Debt financing

SSAB's funding is focused on supporting the Group’s strategy and covering the needs for financing within the framework of the Group's financial policy. The funding is primarily executed through the parent company. SSAB aims to maintain an investment grade credit rating and is currently rated BBB-. In order to minimize the refinancing risk, the objective is that the debt should have an even maturity profile. Short-term funding is primarily obtained through the commercial paper markets in Sweden and Finland. SSAB has a strong and supportive bank group providing committed back-stop facilities to secure the short-term funding and liquidity needs.

Cash flow, financing and liquidity

Operating cash flow for the full-year 2025 decreased to SEK 7,621 (10,692) million, primarily due to the lower result. Net cash flow, after dividends of SEK 2,591 (4,983) million, amounted to SEK -3,271 (-964) million. The comparison period included purchases of own shares for SEK 1,215 million.

Net cash at December 31, 2025 was SEK 11,596 (17,777) million. The decrease was mainly due to the negative net cash flow. Cash and cash equivalents were SEK 22,766 (27,810) million and non-utilized credit facilities, excluding the financing package for the Luleå investment, were SEK 8,041 (8,500) million, which combined corresponds to 32% (35%) of full-year revenue. The term to maturity of the total loan portfolio at December 31, 2025 averaged 5.6 (6.5) years, with an average fixed interest period of 0.9 (1.1) years.

In November 2025, SSAB issued its inaugural green bonds under its EUR 2 billion EMTN program, dated June 25, 2025. Two five-year senior unsecured green bonds, with a combined total of SEK 2,800 million mature in November 2030. The floating rate notes carry a coupon of 3m Stibor + 1,12% (SEK 2,250 million) and the fixed rate notes (SEK 550 million) a coupon of 3,565%. The net proceeds can be allocated to green eligible projects within the categories defined in SSAB’s Green and Sustainability-Linked Finance Framework.

SSAB’s funding is conducted primarily through the bank market and existing note and commercial paper programs. For borrowing for terms of up to ten years, a European Medium Term Note program (EMTN) is used, while Swedish and Finnish commercial paper programs are used for borrowing for shorter terms. The program limit of the EMTN program is EUR 2,000 million. The Swedish commercial paper program has a limit of SEK 5,000 million and the Finnish commercial paper program has a limit of EUR 500 million.

On January 28, 2022 S&P Global ratings raised the long-term corporate credit rating to BBB- from BB+, with stable outlook.