Fourth quarter 2025 

• Sales volume increased by 17 percent to 152.4 ktonnes (130.3). 
• Adjusted operating profit was SEK 373 million (324) and adjusted operating profit per tonne was 2.4 kSEK (2.5).
• Profit for the period amounted to SEK 251 million (175) and diluted earnings per share was SEK 2.31 (1.67). 
• Operating cash flow increased to SEK 58 million (-1,048).
• Total carbon emissions intensity (scope 1+2+3) was 6.2 tonnes CO2e/tonne (7.8) and the share of sourced recycled aluminium was 47.1 percent (45.4).

January-December 2025 

• Sales volume increased by 22 percent to 616.6 ktonnes (505.8). 
• Adjusted operating profit was SEK 1,614 million (1,571) and adjusted operating profit per tonne was 2.6 kSEK (3.1). 
• Profit for the period amounted to SEK 1,058 million (1,010) and diluted earnings per share amounted to SEK 9.54 (9.51). 
• Operating cash flow increased to SEK 841 million (-484).
• Return on capital employed was 10.8 percent (11.9 on December 31, 2024).
• Financial net debt was 1.6x adjusted EBITDA (1.8x on December 31, 2024). 
• Total carbon emissions intensity (scope 1+2+3) was 6.6 tonnes CO2e/tonne (7.5), and the share of sourced recycled aluminium was 45.1 percent (46.2).
• New operating segments from first quarter – Gränges Americas, Gränges Asia, and Gränges Europe.
• The Board of Directors proposes a dividend of SEK 3.40 (3.20) per share, corresponding to 36 percent (34) of the profit for the year.

Comments by Gränges’ CEO Jörgen Rosengren: A record year on a stronger foundation 

2025 was our strongest year so far, despite quite challenging external conditions.  

During the fourth quarter, market demand remained hesitant across our regions and markets, and very weak in the HVAC industry. However, we once again compensated by flexibility, market share gains and new business, resulting in a solid sales volume growth of 17 percent in the quarter and a record 22 percent for the full year. 

Share gains in all regions and most markets 
Gränges Americas delivered a very strong quarter. The sharp decline in HVAC demand was fully offset by market share gains and new business, which together with lower maintenance activity than in 2024 resulted in a 7 percent sales volume increase. For the full year, the region delivered solid growth supported by a more diversified mix and the team’s ability to adapt to a challenging environment. In this way, and despite substantial negative currency translation effects, the region was able to deliver its best full-year operating profit so far. 

Activity in Gränges Asia remained high in the fourth quarter. Market conditions softened, but sales volume grew by 32 percent through market share gains and new business, both in our traditional automotive business as well as in electrification and other new markets. The Shandong facility continued to support growth. For the full year, sales volume increased by an impressive 70 percent, driven by both the ramp up of our expanded capacity and continued share gains across several markets. This platform is now fully established and successfully integrated thanks to excellent work by our Gränges Asia team. Going forward, our focus will gradually shift toward optimizing price, mix and cost in a highly competitive market. The region delivered a strong full-year operating profit, mainly due to volume growth. 

In Gränges Europe, market conditions remained weak through the fourth quarter. Even so, sales volume grew by 16 percent through continued market share gains and new business, with an additional contribution from backlog reductions. Growth was particularly strong in electrification and specialty packaging. For the full year, sales volume increased by 9 percent as we strengthened our partner ships and broadened our product and customer portfolio. However, operating profit remained under pressure from reduced aluminium scrap margins and unfavorable currency, and ended up below the earlier record from 2024.  

Best-ever operating profit and sustainability performance, for the fifth consecutive year 
Adjusted operating profit for the fourth quarter increased 15 percent to SEK 373 million, our best fourth-quarter result so far. Earnings in the period were supported by higher sales volume and improvements in price and productivity, while negative currency effects and lower aluminium scrap margins weighed on profitability.  

Despite these factors, full-year operating profit increased to SEK 1,614 million. The main drivers behind the good development were higher sales volume driven by market share gains, a broader product and customer mix, and continued efficiency improvements across regions. 2025 was our fifth year in a row with an all-time-high operating profit, reflecting the hard work of our global team, and the successful execution of our strategy.  

Operating cash flow in the fourth quarter was negatively affected by an increase in working capital due to higher aluminium prices. Apart from this effect, full-year operating cash flow was strong thanks to the gradual reduction of capital expenditure.  

2025 marked our best-ever sustainability performance, with lower carbon emissions intensity and record-high recycling volumes. Improvements were driven by both updated sourcing conditions and continued operational progress, including increased use of low-carbon primary aluminium. Together, these steps further reduce our climate footprint and support our customers’ decarbonization ambitions. 

Finalize, utilize, optimize 
After finalizing our major capacity investments, our focus is now on fully utilizing the 800 ktonnes foundation we have built, and on gradually optimizing mix, price and productivity. In this new phase, we aim for significantly lower capital expenditure than in recent years, contributing to our cash flow and healthy balance sheet. 

At the same time, we acknowledge that factors such as the aluminium price, currencies and scrap margins are unpredictable. We also need to be prepared for continued geopolitical and economic uncertainty. Our response is to stay flexible and disciplined, improve what we can control, and keep strengthening our company for the long term. Our ambition remains unchanged – to build the world’s leading aluminium recycling and flat-rolling company. 

Continued volume growth expected 
Market demand remains hard to predict. With continued focus on market share gains and new business, we expect sales volume to grow at a low-to-mid single-digit rate compared to last year. We aim to continue to offset any unfavorable negative external factors with pricing actions and productivity improvements, but do not expect to compensate for negative currency effects. The continued increase of the aluminium price into the beginning of the first quarter is expected to weigh on operating cash flow. 

We are very proud of our performance in 2025. I would like to thank all colleagues, customers, partners and shareholders for your continued trust and support throughout the year. It is a privilege to lead this team, and to experience all we can achieve together. 

Jörgen Rosengren
President and CEO 

Webcasted presentation 
CEO Jörgen Rosengren and CFO Oskar Hellström will present Gränges’ year-end report 2025 at a webcasted conference call Thursday January 29, 2026, at 10.00 CET. 
  
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 webcast begins. The presentation will be in English.