SKF Q2‘26 Results Conference Call Feedback

研报英文原文证据摘录

SKF Q2‘26 Results Conference Call Feedback

J P M O R G A N Europe Equity Research

17 July 2026

SKF Underweight

SKFb.ST, SKFB SS

Q2’26 Results Conference Call Feedback Price (16 Jul 26):Skr264.00

Price Target (Dec-27):Skr230.00

The stock is down c.4% this morning, unsurprising given the elevated expectations European Capital Goods

ACpost positive reporting in the space, unchanged consensus expectations into Q3, Chitrita C Sinha

and a margin bridge with a number of moving parts. The IEEPA tariff refund benefit (44-20) 7742-7176

(“somewhat positive”) was not quantified. Management noted that it is waiting for chitrita.sinha@jpmorgan.com

all of the refund claims to come through and will will pay this in Q3, a cash outflow. J.P. Morgan Securities plc

As highlighted previously, the net of savings and dis-synergies will be less positive Phil Buller

in H2 (due to tougher comps on the savings side), but the impact for the FY will (44-20) 3493-9403

phil.buller@jpmorgan.com

remain positive. There was also discussion on humanoids following the announced J.P. Morgan Securities plc

venture with Leaderdrive, where SKF holds 60% in the venture and owns future

Akash Gupta

IP. The venture will be operational by the end of 2026. SKF has not ruled out (44-20) 7742-7978

moving into adjacent areas beyond bearings to capture a higher share of humanoid akash.z.gupta@jpmorgan.com

bill of materials in the future. For details on the results, please see our First Take. J.P. Morgan Securities plc

Jeremy Caspar

• By region. In EMEA, SKF saw -0.6% growth with solid growth in SIS, but (44-20) 3493-5188

growth was impacted by low auto demand and caution in industrial jeremy.caspar@jpmorgan.com

distribution. Americas grew 2.3%, which was impacted somewhat by the tariff J.P. Morgan Securities plc