Financial stability in an uncertain market
Q4 2025 highlights
- Order intake for the rolling 12-month period decreased by 9% to SEK 17,741 million (19,419), with organic growth of -4%.
- Revenues decreased in the fourth quarter by 12% to SEK 4,494 million (5,094), with organic growth of -5%.
- Adjusted operating profit (EBIT) amounted to SEK 364 million (584) in the quarter, with a margin of 8.1% (11.5), and included currency effects of SEK -163 million compared with the year-earlier period. Excluding currency effects, the adjusted EBIT margin totaled 11.0%.
- Operating profit (EBIT) in the quarter totaled SEK 15 million (393), with a margin of
0.3% (7.7), and included metal price effects of SEK -8 million (-191) and items affecting comparability related to the targeted measures aimed at further strengthening our efficiency and competitiveness, of SEK -342 million (0).
- Adjusted earnings per share, diluted, was SEK 1.06 (1.79).
- Earnings per share, diluted, was SEK -0.05 (1.18).
- Free operating cash flow amounted to SEK 422 million (202).
- The Board proposes a dividend of SEK 2.50 per share (2.30).
CEO's comment
Market conditions
Market conditions in the fourth quarter remained uncertain, impacted by global trade and geopolitical unrest. This mostly affected the Industrial and Chemical and Petrochemical segments, particularly in Europe, where customers continued to take a cautious approach to investments. Our diversified exposure, alongside our strong balance sheet, is a strength in the prevailing market climate. There were positive developments in key segments such as Medical in the Kanthal division and Nuclear in the Tube division. The Industrial Heating segment within Kanthal also noted a positive performance and increased demand, albeit from low levels.
Order intake for the rolling 12-month period amounted to SEK 17,741 million (19,419), with organic growth of -4%.
Significant currency headwinds burden earnings
During the quarter, revenues amounted to SEK 4,494 million (5,094), with organic growth of -5%, driven by a weak market for our short-cycle business mainly in the Industrial and Chemical and Petrochemical segments. Adjusted EBIT totaled SEK 364 million (584), with a margin of 8.1% (11.5), impacted by weaker markets in Europe and North America, as well as significant currency headwinds. Earnings included negative currency effects of SEK 163 million compared with the year-earlier period. Excluding currency effects, the adjusted EBIT margin totaled 11.0%. The previously communicated production limitations resulting from the delayed ramp-up following the maintenance stoppage in the third quarter at one of the largest production units in Sandviken also had a negative impact on earnings.
For the full year, revenues amounted to SEK 18,630 million (19,691) and the adjusted EBIT margin was 8.3% (9.9).
Free operating cash flow for the quarter amounted to SEK 422 million (202) and to SEK 1,100 million (1,266) for the full year, impacted by lower operating profit.
Long-term competitiveness
During the quarter, we finalized our investment in a new production line at our production mill in Zhenjiang, China, further strengthening our position in high-quality tube products primarily for chemical and petrochemical. In parallel, we continued our efforts to reopen a plant in Sandviken, which will increase our nuclear steam generator tubing capacity by 60% toward the end of 2026. The establishment of our medical facility in Malaysia also proceeded according to plan, laying the foundation for long-term growth in one of our most attractive segments.
The targeted measures initiated in October, aimed at further strengthening our operational efficiency and long-term competitiveness continued, as planned. The majority of these measures aim to permanently reduce cost levels, including through restructuring, while others form a natural part of our continuing efforts to adapt to the prevailing market conditions.
Consistent strategy execution
Full-year 2025 was difficult to navigate, with major geopolitical turbulence and significant currency headwinds. It is a strength that we despite this continue to generate positive cash flows, which alongside our strong balance sheet, is a prerequisite for continued strategy execution. A strategy we are firmly committed to, as I am convinced it will make Alleima an even more resilient and profitable company long-term.
We concluded the year by setting records for employee safety; our injury frequency rate is the lowest it has ever been, confirming the impact of our long-term and consistent focus on safety. My thanks to all our customers, employees, shareholders and suppliers for their good collaboration and hard work during the year.
Göran Björkman, President and CEO
Conference call and webcast
A webcast and conference call will be hosted on January 27, 2026 at 1 pm CET. More information and a presentation will be available at www.alleima.com/investors
Dial-in details for the conference call
- Sweden: +46 (0) 8 5051 0031
- UK: +44 (0) 207 107 06 13
- US: +1 (1) 631 570 56 13
Link to webcast
-Webcast
Sandviken, January 27, 2026
Alleima AB (publ)
Contact details
Frida Adrian, Head of Investor Relations
frida.adrian@alleima.com
Phone: +46 (0) 70 930 93 24
Yvonne Edenholm, Press and Media Relations Manager
Yvonne.edenholm@alleima.com
Phone: +46 (0) 72 145 23 42
About Alleima
Alleima, is a global manufacturer of high value-added products in advanced stainless steels and special alloys as well as solutions for industrial heating. Based on long-term customer partnerships and leading materials technology, we develop products for the most demanding applications and industries. Our offering includes products like seamless steel tubes for the energy, chemical and aerospace industries, precision strip steel for white goods compressors, air conditioners and knife applications, based on more than 900 active alloy recipes. It also includes ultra-fine wires for medical and micro-electronic devices, industrial electric heating technology and coated strip steel for fuel cell technology for cars, trucks, and hydrogen production. Our fully integrated value chain, from R&D to end-product, ensures industry-leading technology, quality, sustainability, and circularity. Alleima, with headquarter in Sandviken, Sweden, had approximately 6,800 employees and revenues of about 19 billion SEK in about 80 countries in 2025. The Alleima share was listed on Nasdaq Stockholm's Large Cap list on August 31, 2022 under the ticker 'ALLEI'. Learn more at www.alleima.com.
This information is information that Alleima AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11.30 AM CET on January 27, 2026.
