First Quarter 2015 Earnings ConferenceMay 4, 2015

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Today’s presenters

JOHAN MENCKEL

CEO

Since: 2012Gränges since: 2004

OSKAR HELLSTRÖM

CFO

Since: 2011

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3

Gränges is a global aluminium company focused on rolled products for brazed heat exchangers

Heat exchanger value chain

Aluminium producers Material producers Heat exchanger producers Automotive and HVAC&R

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Modern vehicles have up to ten different heat exchangers, sometimes even more

Engine radiatorCharge air coolerHybrid system radiatorAir condition condenser

Engine oil cooler

Air condition evaporatorCabin heater

Transmission oil cooler

Chiller (for active battery cooling)

Battery radiator(for passive battery cooling)

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Improved earnings and higher volume in first quarter

Sales volume +3.3%, partly due to stock building by a number of customers in Asia

Adjusted operating profit increased by 25% to SEK 155 million

Support from favorable exchange rates offset by higher costs and slightly lower conversion prices

Earnings per share of SEK 1.49

Net cash flow before financing activities of SEK -1 million

Solid financial position

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Intensified investments in new products

Increased production capacity for TRILLIUM® in second quarter

– Simplifies the brazing process for our customers

– Enables a more compact heat exchanger design

Good potential for products within MULTICLAD®

Gränges was recognized for its leading edge in new products and quality by receiving a Delphi 2014 Pinnacle Award

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Modest market growth expected for full-year 2015

Q1 2015

Light vehicle production growth (YoY)

Source: IHS Automotive, April 16, 2015

Region Q2 2015 outlook FY 2015 outlook

Asia

Europe

Americas

+1%

Global

+2% +3%

-1% +1%

+1% +1% +2%

+2% -2% ±0%

±0%

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Continued good volume growth in Asia

Asia Europe Americas

Continued growth for light vehicle production in China

Inventory build-up at some customers

Increased sales of heat exchanger material

Lower sales of scrap based products in line with plan

Reduction of inventory at some customers

Lower demand in South America

Gränges sales volume (ktonnes)

19,4 21,1 19,1 18,8 20,7

Q1 Q2 Q3 Q4 Q1

16,0 15,0 14,0 13,616,0

Q1 Q2 Q3 Q4 Q1

6,0 5,7 6,2 5,2 5,9

Q1 Q2 Q3 Q4 Q1

+7%+1%

-2%

20152014 20152014 20152014

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Positive earnings trend continued in first quarter

Rolling 12 months sales volume and adjusted operating profit

147 149 148152 154 155

158 159 160 160 160 160 161286

362 374348

372 371401

437 444463

494

245199

100

120

140

160

180

200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q10

100

200

300

400

500

Adjusted operating profit (S

EK

million)

Sal

es v

olum

e (k

tonn

es)

Sales Volume Adjusted Operating Profit

2012 2013 2014 2015

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Increased volume and earnings

SEK million Q1

Financial overview

1. Adjusted for items affecting comparability.2. Basic and diluted, historical earnings per share has been calculated on the same number of shares as of today.

Rolling 12 months

2015 2014 Change Mar 2015 Dec 2014 Change

Sales volume (ktonnes) 42.7 41.3 3.3% 161.4 160.0 0.9%

Net sales 1,456 1,157 25.8% 5,047 4,748 6.3%

Adjusted operating profit1 155 124 24.7% 494 463 6.6%

Adjusted operating margin (%) 10.6 10.7 -0.1 ppt 9.8 9.7 0.0 ppt

Adjusted operating profit per tonne (kSEK) 3.6 3.0 0.6 3.1 2.9 0.2

Operating profit 155 120 29.0% 457 422 8.2%

Profit for the period 111 85 30.8% 345 319 8.2%

Earnings per share2 (SEK) 1.49 1.14 0.35 4.62 4.27 0.35

Net cash flow before financing -1 362 n/a 233 597 -60.9%

Return on capital employed, R12 (%) 17.1 13.4 3.7 ppt 17.1 16.3 0.7 ppt

Net debt / adjusted EBITDA, R12 1.1 -0.8 1.9 1.1 1.2 -0.1

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-765 -775-29 -9-46

-132

206

-1 000

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

Net cash flow before financing SEK -1 million

Net debt was SEK 775 million at the end of Q1 2015

Change in net debt

Net

deb

t pos

ition

(SE

K m

illion

)

Netdebt

Q4 2014

AdjustedEBITDA

Change in working capital

Other operating

items

Investments FX & other Netdebt

Q1 2015

1.2 1.1

Net debt over adjusted EBITDA (rolling 12 months)

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97 93101

93 95 94102 99

84 86 9095

89

0

25

50

75

100

125

150

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Working capital increased by 5 days year over year

Average working capital days

2015

Aver

age

wor

king

cap

ital (

days

)

2012

+5

2013 2014

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Outlook

Aims to further strengthen our position and continue to grow with good profitability

Global light vehicle production is expected to grow by 1% in Q2 2015

For the full year 2015 IHS forecasts a 2% growth in global light vehicle production

Gränges’ growth in Asia is expected to be in line with the market during first half of 2015. Europe and the Americas are expected to grow in line with, or betterthan the than the market

Positive effects of favorable foreign exchange rates

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A positive start to 2015– Q1 the best quarter so far

Sales volume +3.3%

Adjusted operating profit increased by 25% to SEK 155 million

Solid financial position

Well positioned forprofitable growth

Summary of first quarter

Q&AJohan Menckel, CEO

Oskar Hellström, CFO