Alleima

Investor Presentation • Jul 18, 2025

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Resilient underlying profitability despite declining revenues

• Order intake for the rolling 12-month period decreased by 6% to SEK 18,911 million (20,135), with organic growth of -2%.
• Revenues decreased by 11% to SEK 4,765 million (5,359), with organic growth of -4%.
• Adjusted operating profit (EBIT) amounted to SEK 454 million (592), with a margin of 9.5% (11.1), and included currency effects of SEK -115 million compared with the year-earlier period.
• Operating profit (EBIT) totaled SEK 282 million (689), with a margin of 5.9% (12.8), and included metal price effects of SEK -171 million (96).
• Adjusted earnings per share, diluted, was SEK 1.35 (2.23).
• Earnings per share, diluted, was SEK 0.81 (2.54).
• Free operating cash flow amounted to SEK 347 million (486).

Financial overview

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Alleima 61

SEK M	Q2 2025	Q2 2024	Change, %	Q1-Q2 2025	Q1-Q2 2024	Change, %
Order intake, rolling 12 months 1	18,911	20,135	-6	–	–	–
Organic growth, rolling 12 months 1 , %	-2	-4	–	–	–	–
Revenues	4,765	5,359	-11	9,914	10,099	-2
Organic growth, %	-4	0	–	2	-1	–
Adjusted operating profit (EBIT)	454	592	-23	993	1,046	-5
Margin, %	9.5	11.1	–	10.0	10.4	–
Operating profit (EBIT)	282	689	-59	796	814	-2
Profit for the period	204	636	-68	598	688	-13
Adjusted earnings per share, diluted, SEK	1.35	2.23	-39	3.00	3.46	-13
Earnings per share, diluted, SEK	0.81	2.54	-68	2.38	2.74	-13
Free operating cash flow	347	486	-29	393	645	-39
Net debt/Equity ratio	-0.00	-0.02	–	-0.00	-0.02	–

Notes to the reader: 1) Order intake in the quarter refers to the rolling 12-month period. Adjusted operating profit (EBIT) excludes items affecting comparability (IAC) and metal price effects, see Note 5 and the description of Alternative Performance Measures on page 25 for further details. Definitions and glossary can be found on www.alleima.com/investors. Tables and calculations in the report do not always agree exactly with the totals due to rounding. Comments refer to performance in the quarter and comparisons refer to the corresponding period last year, unless otherwise stated.

"Resilient underlying profitability despite currency headwinds and lower revenues in a more uncertain market environment."

CEO's comment

Market conditions

The mixed market conditions continued during the quarter, and the advantages of our broad exposure were clear. Activity levels remained high in the Oil and Gas and Nuclear segments in the Tube division and in the Medical segment in the Kanthal division. Demand in the Strip division leveled off somewhat compared with the preceding quarter, but is still at a favorable level.

The market conditions in other customer segments were generally hesitant, driven by higher uncertainty resulting from trade policy turbulence. This was particularly noticeable in the project-related parts of our business, with customers being cautious about making major investment decisions. In the Tube division, demand was generally lower in the Chemical and Petrochemical and Industrial segments, with the largest decline in Europe. Demand in the Industrial Heating segment in Kanthal remained at a low level.

Order intake for the rolling 12-month period amounted to SEK 18,911 million (20,135) and organic growth was -2%.

Resilient underlying profitability

Revenues declined organically by 4% during the quarter to SEK 4,765 million (5,359). These lower revenues were mainly related to the short-cycle and low-refined business, in the Industrial segment and the Chemical and Petrochemical segment in the Tube division. Lower revenues for the Industrial Heating segment in Kanthal also added to this development.

Adjusted EBIT amounted to SEK 454 million (592), corresponding to a margin of 9.5% (11.1), and included currency headwinds of SEK -115 million compared with the year-earlier period. The EBIT margin excluding currency effects amounted to 11.4%, thereby demonstrating resilience despite lower revenues.

Free operating cash flow amounted to SEK 347 million (486), impacted by lower operating profit and higher growth investments.

Negligible direct impact from tariffs and trade barriers

We have local production in our largest regions for most of our businesses, including the US. We were successful at passing on the cost of tariffs to our customers, which meant that we did not note any significant negative direct impact from import tariffs to the US. However, we did see a greater impact on the global economy and demand resulting from delayed investment decisions among some customers, as described above.

Planned maintenance stoppage during the summer

We usually carry out planned maintenance stoppages in our production in the third quarter. This summer, we will replace our expansion press and the stoppage will therefore be longer than normal at one of the largest production sites in Sandviken. The new press has a higher degree of automation and will, among other things, increase productivity and improve safety for the operators.

Continued investments and adjustments

Moving forward, we need to remain agile in order to maintain a solid level of profitability in a turbulent market. We are making the necessary adjustments, while being mindful of the long-term growth opportunities we see in our customer segments.

Ongoing growth investments in segments including Medical, Industrial Heating, Nuclear and Chemical and Petrochemical are proceeding according to plan. We are also still seeing a growing global need for energy, energy efficiency and countries' pursuit of a stable and reliable energy supply. Accordingly, our long-term view of the performance of our high value-added niche in the oil and gas market remains positive. We also have a positive view of the development in key segments like Nuclear and Medical.

Göran Björkman, President and CEO

Market development and outlook

Market development

• Demand in the Oil and Gas segment was stable at high level.
• Demand in the Chemical and Petrochemical segment declined, mainly in Europe. Demand in Asia was at a good level, although more hesitant. In North America, demand remained at a low level.
• Demand in the Industrial segment declined, mainly in Europe. Demand in Asia remained good, albeit somewhat more hesitant. In North America, demand remained at a low level.
• Demand in the Industrial Heating segment was stable, at a relatively low level.
• Demand in the Consumer segment continued to grow, driven primarily by the white goods industry.
• Demand in the Medical segment continued to grow from a high level.
• Demand in the Mining and Construction segment was stable overall, driven by the mining industry and with somewhat weaker demand related to the construction industry.
• Demand in the Nuclear segment continued to strengthen.
• Demand in the Transportation segment declined slightly.
• Demand in the Hydrogen and Renewable Energy segment was mixed, but declined overall.

	OIL AND GAS	CHEMICAL AND PETROCHEMICAL	INDUSTRIAL	INDUSTRIAL HEATING	CONSUMER
Year on year underlying demand trend	→	↘	↘	→	↗
% of Group revenues 2024	23%	17%	17%	11%	8%
	MEDICAL	MINING AND CONSTRUCTION	NUCLEAR	TRANSPORTATION	HYDROGEN AND RENEWABLE ENERGY
Year on year underlying demand trend	↗	→	↗	↘	↘
% of Group revenues 2024	6%	6%	6%	5%	1%

Perception underlying market demand

Outlook for the third quarter 2025

The general economic environment weakened slightly during the second quarter, and considering the changing global trade policy situation, the uncertainty concerning future development has increased.

Our backlog is solid in several key segments where we have good visibility in our near-term deliveries. At the same time, challenges were noted in other customer segments, particularly in Europe and North America, which may impact near-term deliveries.

Order intake, revenues and the adjusted EBIT margin are normally lower during the third quarter compared with the second quarter due to seasonal variations stemming from

maintenance stoppages during the summer. The stoppage at one of the largest production sites in Sandviken this year is planned to last slightly longer than last year, which is expected to lead to temporarily higher-than-normal underabsorption effects in the third quarter.

The product mix is expected to be similar to that of the second quarter.

On the basis of the exchange rates in late June, 2025, a currency headwind is expected in the third quarter. See more information on page 10 and in the 2024 Annual Report.

Cash flow is normally higher in the second half of the year compared with the first half.

Organic revenue growth in the quarter

Order intake and revenues

Order intake for the rolling 12-month period decreased by 6% to SEK 18,911 million (20,135), with organic growth of -2%. Growth was noted particularly in the Nuclear segment of the Tube division, while negative growth was noted in the Chemical and Petrochemical segment.

Revenues decreased by 11% to SEK 4,765 million (5,359), with organic growth of -4%. The Tube and Kanthal divisions displayed organic growth of -5%, while Strip displayed organic growth of 8%.

Book-to-bill was 97% for the rolling 12-month period.

Growth bridge

SEK M	Order intake, R12	Revenues, Quarter
Q2 2024	20,135	5,359
Organic, %	-2	-4
Structure, %	0	0
Currency, %	-2	-4
Alloys, %	-2	-3
Total growth, %	-6	-11
Q2 2025	18,911	4,765

Change compared to the corresponding quarter last year. The table is multiplicative, i.e. the different components must be multiplied to determine the total effect.

Order intake

2023 2024 2025 Revenues Book-to-bill R12, %

Revenues Organic revenue growth

Earnings

Gross profit decreased by 33% to SEK 900 million (1,340), with a gross margin of 18.9% (25.0). This development was attributable mainly to changing metal prices, negative currency effects and reduced revenues. Sales, administration and R&D costs decreased to SEK -630 million (-666).

Adjusted EBIT totaled SEK 454 million (592), corresponding to a margin of 9.5% (11.1), driven primarily by negative currency effects and reduced revenues. Exchange rates had a negative impact of SEK 115 million on EBIT and 1.9 percentage points on the margin, compared with the corresponding period last year. Depreciation and amortization amounted to SEK -228 million (-224).

Reported EBIT amounted to SEK 282 million (689), with a margin of 5.9% (12.8). Metal price effects had an impact of SEK -171 million (96).

Net financial items were SEK 18 million (137). The change was driven primarily by revaluations of financial derivative contracts. Last year was impacted by positive non-recurring adjustments to the hedge reserve.

The reported tax rate was 32.2% (23.0) in the quarter, impacted by non-deductible non-recurring items. The normalized tax rate was 23.8% (23.8) for the first half of the year.

Adjusted profit for the period amounted to SEK 340 million (559) and adjusted earnings per share, diluted, amounted to SEK 1.35 (2.23). Profit for the period amounted to SEK 204 million (636), corresponding to earnings per share, diluted, of SEK 0.81 (2.54). See page 26 for further details.

SEK M	Adjusted EBIT
Q2 2024	592
Organic	-26
Currency	-115
Structure	3
Q2 2025	454

Change compared to the corresponding quarter last year.

Adjusted EBIT margin Quarter %

9.5%

Cash flow and financial position

Capital employed excluding cash increased to SEK 16,424 million (15,766). Return on capital employed excluding cash decreased to 9.2% (9.3).

Net working capital amounted to SEK 6,799 million (7,094), and declined compared with the preceding quarter. Net working capital in relation to revenues was 36.1% (32.7).

Capex amounted to SEK -243 million (-212). The increase was mainly driven by ongoing growth investments.

Net debt amounted to SEK -33 million (-277), i.e. a net cash position. The net debt to equity ratio was -0.00x (-0.02). The financial net debt was SEK -1,308 million (-1,496). Available credit facilities were unutilized at the end of the second quarter. The net pension liability increased year-on-year to SEK 813 million (761). Net debt corresponded to -0.01x (-0.10) in relation to rolling 12-month adjusted EBITDA.

Free operating cash flow amounted to SEK 347 million (486). The lower cash flow year-on-year was attributable primarily to lower operating profit and increased growth investments.

Free operating cash flow

SEK M	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024
EBITDA	511	912	1,256	1,265
Non-cash items	22	76	-49	20
Changes in working capital	94	-252	-288	-217
Capex	-243	-212	-456	-353
Amortization, lease liabilities	-36	-39	-70	-70
Free operating cash flow1	347	486	393	645

1) Free operating cash flow before acquisitions and disposals of companies, net financial items and paid taxes.

Net debt to Equity Quarter, Ratio

-0.00x

Net working capital

Oil & Gas Chemical & Petrochemical Industrial Mining & Construction Nuclear Transportation Hydrogen and Renewable Energy Medical Industrial heating

Tube

Tube develops and manufactures seamless tubes and other long products in advanced stainless steels and special alloys used primarily in the customer segments of Oil and Gas, Chemical and Petrochemical, Industrial, Mining and Construction, Nuclear and Transportation. The offering also includes products and solutions for the growing Hydrogen and Renewable Energy segment.

Order intake and revenues

• Order intake for the rolling 12-month period decreased by 10% to SEK 13,082 million (14,552), with organic growth of -6%. The development was mainly attributable to the lower order intake in the Chemical and Petrochemical and Industrial segments.
• Revenues in the quarter decreased by 12% to SEK 3,413 million (3,890), with organic growth of -5%. The development was mainly attributable to the lower order intake in the Chemical and Petrochemical and Industrial segments.
• Book-to-bill was 94% for the rolling 12-month period.

Earnings

• Adjusted EBIT totaled SEK 382 million (454), corresponding to a margin of 11.2% (11.7), driven primarily by a good product mix, price and performance improvements, and certain positive non-recurring effects.
• EBIT amounted to SEK 225 million (544) and included metal price effects of SEK -157 million (90).
• Changes in exchange rates had a negative impact of SEK 81 million compared with the year-earlier period.
• Depreciation and amortization amounted to SEK -173 million (-180).

SEK M	Order intake R12	Revenues Q	Adj. EBIT Q
Q2 2024	14,552	3,890	454
Organic	-6%	-5%	9
Structure	0%	0%	0
Currency	-1%	-4%	-81
Alloys	-2%	-4%	N/A
Total growth	-10%	-12%	-72
Q2 2025	13,082	3,413	382

Change compared to same period last year. For order intake and revenues, the table is multiplicative, i.e. the different components must be multiplied to determine the total effect.

SEK M	Q2 2025	Q2 2024	Change %	Q1-Q2 2025	Q1-Q2 2024	Change %
Order intake, R12 1	13,082	14,552	-10	–	–	–
Organic growth, R12 1, %	-6	-4	–	–	–	–
Revenues	3,413	3,890	-12	7,163	7,237	-1
Organic growth, %	-5	1	–	3	0	–
Adjusted EBIT	382	454	-16	797	762	5
Margin, %	11.2	11.7	–	11.1	10.5	–
EBIT	225	544	-59	628	578	9
Margin, %	6.6	14.0	–	8.8	8.0	–
Total workforce 2	4,659	4,591	1	4,659	4,591	1

1) Order intake in the quarter refers to the rolling 12-month period. 2) Total workforce includes employees and third-party workers and is based on full-time equivalents.

Revenues Adjusted EBIT

Industrial Heating Medical Consumer Industrial Transportation

Kanthal

Kanthal is a provider of products and services in the area of industrial heating technology and resistance materials, and also offers ultra-fine wire in stainless steel for use in medical appliances. The customers are primarily in the segments Industrial Heating, Consumer, Medical and Industrial.

Order intake and revenues

• Order intake for the rolling 12-month period decreased by 3% to SEK 4,088 million (4,196), with organic growth of 1%. The Medical segment continued to show solid order intake, while order intake in the Industrial Heating segment was stable at low levels.
• Revenues in the quarter decreased by 12% to SEK 956 million (1,082), with organic growth of -5%. The development was mainly attributable to lower revenues in the Industrial Heating segment.
• Book-to-bill was 102% for the rolling 12-month period.

Earnings

• Adjusted EBIT totaled SEK 160 million (198), corresponding to a margin of 16.7% (18.3). The development was mainly attributable to negative currency effects and lower revenues.
• EBIT amounted to SEK 151 million (202) and included metal price effects of SEK -9 million (4).
• Changes in exchange rates had a negative impact of SEK 29 million compared with the year-earlier period.
• Depreciation and amortization amounted to SEK -35 million (-23).

SEK M	Order intake R12	Revenues Q	Adj. EBIT Q
Q2 2024	4,196	1,082	198
Organic	1%	-5%	-12
Structure	1%	2%	3
Currency	-3%	-7%	-29
Alloys	-2%	-2%	N/A
Total growth	-3%	-12%	-38
Q2 2025	4,088	956	160

Change compared to same period last year. For order intake and revenues, the table is multiplicative, i.e. the different components must be multiplied to determine the total effect.

SEK M	Q2 2025	Q2 2024	Change %	Q1-Q2 2025	Q1-Q2 2024	Change %
Order intake, R12 1	4,088	4,196	-3	–	–	–
Organic growth, R12 1, %	1	-4	–	–	–	–
Revenues	956	1,082	-12	1,973	2,151	-8
Organic growth, %	-5	-3	–	-6	-1	–
Adjusted EBIT	160	198	-19	329	395	-17
Margin, %	16.7	18.3	–	16.7	18.4	–
EBIT	151	202	-25	310	355	-13
Margin, %	15.8	18.7	–	15.7	16.5	–
Total workforce 2	1,464	1,429	2	1,464	1,429	2

1) Order intake in the quarter refers to the rolling 12-month period. 2)Total workforce includes employees and third-party workers and is based on full-time equivalents.

0 2 4 6 8 10 12 14 16 18 20 0 50 100 150 200 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12

8

Revenues per customer segment, 2024

Consumer Industrial Transportation Hydrogen & Renewable Energy

Medical

Strip

Strip develops and manufactures a wide range of precision strip steel products and also offers pre-coated strip steel for one of the most critical components in the hydrogen fuel cell stack – the bipolar plates. The customers are in the segments consumer, industrial, transportation, hydrogen and renewable energy as well as medical.

Order intake and revenues

• Order intake for the rolling 12-month period increased by 26% to SEK 1,741 million (1,386), with organic growth of 30%, driven by a positive development in all segments.
• Revenues in the quarter increased by 2% to SEK 396 million (387), with organic growth of 8%. Revenues increased in all segments except the Consumer segment.
• Book-to-bill was 114% for the rolling 12-month period.

Earnings

• Adjusted EBIT amounted to SEK 10 million (39), with a margin of 2.4% (10.2). The development was attributable primarily to temporary costs for inventory adjustments, a negative product mix and negative currency effects.
• EBIT amounted to SEK 4 million (42) and included metal price effects of SEK -5 million (2).
• Changes in exchange rates had a negative impact of SEK -9 million compared with the year-earlier period.
• Depreciation and amortization amounted to SEK -13 million (-11).

SEK M	Order intake R12	Revenues Q	Adj. EBIT Q
Q2 2024	1,386	387	39
Organic	30%	8%	-21
Structure	0%	0%	0
Currency	-2%	-4%	-9
Alloys	-2%	-1%	N/A
Total growth	26%	2%	-30
Q2 2025	1,741	396	10

Change compared to same period last year. For order intake and revenues, the table is multiplicative, i.e. the different components must be multiplied to determine the total effect.

SEK M	Q2 2025	Q2 2024	Change %	Q1-Q2 2025	Q1-Q2 2024	Change %
Order intake, R12 1	1,741	1,386	26	–	–	–
Organic growth, R12 1, %	30	0	–	–	–	–
Revenues	396	387	2	779	711	10
Organic growth, %	8	-6	–	13	-12	–
Adjusted EBIT	10	39	-76	36	50	-27
Margin, %	2.4	10.2	–	4.6	7.0	–
EBIT	4	42	-90	27	43	-38
Margin, %	1.1	10.8	–	3.4	6.0	–
Total workforce 2	530	495	7	530	495	7

1) Order intake in the quarter refers to the rolling 12-month period. 2) Total workforce includes employees and third-party workers and is based on full-time equivalents.

50

Sustainability

Alleima's strategy includes being a market leader in sustainability, contributing to increased circularity and supporting general health and well-being through both our product offering and our operations. Developing a sustainable product offering, combined with several initiatives to reduce the overall environmental impact of the production process, are some of the most important success factors.

Making an impact through our offering

In the quarter, it was announced that Kanthal and partner Danieli will supply a pilot-scale electric process gas heater to be installed at Emsteel's Direct Reduced Iron (DRI) plant in Abu Dhabi, UAE, to electrify a part of their existing heating system. The heater is based on Prothal® DH technology and will be the first electric process gas heater for DRI that Kanthal supplies for commercial use. The technology will play an important role in the transition to fossil-free steel production and reduce the need for using fossil fuels to heat process gas in an otherwise energy-intense sector. Delivery is planned for the beginning of 2026.

Making an impact through our operations

• The total recordable injury frequency rate (TRIFR) for the rolling 12-month period was 5.6 (6.9). TRIFR in the quarter was 3.9 (7.8).
• Share of recycled steel, i.e. scrap metal input in steel manufacturing for the rolling 12-month period, was 80.8% (80.6%). The share for the quarter totaled 81.6% (80.8).
• CO₂ emissions for the rolling 12-month period amounted to 87 kton (93), corresponding to a reduction of 6%. CO₂ emissions during the quarter amounted to 22 kton (26), corresponding to a reduction of 15%.
• The proportion of female managers amounted to 25.4% (23.7).

Definitions and glossary can be found at www.alleima.com/investors.

Sustainability overview

	Q2 2025	Q2 2024	Change, %	R12, Q2 2025	R12, Q2 2024	Change, %
TRIFR 1	3.9	7.8	-50	5.6	6.9	-18
Recycled steel, %	81.6	80.8	1	80.8	80.6	0
CO2 emissions, thousand tons	22	26	-15	87	93	-6
Share of female mana gers, %	25.4	23.7	7	-	-	-

1) Total recordable injury frequency rate. Normalization factor: 1,000,000 exposure hours.

Health and safety Recycled steel CO2 emissions Share of female managers

%,

Significant events

During the quarter

• On April 14, it was announced that Johanna Kreft, EVP and General Counsel had decided to leave the company.
• On June 16, it was announced that Ulrika Dunker, EVP & Head of Human Resources, had decided to leave the company.

After the quarter

– There were no significant events after the quarter.

Guidance and financial targets

Guidance

Guidance relating to certain non-operational key figures considered useful when modeling financial outcome is provided below:

Capex (Cash) (full year)	Estimated at approximately SEK 1,200 million for 2025.
Currency effects (quarterly)	Based on currency rates at the end of June 2025, it is estimated that transaction and translation currency effects will have a negative impact of about SEK 115 million on operating profit (EBIT) for the third quarter of 2025, compared to the corresponding period last year.
Metal price effects (quarterly)	In view of currency rates, inventory levels and metal prices at the end of June 2025, it is estimated that there will be a negative impact of about SEK 150 million on operating profit (EBIT) for the third quarter of 2025.
Tax rate, normalized (full year)	Estimated at 23-25% for 2025.

Financial targets

Alleima has four long-term financial targets:

Organic growth	Deliver profitable organic revenue growth in line with or above growth in targeted end-markets
	over a business cycle.
Earnings	Adjusted EBIT margin (excluding metal price effects and items affecting comparability) to average above 9% over a business cycle.
Capital structure	A net debt to equity ratio below 0.3x.
Dividend policy	Dividend on average 50% of net profit (adjusted for metal price effects) over a business cycle. Dividend to reflect financial position, cash flow and outlook.

First six months

Market development and revenues

• During the first half of the year, the market performance was mixed. Demand in mainly the Nuclear, Medical and Consumer segments remained high and increased compared with the corresponding period last year. Demand in Oil and Gas remained stable at a high level. Demand in the short-cycle business, mainly related to low-refined products in the Industrial and Chemical and Petrochemical segments, declined. Demand in the Industrial Heating segment was stable at a low level.
• Revenues decreased by 2% to SEK 9,914 million (10,099), with organic growth of 2%. The Tube and Strip division noted organic growth, while the trend was negative the for Kanthal division.

Earnings

– Adjusted EBIT decreased by 5% to SEK 993 million (1,046), with a margin of 10.0% (10.4). The development was mainly attributable to negative currency effects and lower revenues.

• Exchange rates had a negative impact of SEK 136 million compared with the corresponding period last year.
• Depreciation and amortization amounted to SEK -460 million (-450).
• Reported EBIT amounted to SEK 796 million (814), with a margin of 8.0% (8.1). Metal price effects had a negative impact of SEK -198 million (-231).
• Profit for the period amounted to SEK 598 million (688), corresponding to earnings per share, diluted, of SEK 2.38 (2.74).

Cash flow and financial position

• Capital employed excluding cash increased to SEK 16,424 million (15,766). Return on capital employed excluding cash amounted to 9.2% (9.3).
• Capex amounted to SEK -456 million (-353), corresponding to 99.0% (78.3) of scheduled depreciation and 4.6% (3.5) of revenues. The increase was mainly attributable to optimizations of production and growth investments.
• Free operating cash flow declined to SEK 393 million (645).

Certification

The Board of Directors and the CEO certify that the six-month report gives a fair overview of the Parent Company's and the Group's operations, financial position and results, and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.

Stockholm, July 18, 2025 Alleima AB (publ) 559224-1433

Andreas Nordbrandt Chairman of the Board Claes Boustedt Board member

Ulf Larsson Board member

Susanne Pahlén Åklundh Board member

Victoria Van Camp Board member

Karl Åberg Board member

Tomas Kärnström Board member, Employee representative

Mikael Larsson Board member, Employee representative

Göran Björkman President and CEO, Board member

About us

Alleima is a world-leading developer, manufacturer, and supplier of high value-added products in advanced stainless steels and special alloys as well as products for industrial heating, operating with a global footprint. Based on close and long-term customer partnerships, Alleima advances processes and applications in the most demanding industries through materials that are lightweight, durable,

corrosion-resistant and able to withstand extremely high temperatures and pressures.

Through its offering and in-depth expertise in materials technology, metallurgy and industrial processes, Alleima enables its customers to become more efficient, profitable, safe and sustainable.

Tube

Tube develops and manufactures seamless tubes and other long products in advanced stainless steels and special alloys.

Kanthal

Kanthal is a provider of products and services in the area of industrial heating technology and resistance materials, and also offers ultra-fine wire in stainless steel for use in medical appliances.

Strip

Strip develops and manufactures a wide range of precision strip steel products and also offers pre-coated strip steel.

Purpose

We advance industries through materials technology Our unique and leading expertise enables more efficient, more profitable and more sustainable processes, products and applications for our customers.

Business model

The business model is based on close customer cooperation and extensive industry knowledge in combination with materials and process competence and a global footprint. Customer relationships are often characterized by a high degree of technical collaboration, including identifying the customers' needs and finding innovative ways to solve complex challenges. Approximately 80 percent of products are sold directly through Alleima's own global sales network and the remainder is often sold through distributors. Alleima has a fully integrated value chain, including in-house R&D, two steel mills with melt shops, five extrusion presses and several hot working, cold working and finishing facilities.

Strategy

The strategy is based on four pillars:

Values

• Drive profitable growth by capitalizing on global megatrends such as energy transition, energy efficiency, electrification and medical growth
• Continuous focus of R&D activities and digital innovations toward new business opportunities, defending and strengthening the current business and widening ofthe material portfolio
• Operational and commercial excellence through continuous improvement, price management, mix optimization, cost flexibility,footprint optimization and resilience
• Industry-leading sustainability that benefits the climate, increases circularity and supports general health and wellbeing, both through product offering as well as operations.

Customer segments sales exposure

We care We deliver We evolve

Revenues per customer segment is based on full-year 2024. Historically, these percentages have not changed substantially between the quarters and the full year figures of 2024 will therefore give a good approximation.

Revenues per customer segment, full year 2024

• Chemical & Petrochemical Industrial
• Industrial heating
• Consumer
• Medical
• Mining & Construction
• Nuclear Transportation
• Hydrogen and Renewable Energy

Financial reports summary

The Group | Condensed consolidated income statement

SEK M	Note	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024
Revenues	3	4,765	5,359	9,914	10,099
Cost of goods sold		-3,865	-4,019	-7,871	-8,033
Gross profit		900	1,340	2,044	2,066
Selling expenses		-270	-339	-566	-642
Administrative expenses		-286	-254	-535	-514
Research and development costs		-75	-74	-155	-140
Other operating income	1	107	113	295	231
Other operating expenses	1	-94	-98	-287	-186
Operating profit	4,5	282	689	796	814
Financial income		107	84	212	131
Financial expenses		-89	53	-181	-36
Net financial items		18	137	30	95
Profit after net financial items		300	826	826	909
Income tax	6	-97	-190	-229	-222
Profit for the period		204	636	598	688
Profit for the period attributable to
Owners of the parent company		204	636	598	688
Non-controlling interests		-	-	-	-
Earnings per share, SEK
Basic	9	0.81	2.54	2.39	2.75
Diluted	9	0.81	2.54	2.38	2.74

The Group | Condensed consolidated comprehensive income

SEK M	Note	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024
Profit for the period		204	636	598	688
Other comprehensive income
Items that will not be reclassified to profit (loss)
Actuarial gains (losses) on defined benefit pension plans		50	-30	31	97
Tax relating to items that will not be reclassified		-11	6	-7	-20
Total items that will not be reclassified to profit (loss)		38	-24	24	77
Items that may be reclassified to profit (loss)
Foreign currency translation differences		-64	-69	-567	192
Hedge reserve adjustment		131	60	484	-34
Tax relating to items that may be reclassified		-27	-12	-100	7
Total items that may be reclassified to profit (loss)		40	-21	-182	166
Total other comprehensive income		79	-45	-158	243
Total comprehensive income		282	591	440	931
Total comprehensive income attributable to
Owners of the parent company		282	591	440	931
Non-controlling interests		-	-	-	-

The Group | Condensed consolidated balance sheet

SEK M	Note	Jun 30, 2025	Jun 30, 2024	Dec 31, 2024
Goodwill		1,683	1,662	1,693
Other intangible assets		336	306	345
Property, plant and equipment		7,679	7,296	7,757
Right-of-use assets		453	450	455
Financial assets	7	185	72	92
Deferred tax assets		210	221	228
Non-current assets		10,547	10,006	10,569
Inventories		7,259	7,688	7,407
Current receivables	7	3,943	3,978	3,960
Cash and cash equivalents		1,330	1,499	1,912
Current assets		12,532	13,165	13,279
Total assets		23,078	23,171	23,848
Equity attributable to owners of the parent company	9	16,457	16,043	16,614
Non-controlling interest		0	0	0
Total equity		16,457	16,043	16,614
Non-current interest-bearing liabilities		1,208	1,136	1,212
Non-current non-interest-bearing liabilities	7	907	982	911
Non-current liabilities		2,115	2,117	2,123
Current interest-bearing liabilities		135	126	134
Current non-interest-bearing liabilities	7	4,372	4,885	4,977
Current liabilities		4,507	5,011	5,111
Total equity and liabilities		23,078	23,171	23,848

The Group | Condensed consolidated cash flow statement

SEK M Note	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024
Operating activities
Operating profit	282	689	796	814
Adjustments for non-cash items:
Depreciation, amortization and impairments	228	224	460	450
Other non-cash items	22	76	-49	20
Received and paid interest	59	-11	114	34
Income tax paid	-229	-155	-295	-271
Cash flow from operating activities before changes in working capital	362	823	1,026	1,048
Changes in working capital	94	-252	-288	-217
Cash flow from operating activities	456	571	738	831
Investing activities
Investments in intangible and tangible assets	-280	-212	-493	-355
Proceeds from sale of intangible and tangible assets	38	0	38	2
Acquisition and sale of shares and participations	10 -	-	-132	-
Other investments and financial assets, net	0	0	0	0
Cash flow from investing activities	-243	-211	-588	-352
Financing activities
Repayments of loans	-1	-1	-2	-2
Amortization of lease liabilities	-36	-39	-70	-70
Equity swap	9 -2	-20	-2	-20
Dividends paid	9 -575	-501	-575	-501
Cash flow from financing activities	-614	-561	-649	-594
Net change in cash and cash equivalents	-401	-202	-500	-115
Cash and cash equivalents at beginning of period	1,757	1,713	1,912	1,595
Exchange rate differences in cash and cash equivalents	-26	-12	-83	18
Cash and cash equivalents at end of the period	1,330	1,499	1,330	1,499

The Group | Condensed consolidated statements of changes in equity

SEK M	Note	Equity attributable to owners of the parent company	Non controlling interest	Total equity
Equity at January 1, 2024		15,732	0	15,732
Changes
Net profit		688	-	688
Other comprehensive income for the period, net of tax		243	-	243
Total comprehensive income for the period		931	-	931
Cash flow hedge, transferred to cost of hedged item		-127	-	-127
Tax on cash flow hedge, transferred to cost		26	-	26
Net cash flow hedge, transferred to cost		-100	-	-100
Shared-based payments	9	2	-	2
Equity swap		-20	-	-20
Dividends		-501	-	-501
Total transactions with owners		-520	-	-520
Equity at June 30, 2024		16,043	0	16,043
Changes
Net profit		534	-	534
Other comprehensive income for the period, net of tax		63	-	63
Total comprehensive income for the period		597	-	597
Cash flow hedge, transferred to cost of hedged item		-38	-	-38
Tax on cash flow hedge, transferred to cost		8	-	8
Net cash flow hedge, transferred to cost		-30	-	-30
Shared-based payments	9	5	-	5
Total transactions with owners		5	-	5
Equity at December 31, 2024		16,614	0	16,614
Changes
Net profit		598	-	598
Other comprehensive income for the period, net of tax		-158	-	-158
Total comprehensive income for the period		440	-	440
Cash flow hedge, transferred to cost of hedged item		-30	-	-30
Tax on cash flow hedge, transferred to cost		6	-	6
Net cash flow hedge, transferred to cost		-24	-	-24
Shared-based payments	9	4	-	4
Equity swap	9	-2	-	-2
Dividends	9	-575	-	-575
Total transactions with owners		-573	-	-573
Equity at June 30, 2025		16,457	0	16,457

The Parent Company | Condensed income statement

SEK M	Note	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024
Revenues		9	7	18	13
Gross profit		9	7	18	13
Administrative expenses		-24	-22	-47	-39
Other operating income		0	0	2	0
Other operating expenses		0	0	0	-1
Operating loss		-15	-15	-27	-28
Dividend from group companies		740	-	740	-
Interest revenue and similar income		8	10	18	19
Interest expense and similar costs		0	0	0	-1
Profit/loss after financial items		733	-6	731	-9
Income tax		2	1	2	2
Profit/loss for the period		734	-5	733	-7

The Parent Company | Condensed balance sheet

SEK M	Note	Jun 30, 2025	Jun 30, 2024	Dec 31, 2024
Financial assets		11,907	11,907	11,907
Deferred tax assets		7	4	5
Non-current assets		11,914	11,911	11,912
Current receivables		2,258	1,053	2,136
Current assets		2,258	1,053	2,136
Total assets		14,172	12,964	14,048
Restricted equity		251	251	251
Unrestricted equity	9	13,897	12,662	13,737
Total equity		14,148	12,912	13,987
Non-current interest-bearing liabilities		3	2	2
Non-current non-interest-bearing liabilities		2	12	14
Non-current liabilities		5	15	17
Current non-interest-bearing liabilities		20	36	44
Current liabilities		20	37	44
Total equity and liabilities		14,172	12,964	14,048

Notes

Note 1 | Basis of preparation

The financial statements of the Group were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and the Swedish Annual Accounts Act, and for the parent company in accordance with the Swedish Annual Accounts Act and RFR 2 Reporting for legal entities and other statements issued by the Swedish Financial Reporting Board. The accounting principles and computation methods applied in the preparation of this interim report are the same as those applied in the Annual Report 2024 as amended below. All amounts are in million SEK (SEK M) unless otherwise stated. Roundings may occur.

The interim information on pages 1–29 is an integrated part of these financial statements.

Changes in IFRS standards

IASB has published amendments of standards that are effective as of January 1, 2025 or later. The standards have not had any material impact on the financial reports.

Adjustment of reporting of sold services

Other operating income and other operating expenses have been adjusted in order to recognize certain of Alleima's contractual services gross. These services mainly relate to facility management, electricity and warehouse services, which are not part of Alleima's core business. Previously, these services were accounted for through netting of income and expenses. Comparative periods have been restated, resulting in an increase in both other operating income and other operating expenses of SEK 300 million for the full year 2024. The adjustment has no impact on operating profit (EBIT). The adjustments for the quarters and full year 2024 are presented below.

Reported	Restatement	Restated
82	73	155
-51	-73	-125
32	81	113
-17	-81	-98
23	63	86
-24	-63	-87
52	83	135
-32	-83	-115
140	300	440
-76	-300	-376

References

For more information concerning:

– Group summary, refer to page 1

– Significant events, refer to page 10

Note 2 | Risks and uncertainties

As an international group with a wide geographical spread, Alleima is exposed to several strategic, business and financial risks. Strategic risk at Alleima is defined as emerging risks affecting the business long-term, such as industry shifts, technological shifts, and macroeconomic developments. The business risks can be divided into operational, sustainability, compliance, legal and commercial risks. The financial risks include currency risks, interest rate risk, price risk, tax risks and more. These risk areas can all impact the business negatively both long and short-term but often also create business opportunities if managed well. Risk management at Alleima begins with an assessment in operational management teams where the material risks to their operations are first identified, followed by an evaluation of the probability of the risks occurring and their potential impact on the Group. Once the key risks have been identified and evaluated, risk mitigating activities to eliminate or reduce the risks are agreed on. For a more detailed description of Alleima's analysis of risks and risk universe, see the Annual Report 2024.

Import tariffs to the US

Alleima has both direct sales to, and manufacturing in, the US, and may be affected directly and indirectly by import tariffs. As there is currently uncertainties about how the situation around the tariffs will evolve, it's difficullt to predict the final impact on Alleima's results and financial postion.

Note 3 | Order intake by division and region

Order intake by division and region

SEK M	Note	R12 Q2 2025	R12 Q2 2024	Organic %
Tube
Europe		7,099	7,906	-7
North America		3,078	3,276	-4
Asia		2,157	2,311	-1
Other		748	1,060	-25
Total		13,082	14,552	-6
Kanthal
Europe		1,156	1,220	-4
North America		1,595	1,439	17
Asia		1,066	1,273	-13
Other		271	264	7
Total		4,088	4,196	1
Strip
Europe		702	601	20
North America		132	104	33
Asia		856	661	33
Other		51	21	157
Total		1,741	1,386	30
GROUP
Europe		8,958	9,727	-5
North America		4,804	4,819	3
Asia		4,080	4,245	1
Other		1,070	1,344	-16
Total		18,911	20,135	-2

Revenues by division and region

SEK M	Note	Q2 2025	Q2 2024	Organic %	Q1-Q2 2025	Q1-Q2 2024	Organic %
Tube
Europe		1,786	2,244	-14	3,657	4,267	-11
North America		653	749	-6	1,610	1,332	24
Asia		653	615	12	1,331	1,131	25
Other		321	281	40	565	506	16
Total		3,413	3,890	-5	7,163	7,237	3
Kanthal
Europe		304	327	-7	620	661	-9
North America		345	387	1	742	768	2
Asia		243	303	-12	480	605	-17
Other		64	65	8	131	117	16
Total		956	1,082	-5	1,973	2,151	-6
Strip
Europe		172	169	4	333	310	9
North America		32	23	53	65	52	32
Asia		177	190	1	352	332	10
Other		16	5	216	29	17	83
Total		396	387	8	779	711	13
GROUP
Europe		2,262	2,740	-12	4,609	5,238	-9
North America		1,029	1,159	-2	2,417	2,152	16
Asia		1,073	1,108	4	2,162	2,069	10
Other		401	351	36	726	640	18
Total		4,765	5,359	-4	9,914	10,099	2

Note 4 | Segment information

Alleima has three reportable operating segments, Tube, Kanthal and Strip. Items not included in the operating segments, mainly related to Group staff functions typically to run the Group or items Alleima considers to be centrally decided, are presented as Common functions.

	Note	Q1-Q2 2025	Q1-Q2 2024	Full year 2024	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Order intake, rolling 12 months, SEK M 1
Tube		-	-	13,677	13,082	14,095	13,677	14,232	14,552	14,954
Kanthal		-	-	4,077	4,088	4,108	4,077	3,986	4,196	4,064
Strip		-	-	1,665	1,741	1,759	1,665	1,428	1,386	1,344
Total2		-	-	19,419	18,911	19,962	19,419	19,646	20,135	20,362
Revenues, SEK M
Tube		7,163	7,237	14,027	3,413	3,750	3,713	3,077	3,890	3,347
Kanthal		1,973	2,151	4,200	956	1,017	999	1,049	1,082	1,069
Strip		779	711	1,465	396	383	382	372	387	324
Total2		9,914	10,099	19,691	4,765	5,150	5,094	4,498	5,359	4,740
Adjusted EBIT, SEK M
Tube		797	762	1,422	382	416	457	202	454	308
Kanthal		329	395	750	160	169	181	174	198	197
Strip		36	50	66	10	27	23	-7	39	10
Common functions		-169	-162	-294	-98	-71	-77	-55	-99	-63
Total2		993	1,046	1,944	454	540	584	314	592	453
Adjusted EBIT margin, %
Tube		11.1	10.5	10.1	11.2	11.1	12.3	6.6	11.7	9.2
Kanthal		16.7	18.4	17.9	16.7	16.6	18.1	16.6	18.3	18.5
Strip		4.6	7.0	4.5	2.4	6.9	6.1	-1.9	10.2	3.1
Common functions		N/M	N/M	N/M	N/M	N/M	N/M	N/M	N/M	N/M
Total2		10.0	10.4	9.9	9.5	10.5	11.5	7.0	11.1	9.6
EBIT, SEK M
Tube		628	578	1,044	225	403	287	179	544	34
Kanthal		310	355	691	151	159	167	168	202	153
Strip		27	43	56	4	22	15	-2	42	1
Common functions		-169	-162	-294	-98	-71	-77	-55	-99	-63
Total2		796	814	1,498	282	513	393	290	689	126

1) Order intake for the quarter refers to the rolling 12 months period.

2) Internal transactions had negligible effect on division profits.

Note 5 | Adjustment items on EBIT

SEK M	Q1-Q2 2025	Q1-Q2 2024	Full year 2024	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
EBIT
Items affecting comparability
Tube	0	0	0	0	0	0	0	0	0
Kanthal	0	0	0	0	0	0	0	0	0
Strip	0	0	0	0	0	0	0	0	0
Common functions	0	0	0	0	0	0	0	0	0
Total	0	0	0	0	0	0	0	0	0
Metal price effect
Tube	-170	-184	-378	-157	-13	-170	-23	90	-274
Kanthal	-18	-40	-59	-9	-9	-14	-5	4	-44
Strip	-10	-7	-9	-5	-4	-8	5	2	-9
Total	-198	-231	-446	-171	-27	-191	-24	96	-328
Total adjustment items EBIT
Tube	-170	-184	-378	-157	-13	-170	-23	90	-274
Kanthal	-18	-40	-59	-9	-9	-14	-5	4	-44
Strip	-10	-7	-9	-5	-4	-8	5	2	-9
Common functions	0	0	0	0	0	0	0		0
Total	-198	-231	-446	-171	-27	-191	-24	96	-328

Note 6 | Taxes

SEK M Q2 2025			Q2 2024			Q1-Q2 2025	Q1-Q2 2024
Reported tax	-97	32.2%	-190	23.0%	-229	27.7%	-222	24.4%
Tax on adjustment items (note 5)	-35	-20.6%	19	-19.9%	-41	-21.0%	-50	-21.5%
Tax excluding adjustment items	-132	28.0%	-170	23.4%	-270	26.4%	-271	23.8%
Adjustment for one time items taxes	18	-3.9%	0	0.0%	27	-2.6%	0	0.0%
Normalized tax rate	-114	24.1%	-170	23.4%	-243	23.8%	-271	23.8%

Note 7 | Financial assets and liabilities

Financial instruments - fair values

In order to mitigate financial risks, the Group has entered into financial instruments such as currency-, commodity-, electricity- and gas derivatives. All derivatives belong to Level 2 in the fair value hierarchy, i.e. observable inputs have been used in deriving the fair values. Fair values, which equals carrying amounts, of outstanding derivatives amounted at each reporting period to the amounts below.

SEK M	Jun 30, 2025	Jun 30, 2024	Dec 31, 2024
Financial assets derivatives	378	78	54
Financial liabilities derivatives	190	351	400

The carrying amounts for other financial assets and liabilities are considered to represent a good approximation of the fair values due to the short durations.

Note 8 | Related party transactions

The Group companies have related party relationships with their subsidiaries. All related party transactions are based on market terms and negotiated on an arm's length basis. For outstanding share right programs refer to Note 9. Other remunerations to senior executives for Alleima are presented in the Annual Report 2024 in Note 3.

Note 9| Equity, number of shares and incentive programs

Number of shares	Jun 30, 2025	Dec 31, 2024
Total number of shares	250,877,184	250,877,184
Number of shares in equity swap (LTI)	-720,006	-702,053
Number of outstanding shares	250,157,178	250,175,131
Number of outstanding shares, weighted average	250,169,146	250,291,704
Number of shares after dilution	250,877,184	250,862,889
Number of shares after dilution, weighted average	250,867,654	250,866,966

Outstanding share right programs

Alleima's General Meeting held on April 28, 2025 approved the Board's proposal for a long-term share-based incentive program for 30 senior executives and key employees in the Group (LTI 2025). Participation requires an investment in Alleima shares. Each acquired Alleima share entitles the participant to be allotted, after a period of three years, a certain number of Alleima shares free of charge, provided that certain performance targets with respect to earnings per share and reduction of carbon dioxide (CO2) are met. As of June 30, 2025, LTI 2025 comprises 277,609 share rights. The delivery of these shares is secured through an equity swap agreement with a third party. Total costs before tax for outstanding rights in the incentive program are expensed over the three-year vesting period. These costs are expected to amount to SEK 16 million, of which social security costs amount to SEK 4 million.

Information regarding Alleima's long-term share-based incentive program 2023-2024 (LTI 2023 and LTI 2024), such as the objective, conditions and requirements, is presented in Note 3 in the Annual Report for 2024. As of June 30, 2025, LTI 2023 and LTI 2024 comprises 317,695 and 256,417 share rights respectively (LTI 2023: 380,901, LTI 2024 306,857).

During the six first months of 2025, the total pre-tax cost for the LTI programs amounted to SEK 6 (3) million.

Dividend

The Annual General Meeting held on April 28, 2025, resolved for the financial year 2024 on an ordinary dividend of SEK 2.30 per share. The dividend of SEK 577 million was distributed to the shareholders on May 6, 2025, of which SEK 2 million was repaid to Alleima in form of dividend related to the equity swap for LTI 2023 and LTI 2024.

Not 10 | Business combinations

The acquisitions of business combinations executed during current and previous year are set out on the table below. Annual revenue and number of employees reflect the situation at the date of the respective transaction.

Division/Cash Generating Unit	Company		Acquisition date	Annual revenue	No. of employees
Kanthal	Endox Feinwerktechnik GmbH & Endox Polska SP.zo.o. ("Endox")	Germany/ Poland	January 10, 2025	SEK 65 M in 2023	90

On 10 January 2025, Alleima acquired Endox Feinwerktechnik GmbH and Endox Polska SP.zo.o. ("Endox"). Endox strengthens the company's medical technology business. The impact on Alleima's revenue and profit for the first and second quarter of 2025 was SEK 33 and SEK 5 million respectively. The impact on Alleima's earnings per share is expected to be somewhat positive. Acquisition was carried out through the acquisition of 100% of the shares, as well as the voting rights. Alleima gained control of the business on the transaction date. No equity instruments have been issued in connection with the acquisition. The acquisition has been reported according to the acquisition method and SEK 6 million in acquisition costs were reported in the first quarter. Goodwill from the acquisitions is not deductible for tax purposes.

Assets, liabilities and contingent liabilities included in the acquired operations are stated below. The valuations of acquired assets and assumed liabilities are still preliminary.

SEK M	Endox
Intangible assets	24
Property, plant and equipment	51
Right of use assets	3
Inventories	14
Receivables	6
Cash and cash equivalents	34
Other liabilities and provisions	-36
Deferred tax liabilities	-7
Net identifiable assets and liabilities	90
Goodwill	92
Purchase consideration	181
Debt for preliminary additional purchase price	-16
Less: cash and cash equivalents in acquired compa nies	-34
Net cash outflow (+)	132

Key ratios

	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	Full year 2024	Full year 2023	Full year 2022	Full year 2021
Adjusted EBITDA, SEK M	682	813	1,454	1,496	2,856	3,056	2,540	1,811
Adjusted EBITDA margin, %	14.3	15.2	14.7	14.8	14.5	14.8	13.8	13.1
Adjusted EBIT, SEK M	454	592	993	1,046	1,944	2,141	1,681	1,055
Adjusted EBIT margin, %	9.5	11.1	10.0	10.4	9.9	10.4	9.1	7.6
Operating profit (EBIT), SEK M	282	689	796	814	1,498	2,046	2,122	1,379
Operating profit (EBIT) margin, %	5.9	12.8	8.0	8.1	7.6	9.9	11.5	10.0
Normalized tax rate, % (Note 6)	24.1	23.4	23.8	23.8	23.9	24.2	24.3	24.9
Net working capital to revenues, % 1	36.1	32.7	35.4	36.1	35.1	34.3	32.8	31.2
Return on capital employed, % 2	8.6	8.9	8.6	8.9	8.9	12.2	13.2	10.4
Return on capital employed excluding cash, % 2	9.2	9.3	9.2	9.3	9.5	12.9	14.2	11.0
Net debt/Adjusted EBITDA ratio	-0.01	-0.10	-0.01	-0.10	-0.22	-0.08	0.01	0.73
Net debt/Equity ratio	-0.00	-0.02	-0.00	-0.02	-0.04	-0.02	0.00	0.11
Free operating cash flow, SEK M	347	486	393	645	1,266	1,688	505	1,046
Adjusted earnings per share, diluted, SEK	1.35	2.23	3.00	3.46	6.27	6.56	3.36	3.82
Earnings per share adjusted for metalprice effects, diluted, SEK	1.35	2.23	3.00	3.46	6.27	6.56	2.55	3.27
Average number of shares, diluted, at the end of the period (millions) (Note 9)	250.870	250.869	250.868	250.870	250.867	250.876	250.877	250.877
Number of shares at the end of the period (millions) (Note 9)	250.157	250.175	250.157	250.175	250.175	250.467	250.877	250.877
Number of employees 3	6,418	6,225	6,418	6,225	6,309	6,110	5,886	5,465
Number of consultants 3	506	546	506	546	516	596	612	413

1) Quarter is quarterly annualized and the annual number is based on a four quarter average.

2) Based on rolling 12 months operating profit, in percentage of a four-quarter average capital employed (including respectively excluding cash). 3) Full-time equivalent.

Alternative Performance Measures

This interim report contains certain alternative performance measures that are not defined by IFRS. These measures are included as they are considered to be important performance indicators of the operating performance and liquidity of Alleima. They should not be considered a substitute for Alleima's financial statements prepared in accordance with IFRS. Alleima's definitions of these measures are described below, and as other companies may calculate non IFRS measures differently, these measures are therefore not always comparable to similar measures used by other companies.

Organic order intake and revenue growth

Change in order intake and revenues after adjustments for exchange rate effects and structural changes such as divestments and acquisitions and alloy surcharges. Organic growth is used to analyze the underlying sales performance in the Group, as most of its revenues are in currencies other than in the reporting currency (i.e. SEK, Swedish Krona). Alloy surcharges are used as an instrument to pass on changes in alloy costs along the value chain and the effects from alloy surcharges may fluctuate over time.

Adjusted operating profit (EBIT)

Alleima considers Adjusted operating profit (EBIT) and the related margin to be relevant measures to present profitability of the underlying business excluding metal price effects and items affecting comparability (IAC).

Metal price effect is the difference between sales price and purchase price on metal content used in the production of products. Metal price effect on operating profit in a particular period arises from changes in alloy prices arising from the timing difference between the purchase, as included in cost of goods sold, and the sale of an alloy, as included in revenues, when alloy surcharges are applied. IAC includes capital gains and losses from divestments and larger restructuring initiatives, impairments, capital gains and losses from divestments of financial assets as well as other material items having a significant impact on the comparability.

Adjusted operating profit (EBIT) and margin: Operating profit (EBIT) excluding items affecting comparability and metal price effects. Margin is expressed as a percentage of revenues.

Q1

SEK M	Q1-Q2 2025	Q1-Q2 2024	Full year 2024	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Operating profit/loss	796	814	1,498	282	513	393	290	689	126
Reversal (Note 5):
Items affecting comparability	0	0	0	0	0	0	0	0	0
Metal price effect	198	231	446	171	27	191	24	-96	328
Impairments	0	0	0	0	0	0	0	0	0
Adjusted operating profit (EBIT)	993	1,046	1,944	454	540	584	314	592	453
Revenues	9,914	10,099	19,691	4,765	5,150	5,094	4,498	5,359	4,740
Adjusted operating profit (EBIT) margin, %	10.0	10.4	9.9	9.5	10.5	11.5	7.0	11.1	9.6

Adjusted operating profit (EBIT)

Adjusted earnings per share, diluted

Alleima considers Adjusted earnings per share (EPS), diluted to be relevant to understand the underlying performance, which excludes items affecting comparability and metal price effects between periods.

Adjusted EPS, diluted: Profit/loss, adjusted for items affecting comparability and metal price effects, attributable to equity holders of the Parent Company divided by the average number of shares, diluted, outstanding during the period.

Adjusted profit for the period and adjusted earnings per share, diluted

SEK M	Q1-Q2 2025	Q1-Q2 2024	Full year 2024	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Profit/loss for the period	598	688	1,221	204	394	297	237	636	51
Reversal:
Adjustment items EBIT (Note 5)	198	231	446	171	27	191	24	-96	328
Tax on adjustment items (Note 6)	-41	-50	-94	-35	-6	-40	-5	19	-69
Adjusted profit for the period	754	869	1,573	340	414	448	256	559	310
Attributable to
Owners of the parent com pany	754	869	1,573	340	414	448	256	559	310
Non-controlling interests	-	-	-	-	-	-	-	-	-
Average number of shares, dil uted, at the end of the period (millions)	250.868	250.870	250.867	250.870	250.863	250.863	250.870	250.870	250.866
Adjusted earnings per share, diluted, SEK	3.00	3.46	6.27	1.35	1.65	1.79	1.02	2.23	1.24

Net working capital (NWC) in relation to revenues and return on capital employed (ROCE)

Alleima considers NWC in relation to revenues for the quarter relevant as a measure of both the Group's efficiency and its short-term financial health.

Net working capital (NWC): Total of inventories, trade receivables, account payables and other current non-interest-bearing receivables and liabilities, including those classified as liabilities and assets held for sale, but excluding tax assets and liabilities and provisions. Net working capital (NWC) in relation to revenues: Quarter is quarterly annualized and year-to-date numbers are based on a four-quarter average.

Alleima considers ROCE to be useful for the readers of its financial reports as a complement in assessing the possibility of implementing strategic investments and considering the Group's ability to meet its financial commitments. In addition, it is useful to also follow ROCE excluding cash, as it is focused on the operating capital employed.

Capital employed: Total assets less non-interest-bearing liabilities (including deferred tax liabilities).

ROCE: Rolling 12 months' operating profit/loss plus financial income (excl. derivatives), as a percentage of a four-quarter average capital employed.

ROCE excluding cash: Rolling 12 months' operating profit/loss, as a percentage of a four-quarter average capital employed excluding cash and cash equivalents.

SEK M	Q2 2025	Q2 2024	Jun 30, 2025	Jun 30, 2024	Dec 31, 2024
Inventories	7,259	7,688	7,259	7,688	7,407
Trade receivables	2,853	3,221	2,853	3,221	2,911
Account payables	-1,997	-2,288	-1,997	-2,288	-2,249
Other receivables	737	578	737	578	859
Other liabilities	-2,054	-2,105	-2,054	-2,105	-2,107
Net working capital	6,799	7,094	6,799	7,094	6,821
Average net working capital	6,875	7,009	6,910	7,138	6,909
Revenues annualized	19,059	21,436	19,506	19,755	19,691
Net working capital to revenues, %	36.1	32.7	35.4	36.1	35.1
Tangible assets			7,679	7,296	7,757
Intangible assets			2,019	1,967	2,037
Cash and cash equivalents	1,330	1,499	1,912
Other assets			12,004	12,369	12,077
Other liabilities			-5,279	-5,867	-5,888
Capital employed			17,754	17,264	17,895
Average capital employed			17,703	17,096	17,407
Operating profit rolling 12 months			1,479	1,465	1,498
Financial income, excl. derivatives, rolling 12 months			46	51	57
Total return rolling 12 months			1,525	1,516	1,554
Return on capital employed (ROCE), %			8.6	8.9	8.9
Average capital employed excl. cash			16,047	15,777	15,707
Return on capital employed excl. cash, %			9.2	9.3	9.5

Free operating cash flow (FOCF)

Alleima considers free operating cash flow (FOCF) to be useful for providing an indication of the funds the operations generate to be able to implement strategic investments, make amortizations and pay dividends to the shareholders.

Free operating cash flow (FOCF): Operating profit (EBIT) excluding depreciations and amortizations (EBITDA), adjusted for non-cash items plus the change in net working capital minus investments and disposals of tangible and intangible assets and plus the amortization of lease liabilities.

Net debt to Equity and Net debt to Adjusted EBITDA

Alleima considers both Net debt to Equity and Net debt to Adjusted EBITDA to be useful for the readers of its financial reports as a complement for assessing the possibility of dividends, implementing strategic investments and considering

the Group's ability to meet its financial commitments. Net debt to Equity ratio is included in Alleima's financial targets.

Net debt: Interest-bearing current and non-current liabilities, including net pension liabilities and leases, less cash and cash equivalents.

Adjusted EBITDA: Operating profit (EBIT) before depreciation and amortizations, adjusted for metal price effects and items affecting comparability.

Financial net debt

Alleima considers financial net debt to be a useful indicator of the business's ability to pay off all debt, excluding pension liabilities and lease liabilities, at a certain point in time.

Financial net debt: Net debt, excluding net pension and lease liabilities.

Net debt to Equity and Net debt to Adjusted EBITDA

SEK M	Jun 30, 2025	Jun 30, 2024	Dec 31, 2024
Interest-bearing non-current liabilities	1,208	1,136	1,212
Interest-bearing current liabilities	135	126	134
Prepayment of pensions	-45	-40	-65
Cash & cash equivalents	-1,330	-1,499	-1,912
Net debt	-33	-277	-631
Net pension liability	-813	-761	-820
Leasing liabilities	-462	-457	-460
Financial net debt	-1,308	-1,496	-1,911
Adjusted EBITDA accumulated current year	1,454	1,496	2,856
Adjusted EBITDA previous year	1,360	1,405	-
Adjusted EBITDA rolling 12 months	2,814	2,901	2,856
Total equity	16,457	16,043	16,614
Net debt/Equity ratio	-0.00	-0.02	-0.04
Net debt/Adjusted EBITDA ratio (multiple)	-0.01	-0.10	-0.22

Disclaimer statement

Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially affected by other factors, for example the effect of economic conditions, exchange-rate and interest-rate movements, political risks, impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses.

This report is published in Swedish and English. The Swedish version shall prevail in any instance where the two versions differ.

For further information, please contact: Emelie Alm, Head of Investor Relations +46 79 060 87 17 or emelie.alm@alleima.com

Conference call and webcast:

A conference call will be held on July 18, 2025 at 1 PM CEST.

Presentation for download and webcast link: https://www.alleima.com/en/investors/

Dial-in details for the conference call: Participants in Sweden: +46 (0)8 5051 0031 Participants in the UK: +44 (0) 207 107 06 13 Participants in the US: +1 (1) 631 570 56 13

Financial calendar

Q3 interim report January - September 2025 October 22, 2025 Capital Markets Day, Stockholm November 5, 2025 Q4 interim report January - December 2025 January 27, 2026 Q1 interim report January - March 2026 April 27, 2026 Q2 interim report January - June 2026 July 17, 2026 Q3 interim report January - September 2025 October 26, 2026

Alleima AB (publ), corporate registration no. 559224-1433 Postal address: SE-811 81 Sandviken, Sweden Visiting address: Storgatan 2, Sandviken, Sweden Telephone: +46 26 426 00 00

This information is information that Alleima AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 11.30 AM CET on July 18, 2025.