Bulten Ab · OMXSTO:BULTEN
Bulten Ab — Q1 2025 Earnings Presentation
19 slides from Bulten Ab's earnings presentation, Apr 28, 2025
Slide 1: Keeping the world together piece by piece
INTERIM REPORT Q1, 2025 Keeping the world together piece by piece
Slide 2: Agenda
Agenda Axel Berntsson, President & CEO ✓ Summary Q1 ✓ Market development Anna Åkerblad, CFO ✓ Financial results Axel Berntsson, President & CEO ✓ Focus forward
Slide 3: Bulten – A Stronger Solution
i= BULTEN re) A STRONGER SOLUTION
Slide 4: Summary Q1
Summary Q1 ✓ A -6.6% drop in net sales, mainly due to a decline in global vehicle sales ✓ Positive adjusted EBIT margin development (Q1 better than for the full year 2024) ✓ Additional cost of 45 MSEK impacting EBIT. The cost is related to anti-dumping duties on fasteners/fastener materials mainly i
Slide 5: Financial overview – targets
Financial overview – targets* On track Not on track Not on track NET SALES EBIT ROCE SEK 5 bn >8 % > 15 % CAGR 10 % *Targets set for Bulten’s strategy Stronger 2024 – to be updated and communicated in 2025
Slide 6: Forecast for long-term global vehicle production
Forecast for long-term global vehicle production Global production growth rate (year-over-year) Light vehicles Heavy commercial vehicles 14% 14% 12,5% 10,3% 9% 9% 8,2% 7,9% 4% 2,4% 2,3% 4% 1,4% 0,6% 0,5% 0,8% -1% -1% -0,8% -6% -6% -4,0% 2023 2024 2025 2026 2027 2028 2023 2024 2025 2026 2027 2028 Q4
Slide 7: Market outlook – US tariffs
Market outlook – US tariffs Bulten is not exporting large quantities of fasteners to or from the US As a subcontractor, Bulten can indirectly be impacted due to reduced import of products from EU/Asia to the US (vehicles, consumer electronics…)
Slide 8: Financial results
Financial results BULTEN re) A STRONGER SOLUTION
Slide 9: Net sales
Net sales MSEK MSEK Net sales – a decrease of -6,6% 1 600 Q1 vs the same period previous year 6 000 1 200 4 000 800 2 000 400 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 Net sales 12-month rolling net sales
Slide 10: Change in net sales per customer R12M
Change in net sales per customer R12M March 2024 to March 2025 -198 SEK m (-3,4 %) SEK m 6 000 5 903 -111 -45 5 705 OEM -149 +107 OEM light heavy Auto- Other veh. veh. motive industries suppliers Other industries +16% R12M 5 000 4 000 Sales R12M Sales R12M March 24 March 25
Slide 11: Net sales per customer group R12M
Net sales per customer group R12M April 2024 – March 2025 OEM, heavy vehicles 8,7% OEM, light vehicles Other industries 61,5% outside Automotive 13,9% Automotive suppliers 15,9%
Slide 12: EBIT level
EBIT level Quarter EBIT margin Adjusted EBIT SEK 89 (116) million with an 8% 7,5% 7,5% Q1 adjusted EBIT margin of 6,2% (7.5) 7% 6,2% 6% EBIT margin adjusted for non-recurring 5% items, incl. currency effects of 6.8% (7.4) 4% 3,1% 3% 2% 1% 0% Q1 2025 Q1 2024 Reported Adjusted for non-recurring items
Slide 13: Earnings per share
Earnings per share Q1 Full year April 2024 March 2025 2024 ∆ 2025 2024 ∆ Earnings per share before dilution, SEK 0.39 3.22 -2.83 3.62 6.45 -2.83 Adjusted earnings per share before dilution, SEK 2.09 3,22 -1.13 5.32 6.45 -1.13
Slide 14: Cash flow and net debt
Cash flow and net debt Q1 Full year CASH FLOW STATEMENT (MSEK) 2025 2024 2024 Cash flow from operating activities before changes in working capital 77 138 338 Cash flow from operating activities including changes in working capital 71 123 319 Cash flow from investing activities -64 -39 -203 Cash flo
Slide 15: Key indicators
Key indicators R12 M Full year April 24- April 23 – THE GROUP, 12 MONTHS March 25 March 24 2024 Return indicators Return on capital employed, % 7.0 8.2 9.2 Adjusted return on capital employed, % 8.2 8.5 9.2 Return on capital employed, (excluding financial lease) % 7.7 8.9 10.2 Adjusted return on cap
Slide 16: Financial guidelines
Financial guidelines R12 Q1 2025 Full year 2024 Guidelines Average net working capital as % of sales 17.1 17.1 20-25 CAPEX as % of sales 4.0 3.5 2-3 Depreciation as % of sales (without IFRS 16) 2.3 2.2 2-3
Slide 17: Summary
Summary ✓ Sales volumes in Q1/adjusted operating results in line with expectations ✓ There is room to improve the EBIT level (even in an uncertain market situation) ✓ R12M sales to other industries outside automotive (consumer electronics, white goods…) have increased with 16%. Positive trend and cu
Slide 18: In focus 2025
In focus 2025 ✓ Set strategy and financial targets for the next 3-5 years ✓ Execute on new strategy ✓ Improve profit level
Slide 19: Questions?
Questions?