Year-end report 2025

Comments by the CEO

SSAB’s operating result for the fourth quarter of 2025 amounted to SEK 756 (487) million, representing an increase of SEK 269 million compared to the previous year, mainly driven by an improved operating result from SSAB Americas. The quarter was impacted by SEK 1,020 (690) million in costs for planned maintenance. Operating cash flow for the quarter was stable at SEK 4.1 (4.1) billion. The 2025 full-year operating result was SEK 6,116 (7,860) million, negatively impacted by weaker markets.

SSAB’s strategy to increase the share of premium offering has yielded results and supported margins in 2025, when the steel market was weak. SSAB Special Steels’ unique products and global distribution model contributed to stable prices despite a weaker market and SSAB Europe’s shipments of high-strength steels to the Automotive segment were at a relatively good level. SSAB’s strong position on the US heavy plate market, where margins were better than in Europe, was another factor that supported the result during the year.

In light of a weak European market, SSAB’s European businesses used several measures during 2025 to adapt the cost level, including time banks, short-time work as well as a restrictive cost approach. So far, there have been limited direct impacts of the US steel tariffs, as SSAB is well-positioned with its premium strategy and significant local production in the US. Only a limited volume of special products, especially high-strength steels for the automotive industry, are exported from the Nordics.

SSAB’s transformation to modern, fossil-free steel production is proceeding and the strategic investments during 2025 were executed according to plan. The conversion of Oxelösund continues and the construction of the new electric arc furnace (EAF) is underway. The construction of a highly-efficient mini-mill in Luleå commenced in the summer of 2025. The transformation projects are key elements of SSAB’s strategy to further expand its premium leadership.

 In early October 2025, the European Commission proposed new trade measures, which are meant to replace existing safeguards and to strengthen the resilience of the European steel industry. The next step is for the European Parliament and the Council of Ministers to examine and decide on the proposal. Furthermore, in January 2026, the EU’s Carbon Border Adjustment Mechanism (CBAM) became fully operational with the goal of creating a more level playing field. SSAB expects these measures to improve the supply-demand balance in the European market.

SSAB’s long-term work to improve workplace safety has yielded good results and lost time injury frequency (LTIF) decreased to an all-time low of 0.56 (0.75) during 2025. Also, total recordable injury frequency (TRIF) was at all-time low at 5.6 (6.7).

SSAB invites you to a presentation of the Year-end report of 2025 at 9.30am CET on Wednesday, January 28, 2026.

The report will be presented by SSAB’s President and CEO Johnny Sjöström, and CFO Leena Craelius.

The press conference will be held in English and live webcast on SSAB’s website www.ssab.com.

Link to webcast: https://edge.media-server.com/mmc/p/66owuqpm

You can also participate in the briefing by telephone. Click on the link below and complete the online registration form. You can choose if you want to dial in or click “Call Me” for a call-back.

Link to teleconference: https://register-conf.media-server.com/register/BIcb09e23c5d3442e89f13467fd21d1ab2

For further information, please contact:
Helena Norrman, EVP and Head of Group Communications, [email protected], phone: +46 730 66 53 46
Per Hillström, Head of Investor Relations, [email protected], phone: +46 702 95 29 12

This information is inside information that SSAB AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and information that SSAB AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 7.30am CET on January 28, 2026.