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SSAB (SSAB) investor relations material
SSAB Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Full-year 2025 revenue was SEK 96,220 million, with an operating result of SEK 6,116 million and net cash of SEK 11,596 million at year-end, reflecting resilience amid weak markets and lower prices.
Board proposed a SEK 2.00 per share dividend for 2025, down from SEK 2.60, totaling around SEK 2.0 billion.
Strategic investments in fossil-free steel, premium products, and major projects in Oxelösund and Luleå are progressing as planned.
Weak markets due to geopolitical turbulence and tariffs were mitigated by premium strategy, geographic diversification, and cost adjustments.
Safety performance improved, with lost time injury frequency reduced to 0.56 and total recordable injuries also down year-over-year.
Financial highlights
Q4 2025 revenue was SEK 22,106 million, down 6% year-over-year, with operating result up to SEK 756 million from SEK 487 million, mainly due to improved Americas performance and higher shipments.
Q4 EBITDA was SEK 1,777 million; full-year EBITDA was SEK 10,189 million.
Net cash at year-end was SEK 11,596 million, with a net debt/equity ratio of -17%.
Dividend proposed at SEK 2.00 per share, down from SEK 2.60.
Operating cash flow for 2025 was SEK 7,621 million.
Outlook and guidance
Q1 2026 shipments expected to be significantly higher for Special Steels, higher for Europe, and somewhat higher for Americas, with stable to slightly increasing prices.
Capital expenditure for 2026 is estimated at SEK 13.5 billion, mainly for the Luleå mini-mill.
Maintenance costs for 2026 are expected to total SEK 1,450 million.
Raw material costs expected to remain stable or slightly down in Europe and Special Steels, but rise in Americas, impacting Q1 margins.
Construction segment expected to remain weak in Q1, with potential improvement in the second half of 2026.
How will 2026 capex affect financial capacity?
How will EU trade measures boost Europe margins?
What is the potential impact of FI's sanction evaluation?
Oxelösund EAF: Impact of power/permit delays
CBAM/Safeguards: European supply chain changes
Special Steels: Key drivers for 2026 growth
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Next SSAB earnings date
Q1 202628 Apr, 2026
SSAB
Next SSAB earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
SSAB AB manufactures and supplies steel products for construction, manufacturing industries, mining industries, and other infrastructure segments. Its products include structural steel, engineering steels, high strength steels, hot and cold rolled sheet piles, sheet piling accessories, reinforcing solutions and concrete structures. The company also offers wear-resistant plates, quenched and tempered plates, abrasion resistant steels, pipe and tube materials, composite solutions for tubular products, hardox wear parts centers businesses, structural sections business; and services. A current relevant focus of SSAB AB is the production of fossil-free steel and integrating fossil-free steel in its core business. SSAB AB was founded in 1878 and is headquartered in Stockholm, Sweden.
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