Outokumpu Oyj · OMXHEX:OUT1V
Outokumpu Oyj — Q3 2026 Earnings Presentation
25 slides from Outokumpu Oyj's earnings presentation, Nov 6, 2026
Slide 1: Outokumpu Q3 2026 results
Pioneering materials and technologies that power tomorrow Outokumpu Q3 2026 results Kati ter Horst, President & CEO Marc-Simon Schaar, CFO November 6, 2026 Outokumpu's anti-fingerprint stainless steel surfaces
Slide 2: Disclaimer
2 November 6, 2026 Disclaimer 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 av
Slide 3: Kati ter Horst, President & CEO
3 November 6, 2026 Kati ter Horst, President & CEO One World Trade Center I New York
Slide 4: Solid third quarter profitability – EVOLVE growth strategy progressing well
4 November 6, 2026 Solid third quarter profitability – EVOLVE growth strategy progressing well • Adjusted EBITDA of EUR 101 million, supported by strong BA Americas and BA Ferrochrome. • Weak demand and high customer inventories weighed on Group adjusted EBITDA, EUR million BA Europe. 100 101 • EVOL
Slide 5: EU policy measures curbing imports
5 November 6, 2026 EU policy measures curbing imports 40 35 30 26% 25 20 15 18% 10 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 North Europe The U.S. America Europe: Cold rolled, monthly average. Source: Eurofer, October 2026 (Q3 is based on July-August imports) European parliament building I Brussels, Be
Slide 6: Market sentiment Q3 versus Q2
6 November 6, 2026 Market sentiment Q3 versus Q2 Industrial Transport Consumer & Food Construction Europe: Europe: Europe: Europe: Energy stable Heavy transport stable at low Appliances stable at low level HVAC improved Oil & gas declined level Kitchenware stable at low level Datacenters at strong l
Slide 7: Weak deliveries in BA Europe, solid performance in BA Americas and BA Ferrochrome
7 November 6, 2026 Weak deliveries in BA Europe, solid performance in BA Americas and BA Ferrochrome BA Europe, stainless steel deliveries BA Americas, stainless steel deliveries BA Ferrochrome deliveries 1,000 tonnes 1,000 tonnes 1,000 tonnes 316 322 316 300 284 167 164 156 148 110 132 104 105 95 8
Slide 8: The global sustainability leader in stainless steel
8 November 6, 2026 The global sustainability leader in stainless steel Safety performance, TRIFR • Unsatisfactory safety performance, with 2.1 TRIFR 8.7 YTD versus full-year target of 1.5. 4.4 4.1 3.2 2.4 2.0 2.0 2.8 1.8 1.5 1.5 1.8 1.4 • Continued progress towards science-based climate target. 2016
Slide 9: Building on existing capabilities to expand Advanced Materials in high nickel alloys
9 November 6, 2026 Building on existing capabilities to expand Advanced Materials in high nickel alloys Investment program in high-nickel alloys to drive growth, PHASE 2: 2030– improve margins and strengthen resilience. • Investment in new melting and casting capabilities to deliver a full PHASE 1:
Slide 10: Marc-Simon Schaar, CFO
10 November 6, 2026 Marc-Simon Schaar, CFO New York I U.S.
Slide 11: Adjusted EBITDA remained stable, net debt increased
11 November 6, 2026 Adjusted EBITDA remained stable, net debt increased Adjusted EBITDA, EUR million • Solid result in the seasonally slower third quarter. • Continued strong profitability in BA Americas 100 and BA Ferrochrome, while the improvement in BA Europe levelled off. • Operating cash flow o
Slide 12: BA Europe
12 November 6, 2026 BA Europe Recovery delayed due to high inventories and weak demand Adjusted EBITDA, EUR million • Deliveries down 12% due to weakness 59 across most European end-use 16 17 13 segments, seasonality and elevated 6 customer inventories. -32 -12 -13 -56 • Profitability slightly weake
Slide 13: BA Americas
13 November 6, 2026 BA Americas Strong quarter with highest profitability in three years Adjusted EBITDA, EUR million • Deliveries increased by 7%, supported 60 by solid demand in U.S. industrial and 52 53 infrastructure-related segments, while 29 30 31 9 11 5 consumer-driven activity remained low.
Slide 14: BA Ferrochrome
14 November 6, 2026 BA Ferrochrome Profitability improved on higher selling prices and lower costs Adjusted EBITDA, EUR million • Demand for Outokumpu's low-emission 43 42 37 41 33 32 European offering remained good, and 29 21 30 strong customer interest towards new offering. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 15: Higher working capital weighed on operating cash flow – net debt increased
15 November 6, 2026 Higher working capital weighed on operating cash flow – net debt increased • Working capital increased due to lower business activity and preparations for the maintenance break in Europe. • Net debt increased, with the leverage ratio at 1.3x Q3/2026 cash flow, EUR million Net deb
Slide 16: Kati ter Horst, President & CEO
16 November 6, 2026 Kati ter Horst, President & CEO Ziemann Holvrieka tanks I The Netherlands
Slide 17: Outlook for Q4 2026
17 November 6, 2026 Outlook for Q4 2026 Adjusted EBITDA in the fourth quarter of 2026 is expected to be affected by lower delivery volumes across the businesses and higher costs. The impact is expected to be largest in business area Europe, where demand is anticipated to remain weak and customer inv
Slide 18: Key messages
18 February November8,6,2024 2026 Key messages • Solid third quarter result driven by strong result in BA Americas and BA Ferrochrome while BA Europe suffered from weak market conditions. • Good momentum in executing our EVOLVE growth strategy ◦ Leveraging existing capabilities to manufacture select
Slide 19: Thank you! Questions & answers
19 November 6, 2026 Thank you! Questions & answers Our achievements in sustainability have been globally recognized
Slide 20: Stainless steel and nickel prices
20 November 6, 2026 Stainless steel and nickel prices Transaction prices 304 stainless, USD/tonne* Nickel LME cash, USD/tonne September September 30000 4000 25000 3000 20000 15000 2000 10000 1000 5000 2024 2025 2026 2023 2024 2025 2026 Europe The U.S. China Source: CRU Stainless Steel Flat Products
Slide 21: Adjusted EBITDA was EUR 101 million in Q3 2026
21 November 6, 2026 Adjusted EBITDA was EUR 101 million in Q3 2026 Adjusted EBITDA quarter-on-quarter comparison1, EUR million Seasonal decline and weak Higher selling prices in both market in business area Europe and Americas Europe 100 101 Net of pricing, Net of Q2/26 Deliveries mix and raw timing
Slide 22: BA Europe's adjusted EBITDA was EUR 13 million in Q3 2026
22 November 6, 2026 BA Europe’s adjusted EBITDA was EUR 13 million in Q3 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Decline in deliveries due to seasonality and weak market conditions 17 13 Seasonally lower fixed costs -12 -13 Higher average selling
Slide 23: BA Americas' adjusted EBITDA was EUR 60 million in Q3 2026
23 November 6, 2026 BA Americas’ adjusted EBITDA was EUR 60 million in Q3 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Higher selling prices due to higher alloy surcharge 60 60 52 53 53 30 31 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q3/2026 Q2/26 Deliveries Pr
Slide 24: BA Ferrochrome's adjusted EBITDA was EUR 41 million in Q3 2026
24 November 6, 2026 BA Ferrochrome’s adjusted EBITDA was EUR 41 million in Q3 2026 Adjusted EBITDA, EUR million Adjusted EBITDA quarter-on-quarter comparison1, EUR million Higher net absorption Ferrochrome sales of fixed costs price increased 42 41 37 41 37 30 21 Q3/2025 Q4/2025 Q1/2026 Q2/2026 Q3/2
Slide 25: Smart decarbonization unlocking new business opportunities
25 November 6, 2026 Smart decarbonization unlocking new business opportunities 2016–2024 2025 RESULTS 2030 TARGET High recycled material content, low- - 33% - 42% • Cost avoidance from emission energy, energy efficiency and 1.39 tCO2/ton CS tCO2/ton CS lower CO2 emissions as incremental process impr