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SSAB (SSAB) investor relations material

SSAB Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary23 Jul, 2025

Executive summary

  • Operating result for Q2 2025 was SEK 2,140 million, up from Q1, driven by record automotive AHSS volumes and strong Americas performance, despite lower standard steel prices and negative currency effects.

  • Special Steels maintained a 22% operating margin, though shipments were slightly lower; Americas saw higher prices and volumes, while Europe faced challenging conditions and cost reduction measures.

  • Major transformation projects in Luleå and Oxelösund are progressing, but Luleå mini-mill start-up is delayed by 12 months to end-2029 due to grid issues.

  • Partnership with Volvo Cars for fossil-free steel and scrap circularity highlighted.

  • Dividend of SEK 2.6 billion paid in Q2 2025.

Financial highlights

  • Q2 2025 revenue was SEK 25,631 million, down 9% year-over-year; operating result was SEK 2,140 million.

  • Q2 EBITDA was SEK 3,157 million, down from SEK 4,038 million in Q2 2024.

  • Net cash at June 30, 2025 was SEK 10.9 billion; net debt/equity ratio at -16%.

  • Operating cash flow for Q2 2025 was SEK 1,753 million.

  • Earnings per share for Q2 2025 were SEK 1.86.

Outlook and guidance

  • Q3 2025 expected to be seasonally weaker, with lower shipments for all divisions; prices stable for Special Steels and Europe, higher for Americas.

  • Europe to adjust production and staffing in Q3 due to weak market and seasonal slowdown.

  • Maintenance costs for 2025 forecast at SEK 1,570 million; capex for 2025 estimated at SEK 10 billion.

  • Market remains turbulent, with heavy transport and construction machinery neutral to weak, but mining and energy segments strong.

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Frequently asked questions

SSAB AB manufactures and supplies steel products for construction, manufacturing industries, mining industries, and other infrastructure segments. Its products include structural steel, engineering steels, high strength steels, hot and cold rolled sheet piles, sheet piling accessories, reinforcing solutions and concrete structures. The company also offers wear-resistant plates, quenched and tempered plates, abrasion resistant steels, pipe and tube materials, composite solutions for tubular products, hardox wear parts centers businesses, structural sections business; and services. A current relevant focus of SSAB AB is the production of fossil-free steel and integrating fossil-free steel in its core business. SSAB AB was founded in 1878 and is headquartered in Stockholm, Sweden.

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