Trelleborg AB (publ)

Record quarter & strong profitability - Best-ever Q3 for sales, absolute profit and margin. - Net sales +8% YoY to 9,232m SEK; organic +6% (currency/translation +1pp; structural changes +1pp). - EBITA +16% YoY to 1,781m SEK; EBITA margin 19.3% (highest quarterly level to date). - EPS +23% excluding comparables (from 4.20 to 5.15); includes comparables: 4.92.

Segment performance: biggest engines and the main drag - Sealing Solutions (core strength): +9% organic; EBITA margin up ~3pp (a major profitability driver). - Strong demand across industrials, especially semiconductors in Asia (new customer startups + existing customers increasing orders). - Automotive aftermarket pickup for a key anti-vibration “brake shim” product; OE growth continues. - Aerospace very strong; company points to further bolt-on acquisition opportunities (not yet fully reflected in figures). - Industrial Solutions: solid but mixed—organic growth ~+4% plus ~+2% M&A. - Slight softness in automotive/rail and construction still slow; aerospace strength helps. - Margin down a little in the quarter due to project sales mix (they cite a highly profitable project in Q3 last year that didn’t repeat this year). - Medical Solutions: -1% organic (down YoY) due to tough comps and customer delivery timing; impact is described as small in absolute terms (~EUR 1m EBITA delta).

Growth momentum outlook for Q4 (guidance) - Management expects continued strong demand with an order intake supporting Q4 and a better order book entering Q4 than entering Q3. - Guidance: organic growth at least “on par with Q3” (~6%); could be +1–2pp higher if delivery and execution go as planned. - For Industrial Solutions, they expect margin improvement between Q3 and Q4 if planned project deliveries materialize (but they caution quarterly margin is lumpy due to project mix).