Slide 1: Second quarter 2025 Interim report
July 18, 2025 Interim report Second quarter 2025 G6ran Bjorkman, President & CEO Olof Bengtsson, CFO \ Alleima
Slide 2: Safety first
Alleima 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: Q2 highlights
Alleima | Second quarter 2025 Q2 highlights Mixed market demand — Increased uncertainty — Broad exposure reduces volatility — Overall good backlog in key segments Margin resilience — Solid product mix — Lower volumes and FX headwind Long term strategy — Growth initiatives in less cyclical an segment
Slide 4: Leading sustainability
Alleima | Second quarter 2025 Leading sustainability Making an impact through our operations — Prioritizing safety performance — _ Share of recycled steel remains high — Reducing CO: emissions — _ Increasing the share of female managers No. of Frequency injuries rate, R12 0 2 2 20 8 8 © 4 @2 G3 G4 G
Slide 5: Enabling the sustainable transition
Enabling the sustainable transition Kanthal to deliver first process gas heater for commercial use in DRI — Partnership with Danieli — Pilot-scale of 1 MW - Prothal® DH — _ Suitable for both hydrogen and natural gas
Slide 6: Market development
Alleima | Second quarter 2025 ‘ Market development — Mixed marked demand — Weak sentiment in Europe and North America, while Asia was solid yet slightly more uncertain — Momentum in several key segments Perceived year on year underlying market demand trend CHEMICAL AND INDUSTRIAL OIL AND GAS: PETROC
Slide 7: Revenues and book-to-bill
Alleima ― 25 000 6 000 120 ― 5 000 100 20 000 ― 4 000 80 15 000 3 000 60 10 000 2 000 40 5 000 1 000 20 0 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Revenues Book-to-bill R12, %
Slide 8: EBIT, adj. and EBIT margin
Alleima 700 12 ― ― 600 ― 10 ― 500 8 400 6 300 ― 4 200 2 100 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12
Slide 9: Revenues and adjusted EBIT by segment
Alleima ― ― ― 5 000 140 500 12 120 ― 4 000 400 10 ― 100 8 ― 3 000 300 80 6 60 2 000 200 4 40 1 000 100 20 2 0 0 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Revenues EBIT, adj. Book-to-bill R12, % EBIT margin, adj. R12
Slide 10: Revenues and adjusted EBIT by segment
Alleima ― ― ― 1 200 120 250 20 1 000 100 ― 200 15 ― 800 80 ― 150 600 60 10 100 400 40 5 50 200 20 0 0 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Revenues EBIT, adj. Book-to-bill R12, % EBIT margin, adj. R12
Slide 11: Revenues and adjusted EBIT by segment
Alleima ― ― ― 500 140 50 14 120 ― 400 ― 100 10 30 ― 300 80 ― 6 60 200 10 40 2 100 20 0 0 -10 -2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Revenues EBIT, adj. Book-to-bill R12, % EBIT margin, adj. R12
Slide 12: Financial summary
Alleima Financial summary | Second quarter 2025 12 SEKM Q2 2025 Q22024 @1-Q22025 —@t-@2 2024 Order intake, R12 18,911 20,135 = - Revenues 4,765 5,359 9,914 10,099 Adj. EBIT 454 592 993 1,046 Adj. EBIT margin, % 95 a 10.0 10.4 Metal price effects 471 96 -198 -231 Items affecting comparability (0) le)
Slide 13: Bridge analysis, adjusted EBIT
Alleima | Second quarter 2025 Bridge analysis, adjusted EBIT 13 — = -115 = é Adj EBIT Organic Currency Structure Adj EBIT Q2 2024 Q2 2025 Adj. EBIT Adj. EBIT margin 111% margin 9.5% AN Leverage: 12% — Negative organic development driven by volume decrease — FX hada negative impact of SEK 115 million
Slide 14: Net working capital and capital employed
Alleima ― ― ― ― ― 8 000 50 18 000 16 7 800 45 7 600 40 12 35 7 400 30 7 200 25 15 000 8 7 000 20 6 800 15 6 600 10 4 6 400 5 6 200 0 12 000 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 NWC Capital employed excl. cash NWC % of revenues ROCE excl. cash
Slide 15: Free operating cash flow
Alleima ― ― ― 900 800 700 600 500 400 300 200 100 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025
Slide 16: Net debt
Alleima 2 000 1 496 1 500 1 308 1 000 516 500 277 33 0 -500 -448 -1 000 Q2 2023 Q2 2024 Q2 2025 Financial net debt (-) / Net cash (+) Net debt (-) / Net cash (+)
Slide 17: Guidance ahead of the quarter and outcome
Alleima 7 | Second quarter 2025 Guidance ahead of the quarter and outcome Outcome @2 2025 Guidance ahead of Q2 2025 Capex (Cash) SEK 456 million Approximately SEK 1,200 million YTD 2025 in FY 2025 Currency transaction and SEK -123 million in Q2 SEK -130 million in Q2 translation effect Total currenc
Slide 18: Guidance Q3 2025 and FY 2025
Alleima 18 | Second quarter 2025 Guidance Q3 2025 and FY 2025 Capex (cash) — Estimated to approximately SEK 1,200 million for FY 2025 Currency effects (transaction and translation) — SEK-15 million on operating profit (EBIT) for Q3 2025, compared to the corresponding period last year Metal price eff
Slide 19: Outlook for the third quarter 2025
Alleima, | Second quarter 2025 | 19 A Outlook for the third quarter 2025 — Uncertainties related to macro and mixed market demand — Positive development in several segments and challenges in others — Solid backlog in key segments, shorter backlog for the volume business — Q3 seasonality — Prolonged
Slide 20: Summary
Alleima | Second quarter 2025 Summary —Earnings resilience —Mixed market sentiment —Organic revenue decline —FX headwind —Staying agile —Ongoing growth initiatives —Strong financial position
Slide 21: Q&A
Alleima 2a Second quarter 2025 Q&A
Slide 22: Thank you
Alleima Thank you alleima.com
Slide 23: Disclaimer
Alleima | Second quarter 2025 * 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 exp