Outokumpu Corporation
Financial statements release
February 12, 2026 at 9.00 am EET
Outokumpu financial statements release 2025 - Year ended weak with headwinds in business area Europe; more favorable dynamics expected in 2026
Highlights in Q4 2025
- Stainless steel deliveries were 365,000 tonnes (422,000 tonnes)*.
- Adjusted EBITDA was EUR 10 million (EUR -3 million). Profitability decreased in business area Europe, while it improved in both business areas Americas and Ferrochrome.
- EBITDA was EUR -27 million (EUR -12 million), impacted by items affecting comparability of EUR -37 million (EUR -8 million).
- Earnings per share was EUR -0.14 (EUR -0.07).
- Free cash flow was EUR 49 million (EUR 33 million).
- ROCE was -3.2% (-1.2%).
- Net debt was EUR 265 million (September 30, 2025: EUR 230 million).
- The second installment of year 2024 dividend, of EUR 0.13 was paid in October 2025.
*Figures in parentheses refer to the corresponding period for 2024, unless otherwise stated.
Highlights in 2025
- Stainless steel deliveries were 1,751,000 tonnes (1,793,000 tonnes)*.
- Adjusted EBITDA was EUR 167 million (EUR 177 million). Profitability decreased in business area Europe, while it improved in both business areas Americas and Ferrochrome.
- EBITDA was EUR 88 million (EUR 162 million) impacted by items affecting comparability of EUR -79 million (EUR -15 million).
- Earnings per share was EUR -0.31 (EUR -0.09).
- Free cash flow was EUR -46 million (EUR -71 million).
- The dividend of EUR 116 million in total from the year 2024 was paid in two installments in April and October.
- Outokumpu Board of Directors proposes that a dividend of EUR 0.13 per share to be paid for the year 2025 in two installments.
Strategy highlights
- In June, the new EVOLVE growth strategy for 2026-2030 was announced to drive growth and strengthen resilience. The strategy focuses on enhancing cost competitiveness and cash generation in sustainable stainless steel, achieving profitable growth in advanced materials and alloys, increasing value from the chrome mine by moving up the chromium value ladder, and revolutionizing value creation through innovative materials and proprietary technologies.
- In October, a decision was made to invest approximately USD 45 million in a pilot plant located in the U.S., to advance proprietary technology for producing critical low-CO2 materials.
- Outokumpu continues to work on a feasibility study to assess a potential investment in its melt shop in Avesta, Sweden, to enable further expansion into high-nickel alloys.
- The approximately EUR 200?million investment plan for a new annealing and pickling line in Tornio, Finland - along with the intention to close two lines in Krefeld, Germany - remains under review.
- Outokumpu proceeded with the restructuring program targeting EUR 100?million in structural annual cost savings by the end of 2027 through fixed-cost reductions, efficiency improvements, and optimization of its production footprint.
- By the end of 2025, Outokumpu delivered on the objectives of the second phase of its previous strategy to strengthen the company's core, achieving its EBITDA run-rate improvement target of EUR 350 million. In addition, the short-term cost-saving program of EUR 60 million met its target and was completed by year-end.
Key figures
| EUR million, or as indicated | Q4/25 | Q4/24 | Q3/25 | 2025 | 2024 |
| Sales | 1,160 | 1,405 | 1,298 | 5,468 | 5,942 |
| EBITDA | -27 | -12 | 29 | 88 | 162 |
| Adjusted EBITDA 1) | 10 | -3 | 34 | 167 | 177 |
| Operating profit (EBIT) | -83 | -65 | -24 | -134 | -51 |
| Adjusted EBIT 1) | -45 | -58 | -19 | -48 | -43 |
| Result before taxes | -89 | -74 | -34 | -174 | -89 |
| Net result for the period | -65 | -32 | -35 | -137 | -40 |
| Earnings per share, EUR | -0.14 | -0.07 | -0.07 | -0.31 | -0.09 |
| Return on capital employed, rolling 12 months (ROCE), % | -3.2 | -1.2 | -2.7 | -3.2 | -1.2 |
| Capital expenditure | 33 | 83 | 25 | 145 | 216 |
| Free cash flow | 49 | 33 | -55 | -46 | -71 |
| Net debt | 265 | 189 | 230 | 265 | 189 |
| Stainless steel deliveries, 1000 tonnes | 365 | 422 | 432 | 1,751 | 1,793 |
1) Adjusted EBITDA or EBIT = EBITDA or EBIT - Items affecting comparability.
President & CEO Kati ter Horst
The year 2025 was marked by subdued demand for stainless steel, driven by rising uncertainty and global trade disruptions, pressuring our profitability. Despite this environment, I am proud of the progress we have made and of the strategic priorities we have chosen, such as circularity, smart decarbonization, and secure access to sustainable, cost-effective raw materials. These priorities have positioned us as the sustainability leader in our industry - an increasingly important advantage as CBAM and the EU ETS reshape the competitive landscape and reward early movers.
We took a major step forward in our strategic journey with the launch of our EVOLVE growth strategy - aimed at strengthening resilience to market cycles by building a stronger product portfolio and differentiating ourselves into areas that support higher growth and profitability.
With a sharper focus on execution and investment prioritization - classifying our businesses as either foundational or transformative - we are fueling profitable growth. Our unwavering commitment to cost competitiveness and cash generation in sustainable stainless steel remains the foundation of our success. At the same time, we are driving higher value creation through transformative initiatives - expanding advanced materials and alloys globally, exploring growth opportunities in the Americas, expanding low-emission ferrochrome portfolio, and developing proprietary technology for low-CO2 metals production.
This proprietary technology, combined with our chrome mine, marks an important first step towards new business opportunities across the stainless steel value chain as we advance towards carbon emission reductions by 2030 and beyond. To support the transition into industrialization, we announced a USD 45 million investment in a pilot plant in the U.S. dedicated to chromium metal and enriched ferrochrome. Chromium is a critical metal for industries such as defense and aerospace.
While our strategic initiatives position us for long-term success, recovery in key end markets in 2025 was slower than expected. Demand in Europe and North America remained weak across major end-uses. The European market also faced sustained pressure from low-priced imports from Asia. Group's adjusted EBITDA in 2025 ended slightly below the previous year, due to business area Europe, which faced market headwinds and temporary challenges in the fourth quarter related to the supply chain planning solution in the Enterprise Resource Planning (ERP) rollout. At the same time, we achieved a significant improvement in adjusted EBITDA in business area Americas, driven by higher volumes and lower costs. Activity picked up as buyers redirected orders to domestic producers in response to the tariff increase. Selling prices in the U.S. recovered in the second half of the year. Adjusted EBITDA in business area Ferrochrome increased in 2025, marking the third consecutive year of improvement. Demand for our European low-emission ferrochrome remained solid.
We continued implementing our own measures to strengthen our cost position. Our EBITDA run-rate improvement and short-term cost saving programs reached their targets and were completed by year-end. During the fourth quarter we also advanced our restructuring program, aiming to achieve EUR 100 million in cost savings by the end of 2027, the key focus being on Europe and group functions.
I am also happy to welcome Anouk de Graaf to Outokumpu as EVP People, Sustainability and Corporate Relations. Anouk is an experienced international leader and a great addition to the team.
Safety remains a top priority for Outokumpu. Although we did not reach our ambitious safety target in 2025, I am pleased that we returned to a good performance level in Q4 after a challenging September, with a serious accident at our site in Mexico, which led to a fatality.
Looking ahead, the implementation of CBAM, starting in 2026, will reinforce our sustainability leadership in stainless steel and ferrochrome while delivering financial benefits. CBAM raises variable costs for carbon-intensive imports, creating a level playing field on carbon cost and helping reduce global emissions. The default carbon intensity values for the largest importers of stainless steel and ferrochrome to the EU are significantly above the EU benchmarks - benchmarks Outokumpu is well below.
I am proud of our dedicated teams, who have once again shown strong commitment during another challenging year. I would also like to thank our customers and our suppliers for their valuable collaboration, and our shareholders for their continued support.
We are well positioned for the future with a robust strategy. CBAM and the Commission's proposed safeguards against low-priced Asian imports are expected to support European producers. Outokumpu's Board proposes a dividend of 0.13 per share to be paid for the year 2025 in two installments. The proposal reflects the company's financial performance and cyclical market conditions, while maintaining the financial flexibility to invest in transformative growth. I am optimistic about our ability to grow, become more resilient, and strengthen our financial performance.
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 normal seasonality and the exceptionally low level in business area Europe in the comparative period, which was additionally affected by challenges related to the supply chain planning solution in the ERP rollout in the fourth quarter.
With the current raw material prices, some raw material-related inventory and metal derivative gains are forecasted to be realized in the first quarter.
Guidance for Q1 2026:
Adjusted EBITDA in the first quarter of 2026 is expected to be higher compared to the fourth quarter of 2025.
Results
Q4 2025 compared to Q4 2024
Adjusted EBITDA in the fourth quarter of 2025 was EUR 10 million (EUR -3 million). Stainless steel deliveries declined 13% from the previous year driven by broad market weakness and temporary challenges with the supply chain planning solution in the ERP rollout, which affected business area Europe. Deliveries in business area Americas increased as customers shifted toward local suppliers. Average selling prices for stainless steel were significantly lower in business area Europe. In business area Americas prices increased in USD but decreased in euros. Overall, this led to sales of EUR 1,160 million (EUR 1,405 million).
Profitability was supported by lower raw material costs and higher fixed cost absorption in both business areas, Europe and Americas, as well as EUR 21 million of short-term cost-saving measures on Group level. In addition, increased profitability in business area Ferrochrome supported Group result. Raw material-related inventory and metal derivative gains were EUR 6 million (gains of EUR 4 million).
Group's EBITDA was EUR -27 million (EUR -12 million), including items affecting comparability of EUR -37 million (EUR -8 million), mainly driven by EUR -34 million in restructuring costs related to personnel reductions.
EBIT was EUR -83 million (EUR -65 million). Depreciation, amortization and impairment amounted to EUR 55 million (EUR 53 million).
Net financial expenses were EUR 7 million (EUR 10 million), including interest expenses of EUR 11 million (EUR 16 million). Income taxes were EUR 23 million (EUR 43 million).
Net result was EUR -65 million (EUR -32 million) and earnings per share was EUR -0.14 (EUR -0.07).
ROCE for rolling 12 months was -3.2% (-1.2%).
Q4 2025 compared to Q3 2025
Adjusted EBITDA in the fourth quarter of 2025 was EUR 10 million (Q3/2025: EUR 34 million). Stainless steel deliveries declined 15% from the previous quarter, primarily due to market weakness and temporary challenges related to the supply chain planning solution in the ERP rollout in business area Europe. Average selling prices for stainless steel declined, driven by development in business area Europe. Overall, this led to sales of EUR 1,160 million (Q3/2025: EUR 1,298 million).
Profitability was supported by higher fixed-cost absorption in business area Europe and electrification aids. Raw material-related inventory and metal derivative gains were EUR 6 million (Q3/2025: gains of EUR 5 million).
The Group's EBITDA was EUR -27 million (Q3/2025: EUR 29 million), including items affecting comparability of EUR -37 million (Q3/2025: EUR -5 million).
EBIT was EUR -83 million (Q3/2025: EUR -24 million). Depreciation, amortization and impairment amounted to EUR 55 million (EUR 53 million).
Net financial expenses were EUR 7 million (Q3/2025: EUR 11 million), including interest expenses of EUR 11 million (Q3/2025: EUR 13 million). Income taxes were EUR 23 million (Q3/2025: EUR 0 million).
Net result was EUR -65 million (Q3/2025: EUR -35 million) and earnings per share was EUR -0.14 (Q3/2025: EUR -0.07).
ROCE for the rolling 12 months was -3.2% (Q3/2025: -2.7%), due to weaker profitability.
2025 compared to 2024
Adjusted EBITDA in January-December 2025 was EUR 167 million (EUR 177 million). Stainless steel deliveries were 2% lower compared to the previous year. Deliveries increased in business area Americas and decreased in business area Europe. Average selling prices for stainless steel decreased in both business areas, with the decline particularly pronounced in business area Europe. This resulted in sales of EUR 5,468 million (EUR 5,942 million).
Profitability was supported by significantly lower raw material costs in business area Europe, short-term cost-saving measures of EUR 63 million and result in business area Ferrochrome. Profitability declined in business area Europe and improved in business area Americas. Raw material-related inventory and metal derivative gains were EUR 18 million in January-December 2025 (gains of EUR 3 million).
The Group's EBITDA was EUR 88 million (EUR 162 million). Items affecting comparability in EBITDA amounted to EUR -79 million (EUR -15 million), mainly related to restructuring provision in relation to the implementation of the EVOLVE growth strategy, recognized in the second quarter, and restructuring costs in the fourth quarter related to personnel reduction.
EBIT was EUR -134 million (EUR -51 million). Depreciation, amortization and impairment amounted to EUR 222 million (EUR 213).
Net financial expenses were EUR 43 million (EUR 41 million), including interest expenses of EUR 54 million (EUR 64 million).
Income taxes were EUR 36 million (EUR 49 million) including the impact of Germany's corporate tax rate decrease, which reduced the net result by EUR -10 million.
Net result was EUR -137 million (EUR -40 million) and earnings per share was EUR -0.31 (EUR -0.09).
ROCE for the rolling 12 months was -3.2% (-1.2%), driven by weaker profitability.
Adjusted EBITDA by segment
| EUR million | Q4/25 | Q4/24 | Q3/25 | 2025 | 2024 |
| Europe | -56 | -32 | -12 | -46 | 58 |
| Americas | 31 | 9 | 30 | 102 | 59 |
| Ferrochrome | 42 | 33 | 21 | 138 | 106 |
| Other operations and intra-group items | -8 | -13 | -5 | -27 | -46 |
| Total adjusted EBITDA | 10 | -3 | 34 | 167 | 177 |
Items affecting comparability in EBITDA
| EUR million | Q4/25 | Q4/24 | Q3/25 | 2025 | 2024 |
| Europe | -29 | -1 | -1 | -65 | -3 |
| Americas | 0 | -8 | -4 | -7 | -8 |
| Other operations | -1 | - | - | -1 | - |
| Total items affecting comparability in EBITDA | -7 | 0 | - | -7 | -4 |
| Total EBITDA | -27 | -12 | 29 | 88 | 162 |
A live webcast and conference call today, February 12, at 2.30pm EET
A live webcast and conference call to analysts, investors and representatives of media will be arranged today at 2.30 pm EET at https://outokumpu.events.inderes.com/q4-2025 hosted by President and CEO Kati ter Horst and CFO Marc-Simon Schaar.
To ask questions, please participate in the conference call by registering at https://events.inderes.com/outokumpu/q4-2025/dial-in. After registration you will receive phone number and a conference ID to access the conference call. If you wish to ask a question, please dial *5 on your telephone keypad to enter the queue.
All result materials, a link to the webcast and later its recording will be available at www.outokumpu.com/en/investors.
For more information:
Investors: Johan Lindh,?VP, Investor Relations, tel. +358 40 837 3994
Media: Päivi Allenius, SVP, Communications and Public Affairs, tel. +358 40 753 7374, or Outokumpu media desk, tel. +358 40 351 9840, e-mail media(at)outokumpu.com
Outokumpu Corporation
Outokumpu's vision is to pioneer materials and technologies that power tomorrow. As the global leader in sustainable stainless steel, we are accelerating the green transition, and we lead the development of low-CO2 metals and solutions across the stainless steel value chain - and beyond.
Our business is based on the circular economy: our products are made from more than 90% recycled materials, which we turn into fully recyclable stainless steel with up to 75% lower carbon footprint than the industry average. This steel is utilized in various applications across society, including infrastructure, energy, industrial applications and household appliances. With our new EVOLVE strategy, we focus on maximizing value in sustainable stainless steel while expanding our offering in advanced materials & alloys, ferrochrome and innovative technologies.
We operate production sites in Finland, Germany, Sweden, the Netherlands, the United States, and Mexico whilst our mine in Kemi, Finland is the only chrome mine within the European Union.
In 2025, Outokumpu's revenue was EUR 5.5 billion. Outokumpu employs approximately 8,600 professionals in nearly 30 countries, with headquarters in Helsinki, Finland. Our shares are listed on Nasdaq Helsinki. Read more: www.outokumpu.com
