===== SIDA 1 ===== Financial overview SEK M Q3 2025 Q3 2024 Change, % Q1-Q3 2025 Q1-Q3 2024 Change, % Order intake, rolling 12 months 1 18,665 19,646 -5 – – – Organic growth, rolling 12 months 1, % -1 -8 – – – – Revenues 4,222 4,498 -6 14,136 14,597 -3 Organic growth, % 0 3 – 1 0 – Adjusted operating profit (EBIT) 197 314 -37 1,191 1,360 -12 Margin, % 4.7 7.0 – 8.4 9.3 – Operating profit (EBIT) 127 290 -56 923 1,105 -16 Profit for the period 85 237 -64 683 925 -26 Adjusted earnings per share, diluted, SEK 0.56 1.02 -45 3.56 4.49 -21 Earnings per share, diluted, SEK 0.34 0.95 -64 2.72 3.69 -26 Free operating cash flow 285 411 -31 678 1,064 -36 Net debt/Equity ratio -0.02 -0.03 – -0.02 -0.03 – Notes to the reader: 1) Order intake in the quarter refers to the rolling 12-month period. Adjusted operating profit (EBIT) excludes items affecting comparability (IAC) and metal price effects, see Note 5 and the description of Alternative Performance Measures on page 26 for further details. Definitions and glossary can be found on www.alleima.com/investors. Tables and calculations in the report do not always agree exactly with the totals due to rounding. Comments refer to performance in the quarter and comparisons refer to the corresponding period last year, unless otherwise stated. Q3 2025 Interim report – Order intake for the rolling 12-month period decreased by 5% to SEK 18,665 million (19,646), with organic growth of -1%. – Revenues decreased by 6% to SEK 4,222 million (4,498), with organic growth of 0%. – Adjusted operating profit (EBIT) amounted to SEK 197 million (314), with a margin of 4.7% (7.0), and included currency effects of SEK -41 million compared with the year-earlier period. – Operating profit (EBIT) totaled SEK 127 million (290), with a margin of 3.0% (6.5), and included metal price effects of SEK -70 million (-24). – Adjusted earnings per share, diluted, was SEK 0.56 (1.02). – Earnings per share, diluted, was SEK 0.34 (0.95). – Free operating cash flow amounted to SEK 285 million (411). Consistent strategy execution in a challenging market environment ===== SIDA 2 ===== "Our diversified exposure, alongside our balance sheet, is a strength in the prevailing market environment“ Market conditions Our diversified exposure continues to contribute positively in a quarter characterized by mixed market conditions. Activity levels in key segments, such as Oil and Gas and Nuclear in the Tube division, and Medical in the Kanthal division, remained high. Demand in the Strip division remained at a favorable level. The generally cautious attitude among customers, especially in Europe, has persisted, reinforced by trade policy turbulence. This is particularly noticeable in the Industrial as well as Chemical and Petrochemical segments, where customers are holding off on their investment decisions. At the same time, the previously weak performance for the Industrial Heating segment in Kanthal has now leveled off, and we noted an upturn from low levels. Order intake for the rolling 12-month period amounted to SEK 18,665 million (19,646) and organic growth was -1%. Earnings impacted by extended maintenance stoppage Revenues amounted to SEK 4,222 million (4,498), with organic growth of 0%. The Medical segment continued its strong performance, while we were negatively affected by customers’ cautious stance in the Industrial and Chemical and Petrochemical segments in Europe. Adjusted EBIT totaled SEK 197 million (314), with a margin of 4.7% (7.0), impacted by a weaker Europe and the extended maintenance stoppage over the summer at one of the largest production units in Sandviken, Sweden. Earnings also included a currency headwind of SEK -41 million compared to the year-earlier period. Free operating cash flow for the quarter amounted to SEK 285 million (411), impacted by a lower operating profit and increased investments. Measures for increased efficiency We are continuously working to adapt capacity and costs to prevailing market conditions. We are now also initiating a number of targeted measures to further strengthen our operational efficiency and long-term competitiveness. The majority of these measures aim to permanently reduce cost levels, including through restructuring, while others form a natural part of our continuing efforts. In total, we estimate that the measures will generate cost savings of just over SEK 200 million per year. At the same time, we assess that non-recurring costs related to the restructuring activities will amount to nearly SEK 400 million, of which approximately half will affect cash flow. Most of these costs will impact earnings in the fourth quarter. Strong finances enable consistent strategy execution I regard the fact that we are a cash-generating company in times like these, with an already strong balance sheet, as a strength. This allows us, even in softer market conditions, to continue to execute on our strategy, while also allowing us to remain disciplined in our order bookings going forward to ensure price leadership. We are also continuing as planned with our ongoing growth initiatives in the Medical, Industrial Heating, Nuclear and Chemical and Petrochemical segments. These efforts, alongside our strong financial position and strategic direction, mean that we are well positioned to leverage opportunities, even in challenging market conditions. With a focus on long-term value creation, we stand firm in our ambition of delivering sustainable and profitable growth. Göran Björkman, President and CEO CEO’s comment Alleima Q3 January 1 –September 30, 2025 2 ===== SIDA 3 ===== Market development – Demand in the Oil and Gas segment remained good. – Demand in the Chemical and Petrochemical segment declined, driven primarily by Europe. Demand in Asia was at a good level, while demand In North America remained at a low level. – Demand in the Industrial segment declined, mainly in Europe. Demand in Asia remained good, albeit somewhat more hesitant. In North America, demand remained at a low level. – Demand in the Industrial Heating segment increased slightly from low levels. – Demand in the Consumer segment continued to grow, driven primarily by the white goods industry. – Demand in the Medical segment continued to grow from a high level. – Demand in the Mining and Construction segment was sta- ble overall, driven by the mining industry and with somewhat weaker demand related to the construction industry. – Demand in the Nuclear segment continued to strengthen. – Demand in the Transportation segment strengthened. – Demand in the Hydrogen and Renewable Energy segment was mixed, but declined overall. Market development and outlook Outlook for the fourth quarter 2025 The general economic situation remained uncertain in the third quarter, and given the changing landscape of global trade policy, uncertainty about future developments persists. Our backlog is solid in several key segments where we have good visibility in our near-term deliveries. At the same time, challenges were noted in other customer segments and geo - graphies, particularly in Europe and North America, which may impact near-term deliveries. The product mix is expected to be similar to that of the third quarter. Non-recurring costs of approximately SEK 400 million related to restructuring activities are expected to arise in the fourth quarter, with the cash flow effects anticipated primarily during the first half of 2026. Some effects from a delayed ramp-up following the main- tenance stoppage are expected to occur in the fourth quarter. On the basis of the exchange rates in late September 2025, a currency headwind is expected in the fourth quarter, see more information on page 10 and in the 2024 Annual Report. Cash flow is normally higher in the second half of the year compared with the first half. Perception underlying market demand OIL AND GAS CHEMICAL AND PETROCHEMICAL INDUSTRIAL INDUSTRIAL HE ATING CONSUMER Year on year underlying demand trend → ↘ ↘ → ↗ % of Group revenues 2024 23% 17% 17% 11% 8% MEDICAL MINING AND CONSTRUCTION NUCLEAR TRANSPORTATION HYDROGEN AND RENEWABLE ENERGY Year on year underlying demand trend ↗ → ↗ → ↘ % of Group revenues 2024 6% 6% 6% 5% 1% Note: Comments refer to year on year market development in the quarter, unless otherwise stated. Comments regarding market development and outlook are based on the company's current perceptions about the underlying demand, and are not based on order intake in isolated quarters. Alleima Q3 January 1 –September 30, 2025 3 ===== SIDA 4 ===== Order intake for the rolling 12-month period decreased by 5% to SEK 18,665 million (19,646), with organic growth of -1%. Growth was noted particularly in the Nuclear and Medical segments, and negative growth was noted in the Chemical and Petrochemical segment. Revenues decreased by 6% to SEK 4,222 million (4,498), with organic growth of 0%. The Tube division noted organic growth of -3%, while Kanthal and Strip posted organic growth of 7% and 5%, respectively. Book-to-bill was 97% for the rolling 12-month period. Order intake and revenues Growth bridge SEK M Order intake, R12 Revenues, Quarter Q3 2024 19,646 4,498 Organic, % -1 0 Structure, % 0 0 Currency, % -2 -4 Alloys, % -2 -2 Total growth, % -5 -6 Q3 2025 18,665 4,222 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. 0% Organic revenue growth in the quarter Organic revenue growthRevenues Quarter SEK M % Quarter % Order intake Rolling 12 months SEK M 0 20 40 60 80 100 120 0 1,000 2,000 3,000 4,000 5,000 6,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Revenues Book-to-bill R12, % 0 5,000 10,000 15,000 20,000 25,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 -4 0 4 8 12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Alleima Q3 January 1 –September 30, 2025 4 ===== SIDA 5 ===== Gross profit decreased by 18% to SEK 704 million (861), with a gross margin of 16.7% (19.1). This development was attributable mainly to changing metal prices, negative currency effects and an extended maintenance stoppage. Sales, administrative and R&D costs amounted to SEK -579 million (-570). Adjusted EBIT totaled SEK 197 million (314), corresponding to a margin of 4.7% (7.0), driven primarily by the extended mainte - nance stoppage and negative currency effects. Exchange rates had a negative impact of SEK 41 million on EBIT and 0.7 percentage points on the margin, compared with the year-earlier period. Depreciation and amortization amounted to SEK -230 million (-224). Reported EBIT amounted to SEK 127 million (290), with a margin of 3.0% (6.5). Metal price effects had an impact of SEK -70 million (-24). Net financial items were SEK 6 million (0). The change was driven primarily by revaluations of financial derivative contracts. The reported tax rate was 36.0% (18.4) in the quarter. The nor- malized tax rate was 24.1% (23.7) for the first nine months. Adjusted profit for the period amounted to SEK 141 million (256) and adjusted earnings per share, diluted, amounted to SEK 0.56 (1.02). Profit for the period amounted to SEK 85 million (237), corresponding to earnings per share, diluted, of SEK 0.34 (0.95). See page 27 for more information. SEK M Adjusted EBIT Q3 2024 314 Organic -78 Currency -41 Structure 2 Q3 2025 197 Change compared to the corresponding quarter last year. 4.7% Earnings Quarter SEK M Adjusted EBIT margin % Adjusted EBIT Cash flow and financial position Net debt to Equity Quarter, Ratio -0.02x Quarter % Net working capital Capital employed excluding cash increased to SEK 16,274 million (15,720). Return on capital employed excluding cash decreased to 8.1% (9.9). Net working capital amounted to SEK 6,541 million (6,884), and declined compared with the preceding quarter. Net working capital in relation to revenues was 39.5% (38.8). Capex amounted to SEK -289 million (-249). The increase was mainly driven by ongoing investments. Net debt amounted to SEK -362 million (-410), i.e. a net cash position. The net debt to equity ratio was -0.02x (-0.03). The financial net debt was SEK -1,530 million (-1,779). Available credit facilities were unutilized at the end of the third quarter. The net pension liability decreased year-on-year to SEK 735 million (938). Net debt in relation to rolling 12-month adjusted EBITDA corresponded to -0.13x (-0.14). Free operating cash flow amounted to SEK 285 million (411). The lower cash flow year-on-year was attributable primarily to lower operating profit and increased growth investments. Free operating cash flow SEK M Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 EBITDA 357 514 1,613 1,779 Non-cash items 103 77 55 96 Changes in working capital 147 105 -141 -112 Capex -289 -249 -745 -602 Amortization, lease liabilities -33 -36 -104 -98 Free operating cash flow 1 285 411 678 1,064 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 NWC NWC % of revenues Alleima Q3 January 1 –September 30, 2025 5 ===== SIDA 6 ===== Order intake and revenues – Order intake for the rolling 12-month period decreased by 10% to SEK 12,793 million (14,232), with organic growth of -6%. The development was mainly attributable to the lower order intake in the Chemical and Petrochemical and Industrial segments. – Revenues in the quarter decreased by 9% to SEK 2,812 million (3,077), with organic growth of -3%. This development was attributable primarily to the extended maintenance stoppage and a weak market in Europe. – Book-to-bill was 93% for the rolling 12-month period. Earnings – Adjusted EBIT totaled SEK 101 million (202), corresponding to a margin of 3.6% (6.6), driven primarily by reduced revenues from Europe and underabsorption as a result of the extended maintenance stoppage. – EBIT amounted to SEK 53 million (179) and included metal price effects of SEK -48 million (-23). – Changes in exchange rates had a negative impact of SEK 16 million compared with the year-earlier period. – Depreciation and amortization amounted to SEK -176 million (-177). 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 Q3 2024 14,232 3,077 202 Organic -6% -3% -85 Structure 0% 0% 0 Currency -2% -3% -16 Alloys -2% -3% N/A Total growth -10% -9% -102 Q3 2025 12,793 2,812 101 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 Q 3 2025 Q3 2024 Change % Q1-Q3 2025 Q1-Q3 2024 Change % Order intake, R12 1 12,793 14,232 -10 – – – Organic growth, R12 1, % -6 -9 – – – – Revenues 2,812 3,077 -9 9,974 10,314 -3 Organic growth, % -3 3 – 1 1 – Adjusted EBIT 101 202 -50 898 965 -7 Margin, % 3.6 6.6 – 9.0 9.4 – EBIT 53 179 -70 681 757 -10 Margin, % 1.9 5.8 – 6.8 7.3 – Total workforce 2 4,586 4,630 -1 4,586 4,630 -1 1) Order intake in the quarter refers to the rolling 12-month period. 2) Total workforce includes employees and third-party workers and is based on full-time equivalents. Adjusted EBITRevenues Revenues per customer segment, 2024 SEK M SEK M% % Oil & Gas Chemical & Petrochemical Industrial Mining & Construction Nuclear Transportation Hydrogen and Renewable Energy Medical Industrial heating 0 20 40 60 80 100 120 140 0 1,000 2,000 3,000 4,000 5,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Revenues Book-to-bill R12, % 0 2 4 6 8 10 12 0 100 200 300 400 500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12 Alleima Q3 January 1 – September 30, 2025 6 ===== SIDA 7 ===== Order intake and revenues – Order intake for the rolling 12-month period increased by 4% to SEK 4,162 million (3,986), with organic growth of 9%. The Medical segment continued to show solid order intake, and order intake in the Industrial Heating segment increa - sed slightly from lower levels. – Revenues in the quarter decreased by 1% to SEK 1,042 million (1,049), with organic growth of 7%. The development was mainly attributable to higher revenues in the Medical and Industrial Heating segments. – Book-to-bill was 104% for the rolling 12-month period. Earnings – Adjusted EBIT totaled SEK 168 million (174), corresponding to a margin of 16.1% (16.6). The development was mainly attributable to negative currency effects. – EBIT amounted to SEK 152 million (168) and included metal price effects of SEK -16 million (-5). – Changes in exchange rates had a negative impact of SEK 20 million compared with the year-earlier period. – Depreciation and amortization amounted to SEK -35 million (-28). Kanthal is a provider of products and services in the area of industrial heating technology and resistance materials, and also offers ultra-fine wire in stainless steel for use in medical appliances. The customers are primarily in the segments Industrial Heating, Consumer, Medical and Industrial. Kanthal SEK M Order intake R12 Revenues Q Adj. EBIT Q Q3 2024 3,986 1,049 174 Organic 9% 7% 12 Structure 1% 2% 2 Currency -3% -7% -20 Alloys -2% -2% N/A Total growth 4% -1% -6 Q3 2025 4,162 1,042 168 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 Q3 2025 Q3 2024 Change % Q1-Q3 2025 Q1-Q3 2024 Change % Order intake, R12 1 4,162 3,986 4 – – – Organic growth, R12 1, % 9 -8 – – – – Revenues 1,042 1,049 -1 3,015 3,201 -6 Organic growth, % 7 -3 – -2 -2 – Adjusted EBIT 168 174 -4 496 569 -13 Margin, % 16.1 16.6 – 16.5 17.8 – EBIT 152 168 -10 463 524 -12 Margin, % 14.6 16.1 – 15.3 16.4 – Total workforce 2 1,471 1,419 4 1,471 1,419 4 1) Order intake in the quarter refers to the rolling 12-month period. 2)Total workforce includes employees and third-party workers and is based on full-time equivalents. Adjusted EBIT Revenues SEK M SEK M %% Revenues per customer segment, 2024 Industrial Heating Medical Consumer Industrial Transportation 0 20 40 60 80 100 120 0 200 400 600 800 1,000 1,200 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Revenues Book-to-bill R12, % 0 2 4 6 8 10 12 14 16 18 20 0 50 100 150 200 250 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12 Alleima Q3 January 1 – September 30, 2025 7 ===== SIDA 8 ===== Order intake and revenues – Order intake for the rolling 12-month period increased by 20% to SEK 1,710 million (1,428), with organic growth of 24%, driven by a positive development in all segments. – Revenues in the quarter decreased by 1% to SEK 368 million (372), with organic growth of 5%. Revenues increased in all segments except Hydrogen and Renewable Energy. – Book-to-bill was 112% for the rolling 12-month period. Earnings – Adjusted EBIT totaled SEK -16 million (-7), corresponding to a margin of -4.2% (-1.9). The development was attributable pri- marily to a currency headwind and some productivity issues. – EBIT amounted to SEK -22 million (-2) and included metal price effects of SEK -7 million (5). – Changes in exchange rates had a negative impact of SEK 4 million compared with the year-earlier period. – Depreciation and amortization amounted to SEK -13 million (-12). 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 Q3 2024 1,428 372 -7 Organic 24% 5% -4 Structure 0% 0% 0 Currency -2% -5% -4 Alloys -2% -1% N/A Total growth 20% -1% -8 Q3 2025 1,710 368 -16 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 Q3 2025 Q3 2024 Change % Q1-Q3 2025 Q1-Q3 2024 Change % Order intake, R12 1 1,710 1,428 20 – – – Organic growth, R12 1, % 24 11 – – – – Revenues 368 372 -1 1,147 1,083 6 Organic growth, % 5 16 – 10 -5 – Adjusted EBIT -16 -7 -117 21 42 -52 Margin, % -4.2 -1.9 – 1.8 3.9 – EBIT -22 -2 – 4 41 -90 Margin, % -6.1 -0.5 – 0.4 3.8 – Total workforce 2 531 499 7 531 499 7 1) Order intake in the quarter refers to the rolling 12-month period. 2) Total workforce includes employees and third-party workers and is based on full-time equivalents. Adjusted EBITRevenues SEK M SEK M %% Revenues per customer segment, 2024 Consumer Industrial Transportation Hydrogen & Renewable Energy Medical 0 20 40 60 80 100 120 140 0 100 200 300 400 500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Revenues Book-to-bill R12, % -2 2 6 10 -20 0 20 40 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 EBIT, adj. EBIT margin, adj. R12 Alleima Q3 January 1 – September 30, 2025 8 ===== SIDA 9 ===== Sustainability Sustainability recognitions During the quarter, Alleima was once again awarded a gold medal by EcoVadis for its sustainability efforts, placing the company among the top five percent of over 150,000 assessed companies globally. This recognition confirms the company’s long-term commitment to responsible production and sustainable development. In addition, Alleima’s climate targets have been validated by the Science Based Targets initiative (SBTi), meaning the goals are aligned with the latest climate science and international agreements. Together, these advances represent important milestones in Alleima’s efforts to increase customer value by reducing its climate impact and strengthening sustainability throughout the value chain. Making an impact through our operations – The total recordable injury frequency rate (TRIFR) for the rolling 12-month period was 5.3 (6.9). TRIFR in the quarter was 5.9 (7.1). – Share of recycled steel, i.e. scrap metal input in steel manufacturing for the rolling 12-month period, was 80.7% (80.6%). The share for the quarter totaled 80.8% (81.0). – CO₂ emissions for the rolling 12-month period amounted to 88 kton (94), corresponding to a reduction of 6%. CO₂ emissions during the quarter amounted to 17 kton (16), corresponding to an increase of 6%. – The sustainable product portfolio1 as a share of total revenues amounted to 23.8% (24.2) for the rolling 12-month period. 1) 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 Q3 2025 Q3 2024 Change, % R12, Q3 2025 R12, Q3 2024 Change, % TRIFR 2 5.9 7.1 -17 5.3 6.9 -23 Recycled steel, % 80.8 81.0 0 80.7 80.6 0 CO2 emissions, thousand tons 17 16 6 88 94 -6 Sustainable product port - folio, share of revenues, % - - - 23.8 24.2 -2 2) 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 0 4 8 12 0 5 10 15 20 25 30 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 TRI TRIFR, R12 82 84 86 88 90 92 94 96 98 0 5 10 15 20 25 30 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Scope 2 Scope 1 - fuels Scope 1 - raw materials based Total CO₂ emissions, R12 21 22 23 24 25 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Share of revenues, R12 % 76 78 80 82 84 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Recycle rate, R12 % Alleima Q3 January 1 – September 30, 2025 9 ===== SIDA 10 ===== Significant events Guidance and financial targets During the quarter – No significant events were announced during the quarter. After the quarter – Alleima has initiated targeted measures to permanently reduce cost levels and thereby strengthen operational efficiency and long-term competitiveness. The measures are expected to generate cost savings of just over SEK 200 million annually. At the same time, one-off costs related to the measures are estimated to amount to nearly SEK 400 million, of which approximately half will affect cash flow. Most of these costs will impact earnings in the fourth quarter. – On October 16, it was announced that Christian Swartling has been appointed EVP and General Counsel. Guidance Guidance relating to certain non-operational key figures considered useful when modeling financial outcome is provided below: Capex (Cash) (full year) Estimated at approximately SEK 1,200 million for 2025. Currency effects (quarterly) Based on currency rates at the end of September 2025, it is estimated that transaction and translation currency effects will have a negative impact of about SEK 150 million on operating profit (EBIT) for the fourth quarter of 2025, compared to the corresponding period last year. Metal price effects (quarterly) In view of currency rates, inventory levels and metal prices at the end of September 2025, it is estimated that there will be a neutral impact on operating profit (EBIT) for the fourth quarter of 2025. Tax rate, normalized (full year) Estimated at 23-25% for 2025. Financial targets Alleima has four long-term financial targets: Organic growth Deliver profitable organic revenue growth in line with or above growth in targeted end-markets over a business cycle. Earnings Adjusted EBIT margin (excluding metal price effects and items affecting comparability) to average above 9% over a business cycle. Capital structure A net debt to equity ratio below 0.3x. Dividend policy Dividend on average 50% of net profit (adjusted for metal price effects) over a business cycle. Dividend to reflect financial position, cash flow and outlook. Alleima Q3 January 1 – September 30, 2025 10 ===== SIDA 11 ===== First nine months Market development and revenues – During the first nine months of the year, market perfor - mance was mixed. Demand in mainly the Nuclear, Medical and Consumer segments remained high and increased compared with the corresponding period last year. Demand in Oil and Gas remained stable at a high level. Demand in the short-cycle business, mainly related to low-refined products in the Industrial and Chemical and Petrochemical segments, declined. Demand in the Indu - strial Heating segment was stable at a low level. – Revenues decreased by 3% to SEK 14,136 million(14,597), with organic growth of 1%. The Tube and Strip division noted organic growth, while the trend was negative for Kanthal. Earnings – Adjusted EBIT decreased by 12% to SEK 1,191 million (1,360) corresponding to a margin of 8.4% (9.3). The development was mainly attributable to negative currency effects and lower revenues. – Exchange rates had a negative impact of SEK 178 million - compared with the corresponding period last year. – Depreciation and amortization amounted to SEK -690 million (-674). – Reported EBIT amounted to SEK 923 million (1,105), with a margin of 6.5% (7.6). Metal price effects had an impact of SEK -268 million (-255). – Profit for the period amounted to SEK 683 million (925), corresponding to earnings per share, diluted, of SEK 2.72 (3.69). Cash flow and financial position – Capital employed excluding cash increased to SEK 16,274 million (15,720). Return on capital employed excluding cash amounted to 8.1% (9.9). – Capex amounted to SEK -745 million (-602), corresponding to 108% (89.3) of scheduled depreciation and 5.3% (4.1) of revenues. The increase was mainly attributable to optimiza - tions of production and growth investments. – Free operating cash flow declined to SEK 678 million (1,064). Stockholm, October 22, 2025 Alleima AB (publ) 559224-1433 Göran Björkman President and CEO Alleima Q3 January 1 – September 30, 2025 11 ===== SIDA 12 ===== Auditor's report Alleima AB (publ), reg. no. 559224-1433 Introduction We have reviewed the condensed interim financial informa - tion (interim report) of Alleima AB (publ) as of 30 September 2025 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accor - dance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the Internatio - nal Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of per - sons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accor - dance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Com - pany. Stockholm, 22 October 2025 Öhrlings PricewaterhouseCoopers AB Magnus Svensson Henryson Authorized Public Accountant Alleima Q3 January 1 – September 30, 2025 12 ===== SIDA 13 ===== About us Alleima is a world-leading developer, manufacturer, and supplier of high value-added products in advanced stainless steels and special alloys as well as products for industrial heating, operating with a global footprint. Based on close and long-term customer partnerships, Alleima advances processes and applications in the most demanding industries through materials that are lightweight, durable, corrosion-resistant and able to withstand extremely high temperatures and pressures. Through its offering and in-depth expertise in materials technology, metallurgy and industrial processes, Alleima enables its customers to become more efficient, profitable, safe and sustainable. Purpose We advance industries through materials technology Our unique and leading expertise enables more efficient, more profitable and more sustainable processes, products and applications for our customers. Values We evolveWe deliverWe care Kanthal Kanthal is a provider of products and services in the area of industrial heating technology and resistance materials, and also offers ultra-fine wire in stainless steel for use in medical appliances. Tu be Tube develops and manufactures seamless tubes and other long products in advanced stainless steels and special alloys. Strip Strip develops and manufactures a wide range of precision strip steel products and also offers pre-coated strip steel. Business model The business model is based on close customer cooperation and extensive industry knowledge in combination with materials and process competence and a global footprint. Customer relationships are often characterized by a high degree of technical collaboration, including identifying the customers’ needs and finding innovative ways to solve complex challenges. Approximately 80 percent of products are sold directly through Alleima's own global sales network and the remainder is often sold through distributors. Alleima has a fully integrated value chain, including in-house R&D, two steel mills with melt shops, five extru - sion presses and several hot working, cold working and finishing facilities. Strategy The strategy is based on four pillars: – Drive profitable growth by capitalizing on global megatrends such as energy transition, energy efficiency, electrifica- tion and medical growth – Continuous focus of R&D activities and digital innovations toward new business opportunities, defending and strengthening the current business and widening of the material portfolio – Operational and commercial excellence through continuous improvement, price management, mix optimization, cost flexibility, footprint optimization and resilience – Industry-leading sustainability that benefits the climate, increases circula- rity and supports general health and wellbeing, both through product offe- ring as well as operations. Customer segments sales exposure Revenues per customer segment is based on full-year 2024. Historically, these percentages have not changed substantially between the quarters and the full year figures of 2024 will therefore give a good approximation. Revenues per customer segment, full year 2024 Oil & Gas Chemical & Petrochemical Industrial Industrial heating Consumer Medical Mining & Construction Nuclear Transportation Hydrogen and Renewable Energy Alleima Q3 January 1 – September 30, 2025 13 ===== SIDA 14 ===== The Group | Condensed consolidated income statement SEK M Note Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Revenues 3 4,222 4,498 14,137 14,597 Cost of goods sold -3,518 -3,637 -11,389 -11,670 Gross profit 704 861 2,748 2,927 Selling expenses -285 -294 -851 -937 Administrative expenses -231 -208 -767 -722 Research and development costs -62 -67 -217 -208 Other operating income 1 59 86 352 317 Other operating expenses 1 -57 -87 -342 -272 Operating profit 4,5 127 290 923 1,105 Financial income 55 40 267 170 Financial expenses -49 -40 -230 -76 Net financial items 6 0 36 95 Profit after net financial items 133 291 960 1,200 Income tax 6 -48 -53 -277 -275 Profit for the period 85 237 683 925 Profit for the period attributable to Owners of the parent company 85 237 683 925 Non-controlling interests - - - - Earnings per share, SEK Basic 9 0.34 0.95 2.73 3.69 Diluted 9 0.34 0.95 2.72 3.69 Financial reports summary The Group | Condensed consolidated comprehensive income SEK M Note Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Profit for the period 85 237 683 925 Other comprehensive income Items that will not be reclassified to profit (loss) Actuarial gains (losses) on defined benefit pension plans 87 -179 118 -81 Tax relating to items that will not be reclassified -18 37 -25 17 Total items that will not be reclassified to profit (loss) 69 -142 93 -64 Items that may be reclassified to profit (loss) Foreign currency translation differences -36 -146 -603 46 Hedge reserve adjustment 84 198 569 164 Tax relating to items that may be reclassified -17 -41 -117 -34 Total items that may be reclassified to profit (loss) 30 11 -152 176 Total other comprehensive income 99 -131 -59 112 Total comprehensive income 184 106 624 1,037 Total comprehensive income attributable to Owners of the parent company 184 106 624 1,037 Non-controlling interests - - - - Alleima Q3 January 1 – September 30, 2025 14 ===== SIDA 15 ===== The Group | Condensed consolidated balance sheet SEK M Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Goodwill 1,671 1,641 1,693 Other intangible assets 326 303 345 Property, plant and equipment 7,765 7, 291 7,757 Right-of-use assets 423 423 455 Financial assets 7 188 82 92 Deferred tax assets 205 295 228 Non-current assets 10,578 10,035 10,569 Inventories 7,130 7,480 7,407 Current receivables 7 3,448 3,611 3,960 Cash and cash equivalents 1,551 1,781 1,912 Current assets 12,129 12,872 13,279 Total assets 22,707 22,907 23,848 Equity attributable to owners of the parent company 9 16,636 16,130 16,614 Non-controlling interest 0 0 0 Total equity 16,636 16,130 16,614 Non-current interest-bearing liabilities 1,102 1,292 1,212 Non-current non-interest-bearing liabilities 7 893 1,035 911 Non-current liabilities 1,995 2,327 2,123 Current interest-bearing liabilities 132 122 134 Current non-interest-bearing liabilities 7 3,944 4,329 4,977 Current liabilities 4,076 4,451 5,111 Total equity and liabilities 22,707 22,907 23,848 Alleima Q3 January 1 – September 30, 2025 15 ===== SIDA 16 ===== The Group | Condensed consolidated cash flow statement SEK M Note Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Operating activities Operating profit 127 290 923 1,105 Adjustments for non-cash items: Depreciation, amortization and impairments 230 224 690 674 Other non-cash items 103 77 55 96 Received and paid interest 35 5 149 31 Income tax paid -90 -122 -385 -392 Cash flow from operating activities before changes in working capital 406 474 1,431 1,514 Changes in working capital 147 105 -141 -112 Cash flow from operating activities 553 579 1,290 1,402 Investing activities Investments in intangible and tangible assets -291 -251 -785 -605 Proceeds from sale of intangible and tangible assets 2 1 40 3 Acquisition and sale of shares and participations 10 -15 - -147 - Other investments and financial assets, net 1 0 1 0 Cash flow from investing activities -303 -250 -891 -602 Financing activities Repayments of loans -1 -1 -3 -3 Amortization of lease liabilities -33 -36 -104 -98 Equity swap 9 - - -2 -20 Dividends paid 9 - - -575 -501 Cash flow from financing activities -34 -36 -683 -622 Net change in cash and cash equivalents 215 293 -284 178 Cash and cash equivalents at beginning of period 1,330 1,499 1,912 1,595 Exchange rate differences in cash and cash equivalents 6 -11 -77 7 Cash and cash equivalents at end of the period 1,551 1,781 1,551 1,781 Alleima Q3 January 1 – September 30, 2025 16 ===== SIDA 17 ===== The Group | Condensed consolidated statements of changes in equity SEK M Note Equity attributable to owners of the parent company Non- controlling interest Tota l equity Equity at January 1, 2024 15,732 0 15,732 Changes Net profit 925 - 925 Other comprehensive income for the period, net of tax 112 - 112 Total comprehensive income for the period 1,037 - 1,037 Cash flow hedge, transferred to cost of hedged item -154 - -154 Tax on cash flow hedge, transferred to cost 32 - 32 Net cash flow hedge, transferred to cost -122 - -122 Shared-based payments 9 4 - 4 Equity swap -20 - -20 Dividends -501 - -501 Total transactions with owners -517 - -517 Equity at September 30, 2024 16,130 0 16,130 Changes Net profit 296 - 296 Other comprehensive income for the period, net of tax 194 - 194 Total comprehensive income for the period 491 - 491 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 2 - 2 Total transactions with owners 2 - 2 Equity at December 31, 2024 16,614 0 16,614 Changes Net profit 683 - 683 Other comprehensive income for the period, net of tax -59 - -59 Total comprehensive income for the period 624 - 624 Cash flow hedge, transferred to cost of hedged item -36 - -36 Tax on cash flow hedge, transferred to cost 7 - 7 Net cash flow hedge, transferred to cost -29 - -29 Shared-based payments 9 4 - 4 Equity swap 9 -2 - -2 Dividends 9 -575 - -575 Total transactions with owners -573 - -573 Equity at September 30, 2025 16,636 0 16,636 Alleima Q3 January 1 – September 30, 2025 17 ===== SIDA 18 ===== The Parent Company | Condensed income statement SEK M Note Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Revenues 9 7 27 20 Gross profit 9 7 27 20 Administrative expenses -18 -17 -65 -56 Other operating income 0 0 2 0 Other operating expenses 0 1 0 0 Operating loss -9 -9 -36 -36 Dividend from group companies 0 1,076 740 1,076 Interest revenue and similar income 7 9 25 28 Interest expense and similar costs 0 0 0 -1 Profit/loss after financial items -2 1,076 729 1,067 Appropriations 0 6 0 6 Income tax 6 -1 8 1 Profit/loss for the period 3 1,081 736 1,074 The Parent Company | Condensed balance sheet SEK M Note Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Financial assets 11,907 11,907 11,907 Deferred tax assets 13 3 5 Non-current assets 11,920 11,910 11,912 Current receivables 2,256 2,135 2,136 Current assets 2,256 2,135 2,136 Total assets 14,175 14,045 14,048 Restricted equity 251 251 251 Unrestricted equity 9 13,900 13,745 13,737 Total equity 14,150 13,996 13,987 Non-current interest-bearing liabilities 3 2 2 Non-current non-interest-bearing liabilities 2 14 14 Non-current liabilities 5 16 17 Current non-interest-bearing liabilities 20 33 44 Current liabilities 20 33 44 Total equity and liabilities 14,175 14,045 14,048 Alleima Q3 January 1 – September 30, 2025 18 ===== SIDA 19 ===== Notes Note 1 | Basis of preparation The financial statements of the Group were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and the Swedish Annual Accounts Act, and for the parent com - pany in accordance with the Swedish Annual Accounts Act and RFR 2 Reporting for legal entities and other statements issued by the Swedish Financial Reporting Board. The accounting principles and computation methods applied in the preparation of this interim report are the same as those applied in the Annual Report 2024 as amended below. All amounts are in million SEK (SEK M) unless otherwise stated. Roundings may occur. The interim information on pages 1–30 is an integrated part of these finan - cial statements. Changes in IFRS standards IASB has published amendments of standards that are effective as of January 1, 2025 or later. The standards have not had any material impact on the finan - cial reports. Adjustment of reporting of sold services Other operating income and other operating expenses have been adjusted in order to recognize certain of Alleima's contractual services gross. These ser - vices mainly relate to facility management, electricity and warehouse servi - ces, which are not part of Alleima's core business. Previously, these services were accounted for through netting of income and expenses. Comparative periods have been restated, resulting in an increase in both other operating income and other operating expenses of SEK 300 million for the full year 2024. The adjustment has no impact on operating profit (EBIT). The adjustments for the quarters and full year 2024 are presented below. SEK M Reported Restatement Restated Q1 2024 Other operating income 82 73 155 Other operating expenses -51 -73 -125 Q2 2024 Other operating income 32 81 113 Other operating expenses -17 -81 -98 Q3 2024 Other operating income 23 63 86 Other operating expenses -24 -63 -87 Q4 2024 Other operating income 52 83 135 Other operating expenses -32 -83 -115 Full year 2024 Other operating income 140 300 440 Other operating expenses -76 -300 -376 References For more information concerning: – Group summary, refer to page 1 – Significant events, refer to page 10 Note 2 | Risks and uncertainties As an international group with a wide geographical spread, Alleima is exposed to several strategic, business and financial risks. Strategic risk at Alleima is defined as emerging risks affecting the business long-term, such as industry shifts, technological shifts, and macroeconomic developments. The business risks can be divided into operational, sustainability, compliance, legal and commercial risks. The financial risks include currency risks, interest rate risk, price risk, tax risks and more. These risk areas can all impact the business negatively both long and short-term but often also create business opportuni - ties if managed well. Risk management at Alleima begins with an assessment in operational management teams where the material risks to their operations are first identified, followed by an evaluation of the probability of the risks occurring and their potential impact on the Group. Once the key risks have been identified and evaluated, risk mitigating activities to eliminate or reduce the risks are agreed on. For a more detailed description of Alleima's analysis of risks and risk universe, see the Annual Report 2024. Import tariffs to the US Alleima has both direct sales to, and manufacturing in, the 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 impact has been earnings-neutral. Alleima Q3 January 1 – September 30, 2025 19 ===== SIDA 20 ===== Order intake by division and region SEK M Note R12 Q3 2025 R12 Q3 2024 Organic % Tube Europe 6,696 7,978 -13 North America 3,219 3,047 9 Asia 2,114 2,267 0 Other 763 940 -15 Tota l 12,793 14,232 -6 Kanthal Europe 1,223 1,187 3 North America 1,601 1,443 18 Asia 1,071 1,090 3 Other 267 265 6 Tota l 4,162 3,986 9 Strip Europe 695 637 12 North America 133 111 28 Asia 829 663 29 Other 53 17 225 Tota l 1,710 1,428 24 GROUP Europe 8,615 9,802 -9 North America 4,953 4,601 13 Asia 4,014 4,021 6 Other 1,084 1,222 -7 Tota l 18,665 19,646 -1 Note 3 | Order intake by division and region Alleima Q3 January 1 – September 30, 2025 20 ===== SIDA 21 ===== Revenues by division and region SEK M Note Q3 2025 Q3 2024 Organic % Q1-Q3 2025 Q1-Q3 2024 Organic % Tube Europe 1,427 1,586 -6 5,084 5,853 -10 North America 582 740 -16 2,192 2,072 10 Asia 632 532 31 1,963 1,663 27 Other 171 219 -19 736 726 5 Tota l 2,812 3,077 -3 9,974 10,314 1 Kanthal Europe 292 274 4 912 935 -5 North America 401 371 21 1,143 1,140 8 Asia 278 327 -6 758 933 -13 Other 72 76 4 203 193 11 Tota l 1,042 1,049 7 3,015 3,201 -2 Strip Europe 150 151 1 483 461 7 North America 37 31 30 102 83 31 Asia 168 188 -2 520 520 6 Other 13 2 583 43 19 136 Tota l 368 372 5 1,147 1,083 10 GROUP Europe 1,869 2,011 -4 6,478 7, 249 -8 North America 1,019 1,143 -3 3,436 3,295 10 Asia 1,078 1,047 13 3,240 3,116 11 Other 256 297 -9 982 938 9 Tota l 4,222 4,498 0 14,136 14,597 1 Alleima Q3 January 1 – September 30, 2025 21 ===== SIDA 22 ===== 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-Q3 2025 Q1-Q3 2024 Full year 2024 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Order intake, rolling 12 months, SEK M 1 Tube - - 13,677 12,793 13,082 14,095 13,677 14,232 14,552 14,954 Kanthal - - 4,077 4,162 4,088 4,108 4,077 3,986 4,196 4,064 Strip - - 1,665 1,710 1,741 1,759 1,665 1,428 1,386 1,344 Tota l2 - - 19,419 18,665 18,911 19,962 19,419 19,646 20,135 20,362 Revenues, SEK M Tube 9,974 10,314 14,027 2,812 3,413 3,750 3,713 3,077 3,890 3,347 Kanthal 3,015 3,201 4,200 1,042 956 1,017 999 1,049 1,082 1,069 Strip 1,147 1,083 1,465 368 396 383 382 372 387 324 Tota l2 14,136 14,597 19,691 4,222 4,765 5,150 5,094 4,498 5,359 4,740 Adjusted EBIT, SEK M Tube 898 965 1,422 101 382 416 457 202 454 308 Kanthal 496 569 750 168 160 169 181 174 198 197 Strip 21 42 66 -16 10 27 23 -7 39 10 Common functions -224 -217 -294 -56 -98 -71 -77 -55 -99 -63 Tota l2 1,191 1,360 1,944 197 454 540 584 314 592 453 Adjusted EBIT margin, % Tube 9.0 9.4 10.1 3.6 11.2 11.1 12.3 6.6 11.7 9.2 Kanthal 16.5 17.8 17.9 16.1 16.7 16.6 18.1 16.6 18.3 18.5 Strip 1.8 3.9 4.5 -4.2 2.4 6.9 6.1 -1.9 10.2 3.1 Common functions N/M N/M N/M N/M N/M N/M N/M N/M N/M N/M Tota l2 8.4 9.3 9.9 4.7 9.5 10.5 11.5 7.0 11.1 9.6 EBIT, SEK M Tube 681 757 1,044 53 225 403 287 179 544 34 Kanthal 463 524 691 152 151 159 167 168 202 153 Strip 4 41 56 -22 4 22 15 -2 42 1 Common functions -224 -217 -294 -56 -98 -71 -77 -55 -99 -63 Tota l2 923 1,105 1,498 127 282 513 393 290 689 126 1) Order intake for the quarter refers to the rolling 12 months period. 2) Internal transactions had negligible effect on division profits. Alleima Q3 January 1 – September 30, 2025 22 ===== SIDA 23 ===== Note 5 | Adjustment items on EBIT SEK M Q1-Q3 2025 Q1-Q3 2024 Full year 2024 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 EBIT Items affecting comparability Tube 0 0 0 0 0 0 0 0 0 0 Kanthal 0 0 0 0 0 0 0 0 0 0 Strip 0 0 0 0 0 0 0 0 0 0 Common functions 0 0 0 0 0 0 0 0 0 0 Tota l 0 0 0 0 0 0 0 0 0 0 Metal price effect Tube -217 -208 -378 -48 -157 -13 -170 -23 90 -274 Kanthal -34 -45 -59 -16 -9 -9 -14 -5 4 -44 Strip -16 -2 -9 -7 -5 -4 -8 5 2 -9 Tota l -268 -255 -446 -70 -171 -27 -191 -24 96 -328 Total adjustment items EBIT Tube -217 -208 -378 -48 -157 -13 -170 -23 90 -274 Kanthal -34 -45 -59 -16 -9 -9 -14 -5 4 -44 Strip -16 -2 -9 -7 -5 -4 -8 5 2 -9 Common functions 0 0 0 0 0 0 0 0 0 0 Tota l -268 -255 -446 -70 -171 -27 -191 -24 96 -328 Note 6 | Taxes SEK M Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Reported tax -48 36.0% -53 18.4% -277 28.8% -275 22.9% Tax on adjustment items (note 5) -15 -21.0% -5 -19.6% -56 -21.0% -54 -21.4% Tax excluding adjustment items -63 30.8% -58 18.5% -333 27.1% -329 22.7% Adjustment for one time items taxes 10 -5.0% -15 5.1% 37 -3.0% -15 1.2% Normalized tax rate -53 25.8% -73 23.1% -296 24.1% -344 23.7% 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 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Financial assets derivatives 389 132 54 Financial liabilities derivatives 122 219 400 The carrying amounts for other financial assets and liabilities are considered to represent a good approximation of the fair values due to the short dura - tions. Note 8 | Related party transactions The Group companies have related party relationships with their subsidiaries. All related party transactions are based on market terms and negotiated on an arm's length basis. For outstanding share right programs refer to Note 9. Other remunerations to senior executives for Alleima are presented in the Annual Report 2024 in Note 3. Alleima Q3 January 1 – September 30, 2025 23 ===== SIDA 24 ===== Note 9 | Equity, number of shares and incentive pro- grams Number of shares Sep 30, 2025 Dec 31, 2024 Total number of shares 250,877,184 250,877,184 Number of shares in equity swap (LTI) -720,006 -702,053 Number of outstanding shares 250,157,178 250,175,131 Number of outstanding shares, weighted average 250,166,154 250,291,704 Number of shares after dilution 250,836,665 250,862,889 Number of shares after dilution, weighted average 250,859,907 250,866,966 Outstanding share right programs Alleima's Annual General Meeting held on April 28, 2025 approved the Board’s proposal for a long-term share-based incentive program for 30 senior executi - ves and key employees in the Group (LTI 2025). Participation requires an invest - ment in Alleima shares. Each acquired Alleima share entitles the participant to be allotted, after a period of three years, a certain number of Alleima shares free of charge, provided that certain performance targets with respect to earnings per share and reduction of carbon dioxide (CO2) are met. As of September 30, 2025, LTI 2025 comprises 277,609 share rights. The delivery of these shares is secured through an equity swap agreement with a third party. Total costs before tax for outstanding rights in the incentive program are expensed over the three-year vesting period. These costs are expected to amount to SEK 16 million, of which social security costs amount to SEK 4 million. Information regarding Alleima's long-term share-based incentive program 2023-2024 (LTI 2023 and LTI 2024), such as the objective, conditions and requirements, is presented in Note 3 in the Annual Report for 2024. As of Sep - tember 30, 2025, LTI 2023 and LTI 2024 comprises 317,695 and 256,417 share rights respectively (LTI 2023: 380,901, LTI 2024 306,857). During the nine first months of 2025, the total pre-tax cost for the LTI pro - grams amounted to SEK 5 (6) million. Dividend The Annual General Meeting held on April 28, 2025, resolved for the financial year 2024 on an ordinary dividend of SEK 2.30 per share. The dividend of SEK 577 million was distributed to the shareholders on May 6, 2025, of which SEK 2 million was repaid to Alleima in form of dividend related to the equity swap for LTI 2023 and LTI 2024. Not 10 | Business combinations The acquisitions of business combinations executed during current and previous year are set out on the table below. Annual revenue and number of employees reflect the situation at the date of the respective transaction. Division/Cash Generating Unit Company Country Acquisition date Annual revenue No. of employees Kanthal Endox Feinwerktechnik GmbH & Endox Polska SP.zo.o. (“Endox”) Germany/ Poland January 10, 2025 SEK 65 M in 2023 90 On 10 January 2025, Alleima acquired Endox Feinwerktechnik GmbH and Endox Polska SP.zo.o. ("Endox"). Endox strengthens the company's medical technology business. The impact on Alleima's revenue and profit for the first to third quarter of 2025 was SEK 51 and SEK 6 million respectively. The impact on Alleima's earnings per share is expected to be somewhat positive. Acquisi - tion was carried out through the acquisition of 100% of the shares, as well as the voting rights. Alleima gained control of the business on the transaction date. No equity instruments have been issued in connection with the acquisi - tion. The acquisition has been reported according to the acquisition method and SEK 6 million in acquisition costs were reported in the first quarter. Good - will from the acquisitions is not deductible for tax purposes . Assets, liabilities and contingent liabilities included in the acquired opera - tions are stated below. The valuations of acquired assets and assumed liabi - lities are still preliminary. SEK M Endox Intangible assets 24 Property, plant and equipment 51 Right of use assets 3 Inventories 14 Receivables 6 Cash and cash equivalents 34 Other liabilities and provisions -36 Deferred tax liabilities -7 Net identifiable assets and liabilities 90 Goodwill 92 Purchase consideration 181 Less: cash and cash equivalents in acquired compa - nies -34 Net cash outflow (+) 147 Alleima Q3 January 1 – September 30, 2025 24 ===== SIDA 25 ===== Key ratios Q3 2025 Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Full year 2024 Full year 2023 Full year 2022 Full year 2021 Adjusted EBITDA, SEK M 427 538 1,881 2,034 2,856 3,056 2,540 1,811 Adjusted EBITDA margin, % 10.1 12.0 13.3 13.9 14.5 14.8 13.8 13.1 Adjusted EBIT, SEK M 197 314 1,191 1,360 1,944 2,141 1,681 1,055 Adjusted EBIT margin, % 4.7 7.0 8.4 9.3 9.9 10.4 9.1 7.6 Operating profit (EBIT), SEK M 127 290 923 1,105 1,498 2,046 2,122 1,379 Operating profit (EBIT) margin, % 3.0 6.5 6.5 7.6 7.6 9.9 11.5 10.0 Normalized tax rate, % (Note 6) 25.8 23.1 24.1 23.7 23.9 24.2 24.3 24.9 Net working capital to revenues, % 1 39.5 38.8 35.4 35.5 35.1 34.3 32.8 31.2 Return on capital employed, % 2 7.6 9.3 7.6 9.3 8.9 12.2 13.2 10.4 Return on capital employed excluding cash, % 2 8.1 9.9 8.1 9.9 9.5 12.9 14.2 11.0 Net debt/Adjusted EBITDA ratio -0.13 -0.14 -0.13 -0.14 -0.22 -0.08 0.01 0.73 Net debt/Equity ratio -0.02 -0.03 -0.02 -0.03 -0.04 -0.02 0.00 0.11 Free operating cash flow, SEK M 285 411 678 1,064 1,266 1,688 505 1,046 Adjusted earnings per share, diluted, SEK 0.56 1.02 3.56 4.49 6.27 6.56 3.36 3.82 Earnings per share adjusted for metalprice effects, diluted, SEK 0.56 1.02 3.56 4.49 6.27 6.56 2.55 3.27 Average number of shares, diluted, at the end of the period (millions) (Note 9) 250.857 250.870 250.860 250.868 250.867 250.876 250.877 250.877 Number of shares at the end of the period (millions) (Note 9) 250.157 250.175 250.157 250.175 250.175 250.467 250.877 250.877 Number of employees 3 6,409 6,299 6,409 6,299 6,309 6,110 5,886 5,465 Number of consultants 3 456 512 456 512 516 596 612 413 1) Quarter is quarterly annualized and the annual number is based on a four quarter average. 2) Based on rolling 12 months operating profit, in percentage of a four-quarter average capital employed (including respectively excluding cash). 3) Full-time equivalent. Alleima Q3 January 1 – September 30, 2025 25 ===== SIDA 26 ===== 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 Q1-Q3 2025 Q1-Q3 2024 Full y e a r 2024 Q 3 2025 Q 2 2025 Q 1 2025 Q 4 2024 Q 3 2024 Q 2 2024 Q 1 2024 Operating profit/loss 923 1,105 1,498 127 282 513 393 290 689 126 Reversal (Note 5): Items affecting comparability 0 0 0 0 0 0 0 0 0 0 Metal price effect 268 255 446 70 171 27 191 24 -96 328 Impairments 0 0 0 0 0 0 0 0 0 0 Adjusted operating profit (EBIT) 1,191 1,360 1,944 197 454 540 584 314 592 453 Revenues 14,136 14,597 19,691 4,222 4,765 5,150 5,094 4,498 5,359 4,740 Adjusted operating profit (EBIT) margin, % 8.4 9.3 9.9 4.7 9.5 10.5 11.5 7.0 11.1 9.6 Adjusted operating profit (EBIT) Alleima considers Adjusted operating profit (EBIT) and the related margin to be relevant measures to present profitabi - lity of the underlying business excluding metal price effects and items affecting comparability (IAC). Metal price effect is the difference between sales price and purchase price on metal content used in the production of products. Metal price effect on operating profit in a particular period arises from changes in alloy prices arising from the timing difference between the purchase, as included in cost of goods sold, and the sale of an alloy, as included in revenues, when alloy surcharges are applied. IAC includes capital gains and losses from divestments and larger res - tructuring initiatives, impairments, capital gains and losses from divestments of financial assets as well as other material items having a significant impact on the comparability. Adjusted operating profit (EBIT) and margin: Operating profit (EBIT) excluding items affecting comparability and metal price effects. Margin is expressed as a percentage of revenues. Alleima Q3 January 1 – September 30, 2025 26 ===== SIDA 27 ===== Adjusted profit for the period and adjusted earnings per share, diluted SEK M Q 1 - Q 3 2025 Q1-Q3 2024 Full year 2024 Q 3 2025 Q 2 2025 Q 1 2025 Q 4 2024 Q 3 2024 Q 2 2024 Q 1 2024 Profit/loss for the period 683 925 1,221 85 204 394 297 237 636 51 Reversal: Adjustment items EBIT (Note 5) 268 255 446 70 171 27 191 24 -96 328 Tax on adjustment items (Note 6) -56 -54 -94 -15 -35 -6 -40 -5 19 -69 Adjusted profit for the period 894 1,125 1,573 141 340 414 448 256 559 310 Attributable to Owners of the parent com - pany 894 1,125 1,573 141 340 414 448 256 559 310 Non-controlling interests - - - - - - - - - - Average number of shares, dil - uted, at the end of the period (millions) 250.860 250.868 250.867 250.857 250.870 250.863 250.863 250.870 250.869 250.866 Adjusted earnings per share, diluted, SEK 3.56 4.49 6.27 0.56 1.35 1.65 1.79 1.02 2.23 1.24 Adjusted earnings per share, diluted Alleima considers Adjusted earnings per share (EPS), diluted to be relevant to understand the underlying performance, which excludes items affecting comparability and metal price effects between periods. Adjusted EPS, diluted: Profit/loss, adjusted for items affecting comparability and metal price effects, attributable to equity holders of the Parent Company divided by the weighted aver - age number of shares, diluted, outstanding during the period. Alleima Q3 January 1 – September 30, 2025 27 ===== SIDA 28 ===== 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 Q3 2025 Q3 2024 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Inventories 7,130 7,480 7,130 7,480 7,407 Trade receivables 2,480 2,685 2,480 2,685 2,911 Account payables -1,730 -1,944 -1,730 -1,944 -2,249 Other receivables 598 684 598 684 859 Other liabilities -1,936 -2,019 -1,936 -2,019 -2,107 Net working capital 6,541 6,884 6,541 6,884 6,821 Average net working capital 6,670 6,989 6,799 6,967 6,909 Revenues annualized 16,888 17,992 19,230 19,635 19,691 Net working capital to revenues, % 39.5 38.8 35.4 35.5 35.1 Tangible assets 7,765 7, 291 7,757 Intangible assets 1,997 1,944 2,037 Cash and cash equivalents 1,551 1,781 1,912 Other assets 11,350 11,848 12,077 Other liabilities -4,837 -5,364 -5,888 Capital employed 17,826 17,501 17,895 Average capital employed 17,815 17, 207 17,407 Operating profit rolling 12 months 1,316 1,548 1,498 Financial income, excl. derivatives, rolling 12 months 41 53 57 Total return rolling 12 months 1,357 1,601 1,554 Return on capital employed (ROCE), % 7.6 9.3 8.9 Average capital employed excl. cash 16,149 15,640 15,707 Return on capital employed excl. cash, % 8.1 9.9 9.5 Alleima Q3 January 1 – September 30, 2025 28 ===== SIDA 29 ===== 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 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Interest-bearing non-current liabilities 1,102 1,292 1,212 Interest-bearing current liabilities 132 122 134 Prepayment of pensions -44 -42 -65 Cash & cash equivalents -1,551 -1,781 -1,912 Net debt -362 -410 -631 Net pension liability -735 -938 -820 Leasing liabilities -433 -431 -460 Financial net debt -1,530 -1,779 -1,911 Adjusted EBITDA accumulated current year 1,881 2,034 2,856 Adjusted EBITDA previous year 823 823 - Adjusted EBITDA rolling 12 months 2,703 2,857 2,856 Total equity 16,636 16,130 16,614 Net debt/Equity ratio -0.02 -0.03 -0.04 Net debt/Adjusted EBITDA ratio (multiple) -0.13 -0.14 -0.22 the Group’s ability to meet its financial commitments. Net debt to Equity ratio is included in Alleima's financial targets. Net debt: Interest-bearing current and non-current liabilities, including net pension liabilities and leases, less cash and cash equivalents. Adjusted EBITDA: Operating profit (EBIT) before depreciation and amortizations, adjusted for metal price effects and items affecting comparability. Financial net debt Alleima considers financial net debt to be a useful indicator of the business’s ability to pay off all debt, excluding pension lia - bilities and lease liabilities, at a certain point in time. Financial net debt: Net debt, excluding net pension and lease liabilities. Alleima Q3 January 1 – September 30, 2025 29 ===== SIDA 30 ===== 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 Board of Directors has decided that the 2026 Annual General Meeting will be held in Sandviken, Sweden on April 29, 2026. The notice to convene the Annual General Meeting will be made in the prescribed manner. Financial calendar Capital Markets Day, Stockholm November 5, 2025 Q4 interim report January - December 2025 January 27, 2026 Q1 interim report January - March 2026 April 27, 2026 Annual General Meeting, Sandviken April 29, 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 CET on October 22, 2025. Alleima AB (publ), corporate registration no. 559224-1433 Postal address: SE-811 81 Sandviken, Sweden Visiting address: Storgatan 2, Sandviken, Sweden Telephone: +46 26 426 00 00 For further information, please contact: 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 October 22, 2025 at 1 PM CEST. Presentation for download and webcast link: https://www.alleima.com/en/investors/ Dial-in details for the conference call: Participants in Sweden: +46 (0)8 5051 0031 Participants in the UK: +44 (0) 207 107 06 13 Participants in the US: +1 (1) 631 570 56 13 Alleima Q3 January 1 – September 30, 2025 30