HALF YEAR REPORT

Strong order intake and new significant contracts signed second quarter •NetsalesreachedSEK708million(686),anincreaseof3.0%onthesameperiodlastyear.•Operatingearnings(EBIT)wereSEK57million(54),whichcorrespondstoanoperatingmarginof7.9%(7.8).•EarningsaftertaxwereSEK39million(39).•OrderbookingsamountedtoSEK765million(672),anincreaseof13.9%onthesameperiodlastyear.•CashflowfromoperatingactivitieswasSEK37million(95).•EarningspersharewereSEK2.01(1.92).

january–june •NetsalesreachedSEK1,486million(1,402),anincreaseof6.0%onthesameperiodlastyear.•Operatingearnings(EBIT)wereSEK120million(109),whichcorrespondstoanoperatingmarginof8.0%(7.8).•EarningsaftertaxwereSEK90million(79).•OrderbookingsamountedtoSEK1,485million(1,370),anincreaseof8.3%onthesameperiodlastyear.•CashflowfromoperatingactivitieswasSEK35million(173).•EarningspersharewereSEK4.60(3.95).•NetcashwasSEK3million(-89)andtheequity/assetsratioattheendoftheperiodwas69.4%(67.1).

significant events after the end of the reporting period•Bulten’sjointventure,Ram-Bul,hassignedacontractworthapproximatelyUSD5.5millionperyearatfullvolumeswhichisexpectedin2019/2020.TheestimateddeliveryvalueisdistributedUSD5millionforBultenandUSD0.5millionforRamco.

•BultenhassignedanFSPcontractwortharoundEUR30millionperyearatfullvolumeswhichisexpectedin2020.

ceo’s comments“It is very pleasing that after the end of the quarter Bulten signed both a new extensive FSP contract and a strategically important contract in the US. During Q2, net sales increased by 3.0%. The growth during the quarter has been affected by fewer production days compared with the corresponding quarter last year and by somewhat lower volumes due to model changes. The development indicates strong underlying demand in the automotive industry combined with Bulten’s strong position on this market, which is confirmed by a strong order intake during the quarter. Earnings and profitability continued to have a positive development and the return on capital employed rose to 15%. Bulten’s financial position is strong and during the quarter all our financial targets were reached and we are therefore well equipped for a phase of growth and investments in production and logistics. In May, we received further evidence of our customers’ appreciation when our joint venture, BBB Services Ltd, was awarded Ford Motor Company’s prestigious Special Recognition World Excellence Award. The development of electric vehicles requires that fasteners be adapted for new material choices and design solutions and Bulten is at the forefront of providing vehicle manufacturers with the latest technology. During the quarter, deliveries to pre-series to the next generation of electrical vehicles have started.”

Tommy Andersson, President and CEO

JAnuARY–JunE 2017

Q2

BuLTEn In SuMMARY

development during the quarterDevelopmentinQ2continuedtobepositivewitha3.0%increaseinnetsalesanda13.9%increaseinorderbookingsforthefirstquartercomparedwiththesameperiodlastyear.Thisisagoodgrowthconsideringthattherewerefewerproductiondayscom-paredwiththepreviousyearandvolumeswerelowerduetomodelchanges.ThisperformanceindicatesstrongunderlyingdemandintheautomotiveindustryincombinationwithBulten’sstrongpositiononthismarket. Earningsandprofitabilitycontinuedtohaveapositivedevel-opmentwithanoperatingmarginof7.9%,whichisasignofgoodcostcontrolandflexibilityinproductionamongothers.Returnoncapitalemployedclimbedto15.0%(17.4%excludinggoodwill),whichcanbecomparedwiththetargetofatleast15%.Bultenhasastrongfinancialpositionandreachedallitsfinancialtargetsduringthequarterandisthuswellpreparedforaphaseofgrowthwithinvestmentsinproductionandlogistics. TheestablishmentinUSAismakingprogressandduringthequarterinternalpreparationscontinuedfordeliveriestoexistingcustomers.Aftertheendofthequarter,Bulten’sjointventure,Ram-Bul,signedacontractwithanannualvalueofapproximatelyUSD5.5millionatfullvolumes.TheestimateddeliveryvalueisdistributedUSD5.0millionforBultenandUSD0.5millionforRamco*.FurtherdialoguewithcustomersistakingplaceandthetotalannualbusinesspotentialforBultenisestimatedataroundUSD30-40millionatfullvolumesin2020,aspreviouslyannounced. AftertheendofQ2BultenhasalsosignedasignificantnewFSPcontractwithanexistingcustomerwithanannualvalueofapproximatelyEUR30millionatfullvolumes*. InMay,Bultenreceivedfurtherproofofcustomerappreci-ation.Bulten’sjointventure,BBBServicesLtd,wasawardedFordMotorCompany’sprestigiousSpecialRecognitionWorldExcel-lenceAward,arecognitionforpartnerswhosurpassexpectationsandachievethehighestlevelsintermsofquality,costs,perform-anceanddelivery. Thedevelopmentofelectricvehiclesrequiresfastenersthatareadaptedfornewmaterialsandnewdesignsolutions.Bultencontinuestodevelopfastenersforelectriccarsanddeliveriestopre-seriesofnextgenerationelectricvehicleshavenowstarted.Forthesespecificdeliveries,thisentailaconsiderablyhigherdeliv-eryvaluepercarcomparedtoanequivalentmodelwithacom-bustionengine,uptoapproximately40%.Thisisduetothefactthatthenumberoffastenersincrease,mainlyinthebody,depend-ingonmaterialselectionanddesign.Thevolumesstillremainverylow.

*See‘Significanteventsaftertheendofthereportingperiod’.

market and outlook for 2017OfBulten’snetsales,around87%isattributabletolightvehiclesandaround13%tocommercialvehicles.Oftotalnetsales,89%aredirectdeliveriestovehicleproducers(OEMs)andtheremaindertotheirsub-suppliersandtoothersectors. Duringthefirstfivemonthsof2017carsalesinEurope(EUandEFTA)increasedby5.3%comparedwiththesameperiodin2016accordingtoACEA’sstatistics. AccordingtoLMCAutomotive’slatestforecastfromQ22017,productionoflightvehiclesisexpectedtoincreaseby1.8%andproductionofheavycommercialvehiclesby4.0%in2017.WeightedforBulten’sexposure,thismeansariseofaround2.1%forthesameperiod. DistributionofBulten’sproductsisprimarilytoEurope,althoughdemandisaffectedbyproductionofvehiclesfortheglobalmarket.Bulten’smanagementteamconsidersthattheunderlyingdemandforlightvehiclesinEuroperemainsgood,asdoesdemandforvehiclesforexportfromEuropetoglobalmarkets.

Ongoingmodelchangesbycustomersmaycontributetovolatilityindemand. Bulten’sestimatedmarketshareattheendof2016wasaround17%oftheEuropeanmarketforfastenersfortheautosector,whichisunchangedonthefigurefor2015.Onthecorres-pondingmarketforFSPbusiness,Bulten’smarketshareisestim-atedataround60%,whichisalsounchangedonthefigurefor2015.ThisestimateisbasedondataabouttheEuropeanautoindustry’spurchasingoffastenersin2016accordingtotheEuropeanIndustrialFastenersInstitute(EIFI). 2017hasstartedstronglywithnewcontractsandgoodorderintakeandBulten’sprospectsforgainingmarketsharesaregood.EstablishinginNorthAmericabroadensBulten’smarketandcreatesfurtheropportunitiesforgrowthamongbothnewandexistingcompanies.

order bookings and net salesQ2OrderbookingswereSEK765million(672),anincreaseof13.9%comparedwiththecorrespondingperiodinthepreviousyear. NetsalesfortheGrouptotaledSEK708million(686),anincreaseof3.0%comparedwiththecorrespondingperiodinthepreviousyear.Adjustedforcurrencyeffects,organicgrowthwas-1.3%inthesameperiod.

January – JuneOrderbookingswereSEK1,485million(1,370),anincreaseof8.3%comparedwiththecorrespondingperiodinthepreviousyear. NetsalesfortheGrouptotalledSEK1,486million(1,402),anincreaseof6.0%comparedwiththecorrespondingperiodinthepreviousyear.Adjustedforcurrencyeffects,organicgrowthwas2.9%comparedwithcorrespondingperiodinthepreviousyear.

Net sales Order intake

0

200

400

600

800

Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2Q2 Q1 Q1 Q2 Q2 Q3 Q3 Q3Q4 Q4 Q4 Q1 Q2Q3

2012 2013 2014 2015 2016 2017

MSEK

earnings and profitability Q2TheGroup’sgrossearningswereSEK141million(138),corres-pondingtoagrossmarginof20.0%(20.1).Earningsbeforedepre-ciation(EBITDA)wereSEK76million(71),correspondingtoanEBITDAmarginof10.8%(10.3).Operatingearnings(EBIT)wereSEK57million(54),correspondingtoanEBITmarginof7.9%(7.8). Theincreasedworldmarketpricesforsteelandothermetalshavehadanegativeimpactonprofitabilityofapproximately4MSEKafterconsiderationofrawmaterialpricecompensation. Saleshavebeenaffectedbyfewerproductiondaysandlowervolumesduetomodelchanges. OperatingearningswereaffectedpositvelybycurrencychangesamountingnettoSEK0million(1)whenconvertingworkingcapitalontheclosingdate.FurthermoretheoperatingearningswerealsoeffectedpositivelybySEK4millionfromapreviousimpairmentreceivable.

Q2 2017 2

FINANCIAL SUMMARY Q2 JAn - JunE12-MOnTH

ROLLIng FuLL

YEAR

SEk MILLIOn 2017 2016 2017 2016 JuLY 2016 –

JunE 2017 2016

Netsales 708 686 3.0% 1,486 1,402 6.0% 2,760 2,676 3.2%Grossprofit 141 138 3 294 274 20 551 531 20Earningsbeforedepreciation(EBITDA) 76 71 5 159 143 16 287 271 16Operatingearnings(EBIT) 57 54 3 120 109 11 211 200 11Operatingmargin,% 7.9 7.8 0.1 8.0 7.8 0.2 7.6 7.5 0.1Earningsaftertax 39 39 – 90 79 11 157 146 11Orderbookings 765 672 13.9% 1,485 1,370 8.3% 2,831 2,717 4.2%Returnoncapitalemployed,% – – – – – – 15.0 13.9 1.1Returnoncapitalemployedexcludinggoodwill,% – – – – – – 17.4 16.2 1.2

nET SALES OPERATIng EARnIngS

sek 708million sek 57million

OPERATIng MARgIn

7.9 % Q2

NetfinancialitemsintheGroupwereSEK-5million(-1).FinancialincomeofSEK–million(1).PreviousyearcomprisedexchangerategainsofSEK1million.FinancialcostsofSEK-5mil-lion(-2)comprisedinterestcostsofSEK-1million(-1),exchangeratelossofSEK-3million(–)andotherfinacialcostofSEK-1mil-lion(-1). TheGroup’searningsbeforetaxwereSEK52million(52)andearningsaftertaxwereSEK39million(39).

January – JuneTheGroup’sgrossearningswereSEK294million(274),corres-pondingtoagrossmarginof19.8%(19.6).Earningsbeforedepre-ciation(EBITDA)wereSEK159million(143),correspondingtoanEBITDAmarginof10.7%(10.2).Earnings(EBIT)wereSEK120million(109),correspondingtoanoperatingmarginof8.0%(7.8). Theincreasedworldmarketpricesforsteelandothermetalshavehadanegativeimpactonprofitabilityofapproximately8MSEKafterconsiderationofrawmaterialpricecompensation. OperatingearningswereaffectednegativelybycurrencychangesamountingnettoSEK-1million(4)whenconvertingoperatingcapitalontheclosingdate.FurthermoretheoperatingearningswerealsoeffectedpositivelybySEK4millionfromapreviousimpairmentreceivable. NetfinancialitemsintheGroupwereSEK-1million(-2).FinancialincomewasSEK2million(2)ofwhichcurrencygainamountedtoSEK2million(2).FinancialcostswereSEK-3million(-4),ofwhichinterestcostswereSEK-2million(-3)andotherfinancialcostswereSEK-1million(-1). TheGroup’searningsbeforetaxwereSEK119million(106)andearningsaftertaxwereSEK90million(79).

cash flow, working capital, investments and financial positionQ2CashflowfromoperatingactivitiestotaledSEK37million(95).CashfloweffectsofchangesinworkingcapitalamountedtoSEK-33million(29).Theworkingcapitalisdrivenbythepositivevolumetrendandthechangeinfinancialfixedassetsthathavebeenreplacedbyworkingcapitalfinancing.InventorieschangedintheperiodbySEK6million(-1),whilecurrentreceivables

decreasedbySEK-9million(-19).CurrentliabilitieschangedbySEK-25million(5). CashflowfrominvestingactivitieswasSEK2million(-6).InvestmentsofSEK30million(7)relatetotangibleassets.ThechangeinfinancialfixedassetswasSEK33million(1).Duringthequarter,aroundSEK33millionofloanstothejointventure,BBBServicesLtdwerereplacedwithworkingcapitalfinancing.ThechangemeantthattheGroup’scashflowfromoperatingactivitieshasbeennegativelyaffectedbySEK33millionandtheGroup’scashflowfrominvestingactivitieswasaffectedpositivelybyacorrespondingamount.January – JuneCashflowfromoperatingactivitiestotalledSEK35million(173).CashfloweffectsofchangesinworkingcapitalamountedtoSEK-114million(39).InventoriesdecreasedintheperiodbySEK-24million(-53),whilecurrentreceivablesincreasedbySEK116mil-lion(15).CurrentliabilitieschangedbySEK-17million(1). CashflowfrominvestingactivitieswasSEK28million(-22).InvestmentsofSEK37million(22)relatetotangibleassets.ThecorrespondingfigureforintangibleassetswasSEK1million(0).DivestmentoffixedassetsamountedtoSEK-0million(-0). Duringtheyear,aroundSEK67millionofloanstothejointventure,BBBServicesLtdwerereplacedwithworkingcapitalfin-ancing.ThechangemeantthattheGroup’scashflowfromoper-atingactivitieshasbeennegativelyaffectedbySEK67millionandtheGroup’scashflowfrominvestingactivitieswasaffectedpositivelybyacorrespondingamount. AttheendoftheperiodnetcashwasSEK3million,ofwhichcashandcashequivalentswereSEK81million.Inthepreviousyear,netdebtwasSEK-89million,ofwhichcashandcashequivalentswereSEK49million.Adjustedforfinancialleasing,netcashwasSEK40million.Lastyear,adjustednetdebtwasSEK-53million.

Q2 2017 3

OTHER InFORMATIOn

accounting principlesThishalfyearreporthasbeenpreparedfortheGroupinaccord-ancewithIAS34(InterimFinancialReporting)andtheSwedishannualaccountsact.Thefinancialstatementfortheparentcom-panyhasbeendrawnupinaccordancewiththeSwedishannualaccountsactandRFR2(Reportingforlegalentities)oftheSwedishFinancialAccountingStandardsCouncil.Theaccountingprinciplesareunchangedcomparedwiththeprinciplesexplainedinthe2016annualreport. AllamountsareinSEKmillionunlessotherwisestated.Amountsinbracketsshowfiguresforlastyear.Somefiguresareroundedup,whichiswhytotalamountsmightnotalwaysaddup.

risks and risk management ExposuretooperationalandfinancialrisksareanaturalpartofbusinessactivityandthisisreflectedinBulten’sapproachtoriskmanagement.Thepurposeistoidentifyandpreventrisksandlimitanydamagethatmayresult.ThemainrisksthattheGroupisexposedtorelatetotheimpactofthebusinesscycleondemand,suppliesofrawmaterialsandtheirpricevariations,aswellasgeneraleconomicandgeopoliticalfactors. Foramoredetaileddescriptionoftheserisks,seeNote3,Risksandriskmanagement,ofthecompany’s2016annualreport.

seasonal variationsBultenisnotexposedtotraditionalseasonalvariations.Theyearreflectscustomers’productiondays,whichvarybetweenquarters.ThelowestnetsalesandoperatingearningsnormallyoccurinQ3,wheretherearefewestproductiondays.Theotherquartersarerelativelyevenalthoughvariationsmayoccur.

transaction with related partiesNosignificanttransactionsweremadewithrelatedpartiesduringthereportingperiod. Forfurtherinformation,seenote34ofthe2016annualreport.

employeesThetotalnumberofemployeesintheGroupamountedontheclosingdayto1,287(1,247).

contingent liabilities Duringthereportperiodtherewasnosignificantchangeincontingentliabilities.

parent company BultenAB(publ)owns,directlyorindirectly,allthecompaniesintheGroup.Theequity/assetsratiowas74.1%(66.2).EquitywasSEK1,053million(1,026).Theparentcompanyhadnocashandcashequivalentsontheclosingday.Thecompanyhad9emp-loyeesontheclosingday.

significant events after the end of the reporting periodBulten’sjointventure,Ram-Bul,hassignedanewcontractwortharoundUSD5.5millionperyearatfullvolumes.TheestimateddeliveryvalueisdistributedUSD5.0millionforBultenandUSD0.5millionforRamco.DeliveriesareexpectedtostartinQ32018andthensuccessivelyincreaseuptofullcapacityin2019/2020. BultenhassignedanFSPcontractwithanexistingcustomer,asignificantvehiclemanufacturer.ThecontractiswortharoundEUR30millionperyear.Deliveriesareexpectedtostartattheendof2018andthensuccessivelyincreaseuptofullcapacityin2020. Deliveriesforboththeabovecontractswilltakeplaceoveranumberofyearsrelatingtothelifelengthofthevehicles,whichisnormallyfivetotenyears.Volumeswillfollowthelifelengthandvolumecurveofthevehicleswithasuccessivedownscalingasthemodelreachestheendofitslife.

auditor’s verificationThisreporthasnotbeenverifiedbythecompany’sauditors.

TheBoardofDirectorsandtheCEOcertifythatthereportprovidesafairoverviewoftheGroup’soperations,positionandresultsanddescribessignificantrisksanduncertaintyfactors

thattheparentcompanyandtheGroupface.

Göteborg,Sweden12July2017

BultenAB(publ)

UlfLiljedahl Ann-SofiDanielsson HansGustavsson Chairman of the board Board member Board member

HansPeterHavdal PeterKarlsten Anne-LieLind Board member Board member Board member

GustavLindnerJohanLarsson Board member Employee representative

TommyAndersson President and CEO

Q2 2017 4

ABOuT BuLTEn

visionSupportingtheglobalautomotiveindustrywithstate-of-the-artfastenertechnologyandservices.

business conceptBultenshall:•betheleadingbusinesspartnerandthemostcost-effectivesupplieroffastenersandservicestotheautomotiveindustry.

•withempoweredanddedicatedpeoplecontinuouslydevelopitsfullserviceconceptandactivelylaunchinnovations.

•developlong-termrelationsbasedonprofessionalismandgoodbusinessethics.

financial targets and dividend policy•TheGroup’stargetistoachieveprofitableorganicgrowthandtogrowmorestronglythantheindustryaverage.

•TheGroup’stargetistoachieveanoperatingmarginofatleastseven(7)percent.

•TheGroup’stargetistoachieveareturnonaveragecapitalemployedofatleastfifteen(15)percent.

•Bulten’sdividendpolicyovertimeistopayoutadividendofatleastonethirdofnetearningsaftertax.Considerationisgiven,however,tothecompany’sfinancialposition,cashflowandoutlook.

Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to specialist, customized fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full service Provider concept or parts thereof. The company was founded in 1873, has around 1,300 employees in nine countries and has its head office in Göteborg, sweden. The share (BUlTen) is listed on nasdaq stockholm.

strategyBultenhasaclearfocusonorganicgrowthinEurope,USA,RussiaandChina.TheprospectsforBultentocontinuetogroworganicontheglobalautomotivemarketaregood.

Bultenshallbeapreferredfullserviceproviderandprovideeverythingfromdevelopment,productionandlogisticstofinaldeliveryatthecustomer’sassemblyline.Thishasbeenasuccess-fulconceptandthestrategyistocontinuedevelopingthebusinessinthisdirection.AlreadytodayBulten’scontractportfolioconsistsofapproximatelythreequartersfullservicecontractsandtheshareisexpectedtoincrease.

Bulten’sstrategyisbasedonofferingcompetitiveproductsandservices.Thiswillbeachievedbyhavingproductionprocessesatlowcostswithgeographicalproximitytothecustomer.Bulteniscontinuouslyworkingtodevelopitsexpertiseinordertoofferitscustomersthebestpossiblequalityatthebestpossibleprice.

PartofBulten’sstrategyisalsotoconstantlydeveloptheinnovativeandtechnologicalknow-howneededtocreatenewproductstogetherwithcustomers,thusofferingimprovedandmorecost-effectivesolutionstoOEMs.

HEAD OFFICE

PRODUCtION

SALES

LOGIStICS

PRE DEVELOPMENt

PRODUCt DEVELOPMENt

Q2 2017 5

bulten’s ten largest shareholders

SHAREHOLdER nO OF SHARES HOLdIng, %

VolitoAB 4,450,000 21.2Lannebofonder 2,712,098 12.9InvestmentABÖresund 2,263,535 10.8SpiltanFonderAB 967,312 4.6JPMorgan 749,600 3.6BultenAB 680,500 3.2SkandinaviskaEnskildaBankenS.A 471,834 2.2Sjöbergstiftelsen 400,000 1.9CBNY-DFA-INTSMLCAPV 334,579 1.6ClientsAccounts-DCS 309,849 1.5

Totalnumberofshareholders: 7,171

Source: Euroclear Sweden AB s register, 30 June 2017

60

80

100

120

140

SEK

20

0

40

60

80

Index

Bulten Share SEK Bulten Index OMX Stockholm PI Index

Feb MarOct Nov Dec JanJuly SeptAug Apr May Jun

the share

Source: Cision register, 30 June 2017

Q2 JAn-JunE12-MOnTH

ROLLIngFuLL YEAR

PRIcE-RELATEd SHARE dATA 2017 2016 2017 2016JuLY 2016 –

JunE 2017 2016

Sharepriceatperiod-end(finalpayprice),SEK 120.00 81.75 38.25 120.00 81.75 38.25 120.00 89.00Highestsharepriceduringperiod(finalpayprice),SEK 135.50 86.00 49.50 135.50 86.00 49.50 135.50 99.75Lowestsharepriceduringperiod(finalpayprice),SEK 110.00 72.50 37.50 89.00 67.75 21.25 78.25 67.75Marketvalueatperiodend,MSEK 2,525 1,664 861 2,525 1,664 861 2,525 1,873P/E – – – – – – 15.14 12.23Dividendyield,% – – – – – – – 5.06Data per share

Earningsbeforedepreciation(EBITDA) 3.74 3.46 0.28 7.80 7.00 0.80 14.12 13.32Operatingearnings(EBIT) 2.76 2.63 0.13 5.87 5.35 0.52 10.35 9.83Earningsafternetfinancialitems(EAFI) 2.53 2.57 -0.04 5.83 5.24 0.59 10.22 9.63Earningsfortheperiod 2.01 1.92 0.09 4.60 3.95 0.65 7.93 7.27Shareholdersequity – – – 66.64 61.63 5.01 – 65.96Cashflowfromtheoperatingactivities 1.85 4.67 -2.82 1.73 8.50 -6.77 – 17.23Cashflowfortheperiod -2.06 -2.27 0.21 -1.38 0.37 -1.75 – 3.27Dividend – – – – – – – 4.50Total outstanding ordinary shares, 000s

Weightedtotalduringtheperiod 20,359.7 20,359.7 – 20,359.7 20,359.7 – 20,359.7 20,359.7Atperiodend – – – 20,359.7 20,359.7 – 20,359.7 20,359.7

information about this interim report

Bultenaimstooperateasustainablebusinessandstrivestoidentifyareaswherewecanreduceourenvironmentalimpact.AsfromQ22016Bultennolongerprinttheinterimreports.

AllofBulten’sreportscanbereadat,anddownloadedfrom,www.bulten.se.ShareholderswhoareunabletoreadreportsonlinemayorderaprintedcopybycontactingBulten.

Oursubscriptionserviceatwww.bulten.segivesyoutheopportunitytosubscribeforBulten’sreportsandpressreleasesviaemail.

SHAREHOLdER InFORMATIOn

Q2 2017 6

cOnSOLIdATEd IncOME STATEMEnTQ2 JAn-JunE

12-MOnTH ROLLIng

FuLL YEAR

SEk MILLIOn 2017 2016 2017 2016JuLY 2016 –

JunE 2017 2016

Netsales 708 686 22 1,486 1,402 84 2,760 2,676Costofgoodssold -567 -548 -19 -1,192 -1,128 -64 -2,209 -2,145Gross profit 141 138 3 294 274 20 551 531Otheroperatingincome 9 8 1 13 16 -3 23 26Sellingexpenses -49 -46 -3 -97 -93 -4 -192 -188Administrativeexpenses -45 -42 -3 -90 -83 -7 -172 -165Otheroperatingexpenses – -1 1 -2 -1 -1 -2 1ShareofresultofJointVenture 1 -2 3 2 -4 6 3 -3Operating earnings 57 54 3 120 109 11 211 200Financialincome – 1 -1 2 2 – 3 3Financialexpenses -5 -3 -2 -3 -5 2 -6 -7Earnings before tax 52 52 – 119 106 13 209 196Taxonperiod’searnings -13 -13 – -29 -27 -2 -52 -50Earnings after tax 39 39 – 90 79 11 157 146AttributabletoParentcompanyshareholders 41 39 2 93 80 13 161 148Minorityinterests -2 -0 -2 -3 -1 -2 -4 -2Earnings after tax 39 39 – 90 79 11 157 146

Earnings per share attributable to parent company shareholdersEarningspershare,SEK1) 2.01 1.92 0.09 4.60 3.95 0.62 7.93 7.27Weightedoutstandingordinaryshares,0001) 20,359.7 20,359.7 – 20,359.7 20,359.7 – 20,359.7 20,359.7

1) Both before and after dilution.

cOnSOLIdATEd STATEMEnT OF cOMPREHEnSIvE IncOME

Q2 JAn-JunE12-MOnTH

ROLLIngFuLL YEAR

SEk MILLIOn 2017 2016 2017 2016JuLY 2016 –

JunE 2017 2016

Earningsaftertax 39 39 – 90 79 11 157 146OthercomprehensiveincomeItemsthatwillnotbereclassifiedtoprofitorlossRevaluationofdefinedbenifitpensionplan,netaftertax – – – – – – 1 1ItemsthatmaybereclassifiedsubsequentlytoprofitorlossExchangeratedifferences -1 11 -12 11 9 2 31 29

Total comprehensive income 38 50 -12 101 88 13 189 176AttributabletoParentcompanyshareholders 41 49 -8 104 87 17 191 174Minorityinterests -3 1 -4 -3 1 -4 -2 2Total comprehensive income 38 50 -12 101 88 13 189 176

FInAncIAL InFORMATIOn

Q2 2017 7

cOnSOLIdATEd BALAncE SHEET

SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

ASSETS

Fixed assets

Intangiblefixedassets1) 206 203 206Tangiblefixedassets 578 542 570Financialassets 5 59 61Deferredtaxreceivables 19 48 35Total fixed assets 808 852 872

Current assets

Inventories 425 419 450Currentreceivables 655 569 538Cashandcashequivalents 81 49 109Total current assets 1,161 1,037 1,097Total assets 1,969 1,889 1,969

EQUITY AND LIABILITIES

Equity

Equityattributabletoparentcompanyshareholders 1,357 1,255 1,343Minorityinterests 10 12 14Total equity 1,367 1,267 1,357

Non-current liabilities

Non-currentinterest-bearingliabilitiesandprovisions 80 90 78Total non-current liabilities 80 90 78

Current liabilities

Currentliabilities,interest-bearing 3 53 5Currentliabilities,non-interest-bearing 519 479 529Total current liabilities 522 532 534Total equity and liabilities 1,969 1,889 1,969

1) Whereof goodwill SEK 203 million (201) (204).

cOnSOLIdATEd STATEMEnT OF cHAngES In EQuITY

JAn-JunE FuLL YEAR

SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

Openingequity 1,357 1,245 1,245Comprehensive income

Earningsaftertax 90 79 146Othercomprehensiveincome 11 9 30Total comprehensive income 101 88 176

Transactions with shareholders

Share-basedpaymenttoemployees 1 – 2Dividendpaidtoparentcompanyshareholders -92 -66 -66Total transactions with shareholders -91 -66 -64Closing equity 1,367 1,267 1,357

Q2 2017 8

cOnSOLIdATEd cASH FLOw STATEMEnT

Q2 JAn-JunEFuLL YEAR

SEk MILLIOn 2017 2016 2017 2016 2016

Operating activities

Earningsafterfinancialitems 52 52 119 107 196Adjustmentsforitemsnotincludedincashflow 23 20 42 38 72Taxpaid -5 -6 -12 -11 -21Cash flow from operating activities before changes in working capital 70 66 149 134 247Cash flow from changes in working capital

Changeinworkingcapital -33 29 -114 39 104Cash flow from operating activities 37 95 35 173 351

Investing activities

Acquisitionofintangiblefixedassets -1 -0 -1 -0 -1Acquisitionoftangiblefixedassets -30 -7 -37 -22 -82Disposaloftangiblefixedassets 0 0 0 0 0Changeoffinancialassets 33 1 66 – –Cash flow from investing activities 2 -6 28 -22 -82

Financing activities

Changeinoverdraftfacilitiesandotherfinancialliabilities 10 -69 0 -77 -136Dividendpaidtoparentcompanyshareholders -92 -66 -92 -66 -66Cash flow from financing activities -82 -135 -92 -143 -202

Cash flow for the period -43 -46 -29 7 67

Changeincashandcashequivalents -43 -46 -29 7 67Cashandcashequivalentsatstartoffinancialyear 122 94 109 40 40Exchangeratedifferenceincashandcashequivalents 2 1 1 1 2Cash and cash equivalents at end of period 81 49 81 49 109

cOnSOLIdATEd nET cASH/nET dEBT

SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

Non-currentinterest-bearingliabilities -63 -70 -60Provisionsforpensions -17 -20 -18Currentinterest-bearingliabilities -3 -53 -5Financialinterest-bearingliabilities 5 5 5Cashandcashequivalents 81 49 109Net cash(+)/net debt(-) 3 -89 30

Adjustedforinterestbearingliabilitiesrelatedtofinancialleaseagreements 37 36 38Adjusted net cash(+)/net debt(-) 40 -53 68

cOnSOLIdATEd BALAncE SHEET

SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

ASSETS

Fixed assets

Intangiblefixedassets1) 206 203 206Tangiblefixedassets 578 542 570Financialassets 5 59 61Deferredtaxreceivables 19 48 35Total fixed assets 808 852 872

Current assets

Inventories 425 419 450Currentreceivables 655 569 538Cashandcashequivalents 81 49 109Total current assets 1,161 1,037 1,097Total assets 1,969 1,889 1,969

EQUITY AND LIABILITIES

Equity

Equityattributabletoparentcompanyshareholders 1,357 1,255 1,343Minorityinterests 10 12 14Total equity 1,367 1,267 1,357

Non-current liabilities

Non-currentinterest-bearingliabilitiesandprovisions 80 90 78Total non-current liabilities 80 90 78

Current liabilities

Currentliabilities,interest-bearing 3 53 5Currentliabilities,non-interest-bearing 519 479 529Total current liabilities 522 532 534Total equity and liabilities 1,969 1,889 1,969

1) Whereof goodwill SEK 203 million (201) (204).

cOnSOLIdATEd STATEMEnT OF cHAngES In EQuITY

JAn-JunE FuLL YEAR

SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

Openingequity 1,357 1,245 1,245Comprehensive income

Earningsaftertax 90 79 146Othercomprehensiveincome 11 9 30Total comprehensive income 101 88 176

Transactions with shareholders

Share-basedpaymenttoemployees 1 – 2Dividendpaidtoparentcompanyshareholders -92 -66 -66Total transactions with shareholders -91 -66 -64Closing equity 1,367 1,267 1,357

Q2 2017 9

cOnSOLIdATEd kEY IndIcATORS

THE gROuP

Q2 JAn-JunE12-MOnTH

ROLLIngFuLL YEAR

2017 2016 2017 2016JuLY 2016 –

JunE 2017 2016

Margins

EBITDAmargin,% 10.8 10.3 10.7 10.2 10.4 10.1EBITmargin(operatingmargin),% 7.9 7.8 8.0 7.8 7.6 7.5Netmargin,% 5.5 5.7 6.1 5.7 5.7 5.5Capital structure

Interestcoverageratio,times 30.7 26.2 40.4 28.4 37.2 30.6Data per share attributable to parent company shareholders

Earningspershare,SEK*) 2.01 1.92 4.60 3.95 7.93 7.27Number of outstanding ordinary shares

Weightedoutstandingordinaryshares,000*) 20.359,7 20.359,7 20.359.7 20.359.7 20.359,7 20.359.7

THE gROuP 30-06-2017 30-06-2016 31-12-2016

Capital structure

Netdebt/equityratio,times 0.0 -0.1 0.0Equity/assetsratio,% 69.4 67.1 68.9Other

Netcash(+)/netdebt(-),SEKm 3 -89 30Adjustednetcash(+)/netdebt(-),SEKm 40 -53 68Equity per share attributable to parent company shareholders

Equitypershare,SEK*) 66.64 61.63 65.96Number of outstanding ordinary shares

Numberofoutstandingordinarysharesatperiodend,000*) 20,359.7 20,359.7 20,359.7

THE gROuP, 12 MOnTHS ROLLIng

12-MOnTH ROLLIngFuLL YEAR

JuLY 2016 – JunE 2017

JuLY 2015 – JunE 2016 2016

Return indicators

Returnoncapitalemployed,% 15.0 13.4 13.9Adjustedreturnoncapitalemployed,%1) 15.0 13.1 13.9Returnoncapitalemployedexcludinggoodwill,% 17.4 15.7 16.2Adjustedreturnoncapitalemployedexcludinggodwill,%1) 17.4 15.3 16.2Returnonequity,% 12.4 10.5 11.5Adjustedreturnonequity,%2) 12.4 10.3 11.5Capital structure

Capitalturnover,times 1.9 1.9 1.8Employees

Salesperemployee,SEK‘000 2,145 2,154 2,117Operatingearningsperemployee,SEK‘000 164 154 158Numberofemployeesonclosingdate 1,287 1,247 1,264

*) Refers to both before and after dilution.

dEFInITIOnS

Definitions of key indicators are unchanged compared with those used in the 2016 annual report.Other key indicators not used in the annual report or on page 13 in this interimreport are explained below.1) Adjusted return on capital employed: Earnings before financial cost adjusted for non-recurring items in percentage of average capital employed.2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided with average equity.

Q2 2017 10

cOnSOLIdATEd QuARTERLY dATA

2017 2016 2015

SEk MILLIOn Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2

Orderbookings 765 720 744 602 672 699 674 652 688

Income statement

Netsales 708 778 674 601 686 715 667 618 696Grossearnings 141 153 140 117 138 136 132 112 136

Earningsbeforedepreciation(EBITDA) 76 83 71 57 71 72 64 51 60

EBITDAmargin,% 10.8 10.6 10.6 9.6 10.3 10.1 9.6 8.2 8.6

Adjustedearningsbeforedepreciation(EBITDA) 76 83 71 57 71 72 60 51 56

AdjustedEBITDAmargin,% 10.8 10.6 10.6 9.6 10.3 10.1 9.0 8.2 8.0

Operatingearnings(EBIT) 57 63 52 39 54 55 47 36 45

EBITmargin(operatingmargin),% 8.1 8.1 7.7 6.5 7.8 7.7 7.1 5.8 6.5

Adjustedoperatingearnings(EBIT) 57 63 52 39 54 55 43 36 41

AdjustedEBITmargin(operatingmargin),% 8.1 8.1 7.7 6.5 7.8 7.7 6.5 5.8 5.9

Earningsaftertax 39 51 37 30 39 40 24 22 35

Netmargin,% 5.5 6.6 5.5 5.0 5.7 5.6 3.6 3.5 5.1

Adjustedearningsaftertax 39 51 37 30 39 40 20 22 31

Adjustednetmargin,% 5.5 6.6 5.5 5.0 5.7 5.6 3.0 3.5 4.5Cash flow from

operatingactivities 37 -2 122 55 95 78 91 -12 14investmentactivities 2 26 -31 -29 -6 -16 -146 -40 -33financingactivities -82 -10 -69 10 -135 -8 21 5 -65Cashflowfortheperiod -43 14 23 36 -46 54 -35 -48 -84Earnings per share attributable to parent company shareholders

Earningspershare,SEK*) 2.01 2.59 1.82 1.50 1.92 2.03 1.33 1.14 1.69Earningspershare,adjustedforone-offeffects,SEK*) 2.01 2.59 1.82 1.50 1.92 2.03 1.21 1.14 1.50Number of outstanding ordinary shares

Weightedoutstandingordinaryshares,000*) 20,359.7 20,359.7 20,359.7 20,359.7 20,359.7 20,359.7 20,457.6 20,786.7 21,040.2

SEk MILLIOn 30-06-2017 31-03-2017 31-12-2016 30-09-2016 30-06-2016 31-03-2016 31-12-2015 30-09-2015 30-06-2015

Balance sheet

Fixedassets 808 832 872 868 852 867 877 725 711Currentassets 1,161 1,205 1,097 1,071 1,037 1,103 1,067 1,145 1,162Equity 1,367 1,420 1,357 1,319 1,267 1,283 1,245 1,263 1,277Non-currentliabilities 80 69 78 100 90 160 168 154 114Currentliabilities 522 548 534 519 532 527 532 453 482Other

Netcash(+)/netdebt(-) 3 54 30 -63 -89 -114 -176 -73 12Adjustednetcash(+)/netdebt(-) 40 91 68 -25 -53 -76 -138 -71 14Equity per share attributable to parent company shareholders

Equitypershare,SEK*) 66.64 69.08 65.96 64.20 61.63 62.48 60.58 60.52 59.71Number of outstanding ordinary shares

Numberofoutstandingordinarysharesatperiodend,000*) 20,359.7 20,359.7 20,359.7 20,359.7 20,359.7 20,359.7 20,359.7 20,612.7 21,040.2Shareprice

Sharespriceatperiodend,(SEK) 120.00 112.25 89.00 97.50 81.75 74.50 82.00 71.50 81.50

*) Refers to both before and after dilution.

Q2 2017 11

cOnSOLIdATEd, 12 MOnTH ROLLIng

SEk MILLIOn

JuLY 2016–

JunE 2017

APRIL2016–

MARcH 2017

JAnuARY 2016–

dEcEMBER 2016

OcTOBER 2015–

SEPT EMBER 2016

JuLY 2015–

JunE 2016

APRIL2015–

MARcH 2016

JAnuARY 2015–

dEcEMBER 2015

OcTOBER 2014–

SEPT EMBER 2015

JuLY 2014–

JunE 2015

Orderbookings 2,831 2,738 2,717 2,646 2,696 2,712 2,673 2,705 2,624

Income statement

Netsales 2,760 2,739 2,676 2,669 2,686 2,695 2,693 2,648 2,624Grossresult 551 548 531 522 518 515 510 493 486

Earningsbeforedepreciation(EBITDA) 287 282 271 264 257 246 225 212 197EBITDA-margin,% 10.4 10.3 10.1 9.9 9.6 9.1 8.4 8.0 7.5Adjustedearningsbeforedepreciation(EBITDA) 287 282 271 260 253 239 217 209 182AdjustedEBITDA-margin,% 10.4 10.3 10.1 9.7 9.4 8.9 8.1 7.9 6.9

Operatingearnings(EBIT) 211 208 200 196 192 184 165 156 145EBIT-margin(operatingmargin),% 7.6 7.6 7.5 7.3 7.2 6.8 6.1 5.9 5.5Adjustedoperatingearnings(EBIT) 211 208 200 192 188 176 157 152 130AdjustedEBIT-margin(operatingmargin),% 7.6 7.6 7.5 7.2 7.0 6.5 5.8 5.7 4.9

Earningsaftertax 157 157 146 134 125 122 111 105 100Netmargin,% 5.7 5.7 5.5 5.0 4.7 4.5 4.1 4.0 3.8Adjustedearningsaftertax 157 157 146 130 121 114 103 101 88Adjustednetmargin,% 5.7 5.7 5.5 4.9 4.5 4.2 3.8 3.8 3.3

Employees

Netsaleperemployee,SEK000 2,145 2,140 2,117 2,115 2,154 2,193 2,246 2,216 2,168Operatingearningsperemployee,SEK000 164 163 158 155 154 150 138 130 120Numberofemployeeonclosingday 1,280 1,280 1,264 1,262 1,247 1,229 1,199 1,195 1,210

Return indicators

Returnoncapitalemployed,% 15.0 14.4 13.9 13.7 13.4 12.3 11.5 10.9 10.7Adjustedreturnoncapitalemployed,%1) 15.0 14.4 13.9 13.5 13.1 11.8 11.0 10.6 9.6Returnoncapitalemployedexcludinggoodwill,% 17.4 16.7 16.2 16.0 15.7 14.3 13.4 12.7 12.5Adjustedreturnoncapitalemployedexcludinggoodwill,%1) 17.4 16.7 16.2 15.6 15.3 13.6 12.8 12.4 11.2Returnonequity,% 12.4 11.9 11.5 10.8 10.5 10.0 9.4 9.0 8.6Adjustedreturnonequity,%2) 12.4 11.9 11.5 10.6 10.3 9.5 8.9 8.7 7.6

Others

Netcash(+)/netdebt(-)/EBITDA 0.0 0.2 0.1 -0.2 -0.3 -0.5 -0.8 -0.3 0.1Adjustednetcash(+)/netdebt(-)/EBITDA 0.1 0.3 0.3 -0.1 -0.2 -0.3 -0.6 -0.3 0.1

Q2 2017 12

REcOncILIATIOn BETwEEn IFRS And uSEd kEY IndIcATORS

SomeoftheinformationinthisreportusedbycompanymanagersandanalyststoassesstheGroup’sdevelopmentisnotproducedinaccordancewithIFRS.CompanymanagersconsiderthatthisinformationmakesiteasierforinvestorstoanalysetheGroup’sresultsandfinancialstructure.Investorsshouldseethisinformationasacomplementto,ratherthanareplacementfor,financialreportinginaccordancewithIFRS.

adjusted net sales, organic growth Q2 JAn - JunE

SEk MILLIOn 2017 2016 2017 2016

Netsales 708 686 22 1,486 1,402 84Currencyeffectcurrentperiod -31 – -31 -44 – -44Adjusted net sales 677 686 -9 1,442 1,402 40

Whencalculatingadjustednetsales,organicgrowth,netsalesareadjustedusingcurrencyeffectsofthecurrentperiodandifnecessarywithnetsalesfromcompletedacquisitions.Thismeasurementgivesafigureforcomparingnetsaleswiththepreviousyear.

earnings before depreciation, ebitda Q2 JAn - JunE

12-MOnTH ROLLIng FuLL YEAR

SEk MILLIOn 2017 2016 2017 2016JuLY 2016 –

JunE 2017 2016

Operatingearnings(EBIT) 57 54 3 120 109 11 211 200 11Depreciationandamortisation 19 17 2 39 34 5 76 71 5Earnings before depreciation (EBITDA) 76 71 5 159 143 16 287 271 16

Whencalculatingoperatingearningsexcludingdepreciation(EBITDA),depreciationandimpairmentsarereturnedtooperatingearnings(EBIT).Thismeasurementprovidesafigureforoperatingearningsexcludingdepreciationwhichareinturnbasedoninvestments.

adjusted net cash/net debt

SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

Netcash(+)/netdebt(-) 4 -89 30Adjustedforinterestbearingliabilitiesrelatedtofinancialleaseagreements 37 36 38Adjusted net cash(+)/net debt(-) 40 -53 68

Whencalculatingadjustednetcash/netdebt,interest-bearingdebtattributabletofinancialleasesisdeductedfromnetcash/netdebt.Thismeasurementprovidesafigureforarefinedfinancialstructureexcludingleaseliabilities.

Q2 2017 13

IncOME STATEMEnT, PAREnT cOMPAnYQ2 JAn-JunE

FuLL YEAR

SEk MILLIOn 2017 2016 2017 2016 2016

Netsales 12 10 2 18 16 2 28Gross profit 12 10 2 18 16 2 28Administrativeexpenses -17 -15 -2 -29 -23 -6 -39Operating earnings -5 -5 – -11 -7 -4 -11Interestexpensesandsimilaritems -1 -2 1 -1 -4 3 -9Earnings after financial items -6 -7 1 -12 -11 -1 -20Appropriations – – – – – – 174Earnings before tax -6 -7 1 -12 -11 -1 154Taxonperiod’searnings 1 1 – 2 2 – -34Earnings after tax -5 -6 1 -10 -9 -1 120

BALAncE SHEET, PAREnT cOMPAnY SEk MILLIOn 30-06-2017 30-06-2016 31-12-2016

ASSETS

Fixed assets

Intangiblefixedassets 1 1 1Tangiblefixedassets 1 2 1Total intangible and tangible fixed assets 2 3 2

Financial fixed assets

ParticipationsinGroupcompanies 1,382 1,382 1,382Deferredtaxassets 22 56 19Othernon-currentreceivables – 1 2Total financial fixed assets 1,404 1,439 1,403Total fixed assets 1,406 1,442 1,405

Current assets

CurrentreceivablesfromGroupcompanies 12 108 174Othercurrentreceivables 3 – 2Total current assets 15 108 176Total assets 1,421 1,550 1,581

EQUITY AND LIABILITIES

Equity

Restrictedequity 110 110 110Non-restrictedequity 943 916 1,045Total equity 1,053 1,026 1,155

Non-current liabilities

Non-currentliabilitiestoGroupcompanies 289 389 346Total non-current liabilities 289 389 346

Current liabilities

CurrentliabilitiestoGroupcompanies 67 117 67Othercurrentliabilities 12 18 13Total current liabilities 79 135 80Total equity and liabilities 1,421 1,550 1,581

Q2 2017 14

cOMMEnTS

Q2 2017 15

future financial report dates 26 October 2017 Interimreport,January–September20178 February 2018 Fullyearreport,January–December2017

ThereportsareavailableonBulten’swebsite,www.bulten.comasoftheabovedates.capital market day21 September 2017

contactForfurtherinformation,pleasecontactKamillaOresvärd,SeniorVicePresidentCorporateCommunicationsTel:+46317345900,e-mail:kamilla.oresvard@bulten.com

invitation to presentationInvestors,analystsandmediaareinvitedtoparticipateinthetele-conferenceonJuly12at11:00CET.ThereportwillbepresentedbyTommyAndersson,PresidentandCEOandHelenaWennerström,ExecutiveVicePresidentandCFOviaaudiocast.

ThepresentationwillbeheldinEnglishandcanbefollowedliveviathelink:https://tv.streamfabriken.com/bulten-q2-2017.Itwillalsobepossibletotakepartoftheaudiocastafterwardsatthesameaddressoratwww.bulten.com/ir.

Toparticipateintheteleconference,pleasecall5minutesbeforetheopening:SE:+46856642662,UK:+442030089807,US:+18558315945

ThisinformationisinformationthatBultenAB(publ)isobligedtomakepublicpursuanttotheEUMarketAbuseRegulationandtheSecuritiesMarketsAct.Theinformationwassubmittedforpublication,throughtheagencyoftheSeniorVicePresidentCorporateCommunicationssetoutabove,at08:30CETonJuly12,2017.

Bulten is one of the leading suppliers of fasteners to the international automotive industry. The company’s product range includes everything from customer-specific standard products to customized special fasteners. The company also provides technical development, line-feeding, logistics, material and production expertise. Bulten offers a Full Service Provider concept or parts thereof. The company was founded in 1873, has some 1,300 employees in nine countries and head office in Gothenburg. The share (BULTEN) is listed on Nasdaq Stockholm. Read more at www.bulten.com

Bulten AB (publ) Box9148,SE-40093Göteborg,SwedenVisitingaddress:AugustBarksGata6ATel+46317345900,Fax+46317345909www.bulten.com

JAnuARY–JunE 2017

Bulten, through its majority owned joint venture company BBB Services Ltd, was honored by Ford Motor Company with a Special Recognition World Excellence Award. The award honors suppliers that exceed expectations and achieve the highest levels of excellence in quality, cost, performance and delivery. In the picture from the left to right: Hau Thai-Tang, Executive Vice President, Product Development and Purchasing, Ford Motor Company; Tommy Andersson, President and CEO of Bulten and Chairman of BBB Services Ltd; Raj Nair, Executive Vice President and President, North America, Ford Motor Company.