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SSAB Interim / Quarterly Report 2025
2975_10-k_2026-01-28_44eb3848-bfef-4cc0-b38b-f465105d5f39.pdf
Interim / Quarterly Report
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January 28, 2026
Report for Q4 and full-year 2025
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Report for Q4 and full-year 2025
The fourth quarter
- Revenue was SEK 22,106 (23,615) million
- Operating result was SEK 756 (487) million
- Earnings per share were SEK 0.44 (0.48)
- Net cash was SEK 11.6 (17.8) billion
- The Board proposes a dividend of SEK 2.00 (2.60) per share for the financial year 2025
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Q3 | Full-year | Full-year |
| Revenue | 22,106 | 23,615 | 22,960 | 96,220 | 103,418 |
| EBITDA | 1,777 | 1,569 | 2,886 | 10,189 | 12,069 |
| Operating result | 756 | 487 | 1,869 | 6,116 | 7,860 |
| Result for the period | 435 | 487 | 1,489 | 4,906 | 6,527 |
| Earnings per share (SEK) | 0.44 | 0.48 | 1.49 | 4.92 | 6.54 |
| Operating cash flow | 4,140 | 4,127 | 2,274 | 7,621 | 10,692 |
| Net debt (+) / Net cash (-) | -11,596 | -17,777 | -10,839 | -11,596 | -17,777 |
| Net debt/equity ratio (%) | -17 | -25 | -16 | -17 | -25 |
| Return on capital employed, rolling 12 months (%) | 12 | 13 | 10 | 12 | 13 |
| Number of employees at end of period | 14,609 | 14,618 | 14,575 | 14,609 | 14,618 |
Comments by the CEO
SSAB's operating result for the fourth quarter of 2025 amounted to SEK 756 (487) million, representing an increase of SEK 269 million compared to the previous year, mainly driven by an improved operating result from SSAB Americas. The quarter was impacted by SEK 1,020 (690) million in costs for planned maintenance. Operating cash flow for the quarter was stable at SEK 4.1 (4.1) billion. The 2025 full-year operating result was SEK 6,116 (7,860) million, negatively impacted by weaker markets.
SSAB's strategy to increase the share of premium offering has yielded results and supported margins in 2025, when the steel market was weak. SSAB Special Steels' unique products and global distribution model contributed to stable prices despite a weaker market and SSAB Europe's shipments of high-strength steels to the Automotive segment were at a relatively good level. SSAB's strong position on the US heavy plate market, where margins were better than in Europe, was another factor that supported the result during the year.
In light of a weak European market, SSAB's European businesses used several measures during 2025 to adapt the cost level, including time banks, short-time work as well as a restrictive cost approach. So far, there have been limited direct impacts of the US steel tariffs, as SSAB is well-positioned with its premium strategy and significant local production in the US. Only a limited volume of special products, especially high-strength steels for the automotive industry, are exported from the Nordics.
SSAB's transformation to modern, fossil-free steel production is proceeding and the strategic investments during 2025 were executed according to plan. The conversion of Oxelösund continues and the construction of the new electric arc furnace (EAF) is underway. The construction of a highly-efficient mini-mill in Luleå commenced in the summer of 2025. The transformation projects are key elements of SSAB's strategy to further expand its premium leadership.
In early October 2025, the European Commission proposed new trade measures, which are meant to replace existing safeguards and to strengthen the resilience of the European steel industry. The next step is for the European Parliament and the Council of Ministers to examine and decide on the proposal. Furthermore, in January 2026, the EU's Carbon Border Adjustment Mechanism (CBAM) became fully operational with the goal of creating a more level playing field. SSAB expects these measures to improve the supply-demand balance in the European market.
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SSAB's long-term work to improve workplace safety has yielded good results and lost time injury frequency (LTIF) decreased to an all-time low of 0.56 (0.75) during 2025. Also, total recordable injury frequency (TRIF) was at all-time low at 5.6 (6.7).
Outlook for the first quarter of 2026
In the light of seasonally better demand, SSAB's shipments are forecast to improve in the first quarter compared to the previous quarter.
Compared with the fourth quarter of 2025, SSAB Special Steels' shipments are assessed to be significantly higher with stable prices.
SSAB Europe's shipments are expected to be higher during the first quarter of 2026 compared to the fourth quarter of 2025. Prices are assessed to be somewhat higher.
For SSAB Americas, both shipments and prices are assessed to be somewhat higher.
The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be stable compared to the prior quarter, whereas for SSAB Americas, costs are expected to be somewhat higher.
Outlook for the steel divisions
| Q1 2026 vs. Q4 2025 | ||
|---|---|---|
| Shipments | Realized prices | |
| SSAB Special Steels | Significantly higher | Stable |
| SSAB Europe | Higher | Somewhat higher |
| SSAB Americas | Somewhat higher | Somewhat higher |
Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher (>10 %)
Major planned maintenance outages 2026
The Group's total maintenance costs for the full-year 2026 are expected to be SEK 1,450 (1,410) million. The table below shows the expected costs for 2026 and the actual costs during 2025 and 2024. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization but exclude lower margins due to lower shipments.
Expected maintenance costs 2026
| 2026 | 2026 | 2026 | 2026 | 2026 | 2025 | 2024 | |
|---|---|---|---|---|---|---|---|
| SEK millions | Q1 | Q2 | Q3 | Q4 | Full-year | Full-year | Full-year |
| SSAB Special Steels | 0 | 0 | 100 | 280 | 380 | 550 | 530 |
| SSAB Europe | 0 | 0 | 310 | 270 | 580 | 550 | 660 |
| SSAB Americas | 0 | 0 | 490 | 0 | 490 | 310 | 450 |
| Total | 0 | 0 | 900 | 550 | 1,450 | 1,410 | 1,640 |
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SSAB Group – Fourth quarter of 2025
The market during the fourth quarter
Within high-strength steels, customers were cautious in the wake of turbulence triggered by tariffs and trade barriers in several markets, but somewhat higher activity was noticed in Europe.
Demand for standard steel in Europe was cautious during the fourth quarter and activity was low during the public holidays at the end of the quarter. Inventory levels at distributors are assessed to be somewhat high. Some production capacity in Europe was temporarily idled during the quarter, partly due to maintenance among steel producers. Import volumes continued to be significant.
Market prices for strip and heavy plate recovered from very low levels, driven by expectations of more restrictions on imports into the European market. At the beginning of the quarter, the EU Commission proposed new trade measures, which are intended to replace the current safeguard measures and the next step is for the European Parliament and the Council of Ministers to examine and decide on the proposal. In January 2026, the EU's Carbon Border Adjustment Mechanism (CBAM) became fully operational with the goal of creating a more level playing field.
In North America, there was slightly better activity on the heavy plate market in the fourth quarter and prices were stable. Inventory levels at North American distributors are assessed to be somewhat low.
Market prices in China for strip and heavy plate were stable during the fourth quarter.
Revenue and operating result
Revenue for the fourth quarter of 2025 was SEK 22,106 (23,615) million, down 6% compared to the same period in 2024, mainly related to negative currency effects. Compared with the third quarter of 2025, revenue was down 4%, mainly due to lower prices.
The operating result was SEK 756 (487) million. The increase compared to 2024 was explained primarily by higher shipments. Compared to the third quarter of 2025, the operating result was down by SEK 1,112 million, due primarily to lower prices and higher costs for planned maintenance.
Revenue and operating result by business segment
| Revenue | Operating result | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| SEK millions | Q4 | Q4 | Change | Q4 | Q4 | Change |
| SSAB Special Steels | 5,959 | 6,229 | -270 | 645 | 629 | 16 |
| SSAB Europe | 8,954 | 9,432 | -478 | 114 | 109 | 6 |
| SSAB Americas | 5,083 | 5,269 | -186 | 347 | 189 | 158 |
| Tibnor | 2,494 | 2,931 | -436 | -31 | -34 | 3 |
| Ruukki Construction | 1,303 | 1,414 | -111 | -50 | -39 | -11 |
| Other | — | — | — | -269 | -367 | 98 |
| Group adjustments | -1,687 | -1,661 | -27 | — | — | — |
| Total | 22,106 | 23,615 | -1,509 | 756 | 487 | 269 |
Analysis of total change in revenue and operating result compared to prior periods
| Revenue | Operating result | ||||||
|---|---|---|---|---|---|---|---|
| % change | Vs. Q4 2024 | Vs. Q3 2025 | SEK millions | Change vs. Q4 2024 |
Change vs. Q3 2025 |
||
| Price | 1 | -3 | Price and product mix | -960 | -1,010 | ||
| Product mix | 1 | -1 | Volume | 205 | 115 | ||
| Volume | 4 | 3 | Variable costs | 345 | 265 | ||
| Currency effects | -8 | -1 | Fixed costs | 430 | -570 | ||
| Other sales | -4 | -2 | Capacity utilization | 180 | 105 | ||
| Currency effects | 69 | -19 | |||||
| Total | -6 | -4 | Total | 269 | -1,112 |
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Sustainability
SSAB's objective is to be the world's safest steel company and to achieve zero accidents and work-related injuries and illnesses. The lost time injury frequency per million hours worked (LTIF) decreased to an all-time low of 0.56 (0.75). Also, total recordable injury frequency (TRIF) was at all-time low at 5.6 (6.7).
Energy consumption and CO2 emissions were somewhat higher than during 2024. This was due to higher production, while emissions per tonne were relatively stable. SSAB aims to reduce carbon dioxide emissions by 48% by 2033, compared with 2018. Key actions include the transformation to steel production using electric arc furnaces (EAF) and the production of decarbonized steel.
Key sustainability figures – rolling 12 months
| 2025 | 2025 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Full-year | Q3 | Q2 | Q1 | Full-year | |
| Safety | |||||
| Lost time injury frequency (LTIF)1) | 0.56 | 0.56 | 0.64 | 0.67 | 0.75 |
| Total number of injuries (LTI)2) | 16 | 16 | 18 | 19 | 21 |
| Total recordable injury frequency (TRIF)3) | 5.6 | 5.9 | 6.5 | 6.6 | 6.7 |
| Environment4) | |||||
| Energy consumption, GWh5) | 9,074 | 9,059 | 8,866 | 8,858 | 8,927 |
| Energy intensity, kWh/tonnes crude steel | 1,204 | 1,192 | 1,198 | 1,204 | 1,215 |
| CO2e-emissions (Scope 1), thousand tonnes | 9,795 | 9,713 | 9,529 | 9,481 | 9,479 |
| Indirect CO2e-emissions (Scope 2), thousand tonnes6) | 1,395 | 1,415 | 1,405 | 1,407 | 1,260 |
| CO2e-intensity, tonnes of CO2e/tonnes crude steel7) | 1.48 | 1.46 | 1.48 | 1.48 | 1.46 |
1) Lost Time Injury Frequency, number of accidents resulting in an absence of more than one day per million working hours, own employees and contractors.
Transformation projects
The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc furnace (EAF), as well as the infrastructure for scrap handling. Conversion involves the closure of the existing blast furnaces and coke plant. At the same time, most operations in Oxelösund, including the advanced rolling mill and unique Q&T lines that produce high-strength steel will continue as before. SSAB is working to secure access to high-quality scrap steel and has signed agreements with, for example, Volvo Cars. The start of production is planned for early 2027.
Construction of a highly-efficient mini-mill in Luleå started during the summer of 2025, during the fourth quarter the Land and Environment Court of Appeal upheld the environmental permit, which had been appealed. The production start of the new steel mill in Luleå is estimated to take place at the end of 2029. SSAB has flexibility for a robust implementation of the investment, taking into account financial capacity, customer demand and the market situation in general. During 2025, the Luleå financing package totaling EUR 2.7 billion was signed. During the fourth quarter, the Swedish Energy Agency decided to grant SSAB SEK 314 million in funding through the Industrial Leap. SSAB has previously been granted SEK 1.45 billion through the Just Transition Fund and the Swedish Agency for Economic and Regional Growth for the Luleå transformation.
The new mini-mill in Luleå, together with the conversion of Oxelösund, will enable SSAB to reduce its direct carbon dioxide emissions by around 50%. SSAB's transformation plan depends on the necessary infrastructure being in place on time, particularly regarding electricity supply, and there are currently pending appeals related to the power line to Oxelösund.
The final stage of the Nordic transformation plan is the conversion of the Raahe steel mill in Finland, where the plan is to replace the blast furnaces and coking plant with electric arc furnaces, mirroring the approach in Oxelösund. The timing will depend on raw material availability, financial capacity, general market conditions, as well as the experience from the projects in Oxelösund and Luleå.
2) Lost Time Injuries, number of accidents resulting in an absence of more than one day, own employees and contractors. 3) Total Recordable Injury Frequency, number of lost time injuries, medical treatment injuries and restricted work injuries per million hours worked, own employees and contractors, except for medical treatment injuries and restricted work injuries for contractors in the USA.
4) Environmental data is reported based on preliminary figures at the end of the quarter. Verification of full year data is carried out in the first quarter of the following year. After verification, the previous year's full year data is adjusted to the final verified figures.
5) Total energy consumption (electricity, purchased fuels and purchased heat).
6) Market-based method.
7) Includes Scope 1 and Scope 2.
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In conjunction with the transformation, SSAB has started to modernize the Group's Enterprise Resource Planning (ERP) system to optimize order and inventory management, material flows, as well as cost and quality control. Implementation will begin in Luleå, after which modernization will continue stepwise at other production sites. The cost is estimated to EUR 225 million during 2025-2029, as earlier communicated.
Capital Markets Day
In November 2025, SSAB held a Capital Markets Day in Oxelösund, where the company's long-term strategic direction to accelerate growth of its premium offering, with a focus on the most attractive customer segments was presented. The target is that the premium offering will amount to 65% of the Group's total shipments in around 2030 and 75% by 2035, compared to 55% today. The strategy lays the foundation to deliver higher and more stable profitability. The presentations from the Capital Markets Day are available on https:// www.ssab.com/en/company/investors.
Major maintenance outages
The table below shows the major maintenance outages completed in 2025 and 2024. The figures include the impact of the direct maintenance cost and the cost of lower capacity utilization, but exclude lower margins due to lower shipments.
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| SEK millions | Q1 | Q1 | Q2 | Q2 | Q3 | Q3 | Q4 | Q4 | Full-year | Full-year |
| SSAB Special Steels | 0 | 0 | 0 | 0 | 60 | 110 | 490 | 420 | 550 | 530 |
| SSAB Europe | 0 | 0 | 0 | 0 | 330 | 390 | 220 | 270 | 550 | 660 |
| SSAB Americas | 0 | 0 | 0 | 0 | 0 | 450 | 310 | 0 | 310 | 450 |
| Total | 0 | 0 | 0 | 0 | 390 | 950 | 1,020 | 690 | 1,410 | 1,640 |
Raw materials
SSAB sources iron ore primarily from LKAB in Sweden at market index-linked prices. Coking coal is sourced from Australia, the USA and Canada, usually on annual supply contracts with monthly prices. SSAB's mills in the USA use recycled steel material and source scrap metal on the spot market.
The table below shows the fluctuations in SSAB's purchase prices. The combination of lead times and contract terms for iron ore means that the results are affected with approximately a one-quarter delay, while coking coal has a lead time of around one and a half quarters. Scrap purchase prices have a lead time of around one month.
Change in SSAB's average purchase prices compared to prior periods
| Q4 2024 | Q3 2025 | |||
|---|---|---|---|---|
| % change | USD | SEK | USD | SEK |
| Iron ore | -4 % | -16 % | -6 % | -7 % |
| Coking coal | -13 % | -24 % | -4 % | -5 % |
| Scrap metal | 0 % | -13 % | 0 % | -1 % |
Production and shipments
SSAB's production was relatively stable compared with both the fourth quarter of 2024 and the third quarter of 2025. Shipments were somewhat higher compared to the corresponding quarters.
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Thousand tonnes | Q4 | Q4 | Q3 | Full-year | Full-year |
| Crude steel production | 1,802 | 1,865 | 1,813 | 7,536 | 7,349 |
| Rolling production | 1,715 | 1,630 | 1,600 | 6,970 | 6,658 |
| Steel shipments | 1,515 | 1,448 | 1,466 | 6,364 | 6,134 |
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Result for the period and earnings per share
The result for the period attributable to shareholders in the parent company was SEK 434 (483) million for the fourth quarter of 2025, equating to SEK 0.44 (0.48) per share. Financial items were SEK -96 (93) million. The decrease was mainly due to lower interest income from cash and cash equivalents. Income tax expenses were SEK 226 (93) million.
Cash flow
Operating cash flow for the fourth quarter of 2025 amounted to SEK 4,140 (4,127) million. Net cash flow amounted to SEK 1,125 (3,221) million. Net cash amounted to SEK 11,596 (17,777) million at December 31, 2025.
Capital expenditure
Capital expenditure amounted to SEK 4,352 (1,853) million during the fourth quarter of 2025. Strategic investments were SEK 3,078 (876) million. The increase relates primarily to the transformation of Luleå. Total maintenance and strategic expenditure for the full-year 2026 is estimated to be around SEK 13.5 billion, which can be compared to SEK 10.1 billion during 2025.
Operating cash flow and net debt
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| EBITDA | 1,777 | 1,569 | 10,189 | 12,069 |
| Change in working capital | 3,471 | 3,610 | 1,155 | 2,470 |
| Maintenance capital expenditures | -1,274 | -977 | -2,907 | -2,773 |
| Other 1) | 166 | -74 | -816 | -1,074 |
| Operating cash flow | 4,140 | 4,127 | 7,621 | 10,692 |
| Financial items | -56 | 159 | -142 | 461 |
| Income taxes | 119 | -149 | -932 | -3,230 |
| Cash flow from current operations | 4,203 | 4,137 | 6,546 | 7,923 |
| Strategic expenditures in plants and machinery | -3,078 | -876 | -7,215 | -2,601 |
| Acquisitions of shares and operations | — | -38 | -139 | -38 |
| Divestments of shares and operations | — | — | 144 | — |
| Cash flow before dividend | 1,125 | 3,223 | -663 | 5,284 |
| Dividend, parent company's shareholders | — | — | -2,591 | -4,983 |
| Dividend, non-controlling interest | — | — | -4 | -4 |
| Purchases of own shares | — | — | — | -1,215 |
| Acquisition of shares, non-controlling interest | — | -2 | -12 | -47 |
| Net cash flow | 1,125 | 3,221 | -3,271 | -964 |
| Net cash (+) / Net debt (-) at beginning of period | 10,839 | 13,341 | 17,777 | 18,206 |
| Net cash flow | 1,125 | 3,221 | -3,271 | -964 |
| Other 2) | -368 | 1,214 | -2,910 | 535 |
| Net cash (+) / Net debt (-) at the end of period | 11,596 | 17,777 | 11,596 | 17,777 |
1) During Q4 2025, the net cash flow from emission allowances was SEK 131 (-261) million and during January - December 2025 SEK -724 (-1,207) million.
2) Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies.
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SSAB Group – Full-year 2025
Revenue and operating result
Revenue for the full-year 2025 was SEK 96,220 (103,418) million, down 7% compared to the full-year 2024.
Operating result was SEK 6,116 (7,860) million, down SEK 1,744 million compared to the full-year 2024. Lower earnings were mainly related to lower prices for SSAB Americas' and SSAB Europe's products.
Revenue and operating result by business segment
| Revenue | Operating result | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| SEK millions | Full-year | Full-year | Change | Full-year | Full-year | Change |
| SSAB Special Steels | 26,352 | 28,788 | -2,436 | 4,958 | 5,297 | -339 |
| SSAB Europe | 39,433 | 41,791 | -2,358 | 78 | 714 | -636 |
| SSAB Americas | 21,173 | 22,708 | -1,535 | 2,167 | 2,883 | -716 |
| Tibnor | 10,656 | 12,065 | -1,410 | 37 | 81 | -44 |
| Ruukki Construction | 5,423 | 5,508 | -85 | 52 | 50 | 1 |
| Other | — | — | — | -1,176 | -1,164 | -12 |
| Group adjustments | -6,817 | -7,442 | 625 | — | — | — |
| Total | 96,220 | 103,418 | -7,198 | 6,116 | 7,860 | -1,744 |
Result for the period and earnings per share
The result for the period attributable to shareholders in the parent company for the full-year 2025 was SEK 4,902 (6,522) million, equating to SEK 4.92 (6.54) per share. Financial items were SEK 116 (452) million. The decrease was mainly due to lower interest income from cash and cash equivalents. Income tax expenses were SEK 1,326 (1,786) million.
Cash flow, financing and liquidity
Operating cash flow for the full-year 2025 decreased to SEK 7,621 (10,692) million, primarily due to the lower result. Net cash flow, after dividends of SEK 2,591 (4,983) million, amounted to SEK -3,271 (-964) million. The comparison period included purchases of own shares for SEK 1,215 million.
Net cash at December 31, 2025 was SEK 11,596 (17,777) million. The decrease was mainly due to the negative net cash flow. Cash and cash equivalents were SEK 22,766 (27,810) million and non-utilized credit facilities, excluding the financing package for the Luleå investment, were SEK 8,041 (8,500) million, which combined corresponds to 32% (35%) of full-year revenue. The term to maturity of the total loan portfolio at December 31, 2025 averaged 5.6 (6.5) years, with an average fixed interest period of 0.9 (1.1) years.
In November 2025, SSAB issued its inaugural green bonds under its EUR 2 billion EMTN program, dated June 25, 2025. Two five-year senior unsecured green bonds, with a combined total of SEK 2,800 million mature in November 2030. The floating rate notes carry a coupon of 3m Stibor + 1,12% (SEK 2,250 million) and the fixed rate notes (SEK 550 million) a coupon of 3,565%. The net proceeds can be allocated to green eligible projects within the categories defined in SSAB's Green and Sustainability-Linked Finance Framework.
Equity
The result for the period attributable to the owners of the parent company amounted to SEK 4,902 (6,522) million and the other comprehensive income attributable to the owners of the parent company (mostly consisting of translation differences due to a stronger SEK) amounted to SEK -5,497 (2,734) million. Hence, the shareholders' equity attributable to the owners of the parent company amounted to SEK 67,785 (70,966) million, equating to SEK 68.01 (71.21) per share.
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Business segments – Fourth quarter of 2025
SSAB Special Steels
Fourth quarter in brief
- Shipments increased 10% to 287 (260) thousand tonnes
- Operating result was SEK 645 (629) million
- Operating margin was stable
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Q3 | Full-year | Full-year | |
| Revenue (SEK millions) | 5,959 | 6,229 | 6,230 | 26,352 | 28,788 |
| EBITDA (SEK millions) | 956 | 1,004 | 1,700 | 6,193 | 6,765 |
| Operating result (SEK millions) | 645 | 629 | 1,392 | 4,958 | 5,297 |
| Operating cash flow (SEK millions) | 1,530 | 2,004 | 627 | 4,724 | 6,214 |
| Crude steel production (thousand tonnes) | 410 | 460 | 559 | 2,086 | 2,130 |
| Rolling production (thousand tonnes) | 339 | 376 | 398 | 1,559 | 1,603 |
| Steel shipments (thousand tonnes) | 287 | 260 | 289 | 1,237 | 1,227 |
| Number of employees at end of period | 4,065 | 4,043 | 4,024 | 4,065 | 4,043 |
Market trend
The turbulence triggered by tariffs and trade barriers continued to have a negative effect on many of SSAB Special Steels' markets during the fourth quarter. Somewhat improved activity was seen on the European market.
Development compared to Q4/24
Revenue was down 4% compared to the fourth quarter of 2024 and amounted to SEK 5,959 (6,229) million. Currency effects reduced revenue by 10 percentage points and lower prices had a negative impact of 2 percentage points. Higher shipments had a positive impact of 10 percentage points.
Operating result was SEK 645 (629) million. Higher shipments and better capacity utilization had a positive impact, whereas lower prices had a negative impact.
Operating cash flow during the fourth quarter was SEK 1,530 (2,004) million. The decrease is mainly due to a larger release of working capital in the fourth quarter of 2024.
Capital expenditure during the fourth quarter was SEK 1,497 (983) million, of which SEK 1,029 (623) million were strategic investments, mainly the conversion of Oxelösund.
Development compared to Q3/25
Revenue decreased by 4%. Lower prices reduced revenue by 2 percentage points and lower shipments reduced revenue by 1 percentage point.
Operating result decreased by SEK 747 million, due primarily to planned maintenance costs, lower capacity utilization and lower prices.
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SSAB Europe
Fourth quarter in brief
- Continued cautious market during the fourth quarter
- Higher shipments at 778 (750), solid shipments of premium Automotive products
- Operating result was SEK 114 (109) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Q3 | Full-year | Full-year | |
| Revenue (SEK millions) | 8,954 | 9,432 | 9,182 | 39,433 | 41,791 |
| EBITDA (SEK millions) | 629 | 627 | 340 | 2,155 | 2,696 |
| Operating result (SEK millions) | 114 | 109 | -179 | 78 | 714 |
| Operating cash flow (SEK millions) | 2,304 | 1,441 | 599 | 1,957 | 2,058 |
| Crude steel production (thousand tonnes) | 1,079 | 1,107 | 952 | 4,213 | 4,165 |
| Rolling production (thousand tonnes) | 1,112 | 987 | 920 | 4,272 | 4,057 |
| Steel shipments (thousand tonnes) | 778 | 750 | 737 | 3,292 | 3,194 |
| Number of employees at end of period | 6,888 | 6,854 | 6,879 | 6,888 | 6,854 |
Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Europe's shipments.
Market trend
The market remained cautious during the fourth quarter with very low activity during the relatively long holiday period.
Development compared to Q4/24
SSAB Europe adjusted production and implemented flexible working hours during the fourth quarter and carried out planned maintenance outages.
Revenue was down 5% and amounted to SEK 8,954 (9,432) million. Lower prices and negative currency effects each had an impact of 4 percentage points, whereas higher shipments increased revenue by 4 percentage points.
Operating result increased slightly to SEK 114 (109) million, compared with the same quarter in 2024. Lower prices had a negative impact, partly offset by lower variable costs as well as higher capacity utilization. Flexible working hours and production adjustments had a certain positive effect.
Operating cash flow increased to SEK 2,304 (1,441) million, primarily due to release of working capital.
Capital expenditure during the fourth quarter was SEK 2,596 (632) million, of which SEK 2,036 (167) million were strategic investments mainly related to the new mini-mill in Luleå.
Development compared to Q3/25
Revenue decreased by 2%. Lower prices had a negative impact of 4 percentage points and currency effects and other sales had somewhat of a negative impact. Higher shipments had a positive impact of 6 percentage points.
Compared to the third quarter of 2025, operating result increased by SEK 293 million. Higher shipments, lower raw material costs, higher capacity utilization, as well as lower planned maintenance costs had a positive impact, partly counteracted by lower prices.
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SSAB Americas
Fourth quarter in brief
- Higher shipments and higher prices compared to fourth quarter of 2024
- Shipments increased to 450 (438) thousand tonnes
- Operating result increased to SEK 347 (189) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Q3 | Full-year | Full-year | |
| Revenue (SEK millions) | 5,083 | 5,269 | 5,210 | 21,173 | 22,708 |
| EBITDA (SEK millions) | 411 | 260 | 917 | 2,431 | 3,150 |
| Operating result (SEK millions) | 347 | 189 | 853 | 2,167 | 2,883 |
| Operating cash flow (SEK millions) | 544 | 115 | 981 | 2,011 | 3,284 |
| Crude steel production (thousand tonnes) | 312 | 298 | 302 | 1,237 | 1,054 |
| Rolling production (thousand tonnes) | 264 | 268 | 282 | 1,139 | 998 |
| Steel shipments (thousand tonnes) | 450 | 438 | 440 | 1,835 | 1,713 |
| Number of employees at end of period | 728 | 713 | 724 | 728 | 713 |
Crude steel production and rolling production refer to Montpelier. Shipments also include standard steel volumes from SSAB Special Steels (Mobile).
Market trend
Demand was somewhat better in the fourth quarter compared to the third quarter of 2025. Demand in the Energy customer segment continued to be good.
Development compared to Q4/24
Revenue was down 4% and amounted to SEK 5,083 (5,269) million. Currency effects had a negative impact of 14 percentage points. Higher prices had a positive impact of 9 percentage points and higher shipments had a positive impact of 2 percentage points.
Operating result for the fourth quarter of 2025 increased to SEK 347 (189) million. Higher prices were somewhat counteracted by planned maintenance costs.
Operating cash flow during the fourth quarter of 2025 was SEK 544 (115) million. The increase was due to the higher result and release of working capital.
Capital expenditure during the fourth quarter was SEK 85 (58) million, of which SEK 3 (4) million were strategic investments.
Development compared to Q3/25
Revenue was down 2%. Lower prices reduced revenue by 4 percentage points, whereas higher shipments had a positive impact of 2 percentage points.
Compared to the third quarter of 2025, operating result was down by SEK 506 million. Costs of planned maintenance and lower prices had a negative impact.
{11}------------------------------------------------
Tibnor
Fourth quarter in brief
- Continued weak market, some positive effects from cost savings
- Revenue was 15% lower than last year
- Operating result was SEK -31 (-34) million
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Q3 | Full-year | Full-year | |
| Revenue (SEK millions) | 2,494 | 2,931 | 2,408 | 10,656 | 12,065 |
| EBITDA (SEK millions) | 25 | 20 | 63 | 252 | 293 |
| Operating result (SEK millions) | -31 | -34 | 9 | 37 | 81 |
| Operating cash flow (SEK millions) | 387 | 456 | 56 | 436 | 360 |
| Shipments (thousand tonnes) | 170 | 203 | 165 | 725 | 794 |
| Number of employees at end of period | 1,042 | 1,046 | 1,034 | 1,042 | 1,046 |
Market trend
The market was cautious during the fourth quarter with low activity at year-end in most markets and most customer segments, including Construction.
Development compared to Q4/24
Revenue decreased 15% compared with the fourth quarter of 2024 and amounted to SEK 2,494 (2,931) million. Lower shipments reduced revenue by 16 percentage points. Higher prices had a positive impact of 2 percentage points.
Operating result for the fourth quarter of 2025 was slightly up by SEK 3 million compared with the same period in 2024 and amounted to SEK -31 (-34) million. Lower shipments were offset by lower inventory losses and measures to reduce costs.
Operating cash flow during the fourth quarter of 2025 was SEK 387 (456) million. The decrease was mainly due to a larger release of working capital in the fourth quarter of 2024.
Capital expenditure during the fourth quarter was SEK 37 (54) million, of which SEK 0 (24) million were strategic investments. During the fourth quarter, Tibnor signed an agreement with Ovako to acquire Ovako Metals Oy. The acquisition is set to strengthen Tibnor's position in the Finnish market by taking over Ovako Metals' distribution operations in Finland, including product portfolio, logistics and inventory management, machining services and local sales organizations. The acquisition is subject to regulatory competition approval.
Development compared to Q3/25
Revenue was up 4% compared with the third quarter of 2025, primarily due to higher shipments.
Operating result decreased by SEK 40 million compared with the third quarter of 2025. Seasonally higher fixed costs had a negative impact.
{12}------------------------------------------------
Ruukki Construction
Fourth quarter in brief
- Operating result was SEK -50 (-39) million
- Low market activity
Key figures
| 2025 | 2024 | 2025 | 2025 | 2024 | |
|---|---|---|---|---|---|
| Q4 | Q4 | Q3 | Full-year | Full-year | |
| Revenue (SEK millions) | 1,303 | 1,414 | 1,501 | 5,423 | 5,508 |
| EBITDA (SEK millions) | 18 | 13 | 136 | 283 | 279 |
| Operating result (SEK millions) | -50 | -39 | 79 | 52 | 50 |
| Operating cash flow (SEK millions) | 115 | 151 | 249 | 13 | 108 |
| Number of employees at end of period | 1,323 | 1,349 | 1,328 | 1,323 | 1,349 |
Market trend
The activity in the market for construction products was on a low level in the Nordics, especially within new projects. Demand for renovation projects has been more stable.
Development compared to Q4/24
Revenue decreased by 8% and amounted to SEK 1,303 (1,414) million. Operating result decreased by SEK 11 million to SEK -50 (-39) million. Lower volumes and lower prices had a negative impact.
Operating cash flow during the fourth quarter was SEK 115 (151) million. The decrease was mainly due to a larger release of working capital in the fourth quarter of 2024.
Capital expenditure during the fourth quarter was SEK 48 (115) million, of which SEK 11 (58) million were strategic investments.
Development compared to Q3/25
Compared to the third quarter of 2025, revenue was seasonally lower by 13% and the operating result was down SEK 129 million, primarily due to seasonally lower volumes in Roofing.
{13}------------------------------------------------
Changes in the Group Executive Committee
During the fourth quarter, Tom Cox was appointed Head of SSAB Americas and a member of the SSAB Group Executive Committee, effective February 1, 2026. He has worked for SSAB for 24 years and is currently serving as General Manager of SSAB Iowa. Tom Cox succeeds Chuck Schmitt, who had earlier announced his retirement.
Risks and uncertainty factors
SSAB benefits from having production facilities close to major customers both in Europe and the USA. However, the turbulence driven by trade barriers and tariffs has created uncertainty and represents a significant risk of lower economic activity. Similarly, there is increased regulatory uncertainty with the upcoming revision of the EU ETS system in 2026. Significant changes to the system could impact SSAB.
The Swedish Financial Supervisory Authority (FI) is reviewing SSAB's disclosure of the goodwill impairment of 2022 and has opened a sanction evaluation in the matter. If the FI finds that the disclosure was not reported in accordance with relevant guidelines, the FI may impose a sanction on SSAB, including an administrative fine, which may be material. SSAB has not made any provisions on the matter in its financial reporting.
For more information regarding material risks and uncertainty factors, reference is made to the detailed description in the Annual Report 2024.
Dividend and share buyback program
The Board proposes a dividend of SEK 2.00 (2.60) per share for the financial year 2025 and April 30, 2026 as the record date. If the Annual General meeting adopts the Board's proposal, the dividend is expected to be paid on May 6, 2026. The proposal will involve a payout totaling around SEK 2.0 billion to shareholders in the form of a cash dividend. The Board also proposes the Annual General meeting a renewal of the mandate for a share buyback program, which has been in place since the Annual General meeting in 2023.
Annual general meeting
The annual general meeting will be held on April 28, 2026 at 13.00 CEST at Oscarsteatern, Kungsgatan 63, Stockholm, Sweden. The Annual Report will be published in week 12 at the latest and will be available at the company's head office and at www.ssab.com.
Events after the end of the reporting period
In January 2026, a contractor at SSAB's steel mill in Mobile (US) suffered a fatal injury. SSAB is cooperating with law enforcement officials as they investigate the incident, according to normal routines.
Affirmation
This interim report has not been reviewed by the auditors.
Stockholm, January 28, 2026
Johnny Sjöström President and CEO
{14}------------------------------------------------
Financial reports – The Group
The figures in the tables have been rounded, which might affect aggregates
Consolidated statement of profit and loss
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| Revenue | 22,106 | 23,615 | 96,220 | 103,418 |
| Cost of goods sold | -19,789 | -21,290 | -83,830 | -88,926 |
| Gross profit | 2,317 | 2,325 | 12,390 | 14,492 |
| Selling and administrative costs | -1,604 | -1,923 | -6,363 | -6,478 |
| Other operating income and expenses | 20 | 80 | 49 | -148 |
| Affiliated companies, profit/loss after tax | 24 | 5 | 40 | -4 |
| Operating result | 756 | 487 | 6,116 | 7,860 |
| Financial items | -96 | 93 | 116 | 452 |
| Result before tax | 661 | 580 | 6,232 | 8,313 |
| Income tax | -226 | -93 | -1,326 | -1,786 |
| Result for the period | 435 | 487 | 4,906 | 6,527 |
| Of which attributable to: | ||||
| - Parent company's shareholders | 434 | 483 | 4,902 | 6,522 |
| - Non-controlling interest | 1 | 4 | 4 | 4 |
Consolidated statement of comprehensive income
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| Result for the period | 435 | 487 | 4,906 | 6,527 |
| Other comprehensive income | ||||
| Items that may be subsequently reclassified to the profit or loss | ||||
| Translation differences for the period | -468 | 2,682 | -5,286 | 2,851 |
| Translation differences due to hyperinflation after tax | 22 | 36 | 38 | 107 |
| Cash flow hedges | -382 | -108 | -389 | -268 |
| Income tax on cash flow hedges | 78 | 21 | 80 | 54 |
| Net investment hedges in foreign operations | — | -35 | — | -35 |
| Income tax on net investment hedges in foreign operations | — | 7 | — | 7 |
| Total items that may be subsequently reclassified to the profit or loss | -750 | 2,604 | -5,558 | 2,716 |
| Items that will not be reclassified to the profit or loss | ||||
| Net defined benefit liability re-measurement | 29 | 50 | 74 | 22 |
| Income tax on net defined benefit liability re-measurement | -5 | -9 | -15 | -4 |
| Total items that will not be reclassified to the profit or loss | 23 | 41 | 59 | 19 |
| Total other comprehensive income for the period | -727 | 2,645 | -5,499 | 2,735 |
| Total comprehensive income for the period | -292 | 3,132 | -593 | 9,261 |
| Of which attributable to: | ||||
| - Parent company's shareholders | -293 | 3,128 | -595 | 9,256 |
| - Non-controlling interest | 1 | 4 | 2 | 6 |
{15}------------------------------------------------
Consolidated statement of financial position
| 2025 | 2024 | |
|---|---|---|
| SEK millions | Dec 31 | Dec 31 |
| Assets | ||
| Intangible assets | 2,009 | 1,520 |
| Tangible fixed assets | 35,745 | 30,343 |
| Right-of-use assets | 2,677 | 2,896 |
| Investments in affiliated companies and joint ventures | 860 | 969 |
| Deferred tax receivables | 420 | 534 |
| Non-current financial assets | 418 | 437 |
| Total non-current assets | 42,130 | 36,698 |
| Inventories | 28,301 | 31,780 |
| Accounts receivable | 9,388 | 9,696 |
| Current tax receivables | 870 | 2,087 |
| Other current receivables | 2,674 | 2,537 |
| Cash and cash equivalents | 22,766 | 27,810 |
| Total current assets | 63,999 | 73,910 |
| Assets held for sale | — | 120 |
| Total assets | 106,129 | 110,728 |
| Equity and liabilities | ||
| Equity for the shareholders in the parent company | 67,785 | 70,966 |
| Non-controlling interest | 37 | 49 |
| Total equity | 67,821 | 71,015 |
| Deferred tax liabilities | 2,248 | 2,757 |
| Non-current provisions | 527 | 563 |
| Non-current interest-bearing liabilities | 7,111 | 6,501 |
| Non-current lease liabilities | 2,136 | 2,340 |
| Other non-current liabilities | 527 | 260 |
| Total non-current liabilities | 12,550 | 12,421 |
| Accounts payable | 16,790 | 18,852 |
| Current tax liabilities | 604 | 1,148 |
| Current interest-bearing liabilities | 1,309 | 495 |
| Current lease liabilities | 787 | 816 |
| Other current liabilities and provisions | 6,267 | 5,973 |
| Total current liabilities | 25,758 | 27,284 |
| Liabilities relating to assets held for sale | — | 8 |
| Total equity and liabilities | 106,129 | 110,728 |
| Pledged assets | 30 | 36 |
| Contingent liabilities1) | 18,713 | 7,396 |
1) The increase in contingent liabilities in 2025 is mainly due to payment guarantees relating to the Luleå investment.
{16}------------------------------------------------
Consolidated statement of changes in equity
| Equity attributable to the parent company's shareholders | |||||||
|---|---|---|---|---|---|---|---|
| SEK millions | Share capital |
Other contributed funds |
Reserves | Retained earnings |
Total equity |
Non controlling interest |
Total equity |
| Total equity, Dec 31, 2023 | 9,063 | 23,022 | 13,793 | 21,993 | 67,872 | 76 | 67,948 |
| Changes Jan 1 - Dec 31, 2024 | |||||||
| Result for the period | 6,522 | 6,522 | 4 | 6,527 | |||
| Total other comprehensive income for the period |
2,607 | 126 | 2,734 | 1 | 2,735 | ||
| Total comprehensive income for the period |
2,607 | 6,648 | 9,256 | 6 | 9,261 | ||
| Result from transaction with owners of non-controlling interests |
-19 | -19 | -29 | -48 | |||
| Dividend, parent company's shareholders |
-4,983 | -4,983 | -4,983 | ||||
| Dividend, non-controlling interest | — | -4 | -4 | ||||
| Purchases of own shares | -1,160 | -1,160 | -1,160 | ||||
| Cancellation of own shares | -292 | 292 | — | — | |||
| Bonus issue | 292 | -292 | — | — | |||
| Total equity, Dec 31, 2024 | 9,063 | 23,022 | 16,401 | 22,481 | 70,966 | 49 | 71,015 |
| Changes Jan 1 - Dec 31, 2025 | |||||||
| Result for the period | 4,902 | 4,902 | 4 | 4,906 | |||
| Total other comprehensive income for the period |
-5,594 | 97 | -5,497 | -2 | -5,499 | ||
| Total comprehensive income for the period |
-5,594 | 4,999 | -595 | 2 | -593 | ||
| Reclassification to assets under construction |
6 | 6 | 6 | ||||
| Result from transaction with owners of non-controlling interests |
-2 | -2 | -10 | -12 | |||
| Dividend, parent company's shareholders |
-2,591 | -2,591 | -2,591 | ||||
| Dividend, non-controlling interest | — | -4 | -4 | ||||
| Total equity, Dec 31, 2025 | 9,063 | 23,022 | 10,814 | 24,886 | 67,785 | 37 | 67,821 |
{17}------------------------------------------------
Consolidated statement of cash flows, in summary
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| OPERATING ACTIVITIES | ||||
| Operating result | 756 | 487 | 6,116 | 7,860 |
| Reversal of non-cash items: | ||||
| -Depreciation, amortization and write-down of fixed assets | 1,021 | 1,082 | 4,072 | 4,208 |
| -Other non-cash items | -45 | 182 | -190 | 125 |
| Received and paid interest | -56 | 159 | -142 | 461 |
| Income taxes paid | 119 | -149 | -932 | -3,230 |
| Cash flow from change in working capital | 3,471 | 3,610 | 1,155 | 2,470 |
| Cash flow from operating activities | 5,266 | 5,370 | 10,079 | 11,896 |
| INVESTING ACTIVITIES | ||||
| Investments in intangible and tangible fixed assets 1) | -5,441 | -2,999 | -13,532 | -8,215 |
| Sales of intangible and tangible fixed assets 1) | 1,231 | 888 | 2,720 | 1,646 |
| Acquisitions of shares and operations | — | -38 | -139 | -38 |
| Divested shares and operations | — | — | 144 | — |
| Other investing activities | 69 | 2 | 65 | -5 |
| Cash flow from investing activities | -4,141 | -2,146 | -10,742 | -6,611 |
| FINANCING ACTIVITIES | ||||
| Dividend to parent company's shareholders | — | — | -2,591 | -4,983 |
| Dividend to non-controlling interest | — | — | -4 | -4 |
| Purchases of own shares | — | — | — | -1,215 |
| Change in loans | 1,974 | 29 | 1,968 | -1,198 |
| Acquisitions of non-controlling interest | — | -2 | -12 | -47 |
| Other financing activities 2) | -390 | 711 | -2,358 | 135 |
| Cash flow from financing activities | 1,584 | 737 | -2,998 | -7,313 |
| CASH AND CASH EQUIVALENTS | ||||
| Cash and cash equivalents at beginning of period | 20,289 | 23,193 | 27,810 | 28,916 |
| Cash flow for the period | 2,709 | 3,961 | -3,661 | -2,028 |
| Translation differences, cash and cash equivalents 2) | -233 | 657 | -1,384 | 923 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 22,766 | 27,810 | 22,766 | 27,810 |
| Contracted, non-utilized overdraft facilities 3) | 8,041 | 8,500 | 8,041 | 8,500 |
| Disposable cash and cash equivalents (incl. non-utilized overdraft facilities) |
30,807 | 36,311 | 30,807 | 36,311 |
1) During Q4 2025, the net cash flow from emission allowances was SEK 131 (-261) million and during January - December 2025 SEK -724 (-1,207) million. In the above table the purchases and sales are presented separately on the referred line items.
3) Excludes the financing package for the Luleå investment.
Key figures
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Q4 | Q4 | Full-year | Full-year | |
| Operating margin (%) | 3 | 2 | 6 | 8 |
| Earnings per share (SEK) | 0.44 | 0.48 | 4.92 | 6.54 |
| Equity per share (SEK) | 68.01 | 71.21 | 68.01 | 71.21 |
| Net debt/equity ratio (%) | -17 | -25 | -17 | -25 |
| Equity ratio (%) | 64 | 64 | 64 | 64 |
| Return on capital employed, rolling 12 months (%) | 12 | 13 | 12 | 13 |
| Return on equity, rolling 12 months (%) | 7 | 9 | 7 | 9 |
| Average number of shares outstanding during the period (millions) | 996.6 | 996.6 | 996.6 | 997.7 |
| Number of shares at end of period (millions) | 996.6 | 996.6 | 996.6 | 996.6 |
| Number of employees at end of period | 14,609 | 14,618 | 14,609 | 14,618 |
2) SSAB has changed the presentation of translation differences in cash and cash equivalents in June 2025, resulting in a reclassification of SEK 1,962 million for Q4 2024 and SEK 2,210 million for full year 2024 from Other financing activities to Translation differences, cash and cash equivalents.
{18}------------------------------------------------
Notes to the condensed financial report
Accounting principles
This interim report has been prepared in compliance with IAS 34. The accounting principles are based on IFRS Accounting Standards as adopted by the EU and ensuing references to Chapter 9 of the Swedish Annual Accounts Act. The accounts of the parent company have been prepared in compliance with RFR 2 and the Swedish Annual Accounts Act.
No material changes in accounting principles have taken place since the Annual Report for 2024.
Swedish Financial Supervisory Authority (FI) review regarding disclosure of goodwill impairment
As previously disclosed, the Council for Swedish Financial Reporting Supervision (The Council) questioned a part of the goodwill impairment of SEK 33.3 billion that SSAB reported in December 2022. Following a dialogue between SSAB and the Council during 2023 and 2024, the Council submitted the matter to FI. FI initiated a review regarding the disclosure around the goodwill impairment in March 2025. In September 2025, FI informed SSAB that it has opened a sanction evaluation in the matter. The review is still ongoing.
SSAB maintains that the disclosure was, in material aspects, reported in accordance with relevant guidelines, an assessment shared by the company's auditors and other experts SSAB has consulted on the matter.
Valuation of financial assets and liabilities
Debt reported in the balance sheet as long-term interest-bearing liabilities (including the short-term part) amounted to SEK 8,348 million at December 31, 2025 while its fair value was SEK 8,441 million. Since the loans will be held until maturity, they are not reported at fair value. For all other financial assets and liabilities, the carrying amount is a reasonable approximation of the fair value for those items.
Derivative assets and liabilities
| 2025 | 2024 | |
|---|---|---|
| SEK millions | Dec 31 | Dec 31 |
| Derivative assets recognized in | ||
| Non-current financial assets | 26 | 88 |
| Other current receivables | 406 | 550 |
| Derivative liabilities recognized in | ||
| Other non-current liabilities | 338 | 43 |
| Other current liabilities and provisions | 382 | 136 |
The fair value valuation of the derivative instruments in SSAB in based on data in accordance with level 2.
Information about the business segments
SSAB consists of five reportable business segments: SSAB Special Steels, SSAB Europe and SSAB Americas, as well as Tibnor and Ruukki Construction. The descriptions of the reportable business segments can be found in the Annual Report 2024.
{19}------------------------------------------------
External revenue by business segment, geographical area and product area
| External revenue Q4 2025 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total |
| Geographical areas | ||||||
| Sweden | 186 | 1,701 | — | 939 | 390 | 3,216 |
| Finland | 95 | 1,112 | — | 425 | 316 | 1,948 |
| Other Europe | 2,321 | 3,906 | 10 | 1,095 | 594 | 7,925 |
| USA | 1,200 | 605 | 4,737 | — | — | 6,542 |
| Rest of the world | 2,044 | 257 | 168 | 5 | 1 | 2,474 |
| Total | 5,846 | 7,580 | 4,914 | 2,464 | 1,301 | 22,106 |
| Product area | ||||||
| Steel products | 5,712 | 7,074 | 4,909 | — | — | 17,696 |
| Trading operations | — | — | — | 2,464 | — | 2,464 |
| Ruukki Construction operations | — | — | — | — | 1,301 | 1,301 |
| Slabs, by-products and scrap | 100 | 493 | — | — | — | 593 |
| Other | 34 | 13 | 5 | — | — | 52 |
| Total | 5,846 | 7,580 | 4,914 | 2,464 | 1,301 | 22,106 |
| External revenue Q4 2024 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas Tibnor |
Ruukki Construction |
Total | |
| Geographical areas | ||||||
| Sweden | 113 | 1,664 | — | 1,004 | 366 | 3,148 |
| Finland | 95 | 873 | — | 446 | 345 | 1,758 |
| Other Europe | 2,341 | 4,401 | 2 | 1,439 | 701 | 8,883 |
| USA | 1,316 | 783 | 4,825 | — | 1 | 6,925 |
| Rest of the world | 2,260 | 372 | 261 | 8 | — | 2,901 |
| Total | 6,125 | 8,093 | 5,087 | 2,897 | 1,413 | 23,615 |
| Product area | ||||||
| Steel products | 6,035 | 7,526 | 5,087 | — | — | 18,649 |
| Trading operations | — | — | — | 2,897 | — | 2,897 |
| Ruukki Construction operations | — | — | — | — | 1,413 | 1,413 |
| Slabs, by-products and scrap | 54 | 549 | — | — | — | 604 |
| Other | 35 | 18 | — | — | — | 52 |
| Total | 6,125 | 8,093 | 5,087 | 2,897 | 1,413 | 23,615 |
{20}------------------------------------------------
| External revenue Full-year 2025 | Business segments | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total | |||
| Geographical areas | |||||||||
| Sweden | 692 | 7,388 | — | 3,842 | 1,549 | 13,471 | |||
| Finland | 413 | 4,476 | — | 1,840 | 1,323 | 8,052 | |||
| Other Europe | 10,229 | 17,656 | 25 | 4,839 | 2,533 | 35,281 | |||
| USA | 5,498 | 2,929 | 19,755 | 1 | 3 | 28,188 | |||
| Rest of the world | 9,007 | 1,202 | 998 | 15 | 6 | 11,228 | |||
| Total | 25,839 | 33,651 | 20,778 | 10,537 | 5,414 | 96,220 | |||
| Product area | |||||||||
| Steel products | 25,295 | 31,578 | 20,763 | — | — | 77,636 | |||
| Trading operations | — | — | — | 10,537 | — | 10,537 | |||
| Ruukki Construction operations | — | — | — | — | 5,414 | 5,414 | |||
| Slabs, by-products and scrap | 414 | 2,031 | — | — | — | 2,445 | |||
| Other | 130 | 42 | 15 | — | — | 187 | |||
| Total | 25,839 | 33,651 | 20,778 | 10,537 | 5,414 | 96,220 |
| External revenue Full-year 2024 | Business segments | |||||
|---|---|---|---|---|---|---|
| SEK millions | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
Tibnor | Ruukki Construction |
Total |
| Geographical areas | ||||||
| Sweden | 628 | 7,762 | — | 4,327 | 1,412 | 14,129 |
| Finland | 406 | 4,407 | — | 1,935 | 1,458 | 8,206 |
| Other Europe | 10,877 | 19,292 | 25 | 5,639 | 2,619 | 38,452 |
| USA | 6,250 | 2,689 | 21,084 | — | 3 | 30,026 |
| Rest of the world | 9,986 | 1,409 | 1,175 | 25 | 9 | 12,604 |
| Total | 28,147 | 35,560 | 22,284 | 11,927 | 5,501 | 103,418 |
| Product area | ||||||
| Steel products | 27,427 | 33,161 | 22,284 | — | — | 82,872 |
| Trading operations | — | — | — | 11,927 | — | 11,927 |
| Ruukki Construction operations | — | — | — | — | 5,501 | 5,501 |
| Slabs, by-products and scrap | 584 | 2,351 | — | — | — | 2,935 |
| Other | 136 | 47 | — | — | — | 183 |
| Total | 28,147 | 35,560 | 22,284 | 11,927 | 5,501 | 103,418 |
{21}------------------------------------------------
Financial information, per quarter
The Group's result per quarter
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31,904 | 31,777 | 29,339 | 26,469 | 27,148 | 28,282 | 24,373 | 23,615 | 25,523 | 25,631 | 22,960 | 22,106 |
| Operating expenses | -26,303 -25,892 -24,028 -23,094 -22,992 -24,244 -22,059 -22,051 -23,160 -22,481 -20,079 -20,352 | |||||||||||
| Depreciation/amort. | -869 | -907 | -935 | -963 | -985 | -1,070 | -1,071 | -1,082 | -1,017 | -1,017 | -1,017 | -1,021 |
| Affiliated companies | 2 | -14 | -5 | -12 | -14 | 0 | 5 | 5 | 5 | 6 | 5 | 24 |
| Financial items | 54 | 56 | 78 | 61 | 161 | 108 | 90 | 93 | 125 | 35 | 52 | -96 |
| Result before tax | 4,787 | 5,019 | 4,449 | 2,460 | 3,318 | 3,076 | 1,338 | 580 | 1,476 | 2,175 | 1,921 | 661 |
Revenue per quarter and business segment
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 8,573 | 8,646 | 8,013 | 6,913 | 7,716 | 7,847 | 6,995 | 6,229 | 7,346 | 6,818 | 6,230 | 5,959 |
| SSAB Europe | 12,293 | 12,953 | 10,909 | 10,072 | 10,817 | 11,641 | 9,901 | 9,432 | 10,740 | 10,557 | 9,182 | 8,954 |
| SSAB Americas | 7,714 | 7,728 | 7,620 | 6,711 | 6,256 | 6,221 | 4,962 | 5,269 | 5,157 | 5,724 | 5,210 | 5,083 |
| Tibnor | 4,048 | 3,600 | 3,012 | 3,030 | 3,112 | 3,344 | 2,678 | 2,931 | 2,905 | 2,849 | 2,408 | 2,494 |
| Ruukki Construction | 1,329 | 1,559 | 1,587 | 1,335 | 1,015 | 1,472 | 1,607 | 1,414 | 1,161 | 1,458 | 1,501 | 1,303 |
| Other | — | — | — | — | — | — | — | — | — | — | — | — |
| Group adjustments | -2,053 | -2,709 | -1,802 | -1,593 | -1,769 | -2,244 | -1,769 | -1,661 | -1,785 | -1,773 | -1,571 | -1,687 |
| Total | 31,904 | 31,777 | 29,339 | 26,469 | 27,148 | 28,282 | 24,373 | 23,615 | 25,523 | 25,631 | 22,960 | 22,106 |
EBITDA, per quarter and business segment
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 2,380 | 2,305 | 2,126 | 1,199 | 2,143 | 2,023 | 1,595 | 1,004 | 1,752 | 1,785 | 1,700 | 956 |
| SSAB Europe | 418 | 1,196 | 694 | 599 | 600 | 915 | 554 | 627 | 553 | 634 | 340 | 629 |
| SSAB Americas | 2,728 | 2,697 | 2,710 | 1,739 | 1,473 | 1,272 | 146 | 260 | 232 | 871 | 917 | 411 |
| Tibnor | 50 | 2 | -58 | -6 | 89 | 110 | 74 | 20 | 87 | 77 | 63 | 25 |
| Ruukki Construction | 41 | 63 | 83 | 14 | -18 | 99 | 186 | 13 | 21 | 109 | 136 | 18 |
| Other | -18 | -393 | -247 | -181 | -145 | -382 | -234 | -354 | -277 | -318 | -270 | -261 |
| Total | 5,600 | 5,871 | 5,307 | 3,364 | 4,142 | 4,038 | 2,320 | 1,569 | 2,369 | 3,157 | 2,886 | 1,777 |
Operating result per quarter and business segment
| SEK millions | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SSAB Special Steels | 2,094 | 2,003 | 1,808 | 847 | 1,781 | 1,659 | 1,228 | 629 | 1,442 | 1,480 | 1,392 | 645 |
| SSAB Europe | 0 | 764 | 254 | 165 | 163 | 400 | 42 | 109 | 33 | 110 | -179 | 114 |
| SSAB Americas | 2,675 | 2,642 | 2,653 | 1,681 | 1,412 | 1,204 | 78 | 189 | 160 | 807 | 853 | 347 |
| Tibnor | 1 | -50 | -113 | -59 | 36 | 57 | 21 | -34 | 35 | 24 | 9 | -31 |
| Ruukki Construction | -9 | 10 | 28 | -36 | -78 | 42 | 126 | -39 | -30 | 52 | 79 | -50 |
| Other | -29 | -405 | -260 | -198 | -157 | -394 | -246 | -367 | -290 | -332 | -285 | -269 |
| Total | 4,733 | 4,963 | 4,371 | 2,400 | 3,157 | 2,969 | 1,248 | 487 | 1,351 | 2,140 | 1,869 | 756 |
No items affecting comparability were reported in 2023, 2024 or 2025.
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Production and shipments
| Thousand tonnes | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Crude steel production | ||||||||||||
| SSAB Special Steels | 608 | 651 | 584 | 409 | 586 | 576 | 508 | 460 | 548 | 570 | 559 | 410 |
| SSAB Europe | 1,141 | 1,142 | 1,056 | 1,028 | 1,077 | 1,063 | 919 | 1,107 | 1,092 | 1,089 | 952 | 1,079 |
| SSAB Americas | 295 | 297 | 296 | 271 | 278 | 289 | 189 | 298 | 307 | 317 | 302 | 312 |
| Total | 2,044 | 2,090 | 1,936 | 1,707 | 1,941 | 1,927 | 1,616 | 1,865 | 1,946 | 1,975 | 1,813 | 1,802 |
| Rolling production | ||||||||||||
| SSAB Special Steels | 454 | 447 | 418 | 300 | 419 | 421 | 387 | 376 | 379 | 443 | 398 | 339 |
| SSAB Europe | 1,157 | 1,186 | 1,026 | 1,034 | 973 | 1,152 | 945 | 987 | 1,113 | 1,127 | 920 | 1,112 |
| SSAB Americas | 288 | 265 | 283 | 264 | 281 | 265 | 184 | 268 | 285 | 307 | 282 | 264 |
| Total | 1,899 | 1,898 | 1,727 | 1,598 | 1,673 | 1,839 | 1,516 | 1,630 | 1,778 | 1,877 | 1,600 | 1,715 |
| Steel shipments | ||||||||||||
| SSAB Special Steels | 349 | 364 | 313 | 279 | 327 | 337 | 302 | 260 | 336 | 325 | 289 | 287 |
| SSAB Europe | 912 | 907 | 759 | 776 | 818 | 870 | 756 | 750 | 882 | 895 | 737 | 778 |
| SSAB Americas | 476 | 451 | 439 | 437 | 437 | 439 | 398 | 438 | 457 | 487 | 440 | 450 |
| Total | 1,737 | 1,722 | 1,510 | 1,491 | 1,583 | 1,646 | 1,457 | 1,448 | 1,676 | 1,708 | 1,466 | 1,515 |
Analysis of total change in revenue per business segment
| Change vs. Q4 2024 | Change vs. Q3 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
| % | SSAB Special Steels |
SSAB Europe |
SSAB Americas |
SSAB Special Steels |
SSAB Europe |
SSAB Americas |
||
| Price | -2 | -4 | 9 | -2 | -4 | -4 | ||
| Product mix | 1 | 0 | 0 | 1 | -1 | 0 | ||
| Volume | 10 | 4 | 2 | -1 | 6 | 2 | ||
| Currency effects | -10 | -4 | -14 | -1 | -1 | -1 | ||
| Other sales | -3 | -1 | -1 | -1 | -2 | 1 | ||
| Total | -4 | -5 | -4 | -4 | -2 | -2 |
Alternative performance measures
SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative performance measures (APMs). These performance measures are not defined in accordance with IFRS Accounting Standards, but provide complementary information to investors and company management about the company's financial position and development. In addition to below, further definitions can be found in the Annual Report note A.3.
EBITDA
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| Operating result | 756 | 487 | 6,116 | 7,860 |
| Depreciation, amortization and impairment | 1,021 | 1,082 | 4,072 | 4,208 |
| EBITDA | 1,777 | 1,569 | 10,189 | 12,069 |
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Sensitivity analysis
The approximate full-year effect on the result before tax and earnings per share of changes in significant factors is shown in the sensitivity analysis below.
| % change | Change % | Effect on result before tax, SEK millions |
Effect on earnings per share, SEK2) |
Effect on equity, SEK millions2) |
|---|---|---|---|---|
| Steel price – steel operations | +/-10 | +/-7,990 | +/-6.31 | +/-6,290 |
| Volume – steel operations1) | +/-10 | +/-1,610 | +/-1.27 | +/-1,267 |
| Iron ore prices | +/-10 | +/-840 | +/-0.66 | +/-661 |
| Coal prices | +/-10 | +/-580 | +/-0.46 | +/-457 |
| Scrap metal prices | +/-10 | +/-1,040 | +/-0.82 | +/-819 |
| Interest rate | +/-1%-point | +/-120 | +/-0.09 | +/-94 |
| Swedish Krona3) | +/-5 | +/-840 | +/-0.66 | +/-661 |
1) Excluding the effect of lower capacity utilization (underabsorption).
2) Calculated based on tax at 21%
3) Calculated on SSAB's exposure without currency hedging. Any weakening of the Swedish krona entails a positive effect.
{24}------------------------------------------------
Financial reports – The Parent company
Parent company's statement of profit and loss, in summary
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| Gross profit | — | — | — | — |
| Selling and administrative costs | -195 | -238 | -743 | -868 |
| Other operating income/expenses | 96 | 125 | 337 | 491 |
| Operating result | -99 | -113 | -406 | -376 |
| Financial items | 1,322 | 4,182 | 1,625 | 4,578 |
| Result after financial items | 1,223 | 4,069 | 1,219 | 4,201 |
| Appropriations | 500 | 115 | 500 | 115 |
| Result before tax | 1,723 | 4,184 | 1,719 | 4,316 |
| Income tax | -4 | 23 | -8 | -5 |
| Result for the period | 1,719 | 4,206 | 1,710 | 4,312 |
Parent company's statement of comprehensive income, in summary
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| SEK millions | Q4 | Q4 | Full-year | Full-year |
| Result for the period | 1,719 | 4,206 | 1,710 | 4,312 |
| Other comprehensive income | ||||
| Items that may be classified to the income statement | ||||
| Cash flow hedges | -5 | -1 | -21 | -40 |
| Income tax attributable to cash flow hedges | 1 | 0 | 4 | 8 |
| Other comprehensive income | -4 | -1 | -16 | -32 |
| Total comprehensive income for the period | 1,715 | 4,206 | 1,694 | 4,280 |
Parent company's statement of financial position, in summary
| 2025 | 2024 | |
|---|---|---|
| SEK millions | Dec 31 | Dec 31 |
| Assets | ||
| Non-current assets | 56,410 | 73,344 |
| Other current assets | 22,501 | 6,786 |
| Cash and cash equivalents | 21,776 | 26,694 |
| Total assets | 100,686 | 106,823 |
| Equity and liabilities | ||
| Restricted equity | 9,964 | 9,964 |
| Unrestricted equity | 62,433 | 63,330 |
| Total equity | 72,397 | 73,294 |
| Provisions | 58 | 70 |
| Non-current liabilities | 5,454 | 4,199 |
| Current liabilities | 22,778 | 29,260 |
| Total equity and liabilities | 100,686 | 106,823 |
This report has been published in Swedish and English. In the event of any differences between the English translation and the Swedish original, the Swedish report shall prevail.
{25}------------------------------------------------
For further information:
Helena Norrman, EVP Communication, Tel +46 73-066 53 46 Per Hillström, Head of Investor Relations, Tel +46 70-295 29 12
Interim report for January-March 2026
The report for the first quarter of 2026 will be published on April 28, 2026.
SSAB AB (publ)
P.O. Box 70, SE-101 21 Stockholm, Sweden
Telephone +46 8-45 45 700. Telefax +46 8-45 45 725
Visiting address: Klarabergsviadukten 70 D6, Stockholm
Email: [email protected]
www.ssab.com