Kvartalsrapport Q3 2026

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

Alfa Laval Q2 2026  
 
 
 
 
Report for  
Q2 2026 
Highlights 
∙ Order intake was SEK 22.2 (16.4) billion, an 
increase of 35 percent. The organic increase 
was 29 percent.  
∙ Net sales increased by 8 percent to SEK 18.1 
(16.8) billion, with an organic increase of 6 
percent. 
∙ Adjusted EBITA increased by 2 percent to SEK 
3.1 (3.0) billion, corresponding to a margin of 
17.0 (17.8) percent. 
  
∙ Cash flow from operating activities amounted 
to SEK 2.4 (2.2) billion.  
∙ Earnings per share was SEK 4.91 (4.87). 
 
Summary 
  Q2 Total 
change 
Organic 
change 
Jan-Jun Total 
change 
Organic 
change SEK million 2026 2025 2026 2025 
Order intake 22,235 16,444 35% 29% 39,847 34,229 16% 17% 
Net sales 18,117 16,819 8% 6% 34,036 33,284 2% 4% 
Adjusted EBITA* 3,071 3,001 2%   5,958 5,917 1%   
- adjusted EBITA margin* 17.0% 17.8%     17.5% 17.8%     
Result after financial items 2,726 2,709 1%   5,279 5,366 -2%   
Net income for the period 2,040 2,025 1%   3,956 4,028 -2%   
Earnings per share (SEK) 4.91 4.87 1%   9.50 9.69 -2%   
Cash flow from operating activities 2,413 2,159 12%   3,650 3,564 2%   
Return on capital employed*         21.7% 24.4%     
Net debt**/ EBITDA* ratio         1.11 0.60     
* Alternative performance measures. ** Nebt debt including lease liabilities.

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

Alfa Laval Q2 2026 2 
  
 
Comment from Tom Erixon 
President and CEO 
Outlook for the third quarter 
“We expect demand in the third quarter to be 
somewhat lower compared to the second 
quarter.” 
 
Earlier published outlook (April 22, 2026): 
“We expect demand in the second quarter to 
be somewhat higher compared to the first 
quarter.” 
 
 
 
 
 
 
 
”Demand was firm across most end-markets and geographies and 
resulted in an order intake of SEK 22.2 billion. With an organic 
growth rate of 29 percent, orders reached a new record level, with 
strong marine contracting and continued growth in data centers as 
the key growth drivers. The order book reached a new record level of 
SEK 53.5 billion, providing a strong base for invoicing growth in 
2026 and 2027. 
 
The Ocean Division grew 26 percent organically in a quarter driven 
by strong tanker contracting. Strategic long-term growth initiatives 
addressing the Long-Range tanker segment resulted in meaningful 
order growth, an important extension of the cargo pumping 
business. The Energy Division grew 36 percent organically with the 
expected strong demand for data centers converting into orders, at 
this point mainly for delivery in 2027. In addition, the recently 
acquired Cryogenic business had a strong quarter with several 
important project wins, driving the total growth for the Energy 
Division to 70 percent. The Food & Pharma Division continued to 
grow with firm demand in the transactional business. As indicated 
earlier, the project pipeline in biofuels has been growing for some 
time. The largest order in our history, a Brazilian biodiesel and 
Sustainable Aviation Fuel refinery order was booked in the quarter 
to an amount of more than SEK 1 billion. 
 
Adjusted EBITA was stable at SEK 3.1 billion in the quarter with an 8 
percent invoicing growth and a slightly lower margin of 17.0 percent. 
The Ocean Division delivered a margin of 24.9 percent, with 
tailwinds across the board in terms of mix, costs, and some currency 
effects. The Food & Pharma Division was stable in the quarter at 
14.7 percent. The ongoing investment program for long-term growth 
in Pharma and industrial flow will continue to weigh somewhat on 
the operating margin in 2026 and 2027. The margin in the Energy 
Division was somewhat below expectations at 16.1 percent. The 
cumulated effects of cost inflation, an uneven load in some 
manufacturing units, some one-off items, and a negative mix 
affected the margin. 
 
The growth strategy of Alfa Laval has been consistently executed 
over many years, covering new products and applications, 
significant investments in additional capacity, and developing the 
capabilities in the global sales and service organization. With the 
aim of reaching SEK 100 billion by 2030, the growth in the second 
quarter was a meaningful step forward. In the third quarter, market 
conditions are expected to remain favourable, although somewhat 
lower compared to the record high second quarter ” 
 
 
 
Tom Erixon, 
President and CEO

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

Alfa Laval Q2 2026 3 
  
Order bridge   
SEK million/% Q2 Jan-Jun 
2025 16,444 34,229 
Organic 28.5% 17.1% 
Structural 8.6% 5.5% 
Currency -1.9% -6.2% 
Total 35.2% 16.4% 
2026 22,235 39,847 
    
 
 
Order bridge Service   
SEK million/% Q2 Jan-Jun 
2025 5,233 11,045 
Organic 10.5% 3.7% 
Structural 0.7% 1.0% 
Currency -5.2% -5.8% 
Total 6.0% -1.1% 
2026 5,547 10,921 
 
 
 
 
Sales bridge   
SEK million/% Q2 Jan-Jun 
2025 16,819 33,284 
Organic 5.9% 3.8% 
Structural 3.9% 3.8% 
Currency -2.1% -5.4% 
Total 7.7% 2.3% 
2026 18,117 34,036 
    
 
 
 
Sales bridge Service   
SEK million/% Q2 Jan-Jun 
2025 5,219 10,447 
Organic 2.9% 1.0% 
Structural 0.8% 1.0% 
Currency -4.7% -5.5% 
Total -1.0% -3.5% 
2026 5,168 10,081 
    
 
  
Financial overview 
Order intake 
 
Order intake was SEK 22,235 (16,444) million in the second 
quarter and SEK 39,847 (34,229) million in the first six months 
2026.  
Order intake from Service constituted 24.9 (32.0) percent of the 
Group's total order intake during the second quarter and 27.4 
(33.2) percent during the first six months 2026. 
Order book 
 
The order book was SEK 53.5 billion at June 30, 2026, compared 
to SEK 48.3 billion, at year-end 2025. SEK 29.1 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 sales was SEK 18,117 (16,819) million for the second quarter  
and SEK 34,036 (33,284) million for the first six months 2026. 
Net sales relating to Service constituted 28.5 (31.0) percent of the 
Group's total net sales in the second quarter and 29.6 (31.4) 
percent in the first six months 2026. 
 
 
Organic: Change excluding structural changes and currency impacts. 
Structural: Acquisition/divestment of businesses. 
 3 
 
 
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Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025 2026
Order intake per quarter Order intake rolling 12 months
BnSEK quarter BnSEK  12 months
24.6 25.6 29.1
24.9 24.7 24.5
0
10
20
30
40
50
60
2024 2025 2026
For delivery next year or later
 For delivery during rest of current year
BnSEK June 30
49.5 50.3 53.5

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

Alfa Laval Q2 2026 4 
  
 
Income bridge   
SEK million Q2 Jan-Jun 
Adjusted EBITA 2025 3,001 5,917 
Volume 623 952 
Mix -313 10 
Costs -449 -866 
Currency 209 -55 
Adjusted EBITA 2026 3,071 5,958 
 
 
Net sales 
 
 
 
 
Adjusted EBITA 
 
 
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Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2023 2024 2025 2026
%BnSEK
Net sales Adjusted gross margin in %
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Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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%BnSEK
Adjusted EBITA Adjusted EBITA margin in %
 
Income analysis 
Net sales for the second quarter reached SEK 18,117 (16,819) 
million, representing a 7.7 percent year-over-year increase. 
Sequentially, net sales grew by 13.8 percent, aligning with normal 
seasonality. The overall growth was primarily driven by the 
structural addition of Cryogenics and higher delivery volumes of 
gasketed and brazed & fusion-bonded heat exchangers. Service 
sales experienced a slight decline of -1.0 percent year-over-year, 
heavily impacted by a -4.7 percent currency headwind. Service 
accounted for 28.5 (31.0) percent of the total invoicing mix. For the 
first six months, the net sales amounted to SEK 34,036 (33,284) 
million, a growth of 2.3%. 
The second quarter yielded an adjusted EBITA of SEK 3,071 (3,001) 
million, marking a 2.3 percent increase over the prior year. The 
adjusted EBITA margin stood at 17.0 (17.8) percent. Additionally, 
the adjusted gross margin was 37.3 (38.3) percent; supported by 
favorable factory and engineering results alongside positive 
purchase price variances, sequential comparisons were impacted 
by a product mix tilted towards transactional business during the 
quarter. For the first six months, the adjusted EBITA was SEK 5,958 
(5,917) million with an adjusted EBITA margin of 17.5 (17.8) 
percent. 
For the second quarter, the Energy division reported an adjusted 
EBITA margin of 16.1 (17.3) percent. Although volume contributed 
positively, profitability was dampened by currency fluctuations, an 
unfavorable mix, and primarily structural costs. The adjusted EBITA 
margin in the Food & Pharma division remained stable year-over-
year at 14.7 (14.7) percent. Low project invoicing was partially offset 
by margin-accretive Service and transactional sales. In Ocean 
division, a continued favorable sales mix pushed the adjusted EBITA 
margin up to 24.9 (23.9) percent. Both Service and pumping  
 
 
 
 4 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Net sales 18,117 16,819 34,036 33,284 69,674 70,426 
Cost of goods sold -11,540 -10,499 -21,282 -20,907 -44,476 -44,851 
Gross profit 6,577 6,320 12,754 12,377 25,198 25,575 
              
Add back 
amortization step-
up values 176 120 350 236 585 699 
Adjusted gross 
profit* 6,753 6,441 13,104 12,614 25,783 26,273 
- adjusted gross 
margin* 37.3% 38.3% 38.5% 37.9% 37.0% 37.3% 
              
Expenses -3,148 -2,990 -6,093 -5,795 -11,531 -11,831 
- in % of net sales 17.4% 17.8% 17.9% 17.4% 16.5% 16.8% 
Adjusted EBITDA* 3,605 3,451 7,011 6,820 14,252 14,443 
- adjusted EBITDA 
margin* 19.9% 20.5% 20.6% 20.5% 20.5% 20.5% 
              
Depreciation -534 -450 -1,053 -903 -1,918 -2,068 
Adjusted EBITA* 3,071 3,001 5,958 5,917 12,334 12,375 
- adjusted EBITA 
margin* 17.0% 17.8% 17.5% 17.8% 17.7% 17.6% 
              
Amortization step-
up values -176 -120 -350 -236 -585 -699 
Operating income 2,895 2,881 5,608 5,681 11,749 11,676 
* Alternative performance measures.

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

Alfa Laval Q2 2026 5 
  
systems were strong profit contributors, with high delivery volumes 
for pumping systems driving strong manufacturing capacity 
utilization.  
Operating income saw a slight increase of 0.5 percent, rising to SEK 
2,895 (2,881) million compared to the same quarter last year. For 
the first six months it showed a slight decline and ended at SEK 
5,608 (5,681) million.  
Sales and administration expenses were SEK -2,884 (-2,696) 
million during the second quarter, corresponding to 15.9 (16.0) 
percent of net sales. For the first six months sales and administration 
expenses were SEK -5,578 (-5,300) million, corresponding to 16.4 
(15.9) percent of net sales. Sales and administration expenses 
increased by 6.9 percent during the second quarter and by 5.2 
percent during the first six months compared to the corresponding 
periods last year.  
Research and development expenses were SEK -476 (-401) million 
during the second quarter, corresponding to 2.6 (2.4) percent of net 
sales. For the first six months research and development expenses 
were SEK -920 (-828) million, corresponding to 2.7 (2.5) percent 
of net sales. The costs for research and development increased with 
18.6 percent during the second quarter  and increased by 11.2 
percent during the first six months compared to the corresponding 
periods last year. 
Earnings per share in the quarter amounted to SEK 4.91 (4.87) and 
SEK 9.50 (9.69) for the first six months. The corresponding figure 
excluding amortization of step-up values and corresponding tax, 
was SEK 10.15 (10.13) for the first six months.  
Taxes 
The tax on the result after financial items was SEK -686 (-684) 
million in the second quarter and SEK -1,323 (-1,338) million in the 
first six months 2026. The tax rate for the Group was 25 (25) 
percent in the quarter and year to date which is within the guidance 
range of 24-26 percent.  
Cash flow 
Cash flow from operating activities was SEK 2,413 (2,159) million in 
the second quarter and SEK 3,650 (3,564) million in the first six 
months. The operational cash surplus was slightly stronger 
compared to the same periods last year both for the quarter and for 
the first six months. Taxes paid was high in the quarter due to yearly 
payments of income tax in high profit countries as well as one off 
payments. The buildup of working capital that was seen in the first 
quarter this year slowed down and inventory remained stable in the 
second quarter. Receivables and payables increased due to higher 
invoicing level. For the first six months, the receivables and payables 
followed the same pattern but inventory has increased SEK 1.6 
billion (0.6) compared to end of last year.  
 
Depreciation and amortization was SEK -710 (-570) million in the 
quarter and SEK -1,403 (-1,139) million in the first six months 2026. 
Depreciation, excluding allocated step-up values, was SEK -534 
(-450) million in the quarter and SEK -1,053 (-903) million in the 
first six months 2026. Investments in fixed assets was high in the 
second quarter due to an investment in a new warehouse in the US 
of appr. SEK 450 million. The distribution center was earlier located 
in a rented premise. 
No new acquisitions were performed in the second quarter, whereas 
for the first six months they amounted to 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 -1,881 (801) million in the 
quarter and SEK -4,225 (551) million for the first six months. 
Dividends to shareholders of SEK -3,720 (-3,513) million was paid 
out in the second quarter. The net increase in the loan portfolio was 
SEK -2,181 (-4,264) million in the second quarter whereas the 
funding was flat at SEK 4 (-4,293) million for the first six months. 
Last year’s second quarter was impacted by an increase in loans for 
the funding of the Fives acquisition. Please refer to note 8 for details 
about borrowings and net debt. 
 
Total cash flow in the quarter was SEK -466 (1,825) million and 
SEK -2,648 (2,282) million for the first six months, arriving at a cash 
balance at the end of the period of SEK 4,628 (9,342) million. 
 
Key figures 
  
 
  Jun 30 Dec 31 
  2026 2025 2025 
Return on capital employed¹⁾ 21.7% 24.4% 23.9% 
Return on equity²⁾ 18.7% 19.8% 19.6% 
Equity/assets ratio³⁾ 43.8% 44.7% 44.6% 
Net debt/EBITDA ratio¹⁾ ⁵⁾ 1.11 0.60 0.92 
Debt/equity ratio¹⁾ 0.35 0.20 0.30 
Number of employees⁴⁾ 24,832 22,828 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 Q2 2026 6 
  
 
 
Order intake by business unit Jan-Jun 2026 
 
 
Order intake by end-market Jan-Jun 2026 
% of Total YTD 26/25
HVAC & Ref 21% 8%
Fossil Base Fuels & Power 22% 27%
Process Industry 16% 33%
Light Industry & Tech 32% 104%
Clean Fuels, Power & Chemicals 6% 60%
Other 4% -
 
 
 
 
29%
25%
20%
15%
10%
Gasketed Plate Heat Exchangers
Brazed & Fusion Bonded Heat Exchangers
Welded & Circular Technologies
Energy Division Multibrands
Cryogenic Technologies
 
 
Highlights 
• Order intake increased by 70 percent to SEK 7.8 (4.6) billion, 
with an organic increase of 36 percent.  
• Net sales increased by 34 percent to SEK 6.2 (4.6) billion, with 
an organic increase of 17 percent.  
• Adjusted EBITA of SEK 995 (796) million, corresponding to a 
margin of 16.1 (17.3) percent. 
 
 
 
 
 
Energy Division 
Alfa Laval Q2 2026 6 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Order intake 7,776 4,566 14,022 9,478 21,101 25,645 
Order book¹⁾ 15,531 10,249 15,531 10,249 12,299 15,531 
Net sales 6,180 4,601 11,151 9,386 20,250 22,014 
Operating income 926 788 1,726 1,641 3,288 3,373 
Adjusted EBITA²⁾ ³⁾ 995 796 1,866 1,657 3,435 3,644 
Adj. EBITA margin⁴⁾ 16.1% 17.3% 16.7% 17.7% 17.0% 16.6% 
Depreciation -177 -120 -346 -236 -524 -634 
Amortization -69 -8 -140 -16 -147 -271 
Investments⁵⁾ 210 312 436 626 992 802 
Assets¹⁾ 34,297 20,066 34,297 20,066 29,731 34,297 
Liabilities¹⁾ 8,576 6,946 8,576 6,946 7,163 8,576 
Employees¹⁾ 7,751 6,116 7,751 6,116 6,826 7,751 
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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Order intake Net sales Adjusted EBITA margin
BnSEK %

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

Alfa Laval Q2 2026 7 
  
Order bridge   
SEK million/% Q2 Jan-Jun 
2025 4,566 9,478 
Organic 35.9% 30.2% 
Structural 37.5% 25.4% 
Currency -3.2% -7.7% 
Total 70.3% 47.9% 
2026 7,776 14,022 
    
 
 
 
Sales bridge   
SEK million/% Q2 Jan-Jun 
2025 4,601 9,386 
Organic 17.2% 7.1% 
Structural 25.2% 18.6% 
Currency -8.1% -6.9% 
Total 34.3% 18.8% 
2026 6,180 11,151 
    
 
 
Order intake split, Jan-Jun 2026 
23% 77% 
Service Capital Sales 
 
 
 
 
Income bridge   
SEK million Q2 Jan-Jun 
Adjusted EBITA 2025 796 1,657 
Volume 702 961 
Mix -347 -329 
Costs -138 -320 
Currency -18 -103 
Adjusted EBITA 2026 995 1,866 
    
 
 
 
 
 
 
 
 
 
 
 
Q2 comments 
The Energy Division reported an increase in order intake compared 
to the same quarter last year, with steady demand across all 
Business Units. Growth in data centers and semiconductors 
continued, led by North America, with positive developments also 
observed in Europe and Asia. The demand in Heat Pumps and 
Refrigeration grew as the markets continued to recover. 
The project business performed well, with several projects secured 
in Process Industries and Fossil Fuels & Power. Increased activity in 
brazed, gasketed, air, and cryogenic heat exchangers placed 
additional demands on supply chains, which are being addressed 
through ongoing capacity investment programs. The Service 
business also grew compared to the same quarter last year, 
supported by higher sales of spare parts and customer service 
agreements. 
Net sales in the Energy Division increased compared to the same 
quarter last year. Due to the strong order intake, the order book is 
now well above the same quarter last year. 
Adjusted EBITA grew compared to last year, driven by higher 
invoicing. The profitability was negatively impacted by an uneven 
load in some manufacturing sites and a lower share of Service. 
Costs increased following the acquisition of business unit Cryogenic 
Technologies and continued investments in R&D. Currency had a 
slightly negative effect on the result 
 
 
 
 
 
 
 
 
 
Product case 
Alfa Laval has launched TS45, its largest semi-welded plate heat 
exchanger, designed to meet growing demand for high-capacity, 
high-pressure heat transfer in energy transition and heavy industry 
applications. TS45 extends the semi-welded range into areas 
traditionally served by shell-and-tube solutions, enabling higher 
performance while maintaining a compact footprint, high energy 
efficiency, and full serviceability. It is designed for demanding 
applications such as industrial heat pumps, energy storage, carbon 
capture, and heavy process industry. By combining proven plate 
technology with an extra-large plate format, TS45 delivers high 
design pressure, increased capacity, and a reduced installation 
footprint, helping lower costs and improve efficiency.  
 
 
 7

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

Alfa Laval Q2 2026 8 
  
 
 
Order intake by business unit Jan-Jun 2026 
 
 
 
Order intake by end-market Jan-Jun 2026 
 
 
 
% of Total YTD 26/25
Oils & Fats 17% -10%
Dairy 22% 17%
Prep. Food & Beverage 18% 5%
Biofuels 15% 178%
Waste & Water 8% 13%
Pharma & Biotech 7% -1%
Protein 4% -33%
Brewery 4% -5%
Starch, Sugar & Sweeteners 2% -36%
Other 4% -48%
 
 
 
32%
25%
9%
21%
13%
Hygienic Fluid Handling
Process Engineering Solutions
Food & Pharma Division Multibrands
Separation Technologies
Water, Industrial Flow and Heat Transfer
 
 
  
Highlights 
• Order intake increased by 20 percent to SEK 7.7 (6.4) billion, 
with an organic increase of 27 percent.  
• Net sales decreased by -4 percent to SEK 5.9 (6.2) billion, with 
an organic increase of 3 percent.  
• Adjusted EBITA of SEK 871 (904) million, corresponding to a 
margin of 14.7 (14.7) percent. 
 
 
 
 
 
 
Food & Pharma 
Division 
Alfa Laval Q2 2026 8 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Order intake 7,725 6,450 13,873 12,886 24,872 25,859 
Order book¹⁾ 14,822 15,067 14,822 15,067 12,719 14,822 
Net sales 5,943 6,162 11,239 12,067 25,635 24,807 
Operating income 817 845 1,568 1,680 3,650 3,538 
Adjusted EBITA²⁾ ³⁾ 871 904 1,676 1,798 3,882 3,760 
Adj. EBITA margin⁴⁾ 14.7% 14.7% 14.9% 14.9% 15.1% 15.2% 
Depreciation -97 -105 -192 -214 -435 -413 
Amortization -54 -59 -108 -118 -232 -222 
Investments⁵⁾ 68 66 124 170 434 388 
Assets¹⁾ 21,205 21,945 21,205 21,945 20,968 21,205 
Liabilities¹⁾ 9,142 9,079 9,142 9,079 8,191 9,142 
Employees¹⁾ 8,451 8,436 8,451 8,436 8,499 8,451 
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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Order intake Net sales Adjusted EBITA margin
BnSEK %

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

Alfa Laval Q2 2026 9 
  
Order bridge   
SEK million/% Q2 Jan-Jun 
2025 6,450 12,886 
Organic 26.5% 18.0% 
Structural -3.8% -3.6% 
Currency -3.0% -6.8% 
Total 19.8% 7.7% 
2026 7,725 13,873 
    
 
 
 
Sales bridge   
SEK million/% Q2 Jan-Jun 
2025 6,162 12,067 
Organic 2.9% 3.0% 
Structural -6.0% -3.9% 
Currency -0.4% -5.9% 
Total -3.6% -6.9% 
2026 5,943 11,239 
    
 
 
Order intake split, Jan-Jun 2026 
25% 75% 
Service Capital Sales 
 
 
 
Income bridge   
SEK million Q2 Jan-Jun 
Adjusted EBITA 2025 904 1,798 
Volume -30 -60 
Mix -10 97 
Costs 26 -47 
Currency -19 -112 
Adjusted EBITA 2026 872 1,676 
    
 
 
 
 
 
 
 
 
 
 
 
Q2 comments 
The Food & Pharma division reported a record quarter, with strong 
order intake in general and in addition supported by Alfa Laval’s 
largest order ever, within Biofuels. The order is a result of signing a 
contract with the Brazilian company Acelen worth SEK 1.1 billion, 
that will be fulfilled in phases with completion expected in 2029. 
Alfa Laval will deliver hydrotreated vegetable oil (HVO) pre-
treatment systems, consisting of heat exchangers, separators and 
engineered components. The transactional business continued to 
develop well with strong growth whereas the project business 
remained volatile with longer lead time in decision making, driven by 
overall macro-economic and geopolitical situation. However, a 
somewhat increased activity level related to larger orders was 
noted.  
The important Dairy and Prepared Food & Beverage industries both 
showed double-digit growth and the increased focus on Pharma 
and Waste & Water supported solid growth in these areas. The 
order intake growth was driven by good demand in most 
geographies, and the main markets in USA, China and India all 
reported double-digit growth. 
Net sales decreased compared to the same period last year. Sales 
growth in Service and the transactional business was not enough to 
compensate for the lower sales in the project business. 
Adjusted EBITA decreased compared to the same period last year. 
Lower invoicing and negative currency impact could not be fully 
compensated by lower costs. 
 
 
 
 
 
 
 
 
 
Product case 
As demand grows, fermentation processes must deliver reliable 
performance, consistent quality, and cost efficiency at scale. 
Industrial fermentation supports novel food production, including 
alternative proteins, functional ingredients, and nutritional 
compounds. At the heart of every fermentation process is the 
fermenter. With the introduction of the Alfa Laval Fermentation 
System, Alfa Laval advances fermentation performance, helping 
producers increase protein output, maintain consistent product 
quality, and improve cleaning efficiency. Developed specifically for 
food applications, the Alfa Laval Fermentation System helps 
producers meet the rising global demand for highly nutritious food.  
 
 9

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

Alfa Laval Q2 2026 10 
  
 
 
 
Order intake by business unit Jan-Jun 2026 
 
 
Order intake by end-market Jan-Jun 2026 
% of Total YTD 26/25
Ship Building & Shipping 74% 5%
Offshore 10% -41%
Other 12% 12%
Engine Power 5% 17%
 
 
40%
41%
6%
6%
5% 2%
Pumping Systems
Marine Solutions
Ocean Growth & Partnerships
Digital Solutions
Ballast Water Treatment
Ocean Multibrands
 
Highlights 
• Order intake increased by 22 percent to SEK 6.6 (5.3) billion, 
with an organic increase of 26 percent. 
• Net sales decreased by -4 percent to SEK 5.8 (6.1) billion, with 
an organic decrease of -0.3 percent.  
• Adjusted EBITA of SEK 1,455 (1,448) million, corresponding to a 
margin of 24.9 (23.9) percent. 
 
 
 
 
 
 
Ocean Division 
Alfa Laval Q2 2026 10 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Order intake 6,607 5,427 11,703 11,864 22,614 22,453 
Order book¹⁾ 22,931 25,001 22,931 25,001 23,241 22,931 
Net sales 5,845 6,056 11,343 11,831 23,790 23,302 
Operating income 1,404 1,395 2,561 2,607 5,232 5,186 
Adjusted EBITA²⁾ ³⁾ 1,455 1,448 2,662 2,707 5,433 5,388 
Adj. EBITA margin⁴⁾ 24.9% 23.9% 23.5% 22.9% 22.8% 23.1% 
Depreciation -95 -82 -187 -165 -337 -359 
Amortization -51 -53 -101 -100 -201 -202 
Investments⁵⁾ 83 88 214 167 548 595 
Assets¹⁾ 28,992 30,173 28,992 30,173 28,398 28,992 
Liabilities¹⁾ 9,103 10,451 9,103 10,451 9,587 9,103 
Employees¹⁾ 6,458 6,611 6,458 6,611 6,658 6,458 
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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2024 2025 2026
Order intake Net sales Adjusted EBITA margin
BnSEK %

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

Alfa Laval Q2 2026 11 
  
Order bridge   
SEK million/% Q2 Jan-Jun 
2025 5,427 11,864 
Organic 26.2% 5.7% 
Structural -3.7% -3.2% 
Currency -0.7% -3.8% 
Total 21.7% -1.4% 
2026 6,607 11,703 
    
 
 
 
Sales bridge   
SEK million/% Q2 Jan-Jun 
2025 6,056 11,831 
Organic -0.3% 1.7% 
Structural -4.3% -2.3% 
Currency 1.2% -3.5% 
Total -3.5% -4.1% 
2026 5,845 11,343 
    
 
 
Order intake split, Jan-Jun 2026 
36% 64% 
Service Capital Sales 
 
 
 
Income bridge   
SEK million Q2 Jan-Jun 
Adjusted EBITA 2025 1,448 2,707 
Volume -83 -35 
Mix 20 180 
Costs 43 -153 
Currency 29 -37 
Adjusted EBITA 2026 1,456 2,662 
    
 
 
 
 
 
 
 
 
 
 
 
Q2 comments 
The Ocean Division reported a higher order intake compared to the 
same quarter last year. Good demand for marine pumping systems, 
digital solutions, marine boilers, and heat exchangers more than 
offset lower demand levels in offshore, gas systems, and the power 
segment. Shipbuilding demand has been driven by tankers, bulk 
carriers and containerships, with a continued softer development in 
the gas carrier segment. Offshore orders were at a significantly 
lower level compared to the same quarter last year, as a number of 
project commencement decisions have been deferred. Demand in 
Service was stable compared to last year. 
 
Net sales were somewhat lower compared to the same quarter last 
year, driven by lower invoicing for Gas Systems and Service. 
 
Adjusted EBITA increased compared to the same quarter last year, 
mainly driven by favorable product mix but also supported by a 
good factory load and a positive currency effect. Overall costs were 
stable compared to last year, reflecting the continued high activity 
level. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product case 
StormGeo’s Voyage Intelligence is an advanced, integrated solution 
reimagining maritime operations from route planning through post-
voyage analysis. By combining predictive analytics, machine 
learning, vessel-specific performance models, and real-time 
weather and voyage data, this integrated solution - provided by 
StormGeo's s-Suite platform - empowers smarter, safer, and more 
sustainable voyage execution. It supports regulatory compliance, 
reduces operational risks and optimizes bunker planning and 
procurement, delivering long-term ROI. 
The integration of Alfa Laval sensor data further enhances these 
capabilities by providing real-time visibility into engine, hull, and 
vessel performance. By bringing operational and performance data 
together on a single platform, operators gain deeper insights, make 
better-informed decisions, and identify new opportunities to improve 
efficiency and operational outcomes. 
Already engaging with over 12,000 vessels and supporting more 
than 75,000 voyages annually, StormGeo helps shipowners, 
operators, and charterers navigate a complex, fast-changing 
maritime world. Read more on: stormgeo.com/shipping. 
 
 
 
 11

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

Alfa Laval Q2 2026 12 
  
 
Other 
Other covers corporate overhead and non-core businesses. 
 
 
 
 
 
 
 12 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Order intake 127 - 249 - - 249 
Order book¹⁾ 263 - 263  -  - 263 
Net sales 148 - 303 - - 303 
Operating income -251 -147 -248 -247 -420 -421 
Adjusted EBITA²⁾ ³⁾ -250 -146 -246 -245 -416 -417 
Depreciation -167 -142 -328 -287 -623 -664 
Amortization -1 -1 -2 -2 -4 -4 
Investments⁴⁾ 652 210 768 347 686 1,107 
Assets¹⁾ 164 168 164 168 161 164 
Liabilities¹⁾ 179 1,012 179 1,012 209 179 
Employees¹⁾ 2,172 1,666 2,172 1,666 1,688 2,172 
¹⁾ At end of period. ²⁾ Excluding items affecting comparability. ³ ⁾ Alternative performance 
measure. ⁴ Excluding new leases.

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

Alfa Laval Q2 2026 13 
  
 
 
Case studies 
 
Annual safety stand-downs become mandatory  
Beginning this year, annual safety stand-downs are mandatory for 
all Alfa Laval sites.  
 
The safety stand-downs are built on experience and feedback from 
the organization. They provide teams with dedicated time to discuss 
concerns, share improvement opportunities, and reflect on best 
practices. Besides sending a clear signal that health and safety is a 
true business priority, the safety stand-down plays a vital role in 
strengthening the safety culture.   
 
Investments in health 
Alfa Laval is dependent on a healthy and engaged workforce to 
maintain and grow a successful business.  
 
At the Distribution Centre in Tumba, new ergonomic has 
significantly improved working conditions for warehouse employees. 
The idea for these investments came directly from the team in daily 
ALPS meetings. As a result, advanced ergonomic solutions, 
including quick lift cranes, exoskeletons, and softbacks, have been 
integrated into daily operations. These tools are designed to assist 
employees in lifting, bending, and moving materials with increased 
ease and safety.  
 
First PPA for renewable electricity 
Alfa Laval has launched its first Power Purchase Agreement (PPA) 
for renewable electricity, supporting its target of 100% renewable 
electricity use by 2030 and net zero emissions in its own operations 
by 2027. 
  
In partnership with Encavis, Alfa Laval has signed a long-term PPA 
for the Pozzolo solar park in Piemonte, Italy. This agreement will 
supply approximately 22,000 MWh of solar power annually to Alfa 
Laval’s San Bonifacio, Parma, and Monza manufacturing sites, and 
adding new renewable electricity to the grid. 
 
 
 
  
 
 
Sustainability 
Alfa Laval Q2 2026 13

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

Alfa Laval Q2 2026 14 
  
Energy: consumption in relation to net sales 
 
 
 
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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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
30
0
2
4
6
8
10
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY FY
2024 2025 2026 20262027
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
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY
2024 2025 2026 2026
LTIFR
LTIFR per quarter LTIFR rolling 12 months
Target Target full year 2026
 
Quarterly follow up 
 
 
Energy 
 
Energy efficiency in Q2 2026 stayed fairly stable compared to Q2 
2025. Energy efficiency is measured as energy intensity, defined as 
total energy consumption relative to net sales (energy 
consumption/net sales).  
 
In Q2 2026, the total energy consumption in MWh exceeded that of 
Q2 2025, driven primarily by an increased electricity usage within 
one of Alfa Laval’s high-intensity Business Units. Following Alfa 
Laval’s acquisition of Fives Cryogenics in July 2025, the company 
has been fully integrated into sustainability reporting, also resulting 
in adjustments to historical data. 
 
Carbon emissions 
In the second quarter of 2026, both Scope 1 and Scope 2 emissions 
decreased compared to the same period in 2025. The primary 
contributing factor to this reduction was a broad-based decrease in 
the use of fossil fuel sources. Despite an increase in electricity 
consumption during the second quarter of 2026, emissions in 
Scope 2 were not affected. This achievement was made possible by 
purchasing the majority of electricity from renewable sources and 
generating additional electricity through photovoltaic (PV) 
installations. 
As stated in the Energy section, Alfa Laval acquired Fives 
Cryogenics in 2025 which resulted in adjustments to emissions 
data in previous years as well as ongoing sustainability reporting 
since 2026. 
Health and safety 
A total of 29 Lost Time Injuries (LTIs) were reported in Q2 2026. 
Following late reporting in Q1, the total for Q1 increased to 28, 
bringing the year-to-date total to 57 LTIs. The Group Lost Time 
Injury Frequency Rate (LTIFR) for the last 12 months increased to 
2.35, and the LTIFR for Q2 was 2.37. 
Incidents in the quarter continued to include a high proportion 
related to both routine and non-routine work activities. Work 
continues on a roadmap intended to address this negative trend, 
including stronger governance and accountability.  
 
 14

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

Alfa Laval Q2 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 73,733 (58,934) shareholders on June 30, 
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 1.7 
percent. These ten largest shareholders owned 58.8 (60.8) 
percent. 
Annual general meeting 
On April 22, 2026, the Annual General Meeting of Alfa Laval AB 
(publ) was held. A dividend to shareholders of SEK 9.00 per share, 
paid in one instalment, was resolved. Furthermore, the Annual 
General Meeting resolved to re-elect Anna Bresky, Anna Müller, 
Dennis Jönsson, Finn Rausing, Henrik Lange, Jörn Rausing, Lilian 
Fossum Biner, Nadine Crauwels, Ray Mauritsson and Ulf Wiinberg, 
as members of the Board. The Board members and the Chairman 
were elected for the coming year, i.e. for the time up to the end of the 
2027 Annual General Meeting. 
 
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 June 30, 2026 named as a co-
defendant in a total of 312 asbestos-related lawsuits with a total of 
approximately 312 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 were 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. 
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.  
 15 
General information

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

Alfa Laval Q2 2026 16 
  
Significant events after the reporting period 
No significant events other than stated above have occurred after 
the reporting period.
________________________________________________________________________________________________________________________________ 
Signature of the Board of Directors and the President and CEO 
The Board of Directors and the President and CEO assure that the report for the first six months gives a true and fair view of the operations, 
financial position and results for the company and the consolidated Group and describes material factors of risk and uncertainty facing the 
company and the companies that are part of the Group. 
 
The content of this interim report was decided on July 20, 2026 
 
Lund, July 20, 2026 
Alfa Laval AB (publ) 
 
 
 
 
 
 
Dennis Jönsson  Anna Müller    Nadine Crauwels   Annica Bresky 
Chairman of the Board  Board member    Board member    Board member 
 
 
 
 
 
 
Henrik Lange   Lilian Fossum Biner    Ray Mauritsson 
Board member   Board member   Board member 
 
 
 
 
 
 
Finn Rausing   Jörn Rausing   Ulf Wiinberg 
Board member   Board member   Board member 
 
 
 
 
 
 
Anders Jansson    Henrik Nielsen   Johan Ranhög 
Union representative    Union representative    Union representative 
 
 
 
 
 
 
Tom Erixon 
President and CEO 
 
 
 
 
The interim report has not been subject to review by the company’s auditors.

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

Alfa Laval Q2 2026 17 
  
 
 
Financial statements 
 
Consolidated income statement, condensed 
Consolidated statement of comprehensive income, condensed 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million Note 2026 2025 2026 2025 2025 months 
Net sales 2-5 18,117 16,819 34,036 33,284 69,674 70,426 
Cost of goods sold   -11,540 -10,499 -21,282 -20,907 -44,476 -44,851 
Gross profit   6,577 6,320 12,754 12,377 25,198 25,575 
                
Sales costs   -1,814 -1,711 -3,530 -3,415 -6,877 -6,991 
Administration costs   -1,070 -985 -2,048 -1,885 -3,873 -4,036 
Research and development costs   -476 -401 -920 -828 -1,738 -1,830 
Other operating income and costs   -288 -309 -606 -525 -960 -1,041 
Share of result in joint ventures   -33 -33 -42 -44 -2 0 
Operating income   2,895 2,881 5,608 5,681 11,749 11,676 
                
Financial net 6 -169 -172 -329 -315 -551 -566 
Result after financial items   2,726 2,709 5,279 5,366 11,198 11,110 
                
Taxes   -686 -684 -1,323 -1,338 -2,875 -2,860 
Net income for the period   2,040 2,025 3,956 4,028 8,322 8,250 
                
Net income for the period attributable to:               
Owners of the parent   2,028 2,014 3,927 4,005 8,272 8,194 
Non-controlling interests   12 11 28 24 50 55 
                
Earnings per share attributable to the owners of the 
parent, SEK*   4.91 4.87 9.50 9.69 20.01 19.82 
Average number of shares*   413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 
* Before and after dilution.               
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Net income for the period 2,040 2,025 3,956 4,028 8,322 8,250 
              
Other comprehensive income             
Items that will not be reclassified to profit or loss:             
Revaluations of defined benefit obligations 7 -60 0 -75 -110 -36 
Market valuation of external shares -9 -90 -9 -90  -138 -57 
Deferred tax on other comprehensive income -2 4 0 8 13 6 
Total -3 -146 -9 -157 -235 -87 
              
Items that may subsequently be reclassified to profit or loss:             
Cash flow hedges -415 212 -363 1,227 1,300 -290 
Translation difference 678 -603 2,060 -2,800 -3,934 927 
Deferred tax on other comprehensive income 108 -25 172 -366 -440 97 
Total 371 -416 1,869 -1,939 -3,075 733 
              
Total other comprehensive income 368 -562 1,860 -2,096 -3,310 646 
              
Total comprehensive income for the period 2,408 1,464 5,816 1,932 5,012 8,895 
              
Total comprehensive income for the period attributable 
to:             
Owners of the parent 2,376 1,465 5,750 1,954 5,009 8,804 
Non-controlling interests 32 -2 65 -22 3 90

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

Alfa Laval Q2 2026 18 
  
Consolidated balance sheet, condensed 
 
 
 
  
    Jun 30 Dec 31 
SEK million Note 2026 2025 2025 
ASSETS         
Non-current assets         
Intangible assets and goodwill   38,068 28,564 36,445 
Property, plant and equipment and right-of-use assets   16,931 14,811 15,856 
Other non-current assets 7 2,855 2,358 2,895 
Total non-current assets   57,854 45,733 55,196 
          
Current assets         
Inventories   17,939 15,014 15,548 
Accounts receivable   11,918 10,326 9,949 
Other receivables   11,631 9,589 9,084 
Derivative assets 7 447 639 551 
Current deposits   349 296 707 
Cash and cash equivalents   4,628 9,342 7,124 
Assets held for sale   2 23 1 
Total current assets   46,913 45,229 42,965 
          
TOTAL ASSETS   104,767 90,962 98,161 
          
EQUITY AND LIABILITIES         
Equity         
Owners of the parent   45,439 40,353 43,409 
Non-controlling interests   442 320 344 
Total equity   45,881 40,673 43,753 
          
Non-current liabilities         
Liabilities to credit institutions 8 8,747 9,862 9,626 
Lease liabilities   3,086 2,527 3,333 
Pension liability   1,032 896 984 
Deferred tax liabilities   3,393 2,564 3,458 
Other non-current liabilities 7 726 535 642 
Total non-current liabilities   16,984 16,384 18,043 
          
Current liabilities         
Liabilities to credit institutions 8 8,760 4,421 7,590 
Lease liabilities   398 899 462 
Accounts payable   6,350 5,770 5,444 
Advances from customers   10,614 9,970 9,004 
Provisions   2,360 2,009 1,936 
Derivative liabilities 7 308 356 133 
Other liabilities   13,113 10,481 11,795 
Total current liabilities   41,903 33,905 36,365 
          
Total liabilities   58,886 50,289 54,408 
          
TOTAL EQUITY & LIABILITIES   104,767 90,962 98,161

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

Alfa Laval Q2 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 4,005 24 4,028 
Other comprehensive income -2,051 -45 -2,096 
Total comprehensive income for the period 1,954 -22 1,932 
Dividends -3,513 -28 -3,541 
Total transactions with owners -3,513 -28 -3,541 
Closing balance June 30, 2025 40,353 320 40,673 
  
      
Opening balance January 1, 2026 43,409 344 43,753 
Net income for the period 3,927 28 3,956 
Other comprehensive income 1,823 37 1,860 
Total comprehensive income for the period 5,750 65 5,816 
Change of non-controlling interests  - 70 70 
Dividends -3,720 -37 -3,757 
Total transactions with owners -3,720 33 -3,687 
Closing balance June 30, 2026 45,439 442 45,881

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

Alfa Laval Q2 2026 20 
  
Consolidated statement of cash flows, condensed 
 
  
    Q2 Jan-Jun Jan-Dec Last 12 
SEK million Note 2026 2025 2026 2025 2025 months 
Operating activities               
Operating income   2,895 2,881 5,608 5,681 11,749 11,676 
Adjustment for depreciation and amortization   710 570 1,403 1,139 2,503 2,767 
Adjustment for provisions   103 16 378 227 391 542 
Adjustment for other non-cash items   16 28 8 49 -84 -125 
Operational cash surplus   3,724 3,495 7,397 7,096 14,559 14,860 
Taxes paid   -1,043 -625 -1,990 -1,439 -2,719 -3,270 
Cash flow from operating activities before changes in 
working capital   2,681 2,870 5,407 5,657 11,840 11,590 
                
Changes in working capital:               
Increase(-)/decrease(+) of receivables   -1,606 -388 -2,751 -2,453 -2,203 -2,501 
Increase(-)/decrease(+) of inventories   2 -631 -1,639 -622 -1,226 -2,243 
Increase(+)/decrease(-) of liabilities   1,336 308 2,633 982 755 2,406 
Increase(-)/decrease(+) in working capital   -268 -711 -1,757 -2,093 -2,674 -2,338 
Cash flow from operating activities   2,413 2,159 3,650 3,564 9,166 9,252 
                
Investing activities               
Investments in fixed assets (Capex)   -1,012 -676 -1,541 -1,310 -2,660 -2,891 
Divestment of fixed assets   14 2 33 6 155 182 
Acquisition of businesses 9  - -461 -565 -529 -9,412 -9,448 
Divestment of businesses    -  -  -  - 4 4 
Cash flow from investing activities   -998 -1,135 -2,073 -1,833 -11,913 -12,153 
                
Financing activities               
Paid and received interests   -135 -39 -285 -159 -357 -483 
Dividends received   3  - 3 3 9 9 
Dividends to owners of the parent   -3,720 -3,513 -3,720 -3,513 -3,513 -3,720 
Dividends to non-controlling interests   -37 -28 -37 -28 -28 -37 
Amortizations of lease liabilities   -204 -170 -317 -296 -503 -524 
Increase of loans   2,531 4,293 3,804 4,293 8,796 8,307 
Amortization of loans   -350 -19 -3,800 -29 -1,081 -4,852 
Other financing cash flows   31 277 127 280 -408 -561 
Cash flow from financing activities   -1,881 801 -4,225 551 2,915 -1,861 
                
Cash flow for the period   -466 1,825 -2,648 2,282 168 -4,762 
Cash at the beginning of the period   5,024 7,567 7,124 7,369 7,369 9,342 
Translation difference in cash   70 -50 152 -309 -413 48 
Cash at the end of the period   4,628 9,342 4,628 9,342 7,124 4,628 
                
Free cash flow per share (SEK) *    3.42 3.59 5.18 5.47 16.12 15.83 
Capex in relation to net sales   5.6% 4.0% 4.5% 3.9% 3.8% 4.1% 
Average number of shares   413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 
* 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 Q2 2026 21 
  
Parent company income statement, condensed 
 
The parent company income statement also constitutes its statement of comprehensive income. 
 
 
Parent company balance sheet, condensed 
 
  Q2 Jan-Jun Jan-Dec 
SEK million 2026 2025 2026 2025 2025 
Administration costs -4 -4 -12 -10 -17 
Other operating income and costs -6 -1 4 4 -1 
Operating income -10 -5 -8 -6 -18 
            
Financial net 17 28 38 66 1,285 
Result after financial items 7 23 30 60 1,267 
            
Change of tax allocation reserve  -  - - - -10 
Group contributions  -  - - - 1,835 
Result before tax 7 23 30 60 3,093 
            
Taxes -1 -5 -6 -12 -385 
Net income for the period 6 18 24 47 2,707 
  Jun 30 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 2,615 3,470 6,509 
Other receivables 204 369 4 
Cash and cash equivalents 3 3 3 
Total current assets 2,822 3,842 6,517 
        
TOTAL ASSETS 7,491 8,510 11,186 
        
EQUITY AND LIABILITIES       
        
Restricted equity 2,387 2,387 2,387 
Unrestricted equity 3,072 4,108 6,768 
Total equity 5,458 6,494 9,154 
        
Untaxed reserves       
Tax allocation reserves 1,996 1,986 1,996 
        
Current liabilities       
Liabilities to group companies 32 26 24 
Accounts payable 2 1 1 
Other liabilities 3 3 10 
Total current liabilities 37 30 36 
        
TOTAL EQUITY AND LIABILITIES 7,491 8,510 11,186

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

Alfa Laval Q2 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 Q2 2026 23 
  
Last 12 months 
 
Jun 30, 2026 
 
 
Last 12 months 
 
 
Last 12 months 
 
 
 
 
 
Energy 
Food & Pharma 
Ocean 
 
35%
35%
30%
29%
28%
43%
32%
35%
33%
29%
29%
42%
Note 2. Segment reporting 
 
 
 
 
Order intake 
2026 2025 2024 
SEK million Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 
Energy 7,776 6,246 6,144 5,479 4,566 4,912 5,160 5,119 
Food & Pharma 7,725 6,148 5,888 6,098 6,450 6,436 6,633 5,877 
Ocean 6,607 5,096 5,259 5,491 5,427 6,437 6,317 8,148 
Other 127 123 - -  -   -   -   -  
Total 22,235 17,612 17,290 17,068 16,444 17,785 18,111 19,144 
                  
                  
                  
                  
Order book 
2026 2025 2024 
SEK million Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 
Energy 15,531 13,692 12,299 12,205 10,249 10,579 10,590 10,738 
Food & Pharma 14,822 12,873 12,719 14,224 15,067 15,216 14,926 15,497 
Ocean 22,931 21,879 23,241 24,435 25,001 26,267 26,803 25,835 
Other 263 298  -   -   -   -   -   -  
Total 53,546 48,741 48,259 50,864 50,317 52,062 52,319 52,070 
                  
                  
                  
                  
Net sales 
2026 2025 2024 
SEK million Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 
Energy 6,180 4,971 5,837 5,026 4,601 4,786 5,186 4,611 
Food & Pharma 5,943 5,295 7,085 6,483 6,162 5,905 7,114 6,342 
Ocean 5,845 5,497 6,224 5,735 6,056 5,775 6,010 5,255 
Other 148 155 - - - -  -  - 
Total 18,117 15,919 19,146 17,244 16,819 16,465 18,311 16,208 
                  
                  
                  
                  
Adjusted EBITA 
2026 2025 2024 
SEK million Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 
Energy 995 871 946 832 796 861 923 964 
Food & Pharma 871 805 1,041 1,043 904 894 1,008 995 
Ocean 1,455 1,207 1,378 1,349 1,448 1,259 1,104 989 
Other -250 5 -128 -43 -146 -99 -111 -148 
Total 3,071 2,887 3,237 3,180 3,001 2,916 2,922 2,800 
                  
                  
                  
Adjusted EBITA 
margin 
2026 2025 2024 
% Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 
Energy 16.1% 17.5% 16.2% 16.6% 17.3% 18.0% 17.8% 20.9% 
Food & Pharma 14.7% 15.2% 14.7% 16.1% 14.7% 15.1% 14.2% 15.7% 
Ocean 24.9% 22.0% 22.1% 23.5% 23.9% 21.8% 18.4% 18.8% 
Total 17.0% 18.1% 16.9% 18.4% 17.8% 17.7% 16.0% 17.3%

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

Alfa Laval Q2 2026 24 
  
Reconciliation between Divisions and Group total 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Divisions             
Adjusted EBITA 3,071 3,001 5,958 5,917 12,334 12,374 
Amortization -176 -120 -350 -236 -585 -699 
Operating income 2,895 2,881 5,608 5,681 11,749 11,676 
              
Financial net -169 -172 -329 -315 -551 -566 
Result after financial items 2,726 2,709 5,279 5,366 11,198 11,110 
              
Assets*             
Total for divisions 84,658 72,351 84,658 72,351 79,258 84,658 
Corporate** 20,109 18,611 20,109 18,611 18,903 20,109 
Group total 104,767 90,962 104,767 90,962 98,161 104,767 
              
Liabilities*             
Total for divisions 27,001 27,487 27,001 27,487 25,150 27,001 
Corporate** 31,885 22,802 31,885 22,802 29,258 31,885 
Group total 58,886 50,289 58,886 50,289 54,408 58,886 
* At the end of the period. ** Corporate refers to items in the statement on financial position that are interest bearing or related to taxes.

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

Alfa Laval Q2 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 Q2 
SEK million 2026 2025 
      
Cryogenic Technologies 719 - 
Gasketed Plate Heat Exchangers 189 - 
Welded & Circular Technologies 186 128 
Energy 1,095 128 
      
Process Engineering Solutions 1,216 889 
Separation Technologies 130 - 
Food & Pharma 1,345 889 
      
Digital Solutions 269 - 
Ocean Growth & Partnerships 67 - 
Marine Solutions - 180 
Pumping Systems - 640 
Ocean 336 180 
      
Total 2,776 1,197 
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
China
United States
Nordic
South East Asia
Adriatic
India
Japan
Mid Europe
Korea, South
France
SEK billionLast 12 months Jan-Dec 2025

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

Alfa Laval Q2 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 Tech and HVAC & Ref. Food & 
Pharma declined in Oils & Fats and Protein. Ocean declined in 
Offshore. Service grew in all three divisions. 
 
Central and Eastern Europe  
The order intake in the region increased double digit compared to 
the same quarter last year. Energy grew driven by Tech and 
Refinery. Food & Pharma grew, driven by Dairy and Oils & Fats. 
Ocean showed robust underlying demand in Shipping and Engine 
Power. Service reported growth in Ocean. 
 
Southern Europe 
The region reported increased order intake compared to the same 
quarter last year. Energy grew, driven by Clean Fuels & Chemicals 
and HVAC & Ref. Food & Pharma grew, driven by Biofuels and 
Dairy. Ocean showed robust underlying demand in Shipping. 
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 Biofuels and Prepared Food & 
Beverage. Ocean grew in Shipping. Service grew in all three 
divisions.  
 
Latin America  
The order intake in the region increased double digit compared to 
the same quarter last year. Energy was flat with strong demand in 
Clean Fuels & Chemicals. Food & Pharma grew in Biofuels. Ocean 
grew in Industrial boilers. Service reported growth in Energy and 
Ocean. 
 
Northeast Asia  
The order intake in the region increased double digit compared to 
the same quarter last year. Energy grew in Tech and Oil & Gas. 
Food & Pharma grew in Prepared Food & Beverages. Ocean grew 
in Shipbuilding. Service grew in Energy and Food & Pharma, while 
flat in Ocean.  
 
Southeast Asia and Oceania 
The order intake in the region decreased double digit compared to 
the same quarter last year. Energy declined in mainly Oil & Gas. 
Food & Pharma grew in Biofuels and Prepared Food & Beverage. 
Ocean declined in Offshore. Service grew in Food & Pharma and 
Ocean, while flat in Energy. 
 
India, Middle East and Africa  
The order intake in the region increased compared to the same 
quarter last year. Energy grew in Oil & Gas and Clean Power. Food 
& Pharma declined in Oils & Fats and Prepared Food & Beverage. 
Ocean grew in Shipping. Service was flat in Food & Pharma.
 
23 43
13 0
5 31
10 3
9 60 6 -3
13 1
21 14
YTD 2026 vs 2025, %*
Share of total, YTD, %

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

Alfa Laval Q2 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 
Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
To customers in:             
Sweden 341 327 697 618 1,447 1,526 
Other EU 3,578 3,587 6,976 7,129 15,387 15,234 
Other Europe  1,210 1,133 2,307 2,229 4,812 4,890 
USA 2,919 2,747 5,523 5,566 11,321 11,277 
Other North America 378 403 677 862 1,548 1,363 
Latin America 1,041 849 1,978 1,961 3,971 3,989 
Africa 391 287 746 605 1,306 1,447 
China 4,124 3,259 7,521 6,061 13,231 14,690 
South Korea 956 1,276 1,720 2,597 4,702 3,825 
Other Asia 2,940 2,752 5,477 5,275 11,185 11,387 
Oceania 239 200 413 381 765 797 
Total 18,117 16,819 34,036 33,284 69,674 70,426 
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Separation 2,859 2,868 5,511 5,581 12,028 11,958 
Heat transfer 7,956 6,805 14,514 13,597 28,767 29,683 
Fluid handling 5,085 4,602 9,908 9,011 18,529 19,426 
Other 2,217 2,544 4,103 5,095 10,350 9,358 
Total 18,117 16,819 34,036 33,284 69,674 70,426 
* 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.  
  Q2 Jan-Jun Jan-Dec Last 12 
SEK million 2026 2025 2026 2025 2025 months 
Net of interests -151 -76 -284 -140 -404 -548 
- of which interest expense on financing 
loans -115 -58 -213 -111 -337 -439 
Dividends and other financial income 3 4 3 12 22 13 
Net of exchange rate differences -21 -100 -48 -186 -169 -31 
Financial net -169 -172 -329 -315 -551 -566

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

Alfa Laval Q2 2026 28 
  
Note 7. Financial instruments 
  
Note 8. Net debt
 
 
 
During the second quarter, Alfa Laval repaid SEK 350 million in 
commercial papers in June. Furthermore, the company successfully 
raised SEK 2,500 million through new commercial papers, which 
will mature in 2026. 
 
 
 
 
 
 
Financial assets and liabilities at fair value 
Valuation 
hierarchy Jun 30 Dec 31 
SEK million level* 2026 2025 2025 
Financial assets         
Shares in other companies 1 and 2 53 54 12 
Bonds and other securities 1 135 130 206 
Derivative assets 2 596 883 717 
          
Financial liabilities         
Derivative liabilities 2 419 439 193 
* 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. 
  Jun 30 Dec 31 
SEK million 2026 2025 2025 
Credit institutions 157 107 38 
Swedish Export Credit 2,218 2,218 2,160 
Term loans 4,172 - 4,324 
Commercial papers 3,331 - - 
Corporate bonds 7,628 11,957 10,695 
Total liabilities to credit institutions  17,507 14,283 17,216 
Cash and current deposits -4,977 -9,638 -7,832 
Net debt excluding lease liabilities* 12,530 4,645 9,384 
Lease liabilities 3,484 3,426 3,795 
Net debt including lease liabilities* 16,013 8,071 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 3,350 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 Q2 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.  
In Q1 2026, 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.
 
 
  Jan-Jun 
SEK million 2026 2025 
Intangible assets 258 274 
Property, plant and equipment and right-of-use assets 96 12 
Other non-current assets 2 57 
Inventories 59 13 
Accounts receivable 178 19 
Other receivables 2 1 
Cash and cash equivalents 12 17 
Provisions -11 - 
Deferred tax -38 -82 
Liabilities to credit institutions -7 - 
Accounts payable -33 -4 
Other liabilities -53 -21 
Acquired net assets 464 286 
Equity attributable to non-controlling interests* 70  - 
      
Goodwill 225 295 
      
Purchase price -619 -581 
Retained part of purchase price 92 35 
Cash in acquired businesses 12 17 
Total effect on cash flow -515 -529 
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. 
*Equity attributable to non-controlling interests is valued according to the proportion of the acquired net assets.

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

Alfa Laval Q2 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 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the 
contact person set  out above, at CEST 07.30 on July 21, 2026. 
   
 
 
 
 
 
 
 
 30