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
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
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
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.
For further information, please contact:
anna.hedenberg@granges.com, phone. +46 76 869 96 48
This information is information that Gränges 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 persons set out above, at 2026-01-29 07:30 CET.
About Gränges
Gränges is a global leader in aluminium rolling and recycling in selected niches. We're committed to creating circular and sustainable aluminium solutions in partnership with our customers and suppliers - for a better future. Our solutions help customers grow and transition to climate neutrality. They are used for efficient climate control in transportation and buildings, electrification and battery components, recyclable packaging, and more. Gränges has production facilities and conducts sales in the regions Americas, Asia, and Europe with 3,500 employees and a total annual production capacity of 800 ktonnes. The share is listed on Nasdaq Stockholm (GRNG). More information is available at www.granges.com.
