Slide 1: Presentation of the Q1/2025 report
Presentation of the Q1/2025 report Johnny Sjöström, President & CEO Leena Craelius, CFO April 29, 2025
Slide 2: Agenda
Agenda − Q1/25 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: Q1/25 in brief
Q1/25 in brief SSAB
Slide 4: Highlights Q1
Highlights Q1 Positive trend in Operating result SSAB Special Steels safety reflecting weak market shipments at solid level 1.80 3,157 327 337 336 2,969 302 260 1.06 0.87 0.75 0.67 1,351 1,248 487 2021 2022 2023 2024 2025 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1 LTIF Operating
Slide 5: Strong local presence in the Nordics and in the US
Strong local presence in the Nordics and in the US 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 Increased risk of lower economic activity following turbulence triggered by trade barri
Slide 6: SSAB Special Steels
SSAB Special Steels Shipments Operating result ktonnes +29% SEK m 327 337 336 1,781 302 1,659 260 1,442 1,228 629 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 − Seasonal recovery in Europe vs − Prices -4% vs. Q4/24 − Investment in Mobile (US) to previous quarter continue to increase c
Slide 7: SSAB Europe
SSAB Europe Shipments Operating result ktonnes +18% SEK m 870 882 400 818 756 750 163 109 42 33 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 − Seasonal improvement vs − Prices -3% vs. Q4/24 previous quarter − Finnish strike impacted SEK − Premium products (incl -120m in Q1 Automotive
Slide 8: SSAB Americas
SSAB Americas Shipments Operating result ktonnes +4% SEK m 1,412 437 439 438 457 398 1,204 189 160 78 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 − Market improved in Q1 − Prices -2% vs Q4/24 − More activity within Energy − Market prices increased in Q1, will gradually impact next qu
Slide 9: Ruukki Construction and Tibnor
Tibnor Ruukki Construction Shipments Operating result Revenue Operating result -4% -18% 217 57 1,607 126 197 203 195 1,472 1,414 177 36 35 1,161 21 1,015 42 -39 -30 -34 -78 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Shipmen
Slide 10: Transformation update
Transformation update − ESA signed with SMS on Cold Mill Complex in Luleå: − Pickling line/tandem cold mill with CVC technology − Continuous galvanizing line − Continuous annealing and galvanizing line − Recoiling and inspection line − New fossil-free partners – Toyota Material Handling, Fassi and P
Slide 11: Financials
Financials SSAB
Slide 12: Higher shipments in Q1
Higher shipments in Q1 Revenue (SEK million) gyomouvoy gSgeues segeges ofeeee28 2 220) TT 220 2201 5 8 & Adjusted EBITDA 2502 2503 | 2 202 2 20 2501 LRRD @ rege 3338 of888 2 20 2502 2503 a 28 toa ea tos g a8 gs @¢¢gggs? gs a 8 8 8 a & A a & I Adj. EBITDA (SEK million) © — Adj. EBITDA margin (%) Stee
Slide 13: Change in operating result Q1 25 vs. Q4 24
Change in operating result Q1 25 vs. Q4 24 -1,830 1,035
Slide 14: Change in operating result Q1 25 vs. Q1 24
Change in operating result Q1 25 vs. Q1 24 -1,645 -2,115 -750
Slide 15: Cash flow impacted by lower result and higher seasonal build-up of working capital
Cash flow impacted by lower result and higher seasonal build-up of working capital SEK millions 2025 2024 2024 Q1 Q1 Full-year EBITDA 2,369 4,142 12,069 Change in working capital -2,342 -1,477 2,470 Maintenance capital expenditures -385 -520 -2,773 Other -188 -221 -1,074 Operating cash flow -547 1,9
Slide 16: Net cash position
Net cash position – Net cash of SEK 14.4 billion at the end of Q1 2025 – Net debt/equity ratio -21% (-25%) – Financing package of EUR 2.3bn in place end of April
Slide 17: Capex outlook unchanged
Capex outlook 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 the start 10 of Luleå mini-mill − Estimated peak years in 2026 and 2027 7 5.4 Strat
Slide 18: Raw material
Raw material SSAB’s purchase price, year over year changes Market prices (AMM) Iron ore Coking coal Scrap (USD/Gross tonne 500 400 300 200 100 0 AMM Chicago #1HM • Higher market prices for scrap during Q1 • The purchase prices of scrap affect the result after a lag of around one month
Slide 19: Expected maintenance costs
Expected maintenance costs – SSAB’s total maintenance costs for 2025 are expected to be SEK 1,570 (1,640) million, SEK millions 2025 2025 2025 2025 2025 somewhat higher vs previous forecast of Q1 Q2 Q3 Q4 Full-year 1,520 million – Most maintenance to be carried out in Q4 SSAB Special Steels — — 130
Slide 20: Outlook and summary
Outlook and summary SSAB
Slide 21: SSAB's outlook for main customer segments Q2/2025
SSAB’s outlook for main customer segments Q2/2025 Segment Demand Comments Strong Neutral Weak - Some recovery in heavy truck production in Europe Heavy Transport - Good demand for railcars, shipbuilding in the US - Structurally growing AHSS market Automotive - The European and the US market weaker -
Slide 22: SSAB's outlook for Q2/2025
SSAB’s outlook for Q2/2025 - Order intake improved during the first Volume and pricing outlook quarter Q2/25 vs. Q1/25 Shipments Realized prices - Increased risk of lower economic activity following turbulence triggered by trade SSAB Special Steels Somewhat higher Stable barriers and tariffs SSAB Eu
Slide 23: Summary
Summary − Strong focus on safety is yielding results − Q1 result reflected weak market conditions − Good level of shipments in SSAB Special Steels − The US plate market recovered in Q1 − Transformation projects continues according to plan − SSAB has local production in the US, but increased risk of
Slide 24: Questions and Answers
Questions and Answers SSAB
Slide 25: Appendix
Appendix SSAB
Slide 26: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 6.0 8 5,00 (6.1) years 4,50 7 − Averaged fixed interest term was 1.0 6 4,00 (1.2) years 3,50 5 3,00 − Average interest rate was 3.9% (4.6%) 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 27: Maturity profile
Maturity profile − Liquid assets and committed credit SEK m lines at SEK 31.9bn at the end of 35 000 Q1 30 000 Back-up 25 000 facilities 20 000 15 000 Cash 10 000 5 000 0 Cash and back-up 2025 2026 2027+ facilities 27
Slide 28: SSAB
SSAB