Annual and Sustainability Report
Gränges AB (publ)

2022 in brief

2022 in brief

In 2022, Gränges achieved all-time-high financial and sustainability results despite severe headwinds. The adjusted operating profit increased by 14 per cent and earnings per share by 18 per cent. The high ambition and systematic work in sustainability resulted in the lowest-ever carbon footprint and highest-ever recycling volumes.

Net sales

Net sales increased to SEK 24,492 million (18,130).

Sales volume

Sales volume decreased by 2.0 per cent to 479.3 ktonnes (488.9).

Adjusted operating profit

Adjusted operating profit increased to SEK 1,150 million (1,008).

Carbon emissions intensity

Carbon emissions intensity amounted to 0.82 tonnes CO2e/tonne for scope 1+2 and 8.1 tonnes CO2e/tonne for scope 3. Total carbon emissions intensity (scope 1+2+3) has now been reduced by 22 per cent versus baseline 2017.

Sourced recycled aluminium

The share of sourced recycled aluminium increased to 32.7 per cent (28.5), which is above the 2025 target level.

Responsible sourcing and production

5 sites (2) have achieved certifications in accordance with The Aluminium Stewardships Initiative (ASI) Performance Standard and Chain of Custody Standard.

CEO statement

CEO statement

A year of extraordinary challenge and achievement. Stable volume. Best-ever profit. Lowest carbon emission intensity and highest recycling levels ever. Strengthened team, operations, and partnerships. Large expansion projects in Americas and Europe. In a turbulent year marked by unprecedented challenges, the entire Gränges team demonstrated commitment and drive to succeed beyond the ordinary.

We also worked systematically to execute our Navigate plan for sustainable growth. Our approach in 2023 remain the same: to stay focused on the long term while meeting any short-term challenges with flexibility. I have strong faith that this will lead to continued improved performance and a positive development for Gränges overall.


Long-term targets


At the Capital Markets Day on 21 June 2022, Gränges presented a new long-term plan for sustainable growth. As a result of the new strategy, Gränges also updated its financial targets for profit growth, profitability, capital structure and dividend.

Profit Growth

Average yearly operating profit growth above 10 per cent. In 2022, operating profit increased by 14 percent primarily driven by higher prices towards customers.


Return on capital employed above 15 per cent. In 2022, return on capital employed decreased by 0.6 percentage points to 9.4 per cent.

Capital structure

Financial net debt normally between 1–2 times adjusted EBITDA. In 2022, financial net debt increased by SEK 823 million to SEK 3,882 million, corresponding to 1.9 times adjusted EBITDA.


Dividend between 30–50 per cent of profit for the year. The Board of Directors proposes a dividend of SEK 2.50 (2.25) per share for the 2022 fiscal year, corresponding to 38 per cent (40) of the profit for the year.


To drive the development of sustainable solutions, Gränges has adopted sustainability targets for 2025 and has set an ambitious climate target to reach net-zero by 2040 as well as to tenfold the recycling volumes by 2030 versus baseline 2017.

Emissions and climate impact

Reduce carbon emissions intensity from scope 1+2 by at least 25 per cent and by at least 30 per cent from scope 3 to 2025. Reach net-zero by 2040. In 2022, total carbon intensity (scope 1+2+3) has been reduced by 22 per cent compared to baseline 2017.

Sustainable innovation

100 per cent of Gränges’ products to have third-party verified sustainability information available by 2025. In 2022, the share of products with third-party verified sustainability information increased to 79 per cent (35).

Sourced recycled aluminium

Increase the share of sourced recycled aluminium to at least 30 per cent of total sourced metal inputs by 2025 and tenfold the recycled volumes by 2030 vs 2017. In 2022, the share of sourced recycled aluminium increased by 4.3 percentage points to 32.7 (28.5).

Workplace safety

Reduce Total Recordable Rate to greater than or equal to 3.0 recordable accidents per million hours worked. In 2022, Total Recordable Rate (TRR), recordable accidents per million hours worked, increased to 8.0 (6.5). Severity rate, lost workdays per million hours worked, decreased to 56 (139).

Responsible sourcing and production

All sites to have achieved certifications in accordance with the Aluminium Stewardships Initiative (ASI) Performance Standard and Chain of Custody Standard by 2025. In 2022, 5 sites (2) achieved both ASI certifications.



Navigate – Gränges’ strategy for long-term sustainable growth

The Navigate strategy is based on three parts – restore, build and invest – where the long-term target is sustainable growth. It is about continuing to build the company based on Gränges’ business model. People and sustainability, areas where Gränges believes it outperforms most other companies in the industry, are at the core of the strategy.

Gränges has had many years of strong value creation. However, the positive trend was broken in 2019, and following the COVID-19 pandemic in 2020 the return on capital employed declined below the cost of capital. This called for action and a new strategy that would bring the company back to a solid long-term performance. And thus, the Navigate plan was born. The Navigate strategy is based on three parts – restore, build and invest – where the long-term target is sustainable growth.

The aim is to build the world’s best aluminium technology company

The Navigate plan is about continuing to build the company based on Gränges’ business model – improve, innovate and grow, and source green and recycle. People and sustainability, areas where Gränges believes it outperforms most other companies in the industry, are at the core of the strategy.

Committed to 15 per cent return on capital employed

The aim of the Navigate strategy is to get back to a stable return on capital employed (ROCE) above 15 per cent. Gränges’ financial targets were updated and the sustainability targets were supplemented in conjunction with the launch of the strategy.

The Business

The Business

Gränges is a leading global supplier of rolled aluminium products for thermal management systems, speciality packaging, battery components, and selected niche applications. Gränges has two business areas: Gränges Eurasia and Gränges Americas.


In materials for brazed heat exchangers, Gränges is the global leader with a market share of approximately 25 per cent. Gränges’ end-customers are found in the automotive, HVAC, speciality packaging, and battery industries as well as in other niche markets such as transformers and wind turbines.

Gränges Eurasia

2022 was a year with a turbulent macro environment and high global inflationary pressure on external costs. However, due to a strong team performance, Gränges Eurasia limited the sales volume reduction to just below 3 per cent while operating profit increased.

Gränges Americas

Gränges Americas delivered a record profit during 2022 supported by strong market positions. Despite the challenging environment, with inflationary pressure and high employee turnover, Gränges Americas managed to keep focus on long-term value creation.



Contributing to a circular and sustainable economy

As part of the execution of Navigate, Gränges will continue to invest in three areas during the coming years: in sustainable supply and recycling, in sustainable operations, and in sustainable customers and sectors.

Sustainability is a strong driver and enabler of long-term competitiveness and value creation for Gränges. To stay ahead of customers’ requirements and policy changes, Gränges updated its sustainability strategy to better support Navigate. The strategy shifts the focus from a period of organizing and integrating sustainability into the business to a period of investments, partnerships, and decarbonization to drive sustainable growth. The strategy includes an ambitious commitment to climate neutrality by 2040 as well as raised circularity ambition.

Gränges has a strong position to make a difference through its commitment to sustainability. The company works actively to reduce the climate impact along the aluminium value chain, to increase circularity through collaboration and partnerships upstream and downstream, and to promote responsible business practices among the company’s business partners.

Gränges Endure

In 2022, Gränges launched a product brand for sustainable and circular solutions, Gränges Endure. The brand makes it easier for customers to select sustainable aluminium products and solutions of the highest quality at the lowest sustainability impact. Gränges Endure products are based on low-carbon and recycled input materials.

Sustainable supply and recycling

Increasing sourcing and usage of sustainable materials and energy are vital for Gränges to reduce the climate impact from scope 3, and the company already shows good progress in these areas.

Sustainable operations

Gränges is committed to strengthening its operational efficiency, providing a safe and secure workplace and ensuring that employees are motivated and engaged.

Sustainable customers and sectors

A key priority is to partner with customers to design sustainable and circular solutions and continue to invest in sustainable markets to ensure that the company is part of the transition towards a sustainable economy.

Corporate Reports

Corporate Reports and Financial statements

Chairman’s comment

2022 was a turbulent year in our industry as in many others.

The global component shortages and supply chain constraints continued to impact our customers’ business, especially in the first half of the year. The war in Ukraine and the difficult geopolitical situation put stress on European industry. We also saw extraordinary price increases on metal, energy, as well as the highest interest rates and inflation since decades. The Board worked closely with Gränges’ management team to navigate these circumstances. With high professionalism and flexibility, the short-term issues were tackled one by one. At the same time Gränges kept focus on the long term, driving improvement programmes, accelerating its sustainability work, and building a stronger team. It’s pleasing to see that, in the end, 2022 was yet another record year for Gränges in terms of operating profit and sustainability, and that we have a new long-term strategy in place.

I would like to thank Gränges’ management and dedicated employees for their great efforts during an exceptionally challenging year. It’s our firm belief that Gränges is very well positioned for an exciting future.



Gränges is engaged in many exciting projects. Read some of the stories from 2022 where employees have made extraordinary efforts or, together with customers and partners, paved the way for sustainable growth.

Other reports

Here you can find all Gränges financial reports and presentations.


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