Bulten — Interim / Quarterly Report 2023

Jul 12, 2023

Q2 HALF-YEAR REPORT JANUARY–JUNE 2023

Acquisition in Asia, record demand but challenges in the supply chain

second quarter

• Net sales amounted to SEK 1,416 (1,006) million, an increase of 40.8% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 50 (41) million, equating to an operating margin of 3.5% (4.1).
• Adjusted operating earnings totaled SEK 58 (51) million, equating to an adjusted operating margin of 4.0% (5.0). Operating earnings have been charged with transaction costs of SEK -8 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd ("Exim"). The corresponding quarter of the previous year was adjusted by approximately SEK -10 million, related to winding-up costs for Bulten's operation in Russia.
• Earnings after tax amounted to SEK 43 (22) million. Adjusted earnings after tax amounted to SEK 51 (32) million.
• Order bookings amounted to SEK 1,476 (1,289) million, an increase of 14.4% on the same period the previous year.
• Cash flow from operating activities totaled SEK 46 (-19) million.
• Earnings per share were SEK 1.82 (0.88). Adjusted earnings per share were SEK 2.20 (1.32).

january – june

• Net sales amounted to SEK 2,803 (2,040) million, an increase of 37.4% on the same period the previous year.
• Operating earnings (EBIT) totaled SEK 166 (30) million, equating to an operating margin of 5.9% (1.5).
• Adjusted operating earnings totaled SEK 174 (123) million, equating to an adjusted operating margin of 6.2% (6.0). Operating earnings have been charged with transaction costs of SEK -8 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd ("Exim"). The corresponding quarter of the previous year was adjusted by approximately SEK -93 million, related to winding-up costs for Bulten's operation in Russia.
• Earnings after tax amounted to SEK 122 (-17) million. Adjusted earnings after tax amounted to SEK 130 (76) million.
• Cash flow from operating activities totaled SEK 242 (75) million.
• Earnings per share were SEK 5.38 (-1.02). Adjusted earnings per share were SEK 5.76 (3.38).
• Net debt amounted to SEK 812 (777) million. Net debt, excluding lease liabilities, totaled SEK 301 (446) million.
• The equity/assets ratio was 45.9% (47.3) at the end of the period. The equity/assets ratio, excluding lease liabilities, totaled 51.9% (51.9).

significant events after the end of the reporting period

• On July 6, Bulten entered into an agreement to acquire all shares in Exim & Mfr Holdings Pte Ltd ("Exim"), an Asian, Singapore-based distributor of fasteners and other components, for a purchase sum of approximately SGD 66.3 million (SEK 530 million) on a cash-free and debt-free basis. The acquisition affords Bulten a good platform to grow in new sectors, where the distribution stage is a pivotal sales channel.

			Q2			JAN-JUNE		12-MONTH ROLLING	FULL YEAR
	SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
	Net sales	1,416	1,006	40.8%	2,803	2,040	37.4%	5,237	4,474	17.1%
	Gross profit	217	189	28	500	394	106	932	826	106
	Earnings before depreciation (EBITDA)	95	84	11	255	116	139	494	355	139
	Operating earnings (EBIT)	50	41	9	166	30	136	316	180	136
	Operating margin, %	3.5	4.1	-0.5	5.9	1.5	4.4	6.0	4.0	2.0
Adjusted operating earnings	Adjusted operating earnings (EBIT) 1)	58	51	7	174	123	51	335	284	51
	Adjusted operating margin, %	4.0	5.0	-1.0	6.2	6.0	0.2	6.4	6.3	0.1
58 SEK MILLION	Earnings after tax	43	22	21	122	-17	139	213	74	139
	Adjusted earnings after tax	51	32	19	130	76	54	230	176	54
Adjusted operating margin	Earnings per share before dilution, SEK	1.82	0.88	0.94	5.38	-1.02	6.4	9.01	2.65	6.39
	Adjusted earnings per share before dilution, SEK	2.20	1.32	0.88	5.76	3.38	2.38	9.86	7.48	2.38
4.0 %	Return on capital employed, %	–	–	–	–	–	–	11.8	6.3	5.5
	Adjusted return on capital employed, %	–	–	–	–	–	–	12.5	9.9	2.6

Q2 2023

Net sales

SEK 1,416 MILLION

Operating earnings

SEK 50 MILLION

SEK 58 MILLION

Operating margin

3.5 %

1) See specification page 17.

CEO'S STATEMENT

Demand has been strong over the past quarter. High sales volumes combined with the product mix, however, forced extraordinary measures that had a negative impact on operating profit. Shortly after the end of the quarter we signed an agreement to acquire a distribution company, which will provide a good platform for Bulten to grow in new sectors.

Extremely strong Q2 sales

Once again, I can report a quarter of very strong sales growth: an increase of 40.8% on the same quarter the previous year. The high sales are testament to the fact that we have won market share and have good capability to grow organically. Despite this, we did not achieve an acceptable operating profit due to increased costs mainly related to capacity challenges at our European factories. Transaction costs for acquisitions also had an adverse impact on operating profit.

Cost increases primarily related to capacity and delivery challenges

After several years of component shortages, OEMs in Europe – Bulten's largest customer group – are trying to rapidly reduce their backlog of orders. Meanwhile, imports of fasteners from Asia have fallen dramatically due to new EU anti-dumping duties on products imported from China, and the geopolitical unease around Taiwan, the world's biggest producer of fasteners. This has led to a sharp increase in demand for domestically produced fasteners in Europe and consequently a capacity shortfall both among our regional suppliers and in our own factories in Europe. As a supplier to the automotive industry, we have to follow our customers' production volumes, and the capacity shortfall we have seen during the quarter forced us to take extraordinary measures in the shape of air freight, overtime, and a higher percentage of contracted personnel. In total, additional costs related to capacity during Q2 are estimated at around SEK 60 million.

The situation is expected to improve during Q3, although we will still have some backlog over the coming months. We are taking a range of measures to mitigate the situation. We have begun upping the pace more than planned at our new surface treatment plant in Poland to free up more surface treatment capacity, and we have also secured more capacity among our suppliers. To increase production capacity at our factories, we are carrying out new recruitment and training people, and have acquired new production equipment.

In terms of inventory, we have managed to maintain relatively good stock levels also during Q2, but the weaker Swedish currency (SEK) has had a negative impact on the stock balance.

Acquisition lays foundation for growth in new customer groups

Shortly after the end of the quarter, we signed an agreement to acquire Exim & Mfr Holdings Pte Ltd. ("Exim"), an Asian distributor of fasteners and other components. Exim is based in Singapore, has operations in India, Indonesia, Malaysia, Thailand, the Philippines and Vietnam, and has annual sales of approximately SEK 320 million. I am delighted that we have now taken the step into the distribution stage, enabling us to grow in new industrial customer segments. Exim is a well-managed company that operates in Asia, providing products and services for international customers in various areas including telecom, electronics, energy, medical devices and aviation. The company has well-established processes for distribution and Vendor Managed

Inventory, which are suitable for industries with completely different purchasing patterns than Bulten has historically been used to. This will be a key to profitable growth in new sectors. With Exim, I also see the potential to build on the strong growth in the region, and to utilize their sales network to increase sales at our factories in China and Taiwan.

Continued strong demand

Looking ahead to the rest of 2023, there are currently no signs of any slowing in production among our customers in the automotive industry. The most important focus for us in the immediate future is to balance capacity and demand, and to create more flexibility in the supply chain. Another priority is to complete the acquisition of Exim, and to immediately begin developing the company based on its inherent growth potential. We will continue our efforts to establish an industrial segment to complement the automotive business, drive organic growth, and identify interesting new takeover candidates. Our ultimate objectives and intentions remain: strong growth, and an increase in higher-margin business.

Anders Nyström, President and CEO

BULTEN IN BRIEF

order bookings and net sales

Second quarter

Order bookings amounted to SEK 1,476 (1,289) million, an increase of 14.4% on the corresponding period the previous year. Group net sales amounted to SEK 1,416 (1,006) million, an increase of 40.8% on the same period the previous year. Adjusted for foreign exchange effects, growth totaled 31.2% for the same period.

January – June

Group net sales amounted to SEK 2,803 (2,040) million, an increase of 37.4% on the same period last year. Adjusted for foreign exchange effects, growth totaled 28.8% for the same period.

earnings and profitability Second quarter

The Group's gross profit was SEK 217 (189) million, corresponding to a gross margin of 15.3% (18.7). Earnings before depreciation and amortization (EBITDA) amounted to SEK 95 (84) million, corresponding to an EBITDA margin of 6.7% (8.3). Operating earnings (EBIT) totaled SEK 50 (41) million, equating to an operating margin of 3.5% (4.1). Adjusted operating earnings (EBIT) totaled SEK 58 (51) million, equating to an adjusted operating margin of 4.0% (5.1). Operating earnings have been charged with transaction costs of SEK -8 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd ("Exim"). The corresponding quarter of the previous year was adjusted by approximately SEK -10 million, related to winding-up costs for Bulten's operation in Russia.

Operating earnings were affected by exchange rate fluctuations of SEK 8 (2) million when converting working capital at the closing day rate.

Net financial items for the Group amounted to SEK 13 (-1) million. Financial income of SEK 27 (4) million comprises interest income of SEK 4 (0) million, foreign gain amounted of SEK 23 (3) million and other financial income of SEK 0 (1) million. Financial expenses of SEK -14 (-5) million include interest expenses of SEK -13 (-3) million, of which interest expenses for leases total SEK -3 (-2) million. Other financial expenses amounted to SEK -1 (-2) million.

The Group's profit before tax amounted to SEK 63 (40) million and profit after tax was SEK 43 (22) million. Adjusted profit before tax amounted to SEK 71 (50) million, and adjusted profit after tax was SEK 51 (32) million.

January – June

The Group's gross profit was SEK 500 (394) million, corresponding to a gross margin of 17.8% (19.3). Earnings before depreciation and amortization (EBITDA) amounted to SEK 255 (116) million, corresponding to an EBITDA margin of 9.1% (5.7). Operating earnings (EBIT) totaled SEK 166 (30) million, equating to an operating margin of 5.9% (1.5). Adjusted operating earnings (EBIT) totaled SEK 174 (123) million, equating to an adjusted operating margin of 6.2% (6.0). Operating earnings have been charged with transaction costs of SEK -8 million attributable to the acquisition of Exim & Mfr Holdings Pte Ltd ("Exim") . The corresponding quarter of the previous year was adjusted by approximately SEK -93 million, related to winding-up costs for Bulten's operation in Russia. Operating earnings were affected by exchange rate fluctuations of SEK 7 (-3) million when converting working capital at the closing day rate.

Net financial items for the Group amounted to SEK 4 (-10) million. Financial income of SEK 27 (1) million comprises interest income of SEK 6 (1) million, foreign gain amounted of SEK 21 (-) million. Financial expenses of SEK -23 (-11) million include interest expenses of SEK -21 (-7) million, of which interest expenses for leases total SEK -6 (-5) million. Foreign exchange losses amount to SEK - (-1) million. Other financial expenses amounted to SEK -2 (-3) million.

The Group's profit before tax amounted to SEK 170 (20) million and profit after tax was SEK 122 (-17) million. Adjusted profit before tax amounted to SEK 178 (113) million, and adjusted profit after tax was SEK 130 (76) million.

cash flow, working capital, investments and financial position Second quarter

Cash flow from operating activities totaled SEK 46 (-19) million. The effect on cash flow of the change in working capital amounted to SEK 15 (-94) million.

Inventories increased during the period by SEK 19 (65) million. Current receivables increased by SEK 83 (10) million and current liabilities changed by SEK 106 (-58) million.

Cash flow from investing activities amounted to SEK -33 (-50) million. Capital expenditure of SEK 32 (50) million relates to property, plant and equipment.

January – June

Cash flow from operating activities totaled SEK 242 (75) million. The effect on cash flow of the change in working capital amounted to SEK 88 (-101) million.

Inventories changed during the period by SEK -28 (86) million. Current receivables increased by SEK 53 (75) million and current liabilities increased by SEK 102 (44) million.

Cash flow from investing activities amounted to SEK -73 (-125) million. Investments of SEK 69 (125) million relate to property, plant and equipment.

On the closing date, net debt amounted to SEK 812 (777) million. Net debt, excluding lease liabilities, totaled SEK 301 (446) million.

Consolidated cash equivalents amounted to SEK 319 (233) million at the end of the period. In addition to cash equivalents, the Group also had approved but unused overdraft facilities of SEK 869 (774) million, which means that the Group's liquidity amounted to SEK 1,188 (1,007) million.

financing agreements

Bulten is primarily financed through Svenska Handelsbanken via a credit facility totaling SEK 1,300 million. The credit facility runs up until the end of June 2025. There is also a financing agreement with Danske Bank with credit totaling EUR 12 million. The credit facilities are associated with certain covenants. All covenant conditions with financiers were met during the year.

OTHER INFORMATION

accounting policies

This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board. The accounting policies applied are unchanged compared to those outlined in the 2022 Annual Report.

All amounts in SEK million unless otherwise stated. Figures in parentheses refer to the previous year. Some figures are rounded, so amounts might not always appear to match when added up.

risks and risk management

Exposure to risk is a natural part of a business and this is reflected in Bulten's approach to risk management. This aims to identify and prevent risks from occurring, and to limit any damage resulting from these risks. The most significant risks for the Group relate to market and macroeconomic risks, legal and political risks, IT-related risks, financial risks, and force majeure.

The global economy is currently subject to inflation levels not seen in decades. This could have consequences for the company's financial situation. Bulten closely monitors the global financial situation.

For a more detailed description of risks, please see Note 5 Risks and risk management in the 2022 Annual Report.

seasonal variations

Bulten has no traditional seasonal variation but the year reflects the customers' production days, which vary between quarters.

Generally speaking, the lowest net sales and operating earnings are seen in the third quarter with the lowest number of production days. The other quarters are relatively even but may vary slightly.

contingent liabilities

There were no significant changes in contingent liabilities during the year.

transactions with related parties

There have been no significant transactions between related parties during the reporting period. For further information, please see Note 38 of the 2022 Annual Report.

employees

The average number of employees (FTE) in the Group during the period January 1 – June 30, 2023 was 1,586 (1,591). The number of employees on the closing date was 1,658.

parent company

Bulten AB (publ) owns, directly or indirectly, all the companies in the Group. The equity/assets ratio was 66.3% (70.3). Equity amounted to SEK 977 (1,032) million. There were no cash or cash equivalents on the closing date. The Parent Company had seven employees at the end of the period.

significant events after the end of the reporting period

In July , Bulten entered into an agreement to acquire all shares in Exim & Mfr Holdings Pte Ltd ("Exim"), an Asian, Singapore-based distributor of fasteners and other components, for a purchase sum of approximately SGD 66.3 million (SEK 530 million) on a cash-free and debtfree basis. Exim has approximately 140 employees in Singapore, India, Indonesia, Malaysia, Thailand, the Philippines and Vietnam, and annual sales of about SGD 40 million (SEK 320 million). The aim is to complete the acquisition during the third quarter.

auditor's review

This interim report has not been reviewed by the company's auditors.

Gothenburg, July 12, 2023
Bulten AB (publ)

Karin Gunnarsson
Board member

Hans Gustavsson Christina Hallin Board member Board member

Hans Peter Havdal Jonas Hård Board member Board member

Joacim Stenberg Harri Åman Employee representative Employee representative

Anders Nyström President and CEO

BULTEN IN BRIEF

Bulten was founded in 1873, and has since developed into one of the largest suppliers of fasteners to the international automotive industry, as well as other customer groups such as consumer electronics. Today, we have around 1,600 employees worldwide and are headquartered in Gothenburg, Sweden. Our offering extends from a wide range of standard products to adapted fasteners manufactured to the customers' specific needs. With our Full Service Provider concept (FSP), our customers can either leave total responsibility for fasteners to us, which means that we take care of development, sourcing, logistics and service, or choose just certain parts of the concept. The share (BULTEN) is listed on Nasdaq Stockholm.

* Pembroke is under closure.

Austria, Slovakia, Romania, the US, China, Taiwan and Singapore. Bulten has a global sales organization with customers in several countries in Europe and Asia, as well as the US.

Enhanced offering, including GOAL 2024 leadership in sustainability and innovation	Net sales SEK 5 billion CAGR 10%	Operating margin >8%	ROCE >15%
---------------------------------------------------------------------------------------------	----------------------------------------	-------------------------	--------------

vision

We create and supply the most innovative and sustainable fastening solutions.

mission

With 150 years of expertise in fasteners, we continue to deliver not just fasteners, but also complete solutions. Our experienced, dedicated employees help customers worldwide to succeed in everything from product design to production, procurement and service.

It is in our nature to constantly expand our customer offering. By driving innovation and actively seeking collaboration with other innovative companies, we can add new functionality and new services to our offering.

We are strongly committed to sustainability and cost efficiency. We continuously improve our products and our value chain, in order to retain our leading position in the industry when it comes to the lowest possible carbon footprint and use of natural resources. Wherever we operate, we endeavor to make a positive contribution to the community. Sustainability is a natural part of who we are and our business model.

business concept

We continuously deliver market leading fastening solutions that meet customer requirements on efficiency, quality, price and sustainability.

With clear objectives, global presence, responsible conduct and the latest in technology and innovation, we are the company that makes a difference, and creates the greatest benefit for the customer.

core values

SHAREHOLDER INFORMATION

		Q2			JAN-JUNE		12-MONTH ROLLING	FULL YEAR	share performance
SHARE DATA	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022	SEK
Share price at end of period (price paid). SEK	99.40	64.00	35.40	99.40	64.00	35.40	99.40	59.50	120
Highest share price during the period (price paid). SEK	110.20	71.00	39.20	110.20	99.50	10.70	110.20	99.50	90
Lowest share price during the period (price paid). SEK	83.80	60.40	23.40	59.50	57.40	2.10	50.00	50.00
Market value at end of period. SEK million	2,091	1,347	744	2,091	1,347	744	2,091	1,252	60
P/E	–	–	–	–	–	–	–	22.49
Yield. %	–	–	–	–	–	–	–	4.20	30
Data per share. SEK
Earnings before depreciation (EBITDA) *)	4.50	4.00	0.50	12.14	5.53	6.61	23.51	16.91	0
Adjusted earnings before depreciation (EBITDA) *)	4.88	4.45	0.43	12.52	9.95	2.57	24.44	21.87
Operating earnings (EBIT) *)	2.35	1.96	0.39	7.88	1.43	6.45	15.02	8.57	Bulten Share SEK Bulten based on the index OMX SPI
Adjusted operating earnings (EBIT) *)	2.73	2.41	0.32	8.27	5.85	2.42	15.95	13.53	OMX Stockholm PI Index
Earnings after net financial items (EAFI) *)	3.00	1.87	1.13	8.08	0.94	7.14	14.54	7.40	Source: Cision on 30 June 2023
Earnings for the period *)	1.82	0.88	0.94	5.38	-1.02	6.40	9.04	2.65
Adjusted earnings for the period *)	2.20	1.31	0.89	5.76	3.38	2.38	9.86	7.48
Equity *)	–	–	–	92.99	79.96	13.03	–	85.72
Cash flow from operating activities *)	2.22	-0.88	3.10	11.54	3.57	7.97	–	14.21
Cash flow for the period *)	-6.56	2.99	-9.55	-6.56	-0.91	7.46	–	9.47
Dividend	–	–	–	–	–	–	–	2.50	SHAREHOLDERS
Total outstanding ordinary shares. 000
Weighted number during the period *)	20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20.988.0
At the end of the period *)	20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20.988.0

*) Before dilution.

information about interim reports

All of Bulten's reports are available to read and download at bulten.se. Shareholders who are unable to access the reports digitally can order printed copies by contacting Bulten.

Our subscription service at www.bulten.com also enables users to subscribe to Bulten's reports and press releases by e-mail.

bulten's ten largest shareholders

SHAREHOLDERS	NO. OF SHARES	SHARE HOLDING, %
Volito AB	5,100,000	24.2
Nordea Investment Funds	1,221,990	5.8
Handelsbanken Fonder	1,179,975	5.6
Carnegie Fonder	1,157,047	5.5
Clearstream Banking S.A., W8IMY	852,003	4.0
Unionen	800,000	3.8
Avanza Pension	608,605	2.9
Nordnet Pensionförsäkring AB	446,398	2.1
Swedbank Försäkring	351,422	1.7
Alandsbanken ABP	338,569	1.6

Total number of shareholders: 9,961

Source: Euroclear Sweden AB on 30 June 2023

FINANCIAL INFORMATION

CONSOLIDATED INCOME STATEMENT

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION NOTE	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Net sales 1	1,416	1,006	410	2,803	2,040	763	5,237	4,474
Cost of goods sold	-1,199	-817	-382	-2,303	-1,646	-657	-4,305	-3,648
Gross profit	217	189	28	500	394	106	932	826
Other operating income	11	1	10	12	7	5	17	12
Selling expenses	-93	-76	-17	-180	-145	-35	-355	-320
Administrative expenses	-85	-67	-18	-167	-127	-40	-293	-253
Other operating expenses	–	-9	9	-1	-103	102	5	-97
Share of profit in joint ventures	0	3	-3	2	4	-2	10	12
Operating earnings	50	41	9	166	30	136	316	180
Financial income	27	4	23	27	1	26	28	2
Financial expenses	-14	-5	-9	-23	-11	-12	-39	-27
Earnings before tax	63	40	23	170	20	150	305	155
Tax on earnings for the period	-20	-18	-2	-48	-37	-11	-92	-81
Earnings after tax	43	22	21	122	-17	139	213	74
Attributable to
Parent Company shareholders	38	18	20	113	-22	135	190	55
Non-controlling interests	5	4	1	9	5	4	23	19
Earnings after tax	43	22	21	122	-17	139	213	74
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	1.82	0.88	0.94	5.38	-1.02	6.40	9.04	2.65
Adjusted earnings per share before dilution, SEK	2.20	1.31	0.89	5.76	3.38	2.38	9.86	7.48
Earnings per share after dilution, SEK	1.82	0.88	0.94	5.38	-1.02	6.40	9.04	2.65
Weighted number of outstanding ordinary shares before dilution, 000	20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20,988.0
Weighted number of outstanding ordinary shares after dilution, 000	20,988.0	20,988.0	–	20,988.0	20,988.0	–	20,988.0	20,988.0

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Q2				JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Earnings after tax	43	22	21	122	-17	139	213	74
Other comprehensive income
Items not to be reversed in the income statement
Revaluation of defined-benefit pension plans, net after tax	–	–	–	–	–	–	3	3
Items that may later be reversed in the income statement
Exchange differences	74	86	-12	91	88	3	131	128
Total comprehensive income	117	108	9	213	71	142	347	205
Attributable to
Parent Company shareholders	112	100	12	204	65	139	325	186
Non-controlling interests	5	8	-3	9	6	3	22	19
Total comprehensive income	117	108	9	213	71	142	347	205

CONSOLIDATED BALANCE SHEET

SEK MILLION	30-06-2023	30-06-2022	31-12-2022
ASSETS
Fixed assets
Intangible fixed assets 1)	233	220	220
Tangible fixed assets	1,050	867	973
Right-of-use assets	485	306	486
Financial assets	60	61	67
Deferred tax assets	14	18	22
Total fixed assets	1,842	1,472	1,768
Current assets
Inventories	931	961	959
Current receivables	1,241	930	1,178
Cash equivalents	319	233	451
Total current assets	2,491	2,124	2,588
Total assets	4,333	3,596	4,356
EQUITY AND LIABILITIES
Equity
Equity attributable to Parent Company shareholders	1,952	1,678	1,799
Non-controlling interests	36	21	26
Total equity	1,988	1,699	1,825
Long-term liabilities
Deferred tax liabilities	5	14	14
Long-term interest-bearing lease liabilities	448	272	449
Other long-term interest-bearing liabilities and provisions	218	321	416
Total long-term liabilities	671	607	880
Current liabilities
Current lease liabilities, interest-bearing	63	58	65
Other current liabilities, interest-bearing	403	360	447
Other current liabilities, non interest-bearing	1,208	872	1,139
Total current liabilities	1,674	1,290	1,651
Total equity and liabilities	4,333	3,596	4,356

1) Of which goodwill SEK 224 (218) (218) million.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	JAN-JUNE
SEK MILLION	30-06-2023	30-06-2022	31-12-2022
Equity at start of period	1,825	1,687	1,687
Comprehensive income
Earnings after tax	122	-17	74
Other comprehensive income	91	88	131
Total comprehensive income	213	71	205
Transactions with shareholders
Transaction with non-controlling interests	–	-12	-20
Non-controlling interests arising from the acquisition of subsidiary	2		–
Dividend to Parent Company shareholders	-52	-47	-47
Total transactions with shareholders	-50	-59	-67
Equity at end of period	1,988	1,699	1,825

CONSOLIDATED CASH FLOW STATEMENT

	Q2		JAN-JUNE	FULL YEAR
SEK MILLION	2023	2022	2023	2022	2022
Operating activities
Earnings after financial items	63	40	170	20	155
Adjustments for items not included
in cash flow	15	48	60	176	270
Taxes paid	-47	-13	-76	-20	-44
Cash flow from operating activities before changes in working capital	31	75	154	176	381
Cash flow from changes in working capital
Change in working capital	15	-94	88	-101	-83
Cash flow from operating activities	46	-19	242	75	298
Investing activities
Acquisition of intangible fixed assets	-1	0	-1	0	0
Acquisition of tangible fixed assets	-32	-50	-69	-125	-267
Divestment of tangible fixed assets	–	0	1	0	1
Acquisition of shares in subsidiaries	–	–	-4	–	–
Cash flow from investing activities	-33	-50	-73	-125	-266
Financing activities
Change in overdraft facilities and other financial liabilities	-20	196	-216	113	295
Amortization of lease liabilities	-19	-18	-39	-35	-72
Dividend to Parent Company shareholders	-52	-47	-52	-47	-47
Transactions with non-controlling interests	–	–	–	–	-9
Cash flow from financing activities	-91	131	-307	31	167
Cash flow for the period	-78	62	-138	-19	199
Cash flow for the period	-78	62	-138	-19	199
Cash and cash equivalents at start of period	392	164	451	242	242
Exchange rate difference in cash and cash equivalents	5	7	6	10	10
Cash and cash equivalents at end of period	319	233	319	233	451

CONSOLIDATED NET DEBT COMPOSITION

SEK MILLION	30-06-2023	30-06-2022	31-12-2022
Long-term interest-bearing liabilities	-649	-572	-849
Provision for pensions	-17	-21	-16
Current interest-bearing liabilities	-466	-418	-512
Financial interest-bearing receivables	1	2	1
Cash equivalents	319	233	451
Net debt (-)	-812	-777	-925
Less interest-bearing liabilities attributable to lease liabilities	511	331	514
Adjusted net debt (-), (excluding lease liabilities)	-301	-446	-411

FIGURES FOR THE GROUP

	Q2		JAN-JUNE	FULL YEAR
GROUP	2023	2022	2023	2022	2022
Margins
EBITDA margin, %	6.7	8.3	9.1	5.7	7.9
Adjusted EBITDA margin, % 3)	7.2	9.3	9.4	10.2	10.3
EBIT margin (operating margin), %	3.5	4.1	5.9	1.5	4.0
Adjusted EBIT margin (operating margin), % 3)	4.0	5.0	6.2	6.0	6.3
Net margin, %	3.0	2.2	4.3	-0.8	1.7
Adjusted net margin, % 3)	3.6	3.1	4.6	3.7	3.9
Capital structure
Interest coverage ratio, times	5.5	8.3	8.4	2.8	6.8
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	1.82	0.88	5.38	-1.02	2.65
Adjusted earnings per share before dilution, SEK 3)	2.20	1.31	5.76	3.38	7.48
Earnings per share after dilution, SEK	1.82	0.88	5.38	-1.02	2.65
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0
Weighted number of outstanding ordinary shares after dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0
GROUP			30-06-2023	30-06-2022	31-12-2022
Capital structure
Net debt/equity ratio, times			-0.4	-0.5	-0.5
Equity/assets ratio, %			45.9	47.3	41.9
Equity/assets ratio, (excluding lease liabilities, IFRS 16), %			51.9	51.9	47.5
Other
Net debt (-), SEK million			-812	-777	-925
Adjusted net debt (-), (excluding lease liabilities), SEK million			-301	-446	-411
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK			92.99	79.96	85.72
Equity per share after dilution, SEK			92.99	79.96	85.72
Number of outstanding ordinary shares
Number of outstanding ordinary shares before dilution on the closing date, 000			20,988.0	20,988.0	20,988.0
Number of outstanding ordinary shares after

dilution on the closing date, 000 20,988.0 20,988.0 20,988.0

		12-MONTH ROLLING	FULL YEAR
GROUP, 12-MONTH ROLLING	JULY 2022 – JUNE 2023	JULY 2021 – JUNE 2022	2022
Profitability ratios
Return on capital employed, %	11.8	4.4	6.3
Adjusted return on capital employed, % 1)	12.5	8.1	9.9
Return on capital employed, (excluding leasing, IFRS 16), %	13.1	4.9	7.0
Adjusted return on capital employed, (excluding leasing IFRS 16), %	13.9	9.1	11.2
Return on capital employed, excluding goodwill, %	12.8	4.8	6.8
Return on equity, %	10.5	1.1	3.2
Adjusted return on equity, % 2)	11.4	6.7	9.1
Capital structure
Capital turnover rate, times	1.8	1.5	1.5
Employees
Net sales per employee, SEK 000	3,302	2,361	2,841
Operating earnings per employee, SEK 000	199	68	114
Average number of full-time employees (FTE)	1,586	1,591	1,575

DEFINITIONS

Definitions of calculated key indicators are unchanged compared to the definitions in the 2022 Annual Report. Other key indicators not in the Annual Report or on page 17 of this interim report are explained below.

1) Adjusted return on capital employed: Earnings before financial expenses adjusted for non-recurring items as a percentage of average capital employed.

2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided by average equity.

3) Adjusted result: Result adjusted for items affecting comparability.

QUARTERLY DATA FOR THE GROUP

	2023		2022					2021
SEK MILLION	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Order bookings	1,476	1,356	1,437	1,033	1,289	1,134	871	830	947
Income statement
Net sales	1,416	1,387	1,339	1,095	1,006	1,034	953	764	910
Gross profit	217	283	245	187	189	205	168	140	176
Adjusted gross profit 3)	217	283	254	187	189	205	168	140	176
Earnings before depreciation (EBITDA)	95	160	148	91	84	32	90	74	96
EBITDA margin, %	6.7	11.6	11.0	8.3	8.3	3.1	9.4	9.7	10.6
Adjusted Earnings before depreciation (EBITDA) 3)	103	160	159	91	94	115	90	74	96
Adjusted EBITDA margin, % 3)	7.2	11.6	11.9	8.3	9.3	11.1	9.4	9.7	10.6
Operating earnings (EBIT)	50	116	103	47	41	-11	48	31	55
EBIT margin (operating margin), %	3.5	8.4	7.6	4.3	4.1	-1.1	5.0	4.1	6.0
Adjusted Operating earnings (EBIT) 3)	58	116	114	47	51	72	48	31	55
Adjusted EBIT margin (operating margin), % 3)	4.0	8.4	8.5	4.3	5.0	7.0	5.0	4.1	6.0
Earnings after tax	43	79	73	18	22	-39	32	16	38
Net margin, %	3.0	5.7	5.5	1.6	2.2	-3.8	3.3	2.2	4.2
Adjusted earnings after tax 3)	51	79	82	18	32	44	32	16	38
Adjusted Net margin, % 3)	3.6	5.7	6.2	1.6	3.1	4.3	3.3	2.2	4.2
Cash flow from
operating activities	46	196	250	-27	-19	94	45	-122	32
investing activities	-33	-40	-72	-69	-50	-75	-69	-55	-25
financing activities	-91	-216	-9	145	131	-100	71	171	3
Cash flow for the period	-78	-60	169	49	62	-81	47	-6	10
Earnings per share attributable to Parent Company shareholders
Earnings per share before dilution, SEK	1.82	3.56	3.01	0.65	0.88	-1.90	1.16	0.68	1.80
Adjusted earnings per share before dilution, SEK 3)	2.20	3.56	3.45	0.65	1.32	2.07	1.16	0.68	1.80
Number of outstanding ordinary shares
Weighted number of outstanding ordinary shares before dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0

3) See definition on page 12.

QUARTERLY DATA FOR THE GROUP

SEK MILLION	30-06-2023	31-03-2023	31-12-2022	30-09-2022	30-06-2022	31-03-2022	31-12-2021	30-09-2021	30-06-2021	31-03-2021
Balance sheet
Fixed assets	1,842	1,771	1,768	1,706	1,472	1,421	1,446	1,380	1,348	1,358
Current assets	2,491	2,451	2,588	2,369	2,124	1,988	1,973	1,836	1,772	1,803
Equity	1,988	1,923	1,825	1,749	1,699	1,650	1,687	1,637	1,608	1,619
Long-term liabilities	671	763	880	878	607	506	641	608	504	476
Current liabilities	1,674	1,535	1,651	1,448	1,290	1,253	1,091	971	1,008	1,066
Other
Net debt (-)	-812	-780	-925	-1,081	-777	-648	-655	-623	-438	-392
Adjusted net debt (-)	-301	-277	-411	-569	-446	-319	-323	-285	-94	-42
Equity per share attributable to Parent Company shareholders
Equity per share before dilution, SEK	92.99	90.11	85.72	82.11	79.96	77.45	79.09	77.11	75.88	76.41
Number of outstanding ordinary shares
Number of outstanding ordinary shares on closing date before dilution, 000	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0	20,988.0
Share price
Share price at end of period (SEK)	99.40	88.20	59.50	53.20	64.00	65.10	93.00	84.40	102.80	104.60

GROUP, 12-MONTH ROLLING

SEK MILLION	JULY 2022– JUNE 2023	APRIL 2022– MARCH 2023	JANUARY 2022– DECEMBER 2022	OCTOBER 2021– SEPTEMBER 2022	JULY 2021– JUNE 2022	APRIL 2021– MARCH 2022	JANUARY 2021– DECEMBER 2021	OCTOBER 2020– SEPTEMBER 2021	JULY 2020– JUNE 2021
Income statement
Net sales	5,237	4,827	4,474	4,088	3,757	3,661	3,730	3,857	3,946
Gross profit	932	904	826	749	702	689	710	754	775
Adjusted gross profit 3)	941	913	835	749	702	689	710	754	775
Earnings before depreciation (EBITDA)	494	483	355	297	280	292	400	442	448
EBITDA margin, %	9.4	10.0	7.9	7.3	7.4	8.0	10.7	11.5	11.4
Adjusted earnings before depreciation (EBITDA) 3)	513	504	459	390	372	375	400	439	445
Adjusted EBITDA margin, % 3)	9.8	10.4	10.3	9.5	9.9	10.2	10.7	11.4	11.3
Operating earnings (EBIT)	316	307	180	125	109	122	232	276	285
EBIT margin (operating margin), %	6.0	6.4	4.0	3.1	2.9	3.3	6.2	7.1	7.2
Adjusted operating earnings (EBIT) 3)	335	328	284	218	201	206	232	273	282
Adjusted EBIT margin (operating margin), % 3)	6.4	6.8	6.3	5.3	5.4	5.6	6.2	7.1	7.1
Earnings after tax	213	192	74	33	32	47	154	185	186
Net margin, %	4.1	4.0	1.7	0.8	0.9	1.3	4.1	4.8	4.7
Adjusted earnings after tax 3)	230	211	176	126	124	130	154	183	184
Adjusted net margin, % 3)	4.4	4.4	3.9	3.1	3.3	3.5	4.1	4.7	4.7
Employees
Net sales per employee, SEK 000	3,302	3,067	2,841	2,600	2,361	2,220	2,230	2,295	2,384
Operating earnings per employee, SEK 000	199	195	114	80	68	74	139	164	172
Average number of full-time employees (FTE) on closing date	1,586	1,574	1,575	1,572	1,591	1,649	1,673	1,680	1,655
Profitability ratios
Return on capital employed, %	11.8	11.2	6.3	4.5	4.4	5.3	9.7	11.7	12.6
Adjusted return on capital employed, % 1)	12.5	11.9	9.9	7.9	8.1	8.7	9.7	11.6	12.5
Return on capital employed, (excluding leasing, IFRS 16), %	13.1	12.6	7.0	5.0	4.9	6.0	11.0	13.5	14.2
Return on capital employed, excluding goodwill, %	12.8	12.1	6.8	4.9	4.8	5.9	10.7	12.9	13.9
Adjusted return on capital employed, excluding goodwill, % 1)	13.5	13.0	10.7	8.5	9.0	9.8	10.7	12.7	13.8
Return on equity, %	10.5	9.7	3.2	1.0	1.1	2.3	9.1	11.7	12.1
Adjusted return on equity, % 2)	11.4	10.7	9.1	6.5	6.7	7.4	9.1	11.5	11.9
Other
Net debt (-)/EBITDA	-1.6	-1.6	-2.6	-3.6	-2.8	-2.2	-1.6	-1.4	-1.0
Adjusted net debt (-)/EBITDA*)	-0.6	-0.6	-1.2	-1.9	-1.6	-1.1	-0.8	-0.6	-0.2
Adjusted net debt (-)/Adjusted EBITDA**)	-0.7	-0.6	-1.1	-1.8	-1.4	-1.0	-0.9	-0.7	-0.2

*) Adjusted net debt (-): Net debt exclusive lease liabilities.

**) Adjusted EBITDA: Adjusted for non-recurring items.

NOTE 1 INCOME

Bulten is engaged in manufacturing and sales of fasteners. Revenues from product sales are reported at the time the control of the product is transferred to the customer. This usually takes place at the time of delivery to the customer and ownership is transferred. Bulten's customers are mainly in the automotive industry in Europe, Asia and the United States. The table below refers to income by geographic market where the customer's delivery point is located. The Group has the major of its income from customers in

Europe, but part of the sales is then exported to other markets in the rest of the world. Customers are mainly manufacturers of light vehicles but also heavy commercial vehicles and other suppliers, so-called tiers. For heavy commercial vehicles, most of the deliveries are for critical fasteners for engines. Of the total sales, the majority goes to the chassis/body. Other income refers to other industries outside the automotive industry, such as consumer electronics.

income by geographic market

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023
Sweden	168	127	41	340	247	93	593	500
Germany	85	66	19	181	131	50	343	293
UK	409	267	142	797	544	253	1,407	1,154
Poland	13	7	6	25	14	11	42	31
Rest of Europe	428	279	149	858	566	292	1,501	1,209
China	188	151	37	352	311	41	868	827
USA	62	63	-1	129	122	7	258	251
Rest of the world	63	46	17	121	105	16	225	209
Total income	1,416	1,006	410	2,803	2,040	763	5,237	4,474

income by chassis/body and powertrain

		Q2			JAN-JUNE		12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023
Chassis/body	1,073	739	334	2,173	1,523	650	3,952	3,302
Powertrain	224	159	65	408	316	92	740	648
Other income	119	108	11	222	201	21	545	524
Total income	1,416	1,006	410	2,803	2,040	763	5,237	4,474

income distributed by income category

Total income	1,416	1,006	410	2,803	2,040	763	5,237	4,474
Other income	46	23	23	83	50	33	146	113
Outsourced production	488	369	119	1,030	769	261	2,056	1,795
Own production	882	614	268	1,690	1,221	469	3,035	2,566
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023
		Q2			JAN-JUNE		12-MONTH ROLLING	FULL YEAR

income by customer group

Total income	1,416	1,006	410	2,803	2,040	763	5,237	4,474
Other income	120	109	11	223	202	21	545	524
Tiers	177	144	33	370	314	56	764	708
OEM Heavy commercial vehicle	135	108	27	279	200	79	497	418
OEM Light vehicle	984	645	339	1,931	1,324	607	3,431	2,824
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023
		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR

RECONCILIATION BETWEEN IFRS AND KEY INDICATORS USED

Some of the information in this report used by company managers and analysts to assess the Group's development is not produced in accordance with IFRS. Company managers consider that this information makes it easier for investors to analyze the Group's results and financial structure. Investors should see this information as a complement to, rather than a replacement for, financial reporting in accordance with IFRS.

adjusted net sales

		Q2		JAN-JUNE
SEK MILLION	2023	2022		2023	2022
Net sales	1,416	1,006	410	2,803	2,040	763
Currency effect, current period	-97	–	-97	-175	–	-175
Adjusted net sales	1,319	1,006	313	2,628	2,040	588

When calculating adjusted net sales, net sales are adjusted using currency effects of the current period. This measurement gives a figure for comparing net sales with the previous year.

earnings before depreciation, ebitda

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Operating earnings (EBIT)	50	41	9	166	30	136	316	180
Depreciation/amortization and impairments	45	43	2	89	86	3	178	175
Operating earnings before depreciation (EBITDA)	95	84	11	255	116	139	494	355

When calculating operating earnings excluding depreciation (EBITDA), depreciation and impairments are returned to operating earnings (EBIT). This measurement provides a figure for operating earnings excluding depreciation which are in turn based on investments.

adjusted earnings before depreciation, adjusted ebitda

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Operating earnings excluding depreciation (EBITDA)	95	84	11	255	116	139	494	355
Non-recurring cost	8	10	-2	8	93	-85	19	104
Adjusted operating earnings before depreciation (EBITDA)	103	94	9	263	209	54	513	459

adjusted operating earnings, adjusted ebit

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Operating earnings (EBIT)	50	41	9	166	30	136	316	180
Non-recurring cost	8	10	-2	8	93	-85	19	104
Adjusted operating earnings (EBIT)	58	51	7	174	123	51	335	284

adjusted net earnings

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Net earnings	43	22	21	122	-17	139	213	74
Non-recurring cost	8	10	-2	8	93	-85	17	102
Adjusted net earnings	51	32	19	130	76	54	122	176

adjusted net debt (excluding lease liabilities)

SEK MILLION	30-06-2023	30-06-2022	31-12-2022
Net debt (-)	-812	-777	-925
Less interest-bearing liabilities attributable to lease liabilities	511	331	514
Adjusted net debt (-), (excluding lease liabilities)	-301	-446	-411

When calculating adjusted net debt, interest-bearing debt attributable to lease liabilities is deducted from net debt. This measurement provides a figure for a refined financial structure excluding lease liabilities.

INCOME STATEMENT, PARENT COMPANY

		Q2			JAN-JUNE	12-MONTH ROLLING	FULL YEAR
SEK MILLION	2023	2022		2023	2022		JULY 2022– JUNE 2023	2022
Net sales	5	5	–	10	9	1	21	20
Gross profit	5	5	–	10	9	1	21	20
Administrative expenses	-11	-11	–	-22	-19	-3	-43	-40
Operating earnings	-6	-6	–	-12	-10	-2	-22	-20
Interest income	0	–	0	0	–	0	0	–
Interest expenses and similar loss items	-2	-1	-1	-5	-3	-2	-7	-5
Earnings after netfinancial items	-8	-7	-1	-17	-13	-4	-29	-25
Appropriations	–	–	–	–	–	–	26	26
Earnings before tax	-8	-7	-1	-17	-13	-4	-3	1
Tax on earnings for the period	2	1	1	4	3	1	1	-0
Earnings after tax	-6	-6	–	-13	-10	-3	-2	1

BALANCE SHEET, PARENT COMPANY

SEK MILLION	30-06-2023	30-06-2022	31-12-2022
ASSETS
Fixed assets
Intangible fixed assets	0	0	0
Tangible fixed assets	3	0	0
Total intangible and tangible fixed assets	3	1	1
Financial assets
Participations in Group companies	1,450	1,450	1,450
Other long-term receivables	0	1	0
Total financial assets	1,450	1,451	1,450
Deferred tax assets	4	2	1
Total fixed assets	1,457	1,454	1,452
Current assets
Current receivables from Group companies	10	10	26
Other current receivables	7	4	6
Cash and cash equivalents	0	0	0
Total current assets	17	14	32
Total assets	1,474	1,468	1,484
EQUITY AND LIABILITIES
Equity
Restricted equity	110	110	110
Non-restricted equity	867	922	933
Total equity	977	1,032	1,043
Long-term liabilities
Long-term liabilities to Group companies	479	422	424
Total long-term liabilities	479	422	424
Current liabilities
Current liabilities to Group companies	0	0	0
Other current liabilities	18	14	17
Total current liabilities	18	14	17
Total equity and liabilities	1,474	1,468	1,484

Shortly after the end of the quarter, Bulten signed an agreement to acquire Exim & Mfr Holdings Pte Ltd ("Exim"), an Asian, Singapore-based distributor of fasteners and other components.

Bulten Group is a leading global manufacturer and supplier of fasteners to the automotive industry, as well as other customer groups such as consumer electronics. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten's Full Service Provider concept (FSP), customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. The company was founded in 1873, has approximately 1,600 employees around the world and is headquartered in Gothenburg, Sweden. Net sales in 2022 totaled SEK 4,474 million. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com.

Bulten AB (publ) Box 9148, SE-400 93 Göteborg • Visiting address: August Barks Gata 6 A Phone +46 (0)31 -734 59 00 • www.bulten.com

financial calendar

October 26, 2023 Interim report January - September 2023 February 8, 2024 Full year report January - December 2023

The reports can be found on the Bulten website at www.bulten.com on their date of publication.

contact

Ulrika Hultgren, SVP Corporate Communications & IR Phone: +46 727-47 17 58 E-mail: ulrika.hultgren@bulten.com

presentation of the report

A live presentation for analysts, media and investors will be held on July 12, at 11.00 AM CEST, where President and CEO Anders Nyström and CFO Anna Åkerblad will be commenting the result. The presentation will be held in English.

If you wish to participate via webcast, please use the link: https://ir.financialhearings.com/bulten-q2-2023. Via the webcast you are able to ask written questions.

If you wish to participate via teleconference, please register on the link: https://conference.financialhearings.com/teleconference/ ?id=200812. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.

This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CEST on July 12, 2023.