Gränges AB posts fifth straight year of record profit as volume growth offsets pricing, FX and scrap pressure

Gränges closed 2025 with its strongest operating performance on record, extending its streak of all-time-high operating profit to a fifth consecutive year, even as currency headwinds, weaker HVAC demand and tighter scrap margins weighed on profitability across regions. The year was defined by aggressive market share gains, capacity ramp-ups in Asia, and volume-led growth rather than margin expansion.

For the full year ended December 2025, overall aluminium sales volume rose 21.9 per cent year-on-year to 616.6 thousand tonnes from 505.8 thousand tonnes in 2024. Net sales increased 20.7 per cent to SEK 28.36 billion (USD 2.73 billion), despite a cumulative negative foreign exchange impact of SEK 1.69 billion (USD 163 million). Adjusted operating profit edged up 2.7 per cent year-on-year to SEK 1.61 billion, while reported operating profit increased 6.0 per cent to the same level. Profit for the period grew 4.7 per cent to SEK 1.06 billion (USD 102 million), translating into diluted earnings per share of SEK 9.54 versus SEK 9.51 a year earlier.

The earnings profile reflects a sharp divergence between volume growth and unit profitability. Adjusted operating profit per tonne declined to SEK 2.6 thousand (USD 250) from SEK 3.1 thousand (USD 298) in 2024, which shows the combined pressure created from lower scrap margins, adverse currency movements and a weaker product mix in certain Asian segments.

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Fourth quarter: Volume surge, margin dilution

In Q4 2025, Gränges reported a 17.0 per cent year-on-year increase in sales volume to 152.4 thousand tonnes, while net sales rose 16.8 per cent to SEK 7.22 billion (USD 694 million). Adjusted operating profit climbed 14.8 per cent to SEK 373 million, and operating profit jumped 34.9 per cent from the prior year quarter, helped by higher volumes and a rescheduled maintenance shutdown that contributed an estimated SEK 20 million to earnings.