Kvartalsrapport Q1 2026

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

INTERIM REPORT
JANUARY– MARCH 2026

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

Efficiency leads to results
FIRST QUARTER
•  Net sales amounted to SEK 1,254 (1,431) million, a decrease of -12.4% on the same period the previous year.
•  Operating earnings (EBIT) totaled SEK 77 (44) million, equating to an operating margin of 6.1% (3.1).  
Restructuring costs of approximately SEK -1 (-) million have had a negative impact on operating earnings. 
•  Adjusted operating earnings  (EBIT) totaled SEK 78 (89) million,  equating to an operating margin of 6.2% (6.2).
•  Earnings after tax amounted to SEK 37 (14) million. Adjusted earnings after tax amounted to SEK 38 (50) million.
•  Cash flow from operating activities totaled SEK 22 (71) million.
•  Earnings per share were SEK 1.41 (0.39). Adjusted earnings per share were SEK 1.45 (2.09).
 
JAN-MAR
12-MONTH  
ROLLING FULL YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Net sales 1,254 1,431 -177 4,868 5,045 -177
Gross profit 252 252 – 928 928 –
Earnings before depreciation (EBITDA) 128 98 30 385 355 30
Operating earnings (EBIT) 77 44 33 174 141 33
Operating margin, % 6.1 3.1 3.0 3.6 2.8 0.8
Adjusted operating earnings (EBIT) 1) 78 89 -11 200 211 -11
Adjusted operating margin, % 6.2 6.2 – 4.1 4.2 -0.1
Earnings after tax 37 14 23 41 18 23
Adjusted earnings after tax 38 50 -12 62 74 -12
Earnings per share before dilution, SEK 1.41 0.39 1.02 0.47 -0.55 1.02
Adjusted earnings per share before dilution, SEK 1.45 2.09 -0.64 1.46 2.10 -0.64
Return on capital employed, % – – – 5.1 4.1 1.0
Adjusted return on capital employed, % – – – 5.8 6.1 -0.3
1) See specification page 17
NET SALES
SEK 1,254 MILLION  (1,431)
-12.4 % 
OPERATING EARNINGS
SEK 77 MILLION  ( 44 )
ADJUSTED OPERATING EARNINGS
SEK 78 MILLION  ( 89 )
OPERATING MARGIN
6.1 %  (3.1)
ADJUSTED OPERATING MARGIN
6.2 %  (6.2)
In brackets Q1 2025
BULTEN  •  INTERIM REPORT Q1 2026
2

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

CEO’S STATEMENT 
Financial performance during the quarter
The gross margin strengthened compared with the previous year.  
The improvement reflects our strategic work to develop a more 
 competitive cost base. We continue to work methodically with 
 operational discipline and a clear focus on costs.
 Cash flow from operating activities was positive during the 
 quarter. Net debt decreased compared with the previous year, and 
net debt excluding lease liabilities was also lower. At the end of the 
quarter, we had good liquidity with cash and cash equivalents and 
significant undrawn credit facilities. Overall, we have good liquidity 
and a continued strong financial position.
Market conditions
Market conditions remain challenging. At the same time, the quarter 
confirms that we have stabilized the business following a demanding 
2025. In parallel, we are increasing volumes within our stated growth 
segments: consumer electronics, medical technology, renewable 
energy and other industrial applications. This is in line with our 
 ambition to broaden the business and reduce dependence on any 
 single end market. Within our automotive business, we saw good 
development in commercial vehicles during the quarter. However, the 
overall situation in the passenger car industry remains challenging.
 
Strategic initiatives and growth
In connection with our fourth-quarter report, we communicated that 
manufacturing in the U.S. would be discontinued. The transition is 
ongoing: the U.S. operation is being converted into a pure distribution 
business, and the transfer of the former U.S. production to our 
 European plants has been initiated. Together with our continued  
work on efficiency and cost discipline, this is an important part of  
the strategic initiatives that support the improved gross margin.
 We are also strengthening our offering within distribution and 
C-parts. During the quarter, our market establishment within distri -
bution in China continued, and we secured our first business within  
the renewable energy segment. Within distribution, we were also 
awarded a contract through our subsidiary EXIM Singapore for the 
supply of specialized kit solutions for powertrains in military vehicles, 
with a total contract value of 21 MSEK and the potential for additional 
orders over time. The program comprises 51 kit configurations and 
approximately 125 unique components, and is carried out at EXIM 
Singapore’s distribution center supported by a vendor-managed 
inventory (VMI) setup, enabling efficient supply, reduced complexity 
and high delivery precision. This business reflects our continued 
development of EXIM’s distribution operations and strengthens our 
C-parts/distribution focus, with increased emphasis on value-adding 
services such as kit solutions, inventory management and integrated 
supply solutions. The strategic review continues, and we continuously 
evaluate our industrial footprint and our organization.
The first quarter of 2026 was characterized by improved profitability and  
stronger margins, despite lower sales. Operating profit improved compared  
with the previous year, resulting in a higher operating margin. Overall, we start  
the year with stable earnings and a more robust financial position than in the 
corresponding period of the previous year.
Focus going forward
We move through 2026 with a continued focus on profitability,  
cash flow and ongoing improvement of the business—improvements 
that are closely linked to our work to broaden the business through 
growth in selected segments and a more competitive industrial 
 footprint.
Axel Berntsson, President and CEO
 
BULTEN  •  INTERIM REPORT Q1 2026
3

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

BULTEN IN BRIEF
ORDER BOOKINGS AND NET SALES
First quarter
Group net sales amounted to SEK 1,254 (1,431) million, a decrease of 
-12.4% on the same period the previous year. Adjusted for foreign 
exchange effects, growth totaled -6.4% 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
2025 20262024
 
EARNINGS AND PROFITABILITY
First quarter
The Group’s gross profit was SEK 252 (252) million, corresponding  
to a gross margin of 20.1% (17.6). Earnings before depreciation and 
amortization (EBITDA) amounted to SEK 128 (98) million, corre -
sponding to an EBITDA margin of 10.2% (6.8). Operating earnings 
(EBIT) totaled SEK 77 (44) million, equating to an operating margin 
of 6.1% (3.1). Restructuring costs of approximately SEK -1 million have 
negatively affected the operating profit for the period. The corre -
sponding period last year was affected by anti-dumping costs of 
approximately SEK -45 million, contributing to an adjusted operating 
profit of SEK 78 (89) million. This corresponds to an adjusted 
 operating margin of 6.2% (6.2). The operating earnings were also 
affected by exchange rate fluctuations of SEK 0 (-9) million when 
 converting working capital at the closing day rate. 
 Net financial items for the Group amounted to SEK -18 (-19) million. 
The financial income of SEK 1 (3) million comprises interest income  
of SEK 1 (1) million, currency gain of SEK - (2) million. Financial 
expenses of SEK -19 (-22) million include interest expenses of SEK -17 
(-20) million, of which interest expenses for leases totaled SEK -3 (-4) 
 million, currency loss of SEK -0 (-) million and other financial expenses 
amounted to SEK -2 (-2) million. 
 The Group’s profit before tax amounted to SEK 59 (25) million 
and profit after tax was SEK 37 (14) million. Adjusted group profit 
before tax amounted to SEK 60 (70) million and adjusted profit after 
tax was SEK 38 (50) million. 
CASH FLOW, WORKING CAPITAL, 
 INVESTMENTS AND FINANCIAL POSITION
First quarter
Cash flow from operating activities totaled SEK 22 (71) million.
The effect on cash flow of the change in working capital amounted  
to SEK -68 (-6) million.
 Inventories decreased during the period by SEK -40 (-126) million. 
Current receivables changed by SEK 88 (-17) million and current 
 liabilities decreased by SEK -36 (-60) million.
 Cash flow from investing activities amounted to SEK -5 (-64)
million. Investments of SEK 9 (63) million relate to property, plant
and equipment.
 On the closing date, net debt amounted to SEK 1,151 (1,383) million. 
Net debt, excluding lease liabilities, totaled SEK 712 (903) million.
 Consolidated cash equivalents amounted to SEK 261 (336) 
 million at the end of the period. In addition to cash equivalents, the 
Group also had approved but unused overdraft facilities of SEK 752 
(511) million, which means that the Group’s liquidity amounted to 
SEK 1,013 (847) 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 1,685 million. The credit 
facility runs for three years until 2027. The credit facilities are 
 associated with certain covenants. All covenants have been met 
 during the period.
BULTEN  •  INTERIM REPORT Q1 2026
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 2025 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 2025 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 37 of the 2025 Annual Report.
EMPLOYEES
The average number of employees (FTE) in the Group during  
the period January 1 – March 31, 2026 was 1,709 (1,880).  
The number of employees on the  closing date was 1,749.
PARENT COMPANY
Bulten AB (publ) owns, directly or indirectly, all the companies in the 
Group. The equity/assets ratio was 50.0% (57.7). Equity amounted  
to SEK 748 (857) million. The Parent Company had eight employees 
at the end of the period.
SIGNIFICANT EVENTS AFTER THE END OF  
THE REPORTING PERIOD
There are no other significant events to report.  
AUDITOR’S REVIEW
This full-year report has not been reviewed by the company’s auditors.  
Gothenburg, 23 April, 2026
 Bulten AB (publ)
Axel Berntsson
 President and CEO
BULTEN  •  INTERIM REPORT Q1 2026
5

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

VISION 
We create and deliver the  
most innovative and sustainable  
fastener solutions.
A STRONGER 
SOLUTION
BULTEN IN BRIEF
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
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.
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.

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

FEB MARJANOCT NOV DECSEPJUL AUGAPR MAY JUN
Bulten Share SEK 
OMXSPI (norm vs BULTEN)
2025 2026
0
15
30
45
60
75
SHAREHOLDER INFORMATION
Source: Monitor by Modular Finance on 31 March 2026.
BULTEN’S TEN LARGEST SHAREHOLDERS  
SHAREHOLDERS
NO. OF  
  SHARES
SHARE- 
 HOLDING, %
Volito AB 5,220,000 24.8
Nordea Funds 1,251,735 6.0
Avanza Pension 1,05 7,97 7 5.0
Bengt Stillström 629,663 3.0
Swedbank Försäkring 461,240 2.2
Nordnet Pensionsförsäkring 320,395 1.5
Dimensional Fund Advisors 316,848 1.5
HC Capital Advisors GmbH 280,358 1.3
Handelsbanken Fonder 244,032 1.2
Carnegie Fonder 199,467 1.0
Total number of shareholders: 9,968
Source: Monitor by Modular Finance on 31 March 2026.
SHARE PERFORMANCEJAN-MAR
12-MONTH -
ROLLING FULL YEAR
 SHARE DATA 2026 2025  
APRIL 2025–
MARCH 2026 2025
Share price at end of period (price paid). SEK 43.10 63.30 -20.20 43.10 51.40
Highest share price during the period (price paid). SEK 56.40 78.80 -22.40 65.90 78.80
Lowest share price during the period (price paid). SEK 39.70 62.80 -23.10 39.70 45.70
Market value at end of period. SEK million 907 1,332 -425 907 1,081
P/E – – – – -93.60
Yield. % – – – – –
Data per share. SEK
Earnings before depreciation (EBITDA) *) 6.09 4.65 1.44 18.36 16.92
Adjusted earnings before depreciation (EBITDA) *) 6.14 6.80 -0.66 19.62 20.28
Operating earnings (EBIT) *) 3.66 2.08 1.58 8.30 6.72
Adjusted operating earnings (EBIT) *) 3.70 4.23 -0.53 9.56 10.08
Earnings after net financial items (EAFI) *) 2.80 1.21 1.59 4.45 2.86
Earnings for the period *) 1.41 0.39 1.02 0.47 -0.55
Adjusted earnings for the period *) 1.45 2.09 -0.64 1.46 2.10
Equity *) 85.20 88.58 -3.38 – 82.09
Cash flow from operating activities *) 1.02 3.40 -2.38 – 20.45
Cash flow for the period *) -1.79 0.59 -2.38 – -1.05
Proposed dividend – – – – –
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.
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.
BULTEN  •  INTERIM REPORT Q1 2026
7

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

FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
JAN-MAR
12-MONTH 
R OLLING FULL YEAR
SEK MILLION NOT 2026 2025  
APRIL 2025–
MARCH 2026 2025
Net sales 1  1,254 1,431 -177 4,868 5,045
Cost of goods sold -1,002 -1,179 177 -3,940 -4,117
Gross profit 252 252 – 928 928
Other operating income 2 16 -14 34 48
Selling expenses -96 -112 16 -405 -421
Administrative expenses -83 -97 14 -375 -389
Other operating expenses -0 -17 17 -9 -26
Share of profit in joint ventures 2 2 – 1 1
Operating earnings 77 44 33 174 141
Financial income 1 3 -2 – 2
Financial expenses -19 -22 3 -80 -83
Earnings before tax 59 25 34 94 60
Tax on earnings for the period -22 -11 -11 -53 -42
Earnings after tax 37 14 23 41 18
Attributable to
   Parent Company shareholders 30 8 22 11 -11
   Non-controlling interests 7 6 1 30 29
Earnings after tax 37 14 23 41 18
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK 1.41 0.39 1.02 0.47 -0.55
Adjusted earnings per share before dilution, SEK 1.45 2.09 -0.64 1.46 2.10
Earnings per share after dilution, SEK 1.41 0.39 1.02 0.47 -0.55
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 2026
8

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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
JAN-MAR
12-MONTH 
R OLLING FULL YEAR
SEK MILLION 2026 2025  
APRIL 2025–
MARCH 2026 2025
Earnings after tax 37 14 23 41 18
Other comprehensive income
Items not to be reversed in the income statement
Revaluation of defined-benefit pension plans, net after tax – – – 0 0
Items that may later be reversed in the income statement
Exchange differences 38 -160 198 -24 -222
T otal comprehensive income 75 -146 221 17 -204
Attributable to
Parent Company shareholders 66 -14 8 214 -13 -227
Non-controlling interests 9 2 7 30 23
T otal comprehensive income 75 -146 221 17 -204
BULTEN  •  INTERIM REPORT Q1 2026
9

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

CONSOLIDATED BALANCE SHEET
SEK MILLION 31-03-2026 31-03-2025 31-12-2025
ASSETS
Fixed assets
Intangible fixed assets  1) 599 605 588
Tangible fixed assets 1,122 1,168 1,142
Right-of-use assets 396 437 397
Financial assets 65 71 62
Deferred tax assets 102 80 102
T otal fixed assets 2,284 2,361 2,291
Current assets
Inventories 964 1,049 1,004
Current receivables 944 1,118 863
Cash equivalents 261 336 289
Total current assets 2,169 2,503 2,156
T otal assets 4,453 4,864 4,447
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders 1,788 1,859 1,723
Non-controlling interests 53 48 43
T otal equity 1,841 1,907 1,766
Long-term liabilities
Deferred tax liabilities 14 17 23
Long-term interest-bearing lease liabilities 363 411 356
Other long-term interest-bearing liabilities and provisions 974 1,239 1,009
T otal long-term liabilities 1,351 1,667 1,388
Current liabilities
Current lease liabilities, interest-bearing 76 69 84
Other current liabilities, interest-bearing 1 2 1
Other current liabilities, non interest-bearing 1,184 1,219 1,207
Total current liabilities 1,261 1,290 1,293
T otal equity and liabilities 4,453 4,864 4,447
1) Of which goodwill SEK 558 (562) (594) million.
CONSOLIDATED STATEMENT OF  
CHANGES IN EQUITY
JAN-MAR
SEK MILLION 31-03-2026 31-03-2025 31-12-2025
Equity at start of period 1,766 2,053 2,053
Comprehensive income
Earnings after tax 37 14 18
Other comprehensive income 38 -160 -222
T otal comprehensive income 75 -146 -204
Transactions with shareholders
Transaction with non-controlling interests – – -25
Dividend to Parent Company shareholders – – -58
Total transactions with shareholders – – -83
Equity at end of period 1,841 1,907 1,766
BULTEN  •  INTERIM REPORT Q1 2026
10

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

CONSOLIDATED CASH FLOW STATEMENT 
JAN-MAR FULL YEAR
SEK MILLION 2026 2025 2025
Operating activities
Earnings after financial items 59 25 60
Adjustments for items not included in cash flow 49 66 180
Taxes paid -18 -14 -58
Cash flow from operating activities before changes  
in working capital 90 77 182
Cash flow from changes in working capital
Change in working capital -68 -6 247
Cash flow from operating activities 22 71 429
Investing activities
Acquisition of intangible fixed assets 0 -1 -1
Acquisition of tangible fixed assets -9 -63 -170
Divestment of tangible fixed assets 2 0 4
Change in financial assets 0 0 0
Cash flow from investing activities -7 -64 -167
Financing activities
Change in overdraft facilities and other  
financial liabilities -34 25 -124
Amortization of lease liabilities -18 -20 -76
Dividend to Parent Company shareholders – – -58
Transactions with non-controlling interests – – -26
Cash flow from financing activities -52 5 -284
 
Cash flow for the period -37 12 -22
Cash flow for the period -37 12 -22
Cash and cash equivalents at start of period 289 350 350
Exchange rate difference in cash and cash equivalents 9 -26 -39
Cash and cash equivalents at end of period 261 336 289
CONSOLIDATED NET DEBT COMPOSITION
SEK MILLION 31-03-2026 31-03-2025 31-12-2025
Long-term interest-bearing liabilities -1,324 -1,638 -1,351
Provision for pensions -13 -12 -13
Current interest-bearing liabilities -78 -71 -86
Financial interest-bearing receivables 3 2 2
Cash equivalents 261 336 289
Net debt (-) -1,151 -1,383 -1,159
Less interest-bearing liabilities attributable to lease liabilities 439 480 441
Adjusted net debt (-), (excluding lease liabilities) -712 -903 -718
BULTEN  •  INTERIM REPORT Q1 2026
11

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

FIGURES FOR THE GROUP
GROUP 
JAN-MAR FULL YEAR
2026 2025 2025
Margins
EBITDA margin, % 10.2 6.8 7.0
Adjusted EBITDA margin, % 3) 10.3 10.0 8.4
EBIT margin (operating margin), % 6.1 3.1 2.8
Adjusted  EBIT margin (operating margin), % 3) 6.2 6.2 4.2
Net margin, % 2.9 1.0 0.4
Adjusted net margin, % 3) 3.0 3.5 1.5
Capital structure
Interest coverage ratio, times 4.0 2.2 1.7
Earnings per share attributable to Parent  Company shareholders
Earnings per share before dilution, SEK 1.41 0.39 -0.55
Adjusted earnings per share before dilution, SEK 3) 1.45 2.09 2.10
Earnings per share after dilution, SEK 1.41 0.39 -0.55
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 2026-03-31 2025-03-31 2025-12-31
Capital structure
Net debt/ equity ratio, times -0.6 -0.7 -0.7
Equity/ assets ratio, % 41.3 39.2 39.7
Equity/ assets ratio, (excluding lease  liabilities, IFRS 16), % 45.9 43.5 44.1
Other
Net debt (-), SEK million -1,151 -1,383 -1,159
Adjusted net debt (-), (excluding lease  liabilities), SEK million -712 -903 -718
Equity per share attributable to Parent  Company shareholder
Equity per share before dilution, SEK 85.20 88.58 82.09
Equity per share after dilution, SEK 85.20 88.58 82.09
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 R  OLLING FULL YEAR
APRIL 2025–
MARCH 2026
APRIL 2024–
MARCH 2025 2025
Profitability ratios 
Return on capital employed, % 5.1 7.0 4.1
Adjusted return on capital employed, % 1) 5.8 8.2 6.1
Return on capital employed, (excluding leasing, IFRS 16), % 5.5 7.7 4.3
Adjusted  return on capital employed, (excluding leasing IFRS 16), % 6.4 9.1 6.6
Return on capital employed, excluding goodwill, % 6.1 8.3 4.9
Adjusted return on capital employed, excluding goodwill, % 7.0 9.7 7. 3
Return on equity, % 0.5 4.0 -0.6
Adjusted return on equity, % 2) 1.7 5.8 2.4
Capital structure
Capital turnover rate, times 1.4 1.5 1.4
Employees 
Net sales per employee, SEK 000 2,848 3,035 2,834
Operating earnings per employee, SEK 000 102 122 79
Average number of full-time employees (FTE) 1,709 1,880 1,780
DEFINITIONS 
Definitions of calculated key indicators are unchanged compared to the definitions in the 2025 Annual Report.
Other key indicators not in the Annual Report or on page 17 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 2026
12

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

QUARTERL Y DATA FOR THE GROUP
2026 2025 2024
SEK MILLION  Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Income statement
Net sales 1,254 1,234 1,034 1,337 1,431 1,475 1,333 1,466 1,533
Gross profit 252 230 193 253 252 242 251 259 318
Adjusted gross profit 3) 252 230 193 253 290 242 251 259 318
Earnings before depreciation (EBITDA) 128 84 61 112 98 70 140 124 163
EBITDA margin, % 10.2 6.8 5.9 8.4 6.8 4.8 10.6 8.4 10.7
Adjusted Earnings before depreciation (EBITDA) 3) 129 9.1 71 120 143 70 140 124 163
Adjusted EBITDA margin, % 3) 10.3 7.4 6.8 9.0 10.0 4.8 10.6 8.4 10.7
Operating earnings (EBIT) 77 30 6 6.1 44 20 91 74 116
EBIT margin (operating margin), % 6.1 2.4 0.6 4.6 3.1 1.4 6.8 5.1 7. 5
Adjusted Operating earnings (EBIT) 3) 78 37 16 69 89 20 91 74 116
Adjusted EBIT margin (operating margin), % 3) 6.2 3.0 1.5 5.2 6.2 1.4 6.8 5.1 7. 5
Earnings after tax 37 5 -22 21 14 9 38 40 74
Net margin, % 2.9 0.4 -2.2 1.6 1.0 0.6 2.9 2.7 4.8
Adjusted earnings after tax 3) 38 11 -14 27 50 9 38 40 74
Adjusted Net margin, % 3) 3.0 0.8 -1.4 2.1 3.5 0.6 2.9 2.7 4.8
Cash flow from
   operating activities 22 48 183 127 71 150 -61 107 123
   investing activities -7 -22 -27 -54 -64 -72 -41 -51 -39
   financing activities -52 -2 -178 -109 5 -36 -91 -2 5
Cash flow for the period -37 24 -22 -36 12 42 -193 54 89
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK 1.41 -0.26 -1.37 0.69 0.39 0.03 1.56 1.64 3.22
Adjusted earnings per share before dilution, SEK 3) 1.45 0.02 -1.00 1.00 2.09 0.03 1.56 1.64 3.22
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 definitions on page 12
BULTEN  •  INTERIM REPORT Q1 2026
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===== SIDA 14 =====

QUARTERL Y DATA FOR THE GROUP
SEK MILLION 31-03-2026 31-12-2025 30-09-2025 30-06-2025 31-03-2025 31-12-2024 30-09-2024 30-06-2024 31-03-2024 31-12-2023 30-09-2023 30-06-2023
Balance sheet
Fixed assets 2,284 2,291 2,340 2,366 2,361 2,435 2,346 2,353 2,319 2,236 2,264 1,842
Current assets 2,169 2,156 2,266 2,467 2,503 2,664 2,677 2,690 2,691 2,616 2,676 2,491
Equity 1,841 1,766 1,797 1,862 1,907 2,053 1,979 1,969 2,007 1,838 1,901 1,988
Long-term liabilities 1,351 1,388 1,415 1,617 1,667 1,671 1,708 1,690 1,631 1,232 1,243 671
Current liabilities 1,261 1,293 1,394 1,354 1,290 1,375 1,336 1,384 1,372 1,782 1,796 1,674
Other
Net debt (-) -1,151 -1,159 -1,208 -1,382 -1,383 -1,394 -1,4 61 -1,338 -1,30 4 -1,34 0 -1,422 -812
Adjusted net debt (-) -712 -718 -74 4 -910 -903 -865 -940 -793 -777 -834 -882 -301
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK 85.20 82.09 83.97 86.84 88.58 95.64 92.74 91.31 93.51 85.88 88.54 92.99
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) 43.10 51.40 53.20 60.90 63.30 72.70 67.70 83.50 73.50 80.00 69.70 99.40
BULTEN  •  INTERIM REPORT Q1 2026
14

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

GROUP, 12-MONTH ROLLING 
        
SEK MILLION
APRIL 2025– 
MARCH 2026
JANUARY  2025– 
DECEMBER  2025
OCTOBER 2024– 
SEPTEMBER 2025
JUL Y 2024–
JUNE 2025
APRIL 2024– 
MARCH 2025
JANUARY  2024– 
DECEMBER  2024
OCTOBER 2023– 
SEPTEMBER 2024
JUL Y 2023–
JUNE 2024
APRIL 2023– 
MARCH 2024
Income statement
Net sales 4,868 5,045 5,277 5,576 5,705 5,807 5,908 5,953 5,903
Gross profit 928 928 940 998 1,004 1,070 1,086 1,045 1,003
Adjusted gross profit 3) 928 965 978 1,035 1,042 1,070 1,086 1,045 1,003
Earnings before depreciation (EBITDA) 385 355 341 420 432 497 514 451 422
EBITDA margin, % 7.9 7.0 6.5 7. 5 7.6 8.6 8.7 7.6 7. 2
Adjusted earnings before depreciation (EBITDA) 3) 412 425 404 474 477 497 514 456 435
Adjusted EBITDA margin, % 3) 8.5 8.4 7.6 8.5 8.4 8.6 8.7 7.7 7.4
Operating earnings (EBIT) 174 141 131 216 229 301 314 254 230
EBIT margin (operating margin), % 3.6 2.8 2.5 3.9 4.0 5.2 5.3 4.3 3.9
Adjusted operating earnings (EBIT) 3) 201 211 194 269 274 301 314 259 243
Adjusted EBIT margin (operating margin), % 3) 4.1 4.2 3.7 4.8 4.8 5.2 5.3 4.4 4.1
Earnings after tax 41 18 22 82 101 161 182 119 122
Net margin, % 0.8 0.4 0.4 1.5 1.8 2.8 3.1 2.0 2.1
Adjusted earnings after tax 3) 61 74 72 125 137 161 182 124 135
Adjusted net margin, % 3) 1.3 1.5 1.4 2.2 2.4 2.8 3.1 2.1 2.3
Employees
Net sales per employee, SEK 000 2,848 2,834 2,893 2,990 3,035 3,048 3,100 3,138 3,145
Operating earnings per employee, SEK 000 102 79 72 116 122 158 165 134 123
Average number of full-time employees (FTE) on closing date 1,709 1,780 1,824 1,865 1,880 1,905 1,906 1,897 1,877
Profitability ratios 
Return on capital employed, % 5.1 4.1 4.4 6.5 7.0 9.2 9.8 8.2 8.2
Adjusted return on capital employed, % 1) 5.8 6.1 6.2 8.0 8.2 9.2 9.8 8.4 8.5
Return on capital employed, (excluding leasing, IFRS 16), % 5.5 4.3 4.6 7. 2 7.7 10.2 10.8 9.2 8.9
Return on capital employed, (excluding goodwill), % 6.1 4.9 5.2 7.7 8.3 11.0 11.7 9.3 9.3
Adjusted return on capital employed, excluding goodwill, % 1) 7.0 7. 3 7.4 9.4 9.7 11.0 11.7 9.5 9.7
Return on equity, % 0.5 -0.6 -0.3 3.0 4.0 7.1 8.2 4.7 5.0
Adjusted return on equity, % 2) 1.7 2.4 2.4 5.3 5.8 7.1 8.2 5.0 5.6
Other
Net debt (-)/EBITDA -3.0 -3.3 -3.5 -3.3 -3.2 -2.8 -2.8 -3.0 -3.1
Adjusted net debt (-)/EBITDA*) -1.8 -2.0 -2.2 -2.2 -2.1 -1.7 -1.8 -1.8 -1.8
Adjusted net debt (-)/ Adjusted EBITDA**) -2.1 -2.0 -2.3 -2.3 -2.3 -2.1 -2.2 -2.1 -2.2
*) Adjusted net debt (-): Net debt exclusive lease liabilities          **) Adjusted EBITDA: Adjusted for non-recurring items          1), 2) and 3) See definitions on page 12
BULTEN  •  INTERIM REPORT Q1 2026
15

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

INCOME BY GEOGRAPHIC MARKET
JAN-MAR
12-MONTH 
R OLLING FULL YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Sweden 95 153 -58 514 572
Germany 51 62 -11 219 230
UK 356 455 -99 1,324 1,423
Poland 20 11 9 83 74
Rest of Europe 362 395 -33 1,262 1,295
China 165 180 -15 767 782
USA 73 70 3 264 261
Rest of the world 132 105 27 435 408
T otal income 1,254 1,431 -177 4,868 5,045
INCOME BY CUSTOMER GROUP
JAN-MAR
12-MONTH 
R OLLING FULL YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
OEM Light vehicle 764 909 -145 2,820 2,965
OEM Heavy commercial  vehicle 115 124 -9 471 480
Tiers 144 211 -67 723 790
Other income 231 187 44 854 810
T otal income 1,254 1,431 -177 4,868 5,045
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 
R OLLING FULL YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Chassis/body 926 1,054 -128 3,421 3,549
Powertrain 155 189 -34 654 688
Other income 173 188 -15 793 808
T otal income 1,254 1,431 -177 4,868 5,045
INCOME DISTRIBUTED BY INCOME CATEGORY
JAN-MAR
12-MONTH 
R OLLING FULL YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Own production 741 805 -64 2,727 2,791
Outsourced production 469 583 -114 1,995 2,109
Other income 44 43 1 146 145
T otal income 1,254 1,431 -177 4,868 5,045
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 2026
16

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

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  operating  earnings , adjusted  ebit
JAN-MAR
12-MONTH 
R OLLING
FULL 
YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Operating earnings (EBIT) 77 44 33 174 141
Non-recurring cost 1 45 -44 26 70
Adjusted operating earnings (EBIT) 78 89 -11 200 211
ADJUSTED NET EARNINGS
JAN-MAR
12-MONTH 
R OLLING
FULL 
YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Net earnings 37 14 23 41 18
Non-recurring cost 1 36 -35 21 56
Adjusted net earnings 38 50 -12 62 74
ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES )
SEK MILLION 31-03-2026 31-03-2025 30-12-2025
Net debt (-) -1,151 -1,383 -1,159
Less interest-bearing liabilities attributable to lease liabilities 439 480 441
Adjusted net debt (-), (excluding lease liabilities) -712 -903 -718
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.
ADJUSTED NET SALES
JAN-MAR
SEK MILLION 2026 2025
Net sales 1,254 1,431 -177
Currency effect, current period 85 - 85
Adjusted net sales 1,339 1,431 -92
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 
R OLLING
FULL 
YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Operating earnings (EBIT) 77 44 33 174 141
Depreciation/ amortization  
and  impairments 51 54 -3 211 214
Operating earnings before  depreciation 
(EBITDA)
128 98 30 385 355
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 
R OLLING
FULL 
YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Operating earnings excluding  depreciation 
(EBITDA) 128 98 30 385 355
Non- recurring cost 1 45 -44 26 70
Adjusted operating earnings before 
 depreciation (EBITDA)
129 143 -14 411 425
BULTEN  •  INTERIM REPORT Q1 2026
17

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

INCOME STATEMENT, PARENT COMPANY
JAN-MAR
12-MONTH 
R OLLING FULL YEAR
SEK MILLION 2026 2025
APRIL 2025–
MARCH 2026 2025
Net sales 7 6 1 23 22
Gross profit 7 6 1 23 22
Administrative expenses -13 -13 – -55 -55
Operating earnings -6 -7 1 -32 -33
Interest income 0 0 – – 0
Interest expenses and  similar loss items -8 -6 -2 -30 -28
Earnings after net financial items -14 -13 -1 -62 -61
Appropriations – – – – –
Earnings before tax -14 -13 -1 -62 -61
Tax on earnings for the period 3 2 1 11 10
Earnings after tax -11 -11 – -51 -51
BALANCE SHEET, PARENT COMPANY
SEK MILLION 31-03-2026 31-03-2025 30-12-2025
ASSETS
Fixed assets
Intangible fixed assets 1 – 1
Tangible fixed assets 5 7 5
Total intangible and tangible fixed assets 6 7 6
Financial assets
Participations in Group companies 1,450 1,450 1,450
Other long-term receivables 0 1 0
Total financial assets 1,450 1,451 1,450
Deferred tax assets 32 21 30
T otal fixed assets 1,488 1,479 1,486
Current assets
Current receivables from Group companies 2 – –
Other current receivables 5 5 6
Total current assets 7 5 6
Total assets 1,495 1,484 1,492
EQUITY AND LIABILITIES
Equity
Restricted equity 110 110 110
Non-restricted equity 638 747 649
Total equity 748 857 759
Long-term liabilities
Long-term liabilities to Group companies 732 592 715
Total long-term liabilities 732 592 715
Current liabilities
Current liabilities to Group companies – 18 0
Other current liabilities 15 17 18
Total current liabilities 15 35 18
Total equity and liabilities 1,495 1,484 1,492
BULTEN  •  INTERIM REPORT Q1 2026
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===== SIDA 19 =====

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
FINANCIAL CALENDAR  
July 10, 2026  Half-year report January - June 2026
October 21, 2026  Interim report January - September 2026
February 11, 2027  Full year report January - December 2026
The reports can be found on the Bulten website at 
www.bulten.com  on their date of publication.
CONTAC T
Axel Berntsson, President and CEO
Phone: +46 (0) 704 739 106 
E-mail: axel.berntsson@bulten.com 
PRESENTATION OF THE REPORT
A live presentation for analysts, media and investors will be  
held on April 23, at 15:30 AM 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/ q1-2026/ 
Via the webcast you are able to submit written questions. 
If you wish to participate via teleconference, please dial  
+46 850 52 00 17 and use PIN code 995 9187 6242#.  
You can ask questions verbally via the teleconference.  
This information is information that Bulten 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 13:30 CEST on April 23, 2026.