Interim report
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October 28, 2026 Report for Q3 2026
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Report for Q3 and first nine months of 2026 Summary • Revenue was SEK 25,632 (22,960) million • Operating result was SEK 2,157 (1,869) million, higher prices and higher shipments • Earnings per share were SEK 1.56 (1.49) • Net cash was SEK 8.4 (10.8) billion • Lost time injury frequency (LTIF) decreased to an all-time low of 0.34 (0.56) rolling 12 month • High level of Automotive advanced high-strength steels (AHSS) and other premium products • Conversion of Oxelösund progresses according to plan, production start planned for Q2 2027 • Groundwork for Luleå mini-mill continues and the project remains on schedule for production start late 2029 Key figures 2026 2025 2026 2026 2025 2025 SEK millions Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Revenue 25,632 22,960 27,489 78,457 74,114 96,220 EBITDA 3,259 2,886 3,778 10,272 8,411 10,189 EBITDA margin (%) 13 13 14 13 11 11 Operating result 2,157 1,869 2,695 7,053 5,360 6,116 Operating margin (%) 8 8 10 9 7 6 Result for the period 1,561 1,489 2,082 5,244 4,471 4,906 Earnings per share, basic and diluted, (SEK) 1.56 1.49 2.09 5.26 4.48 4.92 Operating cash flow 2,500 2,274 3,733 6,241 3,480 7,621 Net debt (+) / Net cash (-) -8,391 -10,839 -8,629 -8,391 -10,839 -11,596 Net debt/equity ratio (%) -11 -16 -12 -11 -16 -17 Return on capital employed, rolling 12 months (%) 14 10 13 14 10 12 Lost time injury frequency (LTIF), rolling 12 months 0.34 0.56 0.38 0.34 0.56 0.56 Number of employees at end of period 14,679 14,575 14,696 14,679 14,575 14,609 INTERIM REPORT JANUARY - SEPTEMBER 2026 2 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 Revenue (SEK millions) EBITDA margin (%) Operating margin (%) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 10,000 20,000 30,000 0 5 10 15 Revenue, EBITDA margin and operating margin Return on capital employed rolling 12 months (%) Net cash (SEK billions) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 5 10 15 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 5 10 15
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Comments by the CEO SSAB’s operating result for the third quarter of 2026 increased to SEK 2,157 (1,869) million, supported by improved steel prices and higher shipments. We carried out maintenance as planned during the quarter and the cost amounted to SEK 810 (390) million. SSAB Europe increased shipments across most premium segments, including the world-leading Automotive AHSS products, compared to the same period in 2025. Shipments also increased in SSAB Special Steels and SSAB Americas benefitted from its exposure to the strong US plate market. Increasing the share of premium products is a key part of our strategy and the investment in the highly efficient mini-mill in Luleå will enable significantly higher premium shipments. During the third quarter, the groundwork in Luleå continued. In Oxelösund, the installation of the new electric arc furnace is underway and production start is planned for the second quarter of 2027. The new EU trade measures entered into force on July 1, 2026, and we can see signs of improved supply- demand balance in the European market. Prices improved in Europe during the third quarter. During the third quarter, Moody’s assigned a credit rating to SSAB for the first time. The long-term issuer rating was Baa2 investment grade with a Stable outlook, marking an important milestone that strengthens our position in the capital markets. Costs are increasing and realized prices for the steel divisions are expected to be somewhat higher in the fourth quarter, compared to previous quarter. We will complete the annual planned maintenance during the fourth quarter. Outlook for the fourth quarter of 2026 Outlook for the steel divisions Q4 2026 vs. Q3 2026 Shipments Realized prices SSAB Special Steels Somewhat lower Somewhat higher SSAB Europe Higher Somewhat higher SSAB Americas Stable Somewhat higher Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %) The costs of raw materials for all three steel divisions are expected to be somewhat higher compared to the third quarter of 2026. Other variable costs, such as freight and energy, are expected to remain on a high level. Major planned maintenance outages 2026 The Group’s total maintenance costs for the full-year 2026 are expected to be SEK 1,450 (1,410) million, unchanged compared to the previous estimate. The figures in the table include the impact of the direct maintenance cost and the cost of lower capacity utilization but exclude lower margins due to lower shipments. Expected maintenance costs for 2026 2026 2025 2026 2025 2026 2025 2026E 2025 2026E 2025 SEK millions Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Full-year Full-year SSAB Special Steels 0 0 0 0 110 60 280 490 390 550 SSAB Europe 0 0 0 0 320 330 270 220 590 550 SSAB Americas 0 0 0 0 380 0 90 310 470 310 Total 0 0 0 0 810 390 640 1,020 1,450 1,410 Guidance on capital expenditure The estimate for total maintenance and strategic capital expenditure for the full-year 2026 was lowered to approximately SEK 11.2 billion (previous estimate was SEK 13.5 billion), due to revised timing of payment to certain suppliers. The corresponding amount in 2025 was SEK 10.1 billion. INTERIM REPORT JANUARY - SEPTEMBER 2026 3 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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SSAB Group – Third quarter of 2026 The market during the third quarter In the global market for high-strength steels, demand in the Middle East were negatively affected by the war in the Persian Gulf. Demand in Europe is somewhat cautious and the third quarter had a normal seasonal weakness. The European market for standard steel remained cautious during the third quarter, which was also seasonally weak. Inventory levels at distributors are assessed to be relatively normal. Import volumes have decreased following the new EU trade measures which entered into force on July 1. Prices for plate and strip in Europe increased in the quarter. The North American plate market was strong during the third quarter and prices continued to increase. Inventory levels among North American distributors are assessed to be somewhat low. Market prices in China for heavy plate and strip weakened in the middle of the quarter but recovered during the second half. Production and shipments SSAB’s production and shipments were somewhat higher compared to the third quarter of 2025, mainly due to somewhat better demand. Production and shipments were lower compared to the second quarter of 2026, related to planned maintenance outages, as well as seasonally lower demand. 2026 2025 2026 2026 2025 2025 Thousand tonnes Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Crude steel production 1,902 1,813 2,041 5,953 5,735 7,536 Rolling production 1,705 1,600 1,881 5,457 5,255 6,970 Steel shipments 1,530 1,466 1,760 5,026 4,850 6,364 Revenue and operating result Revenue for the third quarter of 2026 was SEK 25,632 (22,960) million, up 12% compared to the same period in 2025. Compared with the second quarter of 2026, revenue decreased by 7%. EBITDA amounted to SEK 3,259 (2,886) million and the EBITDA margin was 13% (13%) for the third quarter of 2026. Operating result was SEK 2,157 (1,869) million. The increase compared to the third quarter of 2025 was primarily explained by higher prices in SSAB Europe. Compared to the second quarter of 2026, operating result was down by SEK 538 million, mainly driven by lower shipments and cost for planned maintenance. Revenue, EBITDA margin and operating margin INTERIM REPORT JANUARY - SEPTEMBER 2026 4 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Revenue (SEK millions) EBITDA margin (%) Operating margin (%) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -25,000 0 25,000 50,000 75,000 100,000 125,000 150,000 -5% 0% 5% 10% 15% 20% 25% 30% * Operating margin for 2022 adjusted to exclude goodwill impairment of SEK 33.3 billion. ** 2026 reported as rolling 12 months. ***
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Revenue and operating result by business segment Revenue Operating result 2026 2025 2026 2026 2025 2026 SEK millions Q3 Q3 Change Q2 Change Q3 Q3 Change Q2 Change SSAB Special Steels 7,077 6,230 847 7,577 -499 1,281 1,392 -111 1,446 -164 SSAB Europe 9,951 9,182 769 11,345 -1,394 329 -179 508 624 -296 SSAB Americas 5,978 5,210 768 5,702 276 615 853 -238 714 -98 Tibnor 2,687 2,408 279 3,011 -324 83 9 74 131 -47 Ruukki Construction 1,530 1,501 29 1,554 -24 91 79 12 41 50 Other — — — — — -242 -285 43 -260 18 Group adjustments -1,591 -1,571 -20 -1,699 108 — — — — — Total 25,632 22,960 2,672 27,489 -1,858 2,157 1,869 288 2,695 -538 Analysis of total change in revenue and operating result compared to prior periods Revenue Operating result % change Vs. Q3 2025 Vs. Q2 2026 SEK millions Change vs. Q3 2025 Change vs. Q2 2026 Price 5 4 Price and product mix 1,370 1,650 Product mix 0 0 Volume 280 -1,070 Volume 4 -13 Variable costs -1,105 -1,295 Currency effects 1 2 Fixed costs -350 515 Other sales 2 0 Capacity utilization 150 -370 Currency effects -56 31 Total 12 -7 Total 288 -538 Return on capital employed (%) Result for the period and earnings per share The result for the period attributable to shareholders in the parent company was SEK 1,559 (1,489) million for the third quarter of 2026, equating to SEK 1.56 (1.49) per share. Financial items were SEK -55 (52) million. The decrease was due to both lower interest income as well as higher interest expenses. Income tax expenses were SEK 540 (432) million. INTERIM REPORT JANUARY - SEPTEMBER 2026 5 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0% 5% 10% 15% 20% 25% 30% 35% ** * Return on capital employed for 2022 adjusted to exclude goodwill impairment of SEK 33.3 billion. ** 2026 reported as rolling 12 months. *
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Strategic projects Oxelösund The conversion of the steel mill in Oxelösund is proceeding according to plan with the installation of the new electric arc furnace (EAF) and production start is planned for the second quarter of 2027. During the second quarter, SSAB announced an investment in a new quenching line in Oxelösund to increase the capacity of advanced wear and protection steels, such as Hardox 500Tuf and Armox. The work has started and the investment is estimated at SEK 3.3 billion over four years and was included in the strategic capex frame presented at the Capital Markets Day in 2025. The new quenching line will initially add around 100 thousand tonnes in capacity and production start is planned for 2030. Luleå Groundwork at the site of SSAB’s new steel mill in Luleå continued during the third quarter, except for a precautionary stop in early July due to safety reasons. The overall project remains on schedule for production to start late 2029 and within budget. Raahe The final stage of the Nordic transformation plan is the conversion of the Raahe steel mill in Finland, where the blast furnaces and coking plant is planned to be replaced by electric arc furnaces, mirroring the approach in Oxelösund. The timing will depend on raw material availability, financial capacity, general market conditions, as well as the experience from the projects in Oxelösund and Luleå. Mobile The investment in Mobile to increase the capacity for SSAB Special Steels’ products (Q&T) is on-going. The total investment amount is USD 74 million over three years. Production is assessed to start during the second quarter of 2027. Capital expenditure Capital expenditure amounted to SEK 2,939 (2,415) million during the third quarter of 2026. Strategic investments were SEK 2,180 (1,690) million. The estimate for total maintenance and strategic capital expenditure for the full-year 2026 is SEK 11.2 billion, lower compared to the previous estimate of SEK 13.5 billion, due to revised timing of payment to certain suppliers. The corresponding sum of maintenance and strategic capital expenditure in 2025 was SEK 10.1 billion. Major strategic capital expenditure projects 2026 2025 2026 2026 2025 2025 SEK millions Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Finalized Taxonomy1) Oxelösund conversion 553 440 499 1,460 1,259 2,289 Q2 2027 Potentially aligned Luleå mini-mill 1,422 585 315 2,351 2,020 4,516 End 2029 Potentially aligned Q&T Mobile 66 28 52 163 42 86 H1 2027 Aligned Other projects2) 139 637 88 649 816 324 Total 2,180 1,690 954 4,623 4,137 7,215 1) Taxonomy aligned: Aligned with all applicable criteria in the EU Taxonomy regulation (3rd party verification). Please refer to the Annual Report 2025 for more information. 2) Other projects include licenses acquired from Hybrit Development AB of SEK 306 million, paid in Q1 2026. INTERIM REPORT JANUARY - SEPTEMBER 2026 6 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Operating cash flow and net debt 2026 2025 2026 2026 2025 2025 SEK millions 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 1) -720 -529 -21 -828 -982 -816 Operating cash flow 2,500 2,274 3,733 6,241 3,480 7,621 Financial items 2) -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 Net cash (+) / Net debt (-) at beginning of period 8,629 10,862 9,561 11,596 17,777 17,777 Net cash flow -167 227 -176 -1,952 -4,395 -3,271 Other 3) -72 -250 -755 -1,254 -2,542 -2,910 Net cash (+) / Net debt (-) at the end of period 8,391 10,839 8,629 8,391 10,839 11,596 Cash conversion, rolling 12 months (%) 86 76 87 86 76 75 1) During Q3 2026, the net cash flow from emission allowances was SEK -730 (-559) million and during January - September 2026 SEK -774 (-855) million. 2) January - September 2026 includes a dividend received from Hybrit Development AB of SEK 323 (–) million. 3) Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies. Cash flow Operating cash flow for the third quarter of 2026 amounted to SEK 2,500 (2,274) million. Net cash flow amounted to SEK -167 (227) million. Net cash amounted to SEK 8,391 (10,839) million at September 30, 2026. Net debt and net debt/equity ratio INTERIM REPORT JANUARY - SEPTEMBER 2026 7 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Net debt/(cash) (SEK millions) Net debt/equity ratio (%) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -20,000 -10,000 0 10,000 20,000 -40% -20% 0% 20% 40% * * Opening balance on January 1, 2019 has been adjusted for IFRS 16.
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Raw materials SSAB sources iron ore primarily from LKAB in Sweden at market index-linked prices. Coking coal is sourced from Australia, the USA and Canada, usually on annual supply contracts with monthly prices. SSAB’s mills in the USA use recycled steel material and source scrap metal on the spot market. The table below shows the fluctuations in SSAB’s purchase prices. The combination of lead times and contract terms for iron ore means that the results are affected with approximately a one quarter delay, while coking coal has a lead time of around one and a half quarters. Scrap purchase prices have a lead time of around one month. Change in SSAB’s average purchase prices compared to prior periods Q3 2025 Q2 2026 % change USD SEK USD SEK Iron ore 3 % 4 % -5 % -3 % Coking coal 18 % 19 % 1 % 5 % Scrap metal 12 % 14 % -2 % 1 % Sustainability SSAB’s objective is to be the world’s safest steel company and to achieve zero accidents and work-related injuries and illnesses. The lost time injury frequency per million hours worked (LTIF) was at all time low with 0.34 (0.56). The total recordable injury frequency (TRIF) decreased to 4.8 (5.9). Lost time injury frequency (LTIF) Direct CO2e emissions in the quarter were somewhat higher compared with the third quarter 2025 due to higher production. Indirect emissions of CO2e decreased somewhat due to lower emission factors. Emissions per tonne were unchanged. SSAB aims to largely eliminate carbon dioxide emissions from own operations. Key actions include the transformation of the Nordic steel production from blast furnaces to electric arc furnaces (EAF). CO2e-emissions (Scope 1), thousand tonnes INTERIM REPORT JANUARY - SEPTEMBER 2026 8 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 2 4 6 8 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 3,000 6,000 9,000 12,000 * * 2026 reported as rolling 12 months. * * 2026 reported as rolling 12 months.
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Key sustainability figures – rolling 12 months 2026 2025 2026 2025 Q3 Q3 Q2 Full-year Safety Lost time injury frequency (LTIF)1) 0.34 0.56 0.38 0.56 Total recordable injury frequency (TRIF)2) 4.8 5.9 4.1 5.6 Environment CO2e-emissions (Scope 1), thousand tonnes3) 10,055 9,713 9,858 9,839 Indirect CO2e-emissions (Scope 2), thousand tonnes4) 1,299 1,415 1,338 896 CO2e-intensity, tonnes of CO2e/tonnes crude steel5) 1.46 1.46 1.46 1.42 1) Lost Time Injury Frequency, number of accidents resulting in an absence of more than one day per million working hours, own employees and contractors. 2) Total Recordable Injury Frequency, number of lost time injuries, medical treatment injuries and restricted work injuries per million hours worked, own employees and contractors, except for medical treatment injuries and restricted work injuries for contractors in the USA. 3) Direct emissions (Scope 1) are based on preliminary data for sites covered by the EU ETS and exclude internal transportation. Verification of full year data is carried out during the first quarter of the following year. 4) Indirect emissions from purchased energy (Scope 2) are reported using the market-based method (residual mix). Emission factors for purchased electricity and heat are determined at year-end and updated annually, i.e. during the first quarter of the following year. 5) CO2e intensity includes Scope 1 and Scope 2. Final data for Scope 1 and Scope 2 are determined at year-end and updated annually, i.e. during the first quarter of the following year. INTERIM REPORT JANUARY - SEPTEMBER 2026 9 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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SSAB Group – January-September 2026 Revenue and operating result Revenue for the first nine months of 2026 was SEK 78,457 (74,114) million, up 6% compared to the first nine months of 2025. EBITDA amounted to SEK 10,272 (8,411) million and the EBITDA margin was 13% (11%). Operating result was SEK 7,053 (5,360) million, up SEK 1,693 million compared to the first nine months of 2025. Higher earnings were mainly related to SSAB Europe. Revenue and operating result by business segment Revenue Operating result 2026 2025 2026 2025 SEK millions Jan-Sep Jan-Sep Change Jan-Sep Jan-Sep Change SSAB Special Steels 21,961 20,393 1,568 4,255 4,313 -58 SSAB Europe 32,122 30,479 1,643 1,391 -36 1,427 SSAB Americas 16,674 16,091 583 1,902 1,820 82 Tibnor 8,528 8,161 367 286 68 218 Ruukki Construction 4,227 4,120 108 71 102 -30 Other — — — -853 -907 54 Group adjustments -5,056 -5,130 74 — — — Total 78,457 74,114 4,343 7,053 5,360 1,693 Result for the period and earnings per share The result for the period attributable to the shareholders in the parent company for the first nine months of 2026 amounted to SEK 5,241 (4,467) million, equating to SEK 5.26 (4.48) per share. Financial items were SEK -208 (212) million. The decrease was mainly due to lower interest income from cash and cash equivalents. Income tax expenses were SEK 1,600 (1,101) million. Cash flow, financing and liquidity Operating cash flow for the first nine months of 2026 increased to SEK 6,241 (3,480) million, mainly due to the higher result. Net cash flow, after dividends of SEK 1,993 (2,591) million, amounted to SEK -1,952 (-4,395) million. Net cash at September 30, 2026, was SEK 8,391 (10,839) million. The decrease was mainly related to strategic capex and dividends, partly compensated for by higher EBITDA. Cash and cash equivalents were SEK 19,771 (20,289) million and non-utilized credit facilities, excluding the financing package for the Luleå investment, were SEK 8,408 (8,211) million, which combined corresponds to 28% (29%) of rolling 12-month revenue. The term to maturity of the total loan portfolio at September 30, 2026, averaged 5.9 (5.3) years, with an average fixed interest period of 0.7 (0.8) years. Equity With the result of the period and other comprehensive income for the period (mostly consisting of translation differences) of SEK 2,442 (-4,772) million, the total equity amounted to SEK 73,526 (68,107) million, of which SEK 73,484 (68,072) million is attributable to the owners of the parent company, equating to SEK 73.73 (68.30) per share. INTERIM REPORT JANUARY - SEPTEMBER 2026 10 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Business segments – Third quarter of 2026 SSAB Special Steels • Shipments increased 9% to 314 (289) thousand tonnes • EBITDA margin decreased to 23% (27%), higher costs impacted negatively • Operating result was SEK 1,281 (1,392) million Key figures 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Revenue (SEK millions) 7,077 6,230 7,577 21,961 20,393 26,352 EBITDA (SEK millions) 1,620 1,700 1,777 5,239 5,237 6,193 EBITDA margin (%) 23 27 23 24 26 24 Operating result (SEK millions) 1,281 1,392 1,446 4,255 4,313 4,958 Operating margin (%) 18 22 19 19 21 19 Operating cash flow (SEK millions) 1,352 627 1,748 3,335 3,193 4,724 Crude steel production (thousand tonnes) 562 559 575 1,715 1,676 2,086 Rolling production (thousand tonnes) 416 398 424 1,280 1,221 1,559 Steel shipments (thousand tonnes) 314 289 358 1,028 950 1,237 Number of employees at end of period 4,126 4,024 4,129 4,126 4,024 4,065 Revenue, EBITDA margin and operating margin Market trend Demand in the Middle East was negatively affected by the war in the Persian Gulf. Demand in Europe was somewhat cautious and the third quarter had a normal seasonal weakness. Demand in other regions is on a better level, for example in North America and Latin America. Business comment Growth in SSAB Special Steels is a key to the Group strategy of achieving a higher share of premium products. During the second quarter, SSAB announced an investment in a new quenching line in Oxelösund, as well as an expansion of capacity for steel powder for additive manufacturing, enabling production at commercial scale. During the first quarter, SSAB opened a new steel service center in Mumbai, India. The center can produce parts, kits and advanced components made from Hardox and Strenx as well as provide short lead times. The variable costs have increased and Special Steels expects that the implemented price increases will generate somewhat higher realized prices in the fourth quarter, compared to previous quarter. Development compared to Q3/25 Revenue was up 14% compared to the third quarter of 2025 and amounted to SEK 7,077 (6,230) million. Higher shipments had a positive impact of 8 percentage points and higher prices with 4 percentage points. INTERIM REPORT JANUARY - SEPTEMBER 2026 11 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Revenue (SEK millions) EBITDA margin (%) Operating margin (%) 25Q3 25Q4 26Q1 26Q2 26Q3 0 3,000 6,000 9,000 0% 10% 20% 30%
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EBITDA was SEK 1,620 (1,700) million and the EBITDA margin decreased to 23% (27%). Operating result was SEK 1,281 (1,392) million. Higher costs impacted negatively, partly compensated for by higher prices and higher shipments. There has been a general upturn in costs, related to logistics, energy and alloys. Operating cash flow during the third quarter was SEK 1,352 (627) million. The increase was mainly due to change in working capital. Capital expenditure during the third quarter was SEK 981 (787) million, of which SEK 758 (546) million were strategic investments, mainly related to the conversion of Oxelösund. Development compared to Q2/26 Revenue decreased by 7%. Lower shipments reduced revenue by 12 percentage points, while higher prices contributed 3 percentage points. Operating result decreased by SEK 164 million. Higher variable costs and lower shipments were partly compensated for by somewhat higher prices. SSAB Europe • Continued cautious market • Higher shipments at 770 (737) thousand tonnes, growth in premium segments • EBITDA margin improved to 9% (4%), higher prices Key figures 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Revenue (SEK millions) 9,951 9,182 11,345 32,122 30,479 39,433 EBITDA (SEK millions) 875 340 1,166 3,002 1,526 2,155 EBITDA margin (%) 9 4 10 9 5 5 Operating result (SEK millions) 329 -179 624 1,391 -36 78 Operating margin (%) 3 -2 6 4 0 0 Operating cash flow (SEK millions) 97 599 1,632 1,332 -346 1,957 Crude steel production (thousand tonnes) 1,092 952 1,161 3,389 3,133 4,213 Rolling production (thousand tonnes) 1,056 920 1,157 3,346 3,160 4,272 Steel shipments (thousand tonnes) 770 737 930 2,618 2,515 3,292 Number of employees at end of period 6,886 6,879 6,883 6,886 6,879 6,888 Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Europe’s shipments. Revenue, EBITDA margin and operating margin Market trend The market remained cautious within the major customer segments during the third quarter, for example Construction and Automotive. Plate related segments saw better activity, for example Shipbuilding and Energy. INTERIM REPORT JANUARY - SEPTEMBER 2026 12 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Revenue (SEK millions) EBITDA margin (%) Operating margin (%) 25Q3 25Q4 26Q1 26Q2 26Q3 0 3,000 6,000 9,000 12,000 -4% 0% 4% 8% 12%
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Business comment SSAB’s leading position in Automotive advanced high-strength steels (AHSS), which reduce weight and strengthen crash protection, continued to make a positive contribution and shipments were on a high level. The other premium products also had a good growth compared to the third quarter of 2025. Development compared to Q3/25 Revenue was up 8% and amounted to SEK 9,951 (9,182) million. Higher shipments increased revenue by 4 percentage points and higher prices contributed with 4 percentage points. EBITDA was SEK 875 (340) million and EBITDA margin was 9% (4%). Operating result increased to SEK 329 (-179) million, compared with the same quarter in 2025. Higher prices and higher shipments had a positive effect. A higher cost level related to CO2 emissions, logistics and energy had a negative impact. Operating cash flow decreased to SEK 97 (599) million. A lower release of working capital had a negative effect compared to last year. Capital expenditure during the third quarter was SEK 1,750 (1,517) million, of which SEK 1,412 (1,139) million were strategic investments mainly related to the new steel mill in Luleå. Development compared to Q2/26 Revenue decreased by 12%. Lower shipments impacted by 15 percentage points, while higher prices had a positive effect of 3 percentage points. Compared to the second quarter of 2026, operating result decreased by SEK 296 million. Lower shipments and higher costs related to raw material and planned maintenance had a negative impact, partly compensated for by higher prices. INTERIM REPORT JANUARY - SEPTEMBER 2026 13 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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SSAB Americas • Strong market • Shipments amounted to 446 (440) thousand tonnes • EBITDA margin decreased to 11% (18%), related to higher costs, including planned maintenance Key figures 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Revenue (SEK millions) 5,978 5,210 5,702 16,674 16,091 21,173 EBITDA (SEK millions) 684 917 780 2,101 2,020 2,431 EBITDA margin (%) 11 18 14 13 13 11 Operating result (SEK millions) 615 853 714 1,902 1,820 2,167 Operating margin (%) 10 16 13 11 11 10 Operating cash flow (SEK millions) 1,321 981 611 2,215 1,467 2,011 Crude steel production (thousand tonnes) 247 302 305 850 925 1,237 Rolling production (thousand tonnes) 232 282 300 830 874 1,139 Steel shipments (thousand tonnes) 446 440 473 1,380 1,385 1,835 Number of employees at end of period 718 724 729 718 724 728 Crude steel production and rolling production refer to Montpelier. Shipments also include standard steel volumes from SSAB Special Steels (Mobile). Revenue, EBITDA margin and operating margin Market trend Demand was strong in the third quarter of 2026, reflected in most customer segments, such as Energy, Heavy transport (including Shipbuilding), Construction Machinery and Steel Service Centers. Business comment SSAB Americas continues to develop the offering within premium products, including plates that enable customers to use efficient laser cutting. Production of SSAB Zero continues at SSAB Americas’ steel mill in Montpelier and around 15 thousand tonnes were produced during the third quarter. SSAB Zero offers' customers a uniquely low carbon footprint compared to traditional steel. Development compared to Q3/25 Revenue rose by 15% and amounted to SEK 5,978 (5,210) million. Higher prices had positive effect of 12 percentage points and currency effects contributed 2 percentage points. EBITDA was SEK 684 (917) million and EBITDA margin decreased to 11% (18%). Operating result for the third quarter of 2026 decreased to SEK 615 (853) million, mainly due to higher costs including planned maintenance and raw materials. This was partly compensated for by higher prices. Operating cash flow during the third quarter of 2026 was SEK 1,321 (981) million. The increase was related to release of working capital. Capital expenditure during the third quarter was SEK 111 (61) million, of which SEK 1 (1) million were strategic investments. INTERIM REPORT JANUARY - SEPTEMBER 2026 14 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Revenue (SEK millions) EBITDA margin (%) Operating margin (%) 25Q3 25Q4 26Q1 26Q2 26Q3 0 1,500 3,000 4,500 6,000 0% 5% 10% 15% 20%
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Development compared to Q2/26 Revenue increased 5%. Higher prices impacted positively by 8 percentage points and currency effects had a positive impact of 3 percentage points. Lower shipments, due to planned maintenance, reduced revenue by 5 percentage points. Compared to the second quarter of 2026, operating result was down by SEK 98 million. Costs for planned maintenance and lower shipments were partly compensated by higher prices. Tibnor • Cautious market • EBITDA margin increased to 5% (3%), due to inventory gains and higher prices Key figures 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Revenue (SEK millions) 2,687 2,408 3,011 8,528 8,161 10,656 EBITDA (SEK millions) 143 63 190 462 228 252 EBITDA margin (%) 5 3 6 5 3 2 Operating result (SEK millions) 83 9 131 286 68 37 Operating margin (%) 3 0 4 3 1 0 Operating cash flow (SEK millions) -107 56 211 22 49 436 Shipments (thousand tonnes) 163 165 193 552 554 725 Number of employees at end of period 1,057 1,034 1,056 1,057 1,034 1,042 Revenue, EBITDA margin and operating margin Market trend Demand was seasonally weak during the third quarter, and the market continued to be characterized by caution and uncertainty. Business comment In May, the acquisition of Ovako Metals Oy Ab was completed. The acquisition strengthens Tibnor’s position in the Finnish market by taking over Ovako Metals’ distribution operations in Finland, including product portfolio, logistics and inventory management, machining services and local sales organizations. Development compared to Q3/25 Revenue increased by 12% compared with the third quarter of 2025 and amounted to SEK 2,687 (2,408) million. Higher prices had a positive impact of 12 percentage points, while somewhat lower shipments impacted negatively by 1 percentage point. EBITDA was SEK 143 (63) million and EBITDA margin was 5% (3%). Operating result for the third quarter of 2026 was up SEK 74 million compared with the same period in 2025 and amounted to SEK 83 (9) million. Inventory gains and higher prices contributed positively. INTERIM REPORT JANUARY - SEPTEMBER 2026 15 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Revenue (SEK millions) EBITDA margin (%) Operating margin (%) 25Q3 25Q4 26Q1 26Q2 26Q3 0 1,200 2,400 3,600 -4% 0% 4% 8%
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Operating cash flow during the third quarter of 2026 was SEK -107 (56) million. The decrease was related to increase in working capital. Capital expenditure during the third quarter was related to maintenance and amounted to SEK 32 (18) million. Development compared to Q2/26 Revenue was down 11% compared with the second quarter of 2026, primarily due to seasonally lower shipments. Operating result decreased by SEK 47 million compared with the second quarter of 2026. Lower shipments had a negative effect, partly compensated by higher prices and seasonally lower fixed costs. Ruukki Construction • Low market activity • EBITDA margin amounted to 10% (9%) Key figures 2026 2025 2026 2026 2025 2025 Q3 Q3 Q2 Jan-Sep Jan-Sep Full-year Revenue (SEK millions) 1,530 1,501 1,554 4,227 4,120 5,423 EBITDA (SEK millions) 150 136 101 246 266 283 EBITDA margin (%) 10 9 7 6 6 5 Operating result (SEK millions) 91 79 41 71 102 52 Operating margin (%) 6 5 3 2 2 1 Operating cash flow (SEK millions) 164 249 -55 -74 -102 13 Number of employees at end of period 1,325 1,328 1,323 1,325 1,328 1,323 Revenue, EBITDA margin and operating margin Market trend The activity in the market for construction products continues to be low. A modest seasonal improvement was seen in Roofing compared to the second quarter of the year. Business comment Ruukki Construction has carried out cost saving actions to adapt operations to the low demand, as well as increased efforts to segments related to renovation where the activity has been somewhat higher. Development compared to Q3/25 Revenue increased by 2% and amounted to SEK 1,530 (1,501) million. EBITDA increased to SEK 150 (136) million and the EBITDA margin was 10% (9%). Operating result increased by SEK 12 million to SEK 91 (79) million. Higher prices had a positive impact. Operating cash flow during the third quarter was SEK 164 (249) million. The decrease was related to changes in working capital. Capital expenditure during the third quarter was SEK 21 (26) million, of which SEK 10 (4) million were strategic investments. INTERIM REPORT JANUARY - SEPTEMBER 2026 16 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429 SEK millions Revenue (SEK millions) EBITDA margin (%) Operating margin (%) 25Q3 25Q4 26Q1 26Q2 26Q3 0 600 1,200 1,800 -6% 0% 6% 12%
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Development compared to Q2/26 Compared to the second quarter of 2026, revenue was lower by 2%, while the operating result was up SEK 50 million, primarily due to higher prices and seasonally lower fixed costs. Risks and uncertainty factors SSAB benefits from having production facilities close to major customers both in Europe and the USA. However, the turbulence driven by trade barriers and tariffs, as well as the war in the Persian Gulf has created uncertainty and represents a significant risk of lower economic activity. The upcoming revision of the EU ETS framework in 2026 may bring changes to the regulatory environment, with potential implications for SSAB that could be either favorable or unfavorable depending on the final design. Due to long and unpredictable permitting processes, as well as other regulatory processes, there is a risk that SSAB’s transformation might be affected. For more information regarding material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2025. Affirmation This interim report has not been reviewed by the auditors. Stockholm, October 27, 2026 Johnny Sjöström President and CEO INTERIM REPORT JANUARY - SEPTEMBER 2026 17 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Financial reports – The Group The figures in the tables have been rounded, which might affect aggregates Consolidated statement of profit and loss, in summary 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Revenue 25,632 22,960 78,457 74,114 96,220 Cost of goods sold -21,953 -19,629 -66,707 -64,040 -83,830 Gross profit 3,678 3,331 11,750 10,074 12,390 Selling and administrative costs -1,504 -1,464 -4,621 -4,759 -6,363 Other operating income and expenses -41 -3 -159 29 49 Share of earnings in affiliated companies and joint ventures, after tax 24 5 83 16 40 Operating result 2,157 1,869 7,053 5,360 6,116 Financial items -55 52 -208 212 116 Result before tax 2,102 1,921 6,845 5,571 6,232 Income tax -540 -432 -1,600 -1,101 -1,326 Result for the period 1,561 1,489 5,244 4,471 4,906 Of which attributable to: - Parent company’s shareholders 1,559 1,489 5,241 4,467 4,902 - Non-controlling interest 2 0 3 3 4 Earnings per share, basic and diluted, (SEK) 1.56 1.49 5.26 4.48 4.92 Consolidated statement of comprehensive income, in summary 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Result for the period 1,561 1,489 5,244 4,471 4,906 Other comprehensive income Items that may be subsequently reclassified to the profit or loss Translation differences for the period 682 -460 1,597 -4,818 -5,286 Translation differences due to hyperinflation after tax 30 34 102 16 38 Cash flow hedges 467 16 865 -7 -389 Income tax on cash flow hedges -95 -3 -176 2 80 Total items that may be subsequently reclassified to the profit or loss 1,084 -413 2,388 -4,808 -5,558 Items that will not be reclassified to the profit or loss Net defined benefit liability re-measurement 38 -3 67 45 74 Income tax on net defined benefit liability re-measurement -8 1 -13 -9 -15 Total items that will not be reclassified to the profit or loss 30 -3 54 36 59 Total other comprehensive income for the period 1,115 -416 2,442 -4,772 -5,499 Total comprehensive income for the period 2,676 1,073 7,686 -301 -593 Of which attributable to: - Parent company’s shareholders 2,673 1,073 7,681 -302 -595 - Non-controlling interest 3 0 5 2 2 INTERIM REPORT JANUARY - SEPTEMBER 2026 18 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Consolidated statement of financial position, in summary 2026 2025 2025 SEK millions Sep 30 Sep 30 Dec 31 Assets Intangible assets 2,298 1,667 2,009 Tangible fixed assets 40,093 34,156 35,745 Right-of-use assets 3,227 2,713 2,677 Investments in affiliated companies and joint ventures 633 858 860 Deferred tax receivables 472 430 420 Non-current financial assets 992 480 418 Total non-current assets 47,715 40,303 42,130 Inventories 31,426 29,222 28,301 Accounts receivable 12,480 10,932 9,388 Current tax receivables 1,640 1,597 870 Other current receivables 3,205 2,164 2,674 Cash and cash equivalents 19,771 20,289 22,766 Total current assets 68,522 64,204 63,999 Total assets 116,236 104,507 106,129 Equity and liabilities Equity for the shareholders in the parent company 73,484 68,072 67,785 Non-controlling interest 42 36 37 Total equity 73,526 68,107 67,821 Deferred tax liabilities 2,697 2,295 2,248 Non-current provisions 523 519 527 Non-current interest-bearing liabilities 7,311 4,154 7,111 Non-current lease liabilities 2,656 2,161 2,136 Other non-current liabilities 253 291 527 Total non-current liabilities 13,440 9,420 12,550 Accounts payable 18,632 17,025 16,790 Current tax liabilities 1,236 1,046 604 Current interest-bearing liabilities 148 2,147 1,309 Current lease liabilities 844 796 787 Other current liabilities and provisions 8,411 5,966 6,267 Total current liabilities 29,271 26,981 25,758 Total equity and liabilities 116,236 104,507 106,129 Pledged assets 30 30 30 Contingent liabilities 18,202 22,391 18,713 INTERIM REPORT JANUARY - SEPTEMBER 2026 19 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Consolidated statement of changes in equity, in summary Attributable to the parent company’s shareholders SEK millions Share capital Other contributed funds Reserves Retained earnings Total equity Non- controlling interest Total equity Total equity, Dec 31, 2024 9,063 23,022 16,401 22,481 70,966 49 71,015 Changes Jan 1 - Sep 30, 2025 Translation differences -4,816 -4,816 -2 -4,818 Cash flow hedges, net of tax -6 -6 -6 Net defined benefit liability re-measurements, net of tax 36 36 36 Translation differences due to hyperinflation, net of tax 16 16 16 Total other comprehensive income for the period -4,822 52 -4,770 -2 -4,772 Result for the period 4,467 4,467 3 4,471 Total comprehensive income for the period -4,822 4,520 -302 2 -301 Result from transaction with owners of non- controlling interests -2 -2 -10 -12 Dividend, parent company’s shareholders -2,591 -2,591 -2,591 Dividend, non-controlling interest — -4 -4 Total equity, Sep 30, 2025 9,063 23,022 11,580 24,408 68,072 36 68,107 Changes Oct 1 - Dec 31, 2025 Total other comprehensive income for the period -772 45 -727 0 -727 Result for the period 434 434 1 435 Total comprehensive income for the period -772 479 -293 1 -292 Reclassification to assets under construction 6 6 6 Total equity, Dec 31, 2025 9,063 23,022 10,814 24,886 67,785 37 67,821 Changes Jan 1 - Sep 30, 2026 Translation differences 1,595 1,595 2 1,597 Cash flow hedges, net of tax 689 689 689 Net defined benefit liability re-measurements, net of tax 54 54 54 Translation differences due to hyperinflation, net of tax 102 102 102 Total other comprehensive income for the period 2,284 156 2,439 2 2,442 Result for the period 5,241 5,241 3 5,244 Total comprehensive income for the period 2,284 5,397 7,681 5 7,686 Reclassification to assets under construction 12 12 12 Dividend, parent company’s shareholders -1,993 -1,993 -1,993 Total equity, Sep 30, 2026 9,063 23,022 13,110 28,290 73,484 42 73,526 INTERIM REPORT JANUARY - SEPTEMBER 2026 20 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Consolidated statement of cash flows, in summary 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year OPERATING ACTIVITIES Operating result 2,157 1,869 7,053 5,360 6,116 Reversal of non-cash items: -Depreciation, amortization and write-down of fixed assets 1,102 1,017 3,220 3,051 4,072 -Other non-cash items 3 26 -63 -145 -190 Received and paid interests, and received dividends 1) -52 58 109 -86 -142 Income taxes paid -435 -410 -1,610 -1,051 -932 Cash flow from change in working capital 721 643 -1,511 -2,316 1,155 Cash flow from operating activities 3,495 3,201 7,198 4,813 10,079 INVESTING ACTIVITIES Investments in intangible and tangible fixed assets 2) -3,811 -3,069 -7,496 -8,091 -13,532 Sales of intangible and tangible fixed assets 2) 143 99 411 1,489 2,720 Acquisitions of shares and operations — — -75 -139 -139 Divested shares and operations — — — 144 144 Other investing activities 5 0 4 -5 65 Cash flow from investing activities -3,662 -2,970 -7,156 -6,601 -10,742 FINANCING ACTIVITIES Dividend to parent company’s shareholders — — -1,993 -2,591 -2,591 Dividend to non-controlling interest — -4 — -4 -4 Change in loans -4 -9 -1,179 -7 1,968 Acquisitions of non-controlling interest — — — -12 -12 Other financing activities 57 -188 -342 -1,968 -2,358 Cash flow from financing activities 53 -201 -3,515 -4,582 -2,998 CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period 19,657 20,299 22,766 27,810 27,810 Cash flow for the period -114 31 -3,473 -6,370 -3,661 Translation differences, cash and cash equivalents 228 -40 478 -1,152 -1,384 CASH AND CASH EQUIVALENTS, END OF PERIOD 19,771 20,289 19,771 20,289 22,766 Contracted, non-utilized overdraft facilities 3) 8,408 8,211 8,408 8,211 8,041 Disposable cash and cash equivalents (incl. non-utilized overdraft facilities) 28,180 28,500 28,180 28,500 30,807 1) January - September 2026 includes a dividend received from Hybrit Development AB of SEK 323 (–) million. 2) During Q3 2026, the net cash flow from emission allowances were SEK -730 (-559) million and during January - September 2026 SEK -774 (-855) million. In the above table the purchases and sales presented separately on the referred line items. 3) Excludes the financing package for the Luleå investment. Key figures 2026 2025 2026 2025 2025 Q3 Q3 Jan-Sep Jan-Sep Full-year EBITDA margin (%) 13 13 13 11 11 Operating margin (%) 8 8 9 7 6 Earnings per share, basic and diluted, (SEK) 1.56 1.49 5.26 4.48 4.92 Equity per share (SEK) 73.73 68.30 73.73 68.30 68.01 Net debt/equity ratio (%) -11 -16 -11 -16 -17 Equity ratio (%) 63 65 63 65 64 Return on capital employed, rolling 12 months (%) 14 10 14 10 12 Return on equity, rolling 12 months (%) 8 7 8 7 7 Average number of shares outstanding during the period (millions) 996.6 996.6 996.6 996.6 996.6 Number of employees at end of period 14,679 14,575 14,679 14,575 14,609 INTERIM REPORT JANUARY - SEPTEMBER 2026 21 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Notes to the condensed financial report Accounting principles This interim report has been prepared in compliance with IAS 34. The accounting principles are based on IFRS Accounting Standards as adopted by the EU and ensuing references to Chapter 9 of the Swedish Annual Accounts Act. The accounts of the parent company have been prepared in compliance with RFR 2 and the Swedish Annual Accounts Act. No material changes in accounting principles have taken place since the Annual Report for 2025. Changes in IFRS Accounting Standards IFRS 18 Presentation and Disclosure in Financial Statements will be effective as of January 1, 2027 and will replace IAS 1 Presentation of financial statements. IFRS 18 introduces new presentation and disclosure requirements for income and expenses and defines subtotals for the statement of profit or loss. The standard also requires disclosures about management-defined performance measures. SSAB will apply IFRS 18 as of January 1, 2027. The standard will impact the presentation of the Group’s primary financial statements and note disclosures. As at September 30, 2026, SSAB expects the largest impact on the profit and loss statement to arise from the reclassification of interest income and certain foreign exchange gains and losses from current financial items to the new investing category. In addition, share of earnings in affiliated companies and joint ventures will be reclassified to the investing category and certain items currently included in financial expenses are expected to be reclassified to the operating category. In the cash flow statement, interests paid will be reclassified to the cash flow from financing activities, while interest and dividends received will be reclassified as cash flow from investing activities. Currently, these cash flows are classified as operating activities. SSAB continues with finalizing the details in its impact assessment, including the presentation of its primary financial statements and management-defined performance measures. Swedish Financial Supervisory Authority (FI) issued SSAB a caution regarding disclosure of goodwill impairment As previously disclosed, the Council for Swedish Financial Reporting Supervision (The Council) questioned a part of the goodwill impairment of SEK 33.3 billion that SSAB reported in December 2022. Following a dialogue between SSAB and the Council during 2023 and 2024, the Council submitted the matter to FI. FI initiated a review regarding the disclosure around the goodwill impairment in March 2025. In September 2025, FI informed SSAB that it has opened a sanction evaluation in the matter. In June 2026, FI concluded its review and decided to issue SSAB a caution for deficiencies related to disclosures of the goodwill impairment. SSAB maintains that the disclosure was, in material aspects, reported in accordance with relevant guidelines, an assessment shared by the company’s auditors and other experts SSAB has consulted on the matter. Nevertheless, SSAB has developed its disclosures since 2022 and continuously evaluates its disclosures for improvement. Valuation of financial assets and liabilities Debt reported in the balance sheet as long-term interest-bearing liabilities (including the short-term part) amounted to SEK 7,311 million at September 30, 2026 while its fair value was SEK 7,336 million. Since the loans will be held until maturity, they are not reported at fair value. For all other financial assets and liabilities, the carrying amount is a reasonable approximation of the fair value for those items. Derivative assets and liabilities 2026 2025 2025 SEK millions Sep 30 Sep 30 Dec 31 Derivative assets recognized in Non-current financial assets 453 96 26 Other current receivables 517 140 406 Derivative liabilities recognized in Other non-current liabilities 54 84 338 Other current liabilities and provisions 708 365 382 The fair value valuation of the derivative instruments in SSAB is based on data in accordance with level 2. More information on the valuation methodology can be found in the Annual Report note D.2. INTERIM REPORT JANUARY - SEPTEMBER 2026 22 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Information about the business segments SSAB is organized into five reportable business segments consisting of SSAB Special Steels, SSAB Europe and SSAB Americas, as well as Tibnor and Ruukki Construction. The descriptions of the reportable business segments can be found in the Annual Report 2025. External revenue by business segment, geographical area and product area External revenue Q3 2026 Business segments SEK millions SSAB Special Steels SSAB Europe SSAB Americas Tibnor Ruukki Construction Total Geographical areas Sweden 160 1,698 — 845 377 3,080 Finland 108 1,289 — 607 421 2,426 Other EU 1,909 4,223 7 806 587 7,532 Other Europe 660 539 — 399 142 1,740 USA 1,612 587 5,720 — — 7,919 Other Americas 1,211 196 177 — 1 1,585 Asia 943 81 — 1 — 1,025 Rest of the world 312 12 — — — 325 Total 6,916 8,624 5,905 2,659 1,528 25,632 Product area Steel products 6,785 8,097 5,892 — — 20,774 Trading operations — — — 2,659 — 2,659 Ruukki Construction operations — — — — 1,528 1,528 Slabs, by-products and scrap 105 504 — — — 609 Other 26 24 12 — — 62 Total 6,916 8,624 5,905 2,659 1,528 25,632 External revenue Q3 2025 Business segments SEK millions SSAB Special Steels SSAB Europe SSAB Americas Tibnor Ruukki Construction Total Geographical areas Sweden 151 1,707 — 840 398 3,096 Finland 116 1,096 — 436 394 2,042 Other EU 1,826 3,358 6 757 571 6,518 Other Europe 626 677 — 347 135 1,785 USA 1,265 827 4,773 — — 6,866 Other Americas 1,001 151 304 — 2 1,458 Asia 805 70 — 3 — 878 Rest of the world 307 10 — — — 317 Total 6,097 7,896 5,084 2,383 1,499 22,960 Product area Steel products 5,980 7,389 5,081 — — 18,450 Trading operations — — — 2,383 — 2,383 Ruukki Construction operations — — — — 1,499 1,499 Slabs, by-products and scrap 90 496 — — — 586 Other 27 11 2 — — 40 Total 6,097 7,896 5,084 2,383 1,499 22,960 INTERIM REPORT JANUARY - SEPTEMBER 2026 23 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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External revenue Jan-Sep 2026 Business segments SEK millions SSAB Special Steels SSAB Europe SSAB Americas Tibnor Ruukki Construction Total Geographical areas Sweden 615 5,994 — 2,937 1,185 10,731 Finland 368 4,029 — 1,693 1,063 7,153 Other EU 6,515 13,267 23 2,549 1,569 23,923 Other Europe 2,036 2,118 — 1,250 400 5,804 USA 4,771 1,559 15,962 — 2 22,293 Other Americas 3,344 498 512 — 3 4,357 Asia 2,894 340 — 5 — 3,239 Rest of the world 922 34 — — — 956 Total 21,466 27,838 16,497 8,433 4,222 78,457 Product area Steel products 21,013 25,989 16,463 — — 63,465 Trading operations — — — 8,433 — 8,433 Ruukki Construction operations — — — — 4,222 4,222 Slabs, by-products and scrap 365 1,811 — — 1 2,177 Other 87 38 34 — — 159 Total 21,466 27,838 16,497 8,433 4,222 78,457 External revenue Jan-Sep 2025 Business segments SEK millions SSAB Special Steels SSAB Europe SSAB Americas Tibnor Ruukki Construction Total Geographical areas Sweden 506 5,687 — 2,903 1,159 10,255 Finland 317 3,364 — 1,415 1,006 6,103 Other EU 5,964 11,658 15 2,559 1,530 21,726 Other Europe 1,944 2,092 — 1,185 409 5,630 USA 4,298 2,325 15,018 1 3 21,646 Other Americas 3,228 446 830 — 5 4,509 Asia 2,747 459 — 10 — 3,216 Rest of the world 989 40 — — — 1,029 Total 19,993 26,071 15,864 8,074 4,113 74,114 Product area Steel products 19,583 24,504 15,854 — — 59,940 Trading operations — — — 8,074 — 8,074 Ruukki Construction operations — — — — 4,113 4,113 Slabs, by-products and scrap 314 1,538 — — — 1,852 Other 96 29 10 — — 135 Total 19,993 26,071 15,864 8,074 4,113 74,114 INTERIM REPORT JANUARY - SEPTEMBER 2026 24 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Quarterly financial information The Group result SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Revenue 27,148 28,282 24,373 23,615 25,523 25,631 22,960 22,106 25,336 27,489 25,632 Operating expenses -22,992 -24,244 -22,059 -22,051 -23,160 -22,481 -20,079 -20,352 -22,121 -23,749 -22,397 Depreciation/amort. -985 -1,070 -1,071 -1,082 -1,017 -1,017 -1,017 -1,021 -1,036 -1,082 -1,102 Affiliated companies -14 0 5 5 5 6 5 24 22 36 24 Financial items 161 108 90 93 125 35 52 -96 -94 -59 -55 Result before tax 3,318 3,076 1,338 580 1,476 2,175 1,921 661 2,107 2,636 2,102 Revenue per business segment SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SSAB Special Steels 7,716 7,847 6,995 6,229 7,346 6,818 6,230 5,959 7,307 7,577 7,077 Of which internal revenue 156 197 184 104 159 108 133 112 173 160 162 SSAB Europe 10,817 11,641 9,901 9,432 10,740 10,557 9,182 8,954 10,827 11,345 9,951 Of which internal revenue 1,563 1,870 1,458 1,340 1,563 1,559 1,286 1,374 1,557 1,401 1,326 SSAB Americas 6,256 6,221 4,962 5,269 5,157 5,724 5,210 5,083 4,994 5,702 5,978 Of which internal revenue 13 138 91 182 30 71 126 169 6 98 74 Tibnor 3,112 3,344 2,678 2,931 2,905 2,849 2,408 2,494 2,830 3,011 2,687 Of which internal revenue 35 36 33 34 32 30 25 31 28 38 28 Ruukki Construction 1,015 1,472 1,607 1,414 1,161 1,458 1,501 1,303 1,143 1,554 1,530 Of which internal revenue 2 2 2 2 1 4 1 2 1 2 2 Other — — — — — — — — — — — Group adjustments -1,769 -2,244 -1,769 -1,661 -1,785 -1,773 -1,571 -1,687 -1,765 -1,699 -1,591 Total 27,148 28,282 24,373 23,615 25,523 25,631 22,960 22,106 25,336 27,489 25,632 EBITDA per business segment SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SSAB Special Steels 2,143 2,023 1,595 1,004 1,752 1,785 1,700 956 1,842 1,777 1,620 SSAB Europe 600 915 554 627 553 634 340 629 961 1,166 875 SSAB Americas 1,473 1,272 146 260 232 871 917 411 637 780 684 Tibnor 89 110 74 20 87 77 63 25 128 190 143 Ruukki Construction -18 99 186 13 21 109 136 18 -4 101 150 Other -145 -382 -234 -354 -277 -318 -270 -261 -328 -236 -214 Total 4,142 4,038 2,320 1,569 2,369 3,157 2,886 1,777 3,236 3,778 3,259 Operating result per business segment SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SSAB Special Steels 1,781 1,659 1,228 629 1,442 1,480 1,392 645 1,528 1,446 1,281 SSAB Europe 163 400 42 109 33 110 -179 114 438 624 329 SSAB Americas 1,412 1,204 78 189 160 807 853 347 573 714 615 Tibnor 36 57 21 -34 35 24 9 -31 72 131 83 Ruukki Construction -78 42 126 -39 -30 52 79 -50 -60 41 91 Other -157 -394 -246 -367 -290 -332 -285 -269 -351 -260 -242 Total 3,157 2,969 1,248 487 1,351 2,140 1,869 756 2,201 2,695 2,157 No items affecting comparability were reported in 2024, 2025 or 2026. INTERIM REPORT JANUARY - SEPTEMBER 2026 25 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Production and shipments Thousand tonnes Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Crude steel production SSAB Special Steels 586 576 508 460 548 570 559 410 577 575 562 SSAB Europe 1,077 1,063 919 1,107 1,092 1,089 952 1,079 1,136 1,161 1,092 SSAB Americas 278 289 189 298 307 317 302 312 298 305 247 Total 1,941 1,927 1,616 1,865 1,946 1,975 1,813 1,802 2,010 2,041 1,902 Rolling production SSAB Special Steels 419 421 387 376 379 443 398 339 441 424 416 SSAB Europe 973 1,152 945 987 1,113 1,127 920 1,112 1,133 1,157 1,056 SSAB Americas 281 265 184 268 285 307 282 264 297 300 232 Total 1,673 1,839 1,516 1,630 1,778 1,877 1,600 1,715 1,871 1,881 1,705 Steel shipments SSAB Special Steels 327 337 302 260 336 325 289 287 356 358 314 SSAB Europe 818 870 756 750 882 895 737 778 919 930 770 SSAB Americas 437 439 398 438 457 487 440 450 461 473 446 Total 1,583 1,646 1,457 1,448 1,676 1,708 1,466 1,515 1,736 1,760 1,530 Analysis of total change in revenue per business segment Change vs. Q3 2025 Change vs. Q2 2026 % SSAB Special Steels SSAB Europe SSAB Americas SSAB Special Steels SSAB Europe SSAB Americas Price 4 4 12 3 3 8 Product mix 0 0 0 1 0 -1 Volume 8 4 1 -12 -15 -5 Currency effects 2 0 2 2 1 3 Other sales 0 0 0 -1 -1 0 Total 14 8 15 -7 -12 5 INTERIM REPORT JANUARY - SEPTEMBER 2026 26 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Alternative performance measures SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative performance measures (APMs). These performance measures are not defined in accordance with IFRS Accounting Standards, but provide complementary information to investors and company management about the company’s financial position and development. In addition to below, further definitions can be found in the Annual Report note A.3. Operating margin 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Operating result 2,157 1,869 7,053 5,360 6,116 Revenue 25,632 22,960 78,457 74,114 96,220 Operating margin (%) 8 8 9 7 6 EBITDA and EBITDA margin 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Operating result 2,157 1,869 7,053 5,360 6,116 Depreciation, amortization and impairment 1,102 1,017 3,220 3,051 4,072 EBITDA 3,259 2,886 10,272 8,411 10,189 Revenue 25,632 22,960 78,457 74,114 96,220 EBITDA margin (%) 13 13 13 11 11 Cash conversion, rolling 12 months 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Operating cash flow, rolling 12 months 10,381 7,608 10,381 7,608 7,621 EBITDA, rolling 12 months 12,050 9,980 12,050 9,980 10,189 Cash conversion, rolling 12 months (%) 86 76 86 76 75 INTERIM REPORT JANUARY - SEPTEMBER 2026 27 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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Financial reports – The Parent company Parent company’s statement of profit and loss, in summary 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Gross profit — — — — — Selling and administrative costs -160 -156 -534 -548 -743 Other operating income/expenses 71 76 214 241 337 Operating result -89 -80 -320 -307 -406 Financial items 1) 204 105 411 303 1,625 Result after financial items 115 25 91 -4 1,219 Appropriations — — — — 500 Result before tax 115 25 91 -4 1,719 Income tax -61 -13 -79 -5 -8 Result for the period 54 12 12 -9 1,710 1) Parent company’s financial items for January - September 2026 includes a dividend income from Hybrit Development AB of SEK 323 (–) million and an impairment of shares in Hybrit Development AB of SEK 415 (–) million. The full-year 2025 includes a dividend from SSAB Finance Ireland DAC of SEK 22,465 million and an impairment of the shares in SSAB Finance Ireland DAC of SEK 21,120 million. Parent company’s statement of comprehensive income, in summary 2026 2025 2026 2025 2025 SEK millions Q3 Q3 Jan-Sep Jan-Sep Full-year Result for the period 54 12 12 -9 1,710 Other comprehensive income Items that may be classified to the income statement Cash flow hedges — -3 -7 -16 -21 Income tax attributable to cash flow hedges — 1 1 3 4 Other comprehensive income — -3 -5 -13 -16 Total comprehensive income for the period 54 9 7 -22 1,694 Parent company’s statement of financial position, in summary 2026 2025 2025 SEK millions Sep 30 Sep 30 Dec 31 Assets Non-current assets 66,580 67,193 56,410 Other current assets 16,174 16,956 22,501 Cash and cash equivalents 18,763 19,246 21,776 Total assets 101,517 103,394 100,686 Equity and liabilities Restricted equity 9,964 9,964 9,964 Unrestricted equity 60,447 60,718 62,433 Total equity 70,411 70,682 72,397 Provisions 136 59 58 Non-current liabilities 5,610 2,277 5,454 Current liabilities 25,360 30,376 22,778 Total equity and liabilities 101,517 103,394 100,686 INTERIM REPORT JANUARY - SEPTEMBER 2026 28 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
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This report has been published in Swedish and English. In the event of any differences between the English translation and the Swedish original, the Swedish report shall prevail. For further information: Helena Norrman, EVP Communication, Tel +46 73-066 53 46 Per Hillström, Head of Investor Relations, Tel +46 70-295 29 12 Year-end report for January-December 2026 The interim report for the fourth quarter of 2026 will be published on January 28, 2027. SSAB AB (publ) P.O. Box 70, SE-101 21 Stockholm, Sweden Telephone +46 8-45 45 700. Telefax +46 8-45 45 725 Visiting address: Klarabergsviadukten 70 D6, Stockholm Email: info@ssab.com www.ssab.com INTERIM REPORT JANUARY - SEPTEMBER 2026 29 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429