Stalprodukt (STP) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 were PLN 3,832 million, down 16.8% year-over-year; net profit fell 63.3% to PLN 32 million.

• Q4 2024 saw a turnaround with net profit of PLN 57.2 million versus a loss of PLN 9.1 million in Q4 2023, driven by improved market conditions and energy cost compensation.

• All segments except Profiles returned to profitability in Q4; Zinc and Electrical Sheets segments showed strong recovery.

Financial highlights

• Operating profit for 2024 was PLN 29.4 million, down from PLN 109.2 million in 2023.

• Net cash flow from operating activities dropped to PLN 245.5 million from PLN 750.1 million year-over-year.

• Dividend per share paid in 2024 was PLN 15.00.

• Book value per share at year-end was PLN 700.09.

Outlook and guidance

• Management expects continued volatility in demand and pricing for transformer sheets and zinc products.

• Key risks include commodity price fluctuations, energy costs, and CO2 emission allowance prices.

• Potential restructuring in Electrical Sheets segment if pricing conditions deteriorate in 2025.