Continued solid backlog and record-high earnings for full-year 2023

Q4 2023 highlights

Organic order intake growth for the rolling 12-month period was -6%. The backlog remained solid.

Order intake in the quarter decreased by 12% to SEK 5,147 million (5,825), with organic growth of -10%. Excluding major orders, organic growth was -4%.

Revenues decreased by 2% to SEK 5,038 million (5,159), with organic growth of -1%.

Adjusted operating profit (EBIT) increased to SEK 582 million (555), corresponding to a margin of 11.6% (10.8), with contribution from an improved product mix and price increases.

Operating profit (EBIT) amounted to SEK 444 million (407), corresponding to a margin of 8.8% (7.9), and included metal price effects of SEK -138 million (-149).

Adjusted earnings per share, diluted, was SEK 2.04 (2.11). Earnings per share, diluted, amounted to SEK 1.61 (1.65).

Free operating cash flow amounted to SEK 400 million (801).

The Board proposes a dividend of SEK 2.00 (1.40).

CEO’s comment

Our first full year as a company listed on Nasdaq Stockholm has now come to an end. We have developed the business successfully in line with our strategy, marketed our new brand and strengthened our position.

During the year, revenues grew 8% organically. Adjusted EBIT increased 27% to SEK 2,141 million, corresponding to an adjusted EBIT margin of 10.4%. Both the Tube and Kanthal divisions made a positive contribution to the increase, with margins of 10.3% and 18.3%, respectively. This means that we delivered record-high revenues and adjusted EBIT, and also increased our free operating cash flow more than threefold to SEK 1,688 million. We benefit from long-term positive trends in several of our segments, which give us continued opportunities for value creation over time.

The market situation in the fourth quarter remained mixed. Organic order intake growth was -10%, and -4% excluding major orders. While absolute levels are high and we perceive that the underlying demand is on a solid level, order intake declined in both Industrial Heating and Chemical and Petrochemical year on year. The same applies to the Oil and Gas segment, where order placements can vary between the quarters. However, we assess that the underlying demand continues to grow. Order intake in the short-cycle business, mainly related to low-refined products in the Industrial segment grew from low levels, driven by single orders. The underlying demand is perceived to be in line with the corresponding period last year.

Organic revenue growth was -1%, which was mainly due to the significantly weaker market in the short-cycle and low-refined business in recent quarters. Adjusted EBIT grew 5% to SEK 582 million and the adjusted EBIT margin was 11.6%. An improved product mix from Industrial Heating and Medical in Kanthal, and the Oil and Gas segment in Tube, contributed to the higher margin. Price increases also continued to make a positive contribution.

Our aim is to grow faster than the market in our four targeted segments and we are working to further strengthen our position. During the quarter, we inaugurated our new production line for heat exchanger tubing in Mehsana in India, which will increase our presence in Tube’s Chemical and Petrochemical segment in Asia. We also decided to expand our production capacity for silicon carbide heating elements for industrial heating in Kanthal through an investment in Perth, UK, and in a new service center in Concord, US. Kanthal’s Medical business once again set a new invoicing record. The Hydrogen and Renewable Energy segment also continued to grow at a rapid pace from low levels. Overall, this means that the four targeted customer segments now account for 36% (32) of our total revenues and therefore grew at a faster rate than the rest of our product portfolio during the year.

Demand and the backlog in the Nuclear segment have gradually strengthened and we secured several significant orders during the quarter. Growth in the Nuclear segment is driven by replacements, expansions and new nuclear innovations, such as small modular reactors (SMR), and we are well positioned to secure business in future projects.

We continue to be responsive to how the market situation develops and we take measures on an ongoing basis, while also working to continuously improve our business. I am satisfied with the year’s outcome and the solid backlog we have built up for the coming year. I would also like to thank all of our employees, customers, partners and shareholders for a good year.

Göran Björkman, President and CEO

Conference call and webcast 13:00 CEST

A webcast and conference call will be hosted on January 23, 2024 at 13:00 pm CET. More information and a presentation will be available at

Dial-in details for the conference call

Sweden: +46 (0) 8 5051 0031

UK: +44 (0) 207 107 06 13

US: +1 (1) 631 570 56 13

Link to webcast


Sandviken, January 23, 2024

Alleima AB (publ)

Contact details

Emelie Alm, Head of Investor Relations
Phone: +46 (0) 79 060 87 17

Yvonne Edenholm, Press and Media Relations Manager
Phone: +46 (0) 72 145 23 42

About Alleima
Alleima, is a global manufacturer of high value-added products in advanced stainless steels and special alloys as well as solutions for industrial heating. Based on long-term customer partnerships and leading materials technology, we develop products for the most demanding applications and industries. Our offering includes products like seamless steel tubes for the energy, chemical and aerospace industries, precision strip steel for white goods compressors, air conditioners and knife applications, based on more than 900 active alloy recipes. It also includes ultra-fine wires for medical and micro-electronic devices, industrial electric heating technology and coated strip steel for fuel cell technology for cars, trucks, and hydrogen production. Our fully integrated value chain, from R&D to end-product, ensures industry-leading technology, quality, sustainability, and circularity. Alleima, with headquarter in Sandviken, Sweden, had approximately 6,500 employees and revenues of about 21 billion SEK in about 80 countries in 2023. The Alleima share was listed on Nasdaq Stockholm’s Large Cap list on August 31, 2022 under the ticker ‘ALLEI’. Learn more at

This information is information that Alleima AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11.30 AM CET on January 23, 2024.