Growth & capex delivery — the active build book, completion, and where project margin is slipping against plan.
4 active capex builds are tracking below target margin, putting SEK 79 M of profit at stake — recoverable while the build is still in flight. With 3 of 9 initiatives needing attention and SEK 3.1 bn of capex still to deploy, the fastest margin recovery is on the builds already underway.
1 of 2 headline metrics improving vs prior · still off target: Capex (additions to PP&E) SEK 3.8 bn vs SEK 4.0 bn
Aerospace capacity & qualification ramp is 60% deployed at 15% vs a 18% target — SEK 24 M at stake that locks in once the line ramps.
SEK 3.1 bn of committed capex remains to be deployed across 9 active builds at 55% average completion — capacity stays off-line until it commissions.
The SEK 3.8 bn FY26 capex plan lands as live builds — the Vertevo carve-out transfers, Americas footprint consolidation, the Airasca super-precision ramp, aerospace & magnetic capacity, and green-steel sourcing. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 3 of 9 active builds need attention.
Margin shown as actual / target — red where the build is tracking below plan.
| Initiative | Anchor / sponsor | Division | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| Rightsizing — European cost programs (~BSEK 2) | Internal (Group) | Bearing Solutions | EMEA | SEK 2.0 bn | 70% | 0% / 0% | On track |
| Vertevo carve-out — production-line transfers | Internal (Separation) | Automotive (SKF Vertevo) | EMEA | SEK 1.4 bn | 68% | 0% / 0% | Watch |
| Airasca super-precision ramp (+30% capacity) | Industrial OEMs (machinery · aero · rail · energy) | Bearing Solutions | EMEA | SEK 1.1 bn | 75% | 22% / 24% | On track |
| Americas footprint consolidation (US → Monterrey) | Internal (Regionalization) | Bearing Solutions | Americas | SEK 950 M | 55% | 0% / 0% | Watch |
| Aerospace capacity & qualification ramp | Industrial OEMs (machinery · aero · rail · energy) | Specialized Industrial Solutions (SIS) | Americas | SEK 800 M | 60% | 15% / 18% | On track |
| Magnetic bearings for data-centres (high-speed) | Industrial OEMs (machinery · aero · rail · energy) | Specialized Industrial Solutions (SIS) | EMEA | SEK 600 M | 45% | 18% / 22% | On track |
| India & SEA capacity expansion (region-for-region) | Industrial OEMs (machinery · aero · rail · energy) | Bearing Solutions | India & Southeast Asia | SEK 500 M | 35% | 16% / 18% | On track |
| Green-steel & recycled sourcing program | Internal (Sustainability) | Bearing Solutions | EMEA | SEK 400 M | 40% | 0% / 0% | Watch |
| Condition-monitoring cloud migration (@ptitude → Axios) | Industrial distributors (17,000 locations) | Bearing Solutions | Americas | SEK 350 M | 50% | 0% / 0% | On track |
The fastest margin recovery is on builds already in flight — tighten scope and conversion cost before they ramp.
Act now: the Aerospace capacity & qualification ramp build is 60% deployed at 15% vs a 18% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.