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Gränges Interim / Quarterly Report 2026
3055_10-q_2026-04-23_184a5b49-7a0a-464b-b4d3-05bb67014967.pdf
Interim / Quarterly Report
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GRÄNGES
Q1
Record first quarter and strong momentum
Interim report Q1, 2026
Highlights
First quarter 2026
- Sales volume increased by 5 percent to 159.8 ktonnes (151.6).
- Adjusted operating profit¹ increased to SEK 459 million (409) and adjusted operating profit per tonne increased to 2.9 kSEK (2.7).
- Profit for the period increased to SEK 322 million (261) and diluted earnings per share² increased to SEK 2.97 (2.34).
- Operating cash flow³ was SEK -333 million (21).
- Return on capital employed³ was 11.1 percent (11.7 on March 31, 2025).
- Financial net debt was 1.8x adjusted EBITDA (1.7x on March 31, 2025).
- Total carbon emissions intensity (scope 1+2+3)⁴ decreased to 6.2 tonnes CO₂e/tonne (7.3), and the share of sourced recycled aluminium increased to 46.3 percent (42.4).
| Summary | Q1 | 12 months rolling | 12 months rolling |
|---|---|---|---|
| SEK million | 2026 | 2025 | Δ |
| Sales volume, ktonnes | 159.8 | 151.6 | 5.4% |
| Net sales | 8,237 | 7,233 | 13.9% |
| Adjusted operating profit¹ | 459 | 409 | 12.4% |
| Adjusted operating profit per tonne, kSEK | 2.9 | 2.7 | 0.2 |
| Operating profit | 459 | 409 | 12.4% |
| Profit for the period | 322 | 261 | 23.5% |
| Earnings per share, diluted, SEK⁵ | 2.97 | 2.34 | 0.6 |
| Operating cash flow⁵ | -333 | 21 | n/a |
| Capital employed | 15,894 | 15,146 | 749 |
| Return on capital employed, %⁵ | 11.1 | 11.7 | -0.6 pp |
| Financial net debt⁵ | 4,584 | 4,168 | 416 |
| Financial net debt/Adjusted EBITDA¹ | 1.8 | 1.7 | 0.2 |
| Total carbon emissions intensity (scope 1+2+3), tonnes CO₂e/tonne⁴ | 6.2 | 7.3 | -15% |
| Share of sourced recycled aluminium, % | 46.3 | 42.4 | 3.9 pp |
¹ Adjusted for items affecting comparability.
² Attributable to owners of the parent company.
³ See Alternative Performance Measures for details on calculation and reconciliations.
⁴ Carbon emissions (scope 1+2+3) are defined in accordance with the Greenhouse Gas Protocol, see Definitions for further information.
⁵ The facility in Shandong, China, is not included in the sustainability data 2024.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
CEO COMMENT
Best first quarter ever and good outlook
Gränges delivered a very strong first quarter performance. Demand was weak, but still our sales volume grew by 5 percent thanks to significant market share gains in all regions and markets. This is our ninth consecutive quarter with year-on-year volume growth.
In Gränges Americas, market share gains, improved pricing and productivity, and better scrap spreads led to our best quarter ever in the region. In Gränges Asia, lower demand and high price pressure were only partially offset by market share gains and productivity improvements. This trend was already seen toward the end of last year and may persist into the second quarter. In Gränges Europe, strong market share gains were the most important driver of a significant profit improvement. All regions had a strong operational performance, enabling us to flexibly respond to shifting demand and capture available volumes.
Increased geopolitical tensions, including the situation in the Middle East, are contributing to higher energy and freight prices and increased input costs in general. However, thanks to good pricing and productivity actions, the direct impact on our business in the first quarter remained limited. In addition to the normal seasonal increase of working capital, operating cash flow was negatively affected by higher aluminium prices, a trend we expect to continue into the second quarter.
For Gränges as a whole, market share gains, price and productivity improvements more than offset SEK 85 million of negative currency effects as well as cost increases, resulting in a 12 percent increase of our operating profit to SEK 459 million. This is our best first-quarter result ever. We also improved our sustainability performance further, with lower carbon intensity and increased recycling volumes.
> “We saw a strong finish to the first quarter and have good momentum going into the second.
Continued volume growth expected
Market demand remains weak and difficult to predict. But we saw a strong finish to the first quarter and have good momentum going into the second.
Thanks to our continued focus on market share gains, we expect second-quarter sales volume to grow at a mid-to-high single-digit rate compared to last year. We expect negative effects from currency, cost increases, and continued price pressure in Asia, while market scrap spreads are expected to improve. As before, we aim to offset the net effect of these factors through price and productivity.
I would like to thank our teams across the world for their outstanding work, engagement and commitment.
Jörgen Rosengren
President and CEO
3 GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
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, 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.
| Profit growth
Average annual operating profit growth
10% | Capital structure
Financial net debt normally between
1–2x EBITDA | Climate
Scope 1+2+3 emissions by 2040
Net-zero |
| --- | --- | --- |
| Profitability
Return on capital employed
15% | Dividend
Percentage of profit for the year
30–50% | Circularity
Recycled volume by 2030
500 ktonnes |
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 thermal management in vehicles and buildings, electrification and battery components, recyclable packaging, and more.
Gränges Group
- Market share gains compensated for weak demand
- Growth and improved pricing and productivity offset currency headwind
- Operating cash flow negatively impacted by increased aluminium price
External sales volume growth Q1, 2026
| Automotive | HVAC | Specialty packaging | Other niches | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share of total sales volume, rolling 12-months | 38% | 14% | 16% | 32% | 100% | |||||
| Gränges Americas | ↑ | 12% | → | -1% | ↑ | 12% | ↓ | -7% | → | 3% |
| Gränges Asia | → | -3% | - | - | → | 2% | → | -1% | ||
| Gränges Europe | ↑ | 20% | - | ↑ | 5% | ↑ | 12% | ↑ | 15% | |
| Total | ↑ | 8% | → | -1% | ↑ | 10% | ↑ | 4% | ↑ | 5% |
Market
In the first quarter 2026, customer demand was weak across end markets, but continued market share gains drove sales volume growth. Sales to automotive customers increased by 8 percent compared with the same quarter last year, as market share gains and new business to electric vehicles compensated for continued soft market demand. Specialty packaging sales increased by 10 percent, and sales to Other niches rose by 4 percent, both primarily supported by additional business wins and strengthened market positions. Despite significant market share gains, sales of HVAC materials declined by 1 percent compared with the same quarter last year, reflecting continued low end-customer demand.
Sales
Sales volume in the first quarter 2026 increased by 5 percent to 159.8 ktonnes (151.6). Net sales increased by 14 percent to SEK 8,237 million (7,233). The increase in net sales was driven by higher sales volume, an increased aluminium price and a higher average fabrication price. Changes in foreign exchange rates had a net negative effect of SEK 881 million.
Operating profit
Adjusted operating profit for the first quarter 2026 increased to SEK 459 million (409). The increased operating profit was driven by higher sales volume, increased average fabrication price and improved productivity. This was partly offset by wage and other cost inflation. Changes in foreign exchange rates had a net negative impact of SEK 85 million. Adjusted operating profit per tonne increased to 2.9 kSEK (2.7).
Operating profit for the first quarter 2026 increased to SEK 459 million (409) and includes no items affecting comparability (-).
Sales volume
Adjusted operating profit
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
GRÄNGES GROUP
Profit for the period
Profit before tax for the first quarter 2026 increased to SEK 396 million (328). Profit or loss from associates and joint ventures amounted to SEK -2 million (-3) and finance income and costs was SEK -61 million (-78). Income tax for the first quarter 2026 was SEK -74 million (-67) which corresponds to an effective tax rate of 19 percent (20). The profit for the period increased to SEK 322 million (261) and diluted earnings per share increased to SEK 2.97 (2.34).
Cash flow
Operating cash flow was SEK -333 million (21) in the first quarter 2026. Changes in working capital had a negative impact on cash flow of SEK 877 million, of which approximately SEK 550 million was related to the increased aluminium price. Total capital expenditure amounted to SEK -123 million.
Income taxes paid amounted to SEK -10 million (-25) in the first quarter 2026. Cash flow from financing activities was SEK 380 million (64) in the first quarter 2026 and included new loans of SEK 1,521 million, and repayment of loans of SEK -1,085 million.
Cash and cash equivalents amounted to SEK 586 million on March 31, 2026 (SEK 851 million on March 31, 2025).
Capital structure and returns
Capital employed amounted to SEK 15,894 million on March 31, 2026 (SEK 15,146 million on March 31, 2025), and the return on capital employed was 11.1 percent on a rolling 12-months basis (11.7 percent on March 31, 2025).
Financial net debt was SEK 4,584 million on March 31, 2026 (SEK 4,168 million on March 31, 2025), corresponding to 1.8x adjusted EBITDA (1.7x on March 31, 2025).
Equity amounted to SEK 10,817 million on March 31, 2026 (SEK 10,422 million on March 31, 2025), and the return on equity increased to 10.8 percent on a rolling 12-months basis (10.5 percent on March 31, 2025).
Employees
The average number of employees was 3,511 (3,425) in the first quarter of 2026.
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 quarter in 2026, net sales in the parent company amounted to SEK 31 million (32). Net result amounted to SEK -26 million (-54).
Profit for the period
Financial net debt to EBITDA
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
Gränges Americas
- Record first quarter operating profit despite currency headwind
- Share gains and new business compensated for a weak HVAC demand
- Improved price, productivity and scrap spreads supported profits
| Financial summary | Q1 | 12 months rolling | 12 months rolling |
|---|---|---|---|
| SEK million | 2026 | 2025 | Δ |
| Total sales volume, ktonnes | 62.3 | 60.5 | 3.0% |
| Total net sales | 4,120 | 3,308 | 24.5% |
| Adjusted operating profit | 378 | 323 | 16.9% |
| Adjusted operating profit per tonne, kSEK | 6.1 | 5.3 | 0.7 |
| Capital employed | 5,973 | 5,795 | 178 |
| Return on capital employed, % | 21.7 | 19.7 | 2.0 pp |
Gränges Americas experienced a mixed market development in the first quarter 2026. Continued weak HVAC demand was largely offset by market share gains and in total sales volume to HVAC customers declined only 1 percent compared to the first quarter last year. Sales volume to Specialty packaging and Automotive customers increased by 12 percent driven by market share gains and new business, while sales volume to Other niches decreased by 7 percent. Total sales volume in the first quarter increased by 3 percent to 62.3 ktonnes (60.5). The sales volume in the first quarter was negatively affected by adverse weather and a planned maintenance stop moved from the fourth quarter in 2025. Total net sales increased by 25 percent to 4,120 million (3,308). 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 632 million.
Adjusted operating profit for the first quarter 2026, increased to SEK 378 million (323). The increase in operating profit was driven by higher sales volume, increased average fabrication price, productivity improvements and improved market scrap spreads. This was partly offset by wage and other cost inflation and by changes in foreign exchange rates. Changes in foreign exchange rates had a net negative effect of SEK 57 million compared with the first quarter previous year. The adjusted operating profit per tonne increased to 6.1 kSEK (5.3).
By March 31, 2026, the return on capital employed increased to 21.7 percent on a rolling 12-month basis (19.7 percent on March 31, 2025).
Sales volume
Adjusted operating profit
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
Gränges Asia
- Weak market demand and high price pressure
- Share gains and new business largely compensated for weak demand
- Continued productivity improvements
| Financial summary | Q1 | 12 months rolling | 12 months rolling | ||
|---|---|---|---|---|---|
| 2026 | 2025 | Δ | Apr 2025–mar 2026 | Apr 2024–mar 2025 | |
| Total sales volume, ktonnes | 47.7 | 48.6 | -2.0% | 204.3 | 142.4 |
| Total net sales | 1,793 | 1,915 | -6.4% | 7,339 | 5,892 |
| Adjusted operating profit | 51 | 81 | -37.2% | 311 | 282 |
| Adjusted operating profit per tonne, kSEK | 1.1 | 1.7 | -0.6 | 1.5 | 2.0 |
| Capital employed | 4,218 | 3,642 | 577 | 3,723 | 2,979 |
| Return on capital employed, % | 8.3 | 9.5 | -1.2 pp | 8.3 | 9.5 |
Gränges Asia experienced weak market conditions in the first quarter 2026. Despite continued market share gains, sales to Automotive customers decreased by 4 percent compared with the same quarter last year, while sales in Other niches increased by 1 percent. Total sales volume decreased by 2 percent to 47.7 ktonnes (48.6). Total net sales decreased by 6 percent to SEK 1,793 million (1,915). The negative effects from the decreased sales volume and a lower average fabrication price was offset by an increased aluminium price. Changes in foreign exchange rates had a negative effect on total net sales of SEK 183 million.
Adjusted operating profit for the first quarter 2026 was SEK 51 million (81). Improved productivity partly offset a lower average fabrication price. Changes in foreign exchange rates had a net negative effect of SEK 1 million compared with the first quarter previous year. Adjusted operating profit per tonne was 1.1 kSEK (1.7).
By March 31, 2026, the return on capital employed was 8.3 percent on a rolling 12-months basis (9.5 percent on March 31, 2025).
Sales volume
Adjusted operating profit
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
Gränges Europe
- Continued weak demand across all markets
- Strong sales growth driven by share gains and new business
- Improved price and productivity compensated for currency headwind
Financial summary
| SEK million | Q1 | 12 months rolling | 12 months rolling | ||
|---|---|---|---|---|---|
| 2026 | 2025 | Δ | Apr 2025–mar 2026 | Apr 2024–mar 2025 | |
| Total sales volume, ktonnes | 54.0 | 46.5 | 16.1% | 197.7 | 175.9 |
| Total net sales | 2,552 | 2,232 | 14.3% | 8,920 | 8,302 |
| Adjusted operating profit | 73 | 47 | 55.4% | 301 | 358 |
| Adjusted operating profit per tonne, kSEK | 1.3 | 1.0 | 0.3 | 1.5 | 2.0 |
| Capital employed | 6,171 | 6,216 | -45 | 6,123 | 5,775 |
| Return on capital employed, % | 4.9 | 6.2 | -1.3 pp | 4.9 | 6.2 |
Gränges Europe experienced a continued weak demand in all market segments in the first quarter 2026. Sales volume growth was strong in the quarter mainly driven by continued market share gains and new business. Sales to Automotive customers increased by 21 percent as soft market demand was offset by share gains and new business to electric vehicles. Sales to Other niches increased by 12 percent driven by new business gains, while sales to Specialty packaging increased by 5 percent. Total sales volume in the first quarter increased by 16 percent to 54.0 ktonnes (46.5). Total net sales increased by 14 percent to SEK 2,552 million (2,232) as the higher sales volume was partly offset by the negative impact from changes in foreign exchange rates. The translation effect on total net sales from changes in foreign exchange rates was SEK -73 million.
Adjusted operating profit for the first quarter 2026 increased to SEK 73 million (47). The increase in operating profit was driven by higher sales volume, increased average fabrication price and productivity improvements. Changes in foreign exchange rates had a net negative effect of SEK 27 million compared with the first quarter previous year. The adjusted operating profit per tonne increased to 1.3 kSEK (1.0).
By March 31, 2026, the return on capital employed was 4.9 percent on a rolling 12-months basis (6.2 percent on March 31, 2025).
Sales volume
Adjusted operating profit
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
Sustainability
- Continued reduction of carbon emissions intensity
- Increased recycling volumes year-over-year
- Gränges achieves highest MSCI ESG rating¹
Sustainability performance
| Q1 | 12 months rolling | 12 months rolling | |||
|---|---|---|---|---|---|
| 2026 | 2025 | Δ | Apr 2025–mar 2026 | Apr 2024–mar 2025 | |
| Total carbon emissions intensity (scope 1+2+3), tonnes CO₂e/tonne² | 6.2 | 7.3 | -15% | 6.4 | 7.5 |
| Carbon emissions intensity (scope 1+2), tonnes CO₂e/tonne² | 0.64 | 0.70 | -8% | 0.68 | 0.65 |
| Carbon emissions intensity (scope 3), tonnes CO₂e/tonne² | 5.6 | 6.6 | -16% | 5.7 | 6.8 |
| Sourced recycled aluminium, ktonnes | 78 | 71 | 9% | 306 | 261 |
| Sourced recycled aluminium, % | 46.3 | 42.4 | 3.9 pp | 46.0 | 45.1 |
Emissions and climate impact
In the first quarter 2026, Gränges' total carbon emissions intensity decreased by 15 percent to 6.2 tonnes CO₂e/tonne (7.3), mainly driven by a lower scope 3 intensity accounting for 95 percent of the total reduction. This was primarily driven by a higher recycling share in Gränges Americas and Gränges Asia. Scope 1+2 intensity decreased by 8 percent mainly driven by a higher share of renewable electricity, together with reduced energy consumption in Gränges Asia.
On March 31, 2026, the total carbon emissions intensity on a rolling 12-months basis was reduced by 48 percent compared to baseline 2021.
Recycling and circularity
In the first quarter 2026, the volume of sourced recycled aluminium increased by 7 ktonnes compared to the same quarter previous year and reached a level of 78 ktonnes (71). This corresponds to 46 percent (42) recycled aluminium of total sourced metal input. The performance was mainly driven by Gränges Americas, reflecting a lower share of primary ingots in casting, enabling more use of recycled aluminium as well as new recycling partnerships in Gränges Asia.
On a rolling 12-month basis, the total volume of sourced recycled aluminium increased to 306 ktonnes on March 31, 2026, corresponding to 6.6 times the volume in baseline 2017.
Carbon emissions intensity²
Share of sourced recycled aluminium
¹ MSCI is a leading provider of investment decision support tools, whose ESG Ratings assess companies' exposure to and management of financially relevant sustainability risks.
² 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.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
SUSTAINABILITY
> Receiving the highest MSCI ESG rating confirms that our efforts to reduce emissions, strengthen governance, and increase transparency are paying off. It reinforces the stakeholders' trust in Gränges and encourages us to continue driving meaningful change toward a more sustainable aluminium industry.
>
> Christina Friborg, SVP Sustainability
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
OTHER INFORMATION
Significant events during the period
- As of February 27, 2026, Gränges AB has increased the number of shares and votes in the company. See note 5 for further information.
- Gränges issued SEK 600 million Green Bonds. See note 3 for further information.
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 143 million split on 106,491,381 shares, each with a quota value of SEK 1.3397752. Gränges has only one class of shares. The number of known shareholders in Gränges was 14,946 on March 31, 2026, according to Euroclear.
Largest shareholders in Gränges, March 31, 2026¹
| Shareholder | Number of shares | Share of capital and votes % |
|---|---|---|
| Fourth Swedish National Pension Fund | 10,446,296 | 9.8 |
| AFA Insurance | 7,437,354 | 7.0 |
| Handelsbanken Funds | 5,963,643 | 5.6 |
| Kgh Ltd | 5,520,000 | 5.2 |
| Carnegie Funds | 5,422,940 | 5.1 |
| Swedbank Robur Funds | 5,076,832 | 4.8 |
| Dimensional Fund Advisors | 4,820,668 | 4.5 |
| Vanguard | 4,178,192 | 3.9 |
| Fidelity Investments (FMR) | 2,409,769 | 2.3 |
| BlackRock | 2,287,162 | 2.2 |
| Total 10 largest shareholders | 53,562,856 | 50.3 |
| Other | 52,928,525 | 49.7 |
| Total | 106,491,381 | 100.0 |
¹ Source: Modular Finance
Annual General Meeting 2026
Gränges' 2026 Annual General Meeting will be held on Tuesday May 12, 2026, at 15.30 CEST in Stockholm. Shareholders wishing to participate in the AGM must be registered as shareholders in the share register maintained by Euroclear Sweden AB as of Monday, May 4, 2026, and have notified the Company of their intention to attend so that the notification is received by the Company no later than Wednesday, May 6, 2026.
Dividend
The Board of Directors proposes a dividend of SEK 3.40 (3.20) per share for the 2025 fiscal year, in total SEK 362 million (340). The proposed dividend corresponds to 36 percent (34) of the profit attributable to owners of the parent company for the year 2025. The first record date is proposed to be May 15, 2026, and the second record date is proposed to be November 16, 2026. If the General Meeting resolves in accordance with the proposal, the dividend is expected to be distributed through Euroclear Sweden AB on May 20, 2026, and on November 19, 2026.
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 45–54 in Gränges Annual and Sustainability Report 2025.
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, April 23, 2026
Jörgen Rosengren
President and CEO
This interim report has not been reviewed by the auditors of the company.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
Financial & sustainability statements
FINANCIAL & SUSTAINABILITY STATEMENTS
Consolidated income statement (condensed)
| SEK million | Note | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|---|
| Net sales | 2 | 8,237 | 7,233 | 28,362 |
| Cost of materials | -6,064 | -5,070 | -20,008 | |
| Payroll and other operating expenses | -1,507 | -1,528 | -5,887 | |
| Depreciation, amortization and impairment charges | -207 | -226 | -852 | |
| Operating profit | 459 | 409 | 1,614 | |
| Profit or loss from associates and joint ventures | 4 | -2 | -3 | -17 |
| Finance income and costs | -61 | -78 | -280 | |
| Profit before tax | 396 | 328 | 1,317 | |
| Income tax | -74 | -67 | -259 | |
| Profit for the period | 322 | 261 | 1,058 | |
| Profit for the period attributable to | ||||
| - owners of the parent company | 316 | 249 | 1,015 | |
| - non-controlling interests | 6 | 12 | 43 | |
| Earnings per share | ||||
| Earnings per share attributable to owners of the parent company, basic, SEK | 2.97 | 2.34 | 9.55 | |
| Earnings per share attributable to owners of the parent company, diluted, SEK | 2.97 | 2.34 | 9.54 |
Consolidated statement of comprehensive income (condensed)
| SEK million | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Profit for the period | 322 | 261 | 1,058 |
| Items not to be reclassified to profit/loss in subsequent periods | |||
| Remeasurement of pensions after tax | - | - | 13 |
| Items to be reclassified to profit/loss in subsequent periods | |||
| Change in hedging reserve after tax | -87 | 74 | -36 |
| Translation effects | 327 | -754 | -1298 |
| Comprehensive income for the period | 561 | -419 | -263 |
| Comprehensive income for the period attributable to | |||
| - owners of the parent company | 520 | -368 | -212 |
| - non-controlling interests | 42 | -51 | -51 |
14 GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Consolidated balance sheet (condensed)
| SEK million | Note | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Intangible assets | 1,335 | 1,414 | 1,330 | |
| Property, plant and equipment | 8,570 | 8,874 | 8,423 | |
| Right-of-use assets | 257 | 297 | 263 | |
| Deferred tax assets | 71 | 68 | 64 | |
| Investments in associates and joint ventures | 4 | 195 | 212 | 187 |
| Other non-current receivables | 3 | 208 | 185 | 224 |
| Non-current assets | 10,636 | 11,050 | 10,493 | |
| Inventories | 6,344 | 5,132 | 5,477 | |
| Receivables | 3 | 5,322 | 4,256 | 4,113 |
| Interest-bearing receivables | 3 | 0 | 6 | 4 |
| Cash and cash equivalents | 586 | 851 | 547 | |
| Current assets | 12,252 | 10,245 | 10,142 | |
| TOTAL ASSETS | 22,888 | 21,294 | 20,634 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 5 | 10,817 | 10,422 | 10,255 |
| Interest-bearing liabilities | 3 | 1,859 | 2,434 | 1,900 |
| Provisions and other non-current liabilities | 3 | 842 | 942 | 874 |
| Non-current liabilities | 2,700 | 3,376 | 2,774 | |
| Interest-bearing liabilities | 3 | 3,579 | 2,904 | 2,994 |
| Provisions and other current liabilities | 3 | 5,792 | 4,592 | 4,611 |
| Current liabilities | 9,371 | 7,496 | 7,605 | |
| TOTAL EQUITY AND LIABILITIES | 22,888 | 21,294 | 20,634 |
Consolidated changes in equity (condensed)
| SEK million | Note | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|
| Opening balance | 10,255 | 10,838 | 10,838 | |
| Profit for the period | 322 | 261 | 1,058 | |
| Other comprehensive income for the period | 239 | -680 | -1,321 | |
| Total comprehensive income for the period | 561 | -419 | -263 | |
| Dividend | - | - | -340 | |
| Share swap | - | 3 | 12 | |
| Received warrant premiums | - | - | 8 | |
| Exercise of call options | - | 0 | -1 | |
| Share issue | 5 | 0 | - | 0 |
| Total transactions with owners of the parent company | 0 | 3 | -320 | |
| Closing balance | 10,817 | 10,422 | 10,255 | |
| Equity attributable to | ||||
| - owners of the parent company | 10,229 | 9,876 | 9,710 | |
| - non-controlling interests | 588 | 546 | 545 |
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Consolidated statement of cash flows (condensed)
| SEK million | Note | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|---|
| Operating profit | 459 | 409 | 1,614 | |
| Depreciation, amortization and impairment charges | 207 | 226 | 852 | |
| Change in working capital | -877 | -373 | -853 | |
| Income taxes paid | -10 | -25 | -272 | |
| Cash flow from operating activities | -221 | 236 | 1,342 | |
| Investments in property, plant, equipment and intangible assets | -123 | -240 | -773 | |
| Divestments | - | - | 0 | |
| Cash flow from investing activities | -123 | -240 | -772 | |
| Dividend | - | - | -340 | |
| Share swap | - | 3 | 12 | |
| Share issue | 5 | 0 | - | 0 |
| Received warrant premiums | - | - | 8 | |
| Exercise of call options | - | 0 | -1 | |
| Interest paid and received | -55 | -64 | -262 | |
| New loans | 1,521 | 1,813 | 5,399 | |
| Repayment of loans | -1,085 | -1,688 | -5,567 | |
| Cash flow from financing activities | 380 | 64 | -750 | |
| Cash flow for the period | 37 | 60 | -181 | |
| Cash and cash equivalents at beginning of period | 547 | 850 | 850 | |
| Cash flow for the period | 37 | 60 | -181 | |
| Exchange rate differences in cash and cash equivalents | 2 | -59 | -122 | |
| Cash and cash equivalents at end of period | 586 | 851 | 547 |
Parent company income statement (condensed)
| SEK million | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Net sales | 31 | 32 | 203 |
| Payroll and other operating expenses | -70 | -99 | -267 |
| Operating profit/loss | -39 | -67 | -64 |
| Finance income and costs | 5 | 7 | 18 |
| Profit/loss after financial items | -34 | -60 | -46 |
| Income tax | 8 | 6 | 4 |
| Profit/loss for the period | -26 | -54 | -42 |
16 GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Parent company balance sheet (condensed)
| SEK million | Note | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Shares in Group companies | 4,418 | 3,768 | 4,418 | |
| Deferred tax assets | 72 | 59 | 64 | |
| Receivables from Group companies | - | 750 | - | |
| Other non-current receivables | 197 | 176 | 213 | |
| Non-current assets | 4,688 | 4,753 | 4,695 | |
| Receivables from Group companies | 2,884 | 2,870 | 2,593 | |
| Other receivables | 139 | 226 | 121 | |
| Cash and cash equivalents | 294 | 275 | 187 | |
| Current assets | 3,317 | 3,371 | 2,901 | |
| TOTAL ASSETS | 8,005 | 8,124 | 7,596 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 5 | 3,571 | 3,909 | 3,598 |
| Interest-bearing liabilities | 1,661 | 2,136 | 1,674 | |
| Provisions and other non-current liabilities | 52 | 47 | 47 | |
| Non-current liabilities | 1,713 | 2,182 | 1,722 | |
| Liabilities to Group companies | 399 | 483 | 362 | |
| Interest-bearing liabilities | 1,978 | 1,425 | 1,691 | |
| Provisions and other current liabilities | 343 | 124 | 224 | |
| Current liabilities | 2,720 | 2,033 | 2,277 | |
| TOTAL EQUITY AND LIABILITIES | 8,005 | 8,124 | 7,596 |
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
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) 2025.
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, 2026, 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 2–20 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 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 | Jan–Mar 2026 | Jan–Mar 2025 | Jan–Dec 2025 |
|---|---|---|---|
| Net sales by business area | |||
| Gränges Americas | |||
| Fabrication revenue | 1,302 | 1,306 | 4,828 |
| Raw material and other revenue | 2,813 | 2,001 | 8,416 |
| Revenue from contracts with customers | 4,115 | 3,307 | 13,243 |
| Other revenue | 4 | 1 | 4 |
| Total net sales Gränges Americas | 4,120 | 3,308 | 13,248 |
| Gränges Asia | |||
| Fabrication revenue | 432 | 526 | 1,994 |
| Raw material and other revenue | 1,359 | 1,369 | 5,434 |
| Revenue from contracts with customers | 1,791 | 1,895 | 7,427 |
| Other revenue | 3 | 20 | 33 |
| Total net sales Gränges Asia | 1,793 | 1,915 | 7,461 |
| Gränges Europe | |||
| Fabrication revenue | 1,025 | 916 | 3,556 |
| Raw material and other revenue | 1,519 | 1,307 | 5,000 |
| Revenue from contracts with customers | 2,544 | 2,223 | 8,555 |
| Other revenue | 8 | 9 | 45 |
| Total net sales Gränges Europe | 2,552 | 2,232 | 8,600 |
Continues on the next page...
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
...continued from previous page.
| SEK million | Jan – Mar 2026 | Jan – Mar 2025 | Jan – Dec 2025 |
|---|---|---|---|
| Other and eliminations | |||
| Fabrication revenue | -131 | -123 | -540 |
| Raw material and other revenue | -97 | -100 | -407 |
| Revenue from contracts with customers | -228 | -223 | -947 |
| Other revenue | - | - | - |
| Total net sales other and eliminations | -228 | -223 | -947 |
| Total fabrication revenue | 2,628 | 2,623 | 9,838 |
| Total raw material and other revenue | 5,594 | 4,578 | 18,441 |
| Total revenue from contracts with customers | 8,222 | 7,202 | 28,279 |
| Total other revenue | 15 | 31 | 83 |
| Total net sales | 8,237 | 7,233 | 28,362 |
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 | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
|---|---|---|---|
| Non-current assets | 198 | 176 | 215 |
| Current assets | 182 | 312 | 140 |
| Non-current liabilities | 5 | 43 | 40 |
| Current liabilities | 493 | 136 | 242 |
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 March 31 2026, the outstanding term loans from banks and credit institutions amounted to USD 70 million and SEK 600 million, all structured as sustainability-linked loans. 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. During first quarter of 2026, Gränges issued additional green bonds totaling SEK 600 million with a five-year maturity. Of this amount, SEK 400 million carries a floating coupon of three month Stibor plus 125 basis points, and SEK 200 million carries a fixed coupon of 4.15 percent. In connection with this issuance, a total of SEK 416 million of the
| SEK million | Limit/Program | Year | Total | ||
|---|---|---|---|---|---|
| <1 | 1-2 | >2 | |||
| Term loans | |||||
| SEK | 200 | - | 400 | 600 | |
| USD | - | - | 669 | 669 | |
| Bonds in MTN program | 3,000 | 600 | - | 600 | 1,200 |
| Commercial papers | 2,000 | 1,137 | - | - | 1,137 |
| Revolving Credit Facilities | 3,000 | - | - | - | - |
| Lease liabilities | 69 | 56 | 142 | 267 | |
| Other interest-bearing liabilities | 1,572 | 0 | -9 | 1,564 | |
| Total interest-bearing liabilities | 3,579 | 56 | 1,802 | 5,438 |
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
sustainability-linked bond maturing in September 2026 was repurchased. The settlement date for the issuance and the repurchase was April 1 2026 and is therefore not included in the table.
Gränges has also issued commercial papers, with an outstanding volume of SEK 1,137 million.
Other interest-bearing liabilities include short-term working capital loans of CNY 1,062 million.
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 March 31, 2026, was SEK 5,438 million (SEK 4,894 million as of December 31, 2025). The fair value of interest-bearing liabilities amounted to SEK 5,446 million as of March 31, 2026 (SEK 4,903 million as of December 31, 2025). For other receivables and liabilities, which are short-term, the carrying amount is considered to reflect the fair value.
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 2025 Annual Report. During the period there have been no significant transactions with related parties.
Note 5 Share capital development
| SEK million | Event | Change number of shares | Total number of shares | Change share capital | Total share capital |
|---|---|---|---|---|---|
| January 1, 2026 | - | - | 106,462,154 | - | 143 |
| February 22, 2026 | Share issue | 29,227 | 106,491,381 | 0 | 143 |
The number of shares and votes in Gränges AB (publ) has increased in the quarter as a result of the subscription of shares through the exercise of warrants issued under the incentive program IP 2022, which was adopted by the Annual General Meeting on May 4, 2022.
Through the exercise of these warrants, the number of shares and votes increased by 29,227, from 106,462,154 to 106,491,381, during the first quarter of 2026. As a consequence, the share capital also increased by SEK 39,158, from SEK 142,635,356 to SEK 142,674,514. Each new share has a quota value of SEK 1.34.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Consolidated quarterly data
| SEK million | 2026 Q1 | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||
| Sales volume, ktonnes | 159.8 | 152.4 | 153.4 | 159.1 | 151.6 | 130.3 | 122.7 | 130.9 |
| Income statement | ||||||||
| Net sales | 8,237 | 7,222 | 6,933 | 6,974 | 7,233 | 6,184 | 5,750 | 6,145 |
| Adjusted EBITDA¹ | 666 | 582 | 605 | 645 | 634 | 557 | 631 | 682 |
| Adjusted operating profit¹ | 459 | 373 | 398 | 436 | 409 | 324 | 420 | 471 |
| Operating profit | 459 | 373 | 398 | 436 | 409 | 276 | 420 | 471 |
| Profit for the period | 322 | 251 | 253 | 293 | 261 | 175 | 285 | 314 |
| Adjusted operating profit per tonne, kSEK | 2.9 | 2.4 | 2.6 | 2.7 | 2.7 | 2.5 | 3.4 | 3.6 |
| Balance sheet | ||||||||
| Non-current assets | 10,636 | 10,493 | 10,525 | 10,667 | 11,050 | 11,769 | 10,319 | 10,352 |
| Current assets | 12,252 | 10,142 | 9,974 | 9,669 | 10,245 | 9,627 | 8,407 | 8,186 |
| Equity | 10,817 | 10,255 | 10,176 | 10,044 | 10,422 | 10,838 | 9,415 | 9,347 |
| Non-current liabilities | 2,700 | 2,774 | 2,651 | 3,299 | 3,376 | 2,881 | 3,414 | 3,532 |
| Current liabilities | 9,371 | 7,605 | 7,673 | 6,993 | 7,496 | 7,677 | 5,896 | 5,659 |
| Capital employed | 15,894 | 14,824 | 14,516 | 14,577 | 15,146 | 15,709 | 12,758 | 12,892 |
| Financial net debt | 4,584 | 4,067 | 3,825 | 4,004 | 4,168 | 4,292 | 2,839 | 3,031 |
| Cash flow | ||||||||
| Operating activities | -221 | 202 | 426 | 477 | 236 | -730 | 593 | 474 |
| Investing activities | -123 | -224 | -170 | -138 | -240 | -1,150 | -399 | -337 |
| Financing activities | 380 | -99 | -355 | -360 | 64 | 1,507 | 69 | 93 |
| Cash flow for the period | 37 | -121 | -99 | -21 | 60 | -373 | 263 | 231 |
| Operating cash flow | -333 | 58 | 317 | 445 | 21 | -1,048 | 275 | 298 |
| Cash conversion | -50 | 10 | 52 | 69 | 3 | -188 | 44 | 44 |
| Data per share, SEK³ | ||||||||
| Earnings per share² basic | 2.97 | 2.32 | 2.27 | 2.62 | 2.34 | 1.67 | 2.68 | 2.95 |
| Earnings per share³ diluted | 2.97 | 2.31 | 2.27 | 2.62 | 2.34 | 1.67 | 2.67 | 2.94 |
| Equity | 101.56 | 96.32 | 95.60 | 94.40 | 97.87 | 101.82 | 88.43 | 87.69 |
| Operating cash flow | -3.13 | 0.54 | 2.98 | 4.19 | 0.20 | -9.84 | 2.59 | 2.80 |
| Share price at the end of the period | 147.90 | 145.70 | 116.80 | 121.30 | 113.90 | 131.70 | 121.80 | 136.00 |
| Weighted outstanding ordinary shares, basic in thousands | 106,405.7 | 106,379.1 | 106,324.1 | 106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 | 106,308.6 |
| Weighted outstanding ordinary shares, diluted in thousands | 106,503.6 | 106,469.6 | 106,439.0 | 106,391.0 | 106,491.6 | 106,446.9 | 106,473.3 | 106,595.9 |
¹ Adjusted for items affecting comparability.
² Calculated on weighted outstanding ordinary shares, diluted.
³ Calculated on profit attributable to the owners of the parent company.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Consolidated quarterly data
| 2026 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
| Sales volume by business area, ktonnes | ||||||||
| Gränges Americas | 62.3 | 58.4 | 59.7 | 60.6 | 60.5 | 54.5 | 58.9 | 60.5 |
| Gränges Asia | 47.7 | 51.3 | 49.9 | 55.4 | 48.6 | 38.7 | 26.6 | 28.6 |
| Gränges Europe | 54.0 | 48.0 | 49.0 | 46.7 | 46.5 | 41.1 | 41.9 | 46.4 |
| Other and eliminations | -4.2 | -5.3 | -5.2 | -3.6 | -4.0 | -3.9 | -4.6 | -4.6 |
| Total | 159.8 | 152.4 | 153.4 | 159.1 | 151.6 | 130.3 | 122.7 | 130.9 |
| Sales volume by market, ktonnes | ||||||||
| Automotive | 61.7 | 59.4 | 57.9 | 59.5 | 57.2 | 52.3 | 46.7 | 51.8 |
| HVAC | 25.0 | 14.4 | 23.1 | 27.7 | 25.4 | 19.9 | 25.3 | 24.5 |
| Specialty packaging | 25.3 | 28.4 | 24.5 | 21.2 | 23.0 | 22.3 | 21.5 | 21.6 |
| Other niches | 47.8 | 50.2 | 47.8 | 50.8 | 46.1 | 35.8 | 29.2 | 33.0 |
| Total | 159.8 | 152.4 | 153.4 | 159.1 | 151.6 | 130.3 | 122.7 | 130.9 |
| Net sales by business area, SEK million | ||||||||
| Gränges Americas | 4,120 | 3,483 | 3,322 | 3,134 | 3,308 | 2,839 | 2,906 | 3,016 |
| Gränges Asia | 1,793 | 1,852 | 1,771 | 1,922 | 1,915 | 1,592 | 1,139 | 1,246 |
| Gränges Europe | 2,552 | 2,160 | 2,108 | 2,100 | 2,232 | 1,975 | 1,969 | 2,126 |
| Other and eliminations | -228 | -273 | -268 | -183 | -223 | -222 | -265 | -243 |
| Total | 8,237 | 7,222 | 6,933 | 6,974 | 7,233 | 6,184 | 5,750 | 6,145 |
| Employees | ||||||||
| Average number of employees | 3,511 | 3,507 | 3,477 | 3,456 | 3,425 | 3,407 | 2,773 | 2,769 |
Sustainability¹
| Total carbon emissions intensity (scope 1+2+3), tonnes CO₂e/tonne | 6.2 | 6.2 | 6.5 | 6.5 | 7.3 | 7.8 | 7.8 | 7.0 |
|---|---|---|---|---|---|---|---|---|
| Carbon emissions intensity (scope 1+2), tonnes CO₂e/tonne | 0.64 | 0.73 | 0.67 | 0.68 | 0.70 | 0.62 | 0.63 | 0.62 |
| Carbon emissions intensity (scope 3), tonnes CO₂e/tonne | 5.6 | 5.5 | 5.8 | 5.8 | 6.6 | 7.2 | 7.1 | 6.4 |
| Sourced recycled aluminium, ktonnes | 78 | 78 | 75 | 75 | 71 | 63 | 63 | 63 |
| Sourced recycled aluminium, % | 46.3 | 47.1 | 45.1 | 45.6 | 42.4 | 45.4 | 47.4 | 46.6 |
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.
| Sales volume, ktonnes | Automotive | HVAC | Specialty packaging | Other niches | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | |
| Gränges Americas | 7.7 | 6.9 | 25.0 | 25.4 | 20.0 | 18.0 | 9.5 | 10.3 | 62.3 | 60.5 |
| Gränges Asia | 27.7 | 28.9 | - | - | - | - | 19.9 | 19.7 | 47.7 | 48.6 |
| Gränges Europe | 30.2 | 25.0 | - | - | 5.3 | 5.0 | 18.5 | 16.5 | 54.0 | 46.5 |
| Other and eliminations | -4.0 | -3.6 | - | - | - | - | -0.2 | -0.4 | -4.2 | -4.0 |
| Total | 61.7 | 57.2 | 25.0 | 25.4 | 25.3 | 23.0 | 47.8 | 46.1 | 159.8 | 151.6 |
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Consolidated 12-month rolling data
| SEK million | 2026
Apr 2025–
Mar 2026 | 2025 | | | | 2024 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | Jan 2025–
Dec 2025 | Oct 2024–
Sep 2025 | Jul 2024–
Jun 2025 | Apr 2024–
Mar 2025 | Jan 2024–
Dec 2024 | Oct 2023–
Sep 2024 | Jul 2023–
Jun 2024 |
| Sales volume, ktonnes | 624.7 | 616.6 | 594.5 | 563.7 | 535.5 | 505.8 | 483.2 | 475.4 |
| | | | | | | | | |
| Income statement | | | | | | | | |
| Net sales | 29,366 | 28,362 | 27,323 | 26,140 | 25,311 | 23,506 | 22,290 | 22,115 |
| Adjusted EBITDA¹ | 2,498 | 2,466 | 2,441 | 2,467 | 2,504 | 2,430 | 2,325 | 2,383 |
| Adjusted operating profit¹ | 1,665 | 1,614 | 1,566 | 1,588 | 1,624 | 1,571 | 1,492 | 1,512 |
| Operating profit | 1,665 | 1,614 | 1,518 | 1,540 | 1,576 | 1,523 | 1,492 | 1,552 |
| Adjusted operating profit per tonne, kSEK | 2.7 | 2.6 | 2.6 | 2.8 | 3.0 | 3.1 | 3.1 | 3.2 |
| | | | | | | | | |
| Capital structure and returns | | | | | | | | |
| Capital employed² | 14,991 | 14,954 | 14,541 | 14,216 | 13,875 | 13,254 | 12,587 | 12,688 |
| Return on capital employed, % | 11.1 | 10.8 | 10.8 | 11.2 | 11.7 | 11.9 | 11.9 | 11.9 |
| Equity² | 10,343 | 10,347 | 10,179 | 10,013 | 9,887 | 9,564 | 9,189 | 9,086 |
| Return on equity, % | 10.8 | 10.2 | 9.7 | 10.1 | 10.5 | 10.6 | 10.3 | 10.9 |
| Financial net debt/Adjusted EBITDA | 1.8 | 1.6 | 1.6 | 1.6 | 1.7 | 1.8 | 1.2 | 1.3 |
| | | | | | | | | |
| Cash flow | | | | | | | | |
| Operating cash flow | 487 | 841 | -265 | -306 | -453 | -484 | 970 | 1,730 |
| Cash conversion | 19 | 34 | -11 | -12 | -18 | -20 | 42 | 73 |
¹ Adjusted for items affecting comparability.
² Rolling 12-month average.
Sustainability³
| Total carbon emissions intensity (scope 1+2+3), tonnes CO₂e/tonne | 6.4 | 6.6 | 7.0 | 7.3 | 7.5 | 7.5 | 7.6 | 7.7 |
|---|---|---|---|---|---|---|---|---|
| Carbon emissions intensity (scope 1+2), tonnes CO₂e/tonne | 0.68 | 0.70 | 0.67 | 0.66 | 0.65 | 0.64 | 0.65 | 0.66 |
| Carbon emissions intensity (scope 3), tonnes CO₂e/tonne | 5.7 | 5.9 | 6.3 | 6.6 | 6.8 | 6.9 | 7.0 | 7.0 |
| Sourced recycled aluminium, ktonnes | 306 | 300 | 285 | 273 | 261 | 249 | 240 | 232 |
| Sourced recycled aluminium, % | 46.0 | 45.1 | 44.5 | 44.9 | 45.1 | 46.2 | 45.8 | 45.0 |
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.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Financials per business area
| SEK million | Jan-Mar 2026 | Jan-Mar 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gränges Americas | Gränges Asia | Gränges Europe | Other and eliminations | Total | Gränges Americas | Gränges Asia | Gränges Europe | Other and eliminations | Total | |
| Sales volume external, ktonnes | 62.3 | 46.4 | 51.1 | - | 159.8 | 60.5 | 46.9 | 44.3 | - | 151.6 |
| Sales volume internal, ktonnes | - | 1.3 | 2.9 | -4.2 | 0 | - | 1.7 | 2.3 | -4.0 | 0 |
| Total sales volume | 62.3 | 47.7 | 54.0 | -4.2 | 159.8 | 60.5 | 48.6 | 46.5 | -4.0 | 151.6 |
| Income statement | ||||||||||
| Net sales, external | 4,120 | 1,743 | 2,374 | - | 8,237 | 3,308 | 1,838 | 2,087 | - | 7,233 |
| Net sales, internal | - | 51 | 178 | -228 | 0 | - | 78 | 145 | -223 | 0 |
| Total net sales | 4,120 | 1,793 | 2,552 | -228 | 8,237 | 3,308 | 1,915 | 2,232 | -223 | 7,233 |
| Depreciation, amortization and impairment charges | -101 | -33 | -70 | -1 | -207 | -121 | -39 | -64 | -1 | -226 |
| Adjusted operating profit¹ | 378 | 51 | 73 | -42 | 459 | 323 | 81 | 47 | -43 | 409 |
| Adjusted operating profit per tonne, kSEK | 6.1 | 1.1 | 1.3 | n/a | 2.9 | 5.3 | 1.7 | 1.0 | n/a | 2.7 |
| Capital structure and returns | ||||||||||
| Capital employed | 5,973 | 4,218 | 6,171 | -468 | 15,894 | 5,795 | 3,642 | 6,216 | -510 | 15,143 |
| Return on capital employed, % | 21.7 | 8.3 | 4.9 | n/a | 11.1 | 19.7 | 9.5 | 6.2 | n/a | 11.7 |
| Gränges Americas | ||||||||||
| SEK million | 2026 | 2025 | 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |||
| Sales volume external, ktonnes | 62.3 | 58.4 | 59.7 | 60.6 | 60.5 | 54.5 | 58.9 | 60.5 | ||
| Sales volume internal, ktonnes | - | - | - | - | - | - | - | - | ||
| Total sales volume, ktonnes | 62.3 | 58.4 | 59.7 | 60.6 | 60.5 | 54.5 | 58.9 | 60.5 | ||
| Income statement | ||||||||||
| Net sales, external | 4,120 | 3,483 | 3,322 | 3,134 | 3,308 | 2,839 | 2,906 | 3,016 | ||
| Net sales, internal | - | - | - | - | - | - | - | - | ||
| Total net sales | 4,120 | 3,483 | 3,322 | 3,134 | 3,308 | 2,839 | 2,906 | 3,016 | ||
| Depreciation, amortization and impairment charges | -101 | -103 | -102 | -108 | -121 | -124 | -115 | -114 | ||
| Adjusted operating profit¹ | 378 | 278 | 284 | 290 | 323 | 193 | 283 | 325 | ||
| Adjusted operating profit per tonne, kSEK | 6.1 | 4.8 | 4.8 | 4.8 | 5.3 | 3.5 | 4.8 | 5.4 | ||
| Capital structure and returns | ||||||||||
| Capital employed | 5,973 | 5,479 | 5,556 | 5,565 | 5,795 | 6,067 | 5,366 | 5,578 | ||
| Return on capital employed, % | 21.7 | 20.6 | 19.2 | 19.2 | 19.7 | 19.1 | 19.0 | 19.0 |
¹ Adjusted for items affecting comparability.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Financials per business area
| Gränges Asia
SEK million | 2026 | 2025 | | | | 2024 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Sales volume external, ktonnes | 46.4 | 49.3 | 48.0 | 53.9 | 46.9 | 37.4 | 24.6 | 26.7 |
| Sales volume internal, ktonnes | 1.3 | 2.1 | 1.9 | 1.5 | 1.7 | 1.3 | 1.9 | 1.9 |
| Total sales volume, ktonnes | 47.7 | 51.3 | 49.9 | 55.4 | 48.6 | 38.7 | 26.6 | 28.6 |
| | | | | | | | | |
| Income statement | | | | | | | | |
| Net sales, external | 1,743 | 1,769 | 1,694 | 1,862 | 1,838 | 1,529 | 1,045 | 1,156 |
| Net sales, internal | 51 | 83 | 76 | 60 | 78 | 63 | 94 | 90 |
| Total net sales | 1,793 | 1,852 | 1,771 | 1,922 | 1,915 | 1,592 | 1,139 | 1,246 |
| Depreciation, amortization and impairment charges | -33 | -36 | -35 | -35 | -39 | -36 | -27 | -26 |
| Adjusted operating profit¹ | 51 | 62 | 94 | 104 | 81 | 49 | 70 | 82 |
| Adjusted operating profit per tonne, kSEK | 1.1 | 1.2 | 1.9 | 1.9 | 1.7 | 1.3 | 2.6 | 2.9 |
| | | | | | | | | |
| Capital structure and returns | | | | | | | | |
| Capital employed | 4,218 | 3,717 | 3,595 | 3,441 | 3,642 | 3,971 | 2,392 | 2,485 |
| Return on capital employed, % | 8.3 | 9.3 | 9.6 | 9.5 | 9.5 | 10.2 | 12.2 | 12.5 |
| Gränges Europe
SEK million | 2026 | 2025 | | | | 2024 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Sales volume external, ktonnes | 51.1 | 44.8 | 45.7 | 44.6 | 44.3 | 38.4 | 39.2 | 43.6 |
| Sales volume internal, ktonnes | 2.9 | 3.2 | 3.3 | 2.1 | 2.3 | 2.6 | 2.7 | 2.7 |
| Total sales volume, ktonnes | 54.0 | 48.0 | 49.0 | 46.7 | 46.5 | 41.1 | 41.9 | 46.4 |
| | | | | | | | | |
| Income statement | | | | | | | | |
| Net sales, external | 2,374 | 1,970 | 1,917 | 1,977 | 2,087 | 1,816 | 1,799 | 1,973 |
| Net sales, internal | 178 | 190 | 192 | 123 | 145 | 159 | 170 | 153 |
| Total net sales | 2,552 | 2,160 | 2,108 | 2,100 | 2,232 | 1,975 | 1,969 | 2,126 |
| Depreciation, amortization and impairment charges | -70 | -70 | -69 | -66 | -64 | -70 | -68 | -69 |
| Adjusted operating profit¹ | 73 | 89 | 65 | 74 | 47 | 121 | 96 | 94 |
| Adjusted operating profit per tonne, kSEK | 1.3 | 1.9 | 1.3 | 1.6 | 1.0 | 3.0 | 2.3 | 2.0 |
| | | | | | | | | |
| Capital structure and returns | | | | | | | | |
| Capital employed | 6,171 | 5,976 | 6,043 | 6,210 | 6,216 | 6,090 | 5,667 | 5,583 |
| Return on capital employed, % | 4.9 | 4.5 | 5.1 | 5.7 | 6.2 | 6.3 | 5.1 | 4.2 |
¹ Adjusted for items affecting comparability.
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
Alternative performance measures
Gränges makes use of the alternative performance measures Return on capital employed, Financial net debt/Adjusted EBITDA, 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 28.
| SEK million | Q1 | 12 months rolling | ||
|---|---|---|---|---|
| 2026 | 2025 | Apr 2025-Mar 2026 | Apr 2024-Mar 2025 | |
| Adjusted operating profit | ||||
| Operating profit | 459 | 409 | 1,665 | 1,576 |
| Items affecting comparability | - | - | - | 48 |
| Adjusted operating profit | 459 | 409 | 1,665 | 1,624 |
| Adjusted operating profit per tonne | ||||
| Adjusted operating profit | 459 | 409 | 1,665 | 1,624 |
| Sales volume, ktonnes | 159.8 | 151.6 | 624.7 | 535.5 |
| Adjusted operating profit per tonne, kSEK | 2.9 | 2.7 | 2.7 | 3.0 |
| Adjusted EBITDA | ||||
| Adjusted operating profit | 459 | 409 | 1,665 | 1,624 |
| Depreciation, amortization and impairment charges | 207 | 226 | 833 | 881 |
| Adjusted EBITDA | 666 | 634 | 2,498 | 2,504 |
| Capital employed | ||||
| Total assets less cash and cash equivalents and interest-bearing receivables | 22,301 | 20,438 | 20,436 | 18,699 |
| Non-interest-bearing liabilities | -6,633 | -5,534 | -5,680 | -5,071 |
| Pensions | 226 | 242 | 235 | 247 |
| Capital employed | 15,894 | 15,146 | 14,991 | 13,875 |
| Return on capital employed | ||||
| Capital employed, rolling 12-month average | - | - | 14,991 | 13,875 |
| Adjusted operating profit | - | - | 1,665 | 1,624 |
| Return on capital employed, % | - | - | 11.1 | 11.7 |
| Financial net debt¹ | ||||
| Cash and cash equivalents and interest-bearing receivables | -586 | -857 | -586 | -857 |
| Interest-bearing liabilities | 5,438 | 5,338 | 5,438 | 5,338 |
| Lease liabilities | -267 | -313 | -267 | -313 |
| Financial net debt | 4,584 | 4,168 | 4,584 | 4,168 |
| Financial net debt/Adjusted EBITDA | ||||
| Financial net debt | - | - | 4,584 | 4,168 |
| Adjusted EBITDA, rolling 12-month | - | - | 2,498 | 2,504 |
| Financial net debt/Adjusted EBITDA | - | - | 1.8 | 1.7 |
¹ Closing balance at the end of the period.
Continues on the next page...
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
FINANCIAL & SUSTAINABILITY STATEMENTS
| ...continued from previous page. | Q1 | 12 months rolling | ||
|---|---|---|---|---|
| SEK million | 2026 | 2025 | Apr 2025–Mar 2026 | Apr 2024–Mar 2025 |
| Return on equity | ||||
| Equity, rolling 12-month average | - | - | 10,343 | 9,887 |
| Profit for the period | - | - | 1,119 | 1,034 |
| Return on equity, % | - | - | 10.8 | 10.5 |
| Operating cash flow | ||||
| Operating profit | 459 | 409 | 1,665 | 1,576 |
| Depreciation, amortization and impairment charges | 207 | 226 | 833 | 898 |
| Change in working capital | -877 | -373 | -1,356 | -1,552 |
| Investments in property, plant, equipment and intangible assets | -123 | -240 | -655 | -1,375 |
| Operating cash flow | -333 | 21 | 487 | -453 |
| Cash conversion | ||||
| Operating cash flow | -333 | 21 | 487 | -453 |
| Adjusted EBITDA | 666 | 634 | 2,498 | 2,504 |
| Cash conversion, % | n/a | 3 | 19 | n/a |
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
DEFINITIONS
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 non-interest-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)
GRÄNGES AB (PUBL) INTERIM REPORT Q1, 2026
Contact
Anna Hedenberg
Investor Relations Director
[email protected], +46 768 69 96 48
Webcasted presentation
CEO Jörgen Rosengren and CFO Oskar Hellström will present Gränges' Interim report Q1, 2026 at a webcasted conference call on Thursday April 23, 2026, at 10.00 CEST.
Join live webcast:
https://granges.videosync.fi/2026-04-23-q1-2026
Participate in Q&A:
https://service.flikmedia.se/teleconference/?id=5001532
Calendar
| Annual General Meeting | May 12, 2026 |
|---|---|
| Capital Markets Day | June 2, 2026 |
| Half-year report, Q2 | July 16, 2026 |
| Interim report, Q3 | October 22, 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. The information was submitted for publication, through the agency of the contact persons set out above, on Thursday April 23, 2026, at 07.30 CEST.
G
GRÄNGES
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