Slide 1: Presentation of the Q3 2025 report
Presentation of the Q3 2025 report Johnny Sjöström, President and CEO Leena Craelius, CFO
Slide 2: Agenda
Agenda − Q3/25 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: Q3/25 in brief
Q3/25 in brief SSAB
Slide 4: Highlights Q3
Highlights Q3 Operating result LTIF at all-time low higher vs Q3/24 Cash flow improved SEK m SEK m 1.80 2,140 4,127 1,869 2,274 1.06 1,351 1,753 1,248 1,428 0.87 0.75 0.56 487 -547 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2021 2022 2023 2024 2025* Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Operating cash flow − Improvement
Slide 5: SSAB Special Steels
SSAB Special Steels Lower shipments Better result vs Q3/24 ktonnes SEK m -11% 336 325 1,442 1,480 1,392 302 289 1,228 260 629 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 − Several markets impacted by tariff − Positive effect from lower raw turbulence material costs and better capacit
Slide 6: SSAB Europe
SSAB Europe Lower shipments Lower operating result ktonnes SEK m -18% 109 110 882 895 42 33 756 750 737 -179 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 − Weak market − Prices +2% vs. Q2/25 − Shipments of Automotive − Lower shipments and AHSS stable vs Q3/24 planned maintenance (SEK
Slide 7: SSAB Americas
SSAB Americas Lower shipments Higher operating result ktonnes SEK m -10% 853 487 807 438 457 440 398 189 160 78 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 − Uncertainty due to tariffs − Prices +1% vs Q2/25, negative effect from lower shipments − Q3/24 was impacted by planned mainten
Slide 8: Tibnor Ruukki Construction
Tibnor Ruukki Construction Shipments Operating result Revenue Operating result ktonnes SEK m SEK m SEK m -15% +3% 203 195 195 35 1,607 126 177 1,414 1,458 1,501 165 21 24 1,161 79 9 52 -30 -34 -39 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q
Slide 9: Transformation update
Transformation update − The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc furnace (EAF) − Connection to the power line, being built by Vattenfall Eldistribution, is expected to be finalized by the end of 2026, slightly behind the original plan.
Slide 10: Financials
Financials SSAB
Slide 11: Improvement in earnings vs Q3/24
Improvement in earnings vs Q3/24
Slide 12: Change in operating result Q3 vs. Q2
Change in operating result Q3 25 vs. Q2 25 SEK m -1,830 1,035
Slide 13: Change in operating result Q3 vs. Q3
Change in operating result Q3 25 vs. Q3 24 -1,645 SEK m -2,115 -750
Slide 14: Cash flow
Cash flow SEK million 2025 2024 2025 2024 2024 Q3 Q3 Jan-Sep Jan-Sep Full-year EBITDA 2,886 2,320 8,411 10,500 12,069 Change in working capital 643 483 -2,316 -1,139 2,470 Maintenance capital expenditures -725 -642 -1,633 -1,797 -2,773 Other -529 -734 -982 -1,000 -1,074 Operating cash flow 2,274 1,4
Slide 15: Net cash position
Net cash position − Net cash of SEK 10.8 billion at the end of Q3 2025 − Net debt/equity ratio -16% (-20%)
Slide 16: Raw material
Raw material SSAB’s purchase price, year over year changes Market prices (AMM) Iron ore Coking coal Scrap (USD/gross tonne) 450 400 350 300 250 200 150 100 50 0 AMM Chicago #1HM − The costs of raw materials for SSAB Special Steels − Stable trend and SSAB Europe are expected to be somewhat lower comp
Slide 17: Expected maintenance costs
Expected maintenance costs − Total maintenance costs for the full- SEK million 2025 2025 2025 2025 2025 year 2025 are expected to be SEK 1,530m, somewhat lower compared Q1 Q2 Q3 Q4 Full-year to the previous forecast of SEK SSAB Special Steels — — 60 570 630 1,570m SSAB Europe — — 330 230 560 SSAB Am
Slide 18: Capex outlook for 2025 unchanged
Capex outlook for 2025 unchanged − Capital expenditure in 2025 estimated at Sum of maintenance and SEK 10bn (unchanged) strategic capex (SEK bn) − Higher strategic capex vs. 2024, mainly due to the conversion of Oxelösund, as well as 10 construction start of Luleå mini-mill − Phasing of Luleå capex
Slide 19: Outlook and summary
Outlook and summary SSAB
Slide 20: SSAB's outlook for main customer segments Q4/25
SSAB’s outlook for main customer segments Q4/25 Segment Demand Comments Strong Neutral Weak - Heavy truck production in Europe slowing down Heavy Transport - Shipbuilding in the US healthy and rail transport stable - Structurally growing AHSS market Automotive - Uncertain outlook, negative effect fr
Slide 21: SSAB's outlook for Q4/2025
SSAB’s outlook for Q4/2025 - The outlook for the fourth quarter is Volume and pricing outlook uncertain, where the market in Europe is normally affected by a certain seasonal Q4/25 vs. Q3/25 Shipments Realized prices slowdown towards the end of the year SSAB Special Steels Somewhat lower Stable - SS
Slide 22: Summary
Summary − Better result and cash flow compared to last year − Strong focus on safety is yielding results − Stable earnings on good level in SSAB Special Steels − Transformation projects progressing − Planned maintenance both in North America and in Europe in Q4 22
Slide 23: SSAB Capital Markets Day on 4 November
SSAB Capital Markets Day on 4 November SSABs Capital Markets Day will be held at the steel mill in Oxelösund, Sweden Invitation and registration on ssab.com The presentations will be webcasted 23
Slide 24: Questions and Answers
Questions and Answers SSAB
Slide 25: Appendix
Appendix SSAB
Slide 26: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 5.3 8,0 5,00 (6.5) years 7,0 4,50 4,00 − Averaged fixed interest term was 0.8 6,0 3,50 (1.2) years 5,0 3,00 − Average interest rate was 3.9% (4.4%) 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 − Liquid assets and committed credit SEK m lines at SEK 58.3bn 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 20 000 10 000 Cash 0 Cash and back-up 2025 2026 2027+ facilities 27
Slide 28: SSAB
SSAB