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Classified by Alfa Laval as: Business Report for Q4 2025 1 Tom Erixon President and CEO 02 February 2026Q4 2025 Classified by Alfa Laval as: Business
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Classified by Alfa Laval as: Business Key figures SEK million Q4 2025 Q4 2024 Tot ∆ Org ∆* Q3 2025 Order intake 17,081 18,476 -8% -2% 16,555 Net sales 19,146 18,311 5% 11% 17,244 Adjusted EBITA 3,237 2,922 11% 3,180 Adjusted EBITA-margin 16.9% 16.0% 18.4% Q4 2025 2
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Classified by Alfa Laval as: Business Energy Division Highlights and comments, SEK million Markets and order intake • Strong demand in data centers. • Continued recovery in HVAC and heat pumps. • Record high invoicing. Profitability • The margin was negatively impacted by mix from strong project invoicing in combination with lower service sales. • One-off costs of 60 MSEK. Q4 2025 Q4 25 Q4 24 Tot ∆ Org ∆* Q3 25 ORDERS 6,077 5,054 20.2% 20.4% 5,415 SALES 5,837 5,186 12.6% 11.6% 5,026 Adj EBITA 946 923 832 Adj EBITA (%) 16.2% 17.8% 16.6% 0 200 400 600 800 1 000 1 200 1 500 2 500 3 500 4 500 5 500 Sales Adj. EBITA 2022 2023 2024 2025 3
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Classified by Alfa Laval as: Business Food & Water Division Highlights and comments, SEK million Markets and order intake • Strong quarter for Service. • The conversion of large orders remained slow. • Good order book execution. Profitability • Sequentially, the margin was negatively impacted by mix and project execution costs. • One-off costs of 80 MSEK. Q4 2025 Q4 25 Q4 24 Tot ∆ Org ∆* Q3 25 ORDERS 5,764 6,478 -11.0% -1.8% 5,796 SALES 7,085 7,114 -0.4% 9.7% 6,483 Adj EBITA 1,041 1,008 1,043 Adj EBITA (%) 14.7% 14.2% 16.1% 0 250 500 750 1 000 1 250 1 500 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Sales Adj. EBITA 2022 2023 2024 2025 4
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Classified by Alfa Laval as: Business Marine Division Highlights and comments, SEK million Markets and order intake • Demand was sequentially stable on a good level. • Positive demand for all product groups and a normalized demand for marine pumping systems. • Good execution of a strong order book. Profitability • The margin was stable on a high level, driven by good order book execution and mix. Q4 2025 Q4 25 Q4 24 Tot ∆ Org ∆* Q3 25 ORDERS 5,241 6,944 -24.5% -18.8% 5,344 SALES 6,224 6,010 3.6% 11.7% 5,735 Adj EBITA 1,378 1,104 1,349 Adj EBITA (%) 22.1% 18.4% 23.5% 0 300 600 900 1 200 1 500 2 000 3 000 4 000 5 000 6 000 7 000 Sales Adj. EBITA 2022 2023 2024 2025 5
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Classified by Alfa Laval as: Business Service orders, Q4 Order intake, SEK million 0 5 000 10 000 15 000 20 000 25 000 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Order intake per quarter Rolling twelwe months value Q4 2025 6 Marine Food & Water Energy 39%* 31%* 21%* 2021 2022 2023 2024 2025 *% of total order intake, Q4
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Classified by Alfa Laval as: Business Top ten markets* SEK million 7 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 India Brazil Japan Mid Europe Adriatic South East Asia Nordic Korea, South United States China *Top ten markets order intake development. FY 2024LTM Q4 2025
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Classified by Alfa Laval as: Business Financials Q4 2025 Fredrik Ekström, CFO Q4 2025 8 02 February 2026
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Classified by Alfa Laval as: Business Orders received SEK million 9 Q4 2025 • Order intake of 17,081 MSEK (18,476) • -7.5% growth • -2.2% organic growth • 3.3% structure • -8.7% currency FY 2025 • Order intake of 66,742 MSEK (74,592) • -10.5% growth • -6.0% organic growth • 1.6% structure • -6.1% currency 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 0 3 000 6 000 9 000 12 000 15 000 18 000 21 000 B-orders Order intake LTM L-orders 2021 2022 2023 20252024
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Classified by Alfa Laval as: Business Order book as per 31 December SEK billion 10 Q4 2025 • Order book of 48.3 BSEK • 40.8 BSEK for delivery 2026 • 7.5 BSEK for delivery 2027 or later • -3% decrease YoY • Order book corresponds to 8.9 months of sales • Q4 book-to-bill of 0.89 0 10 20 30 40 50 60 2021 2022 2023 20252024 For delivery during current year For delivery next year or later
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Classified by Alfa Laval as: Business Sales SEK million 11 SEK million 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000 Order intake LTM Sales per quarter 2021 2022 2023 20252024 Q4 2025 • Sales of 19,146 MSEK (18,311) • 4.6% growth • 10.9% organic growth • 3.1% structure • -9.4% currency FY 2025 • Sales of 69,674 MSEK (66,954) • 4.1% growth • 7.9% organic growth • 1.8% structure • -5.6% currency
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Classified by Alfa Laval as: Business Key figures SEK million Q4 2025 Q4 2024 FY 2025 Sales 19,146 18,311 69,674 Adjusted gross profit 6,643 6,399 25,198 Sales & Admin -2,792 -2,733 -10,750 R&D -483 -433 -1,738 Net other cost/income -158 -321 -960 Amortization of step-up values -179 -100 -585 Operating income 3,057 2,822 11,749 Financial net -193 -6 -551 Profit before tax 2,865 2,828 11,198 Taxes -874 -767 -2,875 EPS 4.79 4.96 20.01 12
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Classified by Alfa Laval as: Business Profitability 13 Margin % 11,0 13,0 15,0 17,0 19,0 1 000 1 500 2 000 2 500 3 000 3 500 2021 2022 2023 20252024 Adj EBITA margin Adj EBITA per quarter SEK million Q4 2025 • Adj EBITA of 3,237 MSEK (2,800) • Margin of 16.9% (16.0%) • Organic sales growth and strong mix in Marine Division supported profit and margin. • Good PPV contribution and stable manufacturing result. • Negative FX impact of -271 MSEK. • One-off costs of 150 MSEK related to the acquisition of Fives Cryo, operating model implementation and project exection in the Food & Water Division. Q4 2025
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Classified by Alfa Laval as: Business Debt position SEK million Q4 2025 14 Q4 2025 Q4 2024 Debt 17,216 10,274 Debt/EBITDA LTM 1,21 0.80 Cash & cash equivalents and current deposits -7,832 -7,817 Net Debt excl leases 9,384 2,456 Net Debt excl leases/EBITDA LTM 0.66 0.19 Lease liabilities 3,795 3,038 Net Debt incl leases 13,179 5,494 Net Debt incl leases/EBITDA LTM 0.92 0.43 Maturity profile and liquidity buffer • Loans maturing 2026-2031: 17,213 MSEK • Average funding rate on our debt is 2.18% per annum 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 RCF Cash 2026 2027 2028 2029 2030 2031 Liquidity buffer Debt maturity
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Classified by Alfa Laval as: Business Cash-flow statement SEK million Q4 2025 Q4 2024 FY 2025 EBITDA 3,599 3,444 14,559 Working Capital 526 1,593 -2,674 Taxes paid -729 -826 -2,719 Cash flow from operating activities 3,396 4,211 9,166 Capital expenditures -805 -1,073 -2,660 Free cash flow 2,591 3,138 6,506 Divestments 123 -35 159 Acquisitions -98 - -9,412 Cash flow after investing activities 2,616 3,103 -2,747 Financing activities -1,615 -1,050 -2,915 Cash flow 1,001 2,053 168 Q4 2025 15
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Classified by Alfa Laval as: Business Guidance Q1 2026 FY 2026 CAPEX Estimated ~0.7 BSEK Estimated 2.5 - 3.0 BSEK PPA amortization ~175 MSEK ~670 MSEK Tax rate 24–26% 24–26% Q4 2025 16
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“We expect demand in the first quarter to be on about the same level as in the fourth quarter.” Outlook for the first quarter: Q4 2025 17
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Classified by Alfa Laval as: Business Financial reporting calendar 2026 Q4 2025 18 Interim report Q1 Interim report Q2 Interim report Q3 22 April 2026 21 July 2026 27 October 2026 Q&A
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Classified by Alfa Laval as: Business Cautionary statement This presentation contains forward-looking statements that are based on the current expectations of the management of Alfa Laval Group. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment, other government actions and fluctuations in exchange rates. Alfa Laval undertakes no obligation to publicly update or revise these forward-looking statements, other than as required by law or other regulations. Q4 2025 19