Business
SGL Carbon : IR Präsentation Juni 2026 (01.06.2026)
SGL Carbon : IR Präsentation Juni 2026
About this update from Sgl Carbon Se
SGL Carbon FOCUSED GROWTH WITH TOP NOTCH SOLUTIONS 1 Investor Relations I June 2026 Content Our business model at a glance Update SiC market and restructuring Carbon Fibers Outlook 2026 SGL Growth 2030 Backup Our business model at a glance " Expert for products and solutions based on carbon and graphite " SGL business units - innovative, unique and leading in focus markets Graphite Solutions Process Technology Fiber Composites Sales (2025 in mEUR ) 442.3 130.9 257.7 EBITDApre (2025 in mEUR) 81.1 31.8 25.5 Tailor-made products based on synthetic graphite Strategic supplier for premium Semiconductor ("Power electronics") as well as LED and Solar applications Equipment and know-how specialist for chemical industry to handle corrosive material Tailor-made products based on carbon- and glass fibers Textile fibers, prepregs, preforms Specialist in automotive intermediates and composite components Financials Stable EBITDApre margin at 15.9% (FY 2024: 15.9%) Unchanged Leverage 0.7 and positive Free Cash Flow of 37.0 mEUR Significantly lower contribution from high margin special graphite products EBITDApre -17.1% at 135.0 mEUR 850.2 mEUR Group sales - 17.2% impacted by lower demand from semiconductor and automotive industry FY 2025 in a nutshell Business Lower demand from semiconductor and automotive customers Order volumes especially from SiC-semiconductor remain on low levels due to continuing high customer inventories Stagnation in other markets First step into a new market segment with X-energy contract CF Restructuring Outlook Almost fully completed Cost savings 28 mEUR Strong improvement in profitability Guidance 2026: Sales expected 720 - 770 mEUR EBITDApre 110 - 130 mEUR 2025: Stable EBITDApre margin supported by successful restructuring in CF and extensive cost savings -17.2% (-15.9% FX) Sales (in mEUR) 850.2 1,026.4 Sales split (in %) Composite Solutions 12.8% Corporate 2.3% FY 2025 FY 2024 EBITDApre (in mEUR) Carbon Fibers 17.5% Process Technology 15.4% Graphite Solutions 52.0% -17.1% Key developments 2025 Ongoing low demand from semiconductor and automotive customers weighs on sales and EBITDApre Stagnation in other markets Supported by the successful restructuring in CF, Group EBITDApre margin was unchanged at 15.9% 135.0 162.9 FY 2025 FY 2024 Graphite Solutions: weak demand from SiC-semiconductor continues Split market segments 2025 Mobility; 11.3% Industrial Applications; 31.4% Chemicals 5.7% Energy; 14.8% Semiconductor 36.8% Focus markets Components Semiconductor Automotive Nuclear (SMR) Fuel Cell components Solar & LED Strategy and Outlook Well established technology leader in attractive long-term growth markets, esp. SiC-based semiconductor, but low demand in 2025 due to lower than forecasted EV growth rates and high customer inventory levels. Entry into the energy generation market using SMRs with X-energy Strong local supply of critical components and technology 2026e: Slight decrease of sales but EBITDApre stable and impacts sales and profitability, but mid-term trends intact Selected products Wafer carrier Heater Rigid / soft felt Crucibles Sealing materials Gas diffusion Vacuum layers pumps Vibro-Molded Graphite Financials in mEUR 2025 2024 2023 Sales 442.3 539.0 565.7 EBITDApre 81.1 131.0 134.0 EBITDApre margin 18.3% 24.3% 23.7% Slight change means ≤ 10% I significant change means > 10% SMR = Small Modular Reactors Process Technology: Engineering competence enabling business Focus markets Chemical industry Split market segments 2025 Chemical industry 100% Strategy and Outlook Striving for growth based on comprehensive product portfolio and service offerings. Focus on expanding its technological leadership role while continuously optimizing its cost position. Postponements of projects expected due to overall market downturn 2026e: Slightly lower sales and EBITDApre but on a healthy level Financials in mEUR 2025 2024 2023 Sales 130.9 138.3 127.9 EBITDApre 31.8 33.0 22.4 EBITDApre margin 24.3% 23.% 17.5% performance Selected products Heat exchanger Components Column constructions Column equipment Fiber Composites: Merger of Carbon Fiber and Composite Solutions Split market segments 2025 Mobility; 65% Energy; 1% Industrial Applications 21% Textile; 12% Focus markets Automotive Aerospace Industrial Defense Strategy and Outlooks Restructuring of Carbon Fibers pays off and results in positive adjusted EBITDA contribution in 2025. Focus on profitable businesses. High uncertainty in the automotive industry is leading to lower order volumes in composite components. 2026: Sales with significant decline, but EBITDApre with slightly improvement Financials in mEUR 2025 2024 2023 Sales 257.7 334.4 378.8 EBITDApre 25.5 7.2 29.4 EBITDApre margin 9.9% 2.2% 7.8% into a strong new platform Selected products Pre-impregnated Short carbon fibers Textile materials Battery cases Leaf springs Car body components 2025: Sales development per Business Unit (in mEUR) Corporate Fiber Composites Procee Technology Graphite Solutions 14.7 ∑ 1,026.4 334.4 138.3 539.0 2024 ∑ 850.2 19.3 257.7 130.9 442.3 2025 Graphite Solutions 88.0 mEUR sales decline in Semi- conductor (-35%) and 18.5 mEUR decrease in Industrial Applications (-11%) Demand from SiC customers remained low indicating persistently high inventory levels in the value chain Energy, Mobility, and Chemicals stable Process Technology Solid development in 2025 despite weak Chemical market development PT benefits from global network and completion of large-scale projects Order backlog at year end below last year due to postponements of projects and overall market downturn Termination of loss-making business activities leads to sales reductions Closure of Lavradio site, shutdown of production in Moses Lake mid of 2025 Increasing uncertainty and associated lower and more short-term order intake from automotive customers Fiber Composites 2025: EBITDApre development per Business Unit (in mEUR) 2025 -3.4 81.1 ∑ 135.0 2024 -8.3 ∑ 162.9 Graphite Solutions Process Technology Fiber Composites Corporate* 7.2 138.3 131.0 25.5 130.9 Graphite Solutions Significantly lower contribution from high margin special graphite products Lower utilization and fix cost absorption EBITDApre margin decreased from 24.3% to 18.3% Process Technology Positive product mix effects combined with attractive large-scale projects Margin increase in FY 2025 to 24.3% (2024: 23.9%) Positive effect of 28.3 mEUR from cost reductions in Carbon Fiber business Restructuring one-offs of minus 59.8 mEUR not included in EBITDApre BSCCB JV impact on CF EBITDApre of 7.1 mEUR in 2025 Fiber Composites Net result impacted by restructuring measures but continued solid balance sheet structure Key figures (in mEUR) Net result Free cash flow (FCF) Net financial debt Key developments Decrease in net result , mainly due to -92.8 m€ one-offs (restructuring -65.8 m€ and impairments -23.6 m€) Positive FCF of 37.0 mEUR, nearly same level as in previous year Net financial debt 8.6% lower ; Leverage ratio stable at 0.7 Equity ratio remains solid at 39.2% despite restructuring and associated impairments (Dec. 31, 2024: 41.5%) ROCE at 9.8% FY 2025 FY 2024 -79.2 -80.3 37.0 38.7 108.2 98.9 FY 2025 FY 2024 Dec. 31, 2025 Dec. 31, 2024 (Dec. 31, 2024: 11.4%) Update SiC market and successful restructuring Carbon Fibers " SiC market with first positive signs and successful CF restructuring " Semiconductor sales remain at low level - signals of bottoming out Sales split Semi/LED market segment (in mEUR) Current developments 36% 5% 2025 8% 2024 9% 2023 29% 30% 59% ~162 63% 61% ~251 ~262 SiC Semi Si Semi LED Further destocking at our customers ongoing -inventories still on a high level Delay of new EV model launches with high SiC content Increasing price pressure on specialty graphite products for SiC wafers SiC importance in EV market increasing Technology of choice to achieve fast charging and long-range driving Most of new EV models build on SiC SiC semiconductors increasingly interesting for other applications, e.g. AI and data centers Semiconductor sales set to recover Turnaround of Carbon Fibers in 2025 28.3 mEUR cost savings due to restructuring measures 2025 Worldwide capacity reductions and associated cost adjustments Lavradio production discontinued in June 2025 Production idled in Moses Lake early August 2025 Adjustment of sales and administrative positions in Meitingen Almost all cash relevant restructuring measures fully implemented in 2025 EBITDApre CF incl. BSCCB result (in mEUR) 54.5 14.1 7.1 7.0 -11.0 7.2 -10.9 -27.0 16.0 18.1 27.0 38.5 16.3 16.0 43.2 Discontinuation of loss-making business with acrylic fibers and own precursors for carbon fibers Focus on profitable businesses: Textile materials Pre-impregnated materials Short carbon fibers 2025 2024 2023 2022 2021 CF EBITDApre excl. BSCCB BSCCB Outlook 2026 "Lower sales and EBITDApre, but EBITDApre margin expected to be on previous year's level" Guidance for 2026 Sales (in mEUR) EBITDApre (in mEUR) 850.2 720 - 770 135.0 110 - 130 2025 2026e 2025 2026e Assumptions: Overall weak economic development and uncertain geopolitical environment Full-year effect from discontinuation of loss-making business activities in Carbon Fibers will be fully reflected in 2026 No recovery in the semiconductor and automotive sectors. Declining order momentum from the chemical industry. Steady sales development from other markets No significant sales from new markets such as nuclear energy, defense industry and aerospace yet SGL Growth 2030 "Focused growth with top notch solutions" In 2025, we laid the foundation for our next growth steps PORTFOLIO STREAMLINING Withdrawal from loss-making business activities Restructuring Carbon Fibers Fix cost reduction and adjustment of personnel structures in BU GROWTH-READY COMPANY STRUCTURES Adaptation of corporate functions to new size of the company Optimization of internal processes and elimination of redundancies Merger of Carbon Fibers and Composite Solutions to form a strong BU Fiber Composites SOLID BALANCE SHEET Balance sheet clean-up Positive free cash flow Low leverages and stable equity ratio BU = Business Unit We make the difference in our customers' most demanding applications OUR STRENGTHS DRIVE OUR GROWTH Strong material and technology competence Tailored customer solutions Graphite purity and variety Composite flexibility and scalability Expert in high temperature processes From prototype to mass production Customized components for the automotive and chemical industries Broad portfolio & established core business Innovative strength Solutions for a wide range of applications Broad customer base Global production network Strong R&D network worldwide Global testing centers Partnership with universities and expert associations SGL Growth 2030: Focused growth with top notch solutions Innovations Coatings incl. TaC Natural fiber composites Thermoplastic components New applications and markets with existing materials/products Established markets and products Nuclear reactors Automotive Defense Semiconductor Aerospace Chemical Space Industrial Semiconductor is the main growth potential within our established markets Semiconductor: Leveraging our market positioning for further growth SGL growth potential Δ 2026 - 2030 > €50 m MARKET SUMMARY ADDRESSABLE MARKET SIZE AND SGL POTENTIAL Silicon-Carbid e semiconductor recovery expected in 2027ff − Main driver is and remains EV* growth − Price pressure is increasing Silicon semiconductor growth driven by AI and in mEUR 814 CAGR 10% 1,193 digitization 2026 2030 LED Si Semi SiC Semi FOCUS PRODUCTS Heaters Crucibles Isostatic Solutions Wafer RATIONALE FOR SGL Differentiate as quality and technology benchmark Supply local-for-local Improve cost position Development of new solutions, e.g., new coatings Broaden business scope back to Silicon, LED and Solar * EV = Electric Vehicles Leveraging great portfolio and outstanding capabilities to step into new markets Nuclear: Graphite as an important enabler of clean energy technologies - market entry with X-energy MARKET SUMMARY ADDRESSABLE MARKET SIZE AND SGL POTENTIAL Small modular reactors as a low-carbon and stable alternative energy source Next generation nuclear power plants offer significant growth potentials − Driver: High energy demand for artificial intelligence in mEUR 33 CAGR >50% 256 SGL growth potential Δ 2026 - 2030 > €50 m − Risks: New technologies mainly driven by start ups 2026 2030 Core Material Medium Core Material Fine Powder Others FOCUS PRODUCTS AND APPLICATIONS Small Modular Reactors (SMR) Vibro-Molded Graphite Fuel Pebbles Graphite Powder RATIONALE FOR SGL One-stop shop for nuclear applications Full value chain in EU and US Develop No. 1 position in Western world Leverage combination of strong position in graphite solutions and process technology (engineering) Nuclear deep dive: Small Modular Reactors and our cooperation with X-energy SMALL MODULAR REACTORS X-ENERGY XE-100 - SGL CAN DELIVER ALL GRAPHITE PARTS Describes nuclear reactors with electrical power supply < 300 MWe Following series production principles Scalability by incremental deployment Targeting short construction times & reduced cost Allocation to target industries Decentralization and reduced electrical grid requirements X-energy (USA) was founded in 2009 Financed by 1.2bn$ Federal Funds and 1.1bn$ private investments (e.g. Dow, Amazon) Developer of high-temperature gas-cooled Reactors Typical size per Xe-100 reactor 80MW e One of only two companies selected for the US Advanced Reactor Demonstration Program 3 1 1 Core machined Graphite 2 parts ( NBG18/NBG25 ) 2 Initial Graphite Pebbles ( MLRF ) 3 Graphite Powder for Fuel Pebble Matrix ( KRB2020 ) Defense: A perfect fit to SGLs automotive-based capabilities and scale-up ready setup SGL growth potential Δ 2026 - 2030 > €50 m MARKET SUMMARY ADDRESSABLE MARKET SIZE AND SGL POTENTIAL Improvement defense capabilities: Massive budget increase Age of drones: Fiber materials ideal UAV 1 components (lightweight, high-resistance) Defense start-up boom: New players, no mass in mEUR 513 CAGR 21% 238 production capabilities Protection: Protective equipment is a top priority 2026 2030 Body armor Vehicle armor Drones FOCUS PRODUCTS AND APPLICATIONS Drone components Vehicles components Body Armor Rocket & Missile Parts RATIONALE FOR SGL Full offering with cross Business Unit solutions and Western production − Established market player for composite components − Graphite solutions for high-temperature processes Scale-up ready: Extensive experience from prototyping to series production 1 UAV = Unmanned Aerial Systems Carbon and SIGRAFLEX ® SIGRAPREG ® Composite Rayon-Carbon SIGRATHERM ® Graphite-based SIGRAFLEX ® Aramid Fabric Military-Grade Pre-Impregnated Components Fabric for Thermal Graphite Foil Products Gaskets Yarns Fiber Protection 28 (Aero)space: Lightweight composites and heat-resistant graphite set to support future aviation and space development SGL growth potential Δ 2026 - 2030 > €15 m MARKET SUMMARY ADDRESSABLE MARKET SIZE AND SGL POTENTIAL Continued boom: Ongoing Air traffic growth 1 Generally high entry barriers Need for high performance and reliable solutions Retrofit: After-market opportunity, ~1/3 of entire potential in mEUR 1,500 CAGR 9% 1,000 Consumable: Brake discs replaced ~every 6 months 2026 2030 Engine parts/nozzles Brake disks Interior/Seat components Retrofit floor panels FOCUS PRODUCTS AND APPLICATIONS RATIONALE FOR SGL • • • Retrofit Floor Panels Brake discs Interior Nozzles Very high fit for GS (heat-resistant) and FC (composites) Aerospace as additional application for FC improving volume and margin Established market player for composite components but limited exposure to (aero)space so far Extensive experience from prototyping to series production 1 Grew 5.6x since 2000 according to IATA GS = Graphite Solutions, FC = Fiber Composites Creating new solutions for our customers' most demanding applications Innovations: Expansion of our portfolio based on R&D expertise ADVANCED COATINGS Investment of ~30 Mio. € in surface treatment facilities at our site in St. Marys R&D collaboration with Linköping University to develop next gen coatings NATURAL COMPOSITE MATERIALS NEW MATERIALS Global R&D network Collaboration with universities and research partnerships Testing and certification centers solutions - SGL "one-stop-shop" Rational for SGL Similar thermal and production processes Reinforces high-end positioning for extreme applications Strong synergies with existing material and businesses Supplementing of our customer Supplier of BMW's awarded M Natural Fiber Composites project Research partner in various composite recycling projects Our Ambition: Sales 2030 > 1,000 mEUR MID-TERM EXPECTATIONS UNTIL 2030 > 1,000 mEUR 720 - 770 mEUR SiC recovery & other established markets Primarily Nuclear, Defense, (Aero-)Space New material solutions & selective M&A leveraging core competencies 2026 Established Business New markets Innovations and M&A 2030 Growth by diversification in attractive markets Innovations New applications and markets with existing materials Established markets and products Technology Competence Customer Centricity Future-ready operations SGL-Team Sustainability Agenda Financial stability OUR VISION Become the leading Performance Materials Platform OUR AMBITION 2030 Sales > 1,000 mEUR EBITDApre 15-18% Thank you! We are looking forward to your questions © Copyright SGL Carbon SE ® Registered trademarks of SGL Carbon SE Backup FY 2025 impacted by weakness in GS and restructuring projects Group income statement (in mEUR) Key developments FY 2025 FY 2024 Sales 850.2 1,026.4 EBITDApre 135.0 162.9 EBITpre 81.6 104.2 Exceptionals -92.8 -118.5 EBIT -11.2 -14.3 Financial result -30.4 -32.6 Results before income taxes -41.6 -46.9 Income tax expense -36.7 -32.5 Non controlling interests -0.9 -0.9 Net result attributable to shareholders -79.2 -80.3 Sales -17.2% Sales decline driven by weaker demand in GS, restructuring effects in CF, and project termination in CS. EBITDApre -17.1% Lower demand from semiconductor customers (high margin products) impacted group result EBITDApre margin stable at 15.9% Net result impacted by non-recurring charges of -92.8 mEUR, mainly restructuring costs in CF Stabilization on solid levels Key figures and ratios (in mEUR) 31.12.2025 31.12.2024 Equity ratio (in %) 39.2 41.5 Total liquidity 150.8 148.0 Net financial debt 98.9 108.2 Leverage ratio (net fin. debt/EBITDApre) 0.7 0.7 ROCE EBITpre (in %) 9.8 11.4 Key developments Balance sheet solid Net financial debt increased slightly Equity ratio decreased slightly ROCE decreased by 1.6 ppt Cash flow (in mEUR) FY 2025 FY 2024 Cash flow from operating activities 79.2 120.3 Capex Cash flow from other investing activities -53.6 11.4 -97.3 15.7 Free cash flow (continuing operations) 37.0 38.7 Capex as expected significantly below prior year level FCF nearly stable. Lower operating cash flow compensated by lower capex. Normalizing capex levels - main share of capex still in GS Capex per business unit in FY 2025 (in mEUR) 5.6 43.2 1.2 0.4 Capacity expansions mainly in St. Marys for coatings Project specific investments D&A 53.4 Production building BSCCB 53.6 Key developments Depreciation & amortization with 53.4 mEUR below previous year level (FY 2024: 58.7 mEUR) due to CF impairment in 2024 81% of group capex used in GS to increase capacities for semiconductor customer related expansions Capex in FY 2025 0f 53.6 mEUR roughly at D&A level (53.4 mEUR) GS PT CF CS Corporate Total Reconciliation between EBIT and EBITDApre Non-recurring items and one-off effects in FY 2025 (in mEUR) In FY 2025, non-recurring items and one- off effects totaled -92.8 mEUR 135.0 81.6 -53.4 -2.4 -65.8 -11.2 in mEUR Restructuring -65.8 Fixed asset impairments -23.6 PPA -1.0 Non-recurring items -90.4 Consulting fees for strategy project, others -2.4 One-off effects -2.4 -24.6 EBITDApre D & A EBITpre One-offs Restruct. Impairm. EBIT Well balanced profile with first maturity in 2027 Maturity Profile as of December 31, 2025 in mEUR Two ESG KPIs included in Credit Facility (RCF) 102 100 5.75% 5.75% 5 5 4 7 119 2026 2027 2028 2029 ENVIRONMENTAL Reduction of CO 2 emissions intensity (in kt CO 2 e, Scope 1 and 2, per 1 mEUR sales) SOCIAL Reduction of Lost Time Injury (LTI) frequency rate per 1 million working hours Mortgage Loans Convertible Bond 2027 RCF (undrawn) Convertible Bond 2028