Swiss Steel Group (STLN) H2 2024 earnings summary

Executive summary

• Navigated a challenging 2024 with weak demand in key sectors, rising costs, and economic headwinds, especially in Europe.

• Sales volume declined 5.1% year-over-year to 1,056 kilotons; revenue down 14.3% to EUR 2,432 million (excluding Ascometal).

• Comprehensive cost and capacity measures included a planned reduction of 800 full-time positions and divestment of non-core assets.

• Strengthened capital base with a EUR 287.8 million capital increase and extended core financing to September 2028.

• Voluntary delisting from SIX Swiss Exchange approved, effective June 2025, to optimize resources and reflect low trading volume.

Financial highlights

• Net revenue: EUR 2,511.2 million, down 14.3% year-over-year (pro forma, excluding Ascometal).

• EBITDA: EUR -35.5 million, improved from EUR -102.2 million in 2023, supported by one-time effects.

• Adjusted EBITDA: EUR -119.8 million, margin -4.8% (2023: -1.3%).

• Net debt reduced by 14.1% to EUR 711.4 million; shareholders' equity up 37.6% to EUR 322.8 million.

• Free cash flow: EUR -173.3 million (2023: EUR 85.4 million), reflecting weak operating performance.

• Group result: EUR -197.2 million (2023: EUR -294.8 million); EPS: EUR -7.59 (2023: EUR -19.34).

Outlook and guidance

• Focus remains on operational excellence, financial stability, and leadership in sustainable steel.

• Continued execution of SSG 2025 strategy, with further cost and capacity adjustments as needed.

• No dividend proposed for 2024; medium- to long-term dividend policy under regular review.

• Ongoing transformation expected to require time and discipline amid persistent market challenges.