Trelleborg
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Trelleborg (TREL) investor relations material

Trelleborg Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary29 Jan, 2026

Executive summary

  • Q4 2025 delivered a record EBITA margin of 18.4% and strong cash flow, with organic sales growth of 1% despite a 5% sales decline due to significant negative currency effects and delayed project deliveries in Industrial Solutions.

  • Order intake and backlog remained robust across segments, particularly in LNG, construction, aerospace, and life science, while the automotive segment was sluggish.

  • Six acquisitions in 2025 and one in early 2026 expanded capabilities, with new manufacturing facilities opened in Vietnam and Costa Rica.

  • Sustainability initiatives led to a 28% reduction in Scope 1 and 2 CO₂ emissions and 98% renewable electricity usage.

  • Continued share buybacks and a proposed dividend increase to SEK 8.00 per share, pending AGM approval.

Financial highlights

  • Q4 2025 net sales were SEK 8,380 million, down 5% year-over-year, with a 9% negative currency impact; full-year sales were SEK 34.7 billion, flat year-over-year.

  • EBITA (excluding items affecting comparability) was SEK 1,542 million in Q4, down 3%, but up 6% at constant FX; full-year EBITA was SEK 6,286 million, up 2%, with a record full-year margin of 18.3%.

  • Earnings per share (excl. items) rose 1% to SEK 4.30 in Q4 and 2% to SEK 17.09 for the year.

  • Operating cash flow in Q4 was SEK 1,726 million, up 3%; full-year cash flow was SEK 5,288 million, with a cash conversion ratio of 93%.

  • Net profit for Q4 was SEK 836 million, down 10% year-over-year.

Outlook and guidance

  • Demand in Q1 2026 is expected to be similar to Q4 2025, adjusted for seasonality, with low single-digit organic growth and continued uncertainty due to geopolitical factors.

  • Full-year 2026 guidance: CapEx SEK 1.45 billion, restructuring costs SEK 375 million, amortization of intangibles SEK 650 million, tax rate 25%.

  • Anticipate a stronger second half of 2026 as project deliveries ramp up and order book converts to sales.

  • Continued share buybacks at SEK 500 million per quarter and focus on bolt-on acquisitions.

Assess underlying EBITA margin trend ex-currency
Impact of recent acquisitions on segment margins
How does net debt increase affect capital returns?
Industrial Solutions project delivery timing?
Sealing Solutions margin drivers to 23% target
M&A strategy: large deals vs. bolt-ons?
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Frequently asked questions

Trelleborg AB manufactures and sells engineered polymer solutions. The Company provides polymer based solutions that seal, damp, and protect critical applications in demanding environments. Trelleborg serves customers in a range of industries, including oil and gas exploration, automotive, construction, agriculture and aerospace.

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