FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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