Trelleborg Q2’26 Results - First Take - 8% Organic growth ahead of expectations; Q3 Outlook implies growth in-line with consensus expectations (c.5.6%)

研报英文原文证据摘录

Trelleborg Q2’26 Results - First Take - 8% Organic growth ahead of expectations; Q3 Outlook implies growth in-line with consensus expectations (c.5.6%)

Chitrita C Sinha AC Europe Equity Research

(44-20) 7742-7176 16 July 2026 J P M O R G A N

chitrita.sinha@jpmorgan.com

Investment Thesis, Valuation and Risks

Trelleborg (Overweight; Price Target: Skr500.00)

Investment Thesis

• Trelleborg is an industry leader that has been improving across many metrics. It

holds a top three position across most of the vertical it operates in and has no global

competitor across its offering.

• Transformation has been completed and now set to benefit. Trelleborg completed

the last of its many divestments in 2023 but given the sluggish end-market growth over

the last few years, it has not benefitted from a less cyclical and higher growth portfolio.

We are bullish into 2026 as we see many end-markets accelerating of which Trelleborg

will be a strong beneficiary.

• Margin benefit from volume recovery is underappreciated. Trelleborg has

outperformed the sector in margin expansion for a number of years and has recently

sustained its margin despite negative volumes. A return to positive volume growth

should support margin improvement, especially in Sealing Solutions where the sluggish

top-line has resulted in a slower-than-expected return to margin levels prior to the

Minnesota Rubber and Plastics acquisition.

• Strong balance sheet and FCF generation should support dividends, share

buybacks and M&A. We expect Trelleborg to continue increasing its dividend in-line

with its 30-50% payout policy and also retain its long-term share buyback programme.

This still leaves enough headroom for acquisitions to support growth, even in years

where organic growth is limited.

Valuation