Mixed performance in a volatile market
Third quarter 2026
- Order intake for the rolling 12-month period decreased by 4% to SEK 17,976 million (18,665), with organic growth of -1%.
- Revenues increased by 1% to SEK 4,257 million (4,222), with organic growth of -2%.
- Adjusted operating profit (EBIT) amounted to SEK 202 million (197), with a margin of 4.8% (4.7), and included currency effects of SEK -3 million compared with the same period last year. Excluding currency effects, the adjusted EBIT margin totaled 4.9%.
- Operating profit (EBIT) totaled SEK 315 million (127), with a margin of 7.4% (3.0), and included metal price effects of SEK 107 million (-70) and items affecting comparability related to the targeted measures aimed at strengthening our efficiency and competitiveness, of SEK 5 million (0).
- Adjusted earnings per share, diluted, was SEK 0.46 (0.56).
- Earnings per share, diluted, was SEK 0.82 (0.34).
- Free operating cash flow amounted to SEK 373 million (285).
CEO's comment
Market conditions
Market conditions in the third quarter remained mixed, marked by uncertainty and ongoing geopolitical instability. Although parts of the Tube division, such as the umbilical tubing business, nuclear, and titanium tubing for the aerospace industry, remained strong, we noted an increasing negative impact on the division overall. At the same time, the Kanthal division delivered another strong quarter of profitable growth, driven by good demand for electric heating solutions for electronics and semiconductor applications, as well as medical products used in, for example, diabetes treatment. Order intake during the quarter was significantly lower than in the second quarter, mainly due to the timing of project business, with several orders booked in October.
After more than eight months of crisis in the Middle East and a largely stalled OCTG market, we saw an increasing negative impact on the oil and gas segment within the Tube division. We had an order of approximately SEK 250 million cancelled, which was reported as negative order intake during the quarter. The order was scheduled for production in the fourth quarter of 2026.
Order intake for the rolling 12-month period amounted to SEK 17,976 million (18,665), with organic growth of -1%.
Earnings supported by Kanthal's profitable growth
Revenues in the quarter amounted to SEK 4,257 million (4,222), with organic growth of -2%, affected by continued weak OCTG business and by the Chemical and Petrochemical segment, where we noted a slowdown in the previously strong Chinese market. The Industrial Heating and Medical segments continued to develop positively. Adjusted EBIT amounted to SEK 202 million (197), with a margin of 4.8% (4.7), positively impacted by the profitable growth in Kanthal. The targeted measures announced a year ago delivered the planned effects and contributed positively with approximately SEK 40 million to earnings in the third quarter.
Earnings were negatively affected by low volumes in the OCTG business, which led to higher under-absorption effects. We also noted a negative impact from the Nuclear business, where the production rate during the quarter was lower than planned.
Earnings included negative currency effects of SEK 3 million compared with the same period last year. Excluding negative currency effects, the adjusted EBIT margin was 4.9%.
Free operating cash flow amounted to SEK 373 million (285) in the quarter, primarily driven by the positive performance in Kanthal.
Continued focus on organic growth
Our strong balance sheet and cash flow generation provide the flexibility for continued investments in profitable growth. During the quarter, we announced an investment of SEK 220 million at our production facility in Mehsana, India. The investment increases capacity for further processing and finishing and strengthens our position in segments including Chemical and Petrochemical. The investment supports our strategy of locating production close to our customers and the markets we serve. This enables shorter lead times, greater flexibility and closer collaboration with our customers. A local presence across multiple regions also makes it easier to manage changing trade conditions and tariffs.
Strengthened position in nuclear power
After the end of the quarter, we received several orders in the Nuclear segment across multiple product categories. These orders strengthens our confidence in the market's long-term growth opportunities. Against this backdrop, the timing of our investment in Nuclear power is favorable, expanding our capacity and strengthening our ability to meet growing demand in the segment.
Göran Björkman,
President and CEO
Conference call and webcast
A webcast and conference call will be hosted on October 26, 2026 at 1 pm CET. More information and a presentation will be available at www.alleima.com/investors
Link to webcast
-Webcast
Sandviken, October 26, 2026
Alleima AB (publ)
Contact details
Frida Adrian, Head of Investor Relations
frida.adrian@alleima.com
Phone: +46 (0) 70 930 93 24
Annika Molander, Press and Media Relations
annika.molander@alleima.com
+46 (0) 70 155 10 17
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 Alleima is listed on Nasdaq Stockholm 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 October 26, 2026.
