Report for

Q4 2024

Highlights
∙ Order intake was SEK 18.5 (16.9) billion, an ∙ Strong cash flow from operating activities of
organic increase of 8 percent. SEK 4.0 (3.9) billion.
∙ Net sales was SEK 18.3 (17.8) billion, an ∙ Earnings per share of SEK 4.96 (3.77).
organic increase of 2 percent.
∙ The Board of directors will propose a dividend
∙ Adjusted EBITA increased by 3 percent to SEK
2.9 (2.8) billion, corresponding to a margin of of SEK 8.50 (7.50) per share to the Annual
16.0 (15.9) percent. General Meeting.

Summary
Q4 Jan-Dec
SEK millions 2024 2023 % %* 2024 2023 % %*
Order intake 18,476 16,920 9 8 74,592 70,742 5 7
Net sales 18,311 17,839 3 2 66,954 63,598 5 6
Adjusted EBITA ** 2,922 2,830 3 11,089 10,221 8
- adjusted EBITA margin (%) ** 16.0 15.9 16.6 16.1
Result after financial items 2,828 2,254 25 9,996 8,650 16
Net income for the period 2,061 1,570 31 7,432 6,381 16
Earnings per share (SEK) 4.96 3.77 31 17.88 15.31 17
Cash flow from operating activities 4,032 3,891 4 12,159 9,169 33
Return on capital employed (%) ** 23.2 21.0
Net debt*** to EBITDA, times ** 0.43 0.85

* Organic change. ** Alternative performance measures. *** Nebt debt including lease liabilities.

The totals in the tables and calculations do not always add up due to rounding differences on individual lines. Meaning each subtotal or line figure corresponds with its original source and rounding, which can
result in differences with reported totals which aggregate the exact figures before rounding.

Alfa Laval Q4 2024

Comment from Tom Erixon
President and CEO

Outlook for the first quarter

“We expect demand in the first quarter to be
on about the same level as in the fourth
quarter.”

Earlier published outlook (October 24, 2024):

“We expect demand in the fourth quarter to be
on a lower level compared to the third quarter.”

”The growth continued in 2024 with an order intake of 74.6 BSEK, The market positions have been strengthened in most end markets,
corresponding to an organic growth of 7 percent. The momentum supported by continued new product launches and capacity
continued strong in the fourth quarter, ending the year somewhat investments during the year. The accelerated growth of the service
above expectations. business continued in 2024 with 8 percent organic growth. The
strategic focus and investments into the service organization will
The Marine Division led the growth, ending the year at almost 30 support the growth in the years to come.
BSEK, 24 percent above 2023 with growth across the entire
product portfolio. The ship contracting market is expected to remain After a year with a record operating cash flow of 12.2 BSEK, the
firm, although the exceptional conditions in the tanker market in group enters 2025 with a strong balance sheet to support the
2023-2024 will likely not repeat in 2025.The Energy Division growth agenda. The strong order book of 52 BSEK provides a
compensated for the decline in the HVAC market, including heat strong invoicing platform for the year. Despite considerable
pumps. Excluding HVAC, the division grew with 6 percent. The macroeconomic uncertainties, market conditions are expected to
growth was supported by new applications in clean tech, which remain favourable in most of Alfa Laval´s end markets. In the short-
grew with 40 percent compared to 2023. Despite global concerns term, market demand is expected to remain on about the same level
regarding the speed of the energy transition the project pipeline as in the fourth quarter of 2024.”
continues to grow at a healthy rate. The Food & Water Division had
an exceptional year in 2023 driven by a record order intake in
Desmet with several large project orders. Consequently, order Tom Erixon,
intake declined somewhat in 2024, as expected. Still, there was a President and CEO
healthy growth in most product and application areas, including the
important channel partner business and excluding Desmet, the
division grew by 6 percent.

The EBITA margin for the full year improved somewhat compared to
last year and ended at 16.6 percent. The fourth quarter also
improved slightly to 16 percent. The profitability in the quarter is
affected by a seasonally higher share of project invoicing at year
end. In addition, costs for a few restructuring projects in the Food &
Water Division and the Marine Division had a negative cost impact
of about 200 MSEK in the quarter. The charges are considered as
normal costs of running and adapting the business to an evolving
market, and not as comparison distortion items.

Alfa Laval Q4 2024 2

Financial overview
Order intake Order bridge

BnSEK quarter BnSEK 12 months SEK millions/% Q4 Jan-Dec

2023 16,920 70,742
20 10 0
Organic 8.5% 6.7%
Structural 0.0% 0.1%
16 80
Currency 0.7% -1.3%
Total 9.2% 5.4%
12 60
2024 18,476 74,592

8 40

4 20
Order bridge Service
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK millions/% Q4 Jan-Dec
2022 2023 2024 2023 4,725 19,551
Organic 13.4% 8.0%
Order intake per quarter Orders received rolling 12 months
Structural 0.0% 0.2%
Currency 1.0% -1.0%
Orders received was SEK 18,476 (16,920) million in the fourth Total 14.4% 7.3%
quarter and SEK 74,592 (70,742) million in the full year 2024. 2024 5,407 20,971

Orders received from Service constituted 29.3 (27.9) percent of the

Group's total orders received during the fourth quarter and 28.1
(27.6) percent during the full year 2024.
Sales bridge
Order backlog
SEK millions/% Q4 Jan-Dec
BnSEK Dec 31
2023 17,839 63,598
60
Organic 2.1% 6.3%
52.3
50
45.3 Structural 0.0% 0.1%
13.1 Currency 0.6% -1.1%
37.0
13.2 Total 2.6% 5.3%
40

30 12.5 2024 18,311 66,954

20 39.2
32.1
24.5
10

0
2022 2023 2024
Sales bridge Service
For delivery during next year For delivery later than next year
SEK millions/% Q4 Jan-Dec
2023 5,306 19,308
Excluding currency effects and adjusted for acquisition and Organic 2.4% 5.6%
divestment of businesses the order backlog was 17.0 percent higher Structural 0.0% 0.2%
than the order backlog at the end of 2023. Currency 0.7% -0.9%
Total 3.1% 4.9%
Net sales 2024 5,472 20,251

Net invoicing was SEK 18,311 (17,839) million for the fourth quarter
and SEK 66,954 (63,598) million for the full year 2024.

Net invoicing relating to Service constituted 29.9 (29.7) percent of

the Group's total net invoicing in the fourth quarter and 30.2 (30.3)
percent in the full year 2024.

Organic: Change excluding acquisition/divestment of businesses.

Structural: Acquisition/divestment of businesses.
Service: Parts and service.

Alfa Laval Q4 2024 3

Income analysis
Q4 Jan-Dec Income bridge
SEK millions 2024 2023 2024 2023
SEK millions Q4 Jan-Dec
Net sales 18,311 17,839 66,954 63,598
Adjusted EBITA 2023 2,830 10,221
Adjusted gross profit* 6,399 5,877 23,860 21,849
Volume 94 1,320
- adjusted gross margin (%)* 34.9 32.9 35.6 34.4
Mix 387 864
Expenses -2,968 -2,606 -11,008 -10,069
Costs -405 -1,208
- in % of net sales 16.2 14.6 16.4 15.8
Currency 16 -109
Adjusted EBITDA* 3,431 3,271 12,853 11,780
Adjusted EBITA 2024 2,922 11,089
- adjusted EBITDA margin (%)* 18.7 18.3 19.2 18.5
Depreciation -509 -441 -1,764 -1,559
Adjusted EBITA* 2,922 2,830 11,089 10,221
Net sales
- adjusted EBITA margin (%)* 16.0 15.9 16.6 16.1
Amortisation of step-up values -100 -235 -654 -965
BnSEK %
Operating income 2,822 2,595 10,435 9,256
20 45
* Alternative performance measures.

Invoicing in the quarter reached SEK 18,311 (17,839) million, a 15 40

growth of 2.6 percent compared to the same quarter last year.
Sequentially, invoicing followed normal seasonality and increased
10 35
with 13.0 percent. Sales in the quarter yielded an adjusted EBITA of
SEK 2,922 (2,830) million and a margin equivalent of 16.0 percent
(15.9). January to December sales have increased with 5.3 percent 5 30
to reach SEK 66,954 (63,598) million with an adjusted EBITA of
SEK 11,089 (10,221) million with a margin equivalent of 16.6 percent
0 25
(16.1). Revenue mix in the quarter remained tilted towards Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
percentage of completion and large projects, however, the full 2022 2023 2024
margin impact was offset by a continued growing service business
making up 30 percent of sales in the quarter. Adjusted gross profit Net sales Adjusted gro ss margin in %
margin was in line with expectations at 34.9% (32.9) percent,
boosted by better factory and engineering results and positive
purchasing price variances compared to the same quarter last year.
Imbalances between actual demand and manufacturing capacity
remain in a few product groups and proactive actions have already
Adjusted EBITA
been undertaken with future expected demands as input. Operating
income increased with 8.7 percent to SEK 2,822 (2,595) million in
BnSEK %
the quarter. The current orderbook with planned deliveries supports
a continued good invoicing level with a mix tilted towards projects. 3.0 24

The orderbook in general is in line with current input cost levels. 2. 5 20

Sales and administration expenses were SEK 2,733 (2,441) million 2. 0 16

during the fourth quarter and SEK 10,284 (9,222) million during the
1.5 12
full year 2024. The figures for the full year corresponded to 15.4
(14.5) percent of net sales. Sales and administration expenses 1.0 8
increased by 12.0 percent during the fourth quarter and by 11.5
0.5 4
percent during the full year 2024 compared to the corresponding
periods last year. 0.0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
The costs for research and development during the full year 2024 2022 2023 2024
corresponded to 2.5 (2.5) percent of net sales. The costs for
research and development increased with 4.7 percent during the Adjusted EBITA Adjusted EBITA margin in %
fourth quarter and by 5.9 percent during the full year 2024
compared to the corresponding periods last year.

Alfa Laval Q4 2024 4

Earnings per share in the quarter amounted to SEK 4.96 (3.77) and
17.88 (15.31) for the full year 2024. The corresponding figure
excluding amortisation of step-up values and the corresponding tax,
was SEK 19.10 (17.15) for the full year.

Consolidated financial net

Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Financial net 6 -341 -439 -606
Net of interests -94 -100 -324 -350
- of which interest expense on loans -61 -76 -272 -295
Dividends and other financial income 2 6 13 13
Net of exchange rate differences 98 -247 -128 -269

Taxes

The tax on the result after financial items was SEK -767 (-684)
million in the fourth quarter and SEK -2,564 (-2,269) million in the
full year 2024. The tax rate was 26 (26) percent for the Group in
the full year 2024 which is in line with the guidance range of 25-26
percent.

Cash flow

Strong cash conversion in the quarter resulted in a SEK 4,032

(3,891) million operating cash flow and SEK 12,159 (9,169) million
in the full year.

Depreciation, excluding allocated step-up values, was SEK 509

(441) million in the quarter and SEK 1,764 (1,559) million during the
full year 2024.

Acquisition of businesses and release of acquisition related withheld

amounts during the full year 2024 amounted to SEK -50 (-337)
million of which SEK - (-5) million is related to this quarter.

Financing activities amounted to SEK -871 (-2,543) millions in the

fourth quarter mainly due to amortisation of loans. Total cash flow in
the fourth quarter was SEK 2,053 (495) million with a balance of
cash and cash equivalents at the end of the quarter of SEK 7,369
(5,135) million.

Key figures
Dec 31
2024 2023
Return on capital employed (%) ¹⁾ 23.2 21.0
Return on equity (%) ²⁾ 18.8 17.6
Solidity (%) ³⁾ 47.6 45.4
Net debt to EBITDA, times ¹⁾ ⁵⁾ 0.43 0.85
Debt ratio, times ¹⁾ 0.13 0.27
Number of employees ⁴⁾ 22,323 21,321

1) Alternative performance measure.

2) Net income in relation to average equity, calculated on 12 months’ revolving basis,
expressed in percent.
3) Equity in relation to total assets at the end of the period, expressed in percent.
4) At the end of the period.
5) Net debt including lease liabilities.

Alfa Laval Q4 2024 5

Energy division
Highlights
• Order intake increased by 8 percent to SEK 5.1 (4.7) billion, with
an organic increase of 7 percent.
• Net sales decreased by 0.1 percent to SEK 5.2 (5.2) billion, with
an organic decline of 0.6 percent.
• Adjusted EBITA of SEK 923 (900) million, corresponding to a
margin of 17.8 percent.

Q4 Jan-Dec
SEK millions 2024 2023 2024 2023 Order intake by business unit Jan-Dec 2024
Orders received 5,054 4,662 20,047 20,414
Order backlog¹⁾ 10,590 10,075 10,590 10,075
Net sales 5,186 5,196 19,330 19,269 11%
Operating income²⁾ 921 890 3,698 3,927
Adjusted EBITA³⁾ 923 900 3,740 3,986
Adj. EBITA margin⁴⁾ 17.8% 17.3% 19.3% 20.7%
Depreciation 159 116 514 372 22% 46%
Amortisation 2 10 42 59
Investments⁵⁾ 382 384 1,337 992
Assets¹⁾ 20,378 19,263 20,378 19,263
Liabilities¹⁾ 7,352 7,433 7,352 7,433
Employees¹⁾ 5,974 5,902 5,974 5,902
21%
1) At end of period. 2) Excluding comparison distortion items. 3) Alternative performance
measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases.
Gasketed Plate Heat Exchangers
Brazed & Fusion Bonded Heat Exchangers
Welded Heat Exchangers
Energy Separation

Quarterly development
BnSEK %

6.0 30%
Trend indicators by end market
5. 0 25%
% of Total YTD 24/23 Trend*
HVAC & Ref 25% -25%
4. 0 20 %
Fossil base fuels & power 24% 4%
Process industry 22% 4%
3.0 15%
Light industry & tech 19% 12%
Clean fuels, power & chemicals 9% 42%
2. 0 10%
*Sequential change between Q3 2024 and Q4 2024.

1.0 5%

0.0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2023 2024
Orders received Net sales Adjusted EBITA margin

Alfa Laval Q4 2024 6

Order intake* Order bridge
The Energy Division reported a higher order intake compared to the
SEK millions/% Q4 Jan-Dec
same quarter last year. Growth was mainly driven by strong
2023 4,662 20,414
demand for clean energy applications and continued good activity
Organic 7.4% -0.8%
levels in oil and gas industry as well as in the power sector in order to
Structural 0.0% 0.1%
secure energy supply. The demand in all larger regions remained
Currency 1.0% -1.2%
stable compared to the same period last year.
Total 8.4% -1.8%
2024 5,054 20,047
Order intake in HVAC declined compared to the same quarter last
year, a consequence of a continued weak heat pump market.
However, demand from heat pump customers have been on stable
levels over the past two quarters. Demand in commercial heating
and cooling grew in the quarter but not enough to fully compensate
for the lower heat pump demand. Order intake declined in Light Sales bridge
industry & tech. Continued high growth in Data Centres could not
fully offset somewhat softer demand for semi-conductors and SEK millions/% Q4 Jan-Dec
engine applications. Orders in Fossil base fuel & power grew in the 2023 5,196 19,269
quarter. Customers’ continued investments in gas production to Organic -0.6% 1.5%
secure energy supply was the main driver of demand. Demand in Oil Structural 0.0% 0.1%
and Refinery was weaker in the quarter. Demand in Process Currency 0.4% -1.3%
industries developed well in the quarter, with continued growth in Total -0.2% 0.3%
organic chemicals and circularity but a weaker demand in mining 2024 5,186 19,330
and inorganic chemicals. Order intake in Clean Fuels, Power &
Chemicals was strong, especially in renewable chemicals and wind
power.
Order intake split, Jan-Dec 2024
Service orders increased compared to the same quarter last year.

28% 72%
The high growth continued for spare parts, with more stable
development for other services.

Net sales* Service Capital Sales

Sales in the quarter were on the same level as last year. The lower
volumes to the heat pump application are fully compensated by the
increased sales in Light Industry & Tech, service and increased
Income bridge
invoicing of large orders.
SEK millions Q4 Jan-Dec
Adjusted EBITA*** Adjusted EBITA 2023 900 3,986
Adjusted EBITA increased compared to the same quarter last year. Volume -17 105
Volumes were stable with a positive mix, despite a higher share of Mix 109 123
large project orders being invoiced in the quarter. Strong project Costs -73 -428
execution and improved factory result compensated for increased Currency 3 -46
costs, mainly driven by the implementation of earlier announced Adjusted EBITA 2024 923 3,740
capacity investment programs and inflationary pressure. Currency
had limited impact on the overall result.

* Comments excluding currency effects.

** Heating, Ventilation & Air Conditioning.
*** Comments relating to income bridge.

Alfa Laval Q4 2024 7

Food & Water
division
Highlights
• Order intake decreased by 11 percent to SEK 6.5 (7.3) billion,
with an organic decline of 12 percent.
• Net sales increased by 0.8 percent to 7.1 (7.1) billion, with an
organic decline of 0.5 percent.
• Adjusted EBITA of SEK 1,008 (1,011) million, corresponding to a
margin of 14.2 percent.
Order intake by business unit Jan-Dec 2024

Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
13%
Orders received 6,478 7,286 24,847 26,368
Order backlog¹⁾ 14,926 15,977 14,926 15,977
28%
Net sales 7,114 7,060 25,742 25,280
Operating income²⁾ 947 950 3,579 3,698 13%
Adjusted EBITA³⁾ 1,008 1,011 3,822 3,942
Adj. EBITA margin⁴⁾ 14.2% 14.3% 14.8% 15.6%
Depreciation 149 148 527 502
Amortisation 61 61 243 244
Investments⁵⁾ 175 172 499 472 14%
Assets¹⁾ 22,659 20,376 22,659 20,376 16%
Liabilities¹⁾ 8,960 8,295 8,960 8,295
Employees¹⁾ 8,454 8,283 8,454 8,283 16%

1) At end of period. 2) Excluding comparison distortion items. 3) Alternative performance

measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases. Hygienic Fluid Handling Desmet
Decanters Food Heat Transfer
High Speed Separators Food Systems

Quarterly development Trend indicators by end market

BnSEK %

8.0 24% % of Total YTD 24/23 Trend*

Oils & Fats 25% -20%
7.0 21%
Dairy 19% 5%
6.0 18% Prep. Food & Beverage 18% 1%
Ethanol, Starch & Sugar 10% 2%
5. 0 15%
Waste & Water 7% -4%
4. 0 12% Pharma & Biotech 7% 2%
Protein 6% -8%
3.0 9%
Brewery 5% -5%
2. 0 6% Other 3% -7%

1.0 3% *Sequential change between Q3 2024 and Q4 2024.

0.0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2023 2024

Orders received Net s ales Adjusted EBITA ma rgin

Alfa Laval Q4 2024 8

Order intake* Order bridge
Order intake declined somewhat compared to the same quarter last
SEK millions/% Q4 Jan-Dec
year. Similar to previous quarters in 2024, demand was positive in
2023 7,286 26,368
most end markets but could not fully offset last year’s very strong
Organic -11.8% -5.0%
order intake in business unit Desmet. Demand was mainly driven by
Structural 0.0% 0.1%
service and a continued recovery in the transactional business.
Currency 0.7% -0.9%
Demand in China maintained its positive trend and continued to
Total -11.1% -5.8%
recover. North America grew, whilst demand in Europe was
2024 6,478 24,847
somewhat lower compared to last year.

Order intake in Oils & fats was lower compared to last year’s
exceptionally strong order intake in Desmet. Although the
commissioning for new capacity was lower compared to the record
levels in 2023, demand remain healthy. Protein declined compared Sales bridge
to a strong quarter last year. However, momentum in the industry
remains positive and yet another large plant-based protein order SEK millions/% Q4 Jan-Dec
was secured in Eastern Europe, a confirmation that the “Next 2023 7,060 25,280
Generation Food” is an important part of the offering. Dairy was Organic -0.5% 2.5%
stable, but notable was that larger project and capacity related Structural 0.0% 0.1%
orders increased in the quarter. Pharma and biotech grew Currency 1.2% -0.7%
supported by a very strong development in North America and a Total 0.8% 1.8%
continued recovery in China. Orders in Ethanol, starch & sugar 2024 7,114 25,742
grew. Ethanol continued to be the driver and biofuel demand
remained strong from higher blending requirements in countries like
USA, Brazil and India. Orders in Waste & water contracted, almost
entirely an effect of a weaker North American market as public Order intake split, Jan-Dec 2024
funding of new projects was on a low level. Brewery grew compared

27% 73%
to last year. Capacity related investments remain low, although
some increased project activity was noted in the quarter.

Aftermarket showed good growth. Demand was driven by both Service Capital Sales
spare part and other services with double-digit growth in all end
markets.

Net sales* Income bridge

Net sales were on the same level as last year. The invoicing mix
between project and transactional business was stable. Sales grew SEK millions Q4 Jan-Dec
strongly in Ethanol, starch & sugar as well as in Dairy while Adjusted EBITA 2023 1,011 3,942
remaining end markets were stable or lower compared to the same Volume -23 148
quarter last year. Mix 155 177
Costs -146 -436
Adjusted EBITA** Currency 12 -9
Adjusted EBITA 2024 1,008 3,822
Adjusted EBITA was on the same level compared to last year,
mainly a result of more or less unchanged invoicing. A somewhat
positive sales mix, in combination with an overall stronger factory
performance, compensated for increased costs driven by inflation
but also increased sales and administrative costs. Currency had a
small positive impact in the quarter.

* Comments excluding currency effects.

** Comments relating to income bridge.

Alfa Laval Q4 2024 9

Marine division
Highlights
• Order intake increased by 40 percent to SEK 6.9 (5.0) billion,
with an organic increase of 39 percent.
• Net sales increased by 8 percent to SEK 6.0 (5.6) billion, with
an organic growth of 8 percent.
• Adjusted EBITA of SEK 1,104 (1,003) million, corresponding to a
margin of 18.4 percent.

Q4 Jan-Dec
SEK millions 2024 2023 2024 2023 Order intake by business unit Jan-Dec 2024
Orders received 6,944 4,972 29,699 23,960
Order backlog¹⁾ 26,803 19,273 26,803 19,273
Net sales 6,010 5,583 21,881 19,049 4%
Operating income²⁾ 1,068 840 3,653 2,178
Adjusted EBITA³⁾ 1,104 1,003 4,017 2,836 17%
Adj. EBITA margin⁴⁾ 18.4% 18.0% 18.4% 14.9%
Depreciation 94 88 353 336
Amortisation 36 163 364 658
Investments⁵⁾ 190 132 390 336 49%
Assets¹⁾ 30,065 29,856 30,065 29,856
Liabilities¹⁾ 10,382 7,998 10,382 7,998
Employees¹⁾ 6,290 5,655 6,290 5,655
30%
1) At end of period. 2) Excluding comparison distortion items. 3) Alternative performance
measure. 4) Adjusted EBITA/net sales. 5) Excluding new leases.

Pumping systems
Water, Wind & Fuel Solutions
Heat & Gas Systems
Quarterly development Digital Solutions
BnSEK %

9.0 27%
8.0 24%
7.0 21%
6.0 18% Trend indicators by end market
5. 0 15%
% of Total YTD 24/23 Trend*
4. 0 12%
Ship Building & Shipping 75% 38%
3.0 9% Offshore 13% -11%
2. 0 6% Other 8% 12%

1.0 3% Engine Power 4% -10%

0.0 0% *Sequential change between Q3 2024 and Q4 2024.

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2023 2024

Orders received Net sales Adjusted EBITA margin

Alfa Laval Q4 2024 10

Order intake* Order bridge
Order intake for the Marine Division was significantly higher
SEK millions/% Q4 Jan-Dec
compared to the same quarter last year driven by a strong demand
2023 4,972 23,960
for marine systems, offshore solutions, digital solutions and service.
Organic 39.0% 25.8%
Structural 0.0% 0.0%
The underlying market sentiment related to the building of new
Currency 0.7% -1.9%
vessels was on a similar level compared to the same period last
Total 39.7% 24.0%
year. New contracting has been strong across almost all ship
2024 6,944 29,699
segments with exceptionally high ordering in the oil tanker and
cruise segments. The increased shipbuilding activity has been
further supplemented by a continued growing demand for
sustainability related solutions which mitigate CO2 emissions,
including solutions around energy efficiency, low carbon and zero
carbon fuels. Multi-fuel capable solutions, primarily with LNG as the Sales bridge
alternative fuel, continue to gain traction, driving demand for the
new generation of multi-fuel boilers and alternative fuel supply SEK millions/% Q4 Jan-Dec
systems. Offshore orders were at a significantly higher level 2023 5,583 19,049
compared to the same quarter last year as the easing of the Organic 7.8% 16.3%
constrained supply chains drive new investment decisions. In Structural 0.0% 0.0%
addition, the need for safeguarding the productivity of existing Currency -0.1% -1.4%
offshore assets further supplements the demand. The underlying Total 7.6% 14.9%
market sentiment remains strong due to stable high oil prices and 2024 6,010 21,881
the sanctioning of new projects to safeguard long term energy
security.

Service orders grew compared to the same quarter last year. Order intake split, Jan-Dec 2024
Demand was driven by a good activity level in both the Shipping

29% 71%
and Offshore end markets and due to a growing installed base of
environmental solutions. Good freight rates in almost all vessel
segments and the consequent desire to keep vessel assets in good
operational readiness resulted in increased on-board maintenance Service Capital Sales
and higher demand for all service scopes, ranging from spare parts
to service.

Net sales* Income bridge

Sales were at a higher level than the same quarter last year. Sales SEK millions Q4 Jan-Dec
were higher for both capital sales and service in almost all product Adjusted EBITA 2023 1,003 2,836
areas except ballast water systems, with good execution of the Volume 144 1,049
large orderbook. Mix 80 466
Costs -122 -279
Adjusted EBITA** Currency -2 -55
Adjusted EBITA increased compared to the same quarter last year. Adjusted EBITA 2024 1,104 4,017
The improvement was primarily driven by increased invoicing and a
favourable volume mix. Additionally, the factory and engineering
result was positive, benefiting from high operational load. The cost
level was higher than last year due to inflationary pressure and a
higher activity level.

* Comments excluding currency effects.

** Comments relating to income bridge.

Alfa Laval Q4 2024 11

Operations and Other
Operations and Other covers procurement and logistics as well as
corporate overhead and non-core businesses.

Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Orders received 0 0 0 0
Order backlog¹⁾ 0 0 0 0
Net sales 0 0 0 0
Operating income²⁾ -112 -98 -495 -565
Adj. EBITA³⁾ -111 -97 -491 -561
Depreciation 106 89 370 349
Amortisation 1 1 4 4
Investments⁴⁾ 326 236 1,112 640
Assets¹⁾ 2,093 1,986 2,093 1,986
Liabilities¹⁾ 948 885 948 885
Employees¹⁾ 1,606 1,481 1,606 1,481

1) At end of period. 2) Excluding comparison distortion items. 3) Alternative performance

measure. 4) Excluding new leases.

Reconciliation between Divisions

and Group total
Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Adjusted EBITA
Total for divisions 2,924 2,817 11,088 10,203
Amortisation -100 -235 -653 -965
Consolidation adjustments * -2 13 0 18
Total operating income 2,822 2,595 10,435 9,256
Financial net 6 -341 -439 -606
Result after financial items 2,828 2,254 9,996 8,650
Assets **
Total for divisions 75,195 71,481 75,195 71,481
Corporate *** 13,608 10,807 13,608 10,807
Group total 88,803 82,288 88,803 82,288
Liabilities **
Total for divisions 27,641 24,611 27,641 24,611
Corporate *** 18,880 20,299 18,880 20,299
Group total 46,521 44,910 46,521 44,910

* Difference between management accounts and IFRS. ** At the end of the period. ***
Corporate refers to items in the statement on financial position that are interest bearing or are
related to taxes.

Alfa Laval Q4 2024 12

Large orders (>EUR 5 million) in the fourth quarter
Division Order Total per Business Unit
Business Unit Delivery amount Q4 2024 Q4 2023
Scope of supply date SEK millions
Energy
Energy Separation
Equipment for production of renewable fuels in Europe. 2025 60
Equipment for battery recycling in Asia. 2025 66 126 71
Gasketed Plate Heat Exchangers
Heat exchangers for a petrochemical plant in China. 2025 114
Heat exchangers for gas production in Middle East. 2026 110 224 70
Welded Heat Exchangers
Equipment for gas production in USA. 2025 257 257 -
Food & Water
Decanters
Membrane filtration purification systems, based on renewable resources in Vietnam. 2025 96 96 505
Desmet
Equipment for pretreatment & Biodiesel production in Asia. 2025 96
Preparation and solvent extraction equipment for soy bean oil in Brazil. 2026 337
Refining plant for edible oil in Pakistan. 2025 61 494 1,095
Food System
System for processing oranges in the Middle East. 2026 132
System for processing plant-based proteins in Eastern Europe. 2025 71
System for extraction of edible oil in Asia. 2025 67
Evaporation system for life science industry in Asia. 2026 59 329 -
Marine
Heat & Gas Systems
Boilers to an FPSO in Turkey. 2025 129 129 -
Pumping Systems
Cargo pumping systems to an FPSO constructed in Asia and operated in America. 2025 136
Multiphase pumping systems to customer in Norway, to be installed in America. 2026 77 213 277
Total 1,868 2,018

* Hydrogenated vegetable oil.

**Floating Production Storage and Offloading.

Information about products and services

Net sales by product/service * Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Own products within:
Separation 2,884 3,046 10,536 10,312
Heat transfer 7,005 6,717 26,190 25,311
Fluid handling 4,393 3,830 15,835 13,024
Marine environmental 757 917 2,962 3,596
Other 0 0 0 0
Associated products 1,945 2,101 6,930 7,083
Services 1,326 1,228 4,500 4,272
Total 18,311 17,839 66,954 63,598

* The split of own products within separation, heat transfer and fluid handling is a reflection of the current three main technologies. Marine environmental is a growing new product
area basically outside the main technologies. Other is own products outside these four product areas. Associated products are mainly purchased products that compliment Alfa
Laval’s product offering. Services cover all sorts of service and service agreements excluding spare parts.

Information about major customers

Alfa Laval does not have any customer that accounts for 10 percent Group is Alfa Laval's single largest customer with a volume
or more of net sales. Tetra Pak within the Tetra Laval representing approximately 5 percent of net sales.

Alfa Laval Q4 2024 13

Sustainability

Case studies
A safer solution
An important part of Alfa Laval’s safety work is to ensure safe
machines and a safe work environment when for instance testing
our products. Risk assessments are therefore carried out regularly
and new ways of working or solutions are developed. One example
of a new safer service solution implemented in 2024 is a floating
dock used for installing and testing the AquaStream, a pumping
system for fish cages. The installation and tests were previously
performed mainly from boat. The new solution, with a more stable
foundation to stand on, ensures a safer work environment and
decreases the risk of product damage.

Reduced water withdrawal

Alfa Laval continuously work to reduce the water withdrawal at our
sites. During 2024, the Eskilstuna factory team mapped the water
used in production. The amount of water used at the site was
identified to be closely linked to the production hours of a 3D printer
where water is used to cool down the equipment. By connecting this
equipment to the ground cooling water, the water withdrawn at the
site was reduced by 50%, saving 4000 m3 water/year.

Sustainable transportation solution

Alfa Laval sites are regularly reviewed to identify opportunities to
replace diesel with electric vehicles for domestic transport. To
reduce scope 3, three electric trucks have replaced diesel trucks.
The three trucks operate from Alfa Laval in Lund every day and
drives around 150,000 kilometres yearly. This generates zero
emissions compared to the 82 ton CO2 emission a diesel truck
would produce during a year. The improvement is made possible
through partnership with Interfjord.

Alfa Laval Q4 2024 14

Quarterly follow up Energy: consumption in relation to
turnover
MWh per Million SEK in invoicing
Energy 8
In the last quarter, energy efficiency was unchanged compared to
Q4 2023. Overall energy consumption decreased compared to Q4
2023. 6

Carbon emissions 4

Both Scope 1 and 2 have decreased compared to Q4 2023. The

reduction in Scope 2 is mainly due to less utilization of district 2
heating where continuous efforts to control our facilities in a better
way in correlation to weather conditions are paying off. Scope 1
0
reductions are due to increased use of renewable energy reducing Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
consumption of Liquified Petroleum Gas (LPG), heating oil and fuel 2023 2024
oil as well as electrification of forklifts and other production related Energy consumption per quarter
processes. Energy consumption rolling 12 months

Health and safety

Carbon emissions
The number of Lost Time Injuries (LTIs) decreased during Q4 2024, Carbon
1,000 emissions
compared to Q4 2023. Lost Time Injury Frequency Rate (LTIFR) 1,000
CO2e
CO2e
continues to improve and ended on 1.8 (LTM), which was the quarter
12 months
milestone target for this year. This progress is a result of various
proactive measures designed to strengthen safe behaviour's and 10 40
improve both process and machinery safety. There were no serious
8 32
accidents during the quarter that led to significant bodily harm.
6 24

4 16

2 8

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY

2023 2024 2027

Scope 1 Scope 2
Emissions 12 months Target full year 2024
Target full year 2027

Health and safety: Lost Time Injury Frequency

Rate

LTIFR
3

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2024 2025

LTIFR per quarter LTIFR rolling 12 months

Target

LTIFR = Number of lost time injuries in time period * 1,000,000

/ Worked hours in the period

Alfa Laval Q4 2024 15

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

1. Alfa Laval T25MW

Alfa Laval's Semi-Welded Plate Heat Exchanger technology is
tailored to the new energy landscape and equally compatible with
existing industries - meeting the needs of a sustainable future. The
1.1.
T25 sets a new standard for efficiency and reliability in demanding
applications. Key features include extended gasket lifetime,
enhanced distribution for superior heat transfer and serviceability
for simplified maintenance.

2. Alfa Laval FCM Ammonia

In partnership with Swiss engine designer WinGD, Alfa Laval has
delivered two test systems for WinGD’s ammonia-fuelled engines.
The Alfa Laval FCM Ammonia fuel supply system design will be
validated by the end of 2024, with the first marine delivery expected
by the end of 2025.

3. Alfa Laval ExtendTM

2. 2.
Alfa Laval Extend™ is a revolutionary plug-and-play heat exchanger
accessory designed for the dairy industry. The electrical pod is
connected to the inlet and outlet pipes of the pasteurizer and sends
a weak current through the plate pack, preventing bacteria from
attaching to the surface. This innovative solution works without
chemicals, coatings, or contact with the product, and can be
installed by in-house engineers without disturbing production.
Extend™ reduces biofilm build-up by up to 99% and extends the
critical cleaning interval by 50%, significantly increasing uptime in
the production line. Alfa Laval Extend™ is suitable for any plate heat
exchanger, making it a versatile solution for the industry.

3.

1. Alfa Laval T25MW - semi-welded plate heat exchanger

2. Alfa Laval FCM Ammonia fuel supply system
3. Alfa Laval Extend

Alfa Laval Q4 2024 16

Order intake by region

14 -12

5 -3

17 -5

11 15

35 37

6 -31

6 26 6 -6

Share of total, YTD, %

YTD 2024 vs 2023, %*
*Excluding currency effects

Northern Europe Latin America

The region reported a declining order intake compared to the same The region reported double-digit growth in order intake compared
quarter last year. Energy grew, driven by Clean power and Refinery. to the same quarter last year. Energy grew driven by Oil & gas and
Food & Water declined, mainly driven by Oils & fats and Prepared HVAC & ref. Food & Water grew, mainly driven by Oils & fats and
food & beverage. Marine grew, mainly driven by Offshore and Ethanol, starch & sugar. Marine grew driven by Offshore. Service
fishing & aquaculture. Service grew in Food & Water and Marine. reported growth in Food & Water and Marine, while flat in Energy.

Central and Eastern Europe Northeast Asia

The order intake in the region was flat compared to the same The order intake in the region grew double-digit compared to the
quarter last year. Energy declined, mainly in HVAC & ref. Food & same quarter last year. Energy reported growth mainly driven by
Water grew driven by Oils & fats and Dairy. Marine grew driven by Process industry and Refinery. Food & Water grew driven by
Offshore. Service reported growth in Marine and stable Ethanol, starch & sugar and Pharma. Marine grew driven by
development in Energy and Food & Water. Offshore and Shipbuilding. Service grew in all three divisions.

Southern Europe Southeast Asia and Oceania

The order intake in the region grew compared to the same quarter The order intake in the region decreased compared to the same
last year. Energy grew mainly driven by good demand in Process quarter last year. Energy declined, mainly in Process industry and Oil
industry and Refinery. Food & Water reported growth, driven by & gas. Food & Water declined mainly in Oils & fats. Marine grew in
Ethanol, starch & sugar and Dairy. Marine grew mainly driven by Shipping. Service grew in Food & Water and Marine.
Shipping. Service grew in all three divisions.
India, Middle East and Africa
North America The order intake in the region was flat compared to the same
The order intake in the region grew compared to the same quarter quarter last year. Energy grew driven by Refinery and Oil & gas.
last year. Energy grew, driven by Oil & gas. Food & Water grew Food & Water declined, mainly in Brewery and Oils & fats. Marine
mainly driven by Brewery and Ethanol, starch & sugar. Marine noted robust underlying demand in Offshore and Shipping. Service
reported growth in Shipping. Service grew in Food & Water and grew in Energy and Food & Water.
Marine.

Alfa Laval Q4 2024 17

Order intake for the 10 largest markets
China
United States
Nordic
South East Asia
Korea, South
Adriatic
Mid Europe
India
Japan
Benelux

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Last 12 months Jan-Dec 2023 BnSEK

Net sales
Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
To customers in:
Sweden 339 363 1,232 1,411
Other EU 4,127 4,129 15,322 15,591
Other Europe 1,283 1,288 4,759 4,895
USA 2,837 2,710 11,345 10,613
Other North America 427 424 2,024 1,327
Latin America 975 1,025 3,644 3,578
Africa 400 378 1,216 1,302
China 2,712 2,656 10,074 8,943
South Korea 1,343 1,161 4,290 3,527
Other Asia 3,533 3,482 12,095 11,625
Oceania 335 224 950 787
Total 18,311 17,839 66,954 63,598

Net sales are reported by country on the basis of invoicing address,

which is normally the same as the delivery address.

Non-current assets*
Dec 31
SEK millions 2024 2023
Sweden 4,360 3,509
Denmark 5,536 5,354
Other EU 9,794 9,219
Norway 13,340 13,689
Other Europe 409 391
USA 4,735 3,961
Other North America 159 154
Latin America 313 352
Africa 6 7
Asia 5,333 4,808
Oceania 106 114
Subtotal 44,090 41,558
Other long-term securities 432 542
Pension assets 269 239
Deferred tax asset 1,942 1,720
Total 46,733 44,059

* Non-current assets include Intangible assets, Property, plant and equipment and Other non-current assets.

Alfa Laval Q4 2024 18

Consolidated cash flows
Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Operating activities
Operating income 2,822 2,595 10,435 9,256
Adjustment for depreciation and amortisation 609 676 2,418 2,524
Adjustment for other non-cash items 168 -451 78 -419
Operational cash surplus 3,599 2,820 12,931 11,361
Taxes paid -826 -292 -2,359 -1,933
Cash flow from operating activities before changes in working capital 2,773 2,528 10,572 9,428

Changes in working capital:

Increase(-)/decrease(+) of receivables 104 1,120 -593 -1,319
Increase(-)/decrease(+) of inventories 451 999 16 -652
Increase(+)/decrease(-) of liabilities 859 -317 2,267 2,373
Increase(+)/decrease(-) of provisions -155 -439 -103 -661
Increase(-)/decrease(+) in working capital 1,259 1,363 1,587 -259
Cash flow from operating activities 4,032 3,891 12,159 9,169

Investing activities
Investments in fixed assets (Capex) -1,073 -924 -3,336 -2,440
Divestment of fixed assets -35 76 105 90
Acquisition of businesses - -5 -50 -337
Cash flow from investing activities -1,108 -853 -3,281 -2,687

Financing activities
Received interests and dividends 37 60 183 168
Paid interests -162 -131 -520 -489
Realised financial exchange gains 21 2 50 52
Realised financial exchange losses 38 -345 -221 -536
Dividends to owners of the parent - - -3,100 -2,480
Dividends to non-controlling interests 4 - -33 -18
Increase(-) of financial assets -421 -498 -453 -555
Decrease(+) of financial assets - -26 542 11
Increase of loans - -9 1,664 2,400
Amortisation of loans -388 -1,596 -4,850 -4,096
Cash flow from financing activities -871 -2,543 -6,738 -5,543

Cash flow for the period 2,053 495 2,140 939

Cash and cash equivalents at the beginning of the period 5,244 4,793 5,135 4,352
Translation difference in cash and cash equivalents 72 -153 94 -156
Cash and cash equivalents at the end of the period 7,369 5,135 7,369 5,135

Free cash flow per share (SEK) * 7.07 7.36 21.60 16.50
Capex in relation to net sales 5.9% 5.2% 5.0% 3.8%
Average number of shares 413,326,315 413,326,315 413,326,315 413,326,315

* Free cash flow is an alternative performance measure. It is the sum of cash flows from operating activities, investments and divestments of fixed assets.

Alfa Laval Q4 2024 19

Consolidated comprehensive income
Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Net sales 18,311 17,839 66,954 63,598
Cost of goods sold -12,012 -12,197 -43,747 -42,714
Gross profit 6,299 5,642 23,207 20,884
Sales costs -1,816 -1,684 -6,965 -6,342
Administration costs -918 -757 -3,318 -2,880
Research and development costs -433 -413 -1,656 -1,563
Other operating income 356 304 1,075 932
Other operating costs -677 -502 -1,940 -1,827
Share of result in joint ventures 10 5 33 52
Operating income 2,822 2,595 10,435 9,256
Dividends and other financial income and costs 2 6 13 13
Interest income and financial exchange rate gains -49 151 271 448
Interest expense and financial exchange rate losses 53 -498 -724 -1,067
Result after financial items 2,828 2,254 9,996 8,650
Taxes -767 -684 -2,564 -2,269
Net income for the period 2,061 1,570 7,432 6,381
Other comprehensive income:
Items that will subsequently be reclassified to net income
Cash flow hedges -797 602 -665 54
Translation difference 1,118 -1,656 1,274 -2,040
Deferred tax on other comprehensive income 213 -233 171 -31
Sum 535 -1,287 780 -2,017
Items that will subsequently not be reclassified to net income
Revaluations of defined benefit obligations 82 -183 -29 -125
Market valuation of external shares -125 -2 -125 -2
Deferred tax on other comprehensive income -22 41 6 23
Sum -65 -144 -147 -104
Comprehensive income for the period 2,531 139 8,064 4,260
Net income attributable to:
Owners of the parent 2,048 1,554 7,391 6,330
Non-controlling interests 12 16 41 51
Earnings per share (SEK) 4.96 3.77 17.88 15.31
Average number of shares 413,326,315 413,326,315 413,326,315 413,326,315
Comprehensive income attributable to:
Owners of the parent 2,507 140 7,999 4,224
Non-controlling interests 24 -1 65 36

Alfa Laval Q4 2024 20

Consolidated financial position
Dec 31
SEK millions 2024 2023
ASSETS
Non-current assets
Intangible assets 29,559 29,622
Property, plant and equipment 14,490 11,769
Other non-current assets 2,684 2,668
46,733 44,059
Current assets
Inventories 15,574 14,950
Assets held for sale 47 59
Accounts receivable 10,034 10,282
Other receivables 8,444 6,761
Derivative assets 153 314
Other current deposits 450 728
Cash 7,369 5,135
42,070 38,229

TOTAL ASSETS 88,803 82,288

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Owners of the parent 41,912 37,033
Non-controlling interests 369 345
42,282 37,378
Non-current liabilities
Liabilities to credit institutions etc. 9,172 9,829
Lease liabilities 1,805 1,473
Provisions for pensions and similar commitments 945 1,090
Provision for deferred tax 2,392 2,372
Other non-current liabilities 754 390
15,067 15,154
Current liabilities
Liabilities to credit institutions etc. 1,102 3,444
Accounts payable 5,676 5,205
Advances from customers 10,595 7,975
Other provisions 1,858 1,757
Other liabilities 11,569 10,849
Derivative liabilities 654 526
31,454 29,756

Total liabilities 46,521 44,910

TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 88,803 82,288

Financial assets and liabilities at fair value Valuation

hierarchy Dec 31
SEK millions level 2024 2023
Financial assets
Other non-current securities 1 and 2 184 280
Bonds and other securities 1 245 132
Derivative assets 2 195 481
Financial liabilities
Derivative liabilities 2 974 579
Liability for seller's earn-out possibility 3 - 117

Valuation hierarchy level 1 is according to quoted prices in active markets for identical assets and liabilities. Valuation hierarchy level 2 is out of directly or indirectly observable market
data outside level 1. Valuation hierarchy level 3 is out of unobservable market data.

Alfa Laval Q4 2024 21

Borrowings and net debt
Dec 31
SEK millions 2024 2023
Credit institutions 115 145
Swedish Export Credit 2,292 2,207
Corporate bonds 7,867 10,921
Borrowings 10,274 13,273
Cash and cash equivalents and current deposits -7,818 -5,863
Net debt excluding lease liabilities* 2,455 7,410
Lease liabilities 3,038 2,601
Net debt including lease liabilities* 5,493 10,011

* Alternative performance measure.

Alfa Laval has a revolving credit facility of EUR 700 million The commercial paper programme amounts to SEK 4,000 million
corresponding to SEK 8,029 million on December 31, 2024 with a with varying maturity dates during the first quarter of 2025. SEK 0
banking syndicate. The facility has a maturity of five years from April million was utilised at December 31, 2024.
2023 and includes a possibility to increase it by EUR 200 million.
On December 31, 2024 the facility was not utilized. On December 31, 2024, Alfa Laval had three tranches of corporate
bonds listed on the Irish stock exchange. Two of them
Alfa Laval has two loans of EUR 100 million from Svensk corresponding to EUR 300 million each that mature in February
Exportkredit that mature in 2027 and 2028 respectively. 2026 and in February 2029 respectively, whereas the third of SEK
1,000 million matures in November 2025.

Changes in consolidated equity

Jan-Dec
SEK millions 2024 2023
At the beginning of the period 37,378 35,704

Changes attributable to:

Owners of the parent
Comprehensive income
Comprehensive income for the period 7,999 4,224
Transactions with shareholders
Cancellation of repurchased shares - -1
Bonus issue of shares - 1
Increase of ownership in subsidiaries
with non-controlling interests -19 -93
Dividends -3,100 -2,480
-3,119 -2,573

Subtotal 4,880 1,651

Non-controlling interests
Comprehensive income
Comprehensive income for the period 65 36
Transactions with shareholders
Decrease of non-controlling interests -8 -27
Non-controlling interests in acquired companies - 32
Dividends -33 -18
-41 -13

Subtotal 24 23

At the end of the period 42,282 37,378

Alfa Laval Q4 2024 22

Condensed segment reporting per quarter Last 12 months

Orders received
2024 2023
SEK millions Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Energy 5,054 5,042 4,771 5,179 4,662 4,902 5,413 5,437
27%
Food & Water 6,478 5,739 6,273 6,357 7,286 6,365 6,941 5,776
40%
Marine 6,944 8,146 7,872 6,736 4,972 5,765 6,051 7,172
Operations & Other 0 0 0 0 0 0 0 0 33%
Total 18,476 18,927 18,916 18,272 16,920 17,032 18,405 18,385

Dec 31, 2024

Order backlog
2024 2023
SEK millions Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Energy 10,590 10,738 10,340 10,380 10,075 10,676 10,716 10,149 20%
Food & Water 14,926 15,497 16,125 16,719 15,977 15,806 15,454 14,779 51%
Marine 26,803 25,835 23,004 20,603 19,273 19,935 18,807 17,247 29%
Operations & Other 0 0 0 0 0 0 0 0
Total 52,319 52,070 49,469 47,702 45,325 46,417 44,977 42,175

Last 12 months

Net sales
2024 2023
SEK millions Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Energy 5,186 4,611 4,891 4,643 5,196 4,967 4,910 4,196 29%
33%
Food & Water 7,114 6,342 7,023 5,263 7,060 6,086 6,412 5,722
Marine 6,010 5,255 5,616 5,000 5,583 4,715 4,558 4,193
Operations & Other 0 0 0 0 0 0 0 0 38%
Total 18,311 16,208 17,530 14,906 17,839 15,768 15,880 14,111

Last 12 months

Adjusted EBITA*
2024 2023
SEK millions Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Energy 923 964 935 917 900 1,075 974 1,037 32%
Food & Water 1,008 995 1,077 742 1,011 942 962 1,027 35%
Marine 1,104 989 1,031 894 1,003 712 565 556
Operations & Other -111 -148 -122 -109 -97 -118 -132 -214
33%
Total 2,924 2,800 2,921 2,444 2,817 2,611 2,369 2,406

Per quarter
Adjusted EBITA
margin* 25
2024 2023
% Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 20
Energy 17.8 20.9 19.1 19.8 17.3 21.6 19.8 24.7
Food & Water 14.2 15.7 15.3 14.1 14.3 15.5 15.0 17.9 15
Marine 18.4 18.8 18.4 17.9 18.0 15.1 12.4 13.3
Total 16.0 17.3 16.7 16.4 15.9 16.6 14.9 17.1 10
Q1 Q2 Q3 Q4

2024

Energy
* In management accounts, see reconciliation on page 12. Food & Water
Marine

Alfa Laval Q4 2024 23

Parent company
The parent company's result after financial items for the full year fees to the Board SEK -10 (-9) million, cost for annual report and
2024 was SEK 638 (4,271) million, out of which dividends from annual general meeting SEK -2 (-1) million and other operating
subsidiaries SEK 406 (4,037) million, net interests SEK 258 (252) income and operating costs the remaining SEK -10 (-3) million.
million, realised and unrealised exchange rate gains and losses SEK
0 (-1) million, costs related to the listing SEK -4 (-4) million,

Parent company income *

Q4 Jan-Dec
SEK millions 2024 2023 2024 2023
Administration costs -4 -2 -16 -14
Other operating income 0 -9 0 1
Other operating costs 0 -3 -10 -4
Operating income -3 -14 -26 -17
Revenues from interests in group companies 350 - 406 4,037
Interest income and similar result items 49 82 258 252
Interest expenses and similar result items 0 -1 0 -1
Result after financial items 396 67 638 4,271
Change of tax allocation reserve 355 -48 355 -48
Group contributions 599 1,314 599 1,314
Result before tax 1,349 1,333 1,592 5,537
Tax on this year's result -174 -237 -212 -271
Net income for the period 1,175 1,096 1,379 5,266

* The statement over parent company income also constitutes its statement over comprehensive income.

Parent company financial position

Dec 31
SEK millions 2024 2023
ASSETS
Non-current assets
Shares in group companies 4,669 4,669

Current assets
Receivables on group companies 7,130 9,266
Other receivables 176 116
Cash 3 3
7,309 9,385

TOTAL ASSETS 11,978 14,054

SHAREHOLDERS' EQUITY AND LIABILITIES
Equity
Restricted equity 2,387 2,387
Unrestricted equity 7,573 9,293
9,960 11,680
Untaxed reserves
Tax allocation reserves 1,986 2,341

Current liabilities
Liabilities to group companies 28 30
Accounts payable 1 0
Other liabilities 3 3
32 33

TOTAL EQUITY AND LIABILITIES 11,978 14,054

Alfa Laval Q4 2024 24

Owners and shares
Owners and legal structure applicable. The significantly increased amount of sanctioned
entities together with the sophisticated circumvention attempts,
Alfa Laval AB (publ) is the parent company of the Alfa Laval Group.
make the assurance work more demanding.
The company had 56,542 (54,178) shareholders on December 31,
2024. The largest owner is Winder Holding AG, Switzerland, who
Asbestos-related lawsuits
owns 29.5 (29.5) percent. Next to the largest owner, there are nine
institutional investors with ownership in the range of 7.4 to 1.8 The Alfa Laval Group was as of December 31, 2024 named as a co-
percent. These ten largest shareholders owned 63.1 (61.3) percent defendant in a total of 401 asbestos-related lawsuits with a total of
of the shares. approximately 401 plaintiffs. Alfa Laval strongly believes the claims
against the Group are without merit and intends to vigorously
Proposed disposition of earnings contest each lawsuit.

The parent company has unrestricted funds of SEK 7,573 (9,293)

Based on current information and Alfa Laval’s understanding of
million.
these lawsuits, Alfa Laval continues to believe that these lawsuits
will not have a material adverse effect on the Group’s financial
The Board of Directors propose a dividend of SEK 8.50 (7.50) per
condition or results of operation.
share corresponding to SEK 3,513 (3,100) million to the Annual
General Meeting and that the remaining income available for
Accounting principles
distribution in Alfa Laval AB (publ) of SEK 4,060 (6,193) million be
carried forward. The interim report for the fourth quarter 2024 is prepared in
accordance with IAS 34 Interim Financial Reporting and the
The Board of Directors are of the opinion that the proposed dividend Swedish Annual Accounts Act. In the report, alternative
is consistent with the requirements that the type and size of performance measures are used. See the Annual Report 2023 for
operations, the associated risks, the capital needs, liquidity and definitions and accounting principles. The accounting principles
financial position put on the company. have been applied as reported in the Annual report 2023. Alfa Laval
follows the Guidelines on Alternative Performance Measures issued
Annual General Meeting 2025 by ESMA (European Securities and Markets Authority).

The Annual General Meeting of Alfa Laval AB will be held in Lund,

“Q4” and “Fourth quarter” refer to the period October 1 to
Sweden, on Thursday April 29, 2025, at 16.00 (CEST).
December 31. “Jan-Dec” and “Full year” refers to the period
January 1 to December 31. “The corresponding period last year”
Acquisitions of businesses refers to the fourth quarter 2023 or the full year 2023 depending on
the context.
On March 14, 2024, Alfa Laval acquired the remaining 10.3 percent
of StormGeo’s subsidiary Climatempo in Brazil from the minority “Currency effects” only relate to translation effects, whereas
owners. Alfa Laval’s ownership thereby increased from 89.7 percent “foreign exchange effects” also relate to transactional effects. “Mix”
to 100 percent. The transaction is reported as a change within the in the operating income bridge also includes a price effect.
equity. Comparison distortion items are reported in the comprehensive
income statement on each concerned line but are specified
Risks and other separately (when applicable).

Material factors of risk and uncertainty The totals in the tables and calculations do not always add up due
The main factors of risk and uncertainty facing the Group concern to rounding differences on individual lines. Meaning each subtotal or
the business cycle, the consequences of Russia’s war on Ukraine line figure corresponds with its original source and rounding, which
and other geo-political tensions, the price development of metals, can result in differences with reported totals which aggregate the
inflationary pressures, the interest rate development and volatile exact figures before rounding.
fluctuations in major currencies. It is the company’s opinion that the
description of risks made in the Annual Report for 2023 is still The accounting and valuation principles of the parent company
correct. comply with the Swedish Annual Accounts Act and the
recommendation RFR 2 Accounting for legal entities issued by the
Russia’s war on Ukraine Council for Financial Reporting in Sweden.

The ongoing conflict has resulted in that Alfa Laval has ceased all Annual report 2024
commercial activities in Russia. Alfa Laval’s assessment is that the
longer-term implications of the war are of such a magnitude that the The annual report will be published on Alfa Laval’s website on April
company in 2022 provided for the entire closure of operations. 1, 2025 at 10.00 CET.

Sanctions
The current geopolitical environment has resulted in several
sanction packages imposed on several countries where conflicts are
ongoing. Alfa Laval follows and enforces all sanction imposed by the
European Union as well as all US and other sanctions that are

Alfa Laval Q4 2024 25

The Q4 2024 report has not been subject to review by the company’s auditors.

The interim report has been issued at CET 07.30 on February 5, 2025 by the President and CEO by proxy from the Board of Directors.

Lund, February 5, 2025,

Tom Erixon
President and CEO

Alfa Laval AB (publ) Visiting address:

Box 73 Rudeboksvägen 1
SE-221 00 Lund Tel: + 46 46 36 65 00
Sweden Website: www.alfalaval.com
Corporate registration number:
556587-8054 For more information, please contact:
Johan Lundin, Head of Investor Relations
Phone: +46 46 36 65 10,
Mobile: +46 730 46 30 90,
E-mail: [email protected]

Date for the next financial reports

Alfa Laval will publish financial reports at
the following dates:
Interim report for the first quarter April 29, 2025
Interim report for the second quarter July 22, 2025
Interim report for the third quarter October 28, 2025
This information is information that Alfa Laval AB (publ) is obliged to make public pursuant to the EU Market Abuse
Regulation. The information was submitted for publication, through the agency of the contact person set
out above, at CET 07.30 on February 5, 2025.

Alfa Laval Q4 2024 26