Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Outokumpu Oyj New — Q3 2025 Earnings Presentation
27 slides from Outokumpu Oyj's earnings presentation, Oct 29, 2025
Slide 1: Moving forward with EVOLVE strategy
Moving forward with EVOLVE strategy Outokumpu Q3 2025 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO October 29, 2025 City skyline | Location: New York City, U.S.
Slide 2: Disclaimer
2 October 29, 2025 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 av
Slide 3: Adjusted EBITDA was EUR 34 million in Q3, reflecting weakness in the European market
3 October 29, 2025 Adjusted EBITDA was EUR 34 million in Q3, reflecting weakness in the European market Kati ter Horst, President & CEO Outokumpu head office | Helsinki, Finland
Slide 4: Focus on cost competitiveness and transformation
4 October 29, 2025 Focus on cost competitiveness and transformation • Stainless steel deliveries decreased by 11%, mainly due to continued subdued demand in Europe Adjusted EBITDA totaled • On track with short-term cost savings measures EUR 34 million with EUR 13 million of savings achieved during Q
Slide 5: European stainless steel market continues to be impacted by low-priced Asian imports
5 October 29, 2025 European stainless steel market continues to be impacted by low-priced Asian 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 Note: Based on only July Import penetration
Slide 6: Deliveries decreased in weak market conditions, especially in Europe
6 October 29, 2025 Deliveries decreased in weak market conditions, especially in Europe Deliveries, kt Adjusted EBITDA quarter-on-quarter comparison1, EUR million 505 502 Driven by increased 491 483 maintenance costs, 468 459 470 Deliveries partly offset by cost- 450 449 450 444 decreased in both 43
Slide 7: EBITDA run-rate improvement progressing towards the target by the end of 2025
7 October 29, 2025 EBITDA run-rate improvement progressing towards the target by the end of 2025 Cumulative gross annualized EBITDA run-rate improvement, EUR million EUR 49 million EBITDA run-rate improvement reached YTD, of which EUR 8 million in Q3 • Q3 improvement mainly driven by BA Europe, thro
Slide 8: Investing in a pilot plant to scale up the proprietary technology
8 October 29, 2025 Investing in a pilot plant to scale up the proprietary technology to produce low-CO₂ metals • Investing approx. USD 45 million in a new pilot plant in New Hampshire, the U.S., planned to be operational in H1 of 2027 • Produced materials are enriched ferrochrome and chromium metal
Slide 9: From lab-scale innovation to industrialized, high-value metals business
9 From lab-scale innovation to industrialized, high-value metals business Scaling Up Reach Full Potential 2030+ Industrialization New high-value products First industrial-scale plant Specialty alloys, Ni, Mo, etc. Leading position in low-CO₂ metals 2027-2030 solutions Anticipated annual capacity of
Slide 10: Record high recycled material content of 97% maintained YTD
10 October 29, 2025 Record high recycled material content of 97% maintained YTD Safety performance, TRIFR • Safety performance deteriorated to 2.6 8.7 TRIFR - prompt actions taken and 4.4 4.1 continuous focus on improvement 3.2 2.4 2 1.8 1.5 1.5 1.9 1.2 2.6 • Very high recycled material content 2016
Slide 11: Financial discipline in a challenging market
11 October 29, 2025 Financial discipline in a challenging market Marc-Simon Schaar, CFO Neuer Zollhof | Düsseldorf, Germany
Slide 12: Strong liquidity and focus on cash flow
12 October 29, 2025 Strong liquidity and focus on cash flow • Net debt increased to EUR 230 million, mainly driven by weak market and maintenance breaks • Cash and cash equivalents EUR 335 million, total liquidity reserves EUR 1.1 billion • A new EUR 100 million three-year term loan was signed and d
Slide 13: BA Europe
13 October 29, 2025 BA Europe’s stainless steel deliveries, 1,000 tonnes BA Europe 400 369 Weak demand and a seasonal slowdown 349 350 322 322 327 324 316 316 316 318 303 287 284 300 • Market sentiment remained subdued due to low investment and manufacturing 250 activity as well as weak consumer Q3
Slide 14: BA Americas
14 October 29, 2025 BA Americas’ stainless steel deliveries, 1,000 tonnes BA Americas Market softness, improved pricing 200 167 161 166 150 156 156 142 147 148 137 • Distributor inventories slightly increased, 150 125 132 130 while industrial activity and stainless steel 100 demand remain subdued Q3
Slide 15: BA Ferrochrome
15 October 29, 2025 BA Ferrochrome's deliveries, 1,000 tonnes BA Ferrochrome Deliveries slightly increased, softer prices due to weaker USD 104 104 101 105 100 95 95 100 87 90 87 85 • Ferrochrome production levels further 79 70 increased in China, while producers in southern Africa continued with ca
Slide 16: Disciplined balance sheet management
16 October 29, 2025 Disciplined balance sheet management Q3/25 cash flow Driven by preparations for a Net debt development new ERP system and EUR million maintenance breaks EUR million -11 29 -2 -44 -28 252 230 -55 212 189 169 -27 EBITDA Working Income taxes Provisions, Operating Net cash from Cash
Slide 17: Driving transformation for better performance
17 October 29, 2025 Driving transformation for better performance Kati ter Horst, President & CEO Waterfront Congress Centre |Stockholm, Sweden
Slide 18: Outlook for Q4 2025
18 October 29, 2025 Outlook for Q4 2025 Group stainless steel deliveries in the fourth quarter are expected to decrease by 5-15% compared to the third quarter mainly due to continued market weakness in business area Europe and seasonal slowdown in business area Americas. Asian imports to Europe stil
Slide 19: Strengthening the foundation for future growth
19 February 8, 2024 October 29, 2025 Strengthening the foundation for future growth • Investing for growth through the pilot plant for innovative proprietary technology • Improving competitiveness with the EUR 100 million restructuring program • Americas seen as an interesting growth market beyond s
Slide 20: Thank you! Questions & answers
20 October 29, 2025 Thank you! Questions & answers Our achievements in sustainability have been globally recognized
Slide 21: Key financials for Q3 2025
21 October 29, 2025 Key financials Key figures Q3 2025 Q3 2024 Q2 2025 2024 for Q3 2025 Sales EUR million 1,298 1,518 1,486 5,942 EBITDA EUR million 29 81 39 162 Adjusted EBITDA EUR million 34 86 75 177 • Adj. EBITDA EUR 34 million EBIT EUR million -24 32 -21 -51 Adjusted EBIT EUR million -19 31 21
Slide 22: Asian imports continued to put pressure on stainless steel prices in Europe
22 October 29, 2025 Asian imports continued to put pressure on stainless steel prices in Europe Transaction prices 304 stainless, USD/tonne* Nickel LME cash, USD/tonne September September 6000 30000 25000 4000 20000 15000 2000 10000 5000 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Eu
Slide 23: BA Europe's adjusted EBITDA was EUR -12 million in Q3 2025
23 October 29, 2025 BA Europe’s adjusted EBITDA was EUR -12 million in Q3 2025 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Stainless steel deliveries Driven by positive raw decreased by 12%, driven by material impacts, partly weak market conditions and of
Slide 24: BA Americas' adjusted EBITDA was EUR 30 million in Q3 2025
24 October 29, 2025 BA Americas’ adjusted EBITDA was EUR 30 million in Q3 2025 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Driven by increased realized prices for stainless steel, Driven by higher fixed partly offset by negative raw costs, partly offset b
Slide 25: BA Ferrochrome's adjusted EBITDA was EUR 21 million in Q3 2025
25 October 29, 2025 BA Ferrochrome’s adjusted EBITDA was EUR 21 million in Q3 2025 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Driven by stronger external demand Driven by higher electricity prices and lower fixed cost absorption Mainly driven by weaker U
Slide 26: Smart decarbonization unlocking new business opportunities
26 October 29, 2025 Smart decarbonization unlocking new business opportunities
Slide 27: Strong partnerships with customers to drive the green transition forward
27 October 29, 2025 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 a