INTERIM REPORT Q2 2025/2026

DEVELOPMENT IN THE BUSINESS AREAS

AUTOMATION
Net sales in Automation in the second quarter amounted to SEK 801 million (837) and EBITA amounted to SEK 87 million (100). Net sales during the period amounted to SEK 1,656 million (1,747) and EBITA amounted to SEK 174 million (217). 
Market
For the Automation business area as a whole, the market situation was favourable in the second quarter. Demand was very good for companies supplying the defence industry and strengthened in medical technology, while it was stable overall in the energy, engineering and process industries. The business situation was weak overall, with the sales trend, combined with non-recurring costs for restructuring measures of approximately SEK 10 million, negatively impacting earnings and the operating margin. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 2 million.

ELECTRIFICATION
Net sales in Electrification in the second quarter amounted to SEK 1,066 million (1,069) and EBITA increased by 12 percent to SEK 156 million (141). Net sales during the period amounted to SEK 2,196 million (2,188) and EBITA increased by 7 percent to SEK 311 million (291). 
Market
The market situation was favourable for the Electrification business area in the second quarter, with strong demand in electronics, defence, energy and engineering, while demand was weak in medical technology and stable in special vehicles. Overall, the business situation was stable and the operating margin increased thanks to an improved product mix. 

ENERGY
Net sales in Energy increased in the second quarter by 7 percent to SEK 1,559 million (1,452) and EBITA increased by 19 percent to SEK 255 million (214). Net sales during the period increased by 14 percent to SEK 3,328 million (2,911) and EBITA increased by 30 percent to SEK 555 million (426). 
Market
The Energy business area had a favourable business situation in the second quarter with a good sales increase. Demand for infrastructure products for the rebuilding and expansion of national and regional grids declined as expected during the quarter, particularly in Sweden, although customers' underlying investment plans remain extensive. The market situation was weak in building and installation, while demand was favourable for niche products in electrical power distribution, as well as in traffic safety. Demand was also stable in wind power and the engineering industry, as well as for products and solutions for data centres. The revaluation of contingent purchase considerations affected profit for the quarter by about SEK -2 million.

INDUSTRIAL SOLUTIONS
Net sales in Industrial Solutions increased in the second quarter by 29 percent to SEK 1,093 million (847) and EBITA increased by 24 percent to SEK 222 million (179). Net sales during the period increased by 22 percent to SEK 2,206 million (1,815) and EBITA increased by 19 percent to SEK 469 million (395). 
Market
Overall, the second quarter was very good for the Industrial Solutions business area, where sales increased substantially, related to a large extent to very good project outcomes in the subsea and sawmill markets. The overall market situation in the sawmill industry remained weak, although demand increased from low levels during the quarter. The market situation was also highly favourable in special vehicles, with the exception of forestry and construction machinery, while it was stable in waste and recycling, as well as in the engineering industry. 

PROCESS TECHNOLOGY
Net sales in Process Technology increased in the second quarter by 1 percent to SEK 936 million (929) and EBITA increased by 1 percent to SEK 136 million (135). Net sales during the period amounted to SEK 1,914 million (1,916) and EBITA increased by 1 percent to SEK 281 million (278). 
Market
On the whole, the Process Technology business area experienced a favourable market position in the second quarter, although conditions varied between market segments. The market situation was strong for companies in the process industry, primarily in oil and gas, as well as in energy. Demand was also good in the marine segment and special vehicles, while it was stable in medical technology, engineering and forestry. Overall, sales were stable, with the negative effects of postponed project deliveries which were offset by strong contributions from acquisitions. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 4 million.