Slide 1: Q2 Half-year report 2026: Strong execution drives record volume and earnings
Q2 Half-year report 2026 Strong execution drives record volume and earnings
Slide 2: Our best quarter so far
Denna bild från Summiten är ju underbar – men blir Our best quarter so far det för mycket? /AH • Tenth consecutive growth quarter • Hesitant demand, but market share gains drove 5% volume growth • Record quarterly result • Adjusted operating profit of SEK 580 million, up 33% • Volume, pricing, recyc
Slide 3: Continued market share gains compensated for hesitant demand
Continued market share gains compensated for hesitant demand External year-on-year sales volume growth Q2, 2026 Climate Automotive Industrial Packaging control Total Gränges Americas → +8% Gränges Asia → -4% Gränges Europe +13% Total +7% 0% +11% +4% +5% >+3% → -3% to +3% <-3% 3
Slide 4: Our plan: Accelerate toward Leadership
Our plan: Accelerate toward Leadership Industry leader in aluminium 2022 2023 2024 2025 2026 2027 2028 2029 recycling and flat-rolling • >15% ROCE • >10% operating profit growth • Strong cash flow • Disciplined capital allocation • Carbon-neutral by 2040 Continue to strengthen Foundation for sustain
Slide 5: Key messages on the Capital Markets Day
Key messages on the Capital Markets Day 1. Investment phase finalized 6. Stronger cash flow ahead Lower capex from now on Ambition: 70% cash conversion 2. Higher sustainability ambition 7. Disciplined capital allocation Ambition: 3.0 by 2030 Expansion or acquisition only at very attractive returns 3
Slide 6: Volume, pricing, recycling and productivity offset cost increases and currency headwinds
Volume, pricing, recycling and productivity offset cost increases and currency headwinds Sales volume Adjusted operating profit Adjusted operating margin ktonnes R12m SEK million R12m kSEK per tonne R12m 200 800 600 2 400 4 4 633 3,2 564 1 512 1 810 1 588 2,8 2,9 150 600 450 1 800 3 3 475 100 400 30
Slide 7: Financial overview Q2 2026
Financial overview Q2 2026 Q2 YTD SEK million 2026 2025 Δ 2026 2025 Δ Sales volume, ktonnes 167.1 159.1 5.0% 326.9 310.8 5.2% Net sales 9,682 6,974 38.8% 17,919 14,206 26.1% Adjusted operating profit1 580 436 33.2% 1,040 844 23.2% Adjusted operating profit per tonne, kSEK 3.5 2.7 0.7 3.2 2.7 0.5 Ope
Slide 8: All-in aluminium price continued to increase in Q2 but eased toward the end of the quarter
All-in aluminium price continued to increase in Q2 but eased toward the end of the quarter All-in aluminium market price1 • Aluminium market price is a USD per pass-through and has limited tonne impact on operating profit 7 000 6 000 US • Working capital is affected by the aluminium market price as
Slide 9: Net debt up on working capital build-up, leverage nearly unchanged on strong EBITDA
Net debt up on working capital build-up, leverage nearly unchanged on strong EBITDA Change in financial net debt SEK million 0 Operating cash flow 1.8x 1.9x SEK -155 million -1 000 -2 000 • Increased aluminium price SEK -600 million -3 000 • Seasonal build-up -4 000 792 -838 -109 -115 -179 -115 -5 0
Slide 10: Gränges Americas Q2 2026: Record-high operating profit in second quarter
Gränges Americas Q2 2026: Record-high operating profit in second quarter • Sales volume increased Sales volume Adjusted operating profit by 8% vs last year ktonnes R12m SEK million R12m • Market share gains and new 75 300 400 1 389 1 600 246 business supported growth 221 234 1088 • Record-high adjus
Slide 11: Gränges Asia Q2 2026: Weak market demand and high price pressure
Gränges Asia Q2 2026: Weak market demand and high price pressure • Sales volume decreased Sales volume Adjusted operating profit by 5% vs last year1 ktonnes R12m SEK million R12m • 3 ktonnes negative impact 60 240 125 500 from fire in Shandong 202 169 • Market share gains partly 45 180 100 400 303 c
Slide 12: Gränges Europe Q2 2026: Strong sales growth driven by share gains
Gränges Europe Q2 2026: Strong sales growth driven by share gains • Sales volume increased Sales volume Adjusted operating profit by 13% vs last year1 ktonnes R12m SEK million R12m • Hesitant end-user demand 60 240 150 600 compensated by share gains in 204 Automotive and Industrial 167 176 125 500 4
Slide 13: Sustainability Q2 2026: Record low emissions and record high recycling
Sustainability Q2 2026: Record low emissions and record high recycling • Best-ever sustainability results Carbon emissions intensity Sourced recycled aluminium tonnes CO2e/tonne R12m • Recycling volume and ktonnes R12m recycling share highest ever 14 100 400 Baseline 2021: 12.3 317 • Carbon footprin
Slide 14: Third-quarter outlook
Third-quarter outlook • Market demand still difficult to predict, but we expect continued market share gains • In Asia, we expect continued price pressure and a sales volume reduction of about 10 ktonnes in the third quarter, mainly for low-margin products • For the other regions, we expect mid-to-h
Slide 15: Best quarter so far and continued momentum
Best quarter so far and continued momentum • Tenth consecutive quarter of year-on-year volume growth, thanks to continued market share gains • Strongest quarterly result in our history – adjusted operating profit up 33% to SEK 580 million • Americas delivered another all-time-high EBIT quarter • Str
Slide 16: Q&A
Q&A 16
Slide 17: GRANGES
GRANGES