First quarter 2026

• Sales volume increased by 5 percent to 159.8 ktonnes (151.6).
• Adjusted operating profit increased to SEK 459 million (409) and adjusted operating profit per tonne increased to 2.9 kSEK (2.7).
• Profit for the period increased to SEK 322 million (261) and diluted earnings per share increased to SEK 2.97 (2.34).
• Operating cash flow was SEK -333 million (21).
• Return on capital employed3 was 11.1 percent (11.7 on March 31, 2025).
• Financial net debt was 1.8x adjusted EBITDA (1.7x on March 31, 2025).
• Total carbon emissions intensity (scope 1+2+3) decreased to 6.2 tonnes CO2e/tonne (7.3), and the share of sourced recycled aluminium increased to 46.3 percent (42.4).

Comments by Gränges’ CEO Jörgen Rosengren: Best first quarter ever and good outlook

Gränges delivered a very strong first quarter performance. Demand was weak, but still our sales volume grew by 5 percent thanks to significant market share gains in all regions and markets. This is our ninth consecutive quarter with year-on-year volume growth.

In Gränges Americas, market share gains, improved pricing and productivity, and better scrap spreads led to our best quarter ever in the region. In Gränges Asia, lower demand and high price pressure were only partially offset by market share gains and productivity improvements. This trend was already seen toward the end of last year and may persist into the second quarter. In Gränges Europe, strong market share gains were the most important driver of a significant profit improvement. All regions had a strong operational performance, enabling us to flexibly respond to shifting demand and capture available volumes.

Increased geopolitical tensions, including the situation in the Middle East, are contributing to higher energy and freight prices and increased input costs in general. However, thanks to good pricing and productivity actions, the direct impact on our business in the first quarter remained limited. In addition to the normal seasonal increase of working capital, operating cash flow was negatively affected by higher aluminium prices, a trend we expect to continue into the second quarter.

For Gränges as a whole, market share gains, price and productivity improvements more than offset SEK 85 million of negative currency effects as well as cost increases, resulting in a 12 percent increase of our operating profit to SEK 459 million. This is our best first-quarter result ever. We also improved our sustainability performance further, with lower carbon intensity and increased recycling volumes.

Continued volume growth expected
Market demand remains weak and difficult to predict. But we saw a strong finish to the first quarter and have good momentum going into the second. Thanks to our continued focus on market share gains, we expect second-quarter sales volume to grow at a mid-to-high single-digit rate compared to last year. We expect negative effects from currency, cost increases, and continued price pressure in Asia, while market scrap spreads are expected to improve. As before, we aim to offset the net effect of these
factors through price and productivity.

I would like to thank our teams across the world for their outstanding work, engagement and commitment.

Jörgen Rosengren
President and CEO

Webcasted presentation
CEO Jörgen Rosengren and CFO Oskar Hellström will present Gränges’ interim report for the period January-March 2026 at a webcasted conference call Thursday April 23, 2026, at 10.00 CEST.

Join the live webcast here. To participate in the Q&A following the presentation, please register here. Upon registration, phone numbers and a conference ID to access the call will be provided. Please dial in a few minutes before the start of the webcast. The presentation will be in English.