Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Financial overview 
SEK M Q1 2025 Q1 2024 Change, % Full year 2024
Order intake, rolling 12 months 1 19,962 20,362 -2 19,419
Organic growth, rolling 12 months  1, % 1 -8 – -6
Revenues 5,150 4,740 9 19,691
Organic growth, % 8 -2 – 1
Adjusted operating profit (EBIT) 540 453 19 1,944
Margin, % 10.5 9.6 – 9.9
Operating profit (EBIT) 513 126 308 1,498
Profit for the period 394 51 665 1,221
Adjusted earnings per share, diluted, SEK 1.65 1.24 34 6.27
Earnings per share, diluted, SEK 1.57 0.21 665 4.87
Free operating cash flow 46 159 -71 1,266
Net debt/Equity ratio -0.02 -0.03 – -0.04
Notes to the reader:  1) Order intake in the quarter refers to the rolling 12-month period. Adjusted operating profit (EBIT) excludes items affecting comparability 
(IAC) and metal price effects, see Note 5 and the description of Alternative Performance Measures on page 24 for further details. Definitions and glossary can be 
found on www.alleima.com/investors. Tables and calculations in the report do not always agree exactly with the totals due to rounding. Comments refer to  
performance in the quarter and comparisons refer to the corresponding period last year, unless otherwise stated.  
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61Alleima
Q1
2025 
Interim report
 – Order intake for the rolling 12-month period decreased by 
2% to SEK 19,962 million (20,362), with organic growth of 1%. 
The backlog remained solid with a good product mix.
 – Revenues increased by 9% to SEK 5,150 million (4,740), with 
organic growth of 8%.
 –  Adjusted operating profit (EBIT) amounted to SEK 540 million 
(453), with a margin of 10.5% (9.6).
 –  Operating profit (EBIT) amounted to SEK 513 million (126), 
corresponding to a margin of 10.0% (2.7), and included metal 
price effects of SEK -27 million (-328).
 –  Adjusted earnings per share, diluted, was SEK 1.65 (1.24).
 –  Earnings per share, diluted, was SEK 1.57 (0.21).
 –  Free operating cash flow amounted to SEK 46 million (159).
Organic growth and positive  
EBIT margin development

===== SIDA 2 =====

“We have good operational 
leverage on our increased 
revenues and we are  
improving the EBIT margin 
despite slight currency 
headwinds in the quarter.”
Market conditions
Activity levels for the quarter, for example in the Oil and Gas and 
Nuclear segments in the Tube division, were high, and continued 
recovery was noted in the Industrial segment in North America. In 
the Kanthal division, the Medical business continued its positive 
development while demand in Industrial Heating remained cau-
tious. Demand in the Strip division further strengthened across 
the board. We did not note any observable effects related to the 
changing situation regarding global trade barriers, either during 
or after the end of the quarter. However, the general uncertainty 
around future development and customers’ investment decisions 
has increased.
Order intake for the rolling 12-month period amounted to SEK 
19,962 million (20,362) and organic growth turned positive at 1%. 
This trend was attributable primarily to higher order intake in the 
Tube division’s Nuclear segment as well as in Kanthal’s Medical 
segment, and many parts of our business showed a positive 
development.
Increased revenues and an improved EBIT-margin
Revenues for the quarter increased organically by 8% to SEK 
5,150 million (4,740). Nearly all customer segments reported 
growth, but Kanthal’s Industrial Heating segment remains at low 
levels. The adjusted EBIT margin amounted to 10.5% (9.6). We 
have good operational leverage on our increased revenues and 
we are improving our margin despite slight currency headwinds 
in the quarter.
Free operating cash flow amounted to SEK 46 million (159) in the 
quarter, impacted by increased sales volumes, inventory 
build-up ahead of planned stoppages for maintenance during 
the summer, as well as increased growth investments.
Proven resilience and adaptability
We have tailwinds in most of our business through our exposure 
to underlying megatrends. Examples of these include growing 
need for energy, energy efficiency and countries securing a  
stable and reliable energy supply, as well as a growing
 
need for health care. In recent quarters, we clearly benefited from 
our good positioning and delivered stable financial results. Over 
time, the EBIT margin has also improved despite challenging mar-
ket conditions in several areas. We have acted quickly by imple-
menting measures in parts of our business, to mitigate the effects 
of lower volumes.
Broad geographical production footprint
Our strategy involves being close to our customers and ensuring 
that we have local production where possible. With regards to the 
Tube division, for example, we are the only ones in our niche of the 
market for advanced stainless steel to have extrusion presses – 
meaning we have the possibility of manufacturing advanced seam-
less tubes, on three continents: Europe (Sweden), North America 
(US) and Asia (India). Also, in the Kanthal division, we are close to our 
customers with local production and refinement in key markets. We 
are strengthening this further through ongoing investments. Our 
broad geographical production footprint enables close collabora-
tion with customers, shorter lead times and also provides some 
protection against trade barriers.
A solid backlog
Unpredictability in the market increased given geo political and trade 
policy turbulence, even though we did not note any direct impact on 
our business. It is difficult to foresee how we, and the global economy, 
will be impacted by the trade barriers that are now being established 
between regions, but we have prepared mitigation plans depending 
on what effects we might see going forward. The fact that our back-
log in several of our key segments like Oil and Gas, Nuclear and Medi-
cal, is solid for the foreseeable future is reassuring. We are keeping 
our focus on our ongoing growth initiatives, which over the long term 
will benefit attractive customer segments through expanded local 
capacity, in order to achieve greater profitability and lower volatility. 
For example, this involves ongoing expansions in Medical in Malaysia, 
Industrial Heating in Japan and Scotland, steam generator tubing for 
Nuclear in Sandviken, and Chemical and Petrochemical in China. At 
the same time, we are prepared to quickly adjust our capacity and 
cost base in accordance with changing market conditions.
Göran Björkman, President and CEO
CEO’s comment 
Alleima Q1  
January 1 – March 31, 2025
2

===== SIDA 3 =====

Market development 
 – Demand in the Oil and Gas segment was stable at high 
levels.
 – Demand in the Chemical and Petrochemical segment was 
stable overall. Demand in Asia was at a good level, and the 
recovery from low levels in North America continued. 
Demand in Europe decreased.
 – Demand in the Industrial  segment grew overall, showing a 
recovery in North America, stable performance in Asia and 
somewhat weaker performance in Europe.
 – Demand in the  Industrial Heating  segment was stable, at 
relatively low levels.
 –  Demand in the Consumer  segment continued to grow,  
driven primarily by the white goods industry.
 – Demand in the Medical  segment continued to grow from 
high levels.
 – Demand in the  Mining and Construction  segment was sta -
ble overall, driven by the mining industry and with somewhat 
weaker demand related to the construction industry.
 –  Demand in the Nuclear  segment continued to strengthen.
 – Demand in the Transportation  segment was stable.
 –  Demand in the Hydrogen and Renewable Energy  segment 
was mixed, but declined overall.
Market development and outlook
Outlook for the second quarter 2025
The economic environment remained somewhat cautious 
during the first quarter, and considering the changing global 
trade policy situation, the general uncertainty concerning 
future developments has increased. We take a positive view 
of the development in several of our customer segments, 
where the underlying megatrends are expected to continue 
to support performance, while there are challenges in others. 
Our backlog is solid in several of our key segments and we have 
good visibility in our near-term deliveries. The product mix is 
expected to be similar to that of the first quarter. On the basis of 
the exchange rates at the end of March, 2025, a currency head -
wind is expected in the second quarter. See more information on 
page 10 and in the 2024 Annual Report. Cash flow is normally 
lower in the first half of the year compared with the second half.
Perception underlying market demand
OIL AND GAS
CHEMICAL AND 
PETROCHEMICAL INDUSTRIAL
INDUSTRIAL  
HE ATING CONSUMER
Year on year  
underlying  
demand trend → → ↗ → ↗
% of Group 
 revenues 2024 23% 17% 17% 11% 8%
MEDICAL
MINING AND 
CONSTRUCTION NUCLEAR TRANSPORTATION
HYDROGEN AND 
RENEWABLE 
ENERGY
Year on year  
underlying  
demand trend ↗ → ↗ → ↘
% of Group 
 revenues 2024 6% 6% 6% 5% 1%
Note: Comments refer to year on year market development in the quarter, unless otherwise stated. Comments regarding market development and outlook are based 
on the company's current perceptions about the underlying demand, and are not based on order intake in isolated quarters. 
Alleima Q1  
January 1 – March 31, 2025
3

===== SIDA 4 =====

Order intake  for the rolling 12-month period decreased by 2% 
to SEK 19,962 million (20,362), with organic growth of 1%. 
Growth was noted in most segments, in particular the Tube 
division’s Nuclear segment as well as the Kanthal division’s 
Medical segment. Order intake in the Tube division’s Oil and 
Gas segment continued to show negative growth due to the 
backlog build-up in the previous year.
Revenues increased by 9% to SEK 5,150 million (4,740), with 
organic growth of 8%. The Tube and Strip divisions reported 
organic growth of 12% and 19%, respectively. Organic 
revenue growth in Kanthal was -7%.
Book-to-bill was 99% for the rolling 12-month period. The 
backlog remained solid with a good product mix.
Order intake and revenues
Growth bridge
SEK M
Order intake,  
R12
Revenues,  
Quarter
Q1 2024 20,362 4,740
Organic, % 1 8
Structure, % 0 0
Currency, % -1 0
Alloys, % -2 0
Total growth, % -2 9
Q1 2025 19,962 5,150
Change compared to the corresponding quarter last year. The table is  
multiplicative, i.e. the different components must be multiplied to determine 
the total effect.
8%
Organic revenue growth in the quarter
Organic revenue growthRevenues
Quarter
SEK M
% Quarter
%
Order intake
Rolling 12 months  
SEK M
-2
2
6
10
14
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
0
5,000
10,000
15,000
20,000
25,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
0
20
40
60
80
100
120
140
0
1,000
2,000
3,000
4,000
5,000
6,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Revenues
Book-to-bill R12, %
Alleima Q1  
January 1 – March 31, 2025
4

===== SIDA 5 =====

Gross profit increased by 58% to SEK 1,144 million (726), with a 
gross margin of 22.2% (15.3). This development was attributa-
ble mainly to changed metal prices and increased revenues. 
Sales, administrative and R&D costs decreased to  
SEK -626 million (-631).
Adjusted EBIT totaled SEK 540 million (453), corresponding to 
a margin of 10.5% (9.6). The Tube and Strip divisions posted 
higher earnings. The Kanthal division showed lower earnings 
compared to the year-earlier period, driven primarily by nega-
tive currency effects and lower revenues. Exchange rates had 
a negative impact of SEK 21 million compared with the 
year-earlier period. Depreciation and amortization amounted 
to SEK -232 million (-227).
Reported EBIT amounted to SEK 513 million (126), with a  
margin of 10.0% (2.7). Metal price effects had an impact of  
SEK -27 million (-328).
Net financial items were SEK 13 million (-42). The change  
was driven primarily by revaluations of financial derivative  
contracts.
The reported tax rate was 25.1% (38.3) in the quarter.  
The normalized tax rate was 23.1% (24.6).
Adjusted profit for the period  amounted to SEK 414 million 
(310) and adjusted earnings per share, diluted, amounted to 
SEK 1.65 (1.24). Profit for the period amounted to  
SEK 394 million (51), corresponding to earnings per share,  
diluted, of SEK 1.57 (0.21). See page 25 for further details.
SEK M Adjusted EBIT
Q1 2024 453
Organic 112
Currency -21
Structure -4
Q1 2025 540
 
Change compared to the corresponding quarter last year. 
10.5%
Earnings
Quarter  
SEK M 
Adjusted EBIT margin
%
Adjusted EBIT
Cash flow and  
financial position
Net debt to Equity
Quarter, Ratio
-0.02x
Quarter %
Net working capital
Capital employed excluding cash  increased to SEK 16,343 
million (15,532). Return on capital employed excluding cash 
increased to 11.9% (7.1).
Net working capital amounted to SEK 6,950 million (6,923), 
and increased slightly compared with the preceding quarter 
in line with normal seasonal variations. Net working capital in 
relation to revenues was 33.4% (36.3).
Capex amounted to SEK -213 million (-141). The increase was 
mainly driven by an acceleration of ongoing growth invest -
ments.
Net debt amounted to SEK -414 million (-507), i.e. a net cash 
position. The net debt to equity ratio was -0.02x (-0.03). The 
financial net debt was SEK -1,734 million (-1,709). Available 
credit facilities were unutilized at the end of the first quarter. 
The net pension liability increased year-on-year to  
SEK 839 million (722). Net debt corresponded to -0.14x (-0.17) 
in relation to rolling 12-month adjusted EBITDA.
Free operating cash flow  amounted to SEK 46 million
(159). The lower cash flow year on year was attributable  
primarily to higher sales volumes and increased growth 
investments.
Free operating cash flow
SEK M
Q1 
 2025
Q1  
2024
Full year  
2024
EBITDA 745 353 2,410
Non-cash items -71 -57 148
Changes in working capital -382 36 33
Capex -213 -141 -1,190
Amortization, lease liabilities -34 -31 -135
Free operating cash flow 1 46 159 1,266
 
1) Free operating cash flow before acquisitions and disposals of companies, 
net financial items and paid taxes.
Quarter  
SEK M 
0
2
4
6
8
10
12
0
100
200
300
400
500
600
700
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
0
5
10
15
20
25
30
35
40
45
6,200
6,400
6,600
6,800
7,000
7,200
7,400
7,600
7,800
8,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
NWC
NWC % of revenues
Alleima Q1  
January 1 – March 31, 2025
5

===== SIDA 6 =====

Order intake and revenues
	– Order	intake	for	the	rolling	12-month	period	decreased	by	
6%	to	SEK	14,095	million	(14,954),	with	organic	growth	of	
-3%.	The	development	was	mainly	attributable	to	lower	
order	intake	in	the	Oil	and	Gas	segment,	compared	with	
the	year-earlier	backlog	build-up.	This	was	partially	offset	
by	a	positive	performance	in	several	segments,	in	particu -
lar	Nuclear.	Overall,	the	backlog	remained	solid	with	a	
good	product	mix.
	– Revenues	in	the	quarter	increased	by	12%	to	SEK	3,750	
million	(3,347),	with	organic	growth	of	12%.	Organic	growth	
was	driven	by	positive	development	in	all	segments,	and	in	
Nuclear	and	Oil	and	Gas	in	particular.
	– Book-to-bill	was	98%	for	the	rolling	12-month	period.
Earnings
	– 	 Adjusted	EBIT	amounted	to	SEK	416	million	(308),		
corresponding	to	a	margin	of	11.1%	(9.2),	driven	primarily	by	
increased	revenues	and	a	stronger	product	mix.
	– 	 EBIT	amounted	to	SEK	403	million	(34)	and	included		
negative	metal	price	effects	of	SEK	13	million	(-274).
	– 	 Changed	exchange	rates	had	a	negative	impact	of		
SEK	20	million	compared	with	the	year-earlier	period.
	– 	 Depreciation	and	amortization 	amounted	to		
SEK	-179	million	(-181).
Tube	develops	and	manufactures	seamless	tubes	and	other	long	products	in	advanced	stainless	steels	and	special	alloys	used	primarily	in	the	customer	 	
segments	of		Oil	and	Gas,	Chemical	and	Petrochemical,	Industrial,	Mining	and	Construction,	Nuclear	and	Transportation.	The	offering	also	includes	 	
products	and	solutions	for	the	growing	Hydrogen	and	Renewable	Energy	segment.
Tu be
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT  
Q
Q1 2024 14,954 3,347 308
Organic -3% 12% 128
Structure 0% – 0
Currency -1% 0% -20
Alloys -2% 0% N/A
Total	growth -6% 12% 108
Q1 2025 14,095 3,750 416
	
Change	compared	to	same	period	last	year.		For	order	intake	and	revenues,	
the	table	is	multiplicative,	i.e.	the	different	components	must	be	multiplied	to	
determine	the	total	effect.
SEK M Q1  2025 Q1 2024
Change
%
Full year  
2024
Order	intake,
R12	1 14,095 14,954 -6 13,677
Organic growth,  
R12	1, % -3 -7 – -10
Revenues 3,750 3,347 12 14,027
Organic growth,  
% 12 -1 – 2
Adjusted	EBIT 416 308 35 1,422
Margin, % 11.1 9.2 – 10.1
EBIT 403 34 1,075 1,044
Margin, % 10.7 1.0 – 7. 4
Total	workforce	 2 4,696 4,550 3 4,671
1)	Order	intake	in	the	quarter	refers	to	the	rolling	12-month	period.	 	
2)	Total	workforce	includes	employees	and	third-party	workers	and	is	based	
on	full-time	equivalents.
Adjusted EBITRevenues
Revenues per customer segment, 2024 
SEK	M SEK	M% %
Oil	&	Gas
Chemical	&	Petrochemical
Industrial
Mining	&	Construction
Nuclear
Transportation
Hydrogen	and	Renewable	Energy
Medical
Industrial	heating
0
2
4
6
8
10
12
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
0
20
40
60
80
100
120
140
0
1,000
2,000
3,000
4,000
5,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Revenues
Book-to-bill R12, %
Alleima	Q1 			
January	1	–	March	31,	2025
6

===== SIDA 7 =====

Order intake and revenues
	– 	 Order	intake	for	the	rolling	12-month	period	increased	by	
1%	to	SEK	4,108	million	(4,064),	with	organic	growth	of	4%.	
The	Medical	segment	continued	to	show	a	solid	order	
intake,	while	order	intake	in	the	Industrial	Heating	segment	
declined.
	– Revenues	in	the	quarter	decreased	by	5%	to	SEK	1,017	mil -
lion	(1,069),	with	organic	growth	of	-7%.	The	development	
was	mainly	attributable	to	lower	revenues	in	the	Industrial	
Heating	segment.
	– Book-to-bill	was	99%	for	the	rolling	12-month	period.
Earnings
	– Adjusted	EBIT	totaled	SEK	169	million	(197),	corresponding	
to	a	margin	of	16.6%	(18.5).	The	development	was	mainly	
attributable	to	negative	currency	effects	and	lower	
revenues.	
	– EBIT	amounted	to	SEK	159	million	(153)	and	included	 	
negative	metal	price	effects	of	SEK	9	million	(-44).
	– 	 Changed	exchange	rates	had	a	negative	impact	of		
SEK	17	million	compared	with	the	year-earlier	period.
	– 	 Depreciation	and	amortization 	amounted	to		
SEK	-34	million	(-31).
Kanthal	is	a	provider	of	products	and	services	in	the	area	of	industrial	heating	technology	and	resistance	materials,	and	also	offers	ultra-fine	wire	in	stainless	
steel	for	use	in	medical	appliances.	The	customers	are	primarily	in	the	segments	Industrial	Heating,	Consumer,	Medical	and	Industrial.	
Kanthal
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT  
Q
Q1 2024 4,064 1,069 197
Organic 4% -7% -8
Structure 0% 2% -4
Currency 0% 1% -17
Alloys -3% -1% N/A
Total	growth 1% -5% -29
Q1 2025 4,108 1,017 169
	
Change	compared	to	same	period	last	year.	For	order	intake	and	revenues,	
the	table	is	multiplicative,	i.e.	the	different	components	must	be	multiplied	to	
determine	the	total	effect.
SEK M Q1 2025 Q1 2024
Change
%
Full year  
2024
Order	intake,
R12	1 4,108 4,064 1 4,077
Organic growth,  
R12	1, % 4 -9 – 0
Revenues 1,017 1,069 -5 4,200
Organic growth,  
% -7 0 – -3
Adjusted	EBIT 169 197 -15 750
Margin, % 16.6 18.5 – 17.9
EBIT 159 153 4 691
Margin, % 15.7 14.3 – 16.5
Total	workforce	 2 1,456 1,414 3 1,400
1)	Order	intake	in	the	quarter	refers	to	the	rolling	12-month	period.	 	
2)Total	workforce	includes	employees	and	third-party	workers	and	is	based	
on	full-time	equivalents.
 Adjusted EBIT  Revenues
SEK	M SEK	M %%
Revenues per customer segment, 2024
Industrial	Heating
Medical
Consumer
Industrial
Transportation
0
2
4
6
8
10
12
14
16
18
20
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
0
20
40
60
80
100
120
0
200
400
600
800
1,000
1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Revenues
Book-to-bill R12, %
Alleima	Q1 			
January	1	–	March	31,	2025
7

===== SIDA 8 =====

Order intake and revenues
	– Order	intake	for	the	rolling	12-month	period	increased	by	
31%	to	SEK	1,759	million	(1,344),	with	organic	growth	of	34%,	
driven	by	a	positive	development	in	all	segments.
	– 	 Revenues	in	the	quarter	increased	by	18%	to		
SEK	383	million	(324),	with	organic	growth	of	19%.	 	
Revenues	increased	in	all	segments.
	– 	 Book-to-bill	was	115%	for	the	rolling	12-month	period.
Earnings
	– Adjusted	EBIT	amounted	to	SEK	27	million	(10),	with	a	margin	
of	6.9%	(3.1).	This	development	was	attributable	primarily	to	
higher	revenues,	and	was	offset	somewhat	by	a	negative	
contribution	from	the	business	for	pre-coated	strip	steel	
for	hydrogen	fuel	cells.
	– 	 EBIT	amounted	to	SEK	22	million	(1)	and	included	negative	
metal	price	effects	of	SEK	4	million	(-9).
	– 	 Changes	in	exchange	rates	had	a	positive	impact	of		
SEK	12	million	compared	with	the	year-earlier	period.
	– 	 Depreciation	and	amortization 	amounted	to		
SEK	-13	million	(-11).
Strip	develops	and	manufactures	a	wide	range	of	precision	strip	steel	products	and	also	offers	pre-coated	strip	steel	for	one	of	the	most	critical	 	
components	in	the	hydrogen	fuel	cell	stack	–	the	bipolar	plates.	The	customers	are	in	the	segments	consumer,	industrial,	transportation,	hydrogen	 	
and	renewable	energy	as	well	as	medical.
Strip
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT  
Q
Q1 2024 1,344 324 10
Organic 34% 19% 5
Structure – – 0
Currency -1% 0% 12
Alloys -2% -1% N/A
Total	growth 31% 18% 16
Q1 2025 1,759 383 27
	
Change	compared	to	same	period	last	year.	For	order	intake	and	revenues,	
the	table	is	multiplicative,	i.e.	the	different	components	must	be	multiplied	to	
determine	the	total	effect.
SEK M Q1 2025 Q1 2024
Change
%
Full year  
2024
Order	intake,
R12	1 1,759 1,344 31 1,665
Organic growth,  
R12	1, % 34 -13 – 32
Revenues 383 324 18 1,465
Organic growth,  
% 19 -19 – -4
Adjusted	EBIT 27 10 161 66
Margin, % 6.9 3.1 – 4.5
EBIT 22 1 2,212 56
Margin, % 5.8 0,3 – 3.8
Total	workforce	 2 515 488 5 500
1)	Order	intake	in	the	quarter	refers	to	the	rolling	12-month	period.	 	
2)	Total	workforce	includes	employees	and	third-party	workers	and	is	based	
on	full-time	equivalents.
 Adjusted EBITRevenues
SEK	M SEK	M %%
Revenues per customer segment, 2024
Consumer
Industrial
Transportation
Hydrogen	&	Renewable	Energy
Medical
0
20
40
60
80
100
120
140
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Revenues
Book-to-bill R12, %
-2
2
6
10
14
-10
10
30
50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q1 			
January	1	–	March	31,	2025
8

===== SIDA 9 =====

Sustainability 
Making an impact through our offering
In	the	beginning	of	2025,	Alleima	launched	a	mobile	 	
container	solution	in	Canada,	related	to	installations	of	
hydrogen	refueling	stations	where	tubing	can	be	 	
straightened	and	cut	directly	on-site.	This	means	material,	
energy,	time	and	costs	savings	while	streamlining	the	
installation	of	various	kinds	of	hydrogen	infrastructure	
and	reducing	the	need	for	external	processing.	This	 	
innovative	container	solution,	which	is	already	being	used	
in	over	70	different	types	of	hydrogen	projects	around	
Europe,	facilitates	flexible	and	customized	tubing	 	
deliveries.
Making an impact through our operations
	– The	total	recordable	injury	frequency	rate	(TRIFR)	for	
the	rolling	12-month	period	was	6.6	(6.4).	TRIFR	in	the	
quarter	was	5.9	(7.6).
	– 	 Share	of	recycled	steel,	i.e.	scrap	metal	input	in	steel	
manufacturing	for	the	rolling	12-month	period,	was	
80.6%	(80.0).	The	share	for	the	quarter	totaled	
80.0%	(80.7).
	– 	 CO₂	emissions 	for	the	rolling	12-month	period	amoun-
ted	to	91.3	kton	(94.3),	corresponding	to	a	reduction	
of	3%.	CO₂	emissions	during	the	quarter	amounted	to	
24	kton	(26),	corresponding	to	a	reduction	of	8%.
	– 	 The	proportion	of	female	managers	amounted	to	
24.8%	(23.5).
	
Definitions	and	glossary	can	be	found	at	 	
www.alleima.com/investors.
Sustainability overview 
Q1
2025
Q1
2024
Change, 
%
R12,  
Q1 2025
R12,  
Q1 2024
Change, 
%
TRIFR	1	 5.9 7.6 -22 6.6 6.4 4
Recycled	steel,	
% 80.0 80.7 -1 80.6 80.0 1
CO2	emissions,
thousand	tons 24.3 26.4 -8 91.3 94.3 -3
Share	of	
female	mana -
gers,	% 24.8 23.5 5 - - -
1)		Total	recordable	injury	frequency	rate.	Normalization	factor:	1,000,000
exposure 	hours.
Alleima’s	strategy	includes	to	be	leading	in	the	market	from	a	sustainability	perspective,	contribute	to	increased	circularity	and	support	general	health	and	
well-being,	both	through	our	product	offering	and	our	operations.	Developing	a	sustainable	product	offering,	combined	with	several	initiatives	to	reduce	the	ove -
rall	environmental	impact	of	the	production	process,	are	some	of	the	most	important	success	factors.
Share of female managers Recycled steel CO2 emissionsHealth and safety 
No.	of	
injuries
%,	
R12
Thousand 		
tons
Frequency	rate,	
R12
Thousand 		
tons, 	R12 %
75
77
79
81
83
85
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Recycle rate, R12 %
0
4
8
12
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
TRI TRIFR, R12
86
88
90
92
94
96
98
100
102
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Scope 2
Scope 1 - fuels
Scope 1 - raw materials based
Total CO₂ emissions, R12
21
22
23
24
25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Share of female managers, %
Alleima	Q1 			
January	1	–	March	31,	2025
9

===== SIDA 10 =====

Significant events
Guidance and financial targets
During the quarter
	– On	January	14,	Alleima	announced	the	completion	of	its	
acquisition	of	Endox	Feinwerktechnik	GmbH	and	Endox	
Polska	z	o.o.	(“Endox”),	which	had	been	previously	 	
announced	on	December	10,	2024.	Endox	strengthens	the	
company’s	medical	business	and	will	be	reported	in	the	
Kanthal	division.
	– On	January	24,	the	Nomination	Committee	proposed	the	
re-election	of	Board	members	Göran	Björkman,	Claes	Bou -
stedt,	Ulf	Larsson,	Andreas	Nordbrandt,	Susanne	Pahlén	
Åklundh,	Victoria	Van	Camp	and	Karl	Åberg.	Andreas	Nord -
brandt	is	proposed	to	be	re-elected	as	Chairman	of	the	
Board.
	– On	February	26,	Per	Eklund	was	appointed	President	of	the	
Strip	division	and	member	of	the	Group	Executive	Manage -
ment	for	Alleima	as	of	March	1,	2025.
	– On	March	14,	it	was	announced	that	CFO	Olof	Bengtsson	
will	retire	from	his	position	as	of	August	31,	2025.	He	will	be	
succeeded	by	Johan	Eriksson.
After the quarter
	– On	April	14,	it	was	announced	that	Johanna	Kreft,	Executive	
Vice	President	and	General	Counsel	had	decided	to	leave	
the	company	as	of	October	8,	2025	at	the	latest.	
Guidance  
Guidance	relating	to	certain	non-operational	key	figures	considered	useful	when	modeling	financial	outcome	is	provided	below:
Capex	(Cash)	(full	year) Estimated	at	approximately	SEK	1,200	million	for	2025.
Currency	effects	(quarterly)
Based	on	currency	rates	at	the	end	of	March	2025,	it	is	estimated	that	transaction	and	 	
translation	currency	effects	will	have	a	negative	impact	of	about	SEK	130	million	on	operating	profit	
(EBIT)	for	the	second	quarter	of	2025,	compared	to	the	corresponding	period	last	year.
Metal	price	effects	(quarterly)
In	view	of	currency	rates,	inventory	levels	and	metal	prices	at	the	end	of	March	2025,	it	is	 	
estimated	that	there	will	be	a	negative	impact	of	about	SEK	150	million	on	operating	profit	(EBIT)	for	
the	second	quarter	of	2025.
Tax	rate,	normalized	(full	year) Estimated	at	23-25%	for	2025.
Financial targets
Alleima	has	four	long-term	financial	targets:
Organic	growth	 Deliver	profitable	organic	revenue	growth	in	line	with	or	above	growth	in	targeted	end-markets	 	
over	a	business	cycle.
Earnings Adjusted	EBIT	margin	(excluding	metal	price	effects	and	items	affecting	comparability)	 	
to	average	above	9%	over	a	business	cycle.
Capital	structure A	net	debt	to	equity	ratio	below	0.3x.
Dividend 	policy
Dividend	on	average	50%	of	net	profit	(adjusted	for	metal	price	effects)	over	a	business	cycle.	
Dividend	to	reflect	financial	position,	cash	flow	and	outlook.
Stockholm,	April	23,	2025
Alleima AB (publ)
559224-1433
Göran Björkman
President	and	CEO
The	Company's	Auditor	has	not	reviewed	the	report	for	the	
first	quarter	2025.
Alleima	Q1 			
January	1	–	March	31,	2025
10

===== SIDA 11 =====

About us 
Alleima	is	a	world-leading	developer,	manufacturer,	and	
supplier	of	high	value-added	products	in	advanced	stainless	
steels	and	special	alloys	as	well	as	products	for	industrial	
heating,	operating	with	a	global	footprint.	Based	on	close	and	
long-term	customer 	partnerships, 	Alleima 	advances		
processes	and	applications	in	the	most	demanding	industries	
through	materials	that	are	lightweight,	durable,	 	
corrosion-resistant	and	able	to	withstand	extremely	high	
temperatures	and	pressures.
Through	its	offering	and	in-depth	expertise	in	materials	
technology,	metallurgy	and	industrial	processes,	Alleima	 	
enables	its	customers	to	become	more	efficient,	profitable,	
safe	and	sustainable.
Purpose
We advance industries through materials technology
Our	unique	and	leading	expertise	enables	more	efficient,	
more	profitable	and	more	sustainable	processes,	 	
products	and	applications	for	our	customers.
Values
We evolveWe deliverWe care
Kanthal
Kanthal	is	a	provider	of	products	and	
services	in	the	area	of	industrial	 	
heating	technology	and	resistance	
materials,	and	also	offers	ultra-fine	wire	
in	stainless	steel	for	use	in	 	
medical 	appliances.
Tu be
Tube	develops	and	manufactures	
seamless	tubes	and	other	 	
long	products	in	advanced	stainless	
steels	and	special	alloys.
Strip
Strip	develops	and	manufactures	a	wide	
range	of	precision	strip	steel	products	and	
also	offers	pre-coated	strip	steel.
Business model
The	business	model	is	based	on	
close	customer 	cooperation 	and	
extensive	industry	knowledge	in	
combination	with	materials	and	 	
process	competence	and	a	global	
footprint.	Customer	relationships	are	
often	characterized	by	a	high	degree	
of	technical	collaboration,	including	
identifying	the	customers’	needs	and	
finding	innovative	ways	to	solve	 	
complex	challenges.	Approximately	
80	percent	of	products	are	sold	
directly	through	Alleima's	own	global	
sales	network	and	the	remainder	is	
often	sold	through	distributors.	
Alleima	has	a	fully	integrated	value	
chain,	including	in-house	R&D,	two	
steel	mills	with	melt	shops,	five	extru -
sion	presses	and	several	hot	working,	
cold	working	and	finishing	facilities.
Strategy
The	strategy	is	based	on	four	pillars:	
 – Drive profitable growth	by	capitalizing	
on	global	megatrends	such	as	energy	
transition,	energy	efficiency,	electrifica-
tion	and	medical	growth
 – Continuous focus of R&D activities	and	
digital	innovations	toward	new	business	
opportunities,	defending	and	
strengthening	the	current	business	and	
widening	of	the	material	portfolio
 – Operational and commercial excellence	
through	continuous	improvement,	price	
management,	mix	optimization,	cost	
flexibility,	footprint	optimization	and		
resilience
 – Industry-leading sustainability that	
benefits	the	climate,		increases	circula-
rity	and	supports	general	health	and	
wellbeing,	both	through	product	offe-
ring	as	well	as	operations.
Customer segments  
sales exposure
Revenues	per	customer	segment	is	
based	on	full-year	2024.	Historically,	
these	percentages	 have	not	changed	
substantially	between	the	quarters	
and	the	full	year	figures	of	2024	will	
therefore	give	a	good	approximation.
Revenues per customer segment,  
full year 2024
Oil	&	Gas
Chemical	&	Petrochemical
Industrial
Industrial	heating
Consumer
Medical
Mining	&	Construction
Nuclear
Transportation
Hydrogen	and	Renewable	Energy
Alleima	Q1 			
January	1	–	March	31,	2025
11

===== SIDA 12 =====

The Group | Condensed consolidated income statement
SEK M Note
Q1  
2025
Q1
 2024
Full year  
2024
Revenues 3 5,150 4,740 19,691
Cost of goods sold -4,006 -4,014 -15,740
Gross profit 1,144 726 3,951
Selling expenses -296 -303 -1,250
Administrative expenses -250 -261 -975
Research and development costs -80 -67 -292
Other operating income 1 214 155 440
Other operating expenses 1 -218 -125 -376
Operating profit 4,5 513 126 1,498
Financial income 105 47 170
Financial expenses -92 -89 -97
Net financial items 13 -42 73
Profit after net financial items 526 83 1,571
Income tax 6 -132 -32 -350
Profit for the period 394 51 1,221
Profit for the period attributable to
 Owners of the parent company 394 51 1,221
 Non-controlling interests - - -
Earnings per share, SEK
Basic 9 1.57 0.21 4.88
Diluted 9 1.57 0.21 4.87
Financial reports summary
The Group | Condensed consolidated comprehensive income
SEK M Note
Q1  
2025
Q1
 2024
Full year 
2024
Profit for the period 394 51 1,221
Other comprehensive income
Items that will not be reclassified to profit (loss)
Actuarial gains (losses) on defined benefit pension plans -19 127 32
Tax relating to items that will not be reclassified 5 -26 -8
Total items that will not be reclassified to profit (loss) -14 101 24
Items that may be reclassified to profit (loss)
Foreign currency translation differences -503 261 310
Hedge reserve adjustment 354 -93 -35
Tax relating to items that may be reclassified -73 19 7
Total items that may be reclassified to profit (loss) -222 187 282
Total other comprehensive income -236 288 306
Total comprehensive income 157 340 1,528
Total comprehensive income attributable to
 Owners of the parent company 157 340 1,528
 Non-controlling interests - - -
Alleima Q1  
January 1 – March 31, 2025
12

===== SIDA 13 =====

The Group | Condensed consolidated balance sheet
SEK M Note
Mar 31, 
2025
Mar 31, 
2024
Dec 31, 
2024
Goodwill 1,691 1,673 1,693
Other intangible assets 321 307 345
Property, plant and equipment 7,642 7,314 7,757
Right-of-use assets 473 475 455
Financial assets 7 177 74 92
Deferred tax assets 223 181 228
Non-current assets 10,528 10,023 10,569
Inventories 7,372 7,492 7,407
Current receivables 7 4,001 3,963 3,960
Cash and cash equivalents 1,757 1,713 1,912
Current assets 13,129 13,168 13,279
Total assets 23,656 23,191 23,848
Equity attributable to owners of the parent company 9 16,757 15,996 16,614
Non-controlling interest 0 0 0
Total equity 16,757 15,996 16,614
Non-current interest-bearing liabilities 1,253 1,124 1,212
Non-current non-interest-bearing liabilities 7 903 949 911
Non-current liabilities 2,156 2,073 2,123
Current interest-bearing liabilities 136 126 134
Current non-interest-bearing liabilities 7 4,608 4,996 4,977
Current liabilities 4,744 5,123 5,111
Total equity and liabilities 23,656 23,191 23,848
Alleima Q1  
January 1 – March 31, 2025
13

===== SIDA 14 =====

The Group | Condensed consolidated cash flow statement
SEK M Note
Q1 
2025
Q1 
2024
Full year 
2024
Operating activities
Operating profit 513 126 1,498
Adjustments for non-cash items:
  Depreciation, amortization and impairments 232 227 913
  Other non-cash items -71 -57 148
Received and paid interest 55 45 -16
Income tax paid -66 -116 -451
Cash flow from operating activities before changes in 
working capital 663 225 2,091
Changes in working capital -382 36 33
Cash flow from operating activities 281 260 2,123
Investing activities
Investments in intangible and tangible assets -213 -143 -1,195
Proceeds from sale of intangible and tangible assets 0 2 5
Acquisition and sale of shares and participations 10 -132 - -
Other investments and financial assets, net 0 0 -3
Cash flow from investing activities -345 -141 -1,193
Financing activities
Repayments of loans -1 -1 -4
Amortization of lease liabilities -34 -31 -135
Equity swap 9 - - -20
Dividends paid 9 - - -501
Cash flow from financing activities -35 -32 -660
Net change in cash and cash equivalents -99 87 270
Cash and cash equivalents at beginning of period 1,912 1,595 1,595
Exchange rate differences in cash and cash equivalents -57 31 47
Cash and cash equivalents at end of the period 1,757 1,713 1,912
Alleima Q1  
January 1 – March 31, 2025
14

===== SIDA 15 =====

The Group | Condensed consolidated statements of changes in equity
SEK M Note
Equity 
 attributable 
to owners of 
the parent 
company
Non- 
controlling 
interest
Tota l  
equity
Equity at January 1, 2024 15,732 0 15,732
Changes
Net profit 51 - 51
Other comprehensive income for the period, net of tax 288 - 288
Total comprehensive income for the period 340 - 340
Cash flow hedge, transferred to cost of hedged item -97 - -97
Tax on cash flow hedge, transferred to cost 20 - 20
Net cash flow hedge, transferred to cost -77 - -77
Shared-based payments 9 1 - 1
Total transactions with owners 1 - 1
Equity at March 31, 2024 15,996 0 15,996
Changes
Net profit 1,170 - 1,170
Other comprehensive income for the period, net of tax 18 - 18
Total comprehensive income for the period 1,188 - 1,188
Cash flow hedge, transferred to cost of hedged item -68 - -68
Tax on cash flow hedge, transferred to cost 14 - 14
Net cash flow hedge, transferred to cost -54 - -54
Shared-based payments 9 5 - 5
Equity swap 9 -20 - -20
Dividends 9 -501 - -501
Total transactions with owners -516 - -516
Equity at December 31, 2024 16,614 0 16,614
Changes
Net profit 394 - 394
Other comprehensive income for the period, net of tax -236 - -236
Total comprehensive income for the period 157 - 157
Cash flow hedge, transferred to cost of hedged item -21 - -21
Tax on cash flow hedge, transferred to cost 4 - 4
Net cash flow hedge, transferred to cost -16 - -16
Shared-based payments 9 2 - 2
Total transactions with owners 2 - 2
Equity at March 31, 2025 16,757 0 16,757
Alleima Q1  
January 1 – March 31, 2025
15

===== SIDA 16 =====

The Parent Company | Condensed income statement
SEK M Note
Q1 
2025
Q1 
2024
Full year  
2024
Revenues 9 6 27
Gross profit 9 6 27
Administrative expenses -23 -18 -75
Other operating income 2 0 0
Other operating expenses 0 -1 -2
Operating loss -12 -12 -50
Dividend from group companies - - 1,076
Interest revenue and similar income 10 9 36
Interest expense and similar costs 0 0 -1
Profit/loss after financial items -2 -3 1,060
Income tax 1 1 3
Profit/loss for the period -1 -3 1,063
The Parent Company | Condensed balance sheet
SEK M Note
Mar 31, 
2025
Mar 31, 
2024
Dec 31, 
2024
Financial assets 11,907 11,907 11,907
Deferred tax assets 5 3 5
Non-current assets 11,912 11,910 11,912
Current receivables 2,099 1,576 2,136
Current assets 2,099 1,576 2,136
Total assets 14,011 13,486 14,048
Restricted equity 251 251 251
Unrestricted equity 9 13,737 13,187 13,737
Total equity 13,988 13,438 13,987
Non-current interest-bearing liabilities 3 2 2
Non-current non-interest-bearing liabilities 2 14 14
Non-current liabilities 5 16 17
Current non-interest-bearing liabilities 18 32 44
Current liabilities 18 32 44
Total equity and liabilities 14,011 13,486 14,048
Alleima Q1  
January 1 – March 31, 2025
16

===== SIDA 17 =====

Notes
Note 1 | Basis of preparation
The financial statements of the Group were prepared in accordance with 
International Financial Reporting Standards (IFRS) as adopted by the EU. This 
interim report for the Group was prepared in accordance with IAS 34 Interim 
Financial Reporting as issued by the International Accounting Standards 
Board (IASB) and the Swedish Annual Accounts Act, and for the parent com -
pany in accordance with the Swedish Annual Accounts Act and RFR 2 
Reporting for legal entities and other statements issued by the Swedish 
Financial Reporting Board. The accounting principles and computation 
methods applied in the preparation of this interim report are the same as 
those applied in the Annual Report 2024 as amended below. All amounts are in 
million SEK (SEK M) unless otherwise stated. Roundings may occur.
The interim information on pages 1–28 is an integrated part of these finan -
cial statements. 
Changes in IFRS standards  
IASB has published amendments of standards that are effective as of January 
1, 2025 or later. The standards have not had any material impact on the finan -
cial reports. 
Adjustment of reporting of sold services  
Other operating income and other operating expenses have been adjusted in 
order to recognize certain of Alleima's contractual services gross. These ser -
vices mainly relate to facility management, electricity and warehouse servi -
ces, which are not part of Alleima's core business. Previously, these services 
were accounted for through netting of income and expenses. Comparative 
periods have been restated, resulting in an increase in both other operating 
income and other operating expenses of SEK 300 million for the full year 2024. 
The adjustment has no impact on operating profit (EBIT). The adjustments for 
the quarters and full year 2024 are presented below.
SEK M Reported Restatement Restated 
Q1 2024
Other operating income 82 73 155
Other operating expenses -51 -73 -125
Q2 2024
Other operating income 32 81 113
Other operating expenses -17 -81 -98
Q3 2024
Other operating income 23 63 86
Other operating expenses -24 -63 -87
Q4 2024
Other operating income 52 83 135
Other operating expenses -32 -83 -115
Full year 2024
Övriga rörelseintäkter 140 300 440
Other operating expenses -76 -300 -376
 
 
References  
For more information concerning:
– Group summary, refer to page 1
– Significant events, refer to page 10 
Note 2 | Risks and uncertainties
As an international group with a wide geographical spread, Alleima is exposed 
to several strategic, business and financial risks. Strategic risk at Alleima is 
defined as emerging risks affecting the business long-term, such as industry 
shifts, technological shifts, and macroeconomic developments. The business 
risks can be divided into operational, sustainability, compliance, legal and 
commercial risks. The financial risks include currency risks, interest rate risk, 
price risk, tax risks and more. These risk areas can all impact the business 
negatively both long and short-term but often also create business opportuni -
ties if managed well. Risk management at Alleima begins with an assessment 
in operational management teams where the material risks to their operations 
are first identified, followed by an evaluation of the probability of the risks 
occurring and their potential impact on the Group. Once the key risks have 
been identified and evaluated, risk mitigating activities to eliminate or reduce 
the risks are agreed on. For a more detailed description of Alleima's analysis 
of risks and risk universe, see the Annual Report 2024.
Import tariffs to the US
Alleima has both direct sales to, and manufacturing in, the US, and is affected 
directly and indirectly by import tariffs. As there is currently uncertainties 
about how the situation around the tariffs will evolve, it's difficullt to predict 
the final impact on Alleima's results and financial postion.
Alleima Q1  
January 1 – March 31, 2025
17

===== SIDA 18 =====

Order intake by division and region
SEK M Note
R12 
Q1 2025
R12 
Q1 2024
Organic 
%
Tube
Europe 7,4 53 8,857 -13
North America 3,404 3,048 13
Asia 2,350 2,135 14
Other 888 914 0
Tota l 14,095 14,954 -3
Kanthal
Europe 1,200 1,263 -4
North America 1,590 1,222 35
Asia 1,082 1,362 -18
Other 235 217 6
Tota l 4,108 4,064 4
Strip
Europe 702 564 29
North America 124 116 10
Asia 879 641 40
Other 55 23 151
Tota l 1,759 1,344 34
GROUP
Europe 9,355 10,684 -10
North America 5,118 4,386 19
Asia 4,311 4,139 8
Other 1,178 1,153 4
Tota l 19,962 20,362 1
Note 3 | Order intake by division and region
Alleima Q1  
January 1 – March 31, 2025
18

===== SIDA 19 =====

Revenues by division and region
SEK M Note
Q1 
2025
Q1 
2024
Organic 
%
Full year
2024
Tube
Europe 1,870 2,023 -7 7,417
North America 958 583 63 3,008
Asia 678 516 42 2,422
Other 244 225 -6 1,180
Tota l 3,750 3,347 12 14,027
Kanthal
Europe 316 333 -10 1,223
North America 397 382 2 1,493
Asia 237 302 -21 1,225
Other 67 52 26 258
Tota l 1,017 1,069 -7 4,200
Strip
Europe 161 142 16 627
North America 33 29 15 114
Asia 175 142 22 703
Other 14 12 24 21
Tota l 383 324 19 1,465
GROUP
Europe 2,347 2,498 -6 9,266
North America 1,388 993 39 4,616
Asia 1,090 960 18 4,350
Other 325 289 0 1,460
Tota l 5,150 4,740 8 19,691
Alleima Q1  
January 1 – March 31, 2025
19

===== SIDA 20 =====

Note 4 | Segment information 
Alleima has three reportable operating segments, Tube, Kanthal and Strip. Items not included in the operating segments, mainly related to 
Group staff functions typically to run the Group or items Alleima considers to be centrally decided, are presented as Common functions.  
 
Note
Q1
2025
Q1
2024
Full 
year
2024
Q1
2025
Q4
2024
Q3
2024
Q2
2024
Q1
2024
Order intake, rolling 12 
months, SEK M 1
Tube 14,095 14,954 13,677 14,095 13,677 14,232 14,552 14,954
Kanthal 4,108 4,064 4,077 4,108 4,077 3,986 4,196 4,064
Strip 1,759 1,344 1,665 1,759 1,665 1,428 1,386 1,344
Tota l2 19,962 20,362 19,419 19,962 19,419 19,646 20,135 20,362
Revenues, SEK M
Tube 3,750 3,347 14,027 3,750 3,713 3,077 3,890 3,347
Kanthal 1,017 1,069 4,200 1,017 999 1,049 1,082 1,069
Strip 383 324 1,465 383 382 372 387 324
Tota l2 5,150 4,740 19,691 5,150 5,094 4,498 5,359 4,740
Adjusted EBIT, SEK M
Tube 416 308 1,422 416 457 202 454 308
Kanthal 169 197 750 169 181 174 198 197
Strip 27 10 66 27 23 -7 39 10
Common functions -71 -63 -294 -71 -77 -55 -99 -63
Tota l2 540 453 1,944 540 584 314 592 453
Adjusted EBIT margin, %
Tube 11.1 9.2 10.1 11.1 12.3 6.6 11.7 9.2
Kanthal 16.6 18.5 17.9 16.6 18.1 16.6 18.3 18.5
Strip 6.9 3.1 4.5 6.9 6.1 -1.9 10.2 3.1
Common functions N/M N/M N/M N/M N/M N/M N/M N/M
Tota l2 10.5 9.6 9.9 10.5 11.5 7.0 11.1 9.6
 EBIT, SEK M
Tube 403 34 1,044 403 287 179 544 34
Kanthal 159 153 691 159 167 168 202 153
Strip 22 1 56 22 15 -2 42 1
Common functions -71 -63 -294 -71 -77 -55 -99 -63
Tota l2 513 126 1,498 513 393 290 689 126
1) Order intake for the quarter refers to the rolling 12 months period.  
2) Internal transactions had negligible effect on division profits.
Alleima Q1  
January 1 – March 31, 2025
20

===== SIDA 21 =====

Note 5 | Adjustment items on EBIT
SEK M
Q1 
2025
Q1 
2024
Full year
2024
Q1 
2025
Q4 
2024
Q3 
2024
Q2 
2024
Q1 
2024
EBIT
Items affecting comparability
Tube 0 0 0 0 0 0 0 0
Kanthal 0 0 0 0 0 0 0 0
Strip 0 0 0 0 0 0 0 0
Common functions 0 0 0 0 0 0 0 0
Tota l 0 0 0 0 0 0 0 0
Metal price effect
Tube -13 -274 -378 -13 -170 -23 90 -274
Kanthal -9 -44 -59 -9 -14 -5 4 -44
Strip -4 -9 -9 -4 -8 5 2 -9
Tota l -27 -328 -446 -27 -191 -24 96 -328
Total adjustment items EBIT
Tube -13 -274 -378 -13 -170 -23 90 -274
Kanthal -9 -44 -59 -9 -14 -5 4 -44
Strip -4 -9 -9 -4 -8 5 2 -9
Common functions 0 0 0 0 0 0 0
Tota l -27 -328 -446 -27 -191 -24 96 -328
Alleima Q1  
January 1 – March 31, 2025
21

===== SIDA 22 =====

Note 6 | Taxes
SEK M Q1 2025 Q1 2024 Full year 2024
Reported tax -132 25.1% -32 38.3% -350 22.3%
Tax on adjustment items (note 5) -6 -23.9% -69 -21.1% -94 -21.2%
Tax excluding adjustment items -139 25.1% -101 24.6% -444 22.0%
Adjustment for one time items 
taxes 11 -2.0% 0 0.0% -39 2.5%
Normalized tax rate -128 23.1% -101 24.6% -483 23.9%
Note 9 | Equity, number of shares and incentive pro-
grams
Number of shares
Mar 31, 
2025
Dec 31, 
2024
Total number of shares 250,877,184 250,877,184
Number of shares in equity swap (LTI) -702,053 -702,053
Number of outstanding shares 250,175,131 250,175,131
Number of outstanding shares, weighted 
average 250,175,131 250,291,704
Number of shares after dilution 250,862,889 250,862,889
Number of shares after dilution, weighted 
average 250,862,889 250,866,966
 
Outstanding share right programs
Information regarding Alleima's long-term share-based incentive program 
2023-2024 (LTI 2023 and LTI 2024), such as the objective, conditions and 
requirements, is presented in Note 3 in the Annual Report for 2024.  As of 
March 31, 2025, LTI 2023 and LTI 2024 comprises 380,901 and 306,857 share 
rights respectively(LTI 2023: 380,901, LTI 2024 306,857).
During the three first months of 2025, the total pre-tax cost for the LTI pro -
grams amounted to SEK 3 (1) million. 
 
Dividend
To the Annual General Meeting on April 28, 2025, Alleima's Board of Directors 
proposes for the financial year 2024 an ordinary dividend of SEK 2.30 per 
share (SEK 577 million), proposed to be paid on May 6, 2025.
Adjustment for one time items taxes during the first three months 2025 consist 
of revaluation of temporary differences of SEK 8 million (0) and other one time 
tax items of SEK 3 million (0).
 
Note 7 | Financial assets and liabilities
Financial instruments - fair values
In order to mitigate financial risks, the Group has entered into financial instru -
ments such as currency-, commodity-, electricity- and gas derivatives. All 
derivatives belong to Level 2 in the fair value hierarchy, i.e. observable inputs 
have been used in deriving the fair values. Fair values, which equals carrying 
amounts, of outstanding derivatives amounted at each reporting period to the 
amounts below.
SEK M
Mar 31, 
2025
Mar 31, 
2024
Dec 31, 
2024
Financial assets derivatives 284 64 54
Financial liabilities derivatives 254 520 400
The carrying amounts for other financial assets and liabilities are considered 
to represent a good approximation of the fair values due to the short dura -
tions.  
 
Note 8 | Related party transactions
The Group companies have related party relationships with their subsidiaries. 
All related party transactions are based on market terms and negotiated on an 
arm's length basis. For outstanding share right programs refer to Note 9. 
Other remunerations to senior executives for Alleima are presented in the 
Annual Report 2024 in Note 3.
Not 10 | Business combinations
The acquisitions of business combinations executed during current and previous year are set out on the table below. Annual revenue and number of employees 
reflect the situation at the date of the respective transaction.  
 
Division/Cash 
Generating Unit Company Country Acquisition date Annual revenue No. of employees
Kanthal
Endox Feinwerktechnik GmbH & 
Endox Polska SP.zo.o.
(“Endox”)
Germany/
Poland January 10, 2025 SEK 65 M in 2023 90
 
On 10 January 2025, Alleima acquired Endox Feinwerktechnik GmbH and Endox Polska SP.zo.o. ("Endox"). Endox strengthens the company's medical technology 
business. The impact on Alleima's revenue and profit for the first quarter of 2025 was SEK 16 and SEK 2 million respectively. The impact on Alleima's earnings per share 
is expected to be somewhat positive. Acquisition was carried out through the acquisition of 100% of the shares, as well as the voting rights. Alleima gained control of 
the business on the transaction date. No equity instruments have been issued in connection with the acquisition. The acquisition has been reported according to the 
acquisition method and SEK 6 million in acquisition costs were reported in the quarter. The purchase price allocation is ongoing and will be reported in the second 
quarter.
Alleima Q1  
January 1 – March 31, 2025
22

===== SIDA 23 =====

Key ratios
Q1 
2025
Q1 
2024
Full year 
2024
Full year 
2023
Full year 
2022
Full year 
2021
Adjusted EBITDA, SEK M 772 683 2,856 3,056 2,540 1,811
Adjusted EBITDA margin, % 15.0 14.4 14.5 14.8 13.8 13.1
Adjusted EBIT, SEK M 540 453 1,944 2,141 1,681 1,055
Adjusted EBIT margin, % 10.5 9.6 9.9 10.4 9.1 7.6
Operating profit (EBIT), SEK M 513 126 1,498 2,046 2,122 1,379
Operating profit (EBIT) margin, % 10.0 2.7 7.6 9.9 11.5 10.0
Normalized tax rate, % (Note 6) 23.1 24.6 23.9 24.2 24.3 24.9
Net working capital to revenues, %  1 33.4 36.3 35.1 34.3 32.8 31.2
Return on capital employed, % 2 11.0 6.8 8.9 12.2 13.2 10.4
Return on capital employed excluding cash, % 2 11.9 7.1 9.5 12.9 14.2 11.0
Net debt/Adjusted EBITDA ratio -0.14 -0.17 -0.22 -0.08 0.01 0.73
Net debt/Equity ratio -0.02 -0.03 -0.04 -0.02 0.00 0.11
Free operating cash flow, SEK M 46 159 1,266 1,688 505 1,046
Adjusted earnings per share, diluted, SEK 1.65 1.24 6.27 6.56 3.36 3.82
Earnings per share adjusted for metalprice effects, diluted, 
SEK 1.65 1.24 6.27 6.56 2.55 3.27
Average number of shares, diluted, at the end of the period 
(millions) (Note 9) 250.863 250.866 250.867 250.876 250.877 250.877
Number of shares at the end of the period (millions) (Note 9) 250.175 250.467 250.175 250.467 250.877 250.877
Number of employees  3 6,414 6,153 6,309 6,110 5,886 5,465
Number of consultants  3 518 558 516 596 612 413
1) Quarter is quarterly annualized and the annual number is based on a four quarter average. 
2) Based on rolling 12 months operating profit, in percentage of  a four-quarter average capital employed (including respectively excluding cash). 
3) Full-time equivalent.  
Alleima Q1  
January 1 – March 31, 2025
23

===== SIDA 24 =====

Alternative Performance Measures
This interim report contains certain alternative performance 
measures that are not defined by IFRS. These measures are 
included as they are considered to be important perfor -
mance indicators of the operating performance and liquidity 
of Alleima. They should not be considered a substitute for 
Alleima’s financial statements prepared in accordance with 
IFRS. Alleima’s definitions of these measures are described 
below, and as other companies may calculate non IFRS mea -
sures differently, these measures are therefore not always 
comparable to similar measures used by other companies.
Organic order intake and revenue growth
Change in order intake and revenues after adjustments for 
exchange rate effects and structural changes such as divest -
ments and acquisitions and alloy surcharges. Organic growth 
is used to analyze the underlying sales performance in the 
Group, as most of its revenues are in currencies other than in 
the reporting currency (i.e. SEK, Swedish Krona). Alloy sur -
charges are used as an instrument to pass on changes in 
alloy costs along the value chain and the effects from alloy 
surcharges may fluctuate over time.
Adjusted operating profit (EBIT)
SEK M
Q 1   
2025
Q 1   
2024
Full 
y e a r   
2024
Q 1   
2025
Q 4   
2024
Q 3   
2024
Q 2   
2024
Q 1   
2024
Operating profit/loss 513 126 1,498 513 393 290 689 126
Reversal (Note 5):
Items affecting comparability 0 0 0 0 0 0 0 0
Metal price effect 27 328 446 27 191 24 -96 328
Impairments 0 0 0 0 0 0 0 0
Adjusted operating profit (EBIT) 540 453 1,944 540 584 314 592 453
Revenues 5,150 4,740 19,691 5,150 5,094 4,498 5,359 4,740
Adjusted operating profit (EBIT) margin, 
% 10.5 9.6 9.9 10.5 11.5 7.0 11.1 9.6
Adjusted operating profit (EBIT)
Alleima considers Adjusted operating profit (EBIT) and the 
related margin to be relevant measures to present profitabi -
lity of the underlying business excluding metal price effects 
and items affecting comparability (IAC).
Metal price effect is the difference between sales price and 
purchase price on metal content used in the production of 
products. Metal price effect on operating profit in a particular 
period arises from changes in alloy prices arising from the 
timing difference between the purchase, as included in cost 
of goods sold, and the sale of an alloy, as included in 
revenues, when alloy surcharges are applied. IAC includes 
capital gains and losses from divestments and larger res -
tructuring initiatives, impairments, capital gains and losses 
from divestments of financial assets as well as other material 
items having a significant impact on the comparability.
Adjusted operating profit (EBIT) and margin:  Operating profit 
(EBIT) excluding items affecting comparability and metal 
price effects. Margin is expressed as a percentage of 
revenues.
Alleima Q1  
January 1 – March 31, 2025
24

===== SIDA 25 =====

Adjusted profit for the period and adjusted earnings per share, diluted
SEK M
Q 1      
2025
Q 1      
2024
Full year 
2024
Q 1      
2025
Q 4      
2024
Q 3      
2024
Q 2      
2024
Q 1      
2024
Profit/loss for the period 394 51 1,221 394 297 237 636 51
Reversal:
Adjustment items EBIT (Note 5) 27 328 446 27 191 24 -96 328
Tax on adjustment items (Note 
6) -6 -69 -94 -6 -40 -5 19 -69
Adjusted profit for the period 414 310 1,573 414 448 256 559 310
Attributable to
Owners of the parent com -
pany 414 310 1,573 414 448 256 559 310
Non-controlling interests - - - - - - - -
Average number of shares, dil -
uted, at the end of the period 
(millions) 250.863 250.866 250.867 250.863 250.863 250.870 250.870 250.866
Adjusted earnings per share, 
diluted, SEK 1.65 1.24 6.27 1.65 1.79 1.02 2.23 1.24
Adjusted earnings per share, diluted
Alleima considers Adjusted earnings per share (EPS), diluted 
to be relevant to understand the underlying performance, 
which excludes items affecting comparability and metal price 
effects between periods. 
Adjusted EPS, diluted:  Profit/loss, adjusted for items affecting 
comparability and metal price effects, attributable to equity 
holders of the Parent Company divided by the average num -
ber of shares, diluted,  outstanding during the period.
Alleima Q1  
January 1 – March 31, 2025
25

===== SIDA 26 =====

Net working capital (NWC) in relation to revenues and 
return on capital employed (ROCE)
Alleima considers NWC in relation to revenues for the 
quarter relevant as a measure of both the Group’s effi -
ciency and its short-term financial health.
Net working capital (NWC): Total of inventories, trade recei -
vables, account payables and other current non-inte -
rest-bearing receivables and liabilities, including those 
classified as liabilities and assets held for sale, but exclu -
ding tax assets and liabilities and provisions.  
Net working capital (NWC) in relation to revenues : Quarter 
is quarterly annualized and year-to-date numbers are 
based on a four-quarter average.
Alleima considers ROCE to be useful for the readers of its 
financial reports as a complement in assessing the possibility 
of implementing strategic investments and considering the 
Group’s ability to meet its financial commitments.  
In addition, it is useful to also follow ROCE excluding cash, as 
it is focused on the operating capital employed.
Capital employed:  Total assets less non-interest-bearing lia -
bilities (including deferred tax liabilities).
ROCE: Rolling 12 months' operating profit/loss plus financial 
income (excl. derivatives), as a percentage of a four-quarter 
average capital employed.
ROCE excluding cash:  Rolling 12 months' operating profit/loss, 
as a percentage of a four-quarter average capital employed 
excluding cash and cash equivalents.
SEK M
Q1 
2025
Q1 
2024
Dec 31, 
2024
Inventories 7,372 7,492 7,407
Trade receivables 3,084 3,172 2,911
Account payables -2,116 -2,233 -2,249
Other receivables 659 642 859
Other liabilities -2,047 -2,149 -2,107
Net working capital 6,950 6,923 6,821
Average net working capital 6,885 6,874 6,909
Revenues annualized 20,599 18,961 19,691
Net working capital to revenues, % 33.4 36.3 35.1
Tangible assets 7,642 7,314 7,757
Intangible assets 2,013 1,979 2,037
Cash and cash equivalents 1,757 1,713 1,912
Other assets 12,198 12,185 12,077
Other liabilities -5,511 -5,946 -5,888
Capital employed 18,099 17, 246 17,895
Average capital employed 17,601 17,066 17,407
Operating profit rolling 12 months 1,885 1,126 1,498
Financial income, excl. derivatives, rolling 12 
months 53 41 57
Total return rolling 12 months 1,939 1,167 1,554
Return on capital employed (ROCE), % 11.0 6.8 8.9
Average capital employed excl. cash 15,869 15,822 15,707
Return on capital employed excl. cash, % 11.9 7.1 9.5
Alleima Q1  
January 1 – March 31, 2025
26

===== SIDA 27 =====

Free operating cash flow (FOCF)
Alleima considers free operating cash flow (FOCF) to be use -
ful for providing an indication of the funds the operations 
generate to be able to implement strategic investments, 
make amortizations and pay dividends to the shareholders.
Free operating cash flow (FOCF):  Operating profit (EBIT) 
excluding depreciations and amortizations (EBITDA), adjusted 
for non-cash items plus the change in net working capital 
minus investments and disposals of tangible and intangible 
assets and plus the amortization of lease liabilities. 
Net debt to Equity and Net debt to Adjusted EBITDA 
Alleima considers both Net debt to Equity and Net debt to 
Adjusted EBITDA to be useful for the readers of its financial 
reports as a complement for assessing the possibility of divi -
dends, implementing strategic investments and considering 
Net debt to Equity and Net debt to Adjusted EBITDA
SEK M
Mar 31,
2025
Mar 31,
2024
Dec 31,
2024
Interest-bearing non-current liabilities 1,253 1,124 1,212
Interest-bearing current liabilities 136 126 134
Prepayment of pensions -46 -43 -65
Cash & cash equivalents -1,757 -1,713 -1,912
Net debt -414 -507 -631
Net pension liability -839 -722 -820
Leasing liabilities -481 -480 -460
Financial net debt -1,734 -1,709 -1,911
Adjusted EBITDA accumulated current year 772 683 2,856
Adjusted EBITDA previous year 2,173 2,271 -
Adjusted EBITDA rolling 12 months 2,945 2,954 2,856
Total equity 16,757 15,996 16,614
Net debt/Equity ratio -0.02 -0.03 -0.04
Net debt/Adjusted EBITDA ratio (multiple) -0.14 -0.17 -0.22
the Group’s ability to meet its financial commitments. Net 
debt to Equity ratio is included in Alleima's financial targets.
Net debt: Interest-bearing current and non-current liabilities, 
including net pension liabilities and leases, less cash and 
cash equivalents.
Adjusted EBITDA:  Operating profit (EBIT) before depreciation 
and amortizations, adjusted for metal price effects and items 
affecting comparability.
Financial net debt 
Alleima considers financial net debt to be a useful indicator of 
the business’s ability to pay off all debt, excluding pension lia -
bilities and lease liabilities, at a certain point in time.
Financial net debt:  Net debt, excluding net pension and lease 
liabilities.
Alleima Q1  
January 1 – March 31, 2025
27

===== SIDA 28 =====

Shareholder information
Disclaimer statement
Some statements herein are forward-looking and the 
actual outcome could be materially different. In addi -
tion to the factors explicitly commented upon, the 
actual outcome could be materially affected by other 
factors, for example the effect of economic condi -
tions, exchange-rate and interest-rate movements, 
political risks, impact of competing products and their 
pricing, product development, commercialization and 
technological difficulties, supply disturbances, and 
major customer credit losses.
This report is published in Swedish and English. The 
Swedish version shall prevail in any instance where the 
two versions differ.
Annual General Meeting
The 2025 Annual General Meeting will be held in  
Sandviken, Sweden on April 28, 2025. Related 
documents are available on Alleima's website and 
resolutions from the Annual General Meeting will be 
published in the prescribed manner after the meeting. 
As previously communicated, the Board of Directors 
proposes a dividend of SEK 2.30 per share.
Financial calendar
Annual General Meeting, Sandviken   April 28, 2025
Proposed record date to receive dividend   April 30, 2025
Proposed date to receive dividend   May 6, 2025
Q2 interim report January - June     July 18, 2025
Q3 interim report January - September   October 22, 2025
Follow us: 
This information is information that Alleima AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.  
The information was submitted for publication, through the agency of the contact person set out above, at 11.30 AM CEST on April 23, 2025.
Alleima AB (publ), corporate registration no. 559224-1433 
Postal address: SE-811 81 Sandviken, Sweden
Visiting address: Storgatan 2, Sandviken, Sweden  
Telephone: +46 26 426 00 00
For further information, please contact:
Emelie Alm, Head of Investor Relations 
+46 79 060 87 17 or emelie.alm@alleima.com
Conference call and webcast:
A conference call will be held on April 23, 2025  
at 1 PM CEST. 
Presentation for download and webcast link: 
https://www.alleima.com/en/investors/
Dial-in details for the conference call:
Participants in Sweden: +46 (0)8 5051 0031
Participants in the UK: +44 (0) 207 107 06 13
Participants in the US: +1 (1) 631 570 56 13
Alleima Q1  
January 1 – March 31, 2025
28