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Gränges (GRNG) investor relations material

Gränges Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Achieved 25% year-over-year sales volume growth in Q3 2025, driven by significant market share gains across all regions and customer segments, offsetting weak demand in HVAC and automotive sectors.

  • Growth was supported by volume, price increases, and productivity improvements, countering higher aluminium scrap costs and weak demand.

  • Integration and ramp-up of the Shandong facility in Asia enabled 88–95% volume growth in the region, contributing substantially to group performance.

  • Strong operating cash flow and improved working capital control, with modest CapEx following the conclusion of a multi-year expansion program.

  • Sustainability performance improved, with a 5% reduction in carbon emissions intensity and increased use of low-carbon aluminium.

Financial highlights

  • Q3 2025 sales volume reached 153,000–153,400 tonnes (+25%); net sales increased 20.6–21% to SEK 6,933 million.

  • Adjusted operating profit was SEK 398 million, down 5–5.3% year-over-year, with a margin of 2.6 KSEK/tonne.

  • Profit for the period was SEK 253 million; EPS was SEK 2.27.

  • Operating cash flow was SEK 317 million, up 15–15.1%, despite a SEK 200 million working capital build-up from higher aluminum prices.

  • Return on capital employed (ROCE) was 10.8%; net debt/EBITDA at 1.6x, within the 1-2x target range.

Outlook and guidance

  • Expect continued market share gains and strong sales volume growth in Q4 2025, especially in Asia, to offset ongoing weakness in HVAC and automotive markets.

  • Asia is expected to maintain or exceed a 50,000-ton quarterly run rate; high single-digit sales volume growth anticipated for Europe and Americas combined.

  • Focus on offsetting negative currency and cost effects with volume, price, and productivity improvements.

  • CapEx for capacity expansion guided to approximately zero for 2026 and 2027, supporting higher cash flow conversion.

Plan to improve profit per tonne?
Meet 2030 recycled volume target?
Shandong profitability contribution?
Strategy for 800k tonne capacity utilization?
Mitigate scrap cost headwinds in Europe?
Can market share gains continue in 2026?
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Frequently asked questions

Gränges AB develops, produces, and distributes rolled aluminum products for thermal management systems, specialty packaging, and niche applications in Europe, Asia, and the Americas. The company offers air-conditioning and refrigeration coils; heat exchangers; household refrigerators and freezers; automotive parts; roofing; building services systems; industry special solutions such as polyurethane foam group filling compounds, double sided tape rails and wire card barriers. It also provides automotive door sills; emergency escape ladders for airplanes; fire extinguishers; helicopter rotors; hydraulic systems for yachts including hydraulic pedestals and hydraulic hatch openers. The company was founded in 1896 and is headquartered in Stockholm, Sweden.

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