Slide 1: Interim report Second quarter 2026
Alleima 1 July 17, 2026 Interim report Second quarter 2026 Göran Björkman, President & CEO Johan Eriksson, CFO
Slide 2: Safety first
Alleima 2 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: Fatal accident in Sandviken
Alleima 3 Fatal accident in Sandviken On May 5, a serious traffic accident occurred in the industrial area in Sandviken, Sweden, where one of our colleagues tragically died.
Slide 4: Highlights Q2 2026
Alleima 4 Highlights Q2 2026 Strong order intake R12 order intake R12 organic order intake growth (SEK M) ― Solid development in key segments ― Major umbilical tubing order ― Ripple effects from the Middle East 18,578 3% Solid earnings Revenues Organic revenue growth ― Strong contribution from Kanth
Slide 5: Industry-leading sustainability
Alleima 5 Industry - leading sustainability Increasing share of revenues from the sustainable product portfolio – driven by the Medical and Industrial Heating segments Health and safety Recycled steel CO ₂ emissions Sustainable product portfolio R12 total recordable injury frequency R12 share of rec
Slide 6: Market development
Alleima 6 Market development ― Continued mixed market ― Geopolitical uncertainty and continued volatility ― Continued momentum in key segments Perceived year on year underlying market demand trend The large arrow shows year on year underlying demand trend, the small shows the estimation previous qua
Slide 7: Impacts from the Middle East crisis
Alleima 7 Impacts from the Middle East crisis — Market uncertainty continues as the crisis continues — Alleima’s OCTG business, part of the Oil & Gas segment, has both direct and indirect exposure to the Middle East and is negatively affected by developments in the region — Minor affects also on the
Slide 8: Order intake and revenues
Alleima 8 Order intake and revenues Order intake R12 Order intake R12 Revenues and book - to- bill ― Organic order intake growth (SEK M) SEK M SEK M % of 3% for rolling 12 months 18,578 25 000 6 000 120 ― Organic revenue growth of 2% 5 000 100 20 000 4 000 80 ― R12 book - to- bill 102% Revenues 15 0
Slide 9: Earnings
Alleima 9 Earnings Adjusted EBIT Adjusted EBIT at SEK 519 million SEK M % 700 12 ― Margin of 10.6% ― Positive contribution from Kanthal 600 10 ― FX tailwind of SEK 19 million year over year 500 8 400 Free operating cash flow of SEK 330 million 6 300 ― Changes in working capital 4 ― Cash flow normall
Slide 10: Tube
Alleima 10 SEK M Q2 2026 Q2 2025 Q1- Q2 2026 Q1- Q2 2025 Tube Order intake, R12 12,676 13,082 - - Organic growth, R12 ,% 1 -6 - - Revenues 3,372 3,413 6,595 7,163 Organic growth, % -3 -5 -6 3 Umbilicals continued strong Adj. EBIT 376 382 662 797 Margin, % 11.2 11.2 10.0 11.1 ― R12 organic order inta
Slide 11: Kanthal
Alleima 11 SEK M Q2 2026 Q2 2025 Q1- Q2 2026 Q1- Q2 2025 Kanthal Order intake, R12 4,524 4,088 - - Organic growth, R12 ,% 19 1 - - Revenues 1,135 956 2,117 1,973 Organic growth, % 21 -5 14 -6 Solid topline development Adj. EBIT 223 160 390 329 Margin, % 19.6 16.7 18.4 16.7 ― R12 organic order intake
Slide 12: Strip
Alleima 12 SEK M Q2 2026 Q2 2025 Q1- Q2 2026 Q1- Q2 2025 Strip Order intake, R12 1,378 1,741 - - Organic growth, R12 ,% - 16 30 - - Revenues 389 396 761 779 Organic growth, % -1 8 2 13 Declining order intake Adj. EBIT 10 10 32 36 Margin, % 2.5 2.4 4.1 4.6 ― R12 organic order intake growth of -16% ―
Slide 13: Financial summary
Alleima 13 Financial summary SEK M Q2 2026 Q2 2025 Q1- Q2 2026 Q1- Q2 2025 Order intake, R12 18,578 18,911 - - SEK M Order intake, R12 Revenues Revenues 4,896 4,765 9,472 9,914 Q2 2025 18,911 4,765 Adj. EBIT 519 454 905 993 Organic, % 3 2 Adj. EBIT margin, % 10.6 9.5 9.6 10.0 Structure, % 0 0 Metal
Slide 14: Bridge analysis, adjusted EBIT
Alleima 14 Leverage: 46% Bridge analysis, adjusted EBIT ― Solid organic development SEK M ― Positive effect from targeted 519 measures 19 0 454 46 ― FX impact 1 2 3 4 5 Adj EBIT Organic Currency Structure Adj EBIT Q2 2025 Q2 2026 Adj. EBIT Adj. EBIT margin 9.5% margin 10.6%
Slide 15: Capital efficiency
Alleima 15 Capital efficiency ― NWC amounted to SEK 7,157 million (6,799) ― Capital employed excl. cash amounted to SEK 16,610 million (16,424) ― Sequential NWC increase due to seasonality ― ROCE excl. cash of 7.7% (9.2) in the quarter ― NWC in relation to revenues at 35.5% (36.1) Net working capita
Slide 16: Cash flow
Alleima 16 Cash flow ― Free operating cash flow of SEK 330 million (347) ― Higher operating profit ― Negative changes in working capital Free operating cash flow Free operating cash flow quarterly SEK M 600 SEK M Q2 2026 Q2 2025 Q1- Q2 2026 Q1- Q2 2025 500 EBITDA 949 511 1,577 1,256 400 Non - cash i
Slide 17: Strong financial position
Alleima 17 Strong financial position Capital structure Net debt and Financial net debt SEK M Net Pension Leasing liabilities Other cash less Net debt 2 500 liabilities (IFRS 16) liabilities SEK M SEK M SEK M SEK M 2 000 604 412 1,299 - 283 (813) (462) (1,308) (- 33) 1 496 1 500 1 308 1 299 1 000 500
Slide 18: Guidance ahead of the quarter and outcome
Alleima 18 Guidance ahead of the quarter and outcome Outcome Q2 2026 Guidance ahead of Q2 2026 Capex (Cash) SEK 396 million YTD 2026 Approximately SEK 1,100 million in FY 2026 Currency transaction and SEK - 39 million in Q2 SEK - 60 million in Q2 translation effect Total currency effect SEK 19 milli
Slide 19: Guidance Q3 2026 and FY 2026
Alleima 19 Guidance Q3 2026 and FY 2026 Capex (cash) ― Estimated to approximately SEK 1,100 million for FY 2026 Currency effects (transaction and translation) ― Estimated neutral effect on operating profit (EBIT) for Q3 2026, compared to the corresponding period last year Metal price effects ― SEK 1
Slide 20: Outlook for Q3 2026
Alleima 20 Outlook for Q3 2026 — Mixed markets expected to continue — The order book remains strong in several segments — Product mix is expected to be similar to Q2
Slide 21: Summary
Alleima 21 Summary ―Strong quarter with improved order intake and profitable organic growth ―Uncertainty in the market remains ―Staying with our long - term strategy
Slide 22: Q&A
Alleima 22 Q&A
Slide 23: Thank you
Alleima 23 Thank you alleima.com
Slide 24: Disclaimer
Alleima 24 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 expectations prove t