Ssab Ab Class A · OMXSTO:SSAB_A
Ssab Ab Class A — Q1 2026 Earnings Presentation
28 slides from Ssab Ab Class A's earnings presentation, Apr 28, 2026
Slide 1: Presentation of the Q1 2026 report
Presentation of the Q1 2026 report Johnny Sjöström, President and CEO Leena Craelius, CFO April 28, 2026
Slide 2: Agenda
Agenda − Q1 2026 in brief − Financials − Outlook and summary − Q&A 2
Slide 3: Q1 2026 in brief
Q1 2026 in brief SSAB
Slide 4: Summary of Q1
Summary of Q1 LTIF EBITDA Net cash SEK bn SEK bn 1.06 3.2 3.2 18.2 17.8 0.87 2.9 0.75 14.3 2.4 0.56 11.6 0.49 1.8 9.6 2022 2023 2024 2025 2026 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 2022 2023 2024 2025 2026 Q1 Q1 − LTIF and TRIF both at all-time − Improved earnings for SSAB − Strong balance sheet low at 0.49
Slide 5: Transformation update
Transformation update − The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc furnace (EAF) − Start of production is planned for early 2027 − Groundworks in Luleå paused in Q2 − Contractors have reported symptoms and illness − Sampling and testing
Slide 6: SSAB Special Steels
SSAB Special Steels Shipments EBITDA ktonnes +24% SEK m 356 1,752 1,785 1,700 1,842 336 325 289 287 956 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 − Somewhat better activity in − Solid EBITDA margin at 25% European market (24%) vs. Q1/25 − Extensive planned maintenance in − Prices 1
Slide 7: SSAB Europe
SSAB Europe Higher shipments EBITDA ktonnes +18% SEK m 882 895 919 961 737 778 634 629 553 340 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 − Seasonal improvement vs. − Prices 2% vs. Q4/25 Q4/25 − Advanced steels at record − Still cautious market level 7
Slide 8: SSAB Americas
SSAB Americas Shipments EBITDA ktonnes SEK m +2% 487 461 917 457 440 450 871 637 411 232 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 − Relatively strong demand − Prices flat vs Q4/25 − Q4/25 was impacted by planned maintenance − Higher scrap prices impact with short lead time 8
Slide 9: Ruukki Construction and Tibnor
Tibnor Ruukki Construction Shipments EBITDA Revenue EBITDA ktonnes SEK m SEK m SEK m +15% -12% 1,458 1,501 195 195 196 128 1,303 136 165 170 1,161 1,143 109 87 77 63 21 18 25 -4 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 −
Slide 10: Financials
Financials SSAB
Slide 11: Improved earnings
Improved earnings Revenue, SEK bn EBITDA, SEK bn (bars) & margin % (line) EBITDA margin EBITDA 31.9 18% 6 20 30 27.1 25.5 25.3 15% 13% 20 4 9% 5.6 10 10 2 4.1 3.2 2.4 0 0 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1
Slide 12: Change in operating result Q1 vs. Q4
Change in operating result Q1 26 vs. Q4 25 Change in adjusted operating result, MSEK 2,201 -35 335 195 170 990 756 -210 Q4 25 Price Volume Variable Fixed Costs Capacity FX Q1 26 Costs utilization 12
Slide 13: Change in operating result Q1 vs. Q1
Change in operating result Q1 26 vs. Q1 25 Change in adjusted operating result, MSEK 0 100 -135 2,201 1,075 1,351 -460 270 Q1 25 Price Volume Variable Fixed Costs Capacity FX Q1 26 Costs utilization 13
Slide 14: Cash flow
Cash flow SEK millions 2026 2025 2025 2025 Q1 Q1 Q4 Full-year EBITDA 3,236 2,369 1,777 10,189 Change in working capital -2,719 -2,342 3,471 1,155 Maintenance capital expenditures -421 -385 -1,274 -2,907 Other -88 -188 166 -816 Operating cash flow 8 -547 4,140 7,621 Financial items 292 110 -56 -142 I
Slide 15: Net cash position
Net cash position Net debt (-) / Net cash (+), MSEK 18,206 17,777 14,287 Net cash at the end of Q1 2026: SEK 9.6 11,596 billion h 9,561 Net debt/equity ratio: -14% (-21%) 2022 2023 2024 2025 Q1 2026 15
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) 120 500 100 400 80 300 60 200 40 100 20 0 0 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Iron ore Coking coal AMM Chicago #1HM − The costs of raw materials for SSAB Special − For SSA
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 SSAB Special Steels — — 100 280 380 SSAB Europe — — 310 270 580 SSAB Americas — — 490 — 490 Total — — 900 550 1,450 Note: The
Slide 18: Guidance for 2026
Guidance for 2026 − Capital expenditure in 2026 estimated at Sum of maintenance and SEK 13.5bn (unchanged) strategic capex (SEK bn) − Higher strategic capex vs. 2025, due to the Luleå mini-mill 13.5 − Net cash flow effect related to CO2 emission allowances estimated to be similar to 2025 (Net cash f
Slide 19: Outlook and summary
Outlook and summary SSAB
Slide 20: Improving supply-demand balance
Improving supply-demand balance “Made in America” Political agreement in April between European Parliament and Council to policies protect the EU steelmaking sector – Section 232 tariffs and “Melt and pour” against global overcapacity requirements for steel – Tariff-free quotas at 18.3 million tonne
Slide 21: SSAB's outlook for Q2/2026
SSAB’s outlook for Q2/2026 Volume and pricing outlook Q2/26 vs. Q1/26 Shipments Realized prices SSAB Special Steels Stable Somewhat higher SSAB Europe Stable Somewhat higher SSAB Americas Stable Somewhat higher Definitions: Significantly lower (>10%), Lower (5-10%), Somewhat lower (0-5%), Stable (~0
Slide 22: Summary
Summary − Improvement in SSAB Europe and SSAB Americas − Earnings on good level in SSAB Special Steels − Oxelösund on plan, groundworks paused in Luleå 22
Slide 23: Questions and Answers
Questions and Answers SSAB
Slide 24: Appendix
Appendix SSAB
Slide 25: SSAB's outlook for main customer segments Q2/26
SSAB’s outlook for main customer segments Q2/26 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 - Market aff
Slide 26: Debt portfolio duration and interest rate
Debt portfolio duration and interest rate Years % − Duration of the loan portfolio was 5.4 8 5,0 (6.0) years 7 4,5 4,0 − Averaged fixed interest term was 0.8 6 3,5 (1.0) years 5 3,0 4 2,5 − Average interest rate was 3.5% (3.9%) 3 2,0 1,5 2 1,0 1 0,5 0 0,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 27: Maturity profile
Maturity profile − Liquid assets and committed credit SEK m lines at SEK 58.8bn at the end of 70 000 Q1 60 000 Back-up − The financing package for Luleå of 50 000 facilities EUR 2.7bn has been included 40 000 30 000 20 000 10 000 Cash 0 Cash and 2026 2027 2028 2029 2030 2031+ back-up facilities 27
Slide 28: SSAB
SSAB