Bulten Ab · OMXSTO:BULTEN
Bulten Ab — Q2 2025 Earnings Presentation
16 slides from Bulten Ab's earnings presentation, Jul 10, 2025
Slide 1: Keeping the world together piece by piece
INTERIM REPORT Q2, 2025 Keeping the world together piece by piece
Slide 2: Agenda
Agenda Axel Berntsson, President & CEO Summary Q2 Market development Anna Åkerblad, CFO Financial results Axel Berntsson, President & CEO Focus forward
Slide 3: Summary Q2
Summary Q2 Our second-quarter results were broadly in line with both the prior year and the previous quarter We delivered strong sales in our medical-technology and consumer- electronics segments, while light-vehicle volumes softened slightly amid broader automotive-industry headwinds. During
Slide 4: Market outlook - Shifting Demand & Profit Pools
Market outlook - Shifting Demand & Profit Pools Automotive Medical technology and consumer electronics CAGR CAGR 1-5% 12-16% Area of opportunity & competitive advantage 4
Slide 5: Financial results
Financial results BULTEN
Slide 6: Net sales
Net sales 1 600 6 000 1 400 5 000 1 200 4 000 1 000 Net sales – a decrease of -8.8% Q2 vs the same period previous year 800 3 000 600 2 000 400 1 000 200 0 0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Net sales, MSEK 12-month rolling Net sales, MSEK 6
Slide 7: Change in net sales per customer R12M
Change in net sales per customer R12M June 2024 to June 2025 -377 MSEK (-6.3 %) 5 953 62 5 576 -142 -36 -261 Sales R12M OEM Light Vehicles OEM Heavy Vehicles Automotive Suppliers Other Industries Sales R12M June 2024 June 2025 7
Slide 8: Net sales per customer group R12M
Net sales per customer group R12M July 2024 – June 2025 OEM, heavy vehicles 9,0% OEM, light vehicles Consumer Electronics, Medical Technology 61,1% & Other industries (Δ+4% since 2022) 14,4% Automotive suppliers 15,5% 8
Slide 9: EBIT level
EBIT level Quarter EBIT margin Adjusted EBIT SEK 69 (74) million with an 5% 5,2% Q2 adjusted EBIT margin of 5.2% (5.1) 5% 5,1% 5,1% 5% 5% EBIT margin adjusted for non-recurring 5% items, incl. currency effects of 5.4% (5.0) 5% 5% 4,6% 5% 5% 4% 4% Q2 2025 Q2 2024 Reported Adjusted for non-recurring i
Slide 10: Earnings per share
Earnings per share Q2 Full year July 2024 June 2025 2024 ∆ 2025 2024 ∆ Earnings per share before dilution, SEK 0.69 1.64 -0.95 1.08 4.86 -3.78 Adjusted earnings per share before dilution, SEK 1.00 1,64 -0.64 3.08 4.86 -1.78 10
Slide 11: Cash flow and net debt
Cash flow and net debt Q2 Full year CASH FLOW STATEMENT (MSEK) 2025 2024 2024 Cash flow from operating activities before changes in working capital 41 64 338 Cash flow from operating activities including changes in working capital 127 107 319 Cash flow from investing activities -54 -51 -203 Cash flo
Slide 12: Key indicators
Key indicators R12 M Full year July 24- July 23 – THE GROUP, 12 MONTHS June 25 June 24 2024 Return indicators Return on capital employed, % 6.5 8.2 9.2 Adjusted return on capital employed, % 8.0 8.4 9.2 Return on capital employed, (excluding financial lease) % 7.2 9.2 10.2 Adjusted return on capital
Slide 13: Financial guidelines
Financial guidelines R12 Q2 2025 Full year 2024 Guidelines Average net working capital as % of sales 16.7 17.1 20-25 CAPEX as % of sales 4.1 3.5 2-3 Depreciation as % of sales (without IFRS 16) 2.5 2.2 2-3 13
Slide 14: Summary
Summary In Q2, net sales declined 8.8% year-over-year, yet through disciplined cost management and targeted operational‐expense reductions across our manufacturing footprint, we have like for like improved EBIT Although the light passenger-vehicle segment saw softening demand in Q2, we secured s
Slide 15: Focus going forward in 2025
Focus going forward in 2025 1. Sharpening our focus on high-growth, high-margin markets like medical technology and consumer electronics, leaning further into niche products and value-added services to drive Bulten’s profitable growth beyond the automotive sector 2. Defining how best to evolve our i
Slide 16: Questions?
Questions? BULTEN