Ssab Ab Class A · OMXSTO:SSAB_A
Ssab Ab Class A — Investor Day (November 2025)
148 slides from Ssab Ab Class A's investor day presentation, Nov 4, 2025
Slide 1: Welcome to Capital Markets Day
Welcome to Capital Markets Day 4 November 2025
Slide 2: Capital Markets Day agenda
Capital Markets Day 2025 08.50 Moderator Helena Norrman, Head of Group Communications Johnny Sjöström, President & CEO 09.40 Per Elfgren, Head of SSAB Special Steels 10.05 Tony Harris, Head of SSAB Europe 10.45 Chuck Schmitt, Head of SSAB Americas 11.05 Fredrik Haglund, President Tibnor 11.25 Sa
Slide 3: Johnny Sjöström, President & CEO
Capital Markets Day 2025 Johnny Sjöström President & CEO
Slide 4: Slide 4
Slide 5: SSAB in a strong position
1. SSAB in a strong position
Slide 6: Consistent strategy has built our strong position
Consistent strategy has built our strong position Diversification in terms of products and geographies 2025 – onwards Accelerating premium leadership 2015 – 2025 Deliver superior customer value… Specialization More advanced steel grades Increased customization and 2000 – 2015 Docol 1700MpA value-add
Slide 7: SSAB with leading position across all divisions
SSAB with leading position across all divisions SSAB SSAB SSAB Tibnor & Special Steels Americas Europe Ruukki Construction >30% #1 48% ~25% market share wear steels rated by customers vs. of volumes market share - Global leader in Q&T other US peers last 5 years advanced steel grades Nordics Geograp
Slide 8: Industry-leading profitability and shareholder returns
Industry-leading profitability and shareholder returns SSAB versus competitors Shareholder returns EBITDA margin, % Dividend per share, Capital allocation last 5y, SEK bn SEK, % of net profit 30 US competitors 8.7 (avg) (39%) 22.0 25 SSAB 20 5.3 5.0 Average over (37%) (40%) the period 11.2 15 2.6 15
Slide 9: Global leader in Q&T with high profitability and low volatility
SSAB Special Steels Global leader in Q&T with high profitability and low volatility – Global leader in Q&T EBITDA margin, % (Quenced & Tempered 30 steels) with > 30% market share in wear steels – Unique sales model 20 addressing the global market incl. small and midsize customers 10 – World leading
Slide 10: Low-cost operations with high earnings
SSAB Americas Low-cost operations with high earnings – Quality leader in US plate EBITDA margin, % – Cost leadership with 40 modern EAF set-up – Close proximity to major 30 customers and raw SSAB materials Americas 20 – High, but volatile earnings 10 US competitors 0 2015 2017 2019 2021 2023 2025 Q3
Slide 11: Outperforming peers through mix shift and downstream channels
SSAB Europe Outperforming peers through mix shift and downstream channels – Outperforming peers +4p.p. EBITDA margin, % EBITDA margin on average 25 – 48% of sales advanced steel grades through successful 20 expansion in Automotive AHSS – Nordic market share 45% 15 reaching fragmented customer SSAB E
Slide 12: Subsidiaries strengthen SSAB Europe's position
Subsidiaries strengthen SSAB Europe’s position Reaching smaller/mid-size customers, supporting market share and margins Leader in Nordic distribution, Restructured to construction product established competitive cost position business in core markets Volumes processed Gross profit per ton Volumes pr
Slide 13: Improving our operational performance
Improving our operational performance – Long-term work in safety Lost time injury frequency (LTIF) yielding results, testament of operational excellence 6.9 6.7 – Continuous improvements, 6.3 6.1 efficiency targets broken down 5.6 to units and shift teams – Focus on key areas: 4.2 3.7 – Production s
Slide 14: Global market conditions are changing
2. Global market conditions are changing
Slide 15: Global market conditions are changing
Global market conditions are changing – Strong growth outlook for more advanced Adoption of advanced steel grades high-strength steels – Main drivers automotive (EVs), transport sector, mechanical equipment… – Political movement - regionalization in US Overcapacity and – Tariffs and “Made in America
Slide 16: Clear customer demand for more high-strength steels
Clear customer demand for more high-strength steels Advanced and Ultra high strength steels market size, USD billion Strong demand increase UHSS for high-strength steel in the AHSS past years +9% CAGR - Development expected to 75 continue beyond 2030 Main drivers 50 35 Automotive Buildings and infra
Slide 17: Increased regionalization in both US and EU
Increased regionalization in both US and EU as a response to global overcapacity “Made in America” EU commission new proposal policies for steel safeguard package – Section 232 tariffs and “Melt and pour” – Reduce tariff-free import volumes by requirements for steel 47% vs 2024 quotas – Regionalizat
Slide 18: Accelerating premium leadership
3. Accelerating premium leadership
Slide 19: SSAB's business strategy to accelerate premium leadership
SSAB’s business strategy to accelerate premium leadership Focus on world class products with Advanced steel grades superior properties, tolerances and/or quality that other competitors do not offer Accelerating Provide availability, processing, and premium Value-add solutions that optimize the value
Slide 20: Advanced steel grades in our portfolio today
We have many advanced steel grades in our portfolio already today – examples Corrosion resistance Martensitic steel Protective steel Structural steel Hardox HiAce® Docol® Armox® Strenx® Extends equipment life in corrosive wear Combines tensile strength with good Hardness up to 600 HBW and yield Guar
Slide 21: Value-add services already part of our business
Value-add services already part of our business – examples Laser Hardening Roofing safety Customization 3D printing LaserTool Pisko Safeline Tibnor Additive Manufacturing Laser hardening with minimal distortion Fall arrest cable system for walkways Complex requirements met by tailored Weld-free geom
Slide 22: SSAB is the leader in market driven decarbonization
SSAB is the leader in market driven decarbonization initiatives – examples Decarbonized steel Decarbonized steel World’s first Hydrogen-reduced sponge iron SSAB Fossil-free steel SSAB Zero near-zero emissions steel based on HYBRIT® technology Made using fossil-free sponge iron based High quality end
Slide 23: Profitability difference for advanced vs standard steel
Clear profitability difference for advanced steel grades versus standard steel Hardox HiAce Strenx ~2-5X gross profit per ton in premium segments, Docol compared to standard European HRC Europe standard Based on average gross profit last 5 years 23
Slide 24: Value-add services integral part of go-to-market model
Value-add services integral part of our go-to-market model… …while also improving profitability per tonne – Local presence and SSAB SSAB SSAB customization enables us Special Steels Europe Americas to serve the local market X 2.6 X 1.5 X 1.6 directly (and not via service centers) – Long-term relatio
Slide 25: Premium potential for SSAB's decarbonized offering
Premium potential for SSAB’s decarbonized offering Share of volumes sold as Tangible customer value SSAB Zero / SSAB Fossil-free steel – Enabling end-product premium for many customers post Luleå – Decarbonized materials a ‘ticket to play’ in many tender processes Blast furnace SSAB Zero – Reaching
Slide 26: Strategy to create unique value to SSAB's customers
Strategy to create unique value to SSAB’s customers SSAB Premium offerings Advanced steel grades Value-add services & solutions Decarbonized steels 1 Armox, Powder & future 3rd gen 2 Solutions Assembly welding & 3 SSAB Fossil-free 100% HDRI / HYBRIT® grades (MC/CR), Martensitic 1900M Niche 3D printi
Slide 27: Target to reach >75% premium offering share
Target to reach >75% premium offering share % of volume 55% 65% 75% 2030 2035 2024
Slide 28: Strategic investment areas next 5 years
Strategic investment areas next 5 years Q&T Advanced cold rolled Downstream Modernization Decarbonization capacity and coated products distribution and efficiency and cost avoidance and processing Continue growth trajectory of Reduce sales of standard Expand value add to tap Replace hot strip mill M
Slide 29: Nordic transformation
Illustrative Nordic transformation − On-going investment in Luleå of EUR 4.5bn in new mini-mill − Oxelösund EAF investment on-going (SEK 6.2bn), as well as power line investment (SEK 2bn). (Groundworks and preparations completed in 2022 and 2023, SEK 1.3bn) − Technical blueprint for Raahe adjusted t
Slide 30: Strategy designed to strengthen profitability and resilience
Strategy designed to strengthen SSAB’s profitability and resilience Circle size = revenue ILLUSTRATIVE Special Steels To-be High EBITDA/ton - over the cycle Today American Plate Medium European Steel To-be (incl Subs) To-be Today Today Low Low Medium High Premium share (Sum of all grades within Adva
Slide 31: Summary
Summary − SSAB is a world leading steel company − All Divisions performing better than peers with potential to strengthen profitability and resilience over the business cycle − Macro trends moving in our direction − Lightweighting, productivity, regionalization, and sustainability − Strategy to acce
Slide 32: Capital Markets Day 2025
Capital Markets Day 2025 32
Slide 33: SSAB Special Steels
Capital Markets Day 2025 SSAB Special Steels Per Elfgren Head of SSAB Special Steels
Slide 34: SSAB Special Steels business model is built for resilience
SSAB Special Steels business model is built for resilience ~29 5-8% 100% SEK bn in CAGR over Premium sales 2024 time products Key segments Trailer & body Raw builders material handling Yellow Lifting goods +4,100 +130 +90 +15,000 Professionals Countries with sales Local stocks Customers Recycling Pr
Slide 35: World-leading steel products
Current position Market outlook Strategy World-leading steel products Wear Structural Protection Tooling 3D powders Key segments Key segments Key segments Key segments Key segments Truck & body builder Lifting Civil Tooling Tooling Material handling Forestry Military Engineering Automotive AM Powder
Slide 36: Our unique products add significant value to our customers
Current position Market outlook Strategy Our unique products add significant value to our customers Ultra light tipper and body Waste container Case 1 Case 2 upgraded to Hardox 500 Tuf and Strenx 960 upgraded to Hardox HiAce Solution scope Create an ultra-light tipper chassi replacing S700 MC with S
Slide 37: SSAB Protection – superior properties, wide product range
Current position Market outlook Strategy SSAB Protection – superior properties, wide product range in both defense and civil application areas – World leading portfolio of protection steels – widest product range, superior properties – Armox® serves different applications and customer segments – Tai
Slide 38: History of upgrading customers to stronger and lighter
Current position Market outlook Strategy History of successully upgrading our customers to stronger and lighter – keeping competition behind us 1990-2000 2000-2010 2010-2020 2020-2030 Hardox 400 Hardox 400 Hardox 450 Steel grade used Hardox 500TUF 700 Material Hardox 450 Hardox 500TUF (introd) U-sha
Slide 39: Unmatched product properties generate customer value
Current position Market outlook Strategy Unmatched product properties generate customer value Illustrative relationship between hardness, impact toughness and service life = increased service life = SSAB Hardox grades Y = Impact toughness (impact wear) = Competitor grades 60 Service life of a tipper
Slide 40: Solid business model delivers stable earnings
Current position Market outlook Strategy Solid business model delivers stable earnings Serving multiple Global presence Majority being Own sales and Globally recognized segments >130 countries and small to mid-sized distribution incl. brand programs >90 local stocks customers (>15,000) local technic
Slide 41: Our strategy has resulted in a step-change in profitability
Current position Market outlook Strategy Our strategy has resulted in a step-change in profitability − Price effect driven by market Average sales price EBITDA margin climate and mix improvement (KSEK/t ) (Percentage) (mainly mix in recent years as index prices have gone down) 23 28% 22 22 25% 24% 2
Slide 42: Structural demand growth for stronger and lighter steel
Current position Market outlook Strategy Structural demand growth for stronger and lighter steel Raw material handling Heavy Transport Lifting Protection (mining & recycling) Electrical vehicles & automation: Productivity: high payload in mid- Urbanization & infrastructure Improved mobility: agility
Slide 43: Protection segment shows long term growth
Current position Market outlook Strategy Protection segment shows long term growth Heavy plate and strip demand forecast – Increased security concerns drive defense in protection applications KTON & annual CAGR spending – up to 5% of GDP in Europe/NATO countries 800 - 850 >10% – Need to close capabi
Slide 44: Plenty of room to grow and upgrade the current market
Current position Market outlook Strategy In addition, plenty of room to grow and upgrade the current market Hot Rolled Plate (HRP) vs. Quenched & Tempered (Q&T) Total plate market MTON & market share Q&T share 335 Q&T share of global HRP ~1% 3-4 Global hot rolled plate market Q&T market 44
Slide 45: Grow the share of products with highest customer value
Current position Market outlook Strategy Grow the share of products with highest customer value Strategic direction for the period Other high strength steels Protection Advanced wear Advanced structural 100% 1 Remain the clear leader in Q&T steel 5 % annual volume growth (shipments) Products 0% 2024
Slide 46: Strengthening value-add and building new capabilities
Current position Market outlook Strategy Strengthening existing value-add and building new capabilities for the future Continue develop in existing areas Build new capabilities for the future Stock Abraservice Shared centers Additive Laser hardening manufacturing Maintain stock strategy Continue con
Slide 47: Investments in capacity and flexibility
Current position Market outlook Strategy Investments in capacity and flexibility Oxelösund conversion Q&T capacity Luleå mini-mill to EAF − Sequential investments in all mills − Increased Oxelösund capacity up − The Luleå mini-mill will bring producing Q&T (plate & strip) to to 1.5 Mt – new flexibil
Slide 48: Summary
Summary – Strong and unique position – Mix focus has been a success, high and stable margins – Will grow shipments 5% per year with focus on high-value products – Investments underway to support growth – Strategy to continue generating strong and stable earnings 48
Slide 49: Capital Markets Day 2025
Capital Markets Day 2025
Slide 50: SSAB Europe
Capital Markets Day 2025 SSAB Europe Tony Harris Head of SSAB Europe
Slide 51: This is SSAB Europe
This is SSAB Europe Rest of world Key production sites USA SSAB Raahe Heavy plates and strip products, Deliveries Other Europe SSAB Luleå blast furnace steel production in 2024 EU 88% Slabs, blast furnace steel production SSAB Hämeenlinna Finand Strip and tubular products Sweden SSAB Borlänge Strip
Slide 52: Unique customer value proposition
1. Unique customer value proposition
Slide 53: A decade of commercial transformation
Current position Market outlook Strategy A decade of commercial transformation 2015-2024 SSAB Europe sales development, % Share advanced steel grades % (volume) Home Market Share Standard Advanced steel grades 52% 61% 45% 73% 55% 48% 39% 27% 2015 2020 2024 53
Slide 54: Product mix improvement through innovation and sustainability
Current position Market outlook Strategy Product mix improvement through innovation and sustainability Value-add Value-add Advanced steel grades Advanced steel grades services & solutions services & solutions Decarbonized steels Market leader in high-end Color Coated/GreenCoat® Piles – cornerstone o
Slide 55: Product development and innovation drives growth
Current position Market outlook Strategy Product development and innovation drives growth Automotive advanced high-strength steels (AHSS) Automotive AHSS shipments Docol development over time Grades approval evolution 2015-2024, kton Yield strength MPa (y-axis); launch year (x-axis) Number of active
Slide 56: Innovative solutions creating unique customer value
Current position Market outlook Strategy Innovative solutions creating unique customer value Seat side member; Inner sill reinforcement; Hailuoto bridge, Prototype Craemer Bertrandt Cooperation Oulu, Finland Original material: New grade: Original steel New grade: Original steel New grade: Aluminium
Slide 57: SSAB Europe with industry-leading profitability
Current position Market outlook Strategy SSAB Europe with industry-leading profitability 2016-2024: European peer companies, average EBITDA performance, % SSAB Europe 10.9 Competitor 1 8.2 Competitor 2 7.3 Competitor 3 5.4 Competitor 4 3.3 Ø 7% * Adjusted to compare like for like steel businesses; T
Slide 58: Favourable market outlook
2. Favourable market outlook
Slide 59: Structural changes in the European steel market
Current position Market outlook Strategy Structural changes in the European steel market supports SSAB's premium strategy Trade Resilience & Policy Supply Balance Demand Growth Steel & Metals Action Plan Tailwinds Improving – EU safeguards proposal – Utilization rates to improve – Construction, infr
Slide 60: EU flat steel market will divide leaders from laggards
Current position Market outlook Strategy With current CO2 policies, EU flat steel market will divide “leaders” from “laggards” European flat carbon steel market supply, % of supply Grey imports Political pressure to cut Imports Imports imports - CBAM will affect Green imports from 2026 EAF New mills
Slide 61: Demand growth for SSAB's advanced steel grades
Current position Market outlook Strategy Demand growth for SSAB's advanced steel grades Automotive Heavy Transport Construction Energy Ship building Driving forces Driving forces Driving forces Driving forces Driving forces Urbanization & Energy transition Defense BEV* & Lightweighting Electrificati
Slide 62: Demand for AHSS in Automotive expected to increase
Current position Market outlook Strategy Demand for AHSS in Automotive is expected to increase, supported by BEV adoption Evolution of the steel Body-in-white distribution, Drivers for increase in AHSS and UHSS demand, share % Medium term drivers Mild steel Press Hardened Steel Ultra High Strength S
Slide 63: Transformation for long-term competitiveness
3. Transformation for long-term competitiveness
Slide 64: Luleå mini-mill: cornerstone of premium transformation
Current position Market outlook Strategy Cornerstone of our premium transformation 1. 2. – Luleå mini-mill Additional premium capacity Advanced capabilities ~1.2 mton CR and MC incl. 3rd Generation steels ~400kton continuous annealed AHSS grades 3. 4. New coatings Sustainability ZM, Coated PHS “0” C
Slide 65: Building best-in-class product offer for broader applications
Current position Market outlook Strategy Building best-in-class product offer for broader applications Competitiveness of SSAB automotive offer compared to peers* Body Closures Chassis Wheels Interior (incl. Seats) Out of scope Current capability Capability after transformation low medium high best
Slide 66: ~2 Mton of customer agreements, over 30% decarbonized steel
Current position Market outlook Strategy ~2 Mton of customer agreements of which over 30% decarbonized steel from >65 partners Biggest interest from Mobility segment Partners in Construction, Industrial & Energy segments
Slide 67: Growing value-add services through distribution and processing
Current position Market outlook Strategy Growing value-add services through distribution, processing and solutions Downstream value creation illustration Steel service center Processing Solutions Ghedi Plate component RD® pile wall Segment based solutions Additional profit 04 4% CAGR aimed ca. +100%
Slide 68: Building on our industry-leading position
Current position Market outlook Strategy Building on our industry-leading position SSAB Europe’s strategy Growing advanced steel Growing decarbonized Nordic market leader with grades, kton offering value adding offering, kton +60% +50% ~2400 ~1900 Conventional 1490 1310 Other EAF 25% Decarbonized <1
Slide 69: Summary
4. Summary
Slide 70: From today's strength to tomorrow's edge
From today’s strength to tomorrow’s edge: Accelerating premium leadership Today Future (~2030) Advanced • AHSS/UHSS lead in auto • Luleå: Expanded capabilities steel grades • 48% advanced grades mix • ~56% advanced steel grades target Decarbonized • Blast furnace: 6.6 Mt* CO₂ • Efficient, flexible E
Slide 71: SSAB Americas
Capital Markets Day 2025 SSAB Americas Chuck Schmitt Head of SSAB Americas
Slide 72: SSAB Americas – leading producer of quality heavy plate and coil
SSAB Americas – the leading producer of quality heavy plate and coil 22.7 BILLION 600 Professionals 1 SEK in quality and # customer satisfaction Revenue in 2024 >25% 5-year average EBITDA MARGIN Annual steel production capacity 2.0 MILLION TONNES Manufacturing footprint Segments close to major custo
Slide 73: SSAB Americas leading position
1. SSAB Americas leading position
Slide 74: SSAB Americas is no.1 in quality, service and satisfaction
Current position Market outlook Strategy SSAB Americas is no.1 in quality, service and satisfaction 5-year average | Source: Jacobson Plate Survey SSAB Comp 1 Comp 2 Comp 3 About the Jacobson plate survey 9.1 8.8 8.3 8.2 8.0 8.2 8.1 – Gathers feedback from 7.7 7.7 7.6 7.2 2,000 steel customers 6.9 a
Slide 75: Highly productive and low-cost operations
Current position Market outlook Strategy Highly productive and low-cost operations − Modern EAF operations and mini-mill culture − Close proximity to major customers and 90% Capacity utilization 5-year avg versus industry average of 78% raw materials % − Continuous improvement program in place 100 s
Slide 76: Enabling SSAB's decarbonization offer
Current position Market outlook Strategy Enabling SSAB’s decarbonization offer Since 2023: Making SSAB Zero slabs in Iowa Sep 2025: Near-zero steel global first − Recycled steel melted using fossil-free electricity, − SSAB is the world’s first steel company biocoal and renewable fuels to meet near-z
Slide 77: Outperforming plate peers in profitability
Current position Market outlook Strategy Outperforming plate peers in profitability EBITDA margin, % SSAB Americas Comp 1 Comp 2 Comp 3 45% 40% 35% 30% Top 4 producers represent ~85% of 25% domestic plate supply 20% in the US market 15% 10% 5% 0% -5% -10% 2018 2019 2020 2021 2022 2023 2024 Q3 2025 Y
Slide 78: Attractive outlook for North American plate market
2. Attractive outlook for North American plate market
Slide 79: US manufacturing recharged by import safeguards and industrial policy
Current position Market outlook Strategy US manufacturing recharged by import safeguards and industrial policy Supply chain policies Demand growth policies − Sec. 232 tariffs increased to 50% and expanded to − Bipartisan Infrastructure Law drives demand for derivative products US-made steel in roads
Slide 80: Key market segments expected to grow next ~10 years
Current position Market outlook Strategy Key market segments expected to grow next ~10 years Construction Marine Wind Transmission Increase in construction & agriculture SHIPS Act expected to drive demand for Producers and installers benefit short term Investor-owned utilities to invest USD 1.1 expe
Slide 81: Favorable supply-demand outlook
Current position Market outlook Strategy Favorable supply-demand outlook Supply, million metric tons Demand, million metric tons Customers increasingly Recent expansions looking for local sourcing of No significant supply likely to displace older steel, supported by Made-in- growth expected Increase
Slide 82: Strategy to advance industry leadership
3. Strategy to advance industry leadership
Slide 83: Continue to outperform on the basics while expanding premium
Current position Market outlook Strategy Strategy to continue to outperform on “the basics” while expanding premium offering #1 #1 20% Maintain leadership Taking a stronger leadership Move into (new) premium on fundamentals position in growing customer segments: - Quality segments, e.g. - SSAB Zero
Slide 84: Taking a stronger position in growing customer segments
Current position Market outlook Strategy Taking a stronger position in growing attractive customer segments Shipbuilding Transmission Towers Heavy Equipment Increased capabilities for premium and Customized sizes and packaging provided R&D Midwest presence aligns with customer downstream volumes (e.
Slide 85: Initiatives to move into new premium segments
Current position Market outlook Strategy Initiatives to move into new premium segments SSAB Zero steel Laser Premium Downstream/Campus Less than 0.05 kg CO2e/kg steel Optimized surface quality for laser cutting Attractive site partners at Montpelier Commercially available Superior steel cleanliness
Slide 86: Summary
3. Summary
Slide 87: SSAB Americas advancing industry leadership
Summary SSAB Americas advancing industry leadership Today Future (~2030) Plate market Relatively high import volumes Reduced imports and dynamics and stagnant demand recent years significant demand recovery Cost position and Leading cost position, quality, Continues improvements. customer consistenc
Slide 88: Capital Markets Day 2025
Capital Markets Day 2025
Slide 89: Tibnor – the leader in Nordic steel distribution
Tibnor – the leader in Nordic steel distribution Fredrik Haglund, President Tibnor CMD, 4 November 2025 89
Slide 90: Tibnor at a glance
90 Tibnor at a glance The Leading distributor of steel, metals and processing services in the Nordics 10,000 1,050 employees in 40 Locations close to our customers customers in the Nordics and Baltics 7 countries 9 Processing centers 0.0 LTIF R12 800 kton of delivered products >95% delivery accuracy
Slide 91: Tibnor - #1 distributor and processor in the Nordics
91 Tibnor - #1 distributor and processor in the Nordics
Slide 92: Leading product and processing offerings
Current position Strategy 92 Leading product and processing offerings Wide product offering and Broad range of Customized solutions Strongest set-up for the depth in Premium & Low CO2 processing services local customers ▪ Full-range assortment ▪ Broad range of processing ▪ Solutions / project ▪ Wide
Slide 93: Industry leading profitability – built a strong position
Current position Strategy 93 Industry leading profitability – built a strong position Historical performance Structural changes - Built a strong position Performing better than Peers* (EBITDA%) 2019 Sanistål steel-division acquisition in Denmark 2016 – 2024 2024 – 2025Q2 4.0% 3.9% 2.6% 2020 Producti
Slide 94: Tibnor supporting SSAB's leading position in the Nordics
Current position Strategy 94 Tibnor – supporting SSAB’s leading position in the Nordics ~400 kton ▪ Full range of SSAB products ▪ Mainly from Borlänge, Raahe Customers and Hämeenlinna mills ~400 kton ~10,000 customers ▪ Major European mills for non-SSAB products ▪ Full range of products
Slide 95: Successfully strengthened our market position in the Nordics
Current position Strategy 95 Successfully strengthened our market position in the Nordics Volume development and market share, kton Market share, based on estimated full distribution market (incl SSC) in the Nordics Turnover Market Market SEK bn share1 position 869 875 4.4 19% #1 820 794 786 781 697
Slide 96: Strategy towards higher profitability
96 Strategy towards higher profitability
Slide 97: The platform for higher profitability
Current position Strategy 97 The platform for higher profitability Strategic focus: High value growth 1 2 3 Premium Steel Products Processing Local Presence (SME) Continue strong Organic growth in Continue grow the upgrading track-record new Strategic assets unique set-up, and new Low CO2 and value-
Slide 98: Targeting growth in our most profitable segments
Current position Strategy 98 Targeting growth in our most profitable segments High value business Profitability * High Value – Increase Share of Sales ** Standard Products 100 2024 45% Premium Steel Products 180 2X 2025, Q3 50% Processing 190 Gross profit per ton in High Value areas vs Standard 2030
Slide 99: Continue to strengthen Processing and Solutions
Current position Strategy 99 Continue to strengthen Processing and Solutions Strong foot-print in the Nordics Good capabilities already in place Grow processing to 30% Seinäjoki ▪ Broad range of Processing services Processing center for ▪ Local set-up and Nordic centres Components / Flat products ▪
Slide 100: Local presence – building on our successful expansion
Current position Strategy 100 Local presence – building on our successful expansion Wide offering in the Nordics Successful expansion Almost tripled sales ▪ The local market of small and medium-size Sales, SEK million customers Stålsenteret in Haugesund ▪ Handelsstålsgruppen in Sweden, unique ~X3 Ac
Slide 101: Continue to strengthen the basics
Current position Strategy 101 Continue to strengthen the basics Cost position over-time Capital Efficiency Indexed total fixed cost SEK/ton Capital turnover -5% +0.9 100 95 3.3 2.4 2024 2030 2024 Target ▪ Significant cost and productivity measures ▪ Historical 10-year average is 3.0 over the last 5
Slide 102: Summary
Summary TIBNOR
Slide 103: Tibnor well positioned for next steps
103 Tibnor well positioned for next steps ▪ Undisputed leader in Nordic steel distribution ▪ Growth journey, continue secure home market position for SSAB, significant long-margin ▪ Better profitability than peers ▪ Strong cost position ▪ Leader in pricing excellence ▪ Good track record in growing i
Slide 104: Capital Markets Day 2025
Capital Markets Day 2025
Slide 105: The Nordic leader in Roofing and Building Envelopes
The Nordic leader in Roofing and Building Envelopes Sami Eronen I President Ruukki Construction AI image
Slide 106: Ruukki Construction: steel-based roof and wall solutions
Ruukki Construction: Steel-based roof and wall solutions for construction professionals 5,508 SEK million 1,350 42 Net sales in 2024 Employees Net Promoter Score Building Roofing 10 14 Envelopes Countries where Specialized production Net sales by business we are present units in 5 countries 106
Slide 107: Strong position in home markets serving wide customer base
Current position Strategy Strong position in home markets serving wide customer base Roofing Building Envelopes (roof & wall structures) Dealers (62 %) Tinsmiths (6 %) Construction companies (63 %) Installation companies (6 %) Construction Companies (12 %) House factories (4 %) Hall contractors (15
Slide 108: Reliable partner with innovative premium offering
SEPTEMBER 1 08 29, 2025 Current position Strategy Reliable partner with innovative premium offering • Broad range – complete solutions Complete roof & wall • Innovative premium products based on SSAB steel • Sustainability leadership with Ruukki® LowCarbon offering • Superior order to delivery exper
Slide 109: Foundation built for the next phase
Current position Strategy Foundation built for the next phase acquisitions acquisitions acquisition Russia RO & UK Building Systems Market downturn RC25 savings divestment exit divestment => RC15 savings program program merger RC 1.0 RC 2.0 RC 3.0 Fix the structure Focus on the core Growth 2014 2015
Slide 110: Growth Strategy 2030
Growth Strategy 2030 110 AI image
Slide 111: Ruukki's growth benefits SSAB in two ways
Current position Strategy Ruukki’s growth benefits SSAB in two ways Ruukki Construction Value contribution to + standalone value creation SSAB steel business • Growth – outgrow the general construction market • Volumes – captive channel on the Nordic market, with improved market and customer focus c
Slide 112: Favorable outlook after low cycle in construction
Current position Strategy Ruukki market Favorable outlook after shares** low cycle in construction Market recovery is expected, as interest rates come down: • Roofing (total) Europe CAGR + 3.8%* • Envelopes (total) Europe CAGR + 5.4%* Structural growth drivers: • Net-Zero: Zero-emission buildings (Z
Slide 113: Profitable growth through premium products and share of wallet
Current position Strategy Profitable growth through premium products and higher customer share of wallet Premium, share of sales 29% 23% Accelerate Grow market Boost export sales of premium share in home sales driven by products markets premium products 2024 2030 Premium, sales growth (EUR m) 200 De
Slide 114: Growth driven by complete roofs & walls
Current position Strategy Growth driven by complete roofs & walls that deliver customer value throughout the lifecycle Flashings Other accessories Roof profiles Solar PV Roof safety products Rainwater systems Entrance roofs 114
Slide 115: Outlets and logistics service close to customers
Current position Strategy Outlets and logistics service close to customers Strong market presence and customer proximity across Northern and Central Europe 15 Ruukki Express outlets in 5 Expanding sales of premium Fast and reliable customer countries close to customers products with high availabilit
Slide 116: Digital lead generation for building growth and loyalty
Current position Strategy Digital lead generation for building growth and customer loyalty Certified Ruukki Partner Program for roof installation companies 116 Internal / Q3 results for 2024 / Ruukki Construction
Slide 117: From productivity to profitable growth: investment program
Current position Strategy From productivity to profitable growth: 50 MEUR investment program in commercialization Vimpeli (FI): Kauhava (FI): Borlänge (SE): Flow improvements Piristeel expansion New panel factory ✓ EUR 8m, 2021–2024 ✓ EUR 8m, 2022–2025 ✓ EUR 15m, 2022–2025 ✓ Faster delivery times ✓
Slide 118: Sustainable growth together with customers
Current position Strategy Ruukki Construction’s strategy and targets until 2030: Sustainable growth together with customers Growth Scalability Number 1 in sustainable steel-based Best-in-class products and solutions solutions for roofs and walls delivered efficiently to customers Net sales target: E
Slide 119: Slide 119
Slide 120: Transformation projects
Capital Markets Day 2025 Transformation projects Carl Orrling CTO & Head of Transformation Office 120
Slide 121: Technology development in steel production
Technology development in steel production 1950s–60s 1960s–70s 1970s–80s 1980s–90s 1990s–2000s 2010s 2020s BOF Continuous EAF & Automation & Direct Casting Industry 4.0 Green Steel Casting Mini-mills Secondary & Rolling Metallurgy Oxygen steelmaking Ladle→slab/billet Scrap-based EAF Robots, LF, VD/R
Slide 122: Oxelösund conversion and Luleå mini-mill
Oxelösund conversion and Luleå mini-mill Luleå – new mini-mill − Two EAFs with total capacity of 2.5 Mt − Hot strip mill and new cold mill complex for premium products − Planned start at end of 2029, ramp-up during 2030 Oxelösund – new EAF − One EAF with capacity of 1.5 Mt − Planned start early 2027
Slide 123: Oxelösund conversion
1. Oxelösund conversion
Slide 124: New capabilities and increased flexibility in Oxelösund
New capabilities and increased flexibility in Oxelösund Project overview New technology (EAF) offers better production and raw material flexibility, better product mix, volume growth, as well as virtually zero CO2 emissions − Produce SSAB Zero steel commercially in Europe – Ability to supply Borläng
Slide 125: Proven feasibility to produce branded products via EAF route in US
Proven technical feasibility to produce branded and highly demanding products via EAF route in US Examples of products possible to produce in EAF route (not exhaustive) Hardox 500 Tuf Hardox HiAce Armox 500T Strenx 1100 Docol 1500M Close cooperation between our teams in Oxelösund and Mobile, US 125
Slide 126: Luleå mini-mill
2. Luleå mini-mill
Slide 127: The Luleå mini-mill will reposition SSAB Europe
The Luleå mini-mill will reposition SSAB Europe as a stronger, premium division Coupled pickeling cold rolling mill; 3rd Gen AHSS − New advanced steel grades Galvanizing and requested by our customers Annealing lines − Additional cold rolling and Energy efficient metal coating capacity with direct h
Slide 128: Technology highlight: Digital continuous melter
Technology highlight: Digital continuous melter Most advanced Electric Arc Furnace − Digital energy control − Continuous scrap feeding with pre-heating − Fully automated operations “no man on the floor” Significant benefits − ~10% less electricity (~60 kWh/t) − Less emissions − Improved steel qualit
Slide 129: Technology highlight: Fully electric complex for AHSS
Technology highlight: Fully electric complex for advanced high strength steel First of its kind process lines − Fully electrical heating − Tailor made for AHSS − Flexibility in coatings − Combined annealing and coating capacity Benefits − 15% less energy consumption compared to natural gas lines − P
Slide 130: Considerations and summary
3. Considerations and summary
Slide 131: Both projects progressing according to plan
Both projects progressing according to plan with well managed risk areas Technology Budget Ramp up − Close dialogue over several − Contracts with key suppliers − Extensive experience of running years with machine suppliers on signed together with strong all sections of new mills: technical specifica
Slide 132: Securing SSAB's raw materials needs
Securing SSAB's raw materials needs Significant amount of home scrap generated within SSAB’s own network Scrap Internally falling scrap (mills and processing centers) sourcing Customer partnerships Scrap take-back agreed with Volvo Cars - other customer dialogues ongoing for pre-consumer scrap Strat
Slide 133: Summary
Summary − Transformation key for our business strategy – new premium advanced grades, volume growth and decarbonized steels, with substantial operational and financial benefits − Projects in Oxelösund and Luleå progressing according to plan − Building on extensive EAF experience from our US mills, p
Slide 134: Capital Markets Day 2025
Capital Markets Day 2025
Slide 135: Industry leading financials
Capital Markets Day 2025 Industry leading financials Leena Craelius CFO
Slide 136: Strong track record of delivering on financial targets
Strong track record of delivering on financial targets Profitability target Capital structure target Dividend target EBITDA margin vs. peers Net gearing+/-20% 40% of profit after tax EBITDA % SEK/share #2 25% 9 39% 25% #2 8 15% 7 #2 5% 6 37% 40% 15% 5 #3 #3 #2 -5% 17 18 19 20 21 22 23 24 4 #3 3 40%
Slide 137: SSAB's over-the-cycle EBITDA level at SEK ~14 bn
SSAB's “over-the-cycle” EBITDA level at SEK ~14 bn Assessment of current SSAB over-the-cycle EBITDA, SEK billion EBITDA- margin ~14% 1.0 1.7 14 13 1.7 Nominal average Real 2025 Adjusted for Adjusted for peak Current 2016-2024 adjustment & structural changes earnings 2021-23 "over-the-cycle" currency
Slide 138: Strategy recap
Strategy recap • Grow Special Steels volumes by 5% per year • Continue Special Steels upgrading journey Advanced steel grades (e.g., Hardox 450 to 500 TUF) • Grow SSAB Europe’s advanced steel grades by 900+ kton • Grow SSAB Europe’s value add volumes by 4% Accelerating per year premium Value-add ser
Slide 139: Limited strategic investments in recent years
Limited strategic investments in recent years Historical strategic capex, SEK billion 7.3 Other Strategic Capex Oxelösund EAF conversion Oxelösund conversion Luleå mini-mill Oxelösund conversion pre-phase started with ground works, preparations, 4.5 ladle metallurgy Q&T capacity in Mobile 2.6 2.0 0.
Slide 140: Estimated strategic capex profile coming years
Estimated strategic capex profile coming 5 years Strategic investment cash-out, SEK billion Luleå mini-mill, incl. power line Oxelösund conversion incl power line Premium expansion (Q&T, Value-add) – To be approved* 17 14 12 11 4 2026 2027 2028 2029 2030 140 * SEK 0.5 billion approved, remainder to
Slide 141: Strong financials creating a solid base for our strategy
Strong financials creating a solid base for our strategy Cash & secured debt in SSAB’s base case modelling, until 2030, SEK billion ~30 58 11 Current cash Modelled cash flow Dividend (40%) Buy-backs option Luleå financing Potential Planned strategic position after R&C and tax package cash availabili
Slide 142: Significant benefits with EBITDA > SEK 20bn
Significant benefits with EBITDA > SEK 20bn Assessment of future SSAB over-the-cycle EBITDA after 2030, SEK billion, % EBITDA margin >16% ~23 0.5-1.5 ~2 ~14% ~1 ~14 ~5 Current Advanced steel Value-add services Net profit from Improved cost Targeted “Over the cycle” grades (Luleå mini- and growth in
Slide 143: Financial targets unchanged
Financial targets unchanged Profitability Capital structure Dividend Industry-leading Net gearing ratio 40% of profit after tax EBITDA margin between -20% to 20% compared to peers* (Net Debt to Equity) Unchanged Unchanged Unchanged Before determining the yearly dividend proposals and capital structu
Slide 144: Summary
Summary − Strong track record of delivering on financial targets − Investment program will reposition SSAB to a more premium, unique and profitable steel company, ready for the future − The potential to lift Group EBITDA is significant with future EBITDA ‘over the cycle’ +9 SEK billion − Financial c
Slide 145: Key takeaways
Capital Markets Day Key takeaway’s Johnny Sjöström President & CEO
Slide 146: Key takeaways
Key takeaway's − SSAB is a world leading steel company − All Divisions performing better than peers with potential to strengthen profitability and resilience. Track record of delivering on financial targets − Macro trends moving in our direction − Lightweighting, productivity, regionalization, and s
Slide 147: Appendix
Appendix 147
Slide 148: Backup: Robust cost improvement independent of CO2
Backup | Robust cost improvement independent of CO2 Production cost current Lu-Bo vs. Mini-mill after 2030 Fixed costs Iron carrier Coal & energy Other variable CO2 – -15% cost benefit with With CO2 policy as planned With CO2 policy as today mini-mill with planned CO2 Free allocation phase out and C