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Gränges Interim / Quarterly Report 2025
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Interim / Quarterly Report
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Strong growth and good cash flow
Half-year report, 2025
Highlights
Second quarter 2025
- Sales volume increased by 22 percent to 159.1 ktonnes (130.9).
- Adjusted operating profit¹ was SEK 436 million (471) and adjusted operating profit per tonne was 2.7 kSEK (3.6).
- Profit for the period amounted to SEK 293 million (314) and diluted earnings per share² was SEK 2.62 (2.94).
- Operating cash flow3 increased to SEK 445 million (298).
- Return on capital employed4 was 11.2 percent (11.9 on December 31, 2024).
- Financial net debt was 1.6x adjusted EBITDA (1.8x on December 31, 2024).
- Excluding Shandong, total carbon emissions intensity (scope 1+2+3) was 6.9 tonnes CO2e/tonne (7.0), and the share of sourced recycled aluminium was 46.1 percent (46.6).5
First half-year 2025
- Sales volume increased by 23 percent to 310.8 ktonnes (252.8).
- Adjusted operating profit¹ increased to SEK 844 million (827) and adjusted operating profit per tonne was 2.7 kSEK (3.3).
- Profit for the period increased to SEK 554 million (551) and diluted earnings per share² amounted to SEK 4.95 (5.16).
- Operating cash flow3 increased to SEK 466 million (289).
- Excluding Shandong, total carbon emissions intensity (scope 1+2+3) was 7.2 tonnes CO2e/tonne (7.2), and the share of sourced recycled aluminium was 44.8 percent (46.0).5
- New operating segments established Gränges Americas, Gränges Asia, and Gränges Europe.
Strategy & long-term targets
Gränges has established a long-term plan for sustainable growth, Navigate, involving three steps: to create a strong foundation, to build a world-leading aluminium rolling and recycling company,
Profit growth
Average annual operating profit growth
10%
Profitability Return on capital employed
15%
Capital structure Financial net debt normally between
1–2x EBITDA
Dividend Percentage of profit for the year
$$\approx 0.5 \text{--} 0\text{\AA}$$
and to invest in sustainable growth. The plan also targets continued fast progress toward net-zero by 2040. All this is based on Gränges' strong company culture and committed employees.
Climate Scope 1+2+3 emissions by 2040
Circularity Recycled volume by 2030
| Summary | Q2 | Jan–Jun | 12 months rolling |
Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | Jul 2024– Jun 2025 |
2024 | ||
| Sales volume, ktonnes | 159.1 | 130.9 | 21.6% | 310.8 | 252.8 | 22.9% | 563.7 | 505.8 |
| Net sales | 6,974 | 6,145 | 13.5% | 14,206 | 11,573 | 22.8% | 26,140 | 23,506 |
| Adjusted operating profit¹ | 436 | 471 | -7.5% | 844 | 827 | 2.0% | 1,588 | 1,571 |
| Adjusted operating profit per tonne, kSEK | 2.7 | 3.6 | -0.9 | 2.7 | 3.3 | -0.6 | 2.8 | 3.1 |
| Operating profit | 436 | 471 | -7.5% | 844 | 827 | 2.0% | 1,540 | 1,523 |
| Profit for the period | 293 | 314 | -6.6% | 554 | 551 | 0.6% | 1,014 | 1,010 |
| Earnings per share diluted, SEK² | 2.62 | 2.94 | -0.33 | 4.95 | 5.16 | -0.21 | 9.29 | 9.51 |
| Operating cash flow3 | 445 | 298 | 49.4% | 466 | 289 | 61.4% | -306 | -484 |
| Capital employed | 14,577 | 12,892 | 1,685 | 14,577 | 12,892 | 1,685 | 14,577 | 15,709 |
| Return on capital employed, %4 | - | - | - | - | - | - | 11.2 | 11.9 |
| Financial net debt | 4,004 | 3,031 | 973 | 4,004 | 3,031 | 973 | 4,004 | 4,292 |
| Financial net debt/Adjusted EBITDA¹ | - | - | - | - | - | - | 1.6 | 1.8 |
| Total carbon emissions intensity (scope 1+2+3), tonnes CO2 e/tonne5 |
6.9 | 7.0 | -2% | 7.2 | 7.2 | 1% | 7.5 | 7.5 |
| Share of sourced recycled aluminium, %5 | 46.1 | 46.6 | -0.5 ppt | 44.8 | 46.0 | -1.2 ppt | 45.6 | 46.2 |
1 Adjusted for items affecting comparability, see Note 5 for further information.
2 Attributable to owners of the parent company.
3 GRÄNGES AB (PUBL) HALF-YEAR REPORT, 2025
3 Operating profit plus Depreciation, amortization and impairment charges plus Change in working capital minus Investments in property, plant, equipment and intangible assets. See alternative performance measures for further information.
4 Calculated on the average capital employed during the past 12-month period.
5 Carbon emissions (scope 1+2+3) are defined in accordance with the Greenhouse Gas Protocol, see Definitions for further information. The facility in Shandong, China, is not included in the sustainability data. The facility will be included in the year-end report 2025.
Gränges is a global leader in aluminium rolling and
recycling in selected niches. We're committed to creating circular and sustainable aluminium solutions in partnership with our customers and suppliers – for a better future. Our solutions help customers grow and transition to climate neutrality. They are used for efficient climate control in transportation and buildings, electrification and battery components, recyclable packaging, and more.
Continued strong volume growth and good cash flow
In the second quarter, Gränges delivered strong growth in a market environment that remained complex. Demand was good in HVAC and stable in Specialty packaging and Other niches, while conditions in Automotive remained soft. Thanks to market share gains in all regions and the successful business ramp-up in Asia, sales volume grew by 22 percent year-on-year.
In Gränges Americas, sales volume was in line with last year, as market share gains offset some customer destocking in Specialty packaging. Price increases compensated for higher market prices for aluminium scrap and other cost increases, keeping operating profit at the same high level as last year in constant currency. In Gränges Asia, sales volume increased by an impressive 94 percent, driven by market share gains. These were made possible by the successful integration and ramp-up of our new plant in Shandong. The new unit contributed to a good increase in operating profit in Gränges Asia. Gränges Europe also took market share in a mixed market environment. However, sales volume grew modestly due to operational issues affecting deliveries in the quarter. The low growth, combined with higher cost for aluminium scrap and market premiums caused the operating profit to decline in constant currency.
In summary, the Group's result was positively affected by volume growth and improved price and productivity. Higher cost for aluminium scrap and timing effects on European metal premiums, an indirect result of the new US import tariffs on aluminium, burdened the result. Nevertheless, operating profit in constant currency increased by 5 percent over last year's record quarter. After a negative currency impact of SEK 58 million, most of which was caused by translation effects, the adjusted operating profit declined to SEK 436 million (471).
Operating cash flow in the quarter was quite strong thanks to good control of net working capital and modest capital expenditure. This helped reduce net debt. We see the good cash flow as an encouraging first sign of an anticipated phase of stronger cash generation, now that our multi-year capex expansion program is being completed.
We also made good progress towards our sustainability goals, with all-time-low carbon footprint and record-high recycling on a like-for-like basis, enabled by innovation, operational improvements and strategic partnerships.
All in all, we once again demonstrated the strength of our strategy and our ability to deliver.
Continued strong volume growth expected
We expect continued strong volume growth in the third quarter. As before, we aim to retain the approximately 20–25 ktonnes of additional quarterly sales volume in Shandong. For the other units, we expect mid-to-high single-digit volume growth. We intend to offset any external pressure with continued growth, price increases and productivity improvements, but do expect a negative currency translation effect. Capacity expansion capex will continue down in the second half of 2025. This will strengthen operational cash flow and our balance sheet.
I would like to extend my sincere thanks to the colleagues, customers, strategic partners and shareholders who continue to support our strong performance and long-term industry leadership ambition.
Jörgen Rosengren President and CEO
NAVIGATE Strategic progress towards sustainable, profitable growth
Gränges has successfully completed the first phase of our Navigate plan, which focused on creating a strong foundation for long-term sustainable growth.
A strategic multi-year investment program has been finalized, including capacity expansion in Poland; increased capacity and new battery cathode foil production in Sweden; and increased production capacity and two state-ofthe-art recycling and casting centers in the US. Coupled with the joint venture for low-carbon casting and the recently acquired facility in China, Gränges now has an annual global production capacity of approximately 800 ktonnes.
As the company now moves into the second phase, "Building a Leader", focus shifts to increasing utilization, optimizing price and mix, and creating a sustained leading performance level in operations. At the same time, Gränges will maintain disciplined capital allocation, enabling a stronger cash flow.
Above: The inauguration of the battery foil production facility in Finspång, Sweden. Below: The new casting and recycling center in Huntingdon, USA.
Gränges Group
- Continued strong sales growth and market share gains
- Currency headwinds weighed on operating profit
- Good cash flow despite seasonal working capital build-up
Market
Gränges is a global leader in aluminium rolling and recycling in selected niches. The products are used for efficient climate control in transportation and buildings, electrification and battery components, recyclable packaging, and more. Gränges' key markets are Automotive currently representing 38 percent, HVAC representing 17 percent, Specialty packaging and Other niches representing 16 percent and 29 percent respectively of sales volume for the last 12 months.
In the second quarter 2025, customer demand in Gränges' markets showed a mixed development but continued market share gains resulted in a strong sales volume growth. Sales to automotive customers increased by 15 percent compared with the same quarter last year, as market share gains and new business to electric vehicles compensated for continued soft market demand. Sales of HVAC materials increased by 13 percent, driven by continued good market demand and new business gains. Sales of Specialty packaging materials was stable in the second quarter as good growth in Europe compensated for destocking effects in Americas. Sales to
Other niches increased by 54 percent primarily driven by the rapid ramp-up of new business in Asia following the acquisition of the production facility in Shandong, China.
Sales
Sales volume in the second quarter 2025 increased by 22 percent to 159.1 ktonnes (130.9). Net sales increased by 14 percent to SEK 6,974 million (6,145). The positive impact on net sales from the higher sales volume and an increased aluminium price in the US was partly offset by a lower average fabrication price, primarily attributable to new business in Asia in relatively low-priced product segments. Changes in foreign exchange rates had a net negative effect of SEK 568 million.
During January–June 2025, Gränges' sales volume increased by 23 percent to 310.8 ktonnes (252.8) compared to the corresponding period previous year. Net sales increased to SEK 14,206 million (11,573) and changes in foreign exchange rates had a net negative effect on net sales of SEK 500 million.
External sales volume growth Q2, 2025
| Automotive | HVAC | Specialty packaging |
Other niches | Total | |
|---|---|---|---|---|---|
| Gränges Americas | -13% | 13% | -6% | -9% | 0% |
| Gränges Asia | 38% | - | - | 351% | 102% |
| Gränges Europe | 3% | - | 14% | -2% | 2% |
| Total | 15% | 13% | -2% | 54% | 22% |
| Share of total sales volume, rolling 12-months | 38% | 17% | 16% | 29% | 100% |
Operating profit
Adjusted operating profit for the second quarter 2025 was SEK 436 million (471). Changes in foreign exchange rates had a net negative impact of SEK 58 million. Higher sales volume and improvements in price and productivity were partly offset by higher cost for aluminium scrap and timing effects on metal premiums, an indirect result of the new US import tariffs on aluminium. Adjusted operating profit per tonne was 2.7 kSEK (3.6). The decrease in adjusted operating profit per tonne was primarily attributable to the rapid ramp-up of new business in Asia in relatively low-margin product segments and to unfavorable development of foreign exchange rates. At constant currency and excluding Shandong, adjusted operating profit per tonne was 3.5 kSEK in the quarter.
Operating profit for the second quarter 2025 was SEK 436 million (471) and includes no items affecting comparability (-).
During the period January–June 2025, adjusted operating profit increased to SEK 844 million (827), and adjusted operating profit per tonne was 2.7 kSEK (3.3). Changes in foreign exchange rates had a net negative impact of SEK 44 million for the first half of 2025 compared with the corre- sponding period previous year. Operating profit amounted to SEK 844 million (827) and includes no items affecting comparability (-).
Profit for the period
Profit before tax for the second quarter 2025 was SEK 364 million (399). Profit or loss from associates and joint ventures amounted to SEK -4 million (-7) and finance income and costs was SEK -67 million (-66). Income tax for the second quarter 2025 was SEK -71 million (-85) which corresponds to an effective tax rate of 20 percent (21). The profit for the period was SEK 293 million (314) and diluted earnings per share amounted to SEK 2.62 (2.94).
For the period January–June 2025, profit before tax was
SEK 692 million (692). Finance income and costs was SEK -145 million (-130). Income tax for the period was SEK -138 million (-142) which corresponds to an effective tax rate of 20 percent (20). The profit for the period increased to SEK 554 million (551) and diluted earnings per share was SEK 4.95 (5.16).
Cash flow
Operating cash flow was SEK 445 million (298) in the second quarter 2025. Changes in working capital had a negative impact on cash flow of SEK 62 million. The adverse impact on working capital from seasonally higher business activity and an increased aluminium price in the US was partly offset by working capital reduction efforts. Total capital expenditure amounted to SEK -138 million, of which SEK -44 million referred to investments to maintain and improve efficiency in current production facilities and SEK -94 million referred to investments related to expansion of the production facilities.
Income taxes paid amounted to SEK -107 million (-161) in the second quarter 2025. Cash flow from financing activities was SEK -360 million (93) in the second quarter 2025 and included a dividend payment of SEK -170 million, new loans of SEK 1,510 million, and repayment of loans of SEK -1,642 million.
During January–June 2025, operating cash flow was SEK 466 million (289). Changes in working capital had a negative impact on cash flow of SEK 435 million. Total capital expendi- ture amounted to SEK -379 million of which SEK -138 million referred to investments to maintain and improve efficiency in current production facilities and SEK -241 million referred to investments related to the expansion of the production facilities.
During January–June 2025, income taxes paid amounted to SEK -132 million (-190). Cash flow from financing activities was SEK -296 million (337) during the first half-year and includes a dividend payment of SEK -170 million, new
GRÄNGES GROUP
loans of SEK 3,323 million and repayment of loans of SEK -3,330 million.
Cash and cash equivalents amounted to SEK 796 million on June 30, 2025 (SEK 850 million on December 31, 2024).
Capital structure and returns
Capital employed amounted to SEK 14,577 million on June 30, 2025 (SEK 15,709 million on December 31, 2024) and the return on capital employed was 11.2 percent on a rolling 12-months basis (11.9 percent on December 31, 2024).
Financial net debt was SEK 4,004 million on June 30, 2025 (SEK 4,292 million on December 31, 2024), corresponding to 1.6x adjusted EBITDA (1.8x on December 31, 2024). Equity amounted to SEK 10,044 million on June 30, 2025 (SEK 10,838 million on December 31, 2024) and the return on equity was 10.1 percent on a rolling 12-months basis (10.6 percent on December 31, 2024).
Employees
The average number of employees was 3,456 (2,769) in the second quarter and 3,441 (2,762) for the first half of 2025. The increased number of employees is mainly related to the acquisition of the production facility in Shandong, China, in the fourth quarter 2024.
Parent company
Gränges AB is the parent company of the Gränges Group. Its operations include Group Management and Group functions such as finance, controlling, IT security, strategy, sustainability, and communication. For the first half of 2025, net sales in the parent company amounted to SEK 62 million (61). Net result for the period January–June 2025 was SEK -74 million (10).
Profit for the period Financial net debt to EBITDA
Gränges Americas
- Share gains in HVAC compensated for destocking in Specialty packaging
- Price increases and mix improvement offset increased scrap costs
- Currency headwinds weighed on operating profit
Gränges Americas experienced a mixed market development in the second quarter 2025. Sales to HVAC customers increased by 13 percent driven by continued good market demand and market share gains. Sales to Specialty packaging decreased by 6 percent due to destocking at certain customers. Demand in other markets were soft during the second quarter and sales to Other niches and Automotive customers decreased by 9 percent and 13 percent, respectively. Total sales volume was stable and amounted to 60.6 ktonnes (60.5) in the second quarter. Total net sales increased by 4 percent to SEK 3,134 million (3,016). The increase in net sales was driven by a higher average fabrication price and an increased aluminium price. Changes in foreign exchange rates had a net negative effect on total net sales of SEK 366 million.
During the period January–June 2025, total sales volume increased by 4 percent to 121.1 ktonnes (116.6) and total net sales increased to SEK 6,442 million (5,670).
Adjusted operating profit for the second quarter 2025, was SEK 290 million (325). Changes in foreign exchange rates had a net negative effect of SEK 33 million compared with the second quarter previous year. Improvements in price, mix and productivity compensated for increased costs related to salary inflation and increasing market prices for aluminium scrap. The adjusted operating profit per tonne was 4.8 kSEK (5.4).
During the period January–June 2025, the adjusted operating profit increased to SEK 613 million (592). By June 30, 2025, the return on capital employed was 19.2 percent on a rolling 12-month basis (19.1 percent on December 31, 2024).
| Financial summary | Q2 | Jan– Jun | 12 months rolling |
Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | Jul 2024– Jun 2025 |
2024 | ||
| Total sales volume, ktonnes | 60.6 | 60.5 | 0.1% | 121.1 | 116.6 | 3.9% | 234.4 | 229.8 |
| Total net sales | 3,134 | 3,016 | 3.9% | 6,442 | 5,670 | 13.6% | 12,187 | 11,414 |
| Adjusted operating profit | 290 | 325 | -10.9% | 613 | 592 | 3.5% | 1,088 | 1,068 |
| Adjusted operating profit per tonne, kSEK | 4.8 | 5.4 | -0.6 | 5.1 | 5.1 | 0.0 | 4.6 | 4.6 |
| Capital employed | 5,565 | 5,578 | -13 | 5,565 | 5,578 | -13 | 5,565 | 6,067 |
| Return on capital employed, % | - | - | - | - | - | - | 19.2 | 19.1 |
Gränges Asia
- Significant sales growth from share gains and Shandong ramp-up
- Strong growth in Automotive driven by new business to electric vehicles
- Higher sales volume and improved productivity offset lower prices
Gränges Asia experienced stable market demand in the second quarter 2025. Sales to automotive customers increased by 33 percent compared with the same quarter last year due to market share gains and new business to electric vehicles. The rapid ramp-up of the production facility in Shandong resulted in market share gains in Other niches. Total sales volume increased by 94 percent to 55.4 ktonnes (28.6), of which about 22 ktonnes were related to the ramp-up in Shandong. Total net sales rose by 54 percent to SEK 1,922 million (1,246). Higher sales volume and an increased aluminium price had a positive impact on net sales. This was partly offset by a lower average fabrication price, primarily attributable to new business in lower-priced product segments in Shandong. Changes in foreign exchange rates had a net negative effect on total net sales of SEK 165 million.
During the period January–June 2025, total sales volume increased by 87 percent to 104.0 ktonnes (55.5) and total net sales increased to SEK 3,838 million (2,374).
Adjusted operating profit for the second quarter 2025 increased to SEK 104 million (82), of which the Shandong facility contributed with an above break-even result. Changes in foreign exchange rates had a net negative effect of SEK 12 million compared with the second quarter previous year. Higher sales volume and improved productivity offset a lower average fabrication price, salary inflation, and increased depreciation. Adjusted operating profit per tonne decreased to 1.9 kSEK (2.9). The decrease was attributable to the new business in Shandong and to foreign exchange rates. Excluding Shandong and in constant currency, the adjusted operating profit per tonne was stable at 2.9 kSEK.
During the period January–June 2025, the adjusted operating profit increased to SEK 185 million (159). By June 30, 2025, the return on capital employed was 9.5 percent on a rolling 12-months basis (10.2 percent on December 31, 2024).
| Financial summary | Q2 | Jan– Jun | 12 months rolling |
Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | Jul 2024– Jun 2025 |
2024 | ||
| Total sales volume, ktonnes | 55.4 | 28.6 | 93.9% | 104.0 | 55.5 | 87.5% | 169.3 | 120.8 |
| Total net sales | 1,922 | 1,246 | 54.3% | 3,838 | 2,374 | 61.7% | 6,569 | 5,104 |
| Adjusted operating profit | 104 | 82 | 26.5% | 185 | 159 | 16.1% | 303 | 278 |
| Adjusted operating profit per tonne, kSEK | 1.9 | 2.9 | -1.0 | 1.8 | 2.9 | -1.1 | 1.8 | 2.3 |
| Capital employed | 3,441 | 2,485 | 956 | 3,441 | 2,485 | 956 | 3,441 | 3,971 |
| Return on capital employed, % | - | - | - | - | - | - | 9.5 | 10.2 |
10 GRÄNGES AB (PUBL) HALF-YEAR REPORT, 2025
Gränges Europe
- Share gains compensated for soft demand in several markets
- Operational issues affected deliveries and hampered growth
- Currency headwinds and metal timing weighed on operating profit
Gränges Europe experienced soft market conditions in the second quarter 2025 and the growth compared to last year was a result of continued market share gains. Still, operational issues affected the deliveries in the quarter postponing some shipments to the third quarter. Sales to automotive customers remained stable as soft market demand was offset by market share gains and new business to electric vehicles. Sales to Other niches remained stable during the quarter, while sales to specialty packaging customers increased by 14 percent. Total sales volume in the second quarter increased by 1 percent to 46.7 ktonnes (46.4). Total net sales decreased by 1 percent to SEK 2,100 million (2,126). The negative impact from a lower average fabrication price was offset by higher sales volume. Changes in foreign exchange rates had a net negative effect on total net sales of SEK 44 million.
During the period January–June 2025, total sales volume increased by 2 percent to 93.2 ktonnes (91.0) while total net sales increased to SEK 4,333 million (4,048).
Adjusted operating profit for the second quarter 2025 decreased to SEK 74 million (94). Changes in foreign exchange rates had a net negative effect of SEK 12 million compared with the second quarter previous year. Improved cost productivity partly offset a lower average fabrication price, higher cost for aluminium scrap and timing effects on metal premiums. The latter an indirect result of the new US import tariffs on aluminium. The adjusted operating profit per tonne was 1.6 kSEK (2.0).
During the period January–June 2025, the adjusted operating profit decreased to SEK 121 million (136). By June 30, 2025, the return on capital employed was 5.7 percent on a rolling 12-months basis (6.3 percent on December 31, 2024).
| Financial summary | Q2 | Jan– Jun | 12 months rolling |
Full year | ||||
|---|---|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | Jul 2024– Jun 2025 |
2024 | ||
| Total sales volume, ktonnes | 46.7 | 46.4 | 0.7% | 93.2 | 91.0 | 2.4% | 176.2 | 174.0 |
| Total net sales | 2,100 | 2,126 | -1.2% | 4,333 | 4,048 | 7.0% | 8,277 | 7,992 |
| Adjusted operating profit | 74 | 94 | -21.2% | 121 | 136 | -11.2% | 338 | 353 |
| Adjusted operating profit per tonne, kSEK | 1.6 | 2.0 | -0.4 | 1.3 | 1.5 | -0.2 | 1.9 | 2.0 |
| Capital employed | 6,210 | 5,583 | 627 | 6,210 | 5,583 | 627 | 6,210 | 6,090 |
| Return on capital employed, % | - | - | - | - | - | - | 5.7 | 6.3 |
Sustainability
- Record-high recycling volume in the quarter and in the last 12 months
- All-time-low carbon intensity for both scope 1+2 and scope 3 in the quarter
- Gränges recognized as one of Europe's Climate Leaders
Emissions and climate impact
In the second quarter 2025, Gränges' total carbon emissions intensity (scope 1+2+3) decreased by 2 percent to 6.9 tonnes CO2e/tonne (7.0). Scope 1+2 intensity decreased by 4 percent to record-low 0.60 tonnes CO2e/tonne (0.62), mainly as a result of higher production volumes. Scope 3 intensity decreased by 2 percent to all-time-low 6.3 tonnes CO2e/ tonne (6.4) compared to the same quarter previous year, mainly driven by a higher share of low-carbon primary aluminium in all business areas.
On June 30, 2025, the total carbon emissions intensity was 7.5 tonnes CO2e/tonne (7.6) on a rolling 12-months basis, a reduction of 34 percent compared to baseline 2017.
Recycling and circularity
In the second quarter 2025, the recycling volume increased by 4 ktonnes compared to the same quarter previous year and reached an all-time-high level of 67 ktonnes (63). The strong performance was driven by stable access to scrap, product and operational improvements, and strong recycling partnerships in all business areas. The share of recycled aluminium decreased somewhat to 46 percent (47) of total sourced metal inputs driven by a slightly higher share of primary aluminium.
On June 30, 2025, the total recycling volume increased by 10 percent to a new record level of 256 ktonnes (232) on a rolling 12-months basis, corresponding to 5.5 times the volume in baseline 2017.
Carbon emissions intensity1,3 Share of sourced recycled aluminium2,3
1 Quarterly data may be adjusted in the year-end report when annual emission factors have been confirmed. Scope 2 data is calculated with a market-based approach. Baseline 2017 is recalculated to include the production facility in Konin for carbon emissions intensity data. 2 Baseline 2017 does not include Gränges' production facility in Konin.
3 The acquired facility in Shandong, China, is not included in the sustainability data. The facility will be included in the year-end report 2025.
SUSTAINABILITY
| Sustainability performance |
Q2 | Jan– Jun | 12 months rolling |
Full year | Baseline | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | Jul 2024– Jun 2025 |
2024 | 2017 | |||||
| Total carbon emissions intensity (scope 1+2+3), tonnes CO2 e/tonne1, 2 |
6.9 | 7.0 | -2% | 7.2 | 7.2 | 1% | 7.5 | 7.5 | 0% | 11.4 | -34% |
| Carbon emissions intensity (scope 1+2), tonnes CO2 e/tonne1, 2 |
0.60 | 0.62 | -4% | 0.60 | 0.65 | -8% | 0.61 | 0.64 | -4% | 0.96 | -36% |
| Carbon emissions intensity (scope 3), tonnes CO2 e/tonne1, 2 |
6.3 | 6.4 | -2% | 6.6 | 6.5 | 1% | 6.9 | 6.9 | 0% | 10.5 | -34% |
| Sourced recycled aluminium, ktonnes2 |
67 | 63 | 6% | 129 | 122 | 6% | 256 | 249 | 3% | 47 | 449% |
| Sourced recycled aluminium, %2 | 46.1 | 46.6 | -0.5 ppt | 44.8 | 46.0 | -1.2 ppt | 45.6 | 46.2 | -0.6 ppt | 11.5 | 34.1 ppt |
1 Quarterly data may be adjusted in the year-end report when annual emission factors have been confirmed.
Scope 2 data is calculated with a market-based approach.
2 The acquired facility in Shandong, China, is not included in the sustainability data. The facility will be included in the year-end report 2025.
SUSTAINABILITY Gränges among Europe's Climate Leaders – for the third year
Gränges has for the third consecutive year been named one of Europe's Climate Leaders by the Financial Times and Statista. The annual ranking identifies European companies that have significantly reduced their greenhouse gas emissions and provided transparency in their sustainability reporting. This recognition underscores Gränges' ongoing commitment to sustainable development and its ambitious climate targets.
Being recognized as a Climate Leader again shows that our emissions reductions and transparency efforts are paying off. It strengthens trust in Gränges among stakeholders and encourages us to continue driving meaningful change towards a more sustainable aluminium industry.
Sofia Hedevåg SVP Sustainability
Significant events during the period
- Gränges named one of Europe's climate leaders for the third consecutive year by the Financial Times and Statista.
- Gränges announced changes in Group Management as the SVP Sustainability decided to pursue new opportunities outside the company.
Significant events after the period
No significant events have occurred after the period.
The share and owners
The share capital in Gränges amounts to SEK 142 million split on 106,308,618 shares, each with a quota value of SEK 1.339775. Gränges has only one class of shares. The number of known shareholders in Gränges was 13,141 on June 30, 2025, according to Euroclear.
Largest shareholders in Gränges, June 30, 2025¹
| Share of | |||
|---|---|---|---|
| Shareholder | Number of shares |
capital and votes % |
|
| Fourth Swedish National Pension Fund | 9,600,424 | 9.0 | |
| AFA Insurance | 7,472,147 | 7.0 | |
| Handelsbanken Funds | 6,232,634 | 5.9 | |
| Kgh LTD | 5,520,000 | 5.2 | |
| First Swedish National Pension Fund | 5,300,000 | 5.0 | |
| Dimensional Fund Advisors | 4,791,570 | 4.5 | |
| Vanguard | 4,194,209 | 4.0 | |
| Swedbank Robur Funds | 3,870,000 | 3.6 | |
| Unionen | 3,380,302 | 3.2 | |
| Fidelity Investments (FMR) | 2,634,933 | 2.5 | |
| Total 10 largest shareholders | 52,996,219 | 49.9 | |
| Other | 53,312,399 | 50.1 | |
| Total | 106,308,618 | 100.0 |
1 Source: Modular Finance
Annual General Meeting 2025
Gränges AB held its Annual General Meeting (AGM) on May 12, 2025. The General Meeting re-elected Fredrik Arp, Steven Armstrong, Mats Backman, Mikael Bratt, Martina Buchhauser, Cecilia Daun Wennborg and Gunilla Saltin as board members, and re-elected Fredrik Arp as Chair of the Board.
The meeting resolved, in accordance with the Board's proposal:
- on a dividend of SEK 3.20 per share, to be divided into two payments of SEK 1.60 in May and November 2025, with remaining profits carried forward
- on the introduction of a long-term incentive program, LTI 2025, for senior executives which will run for approximately three years
- to authorize the Board to decide on the issuance of new shares and/or convertible bonds up to a maximum of 10 percent of the total number of shares
- to authorize the Board to acquire and/or transfer own shares.
More information on the resolutions on the AGM can be found at www.granges.com
Risks and uncertainties
As a global group with operations in different parts of the world, Gränges is exposed to various risks and uncertainties such as raw material price risk, market risk, operational and legal risk, as well as financial risks related to foreign exchange rates, interest rates, liquidity and refinancing. Gränges' risk management process aims to identify, assess and reduce risks related to the Group's business and operations. More information about risk management is available on pages 50–57 in Gränges Annual and Sustainability Report 2024.
Seasonal variations
Gränges' customers are found in the automotive industry, the HVAC industry, the packaging industry, as well as in many other niche markets. Gränges' sales to the automotive industry are highly correlated with the production of light vehicles. Sales to the HVAC industry are impacted by factors such as construction investments, new regulations for energy efficiency and climate impact, and it is usually higher during the summer period driven by a seasonally higher demand for cooling systems. Sales to the packaging and other industries are fairly stable throughout the year. Major annual maintenance work in Gränges' production facilities mainly occurs in the fourth quarter. Overall, the fourth quarter is usually the weakest quarter and the second quarter usually the strongest quarter of the year.
Stockholm, July 11, 2025
Jörgen Rosengren President and CEO
SIGNATURES OF THE BOARD
The Board of Directors and the President and CEO declare that the half-year report gives a true and fair view of the performance of the business, financial position and result of operations of the parent company and the Group, and describes the principal risks and uncertainties that the parent company and its subsidiaries are facing.
Stockholm, July 11, 2025
Fredrik Arp Chairman of the Board
Jörgen Rosengren President and CEO
Steven Armstrong Member of the Board
Mats Backman Member of the Board
Mikael Bratt Member of the Board
Martina Buchhauser Member of the Board Cecilia Daun Wennborg Member of the Board
Gunilla Saltin Member of the Board
Emma Hansen Lamprecht Member of the Board
Tobias Johansson Member of the Board
This half-year report has not been reviewed by the auditors of the company.
FINANCIAL & SUSTAINABILITY STATEMENTS Financial & sustainability statements
16 GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2025
Consolidated income statement (condensed)
| SEK million | Note | Apr– Jun 2025 |
Apr–Jun 2024 |
Jan– Jun 2025 |
Jan– Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|---|
| Net sales | 2 | 6,974 | 6,145 | 14,206 | 11,573 | 23,506 |
| Cost of materials | -4,943 | -4,034 | -10,013 | -7,546 | -15,490 | |
| Payroll and other operating expenses | -1,385 | -1,428 | -2,913 | -2,784 | -5,586 | |
| Depreciation, amortization and impairment charges | -210 | -211 | -436 | -415 | -859 | |
| Items affecting comparability | 5 | - | - | - | - | -48 |
| Operating profit | 436 | 471 | 844 | 827 | 1,523 | |
| Profit or loss from associates and joint ventures | 4 | -4 | -7 | -7 | -5 | -8 |
| Finance income and costs | -67 | -66 | -145 | -130 | -265 | |
| Profit before tax | 364 | 399 | 692 | 692 | 1,251 | |
| Income tax | -71 | -85 | -138 | -142 | -240 | |
| Profit for the period | 293 | 314 | 554 | 551 | 1,010 | |
| Profit for the period attributable to | ||||||
| - owners of the parent company | 278 | 314 | 527 | 551 | 1,013 | |
| - non-controlling interests | 15 | 0 | 26 | 0 | -3 | |
| Earnings per share | ||||||
| Earnings per share attributable to owners of the parent company, basic, SEK | 2.62 | 2.95 | 4.96 | 5.18 | 9.53 | |
| Earnings per share attributable to owners of the parent company, diluted, SEK | 2.62 | 2.94 | 4.95 | 5.16 | 9.51 |
Consolidated statement of comprehensive income (condensed)
| SEK million | Apr – Jun 2025 |
Apr – Jun 2024 |
Jan– Jun 2025 |
Jan–Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|
| Profit for the period | 293 | 314 | 554 | 551 | 1,010 |
| Items not to be reclassified to profit/loss in subsequent periods | |||||
| Remeasurement of pensions after tax | 0 | 8 | 0 | 8 | 11 |
| Items to be reclassified to profit/loss in subsequent periods | |||||
| Change in hedging reserve after tax | -37 | -11 | 37 | -90 | -127 |
| Translation effects | -301 | -77 | -1,055 | 363 | 648 |
| Comprehensive income for the period | -45 | 234 | -464 | 832 | 1,543 |
| Comprehensive income for the period attributable to | |||||
| – owners of the parent company | -33 | 234 | -401 | 832 | 1,540 |
| – non-controlling interests | -12 | 0 | -62 | 0 | 3 |
Consolidated balance sheet (condensed)
| SEK million | Note | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 1,383 | 1,507 | 1,514 | |
| Property, plant and equipment | 8,580 | 8,135 | 9,417 | |
| Right-of-use assets | 275 | 246 | 316 | |
| Deferred tax assets | 67 | 45 | 70 | |
| Investments in associates and joint ventures | 4 | 199 | 229 | 234 |
| Interest-bearing receivables | 0 | 0 | 0 | |
| Other non-current receivables | 3 | 162 | 189 | 218 |
| Non-current assets | 10,667 | 10,352 | 11,769 | |
| Inventories | 4,908 | 3,885 | 5,129 | |
| Receivables | 3 | 3,962 | 3,379 | 3,648 |
| Interest-bearing receivables | 3 | 2 | 1 | 0 |
| Cash and cash equivalents | 796 | 920 | 850 | |
| Current assets | 9,669 | 8,186 | 9,627 | |
| TOTAL ASSETS | 20,336 | 18,538 | 21,396 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 10,044 | 9,347 | 10,838 | |
| Interest-bearing liabilities | 3 | 2,381 | 2,514 | 1,866 |
| Provisions and other non-current liabilities | 3 | 918 | 1,018 | 1,015 |
| Non-current liabilities | 3,299 | 3,532 | 2,881 | |
| Interest-bearing liabilities | 3 | 2,710 | 1,704 | 3,611 |
| Provisions and other current liabilities | 3 | 4,283 | 3,955 | 4,066 |
| Current liabilities | 6,993 | 5,659 | 7,677 | |
| TOTAL EQUITY AND LIABILITIES | 20,336 | 18,538 | 21,396 |
Consolidated changes in equity (condensed)
| SEK million | Note | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| Opening balance | 10,838 | 8,809 | 8,809 | |
| Profit for the period | 554 | 551 | 1,010 | |
| Other comprehensive income for the period | -1,018 | 281 | 533 | |
| Total comprehensive income for the period | -464 | 832 | 1,543 | |
| Dividend | -340 | -319 | -319 | |
| Share swap | 10 | 29 | 50 | |
| Received warrant premiums | - | - | 9 | |
| Exercise of call options | -1 | -3 | -6 | |
| Total transactions with owners of the parent company | -331 | -294 | -266 | |
| Directed share issue | - | - | 752 | |
| Total transactions with non-controlling interests | - | - | 752 | |
| Closing balance | 10,044 | 9,347 | 10,838 | |
| Equity attributable to | ||||
| – owners of the parent company | 9,509 | 9,346 | 10,242 | |
| – non-controlling interests | 534 | 2 | 597 |
Consolidated statement of cash flows (condensed)
| SEK million Note |
Apr – Jun 2025 |
Apr – Jun 2024 |
Jan– Jun 2025 |
Jan–Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|
| Operating profit | 436 | 471 | 844 | 827 | 1,523 |
| Depreciation, amortization and impairment charges | 210 | 211 | 436 | 415 | 876 |
| Change in working capital etc. | -62 | -47 | -435 | -426 | -1,557 |
| Income taxes paid | -107 | -161 | -132 | -190 | -352 |
| Cash flow from operating activities | 477 | 474 | 713 | 626 | 489 |
| Investments in property, plant, equipment and intangible assets | -138 | -337 | -379 | -528 | -1,325 |
| Acquisition | - | - | - | - | -752 |
| Divestments | 0 | 0 | 0 | 0 | 0 |
| Cash flow from investing activities | -138 | -337 | -378 | -527 | -2,076 |
| Dividend | -170 | -159 | -170 | -159 | -319 |
| Share swap | 7 | 27 | 10 | 29 | 50 |
| Received warrant premiums | - | - | - | - | 9 |
| Exercise of call options | -1 | -3 | -1 | -3 | -6 |
| Directed share issue | - | - | - | - | 752 |
| Interest paid and received | -65 | -65 | -129 | -130 | -257 |
| New loans | 1,510 | 1,617 | 3,323 | 3,843 | 7,571 |
| Repayment of loans | -1,642 | -1,323 | -3,330 | -3,241 | -5,887 |
| Cash flow from financing activities | -360 | 93 | -296 | 337 | 1,913 |
| Cash flow for the period | -21 | 231 | 38 | 436 | 326 |
| Cash and cash equivalents at beginning of period | 851 | 695 | 850 | 461 | 461 |
| Cash flow for the period | -21 | 231 | 38 | 436 | 326 |
| Exchange rate differences in cash and cash equivalents | -33 | -5 | -92 | 24 | 63 |
| Cash and cash equivalents at end of period | 796 | 920 | 796 | 920 | 850 |
Parent company income statement (condensed)
| SEK million | Apr – Jun 2025 |
Apr – Jun 2024 |
Jan– Jun 2025 |
Jan–Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|
| Net sales | 30 | 31 | 62 | 61 | 174 |
| Payroll and other operating expenses | -67 | -32 | -165 | -89 | -231 |
| Depreciation, amortization and impairment charges | 0 | 0 | 0 | 0 | 0 |
| Operating profit/loss | -36 | -1 | -103 | -28 | -58 |
| Dividends from subsidiaries | - | - | - | - | 55 |
| Finance income and costs | 9 | 13 | 16 | 42 | 61 |
| Profit/loss after financial items | -27 | 13 | -87 | 14 | 58 |
| Income tax | 7 | 3 | 14 | -4 | 1 |
| Profit/loss for the period | -20 | 16 | -74 | 10 | 59 |
Parent company balance sheet (condensed)
| SEK million | Note | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Property, plant and equipment | 0 | 0 | 0 | |
| Shares in Group companies | 4,418 | 3,768 | 3,768 | |
| Deferred tax assets | 67 | 52 | 52 | |
| Interest-bearing receivables | - | - | 3 | |
| Receivables from Group companies | 750 | 1,067 | 1,181 | |
| Other non-current receivables | 153 | 175 | 204 | |
| Non-current assets | 5,389 | 5,061 | 5,209 | |
| Receivables from Group companies | 2,337 | 2,176 | 2,298 | |
| Other receivables | 210 | 88 | 62 | |
| Cash and cash equivalents | 359 | 434 | 135 | |
| Current assets | 2,907 | 2,698 | 2,496 | |
| TOTAL ASSETS | 8,296 | 7,759 | 7,705 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 3,555 | 3,883 | 3,960 | |
| Interest-bearing liabilities | 2,108 | 2,318 | 1,618 | |
| Provisions and other non-current liabilities | 47 | 47 | 47 | |
| Non-current liabilities | 2,154 | 2,365 | 1,665 | |
| Liabilities to Group companies | 572 | 362 | 148 | |
| Interest-bearing liabilities | 1,709 | 850 | 1,794 | |
| Provisions and other current liabilities | 305 | 298 | 138 | |
| Current liabilities | 2,586 | 1,511 | 2,080 | |
| TOTAL EQUITY AND LIABILITIES | 8,296 | 7,759 | 7,705 |
Notes
Note 1 Accounting principles
The Gränges Group applies International Financial Reporting Standards (IFRS) as endorsed by the EU. The accounting principles adopted are consistent with those described in the Annual Report for Gränges AB (publ) 2024 with the exception for updated disclosure on operating segments.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Reporting for Legal Entities.
New standards, amendments and interpretations effective from January 1, 2025, or later have not had any material impact on this financial report. Gränges is currently evaluating how the, by IASB, issued IFRS 18 Presentation and Disclosures in Financial Statements standard will impact the financial report. The standard will be applicable for reporting periods starting from January 1, 2027, and onwards.
The interim information on pages 2–23 is an integrated part of these financial statements.
Note 2 Revenue from contracts with customers
Gränges' revenue is generated through sale of material that is produced for a certain customer and application. Revenue is recognized at the point in time when control is transferred to the customer. The transaction price for Gränges' products is based on the added value Gränges offers in terms of material properties and production complexity (fabrication price), and
Operating segments
From 2025 Gränges has a new business area structure and has from the first quarter reporting revised its operating segments. While Gränges Americas remains unchanged, the former segment Gränges Eurasia has been divided into two separate segments. As a result, the Group reports three operating segments: Gränges Americas, Gränges Asia, and Gränges Europe. This updated segmentation reflects Gränges' internal organizational and management structure and aligns with the financial information regularly reviewed by the President and CEO, who acts as the Group's chief operating decision maker. The segment structure is market-based, with operations grouped by geographical areas. As before, Group functions and items not directly attributable to any of the operating segments are reported under Other and eliminations.
the price of the raw material, aluminium. The fabrication price is to a large extent pre-defined while the aluminium price is variable and based on metal price clauses connected to the market price.
The table below shows Gränges' net sales by business area divided by type of revenue.
| SEK million | Apr – Jun 2025 |
Apr – Jun 2024 |
Jan– Jun 2025 |
Jan–Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|
| Net sales by business area | |||||
| Gränges Americas | |||||
| Fabrication revenue | 1,193 | 1,259 | 2,498 | 2,404 | 4,718 |
| Raw material and other revenue | 1,940 | 1,756 | 3,941 | 3,263 | 6,691 |
| Revenue from contracts with customers | 3,132 | 3,015 | 6,439 | 5,667 | 11,409 |
| Other revenue | 2 | 1 | 3 | 3 | 5 |
| Total net sales Gränges Americas | 3,134 | 3,016 | 6,442 | 5,670 | 11,414 |
| Gränges Asia | |||||
| Fabrication revenue | 509 | 423 | 1,035 | 845 | 1,694 |
| Raw material and other revenue | 1,407 | 822 | 2,776 | 1,528 | 3,408 |
| Revenue from contracts with customers | 1,917 | 1,245 | 3,812 | 2,372 | 5,102 |
| Other revenue | 6 | 1 | 26 | 1 | 3 |
| Total net sales Gränges Asia | 1,922 | 1,246 | 3,838 | 2,374 | 5,104 |
| Gränges Europe | |||||
| Fabrication revenue | 848 | 906 | 1,764 | 1,744 | 3,404 |
| Raw material and other revenue | 1,244 | 1,208 | 2,551 | 2,287 | 4,552 |
| Revenue from contracts with customers | 2,092 | 2,114 | 4,315 | 4,031 | 7,956 |
| Other revenue | 8 | 11 | 18 | 17 | 35 |
| Total net sales Gränges Europe | 2,100 | 2,126 | 4,333 | 4,048 | 7,992 |
FINANCIAL & SUSTAINABILITY STATEMENTS
…continued from previous page.
| SEK million | Apr –Jun 2025 |
Apr– Jun 2024 |
Jan– Jun 2025 |
Jan– Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|
| Other and eliminations | |||||
| Fabrication revenue | -102 | -145 | -225 | -315 | -587 |
| Raw material and other revenue | -81 | -98 | -181 | -203 | -418 |
| Revenue from contracts with customers | -183 | -243 | -406 | -518 | -1,005 |
| Other revenue | - | - | - | - | - |
| Total net sales other and eliminations | -183 | -243 | -406 | -518 | -1,005 |
| Total fabrication revenue | 2,449 | 2,443 | 5,072 | 4,677 | 9,230 |
| Total raw material and other revenue | 4,509 | 3,688 | 9,087 | 6,874 | 14,233 |
| Total revenue from contracts with customers | 6,958 | 6,131 | 14,160 | 11,552 | 23,462 |
| Total other revenue | 16 | 14 | 47 | 21 | 43 |
| Total net sales | 6,974 | 6,145 | 14,206 | 11,573 | 23,506 |
Note 3 Financial instruments
The Group's financial assets consist of lending, accounts receivable, cash and cash equivalents as well as derivatives. The Group's financial liabilities consist of borrowings and accounts payable as well as derivatives. The table below shows the fair value of the derivatives (foreign exchange, aluminium and interest rate derivatives) included in the balance sheet.
| SEK million | 30 Jun 2025 | 30 Jun 2024 | 31 Dec 2024 |
|---|---|---|---|
| Non-current assets | 154 | 179 | 208 |
| Current assets | 251 | 104 | 117 |
| Non-current liabilities | 53 | 53 | 60 |
| Current liabilities | 166 | 161 | 156 |
All derivatives are measured at fair value and classified as Level 2, meaning the significant inputs required for measurement are observable. The fair value of foreign exchange derivatives is calculated by discounting the difference between the contracted forward rate and the forward rate available on the balance sheet date for the remaining contract term. Aluminium derivatives are measured using observable quoted prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) for comparable assets and liabilities. Interest rate derivatives are measured using forward rates derived from observable interest rate curves and by discounting the contractual cash flows.
Gränges' interest-bearing liabilities consist of financing from banks, credit institutions, and the credit market.
As of June 30 2025, the outstanding term loans from banks and credit institutions amounted to USD 90 million and SEK 400 million, of which USD 90 million and SEK 200 million are sustainability-linked. Gränges' SEK 3,000 million sustainability-linked Revolving Credit Facility remained undrawn at
the end of the period.
Financing from the credit market includes a sustainability-linked bond of SEK 600 million and a green bond of SEK 600 million, both issued under Gränges MTN program. Gränges has also issued commercial papers, with an outstanding volume of SEK 1,308 million.
Other interest-bearing liabilities include working capital loans of CNY 750 million, whereof CNY 700 million were short-term.
The majority of loan facilities from banks and credit institutions include customary financial covenants, such as Net Debt to EBITDA ratio and Interest Coverage Ratio.
Interest-bearing liabilities are measured at amortized cost and the carrying amount as of June 30, 2025, was SEK 5,091 million (SEK 5,477 million as of December 31, 2024). The fair value of interest-bearing liabilities amounted to SEK 5,100 million as of June 30, 2025 (SEK 5,487 million as of December 31, 2024). For other receivables and liabilities, which are short-term, the carrying amount is considered to reflect the fair value.
| Year | |||||
|---|---|---|---|---|---|
| SEK million | Limit/Program | < 1 | 1 –2 | > 2 | Total |
| Term loans | |||||
| SEK | 200 | 200 | - | 400 | |
| USD | 190 | - | 665 | 855 | |
| Bonds in MTN program | 3,000 | - | 600 | 600 | 1,200 |
| Commercial papers | 2,000 | 1,308 | - | - | 1,308 |
| Revolving Credit Facilities | 3,000 | - | - | - | - |
| Lease liabilities | 66 | 55 | 168 | 289 | |
| Other interest-bearing liabilities | 946 | 66 | 27 | 1,039 | |
| Total interest-bearing liabilities | 2,710 | 921 | 1,460 | 5,091 |
FINANCIAL & SUSTAINABILITY STATEMENTS
Note 4 Related party transactions
No changes have been made to the Group or parent company in relations or transactions with related parties, compared to what is described in the 2024 Annual Report. During the period there have been no significant transactions with related parties.
Note 5 Items affecting comparability
| SEK million | Financial statement line | Apr –Jun 2025 |
Apr – Jun 2024 |
Jan– Jun 2025 |
Jan–Jun 2024 |
Jan–Dec 2024 |
|---|---|---|---|---|---|---|
| Onboarding costs Shandong | Items affecting comparability | - | - | - | - | -31 |
| Write-downs of tangible assets | Items affecting comparability | - | - | - | - | -17 |
| Items affecting comparability | - | - | - | - | -48 |
There are no items affecting comparability in the first half year of 2025. Following the acquisition of Shandong in the fourth quarter 2024 integration and start-up costs totaling SEK 31 million were incurred. These costs were considered items affecting comparability and were excluded from the adjusted operating profit.
Additionally, during the fourth quarter last year, impairments of fixed assets amounting to SEK 17 million were recognized. These related to production equipment that had been taken out of use, and the write-downs were also considered items affecting comparability.
Consolidated quarterly data
| 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Sales volume, ktonnes | 159.1 | 151.6 | 130.3 | 122.7 | 130.9 | 122.0 | 107.7 | 114.9 |
| Income statement | ||||||||
| Net sales | 6,974 | 7,233 | 6,184 | 5,750 | 6,145 | 5,428 | 4,967 | 5,575 |
| Adjusted EBITDA¹ | 645 | 634 | 557 | 631 | 682 | 560 | 451 | 690 |
| Adjusted operating profit¹ | 436 | 409 | 324 | 420 | 471 | 356 | 245 | 439 |
| Operating profit | 436 | 409 | 276 | 420 | 471 | 356 | 245 | 479 |
| Profit for the period | 293 | 261 | 175 | 285 | 314 | 237 | 108 | 332 |
| Adjusted operating profit per tonne, kSEK |
2.7 | 2.7 | 2.5 | 3.4 | 3.6 | 2.9 | 2.3 | 3.8 |
| Balance sheet | ||||||||
| Non-current assets | 10,667 | 11,050 | 11,769 | 10,319 | 10,352 | 10,274 | 9,808 | 9,626 |
| Current assets | 9,669 | 10,245 | 9,627 | 8,407 | 8,186 | 7,754 | 6,880 | 7,433 |
| Equity | 10,044 | 10,422 | 10,838 | 9,415 | 9,347 | 9,409 | 8,809 | 8,971 |
| Non-current liabilities | 3,299 | 3,376 | 2,881 | 3,414 | 3,532 | 3,535 | 3,395 | 3,915 |
| Current liabilities | 6,993 | 7,496 | 7,677 | 5,896 | 5,659 | 5,083 | 4,483 | 4,172 |
| Capital employed | 14,577 | 15,146 | 15,709 | 12,758 | 12,892 | 12,871 | 12,043 | 12,373 |
| Financial net debt | 4,004 | 4,168 | 4,292 | 2,839 | 3,031 | 2,964 | 2,741 | 2,916 |
| Cash flow | ||||||||
| Operating activities | 477 | 236 | -730 | 593 | 474 | 152 | 925 | 1,199 |
| Investing activities | -138 | -240 | -1,150 | -399 | -337 | -191 | -774 | -227 |
| Financing activities | -360 | 64 | 1,507 | 69 | 93 | 244 | -307 | -1,310 |
| Cash flow for the period | -21 | 60 | -373 | 263 | 231 | 205 | -155 | -338 |
| Operating cash flow | 445 | 21 | -1,048 | 275 | 298 | -9 | 406 | 1,035 |
| Cash conversion | 69 | 3 | -188 | 44 | 44 | -2 | 90 | 150 |
| Data per share, SEK² | ||||||||
| Earnings per share3 basic | 2.62 | 2.34 | 1.67 | 2.68 | 2.95 | 2.23 | 1.01 | 3.13 |
| Earnings per share3 diluted | 2.62 | 2.34 | 1.67 | 2.67 | 2.94 | 2.23 | 1.01 | 3.12 |
| Equity | 94.40 | 97.87 | 101.82 | 88.43 | 87.69 | 88.40 | 82.72 | 84.22 |
| Operating cash flow | 4.19 | 0.20 | -9.84 | 2.59 | 2.80 | -0.09 | 3.82 | 9.71 |
| Share price at the end of the period | 121.30 | 113.90 | 131.70 | 121.80 | 136.00 | 115.80 | 116.00 | 103.00 |
| Weighted outstanding ordinary shares, basic in thousands |
106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 |
| Weighted outstanding ordinary shares, diluted in thousands |
106,391.0 | 106,491.6 | 106,446.9 | 106,473.3 | 106,595.9 | 106,445.0 | 106,493.1 | 106,527.0 |
1 Adjusted for items affecting comparability, see Note 5 for further information.
2 Calculated on weighted outstanding ordinary shares, diluted.
3 Calculated on profit attributable to the owners of the parent company.
Consolidated quarterly data
| Sales volume by business area, ktonnes |
Q2 | Q1 | Q4 | |||||
|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | ||||
| Gränges Americas | 60.6 | 60.5 | 54.5 | 58.9 | 60.5 | 56.0 | 46.6 | 57.3 |
| Gränges Asia | 55.4 | 48.6 | 38.7 | 26.6 | 28.6 | 26.9 | 27.4 | 24.7 |
| Gränges Europe | 46.7 | 46.5 | 41.1 | 41.9 | 46.4 | 44.7 | 38.0 | 37.8 |
| Other and eliminations | -3.6 | -4.0 | -3.9 | -4.6 | -4.6 | -5.6 | -4.3 | -4.9 |
| Total | 159.1 | 151.6 | 130.3 | 122.7 | 130.9 | 122.0 | 107.7 | 114.9 |
| Sales volume by market, ktonnes | ||||||||
| Automotive | 59.5 | 57.2 | 52.3 | 46.7 | 51.8 | 50.7 | 50.0 | 49.3 |
| HVAC | 27.7 | 25.4 | 19.9 | 25.3 | 24.5 | 21.6 | 15.6 | 21.7 |
| Specialty packaging | 21.2 | 23.0 | 22.3 | 21.5 | 21.6 | 22.2 | 19.1 | 20.9 |
| Other niches | 50.8 | 46.1 | 35.8 | 29.2 | 33.0 | 27.5 | 22.9 | 22.9 |
| Total | 159.1 | 151.6 | 130.3 | 122.7 | 130.9 | 122.0 | 107.7 | 114.9 |
| Net sales by business area, SEK million |
||||||||
| Gränges Americas | 3,134 | 3,308 | 2,839 | 2,906 | 3,016 | 2,653 | 2,253 | 2,916 |
| Gränges Asia | 1,922 | 1,915 | 1,592 | 1,139 | 1,246 | 1,128 | 1,168 | 1,063 |
| Gränges Europe | 2,100 | 2,232 | 1,975 | 1,969 | 2,126 | 1,922 | 1,773 | 1,852 |
| Other and eliminations | -183 | -223 | -222 | -265 | -243 | -275 | -227 | -256 |
| Total | 6,974 | 7,233 | 6,184 | 5,750 | 6,145 | 5,428 | 4,967 | 5,575 |
| Employees | ||||||||
| Average number of employees | 3,456 | 3,425 | 3,407 | 2,773 | 2,769 | 2,755 | 2,769 | 2,735 |
Sustainability1
| Total carbon emissions intensity (scope 1+2+3), tonnes CO2 e/tonne |
6.9 | 7.6 | 7.8 | 7.8 | 7.0 | 7.4 | 8.5 | 8.0 |
|---|---|---|---|---|---|---|---|---|
| Carbon emissions intensity (scope 1+2), tonnes CO2 e/tonne |
0.60 | 0.61 | 0.62 | 0.63 | 0.62 | 0.68 | 0.65 | 0.67 |
| Carbon emissions intensity (scope 3), tonnes CO2 e/tonne |
6.3 | 7.0 | 7.2 | 7.1 | 6.4 | 6.7 | 7.8 | 7.3 |
| Sourced recycled aluminium, ktonnes |
67 | 63 | 63 | 63 | 63 | 59 | 55 | 55 |
| Sourced recycled aluminium, % | 46.1 | 43.5 | 45.4 | 47.4 | 46.6 | 45.5 | 43.6 | 44.4 |
1 Quarterly data may be adjusted in the year-end report when annual emission factors have been confirmed. Scope 2 data is calculated with a market-based approach. The acquired facility in Shandong, China, is not included in the sustainability data.
The facility will be included in the year-end report 2025.
| Automotive | HVAC | Specialty packaging | Other niches | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sales volume, ktonnes | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 | Q2 2025 | Q2 2024 |
| Gränges Americas | 7.1 | 8.1 | 27.7 | 24.5 | 15.8 | 16.9 | 10.0 | 10.9 | 60.6 | 60.5 |
| Gränges Asia | 30.4 | 22.8 | - | - | - | - | 25.0 | 5.8 | 55.4 | 28.6 |
| Gränges Europe | 25.1 | 25.1 | - | - | 5.3 | 4.7 | 16.3 | 16.6 | 46.7 | 46.4 |
| Other and eliminations | -3.2 | -4.3 | - | - | - | - | -0.4 | -0.3 | -3.6 | -4.6 |
| Total | 59.5 | 51.8 | 27.7 | 24.5 | 21.2 | 21.6 | 50.8 | 33.0 | 159.1 | 130.9 |
Consolidated 12-month rolling data
| 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| SEK million | Jul 2024– Jun 2025 |
Apr 2024– Mar 2025 |
Jan 2024– Dec 2024 |
Oct 2023– Sep 2024 |
Jul 2023– Jun 2024 |
Apr 2023– Mar 2024 |
Jan 2023– Dec 2023 |
Oct 2022– Sep 2023 |
| Sales volume, ktonnes | 563.7 | 535.5 | 505.8 | 483.2 | 475.4 | 465.1 | 463.2 | 465.8 |
| Income statement | ||||||||
| Net sales | 26,140 | 25,311 | 23,506 | 22,290 | 22,115 | 21,978 | 22,518 | 22,917 |
| Adjusted EBITDA¹ | 2,467 | 2,504 | 2,430 | 2,325 | 2,383 | 2,356 | 2,389 | 2,281 |
| Adjusted operating profit¹ | 1,588 | 1,624 | 1,571 | 1,492 | 1,512 | 1,491 | 1,536 | 1,443 |
| Operating profit | 1,540 | 1,576 | 1,523 | 1,492 | 1,552 | 1,531 | 1,576 | 1,483 |
| Adjusted operating profit per tonne, kSEK |
2.8 | 3.0 | 3.1 | 3.1 | 3.2 | 3.2 | 3.3 | 3.1 |
| Capital structure and returns | ||||||||
| Capital employed² | 14,216 | 13,875 | 13,254 | 12,587 | 12,688 | 12,671 | 12,613 | 12,842 |
| Return on capital employed, % | 11.2 | 11.7 | 11.9 | 11.9 | 11.9 | 11.8 | 12.2 | 11.2 |
| Equity² | 10,013 | 9,887 | 9,564 | 9,189 | 9,086 | 8,900 | 8,660 | 8,556 |
| Return on equity, % | 10.1 | 10.5 | 10.6 | 10.3 | 10.9 | 11.2 | 11.7 | 11.1 |
| Financial net debt/Adjusted EBITDA | 1.6 | 1.7 | 1.8 | 1.2 | 1.3 | 1.3 | 1.1 | 1.3 |
| Cash flow | ||||||||
| Operating cash flow | -306 | -453 | -484 | 970 | 1,730 | 2,134 | 2,237 | 2,370 |
| Cash conversion | -12 | -18 | -20 | 42 | 73 | 91 | 94 | 104 |
1 Adjusted for items affecting comparability, see Note 5 for further information.
2 Rolling 12-month average.
Sustainability3
| Total carbon emissions intensity (scope 1+2+3), tonnes CO2 e/tonne |
7.5 | 7.5 | 7.5 | 7.6 | 7.7 | 8.0 | 8.4 | 8.5 |
|---|---|---|---|---|---|---|---|---|
| Carbon emissions intensity (scope 1+2), tonnes CO2 e/tonne |
0.61 | 0.62 | 0.64 | 0.65 | 0.66 | 0.66 | 0.66 | 0.69 |
| Carbon emissions intensity (scope 3), tonnes CO2 e/tonne |
6.9 | 6.9 | 6.9 | 7.0 | 7.0 | 7.4 | 7.8 | 7.8 |
| Sourced recycled aluminium, ktonnes |
256 | 253 | 249 | 240 | 232 | 221 | 210 | 195 |
| Sourced recycled aluminium, % | 45.6 | 45.7 | 46.2 | 45.8 | 45.0 | 43.6 | 41.6 | 39.2 |
3 Quarterly data may be adjusted in the year-end report when annual emission factors have been confirmed. Scope 2 data is calculated with a market-based approach. The acquired facility in Shandong, China, is not included in the sustainability data. The facility will be included in the year-end report 2025.
Financials per business area
| Apr – Jun 2025 | Apr –Jun 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK million | Gränges Americas |
Gränges Asia |
Gränges Europe |
Other and eliminations |
Total | Gränges Americas |
Gränges Asia |
Gränges Europe |
Other and eliminations |
Total | |
| Sales volume external, ktonnes | 60.6 | 53.9 | 44.6 | - | 159.1 | 60.5 | 26.7 | 43.6 | - | 130.9 | |
| Sales volume internal, ktonnes | - | 1.5 | 2.1 | -3.6 | 0 | - | 1.9 | 2.7 | -4.6 | 0 | |
| Total sales volume | 60.6 | 55.4 | 46.7 | -3.6 | 159.1 | 60.5 | 28.6 | 46.4 | -4.6 | 130.9 | |
| Income statement | |||||||||||
| Net sales, external | 3,134 | 1,862 | 1,977 | - | 6,974 | 3,016 | 1,156 | 1,973 | - | 6,145 | |
| Net sales, internal | - | 60 | 123 | -183 | 0 | - | 90 | 153 | -243 | 0 | |
| Total net sales | 3,134 | 1,922 | 2,100 | -183 | 6,974 | 3,016 | 1,246 | 2,126 | -243 | 6,145 | |
| Depreciation, amortization and impairment charges |
-108 | -35 | -66 | -2 | -210 | -114 | -26 | -69 | -1 | -211 | |
| Adjusted operating profit¹ | 290 | 104 | 74 | -32 | 436 | 325 | 82 | 94 | -30 | 471 | |
| Adjusted operating profit per tonne, kSEK |
4.8 | 1.9 | 1.6 | n/a | 2.7 | 5.4 | 2.9 | 2.0 | n/a | 3.6 | |
| Capital structure and returns | |||||||||||
| Capital employed | 5,565 | 3,441 | 6,210 | -639 | 14,577 | 5,578 | 2,485 | 5,583 | -754 | 12,892 | |
| Return on capital employed, % | 19.2 | 9.5 | 5.7 | n/a | 11.2 | 19.0 | 12.5 | 4.2 | n/a | 11.9 |
| Jan–Jun 2025 | Jan– Jun 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK million | Gränges Americas |
Gränges Asia |
Gränges Europe |
Other and eliminations |
Total | Gränges Americas |
Gränges Asia |
Gränges Europe |
Other and eliminations |
Total |
| Sales volume external, ktonnes | 121.1 | 100.8 | 88.9 | - | 310.8 | 116.6 | 50.8 | 85.5 | - | 252.8 |
| Sales volume internal, ktonnes | - | 3.2 | 4.3 | -7.6 | 0 | - | 4.6 | 5.6 | -10.2 | 0 |
| Total sales volume | 121.1 | 104.0 | 93.2 | -7.6 | 310.8 | 116.6 | 55.5 | 91.0 | -10.2 | 252.8 |
| Income statement | ||||||||||
| Net sales, external | 6,442 | 3,700 | 4,064 | - | 14,206 | 5,670 | 2,157 | 3,745 | - | 11,573 |
| Net sales, internal | - | 138 | 268 | -406 | 0 | - | 216 | 302 | -518 | 0 |
| Total net sales | 6,442 | 3,838 | 4,333 | -406 | 14,206 | 5,670 | 2,374 | 4,048 | -518 | 11,573 |
| Depreciation, amortization and impairment charges |
-229 | -74 | -130 | -3 | -436 | -226 | -54 | -133 | -2 | -415 |
| Adjusted operating profit¹ | 613 | 185 | 121 | -74 | 844 | 592 | 159 | 136 | -60 | 827 |
| Adjusted operating profit per tonne, kSEK |
5.1 | 1.8 | 1.3 | n/a | 2.7 | 5.1 | 2.9 | 1.5 | n/a | 3.3 |
1 Adjusted for items affecting comparability, see Note 5 for further information.
Financials per business area
| Gränges Americas | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Sales volume external, ktonnes | 60.6 | 60.5 | 54.5 | 58.9 | 60.5 | 56.0 | 46.6 | 57.3 |
| Sales volume internal, ktonnes | - | - | - | - | - | - | - | - |
| Total sales volume, ktonnes | 60.6 | 60.5 | 54.5 | 58.9 | 60.5 | 56.0 | 46.6 | 57.3 |
| Income statement | ||||||||
| Net sales, external | 3,134 | 3,308 | 2,839 | 2,906 | 3,016 | 2,653 | 2,253 | 2,916 |
| Net sales, internal | - | - | - | - | - | - | - | - |
| Total net sales | 3,134 | 3,308 | 2,839 | 2,906 | 3,016 | 2,653 | 2,253 | 2,916 |
| Depreciation, amortization and impairment charges |
-108 | -121 | -124 | -115 | -114 | -111 | -113 | -111 |
| Adjusted operating profit¹ | 290 | 323 | 193 | 283 | 325 | 267 | 166 | 302 |
| Adjusted operating profit per tonne, kSEK |
4.8 | 5.3 | 3.5 | 4.8 | 5.4 | 4.8 | 3.6 | 5.3 |
| Capital structure and returns | ||||||||
| Capital employed | 5,565 | 5,795 | 6,067 | 5,366 | 5,578 | 5,774 | 5,139 | 5,519 |
| Return on capital employed, % | 19.2 | 19.7 | 19.1 | 19.0 | 19.0 | 18.3 | 18.5 | 16.7 |
| Gränges Asia | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Sales volume external, ktonnes | 53.9 | 46.9 | 37.4 | 24.6 | 26.7 | 24.1 | 25.2 | 22.5 |
| Sales volume internal, ktonnes | 1.5 | 1.7 | 1.3 | 1.9 | 1.9 | 2.8 | 2.2 | 2.2 |
| Total sales volume, ktonnes | 55.4 | 48.6 | 38.7 | 26.6 | 28.6 | 26.9 | 27.4 | 24.7 |
| Income statement | ||||||||
| Net sales, external | 1,862 | 1,838 | 1,529 | 1,045 | 1,156 | 1,002 | 1,062 | 956 |
| Net sales, internal | 60 | 78 | 63 | 94 | 90 | 126 | 105 | 107 |
| Total net sales | 1,922 | 1,915 | 1,592 | 1,139 | 1,246 | 1,128 | 1,168 | 1,063 |
| Depreciation, amortization and impairment charges |
-35 | -39 | -36 | -27 | -26 | -27 | -26 | -27 |
| Adjusted operating profit¹ | 104 | 81 | 49 | 70 | 82 | 77 | 64 | 72 |
| Adjusted operating profit per tonne, kSEK |
1.9 | 1.7 | 1.3 | 2.6 | 2.9 | 2.9 | 2.3 | 2.9 |
| Capital structure and returns | ||||||||
| Capital employed | 3,441 | 3,642 | 3,971 | 2,392 | 2,485 | 2,406 | 2,332 | 2,376 |
| Return on capital employed, % | 9.5 | 9.5 | 10.2 | 12.2 | 12.5 | 11.2 | 11.4 | 11.0 |
1 Adjusted for items affecting comparability, see Note 5 for further information.
Financials per business area
| Gränges Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 2024 |
2023 | |||||||
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Sales volume external, ktonnes | 44.6 | 44.3 | 38.4 | 39.2 | 43.6 | 41.8 | 35.9 | 35.1 |
| Sales volume internal, ktonnes | 2.1 | 2.3 | 2.6 | 2.7 | 2.7 | 2.8 | 2.0 | 2.7 |
| Total sales volume, ktonnes | 46.7 | 46.5 | 41.1 | 41.9 | 46.4 | 44.7 | 38.0 | 37.8 |
| Income statement | ||||||||
| Net sales, external | 1,977 | 2,087 | 1,816 | 1,799 | 1,973 | 1,773 | 1,652 | 1,704 |
| Net sales, internal | 123 | 145 | 159 | 170 | 153 | 149 | 122 | 149 |
| Total net sales | 2,100 | 2,232 | 1,975 | 1,969 | 2,126 | 1,922 | 1,773 | 1,852 |
| Depreciation, amortization and impairment charges |
-66 | -64 | -70 | -68 | -69 | -64 | -66 | -111 |
| Adjusted operating profit¹ | 74 | 47 | 121 | 96 | 94 | 42 | 39 | 50 |
| Adjusted operating profit per tonne, kSEK |
1.6 | 1.0 | 3.0 | 2.3 | 2.0 | 0.9 | 1.0 | 1.3 |
| Capital structure and returns | ||||||||
| Capital employed | 6,210 | 6,216 | 6,090 | 5,667 | 5,583 | 5,317 | 5,145 | 5,003 |
| Return on capital employed, % | 5.7 | 6.2 | 6.3 | 5.1 | 4.2 | 5.3 | 6.2 | 5.4 |
1 Adjusted for items affecting comparability, see Note 5 for further information.
Alternative performance measures
Gränges makes use of the alternative performance measures Return on capital employed, Financial net debt/Adjusted EBIT-DA, Return on equity and Cash conversion. Gränges believes that these performance measures are useful for readers of the financial reports as a complement to other performance measures when assessing the possibility of dividends, the implementation of strategic investments, and the Group's
ability to meet financial commitments. Further, Gränges uses the alternative performance measures Adjusted operating profit, Adjusted operating profit per tonne and Adjusted EBITDA, which are measures that Gränges considers to be relevant for investors who want to understand the profit generation excluding items affecting comparability. For definitions of the measures, see page 32.
| Q2 | Jan– Jun | 12 months rolling |
Full year | |||
|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | Jul 2024 – Jun 2025 |
2024 |
| Adjusted operating profit | ||||||
| Operating profit | 436 | 471 | 844 | 827 | 1,540 | 1,523 |
| Items affecting comparability | - | - | - | - | 48 | 48 |
| Adjusted operating profit | 436 | 471 | 844 | 827 | 1,588 | 1,571 |
| Adjusted operating profit per tonne | ||||||
| Adjusted operating profit | 436 | 471 | 844 | 827 | 1,588 | 1,571 |
| Sales volume, ktonnes | 159.1 | 130.9 | 310.8 | 252.8 | 563.7 | 505.8 |
| Adjusted operating profit per tonne, kSEK | 2.7 | 3.6 | 2.7 | 3.3 | 2.8 | 3.1 |
| Adjusted EBITDA | ||||||
| Adjusted operating profit | 436 | 471 | 844 | 827 | 1,588 | 1,571 |
| Depreciation, amortization and impairment charges | 210 | 211 | 436 | 415 | 879 | 859 |
| Adjusted EBITDA | 645 | 682 | 1,280 | 1,242 | 2,467 | 2,430 |
| Capital employed | ||||||
| Total assets less cash and cash equivalents and interest-bearing receivables |
19,537 | 17,616 | 19,537 | 17,616 | 19,537 | 20,546 |
| Non-interest-bearing liabilities | -5,201 | -4,973 | -5,201 | -4,973 | -5,201 | -5,081 |
| Pensions | 241 | 249 | 241 | 249 | 241 | 244 |
| Capital employed | 14,577 | 12,892 | 14,577 | 12,892 | 14,577 | 15,709 |
| Return on capital employed | ||||||
| Capital employed, rolling 12-month average | - | - | - | - | 14,216 | 13,254 |
| Adjusted operating profit | - | - | - | - | 1,588 | 1,571 |
| Return on capital employed, % | - | - | - | - | 11.2 | 11.9 |
| Financial net debt | ||||||
| Cash and cash equivalents and interest–bearing receivables | -799 | -922 | -799 | -922 | -799 | -851 |
| Interest-bearing liabilities | 5,091 | 4,218 | 5,091 | 4,218 | 5,091 | 5,477 |
| Lease liabilities | -289 | -266 | -289 | -266 | -289 | -335 |
| Financial net debt | 4,004 | 3,031 | 4,004 | 3,031 | 4,004 | 4,292 |
| Financial net debt/Adjusted EBITDA | ||||||
| Financial net debt | - | - | - | - | 4,004 | 4,292 |
| Adjusted EBITDA, rolling 12-month | - | - | - | - | 2,467 | 2,430 |
| Financial net debt/Adjusted EBITDA | - | - | - | - | 1.6 | 1.8 |
FINANCIAL & SUSTAINABILITY STATEMENTS
| …continued from previous page. | Q2 | Jan–Jun | 12 months rolling |
Full year | ||
|---|---|---|---|---|---|---|
| SEK million | 2025 | 2024 | 2025 | 2024 | Jul 2024 – Jun 2025 |
2024 |
| Return on equity | ||||||
| Equity, rolling 12-month average | - | - | - | - | 10,013 | 9,564 |
| Profit for the period | - | - | - | - | 1,014 | 1,010 |
| Return on equity, % | - | - | - | - | 10.1 | 10.6 |
| Operating cash flow | ||||||
| Operating profit | 436 | 471 | 844 | 827 | 1,540 | 1,523 |
| Depreciation, amortization and impairment charges | 210 | 211 | 436 | 415 | 896 | 876 |
| Change in working capital etc. | -62 | -47 | -435 | -426 | -1,566 | -1,557 |
| Investments in property, plant, equipment and intangible assets | -138 | -337 | -379 | -528 | -1,176 | -1,325 |
| Operating cash flow | 445 | 298 | 466 | 289 | -306 | -484 |
| Cash conversion | ||||||
| Operating cash flow | 445 | 298 | 466 | 289 | -306 | -484 |
| Adjusted EBITDA | 645 | 682 | 1,280 | 1,242 | 2,467 | 2,430 |
| Cash conversion, % | 69 | 44 | 36 | 23 | -12 | -20 |
DEFINITIONS & GLOSSARY
Definitions
Adjusted EBITDA
Adjusted operating profit before depreciation, amortization and impairment charges
Adjusted operating profit Operating profit excluding items affecting comparability
Adjusted operating profit per tonne Adjusted operating profit divided by sales volume
Average number of employees
The average number of employees converted to full-time positions
Capital employed
Total assets less cash and cash equivalents and interest-bearing receivables, minus noninterest-bearing liabilities, excluding pensions
Carbon emissions intensity
Total emissions of greenhouse gases (tonnes CO2e) divided by the total packed products (tonnes)
Carbon emissions scope 1+2
Direct emissions from Gränges' operations and indirect emissions from purchased electricity, heat and steam consumed by Gränges
Carbon emissions scope 3
Emissions from extraction, production and processing of main purchased materials, fuel and energy related activities (not included in scope 1 or scope 2), upstream and downstream goods transportation as well as business travel
Cash conversion Operating cash flow divided by adjusted EBITDA
Earnings per share Profit for the period divided by the total number of shares
Financial net debt
Cash and cash equivalents and interest-bearing receivables minus interest-bearing liabilities, excluding lease liabilities
Financial net debt/Adjusted EBITDA
Financial net debt divided by adjusted 12-month rolling EBITDA
Items affecting comparability
Non-recurring income and expenses
ktonnes
Volume expressed in thousands of metric tonnes
Operating cash flow
Operating profit plus Depreciation, amortization and impairment charges plus Change in working capital etc. minus Investments in property, plant, equipment and intangible assets
Operating profit
Profit before net financial items and tax
Return on capital employed Adjusted operating profit divided
by average capital employed during the past 12-month period
Return on equity
Profit for the period divided by average equity during the past 12-month period
Sales volume
Volumes sold in metric tonnes
SEK
Swedish Krona
Share of sourced recycled aluminium
Sourced recycled aluminium used as input materials (tonnes) divided by total sourced metal input materials (tonnes)
Glossary
Alloy
Material composed of one metal with additions of other metals and/or elements
Aluminium strip Rolled aluminium in coil form
Brazing
Joining of metals through melting and solidification
Cladding
A layer of metal bonded to a dissimilar metal or alloy
Heat exchanger A device for transferring heat from one medium to another
HVAC Heating, Ventilation and Air Conditioning
systems including heat exchangers
LME
London Metal Exchange
Navigate Gränges' strategy for long-term sustainable growth
Rolled aluminium Aluminium that has been hot and/or cold rolled to desired gauge
SHFE Shanghai Futures Exchange
Slab Input material to the rolling process that is produced by casting
Contact
Sara Lander Hyléen VP Communications & Investor Relations [email protected], +46 709 16 16 41
Webcasted presentation
CEO Jörgen Rosengren and CFO Oskar Hellström will present Gränges' half-year report Q2, 2025 at a webcasted conference call on Friday July 11, 2025 at 10.00 CEST.
FINANCIAL & SUSTAINABILITY STATEMENTS
Join live webcast:
https://granges.videosync.fi/2025-07-11-q2-report
Participate in Q&A: https://service.flikmedia.se/teleconference/?id=5005097
Calendar
| Interim report, Q3 | October 23, 2025 |
|---|---|
| Year-end report 2025 | January 29, 2026 |
| Interim report, Q1 | April 23, 2026 |
Important information
This interim report may contain forward-looking statements which are based on the company's best assessment at the time the report was written. As is the case with all assessments of the future, such assumptions are subject to both known and unknown risks and uncertainties, which may mean that the actual outcome differs from the anticipated result.
This information is information that Gränges 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 persons set out above, on Friday July 11, 2025 at 07.30 CEST.
33 GRÄNGES AB (PUBL) HALF-YEAR REPORT, 2025
Head office
Gränges AB (publ) Box 5505 SE-114 85 Stockholm Sweden
Visiting address Linnégatan 18 114 47 Stockholm Sweden
Tel: +46 8 459 59 00 www.granges.com Corp. identity no. 556001-6122