IR Präsentation Juni 2026 (01.06.2026)

SGL Carbon

FOCUSED GROWTH WITH TOP NOTCH SOLUTIONS

1

Investor Relations I June 2026

Content

1. Our business model at a glance

2. Update SiC market and restructuring Carbon Fibers

3. Outlook 2026

4. SGL Growth 2030

5. Backup

1. 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

FY 2025 in a nutshell 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%

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

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

Slight change means ≤ 10% I significant change means > 10% SMR = Small Modular Reactors

Process Technology: Engineering competence enabling business 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

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

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*

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%)

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%)

  1. 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

EBITDApre CF incl. BSCCB result

(in mEUR)

54.5

14.1

7.1

7.0

-11.0

7.2

-10.9

-27.0

38.5

43.2

2025 2024 2023 2022 2021

CF EBITDApre excl. BSCCB BSCCB

1. 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

1. 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-Carbide 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 80MWe

     • 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 UAV1 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 growth1

   • 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

   
   
   

2. Backup

FY 2025 impacted by weakness in GS and restructuring projects

Group income statement (in mEUR)

Key developments

• 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

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

-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 CO2 emissions intensity (in kt CO2e, 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