Gränges (GRNG) CMD 2026 summary

Strategic direction and market positioning

• Accelerate toward industry leadership by leveraging the Navigate plan and a multi-niche strategy focused on 20+ global niches, emphasizing sustainability, people, and operational excellence for the next four years.

• Outperform fragmented global flat-rolled aluminium markets, targeting a 4% CAGR through 2025 and significant market share gains.

• Regional empowerment enables fast, pragmatic decisions close to customers, supported by a lean corporate center and strong global leadership.

• Electrification, sustainability, and regionalization are key growth drivers, with each region adapting to unique market dynamics and regulatory environments.

• Finalized a multi-year expansion program by 2025, reaching 800,000 tons capacity and targeting >90% utilization by 2027 through high-growth segments.

Sustainability and operational excellence

• Carbon intensity reduced by 46% since 2021; new target set at 3.0 tonnes CO2e per ton by 2030, a 25% reduction from the previous goal, with net-zero targeted by 2040.

• Sourced recycled aluminum increased by 45% since 2017, aiming for 500,000 tons by 2030, with 300,000 tons expected by 2025.

• Sustainability is integrated into all operations, with region-specific approaches, closed-loop partnerships, and innovation in circular alloys.

• Safety and inclusive workplace culture are prioritized, with robust systems and a strong safety culture across 3,500 employees worldwide.

• The four-year Optimize program drives productivity, cost, and capital efficiency, with ambitious targets at all levels.

Financial performance and capital allocation

• Strong earnings growth with a 13% adjusted operating profit CAGR from 2021–2026 and improved earnings quality.

• EBITDA to operating cash conversion expected to rise to 70% for 2026–2029, with operating cash flow projected over SEK 8 billion in four years.

• CapEx will shift from expansion to maintenance post-2025, freeing up cash for dividends and share buybacks once leverage is sustainably at or below 1.5x EBITDA.

• Return on capital employed (ROCE) target set above 15%, with current levels at 11% and detailed plans to bridge the gap.

• Shareholder returns have been strong, with a total return of 500% since IPO and 21% CAGR since 2022.