‌Presentation of the Q1 2026 report

Johnny Sjöström, President and CEO Leena Craelius, CFO

April 28, 2026



‌Agenda

  • Q1 2026 in brief

  • Financials

  • Outlook and summary

  • Q&A



2

1.

‌Q1 2026 in brief



‌Summary of Q1

LTIF

1.06

0.87

0.75

0.56

0.49

2022 2023 2024 2025 2026

Q1

- LTIF and TRIF both at all-time low at 0.49 and 5.4 respectively

EBITDA

SEK bn

3.2

2.9

3.2

2.4

1.8

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

  • Improved earnings for SSAB Europe and SSAB Americas

  • SSAB Special Steels on solid level

    Net cash

    SEK bn

    18.2

    17.8

    14.3

    11.6

    9.6

    2022 2023 2024 2025 2026

    Q1



  • Strong balance sheet

  • Board proposing SEK 2.00 (2.60) dividend per share

    LTIF Q1 refers to rolling 12 month



    4

    ‌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 in order to confirm or rule out possible causes, so that the site can be reopened safely

      • Production start still estimated at the end of 2029

      • SSAB has flexibility for a robust implementation of the investment

    • The regular steel production in Luleå is proceeding as normal





‌SSAB Special Steels



Shipments EBITDA

ktonnes

+24%

336

325

356

289 287

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

SEK m

1,752 1,785 1,700

1,842

956

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

  • Somewhat better activity in European market

  • Extensive planned maintenance in Q4/25

  • Solid EBITDA margin at 25%

    (24%) vs. Q1/25

  • Prices 1% vs Q4/25

    ‌SSAB Europe



    Higher shipments EBITDA

    ktonnes

    +18%

    882

    895

    919

    737

    778

    Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

    SEK m

    961

    553

    634

    629

    340

    Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

    • Seasonal improvement vs.

      Q4/25

    • Still cautious market

    • Prices 2% vs. Q4/25

    • Advanced steels at record level

‌SSAB Americas



Shipments EBITDA

ktonnes

+2%

457 487

440

450

461

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

SEK m

871

917

637

411

232

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

‌Tibnor

Ruukki Construction

Shipments

EBITDA

Revenue EBITDA

ktonnes

+15%

195 195

196

165

170

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

SEK m

128

87

77

63

25

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

SEK m

1,458 1,501

1,161

-12%

1,303

1,143

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

SEK m

136

109

21

18

-4

Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

- Seasonal improvement vs

Q4/25

- Less inventory losses

- Seasonal weak market in Q1 due to winter

- Lower prices

2.

‌Financials



‌Improved earnings

Revenue, SEK bn EBITDA, SEK bn (bars) & margin % (line)

EBITDA margin

EBITDA

31.9

30

20

10

27.1

25.5 25.3

18%

6

4

5.6

2

15%

4.1

9%

2.4

13

20

%

10

3.2

0

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1

0

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1

Steel shipments, ktonnes

1,737 1,583 1,676 1,736

1,500

1,000

500

EBITDA/ton, thousand SEK/t

3.2

3.0

2.0

1.0

2.6

1.9

1.4

0

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1

0.0

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1

‌Change in operating result Q1 26 vs. Q4 25



Change in adjusted operating result, MSEK

335

-35

2,201

195

170

756

-210

990

Q4 25

Price

Volume

Variable

Fixed Costs

Capacity

FX

Q1 26

Costs

utilization

‌Change in operating result Q1 26 vs. Q1 25



Change in adjusted operating result, MSEK

0 100

-135

2,201 1,351

-460

270

1,075

Q1 25

Price

Volume

Variable

Fixed Costs

Capacity

FX

Q1 26

Costs

utilization

‌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

Income taxes

-410

-726

119

-932

Cash flow from current operations

-111

-1,163

4,203

6,546

Strategic expenditures in plants and machinery

-1,488

-758

-3,078

-7,215

Acquisitions of shares and operations

-10

-128

-

-139

Divestments of shares and operations

-

144

-

144

Cash flow before dividend

-1,609

-1,904

1,125

-663

Dividend, parent company's shareholders

-

-

-

-2,591

Dividend, non-controlling interest

-

-

-

-4

Acquisition of shares, non-controlling interest

-

-

-

-12

Net cash flow

-1,609

-1,904

1,125

-3,271

‌Net cash position



Net debt (-) / Net cash (+), MSEK

14,287

18,206 17,777

11,596

9,561

Net cash at the end of

Q1 2026: SEK 9.6

billion

Net debt/equity ratio:

-14% (-21%)

2022 2023 2024 2025 Q1 2026

‌Raw material

SSAB's quarterly purchase prices Market prices (AMM)

Iron ore and coking coal (indexed from Q4/24) Scrap (USD GT)

120

100

80

60

40

20

0

Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

Iron ore Coking coal

500

400

300

200

100



0

AMM Chicago #1HM

  • The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be somewhat higher compared to the prior quarter

  • For SSAB Americas, costs of raw materials are expected to be fairly stable compared to prior quarter

  • The purchase prices of scrap affect the result after a lag of around one month

‌Expected maintenance costs

- SSAB's total maintenance costs for 2026 are expected to be SEK 1,450 (1,410) million

SEK millions

2026

2026

2026

2026

2026

Q1

Q2

Q3

Q4

Full-year

SSAB Special Steels

-

-

100

280

380

SSAB Europe

-

-

310

270

580

SSAB Americas

-

-

490

-

490

Total

-

-

900

550

1,450

Note: The estimates shown in table includes direct maintenance cost and cost of lower capacity utilization (under absorption) but exclude lower margins due to lower shipments.



‌Guidance for 2026

  • Capital expenditure in 2026 estimated at SEK 13.5bn (unchanged)

    - Higher strategic capex vs. 2025, due to the Luleå mini-mill

  • Net cash flow effect related to CO2 emission allowances estimated to be similar to 2025 (Net cash flow effect in 2025 was SEK -724m)

  • Digital renewal project to modernize the IT landscape (ERP) will be reported in the line Other as OPEX and estimated annual increase is around SEK 200m from 2026

Sum of maintenance and strategic capex (SEK bn)

10.5

13.5

7.2

10.1

Strategic capex

3.0

2.9

Maintenance capex

2025 2026E



3.

‌Outlook and summary



‌Improving supply-demand balance

"Made in America"

policies

  • Section 232 tariffs and "Melt and pour"

    requirements for steel

  • Regionalization of manufacturing

industries increasing US steel demand

US steel tariffs development

% tariff rate*

Expansion to

downstream

applications

Stricter "Melt and pour"

requirements added 50%

25% 25%

0%

Pre 2018 2018-2023

2024

2025

Political agreement in April between European Parliament and Council to protect the EU steelmaking sector against global overcapacity

  • Tariff-free quotas at 18.3 million tonnes

    per year

  • Out-of-quota duty set at 50% for 30 categories of steel products

  • Aim to ensure its entry into force on July 1, 2026

    In addition, CBAM in effect 2026

  • Importers to pay carbon tax as if produced in EU, based on EU CO2 price



*For most countries/imports - exceptions exists

‌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%), Somewhat higher (0-5%), Higher (5-10%), Significantly higher (>10%)



‌Summary

  • Improvement in SSAB Europe and SSAB Americas

  • Earnings on good level in SSAB Special Steels

  • Oxelösund on plan, groundworks paused in Luleå



22

4.

‌Questions and Answers



‌Appendix



24

‌SSAB's outlook for main customer segments Q2/26

Segment

Demand

Comments

Strong Neutral Weak

Heavy Transport

  • Positive indications for Heavy trucks in Europe, shipbuilding strong

  • Good demand in the US within shipbuilding and rail transport

Automotive

  • Structurally growing AHSS market

  • Market affected by geopolitical turbulence

Construction Machinery



- Some improvement in North America

Material Handling

- Good demand in mining

Energy



  • Strong demand for renewables, example wind power (EU)

  • High activity within transmission, oil and gas (US)

Construction



- Seasonal improvement

Service Centers



  • Improving activity in the US

  • Inventory levels somewhat high in Europe

‌Debt portfolio duration and interest rate

Years %

  • Duration of the loan portfolio was 5.4 8

    (6.0) years 7

  • Averaged fixed interest term was 0.8 6

    (1.0) years 5

  • Average interest rate was 3.5% (3.9%) 4

3

2

1

0

5,0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2020

2021

2022

2023

2024

2025 2026

4,5

4,0

3,5

3,0

2,5

2,0

1,5

1,0

0,5

0,0

Avg. duration (rhs) Avg. interest rate



26

‌Maturity profile

  • Liquid assets and committed credit lines at SEK 58.8bn at the end of Q1

  • The financing package for Luleå of EUR 2.7bn has been included

SEK m

70 000

60 000

50 000

40 000

30 000

20 000

10 000

0

Back-up

facilities

Cash

Cash and back-up facilities

2026 2027 2028 2029 2030 2031+

‌

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SSAB AB published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 05:38 UTC.