Sweden · Delayed Price · Currency is SEK Trelleborg AB Earnings Call Transcripts
Fiscal Year 2026
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Sales declined 3% in SEK but grew 4% organically, with strong margins and cash flow despite a 9% currency headwind. Broad-based demand improvement is expected to continue, with price increases for raw materials likely to impact in H2 and ongoing share buybacks supporting EPS.
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Q1 organic sales and margins are expected to closely mirror Q4, with strong order books and solid growth in Medical and Sealing Solutions. Project sales pushbacks and inflation are being managed, and no major direct impact from geopolitical tensions is seen.
Fiscal Year 2025
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Q4 2025 delivered record EBITA margin and strong cash flow, despite currency headwinds and delayed project deliveries in Industrial Solutions. Order intake remains robust across segments, with a positive outlook for margin and sales growth in 2026, supported by ongoing share buybacks and a proposed dividend increase.
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Q4 organic growth is expected, though below Q3, due to seasonality and project timing. Margins should remain stable or improve slightly, with order intake strengthening for next year. Automotive and residential construction remain weak, while aerospace and industrial segments show resilience.
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Solid organic growth and record Q3 margins were achieved, with all business areas contributing and strong cash flow supporting continued M&A and share buybacks. Outlook remains positive but cautious due to geopolitical risks and expected normalization of Medical Solutions sales.
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Q2 delivered near-record margins and strong cash flow despite a 2% sales decline, mainly due to a sharp downturn in automotive. Most other segments and geographies improved, with bolt-on acquisitions and cost control supporting performance. Outlook for Q3 is positive, with low single-digit organic growth expected.
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Q2 is tracking similar to Q1, with organic growth expected around +1% and stable margins. Demand was slow in April and May but improved in June, with Asia outperforming other regions. Uncertainty from tariffs and geopolitical events continues to impact outlook.
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Record quarterly sales and EBITA were achieved, driven by strong M&A and solid performance across all business areas. Margins remained robust, cash flow was strong, and several strategic acquisitions were completed, though global uncertainties and tariffs warrant a cautious outlook.
Fiscal Year 2024
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Q4 2024 saw record sales and cash flow, with EBITA margin rising to 18.1% and strong performance in Asia and aerospace. Strategic acquisitions and investments supported growth, while guidance for Q1 2025 is for flat or slight growth amid ongoing uncertainty.
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Q3 2024 delivered flat sales with 1% organic growth, strong cash flow, and margin resilience despite currency headwinds and higher M&A costs. Medical and Asian segments outperformed, while machinery and construction softened, prompting a slight downward revision to full-year guidance.
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Organic sales grew 1% year-over-year with record EBITA and strong margins, supported by robust performance in Sealing and Medical Solutions and three strategic acquisitions. Outlook for Q3 is slightly higher demand, with continued focus on operational efficiency and integration of recent acquisitions.