AB SKF (publ)

Net sales were flat year over year, with organic growth of 1.4% offset by currency and structure. Adjusted gross margin improved 1.1 percentage points to 32.7%, and adjusted operating margin rose to 13.9% from 13.3%. Reported EPS was SEK 2.8, and adjusted EPS was SEK 5.0. Cash flow was SEK 2.1 billion, EBITDA was SEK 3.5 billion, CapEx was SEK 700 million in Q2 and SEK 1.5 billion year to date, and net debt excluding post-employment benefits was SEK 7.3 billion. For Q3, management expects organic sales to strengthen somewhat year over year; operating profit currency impact is estimated at SEK +100 at end-June exchange rates. For full-year 2026, tax rate guidance is about 29%, CapEx is lowered to SEK 4 billion, and one-off costs are guided at SEK -2.5 billion to SEK 3 billion.

Rickard Gustafson framed the quarter as strong operationally and strategically, emphasizing that SKF remains in positive organic growth territory and is seeing early signs of improvement in Americas OEM markets. He stressed that rightsizing is delivering, SIS is a key profitability pillar, and the automotive separation is progressing in line with plan toward a Q4 listing. He was upbeat on the humanoids venture, positioning it as a fast track into an early-stage industrial robotics market where SKF wants to be a component supplier and help shape standards.

Susanne Larsson said adjusted gross margin reached 32.7% and adjusted operating margin reached 13.9%, with SEK 350 million of rightsizing savings more than offsetting separation-related negative synergies. She cited SEK 1 billion of one-off costs in the quarter, about half tied to automotive separation and half to Americas footprint consolidation, including SEK 345 million of asset impairments. Cash flow before working capital was SEK 3.2 billion, working capital was a SEK 1.1 billion outflow due mainly to automotive channel transfers and receivables, and liquidity was SEK 12.5 billion; net debt excluding pensions rose to SEK 7.3 billion after the dividend payment. She also lowered full-year CapEx guidance to SEK 4 billion, raised the full-year tax rate guide to 29%, and kept one-off cost guidance unchanged at SEK -2.5 billion to SEK 3 billion.

Analysts focused on the tariff reclaims, support production, right-sizing savings, humanoids, and the path of Q3 demand. Management said the majority of IEEPA tariff refunds were received in Q2, would not quantify the impact, and expects the main effect to shift into cash flow as customer reimbursements are made later. On support production, Susanne said similar activity should continue in H2, while right-sizing savings should remain on a linear path with positive net impact for the full year. On humanoids, Rickard said the Leaderdrive JV is not exclusive and SKF may form additional partnerships or move into adjacent capabilities as the market evolves.