related to divested businesses and separation of the 
Automotive business: around 28%.
• Additions to property, plant and equipment: around BSEK 5.
• Items affecting comparability related to the Automotive separation and  
footprint  optimization: BSEK –2.5 to –3. This is within the frame communicated  
at CMD 2025.
10  SKF Q1 2026 REPORT

===== SIDA 11 =====

MSEK Jan-Mar 2026 Jan-Mar 2025
Net sales 21,873 23,966
Cost of goods sold −15,460 −16,830
Gross profit 6,413 7,136
Research and development expenses −759 −849
Selling and administrative expenses −3,238 −3,448
Other operating income/expenses, net 227 46
Operating profit 2,643 2,885
Financial net −276 −290
Profit before taxes 2,367 2,595
Income taxes −628 −647
Net profit 1,739 1,948
Net profit attributable to:
Shareholders of AB SKF 1,627 1,796
Non-controlling interests 112 152
Basic earnings per share (SEK)1) 3.57 3.95
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 2026 Jan-Mar 2025
Net profit 1,739 1,948
Items that will not be reclassified to the income statement:
Remeasurements (actuarial gains and losses) 143 189
Assets at fair value through other comprehensive income 0 −309
Income taxes −58 −39
85 −159
Items that may be reclassified to the income statement:
Exchange differences arising on translation of foreign operations 1,677 −4,641
1,677 −4,641
Other comprehensive income, net of tax 1,762 −4,800
Total comprehensive income 3,501 –2,852
Shareholders of AB SKF 3,377 −2,794
Non-controlling interests 124 −58
Condensed consolidated  
income statements
Financial statements – SKF Group
Condensed consolidated statements 
of comprehensive income
11  SKF Q1 2026 REPORT

===== SIDA 12 =====

MSEK March 2026 December 2025 March 2025
Goodwill 11,259 10,925 11,574
Other intangible assets 3,504 3,487 4,169
Property, plant and equipment 28,436 27,785 28,152
Right-of-use asset leases 2,908 2,900 3,211
Deferred tax assets 4,422 4,095 3,436
Other non-current assets 3,265 2,693 2,488
Non-current assets 53,794 51,885 53,030
Inventories 25,100 23,677 24,845
Trade receivables 16,841 15,408 16,761
Other current assets 6,625 5,780 5,756
Other current financial assets 9,000 9,466 11,143
Current assets 57,566 54,331 58,505
Assets classified as held for sale — 206 1,654
Total assets 111,360 106,422 113,189
Equity attributable to shareholders of AB SKF 56,938 53,558 56,898
Equity attributable to non-controlling interests 2,235 2,110 2,262
Long-term financial liabilities 13,408 14,168 14,397
Provisions for post-employment benefits 7,123 7,004 7,917
Provisions for deferred taxes 2,105 1,955 1,800
Other long-term liabilities and provisions 1,993 1,870 1,209
Non-current liabilities 24,629 24,997 25,323
Trade payables 10,954 11,207 11,783
Short-term financial liabilities 2,096 1,172 4,943
Other short-term liabilities and provisions 14,508 13,362 11,857
Current liabilities 27,558 25,741 28,583
Liabilities classified as held for sale — 16 123
Total equity and liabilities 111,360 106,422 113,189
MSEK Jan-Mar 2026 Jan-Mar 2025
Opening balance 1 January 55,670 61,969
Net profit 1,738 1,948
Hyperinflation adjustments 23 41
Components of other comprehensive income
Currency translation adjustments 1,677 –4,641
Change in FV OCI assets and cash flow hedges 0 –309
Remeasurements 143 189
Income taxes –58 –39
Transactions with shareholders
Non-controlling interest — 32
Cost for Performance Share Programmes, net –21 –30
Other 1 —
Closing balance 31 March 59,173 59,160
Condensed consolidated  
balance sheets
Condensed consolidated statements 
of changes in shareholders’ equity
12  SKF Q1 2026 REPORT

===== SIDA 13 =====

MSEK Jan-Mar 2026 Jan-Mar 2025
Operating activities:
Operating profit 2,643 2,885
Non-cash items:
Depreciation, amortization and impairment 960 1,258
Net loss/gain (—) on sales of PPE and businesses −348 −263
Other non-cash items −130 89
Income taxes paid −580 −602
Interest received 12 46
Interest paid −77 −146
Other −632 −461
Changes in working capital: −2,294 −1,829
Inventories −782 −589
Accounts receivable −1,026 −1,415
Accounts payable −528 36
Other operating assets/liabilities 42 139
Net cash flow from operating activities −446 977
Investing activities:
Payments for property, plant and equipment −772 −916
Payments for intangible assets and businesses 0 −1
Sales of property, plant and equipment 302 314
Sales of business net of cash and taxes 511 0
Net cash flow used in investing activities 41 −603
Net cash flow after investments before financing −405 374
MSEK Jan-Mar 2026 Jan-Mar 2025
Financing activities:
Proceeds from short- and long-term loans 3 53
Repayments of short- and long-term loans –121 –41
Repayment leases –199 –233
Investments in financial assets –41 –107
Sales of financial assets 39 14
Net cash flow used in financing activities –319 –314
Net cash flow –724 60
Change in cash and cash equivalents:
Cash and cash equivalents at 1 January 8,984 11,031
Cash effect excl. acquired/sold businesses –1,235 60
Cash effect of acquired/sold businesses 511 —
Exchange rate effect 127 –398
Cash and cash equivalents at 31 March 8,387 10,693
Change in Net debt
Closing 
balance 31 
March 2026
Other non-
cash 
changes
Acquired/
sold 
businesses
Cash 
changes
Exchange 
rate effect
Opening 
balance 
1 January 
2026
Loans, long- and short-term 12,115 −4 — −118 148 12,089
Post-employment benefits, net 6,265 130 — −330 93 6,372
Lease liabilities 2,906 126 — −199 84 2,895
Financial assets, other −315 3 — 15 −13 −320
Cash and cash equivalents −8,387 — −511 1,235 −127 −8,984
Net debt 12,584 255 −511 603 185 12,052
Condensed consolidated statements of cash flow
13  SKF Q1 2026 REPORT

===== SIDA 14 =====

MSEK unless otherwise stated Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Net sales 25,606 23,692 24,725 23,966 23,166 22,482 21 969 21,873
Cost of goods sold −18,736 −17,145 −17,864 −16,830 −17,524 −16,389 −16,315 −15,460
Gross profit 6,870 6,547 6,861 7,136 5,642 6,093 5,654 6,413
Gross margin, % 26.8 27.6 27.8 29.8 24.4 27.1 25.7 29.3
Research and development expenses −870 −782 −848 −849 −910 −820 −830 −759
Selling and administrative expenses −3,411 −3,225 −3,494 −3,448 −3,926 −3,089 −3,155 −3,238
as % of sales 13.3 13.6 14.1 14.4 16.9 13.7 14.4 14.8
Other operating income/expenses, net −100 −14 −188 46 494 −177 −106 227
Operating profit 2,489 2,526 2,331 2,885 1,300 2,007 1,563 2,643
Operating margin, % 9.7 10.7 9.4 12.0 5.6 8.9 7.1 12.1
Adjusted operating profit 3,324 2,821 2,735 3,233 3,090 2,762 2,588 2,951
Adjusted operating margin, % 13.0 11.9 11.1 13.5 13.3 12.3 11.8 13.5
Financial net −377 −285 −317 −290 −441 −320 −279 −276
Profit before taxes 2,112 2,241 2,014 2,595 859 1,687 1,284 2,367
Profit margin before taxes, % 8.2 9.5 8.1 10.8 3.7 7.5 5.8 10.8
Income taxes −449 −610 −423 −647 −276 −560 −693 −628
Net profit 1,663 1,631 1,591 1,948 583 1,127 591 1,739
Net profit attributable to:
Shareholders of AB SKF 1,529 1,550 1,507 1,796 516 1,047 568 1,627
Non-controlling interests 134 81 84 152 67 80 23 112
Condensed consolidated financial information
Share data
Jan-Mar 2026 Jan-Mar 2025
Total number of shares:  455,351,068   455,351,068 
 whereof A shares  28,918,320   28,930,844 
 whereof B shares  426,432,748   426,420,224 
Basic earnings per share (SEK)1) 3.57 3.95
Diluted earnings per share (SEK)2) 3.57 3.95
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) divided 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.
14  SKF Q1 2026 REPORT

===== SIDA 15 =====

Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Net sales, MSEK 25,606 23,692 24,725 23,966 23,166 22,482 21,969 21,873
Organic growth, % −6.6 −4.4 −3.1 −3.5 −0.2 2.0 0.0 2.4
Adjusted EBITDA, MSEK 4,326 3,831 3,833 4,298 4,088 3,763 3,600 3,894
Adjusted EBITDA margin, % 16.9 16.2 15.5 17.9 17.6 16.7 16.4 17.8
Adjusted operating profit, MSEK 3,324 2,821 2,735 3,233 3,090 2,762 2,588 2,951
Adjusted operating margin, % 13.0 11.9 11.1 13.5 13.3 12.3 11.8 13.5
Items affecting comparability, MSEK −835 −295 −405 −348 −1,790 −755 −1,026 −308
Operating profit 2,489 2,526 2,331 2,885 1,300 2,007 1,563 2,643
Operating margin, % 9.7 10.7 9.4 12.0 5.6 8.9 7.1 12.1
Adjusted earnings per share, SEK 5.19 4.05 4.20 4.71 5.06 3.96 3.50 4.25
Basic earnings per share, SEK 3.36 3.40 3.31 3.95 1.13 2.30 1.25 3.57
Dividend per share, SEK 7.50 — — — 7.75 — — —
Share price at the end of the period, SEK 212.8 202.0 207.6 202.2 217.1 233.2 245.8 224.2
Net working capital 12 months rolling sales, % 31.9 31.5 30.6 30.4 31.6 32.0 30.4 34.6
Adjusted ROCE, % 14.7 14.6 14.2 14.0 13.9 14.0 14.3 14.4
ROCE, % 11.9 11.9 12.1 11.9 10.7 10.2 9.6 9.6
ROE, % 10.6 10.4 11.7 11.5 9.7 9.0 7.4 7.2
Gearing, % 32.2 32.1 30.9 30.5 32.5 28.6 27.7 26.5
Equity/assets ratio, % 50.9 50.9 51.9 52.3 49.7 52.4 52.3 53.1
Additions to property, plant and equipment, MSEK 1,305 1,420 1,364 916 930 964 1,011 772
Net debt/equity, % 32.8 30.0 26.6 25.2 28.0 25.9 21.6 21.3
Net debt/equity, excluding post-employment benefits, % 18.6 16.2 14.1 13.1 14.4 13.3 10.2 10.7
Net debt, MSEK 18,937 17,291 16,472 14,933 15,491 14,515 12,052 12,584
Net debt/EBITDA 1.3 1.2 1.1 1.0 1.1 1.1 1.0 1.1
Net debt/Adjusted EBITDA 1.1 1.0 1.0 0.9 1.0 0.9 0.8 0.8
Registered number of employees 39,589 39,198 38,743 38,426 38,008 37,842 37,271 36,927
Definitions, see page 21.
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 www.skf.com/group/investors .
Key figures 
15  SKF Q1 2026 REPORT

===== SIDA 16 =====

Reporting by segments
Bearing Solutions Specialized Industrial Solutions Automotive Other 1) Group
MSEK unless otherwise stated Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025
Sales, external 11,868 12,884 4,450 4,787 5,555 6,295 21,873 23,966
Sales, internal 302 274 −302 −274
Sales 11,868 12,884 4,450 4,787 5,857 6,569 −302 −274 21,873 23,966
Organic growth, % 2.4 −4.8 8.7 −0.6 −2.1 −2.8 2.4 −3.5
Currency impact, % −10.3 0.2 −9.4 1.1 −9.7 −1.1 −9.9
Structure, % −6.3 2.5 −1.2 0.5
Adjusted operating profit 2,287 2,499 594 577 292 410 −222 −254 2,951 3,233
Adjusted operating margin, % 19.3 19.4 13.3 12.1 5.0 6.2 13.5 13.5
Items affecting comparability −231 −121 403 −31 −370 −151 −110 −44 −308 −348
Operating profit 2,056 2,378 997 546 −78 259 −332 −298 2,643 2,885
Operating profit margin, % 17.3 18.5 22.4 11.4 −1.3 3.4 12.1 12.0
Financial net −276 −290
Profit before taxes 2,367 2,595
1) Corporate head office costs, internal sales to Automotive, which will be reported at external sales as from point of separation, as well as elimination of internal transactions.
16  SKF Q1 2026 REPORT

===== SIDA 17 =====

Bearing Solutions
MSEK unless otherwise stated Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Net sales  13,958   12,805   13,553   12,884   12,767   12,227   12,136  11,868
Organic growth, %          –4.8   1.0   2.7   0.8  2.4
Adjusted operating profit  2,532   2,210   2,333   2,499   2,570   2,290   2,245  2,287
Adjusted operating margin, %  18.1   17.3   17.2   19.4   20.1   18.7   18.5  19.3
Items affecting comparability –643  –163  –217  –121  –1,231  –280  –530  −231
Operating profit  1,889   2,047   2,116   2,378   1,339   2,010   1,715  2,056
Operating margin, %  13.5   16.0   15.6   18.5   10.5   16.4   14.1  17.3
Adjusted EBITDA  3,047   2,745   2,923   3,048   3,092   2,813   2,774   2,809 
Adjusted EBITDA margin, %  21.8   21.4   21.6   23.7   24.2   23.0   22.9   23.7 
Assets and liabilities, net  36,260   34,855   36,291   34,333   33,363   33,421   32,458   33,672 
Registered number of employees  21,160   20,818   20,470   19,920   19,642   19,528   19,255   18,887 
Specialized Industrial Solutions
MSEK unless otherwise stated Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Net sales  4,684   4,356   4,601   4,787   4,491   4,335   4,358  4,450
Organic growth, %    –0.6   5.5   6.8   6.2  8.7
Adjusted operating profit  484   428   403   577   462   504   474  594
Adjusted operating margin, %  10.3   9.8   8.8   12.1   10.3   11.6   10.9  13.3
Items affecting comparability –105  –72  –23  –31   532  –82  –24  403
Operating profit  379   356   380   546   994   422   450  997
Operating margin, %  8.1   8.2   8.3   11.4   22.1   9.7   10.3  22.4
Adjusted EBITDA  712   659   643   817   674   716   691   758 
Adjusted EBITDA margin, %  15.2   15.1   14.0   17.1   15.0   16.5   15.9   17.0 
Assets and liabilities, net  20,485   20,137   20,600   19,375   18,713   18,643   18,310   19,198 
Registered number of employees  8,344   8,276   8,293   8,284   8,096   8,182   8,142   8,053 
1) Previously published figures for 2024 and 2025 have been restated to reflect the new segment reporting structure.
Segment information – quarterly figures1)
17  SKF Q1 2026 REPORT

===== SIDA 18 =====

Automotive
MSEK unless otherwise stated Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26
Net sales  7,244   6,809   6,833   6,569   6,182   6,178   5,701  5,857
Organic growth, % –2.8  –6.4  –2.5  –6.1  −2.1
Adjusted operating profit  527   389   187   410   329   208   80  292
Adjusted operating margin, %  7.3   5.7   2.7   6.2   5.3   3.4   1.4  5.0
Items affecting comparability –68  –53  –128  –151  –595  –367  –447  −370
Operating profit  459   336   59   259  -266  -159  -367  −78
Operating margin, %  6.3   4.9   0.9   3.9  –4.3  –2.6  –6.4  −1.3
Adjusted EBITDA  713   556   375   601   508   388   260   468 
Adjusted EBITDA margin, %  9.8   8.2   5.5   9.1   8.2   6.3   4.6  8.0
Assets and liabilities, net  14,759   14,348   14,739   14,031   13,164   12,966   11,644   13,185 
Registered number of employees  7,714   7,699   7,581   7,592   7,597   7,472   7,204   7,565 
1) Previously published figures for 2024 and 2025 have been restated to reflect the new segment reporting structure.
Segment information – quarterly figures1)
18  SKF Q1 2026 REPORT

===== SIDA 19 =====

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%.  
No top-up tax has been included in the financial statements  
for the first quarter 2026. SKF Group has analyzed the 
 financial figures and concluded that the Group is not expecting 
any additional material top-up tax during 2026. 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 2025, 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 2025.
NOTE 3  Risks and uncertainties in the    business
SKF operates in many different industries and geographical 
areas. As a result, the Group is exposed to various types of 
risks. SKF appreciates that there are risks associated with the 
macro environment such as the geopolitical landscape, the 
state of global markets and significant industry and techno -
logical 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 regula -
tory 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 www.skf.com/group/investors . 
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  Divestment of business
In January, SKF completed the previously announced divest -
ment of its precision elastomeric device operation in Elgin, 
Illinois, USA. The divestment within the Aerospace business 
resulted in a total cash inflow of MSEK 691 whereof MSEK 180 
is outstanding to be received during the second quarter. The 
divestment resulted in a net gain of MSEK 415 and is included 
in the operating profit as other operating income and reported 
as items affecting comparability within the Specialized 
Industrial Solutions segment.
NOTE 5  Subsequent events 
In April 2026, it was announced that SKF consolidates its 
manufacturing footprint in Americas to strengthen the long-
term efficiency and competitiveness. The factory in 
Monterrey, Mexico, will be closed and manufacturing capacity 
will be relocated to Puebla and La Silla, Mexico. The cost for 
the consolidation of approximately BSEK 0.5 will be reported 
as Items affecting comparability during Q2.
Gothenburg, 21 April 2026
Aktiebolaget SKF (publ)
Rickard Gustafson
President and CEO
This report has not been reviewed  
by AB SKF’s auditors.
19  SKF Q1 2026 REPORT

===== SIDA 20 =====

MSEK Jan-Mar 2026 Jan-Mar 2025
Revenue 2,135 1,951
Cost of revenue −1,022 −1,333
General management and administrative expenses −471 −477
Other operating income/expenses, net 7 21
Operating profit 649 162
Financial income and expenses, net −27 120
Profit before taxes 622 282
Income taxes −127 −18
Net profit 495 264
Parent Company condensed  
income statements
Parent Company condensed  
balance sheets
Parent Company condensed  
statements of comprehensive income
MSEK Jan-Mar 2026 Jan-Mar 2025
Net profit 495 264
Items that will not be reclassified to the income statement:
Assets at fair value through other comprehensive income — −309
Other comprehensive income, net of tax 495 −45
Total comprehensive income 495 −45
MSEK March 2026 December 2025 March 2025
Intangible assets 486 531 666
Investments in subsidiaries 26,175 26,014 20,777
Receivables from subsidiaries 10,901 11,668 11,748
Other non-current assets 718 753 710
Non-current assets 38,280 38,966 33,901
Receivables from subsidiaries 3,824 5,015 7,751
Other receivables 516 511 553
Current assets 4,340 5,526 8,304
Total assets 42,260 44,492 42,205
Shareholders’ equity 28,436 28,023 24,819
Provisions 801 817 760
Non-current liabilities 10,899 11,666 11,746
Current liabilities 2,484 3,986 4,880
Total shareholders’ equity, provisions and liabilities 42,620 44,492 42,205
Financial statements – Parent Company
20  SKF Q1 2026 REPORT

===== SIDA 21 =====

Alternative performance measures and definitions
Adjusted earnings/loss per share in SEK 
Basic earnings per share excluding items 
affecting comparability.
Adjusted EBITDA (Earnings before 
interest, taxes, depreciation and   
amortization) 
Operating profit excluding items affecting 
comparability before depreciations, amor -
tizations, and impairments.
Adjusted EBITDA margin
Adjusted EBITDA  as a percentage of 
twelve months’ rolling net sales.
Adjusted operating margin 
Operating profit margin excluding items 
 affecting  comparability.
Adjusted operating profit 
Operating profit 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. 
Capital employed 
Twelve months rolling average of total 
assets less the average of non-interest 
bearing liabilities.
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.
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/Adjusted EBITDA 
Net debt, in relation to 12 months  rolling 
EBITDA excluding Items affecting 
 comparability.
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 as % of annual 
sales (NWC) 
Trade receivables plus inventory minus 
trade payables as a percentage of twelve 
months’ rolling net sales.
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 
acquired 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 
 average 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.
Revenue growth 
Sales excluding effects of currency and 
divested businesses. 
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 
 indirectly, 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 
 products and services represents 
 management’s best estimate based on 
 current information about the future 
demand from our customers.
For reconciliations of other Key ratios,  
see www.skf.com/group/investors
21  SKF Q1 2026 REPORT

===== SIDA 22 =====

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 every step 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 2025:
• Net sales MSEK 91,583  
• 37,271 employees
• > 17,000 distributors
® SKF is a registered trademark of AB SKF (publ). © SKF Group 2026. 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 2026. 
Q1 webcast
21 April at 08:30 CEST
To follow the presentation via webcast:
Viewing SKF Q1 2026 Results
Dial-in to participate via telephone:
Sweden  +46 (0)8 5051 0031
UK/International  +44 (0)207 107 0613 
More information on  
www.skf.com/group/investors
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 statements 
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
 21 April 2026 Annual General Meeting 2026
 17 July 2026 Q2 report
 21 October 2026 Q3 report
27 January 2027 Q4 report 2026
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 21 April 2026 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 registration number 556007-3495