Kvartalsrapport Q1 2025

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

INTERIM REPORT
FIRST QUARTER  •   JANUARY– MARCH 2025

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

FIRST QUARTER
• Net sales amounted to SEK 1,431 (1,533) million, a decrease of -6.6% on the same period  
the previous year.
• Operating earnings (EBIT) totaled SEK 44 (116) million, equating to an operating margin of  
3.1% (7.5). Anti-dumping duties of approximately SEK -45 million have had a negative impact  
on operating earnings. 
• Adjusted operating earnings (EBIT) totaled SEK 89 (116) million, equating to an operating 
margin of 6.2% (7.5).
• Earnings after tax  amounted to SEK 14 (74) million. Adjusted earnings after tax amounted to  
SEK 50 (74) million.
• Order bookings amounted to SEK 1,314 (1,299) million, a increase of 1.2% on the same period  
the  previous year.
• Cash flow from operating activities totaled SEK 71 (123) million.
• Earnings per share  were SEK 0.39 (3.22). Adjusted earnings per share were SEK 2.09 (3.22).
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD 
• On April 10, Bulten announced that the operating earnings for Q1 2025 are negatively affected by 
costs of SEK 45 million. These are linked to a decision by the Swedish Customs Service regarding 
anti-dumping duties on fasteners/fastener materials imported from China to the EU between  
2022 and 2024. However, Bulten intends to appeal the Customs Service decision relating to  
SEK 35 million of the SEK 45 million through the Administrative Court. 
Sales and earnings in line with expectations 
 
JAN-MAR
12-MONTH  
ROLLING
FULL 
YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Net sales 1,431 1,533 -6,6% 5,705 5,807 -1.8%
Gross profit 252 318 -66 1,004 1,070 -66
Earnings before depreciation (EBITDA) 98 163 -65 432 497 -65
Operating earnings (EBIT) 44 116 -72 229 301 -72
Operating margin, % 3.1 7. 5 -4.4 4.0 5.2 -1.2
Adjusted operating earnings (EBIT) 1) 89 116 -27 274 301 -27
Adjusted operating margin, % 6.2 7. 5 -1.3 4.8 5.2 -0.4
Earnings after tax 14 74 -60 101 161 -60
Adjusted earnings after tax 50 74 -24 137 161 -24
Earnings per share before dilution, SEK 0,39 3.22 -2.83 3.62 6.45 -2.83
Adjusted earnings per share before dilution, SEK 2,09 3.22 -1.13 5.32 6.45 -1.13
Return on capital employed, % – – – 7.0 9.2 -2.2
Adjusted return on capital employed, % – – – 8.2 9.2 -1.0
1) See specification page 18.
Q1 2025 SEK 1 431 MILLION  (1,533 )
NET SALES
-6,6% 44 MILLION  ( 116 )
OPERATING EARNINGS
89 MILLION  ( 116 )
ADJUSTED OPERATING EARNINGS
3.1%  ( 7. 5)
OPERATING MARGIN
6.2%  ( 7. 5)
ADJUSTED OPERATING MARGIN
In brackets Q1 2024
BULTEN  •  INTERIM REPORT Q1 2025
2

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

CEO’S STATEMENT 
The additional expense of SEK 45 million during the quarter is 
 related to a decision on anti-dumping duties on previously imported 
goods from China to the EU. This has unfortunately impacted on 
earnings. However, we believe we have a good chance of having 
the decision reviewed and overturned, and should therefore have 
SEK 35 million of the amount refunded in the next year or so.  
It is also worth mentioning that the imports relate entirely to  
flows that arose during the period when Bulten was facing capacity 
challenges in Europe. As a result, we see no risk of further anti- 
dumping duties of this kind. 
 We are all living in a time of economic and geopolitical uncer -
tainty. Our strength in the prevailing circumstances lies in our 
 production being mostly local, which is to say that we manufacture 
products in the regions where we sell them. Even so, this does not 
mean we can take things easy. We must continue our concerted 
efforts to improve profitability, which means increasing sales  
of higher margin items and diversifying our customer portfolio,  
as well as close control over our expenses. We can and will 
 perform better.  
 I have now been in my new role at Bulten for almost three 
months. I have spent these early days touring around getting  
to know our business, as well as our customers and partners  
around the world. I would like to thank everyone for some 
interesting discussions. They have given me valuable 
insights and a better understanding of the challenges 
and opportunities facing the company. I am excited by 
the good opportunities we have to increase both profits 
and returns. I will come back to this after the summer, 
when we plan to present an updated strategy with 
new goals and targets for the Group. 
Axel Berntsson, President and CEO
 
Looking back on the first quarter, we can see that sales were in line with our 
expectations. While lower than in the same period last year, they did not deviate 
from our own estimates. On a positive note, the adjusted operating margin is bet-
ter than for the full year 2024, indicating that there is an opportunity to improve 
our financial performance in 2025.
Q1 2025 SEK 1 431 MILLION  (1,533 )
NET SALES
-6,6% 44 MILLION  ( 116 )
OPERATING EARNINGS
89 MILLION  ( 116 )
ADJUSTED OPERATING EARNINGS
3.1%  ( 7. 5)
OPERATING MARGIN
6.2%  ( 7. 5)
ADJUSTED OPERATING MARGIN
In brackets Q1 2024
BULTEN  •  INTERIM REPORT Q1 2025
3

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

BULTEN IN BRIEF
ORDER BOOKINGS AND NET SALES
First quarter
Order bookings amounted to SEK 1,314 (1,299) million, an increase  
of 1.2% on the corresponding period the previous year.
  Group net sales amounted to SEK 1,431 (1,533) million, a 
decrease of -6.6% on the same period the previous year. Adjusted  
for foreign exchange effects, growth totaled -6.8% for the same 
period. 
Net sales
12-month rolling Net sales 
MSEK MSEK 
0
400
800
1,200
1,600
Q1Q4Q3Q2Q1Q4Q3Q2Q1 0
1,000
2,000
3,000
4,000
5,000
6,000
20252023 2024
 
EARNINGS AND PROFITABILITY
First quarter
The Group’s gross profit was SEK 252 (318) million, corresponding  
to a gross margin of 17.6% (20.7). Earnings before depreciation and 
amortization (EBITDA) amounted to SEK 98 (163) million, corre -
sponding to an EBITDA margin of 6.8% (10.7). Operating earnings 
(EBIT) totaled SEK 44 (116) million, equating to an operating margin 
of 3.1% (7.5). Anti-dumping duties of approximately SEK -45 million 
have burdened operating profit, resulting in an adjusted operating 
profit of SEK 89 (116) million. This corresponds to an adjusted 
 operating margin of 6.2% (7.5). The operating earnings were also 
affected by exchange rate fluctuations of SEK -9 (3) million when 
 converting working capital at the closing day rate. 
 Net financial items for the Group amounted to SEK -19 (-17) million. 
Financial income of SEK 3 (10) million comprises interest income of 
SEK 1 (5) million and currency gains of SEK 2 (5) million. Financial 
expenses of SEK -22 (-27) million include interest expenses of SEK -20 
(-25) million, of which interest expenses for leases total SEK -4 (-3) 
 million, and other financial expenses amounted to SEK -2 (-2) million. 
 The Group’s profit before tax amounted to SEK 25 (99) million 
and profit after tax was SEK 14 (74) million. 
CASH FLOW, WORKING CAPITAL, INVESTMENTS 
AND FINANCIAL POSITION
First quarter
Cash flow from operating activities totaled SEK 71 (123) million.
The effect on cash flow of the change in working capital amounted  
toSEK -6 (15) million.
 Inventories changed during the period by SEK 126 (-22) million.
Current receivables decreased by SEK -17 (-43) million and current
liabilities decreased by SEK -60 (-77) million.
 Cash flow from investing activities amounted to SEK -64 (-39)
million. Investments of SEK 63 (39) million relate to property, plant
and equipment.
 On the closing date, net debt amounted to SEK 1,383 (1,304) 
million. Net debt, excluding lease liabilities, totaled SEK 903  
(777) million.
 Consolidated cash equivalents amounted to SEK 336 (442) 
 million at the end of the period. In addition to cash equivalents, the 
Group also had approved but unused overdraft facilities of SEK 511 
(539) million, which means that the Group’s liquidity amounted to 
SEK 847 (981) million
FINANCING AGREEMENTS
Bulten has an agreement with a banking syndicate, including Danske 
Bank, Citi Bank and Svensk Exportkredit (SEK), on a credit facility 
amounting to approximately SEK 1,710 million. The credit facility 
runs for three years until 2027, with an option for one plus one  
year. The credit facilities are associated with certain covenants.  
All covenants have been met during the period.
BULTEN  •  INTERIM REPORT Q1 2025
4

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

OTHER INFORMATION
ACCOUNTING POLICIES 
This interim report has, for the Group, been prepared in accordance 
with IAS 34 Interim Financial Reporting and the Swedish Annual 
Accounts Act. The financial reporting for the Parent Company has 
been prepared in accordance with the Swedish Annual Accounts  
Act and RFR 2 Accounting for legal entities, issued by the Swedish 
Financial Reporting Board. The accounting policies applied are 
unchanged compared to those outlined in the 2024 Annual Report.
 All amounts in SEK million unless otherwise stated. Figures in 
parentheses refer to the previous year. Some figures are rounded,  
so amounts might not always appear to match when added up.
RISKS AND RISK MANAGEMENT 
Exposure to risk is a natural part of a business and this is reflected  
in Bulten’s approach to risk management. This aims to identify and  
prevent risks from occurring, and to limit any damage resulting from 
these risks. The most significant risks for the Group relate to market 
and macroeconomic risks, legal and political risks, IT-related risks, 
financial risks, and force majeure.
 The global economy is highly unstable at this time, with various 
political conflicts and other  disrupting factors. This could have 
 consequences for the company’s financial situation. Bulten closely 
monitors the global financial  situation.
 For a more detailed description of risks, please see Note 5 Risks 
and risk management in the 2024 Annual Report.
SEASONAL VARIATIONS
Bulten has no traditional seasonal variation but the year reflects the 
customers’ production days, which vary between quarters.  
 Generally speaking, the lowest net sales and operating earnings 
are seen in the third quarter with the lowest number of production 
days. The other quarters are relatively even but may vary slightly.
CONTINGENT LIABILITIES
There were no significant changes in contingent liabilities during  
the year.
TRANSACTIONS WITH RELATED PARTIES
There have been no significant transactions between related  
parties during the reporting period. For further information, please 
see Note 38 of the 2024 Annual Report.
EMPLOYEES
The average number of employees (FTE) in the Group during  
the period January 1 – March 31, 2025 was 1,880 (1,877).  
The number of employees on the  closing date was 1,915.
PARENT COMPANY
Bulten AB (publ) owns, directly or indirectly, all the companies in the 
Group. The equity/assets ratio was 57.7% (64.5). Equity amounted  
to SEK 857 (951) million. There were no cash or cash equivalents on 
the closing date. The Parent Company had seven employees at the 
end of the period.
SIGNIFICANT EVENTS AFTER THE END OF  
THE REPORTING PERIOD
On April 10, Bulten announced that the operating earnings for Q1 
2025 are negatively affected by costs of SEK 45 million. These are 
linked to a decision by the Swedish Customs Service regarding 
anti-dumping duties on fasteners/fastener materials imported from 
China to the EU between 2022 and 2024. However, Bulten intends to 
appeal the Customs Service decision relating to SEK 35 million of the 
SEK 45 million through the Administrative Court. 
 There are no other significant events to report.  
AUDITOR’S REVIEW
This interim report has not been reviewed by the company’s auditors.  
Gothenburg, April 28, 2025
 Bulten AB (publ)
Axel Berntsson
President and CEO
BULTEN  •  INTERIM REPORT Q1 2025
5

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

BULTEN IN BRIEF
With more than 150 years of expertise, Bulten is a leading global manufacturer  
and distributor of fasteners for customers in a range of sectors, from automotive  
to consumer electronics. Bulten offers both standard products and customized 
 fasteners, as well as related services to meet the specific needs of customers.
VISION 
We create and deliver the  
most innovative and sustainable  
fastener solutions.
Bulten has a region-based 
organizational structure, 
divided into three regions:  
 Europe, Asia and North  
America .
The map shows the countries 
where Bulten has significant 
operations, i.e. manufacturing 
and/or sales.
We produce  
where we sell,  
rather than  
shipping across  
continents
We offer both  
Bulten-made and 
 purchased  
products
We are a  
sustainable leader  
in the fastener  
industry
We have over  
150 years of know- 
how in fastener 
 solutions
A STRONGER 
SOLUTION

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

1 
QUALITY SUPPLIER OF FASTENERS  
• Over more than 150 years, Bulten has built a market position 
as a quality supplier of sustainable fastener solutions, with a 
strong customer base that has become more diversified in 
recent years.
• Bulten is a leading full service provider of fasteners and 
related services, including FSP, and has thereby established 
key strategic collaborations with several customers. 
• With long-standing expertise and in-house technical and 
innovation competence, Bulten is a natural development 
partner to its customers and is often involved from the initial 
design and technical design phase. 
• Bulten is involved in innovative collaborations, and also 
 conducts research-related development projects with various 
universities and colleges.
2 
FINANCIAL STRATEGY FOCUSING ON  
A STRONG BALANCE SHEET
• Bulten has a strong financial position, with secured financing 
and good underlying profit capacity. This creates scope for 
investing in growth and in efficiency measures, as well as 
return opportunities for shareholders.
• Over time, economies of scale have generated good profita -
bility for Bulten. An example of this is the new regional 
organizational structure that Bulten implemented in 2024, 
which contributes to a more efficient operation.  
3 
GROWTH POTENTIAL THROUGH 
 ACQUISITIONS AND NEW SECTORS  
• Bulten can see potential for expansion in the automotive 
industry through new electrified platforms, and in the supply 
chain for OEMs of light and heavy commercial vehicles 
(Tiers 1 and 2). 
• With the acquisitions of PSM International (PSM) in 2020 
and Exim Mfr & Enterprise (Exim) in 2023, both the product 
portfolio and the customer base have expanded in areas 
 outside of automotive. This lays a good foundation for 
 continued growth in margins. The acquisition of Exim also 
boosts Bulten’s position as a leading distributor of C parts*, 
particularly in Asia. Some of the sectors Bulten now operates 
in since the acquisitions are consumer electronics, medical 
devices, and renewable energy.
• Bulten’s goal remains to expand via strategic acquisitions.
• Through majority ownership of TensionCam (measuring and 
monitoring clamp loads), there is strong potential to offer 
new peripheral services related to fasteners.  
* C-parts are components with a low unit price that manufacturing companies stock 
in large quantities. 
4 
HIGH YIELD  
• Bulten generates a high yield with a dividend target of at  
least 33% of net earnings.
5 
A ROBUST OPERATION BASED ON  
A REGIONAL SALES STRUCTURE
• Facilities close to customers in Europe, Asia, and North 
America allow flexibility and short lead times. Being geo -
graphically widespread also contributes to a robust structure, 
which is advantageous in times of protectionism, and also 
macroeconomic and geopolitical instability. 
• Through ongoing establishments in India and Vietnam related 
to micro screw manufacturing, Bulten is strengthening its 
position in Asia, both as a manufacturer and as a supplier to 
international customers in the consumer electronics industry 
with a presence in Asia. 
FIVE REASONS TO INVEST IN BUL TEN
7 BULTEN  •  INTERIM REPORT Q1 2025

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

BULTEN’S TEN LARGEST SHAREHOLDERS  
SHAREHOLDERS
NO. OF  
  SHARES
SHARE- 
 HOLDING, %
Volito AB 5,220,000 24.8
Nordea Funds 1,143,635 5.4
Avanza Pension 828,589 3.9
Unionen 800,000 3.8
Carnegie Fonder 580,432 2.8
Handelsbanken Fonder 546,457 2.6
Dimensional Fund Advisors 496,664 2.4
Nordnet Pensionsförsäkring 433,945 2.1
Swedbank Försäkring 384,889 1.8
HC Capital Advisors GmbH 380,358 1.8
Total number of shareholders: 10,851
Source: Monitor by Modular Finance on 31 March 2025.
Feb MarJanOct Nov DecSepJul AugApr May Jun
Bulten Share SEK 
OMXSPI (norm vs BULTEN)
0
20
40
60
80
100
2024 2025
SHARE PERFORMANCEJAN-MAR
12-MONTH 
ROLLING FULL YEAR
 SHARE DATA 2025 2024
APRIL 2024–
MARS 2025 2024
Share price at end of period (price paid). SEK 63.30 73.50 -10.20 63.30 72.70
Highest share price during the period (price paid). SEK 78.80 81.10 -2.30 93.20 93.20
Lowest share price during the period (price paid). SEK 62.80 63.70 -0.90 62.80 63.70
Market value at end of period. SEK million 1,332 1,546 -214 1,332 1,530
P/E – – – – 11.26
Yield. % – – – – 3.78
Data per share. SEK
Earnings before depreciation (EBITDA) *) 4.65 7.78 -3.13 20.58 23.71
Adjusted earnings before depreciation (EBITDA) *) 6.80 7.78 -0.98 22.73 23.71
Operating earnings (EBIT) *) 2.08 5.50 -3.42 10.93 14.35
Adjusted operating earnings (EBIT) *) 4.23 5.50 -1.27 13.07 14.35
Earnings after net financial items (EAFI) *) 1.21 4.71 -3.50 7.1 5 10.65
Earnings for the period *) 0.39 3.22 -2.83 3.62 6.45
Adjusted earnings for the period *) 2.09 3.22 -1.13 5.32 6.45
Equity *) 88.58 93.51 -4.93 – 95.64
Cash flow from operating activities *) 3.40 5.86 -2.46 – 15.21
Cash flow for the period *) 0.59 4.23 -3.64 – -0.40
Proposed dividend – – – – 2.75
Total outstanding ordinary shares. 000
Weighted number during the period *) 20,988.0 20,988.0 – 20,988.0 20,988.0
At the end of the period *) 20,988.0 20,988.0 – 20,988.0 20,988.0
*) Before dilution.
SHAREHOLDER INFORMATION
INFORMATION ABOUT INTERIM REPORTS
All of Bulten’s reports are available to read and download at bulten.com. Shareholders who are unable 
to access the reports digitally can order printed copies by contacting Bulten. 
Our subscription service at bulten.com also enables users to subscribe to Bulten’s reports and press 
releases by e-mail.
Source: Monitor by Modular Finance on 31 March 2025.
BULTEN  •  INTERIM REPORT Q1 2025
8

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

FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
JAN-MAR
12-MONTH -
ROLLING
FULL 
YEAR
SEK MILLION NOTE 2025 2024
APRIL 2024–
MARS 2025 2024
Net sales 1  1,431 1,533 -102 5,705 5,807
Cost of goods sold -1,179 -1,215 36 -4,701 -4,737
Gross profit 252 318 -66 1,004 1,070
Other operating income 16 7 9 99 90
Selling expenses -112 -106 -6 -452 -446
Administrative expenses -97 -106 9 -395 -404
Other operating expenses -17 -0 -17 -41 -24
Share of profit in joint ventures 2 3 -1 14 15
Operating earnings 44 116 -72 229 301
Financial income 3 10 -7 30 37
Financial expenses -22 -27 5 -109 -114
Earnings before tax 25 99 -74 150 224
Tax on earnings for the period -11 -25 14 -49 -63
Earnings after tax 14 74 -60 101 161
Attributable to
   Parent Company shareholders 8 68 -60 75 135
   Non-controlling interests 6 6 - 26 26
Earnings after tax 14 74 -60 101 161
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK 0.39 3.22 -2.83 3.62 6.45
Adjusted earnings per share before dilution, SEK 2.09 3.22 -1.13 5.32 6.45
Earnings per share after dilution, SEK 0.39 3.22 -2.83 3.62 6.45
Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 - 20,988.0 20,988.0
Weighted number of outstanding ordinary shares after dilution, 000 20,988.0 20,988.0 - 20,988.0 20,988.0
BULTEN  •  INTERIM REPORT Q1 2025
9

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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
JAN-MAR
12-MONTH 
ROLLING
FULL 
YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Earnings after tax 14 74 -60 101 161
Other comprehensive income
Items not to be reversed in the income statement
Revaluation of defined-benefit pension plans, net after tax – – – 1 1
Items that may later be reversed in the income statement
Exchange differences -160 94 -254 -132 122
Total comprehensive income -146 168 -314 -30 284
Attributable to
Parent Company shareholders -14 8 160 -308 -52 256
Non-controlling interests 2 8 -6 22 28
Total comprehensive income -146 168 -314 -30 284
BULTEN  •  INTERIM REPORT Q1 2025
10

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

CONSOLIDATED BALANCE SHEET
SEK MILLION 31-03-2025 31-03-2024 31-12-2024
ASSETS
Fixed assets
Intangible fixed assets  1) 605 630 641
Tangible fixed assets 1,168 1,093 1,178
Right-of-use assets 437 502 481
Financial assets 71 58 71
Deferred tax assets 80 36 64
Total fixed assets 2,361 2,319 2,435
Current assets
Inventories 1,049 1,075 1,174
Current receivables 1,118 1,174 1,140
Cash equivalents 336 442 350
Total current assets 2,503 2,691 2,664
Total assets 4,864 5,010 5,099
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders 1,859 1,963 2,007
Non-controlling interests 48 44 46
Total equity 1,907 2,007 2,053
Long-term liabilities
Deferred tax liabilities 17 11 19
Long-term interest-bearing lease liabilities 411 459 437
Other long-term interest-bearing liabilities and provisions 1,239 1,161 1,215
Total long-term liabilities 1,667 1,631 1,671
Current liabilities
Current lease liabilities, interest-bearing 69 67 92
Other current liabilities, interest-bearing 2 59 2
Other current liabilities, non interest-bearing 1,219 1,246 1,281
Total current liabilities 1,290 1,372 1,375
Total equity and liabilities 4,864 5,010 5,099
1) Of which goodwill SEK 562 (583) (594) million.
CONSOLIDATED STATEMENT OF  
CHANGES IN EQUITY 
JAN-MAR
SEK MILLION 31-03-2025 31-03-2024 31-12-2024
Equity at start of period 2,053 1,838 1,838
Comprehensive income
Earnings after tax 14 74 161
Other comprehensive income -160 94 123
Total comprehensive income -146 168 284
Transactions with shareholders
Transaction with non-controlling interests – – -24
Non-controlling interests arising from the acquisition of subsidiary – 1 7
Dividend to Parent Company shareholders – – -52
Total transactions with shareholders – 1 -69
Equity at end of period 1,907 2,007 2,053
BULTEN  •  INTERIM REPORT Q1 2025
11

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

CONSOLIDATED CASH FLOW STATEMENT 
JAN-MAR FULL YEAR
SEK MILLION 2025 2024 2024
Operating activities
Earnings after financial items 25 99 224
Adjustments for items not included in cash flow 66 59 189
Taxes paid -14 -20 -75
Cash flow from operating activities before changes in  
working capital 77 138 338
Cash flow from changes in working capital
Change in working capital -6 -15 -19
Cash flow from operating activities 71 123 319
Investing activities
Acquisition of intangible fixed assets -1 -1 -4
Acquisition of tangible fixed assets -63 -39 -200
Divestment of tangible fixed assets 0 1 2
Change in financial assets 0 – -1
Cash flow from investing activities -64 -39 -203
Financing activities
Change in overdraft facilities and other financial liabilities 25 25 31
Amortization of lease liabilities -20 -20 -79
Dividend to Parent Company shareholders – – -52
Transactions with non-controlling interests – – -24
Cash flow from financing activities 5 5 -124
 
Cash flow for the period 12 89 -8
Cash flow for the period 12 89 -8
Cash and cash equivalents at start of period 350 340 340
Exchange rate difference in cash and cash equivalents -26 13 18
Cash and cash equivalents at end of period 336 442 350
CONSOLIDATED NET DEBT COMPOSITION
SEK MILLION 31-03-2025 31-03-2024 31-12-2024
Long-term interest-bearing liabilities -1,638 -1,605 -1,6 4 0
Provision for pensions -12 -15 -12
Current interest-bearing liabilities -71 -125 -94
Financial interest-bearing receivables 2 1 2
Cash equivalents 336 442 350
Net debt (-) -1,383 -1,304 -1,394
Less interest-bearing liabilities attributable to lease liabilities 480 526 529
Adjusted net debt (-), (excluding lease liabilities) -903 -777 -865
BULTEN  •  INTERIM REPORT Q1 2025
12

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

FIGURES FOR THE GROUP
GROUP 
JAN-MAR FULL YEAR
2025 2024 2024
Margins
EBITDA margin, % 6.8 10.7 8.6
Adjusted EBITDA margin, % 3) 10.0 10.7 8.6
EBIT margin (operating margin), % 3.1 7. 5 5.2
Adjusted  EBIT margin (operating margin), % 3) 6.2 7. 5 5.2
Net margin, % 1.0 4.8 2.8
Adjusted net margin, % 3) 3.5 4.8 2.8
Capital structure
Interest coverage ratio, times 2.2 4.6 3.0
Earnings per share attributable to Parent  Company shareholders
Earnings per share before dilution, SEK 0.39 3.22 6.45
Adjusted earnings per share before dilution, SEK 3) 2.09 3.22 6.45
Earnings per share after dilution, SEK 0.39 3.22 6.45
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 20,988.0
Weighted number of outstanding ordinary shares after dilution, 000 20,988.0 20,988.0 20,988.0
GROUP 31-03-2025 31-03-2024 31-12-2024
Capital structure
Net debt/ equity ratio, times -0.7 -0.6 -0.7
Equity/ assets ratio, % 39.2 40.1 40.3
Equity/ assets ratio, (excluding lease  liabilities, IFRS 16), % 43.5 44.7 44.9
Other
Net debt (-), SEK million -1,383 -1,30 4 -1,394
Adjusted net debt (-), (excluding lease  liabilities), SEK million -903 -777 -865
Equity per share attributable to Parent  Company shareholders
Equity per share before dilution, SEK 88.58 93.51 95.64
Equity per share after dilution, SEK 88.58 93.51 95.64
Number of outstanding ordinary shares
Number of outstanding ordinary shares before  dilution on the  
closing date, 000 20,988.0 20,988.0 20,988.0
Number of outstanding ordinary shares after  dilution on the  
closing date, 000 20,988.0 20,988.0 20,988.0
12-MONTH ROLLING FULL YEAR
APRIL 2024 –
MARCH 2025
APRIL 2023 –
MARCH 2024 2024
Profitability ratios 
Return on capital employed, % 7.0 8.2 9.2
Adjusted return on capital employed, % 1) 8.2 8.5 9.2
Return on capital employed, (excluding leasing, IFRS 16), % 7.7 8.9 10.2
Adjusted  return on capital employed, (excluding leasing IFRS 16), % 9.1 9.4 10.2
Return on capital employed, excluding goodwill, % 8.3 9.3 11.0
Adjusted return on capital employed, excluding goodwill, % 9.7 9.7 11.0
Return on equity, % 4.0 5.0 7.1
Adjusted return on equity, % 2) 5.8 5.6 7.1
Capital structure
Capital turnover rate, times 1.5 1.7 1.6
Employees 
Net sales per employee, SEK 000 3,035 3,145 3,048
Operating earnings per employee, SEK 000 122 123 158
Average number of full-time employees (FTE) 1,880 1,877 1,905
DEFINITIONS 
Definitions of calculated key indicators are unchanged compared to the definitions in the 2024 Annual Report.
Other key indicators not in the Annual Report or on page 18 of this interim report are explained below.
1) Adjusted return on capital employed: Earnings before financial expenses adjusted for non-recurring items  
as a percentage of average capital employed.
2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided by average equity. 
3) Adjusted result: Result adjusted for non-recurring items.
BULTEN  •  INTERIM REPORT Q1 2025
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===== SIDA 14 =====

QUARTERL Y DATA FOR THE GROUP
2025 2024 2023
SEK MILLION  Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Order bookings 1,314 1,470 1,455 1,541 1,299 1,582 1,566 1,476 1,356
Income statement
Net sales 1,431 1,475 1,333 1,466 1,533 1,576 1,378 1,416 1,387
Gross profit 252 242 251 259 318 258 210 217 283
Adjusted gross profit 3) 290 242 251 259 318 258 210 217 283
Earnings before depreciation (EBITDA) 98 70 140 124 163 87 77 95 160
EBITDA margin, % 6.8 4.8 10.6 8.4 10.7 5.6 5.6 6.7 11.6
Adjusted Earnings before depreciation (EBITDA) 3) 143 70 140 124 163 87 82 103 160
Adjusted EBITDA margin, % 3) 10.0 4.8 10.6 8.4 10.7 5.6 5.9 7. 2 11.6
Operating earnings (EBIT) 44 20 91 74 116 33 31 50 116
EBIT margin (operating margin), % 3.1 1.4 6.8 5.1 7. 5 2.1 2.3 3.5 8.4
Adjusted Operating earnings (EBIT) 3) 89 20 91 74 116 33 36 58 116
Adjusted EBIT margin (operating margin), % 3) 6.2 1.4 6.8 5.1 7. 5 2.1 2.6 4.0 8.4
Earnings after tax 14 9 38 40 74 30 -25 43 79
Net margin, % 1.0 0.6 2.9 2.7 4.8 1.9 -1.8 3.0 5.7
Adjusted earnings after tax 3) 50 9 38 40 74 30 -20 51 79
Adjusted Net margin, % 3) 3.5 0.6 2.9 2.7 4.8 1.9 -1.5 3.6 5.7
Cash flow from
   operating activities 71 150 -61 107 123 89 20 46 196
   investing activities -64 -72 -41 -51 -39 -27 -559 -33 -40
   financing activities 5 -36 -91 -2 5 -87 597 -91 -216
Cash flow for the period 12 42 -193 54 89 -25 58 -78 -60
Earnings per share attributable to  
Parent Company shareholders
Earnings per share before dilution, SEK 0.39 0.03 1.56 1.64 3.22 1.00 -1.49 1.82 3.56
Adjusted earnings per share before dilution, SEK 3) 2.09 0.03 1.56 1.64 3.22 1.00 -1.25 2.20 3.56
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0
3) See definition on page 13.
BULTEN  •  INTERIM REPORT Q1 2025
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===== SIDA 15 =====

QUARTERL Y DATA FOR THE GROUP
SEK MILLION 31-03-2025 31-12-2024 30-09-2024 30-06-2024 31-03-2024 31-12-2023 30-09-2023 30-06-2023 31-03-2023 31-12-2022 30-09-2022 30-06-2022
Balance sheet
Fixed assets 2,361 2,435 2,346 2,353 2,319 2,236 2,264 1,842 1,771 1,768 1,706 1,472
Current assets 2,503 2,664 2,677 2,690 2,691 2,616 2,676 2,491 2,451 2,588 2,369 2,124
Equity 1,907 2,053 1,979 1,969 2,007 1,838 1,901 1,988 1,923 1,825 1,749 1,699
Long-term liabilities 1,667 1,671 1,708 1,690 1,631 1,232 1,243 671 763 880 878 607
Current liabilities 1,290 1,375 1,336 1,384 1,372 1,782 1,796 1,674 1,535 1,651 1,448 1,290
Other
Net debt (-) -1,383 -1,394 -1,4 61 -1,338 -1,30 4 -1,34 0 -1,422 -812 -780 -925 -1,081 -777
Adjusted net debt (-) -903 -865 -940 -793 -777 -834 -882 -301 -277 -411 -569 -446
Equity per share attributable to  
Parent Company shareholders
Equity per share before dilution, SEK 88.58 95.64 92.74 91.31 93.51 85.88 88.54 92.99 90.11 85.72 82.11 79.96
Number of outstanding ordinary shares
Number of outstanding ordinary shares on  
closing date before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0
Share price
Share price at end of period (SEK) 63.30 72.70 67.70 83.50 73.50 80.00 69.70 99.40 88.20 59.50 53.20 64.00
BULTEN  •  INTERIM REPORT Q1 2025
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===== SIDA 16 =====

GROUP, 12-MONTH ROLLING 
        
SEK MILLION
APRIL 2024– 
MARCH 2025
JANUARY  2024– 
DECEMBER  2024
OCTOBER 2023– 
SEPTEMBER 2024
JUL Y 2023–
JUNE 2024
APRIL 2023– 
MARCH 2024
JANUARY  2023– 
DECEMBER  2023
OCTOBER 2022– 
SEPTEMBER 2023
JUL Y 2022–
JUNE 2023
APRIL 2022– 
MARCH 2023
Income statement
Net sales 5,705 5,807 5,908 5,953 5,903 5,757 5,520 5,237 4,827
Gross profit 1,004 1,070 1,086 1,045 1,003 968 955 932 904
Adjusted gross profit 3) 1,049 1,070 1,086 1,045 1,003 968 963 941 913
Earnings before depreciation (EBITDA) 432 497 514 451 422 419 480 494 483
EBITDA margin, % 7.6 8.6 8.7 7.6 7. 2 7. 3 8.7 9.4 10.0
Adjusted earnings before depreciation (EBITDA) 3) 477 497 514 456 435 432 503 513 504
Adjusted EBITDA margin, % 3) 8.4 8.6 8.7 7.7 7.4 7. 5 9.1 9.8 10.4
Operating earnings (EBIT) 229 301 314 254 230 230 300 316 307
EBIT margin (operating margin), % 4.0 5.2 5.3 4.3 3.9 4.0 5.4 6.0 6.4
Adjusted operating earnings (EBIT) 3) 274 301 314 259 243 243 324 335 328
Adjusted EBIT margin (operating margin), % 3) 4.8 5.2 5.3 4.4 4.1 4.2 5.9 6.4 6.8
Earnings after tax 101 161 182 119 122 127 170 213 192
Net margin, % 1.8 2.8 3.1 2.0 2.1 2.2 3.1 4.1 4.0
Adjusted earnings after tax 3) 137 161 182 124 135 140 192 230 211
Adjusted net margin, % 3) 2.4 2.8 3.1 2.1 2.3 2.4 3.5 4.4 4.4
Employees
Net sales per employee, SEK 000 3,035 3,048 3,100 3,138 3,145 3,451 3,398 3,302 3,067
Operating earnings per employee, SEK 000 122 158 165 134 123 138 184 199 195
Average number of full-time employees (FTE) on closing date 1,880 1,905 1,906 1,897 1,877 1,668 1,625 1,586 1,574
Profitability ratios 
Return on capital employed, % 7.0 9.2 9.8 8.2 8.2 8.1 9.1 11.8 11.2
Adjusted return on capital employed, % 1) 8.2 9.2 9.8 8.4 8.5 8.5 9.8 12.5 11.9
Return on capital employed, (excluding leasing, IFRS 16), % 7.7 10.2 10.8 9.2 8.9 8.7 10.3 13.1 12.6
Return on capital employed, (excluding goodwill), % 8.3 11.0 11.7 9.3 9.3 9.2 10.4 12.8 12.1
Adjusted return on capital employed, excluding goodwill, % 1) 9.7 11.0 11.7 9.5 9.7 9.6 11.2 13.5 13.0
Return on equity, % 4.0 7.1 8.2 4.7 5.0 5.7 8.1 10.5 9.7
Adjusted return on equity, % 2) 5.8 7.1 8.2 5.0 5.6 6.5 9.3 11.4 10.7
Other
Net debt (-)/EBITDA -3.2 -2.8 -2.8 -3.0 -3.1 -3.2 -3.0 -1.6 -1.6
Adjusted net debt (-)/EBITDA*) -2.1 -1.7 -1.8 -1.8 -1.8 -2.0 -1.8 -0.6 -0.6
Adjusted net debt (-)/ Adjusted EBITDA**) -2.3 -2.1 -2.2 -2.1 -2.2 -2.4 -2.1 -0.7 -0.6
*) Adjusted net debt (-): Net debt exclusive lease liabilities.
**) Adjusted EBITDA: Adjusted for non-recurring items.
1), 2) and 3) See definition on page 13.
BULTEN  •  INTERIM REPORT Q1 2025
16

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

INCOME BY GEOGRAPHIC MARKET 
JAN-MAR
12-MONTH  
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Sweden 153 168 -15 590 605
Germany 62 56 6 244 238
UK 455 508 -53 1,733 1,786
Poland 11 13 -2 43 45
Rest of Europe 395 403 -8 1,527 1,535
China 180 188 -8 836 844
USA 70 84 -14 291 305
Rest of the world 105 113 -8 441 449
Total income 1,431 1,533 -102 5,705 5,807
INCOME BY CUSTOMER GROUP
JAN-MAR
12-MONTH  
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
OEM Light vehicle 909 969 -60 3,510 3,570
OEM Heavy commercial vehicle 124 141 -17 498 515
Tiers 211 260 -49 908 957
Other income 187 163 24 789 765
Total income 1,431 1,533 -102 5,705 5,807
NOTE 1  INCOME
Bulten is engaged in manufacturing and sales of fasteners. Revenues from product sales are reported at 
the time the control of the product is transferred to the customer. This usually takes place at the time of 
delivery to the customer and ownership is transferred. Bulten’s customers are mainly in the automotive 
industry in Europe, Asia and North America. The table below refers to income by geographic market where 
the customer’s delivery point is located. The Group has the majority of its income from customers in 
INCOME BY CHASSIS /BODY AND POWERTRAIN 
JAN-MAR
12-MONTH  
ROLLING FULL YEAR
2025 2024
APRIL 2024–
MARCH 2025 2024
Chassis/body 1,054 1,151 -97 4,141 4,238
Powertrain 189 219 -30 774 804
Other income 188 163 25 790 765
Total income 1,431 1,533 -102 5,705 5,807
INCOME DISTRIBUTED BY INCOME CATEGORY
JAN-MAR
12-MONTH  
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Own production 805 881 -76 3,155 3,231
Outsourced production 583 602 -19 2,408 2,427
Other income 43 50 -7 142 149
Total income 1,431 1,533 -102 5,705 5,807
Europe, but part of the sales is then exported to other markets in the rest of the world. Customers are mainly 
manufacturers of light vehicles but also heavy commercial vehicles and other suppliers, so-called tiers.  
Of the total sales, the majority goes to the chassis/body. Other income refers to other industries outside the 
automotive industry, such as consumer electronics and the affiliated company Exim Mfr & Enterprise.
BULTEN  •  INTERIM REPORT Q1 2025
17

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

RECONCILIATION BETWEEN IFRS AND KEY INDICATORS USED
Some of the information in this report used by company managers and analysts to assess the Group’s development is not produced in accordance with IFRS. Company managers consider that this information makes it 
easier for investors to analyze the Group’s results and financial structure. Investors should see this information as a complement to, rather than a replacement for, financial reporting in accordance with IFRS. 
ADJUSTED  NET SALES
JAN-MAR
SEK MILLION 2025 2024
Net sales 1,431 1,533 -102
Currency effect, current period -3 - -3
Adjusted net sales 1,428 1,533 -105
When calculating adjusted net sales, net sales are adjusted using currency effects of the current period 
and, where applicable, with the net sales from acquisitions made. This measurement gives a figure for 
comparing net sales with the previous year. 
EARNINGS BEFORE DEPRECIATION, EBITDA
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Operating earnings (EBIT) 44 116 -72 229 301
Depreciation/ amortization  
and  impairments 54 47 7 203 196
Operating earnings before 
 depreciation (EBITDA)
98 163 -65 432 497
When calculating operating earnings excluding depreciation (EBITDA), depreciation and impairments  
are returned to operating earnings (EBIT). This measurement provides a figure for operating earnings 
excluding depreciation which are in turn based on investments.
ADJUSTED EARNINGS BEFORE DEPRECIATION, ADJUSTED EBITDA
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Operating earnings excluding 
 depreciation (EBITDA) 98 163 -65 432 497
Non- recurring cost 45 – 45 45 –
Adjusted operating earnings  
before depreciation (EBITDA)
143 163 -20 477 497
adjusted  operating  earnings , adjusted  ebit
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Operating earnings (EBIT) 44 116 -72 229 301
Non-recurring cost 45 – 45 45 –
Adjusted operating earnings (EBIT) 89 116 -27 274 301
ADJUSTED NET EARNINGS
JAN-MAR
12-MONTH -
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Net earnings 14 74 -60 101 161
Non-recurring cost 36 – 36 36 –
Adjusted net earnings 50 74 -24 137 161
ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES )
SEK MILLION 31-03-2025 31-03-2024 31-12-2024
Net debt (-) -1,383 -1,30 4 -1,394
Less interest-bearing liabilities attributable to lease liabilities 480 526 529
Adjusted net debt (-), (excluding lease liabilities) -903 -777 -865
When calculating adjusted net debt, interest-bearing debt attributable to lease liabilities is deducted from 
net debt. This measurement provides a figure for a refined financial structure excluding lease liabilities.
BULTEN  •  INTERIM REPORT Q1 2025
18

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

INCOME STATEMENT, PARENT COMPANY
JAN-MAR
12-MONTH  
ROLLING FULL YEAR
SEK MILLION 2025 2024
APRIL 2024–
MARCH 2025 2024
Net sales 6 7 -1 26 27
Gross profit 6 7 -1 26 27
Administrative expenses -13 -16 3 -51 -54
Operating earnings -7 -9 2 -25 -27
Interest income 0 0 – 0 0
Interest expenses and  similar loss items -6 -6 – -27 -27
Earnings after net financial items -13 -15 2 -52 -54
Appropriations – – – – –
Earnings before tax -13 -15 2 -52 -54
Tax on earnings for the period 2 3 -1 10 11
Earnings after tax -11 -12 1 -42 -43
BALANCE SHEET, PARENT COMPANY
SEK MILLION 31-03-2025 31-03-2024 31-12-2024
ASSETS
Fixed assets
Intangible fixed assets – 0 –
Tangible fixed assets 7 7 7
Total intangible and tangible fixed assets 7 7 7
Financial assets
Participations in Group companies 1,450 1,450 1,450
Other long-term receivables 1 – 1
Total financial assets 1,451 1,450 1,451
Deferred tax assets 21 10 19
Total fixed assets 1,479 1,467 1,477
Current assets
Current receivables from Group companies 0 0 –
Other current receivables 5 7 5
Cash and cash equivalents – – –
Total current assets 5 7 5
Total assets 1,484 1,474 1,482
EQUITY AND LIABILITIES
Equity
Restricted equity 110 110 110
Non-restricted equity 747 841 757
Total equity 857 951 867
Long-term liabilities
Long-term liabilities to Group companies 592 483 598
Total long-term liabilities 592 483 598
Current liabilities
Current liabilities to Group companies 18 19 –
Other current liabilities 17 21 17
Total current liabilities 35 40 17
Total equity and liabilities 1,484 1,474 1,482
BULTEN  •  INTERIM REPORT Q1 2025
19

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

Bulten AB (publ)  Box 9148, SE-400 93 Göteborg  •  Visiting address: August Barks Gata 6 A
Phone +46 (0)31 -734 59 00   •  www.bulten.com
This information is information that Bulten AB (publ) is obliged 
to make public pursuant to the EU Market Abuse Regulation. 
The information was submitted for publication, through the 
agency of the contact person set out above, at 13:30 PM CEST 
on April 28, 2025.  
FINANCIAL CALENDAR  
July 10, 2025  Half-year report January - June 2025
October 21, 2025   Interim report January - September 2025
February 3, 2026  Full year report January - December 2025
The reports can be found on the Bulten website at 
www.bulten.com  on their date of publication.
CONTAC T
Ulrika Hultgren, SVP Corporate Communications & IR
Phone: +46 727-47 17 58
E-mail: ulrika.hultgren@bulten.com
PRESENTATION OF THE REPORT
A live presentation for analysts, media and investors will be  
held on February 3, at 15:30 PM CEST, where President and  
CEO Axel Berntsson and CFO Anna Åkerblad will be commenting  
the result. The presentation will be held in English. 
If you wish to participate via webcast, please use the link:  
https:/ /www.finwire.tv/webcast/bulten/ q1-2025/.   
Via the webcast you are able to submit written questions. 
If you wish to participate via teleconference, please dial  
+46 8 505 00828 and use PIN code 878 1146 4934#.  
You can ask questions verbally via the teleconference.