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SinterCast — Earnings Release 2025
Feb 17, 2026
3200_10-k_2026-02-17_a96d0eb0-b721-4dd0-9d5f-867d1aa1e16f.pdf
Earnings Release
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New high-volume programmes drive growth in 2027 and 2028 Long-term outlook increases to 8 million Engine Equivalents
Fourth Quarter 2025
- Revenue for Period: SEK 26.4 million (SEK 35.8 million), primarily due to the ongoing slowdown in commercial vehicle sales. Recurring revenue accounted for 81.4% (80.4%) of the revenue
- Operating Result: SEK 5.8 million (SEK 9.5 million), yielding 21.9% (26.6%) operating margin, influenced by lower series production volume, offset by cost savings
- Earnings per Share: SEK 0.55 per share (SEK 1.04 per share)
- Cashflow from Operations: SEK 1.6 million (SEK 13.4 million), impacted by delayed year-end customer payments
- High-volume programmes for two new commercial vehicle OEMs, with start of production in 2026 and 2027
- New series production programmes for global agricultural OEM, with start of production in 2028
- Successful Mini-System 4000 installation at Qingdao Surefire foundry in China for industrial power production
- First SinterCast-CGI production in India ready for start of production during second quarter, for export market
Full Year 2025
- Revenue for Period: SEK 108.0 million (SEK 135.6 million). Recurring revenue accounted for 90.1% (90.7%) of the revenue
- Operating Result: SEK 32.8 million (SEK 43.2 million), yielding 30.4% (31.9%) operating margin
- Earnings per Share: SEK 3.49 per share (SEK 4.85 per share)
- Cashflow from Operations: SEK 35.1 million (SEK 59.6 million),
- Dividend: Proposed ordinary dividend of SEK 3.00 per share (SEK 6.00 per share) and extraordinary dividend of SEK 0.00 per share (SEK 1.00 per share), equivalent to SEK 21.1 million (SEK 49.3 million), with SEK 1.00 paid in May and SEK 2.00 paid in November
- Installed Base: 58 (58) installations, 26 (26) fully automated systems, 24 (24) mini-systems and eight (eight) tracking systems in 13 (13) countries
Key Facts and Figures
| October−December | January−December | |||||
|---|---|---|---|---|---|---|
| AMOUNTS IN SEK MILLION, unless otherwise stated | 2025 | 2024 | % | 2025 | 2024 | % |
| Annualised Engine Equivalents, millions | 2.6 | 3.1 | -16% | 3.0 | 3.6 | -17% |
| Recurring revenue* | 21.4 | 28.8 | -25% | 97.3 | 123.0 | -21% |
| Revenue** | 26.4 | 35.8 | -26% | 108.0 | 135.6 | -20% |
| Gross margin, % | 67.4 | 70.4 | -4% | 70.4 | 72.5 | -3% |
| Operating result | 5.8 | 9.5 | -39% | 32.8 | 43.2 | -24% |
| Operating margin, % | 21.9 | 26.6 | -17% | 30.4 | 31.9 | -5% |
| Earnings per share, SEK** | 0.55 | 1.04 | -47% | 3.49 | 4.85 | -28% |
| Distributed dividend per share, SEK | 3.50 | 3.05 | 7.00 | 6.10 | 15% |
* Recurring revenue from production fees, consumables and software licence fees
** According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs). Definition of key ratios can be found after "Key Ratio and Share Data - Group" in this Report.
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CEO Message
Near-term challenges remain; long-term outlook improves to 8 million Engine Equivalents
In the face of weak demand and uncertainty surrounding tariffs and emissions legislation, fourth quarter series production finished at 2.6 million Engine Equivalents, representing a 16% reduction compared to the year-ago period (3.1 million Engine Equivalents). The decline was led by North America, where year-on-year commercial vehicle production decreased by 57% and passenger vehicle production decreased by 14%. Together with reductions in domestic off-road production, the US accounted for an annualised year-on-year decline of approximately 525,000 Engine Equivalents. In contrast, European commercial vehicle production increased by more than 150,000 Engine Equivalents in the fourth quarter, corresponding to year-on-year growth of approximately 20%. The increase in Europe shows the onset of market recovery and aligns very well with the industry-wide improvement in commercial vehicle OEM order books and analyst expectations.
Revenue for the period amounted to SEK 26.4 million (SEK 35.8 million). Full-year revenue amounted to SEK 108.0 million (SEK 135.6 million), due to the combined effects of a 17% reduction in series production volume and a 7% negative impact from exchange rates. Recurring revenue derived from the Production Fee levied for each Engine Equivalent, consumables and software licence fees accounted for 90.1% (90.7%) of the full-year revenue. Benefitting from proactive cost reduction of SEK 3.8 million implemented during the year, the full-year operating result finished at SEK 32.8 million (SEK 43.2 million), providing an operating margin of 30.4%, in line with the previous year operating margin of 31.9%. Additional cost reduction of approximately SEK 5 million related to headcount is forecast for full-year 2026, following the retirement of the Technical Director on 31 December 2025 and the upcoming retirement of the CEO at the AGM in May, where the replacements for both were employed throughout 2025.
For almost ten years, SinterCast has declared that all commercial vehicle manufacturers will adopt CGI. This declaration has become true. While 2025 may have been disappointing for series production, it was a prolific year for new product development. During 2025, SinterCast and its foundry partners secured high-volume CGI programmes with two new commercial vehicles manufacturers that will start production in 2026 and 2027. We also secured two new off-road programmes with a major global agricultural OEM that will start production in 2028 and we are currently working on two high-volume commercial vehicle engine programmes that will start production in 2030. All of these programmes are for new OEM customers, all providing incremental volume. The positive development has increased our series production threshold and we now target to reach the eight million Engine Equivalent milestone during 2031, with growth opportunities beyond. This development aligns with the increasing realisation throughout the industry that battery electric and hydrogen fuel cell vehicles are not well-suited to the sectors that SinterCast works in, specifically, heavy-duty commercial vehicles and pick-up trucks. Illustrating this realisation, during the fourth quarter of 2025, Ford cancelled the F-150 Lightning and Ford Ram decided not to proceed with the launch its electric pick-up.
Second Consecutive year with above average installation revenue
Benefitting from a strong finish with SEK 4.6 million in the fourth quarter, full-year installation revenue amounted to SEK 9.9 million, marking the second consecutive year with installation revenue above the historical average of SEK 8.0 million. The fourth quarter revenue was primarily derived from a capacity expansion at an existing foundry customer in advance of new commercial vehicle production scheduled to begin in late-2026 or early-2027, and a Mini-System 4000 installation at the Qingdao Surefire foundry in China for marine applications. The newly installed Mini-System 4000 at the Saroj foundry in India has been supporting pre-production throughout the quarter, in
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anticipation of the start of production during 2Q26. This will mark the first CGI production in India and is destined for export to Europe and the US to supply cylinder heads for stationary engines used for auxiliary power supply in global data centres.
What was unique about the 2025 installation revenue was that we exceeded the historical average without installing a large series production system. The revenue was realised through the installation of three smaller systems, two capacity and functionality upgrades, rental equipment to support new product development and spare parts. In hindsight, it was a busy year for installation activity. In the near-term, the outlook for 2026 will be determined by the balance between restricted capital expenditure in the industry, influenced by the global economy, and the need to commission new installations and capacity expansions in preparation for the new programmes that are coming on stream. While it is too early to forecast 2026, the longer term outlook is for sustained annual installation revenue in excess of SEK 8 million.
Financial Targets: 2025 Progress Review
In September 2023, on the twentieth anniversary of the start of production of our first high-volume series production programme, we announced five financial targets. In keeping with the tradition set last year, we take the opportunity of the year-end report to provide the following update on our progress for each of the five targets:
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- Double-Digit Series Production Growth through 2030: Current market conditions have delayed, but not derailed, our target. We now expect to reach the six million Engine Equivalent milestone in 2029, with the target to reach the eight million Engine Equivalents milestone during 2031. Relative to the pre-Covid baseline of 3.3 million Engine Equivalents in 2019 and 2.1 million Engine Equivalents in 2016, our outlook is for approximately 5% ten-year CAGR and approaching 10% fifteen-year CAGR.
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- Increase Gross Margin beyond 70%: With a gross margin of 70.4% in 2025, we have posted 14 consecutive years above 70%. The combination of strong series production growth together with stable costs will drive the gross margin well beyond 70%.
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- Increase Operating Margin to >40%: The SinterCast business model is highly scalable. With 30.4% operating margin in 2025, strong growth outlook, near-term cost reductions and stable headcount through the five year planning horizon, we are confident to exceed 40%, making SinterCast one of the most profitable companies in the Nordic region.
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- Cumulative CO2 savings of 100 million tonnes by 2028: With more than 95% of our series production accounted for by large commercial vehicles, pick-up trucks and off-road equipment, and approximately 15 million SinterCast-CGI vehicles in service, the improved fuel efficiency of the vehicles with SinterCastinside has contributed to the reduction of 80 million tonnes of CO2. We remain on schedule to reach our target of 100 million tonnes of cumulative CO2 abatement by 2028.
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- 25 Consecutive Years of Dividend growth: Following the stoppage of one high volume programme in September 2024, 2025 was always going to be the challenging year. With the compounding effect of the difficult market, it has not been possible to continue the string of increases. We look forward to re-setting the clock and beginning a new string of increases.
Complementing the core business with inorganic growth
Building on the strong platform established over the past 25 years and with a clear focus on creating additional shareholder value, SinterCast has initiated a process to explore opportunities beyond its current organic growth outlook. This initiative is focused on areas where SinterCast can leverage its expertise in precision measurement and process control, together with its strong brand recognition and international commercial reach, to deliver
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meaningful synergies and growth. Supported by a strong balance sheet, robust cash generation and the experience of our Board, a process is underway to identify potential acquisition opportunities that will further strengthen and accelerate our company's long-term growth.
Dr. Steve Dawson President & CEO
Dr. Vítor Anjos Deputy CEO
SinterCast is the world's leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). Stronger, stiffer and more durable than conventional iron, CGI enables the development of smaller, lighter and more fuel efficient engines in passenger vehicle, commercial vehicle and industrial power applications. The use of SinterCast-CGI currently contributes to the reduction of approximately ten million tonnes of CO2 per year. With 58 installations in 13 countries, SinterCast provides sustainable solutions for manufacturing and transportation to the global foundry and automotive industries. SinterCast is a publicly traded company, quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange (SINT). For more information: www.sintercast.com
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Financial Summary
Revenue
The revenue for the SinterCast Group relates primarily to income from series production, equipment, and engineering service.
| Revenue Breakdown | October−December | January−December | ||
|---|---|---|---|---|
| (Amounts in SEK million) | 2025 | 2024 | 2025 | 2024 |
| Recurring revenue from series production1 | 21.4 | 28.8 | 97.3 | 123.0 |
| Equipment2 | 4.6 | 6.8 | 9.9 | 11.4 |
| Engineering service3 | 0.3 | 0.2 | 0.9 | 1.2 |
| Total | 26.4 | 35.8 | 108.0 | 135.6 |
| Number of Sampling Cups shipped | 43,000 | 48,900 | 184,550 | 202,025 |
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- Recurring revenue from production fees, consumables and software licence fees
- 2 Revenue from sold and leased CGI and Tracking system installations and spare parts
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- Revenue from engineering service, demonstrations and test pieces
The October−December 2025 revenue decreased by 26.3% to SEK 26.4 million (SEK 35.8 million), primarily due to the ongoing slowdown in commercial vehicle sales and decreased equipment revenue on strong comparables despite the capacity expansion at an undisclosed foundry partner in advance of increased commercial vehicle production and the Mini-System 4000 installation at the Qingdao Surefire foundry in China. Recurring revenue from series production decreased by 25.4% amounting to SEK 21.4 million (SEK 28.8 million) and accounting for 81.4% (80.4%) of the total revenue. The total revenue was derived from annualised series production of 2.6 million (3.1 million) Engine Equivalents, shipment of 43,000 (48,900) Sampling Cups and equipment revenue of SEK 4.6 million (SEK 6.8 million). Engineering Service amounted to SEK 0.3 million (SEK 0.2 million). Exchange differences had a negative effect of 1.9% on revenue during the period.
The January−December 2025 revenue decreased by 20.3% to SEK 108.0 million (SEK 135.6 million), primarily due to the combined impact of the stoppage of a high-volume programme in September 2024, and the ongoing slowdown in commercial vehicle sales. Recurring revenue from series production decreased by 20.9%, amounting to SEK 97.3 million (SEK 123.0 million) and accounting for 90.1% (90.7%) of the total revenue. The total revenue includes annualised series production of 3.0 million (3.6 million) Engine Equivalents, shipment of 184,550 (202,025) Sampling Cups and equipment revenue of SEK 9.9 million (SEK 11.4 million), following the aforementioned installations and the installations at Maringá Soldas in Brazil, the Saroj foundry in India and strong aftermarket sales of spare parts. Engineering Service amounted to SEK 0.9 million (SEK 1.2 million). Exchange differences had a negative effect of 7.0% on revenue during the period.
Results
| Results Summary | October−December | January−December | ||
|---|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2025 | 2024 | 2025 | 2024 |
| Gross margin, % | 67.4 | 70.4 | 70.4 | 72.5 |
| Operating result | 5.8 | 9.5 | 32.8 | 43.2 |
| Operating margin, % | 21.9 | 26.6 | 30.4 | 31.9 |
| Result for the period after tax | 3.9 | 7.4 | 24.6 | 34.3 |
| Earnings per share (SEK) | 0.55 | 1.04 | 3.49 | 4.85 |
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The October−December 2025 operating result decreased by SEK 3.7 million to SEK 5.8 million (SEK 9.5 million), due to the combined effect of a SEK 7.4 million decrease in gross margin, a SEK 1.3 million decrease in operating costs and a SEK 2.4 million reduction in other operating cost and income. The decrease in operating costs is primarily related to the reduction in headcount. Other operating costs and income combined decreased by SEK 2.4 million to SEK -0.1 million, primarily due to movements in foreign currencies offset by gains of existing hedge contracts. The result for the period after tax decreased by SEK 3.5 million to SEK 3.9 million (SEK 7.4 million), primarily due to the SEK 3.7 million decrease in operating result offset by a decrease in calculated income tax of SEK 0.4 million.
The January−December 2025 operating result decreased by SEK 10.4 million to SEK 32.8 million (SEK 43.2 million), due to the combined effect of a SEK 22.3 million decrease in gross margin, offset by a SEK 3.8 million decrease in operating costs and improvement in other operating cost and income of SEK 8.1 million. The decrease in operating costs is primarily related to the reduction in headcount. Other operating costs and income combined improved by SEK 8.1 million, primarily due to movements in foreign currencies resulting in unrealised revaluation losses of existing hedge contracts in 2024 reverted into unrealised and realised gains during 2025. The result for the period after tax decreased by SEK 9.7 million to SEK 24.6 million (SEK 34.3 million), primarily due to the SEK 10.4 million decrease in operating result offset by a decrease in calculated income tax of SEK 0.9 million.
Cashflow, Liquidity and Investments
The January−December 2025 cashflow from operations decreased by SEK 24.5 million, compared to the same period last year, primarily due to decreased cashflow before changes in working capital of SEK 11.4 million and SEK 13.0 million decrease in contribution from changes in working capital. The increased working capital since year-end of SEK 1.5 million (decrease of SEK 11.6 million in prior year) is primarily due to a SEK 7.3 million (SEK 5.7 million) decrease in operating receivables, a SEK 11.5 million decrease in operating liabilities (increase of SEK 3.6 million in prior year) and a SEK 2.8 million (SEK 2.0 million) decrease in inventory. Total investments amounted to SEK 0.5 million (SEK 1.8 million). Following the dividend payment of SEK 49.3 million, the share buyback of SEK 1.7 million and the IFRS 16 lease payment of SEK 1.5 million, total cashflow amounted to SEK -17.9 million (SEK 10.8 million). Liquidity on 31 December 2025 was SEK 5.2 million (SEK 23.1 million), plus an overdraft credit facility in the amount of SEK 20.0 million, providing effective liquidity of SEK 25.2 million. SinterCast currently has no loans.
| Cashflow Summary | January−December | ∆ | |
|---|---|---|---|
| (Amounts in SEK million if not otherwise stated) | 2025 | 2024 | 2025 vs 2024 |
| Cashflow from operations, before change in working capital | 36.5 | 48.0 | -11.4 |
| Cashflow from change in working capital | -1.5 | 11.6 | -13.0 |
| Cashflow from operations | 35.1 | 59.6 | -24.5 |
| Cashflow from investing activities | -0.5 | -1.8 | 1.3 |
| Cashflow from financing activities | -52.5 | -47.0 | -5.5 |
| Cashflow total | -17.9 | 10.8 | -28.7 |
| Liquidity | 5.2 | 23.1 |
Income Tax and Deferred Tax Asset
Tax cost for the January−December 2025 period amounted to SEK 8.1 million (SEK 9.0 million). The Group's total carried forward tax losses, remaining to be utilised, are calculated to be SEK 165.9 million (SEK 203.8 million), resulting in a deferred tax asset of SEK 34.2 million (SEK 42.0 million). As a result of the current market uncertainty
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and USD / SEK exchange rates, it is estimated that the timeline for SinterCast to begin to pay Swedish income tax will shift from the previously forecast "late-2027 or early-2028" to the first half of 2028.
Patents
As of 31 December 2025, SinterCast held two patents that were maintained as 16 individual national phase patents worldwide. These patents address the Sampling Cup and the SinterCast metallurgical technology. Some patents have recently come to end-of-life and SinterCast has allowed other patents to lapse as it was judged that these patents no longer represented the current technology and therefore did not justify continued payment of the annual fees. SinterCast has chosen to retain the recent technical advances as internal know-how.
Risks and Uncertainty Factors
Uncertainty factors for SinterCast include: the timing of OEM decisions for new CGI engines and other components; adherence to start-of-production dates and ramp projections; the longevity of each engine programme; the possibility that the volume of existing programmes may decrease or come to end-of-life earlier than expected; the global economy for new vehicle sales; technology trends and emissions legislation; and, the individual sales success of vehicles equipped with SinterCast-CGI components.
The increasing economic and geopolitical instability, exacerbated by recent trade and tariff confrontations and ongoing armed conflict in multiple regions, constitute the dominant near-term risk factors for the global foundry and automotive industries. While it is not yet possible to quantify the impact of these factors on the near-term market development, SinterCast remains confident in the long-term growth of CGI. Other factors that may influence the market risk for SinterCast and its end-user industries include the renegotiation of international tariffs and free-trade agreements on vehicle sales, climate change legislation and the associated growth of alternative powertrain technologies, and the overall demand for goods transportation. The development of AI may also increase the possibilities to develop potentially competitive technologies or to reverse engineer the SinterCast technology.
No significant risk of material adjustment to the carrying amounts of assets and liabilities has been identified at the balance sheet date. For additional risk and uncertainty factor information, see the SinterCast Annual Report.
Organisation
With successful high volume CGI production in customer foundries located in Europe, Asia and the Americas, SinterCast has established a global organisation with employees and offices in Sweden, the United Kingdom, the United States, China, Germany and Portugal. As of 31 December 2025, the Group had 25 (25) employees, 6 (6) of whom are female. Benefitting from accumulated experience and efficiency improvements, SinterCast is well positioned to support global market activities and to drive the future growth of the company.
Parent Company
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, Sweden. On 31 December 2025, the Parent Company had 20 (21) employees. The average number of employees during the period was 21 (22). The majority of the operations are managed by the Parent Company while local operations in the United Kingdom, United States and China are managed by the local companies. The information given for the Group in this report corresponds in all material respects to the Parent Company. However, the result for the period may differ between the group and the Parent Company due to intercompany transactions between the Parent Company and its subsidiaries.
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Outlook Guidance
Following a difficult year for the global economy, there are signs that the foundry and automotive industries will begin to recover during 2026. In Europe, commercial vehicle order books improved by approximately 20% in the fourth quarter compared to the year-ago period. In North America, freight demand is improving and the stabilisation of tariffs and emissions regulations is expected to start to bring fleet buyers back to the market. Benefitting from new high volume programmes starting series production in 2026, 2027 and 2028, we expect our growth to outpace the overall market recovery.
Building on strong new product development in 2025, particularly for new commercial vehicle manufacturers that have not yet launched SinterCast-CGI engines, the SinterCast outlook has increased to target the eight million Engine Equivalent milestone during 2031, with growth opportunities beyond. During the intervening period, we expect China and India to start to make meaningful contributions while the challenge from electrification remains negligible in the key areas that we support, including commercial vehicles, pick-up trucks and off-road equipment. With the prevailing path for large vehicles continuing to evolve toward clean, net-zero fuels, we anticipate strong demand well beyond 2040.
In parallel with the growth of Compacted Graphite Iron, SinterCast has initiated a process to explore opportunities beyond its current organic growth outlook. This initiative is initially focused on areas where SinterCast can leverage its expertise in precision measurement and process control, together with its brand recognition and international commercial reach, to deliver meaningful synergies and growth.
The Share and Analysts
The SinterCast share has been listed and quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange, since 26 April 1993. SinterCast share capital is SEK 7,090,133 at par value of approximately SEK 1 per share. ABG Sundal Collier is the appointed liquidity provider for the SinterCast share.
The following analysts cover SinterCast:
Henric Hintze at ABG Sundal Collier, [email protected], +46 8 566 294 89 Philip Wendt at Aktiespararna, [email protected], +46 8 50 65 15 00
Accounting Principles
The information provided on behalf of the group in this interim report has been prepared in accordance with Sweden's Annual Accounts Act and IAS 34 Interim Financial Reporting. The reporting for the Parent Company has been prepared in accordance with Sweden's Annual Accounts Act, chapter 9 interim report, and RFR 2. The accounting policies that have been applied for the group and the Parent Company agree with the accounting policies used in the preparation of the company's latest Annual Report.
Fair Value Measurement of Financial Assets and Liabilities
The group has financial assets consisting of derivative instruments (included in other debtors or other creditors). The fair value of derivative instruments, not traded on an active market, is based on observable market currency rates. The effects are recognised in the profit & loss statement.
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Rounding
The total amount shown in tables and statements may not always sum to the same value due to rounding differences. The primary objective is for each line item to correspond to the source. This may sometimes result in rounding or truncation differences in the total.
Alternative Performance Measures are defined and included in this report in the Key Ratio and Share Data tables. More information of Accounting Policies is included in the Annual Report 2024, pages 46-51.
Material Transactions and Events after the Balance Sheet Date
No material transactions have taken place between SinterCast and the Board or the Management during the period. The following press releases were issued during the period:
21 October 2025 – Third quarter production decreases in difficult market – Long-term outlook remains strong 05 November 2025 – SinterCast Results July-September 2025
There have been no other significant events since the balance sheet date of 31 December 2025 that could materially change these financial statements. No Press releases were issued after the balance sheet date.
Dividend Policy and Dividend
The Board's intention is to continue to provide an ordinary dividend to the shareholders, based primarily on the cashflow from operations, after investments. In the event that the Board considers that the liquidity exceeds the amount needed to support the operational requirements and strategic objectives, the Board has the option to propose an extraordinary dividend or a share buyback to further adjust the liquidity. The first dividend was distributed in May 2011 for the financial year 2010. Since 2019, the dividend has been distributed in two equal instalments. Since the first dividend was provided, and including the current dividend proposal, SinterCast will have distributed SEK 396 million to its shareholders, representing 106% of its operating result over the period. The cumulative dividend amounts to SEK 56.00 per share.
Dividend Distributed in 2025
The Annual General Meeting (AGM) of the shareholders decided on an ordinary dividend of SEK 6.00 per share (SEK 5.50 per share) with an extraordinary dividend of SEK 1.00 (SEK 0.60 per share), representing a distribution of SEK 49.3 million (SEK 43.1 million) to the shareholders of SinterCast AB (publ) for the financial year 2024. The dividend was distributed in two equal payments of SEK 3.50 per share, with the record date 22 May 2025 for the first payment and 7 November 2025 as the record date for the second payment.
Proposed Dividend 2026
The Board of Directors propose an ordinary dividend of SEK 3.00 per share (SEK 6.00 per share) with an extraordinary dividend of SEK 0.00 (SEK 1.00 per share), representing a distribution of SEK 21.1 million (SEK 49.5 million) to the shareholders of SinterCast AB (publ) for the financial year 2025, with SEK 1.00 paid in May and SEK 2.00 paid in November (two equal payments of SEK 3.50 per share). The Board proposes 21 May 2026 as the record date for the first dividend payment and 16 November 2026 as the record date for the second dividend payment. In deciding the amount of the ordinary dividend to be proposed to the AGM 2026, the Board considered cashflow from operations, the financial position, investment requirements including funding headroom for inorganic growth, and other factors, such as market outlook, growth strategy and the internal financial forecast for the Group.
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Share Buyback
The AGM on 20 May 2025 authorised the Board of Directors of SinterCast AB to decide upon the acquisition of SinterCast shares, prior to the next AGM. SinterCast has not acquired any shares since 20 May 2025. SinterCast currently holds 25,223 of its own shares.
Annual General Meeting
The next Annual General Meeting of SinterCast AB (publ) will be held on Tuesday 19 May 2026, at 15:00 at IVA, Stockholm.
Shareholders wishing to have a matter considered at the Annual General Meeting should provide written submissions to the Board of Directors at [email protected] or: SinterCast AB (publ), Kungsgatan 2, 641 30 Katrineholm, Sweden, at least seven weeks prior to the Annual General Meeting for the proposal to be included in the notice of the meeting. Further details on how and when to register will be published in advance of the Annual General Meeting.
Nomination Committee
The Nomination Committee has been appointed based on the ownership structure as of 31 August 2025. Ulf Stenbeck is the Chairman of the committee. The other members of the committee are Torbjörn Gustafsson, David Walton, fund manager at Canaccord Genuity Wealth Management and Einar Ahlström, current Board member. The committee also includes Ian Kersaw, Chairman of the Board of SinterCast, as an adjunct member, with no voting rights. Shareholders who wish to submit proposals to the Nomination Committee may send an e-mail to: [email protected].
Information
January–March 2026 08:00 CET on 29 April 2026 April–June 2026 08:00 CET on 19 August 2026 July–September 2026 08:00 CET on 4 November 2026 October–December 2026 and Full Year Results 2026 08:00 CET on 17 February 2027
Annual Report 2025 Publication Date
The Annual Report of SinterCast AB (publ) 27 March 2026
Annual General Meeting 2026 Date
The Annual General Meeting of SinterCast AB (publ) Tuesday 19 May 2026
Interim Reports Publication Date
This report has not been reviewed by the company's Auditors.
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Stockholm 17 February 2026
For further information please contact:
Dr. Steve Dawson President & CEO SinterCast AB (publ)
Office: +46 150 794 40 Mobile: +44 771 002 6342
e-mail: [email protected]
website: www.sintercast.com Corp. Id. 556233-6494
This press release contains information SinterCast AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the President & CEO Dr. Steve Dawson, at 08:00 CET on 17 February 2026.
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Income Statement – Group
| October−December | January−December | |||
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| Revenue | 26.4 | 35.8 | 108.0 | 135.6 |
| Cost of goods sold | -8.6 | -10.6 | -32.0 | -37.3 |
| Gross result | 17.8 | 25.2 | 76.0 | 98.3 |
| Cost of sales and marketing | -8.7 | -9.4 | -31.1 | -33.6 |
| Cost of administration | -2.0 | -2.5 | -9.4 | -10.0 |
| Cost of research & development | -1.2 | -1.3 | -6.1 | -6.9 |
| Other operating costs & income | -0.1 | -2.5 | 3.4 | -4.7 |
| Operating result | 5.8 | 9.5 | 32.8 | 43.2 |
| Financial income | 0.0 | 0.2 | 0.2 | 0.4 |
| Financial costs | -0.1 | -0.1 | -0.3 | -0.4 |
| Financial net | 0.0 | 0.2 | -0.1 | 0.0 |
| Result before income tax | 5.7 | 9.7 | 32.7 | 43.2 |
| Income tax | -1.9 | -2.3 | -8.1 | -9.0 |
| Result for the period | 3.9 | 7.4 | 24.6 | 34.3 |
| Result attributable to: | ||||
| Equity holder of the parent company | 3.9 | 7.4 | 24.6 | 34.3 |
| Non-controlling interests | - | - | - | - |
| Earnings per share, SEK | 0.55 | 1.04 | 3.49 | 4.85 |
| Earnings per share, diluted, SEK | 0.55 | 1.04 | 3.49 | 4.85 |
| Number of shares at the close of the period, thousands | 7,042.3 | 7,055.3 | 7,042.3 | 7,055.3 |
| Average number of shares, thousands | 7,042.3 | 7,065.5 | 7,042.9 | 7,067.4 |
| Average number of shares, diluted | 7,042.3 | 7,065.5 | 7,042.9 | 7,067.4 |
Statement of Result and Other Comprehensive Income – Group
| October−December | January−December | |||
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| Result for the period | 3.9 | 7.4 | 24.6 | 34.3 |
| Other comprehensive income | ||||
| Items may be reclassified to the income statement | ||||
| Translation differences, foreign subsidiaries | -0.4 | 0.9 | -0.4 | 0.3 |
| Other comprehensive income, net of tax | -0.4 | 0.9 | -0.4 | 0.3 |
| Total comprehensive income for the period | 3.4 | 8.2 | 24.2 | 34.6 |
| Total comprehensive income attributable to: | ||||
| Shareholder of the parent company | 3.4 | 8.2 | 24.2 | 34.6 |
| Non-controlling interests | - | - | - | - |
{12}------------------------------------------------

Balance Sheet – Group
| 31 Dec | 31 Dec | 30 Sep | 30 Sep | |
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| ASSETS | ||||
| Intangible assets | 0.7 | 1.1 | 0.8 | 1.3 |
| Tangible assets* | 6.2 | 8.1 | 6.8 | 8.2 |
| Other long term receivables | 0.0 | 0.1 | 0.0 | 0.3 |
| Deferred tax asset | 34.2 | 42.0 | 35.9 | 44.2 |
| Total fixed assets | 41.1 | 51.3 | 43.6 | 54.0 |
| Inventory | 9.3 | 12.1 | 12.6 | 13.9 |
| Short-term receivables | 30.6 | 37.9 | 25.3 | 35.9 |
| Short term deposits and cash at bank and in hand | 5.2 | 23.1 | 28.7 | 33.4 |
| Total current assets | 45.1 | 73.1 | 66.6 | 83.2 |
| Total assets | 86.2 | 124.4 | 110.2 | 137.2 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity | 76.1 | 102.9 | 72.3 | 96.4 |
| Long term liabilities* | 0.5 | 0.4 | 0.5 | 0.4 |
| Current liabilities* | 9.6 | 21.1 | 37.3 | 40.4 |
| Total liabilities | 10.1 | 21.5 | 37.8 | 40.8 |
| Total shareholders' equity and liabilities | 86.2 | 124.4 | 110.2 | 137.2 |
* Includes right of use assets (SEK 0.9 million), long term lease liability (SEK 0.5 million) and short term lease liabilities (SEK 0.4 million)
{13}------------------------------------------------

Statement of Changes in Equity – Group
| Amounts in SEK million | Share Capital |
Paid in Capital |
Exchange Differences |
Cumulative Results |
Total Equity |
|---|---|---|---|---|---|
| Opening balance 1 January 2024 | 7.1 | 44.9 | 1.0 | 60.6 | 113.6 |
| Total comprehensive income | |||||
| Result for the period | - | - | - | 34.3 | 34.3 |
| Other comprehensive income | - | - | 0.4 | -0.1 | 0.3 |
| Total comprehensive income | - | - | 0.4 | 34.2 | 34.6 |
| Repurchase own shares | - | - | - | -2.2 | -2.2 |
| Dividend | - | - | - | -43.1 | -43.1 |
| Closing balance 31 December 2024 | 7.1 | 44.9 | 1.4 | 49.6 | 102.9 |
| Opening balance 1 January 2025 | 7.1 | 44.9 | 1.4 | 49.6 | 102.9 |
| Total comprehensive income | |||||
| Result for the period | - | - | - | 24.6 | 24.6 |
| Other comprehensive income | - | - | -0.4 | - | -0.4 |
| Total comprehensive income | - | - | -0.4 | 24.6 | 24.2 |
| Repurchase own shares | - | - | - | -1.7 | -1.7 |
| Dividend | - | - | - | -49.3 | -49.3 |
| Closing balance 31 December 2025 | 7.1 | 44.9 | 1.0 | 23.2 | 76.1 |
{14}------------------------------------------------

Cashflow Statement – Group
| October−December | January−December | |||
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| Operating activities | ||||
| Operating result | 5.8 | 9.5 | 32.8 | 43.2 |
| Adjustments for items not included in the cash flow | ||||
| Depreciation | 0.9 | 1.1 | 3.6 | 4.3 |
| Other | 0.1 | 0.0 | 0.3 | 0.2 |
| Unrealised exchange rate differences | 0.0 | 0.2 | 0.0 | 0.4 |
| Received interest | 0.0 | 0.2 | 0.2 | 0.4 |
| Paid interest | -0.1 | -0.1 | -0.3 | -0.4 |
| Paid income tax | 0.0 | 0.0 | -0.1 | -0.1 |
| Total cashflow from operating activities | 6.7 | 11.1 | 36.5 | 48.0 |
| before change in working capital | ||||
| Change in working capital Inventory |
1.8 | 2.1 | ||
| Operating receivables | 3.3 | -1.7 | 2.8 | 5.9 |
| Operating liabilities | -5.4 | 2.2 | 7.2 | 3.6 |
| Total change in working capital | -3.1 -5.2 |
2.3 | -11.5 -1.5 |
11.6 |
| Cashflow from operations | 1.6 | 13.4 | 35.1 | 59.6 |
| Investing activities | ||||
| Acquisition of tangible assets | 0.0 | -0.5 | -0.5 | -1.8 |
| Cashflow from investing activities | 0.0 | -0.5 | -0.5 | -1.8 |
| Financing activities | ||||
| Payment lease liability | -0.4 | -0.5 | -1.5 | -1.7 |
| Dividend | -24.6 | -21.6 | -49.3 | -43.1 |
| Repurchase own shares | 0.0 | -1.0 | -1.7 | -2.2 |
| Cashflow from financing activities | -25.0 | -23.1 | -52.5 | -47.0 |
| Exchange rate differences in cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
| Cashflow for the period | -23.5 | -10.2 | -17.9 | 10.8 |
| Cash - opening balance | 28.7 | 33.4 | 23.1 | 12.3 |
| Cash - closing balance* | 5.2 | 23.1 | 5.2 | 23.1 |
* The cash and cash equivalents comprise short-term deposits and cash at bank and in hand
{15}------------------------------------------------

Key Ratio and Share Data – Group
| October−December | January−December | |||
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| Key Ratio | ||||
| Revenue* | 26.4 | 35.8 | 108.0 | 135.6 |
| Gross margin, % | 67.4 | 70.4 | 70.4 | 72.5 |
| Operating result | 5.8 | 9.5 | 32.8 | 43.2 |
| Operating margin, % | 21.9 | 26.6 | 30.4 | 31.9 |
| Result for the period* | 3.9 | 7.4 | 24.6 | 34.3 |
| Solidity, % | 88.3 | 82.7 | 88.3 | 82.7 |
| Shareholders' equity | 76.1 | 102.9 | 76.1 | 102.9 |
| Capital employed | 76.1 | 102.9 | 76.1 | 102.9 |
| Total assets | 86.2 | 124.4 | 86.2 | 124.4 |
| Return on shareholders' equity, % | 4.3 | 7.4 | 27.5 | 31.6 |
| Return on capital employed, % | 4.3 | 7.4 | 27.5 | 31.6 |
| Return on total assets, % | 3.7 | 5.6 | 23.4 | 26.8 |
| Employees | ||||
| Number of employees at the end of the period | 25 | 25 | 25 | 25 |
| Data per Share | ||||
| Earnings per share, SEK* | 0.55 | 1.04 | 3.49 | 4.85 |
| Dividend per share, SEK | 3.50 | 3.05 | 7.00 | 6.10 |
| Cashflow from operations per share, SEK | 0.22 | 1.89 | 4.98 | 8.41 |
| Share price at the end of the period, SEK | 106.0 | 107.0 | 106.0 | 107.0 |
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).
Gross margin %
Gross results as percentage of revenue
Operating margin %
Operating results as percentage of revenue
Solidity %
Adjusted shareholders' equity expressed as percentage of total assets end of period
Equity per share
Shareholders' equity divided by the average number of shares
Capital employed
Total assets less non-interest bearing liabilities
Return on shareholders' equity %
Result for the period as a percentage of average shareholders' equity. Quarterly values are not annualised
Return on capital employed %
Result for the period as a percentage of average capital employed
Quarterly values are not annualised
Return on total assets %
Result for the period as a percentage of total average assets.
Quarterly values are not annualised
Average number of shares
Weighted average outstanding shares, excluding repurchased shares, for the period
Average number of shares adjusted for dilution
Weighted average of the number of shares for the period , excluding repurchased shares, adjusted for dilution
Earnings per share
Result for the period divided by the average number of shares
Earnings per share, diluted
Result for the period divided by the average number of shares adjusted for dilution
Dividend per share
Dividend divided by the number of shares
Cashflow from operations per share
Cashflow from operations divided by the number of shares
Share price at the end of the period
Latest paid price for the SinterCast share at NASDAQ Stockholm
Value presented as "0.0"
Amount below SEK 50,000
Value presented as "-"
No amount applicable
{16}------------------------------------------------

Income Statement – Parent Company
| October−December January−December |
||||
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| Revenue | 26.3 | 35.2 | 107.9 | 134.4 |
| Cost of goods sold | -9.0 | -11.0 | -33.9 | -39.3 |
| Gross result | 17.3 | 24.2 | 74.0 | 95.1 |
| Cost of sales and marketing | -9.1 | -8.5 | -31.4 | -32.4 |
| Cost of administration | -1.9 | -2.5 | -9.3 | -10.0 |
| Cost of research & development | -1.2 | -1.3 | -6.1 | -6.9 |
| Other operating costs & income | 0.3 | -3.9 | 6.2 | -6.5 |
| Operating result | 5.4 | 8.0 | 33.4 | 39.4 |
| Result from shares in subsidiaries | 0.0 | 1.8 | 0.0 | 1.8 |
| Financial income | 0.0 | 0.2 | 0.2 | 0.4 |
| Financial costs | -0.2 | -0.2 | -0.8 | -0.9 |
| Financial net | -0.2 | 1.8 | -0.6 | 1.2 |
| Result before income tax | 5.3 | 9.8 | 32.8 | 40.6 |
| Income tax | -1.7 | -2.1 | -7.4 | -8.4 |
| Result for the period | 3.6 | 7.7 | 25.4 | 32.2 |
| Earnings per share, SEK | 0.51 | 1.09 | 3.61 | 4.55 |
| Earnings per share, diluted, SEK | 0.51 | 1.09 | 3.61 | 4.55 |
| Number of shares at the close of the period, thousands | 7,042.3 | 7,055.3 | 7,042.3 | 7,055.3 |
| Average number of shares, thousands | 7,042.3 | 7,065.5 | 7,042.9 | 7,067.4 |
| Average number of shares, diluted | 7,042.3 | 7,067.4 | 7,042.9 | 7,067.4 |
Statement of Result and Other Comprehensive Income – Parent Company
| October−December | January−December | ||||
|---|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 | |
| Result for the period | 3.6 | 7.7 | 25.4 | 32.2 | |
| Total comprehensive income for the period | 3.6 | 7.7 | 25.4 | 32.2 |
{17}------------------------------------------------

Balance Sheet – Parent Company
| 31 Dec | 31 Dec | 30 Sep | 30 Sep | |
|---|---|---|---|---|
| Amounts in SEK million | 2025 | 2024 | 2025 | 2024 |
| ASSETS | ||||
| Intangible assets | 0.7 | 1.1 | 0.8 | 1.3 |
| Tangible assets | 5.2 | 6.5 | 5.7 | 6.6 |
| Other long term receivables | 1.8 | 1.9 | 1.8 | 2.2 |
| Deferred tax asset | 33.3 | 40.6 | 35.0 | 42.7 |
| Total fixed assets | 41.1 | 50.1 | 43.3 | 52.7 |
| Inventory | 9.0 | 11.8 | 12.4 | 13.6 |
| Short-term receivables | 32.5 | 38.2 | 27.3 | 36.6 |
| Short term deposits and cash at bank and in hand | 4.2 | 21.6 | 25.9 | 31.7 |
| Total current assets | 45.7 | 71.6 | 65.5 | 82.0 |
| Total assets | 86.8 | 121.7 | 108.8 | 134.7 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity | 54.5 | 80.1 | 51.0 | 73.4 |
| Current liabilities | 32.3 | 41.6 | 57.8 | 61.3 |
| Total liabilities | 32.3 | 41.6 | 57.8 | 61.3 |
| Total shareholders' equity and liabilities | 86.8 | 121.7 | 108.8 | 134.7 |
{18}------------------------------------------------

Statement of Changes in Equity – Parent Company
| Restricted Equity Unrestricted Equity |
|||||||
|---|---|---|---|---|---|---|---|
| Amounts in SEK million | Share Capital |
Statutory Reserve |
Reserve Developm. Costs |
Share Premium Reserve |
Results brought Forward |
Results for the Year |
Total Equity |
| Opening balance 1 January 2024 | 7.1 | 9.5 | 1.1 | 35.3 | 3.3 | 36.8 | 93.3 |
| Appropriation of last year's result | - | - | - | - | 36.8 | -36.8 | - |
| Depreciation, development costs | - | - | -0.4 | - | 0.4 | - | - |
| Total comprehensive income | - | - | - | - | - | 32.2 | 32.2 |
| Repurchase own shares | - | - | - | - | -2.2 | - | -2.2 |
| Dividend | - | - | - | - | -43.1 | - | -43.1 |
| Closing balance 31 December 2024 | 7.1 | 9.5 | 0.7 | 35.3 | -4.7 | 32.2 | 80.1 |
| Opening balance 1 January 2025 | 7.1 | 9.5 | 0.7 | 35.3 | -4.7 | 32.2 | 80.1 |
| Appropriation of last year's result | - | - | - | - | 32.2 | -32.2 | - |
| Capitalised development costs | - | - | - | - | - | - | - |
| Depreciation, development costs | - | - | -0.3 | - | 0.3 | - | - |
| Total comprehensive income | - | - | - | - | - | 25.4 | 25.4 |
| Fund reallocation to unrestricted equity | - | -9.5 | - | - | 9.5 | - | - |
| Repurchase own shares | - | - | - | - | -1.7 | - | -1.7 |
| Dividend | - | - | - | - | -49.3 | - | -49.3 |
| Closing balance 31 December 2025 | 7.1 | 0.0 | 0.4 | 35.3 | -13.7 | 25.4 | 54.5 |