Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Outokumpu Oyj New — Q4 2025 Earnings Presentation
32 slides from Outokumpu Oyj's earnings presentation, Feb 12, 2026
Slide 1: Outokumpu Q4 2025 results
Pioneering materials and technologies that power tomorrow Outokumpu Q4 2025 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO February 12, 2026 The Oculus | Location: New York City, U.S.
Slide 2: Disclaimer
2 February 12, 2026 Disclaimer This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements. Such forward-looking statements are based on the current plans, estimates and expectations of Outokumpu’s management based on information a
Slide 3: Year ended weak with headwinds in business area Europe; more favorable dynamics expected in 2026
3 February 12, 2026 Year ended weak with headwinds in business area Europe; more favorable dynamics expected in 2026 Kati ter Horst, President & CEO
Slide 4: FY 2025 & Q4 Headwinds in BA Europe
4 February 12, 2026 FY 2025 & Q4 Headwinds in BA Europe • Stainless steel market remained weak, pressured by heightened uncertainty and low-priced imports to Europe • FY 2025 adjusted EBITDA was EUR 167 million (177). Profitability improved in BA Americas and Ferrochrome, Adjusted EBITDA but decline
Slide 5: CBAM and tariffs reducing imports
5 February 12, 2026 CBAM and tariffs reducing imports Third-country cold rolled imports1 into Europe, Third-country cold rolled imports2 into the North America, 1,000 tonnes 1,000 tonnes Import penetration Import penetration (in %) (in %) kt kt 28% 24% From rest of world From China From rest of worl
Slide 6: Q4 2025 demand subdued - support from policy instruments
6 February 12, 2026 Q4 2025 demand subdued - support from policy instruments Europe: Appliance and food & beverage demand Europe: Overall activity remains low, with remained stable at low level amid residential performing better than commercial. weak consumer confidence Datacenter building activity
Slide 7: Customer case: Advanced materials shaping modern minerals processing
7 February 12, 2026 Customer case: Advanced materials shaping modern minerals processing Metso trusts Outokumpu's lean duplex stainless steel for hydrometallurgy External drivers Customer challenge Growing demand for battery Corrosion limits equipment lifetime: minerals fuels more Hydrometallurgical
Slide 8: In 2025, BA Americas and BA Ferrochrome supported resilience amid weak stainless steel market
8 February 12, 2026 In 2025, BA Americas and BA Ferrochrome supported resilience amid weak stainless steel market in Europe Adjusted EBITDA, EUR million • FY 2025 adjusted EBITDA was EUR 167 million (EUR 177 million in 2024) • Weak financial performance in BA Europe mainly due to market weakness and
Slide 9: Solid Q4 2025 sustainability performance
9 February 12, 2026 Solid Q4 2025 sustainability performance – engaged in climate dialogue at COP30 Safety performance, TRIFR • Back on track in safety performance with 1.4 TRIFR in Q4 after a challenging September • All-time-high 97% recycled material content together with energy efficiency and pro
Slide 10: Sustainability leadership further strengthened with CBAM and EU ETS
10 February 12, 2026 Sustainability leadership further strengthened with CBAM and EU ETS • Key stainless steel importers into EU • Key ferrochrome importers into EU • Phase-out of free allowances have carbon intensity default values also have carbon intensity default under EU ETS begins in 2026 and
Slide 11: Partnership case: Circular ecosystem at the Tornio plant delivering financial value
11 February 12, 2026 Partnership case: Circular ecosystem at the Tornio plant • Outokumpu and Norsk e-Fuel have signed a MoU to work together towards delivering financial value Sustainable Aviation Fuel (SAF) production. • Tornio ferrochrome production plant would provide carbon monoxide (CO) as fee
Slide 12: Well positioned for growth
12 February 12, 2026 Well positioned for growth Marc-Simon Schaar, CFO
Slide 13: Financial strength maintained in Q4 2025
13 February 12, 2026 Financial strength maintained in Q4 2025 • Strong liquidity with cash and cash equivalents of EUR 362 million and total liquidity reserves of EUR 1.2 billion • Positive free cash flow of EUR 49 million • A slight uptick in net debt • New unsecured EUR 800 million sustainability-
Slide 14: Q4 2025 stainless steel deliveries decreased 15% due to market weakness and temporary challenges
14 February 12, 2026 Q4 2025 stainless steel deliveries decreased 15% due to market weakness and temporary challenges Deliveries, kt Adjusted EBITDA quarter-on-quarter comparison1, EUR million Market weakness and challenges with supply chain planning solution Electrification aid and higher fixed cos
Slide 15: BA Europe
15 February 12, 2026 BA Europe BA Europe’s stainless steel deliveries, 1,000 tonnes Volumes weighed on Q4 performance • Demand remained weak, with CBAM offering some support toward the end of the quarter • Q-o-Q profitability decrease driven by lower deliveries, caused by market weakness and challen
Slide 16: BA Americas
16 February 12, 2026 BA Americas BA Americas’ stainless steel deliveries, 1,000 tonnes Strong year-end • Demand improved as customers redirected orders to domestic producers following tariff hikes, but seasonal weakness weighed on the fourth quarter • Q-o-Q profitability improvement driven by favora
Slide 17: BA Ferrochrome
17 February 12, 2026 BA Ferrochrome BA Ferrochrome's deliveries, 1,000 tonnes Continued strong performance • Solid demand for Outokumpu's low-emission European ferrochrome – external deliveries increased • Market balance is supported by limited supply, and CBAM is expected to further strengthen our
Slide 18: Continued capital discipline in a challenging market environment
18 February 12, 2026 Continued capital discipline in a challenging market environment Q4/25 cash flow Net debt EUR million -71
Slide 19: Focusing on competitiveness and transformative growth
19 February 12, 2026 Focusing on competitiveness and transformative growth Kati ter Horst, President & CEO
Slide 20: Increasing the value of Outokumpu through EVOLVE growth strategy
20 February 12, 2026 Increasing the value of Outokumpu through EVOLVE growth strategy Maximizing value from Revolutionizing value creation with sustainable stainless steel innovative materials and technologies Growing profitably in advanced Focusing on total shareholder returns materials and alloys
Slide 21: The Board of Directors proposes a dividend of EUR 0.13
21 February 12, 2026 Dividend per share and earnings per share, EUR The Board of Directors proposes a dividend of EUR 0.13 per share for the year 2025, to be paid *Including extra dividend of EUR 0.10 per share **Board's proposal for the financial year 2025 in two installments Total dividend payment
Slide 22: Outlook for Q1 2026
22 February 12, 2026 Outlook for Q1 2026 Outokumpu's adjusted EBITDA improvement in the first quarter of 2026 is expected to benefit mainly from recovering stainless steel delivery volumes, which are forecast to rise by 20–30% from the fourth quarter of 2025. The change in deliveries mainly reflects
Slide 23: More favorable dynamics expected in 2026
23 February 8, 12,2024 2026 More favorable dynamics expected in 2026 • In Europe, CBAM and proposed safeguards are expected to support demand for low emission stainless steel and ferrochrome • In the Americas, a positive outcome of the USMCA negotiations would support our Mexican business • Robust f
Slide 24: Thank you! Questions & answers
24 February 12, 2026 Thank you! Questions & answers Our achievements in sustainability have been globally recognized
Slide 25: Key financials for Q4 2025
25 February 12, 2026 Key figures Q4 2025 Q4 2024 Q3 2025 2025 2024 Key financials Sales EUR million 1,160 1,405 1,298 5,468 5,942 for Q4 2025 EBITDA EUR million -27 -12 29 88 162 Adjusted EBITDA EUR million 10 -3 34 167 177 EBIT EUR million -83 -65 -24 -134 -51 • Adj. EBITDA EUR 10 million Adjusted
Slide 26: Stainless steel and nickel prices
26 February 12, 2026 Stainless steel and nickel prices Transaction prices 304 stainless, USD/tonne* Nickel LME cash, USD/tonne December December Europe USA China Source: CRU Stainless Steel Flat Products Monitor December 2025 Nickel: London Metal Exchange (LME) Nickel Cash Official Stainless transac
Slide 27: BA Europe's adjusted EBITDA was EUR -56 million in Q4 2025
27 February 12, 2026 BA Europe’s adjusted EBITDA was EUR -56 million in Q4 2025 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Lower volumes due to market weakness and challenges with the supply chain planning solution in the ERP rollout Higher fixed-cost ab
Slide 28: BA Americas' adjusted EBITDA was EUR 31 million in Q4 2025
28 February 12, 2026 BA Americas’ adjusted EBITDA was EUR 31 million in Q4 2025 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Seasonal Lower variable weakness costs Stable USD prices, product mix improved 1) Indicative columns based on management estimates
Slide 29: BA Ferrochrome's adjusted EBITDA was EUR 42 million in Q4 2025
29 February 12, 2026 BA Ferrochrome’s adjusted EBITDA was EUR 42 million in Q4 2025 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Lower variable costs, including electrification aid, and higher fixed-cost absorption Driven by lower internal deliveries, whil
Slide 30: Good liquidity position secured in 2025
30 February 12, 2026 Good liquidity position secured in 2025 Total liquidity reserves increased from €1.1 billion to €1.2 billion in 2025 Debt structure at the end of 2025 Debt maturity profile at the end of 2025, EUR million
Slide 31: Smart decarbonization unlocking new business opportunities
31 February 12, 2026 Smart decarbonization unlocking new business opportunities • Capturing voluntary and regultory demand for low- emission stainless steel 2016–2024 2025 RESULTS 2030 TARGET and ferrochrome High recycled material content, low- - 33% - 42% emission energy, energy efficiency and tCO
Slide 32: Strong partnerships with customers to drive the green transition forward
32 February 12, 2026 Strong partnerships with customers to drive the green transition forward in stainless steel industry Up to 93% lower carbon footprint compared to the industry average* *Global average CO₂ emissions (2023): 7 kilos of CO₂e per kg of stainless steel (based on data provided by CRU