Alleima Ab · OMXSTO:ALLEI
Alleima Ab — Q4 2025 Earnings Presentation
26 slides from Alleima Ab's earnings presentation, Jan 27, 2026
Slide 1: Fourth quarter and full year 2025
Alleima 1 January 27, 2026 Interim report Fourth quarter and full year 2025 Göran Björkman, President & CEO Johan Eriksson, CFO
Slide 2: Safety first
Alleima 2 Safety first At Alleima our objective is zero harm to our people, Protective equipment Emergency number Psychological safety the environment we work in, our customers and our suppliers. First aid kit Emergency exit Alarm Assembly point Health & well-being Speak Up
Slide 3: Full year 2025 highlights
Alleima 3 Full year 2025 highlights Solid financial foundation, in an unstable market Revenues Organic revenue (SEK M) growth ― Mixed demand ― Resilient revenues 18,630 0% ― Earnings dampened by FX Our strategy stands firm ― Targeted measures for efficiency and competitiveness Adj. EBIT Adj. EBIT ma
Slide 4: Performance vs. financial targets
Alleima 4 Performance vs. financial targets % % Organic 14 13 Earnings 12 growth 12 Adjusted EBIT 10 9,1 10,4 9,9 Average margin (excluding 8,3 Deliver profitable 10 8 items affecting 8 9.5 % organic revenue 8 comparability and growth in line with metal price effects) 6 or above growth in 6 Average
Slide 5: Q4 highlights
Alleima 5 Q4 highlights Weaker top line Revenues Organic revenue (SEK M) growth ― Continued market uncertainty ― Weakness in the short - cycled business ― Positive development in Industrial Heating 4,494 - 5% Impact on earnings ― Revenue development from weaker markets Adj. EBIT Adj. EBIT margin ― D
Slide 6: Targeted measures for increased efficiency and long-term competitiveness
Alleima 6 Targeted measures for increased efficiency and long - term competitiveness Of which SEK 342 million were Permanent savings recognized in Q4 2025 ⎯ Optimizing footprint ~75 % One - off cost of SEK 400 million Annual savings ⎯ Efficiency improvement activities of approx. of which SEK 200 mil
Slide 7: Leading sustainability
Alleima 7 Leading sustainability Making an impact through our operations ― All time high safety performance ― Share of recycled steel remains high ― Reducing CO ₂ emissions ― Increasing the share of the sustainable product portfolio No. of Frequency % Thousand Thousand % injuries rate, R12 tons tons
Slide 8: Market development
Alleima 8 Market development ― High degree of uncertainty ― Weak sentiment in Europe and North America, Asia more resilient ― Momentum in key segments Perceived year on year underlying market demand trend
Slide 9: Order intake and revenues
Alleima 9 Order intake and revenues Order intake R12 Order intake R12 Revenues and book - to- bill ― Organic order intake growth (SEK M) SEK M SEK M % of - 4% for rolling 12 months 17,741 25 000 6 000 120 ― Organic revenue growth of - 5% 5 000 100 20 000 4 000 80 ― R12 book - to- bill 95% Revenues 1
Slide 10: Earnings
Alleima 10 Earnings Adjusted EBIT Adjusted EBIT at SEK 364 million SEK M % 700 12 ― Margin of 8.1% ― Significant FX headwind 600 ― Absorption effects due to weak market and delayed 10 ramp - up 500 8 400 Free operating cash flow of SEK 422 million 6 300 ― Changes in working capital and lower capex 4
Slide 11: Tube
Alleima 11 SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Tube Order intake, R12 12,138 13,677 12,138 13,677 Organic growth, R12 ,% -7 - 10 -7 - 10 Revenues 3,089 3,713 13,063 14,027 Organic growth, % - 11 7 -2 2 High market uncertainty Adj. EBIT 261 457 1,159 1,422 Margin, % 8.4 12.3 8.9 10.1 ― R12 organic
Slide 12: Kanthal
Alleima 12 SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Kanthal Order intake, R12 4,177 4,077 4,177 4,077 Organic growth, R12 ,% 9 0 9 0 Revenues 981 999 3,996 4,200 Organic growth, % 10 -6 1 -3 Positive topline development Adj. EBIT 160 181 656 750 Margin, % 16.3 18.1 16.4 17.9 ― R12 organic order intake
Slide 13: Strip
Alleima 13 SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Strip Order intake, R12 1,426 1,665 1,426 1,665 Organic growth, R12 ,% - 11 32 - 11 32 Revenues 424 382 1,571 1,465 Organic growth, % 20 -3 13 -4 Solid underlying development Adj. EBIT 40 23 61 66 Margin, % 9.5 6.1 3.9 4.5 ― R12 organic order intake g
Slide 14: Ongoing growth initiatives to strengthen the company long-term
Alleima Ongoing growth initiatives to strengthen the company long-term 2023 2024 2025 2026 2027 Increase capacity for process gas heaters and modules. Walldorf, Germany. Increase rolling and finishing capabilities. Zhenjiang, China. Increase medical wire capacity Broaden the US product portfolio Inc
Slide 15: Financial summary
Alleima 15 Financial summary SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Order intake, R12 17,741 19,419 17,741 19,419 SEK M Order intake, R12 Revenues Revenues 4,494 5,094 18,630 19,691 Q4 2024 19,419 5,094 Adj. EBIT 364 584 1,555 1,944 Organic, % -4 -5 Adj. EBIT margin, % 8.1 11.5 8.3 9.9 Structure, % 0
Slide 16: Bridge analysis, adjusted EBIT
Alleima 16 Bridge analysis, adjusted EBIT Q4 2025 Leverage: FY 2025 Leverage: ― Negative organic SEK million 190 -24% SEK million - 84% development ― Currency headwind on Adj. EBIT 584 - 58 1,944 - 52 ― Small contribution - 341 1,555 from Endox -163 3 364 1 1 2 3 4 5 1 2 3 4 5 Adj EBIT Q4 Organic Cu
Slide 17: Capital efficiency
Alleima 17 Capital efficiency ― NWC amounted to SEK 6,222 million (6,821) ― Capital employed excl. cash decreased to SEK 15,653 million (15,983) ― Sequential NWC decrease due to seasonality ― ROCE excl. cash of 5.8% ( 9.5) in the quarter ― NWC in relation to revenues at 35.5% (33.6) Net working capi
Slide 18: Cash flow
Alleima 18 Cash flow ― Free operating cash flow of SEK 422 million (202) ― Changes in working capital and lower capex affecting the free operating cash flow Free operating cash flow Free operating cash flow quarterly SEK M 600 SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 500 EBITDA 337 631 1,950 2,410 400
Slide 19: Strong financial position
Alleima 19 Strong financial position Capital structure Net debt and Financial net debt SEK M Net Pension Leasing liabilities Other cash less Net debt liabilities (IFRS 16) liabilities 2 500 SEK M SEK M SEK M SEK M 1 911 2 000 1 871 589 418 1,871 - 864 (820) (460) (1,911) (- 631) 1 590 1 500 1 000 86
Slide 20: Guidance ahead of the quarter and outcome
Alleima 20 Guidance ahead of the quarter and outcome Outcome Q4 2025 Guidance ahead of Q4 2025 Capex (Cash) SEK 1,089 million Approximately SEK 1,200 million FY 2025 in FY 2025 Currency transaction and SEK -182 million in Q4 SEK -150 million in Q4 translation effect Total currency effect SEK -163 mi
Slide 21: Guidance Q1 2026 and FY 2026
Alleima 21 Guidance Q1 2026 and FY 2026 Capex (cash) ― Estimated to approximately SEK 1,100 million for FY 2026 Currency effects (transaction and translation) ― SEK -240 million on operating profit (EBIT) for Q1 2026, compared to the corresponding period last year Metal price effects ― SEK - 50 mill
Slide 22: Outlook for the first quarter 2026
Alleima 22 Outlook for the first quarter 2026 ― Geopolitical uncercainty expected to linger ― Solid backlog in key segments, shorter backlog for the short - cycled business ― Some effects from the delayed ramp - up in Q1 2026 ― Product mix is expected to be similar to Q4 2025 ― Estimated currency he
Slide 23: Summary
Alleima 23 Summary ―Continued uncertainty ―Flat organic revenue development FY 2025 ―Significant FX headwind ―Strong cash flow
Slide 24: Q&A
Alleima 24 Q&A
Slide 25: Thank you
Alleima 25 Thank you alleima.com
Slide 26: Disclaimer
Alleima 26 Disclaimer This presentation contains “forward - looking” statements that reflect the company’s current expectations. Although the company believes that the expectations reflected in such forward - looking statements are reasonable, no assurance can be given that such expectations prove t