Kvartalsrapport Q1 2025

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

INTERIM REPORT JANUARY–MARCH 2025
Protecting
the Essential
Protecting
the Essential
Protecting

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

First quarter 2025  
– A solid quarter with  
record results 
• Net sales for the quarter increased 8 percent to sek 8,866 m (8,234). This was 
the highest net sales reported for a single quarter. Organic sales increased  
1 percent compared with the preceding year, structural changes increased sales 
by 6 percent while translation of currency increased sales by 1 percent compared 
with the preceding year.  
• EBITA, excluding items affecting comparability, increased 8 percent to sek 1,616 m 
(1,490). Earnings were the highest to date for a quarter. The EBITA margin was 
18.2 percent (18.1).
• Items affecting comparability for the quarter totaled sek -61 m (-55) and pertained 
to restructuring costs.
• EBITA, including items affecting comparability, amounted to sek 1,555 m (1,435) 
for the quarter.
• Earnings per share, excluding items affecting comparability, amounted to sek 4.28 
(4.23), up 1 percent. 
• For the Group as a whole, earnings per share were sek 4.08 (4.06). 
• Operating cash flow amounted to sek 821 m (718), up 14 percent. 
• The cash conversion ratio for the most recent 12-month period was 90 percent 
(95).
• The key figures in this report relate to continuing operations, unless otherwise 
stated. 
2 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

A solid quarter with record results  
The first quarter of the year developed well and in line with our 
expectations. Net sales rose 8 percent, resulting in the highest 
sales for an individual quarter. Organic sales increased 1 percent 
compared with the preceding year, acquisitions contributed 6 
percent, and translation of currency increased sales by 1 percent. 
EBITA, excluding items affecting comparability, increased 8 
percent, corresponding to a margin of 18.2 percent (18.1). Earn-
ings were the highest to date for a single quarter. Cash flow 
developed well, and the cash conversion ratio for the last twelve-
month period was a solid 90 percent.
Despite the turbulence and increased uncertainty in the macro-
economic environment, all business areas delivered in line with 
our expectations. Once again, we demonstrated that Trelleborg is 
a more stable and profitable Group today than a few years ago. 
We benefit significantly from our operating model and flexible 
structure, allowing the Group to quickly adjust and offset substan-
tial economic fluctuations.
Organic sales for Trelleborg Industrial Solutions increased a 
couple of percentage points. Diversified industrials reported a 
mixed development. Some sub-segments, such as marine solu-
tions and LNG projects, as well as sealing solutions for water 
infrastructure, reported strong growth. However, sales to other 
sub-segments remained weak, particularly for seals to the 
construction industry, which were impacted by the continued soft 
North American market. The trend for deliveries to automotive 
manufacturers was subdued in all markets. Despite the mixed 
performance, the business area achieved its highest operating 
profit and margin to date for a single quarter.
Trelleborg Medical Solutions noted a satisfactory increase in 
organic sales during the quarter, while the integration of Baron 
Group had a substantial positive impact on the business area’s 
profitability. During the period, the European medtech market was 
the main driver behind the increase in sales, but the life science 
segment also demonstrated robust growth. However, our North 
American market for polymer solutions for the medtech segment 
is still cautious.
Organic sales for Trelleborg Sealing Solutions were unchanged 
year-on-year. The implementation of acquisitions provided a sales 
increase of 5 percent. Sales to diversified industrials segments 
declined in Europe, although the decline was particularly notable 
in North America. This was mainly due to weaker deliveries to the 
construction and agricultural machinery industries. Sales in Asia 
increased in most segments. Deliveries to the automotive 
industry had a weaker development in all markets. Sales to the 
aerospace industry demonstrated continued good growth globally. 
Operating profit was maintained at the same level as in the 
preceding year, although the margin declined slightly as a result 
of lower sales volumes and acquisitions with initially lower 
margins.
Our assessment is that the direct effects of tariffs will have a 
limited impact on the Group’s development. Trelleborg operates a 
‘local-for-local’ production model, which means that most of what 
we produce in a region is sold within that region. We are well 
prepared to address the challenges from tariffs through strategic 
production optimization, regional localization, proactive price 
management and global flexibility. It is more difficult to estimate 
the indirect impact, meaning the extent to which our customers 
will be affected. 
The current weakening of established trade relations is creating 
greater uncertainty than we have seen for some time. The ground 
rules are changing almost every week, and this makes it difficult 
to give a reliable outlook. Order intake for the quarter was higher 
than for the preceding period, which would normally indicate that 
demand for our solutions is steadily improving. However, the high 
level of uncertainty means our general assessment is that 
demand in the second quarter will be on a par with the first 
quarter. 
Peter Nilsson, 
President and CEO
3 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Market outlook for the second quarter of 2025
Market outlook from the interim report published on January 29, 2025, relating to the fi r s t
quarter of 2025
Demand is expected to be on a par with the fourth quarter of 2024, adjusted for seasonal
variations. The geopolitical situation entails continued uncertainty.
Demand is expected to be on a par with the fi r s tquarter of 2025,
adjusted for seasonal variations. Due to the geopolitical situation, the
outlook is associated with unusually high uncertainty.
4 (36) Published on April 24, 2025 | TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Net sales and result
Net sales 
Net sales for the first quarter of 2025 amounted to sek 8,866 m 
(8,234), an increase of 8 percent. Organic sales increased  
1 percent compared with the preceding year, structural changes 
increased sales by 6 percent while translation of currency 
increased sales by 1 percent.
Sales per market
Organic sales in Europe decreased 5 percent year-on-year. 
Organic sales in North and South America increased 3 percent 
compared with the year-earlier period. Organic sales in Asia and 
Other markets increased by 10 percent year-on-year. 
EBITA, excluding items affecting comparability
EBITA amounted to sek 1,616 m (1,490), an increase of 8 percent. 
The EBITA margin was 18.2 percent (18.1).  
The exchange rate effect from translation of foreign subsid-
iaries on EBITA, excluding items affecting comparability, had a 
positive effect of sek 5 m on earnings compared with the year-
earlier period.
Items affecting comparability for the quarter totaled sek -61 m 
(-55) and pertained to restructuring costs. Including items 
affecting comparability, EBITA for the quarter amounted to sek 
1,555 m (1,435).
EBIT
EBIT , including items affecting comparability, amounted to sek 
1,401 m (1,324), an increase of 6 percent. 
Financial income and expenses 
Financial income and expenses amounted to sek -144 m (-20).  
The comparison figure for the preceding year included interest 
income of sek 86 m relating to the Group’s net cash position at 
that time. The higher level of net debt has resulted in increased 
interest expenses compared with the year-earlier period.
Net profit 
Net profit was sek 941 m (980). The tax rate for the quarter was 
25 percent (25). The underlying tax rate is expected to amount to 
25 percent on a full year basis.
Earnings per share
Earnings per share, excluding items affecting comparability, 
amounted to sek 4.28 (4.23), up 1 percent. For the Group as a 
whole, earnings per share were sek 4.08 (4.06). 
The key figures in this report relate to continuing operations, 
unless otherwise stated. Continuing operations pertains to the 
business areas Trelleborg Industrial Solutions, Trelleborg Medical 
Solutions, Trelleborg Sealing Solutions and Group Activities.
5 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

sek m Q1 2025 Q1 2024 Change, % R12 2025 12M 2024
Continuing operations
Net sales 8,866 8,234 8 34,802 34,170
   Change total, % 8 −5 3 0
      Organic sales, % 1 −3 1 0
      Structural change, % 6 −2 3 1
      Currency effects, % 1 0 −1 −1
EBITA, excluding items affecting comparability 1,616 1,490 8 6,266 6,140
   EBITA-margin, % 18.2 18.1 18.0 18.0
Items affecting comparability −61 −55 −321 −315
EBITA 1,555 1,435 8 5,945 5,825
    Amortization of surplus values related to acquisitions −154 −111 −39 −581 −538
EBIT 1,401 1,324 6 5,364 5,287
  Financial income and expenses −144 −20 −620 −421 −297
Profit before tax 1,257 1,304 −4 4,943 4,990
  Taxes −316 −324 2 −1,246 −1,254
Net profit, continuing operations 941 980 −4 3,697 3,736
Net profit, discontinuing operations - - - -
Net profit, Group 941 980 3,697 3,736
Earnings per share, sek 
   Continuing operations 4.08 4.06 0 15.75 15.73
   Discontinuing operations - - - -
Group 4.08 4.06 0 15.75 15.73
Continuing operations, excluding items affecting comparability 4.28 4.23 1 16.79 16.74
Net sales and result
Key figures and trends
0
2,500
5,000
7,500
10,000
Q1 
2023
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
quarter (LHS)  quarter R12 (LHS)  
0
10,000
20,000
30,000
40,000
0
450
900
1,350
1,800
16
17
18
19
20
Q1 
2023
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
quarter (LHS)  quarter R12 (LHS)  
0
500
1,000
1,500
2,000
Q1 
2023
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
quarter (LHS)  quarter R12 (LHS)  
0
1,400
2,800
4,200
5,600
0.0
1.5
3.0
4.5
6.0
Q1 
2023
Q2 
2023
Q3 
2023
Q4 
2023
Q1 
2024
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
quarter (LHS)  quarter R12 (LHS)  
0.0
4.5
9.0
13.5
18.0
Net sales, sek m EBITA, excl. items aff. comparability, sek m/EBITA % R12 Operating cash flow, sek m Earnings per share, excl items aff. comparability, sek 
6 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

% R12 2025 R12 2024
Return on capital employed, continuing operations
Excluding items affecting comparability 11.8 12.7
Including items affecting comparability 11.2 11.4
Return on equity, Group 
Excluding items affecting comparability 9.6 25.2
Including items affecting comparability 9.0 23.7
Return on capital employed and return on equity
Capital employed
Capital employed for continuing operations increased year-on-year and amounted to sek 46,803 m 
(42,683) at the end of the quarter, mainly due to completed acquisitions. Return on capital employed 
for the most recent 12-month period, excluding items affecting comparability, was 11.8 percent 
(12.7). Return on capital employed, including items affecting comparability, for the corresponding 
period was 11.2 percent (11.4). 
Shareholders’ equity
Shareholders’ equity at the close of the period amounted to sek 38,904 m (43,072), impacted nega-
tively by translation differences and the repurchase of own shares and impacted positively by net 
profit for the year.
Trelleborg repurchased a total of 2,496,018 Series B shares in 2025, corresponding to  
sek 1,019 m. The number of treasury shares remaining from 2024 was 9,094,230. The number of 
treasury shares amounted to 11,590,248 (14,773,278) on the balance sheet date. This corre-
sponds to 4.8 percent of the shares outstanding, which amounted to 241,547,186 on the balance 
sheet date. 
Equity per share amounted to sek 169 (179), based on the number of outstanding shares less 
treasury shares on the balance sheet date (229,956,938 shares). The equity/assets ratio was 67 
percent (72). The return on shareholders’ equity for the Group for the most recent 12-month period, 
excluding items affecting comparability, totaled 9.6 percent (25.2). The return on shareholders’ 
equity for the Group, including items affecting comparability, amounted to 9.0 percent (23.7) for the 
corresponding period. Both rolling 12-month returns on investment measures for the comparison 
period were affected by the capital gain attributable to the divestment of the Group’s tire and printing 
blanket operations, which were finalized in the second quarter of 2023.
7 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Operating cash flow
Operating cash flow for the quarter amounted to sek 821 m (718), 
up 14 percent, despite the somewhat higher pace of capital 
expenditures in new production plants. Cash flow was positively 
affected by the higher earnings generation while normal seasonal 
variations in working capital had a negative impact. The cash 
conversion ratio for the most recent 12-month period was  
90 percent (95).
 
Free cash flow
Free cash flow for the quarter amounted to sek 315 m (194). Net 
cash flow amounted to sek -1,336 m (-891). Net cash flow for the 
period was impacted by effects from acquisitions of sek -632 m (-) 
and the repurchase of own shares for sek -1,019 m (-1,085).
Net debt
Net debt at the end of the quarter amounted to sek -6,733 m 
(939) and was impacted by net cash flow for the period of sek 
-1,336 m, positive exchange rate differences on net debt in local 
currencies of sek 1,250 m (-846) and non-cash adjustments of 
lease and pension liabilities totaling sek 88 m (-6).  
The debt/equity ratio was 17 percent (-2). Net debt in relation 
to EBITDA was 0.9 (-0.1).
Cash flow and net debt
8 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

sek m Q1 2025 Q1 2024 Change, % R12 2025 12M 2024
EBIT , excluding items affecting comparability 1,462 1,379 6 5,685 5,602
    Depreciation/write-down, property, plant and equipment 345 322 7 1,350 1,327
    Amortization/write-down, intangible assets 175 133 32 662 620
EBITDA 1,982 1,834 8 7,697 7,549
Capital expenditure −419 −361 −16 −1,941 −1,883
Sold non-current assets 40 5 700 88 53
Amortization of lease liabilities −92 −85 −8 −354 −347
Change in working capital −688 −671 −369 −352
Dividend from associated companies 0 - 1 1
Non cash-flow affecting items −2 −4 −8 −10
Operating cash flow, continuing operations 821 718 14 5,114 5,011
Cash conversion ratio R12, % 90 95 90 89
Operating cash flow, discontinuing operations - - - -
Operating cash flow, Group 821 718 14 5,114 5,011
Cash flow and net debt
sek m Q1 2025 Q1 2024 12M 2024
Net debt Group, opening balance −6,735 2,682 2,682
   Operating cash flow 821 718 5,011
   Cash impact from items affecting comparability −71 −72 −334
   Financial items −149 −106 −365
   Paid tax −286 −346 −1,395
Free cash flow 315 194 2,917
   Acquisitions −632 - −5,496
   Dividend - equity holders of the parent company - - −1,617
   Repurchase own shares −1,019 −1,085 −4,127
Sum net cash flow −1,336 −891 −8,323
   Exchange rate differences 1,250 −846 −959
   Lease liability1 52 18 −72
   Pension liability1 36 −24 −63
Net debt Group, closing balance −6,733 939 −6,735
Of which: 
   Pension liability −365 −367 −421
   Lease liability −1,709 −1,668 −1,851
   Net debt, excluding effect of lease and pension liability −4,659 2,974 −4,463
Debt/equity ratio, % 17 −2 16
Net debt/EBITDA 2 0.9 −0.1 0.9
1 Pertains to non-cash items.
2 EBITDA including items affecting comparability.
9 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Sustainability
Lower climate impact
Carbon dioxide emissions for Scope 1 and 2 for the quarter 
declined 8 percent compared with the year-earlier period and 
amounted to 16,862 metric tons (18,289). This positive trend 
was mainly driven by increased efficiency from energy excellence 
projects and greater use of renewable and fossil-free energy. The 
proportion of renewable and fossil-free electricity in the quarter 
was on a par with the year-earlier period, totaling 91 percent (91).
Social engagement
Trelleborg actively participates in the local communities where  
the Group operates. The focus is on promoting education and 
physical activity among children and young people. Examples of 
community involvement include Trelleborg’s support for the US 
organization “Blessings in a Backpack” in Fort Wayne, Indiana, 
which provides children in need of food with after-school meals.  
 In Halesowen, UK, our plant has provided a school  
with learning materials for sustainability studies. 
tons CO₂ tons CO₂, R12
0
10,000
20,000
30,000
quarter (VS)  quarter R12 (HS)  
Q1 2024 Q1 2025Q4 2024Q3 2024Q2 2024
0
40,000
80,000
120,000
0
20,000
40,000
60,000
80,000
100,000
MWh, CO₂ R12, %
Renewable and fossil-free electricity, quarterly Total electricity, quarterly
Renewable and fossil-free electricity / total electricity, R12
Q1 2024 Q1 2025Q4 2024Q3 2024Q2 2024
0
20
40
60
80
100
Carbon dioxide emissions in Scope 1 and 2 Renewable and fossil-free electricity
10 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Excluding items affecting comparability, sek m Q1 2025 Q1 2024 Change, % R12 2025 12M 2024
Net sales 3,890 3,721 5 15,486 15,317
Change total, % 5 −3 2 0
Organic sales, % 2 −3 2 0
Structural change, % 2 1 1 1
Currency effects, % 1 −1 −1 −1
EBITA 645 613 5 2,475 2,443
EBITA, % 16.6 16.5 16.0 16.0
Capital employed, closing balance 13,898 13,816 13,898 14,315
Return on capital employed R12, % 16.5 17.0 −3 16.5 16.5
Trelleborg Industrial Solutions
BUSINESS AREA
  Trelleborg Industrial Solutions is a leading supplier of polymer-based critical solutions in selected industrial applications and infrastructure projects
The organic sales increased by 2 percent 
compared to the corresponding period last year. 
Acquisitions contributed to a sales increase of 
2 percent. The development within diversified 
industrials was mixed. Some sub-segments, 
such as marine solutions and LNG projects as 
well as sealing solutions for water infrastruc-
ture, showed strong growth. However, sales to 
other sub-segments remained weak, particularly 
seals for the construction industry, which were 
affected by the continued declining market in 
North America. Deliveries to vehicle manufac-
turers showed a subdued development in all 
markets.
EBITA and the EBITA margin increased year-on-
year, primarily due to operational and structural 
improvements in combination with a positive 
sales mix. This was the highest operating profit 
and margin to date for a single quarter.
Exchange rate effects from the translation of 
foreign subsidiaries had a positive impact of  
sek 3 m on EBITA compared to the preceding 
year.
Europe
47% 
Asia, rest of 
the world
24% 
North and 
South America 
29% 
Healthcare & medical 2% 
Automotive 8% 
Diversi/f_ied 
industrials 
85% 
Aerospace 5%
Sales per geography 1
Sales per industry 1
1 Net sales per geographic market and per industry are based on full year 2024. 
11 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Trelleborg Medical Solutions
BUSINESS AREA
Organic sales increased 5 percent year-on-year. 
Acquisitions provided a sales increase of  
38 percent. Sales of polymer solutions to the 
medtech market in Europe performed well, while 
sales to North America and Asia were some-
what weaker. Deliveries to the life science 
segment increased.
 
EBITA and the EBITA margin increased signifi-
cantly year-on-year, primarily as a result of the 
acquisition and integration of Baron Group. 
Exchange rate effects from the translation of 
foreign subsidiaries had a positive impact of  
sek 2 m on EBITA compared to the preceding 
year.
Sales per geography 1
Sales per Industry 1
Excluding items affecting comparability, sek m Q1 2025 Q1 2024 Change, % R12 2025 12M 2024
Net sales 848 583 45 3,268 3,003
Change total, % 45 −11 30 16
Organic sales, % 5 −11 2 −2
Structural change, % 38 0 28 19
Currency effects, % 2 0 0 −1
EBITA 171 82 109 618 529
EBITA, % 20.2 14.0 18.9 17.6
Capital employed, closing balance 9,559 5,814 9,559 10,339
Return on capital employed R12, % 4.5 4.7 −4 4.5 4.6
  Trelleborg Medical Solutions is a leading global supplier of polymer-based integrated solutions for medical technology and life science
Europe
18% 
Asia, rest of 
the world
18% North and 
South America 
64% 
Healthcare & 
medical
100% 
1 Net sales per geographic market and per industry are based on full year 2024. 
12 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Trelleborg Sealing Solutions
BUSINESS AREA
Organic sales were unchanged year-on-year.
Acquisitions provided a sales increase of
5 percent. Sales to the Industrials segment
declined in Europe, although the decline was 
particularly notable in North America. This was 
mainly due to weaker deliveries to the construc-
tion and agricultural machinery industries. Sales 
in Asia showed stable growth. Deliveries to the 
automotive industry had a weaker development 
in all markets. Sales to the aerospace industry 
demonstrated continued good growth globally.
EBITA was essentially unchanged while the 
EBITA margin decreased year-on-year. The lower 
margin was in part the result of lower volumes, 
but was also impacted by acquisitions with 
initially lower margins. Adjustments to the cost 
structure are continuing as a response to the 
lower levels of demand in certain market 
segments. Exchange rate effects from the trans-
lation of foreign subsidiaries were unchanged 
compared to the preceding year. 
Sales per geography 1
Sales per industry 1
Excluding items affecting comparability, sek m Q1 2025 Q1 2024 Change, % R12 2025 12M 2024
Net sales 4,343 4,102 6 16,911 16,670
Change total, % 6 −3 4 1
Organic sales, % 0 −2 1 1
Structural change, % 5 0 3 1
Currency effects, % 1 −1 0 −1
EBITA 868 864 0 3,432 3,428
EBITA, % 20.0 21.1 20.3 20.6
Capital employed, closing balance 24,179 24,021 24,179 25,741
Return on capital employed R12, % 12.8 13.6 −6 12.8 13.0
  Trelleborg Sealing Solutions is a leading global supplier of polymer-based critical sealing solutions and components deployed in aerospace, automotive and diversified industrials
Europe
45% 
Asia, rest of 
the world
23% 
North and 
South America 
32% 
Aerospace 19% 
Automotive 
28% 
Diversi/f_ied 
industrials 
53% 
1 Net sales per geographic market and per industry are based on full year 2024. 
13 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 14 =====

Events during the quarter
Trelleborg finalizes acquisition of pipe repair  
specialist in North America
The Trelleborg Group has, through its Trelleborg Industrial Solu-
tions business area, finalized the acquisition of the US-based 
pipe repair specialist NuFlow Technologies.
NuFlow, headquartered in Escondido, California, manufac-
tures specialist liners, resins, and equipment for small-diameter 
pipe repair. Manufacturing is conducted in Ajax, Ontario, Canada. 
The business offers repair solutions for lateral and building inte-
rior pipes for residential and commercial segments. Sales in 
2024 amounted to approximately sek 180 m.
The transaction was consolidated on February 28, 2025. The 
press release announcing the acquisition was published on 
February 14, 2025.
In May 2024, Trelleborg acquired the Finnish pipe repair 
specialist Boldan, thereby strengthening its position in the Nordic 
region. Bolt-on acquisitions in combination with investments in 
existing operations are in line with the Group’s strategy to 
increase exposure to water infrastructure. This industry is fore-
cast to grow strongly over the coming years as utility companies 
and civic authorities address neglected critical infrastructure.
Acquisition strengthens Trelleborg’s aerospace 
offering 
Trelleborg Group, through its Trelleborg Sealing Solutions business 
area, has signed an agreement to acquire the US company Aero-
Plastics Inc. The company specializes in attractive, high-perfor-
mance plastics and interior segments for the aerospace industry. 
Aero-Plastics was founded 80 years ago and is based in 
Renton, Washington, USA. The company offers expertise in preci-
sion injection molding, thermoforming, and machining of high-
performance polymer materials. The company delivers complete 
solutions that simplify customer supply chains through value-
added services such as assembly, engraving, and specialized 
painted coatings. Sales in 2024 amounted to approximately sek 
150 m. 
The global aerospace industry is in a growth phase that is 
expected to continue for many years. In addition to investments in  
Trelleborg’s operations, the acquisition of Magee Plastics, a 
company focused on thermoplastic solutions for the aerospace 
industry, was finalized in December 2024. A new state-of-the-art 
facility in Morocco dedicated to producing sealing solutions for 
the aerospace industry will also be inaugurated at the end of 
2025. The transaction was consolidated on April 10, 2025. The 
press release was published on January 31, 2025. 
Trelleborg’s acquisition of a specialist  
sealings distributor in the US finalized 
Trelleborg Group has finalized the acquisition of US company CRC  
Distribution. The company is a specialist distributor in polymer 
sealing solutions and related value-added services in hydraulics, 
hydropower, oil and gas, as well as for pumps and compressors. 
CRC Distribution is based in Robertsdale, Alabama, in the US. Its 
business is focused primarily on the domestic market but has 
recently expanded into the Mexican market. The company gener-
ates annual external sales of just over sek 170 m. 
The transaction was consolidated on January 9, 2025.  
The press release regarding the acquisition was published on 
October 21, 2024.
Events after the end of the quarter
Trelleborg acquires sealing profiles specialist
Trelleborg Group, through its Trelleborg Industrial Solutions busi-
ness area, has signed an agreement and finalized the acquisition 
of National Gummi AB from the Swedish industrial group National.
The business portfolio comprises extruded rubber profiles and 
gaskets for niche construction, industrial and automotive applica-
tions. Sales in 2024 amounted to just over sek 150 m, principally 
in Northern Europe. Production operations are located in Halm-
stad, Sweden. The acquisition forms part of Trelleborg’s strategy 
to develop leading positions within attractive segments.
National’s operations outside extruded rubber profiles and 
gaskets are not included in this transaction and will remain part 
of the National group.
The transaction was consolidated on April 2, 2025, the same 
day the press release was published.
14 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Other news
Hyundai signs agreement for 
Trelleborg’s navigation system.
Trelleborg, a leader in mooring and berthing
solutions, has signed an agreement with
Hyundai Heavy Industries in South Korea to
deliver SafePilot P3 navigation systems for 71
vessels. Since its launch in December 2022,
over 2,500 units have been sold globally. The
agreement strengthens Trelleborg’sposition in
the Asian market and highlights the increasing
demand for advanced navigation technology.
Trelleborg’s seal draws great inter-
est at WindEurope 2025
Trelleborg’sIRIS seal, used between offshore
wind turbine transition pieces and their founda-
tion, drew signifi  cantattention at the WindEu-
rope 2025 exhibition in Copenhagen, held this
April. The seal’s innovative design eliminates
the need for costly welded steel components in
many cases. This advancement aims to reduce
the cost of constructing offshore wind power
and support growth within the industry.
Trelleborg partners with Nottingham 
Trent University for smart medical 
textiles
Trelleborg, a leader in engineered polymer-coated 
fabrics, secured a Knowledge Transfer Partner-
ship with Nottingham Trent University to ad-
vance smart medical textiles. This collaboration, 
part-funded by Innovate UK, aims to develop a 
smart mattress system to enhance patient care 
and reduce medical interventions.
Trelleborg launches new seal for 
EV motors
Trelleborg introduces the Stefa® HiSpin® EV40,
a high-performance elastomer radial shaft seal
designed for electric vehicle motors. Featuring
proprietary technology, it ensures superior low-
friction sealing and durability at high speeds,
meeting the demands of modern EV applica-
tions. This innovation sets a new standard in
EV motor sealing solutions.
15 (36) Published on April 24, 2025 | TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Risks and uncertainties
Trelleborg serves a broad range of customers in a variety of industries and niches. The business 
has a wide geographic spread. The Group has operations in around 40 countries, sales are 
conducted in just over 140 countries worldwide and manufacturing operations are carried out at 
approximately 100 production units. The business is diversified geographically and within a 
number of industries, which provides Trelleborg with an effective underlying risk spread.
 Demand for the Group’s products and solutions largely moves in line with fluctuations in 
global industrial production. The Group focuses on industries and geographies with good growth 
that can deliver consistent results even when negative economic fluctuations occur in individual 
industries.
Long-term risks
Trelleborg has identified the relevant areas based on strategic risks, operational risks, regulatory 
compliance risks, and financial risks that may result in damage or loss with substantial impact 
on the entire Group and, therefore, justify management of the risk exposure at Group level. 
 For information regarding the Group’s risks, risk exposure and risk management, refer to the 
latest Trelleborg Annual Report, www.trelleborg.com. 
Short-term risks
The recently imposed tariffs from the US and the tariffs in response from other countries have a 
limited direct impact on Trelleborg since its business model is built on regional production for a 
regional market. Our global presence also facilitates shifts in production to avoid tariffs. The 
starting point is to offset cost increases, owing to tariffs that cannot be avoided, with price 
increases. However, indirect impacts of these tariffs such as disruptions in the supply chain and 
increased costs of raw materials could negatively affect the business. Even the uncertainty that 
these tariffs are creating could impact global economic activity.
16 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Income Statements, sek m Q1 2025 Q1 2024 R12 2025 12M 2024
Net sales 8,866 8,234 34,802 34,170
Cost of goods sold −5,476 −5,239 −21,967 −21,730
Gross profit 3,390 2,995 12,835 12,440
Selling expenses −660 −633 −2,556 −2,529
Administrative expenses −893 −801 −3,471 −3,379
Research and development costs −192 −173 −729 −710
Other operating income 110 142 564 596
Other operating expenses −292 −154 −959 −821
Profit from associated companies −1 3 1 5
EBIT, excluding items affecting comparability 1,462 1,379 5,685 5,602
Items affecting comparability −61 −55 −321 −315
EBIT 1,401 1,324 5,364 5,287
Financial income and expenses −144 −20 −421 −297
Profit before tax 1,257 1,304 4,943 4,990
Tax −316 −324 −1,246 −1,254
Net profit, continuing operations 941 980 3,697 3,736
Net profit, discontinuing operations - - - -
Net profit, Group 941 980 3,697 3,736
 - equity holders of the parent company 941 980 3,698 3,737
 - non-controlling interest - 0 −1 −1
Condensed Income Statements 
Earnings per share, sek1 Q1 2025 Q1 2024 R12 2025 12M 2024
Continuing operations 4.08 4.06 15.75 15.73
Discontinuing operations - - - -
Group 4.08 4.06 15.75 15.73
Group, excluding items affecting comparability 4.28 4.23 16.79 16.74
Continuing operations, excluding items affecting comparability 4.28 4.23 16.79 16.74
1)  No dilution effects arose.
17 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Condensed Income Statements 
Statements of comprehensive income, sek m Q1 2025 Q1 2024 R12 2025 12M 2024
Net profit, Group 941 980 3,697 3,736
Other comprehensive income
Items that will not be reclassified to the income statement
Reassessment of net pension obligation 36 −24 −3 −63
Income tax relating to components of other comprehensive income −6 5 1 12
Total 30 −19 −2 −51
Items that may be reclassified to the income statement
Cash flow hedges 18 −20 −28 −66
Hedging of net investment 554 −431 585 −400
Translation difference −3,117 1,789 −2,809 2,097
Income tax relating to components of other comprehensive income −118 93 −115 96
Total −2,663 1,431 −2,367 1,727
Other comprehensive income, net of tax −2,633 1,412 −2,369 1,676
Total comprehensive income −1,692 2,392 1,328 5,412
Total comprehensive income attributable to:
 - equity holders of the parent company −1,692 2,392 1,328 5,412
 - non-controlling interest 0 0 0 0
18 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Balance Sheets, sek m Mar 31 2025 Mar 31 2024 Dec 31 2024
Property, plant and equipment 8,719 8,154 9,306
Right-of-use assets 1,617 1,592 1,758
Goodwill 23,782 21,689 25,376
Other intangible assets 6,552 5,576 7,163
Participations in associated companies 57 56 57
Financial non-current assets 89 165 101
Deferred tax assets 499 525 542
Total non-current assets 41,315 37,757 44,303
Inventories 5,496 5,493 5,733
Current operating receivables 7,468 7,472 7,182
Current tax assets 1,054 997 1,048
Interest-bearing receivables 614 103 80
Cash and cash equivalents 1,918 7,937 2,162
Total current assets 16,550 22,002 16,205
Total assets 57,865 59,759 60,508
Share capital 2,620 2,620 2,620
Other capital contributions 226 226 226
Other reserves 3,748 6,115 6,411
Profi  tbrought forward 31,365 33,126 28,571
Net profi  tfor the year 941 980 3,737
Total 38,900 43,067 41,565
Non-controlling interests 4 5 4
Equity 38,904 43,072 41,569
Interest-bearing non-current liabilities 5,228 5,532 5,474
Other non-current liabilities 47 66 57
Pension obligations 389 388 447
Other provisions 394 423 403
Deferred tax liabilities 1,254 854 1,405
Total non-current liabilities 7,312 7,263 7,786
Interest-bearing current liabilities 3,675 1,251 3,087
Current tax liabilities 1,450 1,276 1,250
Other current liabilities 6,199 6,424 6,452
Other provisions 325 473 364
Total current liabilities 11,649 9,424 11,153
Total equity and liabilities 57,865 59,759 60,508
Condensed Balance Sheets 
19 (36) Published on April 24, 2025 | TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

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

Attributable to shareholders of the Parent Company Non-controlling interests Total
Share Capital Other capital contributions Other reserves Profit brought forward
sek m Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024 Mar 31 2025 Dec 31 2024
Opening balance, January 1 2,620  2,620  226  226  6,411  4,684  32,308  34,192  4 5  41,569  41,727 
Net profit/loss for the year - - - - - - 941  3,737  - −1 941  3,736 
Other comprehensive income - - - - −2,663  1,727  30  −51  - -  −2,633  1,676 
Repurchase own shares - - - - - - −1,019  −4,127  - -  −1,019  −4,127 
Cancellation of own shares -  −139  - - - - -   139  - -  -  - 
Bonus issue -  139  - - - - -   −139  - -  -  - 
Dividend - - - - - - -   −1,617  - -  -  −1,617 
Share based Long Term Incentive 
program - - - - - - 1  2 - -  1  2
Impact from IAS 291 - - - - - - 45  172  - -  45  172 
Closing balance 2,620  2,620  226  226  3,748  6,411  32,306  32,308  4  4  38,904  41,569 
Condensed Change in Equity
1 Refers to hyperinflationary accounting in operations in Türkiye.
20 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 21 =====

Condensed Cash flow Statements
Cash flow statements, sek m Q1 2025 Q1 2024 R12 2025 12M 2024
Operating activities
EBIT incl part in associated companies 1,401 1,324 5,364 5,287
Adjustments for items not included in cash flow from operating activities:
Depreciation, property, plant and equipment 250 233 990 973
Depreciation, right-of-use assets 95 88 372 365
Amortization, intangible assets 174 133 659 618
Impairment losses, property, plant and equipment and right-of-use assets 1 1 −3 −3
Impairment losses, intangible assets - - 2 2
Dividend from associated companies 0 - 1 1
Participations in associated companies and other non cash-flow affecting items −3 −4 −7 −8
Interest received 9 47 161 199
Interest paid −134 −160 −540 −566
Other financial items −24 7 −29 2
Taxes paid −286 −346 −1,335 −1,395
Cash flow from operating activities before changes in working capital 1,483 1,323 5,635 5,475
Cash flow from changes in working capital
Change in inventories −113 −119 52 46
Change in operating receivables −812 −627 −133 52
Change in operating liabilities 227 58 −327 −496
Cash flow from operating activities 785 635 5,227 5,077
Investing activities
Acquisitions −632 - −6,128 −5,496
Capital expenditure, property, plant and equipment −391 -335 −1,803 −1,747
Capital expenditure, intangible assets −28 −26 −138 −136
Sale of non-current assets 40 5 105 70
Cash flow from investing activities −1,011 −356 −7,964 −7,309
Financing activities
New/utilized loans 1,325 2 5,379 4,056
Amortized loans −72 −1,815 −2,407 −4,150
Amortized leased liabilities −91 −85 −353 −347
Repurchase own share −1,019 −1,085 −4,061 −4,127
Dividend – equity holders of the parent company - - −1,617 −1,617
Cash flow from financing activities 143 −2,983 −3,059 −6,185
Total cash flow, continuing operations −83 −2,704 −5,796 −8,417
Total cash flow, discontinuing operations - - - -
Cash flow for the period, Group −83 −2,704 −5,796 −8,417
Cash and cash equivalents
At beginning of the period, continuing operations 2,162 10,546 7,937 10,546
At beginning of the period, discontinuing operations - - - -
Exchange rate differences −161 95 −223 33
Cash and cash equivalents at end of period 1,918 7,937 1,918 2,162
21 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 22 =====

Notes
General accounting policies 
This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the 
applicable rules of the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34.16A 
appear in addition to the financial statements and their accompanying notes also in other parts 
of the interim report. The Parent Company applies recommendation RFR 2, Accounting for Legal 
Entities of the Swedish Financial Reporting Board and Chapter 9 of the Swedish Annual Accounts 
Act, Interim Reports. 
Accounting policies and calculation methods applied in this report are unchanged compared 
with those applied in the preparation of the annual and consolidated accounts for 2024. No new 
or revised IFRSs or interpretative statements applied as of January 1, 2025 had any material 
impact on the consolidated financial statements. For a more detailed description of the 
accounting policies applied for the Group and Parent Company in this interim report, refer to the 
2024 Annual and Sustainability Report.
At the Annual General Meeting, held in April 2024, the decision was taken to introduce a 
performance share program, PSP 2024/2027, which includes the President and Group Manage-
ment, whereby participants invest in shares in Trelleborg AB. Each invested share entitles the 
holder to receive a maximum of three shares free of charge after the publication of the year-end 
report for the 2026 fiscal year. Allotment requires compliance with certain performance-based 
conditions and that the participant remains employed within the Trelleborg Group. For further 
information, refer to the decision taken at the Annual General Meeting on April 24, 2024. To 
date, the recognized costs for 2024 and 2025 are not significant.
Significant events after the balance sheet date
There are no events to report. 
Number of shares Q1 2025 Q1 2024 R12 2025 12M 2024
End of period 241,547,186 255,125,919 241,547,186 241,547,186
 of which, in treasury 11,590,248 14,773,278 11,590,248 9,094,230
Average number 230,773,406 241,318,462 234,937,564 237,573,828
Repurchased own shares that are included in Number of shares Amount that affected equity, sek m
the equity item Profit brought forward Mar 31 2025 Mar 31 2025
Opening repurchased own shares 9,094,230 −11,086
Purchases for the year 2,496,018 −1,019
Cancellations for the year - -
Closing repurchased own shares 11,590,248 −12,105
For treasury shares, all rights are void until such time as these shares are re-issued. Repurchased 
shares include the cost of own shares held by the Parent Company. The number of own shares is 
calculated using the cash/settlement approach.
Shares
22 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 23 =====

Net sales and EBITA by operating segment, sek m Q1 2025
Net sales 
External Internal Total EBITA
Of which 
items affecting 
comparability
Of which 
profit/loss 
in associated 
companies
Trelleborg Industrial Solutions 3,825 65 3,890 602 −43 −2
Trelleborg Medical Solutions 828 20 848 171 - -
Trelleborg Sealing Solutions 4,213 130 4,343 850 −18 1
Group activities/Elimination - −215 −215 −68 0 -
Total 8,866 - 8,866 1,555 −61 −1
Amortization of surplus values linked to acquisitions −154
Financial income 9
Financial expenses −153
Income tax −316
Net profit, continuing operations 941
Net profit, discontinuing operations -
Net profit, Group 941
Net sales and EBITA by operating segment, sek m Q1 2024
Net sales 
External Internal Total EBITA
Of which 
items affecting 
comparability
Of which 
profit/loss 
in associated 
companies
Trelleborg Industrial Solutions 3,652 69 3,721 562 −51 3
Trelleborg Medical Solutions 571 12 583 82 - -
Trelleborg Sealing Solutions 4,011 91 4,102 860 −4 0
Group activities/Elimination - −172 −172 −69 - -
Total 8,234 - 8,234 1,435 −55 3
Amortization of surplus values linked to acquisitions −111
Financial income 93
Financial expenses −113
Income tax −324
Net profit, continuing operations 980
Net profit, discontinuing operations -
Net profit, Group 980
Notes
Net sales per market continuing operations, organic growth, % Q1 2025 Q1 2024 12M 2024
Europe (44) −5 0 −2
North- and South America (33) 3 −10 −3
Asia and rest of the world (23) 10 5 11
Total (100% refer to share 2024) 1 −3 0
23 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 24 =====

Bridge net sales Q1 2024 
sek m Organic sales, % Structural change, % Currency effects, %
Q1 2025 
sek m
Trelleborg Industrial Solutions 3,721 2 2 1 3,890
Trelleborg Medical Solutions 583 5 38 2 848
Trelleborg Sealing Solutions 4,102 0 5 1 4,343
Group activities/Eliminations −172 −215
Continuing operations 8,234 1 6 1 8,866
Exchange rate differences impacting EBITA excluding items affecting comparability ¹, sek m Q1 2025
Trelleborg Industrial Solutions 3
Trelleborg Medical Solutions 2
Trelleborg Sealing Solutions 0
Group activities 0
Continuing operations 5
¹ Impact on EBITA excluding items affecting comparability in translation of foreign subsidiaries.
EBIT specification, continuing operations, sek m Q1 2025 Q1 2024 R12 2025 12M 2024
Excluding items affecting comparability:
    EBITDA 1,982 1,834 7,697 7,549
    Depreciation/write-down, property, plant and equipment −345 −322 −1,350 −1,327
    Amortization/write-down, intangible assets −21 −22 −81 −82
    EBITA 1,616 1,490 6,266 6,140
    Amortization of surplus values related to acquisitions −154 −111 −581 −538
    EBIT 1,462 1,379 5,685 5,602
Items affecting comparability −61 −55 −321 −315
EBIT 1,401 1,324 5,364 5,287
Specification of capital employed, sek m Mar 31 2025 Mar 31 2024 Dec 31 2024
Working capital 6,076 5,616 5,721
Property, plant and equipment 8,719 8,154 9,306
Right-of-use assets 1,617 1,592 1,758
Intangible assets 30,334 27,265 32,539
Participations in associated companies 57 56 57
Continuing operations 46,803 42,683 49,381
Notes
24 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 25 =====

Notes
Acquisitions 2025
On January 25, 2025, through its Trelleborg Sealing Solutions business area, Trelleborg finalized the 
acquisition of the US company CRC Distribution. The company is a specialist distributor in polymer 
sealing solutions and related value-added services in hydraulics, hydropower, oil and gas, as well as 
for pumps and compressors. The company generates annual external sales of just over sek 170 m. 
 On February 25, 2025, through its Trelleborg Industrial Solutions business area, Trelleborg final-
ized the acquisition of NuFlow, headquartered in Escondido, California and operating across North 
America. The company is a manufacturer of specialized liners, resins and equipment for small-diam-
eter pipe repair. The company offers repair solutions for lateral and building interior pipes in both 
residential and commercial properties. Sales in 2024 amounted to approximately sek 180 m.
The NuFlow acquisition comprised both an asset-transfer acquisition and the acquisition of 100 
percent of the shares in a company. Other acquisitions completed in 2025 refer to 100 percent of 
the shares in the respective companies. All acquisitions are expected to have a marginal impact on 
the Group’s key figures.
Certain minor adjustments were made in 2025 to purchase price allocations attributable to acqui-
sitions made in 2024.
The two acquisitions that were concluded after the end of the period National Gummi AB and 
Aero-Plastics Inc (see page 14) relate to 100 percent of the shares in the respective companies and 
are expected to have a marginal impact on the Group’s key figures. Sales in National Gummi AB 
amounted to just over sek 150 m for 2024 and for Aero-Plastics, sales amounted to approximately 
sek 150 m for 2024.
Acquisitions 2024 
No acquisitions were finalized in the first quarter of 2024.
Acquisitions, sek m Q1 2025 Q1 2024
Customer relationships1  119      -      
Other intangible assets  9      -      
Property, plant and equipment  10      -      
Right-of-use assets  35      -      
Deferred tax assets  1      -      
Interest-bearing receivables  -        -      
Inventories  61      -      
Operating receivables  57      -      
Current tax asset  -        -      
Cash and cash equivalents  13      -      
Deferred tax liabilities −4      -      
Interest-bearing liabilities −54      -      
Post employment benefits  -        -      
Provision obligations −1      -      
Current tax liability  -        -      
Operating liabilities −47      -      
Net assets  199      -      
Goodwill  392      -      
Total purchase price  591      -      
Cash and other net debt in acquired operations  41      -      
Impact shown in cash flow statement  632      -      
The goodwill recognized above for 2025 was primarily attributable to synergy effects expected after 
the acquisition. The fair value of acquired, identifiable intangible assets is preliminarily pending final 
measurement of these assets.   
1  Excess value of customer relationships is amortized over 12 years.
25 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 26 =====

Notes
Measurement techniques used to calculate fair value of level 2
Level 2 derivatives comprise currency futures and interest swaps and are primarily used for hedging 
purposes, but also for trading. Measurement of the fair value of currency futures is based on the 
published forward rates in an active market and on the discounted contractual cash flows. Measure-
ment of interest swaps is based on forward interest rates prepared on the basis of observable 
Swedish interest curves and discounting of the contractual cash flows.
Measurement techniques used to calculate fair value of level 3
Interest-bearing non-current liabilities include additional purchase payments according to contract of 
sek 1,127 m (-), which have been calculated at present value with interest rates based on the market 
interest rate for the liabilities related to the acquisitions.
Disclosure on fair value of borrowings and other financial instruments
Financial interest-bearing liabilities, except for financial derivatives that adjust loans, are recognized 
at amortized cost. Changes in interest-rate levels and credit margins create differences between fair 
value and amortized cost. Measurement at fair value would decrease the Group’s non-current loans 
by sek 6 m. No remeasurement was made for current loans because the carrying amount is regarded 
as a good estimate of the fair value due to their short term.
At March 31, 2025, sek m Assets measured at Assets at fair value Derivatives used for hedging purposes,
 amortized cost in profit and loss measured at fair value
Carrying amount Measurement level Carrying amount Measurement level Total
Assets in the balance sheet
Derivative instruments - 222 2 404 2 626
Financial non-current assets 89 - - 89
Accounts receivable 5,798 - - 5,798
Interest-bearing receivable 1 - - 1
Cash and cash equivalents 1,918 - - 1,918
Total 7,806 222 404 8,432
Liabilities measured at Liabilities at fair value Derivatives used for hedging purposes,
amortized cost in profit and loss measured at fair value
Carrying amount Measurement level Carrying amount Measurement level Total
Liabilities in the balance sheet
Derivative instruments - 87 2 5 2 92
Interest-bearing non-current liabilities 2,714 1,127 3 - 3,841
Interest-bearing current liabilities 3,266 - - 3,266
Lease liabilities according to IFRS 16 1,709 - - 1,709
Accounts payable 2,397 - - 2,397
Total 10,086 1,214 5 11,305
Financial instruments – classification and valuation 
A description of each category and how fair value is calculated is provided below and in Accounting policies in the latest Annual Report.
26 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 27 =====

Notes
At March 31, 2024, sek m Assets measured at Assets at fair value Derivatives used for hedging purposes,
amortized cost in profit and loss measured at fair value
Carrying amount Measurement level Carrying amount Measurement level Total
Assets in the balance sheet
Derivative instruments - 34 2 100 2 134
Financial non-current assets 103 49 3 - 152
Accounts receivable 5,699 - - 5,699
Interest-bearing receivable 9 - - 9
Cash and cash equivalents 7,937 - - 7,937
Total 13,748 83 100 13,931
Liabilities measured at Liabilities at fair value Derivatives used for hedging purposes,
amortized cost in profit and loss measured at fair value
Carrying amount Measurement level Carrying amount Measurement level Total
Liabilities in the balance sheet
Derivative instruments - 205 2 125 2 330
Interest-bearing non-current liabilities 4,161 - - 4,161
Interest-bearing current liabilities 627 - - 627
Lease liabilities according to IFRS 16 1,668 - - 1,668
Accounts payable 2,411 - - 2,411
Total 8,867 205 125 9,197
Financial instruments – classification and valuation
Change in liabilities from financing activities, Group, sek m Non-cash changes
Dec 31 2024 Cash changes Acquisitions
Translation 
differences Fair value changes Lease liabilities Pension liabilities Mar 31 2025
Loans 5,264 575 - −65 - - - 5,774
Other financial liabilities 1,446 1,237 - −1,263 - - - 1,420
Lease liabilities 1,851 −55 - −126 - 39 - 1,709
Pension obligations 447 9 - −30 - - −37 389
Total 9,008 1,766 - −1,484 - 39 −37 9,292
27 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 28 =====

Key figures
sek m Q1 2025 Q1 2024 R12 2025 12M 2024
Net sales
Trelleborg Industrial Solutions 3,890 3,721 15,486 15,317
Trelleborg Medical Solutions 848 583 3,268 3,003
Trelleborg Sealing Solutions 4,343 4,102 16,911 16,670
Group activities/Eliminations −215 −172 −863 −820
Continuing operations 8,866 8,234 34,802 34,170
EBITA, excluding items affecting comparability
Trelleborg Industrial Solutions 645 613 2,475 2,443
Trelleborg Medical Solutions 171 82 618 529
Trelleborg Sealing Solutions 868 864 3,432 3,428
Group activities −68 −69 −259 −260
Continuing operations 1,616 1,490 6,266 6,140
EBITA %, excluding items affecting comparability
Trelleborg Industrial Solutions 16.6 16.5 16.0 16.0
Trelleborg Medical Solutions 20.2 14.0 18.9 17.6
Trelleborg Sealing Solutions 20.0 21.1 20.3 20.6
Continuing operations 18.2 18.1 18.0 18.0
Trelleborg employs a number of alternative performance measures related to financial position, 
including return on equity and capital employed, net debt, debt/equity ratio and equity/assets ratio. 
The Group deems the key figures useful for the readers of its financial reports as a complement for 
assessing the possibility of dividends, implementing strategic investments and considering the 
Group’s ability to meet its financial commitments. In addition, Trelleborg uses the cash-flow measure-
ments of operating cash flow and free cash flow to provide an indication of the funds the operations 
generate to be able to implement strategic investments, make amortizations and pay returns to the 
shareholders. Trelleborg uses the operational performance metrics of EBITDA, EBITA and EBIT 
excluding items affecting comparability, which the Group considers to be relevant for investors 
seeking to understand its earnings generation before items affecting comparability. 
For further descriptions and calculation of key figures, visit 
https://www.trelleborg.com/en/investors/key-figures.
28 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 29 =====

sek m Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Net sales
Trelleborg Industrial Solutions 3,890 3,980 3,661 3,955 3,721 3,766 3,663 3,980 3,840
Trelleborg Medical Solutions 848 903 852 665 583 637 645 647 653
Trelleborg Sealing Solutions 4,343 4,089 4,130 4,349 4,102 4,026 4,158 4,048 4,214
Group activities - - - - - 178 165 194 190
Eliminations −215 −189 −201 −258 −172 −186 −173 −173 −186
Continuing operations 8,866 8,783 8,442 8,711 8,234 8,421 8,458 8,696 8,711
Organic sales, %
Trelleborg Industrial Solutions 2 4 2 −1 −3 −1 −1 6 8
Trelleborg Medical Solutions 5 0 1 2 −11 1 −1 9 13
Trelleborg Sealing Solutions 0 −1 1 5 −2 1 −2 0 4
Continuing operations 1 1 1 1 −3 0 −1 3 7
EBITA, excluding items affecting comparability
Trelleborg Industrial Solutions 645 639 548 643 613 586 594 632 563
Trelleborg Medical Solutions 171 190 165 92 82 101 99 100 83
Trelleborg Sealing Solutions 868 817 826 921 864 808 837 901 950
Group activities −68 −59 −75 −57 −69 −71 −43 −70 −68
Continuing operations 1,616 1,587 1,464 1,599 1,490 1,424 1,487 1,563 1,528
EBITA %, excluding items affecting comparability
Trelleborg Industrial Solutions 16.6 16.1 15.0 16.3 16.5 15.6 16.2 15.9 14.7
Trelleborg Medical Solutions 20.2 21.1 19.3 14.0 14.0 15.7 15.5 15.4 12.8
Trelleborg Sealing Solutions 20.0 20.0 20.0 21.2 21.1 20.1 20.1 22.3 22.5
Continuing operations 18.2 18.1 17.3 18.4 18.1 16.9 17.6 18.0 17.5
Key figures
29 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 30 =====

Continuing operations Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Net sales, sek m 8,866 8,783 8,442 8,711 8,234 8,421 8,458 8,696 8,711
Organic sales, % 1 1 1 1 −3 0 −1 3 7
EBITDA, excl items affecting comparability, sek m 1,982 1,944 1,821 1,950 1,834 1,790 1,831 1,891 1,856
EBITDA, excl items affecting comparability, % 22.4 22.1 21.6 22.4 22.2 21.3 21.7 21.7 21.3
EBITA, excl items affecting comparability, sek m 1,616 1,587 1,464 1,599 1,490 1,424 1,487 1,563 1,528
EBITA, excl items affecting comparability, % 18.2 18.1 17.3 18.4 18.1 16.9 17.6 18.0 17.5
EBIT , excl items affecting comparability, sek m 1,462 1,420 1,320 1,483 1,379 1,304 1,361 1,442 1,411
EBIT , excl items affecting comparability, % 16.5 16.2 15.6 17.0 16.8 15.5 16.1 16.6 16.2
Items affecting comparability, sek m −61 −76 −73 −111 −55 −260 −111 −194 −49
EBIT , sek m 1,401 1,344 1,247 1,372 1,324 1,044 1,250 1,248 1,362
Earnings per share, excluding items affecting comparability, sek 4.28 4.24 3.78 4.49 4.23 4.08 4.19 4.71 3.66
Operating cash flow, excl items affecting comparability, sek m 821 1,681 1,422 1,190 718 1,321 1,608 1,585 549
Cash conversion ratio, excl items affecting comparability, R12, % 90 89 85 88 95 92 99 88 75
Capital employed, closing balance, sek m 46,803 49,381 46,874 43,815 42,683 39,768 42,622 43,111 42,299
Return on capital employed, R12 % 11.2 11.4 11.2 11.5 11.4 11.5 12.0 12.8 14.2
Group total Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Earnings per share, excl items affecting comparability, sek 4.28 4.24 3.78 4.49 4.23 4.08 4.19 28.83 5.58
Earnings per share, Group, sek 4.08 3.99 3.54 4.14 4.06 3.40 3.84 27.67 5.33
Free cash flow, sek m 315 1,083 970 670 194 897 1,075 658 −104
Net debt, closing balance, sek m −6,733 −6,735 −5,381 −1,981 939 2,682 1,871 1,881 −21,628
Net debt/EBITDA 0.9 0.9 0.8 0.3 −0.1 −0.2 −0.1 −0.1 2.4
Debt/equity ratio, % 17 16 13 5 −2 −6 −4 −4 56
Return on equity R12, % 9.0 9.0 8.5 8.5 23.7 25.4 26.0 27.2 14.5
Equity/assets ratio, % 67 69 69 70 72 70 69 68 50
Key figures
30 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 31 =====

sek m Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Net sales 8,866 8,783 8,442 8,711 8,234 8,421 8,458 8,696 8,711
Cost of goods sold −5,476 −5,640 −5,386 −5,465 −5,239 −5,423 −5,478 −5,687 −5,607
Gross profit 3,390 3,143 3,056 3,246 2,995 2,998 2,980 3,009 3,104
Selling expenses −660 −618 −618 −660 −633 −626 −648 −615 −637
Administrative expenses −893 −922 −821 −835 −801 −820 −766 −763 −774
Research and development costs −192 −186 −171 −180 −173 −162 −181 −176 −178
Other operating income1 110 221 128 105 142 261 211 212 108
Other operating expenses1 −292 −219 −254 −194 −154 −342 −231 −228 −216
Profit from associated companies −1 1 0 1 3 −5 −4 3 4
EBIT, excluding items affecting comparability 1,462 1,420 1,320 1,483 1,379 1,304 1,361 1,442 1,411
Items affecting comparability −61 −76 −73 −111 −55 −260 −111 −194 −49
EBIT 1,401 1,344 1,247 1,372 1,324 1,044 1,250 1,248 1,362
Financial income and expenses2 −144 −86 −128 −63 −20 −38 −44 140 −165
Profit before tax 1,257 1,258 1,119 1,309 1,304 1,006 1,206 1,388 1,197
Tax3 −316 −326 −283 −321 −324 −226 −301 −491 −298
Net profit, continuing operations 941 932 836 988 980 780 905 897 899
Net profit, discontinuing operations4 - - - - - - - 6,130 463
Net profit, Group 941 932 836 988 980 780 905 7,027 1,362
- equity holders of the parent company 941 933 836 988 980 780 906 7,027 1,362
- non-controlling interest - −1 0 0 0 0 −1 0 0
         
Condensed Income Statements
1 Other operating income and expenses are affected by exchange rate differences reported on a gross basis. Exchange rate differences were reclassified between other operating income 
and expenses to financial income and expenses for the May-September 2023 period. This reclassification will have no effect on EBIT or financial income and expenses. 
2 Q2 2023 includes non-recurring financial income of SEK 218 M (SEK 173 M after tax) attributable to concluded interest rate hedges in connection with the divestment of the Group’s 
tire operation. 
3 Q2 2023 includes a non-recurring tax expense of SEK 150 M related to a review of the Group’s legal structure after the divestment of the Group’s tire operation. This tax expense 
declined by SEK 50 M in Q4 2023.  
4 Q2 2023 includes a capital gain attributable to the divestment of the Group’s tire and printing blanket operations. 
31 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 32 =====

Parent Company
Condensed Income statements, sek m Q1 2025 Q1 2024 R12 2025 12M 2024
Net sales 151 144 692 685
Administrative expenses −77 −76 −392 −391
Other operating income 3 2 13 12
Other operating expenses −31 −33 −469 −471
EBIT 46 37 −156 −165
Financial income and expenses −99 −134 1,592 1,557
Profit before tax −53 −97 1,436 1,392
Appropriations - - 518 518
Tax 10 30 −98 −78
Net profit −43 −67 1,856 1,832
Statements of comprehensive income, sek m
Net profit −43 −67 1,856 1,832
Other comprehensive income - - - -
Other comprehensive income, net of tax - - - -
Total other comprehensive income −43 −67 1,856 1,832
Condensed Balance sheets, sek m Mar 31 2025 Mar 31 2024 Dec 31 2024
Property, plant and equipment 7 8 7
Intangible assets 5 5 4
Financial assets 37,854 37,904 37,844
Total non-current assets 37,866 37,917 37,855
Current receivables 240 215 135
Current tax asset 13 3 -
Interest-bearing receivables 0 0 962
Cash and cash equivalents 0 0 -
Total current assets 253 218 1,097
Total assets 38,119 38,135 38,952
Equity 21,355 25,173 22,416
Untaxed reserves 221 101 221
Interest-bearing non-current liabilities 0 0 -
Other non-current liabilities 55 56 61
Total non-current liabilities 55 56 61
Interest-bearing current liabilities 16,374 12,688 16,012
Current tax liabilities - - 76
Other current liabilities 114 117 166
Total current liabilities 16,488 12,805 16,254
Total equity and liabilities 38,119 38,135 38,952
Other 
Related parties
No material changes occurred for the Group or the Parent Company in relations or transactions with 
related parties, compared with what is described in Note 12 of the 2024 Annual Report. 
At the Annual General Meeting, held in April 2024, the decision was taken to introduce a perfor-
mance share plan, PSP 2024/2027, which includes the President and Group Management, whereby 
participants invest in shares in Trelleborg AB. Each invested share entitles the holder to receive a 
maximum of three shares free of charge after the publication of the year-end report for the 2026 
fiscal year. Allotment requires compliance with certain performance-based conditions and that the 
participant remains employed within the Trelleborg Group. For further information, refer to the deci-
sion taken at the Annual General Meeting on April 24, 2024. To date, the recognized costs for 2024 
and 2025 are not significant.
32 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 33 =====

About Trelleborg
The Trelleborg Group is a world leader in engineered polymer solutions. The Group had sales of 
approximately sek 34 billion in 2024 and operations in some 40 countries.
 With Trelleborg’s material expertise and industry insight in cutting-edge areas with rigorous 
requirements, such as the aerospace and automotive industries, as well as healthcare & medical, 
the Group is creating the sustainable industrial solutions of today, shaped by such trends as electrifi-
cation, digitalization, industrial automation, and new sustainable materials. The Group’s polymer-
based solutions are often critical to the functionality of the customers’ advanced end products.
Engineered solutions
The engineered solutions are based on unique sealing and damping properties of polymers such as 
rubber and plastic. The solutions save energy and reduce CO2 emissions, eliminate noise and vibra-
tions, and dramatically extend the lifecycles of machines and medical devices as well as skyscraper 
facades.
 
Better platform than ever
Trelleborg’s way of achieving results – a strongly decentralized organization built on local responsi-
bility and personal dedication – form the basis of the Group’s model for profitability and business 
success. Despite the turbulence in its operating environment, Trelleborg delivered a strong financial 
performance in recent years. Trelleborg’s financial capacity is healthy. 
Accelerated growth
A number of industries have been identified as growing more than the industrial average in the years 
ahead – Trelleborg is therefore placing additional focus on developing its business in these 
segments.
The fast-growing industries will act as a driving force for other areas at Trelleborg, which through 
innovations, differentiation and greater global reach is expected to grow in the upper range of the 
industrial average.
There will be a greater focus on company acquisitions that strengthen Trelleborg in attractive 
industries.
Sustainability leader in the industry
Trelleborg is working systematically to increase the share of bio-based and recycled raw materials in 
everything it develops. The ambition is to be the sustainability leader in the industry. The Group’s 
climate target is to halve direct and indirect CO2 emissions by the end of 2030 compared with the 
base year 2021, and, during the same period, reduce emissions along the value chain by 25 percent. 
Trelleborg’s climate targets were validated by the Science Based Targets initiative (SBTi) in the fourth 
quarter of 2023. Resource efficiency and circularity are becoming part of Trelleborg’s DNA.
Bespoke strategy for each business
A common feature shared by all parts of Trelleborg is its engineered polymers with unique sealing 
and damping properties. The longstanding customer relationships are all built on close innovation 
collaboration with renowned industrial players. 
 Trelleborg’s operational businesses are different, so they have bespoke strategies to achieve 
leading positions in their markets.
An improved Trelleborg
The technological development and climate transition in society favor the Group, where Trelleborg is 
playing a part and developing the industrial solutions of tomorrow.
 The Group raised both its financial and sustainability targets in conjunction with its Capital 
Markets Day held in May 2023.
Trelleborg Industries Diversified industry Automotive Healthcare & medical Aerospace
Trelleborg Industrial Solutions 85% 8% 2% 5%
Trelleborg Medical Solutions 0% 0% 100% 0%
Trelleborg Sealing Solutions 53% 28% 0% 19%
Continuing operations 63% 17% 9% 11%
Net sales per industry is based on full-year 2024.
This report has not been subject to review by the company’s auditor.
Trelleborg, April 24, 2025.
Board of Directors of Trelleborg AB (publ)
33 (36) Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025

===== SIDA 34 =====

Presentation of the report
For further information
A combined webcast and telephone conference will be held on April 24, 2025 at 3:00 p.m. CET . To 
follow the presentation webcast, either access this link or visit www.trelleborg.com. 
To participate via teleconference, please register here. After registration, you will be provided 
phone numbers and a conference ID to access the call. You can ask questions verbally via the tele-
conference.
The webcast will be available on Trelleborg’s website following the presentation.
Investors/analysts Media
Christofer Sjögren, VP Investor Relations  Tobias Rydergren, VP Communications
Phone: +46 (0)410 - 670 68  Phone: +46 (0)410 - 670 15 
Mobile: +46 (0)708 - 66 51 40 Mobile: +46 (0)733 - 74 70 15
E-mail: christofer.sjogren@trelleborg.com E-mail: tobias.rydergren@trelleborg.com
For information about the Trelleborg Group, Annual Reports, the stakeholder magazine T-TIME and 
other information, please visit the Group’s website www.trelleborg.com. 
This is a translation of the company’s Interim Report in Swedish.
Trelleborg AB (publ) Corp. Reg. No. 556006-3421
PO Box 153, SE-231 22 Trelleborg, Sweden. Phone: +46 (0)410-670 00  
www.trelleborg.com
Financial calendar
Annual General Meeting April 24, 2025
Interim report April–June 2025 July 17, 2025
Interim report July-September 2025 October 24, 2025
Year-end report 2025 January 29, 2026
This report contains forward-looking statements that are based on the current  
expectations of the management of Trelleborg. Although management believes 
that the expectations reflected in such forward-looking statements are reason-
able, no assurance can be given that such expectations will prove correct. 
Accordingly, results could differ materially from those implied in the forward-
looking statements as a result of, among other factors, changes in economic, 
market and competitive conditions, changes in the regulatory environment and 
other government actions, fluctuations in exchange rates and other factors.
 This information is information that Trelleborg AB is obliged to make public 
pursuant to the EU Market Abuse Regulation. The information was issued,  
by the contact persons above, for publication on April 24, 2025, 1:00 p.m. CEST .
Published on April 24, 2025 |  TRELLEBORG AB – INTERIM REPORT JANUARY–MARCH 2025