Alfa Laval

Quarterly Report • Oct 28, 2025

Highlights

• Order intake was SEK 16.6 (18.9) billion, a decline of -13 percent of which -10 percent was organic.
• Net sales increased by 6 percent to SEK 17.2 (16.2) billion, with an organic increase of 8 percent.
• Adjusted EBITA increased by 14 percent to SEK
  3.2 (2.8) billion, corresponding to a margin of
  18.4 (17.3) percent.
• · Cash flow from operating activities amounted to SEK 2.2 (3.9) billion.
• · Earnings per share of SEK 5.53 (4.77).
• The acquisition of the cryogenic business from the Fives group was completed.
• Financial targets were updated to a sales growth target of 7 percent and an adjusted EBITA-margin target of 17 percent over a business cycle.

Summary

	Q	3	Total	Organic	Jan-	Sep	Total	Organic
SEK millions	2025	2024	change	change	2025	2024	change	change
Order intake	16,555	18,927	-13%	-10%	49,661	56,116	-12%	-7%
Net sales	17,244	16,208	6%	8%	50,528	48,643	4%	7%
Adjusted EBITA*	3,180	2,800	14%		9,097	8,166	11%
- adjusted EBITA margin*	18.4%	17.3%			18.0%	16.8%
Result after financial items	2,967	2,529	17%		8,333	7,166	16%
Net income for the period	2,303	1,983	16%		6,331	5,369	18%
Earnings per share (SEK)	5.53	4.77	16%		15.22	12.92	18%
Cash flow from operating activities***	2,206	3,924	-44%		5,770	8,566	-33%
Return on capital employed*					24.2%	22.8%
Net debt* to EBITDA					1.11	0.61

^* Alternative performance measures. ** Nebt debt including lease liabilities. *** Restated, refer to Note 1.

Comment from Tom Erixon

President and CEO

Outlook for the fourth quarter

"We expect demand in the fourth quarter to be on about the same level as the third quarter."

Earlier published outlook (July 22, 2025): "We expect demand in the third quarter to be somewhat higher compared to the second quarter."

"Market conditions remained favorable in most end-markets in the third quarter, supported by good order intake in our two largest markets, China and the US. The order intake in marine pumping systems returned as expected to a more normalized level after the record year in 2024. The short-cyclical business, including Service, continued to grow from high levels.

Invoicing grew 6 percent to 17.2 BSEK based on a strong order book and good momentum in the short-cyclical business. Although several manufacturing units worked at unusually high utilization levels, global supply chains remained robust in the quarter. Despite a record level invoicing for a third quarter, the book-to-bill was almost neutral at 0.96 and the order book was 51 BSEK at the end of the quarter.

The EBITA margin improved to above 18 percent supported by a good mix, productivity, and cost prudence in uncertain times. All three divisions contributed to a good margin with the Marine Division continuing to deliver a healthy 24 percent margin. The margin in the Energy Division was stable but somewhat negatively affected by acquisition-related costs for Fives Cryogenics. The Cryogenics Technologies is now gradually integrated as a new Business Unit and delivered a quarter well in line with expectations. The Food & Water Division had a strong quarter with notable improvements in the execution of the project business, as well as a positive mix. In all it was a financially sound quarter with a return on capital employed (ROCE) of 24 percent, a new EBITA record of 3.2 BSEK, and an EPS growth of 16 percent.

With the recent growth in Business Unit Pumping Systems, located on the west coast of Norway in Bergen, the current facilities are not equipped to support the strategic growth plan. A major investment program covering site consolidation and capacity investments has

been launched. The specific investment decisions will be taken in several steps, but in all the program is estimated to cost approximately 4 BSEK between 2025-2032.

Sustainability progress continued, with Scope 1-2 emissions down versus last year and LTIFR targeted improvements underway. New innovations like the Oceanbird wing sail and plate-and-fin heat exchangers advance our decarbonization leadership. The development for safety is unsatisfactory, and relevant measures have been taken to further strengthen the focus and to turn the negative trend seen in 2025.

During the last eight years Alfa Laval has been on a growth journey, investing in the manufacturing footprint, significant product range upgrades, new technology platforms, and service capabilities. Based on a strong operating platform, including a team of over 23,000 very talented employees, and solid technology position to lead the transition to a decarbonized society Alfa Laval is adjusting the financial targets. The growth target is increased from 5 percent to 7 percent per year, and the EBITA profitability target is increased from 15 percent to 17 percent. The ROCE target of 20 percent remains. Although the target is currently exceeded, the impact of future acquisitions is expected to affect ROCE."

Tom Erixon, President and CEO

Financial overview

Order intake

Orders received was SEK 16,555 (18,927) million in the third quarter and SEK 49,661 (56,116) million in the first nine months 2025.

Orders received from Service constituted 31.4 (26.7) percent of the Group's total orders received during the third quarter and 32.6 (27.7) percent during the first nine months 2025.

Order book

Excluding currency effects and adjusted for acquisition and divestment of businesses the order book was 1.6 percent lower than the order book at September 30, 2024 and 1.8 percent lower than the order book at the end of 2024.

Net sales

Net invoicing was SEK 17,244 (16,208) million for the third quarter and SEK 50,528 (48,643) million for the first nine months 2025.

Net invoicing relating to Service constituted 30.1 (31.1) percent of the Group's total net invoicing in the third quarter and 30.9 (30.4) percent in the first nine months 2025.

Organic: Change excluding acquisition/divestment of businesses. Structural: Acquisition/divestment of businesses. Service: Parts and service.

Order bridge

SEK millions/%	Q3	Jan-Sep
2024	18,927	56,116
Organic	-10.4%	-7.4%
Structural	3.3%	1.2%
Currency	-5.5%	-5.3%
Total	-12.5%	-11.5%
2025	16,555	49,661

Order bridge Service

SEK millions/%	Q3	Jan-Sep
2024	5,053	15,564
Organic	8.2%	8.0%
Structural	0.5%	0.3%
Currency	-5.9%	-4.3%
Total	2.8%	4.0%
2025	5,195	16,193

Sales bridge

SEK millions/%	Q3	Jan-Sep
2024	16,208	48,643
Organic	8.2%	6.7%
Structural	3.9%	1.4%
Currency	-5.7%	-4.3%
Total	6.4%	3.9%
2025	17,244	50,528

Sales bridge Service

SEK millions/%	Q3	Jan-Sep
2024	5,035	14,779
Organic	8.4%	9.7%
Structural	0.4%	0.4%
Currency	-5.8%	-4.3%
Total	3.1%	5.8%
2025	5,189	15,636

Income analysis

	Q3		Jan-Sep		Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Net sales	17,244	16,208	50,528	48,643	66,954	68,839
Cost of goods sold			-10,887 -10,366 -31,794 -31,735		-43,747	-43,806
Gross profit	6,357		5,842 18,734 16,908		23,207	25,033
Add back
amortization step
up values	169	126	405	554	654	505
Adjusted gross
profit*	6,526		5,968 19,140 17,462		23,860	25,539
- adjusted gross margin*	37.8%	36.8%	37.9%	35.9%	35.6%	37.1%
Expenses	-2,835	-2,747	-8,630	-8,041	-11,008	-11,597
- in % of net sales	16.4%	16.9%	17.1%	16.5%	16.4%	16.8%
Adjusted EBITDA*	3,691		3,221 10,510	9,421	12,853	13,941
- adjusted EBITDA
margin*	21.4%	19.9%	20.8%	19.4%	19.2%	20.3%
Depreciation	-511	-421	-1,413	-1,255	-1,764	-1,922
Adjusted EBITA*	3,180	2,800	9,097	8,166	11,089	12,019
- adjusted EBITA
margin*	18.4%	17.3%	18.0%	16.8%	16.6%	17.5%
Amortization step
up values	-169	-126	-405	-554	-654	-505
Operating income	3,011	2,674	8,692	7,612	10,435	11,514

^* Alternative performance measures.

Net sales in the quarter reached SEK 17,244 (16,208) million, an increase of 6.4 percent compared to the same quarter last year. Sequentially, net sales followed normal seasonality and increased with 2.5 percent. Net sales in the quarter yielded an adjusted EBITA of SEK 3,180 (2,800) million, an increase of 13.6 percent, and a margin equivalent of 18.4 (17.3) percent. Net sales for Service grew 3.1 percent compared to the same quarter last year, accounting for a mix of invoicing at 30.1 (31.1) percent.

The Energy Division posted an EBITA margin at 16.6 (20.9) percent, which is lower than previous quarters due to a shift in mix towards large orders and costs related to the acquisition of Fives Cryogenics. Continued strong sales in the transactional business portfolio and Service compensated for a larger project mix invoicing in the quarter yielding an EBITA margin of 16.1 (15.7) percent for the Food & Water Division. The Marine Division continued with a positive mix and Service content which resulted in a strong EBITA margin of 23.5 (18.8)percent.

Adjusted gross margin improved to 37.8 (36.8) percent, boosted by better factory and engineering results and positive purchase price variances compared to the same quarter last year. Operating income increased with 12.6 percent to SEK 3,011 (2,674) million compared to the same quarter last year. The current order book with planned deliveries supports a continued good invoicing level, the order book in general is in line with current input cost levels.

Sales and administration expenses were SEK -2,657 (-2,500) million during the third quarter, corresponding to 15.4 (15.4) percent of net sales. For the first nine months sales and administration expenses were SEK -7,958 (-7,551) million, corresponding to 15.7 (15.5) percent of net sales. Sales and administration expenses

Income bridge

SEK millions	Q3	Jan-Sep
Adjusted EBITA 2024	2,800	8,166
Volume	785	1,421
Mix	85	884
Costs	-311	-1,033
Currency	-178	-341
Adjusted EBITA 2025	3,180	9,097

Net sales

Adjusted EBITA

increased by 6.2 percent during the third quarter and by 5.4 percent during the first nine months compared to the corresponding periods last year. Costs are impacted with SEK -75 million in transaction costs for Fives Cryogenics.

Research and development expenses were SEK -427 (-418) million during the third quarter, corresponding to 2.5 (2.6) percent of net sales. For the first nine months research and development expenses were SEK -1,255 (-1,223) million, corresponding to 2.5 (2.5) percent of net sales. The costs for research and development increased with 2.2 percent during the third quarter and increased by 2.6 percent during the first nine months compared to the corresponding periods last year.

Earnings per share in the quarter amounted to SEK 5.53 (4.77) and 15.22 (12.92) for the first nine months. The corresponding figure excluding amortization of step-up values and corresponding tax, was SEK 15.97 (13.96) for the first nine months.

Taxes

The tax on the result after financial items was SEK -664 (-546) million in the third quarter and SEK -2,002 (-1,797) million in the first nine months 2025. The tax rate for the Group was 22 (22) percent in the quarter and 24 (25) percent for the first nine months. The guidance range is 24-26 percent. Main reason for the low tax rate in the quarter is utilization of not recognized tax losses.

Cash flow

Cash flow from operating activities was SEK 2,206 (3,924) million in the third quarter and SEK 5,770 (8,566) million in the first nine months. The lower cash flow is mainly due to an increased working capital compared to the same periods last year. Depreciation and amortization was SEK -679 (-548) million in the quarter and SEK -1,818 (-1,809) million in the first nine months 2025. Acquisition of businesses in the first nine months was SEK -9,314 (-50) million whereof SEK -8,785 million was due to the acquisition of Fives Cryogenics and SEK -529 million was due to two minor acquisitions. Please refer to note 10 for details about the acquisitions.

Financing activities amounted to SEK 3,979 (-1,672) million in the quarter and SEK 4,530 (-6,307) million in the first nine months. Net change in loans amounted to SEK 4,472 (-1,500) million during the quarter mainly due to two new term loans taken up. For the first nine months, the financing activities include a shareholder's dividend of SEK -3,513 (-3,100) million and a net change in loans of SEK 8,736 (-2,798) million. The increase in loans during 2025 is due to the financing need for the acquisition of Fives Cryogenics, which was completed in July. Please refer to note 8 for details about borrowings and net debt.

Total cash flow in the quarter was SEK -3,115 (1,548) million, and SEK -833 (86) million in the first nine months, arriving at a cash balance at the end of the quarter of SEK 6,192 (5,243) million. The comparative figures in the cash flow statement have been restated to reflect a changed cash flow statement structure as from 2025. Please refer to Notes 1 and 9 for further details.

Key figures

	Sep 30	Dec 31
	2025	2024	2024
Return on capital employed¹⁾	24.2%	22.8%	23.2%
Return on equity²⁾	20.2%	18.0%	18.8%
Solidity³⁾	42.6%	47.2%	47.6%
Net debt/EBITDA¹⁾ ⁵⁾	1.11	0.61	0.43
Debt ratio¹⁾	0.36	0.19	0.13
Number of employees⁴⁾	23,568	22,095	22,323

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⁾ At the end of the period.

⁵⁾ Net debt including lease liabilities.

Energy Division

Highlights

• Order intake increased by 7 percent to SEK 5.4 (5.0) billion, with an organic decline of 0.1 percent.
• Net sales increased by 9 percent to SEK 5.0 (4.6) billion, with an organic increase of 2 percent.
• Adjusted EBITA of SEK 832 (964) million, corresponding to a margin of 16.6 (20.9) percent.

	Q3		Jan-	Sep	Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Orders received	5,415	5,042	14,907	14,993	20,047	19,961
Order book 1)	12,205	10,738	12,205	10,738	10,590	12,205
Net sales	5,026	4,611	14,413	14,144	19,330	19,599
Operating income	774	951	2,414	2,777	3,698	3,335
Adjusted EBITA 2) 3)	832	964	2,489	2,817	3,740	3,412
Adj. EBITA margin 4)	16.6%	20.9%	17.3%	19.9%	19.3%	17.4%
Depreciation	-149	-125	-384	-355	-514	-543
Amortization	-58	-13	-75	-40	-42	-77
Investments 5)	101	319	728	954	1,337	1,110
Assets 1)	30,079	19,816	30,079	19,816	20,378	30,079
Liabilities 1)	7,606	7,059	7,606	7,059	7,352	7,606
Employees 1)	6,825	5,951	6,825	5,951	5,974	6,825

$^{^{1)}}$ At end of period. $^{2)}$ Excluding comparison distortion items, $^{3)}$ Alternative performance measure. $^{4)}$ Adjusted EBITA/net sales. $^{5)}$ Excluding new leases.

Quarterly development

Order intake by business unit Jan-Sep 2025

• Gasketed Plate Heat Exchangers
• Brazed & Fusion Bonded Heat Exchangers
• Welded Heat Exchangers
• Circular Separation Technologies
• Cryogenic Technologies

Trend indicators by end market

	% of Total	YTD 25/24	Sequentia Quarter*
HVAC & Ref	27%	8%	7
Fossil Base Fuels & Power	23%	0%
Process Industry	21%	-11%	7
Light Industry & Tech	22%	5%	7
Clean Fuels, Power & Chemicals	7%	-14%	7

^*Sequential change between Q2 2025 and Q3 2025.

Alfa Laval Q3 2025

Order intake*

The Energy Division reported a higher order intake compared to the same quarter last year. Orders were positively impacted by the acquisition of the cryogenic business from Fives Group. The acquisition was closed on the 7 th of July and is now operating as a new business unit in the division.

The transactional business developed positively, and with the addition of Cryogenic Technologies, the project business also grew in the quarter. The uncertain political and economic environment remained and slowed down customers' pace for final investment decision for larger projects. Organically, the project business slightly declined compared to the same quarter last year.

From a regional perspective, the demand was high in North America and most European markets. Orders also grew in China and India, but a lower demand in other Asian markets and Latin America.

Orders developed positively in HVAC with high growth in cooling applications, residential heat pumps and refrigeration. The order intake for Light Industry & Tech slightly increased, driven by strong transactional business in the engine applications. Orders in Fossil Base Fuels & Power declined in the quarter driven by slower transactional business in most applications. The project business grew due to high demand in conventional power. Order intake in Process Industry increased compared to last year, driven by growth in organic and inorganic chemicals from the addition of Cryogenic Technologies. Orders increased in Clean Fuels, Power & Chemicals with high project business growth in clean power. The transactional business also grew in most applications.

Service orders were stable compared to the same quarter last year. An increase in the demand for services compensated for a slightly weaker demand for spare parts. Within Service, there was an increased customer demand for long-term service agreements.

Net sales*

Net sales grew compared to the same quarter last year, mainly driven by the transactional business and the project business whereas Service sales were stable.

Adjusted EBITA***

Adjusted EBITA decreased compared to last year. Organically, invoicing was at the same level as last year but increased in the quarter following the acquisition of Cryogenic Technologies. The mix was negative with a higher share of project business at slightly lower gross margin. Costs related to R&D and investment programs increased and currency had a negative effect on the overall result.

Order bridge

SEK millions/%	Q3	Jan-Sep
2024	5,042	14,993
Organic	-0.1%	-1.2%
Structural	12.0%	4.1%
Currency	-4.5%	-3.5%
Total	7.4%	-0.6%
2025	5,415	14,907

Sales bridge

SEK millions/%	Q3	Jan-Sep
2024	4,611	14,144
Organic	1.7%	2.0%
Structural	13.5%	4.5%
Currency	-6.1%	-4.6%
Total	9.0%	1.9%
2025	5,026	14,413

Order intake split, Jan-Sep 2025

27% 73%

Service Capital Sales

Income bridge

SEK millions	Q3	Jan-Sep
Adjusted EBITA 2024	964	2,817
Volume	284	355
Mix	-263	-212
Costs	-110	-377
Currency	-43	-94
Adjusted EBITA 2025	832	2,489

^* Comments excluding currency effects. ** Heating, Ventilation & Air Conditioning.

^*** Comments relating to income bridge.

Food & Water Division

Highlights

• Order intake increased by 1 percent to SEK 5.8 (5.7) billion, with an organic increase of 6 percent.
• Net sales increased by 2 percent to 6.5 (6.3) billion, with an organic increase of 8 percent.
• Adjusted EBITA of SEK 1,043 (995) million, corresponding to a margin of 16.1 (15.7) percent.

	Q3		Jan-	Jan-Sep		Last 12
SEK millions	2025	2024	2025	2024	2024	months
Orders received	5,796	5,739	18,547	18,369	24,847	25,025
Order book 1)	14,224	15,497	14,224	15,497	14,926	14,224
Net sales	6,483	6,342	18,550	18,628	25,742	25,665
Operating income	985	934	2,665	2,632	3,579	3,612
Adjusted EBITA 2) 3)	1,043	995	2,841	2,814	3,822	3,849
Adj. EBITA margin 4)	16.1%	15.7%	15.3%	15.1%	14.8%	15.0%
Depreciation	-110	-117	-324	-377	-527	-474
Amortization	-58	-61	-176	-182	-243	-237
Investments 5)	127	115	297	324	499	472
Assets 1)	21,861	22,000	21,861	22,000	22,659	21,861
Liabilities 1)	8,631	8,853	8,631	8,853	8,960	8,631
Employees 1)	8,433	8,433	8,433	8,433	8,454	8,433

$^{^{1)}}$ At end of period. $^{2)}$ Excluding comparison distortion items. $^{3)}$ Alternative performance measure. $^{4)}$ Adjusted EBITA/net sales. $^{5)}$ Excluding new leases.

Quarterly development

Order intake by business unit Jan-Sep 2025

Trend indicators by end market

	% of Total	YTD 25/24	Sequential Quarter*
Oils & Fats	19%	-8%	7
Dairy	21%	13%	7
Prep. Food & Beverage	19%	7%	\ \
Biofuels	5%	-38%	7
Waste & Water	9%	19%	7
Pharma & Biotech	8%	11%	→
Protein	5%	-13%	7
Brewery	5%	3%	7
Starch, Sugar & Sweeteners	3%	9%	7
Other	6%	5%	V

^*Sequential change between Q2 2025 and Q3 2025.

Alfa Laval Q3 2025

Order intake*

Order intake increased compared to same quarter last year, driven by strong development for Service and a positive demand in the transactional business. Most end-markets developed positively, despite some continued caution from customers in final investment decisions for large project orders. Geographically, North America, China and Southern Europe reported strong growth, while orders declined in Southeast Asia & Oceania, Eastern and Northern Europe.

In general, the Oils & Fats market developed well. Good demand in the transactional business was however more than offset by a decline in the project business due to delays in decision making. The strongest growth was seen in Northeastern Asia & India. The Protein market had overall strong performance, with increases across all geographies except in Northern Europe. The underlying industry sentiment remains positive with good customer activity. Dairy reported strong order intake in all regions except for Latin America & Middle East. Pharma & Biotech saw good growth driven by several larger orders across Europe. Globally, a continued positive sentiment was noted with both capacity, national supply chains but also new pharma products driving the demand. Orders in Biofuels declined but the underlying business showed a stable demand, driven by a few projects in North America & Indonesia. The market remains volatile as due to uncertainty around policy decisions. Waste & Water reported good growth, driven by large orders in North America. The market remains project-driven and publicly funded, with a positive investment environment tied to sustainability and infrastructure priorities, though regional challenges persist. Order intake in Brewery was solid, mainly driven by an increase in Asia. Capacity related investments in general remaining limited within the industry.

Service orders were strong, with most regions experiencing doubledigit growth, reflecting robust demand.

Net sales*

Net sales increased compared to same quarter last year, with good execution of the orderbook. The mix benefitted from higher growth in Service, more transactional sales and a positive regional mix.

Adjusted EBITA**

Adjusted EBITA increased compared to the same period last year, primarily driven by higher sales. A stable sales mix and strong factory performance supported the improvement. However, these gains were partially offset by higher inflation-related costs, increased operating expenses from higher activity levels, and a somewhat negative currency impact.

* Comments excluding currency effects.

Order bridge

SEK millions/%	Q3	Jan-Sep
2024	5,739	18,369
Organic	6.3%	5.0%
Structural	0.0%	0.0%
Currency	-5.3%	-4.1%
Total	1.0%	1.0%
2025	5,796	18,547

Sales bridge

SEK millions/%	Q3	Jan-Sep
2024	6,342	18,628
Organic	8.1%	3.7%
Structural	0.0%	0.0%
Currency	-5.9%	-4.1%
Total	2.2%	-0.4%
2025	6,483	18,550

Order intake split, Jan-Sep 2025

30% 70%

Service Capital Sales

Income bridge

SEK millions	Q3	Jan-Sep
Adjusted EBITA 2024	995	2,814
Volume	230	231
Mix	-3	151
Costs	-96	-248
Currency	-84	-107
Adjusted EBITA 2025	1,043	2,841

^** Comments relating to income bridge.

Marine Division

Highlights

• Order intake decreased by -34 percent to SEK 5.3 (8.1) billion, with an organic decline of -30 percent.
• Net sales increased by 9 percent to SEK 5.7 (5.3) billion, with an organic growth of 14 percent.
• Adjusted EBITA of SEK 1,349 (989) million, corresponding to a margin of 23.5 (18.8) percent.

	Q3		Q3 Jan-Sep		Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Orders received	5,344	8,146	16,207	22,754	29,699	23,151
Order book 1)	24,435	25,835	24,435	25,835	26,803	24,435
Net sales	5,735	5,255	17,565	15,871	21,881	23,576
Operating income	1,297	937	3,904	2,585	3,653	4,972
Adjusted EBITA 2) 3)	1,349	989	4,055	2,914	4,017	5,158
Adj. EBITA margin 4)	23.5%	18.8%	23.1%	18.4%	18.4%	21.9%
Depreciation	-81	-85	-247	-258	-353	-342
Amortization	-52	-52	-151	-329	-364	-186
Investments 5)	184	76	351	200	390	541
Assets 1)	30,170	29,055	30,170	29,055	30,065	30,170
Liabilities 1)	10,209	8,973	10,209	8,973	10,382	10,209
Employees 1)	6,619	6,174	6,619	6,174	6,290	6,619

$^{^{1)}}$ At end of period. $^{2)}$ Excluding comparison distortion items, $^{3)}$ Alternative performance measure. $^{4)}$ Adjusted EBITA/net sales. $^{5)}$ Excluding new leases.

Quarterly development

Order intake by business unit Jan-Sep 2025

• Pumping systems
• Water, Wind & Fuel Solutions
• Heat & Gas Systems
• Digital Solutions

Trend indicators by end market

	% of Total	YTD 25/24	Sequential Quarter*
Ship Building & Shipping	67%	-36%	$\overline{}$
Offshore	17%	-7%	7
Other	11%	0%	\
Engine Power	5%	-21%	7

^*Sequential change between Q2 2025 and Q3 2025.

Alfa Laval Q3 2025

Order intake*

Order intake for the Marine Division was at a lower level compared to the same quarter last year. A higher demand for Service, and product areas separation and heat transfer could not offset the lower demand for marine pumping systems and offshore.

The underlying market sentiment related to the building of new vessels was on a lower level compared to the same period last year as contracting is being impacted by limited yard capacity and uncertainty. Tanker and bulk carrier ordering is significantly lower compared to the exceptional year 2024 but is still at a good historical level and pace, while containership and cruise ship contracting remained strong amid contracting for "green" fleet renewal. The decreased shipbuilding activity has, however, been partially offset by a continued growing demand for sustainability related solutions which mitigate CO² emissions, including solutions around energy efficiency, low carbon and zero carbon fuels.

Offshore orders were at a lower level compared to the same quarter last year, mainly related to the timing of project decisions. The underlying market sentiment remains strong with the addition of new projects to safeguard long term energy security.

Service orders grew compared to the same quarter last year. Demand was driven by a good activity level in both the shipping and offshore end markets and due to a growing installed base of environmental solutions. Good freight rates in almost all vessel segments and the consequent desire to keep vessel assets in good operational readiness resulted in increased on-board maintenance and higher demand for all service scopes, ranging from spare parts to service.

Net sales*

Net sales were at a higher level than in the same quarter last year. Sales were higher for both Service and Capital Sales in almost all product areas except gas systems and offshore, with good execution of the large order book.

Adjusted EBITA**

Adjusted EBITA increased compared to the same quarter last year, primarily driven by higher sales and a favorable product mix. The factory and engineering performance was positive, supported by sustained high operational activity. However, overall costs were higher than the previous year, reflecting inflationary pressures and the elevated level of business activity.

Order bridge

SEK millions/%	Q3	Jan-Sep
2024	8,146	22,754
Organic	-29.7%	-22.0%
Structural	0.2%	0.2%
Currency	-4.9%	-7.0%
Total	-34.4%	-28.8%
2025	5,344	16,207

Sales bridge

SEK millions/%	Q3	Jan-Sep
2024	5,255	15,871
Organic	14.0%	14.6%
Structural	0.3%	0.3%
Currency	-5.2%	-4.2%
Total	9.1%	10.7%
2025	5,735	17,565

Order intake split, Jan-Sep 2025

40% 60%

Service Capital Sales

Income bridge

SEK millions	Q3	Jan-Sep
Adjusted EBITA 2024	989	2,914
Volume	279	847
Mix	189	796
Costs	-55	-362
Currency	-53	-140
Adjusted EBITA 2025	1,349	4,055

^* Comments excluding currency effects.

^** Comments relating to income bridge.

Other

Other covers corporate overhead and non-core businesses.

	Q3		Jan-Sep				Last 12
SEK millions	2025	2024	2025	2024	2024	months
Net sales	-	0	-	0	0	-
Operating income	-44	-150	-291	-381	-495	-405
Adjusted EBITA²⁾ ³⁾	-43	-149	-288	-377	-491	-402
Depreciation	-171	-93	-458	-263	-370	-565
Amortization	-1	-1	-3	-4	-4	-3
Investments⁴⁾	133	194	480	785	1,112	807
Assets¹⁾	163	2,013	163	2,013	2,093	163
Liabilities¹⁾	268	960	268	960	948	268
Employees¹⁾	1,691	1,536	1,691	1,536	1,606	1,691

¹⁾ At end of period. ²⁾ Excluding comparison distortion items. ³⁾ Alternative performance measure. ⁴⁾ Excluding new leases.

Reconciliation between Divisions and Group total

	Q3		Jan-Sep		Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Divisions
Adjusted EBITA	3,180	2,800	9,097	8,166	11,088	12,019
Amortization	-169	-127	-405	-554	-653	-504
Operating income	3,011	2,674	8,692	7,612	10,435	11,514
Financial net	-44	-145	-359	-446	-439	-352
Result after
financial items	2,967	2,529	8,333	7,166	9,996	11,161
Assets*
Total for divisions	82,273	72,884	82,273	72,884	75,195	82,273
Corporate**	17,741	11,249	17,741	11,249	13,608	17,741
Group total	100,014	84,133	100,014	84,133	88,803	100,014
Liabilities*
Total for divisions	26,714	25,845	26,714	25,845	27,641	26,714
Corporate**	30,667	18,542	30,667	18,542	18,880	30,667
Group total	57,381	44,387	57,381	44,387	46,521	57,381

^* At the end of the period. ** Corporate refers to items in the statement on financial position that are interest bearing or are related to taxes.

Sustainability

Case studies

From design to delivery: Safety in every aspect at DC Lund

Safety is a top priority for Alfa Laval. The new distribution centre in Lund is a recent example where safety was thought through in every aspect, from building design to equipment investments. A key goal was to separate people from forklifts and heavy machinery to ensure a safer work environment. Equipment choices were made based on safety, and decisions were taken to enhance protection

Reducing emissions, and maintaining high quality

Alfa Laval sites consistently implement changes to enhance workflows and reduce environmental impacts. At the Kunshan site in China, clean surfaces on tubular fittings were previously achieved through vibration polishing, a process which produced dust that was removed using chemicals and substantial amounts of water. By optimizing the polishing process, the site eliminated 940 tonnes of sewage associated with vibration polishing. As a result, annual water withdrawal is estimated to decrease by 30% in m³ and electricity usage by 5% in MWh/k direct hours per year.

Quarterly follow up

Energy

Alfa Laval's overall energy consumption increased in Q3 compared to Q3, 2024.

The main reasons were increased electricity consumption in one BU due to higher production rate and increased district heating consumption due to a site expansion in Sweden.

Carbon emissions

Both Scope 1 and 2 emissions decreased compared to Q3, 2024. The reduction in Scope 2 is mainly related to increased selfgenerated electricity in markets where renewable electricity is scarce. Scope 1 reduction is due to the electrification of the production process at one site in China, which previously relied on natural gas.

Simultaneously, the consumption of energy sources such as natural gas, heating oil, and Liquefied Petroleum Gas (LPG) decreased.

Health and safety

The number of Lost Time Injuries (LTIs) increased during Q3 2025 compared to Q2, with the Lost Time Injury Frequency Rate (LTIFR) rising to 2.1 from 1.9 (LTM). Most incidents involved cuts and crush injuries to hands and fingers, often occurring during manual handling of products, tools and equipment. Several accidents happened during non-routine work or when the correct tools, processes or protective equipment were not used.

The main underlying causes were insufficient risk assessment but also human factors such as poor planning of work, haste or reduced attention. All incidents were of low to moderate severity, and no case during the quarter was classified as severe. The negative trend is being addressed with urgency, and actions are being prioritized to strengthen risk assessments, improve work practices, and reinforce safety awareness across operations.

Energy: consumption in relation to turnover

2 4 6 8 MWh per Million SEK in invoicing

Energy consumption per quarter Energy consumption rolling 12 months

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025

Carbon emissions

Health and safety: Lost Time Injury Frequency Rate

LTIFR = Number of lost time injuries in time period * 1,000,000 / Worked hours in the period

New products during the third quarter

During the third quarter Alfa Laval has introduced, among others, the following new products that help our customers to become more energy efficient, reduce their carbon footprint and improve their processes:

Oceanbird enters commercial realization

After an intensive development phase, Oceanbird has transitioned from concept to commercial reality, marking a major milestone in maritime decarbonization. The first Oceanbird Wing 560 — a 40 meter-high rigid wing sail — was successfully unveiled in Landskrona, Sweden. At the inauguration, the wing completed its first full rotation, proving that wind-assisted propulsion is a practical, working solution for the shipping industry.

Oceanbird, a joint venture between Alfa Laval and Wallenius Lines, will now move into the scaling phase. A second wing sail is under assembly and scheduled for installation on Wallenius Wilhelmsen's vessel Tirranna in early 2026.

Plate-and-fin heat exchangers

Heat transfer between gases plays a crucial role in a rapidly growing number of processes, including energy storage, fossil-free heat generation, refrigeration, compressor cooling, and chemical processing.

Since heat transfer between gases is much more challenging than between liquids, heat exchangers in gas applications have traditionally been very large, resulting in high costs and complex installations.

But not anymore. Alfa Laval is now introducing a completely new technology that will revolutionize gas processes: the plate-and-fin heat exchanger. Its unique design offers outstanding thermal efficiency, resulting in exceptionally compact units.

Alfa Laval's new plate-and-fin heat exchangers enable customers across industries to save energy and reduce carbon emissions, while also freeing up installation space and minimizing capital costs.

Innovative centrifuge for the pharma industry

With the Culturefuge 200 B, biopharma producers can confidently scale up high-density fermentation—knowing their downstream separation is as advanced as their upstream innovation. Featuring Alfa Laval´s unique Hermetic Design and Bactofuge technologies, it protects sensitive cells from breaking, handles thick broths, and boost yield - which means customers get more value from their process.

• 1. Oceanbird enters commercial realization.
• 1. Plate-and-fin heat exchangers.
• 1. Innovative centrifuge for the pharma industry.

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 61,638 (55,590) shareholders on September 30, 2025. 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 8.1 to 1.7 percent. These ten largest shareholders owned 61.4 (63.2) percent.

Nomination Committee for the Annual General Meeting 2026

The Nomination Committee for the Annual General Meeting 2026 has now been appointed by the largest shareholders of Alfa Laval AB and consists of the following members:

Finn Rausing – Winder Holding Daniel Kristiansson – Alecta Tjänstepension Ömsesidigt Lennart Francke – Swedbank Robur Fonder Anders Oscarsson – AMF-Försäkring och Fonder Javiera Ragnartz – SEB Fonder

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 22, 2026, 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 1, 2025, Alfa Laval acquired 100 % of an American service provider. The company will operate under its own name as an independent channel and has a minor impact on the group.

On April 2, 2025, Alfa Laval acquired 100% of NRG Marine, a leading provider of ultrasonic anti-fouling solutions for marine, oil and gas, and industrial applications, headquartered in the United Kingdom. The acquisition aims to leverage the increased use of innovative ultrasonic anti-fouling technology, which is poised to increase in demand across significant industries.

On July 7, 2025, Alfa Laval acquired 100% of the Fives Cryogenics business unit, part of Fives Group. Fives Cryogenics is a worldleading expert in cryogenic heat transfer and pump technologies, headquartered in France. This acquisition provides Alfa Laval with a strong portfolio of heat transfer and pump products for gas liquefaction.

Please refer to note 10 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 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 2024 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 sanction packages imposed on several countries where conflicts are ongoing. Alfa Laval follows and enforces all sanction imposed by the European Union as well as all US and other sanctions that are applicable. The significantly increased amount of sanctioned entities together with the sophisticated circumvention attempts, make the assurance work more demanding.

Asbestos-related lawsuits

The Alfa Laval Group was as of September 30, 2025 named as a co-defendant in a total of 303 asbestos-related lawsuits with a total of approximately 303 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 condition 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 situation closely to ensure appropriate measures are taken to handle commercial exposures, supply chain disruptions and guide further actions.

Other

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 2024. The definitions remain unchanged, except for Order backlog which has changed name to Order book. Additionally, the Alternative Performance Measure (APM) "Free cash flow per share" has been restated from Q1 2025 due to

modifications in the presentation of the consolidated statement of cash flows. Detailed information regarding these modifications can be found in Note 1 and 9. The affected APM is marked with a footnote where applicable, as the comparison periods have been recalculated.

Significant events after the reporting period

No significant events other than stated above have occurred after the reporting period.

________________________________________________________________________________________________________________________________________________

Signature of the President

The interim report has been reviewed by the company's auditors.

Lund, October 28, 2025

Tom Erixon President and CEO

Financial reports

Consolidated income statement, condensed

	Q3		Jan-Sep		Jan-Dec	Last 12
SEK millions Note	2025	2024	2025	2024	2024	months
Net sales 2-5	17,244	16,208	50,528	48,643	66,954	68,839
Cost of goods sold	-10,887	-10,366	-31,794	-31,735	-43,747	-43,806
Gross profit	6,357	5,842	18,734	16,908	23,207	25,033
Sales costs	-1,686	-1,734	-5,101	-5,150	-6,965	-6,917
Administration costs	-971	-766	-2,857	-2,401	-3,318	-3,774
Research and development costs	-427	-418	-1,255	-1,223	-1,656	-1,688
Other operating income and costs	-277	-258	-802	-544	-865	-1,123
Share of result in joint ventures	16	8	-28	22	33	-18
Operating income	3,011	2,674	8,692	7,612	10,435	11,514
Financial net 6	-44	-145	-359	-445	-439	-352
Result after financial items	2,967	2,529	8,333	7,166	9,996	11,161
Taxes	-664	-546	-2,002	-1,797	-2,564	-2,769
Net income for the period	2,303	1,983	6,331	5,369	7,432	8,392
Net income for the period attributable to:
Owners of the parent	2,288	1,973	6,292	5,342	7,391	8,341
Non-controlling interests	15	9	39	29	41	51
Earnings per share attributable to the owners of the parent, SEK*	5.53	4.77	15.22	12.92	17.88	20.18
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	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Net income for the period	2,303	1,983	6,331	5,369	7,432	8,392
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluations of defined benefit obligations	-15	-70	-90	-110	-29	-8
Market valuation of external shares	-43	-	-133	-	-125	-258
Deferred tax on other comprehensive income	4	18	12	28	6	-10
Total	-54	-52	-211	-82	-147	-276
Items that may subsequently be reclassified to profit or loss:
Cash flow hedges	38	106	1,265	132	-665	468
Translation difference	-329	-1,052	-3,129	155	1,274	-2,011
Deferred tax on other comprehensive income	2	-58	-363	-42	171	-150
Total	-289	-1,004	-2,228	245	780	-1,693
Total other comprehensive income	-343	-1,056	-2,439	163	633	-1,969
Total comprehensive income for the period	1,960	927	3,892	5,532	8,064	6,423
Total comprehensive income for the period attributable
to:
Owners of the parent	1,945	922	3,899	5,493	7,999	6,406
Non-controlling interests	15	3	-7	41	65	17

Consolidated balance sheet, condensed

	Sep 30		Dec 31
SEK millions Note	2025	2024	2024
ASSETS
Non-current assets
Intangible assets and goodwill 4	37,475	29,092	29,559
Tangible assets and right-of-use assets 4	15,344	12,846	14,490
Other non-current assets 4, 7	2,401	2,576	2,684
Total non-current assets	55,221	44,515	46,733
Current assets
Inventories	15,728	14,833	15,574
Assets held for sale	25	44	47
Accounts receivable	10,536	9,722	10,034
Other receivables	11,285	9,244	8,444
Derivative assets 7	603	233	153
Other current deposits 7	424	299	450
Cash	6,192	5,243	7,369
Total current assets	44,793	39,618	42,070
TOTAL ASSETS	100,014	84,133	88,803
EQUITY AND LIABILITIES
Equity
Owners of the parent	42,298	39,406	41,912
Non-controlling interests	335	341	369
Total equity	42,633	39,747	42,282
Non-current liabilities
Liabilities to credit institutions etc. 8	9,812	10,001	9,172
Lease liabilities	2,646	1,864	1,805
Provisions for pensions and similar commitments	908	1,127	945
Provision for deferred tax	3,296	2,263	2,392
Other non-current liabilities 7	549	393	754
Total non-current liabilities	17,212	15,649	15,067
Current liabilities
Liabilities to credit institutions etc. 8	8,781	476	1,102
Lease liabilities	898	934	1,233
Accounts payable	5,640	5,612	5,676
Advances from customers	10,197	9,665	10,595
Other provisions	2,157	1,911	1,858
Derivative liabilities 7	246	183	654
Other liabilities	12,251	9,957	10,336
Total current liabilities	40,170	28,738	31,454
Total liabilities	57,381	44,387	46,521
TOTAL EQUITY & LIABILITIES	100,014	84,133	88,803

Consolidated statement of changes in equity, condensed

	Equity attributable to
SEK millions	Owners of the parent	Non-controlling interests	Total equity
Opening balance January 1, 2024	37,033	345	37,378
Net income for the period	5,342	29	5,369
Other comprehensive income	150	13	163
Total comprehensive income for the period	5,493	41	5,532
Change of non-controlling interests	-19	-8	-27
Dividends	-3,100	-38	-3,138
Total transactions with owners	-3,119	-46	-3,165
Closing balance September 30, 2024	39,406	341	39,747

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
Total comprehensive income for the period	3,899	-7	3,892
Dividends	-3,513	-28	-3,541
Total transactions with owners	-3,513	-28	-3,541
Closing balance September 30, 2025	42,298	335	42,633

Consolidated statement of cash flows, condensed

	Q3		Jan-Sep		Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Operating activities
Operating income	3,011	2,674	8,692	7,612	10,435	11,515
Adjustment for depreciation and amortization	679	548	1,818	1,809	2,418	2,427
Adjustment for provisions	171	52	398	52	-103	243
Adjustment for other non-cash items	3	-5	52	-90	78	220
Operational cash surplus	3,864	3,269	10,960	9,383	12,828	14,405
Taxes paid	-551	-406	-1,990	-1,533	-2,359	-2,816
Cash flow from operating activities before changes in
working capital	3,313	2,863	8,970	7,850	10,469	11,589
Changes in working capital:
Increase(-)/decrease(+) of receivables	-1,424	754	-3,877	-697	-593	-3,773
Increase(-)/decrease(+) of inventories	-508	-542	-1,130	-435	16	-679
Increase(+)/decrease(-) of liabilities	825	849	1,807	1,848	2,886	2,845
Increase(-)/decrease(+) in working capital	-1,107	1,061	-3,200	716	2,309	-1,607
Cash flow from operating activities	2,206	3,924	5,770	8,566	12,778	9,982
Investing activities
Investments in fixed assets (Capex)	-545	-704	-1,855	-2,263	-3,336	-2,928
Divestment of fixed assets	26	-	32	140	105	-3
Acquisition of businesses	-8,785	-	-9,314	-50	-50	-9,314
Divestment of businesses	4	-	4	-	-	4
Cash flow from investing activities	-9,300	-704	-11,133	-2,173	-3,281	-12,241
Financing activities
Paid and received interests	-79	-53	-238	-212	-337	-363
Dividends received	-	-	3	-	-	3
Dividends to owners of the parent	-	-	-3,513	-3,100	-3,100	-3,513
Dividends to non-controlling interests	-	-	-28	-37	-33	-24
Amortizations of lease liabilities	-87	-179	-383	-440	-619	-562
Increase of loans	4,503	-212	8,796	1,664	1,664	8,796
Amortization of loans	-31	-1,288	-60	-4,462	-4,850	-448
Other financing cash flows	-327	60	-47	280	-82	-409
Cash flow from financing activities	3,979	-1,672	4,530	-6,307	-7,357	3,480
Cash flow for the period	-3,115	1,548	-833	86	2,140	1,221
Cash at the beginning of the period	9,342	3,766	7,369	5,135	5,135	5,243
Translation difference in cash	-35	-70	-344	22	94	-272
Cash at the end of the period	6,192	5,243	6,192	5,243	7,369	6,192
Free cash flow per share (SEK) * **	4.08	7.79	9.55	15.59	23.10	17.06
Capex in relation to net sales	3.2%	4.3%	3.7%	4.7%	5.0%	4.3%
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. ** Restated, refer to Note 1.

Parent company income statement, condensed

	Q3		Jan-Sep		Jan-Dec
SEK millions	2025	2024	2025	2024	2024
Administration costs	-3	-3	-13	-13	-16
Other operating income and costs	2	-9	7	-10	-10
Operating income	0	-12	-7	-23	-26
Financial net	550	113	616	265	664
Result after financial items	550	101	609	242	638
Change of tax allocation reserve	-	-	-	-	355
Group contributions	-	-	-	-	599
Result before tax	550	101	609	242	1,592
Taxes	-4	-9	-16	-38	-212
Net income for the period	546	92	593	204	1,379

The parent company income statement also constitutes its statement of comprehensive income.

Parent company balance sheet, condensed

	Sep 30		Dec 31
SEK millions	2025	2024	2024
ASSETS
Non-current assets
Shares in group companies	4,669	4,669	4,669
Current assets
Receivables on group companies	3,914	6,251	7,130
Other receivables	472	248	176
Cash	3	3	3
Total current assets	4,389	6,502	7,309
TOTAL ASSETS	9,058	11,170	11,978
EQUITY AND LIABILITIES
Equity
Restricted equity	2,387	2,387	2,387
Unrestricted equity	4,654	6,398	7,573
Total equity	7,040	8,785	9,960
Untaxed reserves
Tax allocation reserves	1,986	2,340	1,986
Current liabilities
Liabilities to group companies	26	45	28
Accounts payable	3	0	1
Other liabilities	2	0	3
Total current liabilities	31	45	32
TOTAL EQUITY AND LIABILITIES	9,058	11,170	11,978

Notes

Note 1. Accounting principles

The interim report is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accounting and valuation principles 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 Financial Reporting in Sweden.

Full descriptions of accounting principles are presented in the Annual Report 2024. These principles have been consistently applied as in the Annual Report, however, starting from Q1 2025, some changes have been implemented in the interim report. Structurally, certain information has been moved to a notes section. Additionally, the Consolidated comprehensive income has been divided into two separate reports: the Condensed consolidated income statement and the Condensed consolidated statement of comprehensive income. The Condensed consolidated statement of cash flows is now presented after the Condensed consolidated statement of changes in equity. Furthermore, changes have been made to the presentation of some of the financial statements, detailed below:

Condensed consolidated income statement and Condensed parent company income statement: The financial statement lines "Other operating income" and "Other operating costs" have been merged into "Other operating income and costs". Similarly, the lines "Dividends and other financial income and costs", "Interest income and financial exchange rate gains" and "Interest expense and financial exchange rate losses" have been merged into "Financial net", which is specified in Note 6.

Condensed consolidated statement of comprehensive income:

The Comprehensive income is now presented in a separate financial statement with a slightly modified layout for clarity.

Condensed statement of changes in equity: The layout of this report has been revised for better clarity. Additionally, the statement is now condensed with fewer details, presenting only the current period and the comparison period.

Condensed consolidated statement of cash flows: The structure of the cash flow statement has been remodelled and the comparative numbers have been recalculated accordingly. Please refer to Note 9 for further details.

Furthermore, the report on Net sales by product has been condensed to only show Alfa Laval's main product groups, including related services. This means that the previous categories "Marine environmental", "Associated products", and "Services" are now included in the other four categories. The categories "Marine environmental " and "Associated Products" are included in "Other", while "Service" is distributed across all categories as service is reported based on the type of product it was performed on.

Moreover, the amounts previously reported as "Consolidation adjustments" in the table Reconciliation between Divisions and Group total are now included in the Adjusted EBITA and Operating Income in the Other Division. Thus, the amounts are now part of the Adjusted EBITA for the Divisions in the table "Reconciliation between Divisions and Group total" as well as in Other in Note 2. Segment reporting.

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.

Note 2. Segment reporting

Orders received
	2025			2024				2023
SEK millions	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Energy	5,415	4,589	4,903	5,054	5,042	4,771	5,179	4,662
Food & Water	5,796	6,436	6,315	6,478	5,739	6,273	6,357	7,286
Marine	5,344	5,274	5,589	6,944	8,146	7,872	6,736	4,972
Total							16,555 16,299 16,807 18,476 18,927 18,916 18,272 16,920

Order book
2025			2024				2023
SEK millions	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Energy	12,205	10,249	10,579	10,590	10,738	10,340	10,380	10,075
Food & Water	14,224	15,067	15,216	14,926	15,497	16,125	16,719	15,977
Marine	24,435	25,001	26,267	26,803	25,835	23,004	20,603	19,273
Total				50,864 50,317 52,062 52,319 52,070 49,469 47,702 45,325

Net sales
	2025			2024				2023
SEK millions	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Energy	5,026	4,601	4,786	5,186	4,611	4,891	4,643	5,196
Food & Water	6,483	6,162	5,905	7,114	6,342	7,023	5,263	7,060
Marine	5,735	6,056	5,775	6,010	5,255	5,616	5,000	5,583
Total							17,244 16,819 16,465 18,311 16,208 17,530 14,906 17,839

Adjusted EBITA
	2025			2024				2023
SEK millions	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Energy	832	796	861	923	964	935	917	900
Food & Water	1,043	904	894	1,008	995	1,077	742	1,011
Marine	1,349	1,448	1,259	1,104	989	1,031	894	1,003
Other	-43	-146	-99	-113	-148	-111	-117	-85
Total	3,180	3,001	2,916	2,922	2,800	2,932	2,436	2,830

Adjusted EBITA margin		2025			2024			2023
%	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Energy	16.6%	17.3%	18.0%	17.8%	20.9%	19.1%	19.8%	17.3%
Food & Water	16.1%	14.7%	15.1%	14.2%	15.7%	15.3%	14.1%	14.3%
Marine	23.5%	23.9%	21.8%	18.4%	18.8%	18.4%	17.9%	18.0%
Total	18.4%	17.8%	17.7%	16.0%	17.3%	16.7%	16.3%	15.9%

Refer to page 12 for reconciliation between segments and Group total.

Last 12 months

Sep 30, 2025

Last 12 months

Last 12 months

Note 3. Order intake

Large orders (>EUR 5 million) in the quarter

Orders per Business Unit	Q3
SEK millions	2025	2024
Gasketed Plate Heat Exchangers	141	-
Welded Heat Exchangers	279	352
Energy	420	352
Desmet	94	235
Food Systems	-	158
High Speed Separators	66	-
Food & Water	160	393
Heat & Gas Systems	268	371
Pumping Systems	359	969
Marine	627	1,340
Total	1,207	2,085

Order intake for the 10 largest markets

Order intake by region

Northern Europe

The region was flat in order intake compared to the same quarter last year. Energy noted robust underlying demand in HVAC & ref and in Clean power. Food & Water noted robust underlying demand in Dairy and Pharma. Marine grew, mainly driven by Engine Power. Service grew in Energy and Food & Water.

Central and Eastern Europe

The order intake in the region decreased double digit compared to the same quarter last year. Energy noted robust underlying demand in HVAC & Ref. Food & Water declined, mainly driven by Oils & fats. Marine declined, mainly in Engine Power. Service reported growth in all three divisions.

Southern Europe

The order intake in the region increased double digit compared to the same quarter last year. Energy grew, driven by Clean power and Light industry & tech. Food & Water grew, driven by Dairy and Pharma. Marine declined in Shipping. Service grew in Food & Water and Marine.

North America

The order intake in the region increased double digit compared to the same quarter last year. Energy grew, driven by Conventional power and Process industry. Food & Water grew, driven by Waste & water and Biofuels. Marine reported growth in Offshore and Shipping. Service grew in Food & Water and Marine, while flat in Energy.

Latin America

The region reported decreased order intake compared to the same quarter last year. Energy declined driven by Oil & gas and Process industry. Food & Water grew, mainly driven by Protein and Biofuels. Marine grew driven by Shipping. Service reported growth in Food & Water.

Northeast Asia

The order intake in the region decreased double digit compared to the same quarter last year. Energy grew, mainly in Refinery and Process industry. Food & Water grew, driven by Dairy and Oils & fats. Marine declined in Shipping and Offshore. Service grew in all three divisions.

Southeast Asia and Oceania

The order intake in the region decreased slightly compared to the same quarter last year. Energy declined, driven by Oil & gas and Conventional power. Food & Water declined, mainly driven by Biofuels. Marine grew in Offshore. Service grew in all three divisions.

India, Middle East and Africa

The order intake in the region increased double digit compared to the same quarter last year. Energy grew, mainly in Process industry and Conventional power. Food & Water grew, mainly in Oils & fats and Brewery. Marine grew, mainly driven by Shipping. Service grew in all three divisions.

Note 4. Geographical areas

Net sales

	Q3	Jan-Sep		Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
To customers in:
Sweden	352	276	970	893	1,232	1,310
Other EU	4,015	3,635	11,144	11,195	15,322	15,270
Other Europe	1,168	1,047	3,397	3,477	4,759	4,680
USA	2,808	2,764	8,374	8,509	11,345	11,210
Other North America	325	500	1,186	1,597	2,024	1,613
Latin America	959	898	2,920	2,670	3,644	3,894
Africa	305	318	911	816	1,216	1,311
China	3,436	2,562	9,498	7,363	10,074	12,210
South Korea	1,060	975	3,656	2,947	4,290	5,000
Other Asia	2,612	3,015	7,887	8,562	12,095	11,421
Oceania	204	218	585	614	950	920
Total	17,244	16,208	50,528	48,643	66,954	68,839

Net sales are reported by country on the basis of invoicing address, which is normally the same as the delivery address.

Non-current assets	Sep 30		Dec 31
SEK millions	2025	2024	2024
Sweden	5,540	3,904	4,360
Denmark	5,278	5,447	5,536
Other EU	18,624	9,390	9,794
Norway	12,978	13,131	13,340
Other Europe	929	383	409
USA	4,252	4,237	4,735
Other North America	138	151	159
Latin America	316	325	313
Africa	6	6	6
Asia	4,870	4,903	5,333
Oceania	94	113	106
Subtotal*	53,026	41,990	44,090
Other long-term securities	288	523	432
Pension assets	226	271	269
Deferred tax asset	1,680	1,732	1,942
Total	55,221	44,515	46,733

^* Includes intangible assets and goodwill, tangible assets and right-of-use assets and non-current derivative assets.

Note 5. Net sales by product*

	Q3		Jan-Sep		Jan-Dec	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Separation	2,916	2,871	8,497	8,691	12,045	11,851
Heat transfer	7,161	6,796	20,759	20,404	27,919	28,273
Fluid handling	4,627	3,765	13,637	11,537	15,962	18,063
Other	2,539	2,775	7,635	8,012	11,027	10,650
Total	17,244	16,208	50,528	48,643	66,954	68,839

^* 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	Last 12
SEK millions	2025	2024	2025	2024	2024	months
Net of interests	-134	-81	-274	-230	-324	-368
- of which interest expense on financing
loans	-118	-74	-229	-210	-272	-290
Dividends and other financial income	1	4	12	11	13	14
Net of exchange rate differences	89	-68	-97	-227	-128	3
Financial net	-44	-145	-359	-445	-439	-352

Note 7. Financial instruments

	Valuation
Financial assets and liabilities at fair value	hierarchy	Sep 30		Dec 31
SEK millions	level*	2025	2024	2024
Financial assets
Other non-current securities	1 and 2	21	286	184
Bonds and other securities	1	206	108	245
Derivative assets	2	810	283	195
Financial liabilities
Derivative liabilities	2	320	240	974
Liability for seller's earn-out possibility	3	-	88	-

^* 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.

Note 8. Borrowings and net debt

	Sep 30
SEK millions	2025	2024	2024
Credit institutions	66	190	115
Swedish Export Credit	2,206	2,250	2,292
Term loans	4,418	-	-
Commercial papers	-	299	-
Corporate bonds	11,903	7,738	7,867
Total borrowings	18,593	10,477	10,274
Cash and current deposits	-6,616	-5,542	-7,818
Net debt excluding lease liabilities*	11,977	4,935	2,455
Lease liabilities	3,544	2,797	3,038
Net debt including lease liabilities*	15,521	7,732	5,493

^* Alternative performance measure.

Borrowings specification		Available	Utilized
Millions	Currency	amount	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	0	-
Corporate bond	SEK	1,000	1,000	Nov 2025
Corporate bond	EUR	300	300	Feb 2026
Corporate bond	EUR	300	300	2029
Corporate bond	SEK	600	600	2030
Corporate bond	SEK	400	400	2030
Corporate bond	EUR	300	300	2031
Term loan	EUR	200	200	Apr 2026
Term loan	EUR	200	200	Apr 2026

^*The revolving credit facility can be increased with EUR 200 million.

During the year, Alfa Laval increased its borrowings through corporate bonds listed on the Irish Stock Exchange as well as new term loans. Three new bonds were issued in June, amounting to EUR 300 million, SEK 600 million and SEK 400 million, respectively. Two new term loans of EUR 200 million each were drawn upon in July.

The increase in funding was driven by the financing need for the acquisition of Fives Cryogenics, which was completed at the beginning of July 2025.

Note 9. Bridge cash flow restatement

Consolidated statement of cash flows, condensed		Q3 2024			Jan-Sep 2024			Jan-Dec 2024
SEK millions	Previously	Change	Restated	Previously	Change	Restated	Previously	Change	Restated
Operating activities
Operating income	2,674	-	2,674	7,612	-	7,612	10,435	-	10,435
Adj. for depreciation and amortization	548	-	548	1,809	-	1,809	2,418	-	2,418
Adj. for change in provisions¹⁾	-	52	52	-	52	52	-	-103	-103
Adj. for other non-cash items	-5	-	-5	-90	-	-90	78	-	78
Operational cash surplus	3,217	52	3,269	9,331	52	9,383	12,931	-103	12,828
Taxes paid	-406	-	-406	-1,533	-	-1,533	-2,359	-	-2,359
Cash flow from operating activities
before changes in working capital	2,811	52	2,863	7,798	52	7,850	10,572	-103	10,469
Changes in working capital:
Increase(-)/decrease(+) receivables	754	-	754	-697	-	-697	-593	-	-593
Increase(-)/decrease(+) inventories	-542	-	-542	-435	-	-435	16	-	16
Increase(+)/decrease(-) liabilities ²⁾	670	179	849	1,408	440	1,848	2,267	619	2,886
Increase(+)/decrease(-) provisions¹⁾	52	-52	-	52	-52	-	-103	103	-
Increase(-)/decrease(+) work. capital	934	127	1,061	328	388	716	1,587	722	2,309
Cash flow from operating activities	3,745	179	3,924	8,126	440	8,566	12,159	619	12,778
Investing activities
Investments in fixed assets (Capex)	-704	-	-704	-2,263	-	-2,263	-3,336	-	-3,336
Divestment of fixed assets	-	-	-	140	-	140	105	-	105
Acquisition of businesses	-	-	-	-50	-	-50	-50	-	-50
Cash flow from investing activities	-704	-	-704	-2,173	-	-2,173	-3,281	-	-3,281
Financing activities
Received interests and dividends³⁾	41	-41	-	146	-146	-	183	-183	-
Paid interests³⁾	-94	94	-	-358	358	-	-520	520	-
Paid and received interests³⁾	-	-53	-53	-	-212	-212	-	-337	-337
Realized financial exchange gains⁴⁾	1	-1	-	29	-29	-	50	-50	-
Realized financial exchange losses⁴⁾	-57	57	-	-259	259	-	-221	221	-
Dividends to owners of the parent	-	-	-	-3,100	-	-3,100	-3,100	-	-3,100
Dividends to non-controlling interests	-	-	-	-37	-	-37	-33	-	-33
Amortizations of lease liabilities²⁾	-	-179	-179	-	-440	-440	-	-619	-619
Increase(-) of financial assets⁴⁾	46	-46	-	-32	32	-	-453	453	-
Decrease(+) of financial assets⁴⁾	70	-70	-	542	-542	-	542	-542	-
Increase of loans	-212	-	-212	1,664	-	1,664	1,664	-	1,664
Amortization of loans	-1,288	-	-1,288	-4,462	-	-4,462	-4,850	-	-4,850
Other financing cash flows⁴⁾	-	60	60	-	280	280	-	-82	-82
Cash flow from financing activities	-1,493	-179	-1,672	-5,867	-440	-6,307	-6,738	-619	-7,357
Cash flow for the period	1,548	-	1,548	86	-	86	2,140	-	2,140
Cash at the beginning of the period	3,766	-	3,766	5,135	-	5,135	5,135	-	5,135
Translation difference in cash	-70	-	-70	22	-	22	94	-	94
Cash at the end of the period	5,243	-	5,243	5,243	-	5,243	7,369	-	7,369
Free cash flow per share (SEK)⁵⁾	7.36	0.43	7.79	14.52	1.07	15.59	21.60	1.50	23.10
Capex in relation to net sales	4.3%	-	4.3%	4.7%	-	4.7%	5.0%	-	5.0%

¹⁾ Change in provisions is moved to Operational cash surplus.

²⁾ Amortization of lease liabilities is moved to Financing activities.

³⁾ Received interests and dividends and paid interests are reported net as Paid and received interests.

⁴⁾ Exchange gains and losses, and change of financial assets are netted and reported as Other financing cash flows.

⁵⁾ Free cash flow per share is affected by the changes in Operating activities. The average number of shares is 413,326,315 for all periods.

Note 10. Acquisitions

			2025	2024
SEK millions	Fives Cryogenics	Minor acquisitions	Total	Total
Intangible assets	3,096	319	3,415	-
Tangible assets and right-of-use assets	352	12	364	-
Other non-current assets	29	-	29	-
Inventories	344	14	357	-
Accounts receivable	244	18	262	-
Other receivables	368	1	369	-
Current deposits	-	-	-	-
Cash	327	17	343	-
Provisions	-16	-	-16	-
Deferred tax	-783	-80	-863	-
Liabilities to credit institutions	-3	-	-3	-
Lease liability	-47	-	-47	-
Advance payments	-317	-	-317	-
Accounts payable	-272	-4	-275	-
Other liabilities	-263	-21	-284	-
Acquired net assets	3,058	275	3,334	-
Goodwill	6,151	305	6,456	-
Purchase price	-9,210	-581	-9,791	-
Retained part of purchase price	98	35	133	-
Cash in acquired businesses	327	17	343	-
Payment of amounts retained in prior years	-	-	-	-50
Total effect on cash flow	-8,785	-529	-9,314	-50

The acquisition analyses for acquisitions made during the last 12 months are preliminary and will be concluded within one year of the acquisition date.

Two minor acquisitions have occurred during the year and those are presented as a total in the column "Minor acquisitions".

On January 1, 2025, Alfa Laval acquired 100 % of an American service provider. The purchase price amounted to SEK 82 million, out of which SEK 70 million was paid in cash and SEK 12 million retained. Transaction costs amounted to SEK 3 million and are included in the operating income. The company employs appr. 18 people and has an annual net sales of appr. SEK 35 million. The acquisition is included in the Energy Division and is consolidated as from the beginning of the year.

On April 2, 2025, Alfa Laval acquired 100% of NRG Marine Ltd. The purchase price amounted to SEK 499 million, out of which SEK 476 million was paid in cash and SEK 23 million retained. Transaction costs amounted to SEK 2 million and are included in the operating income. The company employs appr. 30 people and has an annual net sales of appr. SEK 200 million. NRG Marine is consolidated into the Marine Division as from the second quarter.

On July 7, 2025, the acquisition of the business unit Fives Cryogenics, a part of Fives Group, was completed. The purchase price amounted to SEK 9,210 million of which SEK 98 million is retained until the fourth quarter 2025. Transaction costs amounts to SEK million 75 and are included in the operating income. Fives Cryogenics employs 714 people and has an annual net sales of appr. EUR 200 million. Fives Cryogenics is reported as a separate business unit within the Energy Division and is consolidated as from the third quarter 2025. From the date of the acquisition the company added SEK 601 million in net sales and had a neutral impact on the Alfa Laval EBITA.

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.

Review report

Introduction

We have reviewed the condensed interim report for Alfa Laval AB (publ) as of September 30, 2025 and for the nine months period then ended. The Board of Directors and the President 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 International 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 28, 2025

Ernst & Young AB

Andreas Troberg Hanna Fehland Authorized Public Accountant Authorized Public Accountant

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, 2026 Interim report for the first quarter: April 22, 2026 Interim report for the second quarter: July 21, 2026

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 28, 2025.