Kvartalsrapport Q3 2025

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

Improved margin in challenging 
market conditions
 Q3
2025
• Net sales MSEK 22,482 (23,692) 
• Organic growth 2.0% (−4.4%), driven by organic sales 
growth for the Industrial business, partly offset by negative 
market demand for the Automotive business.
• Adjusted operating profit  MSEK 2,762 (2,821).  
Solid price/mix contribution, driven by pricing activities 
and portfolio management, as well as good cost control 
more than offset lower production volumes. Continued 
significant currency headwind.
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Revenue growth
Omsättningstillväxt
(sista är justerad)
Adjusted ROCE
Justerad ROCE 
Net debt/equity excl. Pension liabilites’
Nettoskuld/eget kapital
Adjusted operating margin
Justerad rörelsemarginal
Decarbonized operations 5) 
(scope 1 and 2)
-- Target
     2030 –95%
Long-term targets1)
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Revenue growth
Omsättningstillväxt
(sista är justerad)
Adjusted ROCE
Justerad ROCE 
Net debt/equity excl. Pension liabilites’
Nettoskuld/eget kapital
Adjusted operating margin
Justerad rörelsemarginal
-- Target3)
14%
Adjusted operating margin
Q3
2023
Q3
2025
Q3
2024
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Revenue growth
Omsättningstillväxt
(sista är justerad)
Adjusted ROCE
Justerad ROCE 
Net debt/equity excl. Pension liabilites’
Nettoskuld/eget kapital
Adjusted operating margin
Justerad rörelsemarginal
-- Target3)
<40%
Net debt/Equity 4)
Q3
2023
Q3
2025
Q3
2024
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-- Target3)
5%
Revenue growth 2)
Q3
2023
Q3
2025
Q3
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Q2 25242322212019
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-- Target3)
16%
Adjusted ROCE
Q3
2023
Q3
2025
Q3
2024
• Adjusted operating margin  12.3% (11.9%) with Industrial  
at 15.5%  (15.0%) and Automotive at 4.3%  (4.7%).
• Operating profit  MSEK 2,007 (2,526). This included items 
affecting comparability of MSEK –755 (−295), whereof  
MSEK –230 (–28) had a non-cash impact.
• Operating margin  8.9% (10.7%) 
• Net cash flow from operating activities  MSEK 1,840 (3,576)
• Basic earnings per share  SEK 2.30 (3.40) 
1) In addition to the targets presented above, SKF has a dividend pay-out ratio 
target of 50% of the Group’s average net profit calculated over a business 
cycle. The outcome for 2024 was 51% and the five-year average was 55%.  
For more information, see SKF Annual Report 2024.
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 Q3 2025 Q3 2024 Jan-Sep 2025 Jan-Sep 2024
Net sales 22,482 23,692 69,614 73,997
Organic growth, % 2.0 −4.4 −0.6 −6.1
Adjusted operating profit 2,762 2,821 9,085 9,448
Adjusted operating margin, % 12.3 11.9 13.0 12.8
Operating profit 2,007 2,526 6,192 8,008
Operating margin, % 8.9 10.7 8.9 10.8
Adjusted net profit 1,882 1,926 6,552 6,736
Net profit 1,127 1,631 3,658 5,296
Net cash flow from operating activities 1,840 3,576 5,634 7,509
Basic earnings per share 2.30 3.40 7.38 10.91
Adjusted earnings per share 3.96 4.05 13.73 14.07
1 SKF Q3 2025 REPORT PUBLISHED 29 OCTOBER 2025

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

I’m pleased to conclude another quarter with  
a resilient and improved margin, driven by a 
strong commercial execution, despite challeng-
ing market conditions and negative currency 
effects. We continue to invest in transforming 
SKF into an even more focused company, 
 which will give profitable growth opportunities 
when markets improve.
Margin resilience in continued challenging markets
Organic sales increased by 2% year-over-year, mainly driven by 
favourable comparable figures, while market conditions in Q3 
remained similar as in the previous quarter. 
Our Industrial business grew 4% with improved organic sales 
in all regions, especially in Asia and Americas. In China, policy- 
driven pre-buy effects within Wind continued, and our perfor -
mance in India remained strong. In Americas, we drive an active 
commercial agenda and growth in Q3 was mainly driven by 
 tariff-related price increases. Conditions in Europe remained 
overall challenging with Aerospace and Magnetic bearings 
being the main contributors to growth.
Organic sales in our Automotive business declined -2% 
driven by weak market demand, especially in North America.
Despite challenging market conditions and a significant 
 negative currency impact, we delivered another quarter with  
a resilient margin. The adjusted operating margin improved 
compared to the same quarter last year to 12.3%, from effective 
pricing and portfolio management as well as good cost control. 
The announced rightsizing initiatives continues at high pace 
with savings primarily through 2026-2027, and limited savings 
realized in this quarter. 
The geopolitical sentiment continued to fuel uncertainty in 
the market, but yet again we managed to largely compensate 
for increased tariff costs in the quarter. Given  current levels, 
including Section 232 Tariffs on Steel and Aluminum, we 
CEO Statement
expect also in Q4 to largely compensate for increased tariff 
costs through a broad set of mitigating activities, where price 
adjustments remain a key lever.
Items affecting comparability (IAC) was high in the quarter  
at approximately MSEK 750. This was mainly driven by the 
Automotive separation. As previously communicated, footprint 
regionalization and consolidation, also impacted. We expect 
IAC to sequentially increase due to the Automotive separation 
and the recently announced closure of our factory in Argentina.
Cash flow was weak and compared to last year it was nega -
tively impacted by higher costs for the Automotive separation 
and a working capital build-up, mainly driven by timing effects 
in accounts receivable and accounts payable. Our focused 
activities around inventory management had a positive effect. 
“
 Investment to capture 
growth opportunities
Automotive separation progressing well
The separation of our Automotive business continues at high 
pace, and we are making good progress. More than 50% of 
Automotive business volumes have been transferred into new 
legal entities and a majority of the Automotive manning has 
been completed. In addition, SKF India Ltd. has completed the 
demerger of the industrial business into a separate focused 
entity, SKF India (Industrial) Ltd., which is intended to also be 
listed on stock exchanges in India before year-end. All in all, we 
expect to be operationally ready to list the Automotive business 
on Nasdaq Stockholm by mid-2026, in accordance with the 
plan previously announced. Listing is subject to the Board of 
Directors proposing a listing and shareholders’ approval.  
More information about the long-term value creation from  
having two stand-alone businesses will be presented at our 
Capital Markets Day on 11 November.
New global centre targeting attractive segments  
Another example of how we continuously develop our business 
is our new, highly automated, global Super-precision bearing 
centre in Italy. Super-precision bearings account for approxi -
mately 2% of SKF Industrial net sales and deliver superior  
customer value in applications that require high-speed rotation 
and power density with minimal downtime. This investment will 
allow us to capture future growth opportunities in segments 
driven by megatrends such as electrification and automation. 
Outlook
While the global economic development makes the outlook 
uncertain, we expect market demand in Q4 to remain at similar 
levels as in Q3. Consequently, we expect organic sales to be 
 relatively unchanged in Q4, year-over-year.
Rickard Gustafson
President and CEO
2 SKF Q3 2025 REPORT

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

SKF Group
Net sales
Net sales amounted to MSEK 22,482 (23,692) and decreased 
by –5.1% compared to last year, whereof currency effects 
accounted for –6.9%. Organic sales grew by 2.0% (–4.4%), 
where Industrial grew by 3.8% and Automotive declined by 
–2.3%, mainly driven by positive price/mix through continued 
pricing and portfolio management. All regions had positive 
organic growth where China and Northeast Asia was the 
strongest region with +5.6% organic growth. Net impact from 
acquired and divested growth was –0.2%, where the acquisi -
tion of the John Sample Group last year was offset by the 
divestment of the Aerospace business in Hanover in the US 
during the second quarter. 
MSEK %
Adjusted operating profit, MSEK
Adjusted operating margin 12 months rolling, %
0
1,000
2,000
3,000
4,000
Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23
0
2
4
6
8
10
12
14
0
10,000
20,000
30,000
40,000
Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23
-10
-5
0
5
10
15
MSEK
Net sales, MSEK
%
Organic growth, %
TO BE UPDATED
Operating profit
Operating profit for the third quarter was MSEK 2,007 (2,526). 
Operating profit included items affecting comparability of 
MSEK –755 (–295), whereof restructuring and cost reduction 
activities accounted for MSEK –141 (–230). In addition, 
MSEK –362 (–37) related to the separation of the Automotive 
business and MSEK –230 (–28) related to impairment of fixed 
assets. It also included an adjustment of MSEK –22 to the 
 previously reported profit related to the sale of the Aerospace 
business in Hanover, US. 
 The adjusted operating profit for the third quarter was  
MSEK 2,762 (2,821). The adjusted operating profit was posi -
tively impacted by price and mix. Adjusted operating profit was 
negatively impacted by lower manufacturing volumes as well 
as a significant currency headwind. Despite wage inflation, 
volume- related cost inefficiencies and tariffs, the cost devel -
opment was only slightly negative compared to last year 
through solid cost control. Tariffs were largely compensated  
for by price increases and other mitigating activities.
Adjusted operating profit and  
Adjusted operating margin
Net sales and Organic growth
Sales and Adjusted operating profit bridge 1)
MSEK Q3 2024
Organic sales and 
manufacturing 
volumes Cost development Currency impact Structure  2) Q3 2025
Net sales 23,692 471 −1,627 −54 22,482
Growth, % 2.0 −6.9 −0.2 −5.1
Adjusted operating profit 2,821 389 −23 −439 14 2,762
Adjusted operating margin, % 11.9 12.3
Accretion/dilution, pp 1.5 −0.1 −1.0 0.1
1) Numbers are rounded.
2) Including acquisitions and divestments of businesses.
Organic sales by region
In local currencies, change y-o-y, % Q3 2025
Europe, Middle East and Africa 1.0
The Americas 1.0
China and Northeast Asia 5.6
India and Southeast Asia 2.2
3 SKF Q3 2025 REPORT

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

SKF Group cont.
Financial net and tax
Financial income and expenses, net was MSEK –320 (–285). 
Exchange rate fluctuations had a more negative impact in the 
third quarter of 2025, compared to the third quarter 2024 while 
interest expenses were higher in 2024. Taxes in the quarter were 
MSEK –560 (–610) resulting in an effective tax rate of 33.2% 
(27.2%). The tax rate was negatively impacted by  adjustments 
due to differences between local and functional currency.
Net profit for the period
Net profit for the quarter amounted to MSEK 1,127 (1,631), 
 corresponding to SEK 2.30 (3.40) in earnings per share. 
Adjusted earnings per share amounted to SEK 3.96 (4.05).
Cash flow
Net cash flow from operating activities in the third quarter 
amounted to MSEK 1,840 (3,576). The weaker cash flow was 
driven by lower operating profit in 2025 compared to 2024, 
 negatively impacted by Automotive separation expenses. 
Changes in working capital impacted negatively; however, 
inventories decreased in the quarter.   Accounts receivable 
decreased but not at the same level as last year due to timing in 
the quarter. Accounts payable decreased in the quarter, mainly 
driven by seasonality. Changes in working capital last year was 
impacted by increased accounts payable and inventories due 
to change in reporting of consignment stock.  
 Net capital expenditure amounted to MSEK 964 (1,420). 
Financing activities included cash outflow from repayment of 
MEUR 300 loan.
Financial position
Net working capital in percentage of annual sales was 32.0%  
in September 2025 compared to 31.5% in September 2024.
 As of 30 September 2025, SKF had a net debt of MSEK 14,515, 
compared to MSEK 16,472 as of 1 January 2025. The decreased 
debt was mainly related to cash inflow from sale of business and 
cash flow from operations which were partly offset by capex 
and the dividend paid in the second quarter as well as currency 
translation effects. Provisions for post-employment benefits, 
net, decreased by MSEK –466 (–268) in the third quarter, mainly 
driven by net payments.
0
5,000
10,000
15,000
20,000
25,000
Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23
0
0.4
0.8
1.2
1.6
MSEK
Net debt
Ratio
Net debt/Adjusted EBITDA
0
3,000
6,000
9,000
12,000
15,000
Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23
MSEK
1) 12 months rolling
0
10,000
20,000
30,000
40,000
Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23
0
10
20
30
40
MSEK %
Net working capital
Net working capital, % of 12 months rolling sales
Net debt and Net debt/Adjusted EBITDA
Net cash flow from operating activities 1)
Net working capital
Key figures 30 Sep 2025 30 June 2025 30 Sep 2024
Net working capital, % of 12 months rolling sales 32.0 31.6 31.5
Adjusted ROCE, % 14.0 13.9 14.6
Net debt/equity, % 25.9 28.0 30.0
Net debt/equity, excluding post-employment benefits, % 13.3 14.4 16.2
Net debt/EBITDA 1.1 1.1 1.2
Net debt/Adjusted EBITDA 0.9 1.0 1.0
Operating cash flow
MSEK Q3 2025 Q3 2024 Jan-Sep 2025 Jan-Sep 2024
EBITDA 3,238 3,562 9,853 11,332
Taxes paid −697 −471 −1,805 −1,861
Non-cash items and other −312 129 −78 −1
Changes in net working capital −389 356 −2,336 −1,961
Net cash flow from operating activities 1,840 3,576 5,634 7,509
Investing activities −977 −1,394 −509 −3,675
Operating cash flow after investments 863 2,182 5,125 3,834
4 SKF Q3 2025 REPORT

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

Industrial business
Net sales
The Industrial business reported net sales of MSEK 15,989 
(16,537). Organic growth was 3.8%, mainly driven by solid 
price/mix but higher sales volumes also contributed. Currency 
effects impacted net sales negatively by –6.8% and the net 
impact from acquired and divested growth was –0.3%. 
Geographically, all regions reported positive organic growth 
and from a customer industry perspective, aerospace continued 
to deliver strong organic growth, while heavy industries 
declined.
Operating profit
The adjusted operating profit for the third quarter was MSEK 
2,482 (2,486), with a corresponding operating margin of 15.5% 
(15.0%). Solid price/mix contribution and higher sales volumes 
more than offset lower manufacturing volumes. Wage inflation, 
volume related cost inefficiencies and tariff costs were partly 
offset by cost reduction activities. Furthermore, currency 
effects impacted the operating profit significantly negatively.
Share of  
Group adjusted 
 operating profit
Sales and Adjusted  
 operation profit bridge 1)
MSEK Q3 2024
Organic sales and 
manufacturing 
volumes Cost development Currency impact Structure  2) Q3 2025
Net sales 16,537 635 −1,129 −54 15,989
Growth, % 3.8 −6.8 −0.3 −3.3
Adjusted operating profit 2,486 384 −95 −307 14 2,482
Adjusted operating margin, % 15.0 15.5
Accretion/dilution, pp 1.9 −0.6 −0.8 0.1
1) Numbers are rounded.
2) Including acquisitions and divestments of businesses.
Organic sales by customer industry 3)
Share of  
net sales  
by industry,%
Europe, Middle 
East and Africa The Americas
China and 
Northeast Asia 4)
India and 
Southeast Asia
Share of net sales by region, % 41 29 21 9
Industrial distribution 42 - ++ +++ +/-
Aerospace 9 +++ +++ --- +/-
High-speed machinery and electrical drives 8 ++ ++ --- ++
Railway 7 -- ++ - +/-
Heavy industries 6 ++ --- --- ---
Other industrial 6 -- + --- ---
Agriculture, food and beverage 4 ++ - --- +++
Renewable energy 4 --- +++ ++ +++
Marine 4 + +++ -- +/-
Off-highway 3 + ++ --- -
Traditional energy 3 +++ --- --- +/-
Material handling 2 +++ -- --- +++
Automation 2 --- +/- --- +/-
Total +/- ++ ++ +/-
3) For the quarter, in local currencies, changes year-over-year.
4) Reclassification of customer accounts between customer industries impact year-over-year comparison.
Share of  
Group net sales
Industrial
Automotive
90%71%
Industrial
Automotive
90%71%
Key financials
MSEK Q3 2025 Q3 2024 Jan-Sep 2025 Jan-Sep 2024
Net sales 15,989 16,537 49,676 51,967
Adjusted operating profit 2,482 2,486 8,111 8,272
Adjusted operating margin, % 15.5 15.0 16.3 15.9
Operating profit 2,060 2,241 6,021 7,016
Operating margin, % 12.9 13.6 12.1 13.5
5 SKF Q3 2025 REPORT

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

Automotive business
Net sales
The Automotive business reported net sales of MSEK 6,493 
(7,155). The organic sales decline of –2.3% was driven by  
a continued weak market demand environment, partly offset 
by price/mix. Currency effects impacted net sales negatively  
by –7.0%. 
Market conditions were especially challenging in North 
America, mainly driven by tariff-related uncertainties. India  
and Southeast Asia and China and Northeast Asia had positive 
organic growth. Demand in Europe, Middle East and Africa 
improved slightly, driven by commercial vehicles and vehicle 
aftermarket.  
Operating profit
The adjusted operating profit for the third quarter was 
MSEK 280 (335), with a corresponding operating margin of 
4.3% (4.7%). Solid price/mix fully compensated for lower sales 
and  manufacturing volumes. Cost reduction activities and 
lower material cost more than compensated for wage inflation, 
volume related cost inefficiencies and tariffs resulting in a 
positive cost development compared to last year. The operating 
profit was negatively impacted by significant currency effects. 
Sales and Adjusted  
 operation profit bridge 1)
MSEK Q3 2024
Organic sales and 
manufacturing 
volumes
Cost 
development
Currency 
impact Structure  2) Q3 2025
Net sales 7,155 −164 −498 6,493
Growth, % −2.3 −7.0 0.0 −9.3
Adjusted operating profit 335 5 72 −132 280
Adjusted operating margin, % 4.7 4.3
Accretion/dilution, pp 0.2 1.1 −1.6 0.0
1) Numbers are rounded.
2) Including acquisitions and divestments of businesses. 
Organic sales by customer industry  3)
Share of  
net sales  
by industry,%
Europe, Middle 
East and Africa The Americas
China and 
Northeast Asia
India and 
Southeast Asia
Share of net sales by region, % 38 31 18 13
Light vehicles 52 -- - +/- +/-
Vehicle aftermarket 33 ++ - --- ++
Commercial vehicles 15 +++ --- +/- ++
Total +/- -- + +
3) For the quarter, in local currencies, changes year-over-year.
Share of  
Group adjusted 
 operating profit
Share of  
Group net sales
Automotive
Industrial
10%29%
Automotive
Industrial
10%29%
Key financials  
MSEK Q3 2025 Q3 2024 Jan-Sep 2025 Jan-Sep 2024
Net sales 6,493 7,155 19,938 22,030
Adjusted operating profit 280 335 973 1,176
Adjusted operating margin, % 4.3 4.7 4.9 5.3
Operating profit −53 285 171 992
Operating margin, % −0.8 4.0 0.9 4.5
6 SKF Q3 2025 REPORT

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

Outlook and  guidance
Outlook
• Q4 2025: While the global economic development makes 
the outlook uncertain, we expect market demand to 
remain at similar levels as in Q3. Consequently, we expect 
organic sales to be relatively unchanged, year-over-year.  
Guidance Q4 2025
• Currency impact on the operating profit is expected to be 
around MSEK 650 negative compared to the fourth  quarter 
2024, based on exchange rates per 30 September 2025. 
Guidance FY 2025
• Tax level excluding effects related to divested  businesses 
and separation of the Automotive business: around 28%. 
• Additions to property, plant and  equipment:  
around BSEK 4 excluding separation of the Automotive 
business. 
Previous outlook and guidance  statement 
Outlook
• Q3 2025: While the global economic development makes 
the outlook uncertain, we expect organic sales to be 
 relatively unchanged, year-over-year.  
Guidance Q3 2025
• Currency impact on the operating profit is expected to  
be around MSEK 500 negative compared to the third 
 quarter 2024, based on exchange rates per 30 June 2025. 
Guidance FY 2025
• Tax level excluding effects related to divested  
businesses: around 26%. 
• Additions to property, plant and equipment:  
around BSEK 4.5 excluding separation of the Automotive 
business.
Nine-month 2025
Operating profit for the first nine months was MSEK 6,192 
(8,008). Operating profit included items affecting compa -
rability of MSEK –2,893 (–1,440), whereof MSEK –2,382 
(–1,066) related to ongoing restructuring and cost reduc-
tion activities, including the full cost of the rightsizing of 
the Industrial business. In addition, MSEK –846 (–37) 
related to the separation of the Automotive business and 
MSEK –633 (–337) primarily related to impairment of fixed 
assets. It also included MSEK 224 related to profit from 
sale of the manufacturing site in Luton, UK, as well as 
MSEK 744 related to profit from sale of the Aerospace 
 business in Hanover, USA.
The adjusted operating profit for the first nine months 
was MSEK 9,085 (9,448), and was positively impacted by 
price and mix. Solid cost control resulted in relatively 
 stable cost levels year-over-year, despite wage inflation, 
volume related cost inefficiencies and tariffs. The adjusted 
operating profit was negatively impacted by lower sales 
and manufacturing volumes as well as a significant 
 currency headwind.
Financial income and expenses, net was MSEK –1,051 
(–933). Exchange rate fluctuations had a more negative 
impact in 2025 compared to 2024 while interest expenses 
were higher in 2024. Taxes in the first nine months were 
MSEK –1,483 (–1,779), resulting in an effective tax rate of 
28,8% (25,1%). Net cash flow from operating activities in 
the first nine months was MSEK 5,634 (7,509). The lower 
cash flow is driven by a lower operating profit as well as 
negative impact from changes in working capital. 
Significant events during the quarter
18 August – Aerospace operation divested  
The Group has signed an agreement to divest its precision 
elastomeric device operation in Elgin, Illinois, USA, for a 
total estimated enterprise value of MUSD 70. 
Other Group information
More information on  
www.skf.com/group/investors
The divestment is expected to close during Q4 2025, subject 
to authorities’ approval. With the completed divestment of the 
Hanover  operation, SKF is expected to have successfully 
divested both non-core businesses  identified in its aerospace  
strategic review. 
18 September – Håkan Buskhe to be appointed Chair of 
the Board of SKF Automotive
The SKF Board of Directors has announced its intention to 
appoint Håkan Buskhe as the new Chair of the Board of the 
SKF Automotive business. The Automotive business continues 
to be part of the AB SKF group of companies. 
19 September – New Super-precision bearing facility  
A new global centre of excellence for  Super-precision bearings  
was inagurated in Airasca, Italy. It’s a highly automated facility 
and includes all key functions to drive innovation, efficiency, 
and customer value for high-performance bearing solutions. 
24 September – The Industrial organization 
SKF has redesigned parts of the Industrial business to further 
increase its competitiveness and accelerate profitable growth. 
Read about the new set-up and the changes within Group 
Management on our website. 
Significant events after the quarter
27 October – SKF reorganizes its operations in Argentina   
As part of optimizing its operations worldwide, SKF has 
decided to discontinue production at its Tortuguitas plant in 
Argentina. The Tortuguitas plant currently employs approxi -
mately 145 people. 
7 SKF Q3 2025 REPORT

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

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 reported (Q2) 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 sourced in primarily ISEA and Mexico in 
2025 continues to contribute to further scope 2 reductions.  
In addition, energy efficiency has continued to improve. 
Decarbonized operations 2030
1) Latest figures are presented for the end of the previous quarter,  
12 months rolling.
Thousand tonnes 
CO 2 e
 Equivalent 
energy GWh
Actual full year, thousand tonnes CO 2 e
Equivalent energy GWh
SBTi trajectory, thousand tonnes CO 2 e
Actual YTD 12 months, thousand tonnes CO 2 e
0
500
1,000
1,500
2,000
0
100
200
300
400
500
20302029202820272026Q225202420232022202120202019
0
500
1000
1500
2000
TO BE UPDATED
Decarbonized operations (scope 1 and 2) 1)
CO2e target,
2030 vs 2019
–95% 
Sustainability is an integral part of SKF’s 
strategy and is a priority for long-term 
 profitable growth. Around 20% of all  
energy produced globally is used to over -
come friction. By creating more efficient 
and durable solutions for industries, 
 significantly cutting emissions by 2030  
and achieving net-zero greenhouse gas 
emissions in the supply chain by 2050,  
SKF is pioneering sustainability in its 
sphere. Further reporting of all material 
 sustainability topics are found in the Annual 
Report, including for example accident 
rates, disclosures for own workforce and 
workers in the value chain.
More information on  
www.skf.com/group/organisation/
sustainability
8 SKF Q3 2025 REPORT

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

MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Net sales 22,482 23,692 69,614 73,997
Cost of goods sold −16,389 −17,145 −50,743 −53,485
Gross profit 6,093 6,547 18,871 20,512
Research and development expenses −820 −782 −2,579 −2,478
Selling and administrative expenses −3,089 −3,225 −10,463 −9,870
Other operating income/expenses, net −177 −14 363 −156
Operating profit 2,007 2,526 6,192 8,008
Financial income and expenses, net −320 −285 −1,051 −933
Profit before taxes 1,687 2,241 5,141 7,075
Income taxes −560 −610 −1,483 −1,779
Net profit 1,127 1,631 3,658 5,296
Net profit attributable to:
Shareholders of AB SKF 1,047 1,550 3,359 4,967
Non-controlling interests 80 81 299 329
Basic earnings per share (SEK) 1) 2.30 3.40 7.38 10.91
1) Shares from the Performance Share Programme are not considered dilutive, therefore, diluted earnings per share is equal to   
basic earnings per share.
MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Net profit 1,127 1,631 3,658 5,296
Items that will not be reclassified to 
the income statement:
Remeasurements (actuarial gains 
and losses) 209 −156 196 304
Assets at fair value through other 
comprehensive income — 75 −309 —
Income taxes −76 28 −79 −79
133 −53 −192 225
Items that may be reclassified to the 
income statement:
Exchange differences arising on 
translation of foreign operations −629 −1,318 −6,045 721
Assets at fair value through other 
comprehensive income — — — —
Income taxes — — — —
−629 −1,318 −6,045 721
Other comprehensive income, net of tax −496 −1,371 −6,237 946
Total comprehensive income 631 260 −2,579 6,242
Shareholders of AB SKF 626 285 −2,502 5,912
Non-controlling interests 5 −25 −77 330
Condensed consolidated  
income statements
Financial statements – SKF Group
Condensed consolidated statements 
of comprehensive income
9 SKF Q3 2025 REPORT

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

MSEK September 2025 December 2024 September 2024
Goodwill 11,235 12,574 12,139
Other intangible assets 3,698 4,671 4,524
Property, plant and equipment 27,828 30,470 28,773
Right-of-use asset leases 3,012 3,564 3,337
Deferred tax assets 4,093 3,369 3,228
Other non-current assets 2,322 2,971 2,671
Non-current assets 52,188 57,619 54,672
Inventories 24,371 26,182 25,455
Trade receivables 16,410 16,600 17,429
Other current assets 5,729 6,057 5,718
Other current financial assets 8,028 11,361 10,161
Current assets 54,538 60,200 58,763
Assets classified as held for sale 225 1,594 —
Total assets 106,951 119,413 113,435
Equity attributable to shareholders of AB SKF 53,808 59,649 55,544
Equity attributable to non-controlling interests 2,193 2,320 2,164
Long-term financial liabilities 14,486 15,399 14,909
Provisions for post-employment benefits 7,608 8,502 8,697
Provisions for deferred taxes 1,801 1,905 1,391
Other long-term liabilities and provisions 1,816 1,504 1,478
Non-current liabilities 25,711 27,310 26,475
Trade payables 10,587 12,553 11,830
Short-term financial liabilities 1,141 5,361 4,834
Other short-term liabilities and provisions 13,492 12,087 12,588
Current liabilities 25,220 30,001 29,252
Liabilities classified as held for sale 19 133 —
Total equity and liabilities 106,951 119,413 113,435
MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Opening balance 1 July/1 January 55,386 57,735 61,969 54,956
Net profit 1,127 1,631 3,658 5,296
Hyperinflation adjustments 38 79 161 303
Components of other comprehensive 
income
Currency translation adjustments −629 −1,318 −6,045 721
Change in FV OCI assets and cash 
flow hedges — 75 −309 —
Remeasurements 209 −156 196 304
Income taxes −76 28 −79 −79
Transactions with shareholders
Non-controlling interest −28 −1 4 15
Cost for Performance Share 
Programmes, net 11 2 22 −13
Dividends −37 −369 −3,576 −3,796
Other — 2 — 1
Closing balance 30 September 56,001 57,708 56,001 57,708
Condensed consolidated  
balance sheets
Condensed consolidated statements 
of changes in shareholders’ equity
10  SKF Q3 2025 REPORT

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

MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Operating activities:
Operating profit 2,007 2,526 6,192 8,008
Non-cash items:
Depreciation, amortization and 
impairment 1,231 1,036 3,661 3,324
Net loss/gain (—) on sales of PPE 
and businesses 16 26 −1,015 14
Other non-cash items 33 −33 1,970 961
Income taxes paid −697 −471 −1,805 −1,861
Interest received 146 235 225 386
Interest paid −187 −299 −420 −648
Other −320 200 −838 −714
Changes in working capital: −389 356 −2,336 −1,961
Inventories 295 −1,479 −663 −2,006
Accounts receivable 326 946 −1,473 −486
Accounts payable −987 758 −1,016 452
Other operating assets/liabilities −23 131 816 79
Net cash flow from operating 
activities
1,840 3,576 5,634 7,509
Investing activities:
Payments for intangible assets, PPE, 
businesses and equity securities −966 −1,431 −2,814 −3,751
Sales of PPE, businesses and equity 
securities 10 37 327 76
Sales of business net of cash −21 — 2,188 —
Tax payments related to sales of 
business — — −210 —
Net cash flow used in investing 
activities
−977 −1,394 −509 −3,675
Net cash flow after investments 
before financing
863 2,182 5,125 3,834
MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Financing activities:
Proceeds from short- and 
long-term loans 63 271 212 369
Repayments of short- and 
long-term loans −3,579 −29 −3,676 −3,151
Repayment leases −220 −243 −662 −653
Cash dividends −38 −370 −3,576 −3,796
Other financing items −174 −210 −174 −210
Investments in financial assets 6 −12 −131 18
Sales of financial assets 9 4 27 60
Net cash flow used in financing 
activities
−3,933 −589 −7,980 −7,363
Net cash flow −3,070 1,593 −2,855 −3,529
Change in cash and cash equivalents:
Cash and cash equivalents at 
1 July/1 January 10,790 8,259 11,031 13,311
Cash effect excl. acquired/sold 
businesses −3,049 1,589 −5,043 −3,536
Cash effect of acquired/sold 
businesses −21 4 2,188 7
Exchange rate effect −91 −76 −547 −6
Cash and cash equivalents at 
30 September
7,629 9,776 7,629 9,776
Change in Net debt
Closing 
balance  
30 September 
2025
Other non-
cash 
changes
Acquired/
sold 
businesses
Cash 
changes
Exchange 
rate effect
Opening 
balance 
1 January 
2025
Loans, long- and short-term 12,393 27 — −3,464 −696 16,526
Post-employment benefits, net 7,044 544 — −882 −347 7,729
Lease liabilities 3,015 490 — −662 −329 3,516
Financial assets, other −308 −2 — −81 43 −268
Cash and cash equivalents −7,629 — −2,188 5,043 547 −11,031
Net debt 14,515 1,059 −2,188 −46 −782 16,472
Condensed consolidated statements of cash flow
11  SKF Q3 2025 REPORT

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

MSEK unless otherwise stated Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
Net sales 24,438 24,699 25,606 23,692 24,725 23,966 23,166 22,482
Cost of goods sold −18,316 −17,604 −18,736 −17,145 −17,864 −16,830 −17,524 −16,389
Gross profit 6,122 7,095 6,870 6,547 6,861 7,136 5,642 6,093
Gross margin, % 25.1 28.7 26.8 27.6 27.8 29.8 24.4 27.1
Research and development expenses −848 −826 −870 −782 −848 −849 −910 −820
Selling and administrative expenses −3,404 −3,234 −3,411 −3,225 −3,494 −3,448 −3,926 −3,089
as % of sales 13.9 13.1 13.3 13.6 14.1 14.4 16.9 13.7
Other operating income/expenses, net 55 −42 −100 −14 −188 46 494 −177
Operating profit 1,925 2,993 2,489 2,526 2,331 2,885 1,300 2,007
Operating margin, % 7.9 12.1 9.7 10.7 9.4 12.0 5.6 8.9
Adjusted operating profit 2,929 3,303 3,324 2,821 2,735 3,233 3,090 2,762
Adjusted operating margin, % 12.0 13.4 13.0 11.9 11.1 13.5 13.3 12.3
Financial net −709 −271 −377 −285 −317 −290 −441 −320
Profit before taxes 1,216 2,722 2,112 2,241 2,014 2,595 859 1,687
Profit margin before taxes, % 5.0 11.0 8.2 9.5 8.1 10.8 3.7 7.5
Income taxes −493 −720 −449 −610 −423 −647 −276 −560
Net profit 723 2,002 1,663 1,631 1,591 1,948 583 1,127
Net profit attributable to:
Shareholders of AB SKF 623 1,888 1,529 1,550 1,507 1,796 516 1,047
Non-controlling interests 100 114 134 81 84 152 67 80
Condensed consolidated financial information
12  SKF Q3 2025 REPORT

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

MSEK Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
Operating profit:
Industrial 1,913 2,644 2,131 2,241 2,269 2,677 1,284 2,060
Automotive 12 349 358 285 62 208 16 −53
Financial net −709 −271 −377 −285 −317 −290 −441 −320
Profit before tax for the Group 1,216 2,722 2,112 2,241 2,014 2,595 859 1,687
Reconciliation of profit before taxes for the Group
Share data
Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Total number of shares: 455,351,068 455,351,068 455,351,068 455,351,068
 whereof A shares 28,930,824 29,235,933 28,930,824 29,235,933
 whereof B shares 426,420,244 426,115,135 426,420,244 426,115,135
Basic earnings per share (SEK) 1) 2.30 3.40 7.38 10.91
Diluted earnings per share (SEK) 2) 2.30 3.40 7.38 10.91
Weighted average number of shares, basic 455,351,068 455,351,068 455,351,068 455,351,068
Weighted average number of shares, diluted 455,351,068 455,351,068 455,351,068 455,351,068
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.
13  SKF Q3 2025 REPORT

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

Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
Net sales, MSEK 24,438 24,699 25,606 23,692 24,725 23,966 23,166 22,482
Organic growth, % −1.9 −7.0 −6.6 −4.4 −3.1 −3.5 −0.2 2.0
Adjusted EBITDA, MSEK 4,069 4,280 4,326 3,831 3,833 4,298 4,088 3,763
EBITDA, MSEK 3,204 4,065 3,705 3,562 3,439 4,143 2,472 3,238
EBITA, MSEK 2,092 3,152 2,643 2,681 2,495 3,049 1,446 2,153
Adjusted operating profit, MSEK 2,929 3,303 3,324 2,821 2,735 3,233 3,090 2,762
Adjusted operating margin, % 12.0 13.4 13.0 11.9 11.1 13.5 13.3 12.3
Operating profit 1,925 2,993 2,489 2,526 2,331 2,885 1,300 2,007
Operating margin, % 7.9 12.1 9.7 10.7 9.4 12.0 5.6 8.9
Adjusted earnings per share, SEK 3.57 4.83 5.19 4.05 4.20 4.71 5.06 3.96
Basic earnings per share, SEK 1.37 4.15 3.36 3.40 3.31 3.95 1.13 2.30
Dividend per share, SEK — — 7.50 — — — 7.75 —
Share price at the end of the period, SEK 201.3 218.5 212.8 202.0 207.6 202.2 217.1 233.2
Net working capital, % of 12 months rolling sales 27.7 30.9 31.9 31.5 30.6 30.4 31.6 32.0
Adjusted ROCE, % 15.4 15.1 14.7 14.6 14.2 14.0 13.9 14.0
ROCE, % 13.3 12.7 11.9 11.9 12.1 11.9 10.7 10.2
ROE, % 12.0 11.5 10.6 10.4 11.7 11.5 9.7 9.0
Gearing, % 35.2 33.5 32.2 32.1 30.9 30.5 32.5 28.6
Equity/assets ratio, % 49.1 50.4 50.9 50.9 51.9 52.3 49.7 52.4
Additions to property, plant and equipment, MSEK 1,478 989 1,305 1,420 1,364 916 930 964
Net debt/equity, % 29.5 26.6 32.8 30.0 26.6 25.2 28.0 25.9
Net debt/equity, excluding post-employment benefits, % 13.9 13.0 18.6 16.2 14.1 13.1 14.4 13.3
Net debt, MSEK 16,191 15,983 18,937 17,291 16,472 14,933 15,491 14,515
Net debt/EBITDA 1.1 1.1 1.3 1.2 1.1 1.0 1.1 1.1
Net debt/Adjusted EBITDA 0.9 0.9 1.1 1.0 1.0 0.9 1.0 0.9
Registered number of employees 40,396 40,051 39,589 39,198 38,743 38,426 38,008 37,842
Definitions, see page 18.
SKF applies the guidelines issued by ESMA (European Securities and Markets Authority) on APMs (Alternative Performance Measures). These key figures are not defined or specified in IFRS but provide complementary  
information to investors and other stakeholders on the company’s performance. The definition of each APM is presented at the end of the interim report. For the reconciliation of each APM against the most reconcilable  
line item in the financial statements, see www.skf.com/group/investors .
Key figures 
14  SKF Q3 2025 REPORT

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

Industrial
MSEK unless otherwise stated Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
Net sales 17,350 17,487 17,943 16,537 17,508 17,033 16,654 15,989
Organic growth, % −3.0 −7.3 −7.4 −4.6 −2.7 −3.6 2.4 3.8
Adjusted operating profit 2,611 2,867 2,919 2,486 2,549 2,871 2,759 2,482
Adjusted operating margin, % 15.0 16.4 16.3 15.0 14.6 16.9 16.6 15.5
Operating profit 1,913 2,644 2,131 2,241 2,269 2,677 1,284 2,060
Operating margin, % 11.0 15.1 11.9 13.6 13.0 15.7 7.7 12.9
Adjusted EBITDA 3,594 3,719 3,790 3,379 3,512 3,800 3,618 3,341
EBITDA 3,035 3,592 3,180 3,160 3,242 3,799 2,312 3,147
Assets and liabilities, net 50,381 55,342 55,230 53,298 54,652 51,950 49,054 49,070
Registered number of employees 34,013 33,722 33,235 32,876 32,465 31,883 31,372 31,189
Automotive
MSEK unless otherwise stated Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25
Net sales 7,088 7,212 7,663 7,155 7,217 6,933 6,512 6,493
Organic growth, % 0.7 −6.2 −4.7 −4.0 −4.0 −3.0 −6.2 −2.3
Adjusted operating profit 318 436 405 335 186 362 331 280
Adjusted operating margin, % 4.5 6.0 5.3 4.7 2.6 5.2 5.1 4.3
Operating profit 12 349 358 285 62 208 16 −53
Operating margin, % 0.2 4.8 4.7 4.0 0.9 3.0 0.2 −0.8
Adjusted EBITDA 475 560 535 452 321 498 471 422
EBITDA 169 473 525 402 197 344 158 91
Assets and liabilities, net 14,648 15,582 15,941 15,549 16,159 15,354 14,860 14,759
Registered number of employees 4,093 3,968 3,983 3,918 3,879 3,913 3,963 3,993
1) Previously published figures for 2023 and 2024 have been restated to reflect change in responsibilities for factories and Group functions in accordance with new organizational structure.
Segment information – quarterly figures
15  SKF Q3 2025 REPORT

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

Notes
NOTE 1  Accounting principles
The consolidated financial statements of the SKF Group were 
prepared in accordance with International Financial Reporting 
Standards (IFRS) as adopted by the EU. The interim report was 
prepared in accordance with IAS 34 Interim Financial Reporting. 
 Disclosures as required by IAS 34 p. 16 A are provided in the 
notes to the financial statements as well as in other parts of the 
interim report. The financial statements of the Parent Company 
were prepared in accordance with the “Annual Accounts Act” 
and the RFR 2 “Accounting for legal entities”. SKF Group and the 
Parent Company applied the same accounting principles and 
methods of computation in the interim financial statements as 
compared with the latest annual report. IASB issued several 
amended accounting standards that were endorsed by EU, 
effective date 1 January 2025. None of these have a material 
effect on the SKF Group’s financial statements.
 Pillar II income taxes legislation was effective from  
1 January 2024. Under the legislation, the Parent Company 
will be required to pay top-up tax on profit of its subsidiaries 
that are taxed at an effective tax rate of less than 15%.  
No top-up tax has been included in the financial statements  
for the third quarter 2025. SKF Group has analyzed the 
 financial figures and concluded that the Group is not expecting 
any additional material top-up tax during 2025. The Group  
will continue to assess the impact of Pillar II income taxes 
 legis lation on its future financial performance.
 Valuation principles and classifications of the financial 
instruments, as described in SKF Annual Report 2024, have 
been consistently applied throughout the reporting period. 
There are no major changes in fair value during the period.
NOTE 2  Transactions with related parties
No significant change is present for transactions with  
related parties in relation to disclosure provided in Annual 
Report 2024.
NOTE 3  Risks and uncertainties in the    business
The SKF Group operates in many different industrial and 
 geographical areas. As a result, the SKF Group is exposed to 
various types of risks. SKF appreciates that there are risks 
associated with the macro environment such as the geo -
political landscape, the state of global markets and significant 
industry and technological shifts. There are also business 
risks including supply chain disruptions, information and 
cybersecurity threats, and challenges in attracting talent  
in a competitive labour market. Additionally, there are legal  
and compliance risks arising from the increased regulatory 
demands and internal governance and coordination within  
the Group as well as ongoing regulatory investigations  
and processes. 
The SKF Group’s operations are also exposed to various 
types of financial risks; market risks (being currency risk, 
 interest rate risk and other price risks), liquidity risks and credit 
risks. Further information on the risks and how SKF works to 
mitigate them is found in SKF’s latest Annual Report, available 
on 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 August, SKF and Carco agreed on a price adjustment of 
MSEK 21 to the initital sales price of the ring and seal operation 
in Hanover, Pennsylvania, USA. Including the price adjustment, 
the divestment within the aerospace business resulted in a 
total net cash inflow of MSEK 2,188 and a net gain of MSEK 744.
The gain from the divestment  is included in the operating profit 
as other operating income and reported as items affecting 
 comparability within the Industrial segment. 
NOTE 5  Assets held for sale
As per 30 September 2025 the net assets for the aerospace
operation in Elgin, USA have been reported as assets held  
for sale in accordance with IFRS 5. Net assets per end of 
September amounted to approximately MSEK 200.
Gothenburg, 29 October 2025
Aktiebolaget SKF (publ)
Rickard Gustafson
President and CEO
This report has not been reviewed  
by AB SKF’s auditors.
16  SKF Q3 2025 REPORT

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

MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Revenue 316 787 3,330 5,373
Cost of revenue −1,408 −1,196 −4,297 −4,021
General management and 
administrative expenses −510 −366 −1,426 −1,279
Other operating income/expenses, net 4 16 19 21
Operating profit −1,598 −759 −2,374 94
Financial income and expenses, net 4,010 796 4,420 774
Profit before taxes 2,412 37 2,046 868
Appropriations — — — —
Income taxes 334 167 520 26
Net profit 2,746 204 2,566 894
Parent Company condensed  
income statements
Parent Company condensed  
balance sheets
Parent Company condensed  
statements of comprehensive income
MSEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024
Net profit 2,746 204 2,566 894
Items that will not be reclassified to the 
income statement:
Assets at fair value through other 
comprehensive income — 75 −309 —
Items that may be reclassified to the 
income statement:
Assets at fair value through other 
comprehensive income — — — —
Other comprehensive income, net of tax 2,746 279 2,257 894
Total comprehensive income 2,746 279 2,257 894
MSEK September 2025 December 2024 September 2024
Intangible assets 576 712 757
Investments in subsidiaries 24,797 20,797 22,431
Receivables from subsidiaries 11,934 12,483 12,206
Other non-current assets 1,276 937 954
Non-current assets 38,583 34,929 36,348
Receivables from subsidiaries 1,676 8,207 5,194
Other receivables 575 557 485
Current assets 2,251 8,764 5,679
Total assets 40,834 43,693 42,027
Shareholders’ equity 23,645 24,895 22,677
Provisions 831 731 750
Non-current liabilities 11,931 12,480 12,203
Current liabilities 4,427 5,587 6,397
Total shareholders’ equity, provisions and liabilities 40,834 43,693 42,027
Financial statements – Parent Company
17  SKF Q3 2025 REPORT

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

Alternative performance measures and definitions
Adjusted operating profit 
Operating profit excluding items affecting 
comparability.
Adjusted operating margin 
Operating profit margin excluding items 
 affecting  comparability.
Adjusted earnings/loss per share in SEK 
Basic earnings per share excluding items 
affecting comparability.
Adjusted return on capital employed 
(Adjusted ROCE)
Return on capital employed (ROCE) 
 excluding items affecting comparability. 
Basic earnings/loss per share in SEK  
(as defined by IFRS) 
Profit/loss after taxes less non-controlling 
interests divided by the ordinary number  
of shares. 
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.
EBITA (Earnings before interest, taxes 
and amortization) 
Operating profit before amortizations.
EBITDA (Earnings before interest, 
taxes, depreciation and  amortization) 
Operating profit before depreciations, 
 amortizations, and  i mpairments.
Equity/assets ratio 
Equity as a percentage of total assets.
Gearing 
Debt as a percentage of the sum of debt 
and equity.
Gross margin 
Gross income as a percentage of net sales.
Items affecting comparability 
Significant income/expenses that affect 
comparability between accounting periods. 
This includes, but is not limited to, restruc -
turing costs, impairments and write-offs, 
currency effects caused by devaluations 
and gains and losses on divestments of 
businesses.
Net debt 
Debt less short-term financial assets 
excluding derivatives.
Net debt/EBITDA 
Net debt, in relation to 12 months  rolling 
EBITDA.
Net debt/Adjusted EBITDA 
Net debt, in relation to 12 months  rolling 
EBITDA excluding Items affecting 
 comparability.
Net debt/equity 
Net debt, as a percentage of equity.
Net working capital (NWC) 
Trade receivables plus inventories  
minus trade payables
Net working capital as % of annual 
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 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.
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
18  SKF Q3 2025 REPORT

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

This is SKF
Today, around 20% of all energy is spent overcoming friction. At SKF,  
we fight friction to reduce energy waste and make the most of the 
resources around us.
 As a leading technology and engineering company, we deliver value 
at 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 2024:
• Net sales MSEK 98,722  
• 38,743 employees
• > 17,000 distributors
® SKF is a registered trademark of AB SKF (publ). © SKF Group 2025. All rights reserved. Please note that this publication may not 
be copied or distributed, in whole or in part, unless prior written permission is granted. Every care has been taken to ensure the 
accuracy of the information contained in this publication, but no liability can be accepted for any loss or damage whether direct, 
indirect or consequential arising out of the use of the information contained herein. October 2025. 
Q3 webcast
29 October at 09:00 CET
To follow the presentation via webcast:
Viewing SKF Q3 2025 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
 11 November 2025 Capital Markets Day
 30 January 2026 Q4 report 2025
 6 March 2026 Annual Report 2025
 21 April 2026 Q1 report
 21 April 2026 Annual General Meeting 2026
 17 July 2026 Q2 report
 21 October 2026 Q3 report
The financial information in this report 
 contains inside information that AB SKF is 
obliged to make public pursuant to the EU 
Market Abuse Regulation. The information 
was submitted for publication through  
the agency of the contact persons set out 
above, on 29 October 2025 at 07.30 CET.
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