Trelleborg (TREL) Pre-close call summary

Executive summary

• Guidance for Q2 remains unchanged, expecting sequential improvement in organic sales over Q1's 4% growth, supported by easier comparables in Q2.

• Demand trends have been consistent, with no significant pre-buying affecting organic growth.

• Full Q2 numbers are not yet available; commentary is based on April and May performance.

Trading performance and revenue trends

• Industrial Solutions saw mixed performance: subdued in manufacturing automation and renewables, but growth in construction equipment, food & beverage, and automotive.

• Project business in Industrial Solutions has strong order intake, with some deliveries pushed to H2 2026, supporting a stronger second half.

• Medical Solutions is expected to grow at a lower rate than Q1's 5%, with strength in Europe and Americas offset by weaker Asia and life science.

• Sealing Solutions continues strong, with organic growth in industrial, construction, semiconductor, automotive, and aerospace segments.

• Overall, Q2 organic growth is expected to be slightly better than Q1's 4%.

Profitability and margins

• Industrial Solutions margins are expected to remain stable compared to Q1, with no major changes anticipated.

• Medical Solutions EBITA margin is expected to be similar to Q1.

• Sealing Solutions margin is expected to improve slightly due to better volumes.