FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
INTERIM REPORT
THIRD QUARTER • JANUARY– SEPTEMBER 2025
===== SIDA 2 =====
The quarter was impacted by production stoppages at a major
customer, while focus on strategic review continues
THIRD QUARTER
• Net sales amounted to SEK 1,034 (1,333) million, a decrease of -22.4%
on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 6 (91) million, equating to an
operating margin of 0.6% (6.8). Restructuring costs of approximately
SEK -10 million have had a negative impact on operating earnings.
• Adjusted operating earnings (EBIT) totaled SEK 16 (91) million, equating
to an operating margin of 1.5% (6.8).
• Earnings after tax amounted to SEK -22 (38) million. Adjusted earnings
after tax amounted to SEK -14 (38) million.
• Order bookings amounted to SEK 902 (1,455) million, a decrease of
-38.0% on the same period the previous year.
• Cash flow from operating activities totaled SEK 183 (-61) million.
• Earnings per share were SEK -1.37 (1.56). Adjusted earnings per share
were SEK -1.00 (1.56).
• In our strategic review that includes organization, factory structure and
business models, we have decided on a new organizational structure
during the third quarter.
• One of Bulten’s largest customers was exposed to a cyberattack at the
turn of August-September that had far-reaching consequences for
them, us and other parties in their value chain.
JANUARY – SEPTEMBER
• Net sales amounted to SEK 3,802 (4,332) million, a decrease of -12.2% on
the same period the previous year.
• Operating earnings (EBIT) totaled SEK 111 (281) million, equating to an
operating margin of 2.9% (6.5). Anti-dumping duties of approximately
SEK -45 million and restructuring costs of SEK -18 million have had a
negative impact on operating earnings.
• Adjusted operating earnings (EBIT) totaled SEK 174 (281) million, equating
to an operating margin of 4.6% (6.5).
• Earnings after tax amounted to SEK 13 (152) million. Adjusted earnings
after tax amounted to SEK 63 (152) million.
• Cash flow from operating activities totaled SEK 381 (169) million.
• Earnings per share were SEK -0.29 (6.42). Adjusted earnings per share
were SEK 2.09 (6.42).
• Net debt amounted to SEK 1,208 (1,461) million. Net debt, excluding lease
liability, totaled SEK 744 (940) million.
• The equity/assets ratio was 39.0% (39.4) at the end of the period.
The equity/assets ratio, excluding lease liabilities, totaled 43.3% (44.0).
Q3 JAN-SEPT 12-MONTH ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024 OCT 2024 –SEPT 2025 2024
Net sales 1,034 1,333 -22.4% 3,802 4,332 -12.2% 5,277 5,807 -9.1%
Gross profit 193 251 -58 698 828 -130 940 1,070 -130
Earnings before depreciation (EBITDA) 61 140 -79 271 427 -156 341 497 -156
Operating earnings (EBIT) 6 91 -85 111 281 -170 131 301 -170
Operating margin, % 0.6 6.8 -6.2 2.9 6.5 -3.6 2.5 5.2 -2.7
Adjusted operating earnings (EBIT) 1) 16 91 -75 174 281 -107 194 301 -107
Adjusted operating margin, % 1.5 6.8 -5.3 4.6 6.5 -1.9 3.7 5.2 -1.5
Earnings after tax -22 38 -60 13 152 -139 22 161 -139
Adjusted earnings after tax -14 38 -52 63 152 -89 72 161 -89
Earnings per share before dilution, SEK -1.37 1.56 -2.93 -0.29 6.42 -6.71 -0.26 6.45 -6.71
Adjusted earnings per share before dilution, SEK -1.00 1.56 -2.56 2.09 6.42 -4.33 2.12 6.45 -4.33
Return on capital employed, % – – – – – – 4.4 9.2 -4.8
Adjusted return on capital employed, % – – – – – – 6.2 9.2 -3.0
1) See specification page 17
NET SALES
SEK 1,034 MILLION (1,333)
-22.4%
OPERATING EARNINGS
SEK 6 MILLION ( 91 )
ADJUSTED OPERATING EARNINGS
SEK 16 MILLION ( 91 )
OPERATING MARGIN
0.6% (6.8)
ADJUSTED OPERATING MARGIN
1.5% (6.8)
In brackets Q3 2024
BULTEN • INTERIM REPORT Q3 2025
2
===== SIDA 3 =====
CEO’S STATEMENT
Large-scale cyber attack at a major customer
At the end of August, one of our largest customers was the victim of
a cyber attack that had far-reaching consequences not only for them,
but also for us and other parties in their value chain. For Bulten, this
meant something like SEK 200 million in lost sales during the quarter,
with a significant knock-on effect on earnings. The customer’s pro -
duction has just started up again, with a gradual increase in produc -
tion rates and scheduled to reach full volume in the middle of the
fourth quarter. As a result, we expect lost sales again in Q4 of around
the same scale as Q3. From the first quarter of 2026 we expect
volumes to return to normal, or just above, as the customer’s ability
to increase production rates improves and their backlog decreases.
New organizational structure
In our strategic review, which includes organization, factory structure,
and business models, we finalized a new organizational structure
during the third quarter. The result is a far more decentralized
organization. As part of the implementation, we have announced
a reduction in approximately half of all central services linked to
Gothenburg, where we have our headquarters. We have also worked
on streamlining, which in total means that we are reducing the total
number of employees globally by just over 200 people, since the
review began in the spring. This corresponds to approximately
10% of the Group’s employees and an annual cost reduction of
approximately SEK 100 million.
Winning new business
We are working intensively to win new business with a larger share of
value-added services and in verticals such as consumer electronics,
medical technology, aerospace, and defense. The team is doing a
great job and we can see that our efforts are starting to bear fruit.
I would like to highlight three contracts we have won since the
previous report.
The first is an order that sees us taking overall responsibility and
consolidating fasteners and related components for a new car factory
in Eastern Europe. Anticipated annual sales are SEK 200–300 million,
with start-up from mid-2027 and good opportunities for add-on
business. We will be handling several hundred items, of which about
40% will be produced by Bulten and the rest purchased through
third parties.
One of the areas we are investing in the most for the future is
micro screws for consumer electronics. We are making clear progress
and began several interesting projects during the quarter. Also, via
our subsidiary PSM, we have been nominated as a supplier for a new
series of cell phones for one of the largest manufacturers, a contract
we estimate to be worth an extra SEK 100 million in annual sales
from the first half of 2026.
A third order of interest to the Group has been won by our
subsidiary EXIM. They have entered into a framework agreement
for the supply of C-items to a globally leading manufacturer of
electrical installation products, with start-up scheduled before the
Sales and profit for the third quarter were clearly lower than the previous year.
The decrease is essentially related to a cyber attack on one of our largest customers,
which caused a total supply shutdown in the latter part of the quarter. Sales to
segments such as medical technology and consumer electronics remained strong.
During the quarter, the work to establish a new organization was completed, and
the strategic shift proceeded according to plan.
end of the year. The agreement comes as a result of opening our own
operations with local distribution centers, with the ability to manage
VMI programs in Thailand, Vietnam, and India. The contract is worth
approximately SEK 20 million per year when fully implemented.
It is very gratifying to see that we are winning new business in a
tough market, and we look forward to continue striving ahead toward
profitable growth.
Strategic shift of business model
In our strategic review, we have decided to reduce our exposure to
OEMs and the percentage of our business where we are contract
manufacturers, in favor of initiatives to increase orders where we
manufacture niche products such as micro screws and have total
responsibility for C-items.
The new strategic direction means that we want to make a major
change to our factory structure and we are evaluating the possibility
of divesting a number of factories.
We are convinced that the new strategic focus and a more
resource-efficient organization will lead to a stronger and more
profitable Bulten.
Axel Berntsson, President and CEO
BULTEN • INTERIM REPORT Q3 2025
3
===== SIDA 4 =====
BULTEN IN BRIEF
ORDER BOOKINGS AND NET SALES
Third quarter
Order bookings amounted to SEK 902 (1,455) million, a decrease
of -38.0% on the corresponding period the previous year. The
decreased order intake is, in all essentials, a consequence of a
production stop at one of our largest customers.
Group net sales amounted to SEK 1,034 (1,333) million, a
decrease of -22.4% on the same period the previous year. Adjusted
for foreign exchange effects, growth totaled -18.7% for the same
period.
January – September
Group net sales amounted to SEK 3,802 (4,332) million, a decrease
of -12.2% on the same period the previous year. Adjusted for foreign
exchange effects, growth totaled -9.5% for the same period.
Net sales
12-month rolling Net sales
MSEK MSEK
0
400
800
1,200
1,600
Q3Q2Q1Q4Q3Q2Q1Q4Q3 0
1,000
2,000
3,000
4,000
5,000
6,000
20252023 2024
EARNINGS AND PROFITABILITY
Third quarter
The Group’s gross profit was SEK 193 (251) million, corresponding
to a gross margin of 18.7% (18.8). Earnings before depreciation and
amortization (EBITDA) amounted to SEK 61 (140) million, corre -
sponding to an EBITDA margin of 5.9% (10.6). Operating earnings
(EBIT) totaled SEK 6 (91) million, equating to an operating margin
of 0.6% (6.8). Restructuring costs of approximately SEK -10 million
have burdened operating profit, resulting in an adjusted operating
profit of SEK 16 (91) million. This corresponds to an adjusted
operating margin of 1.5% (6.8). The operating earnings were also
affected by exchange rate fluctuations of SEK 2 (-12) million when
converting working capital at the closing day rate.
Net financial items for the Group amounted to SEK -19 (-36) million.
The financial income of SEK 0 (6) million comprises interest income
of SEK 0 (6) million. Financial expenses of SEK -19 (-42) million
include interest expenses of SEK -17 (-31) million, of which interest
expenses for leases totaled SEK -3 (-4) million, currency loss of
SEK -1 (-9) million and other financial expenses amounted to SEK -1
(-2) million.
The Group’s profit before tax amounted to SEK -13 (55) million
and profit after tax was SEK -22 (38) million. Adjusted group profit
before tax amounted to SEK -4 (55) million and adjusted profit after
tax was SEK -14 (38) million.
January – September
The Group’s gross profit was SEK 698 (828) million, corresponding
to a gross margin of 18.4% (19.1). Earnings before depreciation and
amortization (EBITDA) amounted to SEK 271 (427) million, corre -
sponding to an EBITDA margin of 7.1% (9.9). Operating earnings
(EBIT) totaled SEK 111 (281) million, equating to an operating margin
of 2.9% (6.5). Anti-dumping duties of approximately SEK -45 million
and restructuring costs of SEK -18 million have burdened operating
profit, resulting in an adjusted operating profit of SEK 174 (281)
million. This corresponds to an adjusted operating margin of 4.6%
(6.5). The operating earnings were also affected by exchange rate
fluctuations of SEK -10 (-7) million when converting working capital
at the closing day rate.
Net financial items for the Group amounted to SEK -64 (-76) million.
Financial income of SEK 2 (16) million comprises interest income of
SEK 2 (16) million. Financial expenses of SEK -66 (-92) million include
interest expenses of SEK -56 (-82) million, of which interest expenses
for leases total SEK -10 (-10) million, currency loss of SEK -5 (-4) million
and other financial expenses amounted to SEK -5 (-6) million.
The Group’s profit before tax amounted to SEK 47 (205) million
and profit after tax was SEK 13 (152) million. Adjusted group profit
before tax amounted to SEK 110 (205) million and adjusted profit
after tax was SEK 63 (152) million.
CASH FLOW, WORKING CAPITAL, INVESTMENTS
AND FINANCIAL POSITION
Third quarter
Cash flow from operating activities totaled SEK 183 (-61) million.
The effect on cash flow of the change in working capital amounted
to SEK 166 (-132) million.
Inventories increased during the period by SEK 47 (96) million.
Current receivables changed by SEK -220 (81) million and current
liabilities changed by SEK 42 (30) million.
Cash flow from investing activities amounted to SEK -27 (-41)
million. Investments of SEK 27 (40) million relate to property, plant
and equipment.
January – September
Cash flow from operating activities totaled SEK 381 (169) million.
The effect on cash flow of the change in working capital amounted
to SEK 246 (-104) million.
Inventories changed during the period by SEK -77 (149) million.
Current receivables decreased by SEK -236 (-51) million and current
liabilities changed by SEK 43 (-56) million.
Cash flow from investing activities amounted to SEK -145 (-131)
million. Investments of SEK 145 (129) million relate to property, plant
and equipment.
On the closing date, net debt amounted to SEK 1,208 (1,461)
million. Net debt, excluding lease liabilities, totaled SEK 744
(940) million.
Consolidated cash equivalents amounted to SEK 269 (298)
million at the end of the period. In addition to cash equivalents, the
Group also had approved but unused overdraft facilities of SEK 736
(514) million, which means that the Group’s liquidity amounted to
SEK 1,005 (812) 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 Q3 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 – September 30, 2025 was 1,824 (1,906).
The number of employees on the closing date was 1,823.
PARENT COMPANY
Bulten AB (publ) owns, directly or indirectly, all the companies in the
Group. The equity/assets ratio was 52.1% (59.4). Equity amounted
to SEK 776 (881) million. The Parent Company had seven employees
at the end of the period.
SIGNIFICANT EVENTS AFTER THE END OF
THE REPORTING PERIOD
There are no other significant events to report.
THE ANNUAL GENERAL MEETING
The annual General Meeting will be held in Gothenburg, Sweden on
Thursday April 23, 2026.
THE NOMINATION COMMITTE
According to an AGM decision, the nomination committee shall
comprise four members: one representative for each of the three
largest shareholders on the final banking day in September who
wishes to appoint a member, and the Chairman of the Board. The
three largest shareholders are considered to be the three largest
shareholders as registered with Modular Finance AB on the final
banking day in September. If any of the three largest shareholders
refrains from appointing a member, an offer is made to the next
largest shareholder in order.
The nomination committee ahead of the 2025 AGM is composed
as follows:
• Mats Hellström, appointed by Nordea Fonder
• Viktor Henriksson, appointed by Carnegie Fonder
• Frank Larsson, appointed by Handelsbanken Fonder
• Ulf Liljedahl, Chairman of the Board of Bulten AB
Gothenburg, 21 October, 2025
Bulten AB (publ)
Axel Berntsson
President and CEO
BULTEN • INTERIM REPORT Q3 2025
5
===== SIDA 6 =====
AUDITOR’S REPORT
BULTEN AB (PUBL), ORG NO. 556668-2141 This is a translation of the Swedish language original
INTRODUCTION
We have conducted a review of the summary of financial information
(interim report) for Bulten AB (publ) as of September 30,
2025 and the nine-month period leading up to this date. The Board of
Directors and the Chief Executive Officer are responsible for preparing
and presenting this interim financial information in accordance with
IAS 34 and the Swedish Annual Accounts Act.
It is our responsibility to express a conclusion on this interim
report based on our review.
SCOPE OF REVIEW
We have conducted a review in accordance with the International
Standard on Review Engagements ISRE 2410 Review of Interim
Financial Information Performed by the Independent Auditor of
the Entity.
A review consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review has a different
objective and is substantially less in scope than an audit in line
with ISA and other generally accepted auditing standards in Sweden.
The review procedures in a review engagement do not enable us to
obtain reasonable assurance that we would become aware of all
significant matters that might be identified in an audit.
The expressed conclusion based on a review does not, therefore,
have the same assurance as an expressed conclusion based on
an audit.
CONCLUSION
Based on our review, nothing has come to our attention that causes
us to believe that the interim report has not been prepared, in all
material respects, in accordance with IAS 34 and the Swedish Annual
Accounts Act regarding the Group and with the Swedish Annual
Accounts Act regarding the Parent Company.
Gothenburg, October 21, 2025
Öhrlings PricewaterhouseCoopers AB
Signature on the Swedish original
Johan Palmgren
Authorized Public Accountant
BULTEN • INTERIM REPORT Q3 2025
6
===== SIDA 7 =====
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 8 =====
Feb MarJanOct Nov Dec SepJul AugApr May Jun
Bulten Share SEK
OMXSPI (norm vs BULTEN)
2024 2025
UNDER ARBETE
0
20
40
60
80
100
SHAREHOLDER INFORMATION
Source: Monitor by Modular Finance on 30 September 2025.
BULTEN’S TEN LARGEST SHAREHOLDERS
SHAREHOLDERS
NO. OF
SHARES
SHARE-
HOLDING, %
Volito AB 5,220,000 24.8
Nordea Funds 1,242,735 5.9
Avanza Pension 904,603 4.3
Unionen 800,000 3.8
Carnegie Fonder 500,432 2.4
Swedbank Försäkring 448,458 2.1
Nordnet Pensionsförsäkring 427,505 2.0
Dimensional Fund Advisors 408,608 1.9
HC Capital Advisors GmbH 380,358 1.8
Handelsbanken Fonder 262,063 1.3
Total number of shareholders: 10,886
Source: Monitor by Modular Finance on 30 September 2025.
SHARE PERFORMANCEQ3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SHARE DATA 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Share price at end of period (price paid). SEK 53.20 67.70 -14.50 53.20 67.70 -14.50 53.20 72.70
Highest share price during the period (price paid). SEK 63.70 87.0 0 -23.30 78.80 93.20 -14.40 78.80 93.20
Lowest share price during the period (price paid). SEK 52.60 67.0 0 -14.40 52.60 63.70 -11.10 52.60 63.70
Market value at end of period. SEK million 1,119 1,424 -305 1,119 1,424 -305 1,119 1,530
P/E – – – – – – – 11.26
Yield. % – – – – – – – 3.78
Data per share. SEK
Earnings before depreciation (EBITDA) *) 2.90 6.70 -3.80 12.89 20.37 -7.4 8 16.23 23.71
Adjusted earnings before depreciation (EBITDA) *) 3.37 6.70 -3.33 15.89 20.37 -4.48 19.23 23.71
Operating earnings (EBIT) *) 0.28 4.33 -4.05 5.27 13.39 -8.12 6.23 14.35
Adjusted operating earnings (EBIT) *) 0.76 4.33 -3.57 8.27 13.39 -5.12 9.23 14.35
Earnings after net financial items (EAFI) *) -0.65 2.62 -3.27 2.23 9.76 -7. 5 3 3.12 10.65
Earnings for the period *) -1.37 1.56 -2.93 -0.29 6.42 -6.71 -0.26 6.45
Adjusted earnings for the period *) -1.00 1.56 -2.56 2.09 6.42 -4.33 2.12 6.45
Equity *) – – – 83.97 92.74 -8.77 – 95.64
Cash flow from operating activities *) 8.76 -2.89 11.65 18.15 8.04 10.11 – 15.21
Cash flow for the period *) -1.0 4 -9.19 8.15 -2.21 -2.38 0.17 – -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 – 20,988.0 20,988.0
At the end of the period *) 20,988.0 20,988.0 – 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 Q3 2025
8
===== SIDA 9 =====
FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION NOTE 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Net sales 1 1,034 1,333 -299 3,802 4,332 -530 5,277 5,807
Cost of goods sold -841 -1,082 241 -3,104 -3,504 400 -4,337 -4,737
Gross profit 193 251 -58 698 828 -130 940 1,070
Other operating income 10 49 -39 42 81 -39 51 90
Selling expenses -101 -109 8 -315 -333 18 -428 -446
Administrative expenses -95 -92 -3 -294 -299 5 -399 -404
Other operating expenses 0 -12 12 -20 -8 -12 -36 -24
Share of profit in joint ventures -1 4 -5 0 12 -12 3 15
Operating earnings 6 91 -85 111 281 -170 131 301
Financial income 0 6 -6 2 16 -14 23 37
Financial expenses -19 -42 23 -66 -92 26 -88 -114
Earnings before tax -13 55 -68 47 205 -158 66 224
Tax on earnings for the period -9 -17 8 -34 -53 19 -44 -63
Earnings after tax -22 38 -60 13 152 -139 22 161
Attributable to
Parent Company shareholders -28 33 -61 -6 135 -141 -6 135
Non-controlling interests 6 5 1 19 17 2 28 26
Earnings after tax -22 38 -60 13 152 -139 22 161
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK -1.37 1.56 -2.93 -0.29 6.42 -6.71 -0.26 6.45
Adjusted earnings per share before dilution, SEK -1.00 1.56 -2.56 2.09 6.42 -4.33 2.12 6.45
Earnings per share after dilution, SEK -1.37 1.56 -2.93 -0.29 6.42 -6.71 -0.26 6.45
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
Weighted number of outstanding ordinary shares after dilution, 000 20,988.0 20,988.0 – 20,988.0 20,988.0 – 20,988.0 20,988.0
BULTEN • INTERIM REPORT Q3 2025
9
===== SIDA 10 =====
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Earnings after tax -22 38 -60 13 152 -139 22 161
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 -31 -4 -27 -186 61 -247 -125 122
T otal comprehensive income -53 34 -87 -173 213 -386 -102 284
Attributable to
Parent Company shareholders -60 30 -90 -187 196 -383 -127 256
Non-controlling interests 7 4 3 14 17 -3 25 28
T otal comprehensive income -53 34 -87 -173 213 -386 -102 284
BULTEN • INTERIM REPORT Q3 2025
10
===== SIDA 11 =====
CONSOLIDATED BALANCE SHEET
SEK MILLION 30-09-2025 30-09-2024 31-12-2024
ASSETS
Fixed assets
Intangible fixed assets 1) 594 628 641
Tangible fixed assets 1,175 1,112 1,178
Right-of-use assets 418 494 481
Financial assets 63 67 71
Deferred tax assets 90 45 64
T otal fixed assets 2,340 2,346 2,435
Current assets
Inventories 1,098 1,202 1,174
Current receivables 899 1,177 1,140
Cash equivalents 269 298 350
Total current assets 2,266 2,677 2,664
T otal assets 4,606 5,023 5,099
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders 1,763 1,946 2,007
Non-controlling interests 34 33 46
T otal equity 1,797 1,979 2,053
Long-term liabilities
Deferred tax liabilities 11 20 19
Long-term interest-bearing lease liabilities 392 450 437
Other long-term interest-bearing liabilities and provisions 1,012 1,238 1,215
T otal long-term liabilities 1,415 1,708 1,671
Current liabilities
Current lease liabilities, interest-bearing 72 70 92
Other current liabilities, interest-bearing 2 2 2
Other current liabilities, non interest-bearing 1,320 1,264 1,281
Total current liabilities 1,394 1,336 1,375
T otal equity and liabilities 4,606 5,023 5,099
1) Of which goodwill SEK 553 (582) (594) million.
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
JAN-SEPT
SEK MILLION 30-09-2025 30-09-2024 31-12-2024
Equity at start of period 2,053 1,838 1,838
Comprehensive income
Earnings after tax 13 152 161
Other comprehensive income -186 61 123
T otal comprehensive income -173 213 284
Transactions with shareholders
Transaction with non-controlling interests -25 -24 -24
Non-controlling interests arising from the acquisition of subsidiary - 4 7
Dividend to Parent Company shareholders -58 -52 -52
Total transactions with shareholders -83 -72 -69
Equity at end of period 1,797 1,979 2,053
BULTEN • INTERIM REPORT Q3 2025
11
===== SIDA 12 =====
CONSOLIDATED CASH FLOW STATEMENT
Q3 JAN-SEPT FULL YEAR
SEK MILLION 2025 2024 2025 2024 2024
Operating activities
Earnings after financial items -13 55 47 205 224
Adjustments for items not included in cash flow 42 24 137 125 189
Taxes paid -12 -8 -49 -57 -75
Cash flow from operating activities before
changes in working capital 17 71 135 273 338
Cash flow from changes in working capital
Change in working capital 166 -132 246 -10 4 -19
Cash flow from operating activities 183 -61 381 169 319
Investing activities
Acquisition of intangible fixed assets -0 -1 -1 -3 -4
Acquisition of tangible fixed assets -27 -40 -145 -129 -200
Divestment of tangible fixed assets 0 0 1 1 2
Change in financial assets - – - – -1
Cash flow from investing activities -27 -41 -145 -131 -203
Financing activities
Change in overdraft facilities and other
financial liabilities -14 8 -46 -141 48 31
Amortization of lease liabilities -18 -21 -57 -60 -79
Dividend to Parent Company shareholders - – -58 -52 -52
Transactions with non-controlling interests -12 -24 -26 -24 -24
Cash flow from financing activities -178 -91 -282 -88 -124
Cash flow for the period -22 -193 -46 -50 -8
Cash flow for the period -22 -193 -46 -50 -8
Cash and cash equivalents at start of period 297 493 350 340 340
Exchange rate difference in cash and cash
equivalents -6 -2 -35 8 18
Cash and cash equivalents at end of period 269 298 269 298 350
CONSOLIDATED NET DEBT COMPOSITION
SEK MILLION 30-09-2025 30-09-2024 31-12-2024
Long-term interest-bearing liabilities -1,392 -1 675 -1,6 4 0
Provision for pensions -12 -13 -12
Current interest-bearing liabilities -74 -72 -94
Financial interest-bearing receivables 1 2 2
Cash equivalents 269 298 350
Net debt (-) -1,208 -1,461 -1,394
Less interest-bearing liabilities attributable to lease liabilities 464 520 529
Adjusted net debt (-), (excluding lease liabilities) -744 -940 -865
BULTEN • INTERIM REPORT Q3 2025
12
===== SIDA 13 =====
FIGURES FOR THE GROUP
GROUP
Q3 JAN-SEPT FULL YEAR
2025 2024 2025 2024 2024
Margins
EBITDA margin, % 5.9 10.6 7.1 9.9 8.6
Adjusted EBITDA margin, % 3) 6.8 10.6 8.8 9.9 8.6
EBIT margin (operating margin), % 0.6 6.8 2.9 6.5 5.2
Adjusted EBIT margin (operating margin), % 3) 1.5 6.8 4.6 6.5 5.2
Net margin, % -2.2 2.9 0.3 3.5 2.8
Adjusted net margin, % 3) -1.4 2.9 1.7 3.5 2.8
Capital structure
Interest coverage ratio, times 0.3 2.3 1.7 3.2 3.0
Earnings per share attributable to Parent
Company shareholders
Earnings per share before dilution, SEK -1.37 1.56 -0.29 6.42 6.45
Adjusted earnings per share before dilution, SEK 3) -1.00 1.56 2.09 6.42 6.45
Earnings per share after dilution, SEK -1.37 1.56 -0.29 6.42 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 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 20,988.0
GROUP 30-09-2025 30-09-2024 31-12-2024
Capital structure
Net debt/ equity ratio, times -0.7 -0.7 -0.7
Equity/ assets ratio, % 39.0 39.4 40.3
Equity/ assets ratio, (excluding lease liabilities, IFRS 16), % 43.3 44.0 44.9
Other
Net debt (-), SEK million -1,208 -1,4 61 -1,394
Adjusted net debt (-), (excluding lease liabilities), SEK million -74 4 -940 -865
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK 83.97 92.74 95.64
Equity per share after dilution, SEK 83.97 92.74 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
OCT 2024 –
SEPT 2025
OCT 2023 –
SEPT 2024 2024
Profitability ratios
Return on capital employed, % 4.4 9.8 9.2
Adjusted return on capital employed, % 1) 6.2 9.8 9.2
Return on capital employed, (excluding leasing, IFRS 16), % 4.6 10.8 10.2
Adjusted return on capital employed, (excluding leasing IFRS 16), % 6.5 10.7 10.2
Return on capital employed, excluding goodwill, % 5.2 11.7 11.0
Adjusted return on capital employed, excluding goodwill, % 7.4 11.7 11.0
Return on equity, % -0.3 8.2 7.1
Adjusted return on equity, % 2) 2.4 8.2 7.1
Capital structure
Capital turnover rate, times 1.5 1.6 1.6
Employees
Net sales per employee, SEK 000 2,893 3,100 3,048
Operating earnings per employee, SEK 000 72 165 158
Average number of full-time employees (FTE) 1,824 1,906 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 Q3 2025
13
===== SIDA 14 =====
QUARTERL Y DATA FOR THE GROUP
2025 2024 2023
SEK MILLION Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Order bookings 902 1,211 1,314 1,470 1,455 1,541 1,299 1,582 1,566
Income statement
Net sales 1,034 1,337 1,431 1,475 1,333 1,466 1,533 1,576 1,378
Gross profit 193 253 252 242 251 259 318 258 210
Adjusted gross profit 3) 193 253 290 242 251 259 318 258 210
Earnings before depreciation (EBITDA) 61 112 98 70 140 124 163 87 77
EBITDA margin, % 5.9 8.4 6.8 4.8 10.6 8.4 10.7 5.6 5.6
Adjusted Earnings before depreciation (EBITDA) 3) 71 120 143 70 140 124 163 87 82
Adjusted EBITDA margin, % 3) 6.8 9.0 10.0 4.8 10.6 8.4 10.7 5.6 5.9
Operating earnings (EBIT) 6 6.1 44 20 91 74 116 33 31
EBIT margin (operating margin), % 0.6 4.6 3.1 1.4 6.8 5.1 7. 5 2.1 2.3
Adjusted Operating earnings (EBIT) 3) 16 69 89 20 91 74 116 33 36
Adjusted EBIT margin (operating margin), % 3) 1.5 5.2 6.2 1.4 6.8 5.1 7. 5 2.1 2.6
Earnings after tax -22 21 14 9 38 40 74 30 -25
Net margin, % -2.2 1.6 1.0 0.6 2.9 2.7 4.8 1.9 -1.8
Adjusted earnings after tax 3) -14 27 50 9 38 40 74 30 -20
Adjusted Net margin, % 3) -1.4 2.1 3.5 0.6 2.9 2.7 4.8 1.9 -1.5
Cash flow from
operating activities 183 127 71 150 -61 107 123 89 20
investing activities -27 -54 -64 -72 -41 -51 -39 -27 -559
financing activities -178 -109 5 -36 -91 -2 5 -87 597
Cash flow for the period -22 -36 12 42 -193 54 89 -25 58
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK -1.37 0.69 0.39 0.03 1.56 1.64 3.22 1.00 -1.49
Adjusted earnings per share before dilution, SEK 3) -1.00 1.00 2.09 0.03 1.56 1.64 3.22 1.00 -1.25
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 Q3 2025
14
===== SIDA 15 =====
QUARTERL Y DATA FOR THE GROUP
SEK MILLION 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 31-03-2023
Balance sheet
Fixed assets 2,340 2,366 2,361 2,435 2,346 2,353 2,319 2,236 2,264 1,842 1,771
Current assets 2,266 2,467 2,503 2,664 2,677 2,690 2,691 2,616 2,676 2,491 2,451
Equity 1,797 1,862 1,907 2,053 1,979 1,969 2,007 1,838 1,901 1,988 1,923
Long-term liabilities 1,415 1,617 1,667 1,671 1,708 1,690 1,631 1,232 1,243 671 763
Current liabilities 1,394 1,354 1,290 1,375 1,336 1,384 1,372 1,782 1,796 1,674 1,535
Other
Net debt (-) -1,208 -1,382 -1,383 -1,394 -1,4 61 -1,338 -1,30 4 -1,34 0 -1,422 -812 -780
Adjusted net debt (-) -74 4 -910 -903 -865 -940 -793 -777 -834 -882 -301 -277
Equity per share attributable to
Parent Company shareholders
Equity per share before dilution, SEK 83.97 86,84 88.58 95.64 92.74 91.31 93.51 85.88 88.54 92.99 90.11
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
Share price
Share price at end of period (SEK) 53.20 60.90 63.30 72.70 67.70 83.50 73.50 80.00 69.70 99.40 88.20
BULTEN • INTERIM REPORT Q3 2025
15
===== SIDA 16 =====
GROUP, 12-MONTH ROLLING
SEK MILLION
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
JANUARY 2023–
DECEMBER 2023
OCTOBER 2022–
SEPTEMBER 2023
Income statement
Net sales 5,277 5,576 5,705 5,807 5,908 5,953 5,903 5,757 5,520
Gross profit 940 998 1,004 1,070 1,086 1,045 1,003 968 955
Adjusted gross profit 3) 978 1,035 1,042 1,070 1,086 1,045 1,003 968 963
Earnings before depreciation (EBITDA) 341 420 432 497 514 451 422 419 480
EBITDA margin, % 6.5 7. 5 7.6 8.6 8.7 7.6 7. 2 7. 3 8.7
Adjusted earnings before depreciation (EBITDA) 3) 404 474 477 497 514 456 435 432 503
Adjusted EBITDA margin, % 3) 7.6 8.5 8.4 8.6 8.7 7.7 7.4 7. 5 9.1
Operating earnings (EBIT) 131 216 229 301 314 254 230 230 300
EBIT margin (operating margin), % 2.5 3.9 4.0 5.2 5.3 4.3 3.9 4.0 5.4
Adjusted operating earnings (EBIT) 3) 194 269 274 301 314 259 243 243 324
Adjusted EBIT margin (operating margin), % 3) 3.7 4.8 4.8 5.2 5.3 4.4 4.1 4.2 5.9
Earnings after tax 22 82 101 161 182 119 122 127 170
Net margin, % 0.4 1.5 1.8 2.8 3.1 2.0 2.1 2.2 3.1
Adjusted earnings after tax 3) 72 125 137 161 182 124 135 140 192
Adjusted net margin, % 3) 1.4 2.2 2.4 2.8 3.1 2.1 2.3 2.4 3.5
Employees
Net sales per employee, SEK 000 2,893 2,990 3,035 3,048 3,100 3,138 3,145 3,451 3,398
Operating earnings per employee, SEK 000 72 116 122 158 165 134 123 138 184
Average number of full-time employees (FTE) on closing date 1,824 1,865 1,880 1,905 1,906 1,897 1,877 1,668 1,625
Profitability ratios
Return on capital employed, % 4.4 6.5 7.0 9.2 9.8 8.2 8.2 8.1 9.1
Adjusted return on capital employed, % 1) 6.2 8.0 8.2 9.2 9.8 8.4 8.5 8.5 9.8
Return on capital employed, (excluding leasing, IFRS 16), % 4.6 7. 2 7.7 10.2 10.8 9.2 8.9 8.7 10.3
Return on capital employed, (excluding goodwill), % 5.2 7.7 8.3 11.0 11.7 9.3 9.3 9.2 10.4
Adjusted return on capital employed, excluding goodwill, % 1) 7.4 9.4 9.7 11.0 11.7 9.5 9.7 9.6 11.2
Return on equity, % -0.3 3.0 4.0 7.1 8.2 4.7 5.0 5.7 8.1
Adjusted return on equity, % 2) 2.4 5.3 5.8 7.1 8.2 5.0 5.6 6.5 9.3
Other
Net debt (-)/EBITDA -3.5 -3.3 -3.2 -2.8 -2.8 -3.0 -3.1 -3.2 -3.0
Adjusted net debt (-)/EBITDA*) -2.2 -2.2 -2.1 -1.7 -1.8 -1.8 -1.8 -2.0 -1.8
Adjusted net debt (-)/ Adjusted EBITDA**) -2.3 -2.3 -2.3 -2.1 -2.2 -2.1 -2.2 -2.4 -2.1
*) 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 Q3 2025
16
===== SIDA 17 =====
INCOME BY GEOGRAPHIC MARKET
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Sweden 118 123 -5 432 455 -23 582 605
Germany 59 70 -11 185 179 6 244 238
UK 262 394 -132 1,083 1,358 -275 1,511 1,786
Poland 37 9 28 57 35 22 67 45
Rest of Europe 207 344 -137 986 1,143 -157 1,378 1,535
China 183 209 -26 545 590 -45 799 844
USA 68 73 -5 204 237 -33 272 305
Rest of the world 100 111 -11 310 335 -25 424 449
Total income 1,034 1,333 -299 3,802 4,332 -530 5,277 5,807
INCOME BY CUSTOMER GROUP
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
OEM Light vehicle 546 807 -261 2,264 2,688 -424 3,146 3,570
OEM Heavy commercial
vehicle 104 117 -13 364 389 -25 490 515
Tiers 198 226 -28 612 731 -119 838 957
Other income 186 183 3 562 524 38 803 765
Total income 1,034 1,333 -299 3,802 4,332 -530 5,277 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
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Chassis/body 711 968 -257 2,719 3,193 -474 3,764 4,238
Powertrain 137 179 -42 521 615 -94 710 804
Other income 186 186 - 562 524 38 803 765
Total income 1,034 1,333 -299 3,802 4,332 -530 5,277 5,807
INCOME DISTRIBUTED BY INCOME CATEGORY
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Own production 593 719 -126 2,138 2,449 -311 2,920 3,231
Outsourced production 416 591 -175 1,555 1,769 -214 2,213 2,427
Other income 25 23 2 109 114 -5 144 149
Total income 1,034 1,333 -299 3,802 4,332 -530 5,277 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 Q3 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
Q3 JAN-SEPT
SEK MILLION 2025 2024 2025 2024
Net sales 1,034 1,333 -299 3,802 4,332 -530
Currency effect, current period 49 - 49 120 - 120
Adjusted net sales 1,083 1,333 -250 3,922 4,332 -410
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
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Operating earnings (EBIT) 6 91 -85 111 281 -170 131 301
Depreciation/ amortization
and impairments 55 49 6 160 146 14 210 196
Operating earnings before
depreciation (EBITDA) 61 140 -79 271 427 -156 341 497
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
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Operating earnings excluding
depreciation (EBITDA)
61 140 -79 271 427 -156 341 497
Non- recurring cost 10 - 10 63 - 63 63 –
Adjusted operating earnings
before depreciation (EBITDA)
71 140 -69 334 427 -93 404 497
adjusted operating earnings , adjusted ebit
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Operating earnings (EBIT) 6 91 -85 111 281 -170 131 301
Non-recurring cost 10 - 10 63 - 63 63 –
Adjusted operating earnings
(EBIT)
16 91 -75 174 281 -107 194 301
ADJUSTED NET EARNINGS
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Net earnings -22 38 -60 13 152 -139 22 161
Non-recurring cost 8 - 8 50 - 50 50 –
Adjusted net earnings -14 38 -52 63 152 -89 72 161
ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES )
SEK MILLION 30-09-2025 30-09-2024 31-12-2024
Net debt (-) -1,208 -1,4 61 -1,394
Less interest-bearing liabilities attributable to lease liabilities 464 520 529
Adjusted net debt (-), (excluding lease liabilities) -744 -940 -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 Q3 2025
18
===== SIDA 19 =====
INCOME STATEMENT, PARENT COMPANY
Q3 JAN-SEPT
12-MONTH
ROLLING
FULL
YEAR
SEK MILLION 2025 2024 2025 2024
OCT 2024 –
SEPT 2025 2024
Net sales 6 7 -1 18 20 -2 25 27
Gross profit 6 7 -1 18 20 -2 25 27
Administrative expenses -8 -9 1 -39 -37 -2 -56 -54
Operating earnings -2 -2 - -21 -17 -4 -31 -27
Interest income 0 – 0 0 0 - 0 0
Interest expenses and
similar loss items -8 -8 - -21 -20 -1 -28 -27
Earnings after net
financial items -10 -10 - -42 -37 -5 -59 -54
Appropriations - – - - – - - –
Earnings before tax -10 -10 - -42 -37 -5 59 -54
Tax on earnings for the
period 2 2 - 8 7 1 12 11
Earnings after tax -8 -8 - -34 -30 -4 -47 -43
BALANCE SHEET, PARENT COMPANY
SEK MILLION 30-09-2025 30-09-2024 31-12-2024
ASSETS
Fixed assets
Intangible fixed assets 1 – –
Tangible fixed assets 5 7 7
Total intangible and tangible fixed assets 6 7 7
Financial assets
Participations in Group companies 1,450 1,450 1,450
Other long-term receivables 1 1 1
Total financial assets 1,451 1,451 1,451
Deferred tax assets 27 15 19
Total fixed assets 1,484 1,473 1,477
Current assets
Current receivables from Group companies 0 0 –
Other current receivables 6 9 5
Cash and cash equivalents - – –
Total current assets 6 9 5
Total assets 1,490 1,482 1,482
EQUITY AND LIABILITIES
Equity
Restricted equity 110 110 110
Non-restricted equity 666 771 757
Total equity 776 881 867
Long-term liabilities
Long-term liabilities to Group companies 694 575 598
Total long-term liabilities 694 575 598
Current liabilities
Current liabilities to Group companies 6 7 –
Other current liabilities 14 19 17
Total current liabilities 20 26 17
Total equity and liabilities 1,490 1,482 1,482
BULTEN • INTERIM REPORT Q3 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
FINANCIAL CALENDAR
February 3, 2026 Full year report January - December 2025
April 23, 2026 Interim report January - March 2026
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 October 21, 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/ q3-2025/
Via the webcast you are able to submit written questions.
If you wish to participate via teleconference, please dial
+46 850 500 829 and use PIN code 822 2103 9843#.
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 08:00 CEST on October 21, 2025.