Slides
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Q3 Record earnings and improved cash flow Interim report 2026
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• Year - on - year sales volume growth for 11 th consecutive quarter • Market share gains drove 1% growth despite reduced capacity in Asia • Record quarterly result • Adjusted operating profit of SEK 596 million, up 50% • Improved sales volume/price/mix and recycling more than offset cost increases and currency headwinds • Improved cash flow and reduced leverage • Sustainability performance reaches new record levels: lower carbon emissions intensity and increased recycling • Positive momentum entering Q4 2 Another record quarter Denna bild från Summiten är ju underbar – men blir det för mycket? /AH
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External year - on - year sales volume growth Q3, 2026 3 Continued market share gains offset weak end - market demand and reduced capacity in Asia >+3% → - 3% to +3% < - 3% Automotive Industrial Packaging Climate control Total Gränges Americas +6% Gränges Asia - 12% Gränges Europe +7% Total +12% - 21% - 4% +22% +1% → →
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Sales volume Adjusted operating profit Adjusted operating margin 4 Improved sales volume/price/mix and recycling more than offset cost increases and FX headwinds 123 153 154 483 594 634 0 200 400 600 800 0 50 100 150 200 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ktonnes SEK million 420 398 596 1 492 1 566 2 008 0 700 1 400 2 100 2 800 0 175 350 525 700 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3,4 2,6 3,9 3,1 2,6 3,2 0 1 2 3 4 0 1 2 3 4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 kSEK per tonne R12m 2024 2025 2026 2024 2025 2026 2024 2025 2026 R12m R12m
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5 Financial overview Q3 2026 Q3 YTD SEK million 2026 2025 Δ 2026 2025 Δ Sales volume, ktonnes 154.5 153.4 0.7% 481.4 464.2 3.7% Net sales 9,485 6,933 36.8% 27,403 21,140 29.6% Adjusted operating profit 1 596 398 49.8% 1,635 1,242 31.7% Adjusted operating profit per tonne, kSEK 3.9 2.6 1.3 3.4 2.7 0.7 Operating profit 546 398 37.4% 1,571 1,242 26.5% Profit for the period 388 253 53.0% 1,114 807 38.1% Earnings per share 2 , SEK 3.63 2.27 1.36 10.32 7.22 3.09 Operating cash flow 3 396 317 24.8% - 92 783 n/a Return on capital employed, R12m, % 12.6% 10.8% 1.9 pp Financial net debt / adjusted EBITDA, R12 1.7 1.6 0.2 1. Adjusted for items affecting comparability 2. Attributable to the owners of the parent company, diluted 3. Operating profit + Depreciation, amortization and impairment charges + Change in working capital - Investments in property, plan t, equipment and intangible assets
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- 5 148 - 4 987 814 - 49 - 186 - 183 - 106 - 128 -6 000 -5 000 -4 000 -3 000 -2 000 -1 000 0 Change in financial net debt 6 Reduced net debt and leverage driven by improved operating cash flow Operating cash flow SEK 396 million Financial net debt 30 Jun 2026 Adjusted EBITDA Change in working capital Capital expenditure Taxes paid FX & Other Financial net debt 30 Sep 2026 Financial net debt over adjusted R12m EBITDA SEK million 1.7x 1.9x • Asia alternative supply solution • Decreased aluminium price Items affecting comparability
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Sales volume Adjusted operating profit• Sales volume increased by 6% vs last year • Climate control market recovery and share gains supported growth • Record - high adjusted operating profit of SEK 490 million (284) • Excellent operations, growth, p rice and recycling offset cost inflation • Currency effects of SEK 7 million vs last year 7 Gränges Americas Q3 2026: Record - high adjusted operating profit in third quarter 59 60 63 222 235 249 0 100 200 300 0 25 50 75 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 283 284 490 1042 1089 1 595 0 400 800 1 200 1 600 2 000 0 100 200 300 400 500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 2024 2025 2026 ktonnes SEK million R12m R12m
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2024 2025 2026 Sales volume Adjusted operating profit• Sales volume decreased by 12% vs last year 1 • 10 ktonnes reduction of Industrial sales volume • Soft demand was compensated by market share gains • Adjusted operating profit was SEK 71 million (94) • Favorable product mix partly offset lower sales volume and continued price pressure • Currency effects of SEK 1 million vs last year 8 Gränges Asia Q 3 2026: Reduced capacity following fire at Shandong facility 1. Refers to total sales volume, external sales volume growth was - 12 % in the second quarter. 27 50 44 109 193 196 0 60 120 180 240 0 15 30 45 60 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 ktonnes SEK million R12m R12m 70 94 71 293 327 265 0 100 200 300 400 500 0 25 50 75 100 125 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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R12m R12m Sales volume Adjusted operating profit• Sales volume increased by 6 % vs last year 1 • Sales growth driven by share gains in Automotive and Industrial • Adjusted operating profit increased to SEK 75 million (65) • Growth, pricing, and recycling offset cost inflation and currency headwind • Currency effects of SEK - 28 million vs last year 9 Gränges Europe Q3 2026: Weak demand compensated by share gains 42 49 52 171 183 207 0 60 120 180 240 0 15 30 45 60 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1. Refers to total sales volume, external sales volume growth was 7 % in the second quarter. 2024 2025 2026 2024 2025 2026 ktonnes SEK million 96 65 75 270 307 323 0 100 200 300 400 500 0 25 50 75 100 125 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
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R12m 63 75 85 240 285 327 0 100 200 300 400 0 25 50 75 100 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 10 tCO 2 e/ tonne Sustainability Q3 2026: Performance reaches new record levels Scope 1+2 Scope 3 7,6 7,0 6,0 0 2 4 6 8 10 12 14 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 - 51% Sourced recycled aluminium GHG emission intensity Baseline 2017: 47 Baseline 2021: 12.3 • Continued good progress in decarbonization and circularity • GHG emissions intensity decreased by 8% vs last year • Increased sourced recycled aluminium driven by record - high share of 73 percent in Gränges Americas 7.0x ktonnes 2024 2025 2026 2024 2025 2026 R12m
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• Market demand remains difficult to predict • But: good momentum going into Q4 • In Asia, we expect a sales volume reduction of about 10 ktonnes , mainly for low - margin products • For the other regions, we expect mid - single - digit sales volume growth driven by continued market share gains • We aim to offset cost increases with price and productivity • We expect continued tailwind from improved market scrap spreads, and limited currency effects 11 Fourth - quarter outlook Anna
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• Eleventh consecutive quarter of year - on - year volume growth, thanks to continued market share gains • Adjusted operating profit up 50% to SEK 596 million – our best quarter so far • Continued strong sustainability performance • Continued good momentum entering Q4 Another record quarter
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13 Q&A