===== 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 0 20 40 60 80 100 0 5 10 15 20 25 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 0 10 20 30 40 50 0 5 10 15 20 25 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 %BnSEK Net sales Adjusted gross margin in % 0 6 12 18 24 0 1 2 3 4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 %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 0 5 10 15 20 25 30 35 40 0 1 2 3 4 5 6 7 8 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 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 0 3 6 9 12 15 18 21 24 0 1 2 3 4 5 6 7 8 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 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