Outokumpu (OUT1V) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA rose to EUR 100 million in Q2 2026, up from EUR 65 million in Q1, driven by improved performance in Europe, continued strength in Americas and Ferrochrome, and supported by policy measures and the EVOLVE growth strategy.

• Stainless steel deliveries increased 5% sequentially, reaching a three-year high, with robust US demand and European support from CBAM and safeguard measures.

• Net result for Q2 was EUR 25 million, with earnings per share at EUR 0.05.

• Strategic milestones included the launch of a high-nickel alloys investment program and publication of the first patent applications for new low-CO₂ process technology.

• Sustainability achievements included improved safety (TRIFR 1.4), high recycled content (96%), and recognition by Financial Times, Time, Statista, and S&P Global.

Financial highlights

• Q2 2026 sales reached EUR 1,582 million, up from EUR 1,486 million in Q2 2025 and EUR 1,451 million in Q1 2026.

• Adjusted EBITDA for Q2 2026 was EUR 100 million, with H1 2026 at EUR 164 million, up from EUR 124 million in H1 2025.

• Operating cash flow in Q2 was EUR 85 million; free cash flow was EUR 51 million, aided by working capital release and EUR 34 million in capital expenditures.

• Net debt decreased to EUR 224 million at quarter-end, with leverage ratio at 1.1x.

• Dividend of EUR 0.13 per share for 2025, paid in two installments (EUR 0.06 in April, EUR 0.07 in October 2026).

Outlook and guidance

• Stainless steel deliveries expected to decrease by 0–10% in Q3 2026 due to seasonality in Europe.

• Q3 2026 adjusted EBITDA anticipated to be at a similar level as Q2 2026, with a positive net impact from realized prices and raw material costs.

• Working capital expected to increase in Q3 due to planned maintenance and one-off payments, likely raising net debt.