Alfa Laval stock trades below its yearly high as orders grow

Alfa Laval stock was trading at SEK 564 on Nasdaq Stockholm on September 24, 2026, at 3:56 p.m. CEST, 4.76 percent below its 52-week high of SEK 592.20. The share price gain of 0.61 percent during the session contrasts with a business picture defined by strong orders but slower profit growth.

Orders reach SEK 53.5 billion

In Q2 2026, Alfa Laval's order intake rose 35 percent and its order book reached SEK 53.5 billion, according to Factorstoday. The comparison matters because adjusted EBITA increased only 2.3 percent in the same quarter, while the adjusted EBITA margin declined from 17.8 percent to 17.0 percent.

The Q2 figures show a clear conversion question for investors. Energy generated SEK 6.18 billion of sales and a 16.1 percent adjusted EBITA margin, while Ocean produced SEK 5.85 billion of sales and a 24.9 percent margin, according to Factorstoday.

Carbon capture adds a new order angle

On September 14, 2026, Alfa Laval was selected by Saipem to supply heat transfer technology for Stockholm Exergi's bioenergy carbon capture project, according to MarketScreener. The project is designed to capture, liquefy and store up to 800,000 tonnes of carbon dioxide annually, linking Alfa Laval's heat transfer equipment to a large industrial decarbonization investment.

That order theme supports the backlog, but the margin comparison remains important. Higher volume has not yet translated into comparable profit growth, making execution and business mix central to the stock narrative.

Price target stays below market

JPMorgan cut its Alfa Laval price target from SEK 585 to SEK 578 and retained a Neutral rating on September 18, 2026, as reported by MarketScreener. The SEK 578 target is SEK 14 above the September 24 price, while the current quote remains SEK 28.20 below the yearly high.