Stable volume and earnings trend in third quarter

Third quarter 2014
• Sales volume reached 39.3 ktonnes (39.2), level with the corresponding quarter
last year.

• Net sales totalled SEK 1 198 million (1 104), an increase of 8.5% compared
with the same quarter last year.

• Operating profit increased to SEK 81 million (60), corresponding to an
operating margin of 6.8% (5.4).

• Adjusted operating profit amounted to SEK 106 million (98), corresponding to
an adjusted operating margin of 8.8% (8.9).

• Profit for the period was SEK 55 million (40). Earnings per share amounted to
SEK 0.73 (0.53).

January-September 2014
• Sales volume reached 122.3 ktonnes (121.0), an increase of 1.1% compared with
the previous year.

• Net sales totalled SEK 3 531 million (3 577), a decrease of 1.3% compared with
the previous year.

• Operating profit increased to SEK 326 million (226), corresponding to an
operating margin of 9.2% (6.3).

• Adjusted operating profit amounted to SEK 360 million (287), corresponding to
an adjusted operating margin of 10.2% (8.0).

• Profit for the period was SEK 230 million (147). Earnings per share amounted
to SEK 3.08 (1.97).

• Gränges has a sound financial position. At 30 September 2014, the
equity/assets ratio amounted to 44.3% and net debt corresponded to 1.5 times
adjusted EBITDA (on a rolling 12-months basis).

Comments from Gränges CEO Johan Menckel:
“Gränges continued to enjoy stable development during the third quarter with a
sales volume level with the previous year and improved earnings. Adjusted
operating profit increased by 8% to SEK 106 million which corresponds to a
margin of 8.8%. The weakening of the SEK had a positive impact during the
quarter and compensated for increased central costs and somewhat higher costs in
the production facility in Shanghai. In Sweden, we can see that efficiency
improvements continued to have an effect”, says Johan Menckel.

“In the third quarter we saw some slowdown in global vehicle production,
particularly in Europe. We expect this trend to continue in the fourth quarter.”

“Like several others in the industry we have also noted rising aluminium
premiums which is expected to have some impact next year provided the upswing
continues. This means that there might be some lead time before Gränges receives
full coverage for the entire premium cost. The Gränges business model is
characterised by long-term customer relationships which often stretch over
several years but is affected in the short term by underlying market
development.”

“Overall we feel comfortable ahead of 2015. We have a leading global position
and a clear growth strategy where both Asia and North America are prioritised
geographical areas. Our aim is to secure and further strengthen our position
with continued good profitability”, says CEO Johan Menckel.

Webcast telephone conference
On Thursday, 13 November 2014 at 10.00 CET, CEO Johan Menckel and CFO Oskar
Hellström will present Gränges’ interim report for January-September 2014 via a
webcast telephone conference. The webcast can be accessed on Gränges website
www.granges.com/investors. To take part in the telephone conference, please call
+46 851999030 (Sweden), +44 2076602077 (United Kingdom) or +1 8552692607 (USA).

For additional information, please contact:
Pernilla Grennfelt
Director Communications and Investor Relations
pernilla.grennfelt@granges.com
Telephone +46 (0) 702 90 99 55

The information in this interim report is such that Gränges must disclose
pursuant to the Swedish Securities Market Act and/or the Swedish Financial
Instruments Trading Act. The information was submitted for publication on
Thursday, 13 November 2014 at 07.30 CET.

About Gränges
Gränges is a leading global supplier of rolled products for the brazed aluminium
heat exchanger industry. The Group develops, produces and markets advanced
materials that enhance both production economy during the customer manufacturing
process as well as the performance of the final products, the brazed heat
exchangers. Gränges has its headquarters in Stockholm, Sweden, and operates in
three geographical regions: Europe, Asia and the Americas. The company has
production, research and development facilities in Finspång, Sweden, and
Shanghai, China, with total annual capacity of approximately 210,000 metric
tonnes. Gränges was founded in 1896 and the company started its present
operations in 1972 when it started to develop material for brazed heat
exchangers. Gränges has some 1,000 employees and net sales in 2013 totalled
approximately SEK 4 642 million. For more information about Gränges, you are
welcome to visit www.grange