Interim report
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Financial overview SEK M Q3 2026 Q3 2025 Change, % Q1-Q3 2026 Q1-Q3 2025 Change, % Order intake, rolling 12 months 1 17,976 18,665 -4 – – – Organic growth, rolling 12 months 1, % -1 -1 – – – – Revenues 4,257 4,222 1 13,729 14,136 -3 Organic growth, % -2 0 – -2 1 – Adjusted operating profit (EBIT) 2 202 197 2 1,107 1,191 -7 Margin, % 4.8 4.7 – 8.1 8.4 – Operating profit (EBIT) 315 127 147 1,421 923 54 Profit for the period 205 85 141 1,045 683 53 Adjusted earnings per share, diluted, SEK 0.46 0.56 -17 3.18 3.56 -11 Earnings per share, diluted, SEK 0.82 0.34 141 4.17 2.72 53 Free operating cash flow 373 285 31 638 678 -6 Net debt/Equity ratio -0.03 -0.02 – -0.03 -0.02 – 1) Order intake in the quarter refers to the rolling 12-month period. 2) Adjusted operating profit (EBIT) excludes items affecting comparability (IAC) and metal price effects, see Note 5 and the description of Alternative Performance Measures on page 25 for further details. Tables and calculations in the report do not always agree exactly with the totals due to rounding. Comments refer to performance in the quarter and comparisons refer to the corresponding period last year, unless otherwise stated. Definitions and glossary can be found on www.alleima.com/investors. Q3 2026 Interim report third quarter and the first nine months – Order intake for the rolling 12-month period decreased by 4% to SEK 17,976 million (18,665), with organic growth of -1%. – Revenues increased by 1% to SEK 4,257 million (4,222), with organic growth of -2%. – Adjusted operating profit (EBIT) amounted to SEK 202 million (197), with a margin of 4.8% (4.7), and included currency effects of SEK -3 million compared with the same period last year. Excluding currency effects, the adjusted EBIT margin totaled 4.9%. – Operating profit (EBIT) totaled SEK 315 million (127), with a margin of 7.4% (3.0), and included metal price effects of SEK 107 million (-70) and items affecting comparability related to the targeted measures aimed at strengthening our efficiency and competitiveness, of SEK 5 million (0). – Adjusted earnings per share, diluted, was SEK 0.46 (0.56). – Earnings per share, diluted, was SEK 0.82 (0.34). – Free operating cash flow amounted to SEK 373 million (285). Mixed performance in a volatile market Third quarter 2026
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"Earnings supported by Kanthal’s profitable growth“ Market conditions Market conditions in the third quarter remained mixed, marked by uncertainty and ongoing geopolitical instability. Although parts of the Tube division, such as the umbilical tubing business, nuclear, and titanium tubing for the aero - space industry, remained strong, we noted an increasing negative impact on the division overall. At the same time, the Kanthal division delivered another strong quarter of profitable growth, driven by good demand for electric heating solutions for electronics and semiconductor applications, as well as medical products used in, for example, diabetes treatment. Order intake during the quarter was significantly lower than in the second quarter, mainly due to the timing of project business, with several orders booked in October. After more than eight months of crisis in the Middle East and a largely stalled OCTG market, we saw an increasing negative impact on the oil and gas segment within the Tube division. We had an order of approximately SEK 250 million cancelled, which was reported as negative order intake during the quarter. The order was scheduled for production in the fourth quarter of 2026. Order intake for the rolling 12-month period amounted to SEK 17,976 million (18,665), with organic growth of -1%. Earnings supported by Kanthal’s profitable growth Revenues in the quarter amounted to SEK 4,257 million (4,222), with organic growth of -2%, affected by continued weak OCTG business and by the Chemical and Petro- chemical segment, where we noted a slowdown in the previously strong Chinese market. The Industrial Heating and Medical segments continued to develop positively. Adjusted EBIT amounted to SEK 202 million (197), with a margin of 4.8% (4.7), positively impacted by the profitable growth in Kanthal. The targeted measures announced a year ago delivered the planned effects and contributed positively with approximately SEK 40 million to earnings in the third quarter. Earnings were negatively affected by low volumes in the OCTG business, which led to higher under-absorption effects. We also noted a negative impact from the Nuclear business, where the production rate during the quarter was lower than planned. Earnings included negative currency effects of SEK 3 million compared with the same period last year. Excluding negative currency effects, the adjusted EBIT margin was 4.9%. Free operating cash flow amounted to SEK 373 million (285) in the quarter, primarily driven by the positive performance in Kanthal. Continued focus on organic growth Our strong balance sheet and cash flow generation provide the flexibility for continued investments in profitable growth. During the quarter, we announced an investment of SEK 220 million at our production facility in Mehsana, India. The invest - ment increases capacity for further processing and finishing and strengthens our position in segments including Chemical and Petrochemical. The investment supports our strategy of locating production close to our customers and the markets we serve. This enables shorter lead times, greater flexibility and closer collaboration with our customers. A local presence across multiple regions also makes it easier to manage changing trade conditions and tariffs. Strengthened position in nuclear power After the end of the quarter, we received several orders in the Nuclear segment across multiple product categories. These orders strengthens our confidence in the market’s long-term growth opportunities. Against this backdrop, the timing of our investment in Nuclear power is favorable, expanding our capacity and strengthening our ability to meet growing demand in the segment. Göran Björkman President and CEO CEO’s comment Alleima Q3 2026 2
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Market development – Demand in the Oil and Gas segment was mixed, with the market for umbilical tubing remaining strong, while the market for OCTG tubing was weaker, mainly due to the situation in the Middle East. – Demand in the Industrial segment remained weak. – Demand in the Chemical and Petrochemical segment increased from low levels in Europe and North America but was somewhat weaker in Asia. The situation in the Middle East is negatively affecting demand. – Demand in the Industrial Heating segment continued to improve, primarily driven by customers in the electronics and semiconductor industries. – Overall demand in the Consumer segment was good, although somewhat weaker for compressor valve steel. – Demand in the Medical segment continued to grow. – Demand in the Transportation segment increased, parti- cularly for seamless titanium tubes for the aerospace industry. – Overall demand in the Mining and Construction segment was stable. – In the Nuclear segment , demand remained at a good level. – Demand in the Hydrogen and Renewable Energy segment was mixed and remained at low levels. Market development and outlook Outlook for the fourth quarter 2026 Market conditions were mixed at the end of the third quarter. The order book remains solid in several key segments, while other customer segments and geographies have shorter order backlogs. This applies particularly to the OCTG business, where low volumes are expected to result in underabsorption of fixed costs. The lower production rate in the nuclear segment is expected to have some negative impact in the fourth quarter. The product mix is expected to be similar to that of the third quarter. Cash flow is normally higher in the second half of the year than in the first half. On the basis of the exchange rates on October 21, 2026, a positive currency effect is expected in the fourth quarter. See more information on page 11 and in the 2025 Annual Report. Perception underlying market demand OIL AND GAS INDUSTRIAL CHEMICAL AND PETROCHEMICAL INDUSTRIAL HE ATING CONSUMER →→ ↘↘ ↘→ ↗↗ →→ % of revenues 2025 24% 17% 16% 10% 8% MEDICAL TRANSPORTATION MINING AND CONSTRUCTION NUCLEAR HYDROGEN AND RENEWABLE ENERGY ↗↗ ↗↗ →→ →→ ↘→ % of revenues 2025 7% 6% 6% 5% 1% Note: Comments refer to year on year market development in the quarter, unless otherwise stated. Comments regarding market development and outlook are based on the company's current perceptions about the underlying demand, and are not based on order intake in isolated quarters. The large arrow shows y ear on year underlying demand trend, the small shows the estimation previous quarter. Alleima Q3 2026 3
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Order intake for the rolling 12-month period decreased by 4% to SEK 17,976 million (18,665), with organic growth of -1%. Growth was noted in the segments Industrial Heating, Medical and Transportation, while the Industrial and Nuclear segments recorded negative growth. The cancellation of an OCTG order of approximately SEK 250 million negatively affected order intake in the Oil and Gas segment. Revenues increased by 1% to SEK 4,257 million (4,222), with organic growth of -2%. The Tube division noted organic growth of -6%, while Kanthal division and Strip division posted organic growth of 10% and -10%, respectively. Book-to-bill was 99% for the rolling 12-month period. Order intake and revenues Growth bridge SEK M Order intake, R12 Revenues, Quarter Q3 2025 18,665 4,222 Organic, % -1 -2 Structure, % 0 0 Currency, % -4 1 Alloys, % 0 2 Total growth, % -4 1 Q3 2026 17,976 4,257 Change compared to the corresponding quarter last year. The table is multiplicative, i.e. the different components must be multiplied to determine the total effect. -2% Organic revenue growth in the quarter Organic revenue growthRevenues Quarter SEK M % Quarter % Order intake Rolling 12 months SEK M 0 5,000 10,000 15,000 20,000 25,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 0 20 40 60 80 100 120 0 1,000 2,000 3,000 4,000 5,000 6,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Revenues Book-to-bill R12, % -6 -2 2 6 10 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Alleima Q3 2026 4
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Gross profit increased by 22% to SEK 857 million (704), with a gross margin of 20.1% (16.7). The development was attributable to positive metal price effects. Sales, administrative and R&D expenses amounted to SEK -550 million (-579). Adjusted EBIT amounted to SEK 202 million (197), with a margin of 4.8% (4.7). Exchange rates had a negative impact of SEK 3 million and 0.1 percentage points on the margin compared with the corresponding period in the preceding year. Depreciation and amortization amounted to SEK -231 million (-230). Reported EBIT amounted to SEK 315 million (127), with a margin of 7.4% (3.0). Metal price effects had an impact of SEK 107 million (-70) and items affecting comparability had an impact of SEK 5 million (0). Net financial items were SEK -18 million (6). The change was driven primarily by revaluations of financial derivative contracts. The reported tax rate was 30.9% (36.0) in the quarter. The normalized tax rate was 23.6% (24.1) for the first nine months of the year. Adjusted profit for the period amounted to SEK 116 million (141) and adjusted earnings per share, diluted, amounted to SEK 0.46 (0.56). Profit for the period amounted to SEK 205 million (85), corresponding to earnings per share, diluted, of SEK 0.82 (0.34). See page 26 for more information. SEK M Adjusted EBIT Q3 2025 197 Organic 7 Currency -3 Structure 1 Q3 2026 202 Change compared to the corresponding quarter last year. 4.8% Earnings Quarter SEK M Adjusted EBIT margin % Adjusted EBIT Cash flow and financial position Net debt to Equity Quarter, Ratio -0.03x Quarter % Net working capital Capital employed excluding cash increased to SEK 16,807 million (16,274). Return on capital employed excluding cash increased to 8.8% (8.1). Net working capital amounted to SEK 7,088 million (6,541). Net working capital in relation to revenues was 41.8% (39.5). Capex amounted to SEK -263 million (-289). Net debt amounted to SEK -571 million (-362), i.e. a net cash position. The net debt to equity ratio was -0.03x (-0.02). The financial net debt was SEK -1,527 million (-1,530). Available credit facilities were unutilized at the end of the third quarter. The net pension liability decreased year on year to SEK 566 million (735). Net debt in relation to rolling 12-month adjusted EBITDA corresponded to -0.24x (-0.13). Free operating cash flow amounted to SEK 373 million (285). The higher cash flow compared with the previous year was attributable to higher reported operating profit. Free operating cash flow SEK M Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 EBITDA 545 357 2,123 1,613 Non-cash items -12 103 -94 55 Changes in working capital 143 147 -613 -141 Capex -263 -289 -658 -745 Amortization, lease liabilities -41 -33 -119 -104 Free operating cash flow 1 373 285 638 678 1) Free operating cash flow before acquisitions and disposals of companies, net financial items and paid taxes. Quarter SEK M 0 2 4 6 8 10 12 0 100 200 300 400 500 600 700 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 EBIT, adj. EBIT margin, adj. R12 0 5 10 15 20 25 30 35 40 45 50 5,000 5,500 6,000 6,500 7,000 7,500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 NWC NWC % of revenues Alleima Q3 2026 5
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Order intake and revenues – Order intake for the rolling 12-month period decreased by 7% to SEK 11,938 million (12,793), with organic growth of -5%. The weak OCTG market and a canceled order negatively impacted order intake, together with the Nuclear and Mining and Construction segments. The Chemical and Petrochemical and Transportation segments contributed positively. – Revenues in the quarter decreased by 2% to SEK 2,752 million (2,812), with organic growth of -6%. The development was pri- marily attributable to parts of the Oil and Gas, Chemical and Petrochemical, and Transportation segments. – Book-to-bill was 96% for the rolling 12-month period. Earnings – Adjusted EBIT amounted to SEK 40 million (101), with a margin of 1.4% (3.6), primarily impacted by under-absorption effects in the Oil and Gas business and temporary produc - tion challenges in the Nuclear business. – EBIT amounted to SEK 140 million (53) and included metal price effects of SEK 101 million (-48) and items affecting comparability of SEK -1 million (0). – Changes in exchange rates had a negative impact of SEK 7 million compared with the corresponding period in the preceding year. Excluding currency effects, the adjusted EBIT margin amounted to 1.7%. – Depreciation and amortization amounted to SEK -177 million (-176). Tube develops and manufactures seamless tubes and other long products in advanced stainless steels and special alloys used primarily in the customer segments of Oil and Gas, Chemical and Petrochemical, Industrial, Mining and Construction, Nuclear and Transportation. The offering also includes products and solutions for the Hydrogen and Renewable Energy segment. Tu be SEK M Order intake R12 Revenues Q Adj. EBIT Q Q3 2025 12,793 2,812 101 Organic -5% -6% -54 Structure 0% 0% 0 Currency -2% 1% -7 Alloys 0% 3% N/A Total growth -7% -2% -61 Q3 2026 11,938 2,752 40 Change compared to same period last year. For order intake and revenues, the table is multiplicative, i.e. the different components must be multiplied to determine the total effect. SEK M Q 3 2026 Q3 2025 Change % Q1-Q3 2026 Q1-Q3 2025 Change % Order intake, R12 1 11,938 12,793 -7 – – – Organic growth, R12 1, % -5 -6 – – – – Revenues 2,752 2,812 -2 9,347 9,974 -6 Organic growth, % -6 -3 – -6 1 – Adjusted EBIT 40 101 -61 701 898 -22 Margin, % 1.4 3.6 – 7.5 9.0 – EBIT 140 53 162 974 681 43 Margin, % 5.1 1.9 – 10.4 6.8 – Total workforce 2 4,591 4,586 0 4,591 4,586 0 1) Order intake in the quarter refers to the rolling 12-month period. 2) Total workforce includes employees and third-party workers and is based on full-time equivalents. Adjusted EBITRevenues Revenues per customer segment, 2025 SEK M SEK M% % Oil & Gas Chemical & Petrochemical Industrial Mining & Construction Nuclear Transportation Hydrogen and Renewable Energy Medical 0 20 40 60 80 100 120 0 1,000 2,000 3,000 4,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Revenues Book-to-bill R12, % 0 2 4 6 8 10 12 0 100 200 300 400 500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 EBIT, adj. EBIT margin, adj. R12 Alleima Q3 2026 6
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Order intake and revenues – Order intake for the rolling 12-month period increased by 11% to SEK 4,626 million (4,162), with organic growth of 18%. The positive development was primarily driven by good growth in the Industrial Heating and Medical segments. – Revenues increased by 12% to SEK 1,165 million (1,042), with organic growth of 10%. The development was attributable to higher revenues in the Medical and Industrial Heating segments. – Book-to-bill was 109% for the rolling 12-month period. Earnings – Adjusted EBIT amounted to SEK 226 million (168), with a margin of 19.4% (16.1). The development was attributable to organic growth and a positive product mix. – EBIT amounted to SEK 244 million (152) and included metal price effects of SEK 0 million (-16) and items affecting com - parability of SEK 18 million (0). – Changes in exchange rates had a positive impact of SEK 5 million compared with the corresponding period in the pre - ceding year. Excluding currency effects, the adjusted EBIT margin amounted to 19.1%. – Depreciation and amortization amounted to SEK -29 million (-35). Kanthal is a provider of products in the area of industrial heating technology and resistance materials, and also offers ultra-fine wire for use in medical appliances. The customers are primarily in the segments Industrial Heating, Consumer, Medical and Industrial. Kanthal SEK M Order intake R12 Revenues Q Adj. EBIT Q Q3 2025 4,162 1,042 168 Organic 18% 10% 52 Structure 1% 0% 1 Currency -7% 0% 5 Alloys 1% 1% N/A Total growth 11% 12% 58 Q3 2026 4,626 1,165 226 Change compared to same period last year. For order intake and revenues, the table is multiplicative, i.e. the different components must be multiplied to determine the total effect. SEK M Q 3 2026 Q3 2025 Change % Q1-Q3 2026 Q1-Q3 2025 Change % Order intake, R12 1 4,626 4,162 11 – – – Organic growth, R12 1, % 18 9 – – – – Revenues 1,165 1,042 12 3,282 3,015 9 Organic growth, % 10 7 – 13 -2 – Adjusted EBIT 226 168 35 616 496 24 Margin, % 19.4 16.1 – 18.8 16.5 – EBIT 244 152 60 657 463 42 Margin, % 20.9 14.6 – 20.0 15.3 – Total workforce 2 1,510 1,471 3 1,510 1,471 3 1) Order intake in the quarter refers to the rolling 12-month period. 2)Total workforce includes employees and third-party workers and is based on full-time equivalents. Adjusted EBIT Revenues SEK M SEK M %% Revenues per customer segment, 2025 Industrial heating Medical Consumer Industrial 0 20 40 60 80 100 120 0 200 400 600 800 1,000 1,200 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Revenues Book-to-bill R12, % 0 2 4 6 8 10 12 14 16 18 20 0 50 100 150 200 250 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 EBIT, adj. EBIT margin, adj. R12 Alleima Q3 2026 7
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Order intake and revenues – Order intake for the rolling 12-month period decreased by 17% to SEK 1,412 million (1,710), with organic growth of -15%, primarily attributable to negative development in the Hydrogen and Renewable Energy and Industrial segments. – Revenues in the quarter decreased by 8% to SEK 340 million (368), with organic growth of -10%. The Hydrogen and Renewable Energy segment contributed positively, while the Transportation and Industrial segments contributed negatively. – Book-to-bill was 93% for the rolling 12-month period. Earnings – Adjusted EBIT amounted to SEK -15 million (-16), with a margin of -4.3% (-4.2). The negative development was attributable to lower revenues, a less favorable product mix and currency headwinds. – EBIT amounted to SEK -8 million (-22) and included metal price effects of SEK 6 million (-7). – Changes in exchange rates had a negative impact of SEK 4 million compared with the corresponding period in the pre - ceding year. Excluding currency effects, the adjusted EBIT margin amounted to -3.1%. – Depreciation and amortization amounted to SEK -13 million (-13). Strip develops and manufactures a wide range of precision strip steel products and also offers pre-coated strip steel for one of the most critical components in the hydrogen fuel cell stack – the bipolar plates. The customers are in the segments consumer, industrial, transportation, hydrogen and renewable energy as well as medical. Strip SEK M Order intake R12 Revenues Q Adj. EBIT Q Q3 2025 1,710 368 -16 Organic -15% -10% 5 Structure 0% 0% 0 Currency -4% 1% -4 Alloys 0% 1% N/A Total growth -17% -8% 1 Q3 2026 1,412 340 -15 Change compared to same period last year. For order intake and revenues, the table is multiplicative, i.e. the different components must be multiplied to determine the total effect. SEK M Q 3 2026 Q3 2025 Change % Q1-Q3 2026 Q1-Q3 2025 Change % Order intake, R12 1 1,412 1,710 -17 – – – Organic growth, R12 1, % -15 24 – – – – Revenues 340 368 -8 1,100 1,147 -4 Organic growth, % -10 5 – -2 10 – Adjusted EBIT -15 -16 -6 17 21 -18 Margin, % -4.3 -4.2 – 1.5 1.8 – EBIT -8 -22 -63 29 4 573 Margin, % -2.4 -6.1 – 2.6 0.4 – Total workforce 2 484 531 -9 484 531 -9 1) Order intake in the quarter refers to the rolling 12-month period. 2) Total workforce includes employees and third-party workers and is based on full-time equivalents. Adjusted EBITRevenues SEK M SEK M %% Revenues per customer segment, 2025 Consumer Industrial Transportation Hydrogen and Renewable Energy Medical 0 20 40 60 80 100 120 140 0 100 200 300 400 500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Revenues Book-to-bill R12, % -4 -2 0 2 4 6 8 -20 -10 0 10 20 30 40 50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 EBIT, adj. EBIT margin, adj. R12 Alleima Q3 2026 8
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Sustainability Making an impact through our products – The sustainable product portfolio1 as a share of total revenues amounted to 27.0% (23.8) for the rolling 12-month period. The positive development was driven primarily by growth in the segments Medical and Industrial Heating. Making an impact through our operations – TRIFR for the rolling 12-month period was 5.4 (5.3). TRIFR in the quarter was 6.9 (5.9). – Share of recycled steel, i.e. scrap metal input in steel manufacturing for the rolling 12-month period, was 82.3% (80.7%). The share for the quarter totaled 84.0% (80.8), driven by increased production of products with a lower proportion of high-nickel steel. – CO₂ emissions for the rolling 12-month period amounted to 95.3 thousand tons (89.2), corresponding to an increase of 7%. CO₂ emissions in the quarter amounted to 16.2 thousand tons (17.1), corresponding to a decrease of 5%, driven by lower energy consumption in production. Definitions and glossary can be found at www.alleima.com/investors. 1) Sustainable product portfolio includes the Hydrogen and Renewable Energy segment (hydrogen gas, CCS, biofuels, solar, wind and geothermal energy), products in the Nuclear, Industrial Heating and Medical segments, and compressor valve steel in the Consumer segment. 2) Total recordable injury frequency rate. Sustainability overview Q3 2026 Q3 2025 Change, % R12, Q3 2026 R12, Q3 2025 Change, % TRIFR 2 6.9 5.9 18 5.4 5.3 1 Recycled steel, % 84.0 80.8 4 82.3 80.7 2 CO2 emissions, thousand tons 16.2 17.1 -5 95.3 89.2 7 Sustainable product port - folio, share of revenues, % 27.0 23.8 13 Alleima’s strategy includes being a market leader in sustainability, contributing to increased circularity and supporting general health and well-being through both our product offering and our operations. Developing a sustainable product offering, combined with several initiatives to reduce the overall environmental impact of the production process, are some of the most important success factors. Sustainable product portfolio Recycled steel CO2 emissionsHealth and safety No. of injuries %, R12 Thousand tons Frequency rate, R12 Thousand tons, R12 %, R12 0 2 4 6 8 0 5 10 15 20 25 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 TRI TRIFR, R12 76 78 80 82 84 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Recycle rate, R12 % 84 86 88 90 92 94 96 98 0 5 10 15 20 25 30 35 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Scope 2 Scope 1 - fuels Scope 1 - raw materials based Total CO₂ emissions, R12 22 23 24 25 26 27 28 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Share of revenues, R12 % Alleima Q3 2026 9
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First nine months Market development and revenues – Market development was mixed during the first nine months. Demand in the Industrial Heating, Medical and Transportation segments increased compared with the corresponding period in the preceding year. In the Oil and Gas segment, the market for umbilical tubing remained strong, while the market for OCTG tubing was weak, primarily driven by the situation in the Middle East. Demand remained at low levels in the short-cycle Industrial and Chemical and Petrochemical segments. – Revenues decreased by 3% to SEK 13,729 million (14,136), with organic growth of -2%. The Kanthal division noted organic growth, while Tube and Strip noted negative development. Earnings – Adjusted EBIT decreased by 7% to SEK 1,107 million (1,191), with a margin of 8.1% (8.4). The development was prima - rily attributable to negative currency effects and lower revenues. – Exchange rates had a negative impact of SEK 77 million compared with the corresponding period in the preceding year. – Depreciation and amortization amounted to SEK -702 million (-690). – Reported EBIT amounted to SEK 1,421 million (923), with a margin of 10.3% (6.5). Metal price effects had a positive impact of SEK 314 million (-268). – Profit for the period amounted to SEK 1,045 million (683), cor- responding to earnings per share, diluted, of SEK 4.17 (2.72). Cash flow and financial position – Capital employed excluding cash increased to SEK 16,807 million (16,274). Return on capital employed excluding cash amounted to 8.8% (8.1). – Capex amounted to SEK -658 million (-745), corresponding to 93.8% (108.0) of scheduled depreciation and amortiza - tion and 4.8% (5.3) of revenues. – Free operating cash flow decreased to SEK 638 million (678). Significant events During the quarter – On August 26, Alleima announced an investment of approx- imately SEK 220 million in its existing facility in Mehsana, India, to increase capacity and capabilities for manufacturing of advanced tubular products. The investment targets the Chemical and Petrochemical segment and expands capacity for precision tubing used in compressed natural gas (CNG) fuel systems and other hydraulic and instrumenta- tion applications. After the quarter No significant events after the end of the quarter. Alleima Q3 2026 10
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Guidance and financial targets Stockholm, October 26, 2026 Alleima AB (publ) 559224-1433 Göran Björkman President and CEO Guidance Guidance relating to certain non-operational key figures considered useful when modeling financial outcome is provided below: Capex (Cash, full year) Estimated at approximately SEK 1,000 million for 2026. Currency effects (quarterly) Based on exchange rates on October 21, 2026, transaction and translation effects are estimated to have a positive impact of approximately SEK 100 million on operating profit (EBIT) for the fourth quarter of 2026, compared with the corresponding quarter in the preceding year. Metal price effects (quarterly) In view of currency rates, inventory levels and metal prices per October 21, 2026, it is estimated that there will be a neutral impact on operating profit (EBIT) for the fourth quarter of 2026. Tax rate, normalized (full year) Estimated at 23-25% for 2026. Financial targets Alleima has four long-term financial targets: 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 metal price effects and items affecting comparability) to average above 9% over a business cycle. Capital structure A net debt to equity ratio below 0.3x. Dividend policy 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. Alleima Q3 2026 11
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Auditor's report Alleima AB (publ), reg. no. 559224-1433 Introduction We have conducted a limited review of the condensed interim financial information (interim report) of Alleima AB (publ) as of 30 September 2026, and the nine-month period ending that date. The board of directors and the CEO are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibi - lity is to express a conclusion on this interim report based on our limited review. Scope of Review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the ass - urance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Stockholm, 26 October 2026 Öhrlings PricewaterhouseCoopers AB Magnus Svensson Henryson Authorized Public Accountant Alleima Q3 2026 12
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The Group | Condensed consolidated income statement SEK M Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Revenues 3 4,257 4,222 13,729 14,136 Cost of goods sold -3,400 -3,518 -10,553 -11,389 Gross profit 857 704 3,177 2,748 Selling expenses -271 -285 -859 -851 Administrative expenses -215 -231 -756 -767 Research and development costs -64 -62 -215 -217 Other operating income 97 59 283 352 Other operating expenses -89 -57 -209 -342 Operating profit 4,5 315 127 1,421 923 Financial income 30 55 42 267 Financial expenses -48 -49 -81 -230 Net financial items -18 6 -39 36 Profit after net financial items 297 133 1,382 960 Income tax 6 -92 -48 -338 -277 Profit for the period 205 85 1,045 683 Profit for the period attributable to Owners of the parent company 205 85 1,045 683 Non-controlling interests - - - - Earnings per share, SEK Basic 9 0.82 0.34 4.17 2.73 Diluted 9 0.82 0.34 4.17 2.72 Financial reports summary The Group | Condensed consolidated comprehensive income SEK M Note Q3 2026 Q3 2025 Q1-Q3 2026 Q 1 - Q 3 2025 Profit for the period 205 85 1,045 683 Other comprehensive income Items that will not be reclassified to profit (loss) Actuarial gains (losses) on defined benefit pension plans 33 87 29 118 Tax relating to items that will not be reclassified -7 -18 -6 -25 Total items that will not be reclassified to profit (loss) 26 69 23 93 Items that may be reclassified to profit (loss) Foreign currency translation differences 161 -36 390 -603 Cash flow hedge 122 84 63 569 Tax relating to items that may be reclassified -25 -17 -13 -117 Total items that may be reclassified to profit (loss) 257 30 440 -152 Total other comprehensive income 283 99 462 -59 Total comprehensive income 488 184 1,507 624 Total comprehensive income attributable to Owners of the parent company 488 184 1,507 624 Non-controlling interests - - - - Alleima Q3 2026 13
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The Group | Condensed consolidated balance sheet SEK M Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Goodwill 1,687 1,671 1,612 Other intangible assets 325 326 338 Property, plant and equipment 7,988 7,765 7,742 Right-of-use assets 376 423 391 Financial assets 7 198 188 144 Deferred tax assets 219 205 202 Non-current assets 10,793 10,578 10,429 Inventories 7,391 7,130 6,813 Current receivables 7 3,847 3,448 3,399 Cash and cash equivalents 1,547 1,551 1,891 Current assets 12,784 12,129 12,103 Total assets 23,578 22,707 22,531 Equity attributable to owners of the parent company 9 17,378 16,636 16,516 Non-controlling interest 0 0 0 Total equity 17,378 16,636 16,516 Non-current interest-bearing liabilities 871 1,102 916 Non-current non-interest-bearing liabilities 7 833 893 828 Non-current liabilities 1,704 1,995 1,744 Current interest-bearing liabilities 141 132 144 Current non-interest-bearing liabilities 7 4,354 3,944 4,127 Current liabilities 4,496 4,076 4,271 Total equity and liabilities 23,578 22,707 22,531 Alleima Q3 2026 14
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The Group | Condensed consolidated cash flow statement SEK M Note Q3 2026 Q3 2025 Q1 -Q3 2026 Q1-Q3 2025 Operating activities Operating profit 315 127 1,421 923 Adjustments for non-cash items: Depreciation, amortization and impairments 231 230 702 690 Other non-cash items -12 103 -94 55 Received and paid interest -15 35 -17 149 Income tax paid -134 -90 -312 -385 Cash flow from operating activities before changes in working capital 383 406 1,700 1,431 Changes in working capital 143 147 -613 -141 Cash flow from operating activities 527 553 1,087 1,290 Investing activities Investments in intangible and tangible assets -266 -291 -667 -785 Proceeds from sale of intangible and tangible assets 3 2 9 40 Acquisition and sale of shares and participations 10 - -15 - -147 Other investments and financial assets, net 1 1 0 1 Cash flow from investing activities -262 -303 -658 -891 Financing activities Repayments of loans 0 -1 -1 -3 Amortization of lease liabilities -41 -33 -119 -104 Equity swap 9 - - - -2 Dividends paid 9 - - -625 -575 Cash flow from financing activities -41 -34 -746 -683 Net change in cash and cash equivalents 224 215 -317 -284 Cash and cash equivalents at beginning of period 1,319 1,330 1,891 1,912 Exchange rate differences in cash and cash equivalents 4 6 -27 -77 Cash and cash equivalents at end of the period 1,547 1,551 1,547 1,551 Alleima Q3 2026 15
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The Group | Condensed consolidated statements of changes in equity SEK M Note Equity attributable to owners of the parent company Non- controlling interest Tota l equity Equity at January 1, 2025 16,614 0 16,614 Changes Net profit 683 - 683 Other comprehensive income for the period, net of tax -59 - -59 Total comprehensive income for the period 624 - 624 Cash flow hedge, transferred to cost of hedged item -36 - -36 Tax on cash flow hedge, transferred to cost 7 - 7 Net cash flow hedge, transferred to cost -29 - -29 Shared-based payments 9 4 - 4 Equity swap -2 - -2 Dividends -575 - -575 Total transactions with owners -573 - -573 Equity at September 30, 2025 16,636 0 16,636 Changes Net profit -11 - -11 Other comprehensive income for the period, net of tax -107 - -107 Total comprehensive income for the period -118 - -118 Cash flow hedge, transferred to cost of hedged item -7 - -7 Tax on cash flow hedge, transferred to cost 1 - 1 Net cash flow hedge, transferred to cost -6 - -6 Shared-based payments 9 3 - 3 Total transactions with owners 3 - 3 Equity at December 31, 2025 16,516 0 16,516 Changes Net profit 1,045 - 1,045 Other comprehensive income for the period, net of tax 462 - 462 Total comprehensive income for the period 1,507 - 1,507 Cash flow hedge, transferred to cost of hedged item -26 - -26 Tax on cash flow hedge, transferred to cost 5 - 5 Net cash flow hedge, transferred to cost -21 - -21 Shared-based payments 9 1 - 1 Dividends 9 -625 - -625 Total transactions with owners -625 - -625 Equity at September 30, 2026 17,378 0 17,378 Alleima Q3 2026 16
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The Parent Company | Condensed income statement SEK M Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Revenues 9 9 26 27 Gross profit 9 9 26 27 Administrative expenses -21 -18 -65 -65 Other operating income 0 0 0 2 Operating loss -12 -9 -38 -36 Dividend from group companies 561 0 561 740 Interest revenue and similar income 5 7 19 25 Profit/loss after financial items 554 -2 542 729 Income tax 1 6 1 8 Profit for the period 556 3 543 736 The Parent Company | Condensed balance sheet SEK M Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Financial assets 11,907 11,907 11,907 Deferred tax assets 12 13 8 Non-current assets 11,919 11,920 11,915 Current receivables 2,174 2,256 2,258 Current assets 2,174 2,256 2,258 Total assets 14,092 14,175 14,173 Restricted equity 251 251 251 Unrestricted equity 9 13,813 13,900 13,895 Total equity 14,064 14,150 14,146 Non-current interest-bearing liabilities 4 3 3 Non-current non-interest-bearing liabilities 2 2 3 Non-current liabilities 6 5 6 Current non-interest-bearing liabilities 22 20 21 Current liabilities 22 20 21 Total equity and liabilities 14,092 14,175 14,173 Alleima Q3 2026 17
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Notes Note 1 | Basis of preparation The financial statements of the Group were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and the Swedish Annual Accounts Act, and for the parent com - pany in accordance with the Swedish Annual Accounts Act and RFR 2 Reporting for legal entities and other statements issued by the Swedish Cor - porate Reporting Board. The accounting principles and computation methods applied in the preparation of this interim report are the same as those applied in the Annual Report 2025. All amounts are in million SEK (SEK M) unless otherwise stated. Roundings may occur. The interim information on pages 1–29 is an integrated part of these financial statements. Changes in IFRS standards IASB has published amendments of standards that are effective as of January 1, 2026 or later. The standards have not had any material impact on the finan - cial reports. IFRS 18 IASB has issued IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027, including requirements for comparative infor - mation for the preceding year. The standard has been endorsed by the EU. IFRS 18 replaces IAS 1 Presentation of Financial Statements. IFRS 18 aims to make companies’ income statements more comparable through a clearer structure, new presentation requirements and mandatory subtotals. IFRS 18 also introduces new requirements for the classification of foreign exchange differences, derivatives and hedging instruments, as well as expanded disclo - sure requirements for management-defined performance measures (MPMs). As the standard only affects presentation, it will have no impact on equity upon transition. The most significant impact for Alleima will relate to foreign exchange effects and their presentation in the income statement. Alleima is now in the final stage of its detailed assessment of the impact on the financial statements. When the standard is applied, bridges between the IAS 1 and IFRS 18 presentations will be provided. References For more information concerning: – Group summary, refer to page 1 – Significant events, refer to page 10 Note 2 | Risks and uncertainties As an international group with a wide geographical spread, Alleima is exposed to several strategic, business and financial risks. Strategic risk at Alleima is defined as emerging risks affecting the business long-term, such as industry shifts, technological shifts, and macroeconomic developments. The business risks can be divided into operational, sustainability, compliance, legal and commercial risks. The financial risks include currency risks, interest rate risk, price risk, tax risks and more. These risk areas can all impact the business negatively both long and short-term but often also create business opportuni - ties if managed well. Risk management at Alleima begins with an assessment in operational management teams where the material risks to their operations are first identified, followed by an evaluation of the probability of the risks occurring and their potential impact on the Group. Once the key risks have been identified and evaluated, risk mitigating activities to eliminate or reduce the risks are agreed on. For a more detailed description of Alleima's analysis of risks and risk universe, see the Annual Report 2025. Import tariffs to the US Alleima has both direct sales to, and manufacturing in, the US, and is directly and indirectly affected by any import tariffs. As uncertainty regarding how the tariff situation will develop continues to prevail, it is difficult to foresee the future impact on Alleima’s earnings and financial position. Alleima continues to assess that the direct impact has been neutral to earnings. Geopolitical risks related to the conflict in Iran The geopolitical situation in the Middle East, including the ongoing conflict in and around Iran, entails increased uncertainty in the global environment. Alleima has direct exposure to the region through customers, supply chains and logistics flows, but has no operations or sales in Iran. There is a risk of indirect effects arising from the current situation, for example through impacts on global supply chains, trade flows, and energy and transportation costs. Geopolitical developments in the region have so far had a negative impact on Alleima’s operations. Uncertainty regarding further developments remains, making it difficult to fully assess potential future effects on earnings, cash flow and financial position. Alleima continues to monitor developments. Alleima Q3 2026 18
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Order intake by division and region SEK M Note R12 Q3 2026 R12 Q3 2025 Organic % Tube Europe 5,890 6,696 -11 North America 3,118 3,219 -1 Asia 2,100 2,114 6 Other 831 763 8 Tota l 11,938 12,793 -5 Kanthal Europe 1,206 1,223 -2 North America 1,763 1,601 18 Asia 1,459 1,071 49 Other 197 267 -22 Tota l 4,626 4,162 18 Strip Europe 633 695 -9 North America 176 133 42 Asia 590 829 -24 Other 13 53 -75 Tota l 1,412 1,710 -15 GROUP Europe 7,729 8,615 -10 North America 5,057 4,953 7 Asia 4,149 4,014 11 Other 1,041 1,084 -4 Tota l 17,976 18,665 -1 Note 3 | Order intake by division and region Alleima Q3 2026 19
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Revenues by division and region SEK M Note Q3 2026 Q3 2025 Organic % Q1-Q3 2026 Q1-Q3 2025 Organic % Tube Europe 1,533 1,427 4 5,212 5,084 2 North America 576 582 -4 2,022 2,192 -6 Asia 507 632 -25 1,612 1,963 -17 Other 136 171 -23 501 736 -33 Tota l 2,752 2,812 -6 9,347 9,974 -6 Kanthal Europe 280 292 -6 896 912 -1 North America 471 401 14 1,321 1,143 20 Asia 353 278 27 938 758 32 Other 61 72 -16 126 203 -34 Tota l 1,165 1,042 10 3,282 3,015 13 Strip Europe 141 150 -8 457 483 -6 North America 62 37 63 168 102 73 Asia 134 168 -22 463 520 -7 Other 3 13 -76 13 43 -71 Tota l 340 368 -10 1,100 1,147 -2 GROUP Europe 1,954 1,869 2 6,565 6,478 1 North America 1,109 1,019 5 3,511 3,436 5 Asia 994 1,078 -11 3,013 3,240 -4 Other 201 256 -24 640 982 -35 Tota l 4,257 4,222 -2 13,729 14,136 -2 Alleima Q3 2026 20
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Note 4 | Segment information Alleima has three reportable operating segments, Tube, Kanthal and Strip. Items not included in the operating segments, mainly related to Group staff functions typically to run the Group or items Alleima considers to be centrally decided, are presented as Common functions. Note Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Order intake, rolling 12 months, SEK M 1 Tube - - 12,138 11,938 12,676 10,626 12,138 12,793 13,082 14,095 Kanthal - - 4,177 4,626 4,524 4,260 4,177 4,162 4,088 4,108 Strip - - 1,426 1,412 1,378 1,380 1,426 1,710 1,741 1,759 Tota l2 - - 17,741 17,976 18,578 16,266 17,741 18,665 18,911 19,962 Revenues, SEK M Tube 9,347 9,974 13,063 2,752 3,372 3,222 3,089 2,812 3,413 3,750 Kanthal 3,282 3,015 3,996 1,165 1,135 982 981 1,042 956 1,017 Strip 1,100 1,147 1,571 340 389 372 424 368 396 383 Tota l2 13,729 14,136 18,630 4,257 4,896 4,576 4,494 4,222 4,765 5,150 Adjusted EBIT, SEK M Tube 701 898 1,159 40 376 285 261 101 382 416 Kanthal 616 496 656 226 223 167 160 168 160 169 Strip 17 21 61 -15 10 22 40 -16 10 27 Common functions -226 -224 -321 -49 -90 -88 -97 -56 -98 -71 Tota l2 1,107 1,191 1,555 202 519 386 364 197 454 540 Adjusted EBIT margin, % Tube 7.5 9.0 8.9 1.4 11.2 8.9 8.4 3.6 11.2 11.1 Kanthal 18.8 16.5 16.4 19.4 19.6 17.0 16.3 16.1 16.7 16.6 Strip 1.5 1.8 3.9 -4.3 2.5 5.9 9.5 -4.2 2.4 6.9 Common functions N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M Tota l2 8.1 8.4 8.3 4.8 10.6 8.4 8.1 4.7 9.5 10.5 EBIT, SEK M Tube 974 681 839 140 556 278 159 53 225 403 Kanthal 657 463 409 244 234 179 -53 152 151 159 Strip 29 4 11 -8 16 21 6 -22 4 22 Common functions -238 -224 -321 -60 -90 -88 -97 -56 -98 -71 Tota l2 1,421 923 938 315 715 391 15 127 282 513 1) Order intake for the quarter refers to the rolling 12 months period. 2) Internal transactions had negligible effect on division profits. Alleima Q3 2026 21
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Note 5 | Adjustment items on EBIT SEK M Q1 -Q3 2026 Q1-Q3 2025 Full year 2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 EBIT Items affecting comparability 1 Tube -3 0 -97 -1 0 -3 -97 0 0 0 Kanthal 16 0 -210 18 -2 0 -210 0 0 0 Strip -1 0 -35 0 -1 0 -35 0 0 0 Common functions -12 0 0 -12 0 0 0 0 0 0 Tota l 0 0 -342 5 -3 -3 -342 0 0 0 Metal price effect Tube 276 -217 -223 101 180 -4 -5 -48 -157 -13 Kanthal 25 -34 -37 0 12 13 -3 -16 -9 -9 Strip 13 -16 -16 6 7 -1 1 -7 -5 -4 Tota l 314 -268 -275 107 199 8 -8 -70 -171 -27 Total adjustment items EBIT Tube 273 -217 -320 100 180 -7 -102 -48 -157 -13 Kanthal 41 -34 -247 18 11 12 -213 -16 -9 -9 Strip 12 -16 -50 6 6 -1 -34 -7 -5 -4 Common functions -12 0 0 -12 0 0 0 0 0 0 Tota l 313 -268 -617 112 196 5 -349 -70 -171 -27 1) Items affecting comparability related to the targeted measures aimed at further strengthening our efficiency and competitiveness, which were communicated in the fourth quarter of 2025. During the first three quarters of 2026, these provisions were adjusted, resulting in a reported effect on earnings. Note 6 | Taxes SEK M Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Reported tax -92 30.9% -48 36.0% -338 24.4% -277 28.8% Tax on adjustment items (note 5) 23 -20.8% -15 -21.0% 66 -21.1% -56 -21.0% Tax excluding adjustment items -68 37.0% -63 30.8% -271 25.4% -333 27.1% Adjustment for one time items taxes 13 -7. 2% 10 -5.0% 19 -1.8% 37 -3.0% Normalized tax rate -55 29.8% -53 25.8% -253 23.6% -296 24.1% Note 7 | Financial assets and liabilities Financial instruments - fair values In order to mitigate financial risks, the Group has entered into financial instru - ments such as currency-, commodity-, electricity- and gas derivatives. All derivatives belong to Level 2 in the fair value hierarchy, i.e. observable inputs have been used in deriving the fair values. Fair values, which equals carrying amounts, of outstanding derivatives amounted at each reporting period to the amounts below. SEK M Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Financial assets derivatives 336 389 277 Financial liabilities derivatives 229 122 126 The carrying amounts for other financial assets and liabilities are considered to represent a good approximation of the fair values due to the short dura - tions. Note 8 | Related party transactions The Group companies have related party relationships with their subsidiaries. All related party transactions are based on market terms and negotiated on an arm's length basis. For outstanding share right programs refer to Note 9. Other remunerations to senior executives for Alleima and the Board of Directors are presented in the Annual Report 2025 in Note 3. Alleima Q3 2026 22
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Note 9 | Equity, number of shares and incentive pro- grams Number of shares Sep 30, 2026 Dec 31, 2025 Total number of shares 250,877,184 250,877,184 Number of shares in equity swap (LTI) -603,423 -720,006 Number of outstanding shares 250,273,761 250,157,178 Number of outstanding shares, weighted average 250,215,469 250,164,359 Number of shares after dilution 250,799,381 250,836,665 Number of shares after dilution, weighted average 250,707,436 250,855,258 Outstanding share right programs Alleima's General Meeting held on April 29, 2026 approved the Board’s proposal for a long-term share-based incentive program for a maximum 40 senior execu - tives and key employees in the Group (LTI 2026). Participation requires an invest - ment in Alleima shares. Each invested Alleima share entitles the participant to be allotted, after a period of three years, a certain number of Alleima shares free of charge, provided that certain performance targets with respect to earnings per share and reduction of carbon dioxide (CO2) are met. As of September 30, 2026, LTI 2026 comprises 229,586 share rights. The delivery of these shares is secured through an equity swap agreement with a third party. Total costs before tax for outstanding rights in the incentive program are expensed over the three- year vesting period. These costs are expected to amount to SEK 23 million, of which social security costs amount to SEK 5 million. During Q2 2026, 116,583 performance shares for LTI 2023 were allotted since the performance targets set by the Board of Directors were met. For maximum level of fulfilment required 15% adjusted EPS growth and CO 2 emis - sions required a reduction to 0.44 metric tons of CO 2 emissions per rollable metric ton steel from 2023 to 2025. Target fulfillment for adjusted EPS was 33.3% and CO 2 emission 67.0%. Information regarding Alleima's long-term share-based incentive program 2024-2025 (LTI 2024 and LTI 2025), such as the objective, conditions and requirements, is presented in Note 3 in the Annual Report for 2025. As of Sep - tember 30, 2026, LTI 2024 and LTI 2025 comprises 255,593 and 276,853 share rights respectively (LTI 2023: 317,695, LTI 2024: 256,417, LTI 2025: 277,609). During the first nine months of 2026, the total pre-tax cost for the LTI pro - grams amounted to SEK 2 (5) million. Dividend The Annual General Meeting held on April 29, 2026, resolved for the financial year 2025 on an ordinary dividend of SEK 2.50 per share. The dividend of SEK 627 million was distributed to the shareholders on May 7, 2026, of which SEK 2 million was repaid to Alleima in form of dividend related to the equity swap for LTI 2023, LTI 2024 and LTI 2025. Note 10 | Business combinations The acquisitions of business combinations executed during current and previous year are set out on the table below. For the acquisitions in 2025 please refer to details in the Alleima Annual report 2025, Note 28. Annual revenue and number of employees reflect the situation at the date of the respective transaction. Division/Cash Generating Unit Company Country Acquisition date Annual revenue No. of employees Kanthal Endox Feinwerktechnik GmbH & Endox Polska SP.zo.o. (“Endox”) Germany/ Poland January 10, 2025 SEK 65 M in 2023 90 Alleima Q3 2026 23
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Key ratios Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Full year 2025 Full year 2024 Full year 2023 Full year 2022 Adjusted EBITDA, SEK M 440 427 1,813 1,881 2,485 2,856 3,056 2,540 Adjusted EBITDA margin, % 10.3 10.1 13.2 13.3 13.3 14.5 14.8 13.8 Adjusted EBIT, SEK M 202 197 1,107 1,191 1,555 1,944 2,141 1,681 Adjusted EBIT margin, % 4.8 4.7 8.1 8.4 8.3 9.9 10.4 9.1 Operating profit (EBIT), SEK M 315 127 1,421 923 938 1,498 2,046 2,122 Operating profit (EBIT) margin, % 7.4 3.0 10.3 6.5 5.0 7.6 9.9 11.5 Normalized tax rate, % (Note 6) 29.8 25.8 23.6 24.1 23.9 23.9 24.2 24.3 Net working capital to revenues, % 1 41.8 39.5 37.1 35.4 35.8 35.1 34.3 32.8 Return on capital employed, % 2 8.2 7.6 8.2 7.6 5.5 8.9 12.2 13.2 Return on capital employed excluding cash, % 2 8.8 8.1 8.8 8.1 5.8 9.5 12.9 14.2 Net debt/Adjusted EBITDA ratio -0.24 -0.13 -0.24 -0.13 -0.35 -0.22 -0.08 0.01 Net debt/Equity ratio -0.03 -0.02 -0.03 -0.02 -0.05 -0.04 -0.02 0.00 Free operating cash flow, SEK M 373 285 638 678 1,100 1,266 1,688 505 Adjusted earnings per share, diluted, SEK 0.46 0.56 3.18 3.56 4.62 6.27 6.56 3.36 Earnings per share adjusted for metalprice effects, diluted, SEK 0.48 0.56 3.18 3.56 3.54 6.27 6.56 2.55 Average number of shares, diluted, at the end of the period (millions) (Note 9) 250.711 250.857 250.707 250.860 250.855 250.867 250.876 250.877 Number of shares at the end of the period (millions) (Note 9) 250.274 250.157 250.274 250.157 250.157 250.175 250.467 250.877 Number of employees 3 6,387 6,409 6,387 6,409 6,380 6,309 6,110 5,886 Number of consultants 3 480 456 480 456 440 516 596 612 1) Quarter is quarterly annualized and the annual number is based on a four-quarter average. 2) Based on rolling 12 months operating profit, in percentage of a four-quarter average capital employed (including respectively excluding cash). 3) Full-time equivalent. Alleima Q3 2026 24
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Alternative Performance Measures This interim report contains certain alternative performance measures that are not defined by IFRS. These measures are included as they are considered to be important perfor - mance indicators of the operating performance and liquidity of Alleima. They should not be considered a substitute for Alleima’s financial statements prepared in accordance with IFRS. Alleima’s definitions of these measures are described below, and as other companies may calculate non IFRS mea - sures differently, these measures are therefore not always comparable to similar measures used by other companies. Organic order intake and revenue growth Change in order intake and revenues after adjustments for exchange rate effects and structural changes such as divest - ments and acquisitions and alloy surcharges. Organic growth is used to analyze the underlying sales performance in the Group, as most of its revenues are in currencies other than in the reporting currency (i.e. SEK, Swedish Krona). Alloy sur - charges are used as an instrument to pass on changes in alloy costs along the value chain and the effects from alloy surcharges may fluctuate over time. Adjusted operating profit (EBIT) SEK M Q1-Q3 2026 Q1-Q3 2025 Full y e a r 2025 Q 3 2026 Q 2 2026 Q 1 2026 Q 4 2025 Q 3 2025 Q 2 2025 Q 1 2025 Operating profit/loss 1,421 923 938 315 715 391 15 127 282 513 Reversal (Note 5): Items affecting comparability 0 0 342 -5 3 3 342 0 0 0 Metal price effect -314 268 275 -107 -199 -8 8 70 171 27 Adjusted operating profit (EBIT) 1,107 1,191 1,555 202 519 386 364 197 454 540 Revenues 13,729 14,136 18,630 4,257 4,896 4,576 4,494 4,222 4,765 5,150 Adjusted operating profit (EBIT) margin, % 8.1 8.4 8.3 4.8 10.6 8.4 8.1 4.7 9.5 10.5 Adjusted operating profit (EBIT) Alleima considers Adjusted operating profit (EBIT) and the related margin to be relevant measures to present profitabi - lity of the underlying business excluding metal price effects and items affecting comparability (IAC). Metal price effect is the difference between sales price and purchase price on metal content used in the production of products. Metal price effect on operating profit in a particular period arises from changes in alloy prices arising from the timing difference between the purchase, as included in cost of goods sold, and the sale of an alloy, as included in revenues, when alloy surcharges are applied. IAC includes capital gains and losses from divestments and larger res - tructuring initiatives, impairments, capital gains and losses from divestments of financial assets as well as other material items having a significant impact on the comparability. Adjusted operating profit (EBIT) and margin: Operating profit (EBIT) excluding items affecting comparability and metal price effects. Margin is expressed as a percentage of revenues. Alleima Q3 2026 25
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Adjusted profit for the period and adjusted earnings per share, diluted SEK M Q1-Q3 2026 Q 1 - Q 3 2025 F u l l y e a r 2025 Q 3 2026 Q 2 2026 Q 1 2026 Q 4 2025 Q 3 2025 Q 2 2025 Q 1 2025 Profit/loss for the period 1,045 683 671 205 549 290 -11 85 204 394 Reversal: Adjustment items EBIT (Note 5) -313 268 617 -112 -196 -5 349 70 171 27 Tax on adjustment items (Note 6) 66 -56 -129 23 41 1 -73 -15 -35 -6 Adjusted profit for the period 797 894 1,160 116 394 287 265 141 340 414 Attributable to Owners of the parent com - pany 797 894 1,160 116 394 287 265 141 340 414 Non-controlling interests - - - - - - - - - - Average number of shares, dil - uted, at the end of the period (millions) 250.707 250.860 250.855 250.711 250.597 250.704 250.837 250.857 250.870 250.863 Adjusted earnings per share, diluted, SEK 3.18 3.56 4.62 0.46 1.57 1.14 1.06 0.56 1.35 1.65 Adjusted earnings per share, diluted Alleima considers Adjusted earnings per share (EPS), diluted to be relevant to understand the underlying performance, which excludes items affecting comparability and metal price effects between periods. Adjusted EPS, diluted: Profit/loss, adjusted for items affecting comparability and metal price effects, attributable to equity holders of the Parent Company divided by the weighted aver - age number of shares, diluted, outstanding during the period. Alleima Q3 2026 26
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Net working capital (NWC) in relation to revenues and return on capital employed (ROCE) Alleima considers NWC in relation to revenues for the quarter relevant as a measure of both the Group’s effi - ciency and its short-term financial health. Net working capital (NWC): Total of inventories, trade recei - vables, account payables and other current non-inte - rest-bearing receivables and liabilities, including those classified as liabilities and assets held for sale, but exclu - ding tax assets and liabilities and provisions. Net working capital (NWC) in relation to revenues : Quarter is quarterly annualized and year-to-date numbers are based on a four-quarter average. Alleima considers ROCE to be useful for the readers of its financial reports as a complement in assessing the possibility of implementing strategic investments and considering the Group’s ability to meet its financial commitments. In addition, it is useful to also follow ROCE excluding cash, as it is focused on the operating capital employed. Capital employed: Total assets less non-interest-bearing lia - bilities (including deferred tax liabilities). ROCE: Rolling 12 months' operating profit/loss plus financial income (excl. derivatives), as a percentage of a four-quarter average capital employed. ROCE excluding cash: Rolling 12 months' operating profit/loss, as a percentage of a four-quarter average capital employed excluding cash and cash equivalents. SEK M Q3 2026 Q3 2025 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Inventories 7,391 7,130 7,391 7,130 6,813 Trade receivables 2,807 2,480 2,807 2,480 2,426 Account payables -1,852 -1,730 -1,852 -1,730 -1,640 Other receivables 763 598 763 598 675 Other liabilities -2,020 -1,936 -2,020 -1,936 -2,052 Net working capital 7,088 6,541 7,088 6,541 6,222 Average net working capital 7,123 6,670 6,754 6,799 6,666 Revenues annualized 17,029 16,888 18,223 19,230 18,630 Net working capital to revenues, % 41.8 39.5 37.1 35.4 35.8 Tangible assets 7,988 7,765 7,742 Intangible assets 2,012 1,997 1,950 Cash and cash equivalents 1,547 1,551 1,891 Other assets 11,994 11,350 10,915 Other liabilities -5,188 -4,837 -4,954 Capital employed 18,353 17,826 17,543 Average capital employed 17,922 17,815 17,823 Operating profit rolling 12 months 1,435 1,316 938 Financial income, excl. derivatives, rolling 12 months 33 41 35 Total return rolling 12 months 1,468 1,357 973 Return on capital employed (ROCE), % 8.2 7.6 5.5 Average capital employed excl. cash 16,313 16,149 16,135 Return on capital employed excl. cash, % 8.8 8.1 5.8 Alleima Q3 2026 27
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Free operating cash flow (FOCF) Alleima considers free operating cash flow (FOCF) to be use - ful for providing an indication of the funds the operations generate to be able to implement strategic investments, make amortizations and pay dividends to the shareholders. Free operating cash flow (FOCF): Operating profit (EBIT) excluding depreciations and amortizations (EBITDA), adjusted for non-cash items plus the change in net working capital minus investments and disposals of tangible and intangible assets and plus the amortization of lease liabilities. Net debt to Equity and Net debt to Adjusted EBITDA Alleima considers both Net debt to Equity and Net debt to Adjusted EBITDA to be useful for the readers of its financial reports as a complement for assessing the possibility of divi - dends, implementing strategic investments and considering Net debt to Equity and Net debt to Adjusted EBITDA SEK M Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Interest-bearing non-current liabilities 871 1,102 916 Interest-bearing current liabilities 141 132 144 Prepayment of pensions -37 -44 -34 Cash & cash equivalents -1,547 -1,551 -1,891 Net debt -571 -362 -864 Net pension liability -566 -735 -589 Leasing liabilities -390 -433 -418 Financial net debt -1,527 -1,530 -1,871 Adjusted EBITDA accumulated current year 1,813 1,881 2,485 Adjusted EBITDA previous year 604 823 - Adjusted EBITDA rolling 12 months 2,418 2,703 2,485 Total equity 17,378 16,636 16,516 Net debt/Equity ratio -0.03 -0.02 -0.05 Net debt/Adjusted EBITDA ratio (multiple) -0.24 -0.13 -0.35 the Group’s ability to meet its financial commitments. Net debt to Equity ratio is included in Alleima's financial targets. Net debt: Interest-bearing current and non-current liabilities, including net pension liabilities and leases, less cash and cash equivalents. Adjusted EBITDA: Operating profit (EBIT) before depreciation and amortizations, adjusted for metal price effects and items affecting comparability. Financial net debt Alleima considers financial net debt to be a useful indicator of the business’s ability to pay off all debt, excluding pension lia - bilities and lease liabilities, at a certain point in time. Financial net debt: Net debt, excluding net pension and lease liabilities. Alleima Q3 2026 28
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Shareholder information Disclaimer statement Some statements herein are forward-looking and the actual outcome could be materially different. In addi - tion to the factors explicitly commented upon, the actual outcome could be materially affected by other factors, for example the effect of economic condi - tions, exchange-rate and interest-rate movements, political risks, impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses. This report is published in Swedish and English. The Swedish version shall prevail in any instance where the two versions differ. Nomination Committee appointed The Nomination Committee for Alleima's 2027 Annual General Meeting has been appointed. The Committee consists of representatives of the company's four largest shareholders as of 31 August 2026, together with the Chairman of the Board, Andreas Nordbrandt. Industrivärden is represented by Fredrik Lundberg, Lundbergföretagen by Bo Selling, Swedbank Robur Fonder by Jan Dworsky, and AFA Försäkring by Anna Hääger. Fredrik Lundberg serves as Chairman of the Nomination Committee. Financial calendar Q4 Interim report January - December 2026 January 27, 2027 Q1 Interim report January - March 2027 April 27, 2027 Annual Report 2026 Week 12, 2027 Annual General Meeting 2027 May 3, 2027 Q2 Interim report January - June 2027 July 20, 2027 Q3 interim report January - September 2027 October 26, 2027 Follow us: This information is information that Alleima AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 11.30 AM CET on October 26, 2026. Alleima AB (publ), corporate registration no. 559224-1433 Postal address: SE-811 81 Sandviken, Sweden Visiting address: Storgatan 2, Sandviken, Sweden Telephone: +46 26 426 00 00 Annual General Meeting The Board of Directors has decided that the 2027 Annual General Meeting will be held in Sandviken, Sweden, on 3 May 2027. Notice convening the meeting will be issued in due course. For further information, please contact: Frida Adrian, Head of Investor Relations +46 70 930 93 24, or frida.adrian@alleima.com Andreas Eriksson, Investor Relations Officer +46 70 542 86 01 or andreas.eriksson@alleima.com Conference call and webcast A conference call will be held on October 26, 2026 at 1 PM CET. Presentation for download and webcast link: https://www.alleima.com/en/investors/ Alleima Q3 2026 29