Kvartalsrapport Q1 2026

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

Alfa Laval Q1 2026  
 
 
 
 
Report for  
Q1 2026 
Highlights 
∙ Order intake was SEK 17.6 (17.8) billion, a 
decline of -1 percent. The organic increase was 
6 percent.  
∙ Net sales decreased by -3 percent to SEK 15.9 
(16.5) billion, with an organic increase of 2 
percent. 
∙ Adjusted EBITA decreased by -1 percent to SEK 
2.9 (2.9) billion, corresponding to a margin of 
18.1 (17.7) percent. 
  
∙ Cash flow from operating activities amounted 
to SEK 1.2 (1.4) billion.  
∙ Earnings per share of SEK 4.59 (4.82). 
∙ The Board of directors will propose a dividend 
of SEK 9.00 (8.50) per share to the Annual 
General Meeting 
Summary 
  Jan-Mar Total 
change 
Organic 
change SEK million 2026 2025 
Order intake 17,612 17,785 -1% 6% 
Net sales 15,919 16,465 -3% 2% 
Adjusted EBITA* 2,887 2,916 -1%   
- adjusted EBITA margin* 18.1% 17.7%     
Result after financial items 2,552 2,657 -4%   
Net income for the period 1,915 2,003 -4%   
Earnings per share (SEK) 4.59 4.82 -5%   
Cash flow from operating activities 1,237 1,405 -12%   
Return on capital employed* 22.8% 24.2%     
Net debt**/ EBITDA* ratio 0.96 0.34     
* Alternative performance measures. ** Nebt debt including lease liabilities.

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

Alfa Laval Q1 2026 2 
  
 
Comment from Tom Erixon 
President and CEO 
Outlook for the second quarter 
“We expect demand in the second quarter to 
be somewhat higher compared to the first 
quarter.” 
 
Earlier published outlook (February 3, 2026): 
“We expect demand in the first quarter to be 
on about the same level as in the fourth 
quarter.” 
 
 
 
 
 
 
 
”Demand in the first quarter remained stable sequentially at SEK 
17.6 billion and in line with guidance. Order intake for the Energy 
Division stayed at a record high level, and grew 25 percent 
organically compared to last year, supported by the expected 
increase in the data center business and a continued recovery in 
HVAC. Ship contracting at the yards strengthened in the first 
quarter compared to market forecasts and the positive trend may 
continue in the second quarter, supported by high freight rates and 
longer trading routes. Order intake in the Ocean Division was lower 
than the exceptional first quarter last year, but sequentially stable at 
SEK 5.1 billion and with sequential improvement in the cargo 
pumping order intake. The Food & Pharma Division organic order 
intake grew with 9 percent compared to last year. The demand was 
favorable in the short-cycle business, with the project business 
being relatively slow. Still, the pipeline of biofuel projects has 
improved for some time, and the first project was booked in the 
quarter. 
 
The margin improved somewhat to 18 percent in the quarter, due to 
a favorable mix and good cost control. All divisions delivered a 
margin on the expected level, however with some lag in invoicing. As 
a result, the book-to-bill was positive at 1.1. The large currency 
movements affected order intake and invoicing, the adverse 
impacts on margin were entirely offset by a strong gross profit driven 
by a strong manufacturing result and invoicing mix. 
 
The implementation of the new operating model continued as 
planned, with minor one-off costs in the quarter. The organizational 
adjustments, including the build-up of a stronger team for the 
pharma application in the Food & Pharma Division, are progressing 
well. Together with significant changes in reporting structures, many 
senior leadership appointments, and adjustments in Group staff 
functions, the main part of the change program will be completed in 
the second quarter. As part of the change process Sara Helweg-
Larsen, currently Head of Communication, is appointed EVP, Brand 
and Communication and be part of the Group Management Team. 
 
The group is putting emphasis on our two biggest markets, China 
and the US, in several ways. The capacity investment programs in 
both markets are progressing on time, supporting the growth plans 
in both the Energy and the Food & Pharma divisions. In China, an 
acquisition of a smaller heat exchanger company was completed in 
the quarter, as one of several steps in cementing our strong market 
position. 
 
The escalating energy crisis is now pushing cost inflation higher in 
many areas and pricing adjustments will be considered at mid-year. 
Despite macro-economic concerns, demand in most of Alfa Laval´s 
end-markets is expected to remain robust in the short term, and 
demand in the second quarter is expected to be somewhat higher 
compared to the first quarter.” 
 
Tom Erixon, 
President and CEO

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

Alfa Laval Q1 2026 3 
  
Order bridge 
SEK million/% Q1 
2025 17,785 
Organic 6.2% 
Structural 2.5% 
Currency -9.7% 
Total -1.0% 
2026 17,612 
  
 
 
Order bridge Service 
SEK million/% Q1 
2025 5,812 
Organic 0.2% 
Structural 1.4% 
Currency -9.0% 
Total -7.5% 
2026 5,374 
 
 
 
 
Sales bridge 
SEK million/% Q1 
2025 16,465 
Organic 1.6% 
Structural 3.8% 
Currency -8.7% 
Total -3.3% 
2026 15,919 
  
 
 
 
Sales bridge Service 
SEK million/% Q1 
2025 5,228 
Organic 1.8% 
Structural 1.2% 
Currency -9.0% 
Total -6.0% 
2026 4,913 
  
 
  
Financial overview 
Order intake 
 
Order intake was SEK 17,612 (17,785) million in the first quarter.  
Order intake from Service constituted 30.5 (32.7) percent of the 
Group's total Order intake during the first quarter. 
Order book 
 
The order book was SEK 48.7 billion at March 31, 2026, compared 
to SEK 48.3 billion, at year-end 2025. SEK 32.1 billion of this is 
scheduled for invoicing this year. The current order book supports a 
continued good invoicing level and the order book is assessed to be 
in line with current input cost levels.  
Net sales 
Net invoicing was SEK 15,919 (16,465) million for the first quarter. 
Net invoicing relating to Service constituted 30.9 (31.8) percent of 
the Group's total net invoicing in the first quarter. 
 
  
Organic: Change excluding structural changes and currency impacts. 
Structural: Acquisition/divestment of businesses. 
 3 
 
 
0
20
40
60
80
100
0
4
8
12
16
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025 2026
Order intake per quarter Orders received rolling 12 months
BnSEK quarter BnSEK  12 months
30.7 31.7 32.1
17.0 20.4 16.7
0
10
20
30
40
50
60
2024 2025 2026
For delivery next year or later
 For delivery during rest of current year
BnSEK Mar 31
47.7
52.1 48.7

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

Alfa Laval Q1 2026 4 
  
 
Income bridge 
SEK million Q1 
Adjusted EBITA 2025 2,916 
Volume 332 
Mix 321 
Costs -417 
Currency -264 
Adjusted EBITA 2026 2,887 
 
 
Net sales 
 
 
 
 
Adjusted EBITA 
 
 
25
30
35
40
45
0
5
10
15
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025 2026
%BnSEK
Net sales Adjusted gross margin in %
0
6
12
18
24
0
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4
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025 2026
%BnSEK
Adjusted EBITA Adjusted EBITA margin in %
 
Income analysis 
Net sales in the quarter reached SEK 15,919 (16,465) million, a 
decrease of -3.3 percent compared to the same quarter last year. 
The decrease is in large part due to negative currency impact of -8.7 
percent. Sequentially, net sales followed normal seasonality and 
decreased, however, it should be noted that compared to Q1 2025 
sales organically increased with 1.6 percent. Net sales in the quarter 
yielded an adjusted EBITA of SEK 2,887 (2,916) million, a decrease 
of -1.0 percent compared to the same quarter last year, and an 
adjusted EBITA margin equivalent to 18.1 (17.7) percent. Net sales 
for Service decreased by -6.0 percent compared to the same 
quarter last year where currency impacted with -9.0 percent. 
The Energy Division net sales in the quarter yielded an adjusted 
EBITA margin of 17.5 (18.0). Volume contributed positively but at 
the same time the impact was negative from mix, currency and cost 
of which the majority is structural. The adjusted EBITA margin for 
the Food & Pharma Division showed a marginal improvement from 
Q1 last year at 15.2 (15.1) percent. However, the improvement 
sequentially from Q4 was good. A lower project invoicing in the 
quarter was compensated by a stronger Service and transactional 
sales which were mix accretive to the adjusted EBITA margin. A 
continued margin accretive mix in net sales yielded an adjusted 
EBITA margin of 22.0 (21.8) percent in the Ocean Division. Both 
Service and pumping systems contributed positively to the profit 
generation and the delivery volumes for the latter also drove a high 
utilization rate of manufacturing capacity in the quarter. 
Adjusted gross margin was 39.9 (37.5) percent and continues to 
be boosted by better factory and engineering results and positive 
purchase price variances. However, the mix was tilted towards 
transactional business in the first quarter which had an impact in a 
sequential comparison. Operating income decreased with -3.1 
percent to SEK 2,713 (2,800) million compared to the same quarter 
last year.  
  
 4 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Net sales 15,919 16,465 69,674 69,128 
Cost of goods sold -9,742 -10,408 -44,476 -43,810 
Gross profit 6,177 6,057 25,198 25,318 
          
Add back amortization step-up values 174 116 585 643 
Adjusted gross profit* 6,351 6,173 25,783 25,961 
- adjusted gross margin* 39.9% 37.5% 37.0% 37.6% 
          
Expenses -2,945 -2,804 -11,531 -11,672 
- in % of net sales 18.5% 17.0% 16.5% 16.9% 
Adjusted EBITDA* 3,406 3,369 14,252 14,289 
- adjusted EBITDA margin* 21.4% 20.5% 20.5% 20.7% 
          
Depreciation -519 -453 -1,918 -1,984 
Adjusted EBITA* 2,887 2,916 12,334 12,305 
- adjusted EBITA margin* 18.1% 17.7% 17.7% 17.8% 
          
Amortization step-up values -174 -116 -585 -643 
Operating income 2,713 2,800 11,749 11,662 
* Alternative performance measures.

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

Alfa Laval Q1 2026 5 
  
Sales and administration expenses were SEK -2,693 (-2,604) 
million during the first quarter, corresponding to 16.9 (15.8) percent 
of net sales. Sales and administration expenses increased by 1.9 
percent during the first quarter compared to the corresponding 
period last year.  
Research and development expenses were SEK -444 (-426) 
million during the first quarter, corresponding to 2.8 (2.6) percent of 
net sales. The costs for research and development increased with 
4.2 percent during the first quarter compared to the corresponding 
periods last year. 
Earnings per share in the quarter amounted to SEK 4.59 (4.82). 
The corresponding figure excluding amortization of step-up values 
and corresponding tax, was SEK 4.92 (5.03) for the first quarter.  
Taxes 
The tax on the result after financial items was SEK -637 (-654) 
million in the first quarter. The tax rate for the Group was 25 (25) 
percent in the quarter which is within the guidance range of 24-26 
percent.  
Cash flow 
Cash flow from operating activities was SEK 1,237 (1,405) million in 
the first quarter. The operational cash surplus and the total changes 
in working capital was similar to the same period last year. 
However, the movements within the working capital followed a 
different pattern compared to the same period last year. 
Receivables, inventory and liabilities all increased during the first 
quarter this year impacting cash flow with SEK -1,145 million, SEK     
-1,641 million and SEK 1,297 million. During the same period last 
year, the inventory change was close to zero and receivables and 
liabilities increased, impacting cash flow with SEK -2,065 million 
and SEK 674 million respectively. 
Depreciation and amortization was SEK -693 (-569) million in the 
quarter. Depreciation, excluding allocated step-up values, was SEK 
-519 (-453) million in the quarter. 
Acquisition of businesses during the first quarter was SEK -565       
(-68) million due to the acquisition of a heat exchanger 
manufacturing company in China of SEK -515 million and a financial 
investment in Industrikraft i Sverige AB of SEK -50 million. Please 
refer to note 9 for details about the acquisition. 
Financing activities amounted to SEK -2,344 (-250) million in the 
quarter due to changes in the loan structure. Loans of SEK -3,450 
million, mainly corporate bonds, were amortized and new loans of 
SEK million 1,273 in commercial papers were raised. Please refer to 
note 8 for details about borrowings and net debt. 
Total cash flow in the quarter was SEK -2,182 (457) million, arriving 
at a cash balance at the end of the period of SEK 5,024 (7,567) 
million. 
Key figures 
  
  
  Mar 31 Dec 31 
  2026 2025 2025 
Return on capital employed¹⁾ 22.8% 24.2% 23.9% 
Return on equity²⁾ 19.0% 19.0% 19.6% 
Equity/assets ratio³⁾ 46.2% 49.0% 44.6% 
Net debt/EBITDA ratio¹⁾ ⁵⁾ 0.96 0.34 0.92 
Debt/equity ratio¹⁾ 0.29 0.11 0.30 
Number of employees⁴⁾ 24,399 22,496 23,671 
¹⁾ Alternative performance measure. 
²⁾ Net income in relation to average equity, calculated on 12 months’ revolving basis, 
expressed in percent. 
³⁾ Equity in relation to total assets at the end of the period, expressed in percent.  
⁴⁾ FTE's at the end of the period. 
⁵⁾ Net debt including lease liabilities.

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

Alfa Laval Q1 2026 6 
  
 
 
Order intake by business unit Jan-Mar 2026 
 
 
Order intake by end-market Jan-Mar 2026 
% of Total YTD 26/25
HVAC & Ref 22% 6%
Fossil Base Fuels & Power 18% -6%
Process Industry 18% 32%
Light Industry & Tech 33% 60%
Clean Fuels, Power & Chemicals 5% 6%
Other 4% -
 
 
 
 
29%
29%
21%
17%
4%
Gasketed Plate Heat Exchangers
Brazed & Fusion Bonded Heat Exchangers
Welded & Circular Technologies
Energy Division Multibrands
Cryogenic Technologies
 
 
Highlights 
• Order intake increased by 27 percent to SEK 6.2 (4.9) billion, 
with an organic increase of 25 percent.  
• Net sales increased by 4 percent to SEK 5,0 (4.8) billion, with 
an organic decrease of -3 percent.  
• Adjusted EBITA of SEK 871 (861) million, corresponding to a 
margin of 17.5 (18.0) percent. 
 
 
 
 
  
Energy Division 
Alfa Laval Q1 2026 6 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Order intake 6,246 4,912 21,101 22,435 
Order book¹⁾ 13,692 10,579 12,299 13,692 
Net sales 4,971 4,786 20,250 20,444 
Operating income 800 853 3,288 3,235 
Adjusted EBITA²⁾ ³⁾ 871 861 3,435 3,445 
Adj. EBITA margin⁴⁾ 17.5% 18.0% 17.0% 16.9% 
Depreciation -169 -116 -524 -577 
Amortization -71 -8 -147 -210 
Investments⁵⁾ 227 314 992 904 
Assets¹⁾ 32,586 20,027 29,731 32,586 
Liabilities¹⁾ 8,342 7,165 7,163 8,342 
Employees¹⁾ 7,620 6,039 6,826 7,620 
¹⁾ At end of period. ²⁾ Excluding items affecting comparability. ³ ⁾ Alternative performance 
measure. ⁴⁾ Adjusted EBITA/net sales. ⁵⁾ Excluding new leases. 
Quarterly development 
 
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Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Order intake Net sales Adjusted EBITA margin
BnSEK %

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

Alfa Laval Q1 2026 7 
  
Order bridge 
SEK million/% Q1 
2025 4,912 
Organic 25.0% 
Structural 14.4% 
Currency -12.2% 
Total 27.2% 
2026 6,246 
  
 
 
 
Sales bridge 
SEK million/% Q1 
2025 4,786 
Organic -3.1% 
Structural 17.5% 
Currency -10.5% 
Total 3.9% 
2026 4,971 
  
 
 
Order intake split, Jan-Mar 2026 
25% 75% 
Service Capital Sales 
 
 
 
 
Income bridge 
SEK million Q1 
Adjusted EBITA 2025 861 
Volume 267 
Mix 10 
Costs -182 
Currency -85 
Adjusted EBITA 2026 871 
  
 
 
 
 
 
 
 
 
 
 
 
Q1 comments 
The Energy Division reported a higher order intake compared to the 
same quarter last year, with growth for both the transactional 
business and the project business. The strong demand in data 
centers and semi-conductors continued, led by North America and 
supported by growth across Europe and Asia. During the quarter, 
demand increased across Heat Pumps, Refrigeration, and Process 
Industries. After a challenging 2025, demand developed positively 
in Process Industries, driven by good growth in both the project 
business and the transactional business. The high growth in brazed 
and gasketed heat exchangers is well supported by the capacity 
investment programs within the Energy Division. The Service 
business grew compared to the same quarter last year, and the 
share of service agreements with customers continue to increase.  
Net sales in the Energy Division grew compared to the same quarter 
last year. Due to higher order intake, the order book is well above the 
same quarter last year. 
Adjusted EBITA grew slightly compared to last year. The increase 
was driven by higher net sales, with a limited impact on mix. Costs 
increased following the acquisition of business unit Cryogenic 
Technologies. Excluding the acquisition, costs were at the same 
level as last year. Currency had a negative effect on the result. 
 
 
 
 
 
 
 
 
 
 
 
 
Product case 
Alfa Laval introduces FreeWaterLoop, an external cooling system 
for the data center facility loop, engineered to set new standards in 
efficiency, energy saving, and high-density computing. The liquid-
based cooling system combines advanced pump engineering, high 
performance heat exchanger technology, and filtration into one 
single fully integrated system - offering data centers a scalable 
solution completely new to the market. Read more here: 
FreeWaterLoop. 
 
  
 7

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

Alfa Laval Q1 2026 8 
  
 
 
Order intake by business unit Jan-Mar 2026 
 
 
 
Order intake by end-market Jan-Mar 2026 
 
 
 
% of Total YTD 26/25
Oils & Fats 19% 12%
Dairy 25% 13%
Prep. Food & Beverage 18% -12%
Biofuels 7% -17%
Waste & Water 9% 11%
Pharma & Biotech 7% -2%
Protein 4% -33%
Brewery 5% -17%
Starch, Sugar & Sweeteners 2% -44%
Other 3% -48%
 
 
 
34%
20%
10%
22%
14%
Hygienic Fluid Handling
Process Engineering Solutions
Food & Pharma Division Multibrands
Separation Technologies
Water, Industrial Flow and Heat Transfer
 
 
  
Highlights 
• Order intake decreased by -4 percent to SEK 6.1 (6.4) billion, 
with an organic increase of 9 percent.  
• Net sales decreased by -10 percent to SEK 5.3 (5.9) billion, with 
an organic increase of 3 percent.  
• Adjusted EBITA of SEK 805 (894) million, corresponding to a 
margin of 15.2 (15.1) percent. 
 
 
 
 
 
  
Food & Pharma 
Division 
Alfa Laval Q1 2026 8 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Order intake 6,148 6,436 24,872 24,584 
Order book¹⁾ 12,873 15,216 12,719 12,873 
Net sales 5,295 5,905 25,635 25,032 
Operating income 751 834 3,650 3,567 
Adjusted EBITA²⁾ ³⁾ 805 894 3,882 3,793 
Adj. EBITA margin⁴⁾ 15.2% 15.1% 15.1% 15.2% 
Depreciation -95 -109 -435 -421 
Amortization -54 -60 -231 -225 
Investments⁵⁾ 56 104 434 385 
Assets¹⁾ 20,323 22,313 20,968 20,323 
Liabilities¹⁾ 8,173 9,427 8,191 8,173 
Employees¹⁾ 8,288 8,408 8,499 8,288 
¹⁾ At end of period. ²⁾ Excluding items affecting comparability. ³ ⁾ Alternative performance 
measure. ⁴⁾ Adjusted EBITA/net sales. ⁵⁾ Excluding new leases. 
Quarterly development 
 
0
3
6
9
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21
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Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Order intake Net sales Adjusted EBITA margin
BnSEK %

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

Alfa Laval Q1 2026 9 
  
Order bridge 
SEK million/% Q1 
2025 6,436 
Organic 9.1% 
Structural -2.1% 
Currency -11.5% 
Total -4.5% 
2026 6,148 
  
 
 
 
Sales bridge 
SEK million/% Q1 
2025 5,905 
Organic 3.0% 
Structural -2.3% 
Currency -11.0% 
Total -10.3% 
2026 5,295 
  
 
 
Order intake split, Jan-Mar 2026 
27% 73% 
Service Capital Sales 
 
 
 
Income bridge 
SEK million Q1 
Adjusted EBITA 2025 894 
Volume -29 
Mix 106 
Costs -73 
Currency -93 
Adjusted EBITA 2026 805 
  
 
 
 
 
 
 
 
 
 
 
 
Q1 comments 
The Food & Pharma division reported a good underlying organic 
order intake growth compared to the same quarter last year, 
however more than offset by negative currency effects. The 
transactional business is developing well with solid order growth, 
whereas the project driven business declined. The overall macro-
economic situation continued to cause customer hesitation and 
delays in decision-making for larger projects and investments. 
The division has intensified its work to build strong commercial 
organizations and product portfolios for the Pharma & Biotech and 
Protein industries, to enable accelerated future growth and in line 
with the strategic direction. The two largest industries, Dairy and 
Oils & Fats both show double-digit growth in the quarter. Demand 
remained positive within the Dairy business, largely driven by 
increased demand in the US and Chinese markets. The Oils & Fats 
market is highly project driven and a significant project in Latin 
America was won in the quarter.  
Net Sales decreased compared to the same period last year, 
Currency effects had a significantly negative impact and more than 
offset the organic business growth. The transactional part of the 
business and Service showed a solid sales growth whereas the 
project driven sales declined. 
Adjusted EBITA decreased compared to the same period last year. 
The positive mix effects from higher share of Service and 
transactional sales could not fully offset the impact from somewhat 
lower invoicing and higher costs for the division. Currency had a 
negative impact on the result. 
 
 
 
 
 
 
 
 
Product case 
In March, Alfa Laval launched a new range of bottom and side 
mounted agitators, EnSaLine, targeted hygienic industries. For 
decades, agitation has been known as an energy-intensive and 
maintenance-heavy process in hygienic production processes for 
industries such as food, dairy and pharmaceutical. EnSaLine 
agitators feature the unique EnSaFoil impellers for outstanding 
efficiency, cutting mixing time and reducing energy consumption 
significantly. The new agitators enable safe and effortless 
maintenance performed by only one technician in less than 30 
minutes with no need to enter the tank. EnSaLine agitators are 
designed for effortless configuration and installation and offer 
connectivity solutions for predictive maintenance and extended 
service life.   
 
 9

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

Alfa Laval Q1 2026 10 
  
 
 
 
Order intake by business unit Jan-Mar 2026 
 
 
Order intake by end-market Jan-Mar 2026 
% of Total YTD 26/25
Ship Building & Shipping 70% -26%
Offshore 13% 0%
Other 12% -8%
Engine Power 5% 1%
 
 
35%
47%
6%
5%
Pumping Systems
Marine Solutions
Ocean Growth & Partnerships
Digital Solutions
 
Highlights 
• Order intake decreased by -21 percent to SEK 5.1 (6.4) billion, 
with an organic decline of -12 percent. 
• Net sales decreased by -5 percent to SEK 5.5 (5.8) billion, with 
an organic growth of 4 percent.  
• Adjusted EBITA of SEK 1,207 (1,259) million, corresponding to a 
margin of 22.0 (21.8) percent. 
 
 
 
 
 
  
Ocean Division 
Alfa Laval Q1 2026 10 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Order intake 5,096 6,437 22,614 21,273 
Order book¹⁾ 21,879 26,267 23,241 21,879 
Net sales 5,497 5,775 23,790 23,515 
Operating income 1,157 1,212 5,232 5,177 
Adjusted EBITA²⁾ ³⁾ 1,207 1,259 5,433 5,381 
Adj. EBITA margin⁴⁾ 22.0% 21.8% 22.8% 22.9% 
Depreciation -92 -83 -337 -346 
Amortization -50 -47 -201 -204 
Investments⁵⁾ 131 79 548 601 
Assets¹⁾ 29,018 29,447 28,398 29,018 
Liabilities¹⁾ 9,249 10,382 9,587 9,249 
Employees¹⁾ 6,413 6,427 6,658 6,413 
¹⁾ At end of period. ²⁾ Excluding items affecting comparability. ³ ⁾ Alternative performance 
measure. ⁴⁾ Adjusted EBITA/net sales. ⁵⁾ Excluding new leases. 
Quarterly development 
 
0
3
6
9
12
15
18
21
24
27
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1
2
3
4
5
6
7
8
9
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Order intake Net sales Adjusted EBITA margin
BnSEK %

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

Alfa Laval Q1 2026 11 
  
Order bridge 
SEK million/% Q1 
2025 6,437 
Organic -12.2% 
Structural -2.0% 
Currency -6.7% 
Total -20.8% 
2026 5,096 
  
 
 
 
Sales bridge 
SEK million/% Q1 
2025 5,775 
Organic 4.0% 
Structural -1.4% 
Currency -7.4% 
Total -4.8% 
2026 5,497 
  
 
 
Order intake split, Jan-Mar 2026 
41% 59% 
Service Capital Sales 
 
 
 
Income bridge 
SEK million Q1 
Adjusted EBITA 2025 1,259 
Volume 44 
Mix 165 
Costs -196 
Currency -65 
Adjusted EBITA 2026 1,207 
  
 
 
 
 
 
 
 
 
 
 
 
Q1 comments 
The order intake for the Ocean Division was lower compared to the 
same quarter last year. Overall demand remained stable and the 
somewhat lower order intake was driven by a negative currency 
impact and slightly lower marine pumping systems orders. The 
containership sector continued to demonstrate good contracting 
activity, while demand decreased for tankers, bulk carriers, and gas 
carriers compared to last year. Although Tankers ordering did not 
reach the extraordinary levels during the beginning of 2025, it 
remains on good levels. Offshore orders remained stable compared 
to the same quarter last year. The underlying market sentiment 
remained strong with the addition of new projects to safeguard long 
term energy security. 
 
Net sales were somewhat lower compared to the same quarter last 
year, driven by lower invoicing for Gas Systems and Service. 
However, net sales for capital sales were higher, supported by 
strong execution of the large order book. 
 
Adjusted EBITA increased compared to the same quarter last year, 
primarily due to higher sales and a favourable product mix. Good 
factory load and sustained high operational activity had a positive 
contribution. Overall, costs were higher than the previous year, 
reflecting the elevated level of business activity and currency had a 
negative effect on the result. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product case 
By leveraging advancements in connectivity and augmented reality 
(AR) technology, Alfa Laval is strengthening its remote service 
offering to support crews with live troubleshooting. Through AR-
enabled collaboration, Alfa Laval experts can work directly with 
onboard crews to guide them step by step in diagnosing and 
resolving technical issues in real time. 
Reliable connectivity in machinery spaces, combined with 
established remote support infrastructure, creates new 
opportunities to support crews with faster decision-making and 
safer operations. AR-enabled guidance helps minimize equipment 
downtime, improve operational efficiency, and enhances crew 
safety. It also reduces the need for service travel, lowering costs and 
emissions while supporting efficient, compliant, and reliable vessel 
operations. Looking ahead, Alfa Laval aims to expand its remote 
services beyond troubleshooting toward proactive compliance 
support and performance monitoring across a broader equipment 
portfolio. 
 
  
 11

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

Alfa Laval Q1 2026 12 
  
 
Other 
Other covers corporate overhead and non-core businesses. 
 
 
 
 
  
 
 12 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Order intake 123 - - 123 
Order book¹⁾ 298 -  - 298 
Net sales 155 - - 155 
Operating income 4 -100 -420 -316 
Adjusted EBITA²⁾ ³⁾ 5 -99 -416 -312 
Adjusted EBITA margin4⁾ 3.2% - - - 
Depreciation -161 -145 -623 -639 
Amortization -1 -1 -4 -4 
Investments⁴⁾ 115 137 686 688 
Assets¹⁾ 152 167 161 152 
Liabilities¹⁾ 237 989 209 237 
Employees¹⁾ 2,079 1,623 1,688 2,079 
¹⁾ At end of period. ²⁾ Excluding items affecting comparability. ³ ⁾ Alternative performance 
measure. ⁴⁾ Excluding new leases.

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

Alfa Laval Q1 2026 13 
  
 
 
Case studies 
 
Turning insights into action  
A safe work environment can only be achieved if actions are taken 
to control hazards and risks. To enhance risk management and 
prevent incidents, the Distribution Centre warehouse Lund uses a 
digital system that enables proactive safety monitoring.  
Every observed safety risk is recorded as a card in the ALPS Digital 
Status Board. Each entry becomes part of a dynamic safety heat 
map – a visual tool that helps employees to see patterns and act 
before incidents occur.  
 
On the map, yellow dots shows where incidents are registered in the 
same area. When four incidents are registered the colour shifts to 
orange. After five, it turns red. This clear visual signal helps to focus 
preventive activities exactly where they are needed the most.  
The idea behind DC Lund’s digital heat map was inspired by DC 
Kolding. Building on their work DC Lund has taken the concept 
further – from a manual process into a digital, data-driven system 
that strengthens safety awareness. 
 
Recycling without compromising on quality  
Alfa Laval is committed to safeguarding natural resources utilizing 
materials for as long as possible, minimizing waste to the greatest 
extent. ThinkCircularity, a new initiative, ensures that materials from 
old ThinkTops can be recycled. The focus is on plastic recycling. 
Each ThinkTop contains 500 grams of plastic, which can be 
recycled to produce new units without compromising quality. Other 
materials and components from returned ThinkTops , such as 
valuable metals and electronics, are also responsibly recycled. 
 
Currently, the ThinkCircularity program applies to selected 
European countries. 
  
Sustainability 
Alfa Laval Q1 2026 13

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

Alfa Laval Q1 2026 14 
  
Energy: consumption in relation to  
turnover 
 
 
 
Carbon emissions 
 
Carbon emissions  
 
 
 
 
Health and safety: Lost Time Injury Frequency 
Rate 
 
 
 
 
 
LTIFR = Number of lost time injuries in time period * 1,000,000 
/ Worked hours in the period 
 
 
0
2
4
6
8
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
 Energy consumption per quarter
 Energy consumption rolling 12 months
MWh per million SEK in net sales
0
5
10
15
20
25
0
2
4
6
8
10
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY FY
2024 2025 2026 2026 2027
tons CO2e
12 months
tons CO2e
quarter
Scope 1
 Scope 2
 Emissions 12 months Target full year 2026
Target Target full year 2027
0
1
2
3
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY
2024 2025 2026 2026
LTIFR
LTIFR per quarter LTIFR rolling 12 months
Target Target full year 2026
 
Quarterly follow up 
 
 
Energy 
The energy efficiency in Q1 2026 decreased by 7.1% compared to 
Q1 2025. Energy efficiency is measured as energy intensity, i.e. total 
energy consumption per net sales (energy consumption/net sales). 
The decline was driven by higher energy consumption and slightly 
lower net sales.   
Energy consumption in Q1 2026 exceeded that of Q1 2025, 
primarily due to increased district heating usage resulting from 
colder Nordic conditions during the quarter. Additionally, electricity 
usage rose as electrified processes replaced natural gas, and 
further growth in electricity consumption was observed within one of 
the high-intensity Business Units. 
Carbon emissions 
Scope 1 emissions in Q1 2026 are similar to those in Q1 2025. 
Increases in heating oil were caused by R&D testing activities and 
unexpected production ramp-up at a US site, while natural gas 
usage decreased due to less heating and more process 
electrification compared to the previous year. 
For Scope 2, there was a slight decline in emissions this quarter. 
This reduction is attributed to higher purchases of renewable 
electricity and the addition of solar panels since Q1 2025. 
Health and safety 
A total of 25 (26) Lost Time Injuries (LTIs) were reported in Q1 
2026. The twelve-month rolling LTIFR decreased slightly and 
closed the quarter at 2.20 (2.00).  
Incidents in the quarter occurred mainly during routine operational 
activities, including manual handling and materials movement.  
Continued focus remains on pre-task risk assessment and effective 
controls at the point of work, to manage foreseeable hazards before 
work starts.  
  
 14

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

Alfa Laval Q1 2026 15 
  
 
Owners and shares 
Parent company 
Alfa Laval AB (publ) is the parent company of the Alfa Laval Group. 
The company does not sell goods or services to external customers. 
Owners and legal structure 
Alfa Laval AB had 70,485 (57,873) shareholders on March 31, 
2026. The largest owner is Winder Holding AG, Switzerland, who 
owns 29.5 (29.5) percent. Next to the largest owner, there are nine 
institutional investors with ownership in the range of 6.6 to 1.8 
percent. These ten largest shareholders owned 59.3 (62.3) 
percent. 
Proposed disposition of earnings 
The Board of Directors propose a dividend of SEK 9.00 (8.50) per 
share corresponding to SEK 3,720 (3,513) million to the Annual 
General Meeting and that the remaining income available for 
distribution in Alfa Laval AB (publ) of SEK 3,048 (4,060) million be 
carried forward.  
 
The Board of Directors are of the opinion that the proposed dividend 
is consistent with the requirements that the type and size of 
operations, the associated risks, the capital needs, liquidity and 
financial position put on the company. 
 
Acquisitions of businesses 
On January 14, 2026, Alfa Laval acquired 72 percent of a heat 
exchanger manufacturing company in China. The company is 
included in the Energy division and will operate under its own name 
as an independent channel and has a minor impact on the group. 
Please refer to note 9 for more information about the acquisition. 
Risks and uncertainties 
Material factors of risk and uncertainty 
The main factors of risk and uncertainty facing the Group concern 
the business cycle, the consequences of Russia’s war on Ukraine, 
the conflict in the Middle East, and other geo-political tensions, the 
price development of metals, inflationary pressures, the interest rate 
development and volatile fluctuations in major currencies. It is the 
company’s opinion that the description of risks made in the Annual 
Report for 2025 is still correct. 
Russia’s war on Ukraine 
The ongoing conflict has resulted in that Alfa Laval has ceased all 
commercial activities in Russia. Alfa Laval’s assessment is that the 
longer-term implications of the war are of such a magnitude that the 
company in 2022 provided for the entire closure of operations.  
Sanctions 
The current geopolitical environment has resulted in several 
sanction packages imposed on several countries where conflicts are 
ongoing. Alfa Laval follows and enforces all sanction imposed by the 
European Union as well as all US and other sanctions that are 
applicable. The significantly increased amount of sanctioned 
entities together with the sophisticated circumvention attempts, 
make the assurance work more demanding. 
Asbestos-related lawsuits 
The Alfa Laval Group was as of March 31, 2026 named as a co-
defendant in a total of 310 asbestos-related lawsuits with a total of 
approximately 310 plaintiffs. Alfa Laval strongly believes the claims 
against the Group are without merit and intends to vigorously 
contest each lawsuit. 
Based on current information and Alfa Laval’s understanding of 
these lawsuits, Alfa Laval continues to believe that these lawsuits 
will not have a material adverse effect on the Group’s financial 
condition or results of operation. 
Implication of tariffs 
The dynamics and development of global trade is uncertain with 
background of the ongoing implementation of trade tariffs and 
reciprocal escalations in response. Alfa Laval is monitoring the 
situation closely to ensure appropriate measures are taken to 
handle commercial exposures, supply chain disruptions and guide 
further actions.  
Other 
Changes in operating segments 
 
During 2025, Alfa Laval made a strategic review of its abilities and 
position as a global technology leader to better serve customers 
worldwide and support further growth. As of 1 January 2026, two of 
three divisions will be renamed to better reflect strategic priorities: 
• The former Marine Division will be named Ocean Division.  
• The former Food & Water Division will be named Food & 
Pharma Division.  
• The Energy Division will retain its current name. 
 
As part of the new operating model implemented during the first 
quarter of 2026, Multibrand companies are reported in their main 
divisional belonging to reflect technological and industrial 
alignment. Entities that are considered non-core and not related to 
respective division’s core business are reported in the Other division. 
These changes, where applicable, are reflected as structural 
changes in the divisional bridges for order intake and net sales, 
when comparing with 2025. 
 
 
 15 
General information

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

Alfa Laval Q1 2026 16 
  
Alternative performance measures 
Alfa Laval follows the Guidelines on Alternative Performance 
Measures issued by ESMA, European Securities and Markets 
Authority. For definitions of the alternative performance measures, 
refer to the Annual Report 2025.  
Significant events after the reporting period 
No significant events other than stated above have occurred after 
the reporting period. 
 
 
________________________________________________________________________________________________________________________________ 
Signature of the President and CEO 
The interim report has not been subject to review by the company’s auditors. 
 
Lund, April 22, 2026 
 
 
 
Tom Erixon  
President and CEO

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

Alfa Laval Q1 2026 17 
  
Financial statements 
 
Consolidated income statement, condensed 
Consolidated statement of comprehensive income, condensed 
 
  
  Q1 Jan-Dec Last 12 
SEK million Note 2026 2025 2025 months 
Net sales 2-5 15,919 16,465 69,674 69,128 
Cost of goods sold   -9,742 -10,408 -44,476 -43,810 
Gross profit   6,177 6,057 25,198 25,318 
            
Sales costs   -1,716 -1,704 -6,877 -6,888 
Administration costs   -978 -900 -3,873 -3,951 
Research and development costs   -444 -426 -1,738 -1,756 
Other operating income and costs   -318 -216 -960 -1,063 
Share of result in joint ventures   -9 -12 -2 1 
Operating income   2,713 2,800 11,749 11,662 
            
Financial net 6 -160 -143 -551 -569 
Result after financial items   2,552 2,657 11,198 11,093 
            
Taxes   -637 -654 -2,875 -2,858 
Net income for the period   1,915 2,003 8,322 8,235 
            
Net income for the period attributable to:           
Owners of the parent   1,899 1,991 8,272 8,180 
Non-controlling interests   16 12 50 54 
            
Earnings per share attributable to the owners of the parent, SEK*   4.59 4.82 20.01 19.79 
Average number of shares*   413,326,315 413,326,315 413,326,315 413,326,315 
* Before and after dilution.           
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Net income for the period 1,915 2,003 8,322 8,235 
          
Other comprehensive income         
Items that will not be reclassified to profit or loss:         
Revaluations of defined benefit obligations -7 -15 -110 -103 
Market valuation of external shares  -  - -138 -138 
Deferred tax on other comprehensive income 2 4 13 11 
Total -6 -11 -235 -230 
          
Items that may subsequently be reclassified to profit or loss:         
Cash flow hedges 52 1,016 1,300 336 
Translation difference 1,382 -2,198 -3,934 -354 
Deferred tax on other comprehensive income 63 -341 -440 -36 
Total 1,498 -1,523 -3,075 -54 
          
Total other comprehensive income 1,492 -1,534 -3,310 -284 
          
Total comprehensive income for the period 3,407 469 5,012 7,951 
          
Total comprehensive income for the period attributable to:         
Owners of the parent 3,374 489 5,009 7,894 
Non-controlling interests 33 -20 3 56

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

Alfa Laval Q1 2026 18 
  
Consolidated balance sheet, condensed 
 
 
 
   
    Mar 31 Dec 31 
SEK million Note 2026 2025 2025 
ASSETS         
Non-current assets         
Intangible assets and goodwill   37,842 28,194 36,445 
Property, plant and equipment and right-of-use assets   16,426 14,058 15,856 
Other non-current assets 7 2,993 2,462 2,895 
Total non-current assets   57,261 44,714 55,196 
          
Current assets         
Inventories   17,685 14,624 15,548 
Accounts receivable   10,877 10,271 9,949 
Other receivables   10,413 9,225 9,084 
Derivative assets 7 631 409 551 
Current deposits 7 318 450 707 
Cash and cash equivalents   5,024 7,567 7,124 
Assets held for sale   10 0 1 
Total current assets   44,957 42,546 42,965 
          
TOTAL ASSETS   102,218 87,259 98,161 
          
EQUITY AND LIABILITIES         
Equity         
Owners of the parent   46,783 42,401 43,409 
Non-controlling interests   451 349 344 
Total equity   47,234 42,750 43,753 
          
Non-current liabilities         
Liabilities to credit institutions 8 13,854 5,419 9,626 
Lease liabilities   3,387 1,913 3,333 
Pension liability   998 893 984 
Deferred tax liabilities   3,503 2,443 3,458 
Other non-current liabilities 7 682 577 642 
Total non-current liabilities   22,423 11,245 18,043 
          
Current liabilities         
Liabilities to credit institutions 8 1,300 4,327 7,590 
Lease liabilities   449 940 462 
Accounts payable   6,062 5,836 5,444 
Advances from customers   9,861 10,289 9,004 
Provisions   2,248 1,870 1,936 
Derivative liabilities 7 204 224 133 
Other liabilities   12,436 9,778 11,795 
Total current liabilities   32,561 33,264 36,365 
          
Total liabilities   54,984 44,509 54,408 
          
TOTAL EQUITY & LIABILITIES   102,218 87,259 98,161

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

Alfa Laval Q1 2026 19 
  
Consolidated statement of changes in equity, condensed 
 
 
   
  Equity attributable to   
SEK million 
Owners of the 
parent 
Non-controlling 
interests Total equity 
Opening balance January 1, 2025 41,912 369 42,282 
Net income for the period 1,991 12 2,003 
Other comprehensive income -1,502 -32 -1,534 
Total comprehensive income for the period 489 -20 469 
Closing balance March 31, 2025 42,401 349 42,750 
  
      
Opening balance January 1, 2026 43,409 344 43,753 
Net income for the period 1,899 16 1,915 
Other comprehensive income 1,475 17 1,492 
Total comprehensive income for the period 3,374 33 3,407 
Change of non-controlling interests  - 73 73 
Total transactions with owners  - 73 73 
Closing balance March 31, 2026 46,783 451 47,234

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

Alfa Laval Q1 2026 20 
  
Consolidated statement of cash flows, condensed 
 
   
    Q1 Jan-Dec Last 12 
SEK million Note 2026 2025 2025 months 
Operating activities           
Operating income   2,713 2,800 11,749 11,662 
Adjustment for depreciation and amortization   693 569 2,503 2,627 
Adjustment for provisions   275 211 391 455 
Adjustment for other non-cash items   -8 21 -84 -113 
Operational cash surplus   3,673 3,601 14,559 14,631 
Taxes paid   -947 -814 -2,719 -2,852 
Cash flow from operating activities before changes in working capital   2,726 2,787 11,840 11,779 
            
Changes in working capital:           
Increase(-)/decrease(+) of receivables   -1,145 -2,065 -2,203 -1,283 
Increase(-)/decrease(+) of inventories   -1,641 9 -1,226 -2,876 
Increase(+)/decrease(-) of liabilities   1,297 674 755 1,378 
Increase(-)/decrease(+) in working capital   -1,489 -1,382 -2,674 -2,781 
Cash flow from operating activities   1,237 1,405 9,166 8,998 
            
Investing activities           
Investments in fixed assets (Capex)   -529 -634 -2,660 -2,555 
Divestment of fixed assets   19 4 155 170 
Acquisition of businesses 9 -565 -68 -9,412 -9,909 
Divestment of businesses    -  - 4 4 
Cash flow from investing activities   -1,075 -698 -11,913 -12,290 
            
Financing activities           
Paid and received interests   -150 -120 -357 -387 
Dividends received    - 3 9 6 
Dividends to owners of the parent    -  - -3,513 -3,513 
Dividends to non-controlling interests    -  - -28 -28 
Amortizations of lease liabilities   -113 -126 -503 -490 
Increase of loans   1,273  - 8,796 10,069 
Amortization of loans   -3,450 -10 -1,081 -4,521 
Other financing cash flows   96 3 -408 -315 
Cash flow from financing activities   -2,344 -250 2,915 821 
            
Cash flow for the period   -2,182 457 168 -2,471 
Cash at the beginning of the period   7,124 7,369 7,369 7,567 
Translation difference in cash   82 -259 -413 -72 
Cash at the end of the period   5,024 7,567 7,124 5,024 
            
Free cash flow per share (SEK) *    1.76 1.87 16.12 16.00 
Capex in relation to net sales   3.3% 3.9% 3.8% 3.7% 
Average number of shares   413,326,315 413,326,315 413,326,315 413,326,315 
* Free cash flow is an alternative performance measure. It is the sum of cash flows from operating activities, investments an d divestments of fixed assets.

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

Alfa Laval Q1 2026 21 
  
Parent company income statement, condensed 
 
The parent company income statement also constitutes its statement of comprehensive income. 
 
 
Parent company balance sheet, condensed 
  
  Q1 Jan-Dec 
SEK million 2026 2025 2025 
Administration costs -7 -6 -17 
Other operating income and costs 10 6 -1 
Operating income 3 -1 -18 
        
Financial net 20 38 1,285 
Result after financial items 23 37 1,267 
        
Change of tax allocation reserve  -  - -10 
Group contributions  -  - 1,835 
Result before tax 23 37 3,093 
        
Taxes -5 -8 -385 
Net income for the period 18 29 2,707 
  Mar 31 Dec 31 
SEK million 2026 2025 2025 
ASSETS       
Non-current assets       
Shares in group companies 4,669 4,669 4,669 
        
Current assets       
Receivables on group companies 6,420 7,055 6,509 
Other receivables 103 272 4 
Cash and cash equivalents 3 3 3 
Total current assets 6,527 7,331 6,517 
        
TOTAL ASSETS 11,195 12,000 11,186 
        
EQUITY AND LIABILITIES       
        
Restricted equity 2,387 2,387 2,387 
Unrestricted equity 6,786 7,603 6,768 
Total equity 9,173 9,989 9,154 
        
Untaxed reserves       
Tax allocation reserves 1,996 1,986 1,996 
        
Current liabilities       
Liabilities to group companies 23 24 24 
Accounts payable 0 0 1 
Other liabilities 4 0 10 
Total current liabilities 27 24 36 
        
TOTAL EQUITY AND LIABILITIES 11,195 12,000 11,186

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

Alfa Laval Q1 2026 22 
  
Notes  
Note 1. Accounting policies 
The interim report is prepared in accordance with IAS 34 Interim 
Financial Reporting and the Swedish Annual Accounts Act. The 
accounting and valuation principles of the parent company comply 
with the Swedish Annual Accounts Act and the recommendation 
RFR 2 Accounting for legal entities, issued by the Council for 
Financial Reporting in Sweden. 
Full descriptions of accounting principles are provided in the Annual 
Report 2025. These principles have been consistently applied as in 
the Annual Report; however, starting from Q1 2026, certain 
changes have been implemented in the interim report. Structurally, 
the table Reconciliation between Divisions and Group total has 
been relocated to Note 2. In addition, the note Bridge cash flow 
restatement, which was included in all interim reports for the 
financial year 2025, has been removed, as the cash flow is now fully 
comparable between periods presented. 
From Q1 2026, there is a change in the presentation of Order intake. 
Order intake now focuses solely on new orders for the period, with 
cancellations and currency effects no longer included. Instead, these 
items are described as part of the change in the Order book 
between periods. Apart from this presentation change, the same 
accounting policies and measurement methods as in the latest 
annual financial statements continue to be applied. 
Alfa Laval is currently evaluating how the, by IASB, issued IFRS 18 
Presentation and Disclosures in Financial Statements standard will 
impact the financial report. The standard will be applicable for 
reporting periods starting from January 1, 2027, and onwards. 
The totals in the tables and the calculated totals may not always 
match due to rounding differences on individual lines. Each subtotal, 
and line item, corresponds to its original source and rounding, which 
can lead to discrepancies with reported totals that aggregate the 
exact figures before rounding.

===== SIDA 23 =====

Alfa Laval Q1 2026 23 
  
Last 12 months 
 
Mar 31, 2026 
 
 
Last 12 months 
 
 
Last 12 months 
 
 
 
 
 
 
 
 
Energy 
Food & Pharma 
Ocean 
 
33%
36%
31%
28%
27%
45%
30%
36%
34%
27%
30%
43%
Note 2. Segment reporting 
 
 
 
  
Order intake 
2026 2025 2024 
SEK million Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 
Energy 6,246 6,144 5,479 4,566 4,912 5,160 5,119 4,801 
Food & Pharma 6,148 5,888 6,098 6,450 6,436 6,633 5,877 6,386 
Ocean 5,096 5,259 5,491 5,427 6,437 6,317 8,148 8,043 
Other 123 - - -  -  -  -  - 
Total 17,612 17,290 17,068 16,444 17,785 18,111 19,144 19,230 
                  
                  
                  
                  
Order book 
2026 2025 2024 
SEK million Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 
Energy 13,692 12,299 12,205 10,249 10,579 10,590 10,738 10,340 
Food & Pharma 12,873 12,719 14,224 15,067 15,216 14,926 15,497 16,125 
Ocean 21,879 23,241 24,435 25,001 26,267 26,803 25,835 23,004 
Other 298  -  -  -  -  -  -  - 
Total 48,741 48,259 50,864 50,317 52,062 52,319 52,070 49,469 
                  
                  
                  
                  
Net sales 
2026 2025 2024 
SEK million Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 
Energy 4,971 5,837 5,026 4,601 4,786 5,186 4,611 4,891 
Food & Pharma 5,295 7,085 6,483 6,162 5,905 7,114 6,342 7,023 
Ocean 5,497 6,224 5,735 6,056 5,775 6,010 5,255 5,616 
Other 155 - - - -  -  -  - 
Total 15,919 19,146 17,244 16,819 16,465 18,311 16,208 17,530 
                  
                  
                  
                  
Adjusted EBITA 
2026 2025 2024 
SEK million Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 
Energy 871 946 832 796 861 923 964 935 
Food & Pharma 805 1,041 1,043 904 894 1,008 995 1,077 
Ocean 1,207 1,378 1,349 1,448 1,259 1,104 989 1,031 
Other 5 -128 -43 -146 -99 -111 -148 -122 
Total 2,887 3,237 3,180 3,001 2,916 2,922 2,800 2,921 
                  
                  
                  
Adjusted EBITA 
margin 
2026 2025 2024 
% Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 
Energy 17.5% 16.2% 16.6% 17.3% 18.0% 17.8% 20.9% 19.1% 
Food & Pharma 15.2% 14.7% 16.1% 14.7% 15.1% 14.2% 15.7% 15.3% 
Ocean 22.0% 22.1% 23.5% 23.9% 21.8% 18.4% 18.8% 18.4% 
Other 3.2% - - - -  -  -  - 
Total 18.1% 16.9% 18.4% 17.8% 17.7% 16.0% 17.3% 16.7%

===== SIDA 24 =====

Alfa Laval Q1 2026 24 
  
Reconciliation between Divisions and Group total 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Divisions         
Adjusted EBITA 2,887 2,916 12,334 12,305 
Amortization -174 -116 -585 -643 
Operating income 2,713 2,800 11,749 11,662 
          
Financial net -160 -143 -551 -569 
Result after financial items 2,552 2,657 11,198 11,093 
          
Assets*         
Total for divisions 82,079 71,954 79,258 82,079 
Corporate** 20,139 15,305 18,903 20,139 
Group total 102,218 87,259 98,161 102,218 
          
Liabilities*         
Total for divisions 26,001 27,963 25,150 26,001 
Corporate** 28,983 16,546 29,258 28,983 
Group total 54,984 44,509 54,408 54,984 
* At the end of the period. ** Corporate refers to items in the statement on financial position that are interest bearing or are related to taxes.

===== SIDA 25 =====

Alfa Laval Q1 2026 25 
  
Note 3. Order intake 
Large orders (>EUR 5 million) in the quarter 
 
Order intake for the 10 largest markets 
 
 
  
Orders per Business Unit Q1 
SEK million 2026 2025 
      
Gasketed Plate Heat Exchangers 64 76 
Welded & Circular Technologies 351 162 
Energy 415 238 
      
Process Engineering Solutions 379 466 
Water, Industrial Flow and Heat Transfer 118 - 
Food & Pharma 497 466 
      
Pumping Systems 280 130 
Marine Solutions 84 227 
Ocean 364 357 
      
Total 1,276 1,061 
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14
China
United States
Nordic
South East Asia
Adriatic
India
Japan
Mid Europe
Korea, South
France
BnSEKLast 12 months Jan-Dec 2025

===== SIDA 26 =====

Alfa Laval Q1 2026 26 
  
Order intake by region 
 
Northern Europe 
The region reported flat order intake compared to the same quarter 
last year. Energy grew driven by Oil & Gas and HVAC & Ref. Food & 
Pharma declined in Biofuels and Prepared Food & Beverage. 
Ocean noted robust underlying demand in Shipping. Service grew 
in Energy and was flat in Food & Pharma. 
 
Central and Eastern Europe  
The order intake in the region increased double digit compared to 
the same quarter last year. Energy grew driven by Refinery. Food & 
Pharma grew, driven by Prepared Food & Beverage and Oils & 
Fats. Ocean grew, in Shipping and Engine Power. Service reported 
growth in Energy and was flat in Ocean. 
 
Southern Europe 
The region reported flat order intake compared to the same quarter 
last year. Energy grew, driven by Clean Power and Process Industry. 
Food & Pharma declined in Oils & Fats and Prepared Food & 
Beverage. Ocean grew, mainly driven by Offshore. Service grew in 
all three divisions. 
 
North America  
The order intake in the region increased double digit compared to 
the same quarter last year. Energy grew, driven by Tech and Oil & 
Gas. Food & Pharma grew, driven by Dairy and Water. Ocean 
declined in Shipping. Service grew in Ocean and was flat in Energy.  
 Latin America  
The order intake in the region increased double digit compared to 
the same quarter last year. Energy declined driven by Oil & Gas and 
HVAC & Ref. Food & Pharma grew in Oils & Fats and Biofuels. 
Ocean grew in Shipping. Service reported growth in Ocean. 
 
Northeast Asia  
The order intake in the region decreased double digit compared to 
the same quarter last year. Energy grew, mainly in Light Industry & 
Tech and Process Industry. Food & Pharma showed robust 
underlying demand in Oils & Fats and Dairy. Ocean declined in 
mainly Shipbuilding. Service grew in Energy and was flat in Ocean.  
 
Southeast Asia and Oceania 
The order intake in the region decreased double digit compared to 
the same quarter last year. Energy grew, driven by Light Industry & 
Tech. Food & Pharma declined in mainly Oils & Fats. Ocean grew in 
Offshore. Service was flat in Energy. 
 
India, Middle East and Africa  
The order intake in the region decreased double digit compared to 
the same quarter last year. Energy declined in Oil & Gas and 
Refinery. Food & Pharma grew in Oils & Fats. Ocean declined in 
Offshore. Service grew in Ocean. 
  
24 23
15 0
4 11
11 -1
7 18 5 -19
15 0
18 -24
YTD 2026 vs 2025,%*
Share of total, YTD, %

===== SIDA 27 =====

Alfa Laval Q1 2026 27 
  
Note 4. Geographical areas 
 
Net sales are reported by country on the basis of invoicing address, 
which is normally the same as the delivery address. 
 
 
Note 5. Net sales by product* 
Information about major customers  
Alfa Laval does not have any customer that accounts for 10 percent 
or more of net sales. 
 
Note 6. Financial net 
 
 
 
 
Net sales 
Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
To customers in:         
Sweden 357 291 1,447 1,512 
Other EU 3,399 3,542 15,387 15,244 
Other Europe  1,098 1,097 4,812 4,813 
USA 2,604 2,788 11,260 11,071 
Other North America 299 489 1,608 1,424 
Latin America 937 1,112 3,971 3,797 
Africa 355 318 1,306 1,343 
China 3,397 2,803 13,231 13,825 
South Korea 763 1,321 4,702 4,144 
Other Asia 2,537 2,523 11,185 11,198 
Oceania 174 181 765 758 
Total 15,919 16,465 69,674 69,128 
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Separation 2,652 2,744 12,028 11,936 
Heat transfer 6,557 6,792 28,767 28,532 
Fluid handling 4,824 4,377 18,529 18,976 
Other 1,886 2,551 10,350 9,685 
Total 15,919 16,465 69,674 69,128 
* The split of own products and services within separation, heat transfer and fluid handling is a reflection of Alfa Laval's three main technologies. Other consists of own products and 
services outside of these three areas. This category also includes purc hased products that complement Alfa Laval's product range. Services are split to all categories and cover all 
sorts of service and service agreements excluding spare parts.  
  Q1 Jan-Dec Last 12 
SEK million 2026 2025 2025 months 
Net of interests -132 -64 -404 -473 
- of which interest expense on financing loans -99 -53 -337 -383 
Dividends and other financial income 0 7 22 14 
Net of exchange rate differences -28 -86 -169 -111 
Financial net -160 -143 -551 -569

===== SIDA 28 =====

Alfa Laval Q1 2026 28 
  
Note 7. Financial instruments 
  
Note 8. Net debt
 
 
 
During the first quarter, Alfa Laval repaid a EUR 300 million 
corporate bond. Additionally, SEK 1,200 million was raised through 
commercial papers maturing in 2026. The term loans were 
extended until April 2027 and amortized by EUR 12 million each. 
 
 
 
 
 
 
 
Financial assets and liabilities at fair value 
Valuation 
hierarchy Mar 31 Dec 31 
SEK million level* 2026 2025 2025 
Financial assets         
Shares in other companies 1 and 2 62 158 12 
Bonds and other securities 1 133 285 206 
Derivative assets 2 843 517 717 
          
Financial liabilities         
Derivative liabilities 2 264 269 193 
* Valuation hierarchy level 1 is according to quoted prices in active markets for identical assets and liabilities. Valuation  hierarchy level 2 is out of directly or indirectly observable 
market data outside level 1. Valuation hierarchy level 3 is out of u nobservable market data. 
  Mar 31 Dec 31 
SEK million 2026 2025 2025 
Credit institutions 123 96 38 
Swedish Export Credit 2,188 2,164 2,160 
Term loans 4,117 - 4,324 
Commercial papers 1,188 - - 
Corporate bonds 7,538 7,485 10,695 
Total liabilities to credit institutions  15,153 9,745 17,216 
Cash and current deposits -5,342 -8,017 -7,832 
Net debt excluding lease liabilities* 9,812 1,729 9,384 
Lease liabilities 3,836 2,853 3,795 
Net debt including lease liabilities* 13,647 4,582 13,179 
* Alternative performance measure. 
Borrowings specification   Available Utilized   
Million Currency amount amount Falls due 
Revolving credit facility* EUR 700 0 2028 
Swedish Export Credit EUR 100 100 2027 
Swedish Export Credit EUR 100 100 2028 
Commercial papers SEK 4,000 1,200 2026 
Corporate bond EUR 300 300 2029 
Corporate bond SEK 600 600 2030 
Corporate bond SEK 400 400 2030 
Corporate bond EUR 300 300 2031 
Term loan EUR 188 188 2027 
Term loan EUR 188 188 2027 
*The revolving credit facility can be increased with EUR 200 million.

===== SIDA 29 =====

Alfa Laval Q1 2026 29 
  
Note 9. Acquisitions 
On January 14, 2026, Alfa Laval acquired 72 percent of a heat 
exchanger manufacturing company in China. The purchase price 
amounted to SEK 619 million, out of which SEK 527 million was paid 
in cash and SEK 92 million retained until further conditions related 
to investments in non-current assets are met. Transaction costs 
amounted to SEK 16 million and are included in administration 
costs. The company employs 313 people and has an annual net 
sales of appr. SEK 400 million. The company will operate under its 
own name as an independent channel and has a minor impact on 
the group. The acquisition is included in the Energy Division. 
The step-up values for intangible assets are amortized over 10-15 
years. Goodwill is primarily relating to synergy effects expected after 
the acquisition. Fair values are preliminary and may be subject to 
change.  
During the quarter, Alfa Laval made an additional investment of SEK 
50 million in Industrikraft i Sverige AB. As Alfa Laval’s ownership 
remains minor, and without significant influence, the company is not 
consolidated. The investment is reported under Other non-current 
assets.
 
  
  2026 2025 
SEK million Q1 Q1 
Intangible assets 258 57 
Property, plant and equipment and right-of-use assets 96 11 
Other non-current assets 2 - 
Inventories 59 3 
Accounts receivable 178 5 
Other receivables 2 - 
Cash and cash equivalents 12 1 
Provisions -11 - 
Deferred tax -38 -14 
Liabilities to credit institutions -7 - 
Accounts payable -33 -1 
Other liabilities -53 -1 
Acquired net assets 464 61 
      
Goodwill 155 21 
      
Purchase price -619 -82 
Retained part of purchase price 92 12 
Cash in acquired businesses 12 1 
Total effect on cash flow -515 -68 
The acquisition analyses for acquisitions made during the last 12 months are preliminary and will be concluded within one yea r of the acquisition date.

===== SIDA 30 =====

Alfa Laval Q1 2026 30 
  
Alfa Laval AB (publ) 
Box 73 
SE-221 00 Lund 
Sweden 
Corporate registration number:  
556587-8054 
Visiting address: 
Rudeboksvägen 1 
Tel: + 46 46 36 65 00 
Website: www.alfalaval.com 
 
For more information, please contact: 
Johan Lundin, Head of Investor Relations 
Phone: +46 46 36 65 10, 
Mobile: +46 730 46 30 90, 
E-mail: johan.lundin@alfalaval.com 
 
Date for the next financial reports 
Alfa Laval will publish financial reports at  
the following dates: 
 Interim report for the second quarter: July 21, 2026 
Interim report for the third quarter: October 27, 2026 
Interim report for the fourth quarter: February 3, 2027 
 This information is information that Alfa Laval AB (publ) is obliged to make public pursuant to the EU Market Abuse  
Regulation. The information was submitted for publication, through the agency of the contact person set   
out above, at CEST 13.00 on April 22, 2026. 
   
 
 
 
 
 
 
 
 30