Slide 1: Year-end Report 2025: Continued strong growth drives record results
Q4 Year-end Report 2025 Continued strong growth drives record results
Slide 2: Market share gains drive strong growth and record EBIT – again
Anna Market share gains drive strong Förslag Jörgen growth and record EBIT – again • Sales volume grew 17% in Q4 and 22% for the full year • Driven by market share gains which more than offset a very weak HVAC market and generally hesitant demand • Adjusted operating profit increased to SEK 373 mill
Slide 3: Increased market share and strong shipments drove good growth in all regions
Increased market share and strong shipments drove good growth in all regions External year-on-year sales volume growth Q4, 2025 Specialty Automotive HVAC packaging Other niches Total Gränges Americas +7% Gränges Asia → +32% Gränges Europe +16% Total +14% -28% +27% +40% +17% >+3% → -3% to +3% <-3% 3
Slide 4: Record sustainability performance for 2025
Record sustainability performance for 2025 • Record-low total carbon Carbon emissions intensity Sourced recycled aluminium intensity (scope 1+2+3) for tonnes CO2e/tonne R12m ktonnes R12m the full year 2025: 100 400 6.6 tonnes CO2e/tonne 12.2 Baseline 2021 12 300 • Record-high recycling 80 300 volume
Slide 5: Capacity investments finalized – focus on utilization and optimization
Capacity investments finalized – focus on utilization and optimization Capital expenditure SEK million 2,000 Utilization and Utilization and Expansion Expansion optimization optimization 1,500 1,000 ~600 500 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F Maintenan
Slide 6: Record full-year sales volume, adjusted operating profit, and net profit
Record full-year sales volume, adjusted operating profit, and net profit Sales volume and adjusted operating profit Sales volume Adjusted operating (ktonnes) profit (SEK million) 800 2,000 1,614 600 1,500 400 1,000 200 149 500 209 617 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 7: Volume growth, price and productivity offset scrap margin pressure and currency translation
Volume growth, price and productivity offset scrap margin pressure and currency translation Sales volume Adjusted operating profit Adjusted operating margin ktonnes R12m SEK million R12m kSEK per tonne R12m 175 700 600 2,000 4 4 617 150 600 1,614 3.3 1,571 3.1 506 1,536 463 450 1,500 3 3 125 500 2.6
Slide 8: Financial overview Q4 2025
Financial overview Q4 2025 Q4 YTD SEK million 2025 2024 Δ 2025 2024 Δ Sales volume, ktonnes 152.4 130.3 17.0% 616.6 505.8 21.9% Net sales 7,222 6,184 16.8% 28,362 23,506 20.7% Adjusted operating profit1 373 324 14.8% 1,614 1,571 2.7% Adjusted operating profit per tonne, kSEK 2.4 2.5 0.0 2.6 3.1 -0.5
Slide 9: Increasing aluminium market prices had a significant impact on working capital in 2025
Increasing aluminium market prices had a significant impact on working capital in 2025 All-in aluminium market price1 • Aluminium market price is a USD per pass-through and has limited tonne impact operating profit 6,000 US • Working capital is affected by 5,000 the aluminium market price as materia
Slide 10: Increased net debt and stable leverage at 1.6x EBITDA in the fourth quarter
Increased net debt and stable leverage at 1.6x EBITDA in the fourth quarter Change in financial net debt SEK million 0 Operating cash flow 1.6x SEK 58 million 1.6x -1,000 -2,000 -3,000 582 -300 -224 -79 -170 -4,000 -3,825 -51 -4,067 -5,000 Financial Adjusted Change in Capital Taxes paid Dividend FX
Slide 11: Gränges Americas Q4 2025: Share gains compensated for weak HVAC market
Gränges Americas Q4 2025: Share gains compensated for weak HVAC market • Sales volume increased Sales volume Adjusted operating profit by 7% vs last year ktonnes R12m SEK million R12m • Share gains and new business 75 300 400 1,600 fully compensated for weak 239 HVAC market 221 230 1,175 300 1068 1,
Slide 12: Gränges Asia Q4 2025: Growth offset price pressure and FX headwind
Gränges Asia Q4 2025: Growth offset price pressure and FX headwind • Sales volume increased Sales volume Adjusted operating profit by 33% vs last year1 ktonnes R12m SEK million R12m • Significant sales growth from 60 240 125 500 205 Shandong ramp-up 100 400 • Growth and productivity offset 45 180 34
Slide 13: Gränges Europe Q4 2025: Share gains compensated for weak demand
Gränges Europe Q4 2025: Share gains compensated for weak demand • Sales volume increased Sales volume Adjusted operating profit by 17% vs last year1 ktonnes R12m SEK million R12m • Weak demand in all markets 60 190 200 150 600 compensated by share gains 163 174 and new business 50 125 500 150 • Oper
Slide 14: Good performance against long-term financial targets during 2025
Good performance against long-term financial targets during 2025 20% 40% 3 50% 30% 40% 15% 20% 2 30% 10% 10% 20% 0% 1 5% -10% 10% 0% -20% 0 0% 2014 2025 2014 2025 2014 2025 2014 2025 Profitability Profit growth1 Capital structure Dividend2 Return on capital employed Average operating profit Financia
Slide 15: First-quarter outlook
Anna (gör förslag till First-quarter outlook Oskar) • Market demand remains difficult to predict • Low-to-mid single-digit sales volume growth expected, supported by share gains and new business • Currency • Sales volume • Aim to offset negative external effects through • Scrap pricing • Price prici
Slide 16: A record year on a stronger foundation
A record year on a stronger foundation • Strong performance in a volatile environment • Growth through market share gains in all regions • Record operating profit for the fifth consecutive year • Strong sustainability result • Improved cash generation thanks to lower expansion capex • Capacity inves
Slide 17: Capital Markets Day 2026
Capital Markets Day 2026 Save the date: June 2, 2026 Location: Stockholm (details to follow)
Slide 18: Q&A
Q&A 18
Slide 19: GRANGES
GRANGES