FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== 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