Interim report
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1 SKF Q3 2026 REPORT PUBLISHED 21 OCTOBER 2026 • Net sales MSEK 17,467 (16,562) • Organic growth of 4.3% (3.7%). Driven by both positive demand as well as solid price/mix contribution. • Adjusted operating profit MSEK 2,845 (2,553). Driven by strong commercial execution, especially within Specialized Industrial Solutions (SIS) . • Adjusted operating margin 16.3% (15.4%). • Operating profit MSEK 2,778 (2,166). This included items affecting comparability of MSEK –67 (−387). • Operating margin 15.9% (13.1%). • Net cash flow from operating activities MSEK 2,076 (1,780). Mainly driven by improved operating result, partly offset by working capital build-up. • Basic earnings per share SEK 3.74 (2.67) and Adjusted earnings per share SEK 3.88 (3.52). Improved margin and selectively higher demand Q3 2026 Long-term targets, SKF Group’s continuing operations3) Organic growth4) 4 % Adjusted operating margin >17 % mid-term >19 % long-term Net debt/ Adjusted EBITDA <2.0x Adjusted ROCE 20 % Cash conversion 60% Decarbonized operations5) (scope 1 and 2) –95 % Financial overview MSEK unless otherwise stated Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Net sales 17,467 16,562 51,215 51,491 Organic growth, % 4.3 3.7 3.5 1.2 Adjusted operating profit 2,845 2,553 8,383 8,137 Adjusted operating margin, % 16.3 15.4 16.4 15.8 Operating profit 2,778 2,166 8,108 6,357 Operating margin, % 15.9 13.1 15.8 12.3 Adjusted net profit 1,844 1,674 5,806 5,707 Adjusted earnings per share, SEK 3.88 3.52 12.28 11.90 Net profit 1,777 1,287 5,531 3,927 Basic earnings per share, SEK 3.74 2.67 11.68 8.00 Net debt/Adjusted EBITDA, times 1.1 0.91) 1.1 0.91) Adjusted ROCE, % 15.32) 14.01) 15.32) 14.01) Net cash flow from operating activities 2,076 1,780 4,513 5,336 Net profit, SKF Group including discontinued operations 1,428 1,127 4,495 3,658 Basic earnings per share, SEK, SKF Group including discontinued operations 2.91 2.30 9.26 7.38 1) SKF Group including discontinued operations. 2) Based on the balance sheet by the end of the period and not 12 months’ rolling average. 3) Targets effective upon separation of the Automotive business (SKF Vertevo). Long-term financial targets to be achieved over a business cycle. In addition to the presented targets, SKF has a dividend pay-out ratio target of around 50% of the Group’s average net profit calculated over a business cycle. 4) Defined as 1 p.p. above market over a business cycle. Consequently, the target of 4% is based on an assumption of market growth of 3%. 5) CO₂e emissions target 2030 (2030 vs 2019). Comments and figures in this report refer to SKF Group’s continuing operations unless otherwise stated. The Automotive segment is reported as discontinued operations and as assets/liabilities held for distribution. The income statement and cash flow statement have been updated for comparative periods, whilst the balance sheet has been updated per September only. Related key figures have been adjusted accordingly.
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We delivered 4.3% organic growth and increased adjusted operating margin by 0.9 percentage points to 16.3%, year-over-year, supported by strong commercial execution. We are also bringing forward our BSEK 2 annual savings target by six months, to mid-2027. Shareholder approval of the SKF Vertevo distribution at the EGM marked an important milestone. Growth in selected markets supports improved margin Ahead of the planned listing of SKF Vertevo on Nasdaq Stockholm on 1 December 2026, the Automotive business is reported as Discontinued operations from Q3. Looking at our Continuing operations, i.e. our industrial business, organic sales growth was 4.3%, driven by both volume and solid price/ mix. We saw higher demand in selected OEM markets, including drives connected to data centers, infrastructure, as well as security and defence. Bearing Solutions grew by 2.8%, with continued growth in India and Southeast Asia and further improvement in the OEM market in the Americas. Development was broadly unchanged in Europe, Middle East and Africa, as well as in China and Northeast Asia. Specialized Industrial Solutions (SIS) contin - ued its strong performance where organic sales increased by 8.3%, growing across all business units and particularly in Aerospace and Magnetic Solutions. It´s worth noting that in Magnetic Solutions, we continue to strengthen our position by expanding production capacity and increasing automation to capture structural growth. I’m pleased that the industrial business improved its adjusted operating margin, compared to the same quarter last year, to 16.3%, reflecting continued strong commercial execu- tion, particularly in SIS. Rightsizing savings of approximately MSEK 350, corresponding to an annual pace of about BSEK 1.7, more than offset negative separation-related synergies. The CEO Statement rightsizing program is progressing well, and we now expect to reach the targeted annual run-rate savings of approximately BSEK 2 by mid-2027 compared to end-2027 as previously communicated. We continue to actively work with our cost and commercial execution to mitigate continued cost inflation in input costs and logistics. Tariff-related costs were again largely compensated. Investments in our transformation initiatives to harmonize and modernize our IT landscape proceeded as planned. Support production to the automotive business in Q3 was non-material. Currency effects provided a minor tailwind in Q3. Cash flow from operations increased year-over-year to BSEK 2.1, supported by the improved operating result and partly offset by an increase in inventory for components and materials, primarily within SIS to support continued growth. “ Shareholder approval marks a milestone in the automotive separation Preparing for two focused companies The approval by our shareholders of the distribution of the shares in SKF Vertevo marked an important milestone ahead of the planned listing on 1 December 2026. Another milestone will be SKF Vertevo’s Capital Markets Day (CMD) on 17 November. In Q3, they delivered a solid performance with an improved adjusted operating margin of 4.6% despite challenging market conditions where organic sales declined by –4.0%. As the separation progresses, we have updated the classifi - cation of some items affecting comparability (IAC) between separation and footprint optimization activities. The total expected level of IAC remains unchanged from our CMD 2025 communication, and this has no impact on our path towards achieving our long-term industrial business margin target. Additional production lines transferred to the Automotive business will decrease the need for industrial footprint optimi - zation with BSEK 0.5, while IAC related to the separation will increase by the same amount, totaling approximately BSEK 3. Out of SKF Vertevo’s total production, a few production lines remain to be transferred into SKF Vertevo plants during 2027. This means that contract manufacturing to SKF Vertevo will start to decrease from Q2 2027. Thereafter, it is expected to decrease significantly over the medium term. Outlook We expect organic sales for SKF Group’s continuing operations to strengthen somewhat in Q4, year-over-year. This as we see a similar market environment as we had in Q3. However, market volatility remains high which amplifies overall uncertainty. Rickard Gustafson President and CEO 2 SKF Q3 2026 REPORT
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Operating profit Operating profit was MSEK 2,778 (2,166). Operating profit included items affecting comparability of MSEK –67 (–387), whereof MSEK 118 related to profit from sale of investment in associated companies, MSEK –86 (–106) related to the separa - tion of the Automotive business and MSEK –68 related to optimization of footprint. It also included other items affecting comparability of MSEK –31. Last year included impairments of fixed assets of MSEK –230 and other restructuring and cost reduction activities of MSEK –51. The adjusted operating profit was MSEK 2,845 (2,553) and was positively impacted by price/mix as well as increased volumes relating to selectively higher OEM demand. The support production in Bearing Solutions related to the Automotive separation was non-material. The cost increase was partly driven by inflationary effects on input costs, logistics and wages as well as from a different material mix. Transformation initiatives impacted negatively, while savings from rightsizing activities of approximately MSEK 350 more than offset separation-related negative synergies. Tariff costs were largely compensated for through pricing actions. Currency impacted positively. SKF Group’s continuing operations Discontinued operations and assets/liabilities held for distribution On 1 October 2026, the Extraordinary General Meeting resolved to distribute all shares in SKF Vertevo (the Automotive segment) to AB SKF shareholders and on 1 December 2026, the company is expected to be listed on Nasdaq Stockholm, see pages 8 and 18. The results for the Automotive segment is therefore reported as discontinued operations under ‘Net profit, discontinued operations’ in the income statement, see Note 5. Net sales Net sales amounted to MSEK 17,467 (16,562) and increased by 5.5% compared to last year, whereof currency effects accounted for 1.7%. Organic sales were positive at 4.3% (3.7%), where Bearing Solutions grew by 2.8% and Specialized Industrial Solutions grew by 8.3%. By geographic region, India and Southeast Asia grew by 11.9%, the Americas grew by 9.9%, while China and Northeast Asia and Europe, Middle East and Africa grew by 0.5% respectively. Impact from divested and acquired businesses was –0.5% on growth, mainly related to the divestment of the Aerospace business in Elgin, USA during the first quarter this year. MSEK % Adjusted operating profit, MSEK Adjusted operating margin 12 months rolling, % 0 1,000 2,000 3,000 4,000 Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25 0 4 8 12 16 Adjusted operating profit and Adjusted operating margin 0 4,000 8,000 12,000 16,000 20,000 Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25 -10 -5 0 5 10 15 MSEK Net sales, MSEK % Organic growth, % Net sales and Organic growth Sales and Adjusted operating profit bridge 1) MSEK Q3 2025 Organic 2) Cost development Currency impact Structure 3) Q3 2026 Net sales 16,562 704 283 −82 17,467 Growth, % 4.3 1.7 −0.5 5.5 Adjusted operating profit 2,553 659 −452 98 −13 2,845 Adjusted operating margin, % 15.4 16.3 Accretion/dilution, pp 3.3 −2.7 0.3 0.0 1) Numbers are rounded. 2) Including production volumes. 3) Including acquisitions and divestments of businesses. Organic sales by region In local currencies, change year-over-year, % Q3 2026 Europe, Middle East and Africa 0.5 The Americas 9.9 China and Northeast Asia 0.5 India and Southeast Asia 11.9 3 SKF Q3 2026 REPORT
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SKF Group’s continuing operations cont. Financial net and tax Financial income and expenses, net was MSEK –194 (–318). Exchange rate fluctuations had a positive impact in the third quarter 2026, while they were negative in the third quarter 2025. Taxes were MSEK –807 (–561) resulting in an effective tax rate of 31.2% (30.3%). Net profit for the period Net profit for the quarter amounted to MSEK 1,777 (1,287), corresponding to SEK 3.74 (2.67) in basic earnings per share. Adjusted earnings per share amounted to SEK 3.88 (3.52). Cash flow Net cash flow from operating activities in the third quarter amounted to MSEK 2,076 (1,780). This was mainly driven by higher operating profit, partly offset by an increase in inventory for components and materials, primarily within Specialized Industrial Solutions to support continued growth. Cash flow impact from items affecting comparability during the third quarter is estimated to be approximately MSEK –500. Net capital expenditure amounted to MSEK –529 (–462). Financial position Net working capital in percentage of annual sales was 38.0% in September 2026 for SKF Group’s continuing operations, compared to 32.0% in September 2025 for the SKF Group including discontinued operations. The increase was primarily driven by currency effects and higher levels of inventory, mainly related to material and components for Specialized Industrial Solutions. As of 30 September 2026, SKF had a net debt of MSEK 14,136 compared to MSEK 12,052 as of 1 January 2026. The increase in net debt was mainly related to cash outflow from dividend paid, partly offset by cash inflow from operations, sale of businesses as well as currency effects and the current net debt for discon - tinued operations. Provisions for post-employment benefits, net decreased by MSEK –231 (–466) in the third quarter. Key figures 30 Sep 2026 30 June 20261) 30 Sep 20251) Net working capital 12 months’ rolling sales, % 38.0 36.4 32.0 Adjusted ROCE, % 15.32) 14.5 14.0 Net debt, MSEK 14,136 13,629 14,515 Net debt/equity, % 22.4 22.8 25.9 Net debt/equity, excluding post-employment benefits, % 13.2 12.3 13.3 Net debt/EBITDA, times 1.1 1.1 1.1 Net debt/Adjusted EBITDA, times 1.1 0.9 0.9 1) SKF Group including discontinued operations. 2) Based on assets and liabilities by the end of the period and not 12 months’ rolling average. Operating cash flow MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 EBITDA 3,599 3,211 10,575 9,338 Taxes paid −515 −697 −1,432 −1,740 Non-cash items and other −421 −413 −1,400 −409 Changes in net working capital −587 −321 −3,230 −1,853 Net cash flow from operating activities 2,076 1,780 4,513 5,336 Payments for property, plant and equipment −529 −462 −1,786 −1,961 Other investing activities, net −1 −13 803 2,301 Operating cash flow after investments 1,546 1,305 3,530 5,676 4 SKF Q3 2026 REPORT
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Markets The comments and figures on the following pages refer to SKF Group’s continuing operations, including the segments Bearing Solutions and Specialized Industrial Solutions. The Automotive segment is reported as discontinued operations, see Note 5. From a customer industry perspective, industrial distribution continued to grow and contributed positively within after - market and service. Demand in selected OEM markets improved. Industrial mobility and defence performed strongly, supported by growth in both aerospace and defence. Also, high-speed machinery and electrical, driven by drives and heating and cooling mainly for data centers, delivered solid organic growth in several regions. Infrastructure related industries also showed growth. Overall, sales within sustainable food supply increased in several regions. Organic sales by customer industry 1) Share of net sales by industry,% Europe, Middle East and Africa The Americas China and Northeast Asia India and Southeast Asia Share of net sales by region, % 41 29 20 10 Aftermarket and service 53 - ++ ++ +++ Industrial mobility and defence 14 ++ +++ +++ -- High-speed machinery and electrical 8 +++ +++ ++ + Heavy industries 3 -- +/- --- +++ Sustainable food supply 4 -- +++ +++ + Advanced technology 1 --- +++ +++ --- Other Industrial 17 +/- +++ --- +++ Total +/- +++ +/- +++ 1) For the quarter, in local currencies, changes year-over-year. 5 SKF Q3 2026 REPORT
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0 2,500 5,000 7,500 10,000 12,500 15,000 Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25 MSEK % Net sales, MSEK Adjusted operating margin, % Adjusted operating margin 12 months rolling, % 0 5 10 15 20 25 30 Bearing Solutions Net sales Bearing Solutions reported net sales of MSEK 12,846 (12,227). Organic growth was 2.8%, driven by higher demand and positive contribution from price/mix. Currency effects impacted net sales positively by 2.2%. From a geographical region perspective, India and Southeast Asia and the Americas contributed with positive organic growth compared to last year, while organic sales in Europe, Middle East and Africa as well as in China and Northeast Asia were relatively unchanged. Adjusted operating profit The adjusted operating profit for the third quarter was MSEK 2,418 (2,290), with a corresponding adjusted operating margin of 18.8% (18.7%). Higher volumes and price/mix con - tributed positively, while inflationary effects on input costs, logistics and wages, as well as transformation initiatives con - tributed to higher costs. Savings from rightsizing initiatives more than compensated for the negative synergies related to the separation. The support production in Bearing Solutions related to the Automotive separation was non-material. Furthermore, currency effects had a positive impact on the adjusted operating profit. Key financials MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Net sales 12,846 12,227 37,465 37,878 Organic growth, % 2.8 2.7 1.8 −0.5 Adjusted operating profit 2,418 2,290 7,155 7,359 Adjusted operating margin, % 18.8 18.7 19.1 19.4 Operating profit 2,409 2,010 6,669 5,727 Operating margin, % 18.8 16.4 17.8 15.1 Sales and Adjusted operating profit bridge 1) MSEK Q3 2025 Organic 2) Cost development Currency impact Structure 3) Q3 2026 Net sales 12,227 345 267 7 12,846 Growth, % 2.8 2.2 0.1 5.1 Adjusted operating profit 2,290 262 −207 69 4 2,418 Adjusted operating margin, % 18.7 18.8 Accretion/dilution, pp 1.6 –1.7 0.2 0.0 1) Numbers are rounded. 2) Including production volumes. 3) Including acquisitions and divestments of businesses. Related to the acquisition of G-tech Instruments, Taiwan during Q3. Organic sales by region In local currencies, change year-over-year, % Q3 2026 Europe, Middle East and Africa +/- The Americas ++ China and Northeast Asia +/- India and Southeast Asia +++ Net sales and Adjusted operating margin Share of SKF Group’s continuing operations net sales 74% 85% Share of SKF Group’s continuing operations adjusted operating profit74% 85% 6 SKF Q3 2026 REPORT
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Specialized Industrial Solutions Net sales Specialized Industrial Solutions reported net sales of MSEK 4,621 (4,335). Organic growth was 8.3%, mainly driven by price/mix but also higher volumes contributed. Currency effects impacted net sales positively by 0.4%. All business units, and in particular Aerospace and Magnetic Solutions contributed with positive organic growth compared to last year. Adjusted operating profit The adjusted operating profit for the third quarter was MSEK 649 (504), with a corresponding adjusted operating margin of 14.0% (11.6%). The margin increase was primarily driven by strong commercial execution. Selectively higher demand drove an increase in production volumes, and to some extent higher cost from a different material mix. Inflationary effects on input costs, logistics and wages also contributed to higher costs. Key financials MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Net sales 4,621 4,335 13,747 13,613 Organic growth, % 8.3 6.8 8.4 6.5 Adjusted operating profit 649 504 1,955 1,543 Adjusted operating margin, % 14.0 11.6 14.2 11.3 Operating profit 614 422 2,326 1,962 Operating margin, % 13.3 9.7 16.9 14.4 Sales and Adjusted operating profit bridge 1) MSEK Q3 2025 Organic 2) Cost development Currency impact Structure 3) Q3 2026 Net sales 4,335 358 18 −90 4,621 Growth, % 8.3 0.4 −2.1 6.6 Adjusted operating profit 504 397 −264 29 −17 649 Adjusted operating margin, % 11.6 14.0 Accretion/dilution, pp 8.2 –6.1 0.6 −0.1 1) Numbers are rounded. 2) Including production volumes. 3) Including acquisitions and divestments of businesses. Related to the divestment of the Aerospace business in Elgin, USA during Q1 this year. Organic sales by business unit In local currencies, change year-over-year, % Q3 2026 Aerospace +++ Magnetic Solutions +++ Lubrication Lifetime Solutions ++ Sealing Solutions ++ Net sales and Adjusted operating margin 0 1,000 2,000 3,000 4,000 5,000 Q3 26Q2 26Q1 26Q4 25Q3 25Q2 25Q1 25 MSEK Net sales, MSEK Adjusted operating margin, % 0 4 8 12 16 % Adjusted operating margin 12 months rolling, % Share of SKF Group’s continuing operations net sales 26% 23% Share of SKF Group’s continuing operations adjusted operating profit26% 23% 7 SKF Q3 2026 REPORT
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Nine-month 2026 Operating profit for the first nine months was MSEK 8,108 (6,357). Operating profit included items affecting comparability of MSEK –275 (–1,780), whereof MSEK –271 (–198) related to the separation of the Automotive business, MSEK –276 related to optimization of footprint and MSEK –230 (–566) related to other items affecting comparability. In addition, it also included MSEK 118 related to profit from sale of investment in associated companies and MSEK 384 related to the sale of the Aerospace business in Elgin, USA during the first quarter. Last year also included the full cost for the rightsizing of the Industrial business of MSEK –2,006, MSEK 766 in profit related to the sale of the Aerospace business in Hanover, USA, and MSEK 224 related to profit from sale of the manufacturing site in Luton, UK. The adjusted operating profit for the first nine months was MSEK 8,383 (8,137). The adjusted operating profit was positively impacted by strong price/mix contribution and higher volumes. Some support production related to the Automotive separation also contributed positively. Cost development was negative compared to last year, partly due to inflationary effects on input costs, logistics and wages as well as cost for transformation initiatives and tariffs. Savings from rightsizing activities of approximately BSEK 1, year-over-year, more than offset separation-related negative synergies. Tariff-related costs were largely compensated for through pricing actions. Adjusted operating profit was negatively impacted by significant currency headwind. Financial income and expenses, net was MSEK –622 (–1,012). Exchange rate fluctuations and interest expenses had a more negative impact in 2025 compared to 2026. Taxes in the first nine months were MSEK –1,955 (–1,418), resulting in an effective tax rate of 26.1% (26.5%). Net cash flow from operating activities during the first nine months was MSEK 4,513 (5,336). This decrease was mainly driven by working capital build-up. Cash flow impact from items affecting comparability during the first nine months is estimated to be approximately MSEK –1,500. Sales and Adjusted operating profit bridge 1) MSEK YTD 2025 Organic 2) Cost development Currency impact Structure 3) YTD 2026 Net sales 51,491 1,818 −1,601 −493 51,215 Growth, % 3.5 −3.1 −0.9 −0.5 Adjusted operating profit 8,137 1,704 −826 −599 −33 8,383 Adjusted operating margin, % 15.8 16.4 Accretion/dilution, pp 2.8 −1.6 −0.7 0.1 1) Numbers are rounded. 2) Including production volumes. 3) Including acquisitions and divestments of businesses. Other Group information The statements below refer to SKF Group’s continuing operations unless otherwise stated. Significant events during the quarter 2 July 2026 – Precision components in humanoids SKF and Leaderdrive, a global manufacturer specializing in precision robotic components, have signed an agreement to establish a venture in China focused on high-precision transmission components for robot joints. 7 September 2026 – Next step in the listing of SKF Vertevo The Board of Directors of AB SKF decided to propose the distribution and listing of SKFs Automotive business, SKF Vertevo, and convened an Extraordinary General Meeting that was held on 1 October 2026. An information brochure was published and is available on skf.com. Significant events after the quarter 1 October 2026 – Extraordinary General Meeting AB SKF’s Extraordinary General Meeting resolved to distribute all shares in SKF Vertevo to SKF shareholders. SKF Vertevo is planned to be listed on Nasdaq Stockholm and the first day of trade in SKF Vertevo shares is expected to be 1 December 2026. 1 October 2026 – Invitation to SKF Vertevo’s Capital Markets Day SKF Vertevo will host its Capital Markets Day in Stockholm on 17 November 2026. More information on www.skf.com/group/investors 8 SKF Q3 2026 REPORT
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SKF has a longstanding track record on understanding and reducing its environmental and climate impact and started already in 2000 to set targets and report on carbon dioxide emissions. In 2020, the target of decarbonizing own operations by 2030 was launched and in 2021 SKF’s target of net-zero greenhouse gas emissions for the full value chain by 2050 was set. Both targets have been approved by the Science Based Targets Initiative. The four strategic levers to decarbonize manufacturing operations by 2030 are energy and operational efficiency improvements, as well as switching to renewable energy sources and electrification of fossil fuel applications. This covers both scope 1 direct emissions as well as scope 2 indirect emissions. During the last reported quarter (Q2), total Scope 1 and 2 emissions were further reduced, well ahead of the target trajectory. Scope 1 emissions continue to decline, and the increased use of renewable electricity is contributing to further reductions in Scope 2. In 2026, the main increases in renewable electricity sourcing are coming from China. The impact on emissions from energy consumption related to production variations was limited, with the main develop - ments driven by increased sourcing of renewable electricity. Decarbonized operations (scope 1 and 2) CO 2 e target, 2030 vs 2019 –95% Thousand tonnes CO 2 e Equivalent energy GWh 0 100 200 300 400 500 2030202920282027Q2 262025202420232022202120202019 0 500 1,000 1,500 2,000 Actual full year, thousand tonnes CO 2 e Total energy consumption, GWh SBTi trajectory, thousand tonnes CO 2 e Actual YTD 12 months, thousand tonnes CO 2 e Sustainability is an integral part of SKF’s strategy and is a priority for long-term profitable growth. Around 20% of all energy produced globally is used to overcome friction. By creating more efficient and durable solutions for industries, significantly cutting emissions by 2030 and achieving net-zero greenhouse gas emissions in the supply chain by 2050, SKF is pioneering sustainability in its sphere. Further reporting of all material sustainability topics are found in the Annual Report, including for example accident rates, disclosures for own workforce and workers in the value chain. More information on www.skf.com/sustainability Decarbonized operations 2030 The comments and figures below are presented for the end of the previous quarter, 12 months’ rolling and refer to the SKF Group including discontinued operations. Outlook and guidance The statements below refer to SKF Group’s continuing operations unless otherwise stated. Outlook Q4 2026 • We expect organic sales for SKF Group’s continuing operations to strengthen somewhat in Q4, year-over-year. This as we see a similar market environment as we had in Q3. However, market volatility remains high which amplifies overall uncertainty. Guidance Q4 2026 • Currency impact on the operating profit: around MSEK 150, year-over-year, based on exchange rates as per 30 September 2026. Guidance FY 2026 • Tax level excluding effects related to divested businesses and separation of the Automotive business: around 27%. • Additions to property, plant and equipment: around BSEK 2.5. Compared to previous guidance, this corresponds to a decrease of around BSEK 0.5 as result of optimization of SKF Group’s continuing operations’ planned investments. • IAC related to the Automotive separation and footprint optimization for SKF Group including discontinued operations: BSEK –2.5 to –3. This is within the frame communicated at CMD 2025. 1) Previous outlook and guidance statement1) Outlook Q3 2026 • Given signs of improved market demand in certain industries in Q2, we expect organic sales to strengthen somewhat, year-over-year. However, geopolitical turmoil, including the conflict in the Middle East, amplifies overall unpredictability. Guidance Q3 2026 • Currency impact on the operating profit: around MSEK 100, year-over-year, based on exchange rates as per 30 June 2026. Guidance FY 2026 • Tax level excluding effects related to divested businesses and separation of the Automotive business: around 29%. • Additions to property, plant and equipment: around BSEK 4. • IAC related to the Automotive separation and footprint optimization: BSEK –2.5 to –3. This is within the frame communicated at CMD 2025. 1) SKF Group including discontinued operations. 9 SKF Q3 2026 REPORT
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MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Net sales 17,467 16,562 51,215 51,491 Cost of goods sold −11,471 −11,128 −33,461 −34,992 Gross profit 5,996 5,434 17,754 16,499 Research and development expenses −623 −768 −1,961 −2,412 Selling and administrative expenses −2,713 −2,431 −8,036 −8,472 Other operating income/expenses, net 118 −69 351 742 Operating profit 2,778 2,166 8,108 6,357 Financial net −194 −318 −622 −1,012 Profit before taxes 2,584 1,848 7,486 5,345 Income taxes −807 −561 −1,955 −1,418 Net profit, SKF Group’s continuing operations 1,777 1,287 5,531 3,927 Net profit, SKF Group’s discontinued operations (see Note 5) −349 −160 −1,036 −269 Net profit, total SKF Group 1,428 1,127 4,495 3,658 Net profit attributable to: Shareholders of AB SKF 1,326 1,047 4,215 3,359 Non-controlling interests 102 80 280 299 Basic earnings per share (SEK)1), SKF Group’s continuing operations 3.74 2.67 11.68 8.00 Basic earnings per share (SEK)1), SKF Group incl. discontinued operations 2.91 2.30 9.26 7.38 1) Shares from the Performance Share Programme are not considered dilutive, therefore, diluted earnings per share is equal to basic earnings per share. MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Net profit 1,428 1,127 4,495 3,658 Items that will not be reclassified to the income statement: Remeasurements (actuarial gains and losses) 173 209 331 196 Assets at fair value through other comprehensive income 0 — 0 −309 Income taxes −53 −76 −116 −79 120 133 215 −192 Items that may be reclassified to the income statement: Exchange differences arising on translation of foreign operations 1,830 −629 4,653 −6,045 1,830 −629 4,653 −6,045 Other comprehensive income, net of tax 1,950 −496 4,868 −6,237 Total comprehensive income 3,378 631 9,363 −2,579 Shareholders of AB SKF 3,165 626 8,972 −2,502 Non-controlling interests 213 5 391 −77 Condensed consolidated income statements Financial statements Condensed consolidated statements of comprehensive income 10 SKF Q3 2026 REPORT
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MSEK September 2026 December 2025 September 2025 Goodwill 11,412 10,925 11,235 Other intangible assets 3,354 3,487 3,698 Property, plant and equipment 22,794 27,785 27,828 Right-of-use asset leases 2,466 2,900 3,012 Deferred tax assets 3,636 4,095 4,093 Other non-current assets 2,746 2,693 2,322 Non-current assets 46,408 51,885 52,188 Inventories 20,644 23,677 24,371 Trade receivables 13,013 15,408 16,410 Other current assets 4,609 5,780 5,729 Other current financial assets 11,992 9,466 8,028 Current assets 50,258 54,331 54,538 Assets classified as held for sale — 206 225 Discontinued operations, assets held for distribution (see Note 5) 26,234 — — Total assets 122,900 106,422 106,951 Equity attributable to shareholders of AB SKF 60,797 53,558 53,808 Equity attributable to non-controlling interests 2,444 2,110 2,193 Long-term financial liabilities 18,551 14,168 14,486 Provisions for post-employment benefits 6,496 7,004 7,608 Provisions for deferred taxes 2,284 1,955 1,801 Other long-term liabilities and provisions 1,341 1,870 1,816 Non-current liabilities 28,672 24,997 25,711 Trade payables 7,895 11,207 10,587 Short-term financial liabilities 1,952 1,172 1,141 Other short-term liabilities and provisions 12,883 13,362 13,492 Current liabilities 22,730 25,741 25,220 Liabilities classified as held for sale — 16 19 Discontinued operations, liabilites held for distribution (see Note 5) 8,257 — — Total equity and liabilities 122,900 106,422 106,951 MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Opening balance 1 July/1 January 59,871 55,386 55,670 61,969 Net profit 1,428 1,127 4,495 3,658 Hyperinflation adjustments 26 38 84 161 Components of other comprehensive income Currency translation adjustments 1,830 −629 4,653 −6,045 Change in FV OCI assets and cash flow hedges 0 — 0 −309 Remeasurements 173 209 331 196 Income taxes −53 −76 −116 −79 Transactions with shareholders Non-controlling interest 118 −28 118 4 Cost for Performance Share Programmes, net 12 11 −2 22 Dividends −164 −37 −1,992 −3,576 Closing balance 30 September 63,241 56,001 63,241 56,001 Condensed consolidated balance sheets Condensed consolidated statements of changes in shareholders’ equity 11 SKF Q3 2026 REPORT
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MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Operating activities: Operating profit 2,778 2,166 8,108 6,357 Non-cash items: Depreciation, amortization and impairment 821 1,045 2,467 2,981 Net loss/gain (—) on sales of PPE and businesses 29 16 −316 −1,015 Other non-cash items −643 −70 −657 1,601 Income taxes paid −515 −697 −1,432 −1,740 Interest received 165 146 180 225 Interest paid −177 −187 −286 −420 Other 205 −318 −321 −800 Changes in working capital: −587 −321 −3,230 −1,853 Inventories −357 −111 −1,523 −1,107 Accounts receivable 386 382 −699 −931 Accounts payable −595 −586 −777 −581 Other operating assets/liabilities −21 −6 −231 766 Net cash flow from operating activities, SKF Group’s continuing operations 2,076 1,780 4,513 5,336 Investing activities: Payments for property, plant and equipment −529 −462 −1,786 −1,961 Payments for intangible assets and businesses −239 −2 −239 −4 Sales of property, plant and equipment 4 10 352 327 Sales of business net of cash and taxes 234 −21 690 1,978 Net cash flow used in investing activities, SKF Group’s continuing operations −530 −475 −983 340 Net cash flow after investments before financing, SKF Group’s continuing operations 1,546 1,305 3,530 5,676 MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Financing activities: Proceeds from short- and long-term loans 19 63 4,739 212 Repayments of short- and long-term loans −1 −3,579 −242 −3,676 Repayment leases −185 −220 −598 −662 Cash dividends −60 −38 −1,888 −3,576 Other financing items 20 −174 20 −174 Investments in financial assets −117 6 −190 −131 Sales of financial assets 158 9 306 27 Net cash flow used in financing activities, SKF Group’s continuing operations −166 −3,933 2,147 −7,980 Net cash flow, SKF Group’s continuing operations 1,380 −2,628 5,677 −2,304 Net cash flow, SKF Group’s discontinued operations (see Note 5) −515 −442 −1,572 −551 Net cash flow, SKF Group including discontinued operations 865 −3,070 4,105 −2,855 Change in cash and cash equivalents: Cash and cash equivalents at 1 July/1 January 12,461 10,790 8,984 11,031 Cash effect excl. acquired/sold businesses 839 −3,049 3,571 −5,043 Cash effect of acquired/sold businesses 23 −21 533 2,188 Exchange rate effect 183 −91 418 −547 Cash effect on discontinued operations −2,083 — −2,083 — Cash and cash equivalents at 30 September 11,423 7,629 11,423 7,629 SKF Group including discontinued operations Net cash flow from operating activities 2,065 1,840 3,674 5,634 Net cash flow from investing activities −899 −977 −1,581 −509 Net cash flow from financing activities −301 −3,933 2,012 −7,980 Net cash flow, SKF Group including discontinued operations 865 −3,070 4,105 −2,855 Change in Net debt Closing balance 30 September 2026 Dis- continued operations Other non-cash changes Acquired/ sold businesses Cash changes Exchange rate effect Opening balance 1 January 2026 Loans, long- and short-term 17,452 — 8 — 4,498 858 12,088 Post-employment benefits, net 5,800 −249 103 — −684 258 6,372 Lease liabilities 2,513 −445 494 — −631 200 2,895 Financial assets, other −206 26 −4 — 124 −32 −320 Cash and cash equivalents −11,423 2,083 0 −533 −3,571 −418 −8,984 Net debt 14,136 1,415 601 −533 −264 866 12,051 Condensed consolidated statements of cash flow 12 SKF Q3 2026 REPORT
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MSEK unless otherwise stated Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net sales 17,671 17,258 16,562 16,494 16,317 17,431 17,467 Cost of goods sold −11,627 −12,237 −11,128 −11,502 −10,717 −11,273 −11,471 Gross profit 6,044 5,021 5,434 4,992 5,600 6,158 5,996 Gross margin, % 34.2 29.1 32.8 30.3 34.3 35.3 34.3 Research and development expenses −793 −851 −768 −741 −642 −696 −623 Selling and administrative expenses −2,806 −3,235 −2,431 −2,366 −2,547 −2,776 −2,713 as % of sales 15.9 18.7 14.7 14.3 15.6 15.9 15.5 Other operating income/expenses, net 183 628 −69 45 310 −77 118 Operating profit 2,627 1,564 2,166 1,930 2,721 2,609 2,778 Operating margin, % 14.9 9.1 13.1 11.7 16.7 15.0 15.9 Adjusted operating profit 2,824 2,760 2,553 2,509 2,660 2,878 2,845 Adjusted operating margin, % 16.0 16.0 15.4 15.2 16.3 16.5 16.3 Financial net −279 −415 −318 −263 −241 −187 −194 Profit before taxes 2,348 1,149 1,848 1,667 2,480 2,422 2,584 Profit margin before taxes, % 13.3 6.7 11.2 10.1 15.2 13.9 14.8 Income taxes −586 −271 −561 −722 −615 −533 −807 Net profit 1,762 878 1,287 945 1,865 1,889 1,777 Net profit attributable to: Shareholders of AB SKF 1,614 813 1,213 957 1,786 1,829 1,702 Non-controlling interests 148 65 74 −12 79 60 75 Condensed consolidated financial information Share data Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Total number of shares: 455,351,068 455,351,068 455,351,068 455,351,068 whereof A shares 28,918,068 28,930,824 28,918,068 28,930,824 whereof B shares 426,433,000 426,420,244 426,433,000 426,420,244 Basic earnings per share (SEK)1) 3.74 2.67 11.68 8.00 Diluted earnings per share (SEK)2) 3.74 2.67 11.68 8.00 Basic earnings per share, SEK1), SKF Group incl. discontinued operations 2.91 2.30 9.26 7.38 Weighted average number of shares, basic 455,351,068 455,351,068 455,351,068 455,351,068 Weighted average number of shares, diluted 455,351,068 455,351,068 455,351,068 455,351,068 1) Basic earnings per share is calculated as net profit (excl. non-controlling interests) divided by the weighted average number of shares. 2) Shares from the Performance Share Programme are not considered dilutive, therefore, diluted earnings per share is equal to basic earnings per share. 13 SKF Q3 2026 REPORT
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Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net sales, MSEK 17,671 17,258 16,562 16,494 16,317 17,431 17,467 Organic growth, % −3.8 2.0 3.7 2.2 4.1 2.3 4.3 Adjusted EBITDA, MSEK 3,696 3,578 3,368 2,664 3,426 3,649 3,649 Adjusted EBITDA margin, % 20.9 20.7 20.3 16.2 21.0 20.9 20.9 Adjusted operating profit, MSEK 2,824 2,760 2,553 2,509 2,660 2,878 2,845 Adjusted operating margin, % 16.0 16.0 15.4 15.2 16.3 16.5 16.3 Items affecting comparability, MSEK −197 −1,196 −387 −579 61 −269 −67 Operating profit, MSEK 2,627 1,564 2,166 1,930 2,721 2,609 2,778 Operating margin, % 14.9 9.1 13.1 11.7 16.7 15.0 15.9 Adjusted earnings per share, SEK 3.98 4.41 3.52 3.37 3.79 4.61 3.88 Basic earnings per share, SEK 3.54 1.79 2.67 2.10 3.92 4.02 3.74 Dividend per share, SEK — 7.75 — — — 4.00 — Share price at the end of the period, SEK 202.2 217.1 233.2 245.8 224.2 248.8 271.4 Additions to property, plant and equipment, MSEK 777 722 462 784 733 524 529 Registered number of employees 30,661 30,200 30,146 29,829 29,311 29,070 29,108 Q1/25 1) Q2/25 1) Q3/251) Q4/251) Q1/26 1) Q2/26 1) Q3/26 Net working capital 12 months’ rolling sales, % 30.4 31.6 32.0 30.4 34.6 36.4 38.0 Adjusted ROCE, % 14.0 13.9 14.0 14.3 14.4 14.5 15.32) ROCE, % 11.9 10.7 10.2 9.6 9.6 10.7 14.12) ROE, % 11.5 9.7 9.0 7.4 7.2 8.4 8.81) Gearing, % 30.5 32.5 28.6 27.7 26.5 30.6 28.9 Equity/assets ratio, % 52.3 49.7 52.4 52.3 53.1 50.5 51.5 Net debt/equity, % 25.2 28.0 25.9 21.6 21.3 22.8 22.4 Net debt/equity, excluding post-employment benefits, % 13.1 14.4 13.3 10.2 10.7 12.3 13.2 Net debt, MSEK 14,933 15,491 14,515 12,052 12,584 13,629 14,136 Net debt/EBITDA, times 1.0 1.1 1.1 1.0 1.1 1.1 1.1 Net debt/Adjusted EBITDA, times 0.9 1.0 0.9 0.8 0.8 0.9 1.1 Definitions, see page 21. 1) SKF Group including discontinuing operations. 2) Based on the balance sheet by the end of the period and not 12 months’ rolling average. SKF applies the guidelines issued by ESMA (European Securities and Markets Authority) on APMs (Alternative Performance Measures). These key figures are not defined or specified in IFRS but provide complementary information to investors and other stakeholders on the company’s performance. The definition of each APM is presented at the end of the interim report. For the reconciliation of each APM against the most reconcilable line item in the financial statements, see www.skf.com/group/investors . Key figures The figures below refer to SKF Group’s continuing operations unless otherwise stated. 14 SKF Q3 2026 REPORT
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Reporting by segments Bearing Solutions Specialized Industrial Solutions Other 1) Eliminations SKF Group’s continuing operations MSEK unless otherwise stated Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Sales, external 12,846 12,227 4,621 4,335 17,467 16,562 Sales, internal 942 1,068 −942 −1,068 0 0 Sales 12,846 12,227 4,621 4,335 942 1,068 −942 −1,068 17,467 16,562 Organic growth, % 2.8 2.7 8.3 6.8 4.3 3.7 Currency impact, % 2.2 −7.1 0.4 −6.0 1.7 −6.9 Structure, % 0.1 −2.1 −1.2 −0.5 −0.3 Adjusted operating profit 2,418 2,290 649 504 −222 −241 0 0 2,845 2,553 Adjusted operating margin, % 18.8 18.7 14.0 11.6 16.3 15.4 Items affecting comparability −9 −280 −35 −82 −23 −25 0 0 −67 −387 Operating profit 2,409 2,010 614 422 −245 −266 0 0 2,778 2,166 Operating profit margin, % 18.8 16.4 13.3 9.7 15.9 13.1 Financial net −194 −318 Profit before taxes 2,584 1,848 1) Corporate head office costs and contract manufacturing to discontinued operations, which will be reported as external sales as from point of separation. This business is not part of the normal business for SKF and is therefore not included in the two Industrial segments. 15 SKF Q3 2026 REPORT
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Bearing Solutions MSEK unless otherwise stated Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net sales 12,884 12,767 12,227 12,136 11,868 12,751 12,846 Organic growth, % −4.8 1.0 2.7 0.8 2.4 0.2 2.8 Adjusted operating profit 2,499 2,570 2,290 2,245 2,287 2,450 2,418 Adjusted operating margin, % 19.4 20.1 18.7 18.5 19.3 19.2 18.8 Items affecting comparability −121 −1,231 −280 −530 −231 −246 −9 Operating profit 2,378 1,339 2,010 1,715 2,056 2,204 2,409 Operating margin, % 18.5 10.5 16.4 14.1 17.3 17.3 18.8 Adjusted EBITDA 3,048 3,092 2,813 2,774 2,809 2,966 2,959 Adjusted EBITDA margin, % 23.7 24.2 23.0 22.9 23.7 23.3 23.0 Assets and liabilities, net 34,249 33,281 33,337 32,372 33,582 35,233 35,657 Registered number of employees 19,893 19,612 19,510 19,236 18,867 18,846 18,832 Specialized Industrial Solutions MSEK unless otherwise stated Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net sales 4,787 4,491 4,335 4,358 4,450 4,676 4,621 Organic growth, % −0.6 5.5 6.8 6.2 8.7 8.3 8.3 Adjusted operating profit 577 462 504 474 594 712 649 Adjusted operating margin, % 12.1 10.3 11.6 10.9 13.3 15.2 14.0 Items affecting comparability −31 532 −82 −24 403 3 −35 Operating profit 546 994 422 450 997 715 614 Operating margin, % 11.4 22.1 9.7 10.3 22.4 15.3 13.3 Adjusted EBITDA 817 674 716 691 758 882 828 Adjusted EBITDA margin, % 17.1 15.0 16.5 15.9 17.0 18.9 17.9 Assets and liabilities, net 19,375 18,713 18,643 18,310 19,198 19,796 20,491 Registered number of employees 8,284 8,096 8,182 8,142 8,053 7,942 8,017 1) Previously published figures for 2025 have been restated to reflect the new segment reporting structure. Segment information – quarterly figures1) The figures below refer to the two segments that comprise SKF Group’s continuing operations. The Automotive segment is reported as discontinued operations and assets/liabilities held for distribution, see Note 5. 16 SKF Q3 2026 REPORT
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MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue 411 316 4,428 3,330 Cost of revenue −987 −1,408 −3,149 −4,297 General management and administrative expenses −448 −510 −1,369 −1,426 Other operating income/expenses, net 1 4 7 19 Operating profit −1,023 −1,598 −83 −2,374 Financial income and expenses, net 3,428 4,010 −114 4,420 Profit before taxes 2,405 2,412 −197 2,046 Income taxes 231 334 51 520 Net profit 2,636 2,746 −146 2,566 Parent Company condensed income statements Parent Company condensed balance sheets Parent Company condensed statements of comprehensive income MSEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Net profit 2,636 2,746 −146 2,566 Items that will not be reclassified to the income statement: Assets at fair value through other comprehensive income 0 — 0 −309 Other comprehensive income, net of tax 2,636 2,746 −146 2,257 Total comprehensive income 2,636 2,746 −146 2,257 MSEK September 2026 December 2025 September 2025 Intangible assets 396 531 576 Investments in subsidiaries 30,947 26,014 24,797 Receivables from subsidiaries 16,300 11,668 11,934 Other non-current assets 902 753 1,276 Non-current assets 48,545 38,966 38,583 Receivables from subsidiaries 3,105 5,015 1,676 Other receivables 523 511 575 Current assets 3,628 5,526 2,251 Total assets 52,173 44,492 40,834 Shareholders’ equity 26,044 28,023 23,645 Provisions 786 817 831 Non-current liabilities 16,297 11,666 11,931 Current liabilities 9,046 3,986 4,427 Total shareholders’ equity, provisions and liabilities 52,173 44,492 40,834 Financial statements – Parent Company 17 SKF Q3 2026 REPORT
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Notes NOTE 1 Accounting principles The consolidated financial statements of the SKF Group were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The interim report was prepared in accordance with IAS 34 Interim Financial Reporting. Disclosures as required by IAS 34 p. 16 A are provided in the notes to the financial statements as well as in other parts of the interim report. The financial statements of the Parent Company were prepared in accordance with the “Annual Accounts Act” and the RFR 2 “Accounting for legal entities”. SKF Group and the Parent Company applied the same accounting principles and methods of computation in the interim financial statements as compared with the latest annual report. IASB issued several amended accounting standards that were endorsed by EU, effective date 1 January 2026. None of these have a material effect on the SKF Group’s financial statements. Pillar II income taxes legislation was effective from 1 January 2024. Under the legislation, the Parent Company will be required to pay top-up tax on profit of its subsidiaries that are taxed at an effective tax rate of less than 15%. No top-up tax has been included in the financial statements for the third quarter 2026. SKF Group has analyzed the financial figures and concluded that the Group is not expecting any additional material top-up tax during 2026. The Group will continue to assess the impact of Pillar II income taxes legislation on its future financial performance. Valuation principles and classifications of the financial instruments, as described in SKF Annual Report 2025, have been consistently applied throughout the reporting period. There are no major changes in fair value during the period. In September 2024, SKF announced that the company was preparing for the separation and distribution of its Automotive business. On 7 September 2026 the SKF Board of Directors decided to propose to the SKF shareholders to distribute the shares in the wholly-owned subsidiary SKF Vertevo AB to the shareholders of AB SKF. The decision was taken at the Extraordinary General Meeting on 1 October 2026 and SKF Vertevo AB is expected to be listed on Nasdaq Stockholm on 1 December 2026. The Automotive segment has been classified as held for distribution as per September 2026 and is accounted for under the applicable principles for assets/liabilities held for distribu - tion and discontinued operations under IFRS 5 Non-current assets held for sale and discontinued operations. As per September 2026, the Automotive segment was reported as discontinued operations in the consolidated income statement. The consolidated income statement for comparative periods has been restated accordingly. The Automotive segment results are excluded from the individual lines of the consolidated income statement with the net profit reported as ‘Net profit, discontinued operations’. Comparative figures for the discontinued operations have been restated and prepared based on the condition that no legal structure for the discontinued operations was in place in comparative periods. The consolidated cash flow statement includes a full cash flow statement for SKF Group’s continuing operations. In the bal - ance sheet as per 30 September 2026, assets and liabilities of the Automotive segment have been classified as ‘Discontinued operations, assets held for distribution’ and ‘Discontinued operations, liabilities held for distribution’ respectively. The balance sheet for comparative periods have not been restated as this is not allowed according to IFRS. Financial statement details for discontinued operations are included in Note 5. NOTE 2 Transactions with related parties No significant change is present for transactions with related parties in relation to disclosure provided in Annual Report 2025. NOTE 3 Risks and uncertainties in the business SKF operates in many different industries and geographical areas. As a result, the Group is exposed to various types of risks. SKF appreciates that there are risks associated with the macro environment such as the geopolitical landscape, the state of global markets and significant industry and techno - logical shifts. There are also business risks including supply chain disruptions, information and cybersecurity threats, and challenges in attracting talent in a competitive labour market. Additionally, there are legal and compliance risks arising from the increased regulatory demands and internal governance and coordination within the Group as well as ongoing regulatory investigations and processes. The SKF Group’s operations are also exposed to various types of financial risks; market risks (being currency risk, interest rate risk and other price risks), liquidity risks and credit risks. Further information on the risks and how SKF works to mitigate them is found in SKF’s latest Annual Report. Specific risks related to the separation of the Automotive business are described in the information brochure published by SKF on 7 September. Both of the above-mentioned reports are availa - ble on www.skf.com/group/investors . The financial position of the Parent Company is dependent on the financial position and development of the subsidiaries. A general decline in the demand for the products and services provided by the Group could mean lower residual profits and lower dividend income for the Parent Company, as well as a need for writing down values of the shares in the subsidiaries. NOTE 4 Acquisition of business As of 1 July 2026, SKF has completed the acquisition of G-Tech Instruments Inc., a leading specialist within condition monitoring and measuring instruments technology for a total acquisition cost of MSEK 255. The acquisition is a key step for SKF in leveraging digitally enabled reliability solutions to strengthen its end-user and aftermarket presence as well as deepen customer value and engagement across critical industries, including marine, railway, heavy industries, energy, and food and beverage.18 SKF Q3 2026 REPORT
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Notes cont. Income statements, discontinued operations MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Net sales, external 5,759 5,920 17,079 18,123 Net sales, internal1) 234 258 826 806 Net sales 5,993 6,178 17,905 18,929 Cost of goods sold −5,039 −5,519 −15,414 −16,557 Gross profit 954 659 2,491 2,372 Research and development expenses −150 −52 −406 −166 Selling and administrative expenses −824 −658 −2,355 −1,991 Other operating income/expenses, net −232 −108 −449 −381 Operating profit −252 −159 −719 −166 Financial net −4 −1 −67 −38 Profit before taxes −256 −160 −786 −204 Income taxes −93 0 −250 −65 Net profit −349 −160 −1,036 −269 Net profit attributable to: Shareholders of AB SKF −376 −166 −1,102 −281 Non-controlling interests 27 6 66 12 Cash flow statements, discontinued operations MSEK Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Cash flow from operating activities −11 60 −839 298 Cash flow from investing activities −369 −502 −598 −849 Cash flow from financing activities −135 — −135 — Net cash flow −515 −442 −1,572 −551 1) Contract manufacturing to SKF Group´s continuing operations. Assets and liabilities held for distribution MSEK September 2026 Goodwill 362 Other intangible assets 235 Property, plant and equipment 6,899 Right-of-use asset leases 389 Deferred tax assets 1,392 Other non-current assets 142 Non-current assets 9,419 Inventories 6,944 Trade receivables 4,910 Other current assets 2,851 Other current financial assets 2,110 Current assets 16,815 Total assets 26,234 Long-term financial liabilities 298 Provisions for post-employment benefits 248 Provisions for deferred taxes 90 Other long-term liabilities and provisions 194 Non-current liabilities 830 Trade payables 3,516 Short-term financial liabilities 147 Other short-term liabilities and provisions 3,764 Current liabilities 7,427 Total liabilities 8,257 NOTE 5 Discontinued operations and assets/ liabilities held for distribution The Automotive segment was classified as held for distribution as per September 2026 and accounted for under the applicable principles for assets/liabilites held for distribution and dis - continued operations under IFRS 5 Non-current assets held for sale and discontinued operations. The financial information presented consists of Automotive’s contribution to SKF Group’s consolidated financial statements. 19 SKF Q3 2026 REPORT
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Key figures, discontinued operations 1) MSEK unless otherwise stated Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net sales 6,569 6,182 6,178 5,701 5,857 6,055 5,993 Organic growth, % −2.8 −6.4 −2.5 −6.1 −2.1 −1.4 −4.0 Adjusted operating profit 410 329 208 80 292 344 273 Adjusted operating margin, % 6.2 5.3 3.4 1.4 5.0 5.7 4.6 Items affecting comparability −151 −595 −367 −447 −370 −733 −525 Operating profit 259 −266 −159 −367 −78 −389 −252 Operating margin, % 3.9 −4.3 −2.6 −6.4 −1.3 −6.4 −4.2 Adjusted EBITDA 601 508 388 260 468 532 435 Adjusted EBITDA margin, % 9.1 8.2 6.3 4.6 8.0 8.8 7.3 Assets and liabilities, net 14,113 13,241 13,042 11,730 13,277 12,719 13,780 Registered number of employees 7,765 7,808 7,696 7,442 7,616 7,390 7,435 1) Previously published figures for 2025 have been restated to reflect the new segment reporting structure. Organic sales by customer industry 1) Share of net sales by industry,% Europe, Middle East and Africa The Americas China and Northeast Asia India and Southeast Asia Share of net sales by region, % 40 32 17 11 Light vehicles 45 --- --- --- - Vehicle aftermarket 39 - + + --- Commercial vehicles 16 --- +++ +++ --- Total -- +/- -- +/- 1) For the quarter, in local currencies, changes year-over-year. Sales and Adjusted operating profit bridge 1) MSEK Q3 2025 Organic 2) Cost development Currency impact Structure 3) Q3 2026 Net sales 6,178 −265 80 5,993 Growth, % −4.0 1.3 0.0 −2.7 Adjusted operating profit 208 108 −76 33 273 Adjusted operating margin, % 3.4 4.6 Accretion/dilution, pp 1.9 −1.2 0.5 0.0 1) Numbers are rounded. 2) Including production volumes. Internal trading is included in Net sales, Adjusted operating profit and Accretion/dilution. 3) Including acquisitions and divestments of businesses. Net sales The Automotive-segment reported net sales of MSEK 5,993 (6,178). The organic sales decline of –4.0% was driven by a weak market demand environment. Market conditions in light vehicles remain difficult in Europe and in the quarter demand declined across all geo graphies. In commercial vehicles, organic sales grew in the Americas as well as in China and Northeast Asia. Currency effects impacted net sales positively by 1.3%. Adjusted operating profit The adjusted operating profit for the third quarter was MSEK 273 (208), with a corresponding adjusted operating margin of 4.6% (3.4%). The improvement was mainly driven by a positive price/mix reflecting a shift in sales towards the vehicle aftermarket, as OEM volumes declined. Furthermore, currency effects had a positive impact on the adjusted operating profit. This compensated for wage inflation and higher logistics and material costs as well as lower volumes. Gothenburg, 21 October 2026 Aktiebolaget SKF (publ) Rickard Gustafson President and CEO This report has not been reviewed by AB SKF’s auditors. Notes cont. 20 SKF Q3 2026 REPORT
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Alternative performance measures and definitions Adjusted earnings/loss per share in SEK Basic earnings per share excluding items affecting comparability. Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) Operating profit excluding items affecting comparability before depreciations, amortizations, and impairments. Adjusted EBITDA margin Adjusted EBITDA as a percentage of 12 months’ rolling net sales. Adjusted operating margin Operating profit margin excluding items affecting comparability. Adjusted operating profit Operating profit excluding items affecting comparability. Adjusted ROCE (return on capital employed) ROCE excluding items affecting comparability. Basic earnings/loss per share in SEK (as defined by IFRS) Profit/loss after taxes less non-controlling interests divided by the ordinary number of shares. Capital employed Twelve months rolling average of total assets less the average of non-interest bearing liabilities. Cash conversion 12 months’ rolling adjusted cash flow after investments before financing as a percentage of 12 months’ rolling Adjusted EBITDA. Contract manufacturing Refers to sales between SKF Group’s continuing operations and discontinued operations. Corporate functions Represents centrally managed activities and costs not allocated to the segments. Currency impact on operating profit The effects of both translation and transaction flows based on current assumptions and exchange rates compared to the corresponding period last year. Debt Loans and net provisions for post- employment benefits. EBITDA (Earnings before interest, taxes, depreciation and amortization) Operating profit before depreciations, amortizations, and impairments. Equity/assets ratio Equity as a percentage of total assets. Gearing Debt as a percentage of the sum of debt and equity. Gross margin Gross income as a percentage of net sales. Items affecting comparability (IAC) Significant income/expenses that affect comparability between accounting periods. This includes, but is not limited to, restructuring costs, impairments and write-offs, currency effects caused by devaluations and gains and losses on divestments of businesses. Net debt Debt including pensions less short-term financial assets excluding derivatives. Net debt/Adjusted EBITDA Net debt, in relation to 12 months’ rolling EBITDA excluding Items affecting comparability. Net debt/EBITDA Net debt, in relation to 12 months’ rolling EBITDA. Net debt/equity Net debt, as a percentage of equity. Net working capital as % of annual sales Trade receivables plus inventory minus trade payables as a percentage of 12 months’ rolling net sales. Net working capital (NWC) Trade receivables plus inventories minus trade payables. Operating margin Operating profit/loss, as a percentage of net sales. Organic growth Sales excluding effects of currency, acquired and divested businesses. Registered number of employees Total number of employees included in SKF’s payroll at the end of the period. Return on capital employed (ROCE) Operating profit/loss plus interest income, as a percentage of 12 months’ rolling average of total assets less the average of non-interest bearing liabilities. In Q3 2026, ROCE is based on period-end capital employed rather than a rolling 12-months’ average balance sheet. During the transition period, the calculation is based on the average of available quarterly balance sheet positions from Q3 2026 onwards. A rolling 12-months’ average balance sheet will be reinstated once four quarters of data are available. Return on equity (ROE) Profit/loss after taxes as a percentage of 12 months’ rolling average of equity. Scope 1, 2 and 3 • Scope 1 is emissions that SKF controls directly, e.g. equipment using fossil fuel. • Scope 2 is emissions that SKF causes indirectly, e.g. from electricity purchase. • Scope 3 is emissions that SKF is indirectly responsible for up the value chain, e.g. steel purchase or logistics. SKF organic sales outlook The organic sales outlook for SKF’s products and services represents management’s best estimate based on current information about the future demand from our customers. For reconciliations of other Key ratios, see www.skf.com/group/investors 21 SKF Q3 2026 REPORT
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This is SKF Today, around 20% of all energy is spent overcoming friction. At SKF, we fight friction to reduce energy waste and make the most of the resources around us. As a leading technology and engineering company, we deliver value at every step of our customers’ journey. From the design phase, integrating our solutions into customers’ products, to ongoing support throughout their lifecycle, we provide peace of mind. Built on a century of expertise and a profound understanding of our customer applications, we’ve established a global presence and a brand trusted across industries. This allows us to offer tailored solutions– whether optimizing for speed, durability or efficiency–paving the way for a sustainable, resource-efficient future. Quick facts 1) Founded 1907 Represented in around 130 countries Figures for FY 2025: • Net sales MSEK 67,985 • 30,067 employees • > 7,000 distributors 1) SKF Group’s continuing operations. ® SKF is a registered trademark of AB SKF (publ). © SKF Group 2026. All rights reserved. Please note that this publication may not be copied or distributed, in whole or in part, unless prior written permission is granted. Every care has been taken to ensure the accuracy of the information contained in this publication, but no liability can be accepted for any loss or damage whether direct, indirect or consequential arising out of the use of the information contained herein. October 2026. Q3 webcast 21 October at 08:30 CEST To follow the presentation via webcast: Viewing SKF Q3 2026 Results Dial-in to participate via telephone: Sweden +46 (0)8 5051 0031 UK/International +44 (0)203 059 5863 More information on www.skf.com/group/investors Cautionary statement This report contains forward-looking statements that reflect SKF’s current expectations on future events and financial and operational development. Forward-looking statements are inherently associated with risks and uncertainties, both known and unknown, and depend on future events and circumstances. Although management believes that the expectations reflected in the forward-looking statements are reasonable, no assurance can be given that such expectations will be fulfilled. Any statements about future strategy and business decisions are indicative only and remain subject to all necessary approvals. Results and actual outcomes could differ materially as a result of several factors, including but not limited to changes in economic, market and competitive conditions, regulatory changes and other government action, and fluctuations in exchange rates. SKF makes no undertaking to disclose, update or revise any forward-looking statement due to new information, future events or other such matters, other than what is required according to applicable legislation. Contact Investor Relations Sophie Arnius, Head of Investor Relations mobile +46 705 908 072 sophie.arnius@skf.com Press Carl Bjernstam, Head of Media Relations tel +46 31 337 2517 mobile +46 722 201 893 carl.bjernstam@skf.com Calendar 27 November Expected record date for receipt of SKF Vertevo shares 1 December Expected distribution and first day of trading in the SKF Vertevo shares 4 February 2027 Q4 report 2026 5 March 2027 Annual Report 2026 21 April 2027 Q1 report 2027 21 April 2027 Annual General Meeting 16 July 2027 Q2 report 2027 21 October 2027 Q3 report 2027 The financial information in this report contains inside information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above, on 21 October 2026 at 07:30 CEST. AB SKF (publ) Postal address: SE-415 50 Gothenburg, Sweden Visiting address: Sven Wingquists Gata 2 tel +46 31 337 10 00 www.skf.com Company registration number 556007-3495