Bulten (BULTEN) Q2 2026 earnings summary

Executive summary

• Completed major strategic transformation by divesting Tianjin plant and four European automotive contract manufacturing plants, sharpening focus on value-added, cash-generative platforms and profit generation.

• Retained business now reports as assets held for sale, with a new portfolio emphasizing distribution, precision manufacturing, and full-service solutions.

• Discontinued operations presented separately, with significant impairment charges recognized.

• Strategic intent is to invest in scalable, higher-margin platforms while exiting capital-intensive automotive contract manufacturing.

• Transformation aims for a more focused, profitable, and cash-generative group.

Financial highlights

• Q2 net sales for retained business were SEK 779 million, down 7.2% year-over-year; EBIT increased to SEK 62 million (8.0% margin), up from SEK 36 million (4.3%).

• EBITDA margin improved to 9.8% (from 6.0%).

• Operating cash flow rose to SEK 26 million (from SEK 13 million); net debt reduced to SEK 822 million (from SEK 1,382 million).

• Equity/assets ratio declined to 24.2% (from 39.7% at year-end 2025).

• H1 net sales: SEK 1,558 million, down 13.2% year-over-year; H1 EBIT: SEK 121 million (7.8% margin), up from SEK 113 million (6.3%).

Outlook and guidance

• No public forecasts for future quarters; new group targets to be set by the Board and communicated in early autumn.

• Focus on scaling profitable segments, maintaining customer continuity, and executing transformation, with divestments expected to close by October 2026.

• Divestments expected to improve earnings quality, capital allocation flexibility, and return on capital employed.