Kvartalsrapport Q3 2025

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

SinterCast Results: 
Third Quarter 2025 
 
 
Third quarter production decreases i n difficult market 
Long-term outlook improving 
 
Third Quarter 2025 
• Revenue for Period: SEK 23.5 million (SEK 32.6 million) . Recurring revenue account ed for 87.1% (92.3% ) 
of the revenue 
• Operating Result: SEK 5.6 million (SEK 13.2 million), yielding 23.8% (40.4%) operating margin 
• Earnings per Share: SEK 0.62 per share (SEK 1.45 per share)  
• Cashflow from Operations: SEK 12.4 million (SEK 14.6 million), outpacing operating result primarily due to 
decreased operating receivables  
• Series production begins at new Scania facility in China 
• System 4000 installation completed at Maringá Soldas in Brazil  
• Ian Kershaw elected as Chairman at Extraordinary General Meeting on 30 September 2025 
 
Year-to-Date 2025 
• Revenue for Period: SEK 81.7 million (SEK 99.8 million) . Recurring revenue account ed for 92.9% (94.5%) 
of the revenue  
• Operating Result: SEK 27.0 million (SEK 33.7 million) , yielding 33.1% (33.8%) operating margin 
• Earnings per Share: SEK 2.95 per share (SEK 3.80 per share)  
• Cashflow from Operations: SEK 33.5 million (SEK 46.4 million) , primarily due to decreased operating 
results, reduced operating liabilities and reduction in prior -year operating receivables  
• Dividend: Ordinary dividend of SEK 6.00 per share (SEK 5.50 per share) and extraordinary dividend of SEK 
1.00 per share (SEK 0.60 per share), equivalent to SEK 49.5 million (SEK 43. 1 million), to be paid in two 
equal instalments . Record date 7 November 2025 for second payment  
• Installed Base: 58 (57) installations, 26 (26) fully automated systems, 24 (23) mini -systems and eight (eight) 
tracking systems in 13 (1 2) countries 
 
Key Facts and Figures 
 July−September  January−September January−December 
AMOUNTS IN SEK MILLION, unless otherwise stated  2025 2024 %    2025 2024  2024 2023 
Annualised Engine Equivalents, millions  2.7 3.5 -23%  3.1 3.8  3.6 3.7 
Recurring revenue*  20.5 30.0 -32%  75.8 94.3  123.0 127.0 
Revenue** 23.5 32.6 -28%  81.7 99.8  135.6 134.4 
Gross margin, %  73.7 74.5 -1%  71.3 73.3  72.5 73.3 
Operating result  5.6 13.2 -57%  27.0 33.7  43.2 42.7 
Operating margin, %  23.8 40.4 -41%  33.1 33.8  31.9 31.8 
Earnings per share, SEK**  0.62 1.45 -58%  2.95 3.80  4.85 5.94 
Distributed dividend per share, SEK  - -   3.50 3.05  6.10 5.50 
          
* 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.

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

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

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

SinterCast Results: 
Third Quarter 2025 
 
 
CEO Message 
Weak demand impacts commercial vehicle sales; passenger vehicles remain strong  
Series production in the third quarter finished at 2.7 million Engine Equivalents, representing a 17% decrease 
compared to the first half of the year (3.25 million Engine Equivalents) and a 23% decrease compared to the year -
ago quarter (3.5 million Engine Equivalents). The year-on-year decrease was primarily due to a 33% reduction in 
commercial vehicle production that impacted volume by 570,000 Engine Equivalents, extended summer shutdowns 
at most customer sites, and the historical loss of 400,000 Engine Equivalents from  the stoppage of a high volume 
programme in September 2024. In contrast to these headwinds, the current programmes in the passenger vehicle 
and off -road sectors delivered strong growth during the third quarter, providing a combined year -on-year increase 
of 150,000 Engine Equivalents, representing 11% growth.  
 
At the outset of the year, we predicted strong growth in 2025, benefitting from the transition to the new Traton Group 
common engine at MAN, start of production (SOP) of a new engine family at First Automobile Works (FAW), and a 
commercial vehicle pre-buy in advance of EPA 2027 in the United States. However, in the face of weak demand 
and global market uncertainty, MAN has extended production of its previous generation engine, FAW has deferred 
SOP, and the pre-buy effect has been negated by the Trump admini stration’s suspension of EPA 2027. While the 
current development is challenging , the long-term outlook continues to grow; we are experiencing a slowdown, not 
a change of direction. When the current cycle ends, there will be a convergence of positive factors for SinterCast , 
including pent -up demand for fleet renewal, a strong ramp of the delayed programmes, and the start of production 
of more than 500,000 Engine Equivalents of new orders received during the first half of 2025. We remain steadfast 
that every commercial vehicle OEM will adopt CGI before the end of the decade and that this trend will drive growt h 
to the five and six million Engine Equivalent milestones, and beyond. However, it is expected that the current market 
slowdown will push our timeline for reaching the five million Engine Equivalent milestone into 2027, compromising 
our previous target of reaching the milestone before the end of 2026.  
 
The lower volume in the third quarter translated into a 28% decrease in year -on-year revenue, to SEK 23.5 million 
(SEK 32.6 million). Revenue was equally impacted by a 28% reduction in sales of the consumable Sampling Cup 
to 37,600 units (51,825) as foundr y customers adjusted inventories during the quarter. For the year-to-date period, 
revenue amounted to SEK 81.7 million (SEK 99.8 million), with 92.9% (94.5%) of the total revenue accounted for 
by recurring revenue. The recurring revenue is derived from the Production Fee levied for each Engine Equivalent , 
consumables and software licence fees. Benefitting from proactive cost reduction activities, the year -to-dat e 
operating result finished at SEK 27.0 million (SEK 33.7 million), providing an operating margin of 33.1% (33.8%).  
 
During October, Scania started production at its new commercial vehicle facility in Rugao, China. As with all other 
Scania production, the engines used at the Chinese facility rely on the SinterCast process control technology for 
the production of the Compacted Graphite Iron cylinder blocks and heads.  Scania announced a production target 
of 10,000 vehicles in 2026 (85,000 Engine Equivalents).  The Rugao facility has been designed for the production 
of up to 50,000 commercial vehicles per year, which could provide approximately 425,000 Engine Equivalents per 
year at mature volume.  
 
Brazilian tariffs, interrupted Ford F -150 production not impacting SinterCast  
While tariffs have started to impact commercial vehicle sales, the unilateral tariffs applied by the Trump 
administration on Brazilian goods have not had a direct impact on SinterCast. Much of Tupy’s production that is 
destined for the US is produced in Mexico, and as such, is protected under the current USMCA free trade

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

SinterCast Results: 
Third Quarter 2025 
 
 
agreement. Only 3% of the total SinterCast volume is produced in Brazil for direct export to the United States. 
Considering the costs and leadtimes required to re-source complex engineering components, the SinterCast -C GI 
production in Brazil is not considered to be under immediate threat. The new 25% tariff on commercial vehicles and 
commercial vehicle components, implemented with effect from 1 November 2025, is applied equally to all non-
USMCA countries.  While this new tariff may further burden commercial vehicle sales, it will not apply the SinterCast 
production in Mexico and it will not impose an unbalanced trading disadvantage on any particular country. As there 
are no cast iron cylinder block and head foundries in the United States, the US must import 100% of its cast iron 
cylinder blocks and heads. The main sources are Mexico and Brazil, with some components coming from Europe 
and none, as yet, from Asia.  Considering the need to import cast iron cylinder blocks and heads, the tariffs are not 
expected to change the foundry sourcing landscape.  
 
During October, Ford announced that a fire at a Tier I supplier may interrupt production of the F -150 pick-up truck 
and other Ford models that use aluminium body components from the supplier. While vehicle production may be 
affected at the Ford vehicle assembly facilities in Michigan and Missouri during the fourth quarter, there have been 
no indications of reduced engine orders for the SinterCast-CGI base engine assembled at the Ford engine plant in 
Ohio. As the best-selling truck in America, F-150 vehicle assembly will eventually increase to recover demand. It is 
expected that the foundry production of the SinterCast -CGI cylinder block in Mexico, and of the 2.7 litre V6 petrol 
engine in Ohio, will continue at pace in the meantime.  
 
Installation activity increasing toward year -end 
Installation activity took a step forward in the third quarter, with equipment revenue of SEK 2.9 million (SEK 2. 2 
million). The third quarter benefitted from the System 4000 installation at the Maringá Soldas foundry in Brazil and 
strong aftermarket sales of spare parts. Installation activities are scheduled to intensify in the fourth quarter with the 
Mini-System 4000 installation at the Qingdao Surefire foundry in China, a capacity expansion at an undisclosed 
foundry partner in advance of increased commercial vehicle production, and continued aftermarket sales. With two 
months to go, our target is to reach SEK 10 million in full-year installation revenue. Discussions for new installat ions 
remain strong, despite increased caution for new capital expenditure. We expect to exceed our historical full -year 
average installation revenue of SEK 8 million again in 2026.  
 
 
 
 
 
 
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 8 
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 (SIN T). For more information:  www.sintercast.com  
Dr. Steve Dawson
President & CEO

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

SinterCast Results: 
Third Quarter 2025 
 
 
Financial Summary 
Revenue 
The revenue for the SinterCast Group relates primarily to income from series production, equipment,  and 
engineering service.  
 
Revenue Breakdown   July−September January−September   
(Amounts in SEK million)     2025 2024  2025 2024   
Recurring revenue from series production1    20.5 30.0  75.8 94.3   
Equipment2    2.9 2.2  5.2 4.6   
Engineering service3    0.1 0.3  0.6 0.9   
Total    23.5 32.6  81.7 99.8   
           
Number of Sampling Cups shipped     37,600 51,825  141,550 153,125   
           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 July−September 2025 revenue decreased  by 27.7% to SEK 23.5 million  (SEK 32.6 million) , primarily  due to 
the combined impact of the stoppage of a high-volume  programme in September 2024, and an ongoing slowdown 
in commercial  vehicle sales offset by increased Equipment  revenue following  the System 4000 installation at 
Maringá Soldas in Brazil. Recurring revenue from  series production decreased by 31.8% amounting to SEK 20. 5 
million  (SEK 30.0 million)  and accounting for 87.1%  (92.3%) of the total revenue. The total revenue was derived 
from annualised series production of 2.7 million  (3.5 million)  Engine Equivalents , shipment  of 37,600 (51,825) 
Sampling Cups and equipment revenue of SEK 2.9 million  (SEK 2.2 million) . Engineering Service amounted to SEK 
0.1 million (SEK 0.3  million). Exchange differences had a negative effect of 1.8% on revenue during the period.  
 
The January−September 2025 revenue decreased by 18.2% to SEK 81.7 million (SEK 99.8 million), prim arily due 
to the previously mentioned stoppage programme and slowdown in commercial vehicle sales . Recurring revenue 
from series production decreased by 19.6%, amount ing to SEK 75.8 million (SEK 94.3 million)  and accounting for 
92.9% (94.5%) of the total revenue. The total revenue includes  annualised series production of 3.1 million (3.8 
million) Engine Equivalents, shipment of 141,550 (153,125) Sampling Cups  and Equipment revenue of  SEK 5.2 
million (SEK 4.6 million), following the installations at Maringá Soldas in Brazil, the Saroj foundry in India and strong 
aftermarket sales of spare parts.  Engineering Service amounted to SEK 0.6 million (SEK 0.9 million). Exchange 
differences had a negative effect of 5.0% on revenue during the period.  
 
Results 
 
Results Summary July−September January−September 
(Amounts in SEK million if not otherwise stated)   2025 2024  2025 2024 
Gross margin, %  73.7 74.5  71.3 73.3 
Operating result  5.6 13.2  27.0 33.7 
Operating margin, %  23.8 40.4  33.1 33.8 
Result for the period after tax   4.3 10.3  20.7 26.9 
Earnings per share (SEK)  0.62 1.45  2.95 3.80

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

SinterCast Results: 
Third Quarter 2025 
 
 
The July−September 2025 operating result decreased by SEK 7 .6 million to  SEK 5.6 million (SEK 13.2 million) , 
due to the combined effect of a SEK 6.9 million decrease in gross margin, a SEK 0.3 million decrease in operat ing 
costs and a SEK 0.9 million reduction in other operating net cost and income. The decrease in operating costs is 
primarily related to the reduction in headcount. Other operating costs and income combined decreased by SEK 0.9 
million, primarily due to movements in foreign currencies resulting in reduced unrealised revaluation gains of 
existing hedge contracts. The result for the period after tax decreased by SEK 6.0 million to SEK 4.3 million (SEK 
10.3 million), primarily due to the SEK 7.6 million decrease in operating result and the decrease in calculated income 
tax of SEK 1.6 million.  
 
The January−September 2025 operating result decreased by SEK 6.7 million to SEK 27.0 million (SEK 33. 7 
million), due to the combined effect of a SEK 14.9 million decrease in gross margin, a SEK 2.6 million decrease in 
operating costs and improved other operating cost and income of SEK 5.7 million . The decrease in operating cost s 
is primarily related to the reduction in headcount . Other operating costs and income combined improved by SEK 
5.7 million, primarily due to movements in foreign currencies resulting in unrealised revaluation losses of exist ing 
hedge contracts reverted into unrealised and realised gains. The result for the period after tax decreased by SEK 
6.1 million to SEK 20.7 million (SEK 26.9 million), primarily due to the SEK 6.7 million decrease in operating result 
and the decrease in calculated income tax of SEK 0 .5 million.  
 
Income Tax and Deferred Tax Asset  
Tax cost for the January−September 2025 period amounted to SEK 6.2 million (SEK 6.7  million) . The Group’s 
total carried forward tax losses, remaining to be utilised, are calculated to be SEK 174.5 million  (SEK 214.6 million), 
resulting in a deferred tax asset of SEK 35.9 million (SEK 44.2 million). As a result of the current market uncertaint y 
and USD / SEK exchange rates, it is estimated that the timeline for SinterCast to begin to pay Swedish income tax 
will shift from the previously forecast  “late-2027 or early -2028” to the first half of 2028.  
 
Cashflow, Liquidity and Investments 
The January−September 2025 cashflow  from  operations  decreased by SEK 12.8 million,  compared to the same 
period last year, primarily  due to decreased  cashflow before changes in working capital of SEK 7.4 million  and SEK 
5.4 million  decrease in working capital. The improved working capital since year-end of SEK 3.8 million  (SEK 9.2) 
is primarily  due to a SEK 12.6 million  (SEK 7.7 million)  decrease in operating receivables a SEK 8.3 million  (SEK -
1.3 million)  decrease in operating liabilities and a temporary SEK 0.5 million  (SEK -0.2 million)  increase in inventory, 
in advance of fourth quarter equipment  deliveries. Total investments amounted to SEK 0.5 million  (SEK 1.3 million). 
Following  the dividend payment  of SEK 24.7 million,  the share buyback of SEK 1.7 million  and the IFRS 16 lease 
payment  of SEK 1.1 million , total cashflow  amounted to SEK 5.6 million  (SEK 21.1 million).  Liquidity on 30 
September  2025 was SEK 28.7 million  (SEK 33.4 million) , plus an overdraft credit facility in the amount  of SEK 1 2.5 
million,  providing effective  liquidity  of SEK 41.2 million.  SinterCast currently has no loans.  
 
Cashflow Summary January−September ∆ 
(Amounts in SEK million if not otherwise stated)  2025 2024 2025 vs 2024 
Cashflow from operations, before change in working capital  29.8 37.2 -7.4 
Change in working capital  3.8 9.2 -5.4 
Cashflow from operations  33.5 46.4 -12.8 
Cashflow from investing activities  -0.5 -1.3 0.8 
Cashflow from financing activities  -27.5 -24.0 -3.5 
Cashflow total  5.6 21.1 -15.5 
Liquidity  28.7 33.4

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

SinterCast Results: 
Third Quarter 2025 
 
 
Risks and Uncertainty Factors 
Uncertainty factors for SinterCast include: the timing of OEM decisions for new CGI engines and other component s; 
adherence to start -of-production dates and ramp projections; the longevity of each engine programme; the 
possibility that the volume of existing 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 t he 
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 
possibilitie s 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 30 September 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 30 September 2025, the Parent Company  had 21 (22) employees. The average number of em ployees 
during the period was 21 (22). 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 inform ation 
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 
Some OEMs and analysts indicate that the commercial vehicle market may begin to recover during 2026. At present , 
it is expected that the market downturn will push our timeline for reaching the five million Engine Equivalent 
milestone into 2027, compromising our previous target of reaching the milestone before the end of 2026. The current 
economic uncertainties have also impacted the USD / SEK exchange rate, and it is likely that the supressed US 
dollar rate will extend beyond the protections provided by our  current hedge programme, impacting future 
profitability. It is currently expected that SinterCast will begin to pay Swedish income tax during the first half of 2028. 
 
While the short-term conditions are difficult, we remain well-positioned for growth. Our pipeline is strong, benefitt ing 
from the pending increase in CGI uptake in heavy duty commercial vehicles from the current level of 40~50% t o

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

SinterCast Results: 
Third Quarter 2025 
 
 
more than 80% before the end of the decade, with every commercial vehicle OEM adopting CGI. This development 
provides for growth to reach the six million Engine Equivalent milestone, and beyond. The longer-term outlook also 
continues to improve with new and pending legislation favouring internal combustion engines with clean, net -zero 
fuels both in Europe and the US. The commercial vehicle sector increasingly acknowledges the benefits of the 
internal combustion engine running on clean fuels, rather than electrification, providing the framework for strong 
production demand well beyond 2040.  
 
Building on the successful business that SinterCast has developed over the past 25 years, the Board has initiat ed 
a process to explore value-creating opportunities beyond the current organic growth strategy.  By leveraging t he 
company's strong balance sheet and cashflows, the addition of an inorganic growth strategy could enable furt her 
growth opportunities,  enhancing long-term shareholder value.   Complementing the current financial targets, a 
search process has been initiated to identify potential opportunities for acquisitions.  
 
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 cover 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  
 
Accounting Principles   
The information provided on behalf  of the group in this interim  report has been prepared in accordance wit h 
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 46-51.

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

SinterCast Results: 
Third Quarter 2025 
 
 
Material Transactions and Events during the Period  
The Extraordinary General Meeting (EGM) of the shareholders,  held on 30 September  2025, elected Ian Kershaw 
as new Board Member  and Chairman of the Board with effect from  1 November 2025 and for the period until the 
end of the next Annual General Meeting. The current Chairman,  Robert Dover, has announced that he will resign 
from  the Board and step down from  the Nomination Committee  on 1 November  2025. Ian Kershaw has assumed 
the Chairman’s  role as an adjunct member  of the Nomination Committee,  with no voting rights. 
 
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 following  press releases were issued during the period: 
 
8 July 2025 – SinterCast series production up 10% in second quarter 
20 August 2025 – SinterCast Results April - June 2025 
1 September  2025 – SinterCast Nomination Committee  appointed 
4 September  2025 – Notice of Extraordinary General Meeting of SinterCast Aktiebolag 
30 September  2025 – SinterCast Extraordinary General Meeting 
 
There have been no significant events since the balance sheet date of 30 September  2025 that could materially 
change these financial statements. The following press releases were issued after the balance sheet date:  
 
21 October 2025 – Third quarter production decreases in difficult market, Long-term outlook remains strong 
 
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 distribut ed 
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. 
 
Dividend 2025  
The Annual General Meeting (AGM) of the shareholders decided on 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 milli on) to the shareholders of SinterCast AB (publ) for the financial year 2024. The 
dividend will be distributed in two equal payments of SEK 3.50 per share, with the record date 22 May 2025 for the 
first payment and 7 November 2025 as the record date for the second payment.  
 
Share Buyback  
The AGM on 20 May 2025 authorised the Board of Directors of SinterCast AB to decide upon the acquisition of 
SinterCast shares, prior to the next AGM. SinterCast activated the campaign on 20 May 2025 but has not yet 
acquired any shares since 20 May 2025. SinterCast currently holds 25,223 of its own shares.

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

SinterCast Results: 
Third Quarter 2025 
 
 
 
 
 
 
Annual General Meeting 
The next Annual General Meeting of SinterCast AB (publ) will be held on Tuesday 19 May 2026, at 15:00 at IVA, 
Stockholm. 
 
Shareholders  wishing  to have a matter considered at the Annual General Meeting should provide written 
submissions  to the Board of Directors at agm.registration@sintercast.com  or: SinterCast AB (publ), Kungsgatan 2, 
641 30 Katrineholm,  Sweden, at least seven weeks prior to the Annual General Meeting for the proposal  to be 
included in the notice of the meeting.  Further details on how and when to register will be published in advance of 
the Annual General Meeting.  
 
Nomination Committee 
The Nomination  Committee  has been appointed based on the ownership structure as of 31 August 2025.  Ulf 
Stenbeck is the Chairman of the committee.   The other members  of the committee  are Torbjörn Gustafsson, David 
Walton, fund manager  at Canaccord Genuity Wealth Management  and Einar Ahlström, current Board m em ber.  
Since 1 November  2025, the committee  also includes  Ian Kershaw, Chairman  of the Board of SinterCast, as an 
adjunct member,  with no voting rights. Shareholders  who wish to submit proposals  to the Nomination C o mmi ttee 
may send an e-mail  to:  nomination.committee@sintercast.com .   
 
 
Information 
Interim Reports Publication Date 
October–December  2025 and Full Year Results 2025 08:00 CET on 17 February 2026 
January–March 2026 08:00 CET on 29 April 2026 
April–June 2026 08:00 CET on 19 August 2026 
July–September  2026 08:00 CET on 4 November  2026 
 
This report has been reviewed by the company’s  Auditors.

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

SinterCast Results: 
Third Quarter 2025 
 
 
 
 
Stockholm 5 November 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 5 November 2025.

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

Translation from the Swedish original  
 
 
Review report 
To the Board of Directors of SinterCast AB (publ.)  
Corp. id. 556233-6494 
Introduction 
We have reviewed the condensed interim financial information (interim report) of SinterCast AB (publ.) as of 30 
September 2025 and the nine-month period then ended. The Board of Directors and the Managing Director are 
responsible for the preparation and pr esentation of this interim report in accordance with IAS 34 and the 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 International Standard on Review Engagements ISRE  2410 Review of 
Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 
consists of making inquiries, primarily of persons 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 accordance 
with International Standards on Auditing and other generally accepted auditing practices and consequently does 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, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent 
Company in accordanc e with the Annual Accounts Act.  
 
Stockholm 5 November 2025 
 
KPMG AB  
  
  
  
Jonas Eriksson   
Authorized Public Accountant

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

SinterCast Results: 
Third Quarter 2025 
 
 
Income Statement – Group 
 
 July−September January−September January−December 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
Revenue 23.5 32.6  81.7 99.8  135.6 134.4 
Cost of goods sold  -6.2 -8.3  -23.4 -26.7  -37.3 -35.9 
Gross result 17.3 24.3  58.3 73.1  98.3 98.5 
         
Cost of sales and marketing  -7.4 -7.5  -22.4 -24.2  -33.6 -34.7 
Cost of administration  -2.6 -2.7  -7.4 -7.5  -10.0 -9.9 
Cost of research & development  -1.5 -1.6  -4.9 -5.6  -6.9 -12.5 
Other operating costs & income  -0.2 0.7  3.5 -2.2  -4.7 1.2 
Operating result 5.6 13.2  27.0 33.7  43.2 42.7 
         
Financial income  0.1 0.0  0.2 0.1  0.4 0.2 
Financial costs  -0.1 -0.1  -0.2 -0.3  -0.4 -0.4 
Financial net 0.0 -0.1  -0.1 -0.2  0.0 -0.1 
Result before income tax 5.6 13.1  26.9 33.5  43.2 42.6 
         
Income tax  -1.2 -2.8  -6.2 -6.7  -9.0 -0.4 
Result for the period 4.3 10.3  20.7 26.9  34.3 42.1 
         
Result attributable to:          
Equity holder of the parent company  4.3 10.3  20.7 26.9  34.3 42.1 
Non -controlling interests  - -  - -  - - 
         
Earnings per share, SEK  0.62 1.45  2.95 3.80  4.85 5.94 
Earnings per share, diluted, SEK  0.62 1.45  2.95 3.80  4.85 5.94 
Number of shares at the close of the period, thousands  7,042.3 7,067.5  7,042.3 7,067.5  7,055.3 7,078.8 
Average number of shares, thousands  7,042.3 7,067.5  7,042.8 7,070.5  7,067.4 7,088.9 
Average number of shares, diluted  7,042.3 7,067.5  7,042.8 7,070.5  7,067.4 7,088.9 
          
Statement of Result and Other Comprehensive Income – Group 
 
 July−September January−September January−December 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
Result for the period 4.3 10.3  20.7 26.9  34.3 42.1 
         
Other comprehensive income         
Items may be reclassified to the income statement         
Translation differences, foreign subsidiaries  -0.4 0.0  -0.4 0.2  0.3 -0.6 
Other comprehensive income, net of tax  -0.4 0.0  -0.4 0.2  0.3 -0.6 
Total comprehensive income for the period  4.0 10.3  20.4 27.0  34.6 41.5 
Total comprehensive income attributable to:          
Shareholder of the parent company  4.0 10.3  20.4 27.0  34.6 41.5 
Non -controlling interests  - -  - -  - -

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

SinterCast Results: 
Third Quarter 2025 
 
 
Balance Sheet – Group 
 
 30 Sep 30 Sep  30 Jun 30 Jun  31 Dec 31 Dec 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
ASSETS         
Intangible assets  0.8 1.3  0.9 1.4  1.1 1.7 
Tangible assets*  6.8 8.2  7.6 9.2  8.1 8.7 
Other long term receivables  0.0 0.3  0.0 0.4  0.1 0.4 
Deferred tax asset  35.9 44.2  37.2 47.0  42.0 50.9 
Total fixed assets 43.6 54.0  45.7 58.0  51.3 61.6 
         
Inventory  12.6 13.9  12.7 14.8  12.1 14.1 
Short -term receivables  25.3 35.9  35.7 33.2  37.9 43.6 
Short term deposits and cash at bank and in hand  28.7 33.4  16.7 19.2  23.1 12.3 
Total current assets 66.6 83.2  65.1 67.2  73.1 70.0 
Total assets 110.2 137.2  110.7 125.2  124.4 131.6 
         
SHAREHOLDERS' EQUITY AND LIABILITIES         
         
Shareholders' equity 72.3 96.4  68.0 86.2  102.9 113.6 
         
Long term liabilities*  0.5 0.4  0.6 0.7  0.4 0.5 
Current liabilities*  37.3 40.4  42.1 38.3  21.1 17.5 
Total liabilities 37.8 40.8  42.7 39.0  21.5 17.9 
Total shareholders' equity and liabilities  110.2 137.2  110.7 125.2  124.4 131.6 
* Includes right of use assets (SEK 1.5 million), long term lease liability (SEK 0.6 million) and short term lease liabilitie s (SEK 0.9 million)

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

SinterCast Results: 
Third 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   - - - 26.9 26.9 
Other comprehensive income   - - 0.2 - 0.2 
Total comprehensive income  - - 0.2 26.9 27.0 
Repurchase own shares   - - - -1.2 -1.2 
Dividend   - - - -43.1 -43.1 
Closing balance 30 September 2024  7.1 44.9 1.2 43.3 96.4 
       
Opening balance 1 January 2025  7.1 44.9 1.4 49.6 102.9 
       
Total comprehensive income       
Result for the period   - - - 20.7 20.7 
Other comprehensive income   - - -0.4 - -0.4 
Total comprehensive income  - - -0.4 20.7 20.4 
Repurchase own shares   - - - -1.7 -1.7 
Dividend   - - - -49.3 -49.3 
Closing balance 30 September 2025  7.1 44.9 1.1 19.3 72.3

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

SinterCast Results: 
Third Quarter 2025 
 
 
Cashflow Statement – Group 
 
 July−September January−September January−December 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
Operating activities         
Operating result  5.6 13.2  27.0 33.7  43.2 42.7 
Adjustments for items not included in the cash flow          
    Depreciation  0.9 1.1  2.7 3.1  4.3 6.4 
    Other 0.2 -0.1  0.2 0.1  0.2 0.2 
    Unrealised exchange rate differences  0.0 0.3  0.0 0.5  0.4 0.0 
Received interest  0.1 0.0  0.2 0.1  0.4 0.2 
Paid interest  0.0 -0.1  -0.2 -0.3  -0.4 -0.4 
Paid income tax  0.0 0.0  -0.1 -0.1  -0.1 -0.4 
Total cashflow from operating activities  6.7 14.3  29.8 37.2  48.0 48.7 
before change in working capital          
         
Change in working capital          
Inventory  0.0 0.9  -0.6 0.2  2.1 2.5 
Operating receivables  10.4 -2.7  12.6 7.7  5.9 -6.1 
Operating liabilities  -4.8 2.1  -8.3 1.3  3.6 0.4 
Total change in working capital  5.6 0.3  3.8 9.2  11.6 -3.2 
         
Cashflow from operations  12.4 14.6  33.5 46.4  59.6 45.5 
         
Investing activities         
Acquisition of intangible assets  0.0 0.0  0.0 0.0  - -0.5 
Acquisition of tangible assets  -0.1 -0.1  -0.5 -1.3  -1.8 -5.1 
Cashflow from investing activities  -0.1 -0.1  -0.5 -1.3  -1.8 -5.6 
         
Financing activities         
Payment lease liability  -0.3 -0.4  -1.1 -1.3  -1.7 -1.6 
Dividend  0.0 0.0  -24.7 -21.6  -43.1 -39.0 
Repurchase own shares  0.0 0.0  -1.7 -1.2  -2.2 -1.2 
Cashflow from financing activities  -0.3 -0.4  -27.5 -24.0  -47.0 -41.8 
         
Exchange rate differences in cash and cash equivalents  0.0 0.0  0.0 0.0  0.0 0.0 
Cashflow for the period  12.0 14.1  5.6 21.1  10.8 -1.9 
Cash - opening balance  16.7 19.2  23.1 12.3  12.3 14.2 
Cash - closing balance* 28.7 33.4  28.7 33.4  23.1 12.3 
         
*    The cash and cash equivalents comprise short -term deposits and cash at bank and in hand

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

SinterCast Results: 
Third Quarter 2025 
 
 
Key Ratio and Share Data – Group 
 
 July−September January−September January−December 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
Key Ratio         
Revenue* 23.5 32.6  81.7 99.8  135.6 134.4 
Gross margin, %  73.7 74.5  71.3 73.3  72.5 73.3 
Operating result  5.6 13.2  27.0 33.7  43.2 42.7 
Operating margin, %  23.8 40.4  33.1 33.7  31.9 31.8 
Result for the period*  4.3 10.3  20.7 26.9  34.3 42.1 
Solidity, %  65.7 70.3  65.7 70.3  82.7 86.4 
Shareholders' equity  72.3 96.4  72.3 96.4  102.9 113.6 
Capital employed  72.3 96.4  72.3 96.4  102.9 113.6 
Total assets  110.2 137.2  110.2 137.2  124.4 131.6 
Return on shareholders' equity, %  5.1 11.2  23.7 25.6  31.6 37.3 
Return on capital employed, %  5.1 11.2  23.7 25.6  31.6 37.3 
Return on total assets, %  3.5 7.8  17.7 20.0  26.8 32.1 
Employees         
Number of employees at the end of the period  26 27  26 27  25 28 
Data per Share         
Earnings per share, SEK*  0.62 1.45  2.95 3.80  4.85 5.94 
Dividend per share, SEK  - -  3.50 3.05  6.10 5.50 
Cashflow from operations per share, SEK  1.75 2.06  4.76 6.54  8.41 6.42 
Share price at the end of the period, SEK  111.0 110.0  111.0 110.0  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 , 
excluding repurchased shares, 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 18 =====

SinterCast Results: 
Third Quarter 2025 
 
 
Income Statement – Parent Company 
 
 July−September January−September January−December 
Amounts in SEK million 2025 2024  2025 2024  2024 2023 
Revenue 23.5 32.5  81.6 99.3  134.4 133.3 
Cost of goods sold  -6.8 -8.7  -24.9 -28.3  -39.3 -38.4 
Gross result 16.7 23.8  56.7 71.0  95.1 94.9 
         
Cost of sales and marketing  -7.3 -7.6  -22.3 -23.9  -32.4 -34.6 
Cost of administration  -2.6 -2.7  -7.4 -7.5  -10.0 -9.7 
Cost of research & development  -1.5 -1.6  -4.9 -5.6  -6.9 -12.5 
Other operating costs & income  0.1 1.2  5.9 -2.6  -6.5 1.3 
Operating result 5.4 13.0  28.0 31.3  39.4 39.4 
         
Result from shares in subsidiaries  0.0 0.0  0.0 0.0  1.8 0.0 
Financial income  0.1 0.0  0.2 0.1  0.4 0.2 
Financial costs  -0.2 -0.3  -0.6 -0.7  -0.9 -0.7 
Financial net -0.1 -0.2  -0.5 -0.6  1.2 -0.5 
Result before income tax 5.3 12.8  27.5 30.8  40.6 38.9 
         
Income tax  -1.1 -2.6  -5.7 -6.3  -8.4 -2.1 
Result for the period 4.2 10.2  21.8 24.4  32.2 36.8 
         
Earnings per share, SEK  0.59 1.44  3.10 3.45  4.55 5.20 
Earnings per share, diluted, SEK  0.59 1.44  3.10 3.45  4.55 5.20 
Number of shares at the close of the period, thousands  7,042.3 7,067.5  7,042.3 7067.53  7,055.3 7,078.8 
Average number of shares, thousands  7,042.3 7,067.5  7,042.8 7070.50  7,067.4 7,088.9 
Average number of shares, diluted  7,042.3 7,067.5  7,042.8 7070.50  7,067.4 7,088.9 
         
 
Statement of Result and Other Comprehensive Income – Parent Company 
 
 July−September January−September January−December 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
Result for the period 4.2 10.2  21.8 24.4  32.2 36.8 
         
Total comprehensive income for the period  4.2 10.2  21.8 24.4  32.2 36.8

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

SinterCast Results: 
Third Quarter 2025 
 
 
Balance Sheet – Parent Company 
 30 Sep 30 Sep  30 Jun 30 Jun  31 Dec 31 Dec 
Amounts in SEK million  2025 2024  2025 2024  2024 2023 
         
ASSETS         
Intangible assets  0.8 1.3  0.9 1.4  1.1 1.7 
Tangible assets  5.7 6.6  6.1 7.1  6.5 6.8 
Other long term receivables  1.8 2.2  1.8 2.2  1.9 2.2 
Deferred tax asset  35.0 42.7  36.0 45.3  40.6 49.0 
Total fixed assets 43.3 52.7  44.9 56.1  50.1 59.7 
         
Inventory  12.4 13.6  12.4 14.5  11.8 13.9 
Short -term receivables  27.3 36.6  37.8 33.6  38.2 43.2 
Short term deposits and cash at bank and in hand  25.9 31.7  14.0 17.3  21.6 10.6 
Total current assets 65.5 82.0  64.1 65.4  71.6 67.7 
Total assets 108.8 134.7  109.0 121.5  121.7 127.4 
         
SHAREHOLDERS' EQUITY AND LIABILITIES         
         
Shareholders' equity 51.0 73.4  46.8 63.2  80.1 93.3 
         
Current liabilities  57.8 61.3  62.2 58.2  41.6 34.1 
Total liabilities 57.8 61.3  62.2 58.2  41.6 34.1 
Total shareholders' equity and liabilities  108.8 134.7  109.0 121.5  121.7 127.4

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

SinterCast Results: 
Third 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  - - -0.3 - 0.3 - - 
Total comprehensive income - - - - - 24.4 24.4 
Repurchase own shares  - - - - -1.2 - -1.2 
Dividend  - - - - -43.1 - -43.1 
Closing balance 30 September 2024 7.1 9.5 0.8 35.3 -3.8 24.4 73.4 
        
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  - - -0.2 - 0.2 - - 
Total comprehensive income - - - - - 21.8 21.8 
Fund reallocation to unrestricted equity  - -9.5 - - 9.5 - - 
Repurchase own shares  - - - - -1.7 - -1.7 
Dividend  - - - - -49.3 - -49.3 
Closing balance 30 September 2025 7.1 0.0 0.5 35.3 -13.8 21.8 51.0