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Financial strength in weak market conditions Outokumpu Q2 2025 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO July 31, 2025 Petronas Towers | Architect: César Pelli | Location: Kuala Lumpur, Malaysia
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July 31, 20252 This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements. Such forward-looking statements are based on the current plans, estimates and expectations of Outokumpu’s management based on information available to it on the date of this presentation. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Future results of Outokumpu may vary from the results expressed in, or implied by, the forward-looking statements, possibly to a material degree. Factors that could cause such differences include, but are not limited to, the risks described in the "Risk factors" section of Outokumpu’s latest Annual Report, and the risks detailed in Outokumpu’s most recent financial results announcement. Outokumpu undertakes no obligation to update this presentation after the date hereof. Disclaimer
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3 July 31, 2025 Adjusted EBITDA increased to EUR 75 million from Q1 while balance sheet strengthened Kati ter Horst, President & CEO
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4 July 31, 2025 Own actions supported earnings Adjusted EBITDA totaled EUR 75 million in Q2 2025 • Stainless steel deliveries increased by 3% • Unclarity on tariffs and heightened geopolitical tensions caused additional uncertainty in the market • Safety performance improved to 1.2 TRIFR, recycled material content remained at all-time high of 97% • On track with short-term cost savings measures with EUR 18 million of savings achieved during Q2 (H1 EUR 29 million) • New growth-focused strategy, EVOLVE, announced
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1. Cold rolled, monthly average. Source: Eurofer, June 2025 (Q2 is based on April-May imports) 2. Cold rolled, monthly average. Source: AISI, June 2025 (Q2 is based on April-May imports) Third-country cold rolled imports1 into Europe, 1,000 tonnes From rest of world From rest of Asia From Indonesia From China Import penetration Third-country cold rolled imports2 into the North America, 1,000 tonnes From China Import penetration European stainless steel industry needs urgently a level playing field Import penetration (in %) Import penetration (in %) kt kt From rest of world From rest of Asia From Indonesia 27% 31% July 31, 20255
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6 July 31, 2025 Increase in profitability supported by deliveries and raw material costs Group adjusted EBITDA, EUR million 1) Indicative columns based on management estimates *Indicative column based on estimated strike impact Deliveries, kt Q1/25 Deliveries Pricing, mix and raw material costs Net of timing and hedging Other costs Q2/25Ferro- chrome Adjusted EBITDA quarter-on-quarter comparison1, EUR million * Deliveries increased moderately in Europe and Americas Driven by short- term cost saving measures Driven by positive raw material impacts, stainless steel prices in Europe remained under pressure ** * Total impact of the political strike in H1 2024 approx. EUR -60 million ** Total impact of the union strike in Q1 2025 approx. EUR -15 million Mainly driven by weaker USD and higher maintenance costs
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H2/22 2023 EBITDA run-rate improvement target Q1/25 Cumulative gross annualized EBITDA run-rate improvement, EUR million EBITDA run-rate improvement actions progressing towards the target EUR 41 million EBITDA run-rate improvement reached in H1 2025, of which EUR 15 million in Q2 • Q2 mainly driven by BA Americas through continued optimization of route to market and further yield improvements in the U.S. • In BA Europe, streamlining of product portfolio to support more efficient scrap utilization July 31, 20257 2024 Q2/25
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8 July 31, 2025 • Safety performance back on track at world- class level • High recycled material content and a solid progress towards SBTi climate target • Ranked 25th on Corporate Knights' Top 50 Sustainable European companies list • Advancing towards carbon neutrality at Kemi mine by the end of 2025 • A partnership with Alstom to supply low- emission Circle Green® stainless steel for their latest generation of metro cars Safety performance, TRIFR Recycled materials, % TRIFR measures all recordable injuries within hours worked in a certain period and is expressed as a number of incidents per million working hours. 2021 and 2022 numbers include only continuing operations. The recycled material content equals the tons of recycled metal input to the melt compared to the volume of crude steel produced. The recycled metal input includes both pre- and post-consumer recycled metals as defined by ISO 14021. Safety performance improved to 1.2 TRIFR
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July 31, 20259 Our EVOLVE strategy for 2026–2030 • As part of the new strategy, Outokumpu targets to increase its value by – Driving cost competitiveness and cash generation in sustainable stainless steel – Growing profitably in advanced materials and alloys – Revolutionizing value creation with innovative materials and technologies • Committed to retaining a healthy balance sheet • Competitive total shareholder returns • Strategic priorities to guide capital allocation • Ongoing initiatives under EVOLVE proceeding according to plan
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10 July 31, 2025 Heron Tower| London, UK Strong balance sheet in turbulent markets Marc-Simon Schaar, CFO
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11 Strong balance sheet • Cash and cash equivalents EUR 307 million, total liquidity reserves EUR 1.1 billion • Planned annual capex EUR 160 million for 2025 • Convertible bonds converted in July 2025 • Net debt decreased to EUR 169 million, mainly driven by the conversion of the convertible bonds of EUR 122 million and a reduction in working capital, partly offset by dividend payment of EUR 55 million • First installment of EUR 0.13 per share dividend was paid during the quarter 11 11 July 31, 2025 One Canada Square| London, UK
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12 July 31, 2025 BA Europe’s stainless steel deliveries, 1,000 tonnes BA Europe’s adjusted EBITDA, EUR million BA Europe Higher deliveries in a weak market environment • Stainless steel deliveries increased by 2% q-o-q • Imports increased to a high level of 27% due to US tariffs, putting notable pressure on stainless steel prices in Europe • Market sentiment remained weak, intensified efforts needed to ensure that the European stainless steel industry has a level playing field * Total impact of the political strike in H1 2024 approx. EUR -40 million * * ** Total impact of the union strike in Q1 2025 approx. EUR -15 million **
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13 July 31, 2025 BA Americas’ stainless steel deliveries, 1,000 tonnes BA Americas adjusted EBITDA, EUR million BA Americas Higher U.S. tariffs supported local producers • Stainless steel deliveries increased by 7% Q-o-Q • Realized prices for stainless steel increased slightly • Despite of a slight decrease, the share of imports remained at a high level of 31% in North America • Higher demand for domestically produced stainless steel * Total impact of the political strike in H1 2024 approx. EUR -10 million **
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14 July 31, 2025 BA Ferrochrome's deliveries, 1,000 tonnes BA Ferrochrome’s adjusted EBITDA, EUR million BA Ferrochrome Deliveries increased while EUR/USD foreign exchange rate was unfavorable • Demand for our low-emission European Ferrochrome remained solid despite uncertainty created by the tariffs • Continued to benefit from the electricity usage optimization • Producers in southern Africa continue to report further capacity reductions which are supporting demand balance ** * Total impact of the political strike in H1 2024 approx. EUR -10 million
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Working capital improvements and payment of convertible bond supported net debt Q2/25 cash flow EUR million July 31, 202515 Driven by cash release from inventory Net debt development EUR million
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16 July 31, 2025 Helix Bridge | Architects: Cox Architecture & Arup | Location: Marina Bay, Singapore Own actions to support performance Kati ter Horst, President & CEO
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Accelerating the pace of change • Strengthening our cost competitiveness further • Increasing short-term cost saving measures from EUR 50 million to EUR 60 million, to be achieved by the end of 2025 • Planning a new restructuring program, aiming at structural annual cost savings of EUR 100 million to be achieved by the end of 2027 – Key focus is on BA Europe and Group functions February 8, 202417 Oculus & ONE World Trade Center| New York, The U.S. ONE World Trade Center| New York, The U.S. July 31, 202517
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18 Outlook for Q3 2025 Group stainless steel deliveries in the third quarter are expected to decrease by 5–15% compared to the second quarter, mainly in business area Europe, due to seasonality and market weakness. Meanwhile, pressure on realized stainless steel prices is expected to continue in Europe during the third quarter. Asian imports to Europe remain high compared to the low demand in the stainless steel market. While in the U.S. we do not see signs of a demand recovery yet, the current tariffs are supporting more favorable market conditions for local producers. Maintenance breaks in business area Europe are expected to have an impact of up to EUR -10 million on adjusted EBITDA in the third quarter compared to the second quarter. With the current raw material prices, some raw material-related inventory and metal derivative losses are forecasted to be realized in the third quarter. Guidance for Q3 2025: Adjusted EBITDA in the third quarter of 2025 is expected to be lower compared to the second quarter. 18 ONE World Trade Center| New York, The U.S. 18 July 31, 2025
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Strong foundation for the future • We continue to benefit from our geographically diversified footprint in Europe and the U.S. • Having the strongest balance sheet in the industry gives us resilience in the challenging market situation • EU Steel and Metals Action Plan is expected to provide support through: – Improved safeguard measures – Carbon Border Adjustment Mechanism (CBAM) – European lead markets for steel • Our ongoing strategic initiatives under EVOLVE are proceeding according to plan February 8, 202419 Oculus & ONE World Trade Center| New York, The U.S. Hudson Yards| New York, The U.S. July 31, 202519
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Thank you! Questions & answers Our achievements in sustainability have been globally recognized July 31, 202520
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Key financials for Q2 2025 Key figures Q2 2025 Q2 2024 Q1 2025 2024 Sales EUR million 1,486 1,540 1,524 5,942 EBITDA EUR million 39 56 47 162 Adjusted EBITDA EUR million 75 56 49 177 EBIT EUR million -21 1 -7 -51 Adjusted EBIT EUR million 21 1 -5 -43 Result before taxes EUR million -28 -7 -23 -89 Net result EUR million -19 -5 -18 -40 Earnings per share EUR -0.04 -0.01 -0.04 -0.09 Return on capital employed, ROCE % -1.4 -8.7 -0.8 -1.2 Capital expenditure EUR million 35 37 52 216 Free cash flow EUR million 21 35 -62 -71 Stainless steel deliveries 1,000 tonnes 483 468 470 1,793 Net debt EUR million 169 97 252 189 • Adj. EBITDA EUR 75 million • Net result EUR -19 million • Earnings per share EUR -0.04 • ROCE -1.4% July 31, 202521
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July 31, 2025 Asian imports remained at a high level, putting pressure on stainless steel prices Transaction prices 304 stainless, USD/tonne* Europe USA China Nickel LME cash, USD/tonne Source: CRU Stainless Steel Flat Products Monitor June 2025 Nickel: London Metal Exchange (LME) Nickel Cash Official Stainless transaction prices 304 monthly figures, nickel quarterly figures *EUR/USD FX rate impacting USD transaction prices 22 JuneJune
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BA Europe’s adjusted EBITDA was EUR 16 million in Q2 2025 Adjusted EBITDA quarter-on-quarter comparison1, EUR million 1) Indicative columns based on management estimates Adjusted EBITDA, EUR million July 31, 202523 Driven by increased realized prices, partly offset by positive raw material impacts Stainless steel deliveries increased by 2% Mainly driven by cost saving measures and lower energy costs
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BA Americas’ adjusted EBITDA was EUR 29 million in Q2 2025 Adjusted EBITDA quarter-on-quarter comparison1, EUR millionAdjusted EBITDA, EUR million 1) Indicative columns based on management estimates July 31, 202524 Deliveries increased by 7% Driven by lower raw material costs and slightly higher realized prices for stainless steel Driven by higher fixed costs, partly offset by cost-saving measures
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BA Ferrochrome’s adjusted EBITDA was EUR 32 million in Q2 2025 Adjusted EBITDA quarter-on-quarter comparison1, EUR millionAdjusted EBITDA, EUR million 1) Indicative columns based on management estimates July 31, 202525 Driven by higher maintenance costs and lower fixed cost absorption Driven by stronger internal demand Mainly driven by weaker USD
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2025 202 6 202 7 202 8 202 9 203 0 2016–2024 High recycled material content, low-emission energy, energy efficiency and incremental process improvements 2030 target -42% tCO2/ton CS Direct Indirect Upstream CO2 emission intensity*including discontinued operations We continue our climate strategy to further reduce our emissions aligned with 1.5 degrees – circularity and innovation at the core 2024–2030 Replacing fossil coke and fossil energy, further increasing use of recycled materials and developing low-emission raw materials together with suppliers 2024 results -32% tCO2/ton CS against 2016 baseline July 31, 202526
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27 Up to 93% lower carbon footprint compared to the industry average* *Global average CO₂ emissions (2023): 7 kilos of CO₂e per kg of stainless steel (based on data provided by CRU and worldstainless). Outokumpu Circle Green CO₂ emissions: down to 0.5 kilos of CO₂e per kg of stainless steel. Strong partnerships with customers to drive the green transition forward in stainless steel industry Premium Cookware| Fissler| Germany July 31, 2025