===== 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