SSAB (AO) | Hold | Q2 slightly below expectations as higher costs weigh (first take)

Research evidence excerpt

SSAB (AO) | Hold | Q2 slightly below expectations as higher costs weigh (first take)

News comment

Release date: 22 July 2026

Boris Bourdet, CFA

Equity Research Analyst

+33 1 70 81 57 25

bbourdet@keplercheuvreux.com

HoldSSAB

Sweden | Metals & mining Beta Profile: MCap: SEK98.2bn

Target Price: SEK101.00 Bloomberg: SSABA SS Reuters: SSABa.ST

Current Price: SEK99.16 Free float 83%

Up/downside: 1.9% Avg. daily volume (SEKm) 138.6

YTD abs performance 40.7% Market data: 21 July 2026

52-week high/low (SEK) 100.90/53.08

Q2 slightly below expectations as higher costs weigh (first take)

Key points:

Q2 adjusted EBITDA comes at SEK3,778m, 2% below Infront consensus (SEK3,870m) and in line with our estimate (SEK3,773m), as

higher costs limit the sequential improvement.

Management remains constructive, citing improving European market fundamentals, while guiding for a seasonally softer Q3

with slightly higher pricing.

We expect the shares to open slightly lower following the release, ahead of the conference call at 09:30 CET (Webcast | Conference

Registration ).

Modest Q2 miss driven by higher costs

SSAB reported Q2 2026 results this morning that came in slightly below expectations. Adjusted EBITDA amounted to SEK 3,778m,

2% below the Infront consensus of SEK 3,870m, but broadly in line with our estimate (KECH: SEK 3,773m). EPS came in at SEK

2.09, 4% below the consensus estimate (SEK 2.17) and 2% below our forecast (SEK 2.14).

The modest earnings miss was primarily driven by weaker-than-expected performances in the Special Steels and Steel Americas

divisions, while Steel Europe, Tibnor and Others all delivered results ahead of expectations.

Q2 nevertheless marked a sequential improvement versus Q1, supported by higher shipments and stronger pricing, in line with