Trelleborg (TREL) Pre-close call summary

Executive summary

• Q1 organic sales trends are expected to be similar to Q4, with group-level growth and margin developments largely in line with previous guidance.

• No significant new information was disclosed; commentary is based on previously communicated data and trends up to February, with March figures pending.

• The order book and book-to-bill ratios remain strong across business areas, providing a solid foundation for the rest of the year.

Trading performance and revenue trends

• Industrial Solutions continues to see project sales pushbacks, resulting in a similar or slightly better organic sales decline compared to Q4 (-3%).

• Medical Solutions maintains solid growth, with Q1 organic sales expected to match Q4's 5% increase.

• Sealing Solutions is experiencing organic growth similar to Q4 (5%), with regional variations: APAC and Americas show positive trends, while MEA growth is price-driven.

• Aerospace and water infrastructure segments are performing strongly, while automotive remains weak due to aftermarket sales and tariffs.

Profitability and margins

• Industrial Solutions margins are expected to be lower in Q1 due to a less favorable sales mix and high-margin project delays.

• Medical Solutions margins will be slightly below the record 21.9% from Q4, partly due to ramp-up costs from new factory openings.

• Sealing Solutions margins are anticipated to improve slightly in Q1, supported by strong aerospace performance.

• Group-level margins will be slightly lower than Q4, mainly due to project sales timing.