Alfa Laval Ab · OMXSTO:ALFA
Alfa Laval Ab — Alfa Laval Corporate — Q4 2025 Earnings Presentation
19 slides from Alfa Laval Ab's earnings presentation, Feb 3, 2026
Slide 1: Report for Q4 2025
1 Report for Q4 2025 Tom Erixon President and CEO Q4 2025 02 February 2026 Classified by Alfa Laval as: Business Classified by Alfa Laval as: Business
Slide 2: Key figures
Key figures 2 SEK million Q4 2025 Q4 2024 Tot ∆ Org ∆* Q3 2025 Order intake 17,081 18,476 -8% -2% 16,555 Net sales 19,146 18,311 5% 11% 17,244 Adjusted EBITA 3,237 2,922 11% 3,180 Adjusted EBITA-margin 16.9% 16.0% 18.4% Q4 2025 Classified by Alfa Laval as: Business
Slide 3: Energy Division
Energy Division 3 Highlights and comments, SEK million Q4 25 Q4 24 Tot ∆ Org ∆* Q3 25 ORDERS 6,077 5,054 20.2% 20.4% 5,415 SALES 5,837 5,186 12.6% 11.6% 5,026 Markets and order intake Adj EBITA 946 923 832 • Strong demand in data centers. Adj EBITA (%) 16.2% 17.8% 16.6% • Continued recovery in HVAC
Slide 4: Food & Water Division
Food & Water 4 Division Highlights and comments, SEK million Q4 25 Q4 24 Tot ∆ Org ∆* Q3 25 ORDERS 5,764 6,478 -11.0% -1.8% 5,796 SALES 7,085 7,114 -0.4% 9.7% 6,483 Markets and order intake Adj EBITA 1,041 1,008 1,043 • Strong quarter for Service. Adj EBITA (%) 14.7% 14.2% 16.1% • The conversion of
Slide 5: Marine Division
Marine Division 5 Highlights and comments, SEK million Q4 25 Q4 24 Tot ∆ Org ∆* Q3 25 ORDERS 5,241 6,944 -24.5% -18.8% 5,344 SALES 6,224 6,010 3.6% 11.7% 5,735 Markets and order intake Adj EBITA 1,378 1,104 1,349 • Demand was sequentially stable on a good level. Adj EBITA (%) 22.1% 18.4% 23.5% • Pos
Slide 6: Service orders, Q4
Service orders, Q4 6 39%* Order intake, SEK million Marine 7 000 25 000 6 000 20 000 5 000 15 000 31%* 4 000 Food & Water 10 000 3 000 5 000 2 000 1 000 0 2021 2022 2023 2024 2025 21%* Order intake per quarter Rolling twelwe months value Energy Q4 2025 *% of total order Classified by Alfa Laval as:
Slide 7: Top ten markets
Top ten markets* 7 SEK million China United States Korea, South Nordic South East Asia Adriatic Mid Europe Japan Brazil India 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 *Top ten markets order intake development. LTM FY 2024 Q4 2025 Classified by Alfa Laval as: Business
Slide 8: Financials Q4 2025
8 Financials Q4 2025 Fredrik Ekström, CFO Q4 2025 02 February 2026 Classified by Alfa Laval as: Business
Slide 9: Orders received
Orders received 9 Q4 2025 SEK million • Order intake of 17,081 MSEK (18,476) 21 000 80 000 • -7.5% growth 70 000 • -2.2% organic growth 18 000 • 3.3% structure 60 000 15 000 • -8.7% currency 50 000 12 000 40 000 9 000 FY 2025 30 000 • Order intake of 66,742 MSEK 6 000 20 000 (74,592) 3 000 • -10.5%
Slide 10: Order book as per 31 December
Order book as per 10 31 December SEK billion Q4 2025 • Order book of 48.3 BSEK • 40.8 BSEK for delivery 2026 60 • 7.5 BSEK for delivery 2027 or 50 later • -3% decrease YoY 40 • Order book corresponds to 30 8.9 months of sales • Q4 book-to-bill of 0.89 20 10 0 2021 2022 2023 2024 2025 For delivery du
Slide 11: Sales
Sales 11 Q4 2025 SEK million • Sales of 19,146 MSEK (18,311) • 4.6% growth 20 000 80 000 • 10.9% organic growth 18 000 70 000 • 3.1% structure 60 000 16 000 • -9.4% currency 50 000 14 000 40 000 FY 2025 12 000 30 000 • Sales of 69,674 MSEK (66,954) 10 000 20 000 • 4.1% growth 8 000 10 000 • 7.9% org
Slide 12: Key figures
Key figures 12 SEK million Q4 2025 Q4 2024 FY 2025 Sales 19,146 18,311 69,674 Adjusted gross profit 6,643 6,399 25,198 Sales & Admin -2,792 -2,733 -10,750 R&D -483 -433 -1,738 Net other cost/income -158 -321 -960 Amortization of step-up values -179 -100 -585 Operating income 3,057 2,822 11,749 Finan
Slide 13: Profitability
Profitability 13 SEK million Margin % Q4 2025 3 500 19,0 • Adj EBITA of 3,237 MSEK (2,800) • Margin of 16.9% (16.0%) 3 000 17,0 • Organic sales growth and strong mix in Marine Division supported profit and margin. 2 500 • Good PPV contribution and stable 15,0 manufacturing result. 2 000 • Negative F
Slide 14: Debt position
Debt position 14 SEK million Maturity profile and liquidity buffer • Loans maturing 2026-2031: 17,213 MSEK • Average funding rate on our debt is 2.18% per annum Q4 2025 Q4 2024 9 000 Liquidity buffer Debt maturity 8 000 Debt 17,216 10,274 7 000 Debt/EBITDA LTM 1,21 0.80 6 000 Cash & cash equivalents
Slide 15: Cash-flow statement
Cash-flow 15 statement SEK million Q4 2025 Q4 2024 FY 2025 EBITDA 3,599 3,444 14,559 Working Capital 526 1,593 -2,674 Taxes paid -729 -826 -2,719 Cash flow from operating activities 3,396 4,211 9,166 Capital expenditures -805 -1,073 -2,660 Free cash flow 2,591 3,138 6,506 Divestments 123 -35 159 Acq
Slide 16: Guidance
Guidance 16 Q1 2026 FY 2026 CAPEX Estimated ~0.7 BSEK Estimated 2.5 - 3.0 BSEK PPA amortization ~175 MSEK ~670 MSEK Tax rate 24–26% 24–26% Q4 2025 Classified by Alfa Laval as: Business
Slide 17: Outlook for the first quarter
17 Outlook for the first quarter: “We expect demand in the first quarter to be on about the same level as in the fourth quarter.” Q4 2025
Slide 18: Q&A Financial reporting calendar 2026
18 Q&A Financial reporting calendar 2026 Interim report Q1 Interim report Q2 Interim report Q3 22 April 2026 21 July 2026 27 October 2026 Q4 2025 Classified by Alfa Laval as: Business
Slide 19: Cautionary statement
Cautionary 19 statement This presentation contains forward-looking statements that are based on the current expectations of the management of Alfa Laval Group. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, no assu