Q4 2025 Granges AB Earnings Call Transcript
Key Points
- Granges AB (FRA:9GR) achieved a record operating profit for the fifth consecutive year, reaching SEK1,614 million in 2025.
- The company reported a 17% increase in sales volume for Q4 2025 and a 22% increase for the full year, driven by market share gains across all regions.
- Granges AB (FRA:9GR) achieved record sustainability results, including a record low carbon intensity of 6.6 tonnes CO2 equivalents per tonne of aluminum sold.
- The company successfully completed a multi-year expansion phase, resulting in a global manufacturing capacity of 800,000 tonnes.
- Granges AB (FRA:9GR) announced an increased dividend of SEK3.40 per share, reflecting a strong financial position and commitment to returning value to shareholders.
- The company faced significant negative currency effects, with a SEK161 million impact on operating profit for the full year 2025.
- Granges AB (FRA:9GR) experienced a decline in full-year margin from SEK3,100 per tonne in 2024 to SEK2,600 per tonne in 2025.
- The HVAC market showed weak demand, impacting sales despite the company's efforts to gain market share in other segments.
- Higher aluminum prices negatively affected working capital and cash flow, with a SEK500 million impact for the full year 2025.
- The return on capital employed decreased to 10.8% by the end of Q4 2025, primarily due to additional capital in Asia and increasing metal prices.
Good morning, ladies and gentlemen. I'd like to welcome all of you to this presentation of Granges' fourth quarter and full year results for 2025. My name is Jörgen Rosengren, and I have the honor and pleasure to be Granges' president and CEO since 2021. And I am here together today with our deputy CEO and CFO, Oskar Hellstrom; and our Director of Investor Relations, Anna Hedenberg.
During this call, I'll start with some general comments about the development and then hand over to Oskar for a more detailed run-through of our results. And at the end of the call, there will be a summary, of course, and also ample time for questions.
So let's get started here. The fourth quarter of 2025 was a very good end, we felt, to a good year. So let me speak first about volume. As we've done now for seven or eight quarters, we continue to take market share in all of our regions. And these share gains more than offset a very weak HVAC manufacturing activity in the period and generally hesitant demand. And as a result of all these
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