SGL Carbon (SGL) Q4 2025 (Media) earnings summary

Executive summary

• Adjusted EBITDA reached €135.0 million in 2025, within guidance, despite a 17.2% sales decline to €850.2 million year-over-year due to weak demand in semiconductor and automotive markets and restructuring in Carbon Fibers.

• Restructuring of Carbon Fibers business unit completed, discontinuing loss-making activities and reducing fixed costs, supporting profitability.

• Focus shifts to developing new sales markets and entering strategic growth segments for 2026 and beyond.

Financial highlights

• Consolidated sales dropped 17.2% to €850.2 million in 2025 from €1,026.4 million in 2024.

• Adjusted EBITDA fell 17.1% to €135.0 million, but margin held steady at 15.9%.

• Net financial debt decreased by 8.6% to €98.9 million; equity ratio at 39.2%.

• Free cash flow remained stable at €37.0 million despite restructuring outflows.

• Consolidated net result was negative €79.2 million, impacted by restructuring and impairments.

Outlook and guidance

• 2026 sales expected between €720–770 million, reflecting full-year effect of discontinued Carbon Fibers activities.

• Adjusted EBITDA forecasted at €110–130 million; free cash flow targeted at prior year’s level.

• No recovery anticipated in semiconductor market in 2026; automotive and European chemical industries expected to remain weak.

• Strategic focus on new growth areas: energy generation (SMRs), defense, and aerospace.