Alfa Laval (ALFA) Q3 2026 earnings summary

Executive summary

• Q3 order intake reached a record SEK 23,233m, up 36.1% reported and 32.9% organically; the order book was SEK 59.5bn at September 30.

• Sales were SEK 18,596m, up 7.8%; adjusted EBITA was SEK 3,364m, up 5.8%, with an 18.1% margin versus 18.4% a year earlier.

• Demand was broad-based, led by data centers and shipbuilding; Q3 operating cash flow was SEK 3.4bn, up 53%.

Financial highlights

• Q3 sales grew 5.8% organically; Jan-Sep sales were SEK 52,632m, up 4.2% reported, including 4.5% organic growth, 2.8% structure and -3.1% currency.

• Q3 operating income was SEK 3,170m, up 5.3%; net income was SEK 2,262m versus SEK 2,303m, and EPS was SEK 5.40 versus SEK 5.53.

• Adjusted gross margin was 37.6% versus 37.8%; adjusted EBITDA was SEK 3,917m with a 21.1% margin versus SEK 3,691m and 21.4%.

• Jan-Sep adjusted EBITA was SEK 9,322m, up 2.5%, with a 17.7% margin; Jan-Sep EPS was SEK 14.91 versus SEK 15.22.

• Sales and administration costs rose to SEK 2,941m from SEK 2,657m; R&D costs increased 7%.

Outlook and guidance

• Q4 demand is expected to be lower than Q3, while global market conditions are expected to remain favorable in the short term; Energy is expected at a similar level, Food & Pharma somewhat lower and Ocean lower.

• Annual CapEx guidance increased to SEK 3bn–4bn for the next three years; Q4 2026 is estimated at SEK 1bn and 2027 at SEK 4bn, with investment peaks expected in 2027–28.

• Capacity for the SEK 100bn 2030 sales ambition is expected to be in place by 2028, followed by more normal CapEx; current growth supports the target.

• Tax guidance remains 24%–26%; acquisition step-up amortization is estimated at SEK 180m in Q4 2026 and SEK 730m in 2027.