The single financial pane of truth — P&L, quality of earnings, profitability, FP&A and segment & brand economics.
Margin is expanding, but ≈ SEK 3.9 bn of operating profit still sits between today's 12.7% margin and the 17% mid-term target — held in the lower-margin Automotive & SIS lines and opex. Convert mix shift and operating leverage into reported operating profit to re-rate the stock.
4 of 8 headline metrics improving vs prior · still off target: Organic Growth (H1 2026) 1.9% vs 4.0%, Gross Margin 26.8% vs 28.0%, Adjusted Operating Profit SEK 11.7 bn vs SEK 12.2 bn
≈ SEK 3.9 bn of operating profit stands between 12.7% margin and the 17% mid-term target — the swing that re-rates the listed equity.
Keep separation spend inside the announced envelope; track footprint payback quarter by quarter.
Separation plus Americas footprint consolidation front-load costs (Q2 2026 IAC −1,004, roughly half separation / half footprint).
Tighten OEM terms & collections; unwind the separation WC build in H2 2026.
>60d AR ≈ MSEK 2,400; the separation working-capital build dented H1 2026 operating cash flow (Q1 −446).
Unbanked margin until captured — rightsizing & footprint fund the >17% post-spin frame.
How SEK 91.6 bn of revenue converts to SEK 11.7 bn adjusted operating profit.
| Revenue | SEK 91.6 bn | 100.0% |
| Cost of goods sold | (SEK 67.0 bn) | (73.2%) |
| Gross profit | SEK 24.5 bn | 26.8% |
| SG&A | (SEK 12.9 bn) | (14.1%) |
| Adjusted operating profit | SEK 11.7 bn | 12.7% |
Diligence-grade add-back walk — IAC −3,918 (rightsizing · separation · impairments · less divestment gains).
Currency translation (SEK strength, −6.6%) vs. organic volume, price & mix vs. cost programs & lower material costs vs. divested businesses.
Forecast discipline, cost & sustainability savings, and productivity.
Operating-profit uplift and savings capture by brand as each engine scaled.
| Brand | Scaled | Revenue | Value-added | Op. profit MSEK | Savings capture | Status |
|---|---|---|---|---|---|---|
| SKF | 1907 | SEK 65.6 bn | SEK 24.9 bn | 8→10596 | 90% | Integrated |
| PEER | 2008 | SEK 900 M | SEK 150 M | 10→120 | 85% | Integrated |
| Lincoln | 2010 | SEK 2.5 bn | SEK 1.2 bn | 14→450 | 95% | Integrated |
| Alemite | 2010 | SEK 600 M | SEK 300 M | 12→90 | 92% | Integrated |
| Kaydon | 2013 | SEK 2.2 bn | SEK 500 M | 16→380 | 88% | Integrated |
| @ptitude / IMx / Axios (condition monitoring) | 2015 | SEK 2.9 bn | SEK 2.9 bn | 18→610 | 80% | In progress |
| RecondOil | 2018 | SEK 150 M | SEK 120 M | 5→15 | 55% | In progress |
| Cooper (split-roller) | 2020 | SEK 450 M | SEK 160 M | 15→80 | 70% | In progress |
| SKF Vertevo | 2026 | SEK 23.6 bn | SEK 8.6 bn | 4→896 | 60% | In progress |
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