===== 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 1 2 3 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 0 5 10 15 20 25 30 35 0 1 2 3 4 5 6 7 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 12 15 18 21 24 0 1 2 3 4 5 6 7 8 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 0 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