SSAB Ab

Good morning, ladies and gentlemen, and welcome to this presentation of the first quarter of the year for SSAB. My name is Per Hilstrom. I'm head of Investor Relations at SSAB. And presenting today, we have our president and CEO, Jonny Sjöström, and also CFO, Lena Klingelhus. And if we look at the agenda, we have the usual agenda. Again, we have Jonny starting with the first quarter in brief. Lena will then present more details on the financials. And then Jonny will come back without. And then we will also have good time for questions at the end. So by that, Jonny, the floor is yours.

Thank you very much, Per, and good morning to all of you. I would start, like I always do, to go through the safety. We still have a rather good safety trend within SSAB. Our lost time injury frequency, which is a rolling 12 months, is at 0.49. But if you're looking at the year 2006, we have quite a good start, actually. So, a really good performance, I think, from the whole organization and the focus on the safety. is our main priority. And I will come back to the Luleå discussions at the end of this presentation. Now, looking at our financial performance, measured now as the EBITDA, we ended Q1 at 3.2 billion. It is a good and stable earnings. And what I'm happy about is the improvements both in Europe and in America. And we'll get back to that in the next coming slides. And, of course, Special Steel is still continuing to present a solid performance. And our net cash position, we have some seasonality, and I think that Dana might say something about that in her presentation, but we are at 9.6 billion right now. And like I said, normally in the first quarter, we have higher amounts of cash out than normal. But we have a strong balance sheet, and there is a proposal now to the board, or from the board, that we should have a dividend of 200 per share. Now, the transformation update and sort of the, I will cover more about the illness in this discussion. But first of all, the conversion is still progressing quite well. We were there in the beginning of this week with the whole board. That was actually yesterday. And we are, we can see how it's taking place, how it's progressing. and its own time and its own budget. So I think so far a good performance by the whole project team, and we're looking forward to the startup that we're planning to have in the beginning of 2027. When it comes to the Luleå transformation project, the construction site has been paused now, and I just want to emphasize that the most important thing for us and our main priority is the safety of the workers on the construction site. There has been some reports on illness, and we took that very seriously. We were the ones that initiated a construction stop because we wanted to understand more, and we've done enormous amount of measurements, and I think I have more information about that later on. And so far, we haven't seen or found anything that is deviating or which is above the threshold, which makes it a little bit puzzled, but we continue to work on this. And right now, up until now, the additional cost or the stoppage is not material. It will not have an impact on our overall time plan, and the cost is not significant at this point. But we still have a stable production in our production site in Luleå, so the steel work is still continuing according to our plan and our expectations. Now, moving into the divisional performance and first SSAB special steels. We came out on a fairly good level when it comes to shipments, a level of 356,000 tons. It's a rather high amount of shipments higher than we were at last year and higher than the year before for the first quarter. I'm very pleased about that. And also the financial performance was on a stable and high level. I'm happy to see that but still is continuing to deliver on a high level and are quite stable at that level. Then moving into Europe, the financial performance for Q4 was significantly lower than Q1 at 2026. I think that what makes me most happy is that they had a record high level of sales advanced steels, which is according to our strategy and sort of the direction that we've set. And also it's the foundation, one of the foundations for the Luleå investment where we add more capacity to be able to sell more of the advanced high strength steels. And they were also able to increase the shipments by 18% compared to Q4 2025. And it was also significantly higher than Q1 2025. So I'm also pleased about that. And then moving into SSAB Americas, stable performance there as well. Prices have increased, and if you compare Q1 2016 with Q1 2015, it's a significant improvement. Prices have moved up, and they are continuing to move up. We have some scrap price increases in the beginning of the quarter that sort of reduced the spread, but those scrap prices are on its way down, helping us to improve the probability even more going forward. The shipments were stable, and Americas has been stable when it comes to production and output, and hopefully that will remain. Then we have the two subsidiaries, Tivnor and Ruki Construction, and then we start with Tivnor. We can see that the shipments were, of course, higher than Q4, but pretty much on the same level as Q1 2025. And looking at their financial performance, we can see that they came in much higher than Q4, but also much higher than Q1 2025, which was a little bit expected. Now we see that they have a positive inventory effect while Q1, they actually lost in the inventory. So that's a positive effect. And then looking at group construction, Unfortunately, the winter season was a little bit longer than it normally is. It was actually delayed by one month. That had a big impact on the order intake and also on Ruki's financial performance. But since then, we have seen that order intake has been very, very strong. I think that they will be able to compensate for the low performance in Q1 in Q2. Now, moving into financials, I'm leaving the word over to Lena.

Thank you, Joni.