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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.
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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