Alfa Laval Post 1Q26 Update

Goldman Sachs maintains its Neutral rating on Alfa Laval while raising the price target to SEK 554. Growth in data centers and HVAC is offset by expected weakening in the marine Ocean division and a below-sector average growth profile.

Key Takeaways

• 1.Maintained Neutral rating with a raised 12-month price target of SEK 554, reflecting a rollover in valuation period.
• 2.The Energy division is the primary growth engine, significantly boosted by high demand for data center cooling and a recovery in HVAC.
• 3.Near-term caution on the Ocean division due to a predicted weakening in the marine capex order cycle for 2026.

Table of Contents

• Company profile
• Alfa Laval Single Stock Toolkit
• Forecasting Alfa Laval
• Alfa Laval vs. Multi-Industry
• Valuation and key risks
• Disclosure Appendix

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