===== 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. Animated render Our metal element first exists as an animated render of our symbol. For more information, please refer to the motion directive. Visual identity guidelines Version 1.0 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