Stalprodukt (STP) investor relations material

Executive summary

• Sales revenue for Q4 2025 decreased by 13.9% year-over-year, with a net loss of PLN 17.2 million versus a profit of PLN 57.2 million in Q4 2024.

• Full-year 2025 net sales were PLN 3.74 billion, down from PLN 3.83 billion in 2024; net loss for the year was PLN 53.7 million compared to a profit of PLN 33.9 million in 2024.

• The electrical steel segment saw a 36.4% drop in sales volume due to aggressive Asian competition and market oversupply.

• Profiles segment sales volume rose 15.6% year-over-year, with a 6.7% increase in revenue and positive segment result.

• Zinc segment revenue fell 7.5% year-over-year, but the segment remained profitable.

Financial highlights

• Q4 2025 operating loss was PLN 21.5 million, compared to a profit of PLN 65.5 million in Q4 2024.

• Full-year 2025 operating loss was PLN 62.3 million, versus a profit of PLN 30.5 million in 2024.

• Net cash flow from operating activities for 2025 was PLN 88.2 million, down from PLN 245.7 million in 2024.

• Total assets at year-end 2025 were PLN 4.70 billion, down from PLN 4.91 billion at the end of 2024.

• Dividend of PLN 6 per share was paid for 2024, totaling PLN 30.5 million.

Outlook and guidance

• No improvement is expected in the electrical steel segment in H1 2026; further restructuring may be required if profitability continues to decline.

• Profiles segment not expected to see significant improvement in the near term due to challenging macroeconomic conditions.

• Key risks for 2026 include price and demand fluctuations for transformer sheets, zinc concentrate prices, LME metal prices, currency rates, and energy costs.