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1 st Quarter 2021 INTERIM REPORT JANUARY - MARCH 2021 G ✔ GRÄNGES New record for sales volume and earnings in first quarter First quarter 2021 • Sales volume increased by 41.0 per cent to 126.7 ktonnes ( 89.9 ) and net sales to SEK 4,043 million ( 3,063 ) . Excluding acquisitions sales volume increased by 14.3 per cent to 102.8 ktonnes and net sales was SEK 3,365 million . o Adjusted operating profit increased to SEK 342 million ( 210 ) and adjusted operating profit per tonne was 2.7 KSEK ( 2.3 ) . Excluding acquisitions , adjusted operating profit increased to SEK 293 million . • Profit for the period increased to SEK 239 million ( 133 ) and includes items affecting comparability of SEK -16 million ( -6 ) . • Diluted earnings per share increased to SEK 2.24 ( 1.56 ) . • Cash flow before financing activities adjusted for expansion investments and acquisitions was SEK -55 million ( 329 ) . o Net debt increased to SEK 3,690 million at 31 March 2021 ( SEK 3,292 million at 31 December 2020 ) , corresponding to 2.4 times adjusted EBITDA 1.2 ( 2.2 times at 31 December 2020 ) . o Two new Business areas , Gränges Eurasia and Gränges Americas , have been established during the quarter . • Selected sustainability targets to 2025 have been upgraded to reflect that the development of the sustainability performance has been strong during the recent years . Financial summary Q1 12 months rolling Full year SEK million Sales volume , ktonnes 2021 2020 A 126.7 89.9 41.0 % Apr 2020 - Mar 2021 387.5 Net sales 4,043 3,063 32.0 % 11,987 2020 350.6 11,008 Δ 10.5 % 8.9 % Adjusted operating profit2 342 210 62.9 % 780 648 20.4 % Adjusted operating margin , % 8.5 6.9 1.6 ppt 6.5 5.9 0.6 ppt Adjusted operating profit per tonne , KSEK 2.7 2.3 0.4 2.0 1.8 0.2 Operating profit 326 204 60.1 % 707 584 21.0 % Operating margin , % 8.1 6.6 1.4 ppt 5.9 5.3 0.6 ppt Profit for the period 239 133 79.9 % 469 363 29.2 % Earnings per share basic , SEK 2.25 1.56 0.69 5.13 4.21 0.92 Earnings per share diluted , SEK 2.24 1.56 0.68 5.11 4.21 0.90 Cash flow before financing activities -250 181 n / a -752 -322 n / a Equity to assets , % Net debt Return on capital employed , % 45.7 40.2 5.5 ppt 45.7 43.7 1.9 ppt 3,690 3,559 131 3,690 3,292 398 9.2 8.1 1.1 ppt 1 Includes adjusted EBITDA for acquisitions as a part of Gränges Group for 12 months , see alternative performance measures page 23 for further information . ² Adjusted for items affecting comparability , see Note 5 for further information . GRÄNGES AB ( PUBL ) INTERIM REPORT JANUARY - MARCH 2021 Page 1 of 25