Slides
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Presentation of the Q2 2026 report Johnny Sjöström, President and CEO Leena Craelius, CFO July22, 2026
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2 Agenda − Q2 2026 in brief − Financials − Outlook and summary − Q&A
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Q2 2026 in brief1.
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4 Summary of Q2 EBITDALTIF − Improved earnings for SSAB Europe and SSAB Americas vs Q1 − Higher prices and shipments, partly counteracted by higher variable costs (geopolitical turbulence etc.) Net cash 2022 2023 2024 2025 2026 Q2 1.06 0.87 0.75 0.56 0.38 SEK bn SEK bn − LTIF and TRIF both at all-time low at 0.38 and 4.1 respectively − Strong balance sheet − Dividend of SEK 2bn paid in Q2 2022 2023 2024 2025 2026 Q2 14.3 18.2 17.8 11.6 8.6 LTIF Q2 refers to rolling 12 month Q2/25 Q3/25 Q4/25 Q1/26 3.2 2.9 1.8 3.2 Q2/26 3.8
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Strategic direction firmly on track 5 − The conversion of the steel mill in Oxelösund is proceeding with the installation of the new EAF and the power line can be finalized − Start of production is planned for Q2 2027 − Groundwork in Luleå continues − Precautionary pauses to secure a safe working environment − Project remains on schedule on time and budget − Project is key to realize strategy of accelerate premium leadership − Investments to increase capacity of the most profitable products − New quenching line in Oxelösund − Expansion of capacity for steel powder for additive manufacturing
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New quenching line in Oxelösund 6 − Essential for the ability to continue to grow in advanced wear steels och protection steels, such as Hardox 500Tuf and Armox − Investment of SEK 3.3 billion over four years, included in the strategic capex frame presented at the Capital Markets Day in 2025 − Will initially add around 100 thousand tonnes in capacity and production start is planned for 2030 − Attractive pay-back and ability to expand capacity further
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SSAB Special Steels 777 Shipments EBITDA − Stable shipments vs previous quarter, relatively good demand − Higher costs impacted margin − Prices +1% vs Q1/26 − Price increases implemented ktonnes SEK m 325 289 287 356 358 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0% 956 Q2/25 Q3/25 Q4/25 Q1/26 1,785 1,700 1,842 Q2/26 1,777
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SSAB Europe 888 Shipments EBITDA − Relatively stable shipments vs. Q1/26 − Cautious market − Prices +3% vs. Q1/26 − Advanced steels to Automotive at record level 895 737 778 919 930 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +1%ktonnes SEK m 634 340 629 961 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 1,166
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SSAB Americas 999 Shipments EBITDA − Relatively strong demand − Prices +7% vs Q1/26 − Higher variable costs ktonnes SEK m 487 440 450 461 473 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +3% 871 917 411 637 780 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26
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1010 Tibnor Shipments Revenue EBITDA − Relatively stable shipments − Seasonal improvement vs Q1 − Weak market Ruukki Construction EBITDA − Inventory gains and higher prices 195 165 170 196 193 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 -2% Q2/25 Q3/25 Q4/25 1,458 1,501 1,303 Q1/26 1,143 Q2/26 1,554 ktonnes SEK m SEK m SEK m − Somewhat lower margins vs Q2/25 77 63 25 128 190 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 109 136 18 -4 101 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26
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Financials2.
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12 Improved earnings 0 10 20 30 31.8 23Q2 23Q3 23Q4 24Q1 28.3 24Q2 24Q3 24Q4 25Q1 25.6 25Q2 25Q3 25Q4 26Q1 26Q2 27.5 Revenue, SEK bn 0 10 20 2 4 6 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 14% 3.83.24.0 5.9 12% 14% EBITDA margin EBITDA 0 500 1,000 1,500 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 1,708 25Q2 25Q3 25Q4 26Q1 26Q2 1,7601,6461,722 Steel shipments, ktonnes EBITDA, SEK bn (bars) & margin % (line) 0.0 1.0 2.0 3.0 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 2.1 1.8 2.52.6 3.4 EBITDA/tonne, thousand SEK/t
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13 Change in operating result Q2 26 vs. Q1 26 Q1 26 1,230 Price 160 Volume -510 Variable Costs -490 Fixed Costs 105 Capacity utilization -0 FX Q2 26 2,201 2,695 Change in adjusted operating result, MSEK
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14 Change in operating result Q2 26 vs. Q2 25 Q2 25 590 Price 330 Volume -145 Variable Costs -300 Fixed Costs 155 Capacity utilization -76 FX Q2 26 2,140 2,695 Change in adjusted operating result, MSEK
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Cash flow SEK millions 2026 2025 2026 2026 2025 2025 Q2 Q2 Q1 Jan-Jun Jan-Jun Full-year EBITDA 3,778 3,157 3,236 7,014 5,526 10,189 Change in working capital 488 -616 -2,719 -2,232 -2,958 1,155 Maintenance capital expenditures -512 -523 -421 -934 -908 -2,907 Other -21 -265 -88 -108 -453 -816 Operating cash flow 3,733 1,753 8 3,740 1,206 7,621 Financial items -131 -254 292 161 -144 -142 Income taxes -765 86 -410 -1,175 -640 -932 Cash flow from current operations 2,837 1,585 -111 2,726 422 6,546 Strategic expenditures in plants and machinery -954 -1,688 -1,488 -2,443 -2,447 -7,215 Acquisitions of shares and operations -65 -11 -10 -75 -139 -139 Divestments of shares and operations — — — — 144 144 Cash flow before dividend 1,817 -115 -1,609 209 -2,019 -663 Dividend, parent company’s shareholders -1,993 -2,591 — -1,993 -2,591 -2,591 Dividend, non-controlling interest — — — — — -4 Acquisition of shares, non-controlling interest — -12 — — -12 -12 Net cash flow -176 -2,718 -1,609 -1,785 -4,622 -3,271
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16 Net cash position 2022 2023 2024 2025 Q2 2026 14,287 18,206 17,777 11,596 8,629 Net debt (-) / Net cash (+), MSEK h Net cash at the end of Q2 2026: SEK 8.6 billion Net debt/equity ratio: -12% (-16%) Dividend of SEK 2bn paid in Q2 In July, Moody’s Ratings assigned SSAB a Baa2 investment grade long- term issuer rating with a Stable outlook
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Raw material SSAB’s quarterly purchase prices Market prices (AMM) Iron ore and coking coal (indexed from Q4/24) Scrap (USD GT) − The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be somewhat higher compared to the prior quarter − Cost for alloys has increased − For SSAB Americas, costs of raw materials are expected to be fairly stable compared to prior quarter 0 20 40 60 80 100 120 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Iron ore Coking coal 0 100 200 300 400 500 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 AMM Chicago #1HM
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− SSAB’s total maintenance costs for 2026 are expected to be SEK 1,450 (1,410) million Expected maintenance costs 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. 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 — — 390 100 490 Total — — 800 650 1,450
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Guidance for 2026 19 − 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 relatively similar to 2025 − 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) 7.2 2.9 2025 10.5 3.0 2026E Strategic capex Maintenance capex 10.1 13.5
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Outlook and summary3.
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Improving supply-demand balance New trade measures came into force July 1, 2026 – Tariff-free quotas at 18.3 million tonnes per year – Out-of-quota duty set at 50% for 30 categories of steel products In addition, CBAM in effect 2026 – Importers to pay carbon tax as if produced in EU, based on EU CO2 price Proposal to reform ETS presented July 17, 2026 “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* Pre 2018 2018-2023 2024 2025 0% 25% 25% 50% Stricter “Melt and pour” requirements added *For most countries/imports – exceptions exists Expansion to downstream applications 21
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22 SSAB’s outlook for Q3/2026 Definitions: Significantly lower (>10%), Lower (5-10%), Somewhat lower (0-5%), Stable (~0%), Somewhat higher (0-5%), Higher (5-10%), Significantly higher (>10%) Volume and pricing outlook Q3/26 vs. Q2/26 Shipments Realized prices SSAB Special Steels Significantly lower Somewhat higher SSAB Europe Significantly lower Somewhat higher SSAB Americas Lower Somewhat higher − Planned maintenance at all steel divisions − Seasonal slowdown in demand expected in Q3
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23 Summary 23 − Geopolitical turbulence but strategic direction firmly on track − Transformation projects on plan − Investments to increase capacity of the most profitable products − Improvement in SSAB Europe and SSAB Americas in Q2 vs Q1 − Shipments in Q3 will be affected by planned maintenance and seasonal slowdown. Price increases implemented to mitigate higher variable costs
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Questionsand Answers 4.
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25 Appendix
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26 SSAB’s outlook for main customer segments Q3/26 Segment Demand Comments 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 - Weak European market Construction Machinery - Some improvement in North America and Europe Material Handling - Good demand in mining Energy - Strong demand for renewables, example wind power (EU) - High activity within transmission, oil and gas (US) Construction - Underlying demand still low Service Centers - Good activity in the US - Destocking in Europe expected WeakStrong Neutral
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− Duration of the loan portfolio was 6.1 (5.6) years − Averaged fixed interest term was 0.8 (0.9) years − Average interest rate was 3.7% (3.6%) 27 Debt portfolio duration and interestrate Years % 0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50 5,00 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 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 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 Avg. duration (rhs) Avg. interest rate
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0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 Cash and back-up facilities 2026 2027 2028 2029 2030 2031+ Maturityprofile 28 − Liquid assets and committed credit lines at SEK 57.6bn at the end of Q2 − The financing package for Luleå of EUR 2.7bn has been included Cash Back-up facilities SEK m