Outokumpu Oyj Stock Earnings Reports

Q3 2025 highlights: Adjusted EBITDA was EUR 34m, impacted by weak European stainless-steel demand and seasonal/maintenance effects. Group stainless-steel deliveries fell ~11% (Europe -12%, Americas -6%). Cost measures are progressing: year-to-date savings EUR 42m with EUR 60m target by year-end, and a EUR 100m restructuring program (to be delivered by end-2027) is underway with collective negotiations started across key European sites. Strategic investment: Outokumpu will invest ~USD 45m in a US pilot plant to scale proprietary low-carbon chromium technology from lab (kg) to 1 tonne scale (target operating H1 2027), with a potential later commercial plant (~10,000 t). Ferrochrome demand remained solid with modest volume growth, though pricing was impacted by FX and energy costs. Safety performance slipped in September (TRIF now 1.9 YTD). Financial position: net debt rose to EUR 230m but liquidity remains strong at EUR 1.1bn (supported by a new 3-year term loan); management emphasizes tight working-capital management and capital discipline. Q4 outlook: group stainless-steel deliveries are expected to decline 5–15% q/q, with maintenance/ERP rollouts and shutdowns contributing an estimated ~EUR 20m negative impact on adjusted EBITDA vs Q3; management expects Q4 adjusted EBITDA to be lower than Q3. Regulatory environment: management welcomes the European Commission safeguarding proposal and expects CBAM implementation to be supportive for low-carbon producers, though timing/details remain a source of buyer uncertainty.