Alfa Laval (ALFA) Q2 2026 earnings summary

Executive summary

• Order intake reached a record SEK 22.2 billion in Q2 2026, up 35% year-over-year, with organic growth of 29% and strong demand across all divisions, especially in Energy, Food & Pharma, and Ocean.

• Net sales increased 8% to SEK 18.1 billion, driven by robust demand in key segments and organic growth of 6%.

• Adjusted EBITA was SEK 3.1 billion with a margin of 17.0%, slightly lower than last year due to temporary margin pressure in the Energy Division.

• Record order book of SEK 53.5 billion supports future invoicing and the SEK 100 billion growth plan for 2030.

• Investments in product offering, capacity expansion, and acquisitions continue to support scaling with key customers.

Financial highlights

• Order intake grew 35.2% year-over-year in Q2, with 28.5% organic growth and 8.6% from acquisitions.

• Adjusted EBITA margin for Q2 was 17.0%, down from 17.8% last year.

• Operating income for Q2 was SEK 2.9 billion; EPS SEK 4.91, up from SEK 4.87.

• Cash flow from operations at SEK 2.4 billion in Q2; free cash flow was SEK 1.4 billion, slightly down year-over-year.

• Book-to-bill ratio at 1.23; net debt/EBITDA (LTM) at 1.11, up from 0.60 year-over-year.

Outlook and guidance

• Q3 2026 demand expected to be somewhat lower sequentially, but order intake projected above SEK 20 billion.

• Ocean Division to remain stable; Energy and Food & Pharma divisions expected to be lower compared to Q2.

• FY 2026 CAPEX guidance is SEK 2.5–3.0 billion; Q3 CapEx guidance SEK 1 billion.

• Order book provides a strong base for invoicing growth into 2026 and 2027.

• Ongoing investments in Pharma and industrial flow expected to weigh on margins in 2026 and 2027.