Stalprodukt (STP) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 decreased by 13.9% year-over-year, with a net loss of 17,213 thousand PLN versus a net profit of 57,197 thousand PLN in Q4 2024.

• The main driver of the decline was a sharp drop in transformer steel sales due to aggressive Asian competition and falling prices.

• The zinc segment remained profitable, while the profiles segment improved sales volume and maintained a positive result.

• The group implemented cost optimization and production adjustments in response to market conditions.

Financial highlights

• Full-year 2025 consolidated revenue: 3,737,248 thousand PLN, down from 3,833,945 thousand PLN in 2024.

• Operating loss for 2025: -62,319 thousand PLN (2024: profit of 30,520 thousand PLN).

• Net loss for 2025: -53,667 thousand PLN (2024: net profit of 33,931 thousand PLN).

• Net cash from operating activities: 88,192 thousand PLN (2024: 245,715 thousand PLN).

• Net cash used in investing activities: -287,899 thousand PLN (2024: -159,612 thousand PLN).

• Net cash used in financing activities: -42,168 thousand PLN (2024: -85,243 thousand PLN).

• Total assets at year-end: 4,697,183 thousand PLN (2024: 4,907,769 thousand PLN).

• Equity at year-end: 3,704,302 thousand PLN (2024: 3,782,154 thousand PLN).

• Dividend paid in 2025: 6 PLN per share.

Outlook and guidance

• No improvement expected in the transformer steel segment in H1 2026; further restructuring may be necessary if profitability continues to decline.

• The profiles segment faces a challenging macroeconomic environment, with no significant improvement anticipated in the near term.

• Key risks for 2026 include price and demand volatility for core products, energy and raw material costs, and currency fluctuations.