Slides
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Presentation of the Q3 2026 report Johnny Sjöström, President and CEO Leena Craelius, CFO Oct 28, 2026
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2 Agenda − Q3 2026 in brief − Financials − Outlook and summary − Q&A
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Q3 2026 in brief1.
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4 Summary of Q3 EBITDALTIF − Improved steel prices and higher shipments vs Q3/25 − Cost of planned maintenance SEK 810m in Q3 Net cash 2022 2023 2024 2025 2026 Q3 1.06 0.87 0.75 0.56 0.34 SEK bn SEK bn − Good trend in safety − LTIF at all-time low − TRIF decreased to 4.8 (5.9) − Strong balance sheet 2022 2023 2024 2025 2026 Q3 14.3 18.2 17.8 11.6 8.4 LTIF and TRIF Q3 refers to rolling 12 month Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 2.9 1.8 3.2 3.8 3.3
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Investment program on track 5 − The conversion of the steel mill in Oxelösund is underway 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 continued in Q3 − Project remains on time and budget − Key to realize strategy of accelerating premium leadership − Investments to increase capacity of the most profitable products − Construction start of the new quenching line in Oxelösund − Expansion of capacity for steel powder for additive manufacturing
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SSAB Special Steels 666 Shipments EBITDA − Higher shipments vs Q3/25 − Lower shipments vs Q2/26 due to seasonality − Higher costs impacted margin − Prices +3% vs Q2/26 − Price increases implemented ktonnes SEK m 289 287 356 358 314 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -12% 956 Q3/25 Q4/25 Q1/26 Q2/26 1,700 1,842 1,777 Q3/26 1,620
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SSAB Europe 777 Shipments EBITDA − Higher shipments vs. Q3/25, good growth in premium products − Cautious market, seasonal downturn vs Q2/26 − Prices +3% vs. Q2/26 − Q3 impacted by planned maintenance of SEK 320m − High level of premium products including Automotive AHSS 737 778 919 930 770 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -17% ktonnes SEK m 340 629 961 875 Q3/25 Q4/25 Q1/26 Q2/26 1,166 Q3/26
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SSAB Americas 888 Shipments EBITDA − Strong demand − Shipments in Q3 impacted by planned maintenance − Prices +8% vs Q2/26 − Higher variable costs − Maintenance cost of SEK 380m in Q3 ktonnes SEK m 440 450 461 473 446 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -5% 917 411 637 780 684 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
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99 Tibnor Shipments Revenue EBITDA − Q3 seasonally weak − Weak market Ruukki Construction EBITDA − Lower shipments had a negative effect vs Q2/26. Higher prices had a positive effect 165 170 196 193 163 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 -16% Q3/25 Q4/25 Q1/26 Q2/26 1,501 1,303 1,143 1,554 Q3/26 1,530 ktonnes SEK m SEK m SEK m − Higher prices vs Q2/26 63 25 128 190 143 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 136 18 -4 101 150 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
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Financials2.
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11 Improved earnings vs Q3/25 0 10 20 30 24.4 24Q3 24Q4 25Q1 25Q2 23.0 25Q3 25Q4 26Q1 26Q2 26Q3 25.6 Revenue, SEK bn 0 2 4 10 20 10% 24Q3 24Q4 25Q1 25Q2 13% 2.9 25Q3 25Q4 26Q1 26Q2 13% 3.3 26Q3 2.3 EBITDA margin EBITDA 0 500 1,000 1,500 1,457 24Q3 24Q4 25Q1 25Q2 1,466 25Q3 25Q4 26Q1 26Q2 26Q3 1,530 Steel shipments, ktonnes EBITDA, SEK bn (bars) & margin % (line) 0.0 1.0 2.0 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 26Q3 1.6 2.0 2.1 EBITDA/tonne, thousand SEK/t
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12 Change in operating result Q3 26 vs. Q2 26 Q2 26 1,650 Price -1,070 Volume -1,295 Variable Costs 515 Fixed Costs -370 Capacity utilization -31 FX on BS items Q3 26 2,695 2,157 Change in operating result, MSEK
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13 Change in operating result Q3 26 vs. Q3 25 Q3 25 1,370 Price 280 Volume -1,105 Variable Costs -350 Fixed Costs 150 Capacity utilization -56 FX on BS items Q3 26 1,869 2,157 Change in operating result, MSEK
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Cash flow SEK millions 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year EBITDA 3,259 2,886 3,778 10,272 8,411 10,189 Change in working capital 721 643 488 -1,511 -2,316 1,155 Maintenance capital expenditures -759 -725 -512 -1,693 -1,633 -2,907 Other -720 -529 -21 -828 -982 -816 Operating cash flow 2,500 2,274 3,733 6,241 3,480 7,621 Financial items -52 58 -131 109 -86 -142 Income taxes -435 -410 -765 -1,610 -1,051 -932 Cash flow from current operations 2,013 1,922 2,837 4,740 2,344 6,546 Strategic expenditures in plants and machinery -2,180 -1,690 -954 -4,623 -4,137 -7,215 Acquisitions of shares and operations — — -65 -75 -139 -139 Divestments of shares and operations — — — — 144 144 Cash flow before dividend -167 231 1,817 42 -1,788 -663 Dividend, parent company’s shareholders — — -1,993 -1,993 -2,591 -2,591 Dividend, non-controlling interest — -4 — — -4 -4 Acquisition of shares, non-controlling interest — — — — -12 -12 Net cash flow -167 227 -176 -1,952 -4,395 -3,271
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15 Net cash position 2022 2023 2024 2025 Q3 2026 14,287 18,206 17,777 11,596 8,391 Net debt (-) / Net cash (+), MSEK h Net cash at the end of Q3 2026: SEK 8.4 billion Net debt/equity ratio: -11% (-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 are expected to be somewhat higher compared to the prior quarter − Other variable cost, such as freight and energy, are expected to remain on a relatively high level − The pellet premium (iron ore) has increased 0 50 100 150 200 250 300 350 400 450 AMM Chicago #1HM 0 20 40 60 80 100 120 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Iron ore Coking coal
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− SSAB’s total maintenance costs for 2026 are expected to be SEK 1,450 (1,410) million(unchanged) 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 — — 110 280 390 SSAB Europe — — 320 270 590 SSAB Americas — — 380 90 470 Total — — 810 640 1,450
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Guidance for 2026 18 − Capital expenditure in 2026 lowered to SEK 11.2bn (previous: 13.5bn) − due to revised timing of payment to certain suppliers − 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 8.2 3.0 2026E Strategic capex Maintenance capex 10.1 11.2
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Outlook and summary3.
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20 Supply and demandtrends − Global market for high-strength steel − Customer segments: Mining and Protection on a good level − Geographies: Europe somewhat cautious and Middle East impacted negatively by conflicts − US plate market − Strong fundamentals − Section 232 tariffs and “Melt and pour” requirements for steel − Good demand trend in key customer segments, such as Energy (Oil & Gas, Transmission, Wind) and Heavy Transport (Shipbuilding, Rail) − European steel market − Signs of improvement following CBAM and the new trade measures − Still low demand in Construction and Automotive customer segments − Restart of local steel capacity in Europe
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21 SSAB’s outlook for Q4/2026 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 Q4/26 vs. Q3/26 Shipments Realized prices SSAB Special Steels Somewhat lower Somewhat higher SSAB Europe Higher Somewhat higher SSAB Americas Stable Somewhat higher − Planned maintenance at all steel divisions completed in Q4 − SSAB Special Steels has the main part of maintenance in Q4, hence somewhat lower shipments − SSAB’s price realization is lagging the spot market due to contracts and lead times
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22 Summary 22 − Improved earnings vs Q3/25 − Growth in premium products − Strong balance sheet − Strong US plate market and signs of improved supply-demand balance in the European steel market − Investment program on track − Installation of EAF in Oxelösund − Groundworks in Luleå continues − Construction start of the new Q&T line in Oxelösund
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Questionsand Answers 4.
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24 Appendix
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25 SSAB’s outlook for main customer segments Q4/26 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 - Good activity in North America - Somewhat mixed trend in Europe (Germany weak) 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 low, seasonal slowdown Service Centers - Inventory somewhat low in the US - Relatively normal inventory in Europe WeakStrong Neutral
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− Duration of the loan portfolio was 5.9 (5.3) years − Averaged fixed interest term was 0.7 (0.8) years − Average interest rate was 4.0% (3.9%) 26 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 Q3 2019 2020 2021 2022 2023 2024 2025 2026 Avg. duration (rhs) Avg. interest rate
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Maturityprofile 27 − Liquid assets and committed credit lines at SEK 58.1bn at the end of Q3 − The financing package for Luleå of EUR 2.7bn has been included Cash Back-up facilities SEK m 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+ Maturity profile