Slide 1: Presentation of the Q2 2026 report
Presentation of the Q2 2026 report Johnny Sjöström, President and CEO Leena Craelius, CFO July 22, 2026
Slide 2: Agenda
Agenda − Q2 2026 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: Q2 2026 in brief
Q2 2026 in brief SSAB
Slide 4: Summary of Q2
Summary of Q2 LTIF EBITDA Net cash SEK bn SEK bn 1.06 3.8 18.2 17.8 0.87 0.75 3.2 3.2 14.3 2.9 0.56 11.6 1.8 8.6 0.38 2022 2023 2024 2025 2026 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2022 2023 2024 2025 2026 Q2 Q2 − LTIF and TRIF both at all-time − Improved earnings for SSAB − Strong balance sheet low at 0.38
Slide 5: Strategic direction firmly on track
Strategic direction firmly on track − The conversion of the steel mill in Oxelösund is proceeding with the installation of the new EAF and the power line can be finalized − Start of production is planned for Q2 2027 − Groundwork in Luleå continues − Precautionary pauses to secure a safe working envi
Slide 6: New quenching line in Oxelösund
New quenching line in Oxelösund − Essential for the ability to continue to grow in advanced wear steels och protection steels, such as Hardox 500Tuf and Armox − Investment of SEK 3.3 billion over four years, included in the strategic capex frame presented at the Capital Markets Day in 2025 − Will in
Slide 7: SSAB Special Steels
SSAB Special Steels Shipments EBITDA ktonnes SEK m 0% 356 358 1,785 1,700 1,842 1,777 325 289 287 956 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 − Stable shipments vs previous − Higher costs impacted margin quarter, relatively good demand − Prices +1% vs Q1/26 − Price increases impl
Slide 8: SSAB Europe
SSAB Europe Shipments EBITDA ktonnes +1% SEK m 895 919 930 1,166 737 778 961 634 629 340 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 − Relatively stable shipments vs. − Prices +3% vs. Q1/26 Q1/26 − Advanced steels to − Cautious market Automotive at record level 8
Slide 9: SSAB Americas
SSAB Americas Shipments EBITDA ktonnes SEK m +3% 487 461 473 917 440 450 871 780 637 411 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 − Relatively strong demand − Prices +7% vs Q1/26 − Higher variable costs 9
Slide 10: Ruukki Construction Tibnor
Tibnor Ruukki Construction Shipments EBITDA Revenue EBITDA ktonnes SEK m SEK m SEK m -2% 1,554 195 196 193 1,458 1,501 190 1,303 136 165 170 1,143 109 101 128 77 63 18 25 -4 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 − Rela
Slide 11: Financials
Financials SSAB
Slide 12: Improved earnings
Improved earnings Revenue, SEK bn EBITDA, SEK bn (bars) & margin % (line) EBITDA margin EBITDA 31.8 28.3 6 20 30 27.5 25.6 14% 14% 12% 20 4 5.9 10 10 2 4.0 3.8 3.2 0 0 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 St
Slide 13: Change in operating result Q2 26 vs. Q1 26
Change in operating result Q2 26 vs. Q1 26 Change in adjusted operating result, MSEK 160 -510 1,230 -490 2,695 105 -0 2,201 Q1 26 Price Volume Variable Fixed Costs Capacity FX Q2 26 Costs utilization 13
Slide 14: Change in operating result Q2 26 vs. Q2 25
Change in operating result Q2 26 vs. Q2 25 Change in adjusted operating result, MSEK -145 330 2,695 -300 155 -76 590 2,140 Q2 25 Price Volume Variable Fixed Costs Capacity FX Q2 26 Costs utilization 14
Slide 15: Cash flow
Cash flow SEK millions 2026 2025 2026 2026 2025 2025 Q2 Q2 Q1 Jan-Jun Jan-Jun Full-year EBITDA 3,778 3,157 3,236 7,014 5,526 10,189 Change in working capital 488 -616 -2,719 -2,232 -2,958 1,155 Maintenance capital expenditures -512 -523 -421 -934 -908 -2,907 Other -21 -265 -88 -108 -453 -816 Operati
Slide 16: Net cash position
Net cash position Net debt (-) / Net cash (+), MSEK Net cash at the end of Q2 2026: SEK 8.6 18,206 billion 17,777 Net debt/equity ratio: 14,287 -12% (-16%) 11,596 Dividend of SEK 2bn h paid in Q2 8,629 In July, Moody’s Ratings assigned SSAB a Baa2 investment grade long- term issuer rating with 2022
Slide 17: Raw material
Raw material SSAB’s quarterly purchase prices Market prices (AMM) Iron ore and coking coal (indexed from Q4/24) Scrap (USD GT) 500 120 100 400 80 300 60 200 40 100 20 0 Jul-25 Jul-26 Jun-25 Jun-26 Apr-25 May-25 Aug-25 Nov-25 Dec-25 Apr-26 May-26 Jan-25 Feb-25 Mar-25 Sep-25 Jan-26 Feb-26 Mar-26 Oct-2
Slide 18: Expected maintenance costs
Expected maintenance costs − SSAB’s total maintenance costs for SEK millions 2026 2026 2026 2026 2026 2026 are expected to be SEK 1,450 Q1 Q2 Q3 Q4 Full-year (1,410) million SSAB Special Steels — — 100 280 380 SSAB Europe — — 310 270 580 SSAB Americas — — 390 100 490 Total — — 800 650 1,450 Note: Th
Slide 19: Guidance for 2026
Guidance for 2026 − Capital expenditure in 2026 estimated at Sum of maintenance and SEK 13.5bn (unchanged) strategic capex (SEK bn) − Higher strategic capex vs. 2025, due to the Luleå mini-mill 13.5 − Net cash flow effect related to CO2 emission allowances estimated to be relatively similar to 2025
Slide 20: Outlook and summary
Outlook and summary SSAB
Slide 21: Improving supply-demand balance
Improving supply-demand balance “Made in America” New trade measures came into force July 1, 2026 policies – Tariff-free quotas at 18.3 million tonnes – Section 232 tariffs and “Melt and pour” per year requirements for steel – Out-of-quota duty set at 50% for 30 – Regionalization of manufacturing ca
Slide 22: SSAB's outlook for Q3/2026
SSAB’s outlook for Q3/2026 Volume and pricing outlook − Planned maintenance at all steel divisions Q3/26 vs. Q2/26 Shipments Realized prices − Seasonal slowdown in demand SSAB Special Steels Significantly lower Somewhat higher expected in Q3 SSAB Europe Significantly lower Somewhat higher SSAB Ameri
Slide 23: Summary
Summary − Geopolitical turbulence but strategic direction firmly on track − Transformation projects on plan − Investments to increase capacity of the most profitable products − Improvement in SSAB Europe and SSAB Americas in Q2 vs Q1 − Shipments in Q3 will be affected by planned maintenance and seas
Slide 24: Questions and Answers
Questions and Answers SSAB
Slide 25: Appendix
Appendix SSAB
Slide 26: SSAB's outlook for main customer segments Q3/26
SSAB’s outlook for main customer segments Q3/26 Segment Demand Comments Strong Neutral Weak - Positive indications for Heavy trucks in Europe, shipbuilding strong Heavy Transport - Good demand in the US within shipbuilding and rail transport - Structurally growing AHSS market Automotive - Weak Europ
Slide 27: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 6.1 8,0 5,00 (5.6) years 7,0 4,50 4,00 − Averaged fixed interest term was 0.8 6,0 3,50 (0.9) years 5,0 3,00 − Average interest rate was 3.7% (3.6%) 4,0 2,50 3,0 2,00 1,50 2,0 1,00 1,0 0,50 0,0 0,00 Q1 Q2 Q3 Q4 Q1
Slide 28: Maturity profile
Maturity profile − Liquid assets and committed credit SEK m lines at SEK 57.6bn at the end of 70 000 Q2 60 000 Back-up − The financing package for Luleå of facilities 50 000 EUR 2.7bn has been included 40 000 30 000 20 000 Cash 10 000 0 Cash and 2026 2027 2028 2029 2030 2031+ back-up facilities 28
Slide 29: SSAB
SSAB