Ssab Ab Class A · OMXSTO:SSAB_A
Ssab Ab Class A — Q3 2026 Earnings Presentation
28 slides from Ssab Ab Class A's earnings presentation, Oct 28, 2026
Slide 1: Presentation of the Q3 2026 report
Presentation of the Q3 2026 report Johnny Sjöström, President and CEO Leena Craelius, CFO Oct 28, 2026
Slide 2: Agenda
Agenda − Q3 2026 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: Q3 2026 in brief
Q3 2026 in brief SSAB
Slide 4: Summary of Q3
Summary of Q3 LTIF EBITDA Net cash SEK bn SEK bn 1.06 3.8 18.2 17.8 0.87 0.75 3.2 3.3 14.3 2.9 0.56 11.6 1.8 8.4 0.34 2022 2023 2024 2025 2026 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 2022 2023 2024 2025 2026 Q3 Q3 − Good trend in safety − Improved steel prices and − Strong balance sheet higher shipments vs Q3
Slide 5: Investment program on track
Investment program on track − The conversion of the steel mill in Oxelösund is underway with the installation of the new EAF and the power line can be finalized − Start of production is planned for Q2 2027 − Groundwork in Luleå continued in Q3 − Project remains on time and budget − Key to realize st
Slide 6: SSAB Special Steels
SSAB Special Steels Shipments EBITDA ktonnes SEK m -12% 356 358 1,842 1,777 314 1,700 1,620 289 287 956 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 − Higher shipments vs Q3/25 − Higher costs impacted margin − Lower shipments vs Q2/26 due to − Prices +3% vs Q2/26 seasonality − Price i
Slide 7: SSAB Europe
SSAB Europe Shipments EBITDA ktonnes SEK m -17% 919 930 1,166 737 778 770 961 875 629 340 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 − Higher shipments vs. Q3/25, − Prices +3% vs. Q2/26 good growth in premium products − Q3 impacted by planned maintenance of SEK 320m − Cautious marke
Slide 8: SSAB Americas
SSAB Americas Shipments EBITDA ktonnes SEK m -5% 450 461 473 917 440 446 780 637 684 411 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 − Strong demand − Prices +8% vs Q2/26 − Shipments in Q3 impacted by − Higher variable costs planned maintenance − Maintenance cost of SEK 380m in Q3 8
Slide 9: Ruukki Construction and Tibnor
Tibnor Ruukki Construction Shipments EBITDA Revenue EBITDA ktonnes SEK m SEK m SEK m -16% 1,501 1,554 1,530 196 193 190 1,303 150 165 170 163 136 1,143 143 101 128 63 18 25 -4 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 − Q3
Slide 10: Financials
Financials SSAB
Slide 11: Improved earnings vs Q3/25
Improved earnings vs Q3/25 Revenue, SEK bn EBITDA, SEK bn (bars) & margin % (line) EBITDA margin EBITDA 30 24.4 25.6 23.0 4 20 20 13% 13% 10% 2 10 10 2.9 3.3 2.3 0 0 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 Steel shipments, ktonnes EBITDA/tonne, thous
Slide 12: Change in operating result Q3 vs. Q2
Change in operating result Q3 26 vs. Q2 26 Change in operating result, MSEK -1,070 1,650 2,695 -1,295 515 -370 2,157 -31 Q2 26 Price Volume Variable Fixed Costs Capacity FX on Q3 26 Costs utilization BS items 12
Slide 13: Change in operating result Q3 vs. Q3
Change in operating result Q3 26 vs. Q3 25 Change in operating result, MSEK 280 -1,105 1,370 -350 2,157 150 -56 1,869 Q3 25 Price Volume Variable Fixed Costs Capacity FX on Q3 26 Costs utilization BS items 13
Slide 14: Cash flow
Cash flow SEK millions 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year EBITDA 3,259 2,886 3,778 10,272 8,411 10,189 Change in working capital 721 643 488 -1,511 -2,316 1,155 Maintenance capital expenditures -759 -725 -512 -1,693 -1,633 -2,907 Other -720 -529 -21 -828 -982 -816 Opera
Slide 15: Net cash position
Net cash position Net debt (-) / Net cash (+), MSEK Net cash at the end of Q3 2026: SEK 8.4 18,206 billion 17,777 Net debt/equity ratio: 14,287 -11% (-16%) 11,596 Dividend of SEK 2bn h paid in Q2 8,391 In July, Moody’s Ratings assigned SSAB a Baa2 investment grade long- term issuer rating with 2022
Slide 16: Raw material
Raw material SSAB’s quarterly purchase prices Market prices (AMM) Iron ore and coking coal (indexed from Q4/24) Scrap (USD GT) 120 450 400 100 350 80 300 250 60 200 150 40 100 20 50 0 0 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Iron ore Coking coal AMM Chicago #1HM − The costs of raw materials
Slide 17: 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 (unchanged) SSAB Special Steels — — 110 280 390 SSAB Europe — — 320 270 590 SSAB Americas — — 380 90 470 Total — — 810 640 1,4
Slide 18: Guidance for 2026
Guidance for 2026 − Capital expenditure in 2026 lowered to Sum of maintenance and SEK 11.2bn (previous: 13.5bn) strategic capex (SEK bn) − due to revised timing of payment to certain suppliers 11.2 − Net cash flow effect related to CO2 10.1 emission allowances estimated to be relatively similar to 2
Slide 19: Outlook and summary
Outlook and summary SSAB
Slide 20: Supply and demand trends
Supply and demand trends − Global market for high-strength steel − Customer segments: Mining and Protection on a good level − Geographies: Europe somewhat cautious and Middle East impacted negatively by conflicts − US plate market − Strong fundamentals − Section 232 tariffs and “Melt and pour” requi
Slide 21: SSAB's outlook for Q4/2026
SSAB’s outlook for Q4/2026 Volume and pricing outlook − Planned maintenance at all steel divisions completed in Q4 Q4/26 vs. Q3/26 Shipments Realized prices − SSAB Special Steels has the main SSAB Special Steels Somewhat lower Somewhat higher part of maintenance in Q4, hence somewhat lower shipments
Slide 22: Summary
Summary − Improved earnings vs Q3/25 − Growth in premium products − Strong balance sheet − Strong US plate market and signs of improved supply-demand balance in the European steel market − Investment program on track − Installation of EAF in Oxelösund − Groundworks in Luleå continues − Construction
Slide 23: Questions and Answers
Questions and Answers SSAB
Slide 24: Appendix
Appendix SSAB
Slide 25: SSAB's outlook for main customer segments Q4/26
SSAB’s outlook for main customer segments Q4/26 Segment Demand Comments Strong Neutral Weak - Positive indications for Heavy trucks in Europe, shipbuilding strong Heavy Transport - Good demand in the US within shipbuilding and rail transport - Structurally growing AHSS market Automotive - Weak Europ
Slide 26: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 5.9 8,0 5,00 (5.3) years 7,0 4,50 4,00 − Averaged fixed interest term was 0.7 6,0 3,50 (0.8) years 5,0 3,00 − Average interest rate was 4.0% (3.9%) 4,0 2,50 3,0 2,00 1,50 2,0 1,00 1,0 0,50 0,0 0,00 Q1 Q2 Q3 Q4 Q1
Slide 27: Maturity profile
Maturity profile Maturity profile − Liquid assets and committed credit SEK m lines at SEK 58.1bn at the end of 70 000 Q3 60 000 Back-up − The financing package for Luleå of facilities 50 000 EUR 2.7bn has been included 40 000 30 000 Cash 20 000 10 000 0 Cash and 2026 2027 2028 2029 2030 2031+ back-u
Slide 28: SSAB
SSAB