===== 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 13 ===== 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 14 ===== 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 15 ===== 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.