Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Outokumpu Oyj New — Q1 2026 Earnings Presentation
26 slides from Outokumpu Oyj's earnings presentation, May 12, 2026
Slide 1: Pioneering materials and technologies that power tomorrow
Pioneering materials and technologies that power tomorrow Outokumpu Q1 2026 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO May 12, 2026 Outokumpu's stainless steel metal powder
Slide 2: Disclaimer
2 May 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 availa
Slide 3: Kati ter Horst, President & CEO
3 May 12, 2026 Kati ter Horst, President & CEO Production of Cilindro sauna heater by Harvia
Slide 4: More favorable market dynamics underpinned higher adjusted EBITDA
4 May 12, 2026 More favorable market dynamics underpinned higher adjusted EBITDA • Adjusted EBITDA increased to EUR 65 million. Group adjusted EBITDA, EUR million • Stainless steel market activity improved driven by seasonal factors and CBAM-related effects. 86 • Ferrochrome market remained balanced
Slide 5: Following the start of CBAM, the share of imports into Europe has nearly halved
5 May 12, 2026 Following the start of CBAM, the share of imports into Europe has nearly halved 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 150 35 150 35
Slide 6: Market sentiment improved – end use demand largely unchanged
6 May 12, 2026 Market sentiment improved – end use demand largely unchanged Consumer goods Automotive Construction Heavy industry Improved Stable Declined Europe Demand remained stable Production declined, while PMI contraction and inflation High activity in heating, cooling although confidence decr
Slide 7: Improved market activity reflected in our deliveries
7 May 12, 2026 Improved market activity reflected in our deliveries BA Europe, stainless steel deliveries BA Americas, stainless steel deliveries Ferrochrome deliveries 1,000 tonnes 1,000 tonnes 1,000 tonnes 414 185 369 318 324 303 123 156 150 148 142 110 95 87 70 Q1/22 Q1/23 Q1/24 Q1/25 Q1/26 Q1/22
Slide 8: Q1 2026 sustainability performance – sustainability leadership again recognized
8 May 12, 2026 Q1 2026 sustainability performance – sustainability leadership again recognized Safety performance, TRIFR • Safety performance at the same level as FY2025 with 1.8 TRIFR in Q1 8.7 4.4 4.1 3.2 2.4 2 1.8 1.5 1.5 1.8 1.8 • High 95% recycled material content and 2016 2017 2018 2019 2020 2
Slide 9: Progressing with EVOLVE growth strategy; unlocking the full potential of ferrochrome business
9 May 12, 2026 Progressing with EVOLVE growth strategy; unlocking the full potential of ferrochrome business Growing into an unrestricted market player • Expand the product portfolio towards higher-margin Pilot plant under construction to scale ferrochrome to serve new proprietary technology for low
Slide 10: Marc-Simon Schaar, CFO
10 May 12, 2026 Marc-Simon Schaar, CFO Edificio Forum I Spain
Slide 11: Adjusted EBITDA increased, financial position remained strong
11 May 12, 2026 Adjusted EBITDA increased, financial position remained strong Adjusted EBITDA, EUR million • Adjusted EBITDA increased to EUR 65 million supported by improved profitability in 100 BA Europe and BA Americas. • Operating cash flow strengthened to EUR 85 million. 50 • Net debt decreased
Slide 12: BA Europe
12 May 12, 2026 BA Europe Substantial profitability improvement in the first quarter 2026 • Deliveries increased by 46% Adjusted EBITDA, EUR million supported by seasonal factors and 59 CBAM related effects. 4 28 6 16 • Profitability increased due to higher -12 -13 deliveries and lower raw material
Slide 13: BA Americas
13 May 12, 2026 BA Americas Excellent result supported by higher selling prices Adjusted EBITDA, EUR million • Market activity increased in the first 52 quarter of 2026, supported by seasonal 31 29 30 factors and selective distributor 24 21 11 5 9 restocking due to improved end-use demand in selecte
Slide 14: BA Ferrochrome
14 May 12, 2026 BA Ferrochrome Good demand for our low-emission European ferrochrome Adjusted EBITDA, EUR million • Robust demand for Outokumpu's low- 43 42 emission European ferrochrome. 33 32 29 30 22 • Current supply uncertainty from 22 21 Southern Africa, combined with robust demand in Europe an
Slide 15: Operating cash flow strengthened, net debt decreased
15 May 12, 2026 Operating cash flow strengthened, net debt decreased • Improved operating cash flow through higher profitability and additional working capital release. • Positive free cash flow supported net debt reduction and leverage improved to 1.3x. • Capital discipline and efficient capital al
Slide 16: Kati ter Horst, President & CEO
16 May 12, 2026 Kati ter Horst, President & CEO
Slide 17: Outlook for Q2 2026
17 May 12, 2026 Outlook for Q2 2026 Outokumpu's adjusted EBITDA improvement in the second quarter of 2026 is expected to benefit mainly from increasing stainless steel delivery volumes, which are forecast to rise by 0-10% from the first quarter of 2026. With the current raw material prices, raw mate
Slide 18: Key messages
18 February 8, 2024 May 12, 2026 Key messages • Year started with more favorable market dynamics, but uncertainty increased due to the conflict in the Middle East. • Q1 2026 adjusted EBITDA increased to EUR 65 million, and the positive development is expected to continue in Q2 2026. • Our financial
Slide 19: Thank you! Questions & answers
19 May 12, 2026 Thank you! Questions & answers Our achievements in sustainability have been globally recognized
Slide 20: Stainless steel and nickel prices
20 May 12, 2026 Stainless steel and nickel prices Transaction prices 304 stainless, USD/tonne* Nickel LME cash, USD/tonne March March 6000 30000 25000 4000 20000 15000 2000 10000 5000 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2026 Europe USA China Source: CRU Stainless Steel Flat P
Slide 21: Stainless steel deliveries increased 27% driven by seasonality and CBAM
21 May 12, 2026 Stainless steel deliveries increased 27% driven by seasonality and CBAM Adjusted EBITDA quarter-on-quarter comparison1, EUR million Higher prices in BA Lower net fixed Americas and lower cost absorption Seasonal factors raw material costs in in BA Europe and CBAM BA Europe supported
Slide 22: BA Europe's adjusted EBITDA was EUR -13 million in Q1 2026
22 May 12, 2026 BA Europe’s adjusted EBITDA was EUR -13 million in Q1 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Lower raw material costs Lower net fixed Deliveries increased cost absorption due to seasonality 16 and CBAM 6 -12 -13 -13 -56 -56 Q1/20
Slide 23: BA Americas' adjusted EBITDA was EUR 52 million in Q1 2026
23 May 12, 2026 BA Americas’ adjusted EBITDA was EUR 52 million in Q1 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Higher selling prices due to higher alloy surcharge Seasonality impact 52 52 29 30 31 31 11 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Q4/2
Slide 24: BA Ferrochrome's adjusted EBITDA was EUR 30 million in Q1 2026
24 May 12, 2026 BA Ferrochrome’s adjusted EBITDA was EUR 30 million in Q1 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Discontinuation of Ferrochrome sales electrification aid, higher Higher external and electricity costs and mine tax internal deliver
Slide 25: Smart decarbonization unlocking new business opportunities
25 May 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 1.39 tCO2
Slide 26: Strong partnerships with customers to drive the green transition
26 May 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 and w