Kvartalsrapport Q3 2023

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

Nine-month
report 2023
 27 October 2023

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

-5
0
5
10
15
0
10
20
30
40
% % 
7.9
0
5
10
15
% 
13.3 11.513.1
8.5
 Thousand ton C0 2 e
Adjusted operating margin
11.0 9.7 10.1
2022 2419
0
5
10
15
20
% 
12.6 12.6 13.0 14.1 14.9
10.0
0
200
400
600
Q2 23 5)2022202120202019
419 380 368 327 299
Q3 23Q3 22 Q4 22 Q1 22 Q2 23
-0.6
17
Q3 23Q3 22 Q4 22 Q1 22 Q2 23 Q3 23Q3 22 Q4 22 Q1 22 Q2 23 Q3 23Q3 22 Q4 22 Q1 22 Q2 23
ROCE1)
TARGET 16%
Net zero by 20304) 
TARGET 0 BY 2030
Operating margin1)
TARGET  14 %
Revenue growth2)
TARGET  5%
Net debt/Equity 3) 
TARGET <40%
SKF’s long-term targets shall be achieved over a business cycle
1) Adjusted for items affecting comparability.  
2) Including acquisitions, adjusted for divestments.  
3) Excluding pension liabilities.    
4) Scope 1 & 2 C0 2e from all SKF manufacturing and logistics units.
5) 2023 figures relate to the latest 12 months period.
Financial overview
MSEK unless otherwise stated Q3 2023 Q3 2022 Jan-Sep 2023 Jan-Sep  2022
Net sales 25,771 24,975 79,443 71,572
Adjusted operating profit 2,956 2,131 10,049 7,662
Adjusted operating margin, % 11.5 8.5 12.6 10.7
Operating profit 2,567 1,929 9,159 6,463
Operating margin, % 10.0 7.7 11.5 9.0
Adjusted profit before taxes 2,582 1,820 8,855 6,799
Profit before taxes 2,193 1,618 7,965 5,600
Net cash flow from operating activities 3,435 1,268 9,846 2,290
Basic earnings per share 3.64 2.41 12.67 7.85
Adjusted earnings per share 4.49 2.86 14.62 10.49
 
Q3 2023
• Net sales SEK 25,771 million (24,975) .
• Organic growth -0.6% (11.0%).
• Adjusted operating profit SEK 2,956 
million (2,131).
• Operating profit SEK 2,567 million (1,929).
• Adjusted operating margin 11.5% (8.5%).  
- Industrial 13.7%  (10.8%). 
- Automotive 6.2%  (3.1%).
• Operating margin 10.0% (7.7%).  
- Industrial 11.6% (9.7%).  
- Automotive 6.1% (2.9%).
• Net cash flow from operations SEK 3,435 
million (1,268).
• Basic earnings per share SEK 3.64 (2.41).  
Nine-month 2023
• Net sales SEK 79,443 million (71,572).
• Organic growth 5.7% (7.6%).
• Adjusted operating profit SEK 10,049 
million ( 7,662).
• Operating profit SEK 9,159 million (6,463).
• Adjusted operating margin 12.6% (10,7%).  
- Industrial 15.5%  (13.7%). 
- Automotive 5.7%  (3.0%).
• Operating margin 11.5% (9.0%).  
- Industrial 14.0% (11.9%).  
- Automotive 5.5% (1.8%).
• Net cash flow from operations SEK 9,846 
million (2,290).
• Basic earnings per share SEK 12.67 (7.85).  
2 SKF NINE-MONTH REPORT 2023

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

During the quarter we continued to see a slowdown in 
demand from a weakening economic sentiment and custom -
ers reducing their inventories. Despite this, our profitability 
was resilient, and our cash flow remained strong as we  
continued to manage costs, prune the portfolio and reduce 
working capital whilst continuing to invest in innovation  
and further improving our manufacturing footprint as  
part of our strategic transformation and new decentralized 
way of working.
Solid performance in a challenging market environment 
Net sales increased in the quarter to SEK 25.8 billion (25.0) 
with organic growth being relatively flat (-0.6%). Volumes 
turned negative in all regions and were compensated for by  
a maintained strong price and portfolio management.
Our Business in Europe, the Middle East and Africa 
remained resilient with organic sales growth of 4%, driven by 
a strong performance in Railway and Aerospace. India and 
Southeast Asia also continued to perform well with organic 
growth of 5% driven by strong demand in Mining. Organic 
growth in China and Northeast Asia declined 5% driven by  
a sharper than expected slowdown in Wind. In Americas, we 
noted a negative growth by 4% driven by OEM customers 
destocking and a phase out of lower profit businesses. 
The adjusted operating profit in the third quarter was  
3.0 billion (2.1) with a margin of 11.5% (8.5%). Pricing, cost 
management and continuing portfolio pruning actions  
contributed positively to profitability, offset by declining  
volumes and some negative business mix effects. As an 
example, we saw lower growth rates in our high margin 
Industrial businesses  versus our Automotive business. 
Our Industrial business remained resilient and delivered 
an adjusted operating margin of 14% (11%) despite negative 
organic growth. Our ongoing portfolio re-positioning within our 
Automotive business continues and the adjusted operating 
margin improved to 6% compared to 3% in the same quarter 
last year. 
Cash flow from operations was a strong SEK 3.4 billion 
(1.3) as we continued our activities to improve net working 
capital, mainly through reduced inventories. 
Resilient margins and strong cash flow despite slowdown in demand 
In the quarter we were also affected by the increased  
geopolitical tension in the world. In August our factory in 
Lutsk, Ukraine, was hit by a Russian missile attack. Three  
of our colleagues were killed and the factory was damaged. 
After the attack, production was suspended and alternative 
supply chain options and re-routing of production from  
Lutsk to other factories were quickly activated to mitigate 
any negative impact on our customers. 
Continuing our strategic journey
In the quarter we continued to implement and execute our 
strategy. Investments were made in technology and innova-
tion where we have many interesting projects in the pipeline, 
contributing to the overall profitability and supporting several 
high-growth segments, such as Railway, Agriculture and 
Machine Tools. 
We also continue to invest in sustainability and further 
regionalizing of our manufacturing footprint. As an example, 
our greenfield factory investments in Monterrey, Mexico, 
which now has been inaugurated, will make our customer 
offer and position in North America even stronger.
In many industries, effective monitoring of assets and  
predictive maintenance are key to unlocking financial and 
environmental benefits. We see a strong demand for our 
asset monitoring services, and we recently signed a five-year 
agreement with the international mining and mineral group, 
LKAB, to develop monitoring solutions for all their assets. 
Previously we announced a strategic review of our Aero -
space business. I am pleased to report back the conclusions 
and outcome from this review. The Aerospace Industry is a 
high-growth, high-tech industry, where we have a strong and 
unique position. 
To leverage our full potential within this industry, we 
intend to put even more emphasis on our core segments, 
Aeroengine bearings and Aerostructures. We have already 
initiated numerous pricing and contract management 
actions, that will step up the profitability further in the near 
term. In addition, these areas, will be further strengthened 
through accelerated investments. 
In our strategic review, we have also identified some 
high-quality business lines, with strong market positions in 
their respective niches, but that fall outside of our core 
Aerospace offering. We will explore strategic options to exit 
these attractive but non-core business lines, representing 
annual sales of approximately SEK 1 billion, or some 20% of 
SKF’s current Aerospace business.
I’m convinced, that by focusing on our core business, and 
seeking strategic options to areas outside of our core, we will 
unlock the full potential of our Aerospace business. 
I would like to thank all SKF employees for their hard work and 
ability to mitigate the impact of the gradual weakening of demand 
and the attack on our Ukraine factory in the third quarter. Going 
into the final quarter of the year, we expect a continued lower 
demand scenario, and volatility and geopolitical uncertainty 
continue to impact the markets in which we operate. 
Outlook 
Looking into the fourth quarter of 2023, we expect a low  
single-digit organic sales decline. For the full year, we expect  
a mid to low single-digit organic sales growth, compared  
to 2022. Beyond 2023, we expect continued volatility and 
geopolitical uncertainty where we are preparing the business 
for different scenarios to be able to act accordingly as the  
situation develops.   
Rickard Gustafson
President and CEO
3 SKF NINE-MONTH REPORT 2023

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

Financial performance 
Key figures
30 Sep 
2023
30 June 
2023
30 Sep 
2022
Net working capital, % of  
12 months rolling sales 31.2 32.7 35.6
ROCE for the 12-month 
period, %1) 14.9 14.1 12.6
Net debt/equity, % 30.8 35.4 35.2
Net debt/equity, excluding 
post-employment benefits, % 16.9 20.4 21.6
Net debt/EBITDA, % 1.2 1.4 1.5
1) Adjusted for items affecting comparability.  
Third quarter 2023
Operating profit for the third quarter was SEK 2,567 million (1,929). 
Operating profit included items affecting comparability of SEK 
-389 million (-202), whereof SEK -389 million (-154) related to on-
going restructuring and cost reduction activities mainly in Europe, 
SEK -18 million (-48) related to impairments and SEK +18 million 
related to the divestment of business within lubrication. 
 The adjusted operating profit for the third quarter was SEK 
2,956 million (2,131). The adjusted operating profit was positively 
impacted by price and customer mix which was partly offset by 
lower sales and manufacturing volumes. It was also positively 
impacted by cost decreases where energy and logistic costs were 
lower, material costs were flat while salaries and wages were 
higher than last year. The adjusted operating profit was negatively 
impacted by currency effects.
Nine-month 2023
Operating profit for the first nine months was SEK 9,159 million 
(6,463). Operating profit included items affecting comparability of 
SEK -889 million (-1,198), whereof SEK -889 million (-449) related 
to ongoing restructuring and cost reduction activities mainly in 
Europe, SEK -18 million (-74) related to impairments and customer 
settlements and SEK +18 million related to the divestment of 
business within lubrication. For 2022 it also included SEK -675 
million related to the divestment of the business in Russia. 
 The adjusted operating profit for the first nine months was SEK 
10,049 million (7,662). The adjusted operating profit was positively 
impacted by price, customer mix and currency effects. Adjusted 
operating profit was negatively impacted by sales and manufac -
turing volumes and cost increases, mainly related to wages and 
salaries and material costs, partly offset by decreases in energy 
and logistics costs.
Adjusted operating profit  bridge, MSEK Q3
2022 2,131
Currency impact -70
Divested businesses –
Organic sales & Manufacturing volumes 387
Cost development 508
2023 2,956
Adjusted operating profit  bridge, MSEK 2023
2022 7,662
Currency impact 61
Divested businesses 10
Organic sales & Manufacturing volumes 4,589
Cost development -2,273
2023 10,049
• Financial income and expense, net, was SEK -374 million (-311). 
Interest expenses was higher in the third quarter 2023, compared 
to the third quarter 2022.
• Taxes in the quarter was SEK -460 million (-394) resulting in an 
effective tax rate of 21.0% (24.3%). 
• Net cash flow from operating activities in the third quarter was 
SEK 3,435 million (1,268). The improved cash flow is mainly 
driven by higher operating profit as well as positive changes in 
working capital where the most positive impact is coming from 
changes in inventories.
• Net working capital in percent of annual sales was 31.2% in  
the third quarter compared to 35.6% in the third quarter 2022. 
The ratio was positively affected by lower inventory levels in 
relation to sales compared to last year. 
• Provisions for post-employment benefits, net, decreased by  
SEK -541 million (-707) driven by currency effects and actuarial 
gains on gross obligation due to higher discount rates.
• Financial income and expense, net, was SEK -1,194 million 
(-863). Exchange rate fluctuations had a more negative  
effect in 2023 compared to 2022 and interest expenses  
was significantly higher during 2023. 
• Taxes in the first nine months was SEK -1,911 million (-1,729) 
resulting in an effective tax rate of 24.0% (30.9%). The tax rate 
in 2022 was negatively impacted by the loss from divestment 
of business in Russia. 
• Net cash flow from operating activities was SEK 9,846 million 
(2,290). The improved cash flow is mainly driven by higher 
operating profit as well as positive changes in working capital 
where the most positive impact is coming from changes in 
inventories.
• Net working capital in percent of annual sales was 31.2%  
in September 2023 compared to 35.6% in September 2022.  
The ratio was positively affected by lower inventory levels  
in relation to sales compared to last year.
• Provisions for post-employment benefits, net, decreased by 
SEK -537 million (-4,197) in the first nine months driven by 
actuarial gains on gross obligation due to changed discount 
rates as well as payments.
4 SKF NINE-MONTH REPORT 2023

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

India & Southeast 
Asia 9 %
Light vehicles 4 9 %
Vehicle 
aftermarket 34%
C ommercial 
vechicles 17%
Europe, 
Middle East 
& Africa 37%
India & Southeast 
Asia 12%
The Americas 34%
China & 
Northeast 
Asia 17%
Europe, 
Middle East 
& Africa 38%
The Americas 30%
China & 
Northeast 
Asia 23%
Aerospace 8 %
Industrial 
distribution 3 7 %
Other  6%
Automation 2 %
Marine 3 %
Material handling 3%
Traditional energy 3%
Off-highway 4%
Agri, food and 
beverage 5 %
Renewable energy 5%
Railway 8%
High-speed machinery 
& electrical drives 8 %
Heavy industries 8 %
Q3 Jan-Sep 2023
Net sales, change y-o-y, % Organic 1) Structure Currency Total Organic 1) Structure Currency Total
SKF Group -0.6 0.1 3.7 3.2 5.7 -0.6 6.0 11.1
Industrial -2.1 0.1 4.0 2.0 4.3 -0.6 5.9 9.6
Automotive 3.1 0.0 2.8 5.9 9.4 -0.7 6.1 14.8
1) Price, mix and volume
Q3 Jan-Sep 2023
Organic sales in local currencies, change y-o-y, %
Europe, 
Middle 
East &  
 Africa
The  
Americas
China &   
Northeast 
Asia
India & 
Southeast 
Asia
Europe, 
Middle 
East &  
 Africa
The  
Americas
China &   
Northeast 
Asia
India & 
Southeast 
Asia
SKF Group 3.7 -3.6 -5.5 4.6 9.1 1.7 3.5 9.5
Industrial + - -- + ++ +/- + +++
Automotive +++ +/- +/- +++ +++ ++ ++ +++
Q3 Jan-Sep 2023
Customer industries
Europe, 
Middle 
East &  
 Africa
The  
Americas
China &   
Northeast 
Asia
India & 
Southeast 
Asia
Europe, 
Middle 
East &  
 Africa
The  
Americas
China &   
Northeast 
Asia
India & 
Southeast 
Asia
Organic sales in local currencies, change y-o-y:
Industrial distribution +/- + +++ +/- + ++ +++ ++
High-speed machinery & electrical drives --- --- --- ++ -- --- --- ++
Other ++ --- --- + + --- --- ++
Renewable energy --- --- --- --- --- --- +/- ++
Heavy industries - +/- --- +++ ++ +++ --- +++
Aerospace +++ ++ +++ +/- +++ + +++ +/-
Railway +++ -- +++ +/- +++ +++ +++ +++
Agriculture, food and beverage --- --- --- + - --- --- +++
Off-highway ++ +/- --- +++ +++ - --- +++
Marine - -- +/- +/- +++ --- +++ +/-
Material handling ++ --- --- +++ +++ -- +/- +++
Automation --- - --- +++ - +/- +++ +++
Traditional energy +++ -- +++ --- +++ +++ ++ ---
Light vehicles +++ - --- +++ +++ ++ - +++
Vehicle aftermarket +++ ++ +++ +/- +++ +++ +++ +/-
Commercial vehicles ++ --- +++ - +++ --- +++ --
Sales
Net sales by customer industry for Automotive Q3 2023
Net sales by region for Automotive Q3 2023
Net sales by region for Industrial Q3 2023
Net sales by customer industry for Industrial Q3 2023
5 SKF NINE-MONTH REPORT 2023

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

Industrial 
Comments on organic sales in local currencies in  
the third  quarter 2023, compared to the third  
quarter 2022 
Europe, Middle East & Africa
Overall, sales were slightly higher in the quarter. By industry, 
sales to aerospace, railway and traditional energy were 
 significantly higher. Sales to other, off-highway and material 
handling were higher while sales to industrial distribution 
was relatively unchanged. Sales to heavy industries and 
marine were slightly lower while sales to high-speed machinery 
& electrical drives, renewable energy, agriculture, food  
& beverage, and automation were significantly lower 
 compared to Q3 2022.    
The Americas
Overall, sales were slightly lower in the quarter. By industry, 
sales to aerospace were higher, to industrial distribution it 
was slightly higher and to heavy industries and off-highway it 
was relatively unchanged. To automation it was slightly lower 
and to railway, marine and traditional energy it was lower. 
Sales to high-speed machinery & electrical drives, other, 
renewable energy, agriculture, food & beverage, and material 
handling were all significantly lower compared to Q3 2022. 
China & Northeast Asia
Overall, sales were lower in the quarter. By industry, sales  
to industrial distribution, aerospace, railway and traditional 
energy were significantly higher while sales to marine were 
relatively unchanged. Sales to all other industrial segments 
were significantly lower compared to Q3 2022.  
India & Southeast Asia
Overall, sales were slightly higher in the quarter. By industry, 
sales to heavy industries, off-highway, material handling and 
automation were significantly higher. Sales to high-speed 
machinery & electrical drives were higher while sales to  
other and agriculture, food & beverage were slightly higher.  
To industrial distribution, aerospace, railway and marine it  
was relatively unchanged while sales to renewable energy  
and traditional energy were significantly lower compared  
to Q3 2022.
Segment information
1)
 
MSEK unless otherwise stated
Industrial Automotive
 Q3 2023 Q3 2022
Jan-Sep  
2023
Jan-Sep  
2022 Q3 2023 Q3 2022
Jan-Sep  
2023
Jan-Sep  
2022
Net sales 18,102 17,735 56,250 51,369 7,669 7,240 23,193 20,203
Adjusted operating profit 2,480 1,907 8,735 7,054 476 224 1,314 608
Adjusted operating margin, % 13.7 10.8 15.5 13.7 6.2 3.1 5.7 3.0
Operating profit 2,100 1,716 7,889 6,102 467 213 1,270 360
Operating margin, % 11.6 9.7 14.0 11.9 6.1 2.9 5.5 1.8
1) Previously published figures for 2022 have been restated to reflect change in responsibilities for factories and Group functions in accordance with new organizational structure.
Automotive
Comments on organic sales in local currencies in  
the third quarter 2023, compared to the third  
quarter 2022
Europe, Middle East & Africa
Sales in the quarter were significantly higher compared to  
last year with significantly higher sales to light vehicles and the 
vehicle aftermarket and higher sales to commercial vehicles.  
The Americas
Sales in the quarter were relatively unchanged compared to 
last year, with higher sales to the vehicle aftermarket, slightly 
lower sales to light vehicles and significantly lower sales to 
commercial vehicles. 
China & Northeast Asia
Sales in the quarter were relatively unchanged compared to 
last year. Sales to the vehicle aftermarket and commercial 
vehicles were significantly higher while sales to light vehicles 
were significantly lower. 
India & Southeast Asia
Sales in the quarter were significantly higher compared to 
last year with significantly higher sales to light vehicles.  
To the vehicle aftermarket it was relatively unchanged while 
sales to commercial vehicles were slightly lower.
6 SKF NINE-MONTH REPORT 2023

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

Industrial 
Comments on adjusted operating profit 2023, compared  
to 2022
Third quarter 2023
The adjusted operating profit for the third quarter was  
SEK 2,480 million (1,907). The adjusted operating profit was 
 positively impacted by price and customer mix and lower  
costs for energy and logistics. Adjusted operating profit was 
negatively impacted by lower sales and production volume  
and higher salaries and wages.
Automotive 
Comments on adjusted operating profit 2023, compared  
to 2022
Third quarter 2023
The adjusted operating profit for the third quarter was  
SEK 476 million (224). The adjusted operating profit was  
positively impacted by price and customer mix, lower costs  
for energy and logistics, offset by higher costs for material  
and salaries and wages.
Adjusted operating profit bridge, MSEK Q3
2022 1,907
Currency -52
Divested businesses –
Organic sales & Manufacturing volumes 130
Cost development 495
2023 2,480
Adjusted operating profit bridge, MSEK Q3
2022 224
Currency -18
Divested businesses –
Organic sales & Manufacturing volumes 257
Cost development 13
2023 476
Nine-month 2023
The adjusted operating profit for the first nine months was  
SEK 8,735 million (7,054). The adjusted operating profit was 
positively impacted by price, customer mix and currency 
effects. Adjusted operating profit was negatively impacted  
by sales and production volume as well as wages and salaries 
and material costs.
Nine-month 2023
The adjusted operating profit for the first nine months was  
SEK 1,314 million (608). The adjusted operating profit was 
 positively impacted by sales and manufacturing volumes, price 
and customer mix. Adjusted operating profit was negatively 
impacted by wages and salaries and material costs. 
Adjusted operating profit bridge, MSEK 2023
2022 7,054
Currency 72
Divested businesses 8
Organic sales & Manufacturing volumes 2,815
Cost development -1,214
2023 8,735
Adjusted operating profit bridge, MSEK 2023
2022 608
Currency -11
Divested businesses 2
Organic sales & Manufacturing volumes 1,774
Cost development -1,059
2023 1,314
7 SKF NINE-MONTH REPORT 2023

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

Outlook and  
Guidance 
Demand for Q4 2023 compared to Q4 2022  
Looking into the fourth quarter of 2023, we expect a low 
single-digit organic sales decline.   
 
Guidance for Q4 2023 
Currency impact on the operating profit is expected to  
be around SEK 150 million negative compared with the  
fourth quarter 2022, based on exchange rates per  
30 September 2023. 
Guidance 2023
• For the full year, we expect a mid to low single-digit 
organic sales growth, compared to 2022. 
• Tax level excluding effects related to divested businesses:  
around 25%. 
• Additions to property, plant and equipment:  
around SEK 5,5 billion. 
Previous outlook and 
guidance statement 
Demand for Q3 2023 compared to Q3 2022  
Looking into the third quarter of 2023, we expect mid 
single-digit organic sales growth. 
Guidance for Q3 2023 
Currency impact on the operating profit is expected to  
be around SEK 150 million negative compared with the  
third quarter 2022, based on exchange rates per  
30 June 2023. 
Guidance 2023
• For the full year, we expect high single-digit organic sales 
growth, compared to 2022.
• Tax level excluding effects related to divested businesses:  
around 27%. 
• Additions to property, plant and equipment:  
around SEK 5,5 billion. 
8 SKF NINE-MONTH REPORT 2023

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

12 July 2023
Divestment
SKF has signed an agreement to divest Spandau Pumpen  
to EBARA Pumps Europe S.p.A. The divestment is a strategic 
realignment and part of SKF’s decision to focus on its core 
lubrication business such as automatic lubrication systems 
and components, lubricants, and lubrication tools.
28 August 2023
Agreement for data-driven maintenance 
The mining and mineral group LKAB has entered into an 
agreement with SKF regarding a collaboration to develop 
data-driven maintenance. The five-year agreement covers  
all the facilities within LKAB and is intended to build up 
 operating data and decision-support systems for optimized 
maintenance in order to reduce costs, energy consumption 
and environmental impact. 
31 August 2023
New Head of Investor Relations 
Sophie Arnius has been appointed Head of Investor Relations, 
starting latest 24 February 2024. Sophie joins SKF from 
Electrolux and she succeeds Patrik Stenberg who will 
 continue in his role as Director, Mergers & Acquisitions.
4 October 2023
SKF inaugurates factory in Monterrey, Mexico
SKF has inaugurated its new facility in Monterrey, Mexico, a 
greenfield factory investment totaling SEK 700 million. This 
will support SKF’s strategic development in the Americas 
and meet customer needs as focus on electrification 
increases. 
Significant events
9 SKF NINE-MONTH REPORT 2023

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

0
3
6
9
12
 2023 Q3 2)202220212020 1)
SEK billion
 Thousand ton C0 2 e Equivalent energy GWh
9.1 9.2 10.1
 Thousand ton C0 2 e
 Equivalent energy GWh
10.9
0
100,000
200,000
300,000
400,000
2023 Q2202220212020
0
0.25
0.50
0.75
1
 2023 Q3 1)202220212020
0.75 0.67 0.68 0.69
0
500
1,000
1,500
2,000
0
3
6
9
12
 2023 Q3 2)202220212020 1)
SEK billion
 Thousand ton C0 2 e Equivalent energy GWh
9.1 9.2 10.1
 Thousand ton C0 2 e
 Equivalent energy GWh
10.9
0
100,000
200,000
300,000
400,000
2023 Q2202220212020
0
0.25
0.50
0.75
1
 2023 Q3 1)202220212020
0.75 0.67 0.68 0.69
0
500
1,000
1,500
2,000
0
3
6
9
12
 2023 Q3 2)202220212020 1)
SEK billion
 Thousand ton C0 2 e Equivalent energy GWh
9.1 9.2 10.1
 Thousand ton C0 2 e
 Equivalent energy GWh
10.9
0
100,000
200,000
300,000
400,000
2023 Q2202220212020
0
0.25
0.50
0.75
1
 2023 Q3 1)202220212020
0.75 0.67 0.68 0.69
0
500
1,000
1,500
2,000
Sustainability performance
SKF has been publicly reporting on sustainability performance for many years in the Group’s 
annual report, on skf.com and in various other forums. Reflecting the increasing operational  
and strategic importance of these issues, the Group is now including certain related KPI’s  
also in the quarterly report. 
Cleantech revenues  
Cleantech includes revenues from key areas, such as: 
renewable energy, electric vehicles, electric railway, 
 recycling industry, bearing remanufacturing, RecondOil 
and magnetic bearing solutions.
1) Previously published figures have been restated based on adaptation of  
the scope to better reflect and align with the sectors in the EU Taxonomy.
2)  2023 figures relate to the latest 12 months period.
Accident rate
The accident rate measures the number of recordable  
accidents per 100 employees per year.  
1)  2023 figures relate to the latest 12 months period.
CO2 emissions, Equivalent energy
CO2 emissions 1) for SKF’s operations (Scope 1 and 2 
according to the Greenhouse Gas protocol) and total 
energy use for the same scope are presented in the  
graph. SKF continues to make good progress towards the 
Group’s goal to have decarbonized operations by 2030.
1)  Due to external reporting constraints, this data is presented for the  
end of the previous quarter.
SKF is main partner to Gothia Cup, the world’s largest youth  
football tournament. SKF also arranges Meet the World, an  
initiative that gives hundreds of young people from around the 
world a chance to participate in the Gothia Cup every year 
through local qualification tournaments. 10 SKF NINE-MONTH REPORT 2023

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

Condensed consolidated  
income statements
MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Net sales 25,771 24,975 79,443 71,572
Cost of goods sold -19,454 -19,223 -58,940 -53,453
Gross profit 6,317 5,752 20,503 18,119
Research and development 
expenses -785 -779 -2,455 -2,350
Selling and administrative expenses -2,920 -2,831 -8,939 -8,704
Other operating income/    
expenses, net -45 -213 50 -602
Operating profit 2,567 1,929 9,159 6,463
Financial income and expenses, net -374 -311 -1,194 -863
Profit before taxes 2,193 1,618 7,965 5,600
Income taxes -460 -394 -1,911 -1,729
Net profit 1,733 1,224 6,054 3,871
Net profit attributable to:
Shareholders of AB SKF 1,657 1,099 5,771 3,576
Non-controlling interests 76 125 283 295
Basic earnings per share (SEK)1) 3.64 2.41 12.67 7.85
1) Shares from the Performance Share Programme are not considered dilutive, therefore, diluted earnings  
per share is equal to basic earnings per share.
Condensed consolidated statements 
of comprehensive income
MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Net profit 1,733 1,224 6,054 3,871
Items that will not be reclassified  
to the income statement:
Remeasurements (actuarial gains  
and losses) 295 696 667 4,907
Income taxes -68 -52 -148 -1,136
227 644 519 3,771
Items that may be reclassified to 
the income statement:
Exchange differences arising on 
translation of foreign operations -1,405 1,688 485 5,117
Assets at fair value through other 
comprehensive income -63 10 -50 28
Income taxes – 1 – 4
-1,468 1,699 435 5,149
Other comprehensive income,  
net of tax -1,241 2,343 954 8,920
Total comprehensive income 492 3,567 7,008 12,791
Shareholders of  AB SKF 453 3,361 6,678 12,300
Non-controlling interests 39 206 330 491
11 SKF NINE-MONTH REPORT 2023

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

Condensed consolidated  
balance sheets
MSEK September 2023 December 2022
Goodwill 12,766 12,351
Other intangible assets 5,526 5,842
Property, plant and equipment 27,638 24,897
Right-of-use asset leases 3,171 3,084
Deferred tax assets 3,028 3,173
Other non-current assets 2,049 1,781
Non-current assets 54,178 51,128
Inventories 25,345 26,052
Trade receivables 18,560 16,905
Other current assets 6,621 5,614
Other current financial assets 12,213 11,224
Current assets 62,739 59,795
Total assets 116,917 110,923
Equity attributable to shareholders of  AB SKF 55,865 51,927
Equity attributable to non-controlling interests 2,313 2,116
Long-term financial liabilities 18,868 21,219
Provisions for post-employment benefits 8,349 8,748
Provisions for deferred taxes 1,387 1,365
Other long-term liabilities and provisions 1,597 1,108
Non-current liabilities 30,201 32,440
Trade payables 11,195 11,594
Short-term financial liabilities 4,272 916
Other short-term liabilities and provisions 13,071 11,930
Current liabilities 28,538 24,440
Total equity and liabilities 116,917 110,923
Condensed consolidated statements  
of changes in shareholders’ equity
MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Opening balance 1 July/1 January 57,647 51,575 54,043 45,364
Net profit 1,733 1,224 6,053 3,871
Hyperinflation adjustments 171 137 446 298
Components of other  
comprehensive income
Currency translation adjustments -1,405 1,688 485 5,117
Change in FV OCI assets and cash 
flow hedges -63 10 -50 28
Remeasurements 295 696 667 4,907
Income taxes -68 -51 -148 -1,132
Other – – – –
Transactions with shareholders
Non-controlling interest – – – –
Cost for Performance Share 
Programmes, net 2 21 2 47
Dividends -133 -45 -3,321 -3,244
Other -1 – 1 –
Closing balance 30 September 58,178 55,256 58,178 55,256
12 SKF NINE-MONTH REPORT 2023

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

MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Operating activities:
Operating profit 2,567 1,929 9,159 6,463
Non-cash items:
Depreciation, amortization and 
impairment 1,079 977 3,018 2,735
Net loss/gain (-) on sales of PPE  
and businesses -15 -12 -44 602
Other non-cash items -19 112 707 545
Income taxes paid -746 -645 -2,354 -1,898
Interest received 278 55 410 59
Interest paid -333 -80 -626 -178
Other -146 -646 -362 -1,673
Changes in working capital: 770 -422 -62 -4,365
Inventories 936 17 1,108 -3,254
Accounts receivable 798 26 -1,483 -2,588
Accounts payable    -1,040 -510 -530 1,138
Other operating assets/liabilities 76 45 843 339
Net cash flow from operating 
activities
3,435 1,268 9,846 2,290
Investing activities:
Payments for intangible assets, 
PPE, businesses and equity 
securities -1,135 -1,396 -4,280 -3,987
Sales of PPE, businesses and  
equity securities 27 65 95 17
Net cash flow used in investing 
activities -1,108 -1,331 -4,185 -3,970
Net cash flow after investments 
before financing
2,327 -63 5,661 -1,680
MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Financing activities:
Proceeds from short- and  
long-term loans 31 4,322 108 4,350
Repayments of short- and  
long-term loans -26 -9 -120 -101
Repayment leases -249 -163 -659 -549
Cash dividends -133 -44 -3,320 -3,243
Other financing items -212 -198 -212 -198
Investments in short-term  
financial assets 90 -107 -326 -202
Sales of short-term financial assets 5 18 311 79
Net cash flow used in financing 
activities
-494 3,819 -4,218 136
Net cash flow 1,833 3,756 1,443 -1,544
Change in cash and cash 
equivalents:
Cash and cash equivalents at  
1 July/1 January 9,878 8,167 10,255 13,219
Cash effect excl. acquired/sold 
businesses 1,833 3,756 1,443 -1,405
Cash effect of acquired/sold 
businesses – – – -139
Exchange rate effect -122 52 -109 300
Cash and cash equivalents at  
30 September
11,589 11,975 11,589 11,975
Change in Net debt
Closing  
balance  
30 September 
2023
Other  
non-cash  
changes
Acquired/
sold 
 businesses
Cash   
changes 
Translation  
effect
Opening  
balance  
1 January 
2023
Loans, long- and short-term 18,858 10 – -12 514 18,346
Post-employment benefits, net 8,084 -115 – -657 235 8,621
Lease liabilities 3,024 688 – -659 74 2,921
Financial assets, others -484 11 – -23 127 -599
Cash and cash equivalents -11,589 – – -1,443 109 -10,255
Net debt 17,893 594 – -2,794 1,059 19,034
Condensed consolidated statements of cash flow
13 SKF NINE-MONTH REPORT 2023

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

Condensed consolidated financial information 
MSEK unless otherwise stated
Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23
Net sales 20,986 22,942 23,655 24,975 25,361 26,549 27,123 25,771
Cost of goods sold -15,310 -16,453 -17,777 -19,223 -19,012 -19,428 -20,058 -19,454
Gross profit 5,676 6,489 5,878 5,752 6,349 7,121 7,065 6,317
Gross margin, % 27.0 28.3 24.9 23.0 25.0 26.8 26.0 24.5
Research and development expenses -766 -765 -806 -779 -827 -806 -864 -785
Selling and administrative expenses -2,736 -2,779 -3,094 -2,831 -3,319 -2,941 -3,077 -2,920
- as % of sales 13.0 12.1 13.1 11.3 13.1 11.1 11.3 11.3
Other operating income/ expenses, net 420 8 -397 -213 -134 5 89 -45
Operating profit 2,594 2,953 1,581 1,929 2,069 3,379 3,213 2,567
Operating margin, % 12.4 12.9 6.7 7.7 8.2 12.7 11.8 10.0
Adjusted operating profit 2,260 3,058 2,473 2,131 2,542 3,478 3,614 2,956
Adjusted operating margin, % 10.8 13.3 10.5 8.5 10.0 13.1 13.3 11.5
Financial net -266 -68 -484 -311 -376 -437 -383 -374
Profit before taxes 2,328 2,885 1,097 1,618 1,693 2,942 2,830 2,193
Profit margin before taxes, % 11.1 12.6 4.6 6.5 6.7 11.1 10.4 8.5
Income taxes -559 -824 -511 -394 -709 -783 -668 -460
Net profit 1,769 2,061 586 1,224 984 2,159 2,162 1,733
Net profit attributable to:
Shareholders of AB SKF 1,705 1,984 493 1,099 893 2,073 2,042 1,657
Non-controlling interests 64 77 93 125 91 86 120 76
14 SKF NINE-MONTH REPORT 2023

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

Reconciliation of profit before taxes for the Group
MSEK Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23
Operating profit:
Industrial 1) 2,433 2,685 1,702 1,716 1,771 3,134 2,655 2,100
Automotive 1) 161 268 -121 213 298 245 558 467
Financial net -266 -68 -484 -311 -376 -437 -383 -374
Profit before taxes for the Group 2,328 2,885 1,097 1,618 1,693 2,942 2,830 2,193
1) Previously published figures for 2021 and 2022 have been restated to reflect change in responsibilities for factories and Group functions in accordance with new organizational structure.
Number of shares
Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Total number of shares: 455,351,068 455,351,068 455,351,068 455,351,068
 -  whereof A shares 29,383,933 29,403,933 29,383,933 29,403,933
 -  whereof B shares 425,967,135 425,947,135 425,967,135 425,947,135
Weighted average number of shares in:
 -  basic earnings per share 455,351,068 455,351,068 455,351,068 455,351,068
15 SKF NINE-MONTH REPORT 2023

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

Key figures 
Definitions, see page 20
Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23
EBITDA, MSEK 3,479 3,814 2,478 2,906 3,118 4,377 4,154 3,645
EBITA, MSEK 2,742 3,104 1,741 2,094 2,234 3,541 3,377 2,732
Adjusted operating profit, MSEK 2,260 3,058 2,473 2,131 2,542 3,478 3,614 2,956
Adjusted operating margin, % 10.8 13.3 10.5 8.5 10.0 13.1 13.3 11.5
Basic earnings per share, SEK 3.74 4.36 1.08 2.41 1.96 4.55 4.48 3.64
Adjusted earnings per share, SEK 3.01 4.59 2.90 2.86 3.00 4.77 5.36 4.49
Dividend per share, SEK – 7.00 – – – 7.00 – –
Net worth per share, SEK 96 98 109 117 114 113 121 123
Share price at the end of the period, SEK 214.5 153.9 150.5 150.3 159.2 204.0 187.6 182.2
NWC, % of 12 months rolling sales 30.7 34.3 35.7 35.6 32.4 32.4 32.7 31.2
ROCE for the 12-month period, % 14.8 14.8 12.7 11.5 10.6 11.0 12.7 13.3
ROE for the 12-month period, % 18.8 18.3 13.8 11.7 9.5 9.4 12.0 12.6
Gearing, % 40.5 39.0 35.2 36.6 35.6 35.9 34.9 34.0
Equity/assets ratio, % 45.5 45.7 48.2 47.7 48.7 47.9 48.7 49.8
Additions to property, plant and equipment, MSEK 1,138 1,023 1,372 1,288 1,347 1,498 1,608 1,167
Net debt/equity, % 38.3 45.0 37.7 35.2 35.2 39.8 35.4 30.8
Net debt, MSEK 17,360 20,787 19,444 19,441 19,034 21,303 20,393 17,893
Net debt/EBITDA 1.2 1.4 1.5 1.5 1.5 1.7 1.4 1.2
Registered number of employees 42,602 42,763 42,602 42,885 42,641 42,083 41,675 41,141
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.
16 SKF NINE-MONTH REPORT 2023

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

Segment information – quarterly figures 
1)
 
MSEK unless otherwise stated
Industrial Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23
Net sales 15,135 16,520 17,114 17,735 18,147 18,968 19,180 18,102
Adjusted operating profit 2,164 2,775 2,372 1,907 2,159 3,208 3,047 2,480
Adjusted operating margin, % 14.3 16.8 13.9 10.8 11.9 16.9 15.9 13.7
Operating profit 2,433 2,685 1,702 1,716 1,771 3,134 2,655 2,100
Operating margin, % 16.1 16.3 9.9 9.7 9.8 16.5 13.8 11.6
Assets and liabilities, net 43,410 47,426 49,450 52,016 50,469 53,584 56,318 54,622
Registered number of employees 35,539 35,700 35,845 36,166 35,991 35,571 35,443 34,872
Automotive Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23
Net sales 5,851 6,422 6,541 7,240 7,214 7,581 7,943 7,669
Adjusted operating profit 96 283 101 224 383 270 568 476
Adjusted operating margin, % 1.6 4.4 1.5 3.1 5.3 3.6 7.1 6.2
Operating profit 161 268 -121 213 298 245 558 467
Operating margin, % 5.0 4.2 -1.8 2.9 4.1 3.2 7.0 6.1
Assets and liabilities, net 10,591 12,236 14,852 15,951 15,177 15,288 15,948 15,706
Registered number of employees 3,989 3,983 4,027 4,063 4,023 4,002 3,919 3,931
1) Previously published figures for 2021 and 2022 have been restated to reflect change in responsibilities for factories and Group functions in accordance with new organizational structure.
17 SKF NINE-MONTH REPORT 2023

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

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 
2023. None of these have a material effect on the SKF Group´s 
financial statements.
 Valuation principles and classifications of the financial 
instruments, as described in SKF Annual report 2022, have 
been consistently applied throughout the reporting period. 
There are no major changes in fair value during the period.
Note 2  Transactions with relates parties
No significant change is present for transactions with  
related parties in relation to disclosure provided in Annual 
Report 2022.
Note 3  Risks and uncertainties in the business
The SKF Group operates in many different industrial and 
geographical areas that are at different stages of the 
economic cycle. A general economic downturn at global 
level, for example caused by a pandemic, or in one of the 
world’s leading economies, could reduce the demand for the 
Group’s products, solutions and services for a period of time. 
In addition, terrorism and other hostilities, as well as distur -
bances in worldwide financial markets and natural disasters, 
could have a negative effect on the demand for the Group’s 
products and services. There are also political and regulatory 
risks associated with the wide geographical presence. 
The SKF Group is subject to both transaction and trans-
lation of currency exposure. For commercial flows the SKF 
Group is primarily exposed to the EUR, USD and CNY. As the 
major part of the profit is made outside Sweden, the Group is 
also exposed to translational risks in all the major currencies. 
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. 
SKF is subject to an investigation in Brazil by the General 
Superintendence of the Administrative Council for Economic 
Defense, regarding an alleged violation of antitrust rules  
by several companies active on the automotive aftermarket  
in Brazil.
SKF’s operations are affected by the ongoing conflict in 
Ukraine. SKF operates in Ukraine with approximately 1,000 
employees. Sales in Ukraine amounted to less than 0.1% of 
SKF’s total sales in 2022. SKF’s factory in Lutsk, Ukraine, 
accounted for a production volume of approximately 0.5% of 
SKF’s total production volume in 2022. In August there was an 
attack on the city of Lutsk in Ukraine and our factory was hit 
by a missile. The factory has not been producing since then 
and it is still not clear when the production can be resumed. 
An impairment of SEK -18 million of the assets destroyed in 
the attack has been included in the Q3 result. 
Gothenburg, 27 October 2023
Aktiebolaget SKF (publ)
Rickard Gustafson
President and CEO
 
This report has not been reviewed by AB SKF’s auditors.
18 SKF NINE-MONTH REPORT 2023

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

Parent Company condensed  
income statements
MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Net sales 1,617 1,077 5,956 4,731
Cost of goods sold -1,457 -1,412 -4,607 -4,400
General management and 
administrative expenses -486 -404 -1,503 -1,238
Other operating income/expenses, net 4 -1 3 11
Operating profit -322 -740 -151 -896
Financial income and expenses, net 883 944 896 1,103
Profit before taxes 561 204 745 207
Appropriations – – – –
Income taxes 69 144 32 177
Net profit 630 348 777 384
Parent Company condensed state-
ments of comprehensive income
MSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022
Net profit 630 348 777 384
Items that may be reclassified to the 
income statement:
Assets at fair value through other 
comprehensive income -64 10 -51 28
Other comprehensive income,  
net of tax 566 358 726 412
Total comprehensive income 566 358 726 412
Parent Company condensed  
balance sheets
MSEK September 2023 December 2022
Intangible assets 1,077 1,234
Investments in subsidiaries 22,437 22,441
Receivables from subsidiaries 15,919 18,388
Other non-current assets 982 927
Non-current assets 40,415 42,990
Receivables from subsidiaries 4,912 5,555
Other receivables 489 358
Current assets 5,401 5,913
Total assets 45,816 48,903
Shareholders' equity 23,672 26,117
Provisions 753 666
Non-current liabilities 15,915 18,386
Current liabilities 5,476 3,734
Total shareholders' equity, provisions and liabilities 45,816 48,903
19 SKF NINE-MONTH REPORT 2023

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

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.
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 transaction 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, restructuring costs, impairments and write-offs, currency 
exchange rate 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, as a percentage of twelve months rolling EBITDA.
Net debt/equity
Net debt, as a percentage of equity.
Net worth per share (Equity per share)
Equity excluding non-controlling interests divided by the 
ordinary number of shares.
Net working capital as % of 12 month rolling sales (NWC)
Trade receivables plus inventory minus trade payables as a 
 percentage of twelve months rolling net sales.
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 twelve 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 twelve months 
 rolling average of equity.
SKF demand outlook
The demand outlook for SKF´s products and services 
 represents management’s best estimate based on current 
information about the future demand from our customers. 
The demand outlook is the expected volume development 
in the markets where our  customers operate.
For reconciliations of other Key Ratios,  
see investors.skf.com/en
Cautionary statement
This report contains forward-looking statements  
that are based on the current expectations of the 
management of SKF. Although management believes 
that the expectations reflected in such forward-looking 
statements are reasonable, no assurance can be 
given that such expectations will prove to have been 
correct. Accordingly, results could differ materially from 
those implied in the forward-looking statements as a 
result of, among other factors, changes in economic, 
market and competitive conditions, changes  in 
the regulatory environment and other government 
actions, fluctuations in exchange rates and other 
factors mentioned in SKF’s latest annual report 
(available on investors.skf.com/en), including under 
the Administration Report; “Risk management” and 
in this report under “Risks and uncertainties in  
the business.”
20 SKF NINE-MONTH REPORT 2023

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

This is SKF
SKF is a world-leading provider of innovative solutions that 
help industries become more competitive and sustainable. 
By making products lighter, more efficient, longer lasting, 
and repairable, we help our customers improve their rotating 
equipment performance and reduce their environmental 
impact. Our offering around the rotating shaft includes 
bearings, seals, lubrication management, condition 
 monitoring, and services.  
Quick facts
Founded 1907
Represented in more than 129 countries 
Net sales in 2022: SEK 96,933 million  
42,641 employees
15 technical centers
77 manufacturing sites
> 17,000 distributors 
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 
For further information, please contact:
INVESTOR RELATIONS: Patrik Stenberg, Director,  
SKF Group Investor Relations and Mergers & Acquisitions
tel:  46 31 337 2104 mobile: 46 705 472 104 
e-mail: patrik.stenberg@skf.com
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31 337 2517 mobile: 46 722 201 893  
e-mail: carl.bjernstam@skf.com
® SKF is a registered trademark of AB SKF (publ). © SKF Group 2023. 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. October 2023. 
SKF and LKAB have been long-term partners, and the newly signed agreement will encompass advanced condition monitoring of around 
12,000 measurement points in critical rotary mechanical equipment in all the facilities in Malmfälten. SKF’s service technicians will analyze 
and provide feedback on deviations, with suggested improvements.
Webcast 
27 October at 08:15 (CEST),  
07.15 (UK BST)  
https://investors.skf.com/en
Sweden  +46 (0)8 5051 0031 
UK / International +44 (0)207 107 0613
Passcode: 42753649
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 27 October 2023 at 07.00 CEST. 
Calendar 2023
31 January 2024  Q4 report 
21