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VBG Group Interim / Quarterly Report 2026
3122_10-q_2026-04-27_7ad46920-5749-4e74-a53d-0efebeb955fb.pdf
Interim / Quarterly Report
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VBG GROUP
Q1
Interim report
January–March 2026
Creating a safer society
Q1 Interim report January–March 2026
Interim report, first quarter of 2026
First quarter 2026
- Consolidated sales increased 1.9% to SEK 1,376.4 M (1,351.3).
- Organic growth amounted to 5.3% (-12.9), adjusted for acquired sales and currency effects between the years.
- Consolidated operating profit (EBIT) totaled SEK 161.8 M (165.8), with an operating margin (EBIT) of 11.8% (12.3).
- Profit after financial items amounted to SEK 147.7 M (151.5).
- Earnings per share amounted to SEK 4.53 (4.58) before and after dilution.
Key figures
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Operating profit before depreciation/amortization (EBITDA) | 208.7 | 208.4 | 829.6 |
| Operating profit before amortization (EBITA) | 174.6 | 177.4 | 699.4 |
| Operating profit (EBIT) | 161.8 | 165.8 | 650.5 |
| Operating profit after financial items (EBT) | 147.7 | 151.5 | 572.9 |
| Profit after tax | 113.2 | 114.5 | 422.1 |
| Earnings per share, SEK | 4.53 | 4.58 | 16.88 |
| Cash flow from operating activities | 92.4 | 27.9 | 531.0 |
| ROE (cumulative), % | 10.8 | 11.2 | 10.6 |
| ROCE (cumulative), % | 10.9 | 12.2 | 11.2 |
| Equity/assets ratio, % | 55.7 | 59.4 | 56.0 |
| Interest-bearing net debt/EBITDA | 1.2 | 0.7 | 1.2 |
| Average number of employees | 2,174 | 2,104 | 2,150 |
| Number of shares outstanding ('000) | 25,004 | 25,004 | 25,004 |
Net sales
SEK 1,376 M
Sales growth
1.9%
Operating profit (EBIT)
SEK 162 M
Operating margin (EBIT)
11.8%
Q1 Interim report January–March 2026
FROM THE PRESIDENT
Stable first quarter with broad-based organic growth
VBG Group began 2026 with a stable first quarter, despite a geopolitical situation that remained turbulent and negative exchange rate effects. Net sales increased 1.9% compared with the year-earlier quarter, whereas organic growth adjusted for acquisitions and exchange rate effects was 5.3%. Our extensive offering and our geographic presence provide a stable foundation, even in a more fragmented and volatile business environment.
All of our divisions reported organic growth adjusted for exchange rate effects and acquired sales. Growth was driven primarily by price adjustments and good demand in the side-by-side segment in North America, as well as the defense and processing industry segments.
Operating profit (EBIT) amounted to SEK 162 M (166), with an operating margin (EBIT) of 11.8% (12.3). Exchange rate effects, due primarily to the strengthening of the SEK, had a negative impact of approximately SEK 22 M on the operating profit (EBIT). With systematic price adjustments and efficiency enhancements, however, we have been able to manage these effects, retain good profitability and strengthen gross profit margins despite increased raw material prices, especially for copper and aluminum. Efforts to fully compensate for cost increases will continue in the second quarter.
Order bookings were on a par with the first quarter of 2025, but increased 8% including acquired revenue adjusted for exchange rate effects. Our strong operating cash flow and our financial position provides scope for investments and acquisitions in line with our strategy.
We are continuing to implement structural measures to strengthen our capacity and efficiency. The consolidation of Mobile Thermal Solutions's production operations in Toronto, Canada is proceeding as planned, with relocation scheduled for the fourth quarter of 2026 and full production capacity beginning in the second quarter of 2027. Furthermore, investments are planned for a new, modern production facility in Dobfany, in the Czech Republic, where Ringfeder Power Transmission will be consolidating the division's current production facilities in Neunkirchen, Germany and Dobfany for increased capacity and efficiency.
Our divisions
Performance in our divisions was stable.
Truck & Trailer Equipment reported organic growth of 1 per cent, excluding acquired revenue and exchange rate effects, with a stable gross profit margin and
operating profit. The development in sales was driven by the defense segment and the acquisition of Ledson. We are also seeing incipient growth from low levels in the trailer segment.
Organic growth in Mobile Thermal Solutions adjusted for exchange rate effects and acquired sales amounted to 6%, driven by the side-by-side segment in North America where the share of vehicles equipped with climate systems is continuing to rise.
Ringfeder Power Transmission reported an improved gross profit margin and organic growth of 12 per cent, excluding acquired revenue and exchange rate effects, with growth across all geographic markets, particularly in energy supply, defense and mechanical engineering.
The future
The market outlook going forward is characterized by geopolitical and macroeconomic volatility, which makes forecasting developments difficult. At present, we are not seeing any direct impact on sales, but are monitoring developments closely given the continued significant level of uncertainty in the business environment.
Going forward, our focus will be on capitalizing on the strong order book, enhancing capacity and efficiency and ensuring cost offsets in order to create long-term value.
I would like to extend my warmest thanks to all employees in VBG Group for their commitment and professionalism, allowing us to continue to deliver according to plan and develop our operations in a challenging external environment.
Anders Erken
President and CEO, VBG Group
Q1 Interim report January–March 2026
VBG Group – A stable global industrial Group
VBG Group is a long-term and active owner of successful industrial companies and brands. The Group's three divisions – Truck & Trailer Equipment, Mobile Thermal Solutions and Ringfeder Power Transmission – are operated on the basis of high industrial expertise, strong values and financial stability.
- Considerable experience and industrial expertise
- High level of service
- Long-term financial strength
- Leading industrial solutions
- Strong international position och global presence
- Broad portfolio of brands in attractive niches
Q1 Interim report January–March 2026
Group
Sales and earnings
First quarter 2026
Sales totaled SEK 1,376.4 M (1,351.3), corresponding to an increase of 1.9% compared with the first quarter of 2025.
Adjusted for acquired sales and exchange rate effects, organic growth amounted to 5.3% (−12.9). The strengthening of the SEK against primarily the USD, CAD and EUR has continued to yield a negative currency impact for VBG Group.
Truck & Trailer Equipment's organic growth amounted to 1.4%. Organic growth in Mobile Thermal Solutions amounted to 5.7% and Ringfeder Power Transmission's organic growth was 12.1%.
Consolidated operating profit (EBIT) decreased year-on-year and amounted to SEK 161.8 M (165.8), corresponding to an operating margin (EBIT) of 11.8% (12.3).
Operating profit (EBIT) was negatively affected by currency effects between quarters and higher prices for raw materials, such as copper and aluminum. An incorrectly accrued cost of SEK 4.4 million pertaining to 2025 and a restructuring cost of SEK 2.1 million were also charged to operating profit.
Truck & Trailer Equipment's operating margin (EBIT) remained unchanged at 21.2% (21.2).
Mobile Thermal Solutions' operating margin (EBIT) decreased to 7.6% (10.3). The division's operating profit (EBIT) was negatively impacted by SEK 2.1 M in restructuring costs. Demand – primarily in the side-by-side segment – continued to grow in the first quarter. Currency effects, and customer and product mix, negatively impacted operating profit.
Ringfeder Power Transmission's operating margin (EBIT) increased to 9.5% (4.2) during the quarter.
Consolidated net interest expense for the first quarter amounted to SEK −12.9 M (−8.7) and the exchange rate effect for the quarter on foreign-currency denominated financial liabilities was SEK −0.5 M (−5.3). Net interest income was negatively impacted by increased utilization of credit facilities for financing completed acquisitions and new construction in Toronto, Canada.
Other financial expenses amounted to SEK −1.5 M (−1.3). Profit after financial items decreased to SEK 147.7 M (151.5) and profit after tax decreased to SEK 113.2 M (114.5). Earnings per share amounted to SEK 4.53 (4.58) before and after dilution.
Capital expenditures and depreciation/amortization
The Group's new capital expenditures for the first quarter amounted to SEK 80.8 M (25.3) and pertain largely to the new construction in Toronto, Canada. Depreciation/amortization for the first quarter amounted to SEK 46.9 M (42.7).
Financial position
Profit after tax for the period decreased to SEK 113.2 M (114.5). Other comprehensive income – pertaining to translation differences in foreign currencies, with intangible assets comprising the single largest item – totaled SEK 71.4 M (−219.8). Comprehensive income for the period thus amounted to SEK 184.6 M (−105.4). Accordingly, consolidated equity increased during the quarter to SEK 4,149.7 M (3,965.1).
The equity/assets ratio decreased during the quarter to 55.7% (56.0). Changes to cash and cash equivalents for the quarter, including exchange rate effects, totaled SEK 8.8 M. Cash flow for the quarter was affected by higher earnings from operating activities and higher investments, above all for the new construction in Toronto, Canada. Cash and cash equivalents totaled SEK 1,117.6 M (1,108.8) at the end of the quarter. In addition, there were unutilized overdraft facilities of SEK 100.0 M (100.0), which means the Group at the end of March had available liquidity, excluding scope under credit agreements, of SEK 1,217.6 M (1,208.8).
The Group's interest-bearing net debt increased by SEK 5.5 M during the quarter and amounted to SEK 1,029.4 M (1,023.9) at the end of the period.
The rate of consolidated interest-bearing net debt in relation to consolidated operating profit before depreciation/amortization and impairment (EBITDA on a rolling four-quarter basis) was 1.2 (1.2).
Consolidated goodwill increased SEK 20.5 M as a result of exchange rate adjustments and amounted to SEK 1,660.8 M (1,640.3) at the end of the period, corresponding to a ratio of 0.40 (0.41) in relation to equity.
Cash flow
Cash flow from operating activities increased compared with the year-earlier period as an effect of higher underlying earnings, and amounted to SEK 92.4 M (27.9). Investments made during the period totaled SEK 74.4 M (38.5). Consolidated total borrowings and lease liabilities decreased by SEK 17.5 M during the period. During the corresponding period in the previous year, consolidated total borrowings and lease liabilities increased by SEK 234.5 M.
Personnel
At March 31, 2026, there were 2,183 employees (2,114) in the VBG Group, of which 268 (230) in Sweden. The Group employed an average of 2,174 persons (2,104) during the first quarter of 2026, of which 262 (230) were active in Sweden. The cost of salaries and social security contributions for the quarter was SEK 331.8 M (318.3).
Per share data
Earnings per share amounted to SEK 4.53 (4.58). Equity per share was SEK 165.96 at March 31, 2026, compared with SEK 161.07 on the year-earlier date.
The share price at the end of the quarter was SEK 348.6, which corresponds to a market capitalization of SEK 8,716 M. At the end of the comparative quarter in 2025, the price was SEK 279.50, which yielded a market capitalization of SEK 6,988 M.
The number of shareholders decreased by 843 during the period, totaling 10,029 (10,872).
Q1 Interim report January–March 2026
GROUP
| Sales/Earnings SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 1,376.4 | 5,419.3 | 5,394.2 | 1,312.5 | 1,367.9 | 1,362.4 | 1,351.3 | 5,583.1 | 1,277.7 | 1,274.0 | 1,495.4 | 1,536.1 |
| Operating profit before depreciation/ amortization (EBITDA) | 208.7 | 829.9 | 829.6 | 218.3 | 193.4 | 209.5 | 208.4 | 899.6 | 211.2 | 185.5 | 231.7 | 271.3 |
| Operating profit before amortization (EBITA) | 174.6 | 696.6 | 699.4 | 172.5 | 171.3 | 178.2 | 177.4 | 796.2 | 182.9 | 160.1 | 205.2 | 247.9 |
| Operating margin (EBITA), % | 12.7 | 12.9 | 13.0 | 13.1 | 12.5 | 13.1 | 13.1 | 14.3 | 14.3 | 12.6 | 13.7 | 16.1 |
| Operating profit (EBIT) | 161.8 | 646.6 | 650.5 | 159.3 | 158.3 | 167.1 | 165.8 | 749.3 | 159.6 | 152.5 | 197.4 | 239.9 |
| Operating margin (EBIT), % | 11.8 | 11.9 | 12.1 | 12.1 | 11.6 | 12.3 | 12.3 | 13.4 | 12.5 | 12.0 | 13.2 | 15.6 |
| Operating profit after financial items (EBT) | 147.7 | 569.2 | 572.9 | 145.3 | 139.5 | 136.6 | 151.5 | 735.6 | 160.9 | 136.2 | 200.0 | 238.7 |
| Profit after tax | 113.2 | 420.8 | 422.1 | 110.9 | 96.7 | 100.0 | 114.5 | 541.6 | 100.7 | 100.6 | 156.2 | 184.2 |
| Earnings per share, SEK | 4.53 | 16.83 | 16.88 | 4.44 | 3.87 | 4.00 | 4.58 | 21.66 | 4.02 | 4.03 | 6.25 | 7.37 |
| Cash flow from operating activities | 92.4 | 270.2 | 531.0 | 270.2 | 149.2 | 83.7 | 23.7 | 797.5 | 294.3 | 153.3 | 204.6 | 144.1 |
| ROE (cumulative), % | 10.8 | 9.8 | 10.6 | 10.6 | 10.5 | 10.8 | 11.2 | 14.0 | 14.0 | 15.4 | 17.3 | 18.0 |
| ROCE (cumulative), % | 10.9 | 9.6 | 11.2 | 11.2 | 11.4 | 11.6 | 12.2 | 20.7 | 20.7 | 19.2 | 17.3 | 16.1 |
| Equity/assets ratio, % | 55.7 | 55.7 | 56.0 | 56.0 | 57.1 | 57.5 | 59.4 | 62.7 | 62.7 | 64.4 | 62.6 | 62.5 |
| Sales by market SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sweden | 108.3 | 379.8 | 362.5 | 105.6 | 85.7 | 80.2 | 91.1 | 309.9 | 72.9 | 61.8 | 79.8 | 95.4 |
| Other Nordic countries | 73.6 | 260.2 | 265.1 | 69.5 | 56.9 | 60.2 | 78.5 | 266.4 | 67.2 | 59.4 | 66.5 | 73.3 |
| Germany | 151.3 | 513.9 | 486.8 | 113.2 | 135.0 | 114.5 | 124.1 | 523.3 | 123.9 | 112.1 | 132.7 | 154.5 |
| Other European countries | 211.2 | 770.6 | 749.8 | 178.1 | 177.5 | 203.7 | 190.3 | 791.2 | 178.5 | 168.1 | 217.1 | 227.5 |
| US | 479.4 | 2,034.2 | 2,093.6 | 489.5 | 547.1 | 518.2 | 538.8 | 2,352.9 | 524.3 | 533.5 | 637.4 | 657.8 |
| Rest of North America | 164.7 | 673.4 | 650.0 | 159.6 | 162.5 | 186.6 | 141.3 | 687.4 | 146.7 | 170.8 | 189.7 | 180.2 |
| Brazil | 56.7 | 247.8 | 243.1 | 58.7 | 69.1 | 63.3 | 52.0 | 128.4 | 26.8 | 33.6 | 35.1 | 32.9 |
| Australia/New Zealand | 44.7 | 170.0 | 182.9 | 47.4 | 34.1 | 43.7 | 57.6 | 175.0 | 40.5 | 40.9 | 53.3 | 40.3 |
| China | 25.8 | 110.4 | 104.3 | 22.3 | 31.5 | 30.8 | 19.7 | 86.7 | 25.8 | 27.4 | 20.6 | 13.0 |
| Rest of world | 60.7 | 258.9 | 256.0 | 68.5 | 68.5 | 61.3 | 57.8 | 262.0 | 71.2 | 66.5 | 63.1 | 61.2 |
| Group | 1,376.4 | 5,419.3 | 5,394.2 | 1,312.5 | 1,367.9 | 1,362.4 | 1,351.3 | 5,583.1 | 1,277.7 | 1,274.0 | 1,495.4 | 1,536.1 |
Net sales, SEK M
Operating profit (EBIT), SEK M
Q1 Interim report January–March 2026
Truck & Trailer Equipment
Sales and earnings
First quarter 2026
Sales for the quarter increased 3.3% year-on-year to SEK 447.6 M (433.2). Organic growth adjusted for acquired sales and currency effects amounted to 1.4%. The USD rate weakened 14.5% during the period, and the EUR – which is a more important currency for the division – weakened 4.8% compared with the year-earlier quarter.
Operating profit (EBIT) for Truck & Trailer Equipment increased year-on-year to SEK 94.9 M (91.9) during the quarter, with an operating margin (EBIT) of 21.2% (21.2). Demand for coupling products remained high, with a continued positive performance for the Australian market and particularly good growth for defense products. The market for trailer components in Europe had a weak but positive performance from low levels during the quarter.
The division's working capital increased by SEK 37.4 M during the first quarter to SEK 398.6 M (361.2 at year-end). With the addition of property, plant and equipment of SEK 287.1 M, operating capital amounted to SEK 685.7 M at the end of March (643.7 at year-end). The division's return on operating capital (ROOC) was 52.7% (53.2 at year-end).
Capital expenditures and depreciation/amortization
Truck & Trailer Equipment's investments in property, plant and equipment during the first quarter totaled SEK 15.4 M (4.7). Depreciation/amortization for the first quarter amounted to SEK 13.3 M (12.2).
Personnel
At March 31, 2026 there were 421 employees (386) in the division. Truck & Trailer Equipment employed an average of 408 persons (380) in the first quarter. Personnel costs for the quarter totaled SEK 93.8 M (85.5).
First quarter 2026
- Sales increased 3.3% to SEK 447.6 M (433.2).
- Adjusted for currency effects and acquired sales between the years, organic growth was 2.6%.
- Operating profit (EBIT) increased to SEK 94.9 M (91.9) with an operating margin (EBIT) of 21.2% (21.2).
Main product segments
- Coupling equipment for heavy trucks and trailers
- Automatic tire chains
- Sliding roofs for semitrailers
- Vehicle lighting
Q1 Interim report January–March 2026
TRUCK & TRAILER EQUIPMENT
| Sales/Earnings SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 447.6 | 1,623.1 | 1,608.7 | 405.7 | 370.0 | 399.8 | 433.2 | 1,537.1 | 367.0 | 340.7 | 390.5 | 439.0 |
| Operating profit (EBITDA) | 108.2 | 355.8 | 351.6 | 95.9 | 73.7 | 77.9 | 104.1 | 328.9 | 91.0 | 60.5 | 68.6 | 108.8 |
| Operating profit (EBITA) | 96.4 | 310.1 | 307.2 | 80.0 | 66.3 | 67.4 | 93.6 | 296.7 | 82.6 | 52.4 | 61.1 | 100.6 |
| Operating margin (EBITA), % | 21.5 | 19.1 | 19.1 | 19.7 | 17.9 | 16.9 | 21.6 | 19.3 | 22.5 | 15.4 | 15.6 | 22.9 |
| Operating profit (EBIT) | 94.9 | 303.6 | 300.6 | 78.3 | 64.6 | 65.8 | 91.9 | 290.1 | 80.9 | 50.8 | 59.4 | 99.0 |
| Operating margin (EBIT), % | 21.2 | 18.7 | 18.7 | 19.3 | 17.5 | 16.5 | 21.2 | 18.9 | 22.1 | 14.9 | 15.2 | 22.5 |
| ROOC, % | 52.7 | 52.7 | 53.2 | 53.2 | 53.0 | 52.2 | 51.4 | 52.0 | 52.0 | 50.6 | 54.8 | 59.1 |
| Sales by market SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
| Sweden | 93.9 | 326.6 | 309.1 | 91.7 | 74.4 | 66.7 | 76.4 | 258.4 | 59.6 | 50.7 | 66.7 | 81.3 |
| Other Nordic countries | 57.1 | 199.1 | 205.6 | 54.1 | 41.6 | 46.3 | 63.6 | 211.4 | 51.2 | 45.5 | 53.7 | 61.0 |
| Germany | 83.3 | 275.8 | 259.0 | 60.1 | 71.4 | 60.9 | 66.5 | 276.3 | 60.3 | 60.1 | 72.7 | 83.3 |
| Other European countries | 133.0 | 478.5 | 468.8 | 109.8 | 109.0 | 126.8 | 123.3 | 446.4 | 96.2 | 102.6 | 112.8 | 134.8 |
| US | 37.9 | 171.9 | 177.4 | 47.5 | 44.6 | 41.8 | 43.5 | 154.2 | 55.2 | 33.0 | 26.7 | 39.4 |
| Rest of North America | 1.6 | 6.9 | 7.4 | 2.4 | 1.8 | 1.1 | 2.1 | 17.0 | 3.4 | 4.4 | 3.7 | 5.5 |
| Australia/New Zealand | 34.2 | 120.0 | 130.1 | 34.2 | 19.2 | 32.4 | 44.3 | 115.9 | 26.3 | 23.6 | 38.7 | 27.2 |
| China | 0.1 | 18.7 | 26.0 | 0.4 | 0.2 | 18.0 | 7.5 | 29.4 | 11.3 | 12.0 | 6.1 | — |
| Rest of world | 6.4 | 25.6 | 25.2 | 5.5 | 7.7 | 6.0 | 6.0 | 28.1 | 3.5 | 8.7 | 9.4 | 6.5 |
| Truck & Trailer Equipment | 447.6 | 1,623.1 | 1,608.7 | 405.7 | 370.0 | 399.8 | 433.2 | 1,537.1 | 367.0 | 340.7 | 390.5 | 439.0 |
Net sales, SEK M
Operating profit (EBIT), SEK M
Q1 Interim report January–March 2026
Mobile Thermal Solutions
Sales and earnings
First quarter 2026
Sales for the quarter decreased 4.6% year-on-year, to SEK 671.1 M (703.6). Adjusted for acquired sales and currency effects, organic growth amounted to 5.7%. The average USD rate weakened 14.5% and the CAD weakened 10.5% compared to the year-earlier quarter.
Operating profit (EBIT) totaled SEK 51.3 M (72.6) and the operating margin (EBIT) decreased to 7.6% (10.3).
The quarter was impacted by increased costs for raw materials, mainly copper and aluminum, as well as by a less favorable product and customer mix. Restructuring costs of SEK 2.1 million were incurred during the quarter to adapt the organization, which is expected to
strengthen profitability going forward. Taken together, this contributed to a lower operating profit (EBIT) and a deterioration in the operating margin (EBIT).
The division's working capital increased by SEK 50.1 M during the first quarter to SEK 771.1 M (721.0 at year-end). With the addition of property, plant and equipment of SEK 942.2 M, operating capital amounted to SEK 1,713.3 M at the end of March (1,602.3 at year-end).
The division's return on operating capital (ROOC) for the period was 19.9% (21.5 at year-end).
Capital expenditures and depreciation/ amortization
Investments in property, plant and equipment by Mobile Thermal Solutions in the first quarter amounted to SEK 55.3 M (16.1) and pertained primarily to investments in the new production facility in Toronto, Canada. Depreciation/amortization in the first quarter amounted to SEK 20.8 M (17.8).
Personnel
At March 31, 2026 there were 1,041 employees (1,070) in the division. Mobile Thermal Solutions employed an average of 1,045 persons (1,065) during the first quarter. Personnel costs for the first quarter amounted to SEK 152.8 M (156.8).
First quarter 2026
- Sales decreased 4.6% to SEK 671.1 M (703.6).
- Adjusted for currency effects and acquired sales between the years, organic growth was 5.7%.
- Operating profit (EBIT) amounted to SEK 51.3 M (72.6), with an operating margin (EBIT) of 7.6% (10.3).
Main product segments
- Roof-mounted climate control systems
- Cab-mounted climate control systems
Q1 Interim report January–March 2026
MOBILE THERMAL SOLUTIONS
| Sales/Earnings SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 671.1 | 2,761.8 | 2,794.3 | 640.6 | 718.3 | 731.8 | 703.6 | 3,048.7 | 636.8 | 707.4 | 848.6 | 855.9 |
| Operating profit (EBITDA) | 72.1 | 317.8 | 336.1 | 61.4 | 85.0 | 99.3 | 90.4 | 411.1 | 63.8 | 96.6 | 122.3 | 128.4 |
| Operating profit (EBITA) | 58.2 | 261.1 | 280.5 | 40.6 | 76.3 | 86.0 | 77.6 | 363.6 | 51.4 | 84.7 | 109.5 | 118.0 |
| Operating margin (EBITA), % | 8.7 | 9.5 | 10.0 | 6.3 | 10.6 | 11.7 | 11.0 | 11.9 | 8.1 | 12.0 | 12.9 | 13.8 |
| Operating profit (EBIT) | 51.3 | 235.4 | 256.7 | 33.7 | 69.4 | 81.0 | 72.6 | 343.2 | 46.4 | 79.7 | 104.4 | 112.7 |
| Operating margin (EBIT), % | 7.6 | 8.5 | 9.2 | 5.3 | 9.7 | 11.1 | 10.3 | 11.3 | 7.3 | 11.3 | 12.3 | 13.2 |
| ROOC, % | 19.9 | 19.9 | 21.5 | 21.5 | 22.5 | 25.4 | 29.3 | 31.4 | 31.4 | 40.0 | 39.4 | 36.3 |
| Sales by market SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
| Sweden | 13.1 | 47.3 | 47.6 | 12.2 | 10.2 | 11.8 | 13.4 | 46.6 | 11.8 | 9.9 | 11.9 | 13.0 |
| Other Nordic countries | 13.9 | 53.7 | 53.8 | 13.7 | 12.3 | 13.7 | 14.0 | 50.4 | 15.0 | 12.5 | 11.5 | 11.5 |
| Germany | 7.0 | 31.7 | 35.8 | 7.4 | 7.1 | 10.2 | 11.1 | 47.1 | 10.9 | 9.6 | 11.3 | 15.3 |
| Other European countries | 51.3 | 188.0 | 181.9 | 39.3 | 47.3 | 50.1 | 45.2 | 212.8 | 45.5 | 48.1 | 60.3 | 59.0 |
| US | 385.7 | 1,619.0 | 1,680.2 | 378.1 | 436.3 | 418.8 | 447.0 | 1,976.4 | 398.6 | 449.0 | 558.9 | 569.9 |
| Rest of North America | 161.4 | 654.8 | 630.3 | 151.5 | 159.1 | 182.7 | 137.0 | 662.6 | 140.9 | 164.2 | 184.3 | 173.3 |
| China | 4.6 | 23.6 | 25.3 | 6.6 | 5.9 | 6.5 | 6.3 | 30.9 | 8.0 | 9.2 | 6.1 | 7.6 |
| Rest of world | 34.0 | 143.8 | 139.3 | 31.7 | 40.1 | 38.0 | 29.5 | 22.0 | 6.2 | 5.0 | 4.2 | 6.5 |
| Mobile Thermal Solutions | 671.1 | 2,761.8 | 2,794.3 | 640.6 | 718.3 | 731.8 | 703.6 | 3,048.7 | 636.8 | 707.4 | 848.6 | 855.9 |
Net sales, SEK M
Operating profit (EBIT), SEK M
Q1 Interim report January–March 2026
Ringfeder Power Transmission
Sales and earnings
First quarter 2026
Sales for the first quarter increased 20.1% year-on-year to SEK 257.7 M (214.5). Adjusted for acquired sales and currency effects, organic growth amounted to 12.1%. During the quarter, the average USD rate weakened by 14.5%, the BRL by 4.8% and the EUR by 4.8% compared with the year-earlier quarter. Sales were abnormally low in the year-earlier period.
Operating profit (EBIT) for Ringfeder Power Transmission totaled SEK 24.5 M (9.0) and the operating margin (EBIT) increased to 9.5% (4.2). Ringfeder Power Transmission was impacted primarily by higher sales volumes as well as variations in the product mix between the quarters. An incorrectly accrued cost of SEK 4.4 M pertaining to 2025 in the Indian subsidiary was charged to the period.
The division's working capital increased SEK 46.2 M during the period to SEK 409.1 M (362.9 at year-end). With the addition of SEK 242.1 M in property, plant and equipment, operating capital amounted to SEK 651.2 M at the end of March (599.7 at year-end).
The division's return on operating capital (ROOC) for the period increased to 30.1% (29.0 at year-end).
After the balance sheet date, VBG Group received a construction permit through its subsidiary Ringfeder Power Transmission s.r.o. to build a new production facility in Dobfany, Czech Republic, and to consolidate the division's current production facilities in Neunkirchen, Germany and Dobfany into one.
Capital expenditures and depreciation/ amortization
Ringfeder Power Transmission's investments in property, plant and equipment during the first quarter totaled SEK 9.2 M (4.5).
Depreciation/amortization in the first quarter amounted to SEK 12.2 M (12.2).
Personnel
On March 31, 2026, there were 711 employees (647) in the division. Ringfeder Power Transmission employed an average of 710 persons (648) during the first quarter. Personnel costs for the first quarter amounted to SEK 75.9 M (66.6).
First quarter 2026
- Sales increased 20.1% to SEK 257.7 M (214.5).
- Adjusted for currency effects and acquired sales between the years, organic growth was 12.1%.
- Operating profit (EBIT) increased to SEK 24.5 M (9.0), with an operating margin (EBIT) of 9.5% (4.2).
Main product segments
- Shaft hub couplings
- Shaft-shaft couplings
- Friction springs
- Electromagnetic industrial couplings and brakes
Q1 Interim report January–March 2026
RINGFEDER POWER TRANSMISSION
| Sales/Earnings SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 257.7 | 1,034.4 | 991.2 | 266.3 | 279.5 | 230.9 | 214.5 | 997.3 | 273.9 | 225.9 | 255.8 | 241.7 |
| Operating profit (EBITDA) | 36.7 | 184.0 | 168.4 | 66.6 | 41.1 | 39.5 | 21.2 | 179.8 | 61.9 | 32.2 | 46.0 | 39.5 |
| Operating profit (EBITA) | 28.9 | 155.0 | 140.0 | 58.0 | 35.6 | 32.6 | 13.8 | 156.9 | 54.9 | 27.1 | 39.6 | 35.3 |
| Operating margin (EBITA), % | 11.2 | 15.0 | 14.1 | 21.8 | 12.7 | 14.1 | 6.4 | 15.7 | 20.0 | 12.0 | 15.5 | 14.6 |
| Operating profit (EBIT) | 24.5 | 137.1 | 121.6 | 53.4 | 31.1 | 28.1 | 9.0 | 137.1 | 38.2 | 26.1 | 38.5 | 34.2 |
| Operating margin (EBIT), % | 9.5 | 13.3 | 12.3 | 20.1 | 11.1 | 12.2 | 4.2 | 13.7 | 14.0 | 11.5 | 15.0 | 14.1 |
| ROOC, % | 30.1 | 30.1 | 29.0 | 29.0 | 28.7 | 28.3 | 30.2 | 33.4 | 33.4 | 29.8 | 33.1 | 31.3 |
| Sales by market SEK M | Q1 2026 | Rolling 12 months | Full-year 2025 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Full-year 2024 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
| Sweden | 1.3 | 5.8 | 5.8 | 1.8 | 1.0 | 1.7 | 1.3 | 4.9 | 1.5 | 1.2 | 1.1 | 1.1 |
| Other Nordic countries | 2.6 | 7.5 | 5.7 | 1.7 | 3.0 | 0.2 | 0.9 | 4.6 | 1.0 | 1.3 | 0.9 | 1.3 |
| Germany | 60.9 | 206.4 | 191.9 | 45.7 | 56.4 | 43.4 | 46.4 | 199.8 | 52.7 | 42.5 | 48.7 | 55.9 |
| Other European countries | 26.9 | 104.1 | 99.0 | 29.0 | 21.3 | 26.9 | 21.8 | 132.0 | 36.8 | 17.4 | 43.9 | 33.9 |
| US | 55.7 | 243.4 | 236.0 | 63.9 | 66.1 | 57.6 | 48.4 | 222.3 | 70.5 | 51.5 | 51.7 | 48.6 |
| Rest of North America | 1.7 | 11.8 | 12.3 | 5.7 | 1.6 | 2.8 | 2.3 | 7.8 | 2.4 | 2.2 | 1.8 | 1.4 |
| Brazil | 28.1 | 127.6 | 128.3 | 31.4 | 34.4 | 33.8 | 28.7 | 123.0 | 26.0 | 32.2 | 33.8 | 31.1 |
| Australia/New Zealand | 10.0 | 47.3 | 50.2 | 12.1 | 14.3 | 10.9 | 12.9 | 56.9 | 13.8 | 16.8 | 14.3 | 12.1 |
| China | 21.0 | 68.1 | 53.0 | 15.4 | 25.5 | 6.2 | 5.9 | 26.5 | 6.5 | 6.3 | 8.4 | 5.4 |
| Rest of world | 49.4 | 212.4 | 208.9 | 59.7 | 56.0 | 47.3 | 46.0 | 219.4 | 62.7 | 54.6 | 51.1 | 51.0 |
| Ringfeder Power Transmission | 257.7 | 1,034.4 | 991.2 | 266.3 | 279.5 | 230.9 | 214.5 | 997.3 | 273.9 | 225.9 | 255.8 | 241.7 |
Net sales, SEK M
Operating profit (EBIT), SEK M
Q1 Interim report January–March 2026
Other information
Parent Company
VBG Group AB's operations are focused on managing, developing and coordinating the Group. The assets in the Parent Company consist primarily of shares in subsidiaries and brands. The objective is for the Group's key intangible assets, in the form of brands and other rights, to be gathered in the Parent Company, which focuses on maintaining and securing all the Group's trademarks and rights.
The Parent Company's net sales pertain primarily to intra-Group services and license revenues, which are invoiced in the fourth quarter. Operating loss for the quarter totaled SEK –23.0 M (–20.2). Loss after dividends from Group companies, net financial items and tax amounted to SEK –21.6 M (–20.5).
Risks and uncertainty factors
The Group's and the Parent Company's material risks include strategic risks, operational risks, compliance risks, climate risks and financial risks. The financial risks comprise primarily financing and liquidity risks, interest-rate risk, credit risk and currency risk.
The business environment continues to be characterized by geopolitical turmoil, trade tensions and macroeconomic uncertainty. This has not led to any direct impacts for VBG Group, but it does increase uncertainty and turbulence in the business environment. Changing tariff and trade conditions, as well as currency fluctuations, impact the cost landscape, supply chains and demand in several of the Group's markets. This has created significant uncertainty worldwide and a major administrative burden. The Group works in a structured manner with risk management, flexibility in the supplier and production structure and routine adjustments to pricing and business conditions to compensate for changing external conditions.
For a more detailed description of the Group's risks and risk management, refer to VBG Group AB's annual report for 2025.
Outlook for 2026
The company makes no forecast.
Financial information 2026/2027
| Annual General Meeting 2026 | May 12, 2026 |
|---|---|
| Half-year report, January–June 2026 | July 17, 2026 |
| Interim report, nine months | |
| January–September 2026 | October 27, 2026 |
| Year-end report. | |
| January–December 2026 | February 17, 2027 |
Auditor's review
This interim report is unaudited.
Press releases issued in the first quarter of 2026
VBG Group Celebrates 75 Years –
From a Basement in Vänersborg to
a Global Industrial Group
January 2, 2026
Invitation to presentation of
VBG Group's year-end report 2025
January 27, 2026
Year-end report 2025
February 18, 2026
For further information, please contact:
Anders Erkén, President and CEO
Telephone: +46 521-27 77 88
E-mail: [email protected]
Fredrik Jigneus, Group CFO
Telephone: +46 521-27 77 53
E-mail: [email protected]
Q1 Interim report January–March 2026
Condensed consolidated income statement
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Cost of goods sold | -630.8 | -916.0 | -3,697.2 |
| Gross profit | 445.6 | 435.3 | 1,697.0 |
| Selling expenses | -128.6 | -116.0 | -481.1 |
| Administrative expenses | -120.4 | -109.0 | -429.9 |
| Research and development costs | -37.5 | -41.1 | -151.9 |
| Other operating income and expenses | 2.7 | -3.4 | 16.2 |
| Total operating expenses | -283.8 | -269.5 | -1,046.7 |
| Operating profit | 161.8 | 165.8 | 650.5 |
| Financial income | 89.5 | 64.3 | 171.2 |
| Financial expenses | -103.6 | -78.6 | -248.8 |
| Total financial items | -14.1 | -14.3 | -77.6 |
| Profit after financial items | 147.7 | 151.5 | 572.9 |
| Income tax | -34.5 | -37.0 | -150.9 |
| Profit for the period | 113.2 | 114.5 | 422.1 |
| Profit for the period attributable to Parent Company shareholders | 113.2 | 114.5 | 422.1 |
| Earnings per share | 4.53 | 4.58 | 16.88 |
Condensed consolidated other comprehensive income
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Other comprehensive income | |||
| Profit for the period | 113.2 | 114.5 | 422.1 |
| Items that will not be reversed in the income statement | |||
| Effect of translation of defined-benefit pension plans, net after tax | — | — | 15.2 |
| Items that may later be reversed in the income statement | |||
| Translation differences pertaining to foreign operations | 71.4 | -219.8 | -323.1 |
| Other comprehensive income, net after tax | 71.4 | -219.8 | -307.9 |
| Comprehensive income for the period | 184.6 | -105.4 | 114.1 |
| Comprehensive income for the period attributable to Parent Company shareholders | 184.6 | -105.4 | 114.1 |
15
Q1 Interim report January–March 2026
Condensed consolidated balance sheet
| SEK M | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | |||
| Brands, customer relationships and other intangible assets | 937.0 | 877.3 | 935.9 |
| Goodwill | 1,660.8 | 1,513.2 | 1,640.3 |
| 2,597.8 | 2,390.6 | 2,576.2 | |
| Property, plant and equipment | |||
| Land and buildings | 821.5 | 646.1 | 771.7 |
| Plant and machinery | 298.8 | 210.4 | 291.4 |
| Equipment, tools, fixtures and fittings | 93.8 | 77.8 | 92.0 |
| Construction in progress | 53.2 | 57.8 | 37.8 |
| Right-of-use assets | 209.0 | 220.0 | 212.4 |
| 1,476.3 | 1,212.1 | 1,405.3 | |
| Non-current receivables | 3.3 | — | 3.0 |
| Deferred tax asset | 49.9 | 58.8 | 48.9 |
| 53.2 | 58.8 | 51.9 | |
| Total non-current assets | 4,127.3 | 3,661.5 | 4,033.4 |
| Current assets | |||
| Inventories | |||
| Raw materials and consumables | 474.4 | 495.4 | 405.1 |
| Work in progress | 173.6 | 143.6 | 151.7 |
| Finished products and merchandise | 349.9 | 325.1 | 339.2 |
| 997.8 | 964.1 | 896.0 | |
| Current receivables | |||
| Trade receivables | 959.3 | 852.1 | 783.2 |
| Current tax assets | 104.4 | 62.0 | 113.7 |
| Other receivables | 83.7 | 76.4 | 90.3 |
| Prepaid expenses and accrued income | 61.5 | 60.2 | 51.7 |
| Current capital expenditures | 0.4 | 8.9 | 0.4 |
| 1,209.3 | 1,059.6 | 1,039.3 | |
| Cash and cash equivalents | 1,117.6 | 925.2 | 1,108.8 |
| Total current assets | 3,324.7 | 2,948.9 | 3,044.1 |
| Total assets | 7,452.0 | 6,610.4 | 7,077.5 |
| SEK M | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 |
| --- | --- | --- | --- |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 65.5 | 65.5 | 65.5 |
| Other contributed capital | 781.3 | 781.3 | 781.3 |
| Reserves | 51.8 | 83.7 | -19.5 |
| Retained earnings, incl. net profit for the year | 3,251.1 | 2,996.4 | 3,137.8 |
| Total equity | 4,149.7 | 3,926.9 | 3,965.1 |
| Non-current liabilities | |||
| Provisions for pensions and similar obligations | 205.8 | 219.4 | 203.6 |
| Deferred tax liability | 305.9 | 297.5 | 302.4 |
| Other provisions | 65.9 | 86.7 | 69.4 |
| Lease liability | 184.6 | 202.2 | 186.9 |
| Liabilities to credit institutions | 1,522.4 | 1,060.9 | 1,504.8 |
| Other non-current liabilities | 176.8 | 51.6 | 176.2 |
| Total non-current liabilities | 2,461.4 | 1,918.4 | 2,443.2 |
| Current liabilities | |||
| Trade payables | 384.6 | 332.4 | 239.2 |
| Current tax liabilities | 67.8 | 50.0 | 59.0 |
| Other liabilities | 36.1 | 78.2 | 47.2 |
| Lease liability | 59.2 | 55.5 | 60.1 |
| Accrued expenses and deferred income | 293.2 | 249.0 | 263.7 |
| Total current liabilities | 840.9 | 765.1 | 669.2 |
| Total equity and liabilities | 7,452.0 | 6,610.4 | 7,077.5 |
Q1
Interim report January-March 2026
Condensed consolidated changes in equity
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Opening equity according to balance sheet at December 31 | 3,965.1 | 4,032.3 | 4,032.3 |
| Total comprehensive income for the period | 184.6 | -105.4 | 114.1 |
| Dividend | — | — | -181.3 |
| Equity at end of period | 4,149.7 | 3,926.9 | 3,965.1 |
Condensed consolidated cash flow statement
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Operating activities | |||
| Operating profit/loss | 161.8 | 165.8 | 650.5 |
| Depreciation/amortization | 46.9 | 42.7 | 179.1 |
| Other items not affecting liquidity | 3.2 | -16.0 | -53.0 |
| Interest received, etc. | 4.9 | 7.1 | 24.9 |
| Interest paid, etc. | -15.4 | -12.8 | -56.4 |
| Tax paid | -17.4 | -70.1 | -229.3 |
| Cash flow before change in working capital | 184.0 | 116.7 | 515.8 |
| Decrease/increase (-) in inventories | -79.9 | -45.3 | 41.3 |
| Decrease/increase (-) in trade receivables | -153.6 | -187.2 | -111.5 |
| Decrease/increase (-) in other current receivables | -1.8 | -2.5 | 12.0 |
| Increase/decrease (-) in trade payables | 131.9 | 119.7 | 28.0 |
| Increase/decrease (-) in other current liabilities | 11.8 | 26.5 | 45.4 |
| Cash flow from operating activities | 92.4 | 27.9 | 531.0 |
| Investing activities | |||
| Investments in intangible assets | -2.3 | -0.3 | -9.4 |
| Investments in property, plant and equipment | -72.1 | -38.2 | -307.5 |
| Net settlements, business combinations | — | -219.7 | -448.8 |
| Cash flow from investing activities | -74.4 | -258.3 | -765.7 |
| Financing activities | |||
| Loans raised and changes to existing loans | — | 250.0 | 696.1 |
| Amortization of lease liability | -17.5 | -15.5 | -64.9 |
| Dividend paid | — | — | -181.3 |
| Cash flow from financing activities | -17.5 | 234.5 | 449.9 |
| Cash flow for the year | 0.5 | 4.1 | 215.2 |
| Cash and cash equivalents at start of year | 1,108.8 | 949.7 | 949.7 |
| Translation difference, cash and cash equivalents | 8.3 | -28.6 | -56.1 |
| Cash and cash equivalents at year-end | 1,117.6 | 925.2 | 1,108.8 |
| Unutilized overdraft facilities | 100.0 | 100.0 | 100.0 |
| Total cash and cash equivalents available | 1,217.6 | 1,025.2 | 1,208.8 |
Q1 Interim report January–March 2026
Key figures for Group
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Operating margin (EBITA), % | 12.7 | 13.1 | 13.0 |
| Operating margin (EBIT), % | 11.8 | 12.3 | 12.1 |
| Profit margin (ROS), % | 10.7 | 11.2 | 10.6 |
| Return on equity (ROE), % | 10.8 | 11.2 | 10.6 |
| Return on capital employed (ROCE), % | 10.9 | 12.2 | 11.2 |
| Equity/assets ratio, % | 55.7 | 59.4 | 56.0 |
| Interest-bearing net debt/EBITDA | 1.2 | 0.7 | 1.2 |
| Equity per share outstanding at end of period, SEK | 165.96 | 161.07 | 158.58 |
| Cash flow from operating activities, per average share outstanding, SEK | 3.70 | 0.95 | 21.24 |
| Earnings per average share outstanding during the period, SEK | 4.53 | 4.58 | 16.88 |
| Share price at end of period, SEK | 348.6 | 279.50 | 397.6 |
| Number of employees, average | 2,174 | 2,104 | 2,150 |
| Number of shares outstanding at end of period ('000) | 25,004 | 25,004 | 25,004 |
| Number of treasury shares at end of period ('000) | 1,192 | 1,192 | 1,192 |
Q1 Interim report January–March 2026
Condensed Parent Company income statement
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | — | — | 59.1 |
| Administrative expenses | –23.0 | –20.2 | –75.7 |
| Operating loss | –23.0 | –20.2 | –16.6 |
| Net financial items | 1.4 | –0.2 | 110.6 |
| Profit/loss from financial items | –21.6 | –20.5 | 94.0 |
| Appropriations | — | — | 138.2 |
| Tax | — | — | –19.4 |
| Profit/loss for the period | –21.6 | –20.5 | 212.8 |
Condensed Parent Company balance sheet
| SEK M | Mar. 31, 2026 | Mar. 31, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Property, plant and equipment | 1.4 | 1.1 | 1.2 |
| Financial assets | 2,819.1 | 2,477.0 | 2,810.0 |
| Total non-current assets | 2,820.5 | 2,478.1 | 2,811.2 |
| Receivables | 178.7 | 149.2 | 347.4 |
| Cash and cash equivalents | 633.4 | 593.1 | 575.2 |
| Total current assets | 812.1 | 742.3 | 922.6 |
| Total assets | 3,632.6 | 3,220.4 | 3,733.8 |
| Equity | 1,469.4 | 1,439.0 | 1,491.0 |
| Untaxed reserves | 69.0 | 49.8 | 69.0 |
| Provisions | 20.4 | 19.1 | 20.0 |
| Non-current liabilities | 1,497.7 | 1,060.6 | 1,479.5 |
| Current liabilities | 576.1 | 651.9 | 674.3 |
| Total equity and liabilities | 3,632.6 | 3,220.4 | 3,733.8 |
Q1 Interim report January–March 2026
Notes
1 Accounting policies
This interim report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company, in accordance with the Annual Accounts Act and recommendation RFR 2, Accounting for Legal Entities. The same accounting policies and calculation methods were applied as in the most recent annual report.
This report may contain rounding differences.
2 Related party transactions
There have been no related party transactions in 2026 that have significantly affected the company's financial position and results. Related party transactions during 2025 are disclosed in Note 8 of the annual report for 2025.
3 Financial income and expenses
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Financial income | |||
| Interest income from other financial assets | 4.2 | 6.0 | 20.7 |
| Total interest income under the effective-rate method | 4.2 | 6.0 | 20.7 |
| Exchange rate differences – income, financial items | 84.6 | 57.2 | 146.3 |
| Other financial income | 0.7 | 1.0 | 4.2 |
| Total | 85.3 | 58.2 | 150.5 |
| Total financial income | 89.5 | 64.3 | 171.2 |
| Financial expenses | |||
| Interest expenses, liabilities to credit institutions | -12.9 | -10.7 | -49.1 |
| Total interest expenses under the effective-rate method | -12.9 | -10.7 | -49.1 |
| Exchange rate differences – costs, financial items | -85.1 | -62.6 | -177.7 |
| Interest expenses, lease liabilities | -3.1 | -3.2 | -13.7 |
| Interest expense, pension provisions | -1.0 | -0.8 | -2.0 |
| Other financial expenses | -1.5 | -1.3 | -6.3 |
| Total | -90.7 | -67.9 | -199.7 |
| Total financial expenses | -103.6 | -78.6 | -248.8 |
4 Financial instruments
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Financial instruments | |||
| Trade receivables | 959.3 | 878.5 | 783.2 |
| Other current receivables | 86.7 | 133.0 | 93.4 |
| Cash and cash equivalents | 1,117.6 | 925.2 | 1,108.8 |
| Total | 2,163.7 | 1,936.7 | 1,985.3 |
| Financial liabilities | |||
| Liabilities to credit institutions | 1,522.4 | 1,060.9 | 1,504.8 |
| Earnout | 174.9 | — | 173.6 |
| Trade payables | 384.6 | 332.4 | 239.2 |
| Lease liabilities | 243.8 | 257.8 | 247.0 |
| Accrued interest | 8.6 | — | 7.5 |
| Other liabilities | 39.2 | 73.7 | 47.2 |
| Total | 2,373.5 | 1,724.8 | 2,219.3 |
Q1
Interim report January-March 2026
NOTES
5 Sales and earnings by segment
| SEK M | Truck & Trailer Equipment | Mobile Thermal Solutions | Ringfeder Power Transmission | Group-wide | Group |
|---|---|---|---|---|---|
| Q1 2026 | |||||
| Net sales | 447.6 | 671.1 | 257.7 | 1,376.4 | |
| Operating profit (EBIT) | 94.9 | 51.3 | 24.5 | -8.9 | 161.8 |
| Operating margin, % | 21.2 | 7.6 | 9.5 | 11.8 | |
| Net financial items | -14.1 | -14.1 | |||
| Profit after financial items | 147.7 | ||||
| Q1 2025 | |||||
| Net sales | 433.2 | 703.6 | 214.5 | 1,351.3 | |
| Operating profit (EBIT) | 91.9 | 72.6 | 9.0 | -7.7 | 165.8 |
| Operating margin, % | 21.2 | 10.3 | 4.2 | 12.3 | |
| Net financial items | -14.3 | -14.3 | |||
| Profit after financial items | 151.5 |
6 Events after the close of the reporting period
After the balance sheet date, VBG Group received a construction permit through its subsidiary Ringfeder Power Transmission s.r.o. to build a new production facility in Dobfany, Czech Republic, and to consolidate the division's current production facilities in Neunkirchen, Germany and Dobfany into one.
Q1 Interim report January–March 2026
Alternative performance measures
Reconciliation between IFRS and performance measures used
Certain information in this report that is used by Group Management and analysts to assess the Group's performance has not been defined in accordance with IFRS. Group Management believes that this information makes it easier for investors to analyze the Group's earnings performance and financial structure. Investors should view this information as a supplement to, rather than a replacement of, financial reporting in accordance with IFRS.
All key figures are presented in each table in this section except for the three key figures below, which are presented on the pages indicated.
Equity/assets ratio
Equity as a percentage of the balance sheet total. Refer to pages 2, 6 and 17.
Return on capital employed (ROCE)
Profit after financial items plus interest expenses as a percentage of average capital employed, expressed as the balance sheet total less non-interest-bearing liabilities. Refer to page 17.
Return on equity (ROE)
Net profit for the year as a percentage of average equity. Refer to page 17.
Organic growth
Net sales excluding effects of structural changes, meaning acquired or divested operations, and exchange rate effects.
| SEK M | Q1 2025 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Group | |||
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Acquired volume (incl. full-year effect from preceding year) | -79.4 | -21.9 | -281.4 |
| Exchange rate effect | 126.3 | 7.2 | 334.8 |
| Net sales excluding acquisitions and currencies | 1,423.4 | 1,336.6 | 5,447.5 |
| Organic growth | 72.0 | -198.4 | -131.3 |
| Organic growth, % | 5.3 | -12.9 | -2.4 |
| Truck & Trailer Equipment | |||
| Net sales | 447.6 | 433.2 | 1,608.7 |
| Acquired volume (incl. full-year effect from preceding year) | -29.0 | — | -86.9 |
| Exchange rate effect | 20.8 | 0.3 | 50.1 |
| Net sales excluding acquisitions and currencies | 439.4 | 433.5 | 1,571.8 |
| Organic growth | 6.2 | -5.5 | 34.7 |
| Organic growth, % | 1.4 | -1.3 | 2.3 |
| Mobile Thermal Solutions | |||
| Net sales | 671.1 | 703.6 | 2,794.3 |
| Acquired volume (incl. full-year effect from preceding year) | -9.0 | -21.9 | -111.7 |
| Exchange rate effect | 81.2 | 3.1 | 216.9 |
| Net sales excluding acquisitions and currencies | 743.4 | 684.9 | 2,899.5 |
| Organic growth | 39.8 | -169.9 | -145.0 |
| Organic growth, % | 5.7 | -19.9 | -4.8 |
| Ringfeder Power Transmission | |||
| Net sales | 257.7 | 214.5 | 991.2 |
| Acquired volume (incl. full-year effect from preceding year) | -41.4 | — | -82.7 |
| Exchange rate effect | 24.3 | 3.7 | 67.7 |
| Net sales excluding acquisitions and currencies | 240.6 | 218.3 | 976.2 |
| Organic growth | 26.0 | -23.5 | -21.1 |
| Organic growth, % | 12.1 | -9.7 | -2.1 |
22
Q1 Interim report January–March 2026
ALTERNATIVE PERFORMANCE MEASURES
Operating profit (EBITDA)
Operating profit before depreciation/amortization and impairment.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Operating profit (EBIT) | 161.8 | 165.8 | 650.5 |
| Depreciation/amortization | 46.9 | 42.7 | 179.1 |
| Operating profit (EBITDA) | 208.7 | 208.4 | 829.6 |
Operating margin (EBITDA)
Operating profit before depreciation/amortization as a percentage of net sales.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Operating profit (EBIT) | 161.8 | 165.8 | 650.5 |
| Depreciation/amortization | 46.9 | 42.7 | 179.1 |
| Operating margin (EBITDA), % | 15.2 | 15.4 | 15.4 |
Operating profit (EBITA)
Operating profit before depreciation/amortization and impairment of intangible assets.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Operating profit (EBIT) | 161.8 | 165.8 | 650.5 |
| Amortization of intangible assets | 12.8 | 11.6 | 48.8 |
| Operating profit (EBITA) | 174.6 | 177.4 | 699.4 |
Operating margin (EBITA)
Operating profit before depreciation/amortization and impairment of intangible assets, as a percentage of net sales.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Operating profit (EBIT) | 161.8 | 165.8 | 650.5 |
| Amortization of intangible assets | 12.8 | 11.6 | 48.8 |
| Operating margin (EBITA), % | 12.7 | 13.1 | 13.0 |
Gross profit margin
Profit before net financial items as a percentage of net sales.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Gross profit | 445.6 | 435.3 | 1,697.0 |
| Gross profit margin, % | 32.4 | 32.2 | 31.5 |
Profit margin
Profit after financial items as a percentage of net sales.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Net sales | 1,376.4 | 1,351.3 | 5,394.2 |
| Profit after financial items | 147.7 | 151.5 | 572.9 |
| Profit margin, % | 10.7 | 11.2 | 10.6 |
Interest-bearing net debt
Interest-bearing loan liabilities and provisions less cash and cash equivalents.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Provisions for pensions | 205.8 | 219.4 | 203.6 |
| Loans | 1,522.4 | 1,060.9 | 1,504.8 |
| Contingent purchase price consideration | 174.9 | 28.8 | 177.2 |
| Lease liability | 243.8 | 257.8 | 247.0 |
| Bank balances | -1,117.6 | -925.2 | -1,108.8 |
| Interest-bearing net debt | 1,029.4 | 641.7 | 1,023.9 |
Interest-bearing net debt/EBITDA
Interest-bearing loan liabilities as a percentage of operating profit before depreciation/amortization and impairment.
| Group, SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Interest-bearing net debt | 1,029.4 | 641.7 | 1,023.9 |
| EBITDA, RTM | 829.9 | 871.7 | 829.6 |
| Interest-bearing net debt/EBITDA | 1.2 | 0.7 | 1.2 |
Q1 Interim report January–March 2026
ALTERNATIVE PERFORMANCE MEASURES
ROOC by division
EBITDA as a percentage of operating capital as below.
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
|---|---|---|---|
| Group | |||
| Inventories | 997.8 | 969.7 | 896.0 |
| Trade receivables | 959.3 | 878.5 | 783.2 |
| Trade payables | -384.6 | -332.4 | -239.2 |
| Working capital | 1,572.6 | 1,515.8 | 1,440.0 |
| Property, plant and equipment | 1,476.4 | 1,209.8 | 1,405.3 |
| Operating capital | 3,049.0 | 2,725.6 | 2,845.2 |
| EBITDA, rolling 12 months | 829.9 | 871.7 | 829.6 |
| Average operating capital, four quarter | 2,878.4 | 2,558.6 | 2,797.6 |
| ROOC, % | 28.8 | 34.1 | 29.7 |
| Truck & Trailer Equipment | |||
| Inventories | 237.1 | 215.8 | 234.5 |
| Trade receivables | 259.8 | 227.0 | 197.3 |
| Trade payables | -98.3 | -90.4 | -70.6 |
| Working capital | 398.6 | 352.4 | 361.2 |
| Property, plant and equipment | 287.1 | 277.7 | 282.4 |
| Operating capital | 685.7 | 630.1 | 643.7 |
| EBITDA, rolling 12 months | 355.8 | 324.3 | 351.6 |
| Average operating capital, four quarter | 674.6 | 630.5 | 660.7 |
| ROOC, % | 52.7 | 51.4 | 53.2 |
| SEK M | Q1 2026 | Q1 2025 | Full-year 2025 |
| --- | --- | --- | --- |
| Mobile Thermal Solutions | |||
| Inventories | 516.0 | 542.7 | 440.6 |
| Trade receivables | 500.6 | 500.3 | 406.6 |
| Trade payables | -245.5 | -203.5 | -126.2 |
| Working capital | 771.1 | 839.5 | 721.0 |
| Property, plant and equipment | 942.2 | 735.9 | 881.3 |
| Operating capital | 1,713.3 | 1,575.4 | 1,602.3 |
| EBITDA, rolling 12 months | 317.8 | 408.0 | 336.1 |
| Average operating capital, four quarter | 1,596.5 | 1,394.6 | 1,562.1 |
| ROOC, % | 19.9 | 29.3 | 21.5 |
| Ringfeder Power Transmission | |||
| Inventories | 244.7 | 211.1 | 220.9 |
| Trade receivables | 198.9 | 151.3 | 179.2 |
| Trade payables | -34.6 | -34.5 | -37.3 |
| Working capital | 409.1 | 327.9 | 362.9 |
| Property, plant and equipment | 242.1 | 193.6 | 236.8 |
| Operating capital | 651.2 | 521.6 | 599.7 |
| EBITDA, rolling 12 months | 184.0 | 161.5 | 168.4 |
| Average operating capital, four quarter | 612.3 | 535.1 | 579.9 |
| ROOC, % | 30.1 | 30.2 | 29.0 |
Q1 Interim report January–March 2026
Addresses
VBG Group
Sweden
VBG Group AB (publ)
Kungsgatan 57
SE-461 34 Trollhättan
Tel +46 521 27 77 00
www.vbggroup.com
Truck & Trailer Equipment
Sweden
VBG Group Truck Equipment AB
Box 1216
SE-462 25 Vänertöberg
Tel +46 521 27 77 00
Ledson Lights AB
Bangatan 3
SE-265 36 Åsarup
+46 424 53 33 35
Germany
VBG Group Truck Equipment GmbH
Postfach 13 06 55
DE-47758 Krefeld
Tel +49 2151 835-0
European Trailer Systems GmbH
Im Moersee Feld 1f
DE-47441 Moers
Tel +49 2641 6070 700
Denmark
VBG Group Sales A/S
Industrihuen 20–22
DK-5592 Ejby
Tel +45 64 46 18 19
Norway
VBG Group Sales AS
Løhaugmooseen 54
NO-2013 Skjetten
Tel +47 23 14 16 60
UK
VBG Group Sales Ltd
Unit 7, Gannett Business Park,
UK - Warrington, W66 7AE
Tel +44 1605 23 41 11
Belgium
VBG Group Truck Equipment NV
Industrie Zuid Zone 2.2
Lochtennerweg 50
BE-3580 Beringen
Tel +32 11 80 90 90
Czech Republic
European Trailer Systems s.r.o.
Ke Gabristce 799
CZ-39470 Kamennce nad Lipou
Tel +420 565 422 402
US
Oreipol of North America, Inc.
1075 Rodgers Park Dr.
North Vernon, IN 47265-5603 USA
Tel +1 800 224 2467
Mobile Thermal Solutions
Sweden
Mobile Climate Control Group Holding AB
Kungsgatan 57
SE-461 34 Trollhättan
Tel +46 521-27 77 00
Mobile Climate Control Sverige AB
Sikvägen 9
SE-761 21 Norrtälje
Tel +46 521-27 77 00
Germany
Mobile Climate Control GmbH
Dreschenstraße 36
DE-712 77 Renningen
Canada
Mobile Climate Control Inc.
7540 Jane St.
Vaughan, ON
CA-L4K 0A6
Tel +1 905 482-2750
Mobile Climate Control Inc.
6659 Orden Drive
Mississauga, ON
CA-L8T 1K6
Tel +1 905 482-2750
USA
Mobile Climate Control Corp.
400 S. Salem Church Road
York, PA 19608 USA
Tel +1 717 767-6531
Poland
Mobile Climate Control Sp. z o.o.
Ul. Szewdzka 1
PL-55-200 Oława
Tel +48 71 3013 701
China
Mobile Climate Control
Manufacturing/Trading Co. Ltd.
No.89 (E6) Jinchuan Rd.
CN-315221 Zhenhai, Ningbo
Tel +88 574-863 085 77
Brazil
Valyler-Viiex Industria e Comércio Ltda.
Av. Tânia Maria Condenco, 481
Zona Produção Industrial I
Nova Odessa, SP Brazil
Tel +55 19 3471-8777
Ringfeder Power Transmission
Germany
Ringfeder Power Transmission GmbH
Werner-Heisenberg-Straße 18
DE-64923 Groß-Umstedt
Tel +49 6078 9385-0
Ringfeder Power Transmission GmbH
Zweibrücker Strasse 104
DE-69021 Neunkirchen
Tel +49 6821 866 0
M.A.T. Matmedie Antriebstechnik GmbH
Darden Feld 25
DE-83603 Solingen
Tel: +49 212 256 110
Czech Republic
Ringfeder Power Transmission s.r.o.
Ory Koneje 1172
CZ-62441 Teplíšany
Tel +420 377 201 511
US
Ringfeder Power Transmission USA Corp.
201 Boston Turnpike
08243 Bolton ST USA
Tel +1 860 643-1531
Carlyle Johnson Machine. Co. LLC
201 Boston Turnpike
08243 Bolton, CT USA
Tel +1 860 643-1531
India
Ringfeder Power Transmission India Pvt. Ltd.
Gat No.144/145
Kiondi-Markar Road
Pune 412105 IND
Tel +91 02136-698200
Ringfeder Power Transmission India Pvt. Ltd.
Falcon Heights, 4th Floor,
Plot No. 30, Industrial Estate, Perungudi
Chennai 600096 IND
Tel +91 44 2679 1411
China
Kunzhan Ringfeder Power Transmission Co. Ltd.
No. 406, Jianxie Road
Zhangpu 215321 CHN
Kunzhan, Jiangsu Province
Tel +86 512 5745 3960
Brazil
Herbel Industria Metalurgica Ltda.
Major Hilario Tavares Pinheiro, 3447,
Cap 14871 – 300
Jabirlicobel, SP Brazil
Tel +55 16 3209 3422
Poland
Ringfeder Power Transmission Sp. z o.o.
Aloja Rodziny Górfentów 81
PL-41-700 Ruda Śląska
Tel. +48 32 301 53 00
Australia
Ringfeder Power Transmission Australia Pty Ltd
9/56 Smith Road
AU-3171 Springvale
Tel +61 3 9509 6922
VBG GROUP
VBG Group AB (publ)
www.vbggroup.com