Slide 1: Presentation of the Q2/2025 report
Presentation of the Q2/2025 report Johnny Sjöström, President & CEO Leena Craelius, CFO July 23, 2025
Slide 2: Agenda
Agenda − Q2/25 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: Q2/25 in brief
Q2/25 in brief SSAB
Slide 4: Highlights Q2
Highlights Q2 Positive trend in Operating result Automotive AHSS at safety higher vs Q1/25 record high 1.80 195 200 2,969 170 169 170 2,140 1.06 0.87 0.75 1,248 1,351 0.64 487 2021 2022 2023 2024 2025 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2 LTIF Operating result, SEK m Shipmen
Slide 5: Strong local presence in the Nordics and in the USA
Strong local presence in the Nordics and in the USA US capacity of 2.4 million tonnes of plate, including Q&T grades SSAB’s flexible production system enables efficient delivery of special steels to export markets Some export volume to the USA from the Nordics 5 July 22, 2025
Slide 6: SSAB Special Steels
SSAB Special Steels Somewhat lower shipments Stable profitability ktonnes SEK m -3% 337 336 325 1,659 302 1,442 1,480 260 1,228 629 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 − More of a wait-and-see mode in − Negative impact from stronger Q2 SEK in Q2, underlying prices increased v
Slide 7: SSAB Europe
SSAB Europe Shipments Operating result ktonnes +1% SEK m 870 882 895 400 756 750 109 110 42 33 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 − Weaker market − Prices +1% vs. Q1/25, currency negative − Continued success for SSABs Automotive AHSS offering − Some minor production disturba
Slide 8: SSAB Americas
SSAB Americas Higher shipments Operating result ktonnes +7% SEK m 1,204 487 439 438 457 398 807 189 160 78 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 − More of wait-and-see mode in Q2 − Prices +15% vs Q1/25 − Production of around 65,000 due to uncertainty on tariffs tonnes of SSAB Z
Slide 9: Ruukki Construction Tibnor
Tibnor Ruukki Construction Shipments Operating result Revenue Operating result 0% +26% 217 57 1,607 126 203 195 195 1,472 1,458 1,414 177 35 1,161 21 24 52 42 -34 -39 -30 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Shipments
Slide 10: Transformation update
Transformation update − Start-up of Luleå mini-mill delayed to end of 2029 − Delay due to transmission grid − Investment kept at EUR 4.5bn − Phasing of investment will be adjusted accordingly − Construction started in June as planned − Oxelösund conversion progressing − Partnership with Volvo Cars o
Slide 11: Financials
Financials SSAB
Slide 12: Improvement quarter over quarter
Improvement quarter over quarter
Slide 13: Change in operating result Q2 25 vs. Q1 25
Change in operating result Q2 25 vs. Q1 25 -1,830 1,035
Slide 14: Change in operating result Q2 25 vs. Q2 24
Change in operating result Q2 25 vs. Q2 24 -1,645 -2,115 -750
Slide 15: Cash flow
Cash flow SEK millions 2025 2024 2025 2024 2024 Q2 Q2 Jan-Jun Jan-Jun Full-year EBITDA 3,157 4,038 5,526 8,180 12,069 Change in working capital -616 -145 -2,958 -1,623 2,470 Maintenance capital expenditures -523 -635 -908 -1,155 -2,773 Other -265 -45 -453 -266 -1,074 Operating cash flow 1,753 3,214
Slide 16: Net cash position
Net cash position – Net cash of SEK 10.9 billion at the end of Q2 2025 – Net debt/equity ratio -16% (-21%) – Dividend paid in Q2 (SEK 2.6bn)
Slide 17: Raw material
Raw material Market prices (indexed) Market prices (USD/gross tonne) Blast furnace (Iron ore and coking coal) EAF (Scrap) 140 450 120 400 100 350 80 300 60 250 40 200 20 150 0 100 50 0 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Iron ore (indexed) Coal (indexed) AMM Chicago #1HM • The results a
Slide 18: Expected maintenance costs
Expected maintenance costs – SSAB’s total maintenance costs for 2025 are expected to be SEK 1,570 (1,640) SEK millions 2025 2025 2025 2025 2025E million, unchanged to previous forecast Q1 Q2 Q3E Q4E Full-year – SSAB Europe carries out most of the maintenance in Q3, SSAB Specials Steels SSAB Special
Slide 19: Capex outlook for 2025 unchanged
Capex outlook for 2025 unchanged − Capital expenditure in 2025 estimated at Sum of maintenance and SEK 10bn (unchanged) strategic capex (SEK bn) − Higher strategic capex vs. 2024 due to the conversion of Oxelösund, as well as 10 construction start of Luleå mini-mill − Phasing of Luleå capex adjusted
Slide 20: Outlook and summary
Outlook and summary SSAB
Slide 21: SSAB's outlook for main customer segments Q3/2025
SSAB’s outlook for main customer segments Q3/2025 Segment Demand Comments Strong Neutral Weak - Heavy truck production in Europe stable Heavy Transport - Shipbuilding in the US healthy - Structurally growing AHSS market Automotive - Uncertain outlook, tariffs impacting - Weak demand in Europe and in
Slide 22: SSAB's outlook for Q3/2025
SSAB’s outlook for Q3/2025 - Increased uncertainty triggered by trade Volume and pricing outlook barriers and tariffs Q3/25 vs. Q2/25 Shipments Realized prices - More a of wait-and-see mode in Q2 - Q3 is typically seasonally weak SSAB Special Steels Lower Stable SSAB Europe Significantly lower Stabl
Slide 23: Summary
Summary − Improved result quarter over quarter − Strong focus on safety is yielding results − Transformation projects progressing − SSAB has local production in the US, but increased risk of lower economic activity following turbulence triggered by trade barriers and tariffs 23
Slide 24: Save the date: SSAB Capital Markets Day on 4 November
Save the date: SSAB Capital Markets Day on 4 November − SSABs Capital Markets Day will be held at the steel mill in Oxelösund, Sweden − SSAB will arrange bus transport from central Stockholm in the morning of November 4 and transport back to Stockholm at the end of the program − More information and
Slide 25: Questions and Answers
Questions and Answers SSAB
Slide 26: Appendix
Appendix SSAB
Slide 27: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 5.6 (6.9) years 8 5,00 7 4,50 − Averaged fixed interest term was 0.9 4,00 6 (1.3) years 3,50 5 3,00 − Average interest rate was 3.6% (4.7%) 4 2,50 3 2,00 1,50 2 1,00 1 0,50 0 0,00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 28: Maturity profile
Maturity profile − Liquid assets and committed credit SEK m lines at SEK 58.5bn at the end of 70 000 Q2 60 000 Back-up − The financing package for Luleå of 50 000 facilities EUR 2.7bn has been included 40 000 30 000 Cash 20 000 10 000 0 Cash and back-up 2025 2026 2027+ facilities 28
Slide 29: SSAB
SSAB