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Outokumpu (OUT1V) investor relations material
Outokumpu Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was marked by subdued stainless steel demand and economic uncertainty, pressuring profitability, especially in Europe, while Americas and Ferrochrome segments showed resilience and improved profitability.
Adjusted EBITDA for 2025 was EUR 167 million, down from EUR 177 million in 2024, with Q4 particularly weak due to market and operational challenges.
The EVOLVE growth strategy advanced, including investments in low-CO₂ metals technology and a $45 million U.S. pilot plant.
Achieved significant cost savings, closing a three-year EUR 350 million run rate program and a €60 million short-term program.
Policy instruments like CBAM and tariffs are reducing imports and supporting domestic demand in Europe and Americas.
Financial highlights
2025 sales were EUR 5,468 million, down from EUR 5,942 million in 2024; adjusted EBITDA was EUR 167 million.
Q4 2025 group profitability was EUR 10 million, with net result at EUR -65 million; full-year net result was EUR -137 million.
Free cash flow improved in Q4 2025 to EUR 49 million, with total liquidity reserves of EUR 1.2 billion and net debt at EUR 265 million.
Dividend proposal of EUR 0.13 per share for 2025, to be paid in two installments.
ROCE for 2025 was -3.2%; earnings per share for FY 2025 was EUR -0.31.
Outlook and guidance
Adjusted EBITDA in Q1 2026 expected to be higher than Q4 2025, driven by a 20–30% increase in stainless steel deliveries.
Market dynamics expected to improve in 2026, with CBAM and safeguards supporting European demand and positive order book trends in Americas.
Global stainless steel demand is expected to remain soft in early 2026, with gradual improvement later in the year.
Robust demand for low-emission ferrochrome expected to continue.
CapEx guidance for 2026 is around EUR 200 million, excluding major new investments.
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