Kvartalsrapport Q1 2026

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

Financial overview 
SEK M Q1 2026 Q1 2025 Change, % Full year 2025
Order intake, rolling 12 months 1 16,266 19,962 -19 17,741
Organic growth, rolling 12 months  1, % -12 1 – -4
Revenues 4,576 5,150 -11 18,630
Organic growth, % -5 8 – 0
Adjusted operating profit (EBIT) 2 386 540 -28 1,555
Margin, % 8.4 10.5 – 8.3
Operating profit (EBIT) 391 513 -24 938
Profit for the period 290 394 – 671
Adjusted earnings per share, diluted, SEK 1.14 1.65 -31 4.62
Earnings per share, diluted, SEK 1.16 1.57 – 2.68
Free operating cash flow -65 46 – 1,100
Net debt/Equity ratio -0.04 -0.02 – -0.05
1) Order intake in the quarter refers to the rolling 12-month period. 
2) 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 23 for further details. 
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.  Definitions and glossary can be found on www.alleima.com/investors.
Q1
2026 
Interim report
 – Order intake for the rolling 12-month period decreased by 
19% to SEK 16,266 million (19,962), with organic growth  
of -12%. 
 – Revenues decreased by 11% to SEK 4,576 million (5,150), 
with organic growth of -5%. 
 – Adjusted operating profit (EBIT) amounted to SEK 386  
million (540), with a margin of 8.4% (10.5), and included  
currency effects of SEK -93 million compared with the 
same period last year. Excluding currency effects, the  
adjusted EBIT margin totaled 9.9%. 
 – Operating profit (EBIT) totaled SEK 391 million (513), with a 
margin of 8.5% (10.0), and included metal price effects of 
SEK 8 million (-27) and items affecting comparability related 
to the targeted measures aimed at further strengthening 
our efficiency and competitiveness, of SEK -3 million (0). 
 – Adjusted earnings per share, diluted, was SEK 1.14 (1.65). 
 –  Earnings per share, diluted, was SEK 1.16 (1.57). 
 – Free operating cash flow amounted to SEK -65 million (46). 
Underlying resilience in 
a challenging market 
First quarter 2026

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

"Focus on long‑term 
value creation in an 
uncertain environment“
Market conditions
Market development was mixed during the quarter, and 
toward the end of the period geopolitical uncertainty  
increased further as a result of the crisis in the Middle East. 
Despite this, there were positive elements, with strong  
performance in some of our key segments. 
The more challenging market conditions primarily affected 
the Tube division, with negative organic order intake mainly 
within the Oil and Gas, Chemical and Petrochemical, and 
Industrial segments, where development has previously 
been weak due to postponed investment decisions. 
Demand within the Kanthal division was positive, with good 
organic order growth, particularly in the Medical and Industrial 
Heating segments. Growth was driven by customers’ increasing 
demand for electric heating solutions for end applications in 
electronics and semiconductors.
In total, order intake for the rolling 12-month period amounted 
to SEK 16,266 million (19,962), with organic growth of -12%.
Continued currency headwind impact earnings
Revenue for the quarter amounted to SEK 4,576 million (5,150), 
with organic growth of -5%, impacted by a continued weak 
market for our short -cycle business within the Industrial and 
Chemical and Petrochemical segments. Revenue was positively 
affected by segments such as Medical, Nuclear and Industrial 
Heating.
Adjusted EBIT amounted to SEK 386 million (540), with a 
margin of 8.4% (10.5), still impacted by weaker markets, 
primarily in Europe, as well as a significant currency head -
wind. The previously reported production constraints in 
Sandviken related to the expansion press, became less  
pronounced during the quarter and no longer impact  
production volumes. The result included negative currency 
effects of SEK 93 million compared with the same period  
previous year. Adjusted for negative currency effects, the 
adjusted EBIT margin amounted to 9.9%.
Free operating cash flow amounted to SEK -65 million (46) for 
the quarter, and is typically lower in the first half of the year, as some 
inventory build-up ahead of the summer period takes place.
Investing for the future
We continue to focus on our ongoing growth initiatives, which 
over time are expected to benefit attractive customer  
segments through expanded capacity, and lead to higher 
profitability and lower volatility. At the end of the quarter, the 
investment in Industrial Heating, initiated in 2023, was  
completed, increasing Kanthal’s production capacity for  
silicon carbide products in Perth, UK, and for finishing opera -
tions in Concord, US. 
The establishment of the new medical facility in Malaysia 
also continued according to plan, laying the foundation for 
long-term growth in one of our most attractive segments. 
Our continuous efforts to improve efficiency and adapt 
operations to the prevailing, more challenging market 
environment, continued. The targeted measures initiated in 
October 2025, to strengthen operational efficiency and 
long-term competitiveness, progressed according to plan. 
The majority of these measures are aimed at achieving a  
lasting reduction in cost levels, and in total we expect them to 
generate cost savings of just over SEK 200 million per year 
once fully implemented toward the end of the year.
Resilience in a turbulent environment
Our diversified exposure and strong balance sheet provide 
resilience and flexibility in an uncertain market environment. 
This reduces our dependence on individual markets, regions 
and customer segments, while enabling us to capture growth 
opportunities in attractive niches. 
It remains difficult to assess how the ongoing crisis in the 
Middle East will affect us, but we are prepared to act should 
conditions change. We are well positioned to continue 
strengthening our product mix and to execute on our strategic 
priorities with a focus on long -term value creation.
Göran Björkman  
President and CEO
CEO’s comment 
Alleima Q1  
January 1 –March 31, 2026
2

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

Market development 
 – Demand in the Oil and Gas segment was mixed. The  
umbilical tubing business remained strong, while demand 
for OCTG was more cautious, partly due to the situation in 
the Middle East.
 – Demand in the Industrial segment remained on low levels. 
 – Demand in the Chemical and Petrochemical segment  
decreased, primarily in Asia.
 – Demand in the Industrial Heating segment continued to 
improve driven by customers within electronics and semi -
conductors.
 – In the Consumer segment , demand remained strong for 
compressor valve steel, while demand for heating materials 
was somewhat weaker.
 – Demand in the Medical segment continued to grow.
 – Demand in the Transportation segment  remained good.
 – Demand in the Mining and Construction segment  was  
stable overall, driven by the mining industry, with somewhat 
weaker demand related to the construction industry.
 – In the Nuclear segment , demand remained at a solid level.
 – Demand in the Hydrogen and Renewable Energy segment 
was mixed, but declined overall.
Market development and outlook
Outlook for the second quarter 2026
The general economic climate weakened somewhat toward 
the end of the first quarter, reflecting the situation in the 
Middle East. The order book remains solid in several key  
segments, while challenges are noted in other customer  
segments and geographies, in particular demand within the 
OCTG business, which is significantly affected by the  
situation in the Middle East. The product mix is expected to 
be similar to that of the first quarter. 
Cash flow is typically lower in the first half of the year than in 
the second half. Based on exchange rates at the end of March 
2026, a negative currency impact is expected for the second 
quarter. For further information, see page 10 and the 2025 
Annual Report.
Perception underlying market demand
OIL AND GAS INDUSTRIAL
CHEMICAL AND 
PETROCHEMICAL
INDUSTRIAL  
HE ATING CONSUMER
→↘ ↘↘ ↘↘ ↗↗ →→
% of revenues 
2025 24% 17% 16% 10% 8%
MEDICAL TRANSPORTATION
MINING AND 
CONSTRUCTION NUCLEAR
HYDROGEN AND 
RENEWABLE 
ENERGY
↗↗ →→ →→ ↗→ ↘↘
% of revenues 
2025 7% 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. 
The large arrow shows y ear on year underlying demand trend, the small shows the estimation previous quarter.  
Alleima Q1  
January 1 –March 31, 2026
3

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

Order intake for the rolling 12-month period decreased by 19% 
to SEK 16,266 million (19,962), with organic growth of -12%. 
Growth was noted in the Medical and Industrial Heating  
segments, while negative growth was reported in the Oil and 
Gas, Industrial, and Chemical and Petrochemical segments. 
Order intake within the nuclear segment was lower, partly 
due to high comparables and partly due to the project -based 
nature of the business, resulting in natural quarterly volatility 
in order intake.
Revenues decreased by 11% to SEK 4,576 million (5,150), with 
organic growth of -5%. The Tube division noted organic 
growth of -9%, while Kanthal and Strip posted organic growth 
of 8% and 5%, respectively.
Book-to-bill was 90% for the rolling 12-month period.
Order intake and revenues
Growth bridge
SEK M
Order intake,  
R12
Revenues,  
Quarter
Q1 2025 19,962 5,150
Organic, % -12 -5
Structure, % 0 0
Currency, % -6 -6
Alloys, % -2 -1
Total growth, % -19 -11
Q1 2026 16,266 4,576
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.
-5%
Organic revenue growth in the quarter
Organic revenue growthRevenues
Quarter
SEK M
% Quarter
%
Order intake
Rolling 12 months  
SEK M
-6
-2
2
6
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
0
5,000
10,000
15,000
20,000
25,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
0
20
40
60
80
100
120
0
1,000
2,000
3,000
4,000
5,000
6,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Revenues
Book-to-bill R12, %
Alleima Q1  
January 1 –March 31, 2026
4

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

Gross profit decreased by 13% to SEK 996 million (1,144), with 
a gross margin of 21.8% (22.2). The underlying reasons for the  
development were lower revenues and negative currency 
effects. Sales, administrative and R&D costs amounted to 
SEK -643 million (-626).
Adjusted EBIT  totaled SEK 386 million (540), corresponding 
to a margin of 8.4% (10.5). Exchange rates had a negative 
impact of SEK 93 million and 1.5 percentage points on the 
margin, compared with the year-earlier period. Depreciation 
and amortization amounted to SEK -237 million (-232).
Reported EBIT  amounted to SEK 391 million (513), with a  
margin of 8.5% (10.0). Metal price effects had an impact of 
SEK 8 million (-27) and items affecting comparability had an 
impact of SEK -3 million (0).
Net financial items  were SEK -11 million (13). The change was  
driven primarily by revaluations of financial derivative contracts. 
The reported tax rate  was 23.6% (25.1) in the quarter. The  
normalized tax rate was 24.5% (23.1).
Adjusted profit for the period amounted to SEK 287 million 
(414) and adjusted earnings per share, diluted, amounted to 
SEK 1.14 (1.65). Profit for the period amounted to SEK 290  
million (394), corresponding to earnings per share, diluted, of 
SEK 1.16 (1.57). See page 24 for more information.
SEK M Adjusted EBIT
Q1 2025 540
Organic -67
Currency -93
Structure 6
Q1 2026 386
 
Change compared to the corresponding quarter last year. 
8.4%
Earnings
Quarter  
SEK M 
Adjusted EBIT margin
%
Adjusted EBIT
Cash flow and  
financial position
Net debt to Equity
Quarter, Ratio
-0.04x
Quarter %
Net working capital
Capital employed excluding cash  decreased to SEK 16,224 
million (16,343). Return on capital employed excluding cash 
decreased to 5.0% (11.9).  
 
Net working capital  amounted to SEK 6,760 million (6,950). 
Net working capital in relation to revenues was 35.5% (33.4).
Capex amounted to SEK -160 million (-213).
Net debt amounted to SEK -596 million (-414), i.e. a net cash 
position. The net debt to equity ratio was -0.04x (-0.02). The 
financial net debt was SEK -1,716 million (-1,734). Available  
credit facilities were unutilized at the end of the first quarter. 
The net pension liability decreased year on year to SEK 699 
million (839). Net debt in relation to rolling 12-month adjusted 
EBITDA corresponded to -0.26x (-0.14).
Free operating cash flow  amounted to SEK -65 million (46). 
The lower year-on-year cash flow was attributable to lower 
operating profit and changes in working capital.
Free operating cash flow
SEK M
Q1 
 2026
Q1  
2025
Full year  
2025
EBITDA 628 745 1,950
Non-cash items -42 -71 301
Changes in working capital -453 -382 86
Capex -160 -213 -1,089
Amortization, lease liabilities -38 -34 -148
Free operating cash flow 1 -65 46 1,100
 
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
2024 2025 2026
EBIT, adj.
EBIT margin, adj. R12
0
5
10
15
20
25
30
35
40
45
50
5,000
5,500
6,000
6,500
7,000
7,500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
NWC
NWC % of revenues
Alleima Q1  
January 1 –March 31, 2026
5

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

Order intake and revenues
	– Order	intake	for	the	rolling	12-month	period	decreased	by	
25%	to	SEK	10,626	million	(14,095),	with	organic	growth	of	
-19%.	The	development	was	mainly	attributable	to	the	
lower	order	intake	in	the	Oil	and	Gas,	Chemical	and	Petro -
chemical,	Industrial	and	Nuclear	segments.
	– Revenues	in	the	quarter	decreased	by	14%	to	SEK	3,222	million	
(3,750),	with	organic	growth	of	-9%.	The	development	was	
mainly	attributable	to	the	Chemical	and	Petrochemical,	
and	Industrial	segments,	mainly	in	Europe.
	– 	 Book-to-bill	was	85%	for	the	rolling	12-month	period.
Earnings
	– 	 Adjusted	EBIT	totaled	SEK	285	million	(416),	corresponding	
to	a	margin	of	8.9%	(11.1),	impacted	by	weaker	markets	in	
Europe	and	currency	headwind.
	– EBIT	amounted	to	SEK	278	million	(403)	and	included	metal	
price	effects	of	SEK	-4	million	(-13),	and	items	affecting	
comparability	of	SEK	-3	million	(0).
	– Changes	in	exchange	rates	had	a	negative	impact	of					
SEK	23	million	compared	with	the	year-earlier	period.	
Excluding	currency	effects,	the	adjusted	EBIT	margin		
totaled	9.2%.
	– Depreciation	and	amortization	amounted	to																								
SEK	-180	million	(-179).
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	Hydrogen	and	Renewable	Energy	segment.
Tu be
SEK M
Order intake  
R12
Revenues  
Q
Adj. EBIT 
Q
Q1 2025 14,095 3,750 416
Organic -19% -9% -108
Structure 0% 0% 0
Currency -4% -4% -23
Alloys -3% -1% N/A
Total	growth -25% -14% -131
Q1 2026 10,626 3,222 285
	
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  2026 Q1 2025
Change 
%
Full year 
2025
Order	intake,
R12	1 10,626 14,095 -25 12,138
Organic growth,  
R12	1, % -19 -3 – -7
Revenues 3,222 3,750 -14 13,063
Organic growth,  % -9 12 – -2
Adjusted	EBIT 285 416 -31 1,159
Margin, % 8.9 11.1 – 8.9
EBIT 278 403 -31 839
Margin, % 8.6 10.7 – 6.4
Total	workforce	 2 4,597 4,696 -2 4,555
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, 2025 
SEK	M SEK	M% %
Oil & Gas
Chemical & Petrochemical
Industrial
Mining & Construction
Nuclear
Transportation
Hydrogen and Renewable Energy
Medical
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
2024 2025 2026
Revenues
Book-to-bill R12, %
0
2
4
6
8
10
12
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q1 			
January	1	–	March	31,	2026
6

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

Order intake and revenues
	– 	 Order	intake	for	the	rolling	12-month	period	increased	by	
4%	to	SEK	4,260	million	(4,108),	with	organic	growth	of	14%,	
driven	by	positive	growth	in	the	Industrial	Heating,	Medical	
and	Industrial 	segments.
	– 	 Revenues	in	the	quarter	decreased	by	3%	to	SEK	982	million	
(1,017),	with	organic	growth	of	8%.	The	development	was		
attributable	to	higher	revenues	in	the	Medical	and	Industrial	
Heating	segments.
	– 	 Book-to-bill	was	108%	for	the	rolling	12-month	period.
Earnings
	– Adjusted	EBIT	totaled	SEK	167	million	(169),	corresponding	
to	a	margin	of	17.0%	(16.6).	The	development	was	driven	by	
organic	growth	and	a	positive	product	mix,	partly	offset	by	
negative	currency	effects.	
	– 	 EBIT	amounted	to	SEK	179	million	(159)	and	included	metal	
price	effects	of	SEK	13	million	(-9).
	– Changes	in	exchange	rates	had	a	negative	impact	of	SEK	41	
million	compared	with	the	year-earlier	period.	Excluding	
currency	effects,	the	adjusted	EBIT	margin	totaled	18.8%.
	– 	 Depreciation	and	amortization	amounted	to	SEK	-37	million	
(-34).	
Kanthal	is	a	provider	of	products	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 2025 4,108 1,017 169
Organic 14% 8% 33
Structure 1% 0% 6
Currency -9% -11% -41
Alloys -1% 1% N/A
Total	growth 4% -3% -2
Q1 2026 4,260 982 167
	
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 2026 Q1 2025
Change
%
Full year 
2025
Order	intake,
R12	1 4,260 4,108 4 4,177
Organic growth,  
R12	1, % 14 4 – 9
Revenues 982 1,017 -3 3,996
Organic growth,  % 8 -7 – 1
Adjusted	EBIT 167 169 -1 656
Margin, % 17.0 16.6 – 16.4
EBIT 179 159 13 409
Margin, % 18.3 15.7 – 10.2
Total	workforce	 2 1,483 1,456 2 1,472
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, 2025
Industrial heating
Medical
Consumer
Industrial
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
2024 2025 2026
Revenues
Book-to-bill R12, %
0
2
4
6
8
10
12
14
16
18
20
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q1 			
January	1	–	March	31,	2026
7

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

Order intake and revenues
	– Order	intake	for	the	rolling	12-month	period	decreased	by	
22%	to	SEK	1,380	million	(1,759),	with	organic	growth	of	
-16%,	primarily	attributable	to	a	negative	development	in	
the	Hydrogen	and	Renewable	Energy	segment.
	– Revenues	in	the	quarter	decreased	by	-3%	to	SEK	372	million	
(383),	with	organic	growth	of	5%,	mainly	driven	by	the	
Consumer	segment.
	– 	 Book-to-bill	was	88%	for	the	rolling	12-month	period.
Earnings
	– Adjusted	EBIT	amounted	to	SEK	22	million	(27),	with	a	margin	of	
5.9%	(6.9).	This	development	was	attributable	to	negative		
currency	effects.
	– 	 EBIT	amounted	to	SEK	21	million	(22)	and	included	metal	
price	effects	of	SEK	-1	million	(-4).
	– 	 Changes	in	exchange	rates	had	a	negative	impact	of		
SEK	29	million	compared	with	the	year-earlier	period.	 	
Excluding	currency	effects,	the	adjusted	EBIT	margin	totaled	
12.6%.
	– 	 Depreciation	and	amortization	amounted	to	SEK	-13	million	(-13).
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 2025 1,759 383 27
Organic -16% 5% 24
Structure 0% 0% 0
Currency -6% -7% -29
Alloys -1% 0% N/A
Total	growth -22% -3% -5
Q1 2026 1,380 372 22
	
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 2026 Q1 2025
Change
%
Full year 
2025
Order	intake,
R12	1 1,380 1,759 -22 1,426
Organic growth,  
R12	1, % -16 34 – -11
Revenues 372 383 -3 1,571
Organic growth,  % 5 19 – 13
Adjusted	EBIT 22 27 -18 61
Margin, % 5.9 6.9 – 3.9
EBIT 21 22 -5 11
Margin, % 5.7 5.8 – 0.7
Total	workforce	 2 514 515 0 525
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, 2025
Consumer
Industrial
Transportation
Hydrogen and 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
2024 2025 2026
Revenues
Book-to-bill R12, %
-4
-2
0
2
4
6
8
-20
-10
0
10
20
30
40
50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
EBIT, adj.
EBIT margin, adj. R12
Alleima	Q1 			
January	1	–	March	31,	2026
8

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

Sustainability 
Making impact through our products
At	the	end	of	March,	Kanthal	expanded	production	capacity	for	
silicon	carbide-based	heating	elements	in	Perth,	UK,	and		
inaugurated	a	new	service	center	in	Concord,	US.	The		
investments	are	part	of	efforts	to	meet	growing	demand	within	
Industrial	Heating,	where	an	increasing	number	of	customers	
in,	for	example,	electronics	and	steel	are	seeking	electrical	
high-temperature	solutions	to	replace	fossil-based	heating.	
For	customers,	this	creates	better	opportunities	to	reduce	
carbon	emissions,	increase	energy	efficiency	and	strengthen	
process	control	in	production.	At	the	same	time,	the	invest-
ments	result	in	shorter	lead	times,	improved	service	and	
increased	proximity	to	the	market.	
Making an impact through our operations
	– TRIFR	for	the	rolling	12-month	period	was	4.9	(6.6).	TRIFR	
in	the	quarter	was	5.3	(5.9).
	– Share	of	recycled	steel,	i.e.	scrap	metal	input	in	steel	
manufacturing	for	the	rolling	12-month	period,	was	81.3%	
(80.6%).	The	share	for	the	quarter	totaled	81.7%	(80.0).
	– CO₂	emissions	for	the	rolling	12-month	period	amounted	
to	93.9	kton	(92.11),	corresponding	to	an	increase	of	2%.	
CO₂	emissions	during	the	quarter	amounted	to	29.6	kton	
(25.11),	corresponding	to	an	increase	of	18%.
	– The	sustainable	product	portfolio2	as	a	share	of	total	
revenues	amounted	to	25.6%	(24.0)	for	the	rolling	
12-month	period.	
1)	Restated	as	the	reporting	year	for	environmental	data	has	been	aligned	
with	the	financial	reporting	year	in	accordance	with	the	CSRD.	 	
2)	Sustainable	product	portfolio	includes	the	Hydrogen	and	Renewable	
Energy	segment	(hydrogen	gas,	CCS,	biofuels,	solar,	wind	and	geothermal	
energy),	products	in	the	Nuclear,	Industrial	Heating	and	Medical	segments,	
and	compressor	valve	steel	in	the	Consumer	segment.
	
Definitions	and	glossary	can	be	found	at	www.alleima.com/investors.
Sustainability overview 
Q1
2026
Q1
2025
Change, 
%
R12,  
Q1 2026
R12,  
Q1 2025
Change, 
%
TRIFR	3	 5.3 5.9 -10 4.9 6.6 -26
Recycled	steel,	
% 81.7 80.0 2 81.3 80.6 1
CO2	emissions,
thousand	tons 29.6 25.1	1 18 93.9 92.1	1 2
Sustainable 	
product	port -
folio,	share	of	
revenues,	% - - - 25.6 24.0 6
3)		Total	recordable	injury	frequency	rate.	
Alleima’s	strategy	includes	being	a	market	leader	in	sustainability,	contributing	to	increased	circularity	and	supporting	general	health	and	well-being	through	both	
our	product	offering	and	our	operations.	Developing	a	sustainable	product	offering,	combined	with	several	initiatives	to	reduce	the	overall	environmental	impact	
of	the	production	process,	are	some	of	the	most	important	success	factors.
Sustainable product portfolio Recycled steel CO2 emissionsHealth and safety 
No.	of	
injuries
%,	
R12
Thousand 		
tons
Frequency	rate,	
R12
Thousand 		
tons,	R12
%,	
R12
22
23
24
25
26
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Share of revenues, R12 %
85
86
87
88
89
90
91
92
93
94
95
0
5
10
15
20
25
30
35
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Scope 2
Scope 1 - fuels
Scope 1 - raw materials based
Total CO₂ emissions, R12
76
78
80
82
84
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Recycle rate, R12 %
0
2
4
6
8
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
TRI TRIFR, R12
Alleima	Q1 			
January	1	–	March	31,	2026
9

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

Significant events
Guidance and financial targets
During the quarter
	– On	January	29,	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	January	19,	Christian	Swartling	took	office	as	EVP	and	
General	Counsel.	
	– On	March	2,	Maria	Reinholdsson	took	office	as	EVP	and	
Head	of	People	and	Culture.
After the quarter
	– No	significant	events	after	the	end	of	the	quarter.	
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	1,100	million	for	2026.
Currency	effects	(quarterly)
Based	on	currency	rates	per	April	23,	2026,	it	is	estimated	that	transaction	and	 	
translation	currency	effects	will	have	a	negative	impact	of	about	SEK	60	million	on	operating	profit	
(EBIT)	for	the	second	quarter	of	2026,	compared	to	the	corresponding	period	last	year.
Metal	price	effects	(quarterly)
In	view	of	currency	rates,	inventory	levels	and	metal	prices	per	April	23,	2026,	it	is	estimated	that	
there	will	be	a	positive	impact	of	about	SEK	150	million	on	operating	profit	(EBIT)	for	the	second	
quarter	of	2026.
Tax	rate,	normalized	(full	year) Estimated	at	23-25%	for	2026.
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	27,	2026
Alleima AB (publ)
559224-1433
Göran Björkman
President	and	CEO
The	Company's	Auditor	has	not	reviewed	the	report	for	the	first	quarter	2026.
Alleima	Q1 			
January	1	–	March	31,	2026
10

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

The Group | Condensed consolidated income statement
SEK M Note
Q1  
2026
Q1
 2025
Full year  
2025
Revenues 3 4,576 5,150 18,630
Cost of goods sold -3,580 -4,006 -15,178
Gross profit 996 1,144 3,452
Selling expenses -287 -296 -1,166
Administrative expenses -280 -250 -1,062
Research and development costs -76 -80 -296
Other operating income 125 214 455
Other operating expenses -87 -218 -445
Operating profit 4,5 391 513 938
Financial income 42 105 274
Financial expenses -54 -92 -239
Net financial items -11 13 35
Profit after net financial items 380 526 973
Income tax 6 -89 -132 -301
Profit for the period 290 394 671
Profit for the period attributable to
 Owners of the parent company 290 394 671
 Non-controlling interests - - -
Earnings per share, SEK
Basic 9 1.16 1.57 2.68
Diluted 9 1.16 1.57 2.68
Financial reports summary
The Group | Condensed consolidated comprehensive income
SEK M Note
Q1  
2026
Q1
 2025
Full year  
2025
Profit for the period 290 394 671
Other comprehensive income
Items that will not be reclassified to profit (loss)
Actuarial gains (losses) on defined benefit pension plans -104 -19 268
Tax relating to items that will not be reclassified 22 5 -55
Total items that will not be reclassified to profit (loss) -83 -14 213
Items that may be reclassified to profit (loss)
Foreign currency translation differences 111 -503 -740
Cash flow hedge -12 354 455
Tax relating to items that may be reclassified 2 -73 -94
Total items that may be reclassified to profit (loss) 102 -222 -378
Total other comprehensive income 19 -236 -165
Total comprehensive income 309 157 506
Total comprehensive income attributable to
 Owners of the parent company 309 157 506
 Non-controlling interests - - -
Alleima Q1  
January 1 –March 31, 2026
11

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

The Group | Condensed consolidated balance sheet
SEK M Note
Mar 31, 
2026
Mar 31, 
2025
Dec 31, 
2025
Goodwill 1,642 1,691 1,612
Other intangible assets 329 321 338
Property, plant and equipment 7,768 7,642 7,742
Right-of-use assets 394 473 391
Financial assets 7 118 177 144
Deferred tax assets 247 223 202
Non-current assets 10,497 10,528 10,429
Inventories 7,099 7,372 6,813
Current receivables 7 3,860 4,001 3,399
Cash and cash equivalents 1,736 1,757 1,891
Current assets 12,695 13,129 12,103
Total assets 23,193 23,656 22,531
Equity attributable to owners of the parent company 9 16,819 16,757 16,516
Non-controlling interest 0 0 0
Total equity 16,819 16,757 16,516
Non-current interest-bearing liabilities 1,028 1,253 916
Non-current non-interest-bearing liabilities 7 801 903 828
Non-current liabilities 1,829 2,156 1,744
Current interest-bearing liabilities 146 136 144
Current non-interest-bearing liabilities 7 4,398 4,608 4,127
Current liabilities 4,544 4,744 4,271
Total equity and liabilities 23,193 23,656 22,531
Alleima Q1  
January 1 –March 31, 2026
12

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

The Group | Condensed consolidated cash flow statement
SEK M Note
Q1 
2026
Q1 
2025
Full year 
2025
Operating activities
Operating profit 391 513 938
Adjustments for non-cash items:
  Depreciation, amortization and impairments 237 232 1,012
  Other non-cash items -42 -71 301
Received and paid interest 41 55 173
Income tax paid -69 -66 -499
Cash flow from operating activities before changes in 
working capital 557 663 1,925
Changes in working capital -453 -382 86
Cash flow from operating activities 105 281 2,011
Investing activities
Investments in intangible and tangible assets -163 -213 -1,153
Proceeds from sale of intangible and tangible assets 4 0 64
Acquisition and sale of shares and participations 10 - -132 -147
Other investments and financial assets, net 0 0 3
Cash flow from investing activities -160 -345 -1,233
Financing activities
Repayments of loans 0 -1 -3
Amortization of lease liabilities -38 -34 -148
Equity swap 9 - - -2
Dividends paid 9 - - -575
Cash flow from financing activities -38 -35 -729
Net change in cash and cash equivalents -94 -99 50
Cash and cash equivalents at beginning of period 1,891 1,912 1,912
Exchange rate differences in cash and cash equivalents -61 -57 -71
Cash and cash equivalents at end of the period 1,736 1,757 1,891
Alleima Q1  
January 1 –March 31, 2026
13

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

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, 2025 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
Changes
Net profit 278 - 278
Other comprehensive income for the period, net of tax 71 - 71
Total comprehensive income for the period 349 - 349
Cash flow hedge, transferred to cost of hedged item -22 - -22
Tax on cash flow hedge, transferred to cost 5 - 5
Net cash flow hedge, transferred to cost -18 - -18
Shared-based payments 9 5 - 5
Equity swap 9 -2 - -2
Dividends 9 -575 - -575
Total transactions with owners -572 - -572
Equity at December 31, 2025 16,516 0 16,516
Changes
Net profit 290 - 290
Other comprehensive income for the period, net of tax 19 - 19
Total comprehensive income for the period 309 - 309
Cash flow hedge, transferred to cost of hedged item -11 - -11
Tax on cash flow hedge, transferred to cost 2 - 2
Net cash flow hedge, transferred to cost -9 - -9
Shared-based payments 9 3 - 3
Total transactions with owners 3 - 3
Equity at March 31, 2026 16,819 0 16,819
Alleima Q1  
January 1 –March 31, 2026
14

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

The Parent Company | Condensed income statement
SEK M Note
Q1 
2026
Q1 
2025
Full year 
2025
Revenues 9 9 36
Gross profit 9 9 36
Administrative expenses -26 -23 -85
Other operating income 0 2 2
Other operating expenses 0 0 0
Operating loss -18 -12 -47
Dividend from group companies - - 740
Interest revenue and similar income 8 10 33
Interest expense and similar costs 0 0 0
Profit/loss after financial items -10 -2 726
Income tax 2 1 3
Profit/loss for the period -8 -1 729
The Parent Company | Condensed balance sheet
SEK M Note
Mar 31, 
2026
Mar 31, 
2025
Dec 31, 
2025
Financial assets 11,907 11,907 11,907
Deferred tax assets 10 5 8
Non-current assets 11,917 11,912 11,915
Current receivables 2,250 2,099 2,258
Current assets 2,250 2,099 2,258
Total assets 14,167 14,011 14,173
Restricted equity 251 251 251
Unrestricted equity 9 13,889 13,737 13,895
Total equity 14,140 13,988 14,146
Non-current interest-bearing liabilities 3 3 3
Non-current non-interest-bearing liabilities 3 2 3
Non-current liabilities 6 5 6
Current non-interest-bearing liabilities 20 18 21
Current liabilities 20 18 21
Total equity and liabilities 14,167 14,011 14,173
Alleima Q1  
January 1 –March 31, 2026
15

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

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 Cor -
porate 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 2025. All amounts are in million SEK (SEK M) 
unless otherwise stated. Roundings may occur.
The interim information on pages 1–27 is an integrated part of these  
financial statements. 
Changes in IFRS standards  
IASB has published amendments of standards that are effective as of January 
1, 2026 or later. The standards have not had any material impact on the finan -
cial reports. 
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 2025.
Import tariffs to the US
Alleima has both direct sales to, and manufacturing in, the United States and is 
affected both directly and indirectly by potential import tariffs. As uncertainty 
remains regarding how the tariff issue will evolve, it is difficult to predict the 
future impact on Alleima’s earnings and financial position. So far, Alleima 
assesses that the direct impact has been earnings-neutral.
Geopolitical risks related to the conflict in Iran
The geopolitical situation in the Middle East, including the ongoing conflict in 
and around Iran, entails increased uncertainty in the global environment. 
Alleima has direct exposure to the region through customers, supply chains 
and logistics flows, but has no operations or sales in Iran. There is a risk of 
indirect effects arising from the current situation, for example through 
impacts on global supply chains, trade flows, as well as energy and transpor -
tation costs. In light of the evolving situation and the high degree of uncerta -
inty, it is currently not possible to assess with reasonable certainty how, or to 
what extent, the direct or indirect exposure to the region may affect Alleima’s 
future earnings, cash flow or financial position. Alleima continuously monitors 
developments.
Alleima Q1  
January 1 – March 31, 2026
16

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

Order intake by division and region
SEK M Note
R12 
Q1 2026
R12 
Q1 2025
Organic 
%
Tube
Europe 5,952 7,4 53 -16
North America 2,216 3,404 -29
Asia 1,807 2,350 -11
Other 650 888 -23
Tota l 10,626 14,095 -19
Kanthal
Europe 1,189 1,200 0
North America 1,620 1,590 16
Asia 1,225 1,082 28
Other 225 235 6
Tota l 4,260 4,108 14
Strip
Europe 634 702 -8
North America 157 124 45
Asia 576 879 -27
Other 13 55 -75
Tota l 1,380 1,759 -16
GROUP
Europe 7,7 75 9,355 -13
North America 3,993 5,118 -13
Asia 3,608 4,311 -4
Other 889 1,178 -20
Tota l 16,266 19,962 -12
Note 3 | Order intake by division and region
Alleima Q1  
January 1 – March 31, 2026
17

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

Revenues by division and region
SEK M Note
Q1 
2026
Q1 
2025
Organic 
%
Full year 
2025
Tube
Europe 1,730 1,870 -4 6,442
North America 757 958 -15 2,907
Asia 610 678 -1 2,742
Other 125 244 -47 971
Tota l 3,222 3,750 -9 13,063
Kanthal
Europe 299 316 -2 1,190
North America 378 397 10 1,485
Asia 262 237 28 1,050
Other 43 67 -26 272
Tota l 982 1,017 8 3,996
Strip
Europe 154 161 -3 645
North America 48 33 66 148
Asia 164 175 5 728
Other 7 14 -50 50
Tota l 372 383 5 1,571
GROUP
Europe 2,184 2,347 -4 8,277
North America 1,183 1,388 -6 4,540
Asia 1,035 1,090 6 4,520
Other 175 325 -43 1,293
Tota l 4,576 5,150 -5 18,630
Alleima Q1  
January 1 – March 31, 2026
18

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

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
2026
Q1
2025
Full 
year
2025
Q1
2026
Q4
2025
Q3
2025
Q2
2025
Q1
2025
Order intake, rolling 12 
months, SEK M 1
Tube 10,626 14,095 12,138 10,626 12,138 12,793 13,082 14,095
Kanthal 4,260 4,108 4,177 4,260 4,177 4,162 4,088 4,108
Strip 1,380 1,759 1,426 1,380 1,426 1,710 1,741 1,759
Tota l2 16,266 19,962 17,741 16,266 17,741 18,665 18,911 19,962
Revenues, SEK M
Tube 3,222 3,750 13,063 3,222 3,089 2,812 3,413 3,750
Kanthal 982 1,017 3,996 982 981 1,042 956 1,017
Strip 372 383 1,571 372 424 368 396 383
Tota l2 4,576 5,150 18,630 4,576 4,494 4,222 4,765 5,150
Adjusted EBIT, SEK M
Tube 285 416 1,159 285 261 101 382 416
Kanthal 167 169 656 167 160 168 160 169
Strip 22 27 61 22 40 -16 10 27
Common functions -88 -71 -321 -88 -97 -56 -98 -71
Tota l2 386 540 1,555 386 364 197 454 540
Adjusted EBIT margin, %
Tube 8.9 11.1 8.9 8.9 8.4 3.6 11.2 11.1
Kanthal 17.0 16.6 16.4 17.0 16.3 16.1 16.7 16.6
Strip 5.9 6.9 3.9 5.9 9.5 -4.2 2.4 6.9
Common functions N/M N/M N/M N/M N/M N/M N/M N/M
Tota l2 8.4 10.5 8.3 8.4 8.1 4.7 9.5 10.5
 EBIT, SEK M
Tube 278 403 839 278 159 53 225 403
Kanthal 179 159 409 179 -53 152 151 159
Strip 21 22 11 21 6 -22 4 22
Common functions -88 -71 -321 -88 -97 -56 -98 -71
Tota l2 391 513 938 391 15 127 282 513
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, 2026
19

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

Note 5 | Adjustment items on EBIT
SEK M
Q1 
2026
Q1 
2025
Full year 
2025
Q1 
2026
Q4 
2025
Q3 
2025
Q2 
2025
Q1 
2025
EBIT
Items affecting comparability
Tube -3 0 -97 -3 -97 0 0 0
Kanthal 0 0 -210 0 -210 0 0 0
Strip 0 0 -35 0 -35 0 0 0
Common functions 0 0 0 0 0 0 0 0
Tota l -3 0 -342 -3 -342 0 0 0
Metal price effect
Tube -4 -13 -223 -4 -5 -48 -157 -13
Kanthal 13 -9 -37 13 -3 -16 -9 -9
Strip -1 -4 -16 -1 1 -7 -5 -4
Tota l 8 -27 -275 8 -8 -70 -171 -27
Total adjustment items EBIT
Tube -7 -13 -320 -7 -102 -48 -157 -13
Kanthal 12 -9 -247 12 -213 -16 -9 -9
Strip -1 -4 -50 -1 -34 -7 -5 -4
Common functions 0 0 0 0 0 0 0 0
Tota l 5 -27 -617 5 -349 -70 -171 -27
Note 6 | Taxes
SEK M Q1 2026 Q1 2025 Full year 2025
Reported tax -89 23.6% -132 25.1% -301 31.0%
Tax on adjustment items (note 5) 1 -30.6% -6 -23.9% -129 -20.9%
Tax excluding adjustment items -88 23.5% -139 25.1% -430 27.1%
Adjustment for one time items 
taxes -4 1.0% 11 -2.0% 51 -3.2%
Normalized tax rate -92 24.5% -128 23.1% -379 23.9%
 
 
 
 
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, 
2026
Mar 31, 
2025
Dec 31, 
2025
Financial assets derivatives 229 284 277
Financial liabilities derivatives 156 254 126
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 and the Board of 
Directors are presented in the Annual Report 2025 in Note 3.
Alleima Q1  
January 1 – March 31, 2026
20

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

Note 9 | Equity, number of shares and incentive pro-
grams
Number of shares
Mar 31, 
2026
Dec 31, 
2025
Total number of shares 250,877,184 250,877,184
Number of shares in equity swap (LTI) -720,006 -720,006
Number of outstanding shares 250,157,178 250,157,178
Number of outstanding shares, weighted 
average 250,157,178 250,164,359
Number of shares after dilution 250,570,665 250,836,665
Number of shares after dilution, weighted 
average 250,703,665 250,855,258
 
Outstanding share right programs
Information regarding Alleima's long-term share-based incentive program 2023-
2025 (LTI 2023, LTI 2024 and LTI 2025), such as the objective, conditions and 
requirements, is presented in Note 3 in the Annual Report for 2025.  As of March 
31, 2026, LTI 2023, LTI 2024 and LTI 2025 comprises 317,695, 256,417 and 277,609 
share rights respectively (LTI 2023: 317,695, LTI 2024: 256,417, LTI 2025: 277,609). 
During the first three months of 2026, the total pre-tax cost for the LTI pro -
grams amounted to SEK 4 (3) million. 
 
Dividend
To the Annual General Meeting on April 29, 2026, Alleima's Board of Directors 
proposes for the financial year 2025 an ordinary dividend of SEK 2.50 per 
share (SEK 627  million), proposed to be paid on May 7, 2026.
Not 10 | Business combinations
The acquisitions of business combinations executed during current and previous year are set out on the table below.  For the acuisitions in 2025 please refer to 
details in the Alleima Annual report 2025, Note 28.  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
 
  
Alleima Q1  
January 1 – March 31, 2026
21

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

Key ratios
Q1 
2026
Q1 
2025
Full year 
2025
Full year 
2024
Full year 
2023
Full year 
2022
Adjusted EBITDA, SEK M 620 772 2,485 2,856 3,056 2,540
Adjusted EBITDA margin, % 13.6 15.0 13.3 14.5 14.8 13.8
Adjusted EBIT, SEK M 386 540 1,555 1,944 2,141 1,681
Adjusted EBIT margin, % 8.4 10.5 8.3 9.9 10.4 9.1
Operating profit (EBIT), SEK M 391 513 938 1,498 2,046 2,122
Operating profit (EBIT) margin, % 8.5 10.0 5.0 7.6 9.9 11.5
Normalized tax rate, % (Note 6) 24.5 23.1 23.9 23.9 24.2 24.3
Net working capital to revenues, %  1 35.5 33.4 35.8 35.1 34.3 32.8
Return on capital employed, % 2 4.8 11.0 5.5 8.9 12.2 13.2
Return on capital employed excluding cash, % 2 5.0 11.9 5.8 9.5 12.9 14.2
Net debt/Adjusted EBITDA ratio -0.26 -0.14 -0.35 -0.22 -0.08 0.01
Net debt/Equity ratio -0.04 -0.02 -0.05 -0.04 -0.02 0.00
Free operating cash flow, SEK M -65 46 1,100 1,266 1,688 505
Adjusted earnings per share, diluted, SEK 1.14 1.65 4.62 6.27 6.56 3.36
Earnings per share adjusted for metalprice effects, diluted, 
SEK 1.14 1.65 3.54 6.27 6.56 2.55
Average number of shares, diluted, at the end of the period 
(millions) (Note 9) 250.704 250.863 250.855 250.867 250.876 250.877
Number of shares at the end of the period (millions) (Note 9) 250.157 250.175 250.157 250.175 250.467 250.877
Number of employees  3 6,398 6,414 6,380 6,309 6,110 5,886
Number of consultants  3 463 518 440 516 596 612
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, 2026
22

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

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   
2026
Q 1   
2025
Full 
y e a r   
2025
Q 1   
2026
Q 4   
2025
Q 3   
2025
Q 2   
2025
Q 1   
2025
Operating profit/loss 391 513 938 391 15 127 282 513
Reversal (Note 5):
Items affecting comparability 3 0 342 3 342 0 0 0
Metal price effect -8 27 275 -8 8 70 171 27
Adjusted operating profit (EBIT) 386 540 1,555 386 364 197 454 540
Revenues 4,576 5,150 18,630 4,576 4,494 4,222 4,765 5,150
Adjusted operating profit (EBIT) margin, 
% 8.4 10.5 8.3 8.4 8.1 4.7 9.5 10.5
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, 2026
23

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

Adjusted profit for the period and adjusted earnings per share, diluted
SEK M
Q 1      
2026
Q 1      
2025
F u l l  y e a r     
2025
Q 1      
2026
Q 4      
2025
Q 3      
2025
Q 2      
2025
Q 1      
2025
Profit/loss for the period 290 394 671 290 -11 85 204 394
Reversal:
Adjustment items EBIT (Note 5) -5 27 617 -5 349 70 171 27
Tax on adjustment items (Note 
6) 1 -6 -129 1 -73 -15 -35 -6
Adjusted profit for the period 287 414 1,160 287 265 141 340 414
Attributable to
Owners of the parent com -
pany 287 414 1,160 287 265 141 340 414
Non-controlling interests - - - - - - - -
Average number of shares, dil -
uted, at the end of the period 
(millions) 250.704 250.863 250.855 250.704 250.837 250.857 250.870 250.863
Adjusted earnings per share, 
diluted, SEK 1.14 1.65 4.62 1.14 1.06 0.56 1.35 1.65
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 weighted aver -
age number of shares, diluted,  outstanding during the 
period.
Alleima Q1  
January 1 – March 31, 2026
24

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

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 
2026
Q1 
2025
Dec 31, 
2025
Inventories 7,099 7,372 6,813
Trade receivables 3,011 3,084 2,426
Account payables -1,982 -2,116 -1,640
Other receivables 602 659 675
Other liabilities -1,970 -2,047 -2,052
Net working capital 6,760 6,950 6,222
Average net working capital 6,491 6,885 6,666
Revenues annualized 18,304 20,599 18,630
Net working capital to revenues, % 35.5 33.4 35.8
Tangible assets 7,768 7,642 7,742
Intangible assets 1,970 2,013 1,950
Cash and cash equivalents 1,736 1,757 1,891
Other assets 11,684 12,198 10,915
Other liabilities -5,199 -5,511 -4,954
Capital employed 17,960 18,099 17,543
Average capital employed 17,836 17,601 17,823
Operating profit rolling 12 months 815 1,885 938
Financial income, excl. derivatives, rolling 12 
months 33 53 35
Total return rolling 12 months 848 1,939 973
Return on capital employed (ROCE), % 4.8 11.0 5.5
Average capital employed excl. cash 16,183 15,869 16,135
Return on capital employed excl. cash, % 5.0 11.9 5.8
Alleima Q1  
January 1 – March 31, 2026
25

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

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,
2026
Mar 31,
2025
Dec 31,
2025
Interest-bearing non-current liabilities 1,028 1,253 916
Interest-bearing current liabilities 146 136 144
Prepayment of pensions -34 -46 -34
Cash & cash equivalents -1,736 -1,757 -1,891
Net debt -596 -414 -864
Net pension liability -699 -839 -589
Leasing liabilities -421 -481 -418
Financial net debt -1,716 -1,734 -1,871
Adjusted EBITDA accumulated current year 620 772 2,485
Adjusted EBITDA previous year 1,713 2,173 -
Adjusted EBITDA rolling 12 months 2,333 2,945 2,485
Total equity 16,819 16,757 16,516
Net debt/Equity ratio -0.04 -0.02 -0.05
Net debt/Adjusted EBITDA ratio (multiple) -0.26 -0.14 -0.35
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, 2026
26

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

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 2026 Annual General Meeting will be held in
Sandviken, Sweden on April 29, 2026. 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 2.50 per share.
Financial calendar
Annual General Meeting, Sandviken    April 29, 2026  
Proposed record date to receive dividend   May 4, 2026
Proposed date to receive dividend   May 7, 2026
Q2 interim report January - June 2026   July 17, 2026 
Q3 interim report January - September 2026  October 26, 2026
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 27, 2026.
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:
Frida Adrian, Head of Investor Relations
+46 70 930 93 24, or frida.adrian@alleima.com
Andreas Eriksson, Investor Relations Officer
+46 70 542 86 01 or andreas.eriksson@alleima.com
Conference call and webcast:
A conference call will be held on April 27, 2026  
at 1 PM CET. 
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, 2026
27