Interim report
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Report for Q3 2026 Highlights • Order intake was SEK 23.2 (17 .1) billion, an increase of 36 percent. The organic increase was 33 percent. • Net sales increased by 8 percent to SEK 18.6 (17 .2) billion, with an organic increase of 6 percent. • Adjusted EBITA increased by 6 percent to SEK 3.4 (3.2) billion, corresponding to a margin of 18.1 (18.4) percent. • Cash flow from operating activities amounted to SEK 3.4 (2.2) billion. • Earnings per share was SEK 5.40 (5.53). Summary Q3 T otal change Organic change Jan-Sep T otal change Organic changeSEK millions 2026 2025 2026 2025 Order intake*** 23,233 17,068 36% 33% 63,080 51,297 23% 22% Net sales 18,596 17,244 8% 6% 52,632 50,528 4% 5% Adjusted EBIT A* 3,364 3,180 6% 9,322 9,097 2% - adjusted EBIT A margin* 18.1% 18.4% -2% 17.7% 18.0% -2% Result after financial items 3,050 2,967 3% 8,329 8,333 0% Net income for the period 2,262 2,303 -2% 6,218 6,331 -2% Earnings per share (SEK) 5.40 5.53 -2% 14.91 15.22 -2% Cash flow from operating activities 3,373 2,206 53% 7,023 5,770 22% Return on capital employed* 20.9% 24.2% Net debt**/ EBITDA* ratio 0.94 1.11 * Alternative performance measures. ** Net debt including lease liabilities. *** Restated, refer to Note 1. 1Alfa Laval Q3 2026
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Comment from T om Erixon President and CEO Outlook for the fourth quarter “We expect demand in the fourth quarter to be somewhat lower compared to the third quarter.” Earlier published outlook (July 21, 2026): “We expect demand in the third quarter to be somewhat lower compared to the second quarter.” ”Demand was strong in the third quarter 2026 across most of Alfa Laval´s end-markets. Following a strong second quarter, order intake amounted to SEK 23.2 billion in the third quarter, again a new record level. The order book increased significantly with a good mix and now amounts to almost SEK 60 billion. Both the data center and shipbuilding markets were exceptionally strong. The data center order intake is now approaching SEK 7-8 billion in yearly pace. The US continues to account for the main volumes, but growth is increasingly visible in China. The long-term demand forecast for data centers is somewhat uncertain, but the current demand level appears stable for the next two years. With high freight rates and longer shipping routes, the contracting of new vessels is on historic high levels and will in 2026 end significantly above 3,000 ships. A part of the contracting converted into order intake in the quarter, especially in the cargo pumping application. Order intake for other product groups will be well supported during the next few quarters. The demand trends in the Food & Pharma Division also remained positive with biofuel orders amounting to SEK 750 million in the quarter. Together with strong growth in the transactional business, order intake grew by 16 percent compared to last year. The current growth rate for the group, 23 percent for the first 9 months of 2026, clearly supports the SEK 100 billion target for 2030. Further capacity additions are needed and the capex guid - ance for 2027 and 2028 is increased to approximately SEK 4 billion per year. The main capex projects will be in the Energy Division. All capacity additions will be located within the existing footprint. The EBITA-margin was stable at just above 18 percent, with the three divisions at the expected levels. The mix in the order book may well support a stable margin development short-term, despite a decreas- ing share of Service as part of the mix. In the quarter, Service grew as expected in the Energy and Food & Pharma Divisions. The Service business in the Ocean Division was flat, to a degree impacted by an increasing share of sanctioned ships that are out of our scope, and high utilization rates of the remaining fleet. The operating cash flow was solid in the quarter at SEK 3.4 billion, 53 percent above last year. Apart from funding, the dividend and capex program, the group´s capacity for acquisitions remains important. During 2026 two acquisitions in China have been com - pleted, the second one in October. As many of the flagship projects related to the decarbonization of energy systems are executed in China, our market position and capabilities in the Chinese market is a priority. Market conditions globally are likely to remain favorable in the short- term. After two record quarters, the demand in the fourth quarter is still expected to be somewhat lower than the third quarter.” Tom Erixon, President and CEO 2Alfa Laval Q3 2026
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Financial overview Order intake was SEK 23,233 (17,068) million in the third quarter and SEK 63,080 (51,297) million in the first nine months 2026. Order intake from Service constituted 23.7 (30.8) percent of the Group’s total order intake during the third quarter and 26.0 (31.8) percent during the first nine months 2026. The order book was SEK 59.5 billion at September 30, 2026, compared to SEK 48.3 billion, at year-end 2025. SEK 17.8 billion of this is scheduled for invoicing this year. The current order book supports a continued good invoicing level and the order book is assessed to be in line with current input cost levels. Net sales Net sales was SEK 18,596 (17,244) million for the third quarter and SEK 52,632 (50,528) million for the first nine months 2026. Net sales relating to Service constituted 29.2 (30.1) percent of the Group’s total net sales in the third quarter and 29.5 (30.9) percent in the first nine months 2026. Organic: Change excluding structural changes and currency impacts. Structural: Acquisition/divestment of businesses. Further details are available on page 15. Order bridge SEK million/% Q3 Jan-Sep 2025 17,068 51,297 Organic 32.9% 22.4% Structural 1.2% 4.0% Currency 2.0% -3.5% T otal 36.1% 23.0% 2026 23,233 63,080 Order bridge Service SEK million/% Q3 Jan-Sep 2025 5,249 16,294 Organic 6.0% 3.7% Structural 0.1% 0.7% Currency -1.3% -3.7% T otal 4.8% 0.8% 2026 5,502 16,423 Sales bridge SEK million/% Q3 Jan-Sep 2025 17,244 50,528 Organic 5.8% 4.5% Structural 0.9% 2.8% Currency 1.1% -3.1% T otal 7.8% 4.2% 2026 18,596 52,632 Sales bridge Service SEK million/% Q3 Jan-Sep 2025 5,189 15,636 Organic 6.0% 2.0% Structural 0.1% 0.7% Currency -1.3% -3.5% T otal 4.7% -0.8% 2026 5,433 15,513 0 5 10 15 20 25 Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4 0 20 40 60 80 100 Order intake BnSEK quarter 2023 2024 2025 2026 BnSEK 12 months Order intake per quarter Order intake rolling 12 months 0 10 20 30 40 50 60 70 202620252024 BnSEK Sep 30 50.952.1 3 7.1 34.5 41.7 16.3 1 7. 815.0 59.5 For delivery next year or later For delivery during rest of current year Order book 3Alfa Laval Q3 2026
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Income analysis Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 Net sales 18,596 17,244 52,632 50,528 69,674 71,778 Cost of goods sold -11,794 -10,887 -33,076 -31,794 -44,476 -45,758 Gross profit 6,802 6,357 19,556 18,734 25,198 26,020 Add back amortiza- tion step-up values 194 169 544 405 585 723 Adjusted gross profit* 6,995 6,526 20,099 19,140 25,783 26,743 - adjusted gross margin* 37.6% 37.8% 38.2% 37.9% 37.0% 37.3% Expenses -3,079 -2,835 -9,171 -8,630 -11,531 -12,073 - in % of net sales 16.6% 16.4% 17.4% 17.1% 16.5% 16.8% Adjusted EBITDA* 3,917 3,691 10,928 10,510 14,252 14,670 - adjusted EBITDA margin* 21.1% 21.4% 20.8% 20.8% 20.5% 20.4% Depreciation -553 -511 -1,606 -1,413 -1,918 -2,110 Adjusted EBIT A* 3,364 3,180 9,322 9,097 12,334 12,560 - adjusted EBIT A margin* 18.1% 18.4% 17.7% 18.0% 17.7% 17.5% Amortization step-up values -194 -169 -544 -405 -585 -723 Operating income 3,170 3,011 8,778 8,692 11,749 11,837 * Alternative performance measures. Net sales for the third quarter reached SEK 18,596 (17,244) million, represent - ing a 7.8 percent year-over-year increase. Sequentially, net sales grew by 2.6 percent, both comparatives showing an increase of delivery capacity from manufacturing units. Brazed & Fusion Bonded Heat Exchangers, Gasketed Plate Heat Exchangers and the transactional business in Food & Pharma Division account for a substantial part of the growth in the quarter. The pro - portion of Service sales in the third quarter at 29.2 (30.1) percent represents a decrease of -0.9 percentage points compared to the same period last year as the proportion of capital sales increases. For the first nine months, the net sales amounted to SEK 52,632 (50,528) million, a growth of 4.2 percent. The third quarter yielded an adjusted EBITA of SEK 3,364 (3,180) million, marking a 5.8 percent increase over the prior year. The adjusted EBITA margin stood at 18.1 (18.4) percent. Additionally, the adjusted gross margin was 37.6 (37.8) percent; supported by favorable factory and engineering results, posi - tive purchase price variances, and a good mix of transactional sales including service. For the first nine months, the adjusted EBITA was SEK 9,322 (9,097) million with an adjusted EBITA margin of 17.7 (18.0) percent. For the third quarter, the Energy division reported an adjusted EBITA margin of 18.1 (16.6) percent. Adjusted EBITA grew compared to last year, driven by sales growth across all business units. The result was also positively impacted by a high utilization of factory capacity and good execution of the order book. Costs increased following investments in further capacity expansion and R&D, while the mix had a slightly positive effect and currency was neutral. The adjusted EBITA margin in the Food & Pharma Division decreased year-over- year to 15.5 (16.1) percent. Positive mix, driven by an increase in the transac - tional business, and currency effects could not fully compensate a lower invoicing. In the Ocean Division, the adjusted EBITA margin decreased to 21.3 (23.5) percent. Good factory load and a positive currency effect could not fully offset lower invoicing and an unfavorable mix. Overall costs were stable, reflecting a continued high level of activity. Income bridge SEK million Q3 Jan-Sep Adjusted EBIT A 2025 3,180 9,097 Volume 431 1,383 Mix -74 -31 Costs -257 -939 Currency 84 -188 Adjusted EBIT A 2026 3,364 9,322 0 5 10 15 20 25 Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4 0 10 20 30 40 50 BnSEK Net sales Net sales Adjusted gross margin in % % 2023 2024 2025 2026 0 1 2 3 4 Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4 2023 2024 2025 2026 0 6 12 18 24 BnSEK Adjusted EBIT A Adjusted EBITA Adjusted EBITA margin in % % 4Alfa Laval Q3 2026
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Operating income increased by 5.3 percent, rising to SEK 3,170 (3,011) million compared to the same quarter last year. For the first nine months it showed a slight increase and ended at SEK 8,778 (8,692) million. Sales and administration expenses were SEK -2,941 (-2,657) million during the third quarter, corresponding to 15.8 (15.4) percent of net sales. For the first nine months, sales and administration expenses were SEK -8,519 (-7,958) million, corresponding to 16.2 (15.7) per- cent of net sales. Sales and administration expenses increased by 10.7 percent during the third quarter and by 7.0 percent during the first nine months compared to the corresponding periods last year. Research and development expenses were SEK -460 (-427) million during the third quarter, corresponding to 2.5 (2.5) percent of net sales. For the first nine months research and development expenses were SEK -1,380 (-1,255) million, corresponding to 2.6 (2.5) percent of net sales. The costs for research and development increased with 7.7 percent during the third quarter and increased by 10.0 percent during the first nine months compared to the corre - sponding periods last year. Earnings per share in the quarter amounted to SEK 5.40 (5.53) and SEK 14.91 (15.22) for the first nine months. The corresponding figure excluding amortization of step-up values and corresponding tax, was SEK 15.91 (15.97) for the first nine months. T axes The tax on the result after financial items was SEK -788 (-664) million in the third quarter and SEK –2,111 (-2,002) million in the first nine months 2026. The tax rate for the Group was 26 (22) percent in the quarter and 25 (24) percent year to date which is within the guidance range of 24-26 percent. Cash flow Cash flow from operating activities was SEK 3,373 (2,206) million in the quarter and SEK 7,023 (5,770) million in the first nine months. The operational cash surplus was slightly stronger compared to the same periods last year both for the quarter and for the first nine months. Working capital remained stable in the quarter and has increased compared to last year for the first nine months, mainly due to higher invoicing levels and high project business activity. Depreciation and amortization was SEK -747 (-679) million in the quarter and SEK -2,150 (-1,818) million in the first nine months 2026. Depreciation, excluding allocated step-up values, was SEK -553 (-511) million in the quarter and SEK -1,606 (-1,413) million in the first nine months 2026. A minor acquisition was made in the third quarter and the total cash flow due to acquisitions amounted to SEK -34 (-8,785) million in the quarter and SEK -599 (-9,314) million for the first nine months. Last year’s third quarter was impacted by the Fives acquisition. Please refer to note 9 for details about the acquisitions. Cash flow from financing activities amounted to SEK -473 (3,979) million in the quarter and SEK -4,698 (4,530) million for the first nine months. Dividends to shareholders of SEK -3,720 (-3,513) mil - lion was paid out in the second quarter. The net reduction in the loan portfolio was SEK -328 (4,472) million in the third quarter and SEK -324 (8,736) million for the first nine months. Last year’s third quar- ter was impacted by an increase in loans for the funding of the Fives acquisition. Please refer to note 8 for details about borrowings and net debt. Total cash flow in the quarter was SEK 2,061 (-3,115) million and SEK -587 (-833) million for the first nine months, arriving at a cash balance at the end of the period of SEK 6,855 (6,192) million. Key figures Sep 30 Dec 31 2025 2026 2025 Return on capital employed1) 20.9% 24.2% 23.9% Return on equity2) 17.9% 20.2% 19.6% Equity/ assets ratio3) 44.9% 42.6% 44.6% Net debt/EBITDA ratio1) 5) 0.94 1.11 0.92 Debt/ equity ratio1) 0.28 0.36 0.30 Number of employees4) 25,010 23,568 23,671 1) Alternative performance measure. 2) Net income in relation to average equity, calculated on 12 months’ revolving basis, expressed in percent. 3) Equity in relation to total assets at the end of the period, expressed in percent. 4) FTE’s at the end of the period. 5) Net debt including lease liabilities. 5Alfa Laval Q3 2026
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Order intake by end-market, Jan–Sep 2026 % of T otal YTD 26/25 Light Industry & T ech 34% 125% HVAC & Ref 21% 10% Fossil Base Fuels & Power 20% 25% Process Industry 15% 6% Clean Fuels, Power & Chemicals 6% 37% Other 4% – Energy Division Highlights • Order intake increased by 41 percent to SEK 7.7 (5.5) billion, with an organic increase of 30 percent. • Net sales increased by 33 percent to SEK 6.7 (5.0) billion, with an organic increase of 24 percent. • Adjusted EBITA of SEK 1,216 (832) million, corresponding to a margin of 18.1 (16.6) percent. Q3 Jan-Sep Jan-Dec Last 12 monthsSEK million 2026 2025 2026 2025 2025 Order intake 7,697 5,479 21,719 14,957 21,101 27,863 Order book¹) 16,855 12,205 16,855 12,205 12,299 16,855 Net sales 6,708 5,026 17,859 14,413 20,250 23,696 Operating income 1,131 774 2,857 2,414 3,288 3,731 Adjusted EBIT A²) ³) 1,216 832 3,082 2,489 3,435 4,028 Adj. EBIT A margin⁴) 18.1% 16.6% 17.3% 17.3% 17.0% 17.0% Depreciation -185 -149 -531 -384 -524 -671 Amortization -85 -58 -224 -75 -147 -296 Investments⁵) 370 101 806 728 992 1,070 Assets¹) 38,878 30,079 38,878 30,079 29,731 38,878 Liabilities¹) 13,074 7,606 13,074 7,606 7,163 13,074 Employees¹) 7,860 6,825 7,860 6,825 6,826 7,860 1) At end of period. 2) Excluding items affecting comparability. 3) Alternative performance measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases. Gasketed Plate Heat Exchangers 29 % 26 %21 % 16 % 8 % Brazed & Fusion Bonded Heat Exchangers Welded & Circular Technologies Energy Division Multibrands Cryogenic Technologies Order intake by business unit, Jan–Sep 2026 Order intake split, Jan–Sep 2026 23% 77% Service Capital Sales 0 1 2 3 4 5 6 7 8 Q3Q2Q1Q4Q3Q2Q1Q4 0 3 6 9 12 15 18 21 24 Quarterly development BnSEK 2024 2025 2026 % Order intake Net sales Adjusted EBITA margin 6Alfa Laval Q3 2026
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Q3 comments The Energy Division reported an increase in order intake compared to the same quarter last year. The growth in data centers and semi-conductors continued, led by North America and Asia. The heat pump market continued to recover and the demand in Air Conditioning remained at a high level. The project business performed well in the quarter, with larger projects secured in clean energy and gas production. The Service business grew compared to the same quarter last year, with high demand for both spare parts and value- added services. The investment programs are progressing according to plan and will secure additional capacity to meet the growing demand from customers. Net sales in the Energy Division increased compared to the same quarter last year. Due to the strong order intake, the order book increased in the quarter and is well above the same quarter last year. Adjusted EBITA grew compared to last year, driven by sales growth across all business units. The result was also positively impacted by a high utilization of factory capacity and good execution of the order book. Costs increased following investments in further capacity expansion and R&D. The mix was slightly positive. Currency had a neutral effect on the result. Income bridge SEK million Q3 Jan-Sep Adjusted EBIT A 2025 832 2,489 Volume 593 1,561 Mix 35 -302 Costs -243 -561 Currency -1 -105 Adjusted EBIT A 2026 1,216 3,082 Order bridge SEK million/% Q3 Jan-Sep 2025 5,479 14,957 Organic 30.3% 30.2% Structural 8.2% 19.0% Currency 2.0% -3.9% T otal 40.5% 45.2% 2026 7,697 21,719 Sales bridge SEK million/% Q3 Jan-Sep 2025 5,026 14,413 Organic 23.9% 13.0% Structural 17.8% 14.8% Currency -8.2% -3.9% T otal 33.4% 23.9% 2026 6,708 17,859 Product case Building on Alfa Laval’s proven semi-welded technology, trusted across indus - tries for decades, the new T25-BW and TS25-BW are designed for demand - ing high-pressure applications requiring exceptional thermal efficiency, a compact footprint and full serviceability. Ideal for energy transition, energy efficiency, and heavy industry applications, they deliver efficient and reliable performance in industrial heat pumps, energy storage, carbon capture, heat recovery and demanding process industry duties. With industry-leading pres - sure capabilities and a highly efficient semi-welded design, the T25-BW and TS25-BW help maximize performance while minimizing lifecycle costs. 7Alfa Laval Q3 2026
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Order intake by end-market, Jan–Sep 2026 % of T otal YTD 26/25 Dairy 22% 15% Prep. Food & Beverage 19% 12% Oils & Fats 16% -8% Biofuels 15% 173% Waste & Water 8% 1% Pharma & Biotech 6% -1% Brewery 4% 8% Protein 4% -34% Starch, Sugar & Sweeteners 2% -30% Other 4% -41% Food & Pharma Division Highlights • Order intake increased by 16 percent to SEK 7.1 (6.1) billion, with an organic increase of 19 percent. • Net sales decreased by -4 percent to SEK 6.3 (6.5) billion, with a slight organic decrease of -0.1 percent. • Adjusted EBITA of SEK 968 (1,043) million, corresponding to a margin of 15.5 (16.1) percent. Q3 Jan-Sep Jan-Dec Last 12 monthsSEK million 2026 2025 2026 2025 2025 Order intake 7,057 6,098 20,929 18,984 24,872 26,817 Order book¹) 15,806 14,224 15,806 14,224 12,719 15,806 Net sales 6,255 6,483 17,494 18,550 25,635 24,579 Operating income 913 985 2,481 2,665 3,650 3,466 Adjusted EBIT A²) ³) 968 1,043 2,644 2,841 3,882 3,685 Adj. EBIT A margin⁴) 15.5% 16.1% 15.1% 15.3% 15.1% 15.0% Depreciation -109 -110 -302 -324 -435 -413 Amortization -55 -58 -163 -176 -232 -219 Investments⁵) 84 127 208 297 434 345 Assets¹) 25,954 21,861 25,954 21,861 20,968 25,954 Liabilities¹) 13,314 8,631 13,314 8,631 8,191 13,314 Employees¹) 8,689 8,433 8,689 8,433 8,499 8,689 1) At end of period. 2) Excluding items affecting comparability. 3) Alternative performance measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases. Hygenic Fluid Handling 31 % 26 %10 % 20 % 13 % Process Engineering Solutions Food & Pharma Division Multibrands Separation Technologies Water, Industrial Flow & Heat Transfer Order intake by business unit, Jan–Sep 2026 Order intake split, Jan–Sep 2026 25% 75% Service Capital Sales 0 1 2 3 4 5 6 7 8 Q3Q2Q1Q4Q3Q2Q1Q4 0 3 6 9 12 15 18 21 24 Quarterly development BnSEK 2024 2025 2026 % Order intake Net sales Adjusted EBITA margin 8Alfa Laval Q3 2026
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Q3 comments The Food & Pharma Division reported good order intake in the quarter, well above same quarter last year. The growth was driven by a positive develop - ment in both the transactional business and the project business. The activity level in the project business improved compared to last year. The increased demand in the biofuel sector seen earlier in the year continued in the quarter with some important large order wins in the European biofuel sector. Brewery also developed positively, driven by higher activity in the Asian market. The transactional business continued to develop well with good demand growth across most industry sectors and where especially Dairy and Prep. Food & Beverage continued to grow at a high pace. Geographically, the growth is well spread across regions and the main markets in USA, China and India all con- tinued to report double-digit growth. Net sales decreased somewhat compared to the same quarter last year. The growth in the transactional business and in Service did not fully offset the effect from lower invoicing within the project business. Adjusted EBITA decreased compared to the same period last year. Positive mix, driven by an increase in the transactional business, and currency effects could not fully compensate a lower invoicing. Income bridge SEK million Q3 Jan-Sep Adjusted EBIT A 2025 1,043 2,841 Volume -93 -152 Mix 16 111 Costs -4 -44 Currency 6 -112 Adjusted EBIT A 2026 968 2,644 Order bridge SEK million/% Q3 Jan-Sep 2025 6,098 18,984 Organic 19.0% 18.3% Structural -3.6% -3.6% Currency 0.4% -4.5% T otal 15.7% 10.2% 2026 7,057 20,929 Sales bridge SEK million/% Q3 Jan-Sep 2025 6,483 18,550 Organic -0.1% 1.9% Structural -7.9% -3.9% Currency 4.6% -3.6% T otal -3.5% -5.7% 2026 6,255 17,494 Product case Building on its position as the market leader in rotary lobe pumps, Alfa Laval has introduced the MaxiLobe® and MaxiLobe® UltraPure ranges to boost efficiency, extend operating range and increase uptime in hygienic and high-purity applications. High volumetric efficiency and a broad performance envelope enable smaller, more energy-efficient pumps to deliver the same duty at lower speeds, minimizing shear while supporting product quality and yield. More precise sizing helps reduce capital costs. Compatibility with all legacy SRU and most SX and SX UltraPure pumps enables upgrades and higher flow without increasing footprint. Under defined conditions, MaxiLobe delivers at least 5% higher flow than equivalent SRU models. Robust gearboxes, excellent cleanability and front-loading seals extend service intervals, reduce product losses, and minimize lifecycle costs. Enhanced certifications and traceability support demanding food, beverage, personal care, pharmaceutical and biotech applications. 9Alfa Laval Q3 2026
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Order intake by end-market, Jan–Sep 2026 % of T otal YTD 26/25 Ship Building & Shipping 75% 26% Offshore 11% -22% Engine Power 5% 25% Other 9% 4% Ocean Division Highlights • Order intake increased by 53 percent to SEK 8.4 (5.5) billion, with an organic increase of 53 percent. • Net sales decreased by -4 percent to SEK 5.5 (5.7) billion, with an organic decrease of -4 percent. • Adjusted EBITA of SEK 1,169 (1,349) million, corresponding to a margin of 21.3 (23.5) percent. Q3 Jan-Sep Jan-Dec Last 12 monthsSEK million 2026 2025 2026 2025 2025 Order intake 8,398 5,491 20,101 17,355 22,614 25,360 Order book1) 26,613 24,435 26,613 24,435 23,241 26,613 Net sales 5,481 5,735 16,824 17,565 23,790 23,049 Operating income 1,116 1,297 3,678 3,904 5,232 5,006 Adjusted EBIT A2),3) 1,169 1,349 3,831 4,055 5,433 5,209 Adj. EBIT A margin4) 21.3% 23.5% 22.8% 23,1% 22.8% 22.6% Depreciation -97 -81 -284 -247 -337 -374 Amortization -53 -52 -153 -151 -201 -203 Investments5) 223 184 437 351 548 634 Assets1) 35,077 30,170 35,077 30,170 28,398 35,077 Liabilities1) 14,201 10,209 14,201 10,209 9,587 14,201 Employees1) 6,226 6,619 6,226 6,619 6,658 6,226 1) At end of period. 2) Excluding items affecting comparability. 3) Alternative performance measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases. Pumping Systems 45 % 39 % 5 % 6 % 4 % 1 % Marine Solutions Ocean Growth & Partnerships Digital Solutions Ballast Water Treatment Ocean Multibrands Order intake by business unit, Jan–Sep 2026 Order intake split, Jan–Sep 2026 30% 70% Service Capital Sales 0 1 2 3 4 5 6 7 8 9 Q3Q2Q1Q4Q3Q2Q1Q4 0 3 6 9 12 15 18 21 24 27 Quarterly development BnSEK 2024 2025 2026 % Order intake Net sales Adjusted EBITA margin 10Alfa Laval Q3 2026
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Q3 comments The Ocean Division reported higher order intake compared to same quarter last year, driven by exceptionally strong activity in the shipping market. Demand was positive across all business units, and strong in most applications. Within shipbuilding and shipping, orders were driven primarily by tankers, bulk carriers and containerships. The gas carrier segment saw moderate activity. Offshore order intake was also higher than in the corresponding quarter last year, supported by growing energy needs and a continued focus on energy security. Service demand remained stable compared with the same quarter last year. The execution of the substantial orderbook is progressing according to plan. Net sales were somewhat lower compared to the same quarter last year, mainly due to lower invoicing from project orders and the Service business. Adjusted EBITA decreased compared with the same period last year. Good factory load and a positive currency effect could not fully offset a lower invoic - ing and an unfavorable mix. Overall costs were stable, reflecting a continued high level of activity. Income bridge SEK million Q3 Jan-Sep Adjusted EBIT A 2025 1,349 4,055 Volume -163 -195 Mix -7 170 Costs -69 -226 Currency 60 27 Adjusted EBIT A 2026 1,169 3,831 Order bridge SEK million/% Q3 Jan-Sep 2025 5,491 17,355 Organic 53.4% 21.1% Structural -3.0% -3.2% Currency 2.6% -2.1% T otal 52.9% 15.8% 2026 8,398 20,101 Sales bridge SEK million/% Q3 Jan-Sep 2025 5,735 17,565 Organic -4.5% -0.4% Structural -6.5% -2.4% Currency 6.6% -1.5% T otal -4.4% -4.2% 2026 5,481 16,824 Product case Alfa Laval has launched “Hukka-5”, the next-generation exhaust gas steam boiler designed to enhance waste heat recovery on cruise vessels and passenger ferries. Its revolutionary inverted, downward natural circulation design enables efficient recovery of exhaust gas waste heat while minimizing equipment foot- print. By capturing and reusing exhaust gas waste heat, the innovative boiler helps operators significantly reduce fuel consumption and CO₂ emissions, supporting both environmental targets and operational efficiency. 11Alfa Laval Q3 2026
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Other Other covers corporate overhead and non-core businesses. Q3 Jan-Sep Jan-Dec Last 12 monthsSEK million 2026 2025 2026 2025 2025 Order intake 82 – 331 – – 331 Order book1) 192 – 192 – – 192 Net sales 152 – 455 – – 455 Operating income 10 -44 -238 -291 -420 -367 Adjusted EBIT A2) 3) 11 -43 -235 -288 -416 -363 Depreciation -175 -171 -503 -458 -623 -668 Amortization -1 -1 -3 -3 -4 -4 Investments4) 141 133 909 480 686 1,115 Assets1) 155 163 155 163 161 155 Liabilities1) 37 268 37 268 209 37 Employees1) 2,236 1,691 2,236 1,691 1,688 2,236 1) At end of period. 2) Excluding items affecting comparability. 3) Alternative performance measure. 4) Excluding new leases. 12Alfa Laval Q3 2026
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Sustainability Case studies Clear markings improve hand safety At the core of improving Alfa Laval’s safety performance, it is the small steps taken every day that make the biggest difference. This quarter new visual markings have been added to the plate pack handling scissors at the Fontanil factory. The colour-coded markings clearly show where operators should and should not place their hands. Green identifies safe hand positions, while red highlights areas to avoid. This simple, practical improvement reduces the risk of hand injuries and demonstrates how clear visual guidance can make everyday tasks safer. Energy efficiency in own operations Operational emissions, Scope 1 and 2, are directly within Alfa Laval’s control to achieve net zero emissions and the company places strong emphasis on continuously reducing energy consumption across its sites. Two examples are: • At the San Bonifacio factory, energy performance improved by standardizing the set-up of some furnaces cooling system, resulting in an annual energy saving of 89,400 kWh. • At the Fontanil factory, new drying equipment for Compablocs shortened the furnace drying duration. A win-win situation where improved quality and lower energy consumption resulted in an annual saving of 45,559 kWh. Every single action count on the path to net zero. 13Alfa Laval Q3 2026
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Quarterly follow up Energy Energy efficiency in Q3 2026 improved by 5.8% compared to Q3 2025. Energy efficiency is measured as energy intensity, defined as total energy consumption relative to net sales (energy consumption/net sales). In Q3 2026, the total energy consumption in MWh exceeded that of Q3 2025, driven primarily by an increased electricity usage within one of Alfa Laval’s high-intensity Business Units. Carbon emissions Scope 1 and Scope 2 emissions decreased in the third quarter of 2026 com - pared with the same period in 2025. The reduction was primarily driven by increased use of renewable energy sources and improved electrification of processes. Health and safety A total of 17 Lost Time Injuries (LTIs) were reported in Q3 2026. Following corrections to reporting errors, the Q1 total decreased to 27, while the Q2 total increased to 30. This brought the year-to-date total to 74 LTIs. The Group Lost Time Injury Frequency Rate (LTIFR) for the last 12 months decreased to 2.03 and the LTIFR for Q3 was 1.38. Incidents during the quarter continued to include a high proportion related to both routine and non-routine work activities. Non-injury events with the poten - tial to cause harm, particularly those related to lifting operations, were also reported. Work continues on a roadmap to address these trends, including stronger governance and accountability. LTIFR = Number of lost time injuries in time period * 1,000,000 / Worked hours in the period 0 2 4 6 8 Q3Q2Q1Q4Q3Q2Q1Q4 2024 2025 2026 MWh per million SEK in net sales Energy: consumption in relation to net sales Energy consumption per quarter Energy consumption rolling 12 months 0 2 4 6 8 10 FYFYQ3Q2Q1Q4Q3Q2Q1Q4 2024 2025 2026 2026 2027 0 5 10 15 20 25 30 T ons CO/uni2082e quarter Carbon emissions Scope 1 Emissions 12 months T ons CO /uni2082e 12 months Target Scope 2 Target, full year 2026 Target, full year 2027 0 1 2 3 Q3Q2Q1Q4Q3Q2Q1Q4 2024 2025 2026 2026 L TIFR Health and safety: Lost Time Injury Frequency Rate LTIFR per quarter Target LTIFR rolling 12 months Target full year 2026 14Alfa Laval Q3 2026
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General information Owners and shares Parent company Alfa Laval AB (publ) is the parent company of the Alfa Laval Group. The company does not sell goods or services to external customers. Owners and legal structure Alfa Laval AB had 77,294 (61,638) shareholders on September 30, 2026. The largest owner is Winder Holding AG, Switzerland, who owns 29.5 (29.5) percent. Next to the largest owner, there are nine institutional investors with ownership in the range of 6.3 to 1.7 per - cent. These ten largest shareholders owned 57.7 (61.4) percent. Nomination Committee for the Annual General Meeting 2027 The Nomination Committee for the Annual General Meeting 2027 has now been appointed by the largest shareholders of Alfa Laval AB and consists of the following members: Jörn Rausing – Winder Holding Daniel Kristiansson – Alecta Tjänstepension Ömsesidigt Lennart Francke – Swedbank Robur Fonder Patricia Hedelius – AMF Tjänstepension och Fonder Javiera Ragnartz – SEB Asset Management In addition, Dennis Jönsson, Chairman of the Board of Alfa Laval AB, will be part of the Nomination Committee. The Annual General Meeting of Alfa Laval AB will be held in Lund, Sweden, on April 21, 2027, at 4:00 p.m. (CEST). Shareholders who wish to submit proposals for the Nomination Committee in preparation of the Annual General Meeting can turn to the Chairman of the Board of Alfa Laval AB, Dennis Jönsson or to the other shareholder representatives. Contact can also be made directly via e-mail to: valberedningen@alfalaval.com Acquisitions of businesses On January 14, 2026, Alfa Laval acquired 72 percent of a heat exchanger manufacturing company in China. The company is included in the Energy division and will operate under its own name as an independent channel and has a minor impact on the group. On July 31, 2026, acquired 100 percent of a Service company in Canada. The company has a minor impact on the group and is included in the Energy Division. Please refer to note 9 for more information about the acquisitions. Risks and uncertainties Material factors of risk and uncertainty The main factors of risk and uncertainty facing the Group concern the business cycle, the consequences of Russia’s war on Ukraine, the conflict in the Middle East, and other geo-political tensions, the price development of metals, inflationary pressures, the interest rate development and volatile fluctuations in major currencies. It is the company’s opinion that the description of risks made in the Annual Report for 2025 is still correct. Russia’s war on Ukraine The ongoing conflict has resulted in that Alfa Laval has ceased all commercial activities in Russia. Alfa Laval’s assessment is that the longer-term implications of the war are of such a magnitude that the company in 2022 provided for the entire closure of operations. Sanctions The current geopolitical environment has resulted in several sanc - tion packages imposed on several countries where conflicts are ongoing. Alfa Laval follows and enforces all sanctions imposed by the European Union as well as all US and other sanctions that are applicable. The significantly increased amount of sanctioned enti - ties together with the sophisticated circumvention attempts, make the assurance work more demanding. Asbestos-related lawsuits The Alfa Laval Group was as of September 30, 2026 named as a co- defendant in a total of 307 asbestos-related lawsuits with a total of approximately 307 plaintiffs. Alfa Laval strongly believes the claims against the Group are without merit and intends to vigorously contest each lawsuit. Based on current information and Alfa Laval’s understanding of these lawsuits, Alfa Laval continues to believe that these lawsuits will not have a material adverse effect on the Group’s financial con - dition or results of operation. Implication of tariffs The dynamics and development of global trade is uncertain with background of the ongoing implementation of trade tariffs and reciprocal escalations in response. Alfa Laval is monitoring the situ - ation closely to ensure appropriate measures are taken to handle commercial exposures, supply chain disruptions and guide further actions. Other Changes in operating segments During 2025, Alfa Laval made a strategic review of its abilities and position as a global technology leader to better serve customers worldwide and support further growth. As of 1 January 2026, two of three divisions were renamed to better reflect strategic priorities: • The former Marine Division was named Ocean Division. • The former Food & Water Division was named Food & Pharma Division. • The Energy Division has retained its name. 15Alfa Laval Q3 2026
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Signature of the President and CEO Lund, October 27 , 2026 Alfa Laval AB (publ) Tom Erixon President and CEO The interim report has been reviewed by the company’s auditors. As part of the new operating model implemented during the first quarter of 2026, Multibrand companies are reported in their main divisional belonging to reflect technological and industrial alignment. Entities that are considered non-core and not related to respective division’s core business are reported in the Other division. These changes, where applicable, are reflected as structural changes in the divisional bridges for order intake and net sales, when comparing with 2025. Alternative performance measures Alfa Laval follows the Guidelines on Alternative Performance Measures issued by ESMA, European Securities and Markets Authority. For definitions of the alternative performance measures, refer to the Annual Report 2025, page 152-153. Significant events after the reporting period In October, Alfa Laval acquired 74% of the Chinese heat exchanger manufacturer Hangzhou Shenshi Energy Conservative Technology Co. The initial purchase price excl. contingent consideration amounted to SEK 1,717 million. The company has an annual net sales of appr. SEK 700 million and 650 employees. The acquisition will be consolidated from the fourth quarter and included in the Energy division. 16Alfa Laval Q3 2026
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Financial statements Consolidated income statement, condensed Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million Note 2026 2025 2026 2025 Net sales 2-5 18,596 17,244 52,632 50,528 69,674 71,778 Cost of goods sold -11,794 -10,887 -33,076 -31,794 -44,476 -45,758 Gross profit 6,802 6,357 19,556 18,734 25,198 26,020 Sales costs -1,451 -1,686 -4,981 -5,101 -6,877 -6,755 Administration costs -1,490 -971 -3,538 -2,857 -3,873 -4,554 Research and development costs -460 -427 -1,380 -1,255 -1,738 -1,863 Other operating income and costs -215 -277 -820 -802 -960 -979 Share of result in joint ventures -16 16 -59 -28 -2 -32 Operating income 3,170 3,011 8,778 8,692 11,749 11,837 Financial net 6 -120 -44 -449 -359 -551 -642 Result after financial items 3,050 2,967 8,329 8,333 11,198 11,195 T axes -788 -664 -2,111 -2,002 -2,875 -2,985 Net income for the period 2,262 2,303 6,218 6,331 8,322 8,210 Net income for the period attributable to: Owners of the parent 2,233 2,288 6,161 6,292 8,272 8,141 Non-controlling interests 28 15 57 39 50 68 Earnings per share attributable to the owners of the parent, SEK* 5.40 5.53 14.91 15.22 20.01 19.70 Average number of shares* 413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 * Before and after dilution. Consolidated statement of comprehensive income, condensed Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 Net income for the period 2,262 2,303 6,218 6,331 8,322 8,210 Other comprehensive income Items that will not be reclassified to profit or loss: Revaluations of defined benefit obligations – -15 – -90 -110 -21 Market valuation of external shares – -43 -9 -133 -138 -14 Deferred tax on other comprehensive income – 4 – 12 13 2 T otal – -54 -9 -211 -235 -33 Items that may subsequently be reclassified to profit or loss: Cash flow hedges 67 38 -295 1,265 1,300 -261 Translation difference 1,734 -329 3,794 -3,129 -3,934 2,989 Deferred tax on other comprehensive income 85 2 256 -363 -440 179 T otal 1,886 -289 3,755 -2,228 -3,075 2,908 T otal other comprehensive income 1,886 -343 3,745 -2,439 -3,310 2,874 T otal comprehensive income for the period 4,148 1,960 9,963 3,892 5,012 11,084 T otal comprehensive income for the period attributable to: Owners of the parent 4,102 1,945 9,852 3,899 5,009 10,963 Non-controlling interests 46 15 111 -7 3 121 17Alfa Laval Q3 2026
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Consolidated balance sheet, condensed Sep 30 Dec 31 2025SEK million Note 2026 2025 ASSETS Non-current assets Intangible assets and goodwill 39,280 37,475 36,445 Property, plant and equipment and right-of-use assets 17,714 15,344 15,856 Other non-current assets 7 3,158 2,401 2,895 T otal non-current assets 60,152 55,221 55,196 Current assets Inventories 19,295 15,728 15,548 Accounts receivable 11,979 10,536 9,949 Other receivables 12,221 11,285 9,084 Derivative assets 7 555 603 551 Current deposits 355 424 707 Cash and cash equivalents 6,855 6,192 7,124 Assets held for sale 21 25 1 T otal current assets 51,281 44,793 42,965 TOT AL ASSETS 111,433 100,014 98,161 EQUITY AND LIABILITIES Equity Owners of the parent 49,541 42,298 43,409 Non-controlling interests 478 335 344 T otal equity 50,018 42,633 43,753 Non-current liabilities Liabilities to credit institutions 8 10,912 9,812 9,626 Lease liabilities 2,894 2,646 3,333 Pension liability 1,039 908 984 Deferred tax liabilities 3,474 3,296 3,458 Other non-current liabilities 7 757 549 642 T otal non-current liabilities 19,077 17,212 18,043 Current liabilities Liabilities to credit institutions 8 6,558 8,781 7,590 Lease liabilities 659 898 462 Accounts payable 6,400 5,640 5,444 Advances from customers 11,630 10,197 9,004 Provisions 2,453 2,157 1,936 Derivative liabilities 7 405 246 133 Other liabilities 14,231 12,251 11,795 T otal current liabilities 42,337 40,170 36,365 T otal liabilities 61,414 57,381 54,408 TOT AL EQUITY AND LIABILITIES 111,433 100,014 98,161 18Alfa Laval Q3 2026
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Consolidated statement of changes in equity, condensed Equity attributable to SEK million Owners of the parent Non-controlling interests T otal equity Opening balance January 1, 2025 41,912 369 42,282 Net income for the period 6,292 39 6,331 Other comprehensive income -2,393 -46 -2,439 T otal comprehensive income for the period 3,899 -7 3,892 Dividends -3,513 -28 -3,541 T otal transactions with owners -3,513 -28 -3,541 Closing balance September 30, 2025 42,298 335 42,633 Opening balance January 1, 2026 43,409 344 43,753 Net income for the period 6,161 57 6,218 Other comprehensive income 3,691 54 3,745 T otal comprehensive income for the period 9,852 111 9,963 Change of non-controlling interests – 58 58 Dividends -3,720 -36 -3,756 T otal transactions with owners -3,720 22 -3,698 Closing balance September 30, 2026 49,541 478 50,018 19Alfa Laval Q3 2026
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Consolidated statement of cash flows, condensed Note Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 Operating activities Operating income 3,170 3,011 8,778 8,692 11,749 11,837 Adjustment for depreciation and amortization 747 679 2,150 1,818 2,503 2,833 Adjustment for provisions 24 171 402 398 391 395 Adjustment for other non-cash items -3 3 5 52 -84 -131 Operational cash surplus 3,938 3,864 11,335 10,960 14,559 14,934 T axes paid -679 -551 -2,669 -1,990 -2,719 -3,398 Cash flow from operating activities before changes in working capital 3,259 3,313 8,666 8,970 11,840 11,536 Changes in working capital: Increase(-)/ decrease(+) of receivables 111 -1,424 -2,640 -3,877 -2,203 -966 Increase(-)/ decrease(+) of inventories -701 -508 -2,340 -1,130 -1,226 -2,436 Increase(+)/ decrease(-) of liabilities 704 825 3,337 1,807 755 2,285 Increase(-)/ decrease(+) in working capital 114 -1,107 -1,643 -3,200 -2,674 -1,117 Cash flow from operating activities 3,373 2,206 7,023 5,770 9,166 10,419 Investing activities Investments in fixed assets (Capex) -819 -545 -2,360 -1,855 -2,660 -3,165 Divestment of fixed assets 14 26 47 32 155 170 Acquisition of businesses 9 -34 -8,785 -599 -9,314 -9,412 -697 Divestment of businesses – 4 – 4 4 – Cash flow from investing activities -839 -9,300 -2,912 -11,133 -11,913 -3,692 Financing activities Paid and received interests -189 -79 -474 -238 -357 -593 Dividends received – – – 3 9 6 Dividends to owners of the parent – – -3,720 -3,513 -3,513 -3,720 Dividends to non-controlling interests – – -36 -28 -28 -36 Amortizations of lease liabilities -130 -87 -447 -383 -503 -567 Increase of loans 2,094 4,503 5,898 8,796 8,796 5,898 Amortization of loans -2,421 -31 -6,221 -60 -1,081 -7,242 Other financing cash flows 175 -327 302 -47 -408 -59 Cash flow from financing activities -473 3,979 -4,698 4,530 2,915 -6,313 Cash flow for the period 2,061 -3,115 -587 -833 168 414 Cash at the beginning of the period 4,628 9,342 7,124 7,369 7,369 6,192 Translation difference in cash 165 -35 317 -344 -413 248 Cash at the end of the period 6,855 6,192 6,855 6,192 7,124 6,855 Free cash flow per share (SEK) * 6.21 4.08 11.40 9.55 16.12 17.96 Capex in relation to net sales 4.4% 3.2% 4.5% 3.7% 3.8% 4.4% Average number of shares 413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 413,326,315 * Free cash flow is an alternative performance measure. It is the sum of cash flows from operating activities, investments and divestments of fixed assets. 20Alfa Laval Q3 2026
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Parent company income statement, condensed Q3 Jan-Sep Jan-Dec 2025SEK million 2026 2025 2026 2025 Administration costs -4 -3 -16 -13 -17 Other operating income and costs 5 2 9 7 -1 Operating income 1 0 -7 -7 -18 Financial net 294 550 332 616 1,285 Result after financial items 295 550 325 609 1,267 Change of tax allocation reserve – – – – -10 Group contributions – – – – 1,835 Result before tax 295 550 325 609 3,093 T axes -3 -4 -9 -16 -385 Net income for the period 292 546 316 593 2,707 The parent company income statement also constitutes its statement of comprehensive income. Parent company balance sheet, condensed Sep 30 Dec 31 2025SEK million 2026 2025 ASSETS Non-current assets Shares in group companies 4,669 4,669 4,669 Current assets Receivables on group companies 2,795 3,914 6,509 Other receivables 308 472 4 Cash and cash equivalents 3 3 3 T otal current assets 3,106 4,389 6,517 TOT AL ASSETS 7,775 9,058 11,186 EQUITY AND LIABILITIES Equity Restricted equity 2,387 2,387 2,387 Unrestricted equity 3,363 4,654 6,768 T otal equity 5,750 7,040 9,154 Untaxed reserves T ax allocation reserves 1,996 1,986 1,996 Current liabilities Liabilities to group companies 24 26 24 Accounts payable 4 3 1 Other liabilities – 2 10 T otal current liabilities 28 31 36 TOT AL EQUITY AND LIABILITIES 7,775 9,058 11,186 21Alfa Laval Q3 2026
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Notes Note 1. Accounting policies The interim report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accounting and valuation policies of the parent company comply with the Swedish Annual Accounts Act and the recommendation RFR 2 Accounting for legal entities, issued by the Council for Finan - cial Reporting in Sweden. Full descriptions of accounting policies are provided in the Annual Report 2025. These policies have been consistently applied as in the Annual Report; however, starting from Q1 2026, certain changes have been implemented in the interim report. Structurally, the table Reconciliation between Divisions and Group total has been relocated to Note 2. In addition, the note Bridge cash flow restate - ment, which was included in all interim reports for the financial year 2025, has been removed, as the cash flow is now fully comparable between periods presented. From Q1 2026, there is a change in the presentation of Order intake. Order intake now focuses solely on new orders for the period, with cancellations and currency effects no longer included. Instead, these items are described as part of the change in the Order book between periods. Apart from this presentation change, the same accounting policies and measurement methods as in the latest annual financial statements continue to be applied. Alfa Laval is currently evaluating how the, by IASB, issued IFRS 18 Presentation and Disclosures in Financial Statements standard will impact the financial report. The standard will be applicable for reporting periods starting from January 1, 2027, and onwards. The totals in the tables and the calculated totals may not always match due to rounding differences on individual lines. Each subtotal, and line item, corresponds to its original source and rounding, which can lead to discrepancies with reported totals that aggregate the exact figures before rounding. 22Alfa Laval Q3 2026
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Order intake 2026 2025 2024 SEK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Energy 7,697 7,776 6,246 6,144 5,479 4,566 4,912 5,160 Food & Pharma 7,057 7,725 6,148 5,888 6,098 6,450 6,436 6,633 Ocean 8,398 6,607 5,096 5,259 5,491 5,427 6,437 6,317 Other 82 127 123 – – – – – T otal 23,233 22,235 17,612 17,290 17,068 16,444 17,785 18,111 Order book 2026 2025 2024 SEK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Energy 16,855 15,531 13,692 12,299 12,205 10,249 10,579 10,590 Food & Pharma 15,806 14,822 12,873 12,719 14,224 15,067 15,216 14,926 Ocean 26,613 22,931 21,879 23,241 24,435 25,001 26,267 26,803 Other 192 263 298 – – – – – T otal 59,466 53,546 48,741 48,259 50,864 50,317 52,062 52,319 Net sales 2026 2025 2024 SEK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Energy 6,708 6,180 4,971 5,837 5,026 4,601 4,786 5,186 Food & Pharma 6,255 5,943 5,295 7,085 6,483 6,162 5,905 7,114 Ocean 5,481 5,845 5,497 6,224 5,735 6,056 5,775 6,010 Other 152 148 155 – – – – – T otal 18,596 18,117 15,919 19,146 17,244 16,819 16,465 18,311 Adjusted EBIT A 2026 2025 2024 SEK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Energy 1,216 995 871 946 832 796 861 923 Food & Pharma 968 871 805 1,041 1,043 904 894 1,008 Ocean 1,169 1,455 1,207 1,378 1,349 1,448 1,259 1,104 Other 11 -250 5 -128 -43 -146 -99 -111 T otal 3,364 3,071 2,887 3,237 3,180 3,001 2,916 2,922 Adjusted EBIT A margin 2026 2025 2024 % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Energy 18.1% 16.1% 17.5% 16.2% 16.6% 17.3% 18.0% 17.8% Food & Pharma 15.5% 14.7% 15.2% 14.7% 16.1% 14.7% 15.1% 14.2% Ocean 21.3% 24.9% 22.0% 22.1% 23.5% 23.9% 21.8% 18.4% T otal 18.1% 17.0% 18.1% 16.9% 18.4% 17.8% 17.7% 16.0% Energy 35 % 33 % 32 % 33 % 35 % 32 % 31 % 29 % 40 % 28 % 27 % 45 % Food & Pharma Ocean Last 12 months Last 12 months Last 12 months Sep 30, 2026 Note 2. Segment reporting 23Alfa Laval Q3 2026 23
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Reconciliation between Divisions and Group total Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 Divisions Adjusted EBIT A 3,364 3,180 9,322 9,097 12,334 12,560 Amortization -194 -169 -544 -405 -585 -723 Operating income 3,170 3,011 8,778 8,692 11,749 11,837 Financial net -120 -44 -449 -359 -551 -642 Result after financial items 3,050 2,967 8,329 8,333 11,198 11,195 Assets* T otal for divisions 100,063 82,273 100,063 82,273 79,258 100,063 Corporate** 11,369 17,741 11,369 17,741 18,903 11,369 Group total 111,433 100,014 111,433 100,014 98,161 111,433 Liabilities* T otal for divisions 40,626 26,714 40,626 26,714 25,150 40,626 Corporate** 20,788 30,667 20,788 30,667 29,258 20,788 Group total 61,414 57,381 61,414 57,381 54,408 61,414 * At the end of the period. ** Corporate refers to items in the consolidated balance sheet that are interest bearing or related to taxes. 24Alfa Laval Q3 2026
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Note 3. Order intake Large orders by business unit (orders exceeding EUR 5 million) Q3 SEK million 2026 2025 Cryogenic T echnologies – 232 Gasketed Plate Heat Exchangers 283 141 Welded & Circular T echnologies 538 279 Energy 821 652 Hygienic Fluid Handling 404 – Process Engineering Solutions 1,199 94 Separation T echnologies 94 127 Water, Industrial Flow & Heat Transfer – 62 Food & Pharma 1,697 282 Marine Solutions 191 57 Ocean Growth & Partnerships 203 211 Pumping Systems 669 367 Ocean 1,063 636 T otal 3,580 1,571 Order intake for the 10 largest markets 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Last 12 months Jan–Dec 2025 SEK billion China United States Nordic South East Asia Adriatic India Japan Mid Europe Korea, South France 25Alfa Laval Q3 2026
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Northern Europe The order intake in the region increased double-digit compared to the same quarter last year. Energy grew driven by HVAC & Ref and Conventional Power. Food & Pharma grew in Oils & Fats and Dairy. Ocean grew in Offshore and Shipbuilding & Shipping. Service grew in Energy and Food & Pharma, while flat in Ocean. Central and Eastern Europe The order intake in the region increased double-digit compared to the same quarter last year. Energy grew driven by Light industry & Tech and HVAC & Ref. Food & Pharma declined in Dairy and Protein. Ocean grew driven by Engine Power. Service reported growth in Food & Pharma, while flat in Energy and Ocean. Southern Europe The order intake in the region increased double-digit compared to the same quarter last year. Energy declined in Clean Fuels, Power & Chemicals and Process Industry. Food & Pharma grew, driven by Biofuels. Ocean declined in Offshore. Service grew in Energy and Food & Pharma. North America The order intake in the region increased double-digit compared to the same quarter last year. Energy grew, driven by Light industry & Tech and Refinery. Food & Pharma grew, driven by Prep. Food & Beverage and Pharma & Biotech. Ocean declined in Offshore. Service grew in all three divisions. Latin America The order intake in the region increased double-digit compared to the same quarter last year. Energy grew driven by Light industry & Tech and Refinery. Food & Pharma grew in Dairy and Oils & Fats. Ocean declined in Industrial boilers and Shipbuilding & Shipping. Service reported growth in Energy. Northeast Asia The order intake in the region increased double-digit compared to the same quarter last year. Energy grew in Light industry & Tech and HVAC & Ref. Food & Pharma grew in Prep. Food & Beverages and Dairy. Ocean grew in Shipbuilding & Shipping and Offshore. Service grew in Energy and Food & Pharma, while flat in Ocean. Southeast Asia and Oceania The order intake in the region was flat compared to the same quar- ter last year. Energy grew driven by Light industry & Tech. Food & Pharma declined in Dairy and Prep. Food & Beverage. Ocean declined in Offshore and Ship Building & Shipping. Service grew in Food & Pharma. India, Middle East and Africa The order intake in the region declined compared to the same quar- ter last year. Energy declined in Process Industry. Food & Pharma grew in Brewery and Pharma & Biotech. Ocean declined in Off - shore. Service grew in Food & Pharma, while flat in Energy. Share of total, YTD, % YTD 2026 vs 2025, %* 7 50 6 -4 13 7 24 37 5 30 13 8 22 42 10 10 Order intake by region 26Alfa Laval Q3 2026
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Note 4. Net sales by geographical area Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 T o customers in: Sweden 326 352 1,024 970 1,447 1,500 Other EU 3,645 4,015 10,621 11,144 15,387 14,864 Other Europe 1,222 1,168 3,529 3,397 4,812 4,944 United states 3,557 2,808 9,080 8,374 11,321 12,026 Other North America 329 325 1,006 1,186 1,548 1,368 Latin America 1,006 959 2,985 2,920 3,971 4,036 Africa 355 305 1,101 911 1,306 1,497 China 4,030 3,436 11,551 9,498 13,231 15,284 South Korea 794 1,060 2,514 3,656 4,702 3,559 Other Asia 3,116 2,612 8,593 7,887 11,185 11,891 Oceania 216 204 628 585 765 808 T otal 18,596 17,244 52,632 50,528 69,674 71,778 Net sales are reported by country on the basis of invoicing address, which is normally the same as the delivery address. Note 5. Net sales by product* Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 Separation 2,959 2,916 8,470 8,497 12,028 12,001 Heat transfer 8,613 7,161 23,126 20,759 28,767 31,134 Fluid handling 4,878 4,627 14,786 13,637 18,529 19,678 Other 2,147 2,539 6,250 7,635 10,350 8,965 T otal 18,596 17,244 52,632 50,528 69,674 71,778 * The split of own products and services within separation, heat transfer and fluid handling is a reflection of Alfa Laval’s three main technologies. Other consists of own products and services outside of these three areas. This category also includes purchased products that complement Alfa Laval’s product range. Services are split to all categories and cover all sorts of service and service agreements excluding spare parts. Information about major customers Alfa Laval does not have any customer that accounts for 10 percent or more of net sales. Note 6. Financial net Q3 Jan-Sep Jan-Dec 2025 Last 12 monthsSEK million 2026 2025 2026 2025 Net of interests -141 -134 -425 -274 -404 -555 - of which interest expense on financing loans -124 -118 -338 -229 -337 -446 Dividends and other financial income and cost -15 1 -13 12 22 -3 Net of exchange rate differences 36 89 -12 -97 -169 -85 Financial net -120 -44 -449 -359 -551 -642 Note 7 . Financial instruments Financial assets and liabilities at fair value Valuation hierarchy level* Sep 30 Dec 31 2025SEK million 2026 2025 Financial assets Shares in other companies 1 and 2 53 21 12 Bonds and other securities 1 159 206 206 Derivative assets 2 804 810 717 Financial liabilities Derivative liabilities 2 527 320 193 * Valuation hierarchy level 1 is according to quoted prices in active markets for identical assets and liabilities. Valuation hierarchy level 2 is out of directly or indirectly observable market data outside level 1. Valuation hierarchy level 3 is out of unobservable market data. 27Alfa Laval Q3 2026
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Note 8. Net debt Borrowings and net debt Sep 30 Dec 31 2025SEK million 2026 2025 Credit institutions 250 66 38 Swedish Export Credit 2,266 2,206 2,160 T erm loans 3,988 4,418 4,324 Commercial papers 1,199 – – Corporate bonds 9,768 11,903 10,695 T otal liabilities to credit institutions 17,471 18,593 17,216 Cash and current deposits -7,211 -6,616 -7,832 Net debt excluding lease liabilities* 10,260 11,977 9,384 Lease liabilities 3,553 3,544 3,795 Net debt including lease liabilities* 13,813 15,521 13,179 * Alternative performance measure. Borrowings specification Million Currency Available amount Utilized amount Falls due Revolving credit facility* EUR 700 0 2028 Swedish Export Credit EUR 100 100 2027 Swedish Export Credit EUR 100 100 2028 Commercial papers SEK 4,000 1,200 2026 Corporate bond SEK 1,000 1,000 2028 Corporate bond SEK 500 500 2029 Corporate bond SEK 500 500 2029 Corporate bond EUR 300 300 2029 Corporate bond SEK 600 600 2030 Corporate bond SEK 400 400 2030 Corporate bond EUR 300 300 2031 T erm loan EUR 176 176 2027 T erm loan EUR 176 176 2027 *The revolving credit facility can be increased with EUR 200 million. During the third quarter, the most significant event were Alfa Laval’s repayment of SEK 2,150 million in commercial papers and the issu - ance of SEK 2,000 million under the EMTN program, with SEK 1,000 million maturing in 2028, and SEK 1,000 million maturing in 2029. 28Alfa Laval Q3 2026
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Note 9. Acquisitions Jan–Sep SEK million 2026 2025 Intangible assets 265 3,415 Property, plant and equipment and right-of-use assets 96 364 Other non-current assets 2 29 Inventories 60 357 Accounts receivable 185 262 Other receivables 3 369 Cash and cash equivalents 12 343 Provisions -11 -16 Deferred tax -39 -863 Liabilities to credit institutions -7 -3 Lease liability – -47 Advance payments – -317 Accounts payable -33 -275 Other liabilities -59 -284 Acquired net assets 474 3,334 Equity attributable to non-controlling interests* 70 – Goodwill 250 6,456 Purchase price -659 -9,791 Retained part of purchase price 98 133 Cash in acquired businesses 12 343 T otal effect on cash flow -549 -9,314 The acquisition analyses for acquisitions made during the last 12 months are preliminary and will be concluded within one year of the acquisition date. * Equity attributable to non-controlling interests is valued according to the proportion of the acquired net assets. On January 14, 2026, Alfa Laval acquired 72 percent of a heat exchanger manufacturing company in China. The purchase price amounted to SEK 619 million, out of which SEK 527 million was paid in cash and SEK 92 million retained until further conditions related to investments in non-current assets are met. Transaction costs amounted to SEK 17 million and are included in administration costs. The company employs 313 people and has an annual net sales of appr. SEK 400 million. The company will operate under its own name as an independent channel and has a minor impact on the group. The acquisition is included in the Energy Division. On July 31, 2026, acquired 100 percent of a Service company in Canada. The purchase price amounted to SEK 40 million, out of which SEK 34 million was paid in cash and SEK 6 million retained. Transaction costs amounted to SEK 2 million and are included in administration costs. The company employs 15 people and has an annual net sales of appr. SEK 33 million. The company has a minor impact on the group and is included in the Energy Division. The step-up values for intangible assets are amortized over 10-15 years. Goodwill is primarily relating to synergy effects expected after the acquisition. Fair values are preliminary and may be subject to change. In Q1 2026, Alfa Laval made an additional investment of SEK 50 million in Industrikraft i Sverige AB. As Alfa Laval’s ownership remains minor, and without significant influence, the company is not consoli - dated. The investment is reported under Other non-current assets. In October, Alfa Laval acquired 74% of the Chinese heat exchanger manufacturer Hangzhou Shenshi Energy Conservative Technology Co. The initial purchase price excl. contingent consideration amounted to SEK 1,717 million. The company has an annual net sales of appr. SEK 700 million and 650 employees. The acquisition will be consolidated from the fourth quarter and included in the Energy division. 29Alfa Laval Q3 2026
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Alfa Laval AB (publ) Box 73 SE-221 00 Lund Sweden Corporate registration number: 556587-8054 Visiting address: Rudeboksvägen 1 Tel: + 46 46 36 65 00 Website: www.alfalaval.com For more information, please contact: Johan Lundin, Head of Investor Relations Phone: +46 46 36 65 10, Mobile: +46 730 46 30 90, E-mail: johan.lundin@alfalaval.com Date for the next financial reports Alfa Laval will publish financial reports at the following dates: Interim report for the fourth quarter: February 3, 2027 Interim report for the first quarter: April 21, 2027 Interim report for the second quarter: July 20, 2027 This information is information that Alfa Laval AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at CET 07.30 on October 27, 2026. Review report Alfa Laval AB, corporate identity number 556587-8054 Introduction We have reviewed the condensed interim report for Alfa Laval AB (publ) as at September 30, 2026 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Interna - tional Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Lund, October 27 , 2026 Ernst & Young AB Andreas Troberg Hanna Fehland Authorized Public Accountant Authorized Public Accountant