Slide 1: Presentation of the Q4 2025 report
Presentation of the Q4 2025 report Johnny Sjöström, President and CEO Leena Craelius, CFO
Slide 2: Agenda
Agenda − FY and Q4 2025 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: FY and Q4 2025 in brief
FY and Q4 2025 in brief SSAB
Slide 4: Summary of 2025
Summary of 2025 LTIF Revenue Operating result Net cash SEK bn SEK bn SEK bn 1.80 29.3 128.7 119.5 18.2 17.8 103.4 95.9 96.2 18.8 14.3 1.06 16.5 0.87 11.6 0.75 0.56 7.9 6.1 2.3 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 − LTIF and TRIF both at
Slide 5: Business highlights – advanced steel grades
Business highlights – advanced steel grades Q&T wear steels Automotive AHSS Color coated SEK bn ktonnes 718 712 649 665 538 2021 2022 2023 2024 2025 − Hardox HiAce outperforms stainless − Strong product offering, new − Extended rainwater product range – superior hardness, cost customers and new plat
Slide 6: SSAB well-positioned in tariff turbulence
SSAB well- positioned in tariff turbulence Local production in the US and Europe Some export volume to the USA from the Nordics CBAM and trade measures expected to improve supply- demand balance in the European market 6 January 27, 2026
Slide 7: Transformation proceeding
Transformation proceeding − Strategic capex executed according to plan in 2025 − The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc furnace (EAF) − Start of production is planned for early 2027 − The construction of the new mini-mill in Luleå co
Slide 8: SSAB Special Steels
SSAB Special Steels Shipments Operating result ktonnes SEK m -1% 336 325 1,442 1,480 1,392 289 287 260 629 645 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 − Extensive planned maintenance in − Maintenance cost of SEK 490m Q4 in Q4 − Somewhat better activity in − Operating margin stabl
Slide 9: SSAB Europe
SSAB Europe Higher shipments Operating result ktonnes SEK m +6% 109 110 114 882 895 750 737 778 33 -179 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 − Weak market, seasonal − Prices -4% vs. Q3/25 improvement vs. Q3/25 − Lower raw material cost and better capacity utilization vs. Q3/25
Slide 10: SSAB Americas
SSAB Americas Shipments Operating result ktonnes SEK m +2% 853 487 807 438 457 440 450 347 189 160 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 − Somewhat better demand in Q4 − Prices -4% vs Q3/25 − Higher shipments vs Q3/25 − Q4 was impacted by planned despite maintenance maintenance
Slide 11: Ruukki Construction and Tibnor
Tibnor Ruukki Construction Shipments Operating result Revenue Operating result ktonnes SEK m SEK m SEK m -13% +3% 203 195 195 79 35 1,414 1,458 1,501 1,303 165 170 24 52 1,161 9 -30 -31 -39 -34 -50 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25
Slide 12: Strategic direction firmly on track
Strategic direction firmly on track Accelerating premium leadership Example of unique solution − Deliver superior customer value − More advanced steel grades − Increased customization and value-add solutions − Decarbonized steels − …while improving our cost position with a modern production footprin
Slide 13: Financials
Financials SSAB
Slide 14: Somewhat higher earnings vs. Q4/24
Somewhat higher earnings vs. Q4/24
Slide 15: Change in operating result Q4 vs. Q3
Change in operating result Q4 25 vs. Q3 25 -1,830 1,035
Slide 16: Change in operating result Q4 vs. Q4
Change in operating result Q4 25 vs. Q4 24 -1,645 -2,115 -750 Variable costs
Slide 17: Cash flow
Cash flow SEK millions 2025 2024 2025 2024 Q4 Q4 Full-year Full-year EBITDA 1,777 1,569 10,189 12,069 Change in working capital 3,471 3,610 1,155 2,470 Maintenance capital expenditures -1,274 -977 -2,907 -2,773 Other 166 -74 -816 -1,074 Operating cash flow 4,140 4,127 7,621 10,692 Financial items -5
Slide 18: Net cash position
Net cash position − Net cash of SEK 11.6 billion at the end of Q4 2025 − Net debt/equity ratio -17% (-25%) − Proposed dividend of SEK 2.00 per share (2.60), to be paid in Q2
Slide 19: Raw material
Raw material SSAB’s purchase price, year over year changes Scrap market prices (AMM) Iron ore Coking coal Scrap 450 400 350 USD/gross tonne 300 250 200 150 100 50 0 − The costs of raw materials for SSAB Special Steels and SSAB − For SSAB Americas, costs of raw materials are Europe are expected to be
Slide 20: 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 — — 490 — 490 Total — — 900 550 1,450 Note: The
Slide 21: Guidance for 2026
Guidance for 2026 − Capital expenditure in 2026 estimated at Sum of maintenance and SEK 13.5bn (in line with numbers strategic capex (SEK bn) presented at CMD) − Higher strategic capex vs. 2025, due to the 13.5 Luleå mini-mill − Net cash flow effect related to CO2 emission allowances estimated to be
Slide 22: Outlook and summary
Outlook and summary SSAB
Slide 23: SSAB's outlook for main customer segments Q1/26
SSAB’s outlook for main customer segments Q1/26 Segment Demand Comments Strong Neutral Weak - Heavy truck segment in Europe neutral, shipbuilding strong Heavy Transport - Shipbuilding in the US healthy and rail transport stable - Structurally growing AHSS market Automotive - Uncertain outlook, negat
Slide 24: SSAB's outlook for Q1/2026
SSAB’s outlook for Q1/2026 - In the light of seasonally better demand, Volume and pricing outlook SSAB’s shipments are forecast to improve in the first quarter compared to Q1/26 vs. Q4/25 Shipments Realized prices the previous quarter SSAB Special Steels Significantly higher Stable SSAB Europe Highe
Slide 25: Summary
Summary − Weak market mitigated by premium strategy, geographic diversification and cost measures − Strong focus on safety is yielding results − Stable earnings on good level in SSAB Special Steels − Strategic investments according to plan − Board proposes dividend of SEK 2.00 (2.60) per share 25
Slide 26: Questions and Answers
Questions and Answers SSAB
Slide 27: Appendix
Appendix SSAB
Slide 28: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 5.6 8,0 5,00 (6.5) years 7,0 4,50 4,00 − Averaged fixed interest term was 0.9 6,0 3,50 (1.1) years 5,0 3,00 4,0 2,50 − Average interest rate was 3.7% (4.3%) 3,0 2,00 1,50 2,0 1,00 1,0 0,50 0,0 0,00 Q1 Q2 Q3 Q4 Q1
Slide 29: Maturity profile
Maturity profile − Liquid assets and committed credit SEK m lines at SEK 60.1bn at the end of 70 000 Q4 Back-up 60 000 − The financing package for Luleå of facilities 50 000 EUR 2.7bn has been included 40 000 30 000 20 000 10 000 Cash 0 Cash and 2025 2026 2027 2028 2029 2030+ back-up facilities 29
Slide 30: SSAB
SSAB