Kvartalsrapport Q1 2026

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

April 28, 2026
Report for 
Q1 2026

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

Report for Q1 2026
Summary 
• Revenue was SEK 25,336 (25,523) million
• Operating result was SEK 2,201 (1,351) million, better result in SSAB Europe and SSAB Americas
• Earnings per share was SEK 1.61 (1.13)
• Net cash was SEK 9.6 (14.4) billion, seasonal build-up of working capital
• Lost time injury frequency (LTIF) decreased to an all-time low of 0.49 (0.67)
• Limited direct effects on SSAB from the war in Persian gulf, but customers more cautious 
Key figures
 
2026 2025 2025 2025
SEK millions Q1 Q1 Q4 Full-year
Revenue 25,336 25,523 22,106 96,220
EBITDA 3,236 2,369 1,777 10,189
EBITDA margin (%) 13 9 8 11
Operating result 2,201 1,351 756 6,116
Operating margin (%) 9 5 3 6
Result for the period 1,601 1,127 435 4,906
Earnings per share, basic and diluted, (SEK) 1.61 1.13 0.44 4.92
Operating cash flow 8 -547 4,140 7,621
Net debt (+) / Net cash (-) -9,561 -14,388 -11,596 -11,596
Net debt/equity ratio (%) -14 -21 -17 -17
Return on capital employed, rolling 12 months (%) 13 10 12 12
Lost time injury frequency (LTIF), rolling 12 months 0.49 0.67 0.56 0.56
Number of employees at end of period 14,650 14,637 14,609 14,609
INTERIM REPORT JANUARY - MARCH 2026
2 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
Revenue (SEK millions)
EBITDA margin (%)
Operating margin (%)
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
0
10,000
20,000
30,000
0
5
10
15
Revenue, EBITDA margin 
and operating margin
Return on capital employed
rolling 12 months (%) Net cash (SEK billions)
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
0
5
10
15
Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
0
5
10
15

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

Comments by the CEO 
SSAB’s operating result for the first quarter of 2026 amounted to SEK 2,201 (1,351) million. The improvement 
was mainly related to higher result in SSAB Europe and SSAB Americas. The shipments of advanced steels 
was at a good level in the first quarter and growth in these steels is a key in SSAB’s strategy to accelerate 
premium leadership.
In 2025, the European Commission proposed new trade measures to protect the EU steelmaking sector 
against global overcapacity. In April, a political agreement was reached between the European Parliament and 
Council. In the next step, the proposal is examined and approved in parallel by the Parliament and the Council 
with the aim to ensure its entry into force on July 1, 2026. SSAB expects this to improve the supply-demand 
balance in the European market.
SSAB continues to transform to a modern and fossil-free operation. The conversion of Oxelösund is 
progressing with the construction of the new electric arc furnace. The construction of the new and highly-
efficient mini-mill in Luleå was paused at the beginning of the second quarter after contractors have reported 
symptoms and illness. SSAB is continuing sampling and testing in order to confirm or rule out possible 
causes, so that the site can be reopened safely. The regular steel production in Luleå is proceeding as normal. 
The direct effects on SSAB from the war in the Persian Gulf have been limited, but customers are becoming 
more cautious across several markets, and there is a risk that a prolonged conflict could negatively affect 
economic activity.
Outlook for the second quarter of 2026 
Outlook for the steel divisions
Q2 2026 vs. Q1 2026
Shipments Realized prices
SSAB Special Steels Stable Somewhat higher
SSAB Europe Stable Somewhat higher
SSAB Americas Stable Somewhat higher
Definitions: Significantly lower (>10 %), Lower (5-10 %), Somewhat lower (0-5 %), Stable (~0 %), Somewhat higher (0-5 %), Higher (5-10 %), Significantly higher 
(>10 %)
The costs of raw materials for SSAB Special Steels and SSAB Europe are expected to be somewhat higher 
compared to the first quarter of 2026, whereas for SSAB Americas, costs are expected to be fairly stable. 
Major planned maintenance outages 2026
The Group’s total maintenance costs for the full-year 2026 are expected to be SEK 1,450 (1,410) million, 
unchanged compared to the previous estimate. The table below shows the expected costs for 2026 and the 
actual costs during 2025. The figures include the impact of the direct maintenance cost and the cost of lower 
capacity utilization but exclude lower margins due to lower shipments.
Expected maintenance costs for 2026 
2026 2025 2026E 2025 2026E 2025 2026E 2025 2026E 2025
SEK millions Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Full-year Full-year
SSAB Special Steels 0 0 0 0 100 60 280 490 380 550
SSAB Europe 0 0 0 0 310 330 270 220 580 550
SSAB Americas 0 0 0 0 490 0 0 310 490 310
Total 0 0 0 0 900 390 550 1,020 1,450 1,410
Guidance on capital expenditure
The estimate for total maintenance and strategic capital expenditure for the full-year 2026 remains at 
approximately SEK 13.5 billion, compared to SEK 10.1 billion in 2025.  
INTERIM REPORT JANUARY - MARCH 2026
3 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

SSAB Group – First quarter of 2026
The market during the first quarter
Within the global market for high-strength steels, demand was seasonally higher compared with the previous 
quarter. The underlying demand in Europe showed some improvement. Markets in the Middle East were 
negatively affected by the war in the Persian Gulf.
The European market for standard steels remained cautious during the first quarter, but with a seasonal 
improvement compared with the previous quarter. Inventory levels at distributors are assessed to be 
somewhat high. Import volumes declined, and some production capacity among European steel producers 
was idled during the quarter, partly due to maintenance. Market prices for strip and heavy plate increased 
during the first quarter, driven by expectations of more restrictive import measures into the European market.
In the middle of April, a political agreement was reached between the European Parliament and Council on the 
measure to protect the EU steelmaking sector against global overcapacity. In the next step, the proposal is 
examined and approved in parallel by the Parliament and the Council with the aim to ensure its entry into force 
on July 1, 2026. In January 2026, the EU’s Carbon Border Adjustment Mechanism (CBAM) became fully 
operational with the goal of creating a more level playing field. 
The North American plate market was relatively strong during the first quarter and prices increased. Inventory 
levels among North American distributors are assessed to be somewhat low.
Market prices in China for strip and heavy plate recorded some increase during the first quarter.
Production and shipments
SSAB’s production and shipments were higher compared to the first quarter of 2025. Production and 
shipments were also higher compared to the fourth quarter of 2025, which was impacted by planned 
maintenance outages.
2026 2025 2025 2025
Thousand tonnes Q1 Q1 Q4 Full-year
Crude steel production 2,010 1,946 1,802 7,536
Rolling production 1,871 1,778 1,715 6,970
Steel shipments 1,736 1,676 1,515 6,364
Revenue and operating result 
Revenue for the first quarter of 2026 was SEK 25,336 (25,523) million, down 1% compared to the same period 
in 2025, mainly related to negative currency effects. Compared with the fourth quarter of 2025, revenue was 
up 15%, mainly due to higher shipments.
EBITDA amounted to SEK 3,236 (2,369) million and the EBITDA margin was 13% (9%) for the first quarter of 
2026. Operating result was SEK 2,201 (1,351) million. The increase compared to the first quarter of 2025 was 
primarily explained by improved result in SSAB Europe and SSAB Americas. Compared to the fourth quarter of 
2025, operating result was up by SEK 1,445 million. The fourth quarter of 2025 was impacted by planned 
maintenance cost of SEK 1,020 million.
Revenue, EBITDA margin and operating margin
INTERIM REPORT JANUARY - MARCH 2026
4 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Revenue (SEK millions) EBITDA margin (%) Operating margin (%)
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
-25,000
0
25,000
50,000
75,000
100,000
125,000
150,000
-5%
0%
5%
10%
15%
20%
25%
30%
* Operating margin for 2022 adjusted to exclude goodwill impairment of SEK 33.3 billion.  ** 2026 reported as rolling 12 months.
***

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

Revenue and operating result by business segment
 
Revenue Operating result
2026 2025 2025 2026 2025 2025
SEK millions Q1 Q1 Change Q4 Change Q1 Q1 Change Q4 Change
SSAB Special Steels 7,307 7,346 -39 5,959 1,348 1,528 1,442 86 645 883
SSAB Europe 10,827 10,740 87 8,954 1,873 438 33 404 114 323
SSAB Americas 4,994 5,157 -164 5,083 -89 573 160 413 347 226
Tibnor 2,830 2,905 -74 2,494 336 72 35 37 -31 103
Ruukki Construction 1,143 1,161 -17 1,303 -160 -60 -30 -31 -50 -10
Other — — — — — -351 -290 -61 -269 -82
Group adjustments -1,765 -1,785 20 -1,687 -78 — — — — —
Total 25,336 25,523 -187 22,106 3,230 2,201 1,351 850 756 1,445
Analysis of total change in revenue and operating result compared to prior periods
 
Revenue Operating result
% change Vs. Q1 2025 Vs. Q4 2025 SEK millions
Change vs.
Q1 2025
Change vs.
Q4 2025
Price 3 1 Price and product mix -460 -210
Product mix 0 1 Volume 270 990
Volume 4 14 Variable costs 1,075 170
Currency effects -8 -2 Fixed costs 0 195
Other sales 0 1 Capacity utilization 100 335
Currency effects -135 -35
Total -1 15 Total 850 1,445
Return on capital employed (%)
Net result and earnings per share
The result for the period attributable to shareholders in the parent company was SEK 1,601 (1,125) million for 
the first quarter of 2026, equating to SEK 1.61 (1.13) per share. Financial items were SEK -94 (125) million. 
The decrease was mainly due to lower interest income from cash and cash equivalents. Income tax expenses 
were SEK 506 (348) million. 
Equity 
With the result for the period and other comprehensive income for the period (mostly consisting of translation 
differences) of SEK 685 (-3,804) million, the total equity amounted to SEK 70,112 (68,342) million, of which 
SEK 70,076 (68,294) million is attributable to the owners of the parent company, equating to SEK 70.31 
(68.53) per share.
INTERIM REPORT JANUARY - MARCH 2026
5 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
0%
5%
10%
15%
20%
25%
30%
35%
**
* Return on capital employed for 2022 adjusted to exclude goodwill impairment of SEK 33.3 billion.  ** 2026 reported as rolling 12 months.
*

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

Strategic projects 
Oxelösund
The conversion of the steel mill in Oxelösund is proceeding with the construction of the new electric arc 
furnace (EAF), as well as the infrastructure for scrap handling. The conversion includes the closure of the 
existing blast furnaces and coke plant. At the same time, most operations in Oxelösund, including the 
advanced rolling mill and unique Q&T lines that produce high-strength steel will continue as before. The start 
of production is planned for early 2027, unchanged to previous assessment. SSAB’s transformation plan 
depends on the necessary infrastructure being in place on time, particularly regarding electricity supply, and 
there are currently pending appeals related to the power line to Oxelösund. 
Luleå 
The construction of the new and highly-efficient mini-mill in Luleå was paused at the beginning of the second 
quarter after contractors have reported symptoms and illness. SSAB is continuing sampling and testing in 
order to confirm or rule out possible causes, so that the site can be reopened safely. The production start of 
the new steel mill in Luleå is estimated to take place at the end of 2029. SSAB has flexibility for a robust 
implementation of the investment, taking into account financial capacity, customer demand and the market 
situation in general. During the first quarter, the investment in in Luleå was recognized as a strategic net‑zero 
project under the EU’s Net‑Zero Industry Act, confirming the project's importance for the EU’s future 
competitiveness and for the union’s ability to meet its climate and energy targets.
Raahe
The final stage of the Nordic transformation plan is the conversion of the Raahe steel mill in Finland, where 
the blast furnaces and coking plant is planned be replaced by electric arc furnaces, mirroring the approach in 
Oxelösund. The timing will depend on raw material availability, financial capacity, general market conditions, 
as well as the experience from the projects in Oxelösund and Luleå. 
Mobile
The Investment in Mobile to increase the capacity for SSAB Special Steels’ products (Q&T) is on-going. The 
total investment amount is USD 74 million over three years. Production is assessed to start during 2027.
Capital expenditure 
Capital expenditure amounted to SEK 1,909 (1,143) million during the first quarter of 2026. Strategic 
investments were SEK 1,488 (758) million. The increase relates primarily to the transformation of Luleå. The 
estimate for total maintenance and strategic capital expenditure for the full-year 2026 remains at SEK 13.5 
billion. The corresponding sum of maintenance and strategic capital expenditure in 2025 was SEK 10.1 billion. 
Major strategic capital expenditure projects 
 
2026 2025 2025 2025
SEK millions Q1 Q1 Q4 Full-year Finalized Taxonomy1)
Oxelösund conversion 408 473 984 2,289 Early 2027 Potentially aligned
Luleå mini-mill 614 193 1,972 4,516 End 2029 Potentially aligned
Q&T Mobile 45 10 45 86 2027 Aligned
Other projects2) 421 82 77 324
Total 1,488 758 3,078 7,215
1) Taxonomy aligned: Aligned with all applicable criteria in the EU Taxonomy regulation (3rd party verification). Please refer to the Annual report 2025 for 
more information. 
2) Other projects include licenses acquired from Hybrit Development AB of SEK 306 million, paid in Q1 2026. 
INTERIM REPORT JANUARY - MARCH 2026
6 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Operating cash flow and net debt
2026 2025 2025 2025
SEK millions Q1 Q1 Q4 Full-year
EBITDA 3,236 2,369 1,777 10,189
Change in working capital -2,719 -2,342 3,471 1,155
Maintenance capital expenditures -421 -385 -1,274 -2,907
Other 1) -88 -188 166 -816
Operating cash flow 8 -547 4,140 7,621
Financial items 2) 292 110 -56 -142
Income taxes -410 -726 119 -932
Cash flow from current operations -111 -1,163 4,203 6,546
Strategic expenditures in plants and machinery -1,488 -758 -3,078 -7,215
Acquisitions of shares and operations -10 -128 — -139
Divestments of shares and operations — 144 — 144
Cash flow before dividend -1,609 -1,904 1,125 -663
Dividend, parent company’s shareholders — — — -2,591
Dividend, non-controlling interest — — — -4
Acquisition of shares, non-controlling interest — — — -12
Net cash flow -1,609 -1,904 1,125 -3,271
Net cash (+) / Net debt (-) at beginning of period 11,596 17,777 10,839 17,777
Net cash flow -1,609 -1,904 1,125 -3,271
Other 3) -427 -1,484 -368 -2,910
Net cash (+) / Net debt (-) at the end of period 9,561 14,388 11,596 11,596
Cash conversion, rolling 12 months (%) 74 80 75 75
1) During Q1 2026, the net cash flow from emission allowances was SEK -44 (-6) million.
2) Q1 2026 includes a dividend received from Hybrit Development AB of SEK 323 (–) million.
3) Mainly valuation changes of derivatives and revaluations of other financial assets and liabilities in foreign currencies.
Cash flow, financing and liquidity
Operating cash flow for the first quarter of 2026 improved to SEK 8 (-547) million, mainly due to the higher 
result. There was a seasonal build-up of working capital during the quarter. Net cash flow amounted to SEK 
-1,609 (-1,904) million. 
Net cash at March 31, 2026 was SEK 9,561 (14,388) million. Cash and cash equivalents were SEK 21,177 
(23,832) million and non-utilized credit facilities, excluding the financing package for the Luleå investment, 
were SEK 8,129 (8,061) million, which combined corresponds to 31% (31%) of rolling 12-month revenue. The 
proposed dividend of approximately SEK 2.0 billion is expected to be paid during the second quarter. The term 
to maturity of the total loan portfolio at March 31, 2026 averaged 5.4 (6.0) years, with an average fixed interest 
period of 0.8 (1.0) years.
Net debt and net debt/equity ratio
INTERIM REPORT JANUARY - MARCH 2026
7 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Net debt/(cash) (SEK millions) Net debt/equity ratio (%)
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
-20,000
-10,000
0
10,000
20,000
-40%
-20%
0%
20%
40%
*
* Opening balance on January 1, 2019 has been adjusted for IFRS 16.

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

Raw materials
SSAB sources iron ore primarily from LKAB in Sweden at market index-linked prices. Coking coal is sourced 
from Australia, the USA and Canada, usually on annual supply contracts with monthly prices. SSAB’s mills in 
the USA use recycled steel material and source scrap metal on the spot market. 
The table below shows the fluctuations in SSAB’s purchase prices. The combination of lead times and 
contract terms for iron ore means that the results are affected with approximately a one-quarter delay, while 
coking coal has a lead time of around one and a half quarters. Scrap purchase prices have a lead time of 
around one month. 
Change in SSAB’s average purchase prices compared to prior periods
Q1 2025 Q4 2025
% change USD SEK USD SEK
Iron ore  -5 %  -19 %  6 %  3 %
Coking coal  -3 %  -16 %  12 %  9 %
Scrap metal  3 %  -11 %  16 %  13 %
Sustainability
SSAB’s objective is to be the world’s safest steel company and to achieve zero accidents and work-related 
injuries and illnesses. The lost time injury frequency per million hours worked (LTIF) was at all time low with 
0.49 (0.67). Also, total recordable injury frequency (TRIF) decreased to all-time low at 5.4 (6.6). As earlier 
communicated, a fatal accident involving an employee of a subcontractor occurred at SSAB’s steel mill in 
Mobile, USA during the first quarter. SSAB is cooperating with authorities in the investigation of the incident, in 
accordance with standard procedures.
Lost time injury frequency (LTIF)
Direct CO2e emissions were somewhat higher compared with the first quarter 2025 due to higher production. 
Indirect emissions of CO2e decreased somewhat due to changed emission factors. Emissions per tonne were 
stable. SSAB aims to reduce carbon dioxide emissions by 48% until 2033, compared with 2018. Key actions 
include the transformation of the Nordic steel production using electric arc furnaces (EAF) and the production 
of decarbonized steel.
CO2e-emissions (Scope 1), thousand tonnes
INTERIM REPORT JANUARY - MARCH 2026
8 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
0
2
4
6
8
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
0
3,000
6,000
9,000
12,000
*
* 2026 reported as rolling 12 months.
*
* 2026 reported as rolling 12 months.

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

Key sustainability figures – rolling 12 months 
2026 2025 2025
Q1 Q1 Full-year
Safety
Lost time injury frequency (LTIF)1) 0.49 0.67 0.56
Total recordable injury frequency (TRIF)2) 5.4 6.6 5.6
Environment
CO2e-emissions (Scope 1), thousand tonnes3) 9,832 9,481 9,839
Indirect CO2e-emissions (Scope 2), thousand tonnes4) 1,366 1,407 896
CO2e-intensity, tonnes of CO2e/tonnes crude steel5) 1.47 1.48 1.42
1) Lost Time Injury Frequency, number of accidents resulting in an absence of more than one day per million working hours, own employees and contractors.
2) Total Recordable Injury Frequency, number of lost time injuries, medical treatment injuries and restricted work injuries per million hours worked, own 
employees and contractors, except for medical treatment injuries and restricted work injuries for contractors in the USA. 
3) Direct emissions (Scope 1) are based on preliminary data for sites covered by the EU ETS and exclude internal transportation. Verification of full year data 
is carried out during the first quarter of the following year. 
4) Indirect emissions from purchased energy (Scope 2) are reported using the market-based method (residual mix). Emission factors for purchased electricity 
and heat are determined at year-end and updated annually, i.e. during the first quarter of the following year. 
5) CO2e intensity includes Scope 1 and Scope 2. Final data for Scope 1 and Scope 2 are determined at year-end and updated annually, i.e. during the first 
quarter of the following year.  
INTERIM REPORT JANUARY - MARCH 2026
9 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Business segments – First quarter of 2026
SSAB Special Steels
• Shipments increased 6% to 356 (336) thousand tonnes
• EBITDA margin on solid level of 25% (24%)
• Operating result was SEK 1,528 (1,442) million
Key figures 
2026 2025 2025 2025
Q1 Q1 Q4 Full-year
Revenue (SEK millions) 7,307 7,346 5,959 26,352
EBITDA (SEK millions) 1,842 1,752 956 6,193
EBITDA margin (%) 25 24 16 24
Operating result (SEK millions) 1,528 1,442 645 4,958
Operating margin (%) 21 20 11 19
Operating cash flow (SEK millions) 235 1,280 1,530 4,724
Crude steel production (thousand tonnes) 577 548 410 2,086
Rolling production (thousand tonnes) 441 379 339 1,559
Steel shipments (thousand tonnes) 356 336 287 1,237
Number of employees at end of period 4,119 4,011 4,065 4,065
Revenue, EBITDA margin and operating margin
Market trend 
Demand was relatively good during the first quarter and somewhat improved activity was seen in the 
European market.  
Business segment comment 
Shipments were on a good level, despite deliveries to markets around the Persian Gulf being paused due to 
the war. During the first quarter, a new steel service center was opened in Mumbai, India. The center can 
produce parts, kits and advanced components made from Hardox and Strenx. It can also provide short lead 
times for customers due to significant stock capacity.
Development compared to Q1/25
Revenue was down 1% compared to the first quarter of 2025 and amounted to SEK 7,307 (7,346) million. 
Currency effects reduced revenue by 8 percentage points, while higher shipments had a positive impact of 6 
percentage points.
EBITDA was SEK 1,842 (1,752) million and the EBITDA margin was relatively stable at 25% (24%). Operating 
result was SEK 1,528 (1,442) million. Higher shipments had a positive impact. 
Operating cash flow during the first quarter was SEK 235 (1,280) million. The decrease was mainly due to 
higher working capital.
INTERIM REPORT JANUARY - MARCH 2026
10 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Revenue (SEK millions)
EBITDA margin (%)
Operating margin (%)
25Q1 25Q2 25Q3 25Q4 26Q1
0
3,000
6,000
9,000
0%
10%
20%
30%

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

Capital expenditure during the first quarter was SEK 607 (651) million, of which SEK 493 (530) million were 
strategic investments, mainly the conversion of Oxelösund.
Development compared to Q4/25
Revenue increased by 23%. Higher shipments increased revenue by 24 percentage points and higher prices 
contributed by 1 percentage point. Negative currency effects impacted by 2 percentage points.
Operating result increased by SEK 883 million, due primarily to higher shipments and better capacity 
utilization. The fourth quarter 2025 was affected by planned maintenance.
SSAB Europe
• Continued cautious market during the first quarter
• Higher shipments at 919 (882) thousand tonnes, advanced steels at record levels
• EBITDA margin improved to 9% (5%)
Key figures 
2026 2025 2025 2025
Q1 Q1 Q4 Full-year
Revenue (SEK millions) 10,827 10,740 8,954 39,433
EBITDA (SEK millions) 961 553 629 2,155
EBITDA margin (%) 9 5 7 5
Operating result (SEK millions) 438 33 114 78
Operating margin (%) 4 0 1 0
Operating cash flow (SEK millions) -397 -1,758 2,304 1,957
Crude steel production (thousand tonnes) 1,136 1,092 1,079 4,213
Rolling production (thousand tonnes) 1,133 1,113 1,112 4,272
Steel shipments (thousand tonnes) 919 882 778 3,292
Number of employees at end of period 6,890 6,889 6,888 6,888
Production figures include high-strength steel made for SSAB Special Steels. These volumes are not included in SSAB Europe’s shipments.
Revenue, EBITDA margin and operating margin
Market trend
The market remained cautious within the major customer segments during the first quarter, for example 
Construction and Automotive.
Business segment comment
The strategy to increase the share of premium products is yielding results and during the first quarter, 
deliveries of advanced steels reached record levels. Some of the advanced products previously exported from 
the Nordics to the United States within the Automotive customer segment have been reallocated to other 
markets as a result of the steel tariffs introduced in 2025.
INTERIM REPORT JANUARY - MARCH 2026
11 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Revenue (SEK millions)
EBITDA margin (%)
Operating margin (%)
25Q1 25Q2 25Q3 25Q4 26Q1
0
3,000
6,000
9,000
12,000
-3%
0%
3%
6%
9%

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

Development compared to Q1/25
Revenue was up 1% and amounted to SEK 10,827 (10,740) million. Currency effects had a negative impact of 
4 percentage points, while higher shipments increased revenue by 4 percentage points.
EBITDA was SEK 961 (553) million and EBITDA margin was 9% (5%). Operating result increased to SEK 438 
(33) million, compared with the same quarter in 2025. Higher shipments had a positive effect. Lower prices 
were more than compensated by lower cost for raw material.
Operating cash flow amounted to SEK -397 (-1,758) million. The change was primarily due to smaller increase 
in working capital and a better result, compared to previous year. 
Capital expenditure during the first quarter was SEK 846 (371) million, of which SEK 683 (219) million were 
strategic investments mainly related to the new steel mill in Luleå. 
Development compared to Q4/25
Revenue increased by 21%. Higher shipments had a positive impact of 18 percentage points and higher prices 
contributed with 2 percentage points.   
Compared to the fourth quarter of 2025, operating result increased by SEK 323 million. Higher shipments and 
higher capacity utilization had a positive impact, partly offset by higher variable and fixed costs.
SSAB Americas
• Higher prices in USD vs. Q1 2025, negative effect from stronger SEK on revenue 
• Shipments amounted to 461 (457) thousand tonnes
• EBITDA margin increased to 13% (4%)
Key figures 
2026 2025 2025 2025
Q1 Q1 Q4 Full-year
Revenue (SEK millions) 4,994 5,157 5,083 21,173
EBITDA (SEK millions) 637 232 411 2,431
EBITDA margin (%) 13 4 8 11
Operating result (SEK millions) 573 160 347 2,167
Operating margin (%) 11 3 7 10
Operating cash flow (SEK millions) 283 263 544 2,011
Crude steel production (thousand tonnes) 298 307 312 1,237
Rolling production (thousand tonnes) 297 285 264 1,139
Steel shipments (thousand tonnes) 461 457 450 1,835
Number of employees at end of period 726 722 728 728
Crude steel production and rolling production refer to Montpelier. Shipments also include standard steel volumes from SSAB Special Steels (Mobile).
Revenue, EBITDA margin and operating margin
Market trend
Demand was good in the first quarter of 2026. Demand in the Energy customer segment continued to be 
strong and higher activity was seen among Steel Service Centers. 
INTERIM REPORT JANUARY - MARCH 2026
12 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Revenue (SEK millions)
EBITDA margin (%)
Operating margin (%)
25Q1 25Q2 25Q3 25Q4 26Q1
0
1,500
3,000
4,500
6,000
0%
5%
10%
15%
20%

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

Business segment comment
Production of SSAB Zero continues at SSAB Americas’ steel mill in Montpelier and around 20 thousand tonnes 
were produced during the first quarter. SSAB Zero offers customer a uniquely low carbon footprint compared 
to traditional steel. 
Development compared to Q1/25
Revenue was down 3% and amounted to SEK 4,994 (5,157) million. Currency effects had a negative impact of 
16 percentage points, whereas higher prices had a positive impact of 12 percentage points.  
EBITDA was SEK 637 (232) million and EBITDA margin increased to 13% (4%). Operating result for the first 
quarter of 2026 increased to SEK 573 (160) million, mainly due to higher prices.
Operating cash flow during the first quarter of 2026 was SEK 283 (263) million, the higher result was 
counteracted by higher working capital. 
Capital expenditure during the first quarter was SEK 72 (61) million, of which SEK 1 (5) million were strategic 
investments. 
Development compared to Q4/25
Revenue decreased 2%. Negative currency effects impacted by 3 percentage points, whereas higher 
shipments had a positive impact of 2 percentage points.
Compared to the fourth quarter of 2025, operating result was up by SEK 226 million. The fourth quarter of 
2025 was affected by costs of planned maintenance. Higher variable cost, mainly scrap, was partly 
compensated by higher prices.
Tibnor
• Continued weak market, some positive effects from cost savings
• EBITDA margin increased to 5% (3%)
Key figures 
 
2026 2025 2025 2025
Q1 Q1 Q4 Full-year
Revenue (SEK millions) 2,830 2,905 2,494 10,656
EBITDA (SEK millions) 128 87 25 252
EBITDA margin (%) 5 3 1 2
Operating result (SEK millions) 72 35 -31 37
Operating margin (%) 3 1 -1 0
Operating cash flow (SEK millions) -82 79 387 436
Shipments (thousand tonnes) 196 195 170 725
Number of employees at end of period 1,033 1,048 1,042 1,042
Revenue, EBITDA margin and operating margin
INTERIM REPORT JANUARY - MARCH 2026
13 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Revenue (SEK millions)
EBITDA margin (%)
Operating margin (%)
25Q1 25Q2 25Q3 25Q4 26Q1
0
1,000
2,000
3,000
4,000
-2%
0%
2%
4%
6%

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

Market trend 
Demand remained cautious during the first quarter. 
Business segment comment
In April, the acquisition of Ovako Metals Oy Ab received approval from the competition authorities. The 
acquisition is set to strengthen Tibnor’s position in the Finnish market by taking over Ovako Metals’ 
distribution operations in Finland, including product portfolio, logistics and inventory management, machining 
services and local sales organizations. 
Development compared to Q1/25
Revenue decreased 3% compared with the first quarter of 2025 and amounted to SEK 2,830 (2,905) million. 
Lower prices had a negative impact of 3 percentage points.
EBITDA was SEK 128 (87) million and EBITDA margin was 5% (3%). Operating result for the first quarter of 
2026 was up SEK 37 million compared with the same period in 2025 and amounted to SEK 72 (35) million. 
Lower prices were more than compensated by lower inventory losses and measures to reduce costs.
Operating cash flow during the first quarter of 2026 was SEK -82 (79) million. The decrease was mainly related 
to higher working capital, partly compensated by the result improvement.
Capital expenditure during the first quarter was SEK 17 (33) million, of which SEK 0 (0) million were strategic 
investments.
Development compared to Q4/25
Revenue was up 13% compared with the fourth quarter of 2025, primarily due to higher shipments.
Operating result increased by SEK 103 million compared with the fourth quarter of 2025. Seasonally higher 
shipments and inventory gains contributed. 
Ruukki Construction
• Low market activity
• EBITDA margin amounted to 0% (2%) 
Key figures 
 
2026 2025 2025 2025
Q1 Q1 Q4 Full-year
Revenue (SEK millions) 1,143 1,161 1,303 5,423
EBITDA (SEK millions) -4 21 18 283
EBITDA margin (%) 0 2 1 5
Operating result (SEK millions) -60 -30 -50 52
Operating margin (%) -5 -3 -4 1
Operating cash flow (SEK millions) -183 -196 115 13
Number of employees at end of period 1,315 1,347 1,323 1,323
Revenue, EBITDA margin and operating margin
INTERIM REPORT JANUARY - MARCH 2026
14 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429
SEK millions
Revenue (SEK millions)
EBITDA margin (%)
Operating margin (%)
25Q1 25Q2 25Q3 25Q4 26Q1
0
600
1,200
1,800
-6%
0%
6%
12%

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

Market trend 
The activity in the market for construction products continues to be low and the first quarter also has a 
seasonal slow down as the roofing business is impacted by the winter.    
Business segment comment
Ruukki Construction has carried out cost saving actions to adapt operations to the low demand, as well as 
increased efforts to segments related to renovation where the activity has been somewhat higher. 
Development compared to Q1/25
Revenue decreased by 1% and amounted to SEK 1,143 (1,161) million. 
EBITDA was SEK -4 (21) million and the EBITDA-margin was 0% (2%). Operating result decreased by SEK 31 
million to SEK -60 (-30) million. Lower prices had a negative impact, partly compensated by higher volumes 
and lower variable cost.
Operating cash flow during the first quarter was SEK -183 (-196) million. Capital expenditure during the first 
quarter was SEK 16 (17) million, of which SEK 4 (3) million were strategic investments. 
Development compared to Q4/25
Compared to the fourth quarter of 2025, revenue was seasonally lower by 12% and the operating result was 
down SEK 10 million, primarily due to seasonally lower volumes within Roofing.
INTERIM REPORT JANUARY - MARCH 2026
15 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Changes in the Group Executive Committee
As previously communicated, Viktor Strömberg, EVP Strategy and Digitalization, took an additional role as 
interim CFO for Ruukki Construction from January 2026. He will continue as permanent CFO for Ruukki 
Construction and leave the Group Executive Committee. No successor will be appointed and the role of EVP 
Strategy and Digitalization will be discontinued from the Group Executive Committee.
Tom Cox was appointed Head of SSAB Americas and a member of the SSAB Group Executive Committee 
during 2025, effective February 1, 2026. 
Risks and uncertainty factors
SSAB benefits from having production facilities close to major customers both in Europe and the USA. 
However, the turbulence driven by trade barriers and tariffs, as well as the war in the Persian gulf has created 
uncertainty and represents a significant risk of lower economic activity. Similarly, there is increased regulatory 
uncertainty with the upcoming revision of the EU ETS system in 2026. Significant changes to the system could 
impact SSAB.
The Swedish Financial Supervisory Authority (FI) is reviewing SSAB’s disclosure of the goodwill impairment of 
2022 and has opened a sanction evaluation in the matter. If the FI finds that the disclosure was not reported in 
accordance with relevant guidelines, the FI may impose a sanction on SSAB, including an administrative fine, 
which may be material. SSAB has not made any provisions on the matter in its financial reporting.
For more information regarding material risks and uncertainty factors, reference is made to the detailed 
description in the Annual Report 2025. 
Events after the end of the reporting period
The construction of the new and highly-efficient mini-mill in Luleå was paused at the beginning of the second 
quarter after contractors have reported symptoms and illness. SSAB is continuing sampling and testing in 
order to confirm or rule out possible causes, so that the site can be reopened safely. The regular steel 
production in Luleå is proceeding as normal.
In April, Tibnor’s acquisition of Ovako Metals Oy Ab received approval from the competition authorities. The 
transaction is expected to be completed in the coming weeks.
Stockholm, April 28, 2026
Johnny Sjöström
President and CEO
INTERIM REPORT JANUARY - MARCH 2026
16 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Financial reports – The Group
The figures in the tables have been rounded, which might affect aggregates
Consolidated statement of profit and loss, in summary
2026 2025 2025
SEK millions Q1 Q1 Full-year
Revenue 25,336 25,523 96,220
Cost of goods sold -21,554 -22,518 -83,830
Gross profit 3,782 3,004 12,390
Selling and administrative costs -1,552 -1,681 -6,363
Other operating income and expenses -51 22 49
Share of earnings in affiliated companies and joint ventures, after tax 22 5 40
Operating result 2,201 1,351 6,116
Financial items -94 125 116
Result before tax 2,107 1,476 6,232
Income tax -506 -348 -1,326
Result for the period 1,601 1,127 4,906
Of which attributable to:
- Parent company’s shareholders 1,601 1,125 4,902
- Non-controlling interest 0 2 4
Earnings per share, basic and diluted, (SEK) 1.61 1.13 4.92
Consolidated statement of comprehensive income, in summary
2026 2025 2025
SEK millions Q1 Q1 Full-year
Result for the period 1,601 1,127 4,906
Other comprehensive income
Items that may be subsequently reclassified to the profit or loss
Translation differences for the period 443 -3,668 -5,286
Translation differences due to hyperinflation after tax 39 -48 38
Cash flow hedges 230 -169 -389
Income tax on cash flow hedges -47 34 80
Total items that may be subsequently reclassified to the profit or loss 665 -3,851 -5,558
Items that will not be reclassified to the profit or loss
Net defined benefit liability re-measurement 25 58 74
Income tax on net defined benefit liability re-measurement -5 -12 -15
Total items that will not be reclassified to the profit or loss 20 47 59
Total other comprehensive income for the period 685 -3,804 -5,499
Total comprehensive income for the period 2,286 -2,677 -593
Of which attributable to:
- Parent company’s shareholders 2,286 -2,677 -595
- Non-controlling interest 0 0 2
INTERIM REPORT JANUARY - MARCH 2026
17 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Consolidated statement of financial position, in summary
 
2026 2025 2025
SEK millions Mar 31 Mar 31 Dec 31
Assets
Intangible assets 2,209 1,584 2,009
Tangible fixed assets 36,879 29,587 35,745
Right-of-use assets 2,714 3,010 2,677
Investments in affiliated companies and joint ventures 565 843 860
Deferred tax receivables 406 526 420
Non-current financial assets 561 458 418
Total non-current assets 43,335 36,008 42,130
Inventories 27,651 28,907 28,301
Accounts receivable 12,551 11,704 9,388
Current tax receivables 1,285 2,035 870
Other current receivables 2,502 1,771 2,674
Cash and cash equivalents 21,177 23,832 22,766
Total current assets 65,165 68,249 63,999
Total assets 108,500 104,257 106,129
Equity and liabilities
Equity for the shareholders in the parent company 70,076 68,294 67,785
Non-controlling interest 36 49 37
Total equity 70,112 68,342 67,821
Deferred tax liabilities 2,541 2,616 2,248
Non-current provisions 495 477 527
Non-current interest-bearing liabilities 7,197 6,283 7,111
Non-current lease liabilities 2,155 2,384 2,136
Other non-current liabilities 394 333 527
Total non-current liabilities 12,784 12,093 12,550
Accounts payable 15,150 15,438 16,790
Current tax liabilities 888 797 604
Current interest-bearing liabilities 1,374 155 1,309
Current lease liabilities 815 840 787
Other current liabilities and provisions 7,378 6,592 6,267
Total current liabilities 25,605 23,822 25,758
Total equity and liabilities 108,500 104,257 106,129
Pledged assets 30 261 30
Contingent liabilities1) 18,880 6,962 18,713
1) The increase in contingent liabilities in 2025 is mainly due to payment guarantees relating to the Luleå investment.
INTERIM REPORT JANUARY - MARCH 2026
18 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Consolidated statement of changes in equity, in summary
Attributable to the parent company’s shareholders
SEK millions
Share 
capital
Other 
contributed 
funds Reserves
Retained 
earnings
Total 
equity
Non-
controlling 
interest
Total 
equity
Total equity, Dec 31, 2024 9,063 23,022 16,401 22,481 70,966 49 71,015
Changes Jan 1 - Mar 31, 2025
Translation differences -3,666 -3,666 -2 -3,668
Cash flow hedges, net of tax -135 -135 -135
Net defined benefit liability re-measurements, 
net of tax 47 47 47
Translation differences due to hyperinflation, 
net of tax -48 -48 -48
Total other comprehensive income for the 
period -3,800 -1 -3,802 -2 -3,804
Result for the period 1,125 1,125 2 1,127
Total comprehensive income for the period -3,800 1,124 -2,677 0 -2,677
Reclassification to assets under construction 4 4 4
Total equity, Mar 31, 2025 9,063 23,022 12,605 23,604 68,294 49 68,342
Changes Apr 1 - Dec 31, 2025
Total other comprehensive income for the 
period -1,793 98 -1,695 0 -1,695
Result for the period 3,776 3,776 2 3,778
Total comprehensive income for the period -1,793 3,875 2,082 3 2,084
Reclassification to assets under construction 2 2 2
Non-controlling interest through business 
acquisition
Result from transaction with owners of non-
controlling interests -2 -2 -10 -12
Dividend, parent company’s shareholders -2,591 -2,591 -2,591
Dividend, non-controlling interest — -4 -4
Total equity, Dec 31, 2025 9,063 23,022 10,814 24,886 67,785 37 67,821
Changes Jan 1 - Mar 31, 2026
Translation differences 443 443 0 443
Cash flow hedges, net of tax 183 183 183
Net defined benefit liability re-measurements, 
net of tax 20 20 20
Translation differences due to hyperinflation, 
net of tax 39 39 39
Total other comprehensive income for the 
period 626 59 685 0 685
Result for the period 1,601 1,601 0 1,601
Total comprehensive income for the period 626 1,660 2,286 0 2,286
Reclassification to assets under construction 5 5 5
Total equity, Mar 31, 2026 9,063 23,022 11,445 26,546 70,076 36 70,112
INTERIM REPORT JANUARY - MARCH 2026
19 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

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

Consolidated statement of cash flows, in summary  
2026 2025 2025
SEK millions Q1 Q1 Full-year
OPERATING ACTIVITIES
Operating result 2,201 1,351 6,116
Reversal of non-cash items:
-Depreciation, amortization and write-down of fixed assets 1,035 1,018 4,072
-Other non-cash items -43 -195 -190
Received and paid interests, and received dividends 1) 292 110 -142
Income taxes paid -410 -726 -932
Cash flow from change in working capital -2,719 -2,342 1,155
Cash flow from operating activities 355 -784 10,079
INVESTING ACTIVITIES
Investments in intangible and tangible fixed assets 2) -2,219 -1,256 -13,532
Sales of intangible and tangible fixed assets 2) 266 122 2,720
Acquisitions of shares and operations -10 -128 -139
Divested shares and operations — 144 144
Other investing activities -1 -2 65
Cash flow from investing activities -1,963 -1,120 -10,742
FINANCING ACTIVITIES
Dividend to parent company’s shareholders — — -2,591
Dividend to non-controlling interest — — -4
Change in loans 42 3 1,968
Acquisitions of non-controlling interest — — -12
Other financing activities 3) -133 -1,197 -2,358
Cash flow from financing activities -92 -1,194 -2,998
CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of period 22,766 27,810 27,810
Cash flow for the period -1,700 -3,098 -3,661
Translation differences, cash and cash equivalents 3) 111 -880 -1,384
CASH AND CASH EQUIVALENTS, END OF PERIOD 21,177 23,832 22,766
Contracted, non-utilized overdraft facilities 4) 8,129 8,061 8,041
Disposable cash and cash equivalents (incl. non-utilized overdraft facilities) 29,306 31,893 30,807
1) Q1 2026 includes a dividend received from Hybrit Development AB of SEK 323 (–) million.
2) During Q1 2026, the net cash flow from emission allowances were SEK -44 (-6) million. In the above table the purchases and sales presented separately on 
the referred line items.
3) SSAB changed the presentation of translation differences in cash and cash equivalents in June 2025, resulting in a reclassification of SEK 2,164 million for 
Q1 2025 from Other financing activities to Translation differences, cash and cash equivalents.
4) Excludes the financing package for the Luleå investment.
Key figures
2026 2025 2025
Q1 Q1 Full-year
EBITDA margin (%) 13 9 11
Operating margin (%) 9 5 6
Earnings per share, basic and diluted, (SEK) 1.61 1.13 4.92
Equity per share (SEK) 70.31 68.53 68.01
Net debt/equity ratio (%) -14 -21 -17
Equity ratio (%) 65 66 64
Return on capital employed, rolling 12 months (%) 13 10 12
Return on equity, rolling 12 months (%) 8 7 7
Average number of shares outstanding during the period (millions) 996.6 996.6 996.6
Number of employees at end of period 14,650 14,637 14,609
INTERIM REPORT JANUARY - MARCH 2026
20 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 21 =====

Notes to the condensed financial report
Accounting principles
This interim report has been prepared in compliance with IAS 34. The accounting principles are based on IFRS 
Accounting Standards as adopted by the EU and ensuing references to Chapter 9 of the Swedish Annual 
Accounts Act. The accounts of the parent company have been prepared in compliance with RFR 2 and the 
Swedish Annual Accounts Act. 
No material changes in accounting principles have taken place since the Annual Report for 2025.
Swedish Financial Supervisory Authority (FI) review regarding disclosure of goodwill 
impairment
As previously disclosed, the Council for Swedish Financial Reporting Supervision (The Council) questioned a 
part of the goodwill impairment of SEK 33.3 billion that SSAB reported in December 2022. Following a 
dialogue between SSAB and the Council during 2023 and 2024, the Council submitted the matter to FI. FI 
initiated a review regarding the disclosure around the goodwill impairment in March 2025. In September 2025, 
FI informed SSAB that it has opened a sanction evaluation in the matter. The review is still ongoing.
SSAB maintains that the disclosure was reported in accordance with relevant guidelines, an assessment 
shared by the company’s auditors and other experts SSAB has consulted on the matter. 
Valuation of financial assets and liabilities
Debt reported in the balance sheet as long-term interest-bearing liabilities (including the short-term part) 
amounted to SEK 8,434 million at March 31, 2026 while its fair value was SEK 8,467 million. Since the loans 
will be held until maturity, they are not reported at fair value. For all other financial assets and liabilities, the 
carrying amount is a reasonable approximation of the fair value for those items.
Derivative assets and liabilities
2026 2025 2025
SEK millions Mar 31 Mar 31 Dec 31
Derivative assets recognized in
Non-current financial assets 79 68 26
Other current receivables 281 103 406
Derivative liabilities recognized in
Other non-current liabilities 201 130 338
Other current liabilities and provisions 387 405 382
The fair value valuation of the derivative instruments in SSAB in based on data in accordance with level 2. 
More information on the valuation methodology can be found in the Annual Report note D.2. 
Information about the business segments
SSAB is organized into five reportable business segments consisting of SSAB Special Steels, SSAB Europe 
and SSAB Americas, as well as Tibnor and Ruukki Construction. The descriptions of the reportable business 
segments can be found in the Annual Report 2025.
INTERIM REPORT JANUARY - MARCH 2026
21 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 22 =====

External revenue by business segment, geographical area and product area
External revenue Q1 2026 Business segments
SEK millions
SSAB 
Special Steels
SSAB
Europe
SSAB
Americas Tibnor
Ruukki
Construction Total
Geographical areas
Sweden 230 2,108 — 1,011 366 3,715
Finland 141 1,365 — 511 276 2,293
Other EU 2,343 4,440 7 869 390 8,048
Other Europe 680 667 — 410 108 1,864
USA 1,563 424 4,799 — 1 6,787
Other Americas 1,006 134 182 — 1 1,323
Asia 888 125 — 2 — 1,016
Rest of the world 284 7 — — — 291
Total 7,134 9,270 4,988 2,802 1,142 25,336
Product area
Steel products 6,960 8,605 4,977 — — 20,542
Trading operations — — — 2,802 — 2,802
Ruukki Construction operations — — — — 1,142 1,142
Slabs, by-products and scrap 142 660 — — — 802
Other 32 5 11 — — 48
Total 7,134 9,270 4,988 2,802 1,142 25,336
External revenue Q1 2025 Business segments
SEK millions
SSAB 
Special Steels
SSAB
Europe
SSAB
Americas Tibnor
Ruukki
Construction Total
Geographical areas
Sweden 199 2,020 — 1,018 340 3,577
Finland 109 1,237 — 497 251 2,095
Other EU 2,138 4,080 5 928 422 7,573
Other Europe 633 751 — 423 143 1,950
USA 1,527 700 4,819 1 2 7,048
Other Americas 1,195 183 304 — 1 1,682
Asia 1,024 190 — 5 — 1,219
Rest of the world 362 17 — — — 379
Total 7,186 9,177 5,128 2,872 1,160 25,523
Product area
Steel products 7,045 8,646 5,128 — — 20,818
Trading operations — — — 2,872 — 2,872
Ruukki Construction operations — — — — 1,160 1,160
Slabs, by-products and scrap 104 521 — — — 625
Other 38 11 — — — 48
Total 7,186 9,177 5,128 2,872 1,160 25,523
INTERIM REPORT JANUARY - MARCH 2026
22 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 23 =====

Quarterly financial information
The Group result
SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Revenue 27,148 28,282 24,373 23,615 25,523 25,631 22,960 22,106 25,336
Operating expenses -22,992 -24,244 -22,059 -22,051 -23,160 -22,481 -20,079 -20,352 -22,121
Depreciation/amort. -985 -1,070 -1,071 -1,082 -1,017 -1,017 -1,017 -1,021 -1,036
Affiliated companies -14 0 5 5 5 6 5 24 22
Financial items 161 108 90 93 125 35 52 -96 -94
Result before tax 3,318 3,076 1,338 580 1,476 2,175 1,921 661 2,107
Revenue per business segment
SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
SSAB Special Steels 7,716 7,847 6,995 6,229 7,346 6,818 6,230 5,959 7,307
Of which internal revenue 156 197 184 104 159 108 133 112 173
SSAB Europe 10,817 11,641 9,901 9,432 10,740 10,557 9,182 8,954 10,827
Of which internal revenue 1,563 1,870 1,458 1,340 1,563 1,559 1,286 1,374 1,557
SSAB Americas 6,256 6,221 4,962 5,269 5,157 5,724 5,210 5,083 4,994
Of which internal revenue 13 138 91 182 30 71 126 169 6
Tibnor 3,112 3,344 2,678 2,931 2,905 2,849 2,408 2,494 2,830
Of which internal revenue 35 36 33 34 32 30 25 31 28
Ruukki Construction 1,015 1,472 1,607 1,414 1,161 1,458 1,501 1,303 1,143
Of which internal revenue 2 2 2 2 1 4 1 2 1
Other — — — — — — — — —
Group adjustments -1,769 -2,244 -1,769 -1,661 -1,785 -1,773 -1,571 -1,687 -1,765
Total 27,148 28,282 24,373 23,615 25,523 25,631 22,960 22,106 25,336
EBITDA per business segment 
SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
SSAB Special Steels 2,143 2,023 1,595 1,004 1,752 1,785 1,700 956 1,842
SSAB Europe 600 915 554 627 553 634 340 629 961
SSAB Americas 1,473 1,272 146 260 232 871 917 411 637
Tibnor 89 110 74 20 87 77 63 25 128
Ruukki Construction -18 99 186 13 21 109 136 18 -4
Other -145 -382 -234 -354 -277 -318 -270 -261 -328
Total 4,142 4,038 2,320 1,569 2,369 3,157 2,886 1,777 3,236
Operating result per business segment
SEK millions Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
SSAB Special Steels 1,781 1,659 1,228 629 1,442 1,480 1,392 645 1,528
SSAB Europe 163 400 42 109 33 110 -179 114 438
SSAB Americas 1,412 1,204 78 189 160 807 853 347 573
Tibnor 36 57 21 -34 35 24 9 -31 72
Ruukki Construction -78 42 126 -39 -30 52 79 -50 -60
Other -157 -394 -246 -367 -290 -332 -285 -269 -351
Total 3,157 2,969 1,248 487 1,351 2,140 1,869 756 2,201
No items affecting comparability were reported in 2024, 2025 or 2026.
INTERIM REPORT JANUARY - MARCH 2026
23 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 24 =====

Production and shipments
Thousand tonnes Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Crude steel production
SSAB Special Steels 586 576 508 460 548 570 559 410 577
SSAB Europe 1,077 1,063 919 1,107 1,092 1,089 952 1,079 1,136
SSAB Americas 278 289 189 298 307 317 302 312 298
Total 1,941 1,927 1,616 1,865 1,946 1,975 1,813 1,802 2,010
Rolling production
SSAB Special Steels 419 421 387 376 379 443 398 339 441
SSAB Europe 973 1,152 945 987 1,113 1,127 920 1,112 1,133
SSAB Americas 281 265 184 268 285 307 282 264 297
Total 1,673 1,839 1,516 1,630 1,778 1,877 1,600 1,715 1,871
Steel shipments
SSAB Special Steels 327 337 302 260 336 325 289 287 356
SSAB Europe 818 870 756 750 882 895 737 778 919
SSAB Americas 437 439 398 438 457 487 440 450 461
Total 1,583 1,646 1,457 1,448 1,676 1,708 1,466 1,515 1,736
Analysis of total change in revenue per business segment
Change vs. Q1 2025 Change vs. Q4 2025
%
SSAB
Special Steels
SSAB
Europe
SSAB
Americas
SSAB
Special Steels
SSAB
Europe
SSAB
Americas
Price 0 0 12 1 2 0
Product mix -1 0 1 -1 0 1
Volume 6 4 1 24 18 2
Currency effects -8 -4 -16 -2 -2 -3
Other sales 2 1 -1 1 3 -2
Total -1 1 -3 23 21 -2
INTERIM REPORT JANUARY - MARCH 2026
24 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 25 =====

Alternative performance measures
SSAB has applied the guidelines issued by ESMA (European Securities and Markets Authority) on alternative 
performance measures (APMs). These performance measures are not defined in accordance with IFRS 
Accounting Standards, but provide complementary information to investors and company management about 
the company’s financial position and development. In addition to below, further definitions can be found in the 
Annual Report note A.3. 
Operating margin
2026 2025 2025
SEK millions Q1 Q1 Full-year
Operating result 2,201 1,351 6,116
Revenue 25,336 25,523 96,220
Operating margin (%) 9 5 6
EBITDA and EBITDA margin
2026 2025 2025
SEK millions Q1 Q1 Full-year
Operating result 2,201 1,351 6,116
Depreciation, amortization and impairment 1,035 1,018 4,072
EBITDA 3,236 2,369 10,189
Revenue 25,336 25,523 96,220
EBITDA margin (%) 13 9 11
Cash conversion, rolling 12 months
2026 2025 2025
SEK millions Q1 Q1 Full-year
Operating cash flow, rolling 12 months 8,175 8,222 7,621
EBITDA, rolling 12 months 11,056 10,295 10,189
Cash conversion, rolling 12 months (%) 74 80 75
INTERIM REPORT JANUARY - MARCH 2026
25 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 26 =====

Financial reports – The Parent company
Parent company’s statement of profit and loss, in summary
2026 2025 2025
SEK millions Q1 Q1 Full-year
Gross profit — — —
Selling and administrative costs -187 -180 -743
Other operating income/expenses 72 83 337
Operating result -116 -97 -406
Financial items 1) 40 102 1,625
Result after financial items -76 5 1,219
Appropriations — — 500
Result before tax -76 5 1,719
Income tax -4 -1 -8
Result for the period -80 4 1,710
1) Parent company’s financial items for Q1 2026 include a dividend income from Hybrit Development AB of SEK 323 (–) million and an impairment of shares 
in Hybrit Development AB of SEK 415 (–) million. The full-year 2025 includes a dividend from SSAB Finance Ireland DAC of SEK 22,465 million and an 
impairment of the shares in SSAB Finance Ireland DAC of SEK 21,120 million.
Parent company’s statement of comprehensive income, in summary
2026 2025 2025
SEK millions Q1 Q1 Full-year
Result for the period -80 4 1,710
Other comprehensive income
Items that may be classified to the income statement
Cash flow hedges -3 -4 -21
Income tax attributable to cash flow hedges 1 1 4
Other comprehensive income -2 -3 -16
Total comprehensive income for the period -82 0 1,694
Parent company’s statement of financial position, in summary
2026 2025 2025
SEK millions Mar 31 Mar 31 Dec 31
Assets
Non-current assets 56,345 73,272 56,410
Other current assets 23,839 8,351 22,501
Cash and cash equivalents 20,217 22,694 21,776
Total assets 100,401 104,317 100,686
Equity and liabilities
Restricted equity 9,964 9,964 9,964
Unrestricted equity 62,351 63,331 62,433
Total equity 72,315 73,295 72,397
Provisions 59 55 58
Non-current liabilities 5,374 4,270 5,454
Current liabilities 22,653 26,697 22,778
Total equity and liabilities 100,401 104,317 100,686
INTERIM REPORT JANUARY - MARCH 2026
26 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 27 =====

Auditor’s review report
Introduction
We have reviewed the condensed interim report for SSAB AB as of 31 March 2026 and for the three months 
period then ended. The Board of Directors and the Managing Director are responsible for the preparation and 
presentation of this interim report in accordance 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 International Standard on Review Engagements, ISRE 2410 
Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review 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 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 in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Stockholm, 
Ernst & Young AB
Rickard Andersson
Authorized Public Accountant
INTERIM REPORT JANUARY - MARCH 2026
27 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429

===== SIDA 28 =====

This report has been published in Swedish and English. In the event of any differences between the English 
translation and the Swedish original, the Swedish report shall prevail.
For further information: 
Helena Norrman, EVP Communication, Tel +46 73-066 53 46
Per Hillström, Head of Investor Relations, Tel +46 70-295 29 12
Interim report for January-June 2026
The interim report for the second quarter of 2026 will be published on July 22, 2026.     
SSAB AB (publ)
P.O. Box 70, SE-101 21 Stockholm, Sweden
Telephone +46 8-45 45 700. Telefax +46 8-45 45 725
Visiting address: Klarabergsviadukten 70 D6, Stockholm
Email: info@ssab.com
www.ssab.com
INTERIM REPORT JANUARY - MARCH 2026
28 | SSAB AB(publ), P.O. Box 70, SE-101 21 Stockholm, Sweden. www.ssab.com. Reg.no. 556016-3429