Odd. Fulcrum with that preload ring tend to have cartridge bearings, and they disassemble easily enough (usually: use cone spanners on lock nuts, remove preload nut, remove cone/nut with a bearing seat, whack the axle out with a mallet). Keep the old bearings and use them to press in the new bearings, just don’t forget to reinsert axle if it’s a stepped axle fitted between the bearings.
The NDS axle looks to have a lip on it to stop it moving right through the bearings but I can't see how the lockring thing comes off (other than by force).
Oh maybe the NDS side is an axle cap and just pops off. The might explain the lip.
Odd. Fulcrum with that preload ring tend to have cartridge bearings, and they disassemble easily enough (usually: use cone spanners on lock nuts, remove preload nut, remove cone/nut with a bearing seat, whack the axle out with a mallet). Keep the old bearings and use them to press in the new bearings, just don’t forget to reinsert axle if it’s a stepped axle fitted between the bearings.