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Alleima To change the background image - Right-click on empty space. Select Format Background / Picture or texture fill / and then select the desired image 1 Company presentation
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AlleimaAlleima A world-leader advanced materials company Revenues FY 2025 18,630 SEK M Adj. EBIT FY 2025 1,555 SEK M Adj. EBIT margin FY 2025 8 .3 % ― High value - added products in ― advanced stainless steels and special alloys, ― ultrafine medical wires and components ― products for industrial heating ― Strong market positions across a wide range of niche ― Fully integrated value chain, including industry - leading R&D Alleima
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AlleimaAlleima Premium offering across three divisions #1 Industrial heating solutions #2 Medical wire #1 Compressor valve steel #1 Bone saw steel #1 Umbilical tubing #1 Aerospace titanium tube #1 Steam generator tubing Kanthal Tube Strip Share Revenue Share Adjusted EBIT Share Revenue Share Adjusted EBIT Share Revenue Share Adjusted EBIT FY 2025
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Alleima Fully integrated value chain with world - class capabilities 4 Enabling close customer collaboration Ensure independence and control of value chain Secure product quality Prerequisite for new materials and product development Research & Development Primary Melting Hot Working Cold Working Finishing Sales & Marketing Customer Need Identification
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Alleima Global footprint and go - to - market strategy – local for local 5 Sales in 80 markets 40+ sales offices — Global presence and proximity to customers — Creating flexibility and back - up — Enabling specialization 5 R&D centers 25+ production sites across the globe
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AlleimaAlleima Serving customers in the most demanding industries Customer segments Nuclear Transportation Hydrogen and Renewable Energy Medical Consumer Industrial Heating Industrial Chemical and Petrochemical Mining and Construction Oil and Gas 16% 17% 10% 8% 7 % 6% 5 % 1% 6% 24% % of total revenues FY 2025 Prioritized segment for capital allocation =
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Alleima Premium offering across three divisions 7 Strip Wide range of strip steel and a variety of strip - based products mainly supplying consumer driven products within white goods, automotive, shaving and the printing industry Market share Kanthal 4.0bn FY 2025 Resistance wire for heating elements (consumer and industrial heating) as well as wire for medical devices Market share Tube 13.1bn FY 2025 Revenues (SEK) Seamless tubes and other long products in advanced stainless steels used in O&G, nuclear & other energy - related end - markets as well as chemicals, automotive and aerospace Market share Razor Blade Printing Doctor Blade Knife & Spring Steel Example products Coated Strip Steel Fuel cell Materials Example products Flow Heaters Furnace Rollers Medical wire Heating Elements Diffusion Cassettes Resistance Heating Wire Example products Umbilical Tubes High Pressure Tubes Heat Exchanger Tubes Hollow Bar Round Bar Rock Drill Steel 1.6bn FY 2025 Example market positions Example market positions Example market positions Note: Market positions refers to market share as a percentage of serviceable addressable market (SAM), for 2021. Source: Market Report Conducted by Arthur D. Little on behalf of Alleima . #1 Umbilical Tubing #1 Steam Generator Tubing #1 Aerospace Titanium Tube #1 Industrial Heating Solutions #2 Medical wire #1 Compressor Valve Steel #1 Stainless Knife Steel #3 Razor Blade Steel Compressor Valve Steel 8.9% Adj. EBIT margin Revenues (SEK) 16.4% Adj. EBIT margin Revenues (SEK) 3.9% Adj. EBIT margin
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Alleima v Who we are – a niche player in niche markets 8 2 - 4 120 30 Million tonnes Annual revenue, SEK BN Total market for industrial furnaces Total steel market Total heating market Stainless steel market Advanced stainless steel market Niche player with large share of high refined products for several customer segments ― Advanced stainless steel ― Special alloys ― Medical wire and components ― Industrial heating solutions with ongoing conversion from fossil fuelled industrial furnaces to electric furnaces Electrical Heating market 1,900 50 8 Special alloys market 250 - 300 Thousand tonnes Fine wire and component Medical market 13 Annual revenues, SEK BN
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Alleima Alleima 0 2 4 6 8 10 12 0 5 10 15 20 25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenues Adj. EBIT margin, % A high - performer in our niche Improved margin resilience Note: Historical numbers are restated for divested or discontinued businesses, as well as treating Sandvik as an external cus tom er. SEK M % Oil and gas downturn Pandemic downturn Industrial manufacturing slowdown Margin target of 9%
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Alleima Alleima ROCE % #2. 2 nd Priority growth area; with margin focus #1. 1 st Priority growth area #4. Improve margins and operational excellence #3. Defend market position and return Revenue growth Alleima’s strategy creates value by increasing returns on capital and revenue growth
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Alleima Alleima Targeted growth and improved product mix across the portfolio Targeted segments Medical, Nuclear, Industrial Heating, Chemical and Petrochemical, Hydrogen and Renewable Energy Other Oil and Gas, Transportation, Consumer, Mining and Construction Industrial 2019 2020 2021 2022 2023 2024 2025 2030E Illustrative Ambition 35% 43% 22% 37% 43% 20% 24% 36% 40% 37% 38% 25% 21% 39% 40% 41% 42% 17% 45 - 50% 35 - 40% 10 - 15% Revenues Adj. EBIT, % 40% 43% 17%
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Alleima Alleima 2024 2029 Volume Revenues Leverage of 3 - 5x Illustrative Value growth projected to outpace capacity increase Potential for improved margins Un - locking growth and margin potential Today Profitable growth (segment mix) Efficiency and leverage on volume Price and mix within segment Cost inflation Future (Ambition)
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Alleima Winning platform set to unlock shareholder value 14 Premium offering with solid market positions and diverse customer segment exposure Fully integrated value chain with prominent metallurgy expertise and global footprint Solid foundation with attractive and resilient earnings and cash - flow profile Multiple and tangible levers to deliver profitable growth, capitalizing on global megatrends including the transition to renewable energy 1 2 4 3
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Alleima To change the background image - Right-click on empty space. Select Format Background / Picture or texture fill / and then select the desired image 15 Q4 Roadshow 2025
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Alleima Full year 2025 highlights 16 Solid financial foundation, in an unstable market ― Mixed demand ― Resilient revenues ― Earnings dampened by FX Our strategy stands firm ― Targeted measures for efficiency and competitiveness ― Maintaining price leadership ― Ongoing capacity expansions Proposed dividend of SEK 2.50 per share (2.30) ― Corresponds to 71% of profit for the period (adjusted for metal price effects) Revenues (SEK M) 18,630 Adj. EBIT (SEK M) 1,555 Free op. cash flow (SEK M) 1 ,100 Organic revenue growth 0% Adj. EBIT margin 8.3% Adj. EPS (Diluted, SEK) 4 .62
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Alleima 0 1 2 3 2022 2023 2024 2025 0 - 0,02 - 0,04 - 0,05 -0,05 -0,03 -0,01 0,01 0,03 0,05 9,1 10,4 9,9 8,3 0 2 4 6 8 10 12 2022 2023 2024 2025 13 8 1 0 0 2 4 6 8 10 12 14 2022 2023 2024 2025 Performance vs. financial targets 17 Organic growth Deliver profitable organic revenue growth in line with or above growth in targeted end - markets over a business cycle Earnings Adjusted EBIT margin (excluding items affecting comparability and metal price effects) to average above 9% over a business cycle Capital Structure A net debt to equity ratio below 0.3x Dividend Dividend on average 50% of net profit (adjusted for metal price effects) over a business cycle. Dividend to reflect financial position, cash flow and outlook Average 5 % % Average 9.5 % Average payout ratio 43 % % Maximum target DPSx 0,30 1.40 2.00 2.30 *Proposed dividend 2022 2023 2024 2025 2.50*
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Alleima Q4 highlights Weaker top line ― Continued market uncertainty ― Weakness in the short - cycled business ― Positive development in Industrial Heating Impact on earnings ― Revenue development from weaker markets ― Delayed ramp - up ― Significant FX headwind Strong financial position ― Ongoing measures for long - term competitiveness ― Solid cash flow ― Strengthening our position in APAC Revenues (SEK M) 4,494 Adj. EBIT (SEK M) 364 Free op. cash flow (SEK M) 422 Organic revenue growth - 5% Adj. EBIT margin 8.1% Net debt (SEK M) - 864 18
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Alleima Targeted measures for increased efficiency and long - term competitiveness 19 ⎯ Optimizing footprint ⎯ Efficiency improvement activities ⎯ Volume adjustments Annual savings of approx. SEK 200 million Volume dependent savings Permanent savings One - off cost of SEK 400 million of which 50% affecting cash - flow Q1 Q2 Q3 Q4 Savings run - rate 60 % 100 % 2027 ~75 % ~25 % Of which SEK 342 million were recognized in Q4 2025
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Alleima Market development ― High degree of uncertainty ― Weak sentiment in Europe and North America, Asia more resilient ― Momentum in key segments 20 Perceived year on year underlying market demand trend
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Alleima Order intake and revenues 21 Order intake R12 ― Organic order intake growth of - 4% for rolling 12 months ― Organic revenue growth of - 5% ― R12 book - to - bill 95% SEK M % Order intake R12 (SEK M) 17,741 Revenues (SEK M) 4,494 SEK M Revenues and book - to - bill 0 20 40 60 80 100 120 0 1 000 2 000 3 000 4 000 5 000 6 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Revenues Book-to-bill R12, % 0 5 000 10 000 15 000 20 000 25 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025
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Alleima Earnings 22 Adjusted EBIT at SEK 364 million ― Margin of 8.1% ― Significant FX headwind ― Absorption effects due to weak market and delayed ramp - up Free operating cash flow of SEK 422 million ― Changes in working capital and lower capex Adjusted EBIT SEK M % 0 2 4 6 8 10 12 0 100 200 300 400 500 600 700 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12
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Alleima Tube 23 High market uncertainty ― R12 organic order intake growth of - 7% ― Organic revenue growth of - 11% ― R12 Book - to - bill of 93% Weak short cycled markets ― Adj. EBIT margin of 8.4% (11.1% excl. FX) ― Absorption effects due to weak market and delayed ramp - up ― FX headwind of SEK - 97 million yoy SEK M SEK M Revenues and Book - to - bill Adjusted EBIT, (%) % % SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Order intake, R12 12,138 13,677 12,138 13,677 Organic growth, R12 ,% - 7 - 10 - 7 - 10 Revenues 3,089 3,713 13,063 14,027 Organic growth, % - 11 7 - 2 2 Adj. EBIT 261 457 1,159 1,422 Margin, % 8.4 12.3 8.9 10.1 0 20 40 60 80 100 120 140 0 1 000 2 000 3 000 4 000 5 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Revenues Book-to-bill R12, % 0 2 4 6 8 10 12 0 100 200 300 400 500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12
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Alleima Kanthal 24 Positive topline development ― R12 organic order intake growth of 9% ― Organic revenue growth of 10% ― R12 Book - to - bill of 105% Earnings heavily affected by FX ― Adjusted EBIT margin at 16.3% (19.7% excl. FX) ― Still low volumes in Industrial Heating ― FX headwind of SEK 57 million yoy Revenues and Book - to - bill Adjusted EBIT, (%) SEK M SEK M % % SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Order intake, R12 4,177 4,077 4,177 4,077 Organic growth, R12 ,% 9 0 9 0 Revenues 981 999 3,996 4,200 Organic growth, % 10 - 6 1 - 3 Adj. EBIT 160 181 656 750 Margin, % 16.3 18.1 16.4 17.9 0 20 40 60 80 100 120 0 200 400 600 800 1 000 1 200 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Revenues Book-to-bill R12, % 0 2 4 6 8 10 12 14 16 18 20 0 50 100 150 200 250 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12
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Alleima Strip 25 Solid underlying development ― R12 organic order intake growth of - 11% ― Organic revenue growth of 20% ― R12 Book - to - bill of 91% Improved earnings ― Adjusted EBIT margin of 9.5% (11.5% excl. FX) ― Solid contribution from compressor valve steel ― FX headwind of SEK - 12 million yoy Revenues and Book - to - bill Adjusted EBIT, (%) SEK M SEK M % % SEK M Q4 2025 Q4 2024 FY 2025 FY 2024 Order intake, R12 1,426 1,665 1,426 1,665 Organic growth, R12 ,% - 11 32 - 11 32 Revenues 424 382 1,571 1,465 Organic growth, % 20 - 3 13 - 4 Adj. EBIT 40 23 61 66 Margin, % 9.5 6.1 3.9 4.5 0 20 40 60 80 100 120 140 0 100 200 300 400 500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Revenues Book-to-bill R12, % -4 -2 0 2 4 6 8 -20 -10 0 10 20 30 40 50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12
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Alleima Adding remelting capabilities. Sandviken, Sweden. Ongoing growth initiatives to strengthen the company long-term Industrial Heating Chemical and Petrochemical Medical Transportation (Aerospace) Nuclear Increase capacity for process gas heaters and modules. Walldorf, Germany. 2023 2024 2025 2026 2027 Increase capacity for heating solutions. Sakura, Japan. Increase silicon carbide capacity. Perth, UK and Concord, US Increase rolling and finishing capabilities. Zhenjiang, China. Broaden the US product portfolio Increase medical wire capacity Increase capacity for SGT:s. Sandviken, Sweden. Establish production footprint. Penang, Malaysia.
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Thank you alleima.com Alleima 27