Kvartalsrapport Q1 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

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

SinterCast Results: 
First Quarter 2025 
 
 
Positive results despite market headwinds 
 
First Quarter 2025 
• Revenue for Period: SEK 27.1 million (SEK 32.1 million) 
• Operating Result: SEK 10.2 million (SEK 7.4 million), yielding 37.7% (23.0%) operating margin 
• Earnings per Share: SEK 1.08 per share (SEK 0.87 per share) 
• Cashflow from Operations: SEK 12.2 million (SEK 15.2 million) 
• Start of series production for heavy duty commercial vehicles at First Automobile Works (FAW), China 
• Start of series production for heavy duty commercial vehicles for MAN, Germany 
• First installation in India secured with Saroj Group; installation targeted for second quarter 
• Installed Base: 57 (57) installations 26 (25) fully automated systems, 23 (25) mini-systems and eight (seven) 
tracking systems in 13 (13) countries 
 
 
 
 
 
 
 
 
 
 
Key Facts and Figures 
 January−March  January−December  
AMOUNTS IN SEK MILLION, unless otherwise stated   2025 2024 %    2024 2023 %   
Annualised Engine Equivalents, millions   3.1 3.9 -21%  3.6 3.7 -3% 
Recurring revenue*  26.6 30.7 -13%  123.0 127.0 -3% 
Revenue**  27.1 32.1 -16%  135.6 134.4 1% 
Gross margin, %  69.3 70.1 -1%  72.5 73.3 -1% 
Operating result  10.2 7.4 38%  43.2 42.7 1% 
Operating margin, %  37.7 23.0 64%  31.9 31.8 0% 
Earnings per share, SEK**  1.08 0.87 24%  4.85 5.94 -18% 
Distributed dividend per share, SEK  - - -  6.10 5.50 11% 
         
* Recurring revenue from production fees, consumables and software licence fees   
** According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).   
Definition of key ratios can be found after "Key Ratio and Share Data - Group" in this Report.  
 
 
 
 
SinterCast is the world’s leading supplier of process control technology for the reliable high volume production of 
Compacted Graphite Iron (CGI). Stronger, stiffer and more durable than conventional iron, CGI enables the development of 
smaller, lighter and more fuel efficient engines in passenger vehicle, commercial vehicle and industrial power applications. The 
use of SinterCast -CGI currently contributes to the reduction of approximately ten million tonnes of CO 2 per year. With 5 7 
installations in 13 countries, SinterCast provides sustainable solutions for manufacturing and transportation to the global foundry 
and automotive industries. SinterCast is a publicly traded company, quoted on the Small Cap segment of the Nasdaq Stockholm 
stock exchange (SINT). For more information: 
www.sintercast.com

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

SinterCast Results: 
First Quarter 2025 
 
 
Financial Targets and Long-term Growth Outlook

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

SinterCast Results: 
First Quarter 2025 
 
 
CEO Message 
Positive results despite market headwinds; improved outlook ahead 
For the second consecutive quarter, annualised series production finished at 3.1 million Engine Equivalents, due to 
the combined effects of the stoppage of a high volume programme in September 2024, softening of commercial 
vehicle sales since mid-2024, and heightened global trading uncertainties.  Revenue for the period amounted to 
SEK 27.1 million (SEK 32.1 million), with recurring revenue accounted for 98.5% (95.4%) of the total.  Benefitting 
from proactive cost reduction activities, positive consumable sales and currency revaluation gains, primarily related 
to US dollar hedge contracts, the operating result for the first quarter finished at SEK 10.2 million (SEK 7.4 million), 
providing an operating margin of 37.7% (23.0%).  Overall, the first quarter revenue was in line with expectations 
and the full-year outlook remains unchanged, with the ramp of series production and planned installation activities 
expected to intensify in the second-half of the year. 
 
With the resetting of the series production run-rate to 3.1 million Engine Equivalents, 2025 will be a year of recovery.  
The recovery will benefit from the start of production of new commercial vehicle engine programmes at First 
Automobile Works (FAW) in China – announced in January – and at MAN in Germany – announced in February.  
Combined, these programmes have the potential to provide up to one million incremental Engine Equivalents per 
year at mature volume.  In the near -term, 2025 will also benefit from the planned start of new series production 
programmes that have not yet been announced and by a general consensus in the industry that market conditions 
and commercial vehicle sales will improve in the second-half of the year. 
 
Changing landscape for tariffs and emissions legislation 
The recent changes regarding international tariffs on vehicles and auto parts have created considerable uncertainty 
in the automotive sector.  In the specific case of SinterCast, there are no cast iron cylinder block and head foundries 
in the United States.  All cast iron cylinder blocks and heads are imported, with the main sources being Mexico and 
Brazil, with some components coming from Europe and none, as yet, from Asia.   As the US must import 100% of 
its cast iron cylinder blocks and heads, the tariffs cannot have a direct effect on the SinterCast series production 
volume.  However, if new or future tariffs lead to a reduction in automotive sales, the decreased volume can have 
an indirect impact on SinterCast. 
 
In parallel with the ongoing tariff discussions, the Trump administration has decided to delay EPA emissions 
legislation that was planned to take effect in 2027.  The original 2027 EPA legislation had two main implications for 
the industry: first, there would be a pre-buy in 2026, improving near -term commercial vehicle sales; and second, 
the phase-in could motivate up to 10% heavy duty electric truck sales in 2028 and up to 30% in 2032.  While the 
delay will negate the pre-buy effect in 2026, the larger implication for SinterCast is that there will be a longer runway 
for the introduction of heavy duty electric trucks in North America.  Likewise, Euro 7 emissions legislation for 
commercial vehicles in Europe has been delayed from 2027 to 2029.  These delays are likely to delay infrastructure 
investment and have a negative compounding effect on the timeline for the adoption of heavy duty electric trucks.  
The current legislative landscape in both Europe and the US will increase the opportunity for commercial vehicles 
running on internal combustion engines with clean fuels such as biodiesel, HVO, renewable natural gas, synthetic 
liquid fuels and hydrogen.  The operational  and environmental benefits of these net-zero fuels, combined with the 
existing infrastructure for internal combustion engine production, servicing and refuelling, will ensure that the internal 
combustion engine is an important part of the long-term solution for sustainable transportation.

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

SinterCast Results: 
First Quarter 2025 
 
 
Installations biased to the second-half, as ever 
While installation revenue in the first quarter was modest at SEK 0.2 million (SEK 1.2 million), planning activities 
progressed positively.  This includes the commitment for our first installation in India at the Saroj Group, that was 
announced on 10 February, with the installation targeted for the second quarter.  Installation revenue will also be 
derived from the CGI System 4000 sold to the Maringá Soldas  foundry in Brazil, that was announced on 16 
September 2024, where the importation of the equipment has awaited authorisation from the Brazilian customs 
authorities.  The customs authorisation was awarded last week and the Maringá revenue of approximately SEK 2.5 
million is expected to be realised in the third quarter. Several installation opportunities are currently under discussion 
with the goal to secure orders during the first half of the year and to conclude the installations before year -end.  
While some foundries have begun to contemplate capital expenditures in consideration of the current trade and 
tariff uncertainties, th e SinterCast goal for 2025 remains to exceed the installation revenue of SEK 11.4 million 
posted in 2024. 
 
Dr. Steve Dawson
President & CEO

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

SinterCast Results: 
First Quarter 2025 
 
 
 
Financial Summary 
Revenue 
The revenue for the SinterCast Group relates primarily to income from series production, equipment, and 
engineering service. 
 
Revenue Breakdown   January−March January−December   
(Amounts in SEK million)    2025 2024  2024 2023   
Recurring revenue from series production1    26.6 30.7  123.0 127.0   
Equipment2    0.2 1.2  11.4 6.0   
Engineering service3    0.2 0.3  1.2 1.5   
Total    27.1 32.1  135.6 134.4   
           
Number of Sampling Cups shipped    45,900 44,600  202,025 205,700   
           1.     Recurring revenue from production fees, consumables and software licence fees    
2      Revenue from sold and leased CGI and Tracking system installations and spare parts    
3.     Revenue from engineering service, demonstrations and test pieces    
 
The January−March 2025 revenue decreased by 15.8% to SEK 27.1 million (SEK 32.1 million), primarily due to 
the combined impact of the termination of a high-volume programme in September 2024, a slowdown in commercial 
vehicle sales since mid-2024, and increased global trading uncertainties. Recurring revenue from series production 
decreased by 13.1% and amounted to SEK 26.6 million (SEK 30.7 million), accounting for 98.5% (95.4%) of the 
total revenue. The total revenue was derived from annualised series production of 3.1 million (3.9 million) Engine 
Equivalents and increased shipment of 45,900 (44,600) Sampling Cups. Equipment revenue amounted to SEK 0.2 
million. The year-ago equipment revenue of SEK 1.2 million benefitted from upgrades at two European foundries. 
Engineering Service amounted to SEK 0.2 million (SEK 0.3 million). Exchange differences had a 3% positive effect 
on revenue during the period. 
 
 
Results 
The business activities of SinterCast are best reflected by the Operating Result. This is because the “Result for the 
period after tax” and the “Earnings per Share” are influenced by the revaluation of tax assets. 
 
Results Summary January−March January−December 
(Amounts in SEK million if not otherwise stated)  2025 2024  2024 2023 
Gross margin, %  69.3 70.1  72.5 73.3 
Operating result  10.2 7.4  43.2 42.7 
Operating margin, %  37.7 23.0  31.9 31.8 
Result for the period after tax  7.6 6.2  34.3 42.1 
Earnings per share (SEK)  1.08 0.87  4.83 5.94 
 
The January−March 2025 operating result increased by SEK 2.8 million to SEK 10.2 million (SEK 7.4 million), due 
to the combined effect of improved other operating net cost and income of SEK 5.7 million, SEK 0.9 million decrease 
in operating costs and a SEK 3.8 million decrease in gross margin.  The decrease in operating costs is primarily 
related to the reduction in headcount following proactive redundancies effected during 2024. Other operating costs

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

SinterCast Results: 
First Quarter 2025 
 
 
and income combined improved by SEK 5.7 million, primarily due to movements in foreign currencies resulting in  
unrealised revaluation losses of existing hedge contracts  reverted into unrealised gains. The result for the period 
after tax increased by SEK 1.5 million to SEK 7.6 million (SEK 6.2 million), primarily due to the SEK 2.8 million 
increase in operating result and the increase in calculated income tax of SEK 1.5 million. 
 
Income Tax and Deferred Tax Asset  
Tax cost for the January−March 2025 period amounted to SEK 2.5  million (SEK 1.2  million). The Group’s total 
carried forward tax losses, remaining to be utilised, are calculated to be SEK 192.1 million (SEK 241.5 million), 
resulting in a deferred tax asset of SEK 39.6 million (SEK 49.7 million). It is estimated that SinterCast will begin to 
pay Swedish income tax during approximately late-2027 or early-2028, depending on results and currency rates.  
 
Cashflow, Liquidity and Investments 
The January−March 2025 cashflow from operations declined by SEK 3.0 million, compared to the same period 
last year, primarily due to increased cashflow before changes in working capital of SEK 2.2 million, following the 
improved operating result  and decreased depreciations  and a SEK 5.3 million decline in working capital. The 
improved working capital since year-end is primarily due to a SEK 5.5 million (SEK 10.3 million) improvement in 
cashflow from accounts receivable and a SEK 3.2 million (SEK 4.4 million) decrease in operating liabilities. Total 
investments amounted to SEK 0.1 million (SEK 0.1 million). Following the share buyback of SEK 1.7 million and 
the IFRS 16 lease payment of SEK 0.4 million, total cashflow amounted to SEK 10.0 million (SEK 13.6 million). 
Liquidity on 31 March 2025 was SEK 33.2 million (SEK 25.8 million), plus an overdraft credit facility in the amount 
of SEK 12.5 million, providing effective liquidity of SEK 45.7 million. SinterCast currently has no loans.  
 
Cashflow Summary January−March ∆ 
(Amounts in SEK million if not otherwise stated) 2025 2024 2025 vs 2024 
Cashflow from operations, before change in working capital 10.8 8.6 2.2 
Change in working capital 1.4 6.7 -5.3 
Cashflow from operations 12.2 15.2 -3.0 
Cashflow from investing activities -0.1 -0.1 0.0 
Cashflow from financing activities -2.1 -1.6 -0.5 
Cashflow total 10.0 13.6 -3.5 
Liquidity  33.2 25.8  
     
 
 
Risks and Uncertainty Factors 
Uncertainty factors for SinterCast include: the timing of OEM decisions for new CGI engines and other components; 
adherence to start -of-production dates and ramp projections; the longevity of each engine programme; the 
possibility that the volume of existi ng programmes may decrease or come to end- of-life earlier than expected; the 
global economy for new vehicle sales; technology trends and emissions legislation; and, the individual sales 
success of vehicles equipped with SinterCast-CGI components. 
 
The increasing economic and geopolitical instability, exacerbated by recent trade and tariff confrontations and 
ongoing armed conflict in multiple regions, constitute the dominant near-term risk factors for the global foundry and 
automotive industries. While it is not yet possible to quantify  the impact of these factors on the near -term market 
development, SinterCast remains confident in the long-term growth of CGI. Other factors that may influence the

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

SinterCast Results: 
First Quarter 2025 
 
 
market risk for SinterCast and its end-user industries include the renegotiation of international tariffs and free-trade 
agreements on vehicle sales, climate change legislation and the associated growth of alternative powertrain 
technologies, and the overall demand for goods transportation. The development of AI may also increase the 
possibilities to develop potentially competitive technologies or to reverse engineer the SinterCast technology. 
 
No significant risk of material adjustment to the carrying amounts of assets and liabilities has been identified at the 
balance sheet date. For additional risk and uncertainty factor information, see the SinterCast Annual Report. 
 
 
Organisation  
With successful high volume CGI production in customer foundries located in Europe, Asia and the Americas, 
SinterCast has established a global organisation with employees and offices in Sweden, the United Kingdom, the 
United States, China, Germany and Portugal.   As of 31 March 2025, the Group had 26  (27) employees, 7 (6) of 
whom are female.  Benefitting from accumulated experience and efficiency improvements, SinterCast is well 
positioned to support global market activities and to drive the future growth of the company. 
 
Parent Company 
SinterCast AB (publ) is the Parent Company of the SinterCast Group, with its registered office located in Stockholm, 
Sweden. On 31 March 2025, the Parent Company had 21 (22) employees. The average number of employees 
during the period was 21 (23). The majority of the operations are managed by the Parent Company while local 
operations in the United Kingdom, United States and China are managed by the local companies. The information 
given for the Group in this report corresponds in all material respects to the Parent Company. However, the result 
for the period may differ between the group and the Parent Company due to intercompany transactions between 
the Parent Company and its subsidiaries. 
 
Outlook Guidance 
The recent changes regarding international tariffs have created considerable uncertainty in the automotive sector, 
potentially impacting sales volumes for current programmes, the timing for the start of production of new 
programmes, and investment planning for new installations.  Despite this uncertainty, we judge that it is too early 
to change our established targets for reaching the five million Engine Equivalent milestone before the end of 2026 
and for posting more than SEK 11.4 million in 2025 installation revenue.  However, the compounding effect of the 
current uncertainties on the USD / SEK exchange rate may extend beyond the protections provided by our current 
hedge programme, impacting future profitability.  This could extend the time horizon for SinterCast to begin to pay 
Swedish income tax, which is currently expected to be during approximately late-2027 or early-2028. 
 
The delay of EPA 2027 legislation in the US will negate the pre-buy effect in 2026, impacting near -term volumes 
for SinterCast.  However the delay of EPA 2027 – and the postponement of Euro 7 legislation in Europe from 2027 
to 2029 – will reduce the motivation for end-users to adopt heavy duty electric commercial vehicles.  The delay in 
electrification in the heavy -duty sector will increase the demand for commercial vehicles running on internal 
combustion engines and clean fuels such as biodiesel, HVO, renewable natural gas, synthetic liquid fuels and 
hydrogen, allowing these net -zero technologies to establish a stronger foothold.  SinterCast expects that the 
penetration of CGI in heavy duty commercial vehicles will grow from the current level of 40~50% to more than 80% 
before the end of the decade.

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

SinterCast Results: 
First Quarter 2025 
 
 
 
The Share and Analysts  
The SinterCast share has been listed and quoted on the Small Cap segment of the Nasdaq Stockholm stock 
exchange, since 26 April 1993. SinterCast share capital is SEK 7,090,133 at par value of approximately SEK 1 per 
share. ABG Sundal Collier is the appointed liquidity provider for the SinterCast share. 
 
The following analysts are covering SinterCast: 
Henric Hintze at ABG Sundal Collier, henric.hintze@abgsc.se, +46 8 566 294 89   
Philip Wendt at Aktiespararna, philip.wendt@aktiespararna.se, +46 8 50 65 15 00  
Per Bernhult at Stockpicker, staff@stockpicker.se, +46 8 662 06 69 
 
 
Accounting Principles   
The information provided on behalf of the group in this interim report has been prepared in accordance with 
Sweden’s Annual Accounts Act and IAS 34 Interim Financial Reporting. The reporting for the Parent Company has 
been prepared in accordance with Sweden’s Annual Accounts Act, chapter 9 interim report, and RFR 2. The 
accounting policies that have been applied for the group and the Parent Company agree with the accounting policies 
used in the preparation of the company’s latest Annual Report.  
 
Fair Value Measurement of Financial Assets and Liabilities 
The group has financial assets consisting of derivative instruments (included in other debtors or other creditors) 
and commercial papers and fixed income instruments. The fair value of derivative instruments, not traded on an 
active market, is based on observable market currency rates. Cash flows are discounted using market interest 
rates. Commercial papers and fixed income instruments are traded on an active market and the fair value is 
determined by available market prices. These effects are recognised in the profit & loss statement. 
 
Rounding  
The total amount shown in tables and statements may not always sum to the same value due to rounding 
differences. The primary objective is for each line item to correspond to the source. This may sometimes result in 
rounding or truncation differences in the total. 
 
Alternative Performance Measures are defined and included in this report in the Key Ratio and Share Data tables. 
More information of Accounting Policies is included in the Annual Report 2024, pages 48-53. 
 
Material Transactions and Events after the Balance Sheet Date 
No material transactions have taken place between SinterCast and the Board or the Management during the period. 
The Annual Report 2024 was published on the SinterCast website on 21 March 2025.The following press releases 
were issued during the period: 
 
23 January 2025 – SinterCast series production begins at First Automobile Works in China 
10 February 2025 - Saroj Group becomes first SinterCast licensee in India 
19 February 2025 - SinterCast Results October-December 2024 
27 February 2025 - SinterCast begins new series production for MAN 
21 March 2025 - SinterCast Annual Report 2024

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

SinterCast Results: 
First Quarter 2025 
 
 
There have been no other significant events since the balance sheet date that could materially change these 
financial statements. The following press releases were issued after the balance sheet date: 
 
11 April 2025 – Notice of the Annual General Meeting of SinterCast Aktiebolag 
 
Dividend Policy and Dividend 
The Board’s intention is to continue to provide an ordinary dividend to the shareholders, based primarily on the 
cashflow from operations, after investments. In the event that the Board considers that the liquidity exceeds the 
amount needed to support the operational requirements and strategic objectives, the Board has the option to 
propose an extraordinary dividend or a share buyback to further adjust the liquidity. The first dividend was distributed 
in May 2011 for the financial year 2010 and an increasing ordinary dividend has been distributed every year since 
then. Since 2019, the dividend has been distributed in two equal instalments. Since the first dividend was provided, 
and including the current dividend proposal, SinterCast will have distributed SEK 375 million to its shareholders, 
representing 110% of its operating result over the period. The cumulative dividend amounts to SEK 53.00 per share. 
 
Share Buyback  
On 25 November 2024, in accordance with the resolution at the 2024 AGM, SinterCast initiated a second share 
buyback programme with an initial amount of up to SEK five (5) million. During 4Q 2024, 12,224 shares were 
acquired, amounting to SEK 1.3 million.  The buyback campaign continued in early -2025, until the onset of the 
current blackout period on 16 January 2025.  The total number of shares acquired as of 29 April 2025 is 25,223 
shares, in the total amount of SEK 2.7 million.  
 
Proposed Dividend 2025  
The Board of Directors propose an ordinary dividend of SEK 6.00 per share (SEK 5.50 per share) with an 
extraordinary dividend of SEK 1.00 (SEK 0.60 per share), representing a distribution of SEK 49.5 million (SEK 43.1 
million) to the shareholders of Sinter Cast AB (publ) for the financial year 2024, distributed in two equal payments 
of SEK 3.50 per share (SEK 3.05 per share). The Board proposed 22 May 2025 as the record date for the first 
dividend payment and 7 November 2025 as the record date for the second dividend payment. In deciding the 
amount of the ordinary dividend to be proposed to the AGM 2025, the Board considered cashflow from operations, 
the financial position, investment requirements and other factors, such as market outlook, growth strategy and the 
internal financial forecast for the Group.

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

SinterCast Results: 
First Quarter 2025 
 
 
 
Annual General Meeting 2025 
The Annual General Meeting 2025 of SinterCast AB (publ) will be held on Tuesday 20 May 2025.  
 
Right to Participate and to Vote 
Shareholders who wish to participate in the Annual General Meeting  
- must be recorded in the share register maintained by Euroclear Sweden AB on Monday 12 May 2025, and 
- must notify SinterCast of their attendance no later than Wednesday 14 May 2025. 
 
In addition, to be entitled to participate in the Annual General Meeting, a shareholder whose shares are held in the 
name of a nominee must register its shares in its own name so that the shareholder is recorded in the share register 
on Monday 12 May 2025. Such registration may be temporary (so-called voting right registration) and is requested 
from the nominee in accordance with the nominee’s procedures and in such time in advance as the nominee 
determines. Voting right registrations completed by the nominee not later than Wednesday 14 May 2025 are taken 
into account when preparing the share register. 
 
Full information is available in the published notice.
 
 
Information 
Interim Reports Publication Date  
April-June 2025 08:00 CET on 20 August 2025 
July-September 2025 08:00 CET on 5 November 2025 
October-December 2025 and Full Year Results 2025 08:00 CET on 18 February 2026 
January-March 2026 08:00 CET on 29 April 2026 
 
This report has not been reviewed by the company’s Auditors. 
 
Stockholm 30 April 2025 
  
For further information please contact: 
 
Dr. Steve Dawson 
President & CEO 
SinterCast AB (publ) 
Office: +46 150 794 40 
Mobile: +44 771 002 6342 
e-mail: steve.dawson@sintercast.com 
website: www.sintercast.com 
Corp. Id. 556233-6494 
 
This press release contains information SinterCast AB (publ) is obliged to make public pursuant to the EU Market 
Abuse Regulation. This information was submitted for publication, through the agency of the President & CEO Dr. 
Steve Dawson, at 08:00 CET on 30 April 2025.

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

SinterCast Results: 
First Quarter 2025 
 
 
Income Statement – Group 
 
 January−March January−December   
Amounts in SEK million  2025 2024  2024 2023   
Revenue  27.1 32.1  135.6 134.4   
Cost of goods sold  -8.3 -9.6  -37.3 -35.9   
Gross result  18.8 22.5  98.3 98.5   
         
Cost of sales and marketing  -7.6 -7.7  -33.6 -34.7   
Cost of administration  -1.9 -2.2  -10.0 -9.9   
Cost of research & development  -1.6 -2.1  -6.9 -12.5   
Other operating costs & income  2.5 -3.1  -4.7 1.2   
Operating result  10.2 7.4  43.2 42.7   
         
Financial income  0.0 0.0  0.4 0.2   
Financial costs  -0.1 -0.1  -0.4 -0.4   
Financial net  -0.1 -0.1  0.0 -0.1   
Result before income tax  10.1 7.3  43.2 42.6   
         
Income tax  -2.5 -1.2  -9.0 -0.4   
Result for the period  7.6 6.2  34.3 42.1   
         
Result attributable to:         
Equity holder of the parent company  7.6 6.2  34.3 42.1   
Non-controlling interests  - -  - -   
         
Earnings per share, SEK  1.08 0.87  4.85 5.94   
Earnings per share, diluted, SEK  1.08 0.87  4.85 5.94   
Number of shares at the close of the period, thousands  7,042.3 7,067.5  7,055.3 7,078.8   
Average number of shares, thousands  7,045.2 7,067.8  7,067.4 7,088.9   
Average number of shares, diluted  7,045.2 7,067.8  7,067.4 7,088.9   
          
Statement of Result and Other Comprehensive Income – Group 
 
 January−March January−December   
Amounts in SEK million  2025 2024  2024 2023   
Result for the period  7.6 6.2  34.3 42.1   
         
Other comprehensive income         
Items may be reclassified to the income statement         
Translation differences, foreign subsidiaries  -0.2 0.2  0.3 -0.6   
Other comprehensive income, net of tax  -0.2 0.2  0.3 -0.6   
Total comprehensive income for the period  7.4 6.4  34.6 41.5   
Total comprehensive income attributable to:         
Shareholder of the parent company  7.4 6.4  34.6 41.5   
Non-controlling interests  - -  - -

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

SinterCast Results: 
First Quarter 2025 
 
 
Balance Sheet – Group 
 
 31 Mar 31 Mar  31 Dec 31 Dec 
Amounts in SEK million 2025 2024  2024 2023 
ASSETS      
Intangible assets 1.0 1.5  1.1 1.7 
Tangible assets* 8.0 8.0  8.1 8.7 
Other long term receivables 0.0 0.4  0.1 0.4 
Deferred tax asset 39.6 49.7  42.0 50.9 
Total fixed assets 48.6 59.7  51.3 61.6 
      
Inventory 13.0 13.7  12.1 14.1 
Short-term receivables 32.4 33.3  37.9 43.6 
Short term deposits and cash at bank and in hand 33.2 25.8  23.1 12.3 
Total current assets 78.6 72.8  73.1 70.0 
Total assets 127.2 132.5  124.4 131.6 
      
SHAREHOLDERS' EQUITY AND LIABILITIES      
      
Shareholders' equity 108.7 118.9  102.9 113.6 
      
Long term liabilities* 0.7 0.2  0.4 0.5 
Current liabilities* 17.8 13.4  21.1 17.5 
Total liabilities 18.5 13.6  21.5 17.9 
Total shareholders' equity and liabilities 127.2 132.5  124.4 131.6 
* Includes right of use assets (SEK 1.8 million), long term lease liability (SEK 0.7 million) and short term lease liabilities 
(SEK 1.2 million)

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

SinterCast Results: 
First Quarter 2025 
 
 
Statement of Changes in Equity – Group 
 
Amounts in SEK million  
Share 
Capital 
Paid in 
Capital 
Exchange 
Differences 
Cumulative 
Results Total Equity 
Opening balance 1 January 2024  7.1 44.9 1.0 60.6 113.6 
       
Total comprehensive income       
Result for the period  - - - 6.2 6.2 
Other comprehensive income  - - 0.2 - 0.2 
Total comprehensive income  - - 0.2 6.2 6.4 
Repurchase own shares  - - - -1.2 -1.2 
Closing balance 31 March 2024  7.1 44.9 1.3 65.7 118.9 
       
Opening balance 1 January 2025  7.1 44.9 1.4 49.6 102.9 
       
Total comprehensive income       
Result for the period  - - - 7.6 7.6 
Other comprehensive income  - - -0.2 0.0 -0.2 
Total comprehensive income  - - -0.2 7.6 7.4 
Repurchase own shares  - - - -1.7 -1.7 
Closing balance 31 March 2025  7.1 44.9 1.2 55.5 108.7

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

SinterCast Results: 
First Quarter 2025 
 
 
Cashflow Statement – Group 
 
 January−March January−December 
Amounts in SEK million  2025 2024  2024 2023 
Operating activities       
Operating result  10.2 7.4  43.2 42.7 
Adjustments for items not included in the cash flow       
    Depreciation  0.9 0.9  4.3 6.4 
    Other  0.0 0.3  0.2 0.2 
    Unrealised exchange rate differences   -0.1 0.0  0.4 - 
Received interest  0.0 0.0  0.4 0.2 
Paid interest   -0.1 -0.1  -0.4 -0.4 
Paid income tax  -0.1 0.0  -0.1 -0.4 
Total cashflow from operating activities   10.8 8.6  48.0 48.7 
before change in working capital       
       
Change in working capital       
Inventory  -0.9 0.5  2.1 2.5 
Operating receivables  5.5 10.3  5.9 -6.1 
Operating liabilities  -3.2 -4.1  3.6 0.4 
Total change in working capital  1.4 6.7  11.6 -3.2 
       
Cashflow from operations  12.2 15.2  59.6 45.5 
       
Investing activities       
Acquisition of intangible assets  0.0 0.0  - -0.5 
Acquisition of tangible assets  -0.1 -0.1  -1.8 -5.1 
Cashflow from investing activities  -0.1 -0.1  -1.8 -5.6 
       
Financing activities       
Payment lease liability  -0.4 -0.4  -1.7 -1.6 
Dividend  0.0 0.0  -43.1 -39.0 
Repurchase own shares  -1.7 -1.2  -2.2 -1.2 
Cashflow from financing activities  -2.1 -1.6  -47.0 -41.8 
       
Exchange rate differences in cash and cash equivalents  0.0 0.0  0.0 0.0 
Cashflow for the period  10.0 13.6  10.8 -1.9 
Cash - opening balance  23.1 12.3  12.3 14.2 
Cash - closing balance*  33.2 25.8  23.1 12.3 
       
*    The cash and cash equivalents comprise short-term deposits and cash at bank and in hand

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

SinterCast Results: 
First Quarter 2025 
 
 
Key Ratio and Share Data – Group 
 
 January−March January−December 
Amounts in SEK million  2025 2024  2024 2023 
Key Ratio       
Revenue*  27.1 32.1  135.6 134.4 
Gross margin, %  69.3 70.1  72.5 73.3 
Operating result  10.2 7.4  43.2 42.7 
Operating margin, %  37.7 23.0  31.9 31.8 
Result for the period*  7.6 6.2  34.3 42.1 
Solidity, %  85.4 89.8  82.7 86.4 
Shareholders' equity  108.7 118.9  102.9 113.6 
Capital employed  108.7 118.9  102.9 113.6 
Total assets  127.2 132.5  124.4 131.6 
Return on shareholders' equity, %  6.7 5.3  31.6 37.3 
Return on capital employed, %  6.7 5.3  31.6 37.3 
Return on total assets, %  5.9 4.7  26.8 32.1 
Employees       
Number of employees at the end of the period  26 27  25 28 
Data per Share       
Earnings per share, SEK*  1.08 0.87  4.85 5.94 
Dividend per share, SEK  - -  6.10 5.50 
Cashflow from operations per share, SEK  1.74 2.16  8.43 6.42 
Share price at the end of the period, SEK  107.0 101.0  107.0 102.0 
       
* According to IFRS. All other key ratios and share data are defined as Alternative Performance Measures (APMs).  
Gross margin % 
Gross results as percentage of revenue 
Operating margin % 
Operating results as percentage of revenue 
Solidity % 
Adjusted shareholders' equity expressed as percentage of total 
assets end of period 
Equity per share 
Shareholders' equity divided by the average number of shares  
Capital employed 
Total assets less non-interest bearing liabilities 
Return on shareholders' equity % 
Result for the period as a percentage of average shareholders' 
equity. Quarterly values are not annualised 
Return on capital employed % 
Result for the period as a percentage of average capital employed 
Quarterly values are not annualised 
Return on total assets % 
Result for the period as a percentage of total average assets. 
Quarterly values are not annualised 
 
Average number of shares 
Weighted average outstanding shares, excluding repurchased 
shares, for the period  
Average number of shares adjusted for dilution 
Weighted average of the number of shares for the period adjusted 
for dilution 
Earnings per share 
Result for the period divided by the average number of shares  
Earnings per share, diluted 
Result for the period divided by the average number of shares 
adjusted for dilution 
Dividend per share 
Dividend divided by the number of shares 
Cashflow from operations per share 
Cashflow from operations divided by the number of shares  
Share price at the end of the period 
Latest paid price for the SinterCast share at NASDAQ Stockholm  
Value presented as "0.0" 
Amount below SEK 50,000 
Value presented as "-" 
No amount applicable

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

SinterCast Results: 
First Quarter 2025 
 
 
Income Statement – Parent Company 
 
 January−March January−December 
Amounts in SEK million  2025 2024  2024 2023 
Revenue  27.1 31.9  134.4 133.3 
Cost of goods sold  -8.9 -10.0  -39.3 -38.4 
Gross result  18.2 21.9  95.1 94.9 
       
Cost of sales and marketing  -7.6 -7.8  -32.4 -34.6 
Cost of administration  -1.8 -2.2  -10.0 -9.7 
Cost of research & development  -1.6 -2.1  -6.9 -12.5 
Other operating costs & income  4.1 -4.1  -6.5 1.3 
Operating result  11.3 5.7  39.4 39.4 
       
Result from shares in subsidiaries  0.0 0.0  1.8 0.0 
Financial income  0.0 0.0  0.4 0.2 
Financial costs  -0.2 -0.2  -0.9 -0.7 
Financial net  -0.2 -0.2  1.2 -0.5 
Result before income tax  11.1 5.6  40.6 38.9 
       
Income tax  -2.3 -1.1  -8.4 -2.1 
Result for the period  8.8 4.4  32.2 36.8 
       
Earnings per share, SEK  1.25 0.62  4.55 5.20 
Earnings per share, diluted, SEK  1.25 0.62  4.55 5.20 
Number of shares at the close of the period, thousands  7,042.3 7,067.5  7,055.3 7,078.8 
Average number of shares, thousands  7,045.2 7,067.8  7,067.4 7,088.9 
Average number of shares, diluted  7,045.2 7,067.8  7,067.4 7,088.9 
       
 
Statement of Result and Other Comprehensive Income – Parent Company 
 
 January−March January−December 
Amounts in SEK million  2025 2024  2024 2023 
Result for the period  8.8 4.4  32.2 36.8 
       
Total comprehensive income for the period  8.8 4.4  32.2 36.8

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

SinterCast Results: 
First Quarter 2025 
 
 
Balance Sheet – Parent Company 
 31 Mar 31 Mar  31 Dec 31 Dec 
Amounts in SEK million 2025 2024  2024 2023 
      
ASSETS      
Intangible assets 1.0 1.5  1.1 1.7 
Tangible assets 6.1 6.5  6.5 6.8 
Other long term receivables 1.8 2.2  1.9 2.2 
Deferred tax asset 38.3 47.9  40.6 49.0 
Total fixed assets 47.4 58.2  50.1 59.7 
      
Inventory 12.7 13.4  11.8 13.9 
Short-term receivables 33.1 33.1  38.2 43.2 
Short term deposits and cash at bank and in hand 32.1 23.6  21.6 10.6 
Total current assets 78.0 70.1  71.6 67.7 
Total assets 125.3 128.3  121.7 127.4 
      
SHAREHOLDERS' EQUITY AND LIABILITIES      
      
Shareholders' equity 87.2 96.5  80.1 93.3 
      
Current liabilities 38.1 31.7  41.6 34.1 
Total liabilities 38.1 31.7  41.6 34.1 
Total shareholders' equity and liabilities 125.3 128.3  121.7 127.4

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

SinterCast Results: 
First Quarter 2025 
 
 
Statement of Changes in Equity – Parent Company 
        
 Restricted Equity  Unrestricted Equity  
Amounts in SEK million 
Share 
Capital 
Statutory 
Reserve 
Reserve 
Developm. 
Costs 
Share 
Premium 
Reserve 
Results 
brought 
Forward 
Results 
for the 
Year 
Total 
Equity 
Opening balance 1 January 2024 7.1 9.5 1.1 35.3 3.3 36.8 93.3 
Appropriation of last year's result - - - - 36.8 -36.8 - 
Depreciation, development costs - - -0.1 - 0.1 - - 
Total comprehensive income - - - - - 4.4 4.4 
Repurchase own shares - - - - -1.2 - -1.2 
Closing balance 31 March 2024 7.1 9.5 1.0 35.3 39.1 4.4 96.5 
        
Opening balance 1 January 2025 7.1 9.5 0.7 35.3 -4.7 32.2 80.1 
Appropriation of last year's result - - - - 32.2 -32.2 - 
Capitalised development costs - - - - - - - 
Depreciation, development costs - - -0.1 - 0.1 - - 
Total comprehensive income - - - - - 8.8 8.8 
Repurchase own shares - - - - -1.7 - -1.7 
Closing balance 31 March 2025 7.1 9.5 0.7 35.3 25.8 8.8 87.2