SKF AB: Joining the humanoid party

Research evidence excerpt

SKF AB: Joining the humanoid party

Equity Research

European Capital Goods

3 July 2026

SKF AB

Joining the humanoid party

Entering the humanoid supply chain, following its peers,

could be supportive to share price in the short run.

Meanwhile, one should also focus on what value propositions SKFb.ST/SKFB SS EQUAL WEIGHT

European Capital Goods NEUTRAL

they could offer, as well as competitive landscape of the Price Target SEK 250.00

supply chain especially in China. Price (02-Jul-26) SEK 260.80

Potential Upside/Downside -4.1%

Source: Bloomberg, Barclays Research

What's new? SKF announced to form a JV with a Chinese player Leaderdrive (a leader in

reducers) to make components for humanoids, following its peers like Timken and Schaeffler

(both not covered) to enter the humanoid supply chain. The JV will focus on transmission European Capital Goods

components for robot joints, and SKF will hold 60% of the JV, expected to be operational by end Timothy Lee, CFA

+44 (0)20 7773 6879of 2026. The China-based JV will serve the China market, plus targeted markets like Europe,

timothy.lee@barclays.com

Japan and US leveraging SKF's global network. Barclays, UK

Our quick view: We think this could be constructive to SKF’s share performance in the near Vlad Sergievskii

term, taking reference to the performance of Schaeffler / Timken after they announced entrance +44 (0)20 7116 1117

to the humanoid supply chain (since Nov 25 / May 26 respectively). Meanwhile, we think two vlad.sergievskii@barclays.com

Barclays, UKthings worth highlighting:

George Featherstone, CFA

1) We understand that for now SKF is mainly offering precision bearings to reducers and +44 (0)20 3555 8585

actuators where Leaderdrive is offering for humanoids, so we think SKF/the JV may not george.featherstone@barclays.com