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 performance across all divisions, especially in marine contracting and data centers.

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

• 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.

• Sales delivered SEK 18.1 billion in Q2, up 7.7% year-over-year; organic growth was 5.9%.

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

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

• Cash flow from operations was SEK 2.4 billion in Q2; free cash flow was SEK 1,401 million, slightly down year-over-year.

Outlook and guidance

• Demand in Q3 2026 is expected to be somewhat lower than in Q2, especially in Energy and Food & Pharma, but Ocean to remain stable.

• CapEx guidance for Q3 up to SEK 1 billion; full-year CapEx SEK 2.5–3 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.

• Business conditions expected to remain positive in the short to medium term.