Trelleborg

Quarterly Report • Jan 29, 2025

INTERIM REPORT OCTOBER–DECEMBER AND YEAR-END REPORT 2024

Fourth quarter 2024 – growth with enhanced profitability

• Net sales for the quarter increased ⁴ percent to sek 8,783 ^m (8,421). This was the highest net sales reported for a quarter. Organic sales increased by 1 percent compared with the preceding year, structural changes increased sales by 3 percent, and currency was unchanged compared with the preceding year.
• EBITA, excluding items affecting comparability, increased ¹¹ percent to sek 1,587 m (1,424). The EBITA margin was 18.1 percent (16.9). Earnings and the margin were the highest to date for a fourth quarter.
• Items affecting comparability for the quarter totaled sek -76 ^m (-260) and pertained to restructuring costs. Comparison figures in the preceding year included a capital loss of sek -87 m from the divestment of the offshore oil & gas operation in the US.
• EBITA, including items affecting comparability, amounted to sek 1,511 ^m (1,164) for the quarter.
• Earnings per share for continuing operations, excluding items affecting comparability, amounted to sek 4.24 (4.08), up 4 percent.
• For the Group as ^a whole, earnings per share were sek 3.99 (3.40).
• The Board of Directors proposes ^a cash dividend of sek 7.50 per share (6.75).
• Operating cash flow amounted to sek 1,681 ^m (1,321), up ²⁷ percent. This was the highest operating cash flow reported for a quarter.
• The cash conversion ratio for the most recent 12-month period was ⁸⁹ percent (92).
• The key figures in this report relate to continuing operations, unless otherwise stated.

Full year 2024

• Net sales for full year ²⁰²⁴ were on par with the preceding year at sek 34,170 ^m (34,286). Organic sales were unchanged compared with the preceding year, while structural changes increased sales by 1 percent and currency decreased sales by 1 percent compared with the preceding year.
• EBITA, excluding items affecting comparability, increased ² percent to sek 6,140 ^m (6,002), corresponding to an EBITA margin of 18.0 percent (17.5). Earnings and the margin were the highest to date for a full year.
• Items affecting comparability amounted to sek -315 ^m (-614) and pertained to restructuring costs. Comparison figures in the preceding year included a capital loss of sek -87 m from the divestment of the offshore oil & gas operation in the US.
• EBITA, including items affecting comparability, totaled sek 5,825 ^m (5,388).
• Earnings per share, excluding items affecting comparability, amounted to sek 16.74 (16.64), up 1 percent.
• For the Group as ^a whole, including discontinuing operations, earnings per share were sek 15.73 (40.24), the comparison figure from the preceding year included the capital gain from divestment of the Group's tire and printing blanket operations.
• Operating cash flow amounted to sek 5,011 ^m (5,063), down ¹ percent.
• The cash conversion ratio was ⁸⁹ percent (92).

Trelleborg ended 2024 with a strong fourth quarter. We achieved positive organic sales despite continued varying market conditions and declining volumes in several markets. Sales were the highest ever for a single quarter and operating profit, including the margin, was the highest to date for a fourth quarter. Sales increased by 4 percent during the quarter. Organic sales increased by 1 percent and acquisitions contributed 3 percent. EBITA, excluding items affecting comparability, increased 12 percent, corresponding to an operating margin of 18.1 percent (16.9).

In recent years, Trelleborg has evolved to become a less cyclical company that offers unique solutions for carefully selected applications and market segments. At the same time, profitability is growing steadily toward our financial targets, despite the fact that in many respects we have been battling market headwinds over the past year. Our persistent work to constantly improve in multiple dimensions is continuing. We are reinforcing already strong positions with bolt-on acquisitions, the pace of capital expenditures has never been higher and we look to the future with confidence.

During the quarter, we finalized a number of acquisitions that demonstrate how we are continuing to build on our leading market positions. We acquired Magee, a specialist in thermoplastics, allowing us to broaden our offering, particularly for the aerospace industry aftermarket. Another value-generating acquisition is Mampaey, a manufacturer of solutions that strengthens our global leading positions in the expanding marine and LNG industries. A couple of days into the new year, we finalized the acquisition of CRC, a North American distributor specialized in polymer sealing solutions, which improves our presence in a part of the US where we have been previously underrepresented.

We maintained a high level of activity during the year in the form of investments in new capacity and expansion of our presence in selected geographies and market segments, including in Costa Rica, Vietnam and Morocco. Several of these new plants will be inaugurated in 2025 and will result in us further advancing our positions.

Trelleborg Industrial Solutions' organic sales for the quarter increased year-on-year. This was mainly achieved due to major project transactions in marine applications. While organic sales declined in Europe, an increase was noted in North America and Asia. Deliveries to certain segments in the construction industry were challenging, mainly due to a softer market in North America. There was further improvement in the business area's profitability.

Trelleborg Medical Solutions' organic sales for the quarter were unchanged year-on-year. The acquisition of Baron Group contributed to a sales increase of 40 percent and also strengthened the business area's profitability. Our sales to the European medtech market performed well, while sales to the US market were somewhat weaker.

Trelleborg Sealing Solutions' market segments developed in different directions, with sales declining marginally overall. Sales to diversified industrials were weaker in Europe and North America, while sales in Asia developed well. Deliveries to the automotive industry demonstrated similar regional sales patterns. The aerospace segment reported significant sales growth globally.

The market conditions at the beginning of 2025 contain a large measure of unpredictability. However, our capacity to adapt our operations is both extensive and rapid. The Group stands well equipped with a strong balance sheet that enables value-creating acquisitions, continued investments in existing operations and continued share buybacks. Our general assessment is that demand in the first quarter will be on a par with the fourth quarter.

Peter Nilsson, President and CEO

Market outlook for the first quarter of 2025

Demand is expected to be on a par with the fourth quarter of 2024, adjusted for seasonal variations. The geopolitical situation entails continued uncertainty.

Market outlook from the interim report published on October 24, 2024, relating to the fourth quarter of 2024

Demand is expected to be slightly lower compared to the third quarter of 2024, adjusted for seasonal variations. The geopolitical situation entails a heightened degree of uncertainty.

FOURTH QUARTER 2024

Net sales

Net sales for the fourth quarter of 2024 amounted to sek 8,783 m (8,421), an increase of 4 percent. Organic sales increased by 1 percent compared with the preceding year, structural changes increased sales by 3 percent, while the net impact from currency movements was +/- 0 percent compared with the preceding year.

Sales per market

Organic sales in Europe decreased 5 percent year-on-year. Organic sales in North and South America declined by 1 percent compared with the year-earlier period. Organic sales in Asia and other markets increased by 19 percent year-on-year.

EBITA, excluding items affecting comparability

EBITA amounted to sek 1,587 m (1,424), an increase of 11 percent. The EBITA margin was 18.1 percent (16.9).

The exchange rate effect from translation of foreign subsidiaries on EBITA, excluding items affecting comparability, had a marginal effect on earnings compared with the year-earlier period.

Items affecting comparability for the quarter totaled sek -76 m (-260) and pertained to restructuring costs. Comparison figures in the preceding year included a capital loss of sek -87 m from the divestment of the offshore oil & gas operation in the US. EBITA, including items affecting comparability, amounted to sek 1,511 m (1,164) for the quarter.

Financial income and expenses

For continuing operations, financial income and expenses amounted to sek -86 m (-38). The comparison figure for the preceding year included interest income of sek 83 m relating to the Group's net cash position at that time.

Net profit

Net profit was sek 932 m (780). The tax rate for the quarter was 26 percent (22). The underlying tax rate for continuing operations is expected to remain at 25 percent on a full year basis.

Earnings per share

Earnings per share, excluding items affecting comparability, amounted to sek 4.24 (4.08), up 4 percent. For the Group as a whole, earnings per share were sek 3.99 (3.40).

FULL YEAR 2024

Net sales for full year 2024 amounted to sek 34,170 m (34,286), on a par with the preceding year. Organic sales were unchanged compared with the preceding year.

EBITA, excluding items affecting comparability, totaled sek 6,140 m (6,002), corresponding to an EBITA margin of 18.0 percent (17.5). Items affecting comparability amounted to sek -315 m (-614) and pertained to restructuring costs. Comparison figures in the preceding year included a capital loss of sek -87 m from the divestment of the offshore oil & gas operation in the US. EBITA, including items affecting comparability, totaled sek 5,825 m (5,388).

Financial income and expenses amounted to a net of sek -297 m (-107). The comparison figure from the preceding year included non-recurring financial income of sek 218 m (sek 173 m after tax) attributable to the interest-rate hedges ended in conjunction with the repayment of loans when the Group's tire operation was divested.

Profit before tax totaled sek 4,990 m (4,797). The tax rate was 25 percent (27), and the comparison figures from the preceding year included a non-recurring tax expense of sek 100 m. This expense is related to a change in the Group's legal structure following the divestment of the Group's tire operation.

Net profit for the Group was sek 3,736 m (10,074), and the comparison figure from the preceding year included the capital gain from divestment of the Group's tire and printing blanket operations.

Earnings per share, excluding items affecting comparability, totaled sek 16.74 (16.64). For the Group as a whole, earnings per share were sek 15.73 (40.24), and the comparison figure from the preceding year included the capital gain from divestment of the Group's tire and printing blanket operations.

The key figures in this report relate to continuing operations, unless otherwise stated. Continuing operations pertains to the business areas Trelleborg Industrial Solutions, Trelleborg Medical Solutions, Trelleborg Sealing Solutions and Group Activities.

Net sales and result

sek m	Q4 2024	Q4 2023	Change, %	12M 2024	12M 2023	Change, %
Continuing operations
Net sales	8,783	8,421	4	34,170	34,286	0
Change total, %	4	4		0	14
Organic sales, %	1	0		0	2
Structural change, %	3	3		1	7
Currency effects, %	0	1		−1	5
EBITA, excluding items affecting comparability	1,587	1,424	11	6,140	6,002	2
EBITA-margin, %	18.1	16.9		18.0	17.5
Restructuring costs	−76	−173		−315	−527
Capital gain/loss, divestment of operations and assets	-	−87		-	-87
Items affecting comparability	−76	−260		−315	−614
EBITA	1,511	1,164	30	5,825	5,388	8
Amortization of surplus values related to acquisitions	−167	−120	−39	−538	−484	−11
EBIT	1,344	1,044	29	5,287	4,904	8
Financial income and expenses	−86	−38	−126	−297	−107	−178
Profit before tax	1,258	1,006	25	4,990	4,797	4
Taxes	−326	−226	−44	−1,254	−1,316	5
Net profit, continuing operations	932	780	19	3,736	3,481	7
Net profit, discontinuing operations	-	-		-	6,593
Net profit, Group	932	780		3,736	10,074
Earnings per share, SEK
Continuing operations	3.99	3.40	17	15.73	14.31	10
Discontinuing operations	-	-		-	25.93
Group	3.99	3.40	17	15.73	40.24	−61
Continuing operations, excluding items affecting comparability	4.24	4.08	4	16.74	16.64	1

Key figures and trends

The key figures in this report relate to continuing operations, unless otherwise stated. Continuing operations pertains to the business areas Trelleborg Industrial Solutions, Trelleborg Medical Solutions, Trelleborg Sealing Solutions and Group Activities.

Return on capital employed and return on equity

%	R12 2024	R12 2023
Return on capital employed, continuing operations
Excluding items affecting comparability	12.0	12.9
Including items affecting comparability	11.4	11.5
Return on equity, Group
Excluding items affecting comparability	9.6	27.0
Including items affecting comparability	9.0	25.4

Capital employed

Capital employed for continuing operations increased year-on-year and amounted to sek 49,381 m (39,768) at the end of the quarter, mainly due to completed acquisitions. Return on capital employed for the most recent 12-month period, excluding items affecting comparability, was 12.0 percent (12.9). Return on capital employed, including items affecting comparability, for the corresponding period was 11.4 percent (11.5).

Shareholders' equity

Shareholders' equity at the close of the period amounted to sek 41,569 m (41,727), impacted positively by net profit for the year and translation differences, and reduced by dividends to the shareholders of the Parent Company and the repurchase of own shares.

During 2024, 10,976,372 Series B shares in Trelleborg were repurchased (of which 3,656,602 in the fourth quarter), at a value of sek 4,127 m. This corresponds to 4.5 percent of the shares outstanding, which amounted to 241,547,186 on the balance sheet date. In accordance with the resolution at the Annual General Meeting on April 24, 2024, Trelleborg has canceled 13,578,733 own shares of Series B, where 11,696,591 were repurchased during 2023 and 1,882,142 during 2024. The number of treasury shares amounted to 9,094,230 (11,696,591) on the balance sheet date.

Equity per share amounted to sek 179 (171), based on the number of outstanding shares less treasury shares on the balance sheet date (232,452,956 shares). The equity/assets ratio was 69 percent (70). The return on shareholders' equity for the Group for the most recent 12-month period, excluding items affecting comparability, totaled 9.6 percent (27.0). The return on shareholders' equity for the Group, including items affecting comparability, amounted to 9.0 percent (25.4) for the corresponding period. Both return on investment measures were affected in the preceding year by the capital gain attributable to the divestment of the Group's tire and printing blanket operations, which were finalized in the second quarter of 2023.

The Board of Directors proposes a cash dividend of sek 7.50 per share (6.75).

Cash flow and net debt

Operating cash flow

Operating cash flow for the quarter amounted to sek 1,681 m (1,321), up 27 percent, despite a high pace of capital expendi tures in new production plants. Cash flow was positively affected by the higher earnings generation as well as efficient working capital management. The cash conversion ratio for the most recent 12-month period was 89 percent (92).

Free cash flow

Free cash flow for the full year was sek 2,917 m (2,526). Net cash flow amounted to sek -8,323 m (23,137). Net cash flow for the period was impacted by the effects from acquisitions of sek -5,496 m (-447), dividends to the shareholders of the Parent Company of sek -1,617 m (-1,524) as well as the repurchase of own shares of sek -4,127 m (-3,880). The comparison figures from the preceding year included effects from the divestment of the Group's tire and printing blanket operations, with an aggregate impact of sek 26,462 m .

Net debt

Net debt at the end of the quarter amounted to sek -6,735 m (2,682) and was impacted by net cash flow for the period of sek -8,323 m, negative exchange rate differences on loans in local currencies of sek -959 m (390) and non-cash adjustments of lease and pension liabilities totaling sek -135 m (52).

The debt/equity ratio was 16 percent (-6). Net debt in relation to EBITDA was 0.9 (-0.2).

Cash flow and net debt

sek m	Q4 2024	Q4 2023	Change, %	12M 2024	12M 2023	Change, %
EBIT, excluding items affecting comparability	1,420	1,304	9	5,602	5,518	2
Depreciation/write-down, property, plant and equipment	346	348	−1	1,327	1,308	1
Amortization/write-down, intangible assets	178	138	29	620	542	14
EBITDA	1,944	1,790	9	7,549	7,368	2
Capital expenditure	−600	−510	−18	−1,883	−1,678	−12
Sold non-current assets	24	12	100	53	29	83
Amortization of lease liabilities	−93	–139	33	−347	−465	25
Change in working capital	413	312		−352	−38
Dividend from associated companies	0	1		1	9
Non cash-flow affecting items1	−7	−145		−10	−162
Operating cash flow, continuing operations	1,681	1,321	27	5,011	5,063	−1
Cash conversion ratio R12, %	89	92		89	92
Operating cash flow, discontinuing operations	-	-		-	−326
Operating cash flow, Group	1,681	1,321	27	5,011	4,737	6

¹ Q4 2023 includes effects from divested operations in the Czech Republic and the US.

sek m	12M 2024	12M 2023
Net debt Group, opening balance	2,682	−20,897
Operating cash flow	5,011	4,737
Cash impact from items affecting comparability	−334	−479
Financial items	−365	−325
Paid tax	−1,395	−1,407
Free cash flow	2,917	2,526
Acquisitions	−5,496	−447
Disposed operations	-	26,462
Dividend - equity holders of the parent company	−1,617	−1,524
Repurchase own shares	−4,127	−3,880
Sum net cash flow	−8,323	23,137
Exchange rate differences	−959	390
Lease liability2	−72	62
Pension liability2	−63	−10
Net debt Group, closing balance	−6,735	2,682
Of which:
Pension liability	−421	−326
Lease liability	−1,851	−1,606
Net debt, excluding effect of lease and pension liability	−4,463	4,614
Debt/equity ratio, %	16	−6
Net debt/EBITDA 3	0.9	−0.2

² Pertains to non-cash items.

³ EBITDA including items affecting comparability.

Lower climate impact

CO2 emissions for the quarter declined 40 percent compared with the year-earlier period and amounted to 16,953 metric tons (28,411). This positive trend was mainly driven by a higher share of renewable and fossil-free electricity. The proportion of renewable and fossil-free electricity in the quarter increased to 88 percent (54) compared with the year-earlier period.

Social engagement

Trelleborg actively participates in the local communities where the Group operates. The focus is on promoting education and physical activity among children and young people. Examples of community involvement include Trelleborg's support of the boys and girls teams of the local soccer club in Stein am Rhein, Switzerland. Another example is the support to a multi-year sponsor program for students in Qingdao, China.

CO2 Renewable and fossil-free electricity

Trelleborg Industrial Solutions BUSINESS AREA

Trelleborg Industrial Solutions is a leading supplier of polymer-based critical solutions in selected industrial applications and infrastructure projects

FOURTH QUARTER 2024

Organic sales for the quarter increased by 4 percent year-on-year. While organic sales declined in Europe, an increase was noted in North America and Asia. Sales to the marine segment remained strong, supported by larger project transactions. Deliveries to certain segments in the construction industry were challenging, mainly due to a soft market in North America. A number of industrial market segments noted weaker demand. Deliveries to the automotive industry were somewhat weaker, mainly impacted by a declining market in Europe.

EBITA and the EBITA margin increased year-onyear, primarily as a result of higher sales and structural improvements. Exchange rate effects from the translation of foreign subsidiaries had a positive impact of sek 2 m on EBITA compared with the year-earlier quarter.

FULL YEAR 2024

Organic sales for the full year were unchanged compared with the preceding year. The sales trend was positive in Asia, stable in North America, but weaker in Europe. Deliveries to major projects performed well throughout the year. Deliveries to certain segments in the construction industry remained challenging. Other market segments reported varied organic sales growth.

EBITA and the EBITA margin increased compared with the preceding year, with sales and EBITA reaching their highest levels to date. Structural improvements and a positive sales mix resulted in higher margins, despite challenging market conditions in several market segments. Exchange rate effects from the translation of foreign subsidiaries had a negative impact of sek 26 m on EBITA compared with the preceding year.

Sales per geography¹

Excluding items affecting comparability, sek m	Q4 2024	Q4 2023	Change, %	12M 2024	12M 2023	Change, %
Net sales	3,980	3,766	6	15,317	15,249	0
Change total, %	6	2		0	9
Organic sales, %	4	−1		0	3
Structural change, %	1	2		1	2
Currency effects, %	1	1		−1	4
EBITA	639	586	9	2,443	2,375	3
EBITA, %	16.1	15.6		16.0	15.6
Capital employed, closing balance	14,315	12,767		14,315	12,767
Return on capital employed R12, %	16.5	16.7	−1	16.5	16.7	−1

Additional key ratios on pages 24–26.

¹ Net sales per geographic market and per industry are based on full year 2024.

Trelleborg Medical Solutions BUSINESS AREA

Trelleborg Medical Solutions is a leading global supplier of polymer-based integrated solutions for medical technology and life science

FOURTH QUARTER 2024

Organic sales for the quarter were unchanged year-on-year. Acquisitions provided a sales increase of 40 percent. Sales of polymer solutions to the European medtech market performed well, while sales to the US market were somewhat weaker. Deliveries to the life science segment demonstrated growth after a protracted period of inventory adjustments.

EBITA and the EBITA margin increased significantly year-on-year, primarily as a result of acquisitions. The integration of Baron Group has proceeded successfully and contributed to the improved margin. Both sales and EBITA reached their highest levels to date. Exchange rate effects from the translation of foreign subsidiaries had a positive impact of sek 2 m on EBITA compared with the preceding year.

FULL YEAR 2024

Organic sales for the full year declined 2 percent compared with the preceding year. Acquisitions provided a sales increase of 19 percent. Organic sales of polymer solutions to medtech in Europe and North America showed weaker development, while sales to Asia increased somewhat. Deliveries to the life science segment decreased as a result of customers' inventory adjustments.

EBITA and the EBITA margin increased significantly, primarily as a result of acquisitions. Investments in new capacity are in progress on several continents and are having a temporary, somewhat negative impact on profitability. Exchange rate effects from the translation of foreign subsidiaries had a negative impact of sek 1 m on EBITA compared with the preceding year.

Sales per geography¹

Excluding items affecting comparability, sek m	Q4 2024	Q4 2023	Change, %	12M 2024	12M 2023	Change, %
Net sales	903	637	42	3,003	2,582	16
Change total, %	42	3		16	31
Organic sales, %	0	1		−2	6
Structural change, %	40	2		19	20
Currency effects, %	2	0		−1	5
EBITA	190	101	88	529	383	38
EBITA, %	21.1	15.7		17.6	14.8
Capital employed, closing balance	10,339	5,395		10,339	5,395
Return on capital employed R12, %	4.6	4.6	0	4.6	4.6	0

Additional key ratios on pages 24–26.

¹ Net sales per geographic market and per industry are based on full year 2024.

Trelleborg Sealing Solutions BUSINESS AREA

Trelleborg Sealing Solutions is a leading global supplier of polymer-based critical sealing solutions and components deployed in aerospace, automotive and diversified industrials

FOURTH QUARTER 2024

Organic sales for the quarter declined 1 percent year-on-year. Acquisitions provided a sales increase of 3 percent. Sales to the industrial segment declined mainly in North America and Europe, while sales in Asia displayed healthy growth. Deliveries to the automotive industry demonstrated similar regional sales patterns. The aerospace industry displayed continued significant sales growth globally.

EBITA and the EBITA margin were in line with the year-earlier period, which was positive considering the generally challenging market that led to lower volumes. Cost structure adaptations continued. Exchange rate effects from the translation of foreign subsidiaries had a negative impact of sek 3 m on EBITA compared with the year-earlier quarter.

FULL YEAR 2024

Organic sales for the full year increased 1 percent compared with the preceding year. Organic sales in Europe were stable, developed positively in Asia, but declined in North America. Sales to the industry segment were in decline for most of the year, in both Europe and North America. Deliveries to the automotive industry were somewhat positive, despite a downturn in the US market. Sales to the aerospace industry continued to perform very well in all geographic markets.

EBITA and the EBITA margin declined somewhat as a result of challenging market conditions in several major industrial segments, leading to lower volumes and thus reduced production efficiency. Exchange rate effects from the translation of foreign subsidiaries had a negative impact of sek 51 m on EBITA compared with the preceding year.

Excluding items affecting comparability, sek m	Q4 2024	Q4 2023	Change, %	12M 2024	12M 2023	Change, %
Net sales	4,089	4,026	2	16,670	16,446	1
Change total, %	2	6		1	17
Organic sales, %	−1	1		1	1
Structural change, %	3	4		1	12
Currency effects, %	0	1		−1	4
EBITA	817	808	1	3,428	3,496	−2
EBITA, %	20.0	20.1		20.6	21.3
Capital employed, closing balance	25,741	22,518		25,741	22,518
Return on capital employed R12, %	13.0	14.1	−8	13.0	14.1	−8

Additional key ratios on pages 24–26.

¹ Net sales per geographic market and per industry are based on full year 2024.

Trelleborg invests in a new Marine & infrastructure facility in India

The Trelleborg Group has decided to invest in a new manufacturing facility in India that will specialize in marine systems and infrastructure. The country represents a robustly growing market, and the investment is part of Trelleborg's strategy to strengthen its positions in attractive and profitable industrial segments and geographic areas.

The manufacturing facility will be constructed near Ahmedabad, where Trelleborg already has a Marine & infrastructure engineering and innovation center. The new facility will be adapted to future requirements for efficient production processes, reducing its environmental impact through efficient water management and steam production from solar heaters. The start of production is planned for late 2026, and the Group will invest a total of sek 75 m from 2025 to 2026.

Trelleborg has operated in India for over 40 years, and sales in the country totaled nearly sek 700 m in 2023. The company already operates in sealing solutions, automotive boots, cable protection for telecom equipment, and antivibration solutions for industrial applications, rails, and rolling stock. Trelleborg's IT and engineering centers, which provide technical support for Trelleborg's global offices, are also located in India.

The press release was published on December 18, 2024.

Acquisition strengthens Trelleborg's position in marine solutions

The Trelleborg Group, through its Trelleborg Industrial Solutions business area, signed an agreement and finalized the acquisition of Mampaey Offshore Industries, a Netherlands-based manufacturer of specialist solutions for the marine industry.

The company's operations are based in Dordrecht, Netherlands, where it produces a range of berthing and mooring systems and ship-to-shore safety links for LNG transfer. Sales amounted to approximately sek 170 m in 2023.

The operation was consolidated as of December 11, 2024, on the same date the press releases was published.

Trelleborg's acquisition of a specialist in thermoplastics for the aerospace industry finalized

Trelleborg Group has finalized the acquisition of Magee Plastics, a US company that manufactures and performs services on solutions made from high-performance thermoplastic and composite materials for the aerospace industry.

The company is headquartered in Warrendale, Pennsylvania, US. Magee Plastics applies industry-leading design skills, quality, and performance to develop interior solutions to meet complex specifications. For 2023, the company's sales amounted to approximately sek 230 m.

The operation was consolidated as of December 4, 2024, on the same date the press releases was published. The press release announcing the acquisition was published on August 14, 2024.

Acquisition strengthens Trelleborg's position in the US seals market

The Trelleborg Group, through its Trelleborg Sealing Solutions business area, has signed an agreement and finalized the acquisition of the US company CRC Distribution. The company is a specialist distributor in polymer sealing solutions and related value-added services in hydraulics, hydropower, oil and gas, as well as for pumps and compressors.

CRC Distribution is based in Robertsdale, Alabama in the US, with a business focused primarily on the domestic market but has recently expanded into the Mexican market as well. The company has steadily built up a strong sales organization and offers an advanced e-commerce solution for seals. CRC Distribution generates annual external sales of just over sek 170 m.

The transaction was finalized and the operation was consolidated on January 9, 2025. The press release announcing the acquisition was published on October 21, 2024.

New long-term financing

During December 2024, Trelleborg AB and Trelleborg Treasury AB jointly concluded a refinancing of the existing syndicated credit facility established in 2019. The extended credit facility totaling eur 500 m and usd 325 m, equivalent to a total of approximately sek 9,300 m, has a tenor of five years and will mature in December 2029, with options of extension thereafter for a maximum of two further years. A total of ten financial institutes from eight countries are participating in the credit facility.

Other news

Trelleborg takes another step forward in radial shaft seals

High-pressure radial shaft seals are critical components in the automotive, aerospace, marine, and energy sectors. The new Stefa® portfolio offers seals with higher performance than before while maintaining their properties despite significant variations in temperature, speed, and torque.

Trelleborg's solution a savior during emergency landing at sea

In October 2024, a helicopter suffered a technical problem that forced it to make an emergency landing in the waters separating the islands of New Caledonia in the South Pacific. The helicopter used an emergency flotation system made from Trelleborg's advanced engineered polymer-coated materials. When the system was inflated, the helicopter could land in the ocean safely without sinking.

World's largest waterstop seal

The recently inaugurated ShenZhong Link, connecting the two sides of the Pearl River Delta in China, comprises two bridges, two artificial islands and the world's widest immersed tunnel. For the construction of the tunnel, which lasted seven years, Trelleborg supplied Gina gaskets and Omega seals as well as the world's largest expandable waterstop seals, for use between the sectional elements of the tunnel. All of the solutions ensure that the tunnel is completely watertight and are manufactured at Trelleborg's facility in Qingdao, China.

New sealing material for water systems

Chlorinated water is harsh on seals and to avoid possible contamination, sealing materials for water systems are highly regulated. To meet these standards globally, Trelleborg has developed five WaterPro® EPDM (ethylene propylene diene monomer) sealing materials specifically designed for chlorinated water systems that can withstand aggressive conditions with minimal changes in volume and hardness.

Trelleborg serves a broad range of customers in a variety of industries and niches. The business has a wide geographic spread. Group has operations in around 40 countries, sales are conducted in just over 140 countries worldwide and manufacturing operations are carried out at approximately 100 production units. The business is diversified geographically and within a number of industries, which provides Trelleborg with an effective underlying risk spread.

Demand for the Group's products and solutions largely moves in line with fluctuations in global industrial production. The Group focuses on industries and geographies with good growth that can deliver consistent results even when negative economic fluctuations occur in individual industries.

Long-term risks

Trelleborg has identified the relevant areas based on strategic risks, operational risks, regulatory compliance risks, and financial risks that may result in damage or loss with substantial impact on the entire Group and, therefore, justify management of the risk exposure at Group level.

For information regarding the Group's risks, risk exposure and risk management, refer to the latest Trelleborg Annual Report, www.trelleborg.com.

Short-term risks

Geopolitical uncertainty in several regions could result in increased inflation in several dimensions and create disruptions in delivery and supply chains, thereby complicating logistics and making it more expensive. Trelleborg has continuously addressed challenges that have arisen through flexible and global production, but has also proactively managed prices to address cost increases.

This report has not been subject to review by the company's auditor.

Trelleborg, January 28, 2025. Board of Directors of Trelleborg AB (publ) This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable rules of the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34.16A appear in addition to the financial statements and their accompanying notes also in other parts of the interim report. The Parent Company applies recommendation RFR 2, Accounting for Legal Entities of the Swedish Financial Reporting Board and Chapter 9 of the Swedish Annual Accounts Act, Interim Reports.

Accounting policies and calculation methods applied in this report are unchanged compared with those applied in the preparation of the annual and consolidated accounts for 2023. No new or revised IFRSs or interpretative statements applied as of January 1, 2024 had any material impact on the consolidated financial statements. For a more detailed description of the accounting policies applied for the Group and Parent Company in this interim report, refer to the 2023 Annual and Sustainability Report.

At the Annual General Meeting, held in April 2024, the decision was taken to introduce a performance share plan, PSP 2024/2027, which includes the President and Group Management, whereby participants invest in shares in Trelleborg AB. Each invested share entitles the holder to receive a maximum of three shares free of charge after the publication of the year-end report for the 2026 fiscal year. Allotment requires compliance with certain performance-based conditions and that the participant remains employed within the Trelleborg Group. For further information, refer to the decision taken at the Annual General Meeting on April 24, 2024. To date, the recognized costs for 2024 are not significant.

Condensed Income Statements

Income Statements, sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Net sales	8,783	8,421	34,170	34,286
Cost of goods sold	−5,640	−5,423	−21,730	−22,195
Gross profit	3,143	2,998	12,440	12,091
Selling expenses	−618	−626	−2,529	−2,526
Administrative expenses	−922	−820	−3,379	−3,123
Research and development costs	−186	−162	−710	−697
Other operating income1	221	261	596	792
Other operating expenses1	−219	−342	−821	−1,017
Profit from associated companies	1	−5	5	−2
EBIT, excluding items affecting comparability	1,420	1,304	5,602	5,518
Items affecting comparability	−76	−260	−315	−614
EBIT	1,344	1,044	5,287	4,904
Financial income and expenses2	−86	−38	−297	−107
Profit before tax	1,258	1,006	4,990	4,797
Tax3	−326	−226	−1,254	−1,316
Net profit, continuing operations	932	780	3,736	3,481
Net profit, discontinuing operations4	-	-	-	6,593
Net profit, Group	932	780	3,736	10,074
- equity holders of the parent company	933	780	3,737	10,075
- non-controlling interest	−1	0	−1	−1

¹ Other operating income and expenses are affected by exchange rate differences reported on a gross basis. Exchange rate differences were reclassified between other operating income and expenses to financial income and expenses for the May-September 2023 period. This reclassification will have no effect on EBIT or financial income and expenses.

² Q2 2023 includes non-recurring financial income of SEK 218 M (SEK 173 M after tax) attributable to concluded interest rate hedges in connection with the divestment of the Group's tire operation.

³ Q2 2023 includes a non-recurring tax expense of SEK 150 M related to a review of the Group's legal structure after the divestment of the Group's tire operation. This tax expense declined by SEK 50 M in Q4 2023.

⁴ Q2 2023 includes a capital gain attributable to the divestment of the Group's tire and printing blanket operations.

Condensed Income Statements

Earnings per share, sek1	Q4 2024	Q4 2023	12M 2024	12M 2023
Continuing operations	3.99	3.40	15.73	14.31
Discontinuing operations	-	-	-	25.93
Group	3.99	3.40	15.73	40.24
Group, excluding items affecting comparability	4.24	4.08	16.74	42.68
Continuing operations, excluding items affecting comparability	4.24	4.08	16.74	16.64

¹ No dilution effects arose.

Number of shares	Q4 2024	Q4 2023	12M 2024	12M 2023
End of period	241,547,186	255,125,919	241,547,186	255,125,919
of which, in treasury	9,094,230	11,696,591	9,094,230	11,696,591
Average number	233,604,607	244,527,357	237,573,828	250,349,374

Statements of comprehensive income, sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Net profit, Group	932	780	3,736	10,074
Other comprehensive income
Items that will not be reclassified to the income statement
Reassessment of net pension obligation	−19	1	−63	−1
Income tax relating to components of other comprehensive income	3	0	12	0
Total	−16	1	-51	−1
Items that may be reclassified to the income statement
Cash flow hedges	−30	4	−66	−261
Hedging of net investment	−226	441	−400	435
Translation difference	1,698	−2,224	2,097	−741
Income tax relating to components of other comprehensive income	53	−91	96	−88
Total	1,495	−1,870	1,727	−655
Other comprehensive income, net of tax	1,479	−1,869	1,676	−656
Total comprehensive income	2,411	−1,089	5,412	9,418

Total comprehensive income attributable to:

- equity holders of the parent company	2,411	−1,089	5,412	9,418
- non-controlling interest	0	0	0	0

Condensed Balance Sheets

Balance Sheets, sek m	Dec 31	Dec 31
	2024	2023
Property, plant and equipment	9,306	7,757
Right-of-use assets	1,758	1,538
Goodwill	25,376	20,491
Other intangible assets	7,163	5,333
Participations in associated companies	57	54
Financial non-current assets	101	165
Deferred tax assets	542	498
Total non-current assets	44,303	35,836
Inventories	5,733	5,119
Current operating receivables	7,182	6,440
Current tax assets	1,048	853
Interest-bearing receivables	80	709
Cash and cash equivalents	2,162	10,546
Total current assets	16,205	23,667
Total assets	60,508	59,503
Share capital	2,620	2,620
Other capital contributions	226	226
Other reserves	6,411	4,684
Profit brought forward	28,571	24,117
Net profit for the year	3,737	10,075
Total	41,565	41,722
Non-controlling interests	4	5
Equity	41,569	41,727
Interest-bearing non-current liabilities	5,474	5,344
Other non-current liabilities	57	71
Pension obligations	447	346
Other provisions	403	447
Deferred tax liabilities	1,405	799
Total non-current liabilities	7,786	7,007
Interest-bearing current liabilities	3,087	2,953
Current tax liabilities	1,250	1,241
Other current liabilities	6,452	6,080
Other provisions	364	495
Total current liabilities	11,153	10,769
Total equity and liabilities	60,508	59,503

Specification of changes in equity, sek m	Attributable to shareholders of the Parent Company									Non-controlling interests		Total
	Share Capital		Other capital contributions			Other reserves		Profit brought forward
	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31
	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Opening balance, January 1	2,620	2,620	226	226	4,684	5,339	34,192	29,297	5	6	41,727	37,488
Net profit/loss for the year	-	-	-	-	-	-	3,737	10,075	−1	−1	3,736	10,074
Other comprehensive income	-	-	-	-	1,727	−655	−51	−1	-	-	1,676	−656
Repurchase own shares	-	-	-	-	-	-	−4,127	−3,880	-	-	−4,127	−3,880
Cancellation of own shares	−139	−154	-	-	-	-	139	154	-	-	-	-
Bonus issue	139	154	-	-	-	-	−139	−154	-	-	-	-
Dividend	-	-	-	-	-	-	−1,617	−1,524	-	-	−1,617	−1,524
Share based Long Term Incentive program	-	-	-	-	-	-	2	-	-	-	2	-
Impact from IAS 291	-	-	-	-	-	-	172	225	-	-	172	225
Closing balance	2,620	2,620	226	226	6,411	4,684	32,308	34,192	4	5	41,569	41,727

¹ Refers to hyperinflationary accounting in operations in Türkiye.

Repurchased own shares that are included in the equity item Profit brought forward	Number of shares	Amount that affected equity, sek m
	Dec 31	Dec 31
	2024	2024
Opening repurchased own shares	11,696,591	−6,959
Purchases for the year	10,976,372	−4,127
Cancellations for the year	−13,578,733	-
Closing repurchased own shares	9,094,230	−11,086

For treasury shares, all rights are void until such time as these shares are re-issued. Repurchased shares include the cost of own shares held by the Parent Company. The number of own shares is calculated using the cash/settlement approach.

Condensed Cash flow Statements

Cash flow statements, sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Operating activities
EBIT incl part in associated companies	1,344	1,044	5,287	4,904
Adjustments for items not included in cash flow from operating activities:
Depreciation, property, plant and equipment	261	238	973	924
Depreciation, right-of-use assets	96	93	365	365
Amortization, intangible assets	177	137	618	539
Impairment losses, property, plant and equipment	−11	23	−3	38
Impairment losses, intangible assets	2	-	2	3
Dividend from associated companies	0	1	1	9
Participations in associated companies and other non cash-flow affecting items	−5	−144	−8	−162
Capital gain in divested operations	-	87	-	87
Interest received	98	139	199	381
Interest paid	−172	−124	−566	−848
Other financial items	26	3	2	265
Taxes paid	−408	−298	−1,395	−1,266
Cash flow from operating activities before changes in working capital	1,408	1,199	5,475	5,239
Cash flow from changes in working capital
Change in inventories	387	272	46	122
Change in operating receivables	664	426	52	−262
Change in operating liabilities	−704	−362	−496	156
Cash flow from operating activities	1,755	1,535	5,077	5,255
Investing activities
Acquisitions	−391	−31	−5,496	−447
Disposed/discontinuing operations	-	135	-	135
Capital expenditure, property, plant and equipment	−561	-457	−1,747	−1,529
Capital expenditure, intangible assets	−39	−53	−136	−149
Sale of non-current assets	21	10	70	30
Cash flow from investing activities	−970	−396	−7,309	−1,960
Financing activities
New/utilized loans	2,376	0	4,056	12,515
Amortized loans	−1,843	209	−4,150	−19,942
Amortized leased liabilities	−93	−139	−347	−465
Repurchase own share	−1,349	−1,078	−4,127	−3,880
Dividend - equity holders of the parent company	-	-	−1,617	−1,524
Cash flow from financing activities	−909	−1,008	−6,185	−13,296
Total cash flow, continuing operations	−124	131	−8,417	−10,001
Total cash flow, discontinuing operations	-	-	-	15,884
Cash flow for the period, Group	−124	131	−8,417	5,883
Cash and cash equivalents
At beginning of the period, continuing operations	2,226	10,558	10,546	3,924
At beginning of the period, discontinuing operations	-	-	-	−835
Exchange rate differences	60	−143	33	−96
Cash and cash equivalents at end of period	2,162	10,546	2,162	10,546

Change in liabilities from financing activities

Change in liabilities from financing activities, Group, sek m
	Dec 31 2023	Transfer between non-current and current loans	Cash changes	Acquisitions	Translation differences	Fair value changes	Lease liabilities	Pension liabilities	Dec 31 2024
Non-current loans	4,024	−800	−607	-	107	-	-	-	2,724
Current loans	2,561	800	−852	-	31	-	-	-	2,540
Other non-current financial liabilities	0	-	1,210	-	29	-	-	-	1,239
Other current financial liabilities	106	-	−629	-	730	-	-	-	207
Lease liabilities	1,606	-	−259	-	85	-	419	-	1,851
Pension obligations	346	-	26	-	12	-	-	63	447
Total	8,643	-	−1,111	-	994	-	419	63	9,008

Trelleborg employs a number of alternative performance measures related to financial position, including return on equity and capital employed, net debt, debt/equity ratio and equity/assets ratio. The Group deems the key figures useful for the readers of its financial reports as a complement for assessing the possibility of dividends, implementing strategic investments and considering the Group's ability to meet its financial commitments. In addition, Trelleborg uses the cash-flow measurements of operating cash flow and free cash flow to provide an indication of the funds the operations

generate to be able to implement strategic investments, make amortizations and pay returns to the shareholders. Trelleborg uses the operational performance metrics of EBITDA, EBITA and EBIT excluding items affecting comparability, which the Group considers to be relevant for investors seeking to understand its earnings generation before items affecting comparability.

For further descriptions and calculation of key figures, visit www.trelleborg.com/en/investors/key-figures

sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Net sales
Trelleborg Industrial Solutions	3,980	3,766	15,317	15,249
Trelleborg Medical Solutions	903	637	3,003	2,582
Trelleborg Sealing Solutions	4,089	4,026	16,670	16,446
Group activities	-	178	-	727
Eliminations	−189	−186	−820	−718
Continuing operations	8,783	8,421	34,170	34,286
EBITA, excluding items affecting comparability
Trelleborg Industrial Solutions	639	586	2,443	2,375
Trelleborg Medical Solutions	190	101	529	383
Trelleborg Sealing Solutions	817	808	3,428	3,496
Group activities	−59	−71	−260	−252
Continuing operations	1,587	1,424	6,140	6,002
EBITA %, excluding items affecting comparability
Trelleborg Industrial Solutions	16.1	15.6	16.0	15.6
Trelleborg Medical Solutions	21.1	15.7	17.6	14.8
Trelleborg Sealing Solutions	20.0	20.1	20.6	21.3
Continuing operations	18.1	16.9	18.0	17.5
Net sales per market continuing operations, organic growth, %	Q4 2024	Q4 2023	12M 2024	12M 2023
Europe (44)	−5	2	−2	4
North- and South America (33)	−1	−1	−3	4
Asia and rest of the world (23)	19	−1	11	−2

Total (100% refer to share 2024) 1 0 0 2

Bridge net sales	Q4 2023				Q4 2024
	sek m	Organic sales, %	Structural change, %	Currency effects, %	sek m
Trelleborg Industrial Solutions	3,766	4	1	1	3,980
Trelleborg Medical Solutions	637	0	40	2	903
Trelleborg Sealing Solutions	4,026	−1	3	0	4,089
Group activities/Eliminations	−8				−189
Continuing operations	8,421	1	3	0	8,783

Exchange rate differences impacting EBITA excluding items affecting comparability ¹, sek m	Q4 2024	12M 2024
Trelleborg Industrial Solutions	2	−26
Trelleborg Medical Solutions	2	−1
Trelleborg Sealing Solutions	−3	−51
Group activities	−1	−2
Continuing operations	0	−80

¹ Impact on EBITA excluding items affecting comparability in translation of foreign subsidiaries.

EBIT specification, continuing operations, sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Excluding items affecting comparability:
EBITDA	1,944	1,790	7,549	7,368
Depreciation/write-down, property, plant and equipment	−346	−348	−1,327	−1,308
Amortization/write-down, intangible assets	−11	−18	−82	−58
EBITA	1,587	1,424	6,140	6,002
Amortization of surplus values related to acquisitions	−167	−120	−538	−484
EBIT	1,420	1,304	5,602	5,518
Items affecting comparability	−76	−260	−315	−614
EBIT	1,344	1,044	5,287	4,904

Specification of capital employed, sek m	Dec 31	Dec 31
	2024	2023
Working capital	5,721	4,595
Property, plant and equipment	9,306	7,757
Right-of-use assets	1,758	1,538
Intangible assets	32,539	25,824
Participations in associated companies	57	54
Continuing operations	49,381	39,768

sek m	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Net sales
Trelleborg Industrial Solutions	3,980	3,661	3,955	3,721	3,766	3,663	3,980	3,840	3,691
Trelleborg Medical Solutions	903	852	665	583	637	645	647	653	619
Trelleborg Sealing Solutions	4,089	4,130	4,349	4,102	4,026	4,158	4,048	4,214	3,809
Group activities	-	-	-	-	178	165	194	190	169
Eliminations	−189	−201	−258	−172	−186	−173	−173	−186	−175
Continuing operations	8,783	8,442	8,711	8,234	8,421	8,458	8,696	8,711	8,113
Organic sales, %
Trelleborg Industrial Solutions	4	2	−1	−3	−1	−1	6	8	18
Trelleborg Medical Solutions	0	1	2	−11	1	−1	9	13	20
Trelleborg Sealing Solutions	−1	1	5	−2	1	−2	0	4	11
Continuing operations	1	1	1	−3	0	−1	3	7	15
EBITA, excluding items affecting comparability
Trelleborg Industrial Solutions	639	548	643	613	586	594	632	563	519
Trelleborg Medical Solutions	190	165	92	82	101	99	100	83	81
Trelleborg Sealing Solutions	817	826	921	864	808	837	901	950	831
Group activities	−59	−75	−57	−69	−71	−43	−70	−68	−91
Continuing operations	1,587	1,464	1,599	1,490	1,424	1,487	1,563	1,528	1,340
EBITA %, excluding items affecting comparability
Trelleborg Industrial Solutions	16.1	15.0	16.3	16.5	15.6	16.2	15.9	14.7	14.0
Trelleborg Medical Solutions	21.1	19.3	14.0	14.0	15.7	15.5	15.4	12.8	13.1
Trelleborg Sealing Solutions	20.0	20.0	21.2	21.1	20.1	20.1	22.3	22.5	21.8
Continuing operations	18.1	17.3	18.4	18.1	16.9	17.6	18.0	17.5	16.5

Condensed Income Statements, sek m	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Net sales	8,783	8,442	8,711	8,234	8,421	8,458	8,696	8,711	8,113
Cost of goods sold	−5,640	−5,386	−5,465	−5,239	−5,423	−5,478	−5,687	−5,607	−5,267
Gross profit	3,143	3,056	3,246	2,995	2,998	2,980	3,009	3,104	2,846
Selling expenses	−618	−618	−660	−633	−626	−648	−615	−637	−610
Administrative expenses	−922	−821	−835	−801	−820	−766	−763	−774	−815
Research and development costs	−186	−171	−180	−173	−162	−181	−176	−178	−175
Other operating income1	221	128	105	142	261	211	212	108	72
Other operating expenses1	−219	−254	−194	−154	−342	−231	−228	−216	−80
Profit from associated companies	1	0	1	3	−5	−4	3	4	1
EBIT, excluding items affecting comparability	1,420	1,320	1,483	1,379	1,304	1,361	1,442	1,411	1,239
Items affecting comparability	−76	−73	−111	−55	−260	−111	−194	−49	−115
EBIT	1,344	1,247	1,372	1,324	1,044	1,250	1,248	1,362	1,124
Financial income and expenses2	−86	−128	−63	−20	−38	−44	140	−165	−76
Profit before tax	1,258	1,119	1,309	1,304	1,006	1,206	1,388	1,197	1,048
Tax3	−326	−283	−321	−324	−226	−301	−491	−298	−283
Net profit, continuing operations	932	836	988	980	780	905	897	899	765
Net profit, discontinuing operations4	-	-	-	-	-	-	6,130	463	431
Net profit, Group	932	836	988	980	780	905	7,027	1,362	1,196
- equity holders of the parent company	933	836	988	980	780	906	7,027	1,362	1,197
- non-controlling interest	−1	0	0	0	0	−1	0	0	−1

¹ Other operating income and expenses are affected by exchange rate differences reported on a gross basis. Exchange rate differences were reclassified between other operating income and expenses to financial income and expenses for the May-September 2023 period. This reclassification will have no effect on EBIT or financial income and expenses.

² Q2 2023 includes non-recurring financial income of SEK 218 M (SEK 173 M after tax) attributable to concluded interest rate hedges in connection with the divestment of the Group's tire operation.

³ Q2 2023 includes a non-recurring tax expense of SEK 150 M related to a review of the Group's legal structure after the divestment of the Group's tire operation. This tax expense declined by SEK 50 M in Q4 2023.

⁴ Q2 2023 includes a capital gain attributable to the divestment of the Group's tire and printing blanket operations.

Continuing operations	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Net sales, sek m	8,783	8,442	8,711	8,234	8,421	8,458	8,696	8,711	8,113
Organic sales, %	1	1	1	−3	0	−1	3	7	15
EBITDA, excl items affecting comparability, sek m	1,944	1,821	1,950	1,834	1,790	1,831	1,891	1,856	1,654
EBITDA, excl items affecting comparability, %	22.1	21.6	22.4	22.2	21.3	21.7	21.7	21.3	20.4
EBITA, excl items affecting comparability, sek m	1,587	1,464	1,599	1,490	1,424	1,487	1,563	1,528	1,340
EBITA, excl items affecting comparability, %	18.1	17.3	18.4	18.1	16.9	17.6	18.0	17.5	16.5
EBIT, excl items affecting comparability, sek m	1,420	1,320	1,483	1,379	1,304	1,361	1,442	1,411	1,239
EBIT, excl items affecting comparability, %	16.2	15.6	17.0	16.8	15.5	16.1	16.6	16.2	15.3
Items affecting comparability, sek m	−76	−73	−111	−55	−260	−111	−194	−49	−115
EBIT, sek m	1,344	1,247	1,372	1,324	1,044	1,250	1,248	1,362	1,124
Earnings per share, excluding items affecting comparability, sek	4.24	3.78	4.49	4.23	4.08	4.19	4.71	3.66	3.40
Operating cash flow, excl items affecting comparability, sek m	1,681	1,422	1,190	718	1,321	1,608	1,585	549	1,678
Cash conversion ratio, excl items affecting comparability, R12, %	89	85	88	95	92	99	88	75	74
Capital employed, closing balance, sek m	49,381	46,874	43,815	42,683	39,768	42,622	43,111	42,299	41,309
Return on capital employed, R12 %	11.4	11.2	11.5	11.4	11.5	12.0	12.8	14.2	15.3
Group total	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Earnings per share, excl items affecting comparability, sek	4.24	3.78	4.49	4.23	4.08	4.19	28.83	5.58	5.10
Earnings per share, Group, sek	3.99	3.54	4.14	4.06	3.40	3.84	27.67	5.33	4.66
Free cash flow, sek m	1,083	970	670	194	897	1,075	658	−104	1,823
Net debt, closing balance, sek m	−6,735	−5,381	−1,981	939	2,682	1,871	1,881	−21,628	−20,897
Net debt/EBITDA	0.9	0.8	0.3	−0.1	−0.2	−0.1	−0.1	2.4	2.4
Debt/equity ratio, %	16	13	5	−2	−6	−4	−4	56	56
Return on equity R12, %	9.0	8.5	8.5	23.7	25.4	26.0	27.2	14.5	14.9
Equity/assets ratio, %	69	69	70	72	70	69	68	50	49

Net sales and EBITA by operating segment, sek m	Q4 2024
		Net sales
	External	Internal	Total	EBITA	Of which items affecting comparability	Of which profit/loss in associated companies
Trelleborg Industrial Solutions	3,945	35	3,980	595	−45	1
Trelleborg Medical Solutions	883	20	903	190	0	-
Trelleborg Sealing Solutions	3,955	134	4,089	786	−31	0
Group activities/Elimination	-	−189	−189	−60	-	-
Total	8,783	-	8,783	1,511	−76	1
Amortization of surplus values linked to acquisitions				−167
Financial income				43
Financial expenses				−129
Income tax				−326
Net profit, continuing operations				932
Net profit, discontinuing operations				-
Net profit, Group				932

Net sales and EBITA by operating segment, sek m Q4 2023

Net sales

	External	Internal	Total	EBITA	Of which items affecting comparability	Of which profit/loss in associated companies
Trelleborg Industrial Solutions	3,689	77	3,766	397	−189	−5
Trelleborg Medical Solutions	626	11	637	100	-	-
Trelleborg Sealing Solutions	3,920	106	4,026	735	−74	0
Group activities/Elimination	186	−194	−8	−68	3	-
Total	8,421	-	8,421	1,164	−260	−5
Amortization of surplus values linked to acquisitions				−120
Financial income				100
Financial expenses				−138
Income tax				−226
Net profit, continuing operations				780
Net profit, discontinuing operations				-
Net profit, Group				780

2024

During the second quarter of 2024, Trelleborg, through its Trelleborg Industrial Solutions business area, finalized the acquisition of BP-Tech Group, including Boldan and Spraypoxy, a Finnish pipe repair specialist.

During the second quarter of 2024, Trelleborg, through its Trelleborg Sealing Solutions business area, finalized the acquisition of the South Korean MNE Group, which consists of the companies Materials Nano Engineering and Materials Nano Solution and is primarily focused on manufacturing high-performance specialty seals for both the aftermarket and OE manufacturers of semiconductor production equipment.

During the third quarter of 2024, Trelleborg, through its Trelleborg Medical Solutions business area, finalized the acquisition of Baron Group. The company is a global leader in the manufacturing of advanced precision silicone components.

During the fourth quarter of 2024, Trelleborg, through its Trelleborg Sealing Solutions business area, finalized the acquisition of Magee Plastics, which manufactures and performs services on solutions made from high-performance thermoplastic and composite materials for the aerospace industry.

During the fourth quarter of 2024, Trelleborg finalized, through the Trelleborg Industrial Solutions business area, the acquisition of Mampaey Offshore Industries, a Dutch manufacturer of advanced solutions for the marine industry.

All acquisitions completed in 2024 refer to 100 percent of the shares in the respective companies.

Certain minor adjustments were made in 2024 to purchase price allocations attributable to acquisitions made in 2023.

The acquisition, CRC Distribution, which was finalized after the end of the period, see page 15, is expected to have a marginal impact on the Group's key figures.

2023

Acquisitions in the Trelleborg Industrial Solutions business area: Injectorplast

Acquisitions in the Trelleborg Sealing Solutions business area: Lehmann AG Oechslin AG 4M Company, Inc.

The acquisition of an operation from the 4M Company, Inc. was an acquisition of assets and liabilities, while the other acquisitions finalized in 2023 pertained to 100 percent of the shares in the respective companies. Certain minor adjustments were made in 2023 to purchase price allocations attributable to acquisitions made in 2022.

Acquisitions, sek m	12M 2024	12M 2023
Customer relationships1	1,836	163
Other intangible assets	2	-
Property, plant and equipment	336	2
Right-of-use assets	84	14
Deferred tax assets	13	16
Interest-bearing receivables	185	-
Inventories	367	23
Operating receivables	406	40
Current tax asset	8	-
Cash and cash equivalents	323	13
Deferred tax liabilities	−486	−29
Interest-bearing liabilities	−1,501	−21
Post employment benefits	0	−22
Provision obligations	-	−4
Current tax liability	−80	−6
Operating liabilities	−362	−28
Net assets	1,131	161
Goodwill	3,372	256
Total purchase price	4,503	417
Cash and other net debt in acquired operations	993	30
Impact shown in cash flow statement	5,496	447

¹ Excess value of customer relationships is amortized over 10–12 years.

The goodwill recognized above for 2024 was primarily attributable to synergy effects expected after the acquisition. The fair value of acquired, identifiable intangible assets is preliminarily pending final measurement of these assets.

Discontinuing operations

The Group's tire and printing blanket operations were divested to Yokohama Rubber and Continental, respectively, on May 2, 2023. The total capital gain amounts to sek 6,189 m before tax and sek 6,052 m after tax.

Income statement for discontinuing operations, sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Net sales	-	-	-	5,108
Operating expenses	-	-	-	−4,290
Capital gain	-	-	-	6,189
EBIT	-	-	-	7,007
Financial items	-	-	-	−124
Profit before tax	-	-	-	6,883
Tax	-	-	-	−290
Net profit	-	-	-	6,593

Cash-flow statement for discontinuing operations, sek m	12M 2024	12M 2023
Cash flow from operating activities	-	−345
Cash flow from investing activities	-	26,099
Cash flow from financing activities	-	−9,870
Total cash flow from discontinuing operations	-	15,884

Financial instruments – classification and valuation

A description of how fair value is calculated is provided below and in Accounting policies in the latest Annual Report.

At December 31, 2024, sek m	Assets measured at amortized cost	Assets at fair value in profit and loss		Derivatives used for hedging purposes, measured at fair value
		Carrying amount	Measurement level	Carrying amount	Measurement level	Total
Assets in the balance sheet
Derivative instruments	-	34	2	46	2	80
Financial non-current assets	101	-		-		101
Accounts receivable	5,453	-		-		5,453
Interest-bearing receivable	1	-		-		1
Cash and cash equivalents	2,162	-		-		2,162
Total	7,717	34		46		7,797

	Liabilities measured at amortized cost	Liabilities at fair value in profit and loss		Derivatives used for hedging purposes, measured at fair value
		Carrying amount	Measurement level	Carrying amount	Measurement level	Total
Liabilities in the balance sheet
Derivative instruments	-	75	2	82	2	157
Interest-bearing non-current liabilities	2,751	1,212	3	-		3,963
Interest-bearing current liabilities	2,614	-		-		2,614
Lease liabilities according to IFRS 16	1,851	-		-		1,851
Accounts payable	2,380	-		-		2,380
Total	9,596	1,287		82		10,965

Measurement techniques used to calculate fair value of level 2

Level 2 derivatives comprise currency futures and interest swaps and are primarily used for hedging purposes, but also for trading. Measurement of the fair value of currency futures is based on the published forward rates in an active market and on the discounted contractual cash flows. Measurement of interest swaps is based on forward interest rates prepared on the basis of observable Swedish interest curves and discounting of the contractual cash flows.

Measurement techniques used to calculate fair value of level 3

A financial interest-bearing receivable of sek 50 m was recognized at fair value in 2023. An assessment of the most likely outcome was determined, and the value was discounted to present value. The receivable was repaid in 2024. Interest-bearing non-current liabilities include additional purchase payments according to contract of sek 1,212 m (-) which have been calculated at present value with interest rates based on the market interest rate for the liabilities related to the acquisitions.

Disclosure on fair value of borrowings and other financial instruments

Financial interest-bearing liabilities, except for financial derivatives that adjust loans, are recognized at amortized cost. Changes in interest-rate levels and credit margins create differences between fair value and amortized cost. Measurement at fair value would decrease the Group's non-current loans by sek 5 m. No remeasurement was made for current loans because the carrying amount is regarded as a good estimate of the fair value due to their short term.

Financial instruments – classification and valuation

At December 31, 2023, sek m	Assets measured at amortized cost	Assets at fair value in profit and loss		Derivatives used for hedging purposes, measured at fair value
		Carrying amount	Measurement level	Carrying amount	Measurement level	Total
Assets in the balance sheet
Derivative instruments	-	220	2	535	2	755
Financial non-current assets	89	50	3	-		139
Accounts receivable	4,941	-		-		4,941
Interest-bearing receivable	12	-		-		12
Cash and cash equivalents	10,546	-		-		10,546
Total	15,588	270		535		16,393

	Liabilities measured at amortized cost	Liabilities at fair value in profit and loss		Derivatives used for hedging purposes, measured at fair value
		Carrying amount	Measurement level	Carrying amount	Measurement level	Total
Liabilities in the balance sheet
Derivative instruments	-	108	2	20	2	128
Interest-bearing non-current liabilities	4,024	-		-		4,024
Interest-bearing current liabilities	2,560	-		-		2,560
Lease liabilities according to IFRS 16	1,606	-		-		1,606
Accounts payable	2,311	-		-		2,311
Total	10,501	108		20		10,629

Condensed Income statements, sek m	Q4 2024	Q4 2023	12M 2024	12M 2023
Net sales	219	196	685	635
Administrative expenses	−167	−157	−391	−558
Other operating income	3	7	12	8
Other operating expenses	−376	−320	−471	−426
EBIT	−321	−274	−165	−341
Financial income and expenses1	−136	−198	1,557	17,243
Profit before tax	−457	−472	1,392	16,902
Appropriations	517	449	518	449
Tax	−126	−135	−78	−80
Net profit	−66	−158	1,832	17,271

¹ Q2 2023 includes effects from divestments of the Group's tire and printing blanket operations.

Condensed Balance sheets, sek m	Dec 31	Dec 31
	2024	2023
Property, plant and equipment	7	9
Intangible assets	4	6
Financial assets	37,844	37,873
Total non-current assets	37,855	37,888
Current receivables	135	115
Current tax asset	-	-
Interest-bearing receivables	962	788
Cash and cash equivalents	-	0
Total current assets	1,097	903
Total assets	38,952	38,791
Equity	22,416	26,325
Untaxed reserves	221	101
Interest-bearing non-current liabilities	-	0
Other non-current liabilities	61	65
Total non-current liabilities	61	65
Interest-bearing current liabilities	16,012	12,087
Current tax liabilities	76	60
Other current liabilities	166	153
Total current liabilities	16,254	12,300
Total equity and liabilities	38,952	38,791

Other

Related parties

No material changes occurred for the Group or the Parent Company in relations or transactions with related parties, compared with what is described in Note 12 of the 2023 Annual Report.

At the Annual General Meeting, held in April 2024, the decision was taken to introduce a performance share plan, PSP 2024/2027, which includes the President and Group Management, whereby participants invest in shares in Trelleborg AB. Each invested share entitles the holder to receive a maximum of three shares free of charge after the publication of the year-end report for the 2026 fiscal year. Allotment requires compliance with certain performance-based conditions and that the participant remains employed within the Trelleborg Group. For further information, refer to the decision taken at the Annual General Meeting on April 24, 2024. To date, the recognized costs for 2024 are not significant.

About Trelleborg

The Trelleborg Group is a world leader in engineered polymer solutions. The Group had sales of approximately SEK 34 billion in 2024 and operations in some 40 countries.

With Trelleborg's material expertise and industry insight in cutting-edge areas with rigorous requirements, such as the aerospace and automotive industries, as well as healthcare & medical, the Group is creating the sustainable industrial solutions of today, shaped by such trends as electrification, digitalization, industrial automation, and new sustainable materials. The Group's polymerbased solutions are often critical to the functionality of the customers' advanced end products.

Engineered solutions

The engineered solutions are based on unique sealing and damping properties of polymers such as rubber and plastic. The solutions save energy and reduce CO2 emissions, eliminate noise and vibrations, and dramatically extend the lifecycles of machines and medical devices as well as skyscraper facades.

Better platform than ever

Trelleborg's way of achieving results – a strongly decentralized organization built on local responsibility and personal dedication – form the basis of the Group's model for profitability and business success. Despite the turbulence in its operating environment, Trelleborg delivered a strong financial performance in recent years. Trelleborg's financial capacity is healthy.

Accelerated growth

A number of industries have been identified as growing more than the industrial average in the years ahead – Trelleborg is therefore placing additional focus on developing its business in these segments.

The fast-growing industries will act as a driving force for other areas at Trelleborg, which through

innovations, differentiation and greater global reach is expected to grow in the upper range of the industrial average.

There will be a greater focus on company acquisitions that strengthen Trelleborg in attractive industries.

Sustainability leader in the industry

Trelleborg is working systematically to increase the share of bio-based and recycled raw materials in everything it develops. The ambition is to be the sustainability leader in the industry. The Group's climate target is to halve direct and indirect CO2 emissions by the end of 2030 compared with the base year 2021, and, during the same period, reduce emissions along the value chain by 25 percent. Trelleborg's climate targets were validated by the Science Based Targets initiative (SBTi) in the fourth quarter of 2023. Resource efficiency and circularity are becoming part of Trelleborg's DNA.

Bespoke strategy for each business

A common feature shared by all parts of Trelleborg is its engineered polymers with unique sealing and damping properties. The longstanding customer relationships are all built on close innovation collaboration with renowned industrial players.

Trelleborg's operational businesses are different, so they have bespoke strategies to achieve leading positions in their markets.

An improved Trelleborg

The technological development and climate transition in society favor the Group, where Trelleborg is playing a part and developing the industrial solutions of tomorrow.

The Group raised both its financial and sustainability targets in conjunction with its Capital Markets Day held in May 2023.

Trelleborg Industries	Diversified industrials	Automotive	Healthcare & medical	Aerospace
Trelleborg Industrial Solutions	85%	8%	2%	5%
Trelleborg Medical Solutions	0%	0%	100%	0%
Trelleborg Sealing Solutions	53%	28%	0%	19%
Continuing operations	63%	17%	9%	11%

¹ From Q4 2024 General industry is named Diversified industrials.

Net sales per industry is based on full-year 2024.

Presentation of the report

A combined webcast and telephone conference will be held on January 29, 2025 at 10:00 a.m. CET. To follow the presentation webcast, either access this link or visit www.trelleborg.com.

To participate via teleconference, please register here. After registration, you will be provided phone numbers and a conference ID to access the call. You can ask questions verbally via the teleconference.

The webcast will be available on Trelleborg's website following the presentation.

Finansiell kalender

Annual Report 2024	February 28, 2025
Interim report January–March 2025	April 24, 2025
Annual General Meeting 2025	April 24, 2025
Interim report April–June 2025	July 17, 2025
Interim report July–September 2025	October 24, 2025
Year-end report 2025	January 29, 2026

For further information

Investors/analysts Media Christofer Sjögren, VP Investor Relations Tobias Rydergren, VP Communications Phone: +46 (0)410 - 670 68 Phone: +46 (0)410 - 670 15 Mobile: +46 (0)708 - 66 51 40 Mobile: +46 (0)733 - 74 70 15 E-mail: christofer.sjogren@trelleborg.com E-mail: tobias.rydergren@trelleborg.com

For information about the Trelleborg Group, Annual Reports, the stakeholder magazine T-TIME and other information, please visit the Group's website www.trelleborg.com.

This is a translation of the company's Interim Report in Swedish.

This report contains forward-looking statements that are based on the current expectations of the management of Trelleborg. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Accordingly, results could differ materially from those implied in the forwardlooking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors.

This information is information that Trelleborg AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was issued, by the contact persons above, for publication on January 29, 2025 at 7:45 a.m. CET.

Trelleborg AB (publ) Corp. Reg. No. 556006-3421 PO Box 153, SE-231 22 Trelleborg, Sweden. Phone: +46 (0)410-670 00 www.trelleborg.com