SSAB AB (publ)

Q3 performance: improved earnings vs last year, despite maintenance drag - Shipments: 1,530 kt (+4% / +64 kt YoY); -13% QoQ due to the normal maintenance seasonality. - Revenue: SEK 25.6bn, -7% QoQ (prices up offset volume decline). - Profitability/EBITDA: EBITDA stable at +13% YoY in relative terms; absolute improvement ~SEK 0.4bn QoQ and better YoY driven by higher prices (notably in Americas). - Surprising/positive: even with cost headwinds, the company still improved earnings YoY and kept cash strong, attributing it to price recovery + demand resilience.

Cash flow & balance sheet: strong net cash; gearing still within guidance; dividend paid - Net cash position: SEK 8.4bn; gearing ~-11% (within the guidance tolerance). - Working capital: improved (maintenance drove inventory changes; maintenance-related working capital effects were positive). - CapEx/strategic spending: maintenance CapEx stable; strategic CapEx guidance updated down by ~SEK 2bn for 2026 (timing/invoicing). - CO2 allowance cost is rising sharply: from ~SEK 600m (last year) to ~SEK 2bn (this year), mainly impacting Europe (and somewhat Special Steels). - Dividend: SEK 2bn paid in Q2 (no buyback mentioned).

Special Steels: demand strong, prices rising, but cost pressures hit Q3 earnings - Volume & price: shipments +9% YoY and prices higher. - But earnings down vs last year: blamed on alloys, freight/logistics, and energy/natural gas (plus other cost categories). - Key expectation (good): management is confident price increases will outpace cost increases, though they warned freight/energy/alloys are volatile and difficult to predict (their “world changing fast” point, incl. Middle East-driven logistics disruption). - Timing risk: price pass-through is delayed/long lead time for this division.