SKF Early look at Q2’26 Results: Unchanged market expectations with better FX

研报英文原文证据摘录

SKF Early look at Q2’26 Results: Unchanged market expectations with better FX

J P M O R G A N Europe Equity Research

12 June 2026

SKF Underweight

SKFb.ST, SKFB SS

Early look at Q2’26 Results: Unchanged market Price (11 Jun 26):Skr236.80

expectations with better FX ▲Price Target (Dec-27):Skr230.00 Prior (Jun-27):Skr215.00

We update our model to incorporate our discussions with the company, top-down

data, new reporting structure and FX ahead of Q2 results on 17 July. For Q2, we European Capital Goods

see limited change to the underlying demand trends. As such, we model 0.3% Chitrita C Sinha AC

organic sales growth, in line with the “relatively unchanged” y/y guide against (44-20) 7742-7176

tougher comps than Q1. Consensus models 1.2% for Q2, where we see risk. chitrita.sinha@jpmorgan.com

J.P. Morgan Securities plc

Beyond Q1, we expect the ongoing macro uncertainty to push out a recovery and

Phil Bullercontinue to see risk to organic growth consensus estimates. More positively,

(44-20) 3493-9403

however, the SEK move provides a c.3% tailwind to our Adj. EBIT estimates phil.buller@jpmorgan.com

versus our last update. We remain supportive of the Auto separation, which seems J.P. Morgan Securities plc

to be progressing as planned, but continue to see this as an overhang to the Akash Gupta

investment case for now along with the lack of more positive datapoints. We (44-20) 7742-7978

remain UW but roll forward our PT from Skr215 (June 2027) to Skr230 (December akash.z.gupta@jpmorgan.com

2027). J.P. Morgan Securities plc

Jeremy Caspar

(44-20) 3493-5188• Q2’26 forecasts. We forecast Q2 sales of Skr23.5bn and adj. EBIT of

Skr3,173m. Our organic sales growth of 0.3% compares to the guide of organic jeremy.caspar@jpmorgan.com

sales “relatively unchanged” y/y. On the adj.